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Condensed Consolidating Financial Statements | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements On November 26, 2019, we issued $500 million of 2.5% senior notes due in 2029 and $600 million of 3.25% senior notes due in 2049. In the fourth quarter of 2019, we used the net proceeds to fund the redemption of the $700 million outstanding principal amount of our 3.3% senior notes due in August of 2020 and a portion of the $400 million outstanding principal amount of our 6.55% senior notes due in October of 2037. On May 17, 2018, we issued $500 million of 4.5% notes due in 2048. On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027. On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025. On August 18, 2015, we issued $2.0 billion of senior notes, consisting of $400 million of 2.5% senior notes that were repaid in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. See Note 5 — Debt for additional information. The senior notes described above are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. The following condensed consolidating financial statements present the results of operations, financial position and cash flows of S&P Global Inc., Standard & Poor's Financial Services LLC, and the Non-Guarantor Subsidiaries of S&P Global Inc. and Standard & Poor's Financial Services LLC, and the eliminations necessary to arrive at the information for the Company on a consolidated basis.
| Statement of Income
| Year Ended December 31, 2019
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
Revenue | $ | 812 |  |  | $ | 1,898 |  |  | $ | 4,146 |  |  | $ | (157 | ) |  | $ | 6,699 |
Expenses: |  |  |  |  |  |  |  |  |
Operating-related expenses | 158 |  |  | 440 |  |  | 1,360 |  |  | (157 | ) |  | 1,801 |
Selling and general expenses | 133 |  |  | 329 |  |  | 1,055 |  |  | — |  |  | 1,517 |
Depreciation | 44 |  |  | 12 |  |  | 26 |  |  | — |  |  | 82 |
Amortization of intangibles | — |  |  | — |  |  | 122 |  |  | — |  |  | 122 |
Total expenses | 335 |  |  | 781 |  |  | 2,563 |  |  | (157 | ) |  | 3,522 |
Gain on dispositions | (49 | ) |  | — |  |  | — |  |  | — |  |  | (49 | )
Operating profit | 526 |  |  | 1,117 |  |  | 1,583 |  |  | — |  |  | 3,226 |
Other expense, net | 91 |  |  | — |  |  | 7 |  |  | — |  |  | 98 |
Interest expense (income), net | 213 |  |  | — |  |  | (15 | ) |  | — |  |  | 198 |
Non-operating intercompany transactions | 378 |  |  | (48 | ) |  | (1,530 | ) |  | 1,200 |  |  | — |
(Loss) income before taxes on income | (156 | ) |  | 1,165 |  |  | 3,121 |  |  | (1,200 | ) |  | 2,930 |
(Benefit) Provision for taxes on income | (74 | ) |  | 285 |  |  | 416 |  |  | — |  |  | 627 |
Equity in net income of subsidiaries | 3,405 |  |  | — |  |  | — |  |  | (3,405 | ) |  | — |
Net income | 3,323 |  |  | 880 |  |  | 2,705 |  |  | (4,605 | ) |  | 2,303 |
Less: net income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | (180 | ) |  | (180 | )
