Company Quick10K Filing
S&P Global
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 248 $56,516
10-Q 2019-10-30 Quarter: 2019-09-30
10-Q 2019-08-01 Quarter: 2019-06-30
10-Q 2019-05-03 Quarter: 2019-03-31
10-K 2019-02-13 Annual: 2018-12-31
10-Q 2018-10-26 Quarter: 2018-09-30
10-Q 2018-07-26 Quarter: 2018-06-30
10-Q 2018-04-26 Quarter: 2018-03-31
10-K 2018-02-09 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-27 Quarter: 2017-06-30
10-Q 2017-04-26 Quarter: 2017-03-31
10-K 2017-02-09 Annual: 2016-12-31
10-Q 2016-11-03 Quarter: 2016-09-30
10-Q 2016-07-28 Quarter: 2016-06-30
10-Q 2016-04-26 Quarter: 2016-03-31
10-K 2016-02-12 Annual: 2015-12-31
10-Q 2015-11-04 Quarter: 2015-09-30
10-Q 2015-07-28 Quarter: 2015-06-30
10-Q 2015-04-28 Quarter: 2015-03-31
10-K 2015-02-13 Annual: 2014-12-31
10-Q 2014-10-29 Quarter: 2014-09-30
10-Q 2014-07-29 Quarter: 2014-06-30
10-Q 2014-04-29 Quarter: 2014-03-31
10-K 2014-02-07 Annual: 2013-12-31
10-Q 2013-10-22 Quarter: 2013-09-30
10-Q 2013-07-25 Quarter: 2013-06-30
10-Q 2013-04-30 Quarter: 2013-03-31
10-K 2013-02-28 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-07-26 Quarter: 2012-06-30
10-Q 2012-04-25 Quarter: 2012-03-31
10-K 2012-02-07 Annual: 2011-12-31
10-Q 2011-10-21 Quarter: 2011-09-30
10-Q 2011-07-28 Quarter: 2011-06-30
10-Q 2011-04-27 Quarter: 2011-03-31
10-Q 2010-07-23 Quarter: 2010-06-30
10-Q 2010-04-28 Quarter: 2010-03-31
10-K 2010-02-24 Annual: 2009-12-31
8-K 2019-11-25 Enter Agreement, Other Events, Exhibits
8-K 2019-11-19 Other Events, Exhibits
8-K 2019-11-19 Other Events, Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-09-13 Officers, Exhibits
8-K 2019-08-09 Other Events
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-05-09 Shareholder Vote
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-03-15 Officers, Exhibits
8-K 2019-02-26 Other Events
8-K 2019-02-07 Earnings, Exhibits
8-K 2018-12-04 Officers
8-K 2018-11-02 Other Events
8-K 2018-10-31 Other Events
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-09-10 Officers
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-24 Regulation FD, Exhibits
8-K 2018-05-03 Regulation FD, Other Events
8-K 2018-05-03 Other Events, Exhibits
8-K 2018-05-01 Shareholder Vote
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-03-06 Regulation FD, Other Events, Exhibits
8-K 2018-02-06 Earnings, Exhibits
SPGI 2019-09-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-15 spgi-ex15x2019930q3.htm
EX-31.1 spgi-ex311x2019930q3.htm
EX-31.2 spgi-ex312x2019930q3.htm
EX-32 spgi-ex32x2019930q3.htm

S&P Global Earnings 2019-09-30

SPGI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
AXP 104,808 197,603 174,511 20,473 0 6,975 11,523 135,212 0% 11.7 4%
SPGI 56,516 10,185 7,725 6,382 4,674 2,141 2,903 58,696 73% 20.2 21%
MCO 37,523 9,592 9,017 4,497 0 1,248 2,027 41,585 0% 20.5 13%
DFS 27,159 110,707 99,214 0 0 2,886 6,221 40,969 6.6 3%
SYF 23,924 106,388 91,654 0 0 3,414 7,007 33,023 4.7 3%
EFX 16,156 7,474 4,886 3,396 0 -420 -66 19,021 0% -289.9 -6%
TRU 13,821 7,127 5,019 2,498 0 332 927 17,545 0% 18.9 5%
CACC 9,025 6,908 4,693 1,399 0 632 1,006 8,677 0% 8.6 9%
SC 8,271 46,416 39,079 0 0 952 4,363 5,899 1.4 2%
TREE 6,270 981 607 941 882 0 -17 6,847 94% -409.7 0%

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 1-1023  
spgbarrgbposa16.jpg
S&P Global Inc.
(Exact name of registrant as specified in its charter)
New York
13-1026995
(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

55 Water Street
,
New York
,
New York
10041
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: 212-438-1000
Securities registered pursuant to Section 12(b) of the Act:
Class
Trading Symbol
Name of Exchange on which registered
Common stock (par value $1.00 per share)
SPGI
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                    Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                             Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).        YES NO

As of October 25, 2019 (latest practicable date), 244.4 million shares of the issuer's classes of common stock (par value $1.00 per share) were outstanding.


