Financial Highlights

Years ended December 31 (in millions, except per share data) 2016 2015 % Change
Revenue $5,661 $5,313 7
Adjusted net income (attributable to the Company’s common shareholders)* 1,420(a) 1,288(b) 10
Adjusted diluted earnings per common share from continuing operations* $ 5.35(a) $ 4.69(b) 14
Dividends per common share(c) $ 1.44 $ 1.32 9
Total assets $8,669 $8,183 6
Capital expenditures(d) 115 139 (17)
Total debt 3,564 3,611 (1)
Equity (including redeemable noncontrolling interest) 1,781 1,163 53

Year-End Share Price

‘12
$54.67
‘13
$78.20
‘14
$88.98
‘15
$98.58
‘16
$107.54

Dividends Per Share

‘12
$1.02
‘13
$1.12
‘14
$1.20
‘15
$1.32
‘16
$1.44

Revenue (in millions)

‘12
$4.270
‘13
$4.702
‘14
$5.051
‘15
$5.313
‘16
$5.661

Shareholder Return
Five-Year Cumulative
Total Return(e)
(12/31/11–12/31/16)

$271
$239
$198
SPGI
S&P 500
Peer Group(f)

*Refer to ‘Reconciliation of Non-GAAP Financial Information’ for a discussion of the Company’s non-GAAP financial measures.

(a) Excludes the impact of the following items: a gain from our dispositions of $1.1 billion, a benefit related to net legal settlement insurance recoveries of $10 million, disposition-related costs of $48 million, a technology-related impairment charge of $24 million, restructuring charges of $6 million, a disposition-related reserve release of $3 million, acquisition-related costs of $1 million, and amortization of intangibles from acquisitions of $96 million.

(b) Excludes the impact of the following items: costs related to identified operating efficiencies primarily related to restructuring of $56 million, net legal settlement expenses of $54 million, acquisition-related costs of $37 million, an $11 million gain on dispositions, and amortization of intangibles from acquisitions of $67 million.

(c) Dividends paid were $0.36 per quarter in 2016 and $0.33 per quarter in 2015.

(d) Includes purchases of property and equipment and additions to technology projects.

(e) Assumes $100 invested on December 31, 2011 and total return includes reinvestment of dividends through December 31, 2016.

(f) The peer group consists of the following companies: Thomson Reuters Corporation, Moody’s Corporation, CME Group Inc., MSCI Inc., FactSet Research Systems Inc. and IHS Markit Ltd.