Net income attributable to S&P Global Inc. | $ | 3,323 |  |  | $ | 880 |  |  | $ | 2,705 |  |  | $ | (4,785 | ) |  | $ | 2,123 |
Comprehensive income | $ | 3,446 |  |  | $ | 880 |  |  | $ | 2,697 |  |  | $ | (4,602 | ) |  | $ | 2,421 |
| Statement of Income
| Year Ended December 31, 2018
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
Revenue | $ | 776 |  |  | $ | 1,695 |  |  | $ | 3,940 |  |  | $ | (153 | ) |  | $ | 6,258 |
Expenses: |  |  |  |  |  |  |  |  |
Operating-related expenses | 124 |  |  | 434 |  |  | 1,293 |  |  | (153 | ) |  | 1,698 |
Selling and general expenses | 177 |  |  | 292 |  |  | 1,095 |  |  | — |  |  | 1,564 |
Depreciation | 46 |  |  | 7 |  |  | 31 |  |  | — |  |  | 84 |
Amortization of intangibles | — |  |  | — |  |  | 122 |  |  | — |  |  | 122 |
Total expenses | 347 |  |  | 733 |  |  | 2,541 |  |  | (153 | ) |  | 3,468 |
Operating profit | 429 |  |  | 962 |  |  | 1,399 |  |  | — |  |  | 2,790 |
Other (income) expense, net | (27 | ) |  | — |  |  | 2 |  |  | — |  |  | (25 | )
Interest expense (income), net | 143 |  |  | 2 |  |  | (11 | ) |  | — |  |  | 134 |
Non-operating intercompany transactions | 363 |  |  | (75 | ) |  | (1,872 | ) |  | 1,584 |  |  | — |
(Loss) income before taxes on income | (50 | ) |  | 1,035 |  |  | 3,280 |  |  | (1,584 | ) |  | 2,681 |
(Benefit) Provision for taxes on income | (14 | ) |  | 250 |  |  | 324 |  |  | — |  |  | 560 |
Equity in net income of subsidiaries | 3,576 |  |  | (1 | ) |  | — |  |  | (3,575 | ) |  | — |
Net income | 3,540 |  |  | 784 |  |  | 2,956 |  |  | (5,159 | ) |  | 2,121 |
Less: net income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | (163 | ) |  | (163 | )
Net income attributable to S&P Global Inc. | $ | 3,540 |  |  | $ | 784 |  |  | $ | 2,956 |  |  | $ | (5,322 | ) |  | $ | 1,958 |
Comprehensive income | $ | 3,510 |  |  | $ | 783 |  |  | $ | 2,884 |  |  | $ | (5,159 | ) |  | $ | 2,018 |
| Statement of Income
| Year Ended December 31, 2017
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
Revenue | $ | 717 |  |  | $ | 1,780 |  |  | $ | 3,704 |  |  | $ | (138 | ) |  | $ | 6,063 |
Expenses: |  |  |  |  |  |  |  |  |
Operating-related expenses | 89 |  |  | 482 |  |  | 1,261 |  |  | (138 | ) |  | 1,694 |
Selling and general expenses | 197 |  |  | 345 |  |  | 1,064 |  |  | — |  |  | 1,606 |
Depreciation | 31 |  |  | 11 |  |  | 40 |  |  | — |  |  | 82 |
Amortization of intangibles | — |  |  | — |  |  | 98 |  |  | — |  |  | 98 |
Total expenses | 317 |  |  | 838 |  |  | 2,463 |  |  | (138 | ) |  | 3,480 |
Operating profit | 400 |  |  | 942 |  |  | 1,241 |  |  | — |  |  | 2,583 |
Other income, net | (16 | ) |  | — |  |  | (11 | ) |  | — |  |  | (27 | )
Interest expense (income), net | 163 |  |  | — |  |  | (14 | ) |  | — |  |  | 149 |
Non-operating intercompany transactions | 365 |  |  | (77 | ) |  | (2,463 | ) |  | 2,175 |  |  | — |
Income before taxes on income | (112 | ) |  | 1,019 |  |  | 3,729 |  |  | (2,175 | ) |  | 2,461 |
Provision for taxes on income | 26 |  |  | 370 |  |  | 427 |  |  | — |  |  | 823 |