1


S&P Global Inc.
INDEX
 
 
Page Number
 
 
 


2


Report of Independent Registered Public Accounting Firm 

To the Shareholders and Board of Directors of S&P Global Inc.  

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of S&P Global Inc. (and subsidiaries) (the “Company”) as of September 30, 2019, the related consolidated statements of income, comprehensive income, and equity for the three- and nine- month periods ended September 30, 2019 and 2018, the related consolidated statements of cash flows for the nine-month periods ended September 30, 2019 and 2018, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2018, the related consolidated statements of income, comprehensive income, equity and cash flows for the year then ended, and the related notes and schedule (not presented herein); and in our report dated February 12, 2019, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2018, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ ERNST & YOUNG LLP

New York, New York
October 29, 2019




3


PART I — FINANCIAL INFORMATION
Item 1. Financial Statements

S&P Global Inc.
Consolidated Statements of Income
(Unaudited)
(in millions, except per share amounts)
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Revenue
$
1,689

 
$
1,546

 
$
4,964

 
$
4,721

Expenses:
 
 
 
 
 
 
 
Operating-related expenses
438

 
410

 
1,337

 
1,287

Selling and general expenses
360

 
379

 
1,115

 
1,197

Depreciation
20

 
20

 
61

 
60

Amortization of intangibles
29

 
33

 
92

 
91

Total expenses
847

 
842

 
2,605

 
2,635

Gain on dispositions
(49
)
 

 
(49
)
 

Operating profit
891

 
704

 
2,408

 
2,086

Other expense (income), net
8

 
(6
)
 
104

 
(22
)
Interest expense, net
32

 
38

 
105

 
98

Income before taxes on income
851

 
672

 
2,199

 
2,010

Provision for taxes on income
189

 
137

 
482

 
440

Net income
662

 
535

 
1,717

 
1,570

Less: net income attributable to noncontrolling interests
(45
)
 
(40
)
 
(135
)
 
(123
)
Net income attributable to S&P Global Inc.
$
617

 
$
495

 
$
1,582

 
$
1,447

 
 
 
 
 
 
 
 
Earnings per share attributable to S&P Global Inc. common shareholders:
 
 
 
 
 
 
 
Net income:
 
 
 
 
 
 
 
Basic
$
2.52

 
$
1.97

 
$
6.43

 
$
5.75

Diluted
$
2.50

 
$
1.95

 
$
6.40

 
$
5.70

Weighted-average number of common shares outstanding:
 
 
 
 
 
 
 
Basic
245.0

 
251.3

 
245.9

 
251.6

Diluted
246.5

 
253.5

 
247.4

 
253.7

 
 
 
 
 
 
 
 
Actual shares outstanding at period end

 

 
244.4

 
250.9

 
See accompanying notes to the unaudited consolidated financial statements.

4


S&P Global Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
 
(in millions)
Three Months Ended
Nine Months Ended
 
September 30,
September 30,
 
2019
 
2018
2019
 
2018
Net income
$
662

 
$
535

$
1,717

 
$
1,570

 
 
 
 
 
 
 
Other comprehensive income:
 
 
 
 
 
 
Foreign currency translation adjustment
(35
)
 
(1
)
(33
)
 
(53
)
Income tax effect
2

 
2

6

 
(1
)
 
(33
)
 
1

(27
)
 
(54
)
 
 
 
 
 
 
 
Pension and other postretirement benefit plans
2

 
5

116

 
(6
)
Income tax effect

 
(1
)
(28
)
 
2

 
2

 
4

88

 
(4
)
 
 
 
 
 
 
 
Unrealized gain on investment and forward exchange contracts
(4
)
 
(4
)
(4
)
 
(8
)
Income tax effect
1

 
1

1

 
2

 
(3
)
 
(3
)
(3
)
 
(6
)
 
 
 
 
 
 
 
Comprehensive income
628

 
537

1,775

 
1,506

Less: comprehensive income attributable to nonredeemable noncontrolling interests
(1
)
 
(4
)
(7
)
 
(11
)
Less: comprehensive income attributable to redeemable noncontrolling interests
(44
)
 
(36
)
(128
)
 
(112
)
Comprehensive income attributable to S&P Global Inc.
$
583

 
$
497

$
1,640

 
$
1,383



See accompanying notes to the unaudited consolidated financial statements.

