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Section 1: 10-Q (10-Q)

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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 June 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  
399014086_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”, “small 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 July 26, 2019 (latest practicable date), 246.3 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 June 30, 2019, the related consolidated statements of income, comprehensive income, and equity for the three- and six-month periods ended June 30, 2019 and 2018, the related consolidated statements of cash flows for the six-month periods ended June 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
August 1, 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
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Revenue
$
1,704

 
$
1,609

 
$
3,275

 
$
3,176

Expenses:
 
 
 
 
 
 
 
Operating-related expenses
452

 
441

 
898

 
877

Selling and general expenses
387

 
444

 
755

 
819

Depreciation
21

 
19

 
41

 
40

Amortization of intangibles
31

 
33

 
63

 
57

Total expenses
891

 
937

 
1,757

 
1,793

Operating profit
813

 
672

 
1,518

 
1,383

Other (income) expense, net
(6
)
 
(11
)
 
97

 
(16
)
Interest expense, net
37

 
26

 
73

 
61

Income before taxes on income
782

 
657

 
1,348

 
1,338

Provision for taxes on income
180

 
156

 
293

 
303

Net income
602

 
501

 
1,055

 
1,035

Less: net income attributable to noncontrolling interests
(47
)
 
(40
)
 
(90
)
 
(84
)
Net income attributable to S&P Global Inc.
$
555

 
$
461

 
$
965

 
$
951

 
 
 
 
 
 
 
 
Earnings per share attributable to S&P Global Inc. common shareholders:
 
 
 
 
 
 
 
Net income:
 
 
 
 
 
 
 
Basic
$
2.25

 
$
1.83

 
$
3.92

 
$
3.78

Diluted
$
2.24

 
$
1.82

 
$
3.89

 
$
3.75

Weighted-average number of common shares outstanding:
 
 
 
 
 
 
 
Basic
246.1

 
251.1

 
246.4

 
251.7

Diluted
247.4

 
253.3

 
247.9

 
253.8

 
 
 
 
 
 
 
 
Actual shares outstanding at period end

 

 
246.3

 
251.4

 
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
Six Months Ended
 
June 30,
June 30,
 
2019
 
2018
2019
 
2018
Net income
$
602

 
$
501

$
1,055

 
$
1,035

 
 
 
 
 
 
 
Other comprehensive income:
 
 
 
 
 
 
Foreign currency translation adjustment
(17
)
 
(75
)
1

 
(52
)
Income tax effect
2

 
15

4

 
(3
)
 
(15
)
 
(60
)
5

 
(55
)
 
 
 
 
 
 
 
Pension and other postretirement benefit plans

 
(15
)
114

 
(11
)
Income tax effect

 
4

(28
)
 
3

 

 
(11
)
86

 
(8
)
 
 
 
 
 
 
 
Unrealized gain on investment and forward exchange contracts
(4
)
 
(5
)

 
(4
)
Income tax effect
1

 
1


 
1

 
(3
)
 
(4
)

 
(3
)
 
 
 
 
 
 
 
Comprehensive income
584

 
426

1,146

 
969

Less: comprehensive income attributable to nonredeemable noncontrolling interests
(3
)
 
(5
)
(6
)
 
(8
)
Less: comprehensive income attributable to redeemable noncontrolling interests
(44
)
 
(36
)
(84
)
 
(76
)
Comprehensive income attributable to S&P Global Inc.
$
537

 
$
385

$
1,056

 
$
885



See accompanying notes to the unaudited consolidated financial statements.

5


S&P Global Inc.
Consolidated Balance Sheets
 
(in millions)
June 30,
2019
 
December 31,
2018
 
(Unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,881

 
$
1,917

Restricted cash
39

 
41

Accounts receivable, net of allowance for doubtful accounts: 2019 - $38; 2018 - $34
1,543

 
1,449

Prepaid and other current assets
231

 
197

Total current assets
3,694

 
3,604

Property and equipment, net of accumulated depreciation: 2019 - $623; 2018 - $596
280

 
270

Right of use assets
669

 

Goodwill
3,519

 
3,535

Other intangible assets, net
1,453

 
1,524

Other non-current assets
570

 
525

Total assets
$
10,185

 
$
9,458

LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
214

 
$
211

Accrued compensation and contributions to retirement plans
269

 
354

Income taxes currently payable
88

 
72

Unearned revenue
1,709

 
1,641

Other current liabilities
419

 
351

Total current liabilities
2,699


2,629

Long-term debt
3,664

 
3,662

Lease liabilities — non-current
621

 