Equity in net income of subsidiaries | 3,808 |  |  | — |  |  | — |  |  | (3,808 | ) |  | — |
Net income | 3,670 |  |  | 649 |  |  | 3,302 |  |  | (5,983 | ) |  | 1,638 |
Less: net income attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | (142 | ) |  | (142 | )
Net income attributable to S&P Global Inc. | $ | 3,670 |  |  | $ | 649 |  |  | $ | 3,302 |  |  | $ | (6,125 | ) |  | $ | 1,496 |
Comprehensive income | $ | 3,694 |  |  | $ | 649 |  |  | $ | 3,401 |  |  | $ | (5,982 | ) |  | $ | 1,762 |
| Balance Sheet
| December 31, 2019
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,130 |  |  | $ | — |  |  | $ | 1,736 |  |  | $ | — |  |  | $ | 2,866 |
Restricted cash | — |  |  | — |  |  | 20 |  |  | — |  |  | 20 |
Short-term investments | — |  |  | — |  |  | 28 |  |  | — |  |  | 28 |
Accounts receivable, net of allowance for doubtful accounts | 229 |  |  | 148 |  |  | 1,200 |  |  | — |  |  | 1,577 |
Intercompany receivable | 675 |  |  | 2,855 |  |  | 3,983 |  |  | (7,513 | ) |  | — |
Prepaid and other current assets | 102 |  |  | 2 |  |  | 117 |  |  | — |  |  | 221 |
Total current assets | 2,136 |  |  | 3,005 |  |  | 7,084 |  |  | (7,513 | ) |  | 4,712 |
Property and equipment, net of accumulated depreciation | 204 |  |  | — |  |  | 116 |  |  | — |  |  | 320 |
Right of use assets | 402 |  |  | 1 |  |  | 273 |  |  | — |  |  | 676 |
Goodwill | 283 |  |  | — |  |  | 3,283 |  |  | 9 |  |  | 3,575 |
Other intangible assets, net | — |  |  | — |  |  | 1,424 |  |  | — |  |  | 1,424 |
Investments in subsidiaries | 12,134 |  |  | 6 |  |  | 8,088 |  |  | (20,228 | ) |  | — |
Intercompany loans receivable | 17 |  |  | — |  |  | 1,229 |  |  | (1,246 | ) |  | — |
Other non-current assets | 281 |  |  | 37 |  |  | 324 |  |  | (1 | ) |  | 641 |
Total assets | $ | 15,457 |  |  | $ | 3,049 |  |  | $ | 21,821 |  |  | $ | (28,979 | ) |  | $ | 11,348 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 80 |  |  | $ | 11 |  |  | $ | 99 |  |  | $ | — |  |  | $ | 190 |
Intercompany payable | 6,288 |  |  | 27 |  |  | 1,198 |  |  | (7,513 | ) |  | — |
Accrued compensation and contributions to retirement plans | 148 |  |  | 61 |  |  | 237 |  |  | — |  |  | 446 |
Income taxes currently payable | 7 |  |  | — |  |  | 61 |  |  | — |  |  | 68 |
Unearned revenue | 297 |  |  | 243 |  |  | 1,388 |  |  | — |  |  | 1,928 |
Other current liabilities | 187 |  |  | 18 |  |  | 256 |  |  | — |  |  | 461 |
Total current liabilities | 7,007 |  |  | 360 |  |  | 3,239 |  |  | (7,513 | ) |  | 3,093 |
Long-term debt | 3,948 |  |  | — |  |  | — |  |  | — |  |  | 3,948 |
Lease liabilities – non-current | 383 |  |  | 1 |  |  | 236 |  |  | — |  |  | 620 |
Intercompany loans payable | — |  |  | — |  |  | 1,246 |  |  | (1,246 | ) |  | — |
Pension and other postretirement benefits | 178 |  |  | — |  |  | 81 |  |  | — |  |  | 259 |
Other non-current liabilities | 171 |  |  | 81 |  |  | 373 |  |  | (1 | ) |  | 624 |
Total liabilities | 11,687 |  |  | 442 |  |  | 5,175 |  |  | (8,760 | ) |  | 8,544 |