5


S&P Global Inc.
Consolidated Balance Sheets
 
(in millions)
September 30,
2019
 
December 31,
2018
 
(Unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,996

 
$
1,917

Restricted cash
23

 
41

Accounts receivable, net of allowance for doubtful accounts: 2019 - $38; 2018 - $34
1,486

 
1,449

Prepaid and other current assets
217

 
197

Total current assets
3,722

 
3,604

Property and equipment, net of accumulated depreciation: 2019 - $608; 2018 - $596
298

 
270

Right of use assets
660

 

Goodwill
3,515

 
3,535

Other intangible assets, net
1,427

 
1,524

Other non-current assets
566

 
525

Total assets
$
10,188

 
$
9,458

LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
188

 
$
211

Accrued compensation and contributions to retirement plans
327

 
354

Short-term debt
699

 

Income taxes currently payable
114

 
72

Unearned revenue
1,614

 
1,641

Other current liabilities
431

 
351

Total current liabilities
3,373


2,629

Long-term debt
2,966

 
3,662

Lease liabilities — non-current
615

 

Pension and other postretirement benefits
226

 
229

Other non-current liabilities
581

 
634

Total liabilities
7,761

 
7,154

Redeemable noncontrolling interest (Note 8)
2,025

 
1,620

Commitments and contingencies (Note 12)

 

Equity:
 
 
 
Common stock
294

 
294

Additional paid-in capital
835

 
833

Retained income
12,054

 
11,284

Accumulated other comprehensive loss
(684
)
 
(742
)
Less: common stock in treasury
(12,153
)
 
(11,041
)
Total equity — controlling interests
346

 
628

Total equity — noncontrolling interests
56

 
56

Total equity
402

 
684

Total liabilities and equity
$
10,188

 
$
9,458

    

See accompanying notes to the unaudited consolidated financial statements.

6


S&P Global Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 
(in millions)
Nine Months Ended
 
September 30,
 
2019
 
2018
Operating Activities:
 
 
 
Net income
$
1,717

 
$
1,570

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
Depreciation
61

 
60

Amortization of intangibles
92

 
91

Provision for losses on accounts receivable
17

 
16

Deferred income taxes
15

 
21

Stock-based compensation
53

 
73

Gain on dispositions
(49
)
 

Pension settlement charge, net of taxes
85

 

Other
49

 
20

Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
 
 
 
Accounts receivable
(50
)
 
62

Prepaid and other current assets
(59
)
 
1

Accounts payable and accrued expenses
(54
)
 
(167
)
Unearned revenue
(27
)
 
(72
)
Accrued legal settlements
(1
)
 
(180
)
Other current liabilities
(81
)
 
(18
)
Net change in prepaid/accrued income taxes
58

 
62

Net change in other assets and liabilities
(54
)
 
(138
)
Cash provided by operating activities
1,772

 
1,401

Investing Activities:
 
 
 
Capital expenditures
(77
)
 
(88
)
Acquisitions, net of cash acquired
(25
)
 
(263
)
Proceeds from dispositions
85

 

Changes in short-term investments
(3
)
 
5

Cash used for investing activities
(20
)
 
(346
)
Financing Activities:
 
 
 
Proceeds from issuance of senior notes, net

 
489

Payments on senior notes

 
(403
)
Dividends paid to shareholders
(421
)
 
(379
)
Distributions to noncontrolling interest holders, net
(100
)
 
(116
)
Purchase of CRISIL shares

 
(25
)
Repurchase of treasury shares
(1,144
)
 
(1,108
)
Exercise of stock options
38

 
24

Employee withholding tax on share-based payments and other
(57
)
 
(61
)
Cash used for financing activities
(1,684
)
 
(1,579
)
Effect of exchange rate changes on cash
(7
)
 
(52
)
Net change in cash, cash equivalents, and restricted cash
61

 
(576
)
Cash, cash equivalents, and restricted cash at beginning of period
1,958

 
2,779

Cash, cash equivalents, and restricted cash at end of period
$
2,019

 
$
2,203


See accompanying notes to the unaudited consolidated financial statements.