Pension and other postretirement benefits
230

 
229

Other non-current liabilities
511

 
634

Total liabilities
7,725

 
7,154

Redeemable noncontrolling interest (Note 8)
1,890

 
1,620

Commitments and contingencies (Note 12)

 

Equity:
 
 
 
Common stock
294

 
294

Additional paid-in capital
790

 
833

Retained income
11,710

 
11,284

Accumulated other comprehensive loss
(651
)
 
(742
)
Less: common stock in treasury
(11,631
)
 
(11,041
)
Total equity — controlling interests
512

 
628

Total equity — noncontrolling interests
58

 
56

Total equity
570

 
684

Total liabilities and equity
$
10,185

 
$
9,458

    

See accompanying notes to the unaudited consolidated financial statements.

6


S&P Global Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 
(in millions)
Six Months Ended
 
June 30,
 
2019
 
2018
Operating Activities:
 
 
 
Net income
$
1,055

 
$
1,035

Adjustments to reconcile net income to cash provided by operating activities:
 
 
 
Depreciation
41

 
40

Amortization of intangibles
63

 
57

Provision for losses on accounts receivable
12

 
10

Deferred income taxes
12

 
22

Stock-based compensation
33

 
46

Pension settlement charge, net of taxes
85

 

Other
38

 
80

Changes in operating assets and liabilities, net of effect of acquisitions:
 
 
 
Accounts receivable
(95
)
 
19

Prepaid and other current assets
(42
)
 
(19
)
Accounts payable and accrued expenses
(74
)
 
(217
)
Unearned revenue

 
41

Accrued legal settlements
(1
)
 
(29
)
Other current liabilities
(83
)
 
(69
)
Net change in prepaid/accrued income taxes
33

 
24

Net change in other assets and liabilities
(67
)
 
(137
)
Cash provided by operating activities
1,010

 
903

Investing Activities:
 
 
 
Capital expenditures
(46
)
 
(60
)
Acquisitions, net of cash acquired
(4
)
 
(246
)
Changes in short-term investments
(3
)
 
1

Cash used for investing activities
(53
)
 
(305
)
Financing Activities:
 
 
 
Proceeds from issuance of senior notes, net

 
489

Payments on senior notes

 
(403
)
Dividends paid to shareholders
(281
)
 
(253
)
Distributions to noncontrolling interest holders, net
(59
)
 
(78
)
Purchase of CRISIL shares

 
(25
)
Repurchase of treasury shares
(644
)
 
(1,100
)
Exercise of stock options
31

 
16

Employee withholding tax on share-based payments and other
(55
)
 
(50
)
Cash used for financing activities
(1,008
)
 
(1,404
)
Effect of exchange rate changes on cash
13

 
(38
)
Net change in cash, cash equivalents, and restricted cash
(38
)
 
(844
)
Cash, cash equivalents, and restricted cash at beginning of period
1,958

 
2,779

Cash, cash equivalents, and restricted cash at end of period
$
1,920

 
$
1,935


See accompanying notes to the unaudited consolidated financial statements.

7


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

Three Months Ended June 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 March 31, 2019
$
294

 
$
772

 
$
11,532

 
$
(633
)
 
$
11,638

 
$
327

 
$
61

 
$
388

Comprehensive income 1
 
 
 
 
555

 
(18
)
 
 
 
537

 
3

 
540

Dividends (Dividend declared per common share — $0.57 per share)
 
 
 
 
(140
)
 
 
 
 
 
(140
)
 
(6
)
 
(146
)
Employee stock plans
 
 
18

 
 
 
 
 
(7
)
 
25

 
 
 
25

Change in redemption value of redeemable noncontrolling interest
 
 
 
 
(237
)
 
 
 
 
 
(237
)
 
 
 
(237
)
Balance as of June 30, 2019
$
294

 
$
790

 
$
11,710

 
$
(651
)
 
$
11,631

 
$
512

 
$
58

 
$
570

Three Months Ended June 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 March 31, 2018
$
412

 
$
335

 
$
10,424

 
$
(630
)
 
$
10,537

 
$
4

 
$
61

 
$
65

Comprehensive income 1
 
 
 
 
461

 
(75
)
 
 
 
386

 
5

 
391

Dividends (Dividend declared per common share — $0.50 per share)
 
 
 
 
(126
)
 
 
 
 
 
(126
)
 
(7
)
 
(133
)
Employee stock plans
 
 
70

 
 
 
 