Redeemable noncontrolling interest | — |  |  | — |  |  | — |  |  | 2,268 |  |  | 2,268 |
Equity: |  |  |  |  |  |  |  |  |
Common stock | 294 |  |  | — |  |  | 2,377 |  |  | (2,377 | ) |  | 294 |
Additional paid-in capital | 112 |  |  | 632 |  |  | 9,362 |  |  | (9,203 | ) |  | 903 |
Retained income | 15,836 |  |  | 1,975 |  |  | 5,404 |  |  | (11,010 | ) |  | 12,205 |
Accumulated other comprehensive loss | (175 | ) |  | — |  |  | (497 | ) |  | 48 |  |  | (624 | )
Less: common stock in treasury | (12,297 | ) |  | — |  |  | (2 | ) |  | — |  |  | (12,299 | )
Total equity - controlling interests | 3,770 |  |  | 2,607 |  |  | 16,644 |  |  | (22,542 | ) |  | 479 |
Total equity - noncontrolling interests | — |  |  | — |  |  | 2 |  |  | 55 |  |  | 57 |
Total equity | 3,770 |  |  | 2,607 |  |  | 16,646 |  |  | (22,487 | ) |  | 536 |
Total liabilities and equity | $ | 15,457 |  |  | $ | 3,049 |  |  | $ | 21,821 |  |  | $ | (28,979 | ) |  | $ | 11,348 |
| Balance Sheet
| December 31, 2018
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 694 |  |  | $ | — |  |  | $ | 1,223 |  |  | $ | — |  |  | $ | 1,917 |
Restricted cash | — |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
Short-term investments | — |  |  | — |  |  | 18 |  |  | — |  |  | 18 |
Accounts receivable, net of allowance for doubtful accounts | 163 |  |  | 109 |  |  | 1,177 |  |  | — |  |  | 1,449 |
Intercompany receivable | 550 |  |  | 2,138 |  |  | 2,873 |  |  | (5,561 | ) |  | — |
Prepaid and other current assets | 41 |  |  | 3 |  |  | 118 |  |  | — |  |  | 162 |
Total current assets | 1,448 |  |  | 2,250 |  |  | 5,450 |  |  | (5,561 | ) |  | 3,587 |
Property and equipment, net of accumulated depreciation | 192 |  |  | — |  |  | 78 |  |  | — |  |  | 270 |
Right of use assets | — |  |  | — |  |  | — |  |  | — |  |  | — |
Goodwill | 261 |  |  | — |  |  | 3,265 |  |  | 9 |  |  | 3,535 |
Other intangible assets, net | — |  |  | — |  |  | 1,524 |  |  | — |  |  | 1,524 |
Investments in subsidiaries | 8,599 |  |  | 6 |  |  | 8,030 |  |  | (16,635 | ) |  | — |
Intercompany loans receivable | 130 |  |  | — |  |  | 1,643 |  |  | (1,773 | ) |  | — |
Other non-current assets | 194 |  |  | 45 |  |  | 286 |  |  | — |  |  | 525 |
Total assets | $ | 10,824 |  |  | $ | 2,301 |  |  | $ | 20,276 |  |  | $ | (23,960 | ) |  | $ | 9,441 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 89 |  |  | $ | 15 |  |  | $ | 107 |  |  | $ | — |  |  | $ | 211 |
Intercompany payable | 4,453 |  |  | 32 |  |  | 1,076 |  |  | (5,561 | ) |  | — |
Accrued compensation and contributions to retirement plans | 125 |  |  | 33 |  |  | 196 |  |  | — |  |  | 354 |
Income taxes currently payable | 2 |  |  | — |  |  | 71 |  |  | — |  |  | 73 |
Unearned revenue | 240 |  |  | 235 |  |  | 1,166 |  |  | — |  |  | 1,641 |
Other current liabilities | 180 |  |  | 16 |  |  | 155 |  |  | — |  |  | 351 |
Total current liabilities | 5,089 |  |  | 331 |  |  | 2,771 |  |  | (5,561 | ) |  | 2,630 |
Long-term debt | 3,662 |  |  | — |  |  | — |  |  | — |  |  | 3,662 |