7


S&P Global Inc.
Consolidated Statements of Equity
(Unaudited)

Three Months Ended September 30, 2019
 (in millions)
Common Stock $1 par
 
Additional Paid-in Capital
 
Retained Income
 
Accumulated Other Comprehensive Loss
 
Less: Treasury Stock
 
Total SPGI Equity
 
Noncontrolling Interests
 
Total Equity
Balance as of June 30, 2019
$
294

 
$
790

 
$
11,710

 
(651
)
 
$
11,631

 
$
512

 
$
58

 
$
570

Comprehensive income 1
 
 
 
 
617

 
(34
)
 
 
 
583

 
1

 
584

Dividends (Dividend declared per common share — $0.57 per share)
 
 
 
 
(139
)
 
 
 
 
 
(139
)
 
(1
)
 
(140
)
Share repurchases
 
 
30

 
 
 
 
 
530

 
(500
)
 
 
 
(500
)
Employee stock plans
 
 
15

 
 
 
 
 
(8
)
 
23

 
 
 
23

Change in redemption value of redeemable noncontrolling interest
 
 
 
 
(134
)
 
 
 
 
 
(134
)
 
 
 
(134
)
Other
 
 
 
 
 
 
1

 
 
 
1

 
(2
)
 
(1
)
Balance as of September 30, 2019
$
294

 
$
835

 
$
12,054

 
$
(684
)
 
$
12,153

 
$
346

 
$
56

 
$
402

Three Months Ended September 30, 2018
 (in millions)
Common Stock $1 par
 
Additional Paid-in Capital
 
Retained Income
 
Accumulated Other Comprehensive Loss
 
Less: Treasury Stock
 
Total SPGI Equity
 
Noncontrolling Interests
 
Total Equity
Balance as of June 30, 2018
$
412

 
$
732

 
$
10,677

 
$
(705
)
 
$
10,536

 
$
580

 
$
53

 
$
633

Comprehensive income 1
 
 
 
 
495

 
2

 
 
 
497

 
3

 
500

Dividends (Dividend declared per common share — $0.50 per share)
 
 
 
 
(126
)
 
 
 
 
 
(126
)
 
(2
)
 
(128
)
Share repurchases
 
 
150

 
 
 
 
 
163

 
(13
)
 
 
 
(13
)
Employee stock plans
 
 
15

 
 
 
 
 
5

 
10

 
 
 
10

Change in redemption value of redeemable noncontrolling interest
 
 
 
 
(46
)
 
 
 
 
 
(46
)
 
 
 
(46
)
Other
 
 
 
 
 
 
 
 
 
 

 
(1
)
 
(1
)
Balance as of September 30, 2018
$
412

 
$
897

 
$
11,000

 
$
(703
)
 
$
10,704

 
$
902

 
$
53

 
$
955









8


Consolidated Statements of Equity (continued)
(unaudited)
Nine Months Ended September 30, 2019
 (in millions)
Common Stock $1 par
 
Additional Paid-in Capital
 
Retained Income
 
Accumulated Other Comprehensive Loss
 
Less: Treasury Stock
 
Total SPGI Equity
 
Noncontrolling Interests
 
Total Equity
Balance as of December 31, 2018
$
294

 
$
833

 
$
11,284

 
$
(742
)
 
$
11,041

 
$
628

 
$
56

 
$
684

Comprehensive income 1
 
 
 
 
1,582

 
58

 
 
 
1,640

 
7

 
1,647

Dividends (Dividend declared per common share — $1.71 per share)
 
 
 
 
(420
)
 
 
 
 
 
(420
)
 
(7
)
 
(427
)
Share repurchases
 
 
30

 
 
 
 
 
1,174

 
(1,144
)
 

 
(1,144
)
Employee stock plans
 
 
(28
)
 
 
 
 
 
(62
)
 
34

 

 
34

Capital contribution from noncontrolling interest
 
 
 
 
(36
)
 
 
 
 
 
(36
)
 
 
 
(36
)
Change in redemption value of redeemable noncontrolling interest
 
 
 
 
(356
)
 
 
 
 
 
(356
)
 
 
 
(356
)
Balance as of September 30, 2019
$
294

 
$
835

 
$
12,054

 
$
(684
)
 
$
12,153

 
$
346

 
$
56

 
$
402


Nine Months Ended September 30, 2018
 (in millions)
Common Stock $1 par
 
Additional Paid-in Capital
 
Retained Income
 
Accumulated Other Comprehensive Loss
 
Less: Treasury Stock
 
Total SPGI Equity
 
Noncontrolling Interests
 
Total Equity
Balance as of December 31, 2017
$
412

 
$
525

 
$
10,025

 
$
(649
)
 
$
9,602

 
$
711

 
$
57

 
$
768

Comprehensive income 1
 
 
 
 
1,447

 
(64
)
 
 
 
1,383

 
11

 
1,394

Dividends (Dividend declared per common share — $1.50 per share)
 
 
 
 
(379
)
 
 
 
 
 
(379
)
 
(9
)
 
(388
)
Share repurchases
 
 
 
 
 
 
 
 
1,113

 
(1,113
)
 
 
 
(1,113
)
Employee stock plans
 
 
45

 
 
 
 
 
(11
)
 
56

 

 
56

Change in redemption value of redeemable noncontrolling interest
 
 
 
 
(119
)
 
 
 
 
 
(119
)