 
(1
)
 
71

 
(1
)
 
70

Change in redemption value of redeemable noncontrolling interest
 
 
 
 
(82
)
 
 
 
 
 
(82
)
 
 
 
(82
)
Increase in CRISIL ownership
 
 
(25
)
 
 
 
 
 
 
 
(25
)
 
(1
)
 
(26
)
Stock consideration for Kensho
 
 
352

 
 
 
 
 
 
 
352

 
 
 
352

Other
 
 
 
 
 
 
 
 
 
 

 
(4
)
 
(4
)
Balance as of June 30, 2018
$
412

 
$
732

 
$
10,677

 
$
(705
)
 
$
10,536

 
$
580

 
$
53

 
$
633









8


Consolidated Statements of Equity (continued)
Six Months Ended June 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
 
 
 
 
965

 
91

 
 
 
1,056

 
6

 
1,062

Dividends (Dividend declared per common share — $1.14 per share)
 
 
 
 
(281
)
 
 
 
 
 
(281
)
 
(6
)
 
(287
)
Share repurchases
 
 


 
 
 
 
 
644

 
(644
)
 

 
(644
)
Employee stock plans
 
 
(43
)
 
 
 
 
 
(54
)
 
11

 

 
11

Capital contribution from noncontrolling interest
 
 
 
 
(36
)
 
 
 
 
 
(36
)
 
 
 
(36
)
Change in redemption value of redeemable noncontrolling interest
 
 
 
 
(222
)
 
 
 
 
 
(222
)
 
 
 
(222
)
Other
 
 
 
 

 
 
 
 
 

 
2

 
2

Balance as of June 30, 2019
$
294

 
$
790

 
$
11,710

 
$
(651
)
 
$
11,631

 
$
512

 
$
58

 
$
570


Six Months Ended June 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
 
 
 
 
951

 
(66
)
 
 
 
885

 
8

 
893

Dividends (Dividend declared per common share — $1.00 per share)
 
 
 
 
(253
)
 
 
 
 
 
(253
)
 
(7
)
 
(260
)
Share repurchases
 
 
(150
)
 
 
 
 
 
950

 
(1,100
)
 
 
 
(1,100
)
Employee stock plans
 
 
30

 
 
 
 
 
(16
)
 
46

 

 
46

Change in redemption value of redeemable noncontrolling interest
 
 
 
 
(72
)
 
 
 
 
 
(72
)
 
 
 
(72
)
Increase in CRISIL ownership
 
 
(25
)
 
 
 
 
 
 
 
(25
)
 
(1
)
 
(26
)
Stock consideration for Kensho
 
 
352

 
 
 
 
 
 
 
352

 
 
 
352

Other 2
 
 
 
 
26

 
10

 
 
 
36

 
(4
)
 
32

Balance as of June 30, 2018
$
412

 
$
732

 
$
10,677

 
$
(705
)
 
$
10,536

 
$
580

 
$
53

 
$
633

1 Excludes comprehensive income of $44 million and $36 million for the three months ended June 30, 2019 and 2018, respectively, and $84 million and $76 million for the six months ended June 30, 2019 and 2018, respectively, attributable to our redeemable noncontrolling interest.
2 Reflects opening balance sheet adjustments related to the adoption of the new revenue recognition standard and the reclassification of the unrealized loss on investments from Accumulated other comprehensive loss to Retained income.
See accompanying notes to the unaudited consolidated financial statements.

9


S&P Global Inc.
Notes to the Consolidated Financial Statements
(Unaudited)
 
1.
Nature of Operations and Basis of Presentation

S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the “Company,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

Our operations consist of four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") and S&P Dow Jones Indices ("Indices").
Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.
Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services.
Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets.
Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
Beginning in the first quarter of 2019, the contract obligations for revenue from Kensho Technologies Inc.’s (“Kensho”) major customers were transferred to Market Intelligence for fulfillment.  As a result of this transfer, from January 1, 2019 revenue from contracts with Kensho’s customers is reflected in Market Intelligence’s results.  In 2018, the revenue from contracts with Kensho’s customers was reported in Corporate revenue. See Note 2 Acquisitions and Divestitures for additional information.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2018 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the full year.

Our critical accounting estimates are disclosed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Form 10-K. On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

Restricted Cash

Restricted cash of $39 million and $41 million included in our consolidated balance sheets as of June 30, 2019 and December 31, 2018, respectively, primarily includes amounts held in escrow accounts in connection with our acquisition of Kensho.