Lease liabilities – non-current | — |  |  | — |  |  | — |  |  | — |  |  | — |
Intercompany loans payable | 114 |  |  | — |  |  | 1,659 |  |  | (1,773 | ) |  | — |
Pension and other postretirement benefits | 162 |  |  | — |  |  | 67 |  |  | — |  |  | 229 |
Other non-current liabilities | 148 |  |  | 75 |  |  | 393 |  |  | — |  |  | 616 |
Total liabilities | 9,175 |  |  | 406 |  |  | 4,890 |  |  | (7,334 | ) |  | 7,137 |
Redeemable noncontrolling interest | — |  |  | — |  |  | — |  |  | 1,620 |  |  | 1,620 |
Equity: |  |  |  |  |  |  |  |  |
Common stock | 294 |  |  | — |  |  | 2,279 |  |  | (2,279 | ) |  | 294 |
Additional paid-in capital | 72 |  |  | 618 |  |  | 9,784 |  |  | (9,641 | ) |  | 833 |
Retained income | 12,622 |  |  | 1,277 |  |  | 3,824 |  |  | (6,439 | ) |  | 11,284 |
Accumulated other comprehensive loss | (299 | ) |  | — |  |  | (489 | ) |  | 46 |  |  | (742 | )
Less: common stock in treasury | (11,040 | ) |  | — |  |  | (13 | ) |  | 12 |  |  | (11,041 | )
Total equity - controlling interests | 1,649 |  |  | 1,895 |  |  | 15,385 |  |  | (18,301 | ) |  | 628 |
Total equity - noncontrolling interests | — |  |  | — |  |  | 1 |  |  | 55 |  |  | 56 |
Total equity | 1,649 |  |  | 1,895 |  |  | 15,386 |  |  | (18,246 | ) |  | 684 |
Total liabilities and equity | $ | 10,824 |  |  | $ | 2,301 |  |  | $ | 20,276 |  |  | $ | (23,960 | ) |  | $ | 9,441 |
| Statement of Cash Flows
| Year Ended December 31, 2019
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
Operating Activities: |  |  |  |  |  |  |  |  |
Net income | $ | 3,323 |  |  | $ | 880 |  |  | $ | 2,705 |  |  | $ | (4,605 | ) |  | $ | 2,303 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation | 44 |  |  | 12 |  |  | 26 |  |  | — |  |  | 82 |
Amortization of intangibles | — |  |  | — |  |  | 122 |  |  | — |  |  | 122 |
Provision for losses on accounts receivable | 5 |  |  | 4 |  |  | 9 |  |  | — |  |  | 18 |
Deferred income taxes | 24 |  |  | (10 | ) |  | 32 |  |  | — |  |  | 46 |
Stock-based compensation | 27 |  |  | 14 |  |  | 37 |  |  | — |  |  | 78 |
Gain on dispositions | (49 | ) |  | — |  |  | — |  |  | — |  |  | (49 | )
Pension settlement charge, net of taxes | 85 |  |  | — |  |  | — |  |  | — |  |  | 85 |
Other | 64 |  |  | 2 |  |  | 27 |  |  | — |  |  | 93 |
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: |  |  |  |  |  |  |  |  |
Accounts receivable | (72 | ) |  | (49 | ) |  | (14 | ) |  | — |  |  | (135 | )
Prepaid and other current assets | 17 |  |  | (35 | ) |  | (63 | ) |  | — |  |  | (81 | )
Accounts payable and accrued expenses | 14 |  |  | 32 |  |  | 27 |  |  | — |  |  | 73 |
Unearned revenue | 56 |  |  | 28 |  |  | 172 |  |  | — |  |  | 256 |
Accrued legal settlements | — |  |  | (1 | ) |  | — |  |  | — |  |  | (1 | )
Other current liabilities | (61 | ) |  | 1 |  |  | 4 |  |  | — |  |  | (56 | )
Net change in prepaid/accrued income taxes | (33 | ) |  | (5 | ) |  | (3 | ) |  | — |  |  | (41 | )
Net change in other assets and liabilities | (74 | ) |  | 34 |  |  | 23 |  |  | — |  |  | (17 | )
