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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, 2020
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  
404771509_spgi-20200630_g1.jpg
S&P Global Inc.
(Exact name of registrant as specified in its charter)
New York13-1026995
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
55 Water Street,New York,New York10041
(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:
ClassTrading SymbolName of Exchange on which registered
Common stock (par value $1.00 per share)SPGINew 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 the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-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 24, 2020 (latest practicable date), 241.0 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
Item 6. Exhibits

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, 2020, the related consolidated statements of income, comprehensive income, and equity for the three- and six-month periods ended June 30, 2020 and 2019, the related consolidated statements of cash flows for the six-month periods ended June 30, 2020 and 2019, 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, 2019, 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 10, 2020, 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, 2019, 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
July 28, 2020



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 EndedSix Months Ended
June 30, June 30,
2020201920202019
Revenue$1,943  $1,704  $3,729  $3,275  
Expenses:
Operating-related expenses493  471  1,014  944  
Selling and general expenses295  368  606  709  
Depreciation19  21  39  41  
Amortization of intangibles32  31  61  63  
Total expenses839  891  1,720  1,757  
Gain on disposition(1)   (8)   
Operating profit1,105  813  2,017  1,518  
Other (income) expense, net(10) (6) (9) 97  
Interest expense, net40  37  74  73  
Income before taxes on income1,075  782  1,952  1,348  
Provision for taxes on income233  180  421  293  
Net income842  602  1,531  1,055  
Less: net income attributable to noncontrolling interests
(50) (47) (100) (90) 
Net income attributable to S&P Global Inc.$792  $555  $1,431  $965  
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$3.29  $2.25  $5.92  $3.92  
Diluted$3.28  $2.24  $5.90  $3.89  
Weighted-average number of common shares outstanding:
Basic240.9  246.1  241.5  246.4  
Diluted241.9  247.4  242.6  247.9  
Actual shares outstanding at period end241.0  246.3  
See accompanying notes to the unaudited consolidated financial statements.
4


S&P Global Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
 
(in millions)Three Months EndedSix Months Ended
June 30, June 30,
2020201920202019
Net income$842  $602  $1,531  $1,055  
Other comprehensive income:
Foreign currency translation adjustments
(17) (17) (54) 1  
Income tax effect
(4) 2  2  4  
(21) (15) (52) 5  
Pension and other postretirement benefit plans
(37)   (34) 114  
Income tax effect
10    9  (28) 
(27)   (25) 86  
Unrealized gain (loss) on forward exchange contracts
5  (4) (4)   
Income tax effect
(1) 1  1    
4  (3) (3)   
Comprehensive income798  584  1,451  1,146  
Less: comprehensive income attributable to nonredeemable noncontrolling interests
(4) (3) (5) (6) 
Less: comprehensive income attributable to redeemable noncontrolling interests
(46) (44) (95) (84) 
Comprehensive income attributable to S&P Global Inc.
$748  $537  $1,351  $1,056  


See accompanying notes to the unaudited consolidated financial statements.
5


S&P Global Inc.
Consolidated Balance Sheets
 
(in millions)June 30,
2020
December 31,
2019
(Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$2,667  $2,866  
Restricted cash17  20  
Accounts receivable, net of allowance for doubtful accounts: 2020 - $38; 2019 - $34
1,557  1,577  
Prepaid and other current assets218  249  
Total current assets4,459  4,712  
Property and equipment, net of accumulated depreciation: 2020 - $635 ; 2019 - $622
299  320  
Right of use assets626  676  
Goodwill3,700  3,575  
Other intangible assets, net1,407  1,424  
Other non-current assets614  641  
Total assets$11,105  $11,348  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$186  $190  
Accrued compensation and contributions to retirement plans
295  446  
Income taxes currently payable274  68  
Unearned revenue1,850  1,928  
Other current liabilities435  461  
Total current liabilities3,040  3,093  
Long-term debt 3,950  3,948  
Lease liabilities — non-current578  620  
Pension and other postretirement benefits260  259  
Other non-current liabilities606  624  
Total liabilities8,434  8,544  
Redeemable noncontrolling interest (Note 8)2,403  2,268  
Commitments and contingencies (Note 12)
Equity:
Common stock294  294  
Additional paid-in capital762  903  
Retained income13,189  12,205  
Accumulated other comprehensive loss(704) (624) 
Less: common stock in treasury(13,331) (12,299) 
Total equity — controlling interests210  479  
Total equity — noncontrolling interests58  57  
Total equity 268  536  
Total liabilities and equity$11,105  $11,348  
        

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,
20202019
Operating Activities:
Net income$1,531  $1,055  
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation39  41  
Amortization of intangibles61  63  
Provision for losses on accounts receivable14  12  
Deferred income taxes3  30  
Stock-based compensation22  33  
Gain on disposition(8)   
Pension settlement charges, net of taxes2  85  
Other27  38  
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable30  (95) 
Prepaid and other current assets(48) (42) 
Accounts payable and accrued expenses(192) (74) 
Unearned revenue(56)   
Accrued legal settlements  (1) 
Other current liabilities(16) (83) 
Net change in prepaid/accrued income taxes247  15  
Net change in other assets and liabilities(39) (67) 
Cash provided by operating activities1,617  1,010  
Investing Activities:
Capital expenditures(18) (46) 
Acquisitions, net of cash acquired(185) (4) 
Proceeds from dispositions2    
Changes in short-term investments15  (3) 
Cash used for investing activities(186) (53) 
Financing Activities:
Dividends paid to shareholders(323) (281) 
Distributions to noncontrolling interest holders, net(92) (59) 
Repurchase of treasury shares(1,153) (644) 
Exercise of stock options12  31  
Employee withholding tax on share-based payments and other(54) (55) 
Cash used for financing activities(1,610) (1,008) 
Effect of exchange rate changes on cash(23) 13  
Net change in cash, cash equivalents, and restricted cash(202) (38) 
Cash, cash equivalents, and restricted cash at beginning of period2,886  1,958  
Cash, cash equivalents, and restricted cash at end of period$2,684  $1,920  

See accompanying notes to the unaudited consolidated financial statements.
7


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

Three Months Ended June 30, 2020
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of March 31, 2020$294  $754  $12,691  (660) $13,329  $(250) $56  $(194) 
Comprehensive income 1
792  (44) 748  4  752  
Dividends (Dividend declared per common share — $0.67 per share)
(162) (162) (2) (164) 
Employee stock plans
8  2  6  6  
Change in redemption value of redeemable noncontrolling interest
(135) (135) (135) 
Other3  3  3  
Balance as of June 30, 2020$294  $762  $13,189  $(704) $13,331  $210  $58  $268  

Three Months Ended June 30, 2019
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal 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  

8


Six Months Ended June 30, 2020
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 2019$294  $903  $12,205  (624) $12,299  $479  $57  $536  
Comprehensive income 1
1,431  (80) 1,351  5  1,356  
Dividends (Dividend declared per common share — $1.34 per share)
(323) (323) (2) (325) 
Share repurchases(120) 1,033  (1,153) (1,153) 
Employee stock plans
(21) (1) (20) (20) 
Change in redemption value of redeemable noncontrolling interest
(124) (124) (124) 
Other  (2) (2) 
Balance as of June 30, 2020$294  $762  $13,189  $(704) $13,331  $210  $58  $268  

Six Months Ended June 30, 2019
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 2018$294  $833  $11,284  $(742) $11,041  $628  $56  $684  
Comprehensive income 1
965  91