10


Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2019 and December 31, 2018, contract assets were $47 million and $26 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received or due in advance of our performance. The increase in the unearned revenue balance at June 30, 2019 compared to December 31, 2018 is primarily driven by cash payments received or due in advance of satisfying our performance obligations, offset by $1.2 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2019, the aggregate amount of the transaction price allocated to remaining performance obligations was $1.5 billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $96 million and $101 million as of June 30, 2019 and December 31, 2018, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period is one year or less. These costs are recorded within selling and general expenses.

Other (Income) Expense, net

The components of other (income) expense, net for the three and six months ended June 30 are as follows: 
(in millions)
Three Months
 
Six Months
 
2019
 
2018
 
2019
 
2018
Other components of net periodic benefit cost 1
$
(7
)
 
$
(8
)
 
$
96

 
$
(16
)
Net loss (gain) from investments
1

 
(3
)
 
1

 

Other (income) expense, net
$
(6
)
 
$
(11
)
 
$
97

 
$
(16
)


1    During the first quarter of 2019, the Company purchased a group annuity contract under which an insurance company assumed a portion of
the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pre-tax settlement charge of $113 million for the six months ended June 30, 2019 reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.


11


2.
Acquisitions and Divestitures

Acquisitions

2019

In July of 2019, S&P Global completed the acquisition of the Orion technology center from Ness Technologies. Orion was developed to become S&P Global's center of excellence for technology talent to focus on innovations by providing employees with access to the latest technologies and global communications infrastructure, as well as physical spaces that enable highly-collaborative teams. The acquisition of Orion is not material to our consolidated financial statements.

2018

In June of 2018, Market Intelligence acquired the RateWatch business ("RateWatch") from TheStreet, Inc., a B2B data business
that offers subscription and custom reports on bank deposits, loans, fees and other product data to the financial services industry. The acquisition will complement and strengthen Market Intelligence's core capabilities of providing differentiated data and analytics solutions for the banking sector. The acquisition of RateWatch is not material to our consolidated financial statements.

In April of 2018, we acquired Kensho for approximately $550 million, net of cash acquired, in a mix of cash and stock. Kensho is a leading-edge provider of next-generation analytics, artificial intelligence, machine learning, and data visualization systems to Wall Street's premier global banks and investment institutions, as well as the National Security community. The acquisition will strengthen S&P Global's emerging technology capabilities, enhance our ability to deliver essential, actionable insights that will transform the user experience for our clients, and accelerate efforts to improve efficiency and effectiveness of our core internal operations. The acquisition of Kensho is not material to our consolidated financial statements.

In February of 2018, Market Intelligence acquired Panjiva, Inc. ("Panjiva"), a privately-held company that provides deep, differentiated, sector-relevant insights on global supply chains, leveraging data science and technology to make sense of large, unstructured datasets. The acquisition will help strengthen the insights, products and data that we provide to our clients throughout the world. The acquisition of Panjiva is not material to our consolidated financial statements.

In January of 2018, CRISIL, included within our Ratings segment, acquired a 100% stake in Pragmatix Services Private Limited ("Pragmatix"), a data analytics company focused on delivering cutting edge solutions in the "data to intelligence" life cycle to the Banking, Financial Services and Insurance vertical. The acquisition will strengthen CRISIL's position as an agile, innovative and global analytics company. The acquisition of Pragmatix is not material to our consolidated financial statements.

Divestitures

2019

In July of 2019, we entered into an agreement to sell RigData, a business within our Platts segment. RigData is a provider of daily information on rig activity for the natural gas and oil markets across North America. On July 31, 2019, we completed the sale of RigData to Drilling Info, Inc.

In March of 2019, we entered into an agreement to sell Standard & Poor's Investment Advisory Services LLC  ("SPIAS"), a business within our Market Intelligence segment, to Goldman Sachs Asset Management ("GSAM"). SPIAS provides non-discretionary investment advice across institutional sub-advisory and intermediary distribution channels globally. On July 1, 2019, we completed the sale of SPIAS to GSAM.

The operating profit of our businesses held for sale for the periods ending June 30, 2019 and 2018 is as follows:
(in millions)
Three Months
 
Six Months
 
2019
 
2018
 
2019
 
2018
Operating profit
$
3

 
$
3

 
$
6

 
$
6



2018

During the six months ended June 30, 2018, we did not complete any dispositions.


12


3.
Income Taxes

The effective income tax rate was 23.0% and 21.7% for the three and six months ended June 30, 2019, respectively, and 23.8% and