Cash provided by operating activities | 3,370 |  |  | 907 |  |  | 3,104 |  |  | (4,605 | ) |  | 2,776 |
Investing Activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (46 | ) |  | (3 | ) |  | (66 | ) |  | — |  |  | (115 | )
Acquisitions, net of cash acquired | — |  |  | — |  |  | (91 | ) |  | — |  |  | (91 | )
Proceeds from dispositions | 85 |  |  | — |  |  | — |  |  | — |  |  | 85 |
Changes in short-term investments | — |  |  | — |  |  | (10 | ) |  | — |  |  | (10 | )
Cash provided by (used for) investing activities | 39 |  |  | (3 | ) |  | (167 | ) |  | — |  |  | (131 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes, net | 1,086 |  |  | — |  |  | — |  |  | — |  |  | 1,086 |
Payments on senior notes | (868 | ) |  | — |  |  | — |  |  | — |  |  | (868 | )
Dividends paid to shareholders | (560 | ) |  | — |  |  | — |  |  | — |  |  | (560 | )
Distributions to noncontrolling interest holders, net | — |  |  | — |  |  | (143 | ) |  | — |  |  | (143 | )
Repurchase of treasury shares | (1,240 | ) |  | — |  |  | — |  |  | — |  |  | (1,240 | )
Exercise of stock options | 36 |  |  | — |  |  | 4 |  |  | — |  |  | 40 |
Employee withholding tax on share-based payments and other | (64 | ) |  | — |  |  | (2 | ) |  | — |  |  | (66 | )
Intercompany financing activities | (1,368 | ) |  | (904 | ) |  | (2,333 | ) |  | 4,605 |  |  | — |
Cash used for financing activities | (2,978 | ) |  | (904 | ) |  | (2,474 | ) |  | 4,605 |  |  | (1,751 | )
Effect of exchange rate changes on cash | 5 |  |  | — |  |  | 29 |  |  | — |  |  | 34 |
Net change in cash, cash equivalents, and restricted cash | 436 |  |  | — |  |  | 492 |  |  | — |  |  | 928 |
Cash, cash equivalents, and restricted cash at beginning of year | 694 |  |  | — |  |  | 1,264 |  |  | — |  |  | 1,958 |
Cash, cash equivalents, and restricted cash at end of year | $ | 1,130 |  |  | $ | — |  |  | $ | 1,756 |  |  | $ | — |  |  | $ | 2,886 |
| Statement of Cash Flows
| Year Ended December 31, 2018
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
Operating Activities: |  |  |  |  |  |  |  |  |
Net income | $ | 3,540 |  |  | $ | 784 |  |  | $ | 2,956 |  |  | $ | (5,159 | ) |  | $ | 2,121 |
Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation | 46 |  |  | 7 |  |  | 31 |  |  | — |  |  | 84 |
Amortization of intangibles | — |  |  | — |  |  | 122 |  |  | — |  |  | 122 |
Provision for losses on accounts receivable | 3 |  |  | 4 |  |  | 14 |  |  | — |  |  | 21 |
Deferred income taxes | 33 |  |  | 10 |  |  | 38 |  |  | — |  |  | 81 |
Stock-based compensation | 28 |  |  | 16 |  |  | 50 |  |  | — |  |  | 94 |
Accrued legal settlements | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |
Other | 46 |  |  | 5 |  |  | 1 |  |  | — |  |  | 52 |
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: |  |  |  |  |  |  |  |  |
Accounts receivable | (27 | ) |  | 39 |  |  | (176 | ) |  | — |  |  | (164 | )
Prepaid and other current assets | (2 | ) |  | (4 | ) |  | 5 |  |  | — |  |  | (1 | )
Accounts payable and accrued expenses | (11 | ) |  | (64 | ) |  | (31 | ) |  | — |  |  | (106 | )
Unearned revenue | (53 | ) |  | 13 |  |  | 110 |  |  | — |  |  | 70 |
Accrued legal settlements | — |  |  | — |  |  | (108 | ) |  | — |  |  | (108 | )
Other current liabilities | (22 | ) |  | (11 | ) |  | (34 | ) |  | — |  |  | (67 | )
Net change in prepaid/accrued income taxes | 2 |  |  | — |  |  | (9 | ) |  | — |  |  | (7 | )
Net change in other assets and liabilities | (128 | ) |  | 32 |  |  | (33 | ) |  | — |  |  | (129 | )
Cash provided by operating activities | 3,455 |  |  | 832 |  |  | 2,936 |  |  | (5,159 | ) |  | 2,064 |
Investing Activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (81 | ) |  | (16 | ) |  | (16 | ) |  | — |  |  | (113 | )
Acquisitions, net of cash acquired | — |  |  | — |  |  | (401 | ) |  | — |  |  | (401 | )
Proceeds from dispositions | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Changes in short-term investments | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Cash used for investing activities | (81 | ) |  | (16 | ) |  | (416 | ) |  | — |  |  | (513 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes, net | 489 |  |  | — |  |  | — |  |  | — |  |  | 489 |
Payments on senior notes | (403 | ) |  | — |  |  | — |  |  | — |  |  | (403 | )
Dividends paid to shareholders | (503 | ) |  | — |  |  | — |  |  | — |  |  | (503 | )
Distributions to noncontrolling interest holders, net | — |  |  | — |  |  | (154 | ) |  | — |  |  | (154 | )
Repurchase of treasury shares | (1,660 | ) |  | — |  |  | — |  |  | — |  |  | (1,660 | )
Exercise of stock options | 26 |  |  | — |  |  | 8 |  |  | — |  |  | 34 |
Purchase of additional CRISIL shares | — |  |  | — |  |  | (25 | ) |  | — |  |  | (25 | )
Employee withholding tax on share-based payments and other | (66 | ) |  | — |  |  | — |  |  | — |  |  | (66 | )
Intercompany financing activities | (1,190 | ) |  | (816 | ) |  | (3,153 | ) |  | 5,159 |  |  | — |
Cash used for financing activities | (3,307 | ) |  | (816 | ) |  | (3,324 | ) |  | 5,159 |  |  | (2,288 | )
Effect of exchange rate changes on cash | (5 | ) |  | — |  |  | (79 | ) |  | — |  |  | (84 | )
Net change in cash, cash equivalents, and restricted cash | 62 |  |  | — |  |  | (883 | ) |  | — |  |  | (821 | )
Cash, cash equivalents, and restricted cash at beginning of year | 632 |  |  | — |  |  | 2,147 |  |  | — |  |  | 2,779 |
Cash, cash equivalents, and restricted cash at end of year | $ | 694 |  |  | $ | — |  |  | $ | 1,264 |  |  | $ | — |  |  | $ | 1,958 |
| Statement of Cash Flows
| Year Ended December 31, 2017
(in millions) | S&P Global Inc. |  | Standard & Poor's Financial Services LLC |  | Non-Guarantor Subsidiaries |  | Eliminations |  | S&P Global Inc. Consolidated
Operating Activities: |  |  |  |  |  |  |  |  |
Net income | $ | 3,670 |  |  | $ | 649 |  |  | $ | 3,302 |  |  | $ | (5,983 | ) |  | $ | 1,638 |
Adjustments to reconcile net income to cash provided by operating activities |  |  |  |  |  |  |  |  |
Depreciation | 31 |  |  | 11 |  |  | 40 |  |  | — |  |  | 82 |
Amortization of intangibles | — |  |  | — |  |  | 98 |  |  | — |  |  | 98 |
Provision for losses on accounts receivable | 2 |  |  | 3 |  |  | 11 |  |  | — |  |  | 16 |
Deferred income taxes | 108 |  |  | (10 | ) |  | (98 | ) |  | — |  |  | — |
Stock-based compensation | 35 |  |  | 22 |  |  | 42 |  |  | — |  |  | 99 |
Accrued legal settlements | — |  |  | — |  |  | 55 |  |  | — |  |  | 55 |
Other | 34 |  |  | 19 |  |  | 43 |  |  | — |  |  | 96 |
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: |  |  |  |  |  |  |  |  |
Accounts receivable | (2 | ) |  | (23 | ) |  | (171 | ) |  | — |  |  | (196 | )
Prepaid and other current assets | (5 | ) |  | 3 |  |  | 12 |  |  | — |  |  | 10 |
Accounts payable and accrued expenses | 22 |  |  | 97 |  |  | (44 | ) |  | — |  |  | 75 |
Unearned revenue | 19 |  |  | 2 |  |  | 64 |  |  | — |  |  | 85 |
Accrued legal settlements | — |  |  | (1 | ) |  | (3 | ) |  | — |  |  | (4 | )
Other current liabilities | (42 | ) |  | (12 | ) |  | (31 | ) |  | — |  |  | (85 | )
Net change in prepaid/accrued income taxes | 41 |  |  | (18 | ) |  | 9 |  |  | — |  |  | 32 |
Net change in other assets and liabilities | 7 |  |  | (6 | ) |  | 14 |  |  | — |  |  | 15 |
Cash provided by operating activities | 3,920 |  |  | 736 |  |  | 3,343 |  |  | (5,983 | ) |  | 2,016 |
Investing Activities: |  |  |  |  |  |  |  |  |
Capital expenditures | (55 | ) |  | (32 | ) |  | (36 | ) |  | — |  |  | (123 | )
Acquisitions, net of cash acquired | — |  |  | — |  |  | (83 | ) |  | — |  |  | (83 | )
Proceeds from dispositions | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Changes in short-term investments | — |  |  | — |  |  | (5 | ) |  | — |  |  | (5 | )
Cash used for investing activities | (55 | ) |  | (32 | ) |  | (122 | ) |  | — |  |  | (209 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Dividends paid to shareholders | (421 | ) |  | — |  |  | — |  |  | — |  |  | (421 | )
Distributions to noncontrolling interest holders, net | — |  |  | — |  |  | (111 | ) |  | — |  |  | (111 | )
Repurchase of treasury shares | (1,001 | ) |  | — |  |  | — |  |  | — |  |  | (1,001 | )
Exercise of stock options | 68 |  |  | — |  |  | 7 |  |  | — |  |  | 75 |
Employee withholding tax on share-based payments | (49 | ) |  | — |  |  | — |  |  | — |  |  | (49 | )
Intercompany financing activities | (2,546 | ) |  | (704 | ) |  | (2,733 | ) |  | 5,983 |  |  | — |
Cash used for financing activities | (3,949 | ) |  | (704 | ) |  | (2,837 | ) |  | 5,983 |  |  | (1,507 | )
Effect of exchange rate changes on cash | 5 |  |  | — |  |  | 82 |  |  | — |  |  | 87 |
Net change in cash, cash equivalents, and restricted cash | (79 | ) |  | — |  |  | 466 |  |  | — |  |  | 387 |
Cash, cash equivalents, and restricted cash at beginning of year | 711 |  |  | — |  |  | 1,681 |  |  | — |  |  | 2,392 |
Cash, cash equivalents, and restricted cash at end of year | $ | 632 |  |  | $ | — |  |  | $ | 2,147 |  |  | $ | — |  |  | $ | 2,779 |

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