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Item 1.	Business

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First, we are investing in content, which includes our data and analytics, that is indispensable to our customers’ growth. We are improving the quality and consistency of our data around the globe, developing new analytic tools and scores to improve the predictive capability of our content, cultivating new proprietary data sources and acquiring companies and other third party sources of data to combine with our existing data;

•	Second, we are modernizing content delivery by transitioning from older, traditional platforms to more agile Data-as-a-Service (or “DaaS”) and customer-friendly approaches leveraging Application Programming Interface (“API”) connectors, and focusing on alliance and third party distribution in addition to our own products;

•	Third, we are globalizing the business, moving from a regional structure to an integrated global organization. As part of this transformation we intend to expand upon our relationships with our large, strategic customers, many of which also have global operations. This globalization of our business will be closely integrated with our Worldwide Network® partners;

•	Fourth, we are modernizing the brand, making sure that it is understood for what Dun & Bradstreet is becoming, not just for what it has been; and

•	Fifth, we are creating an outside-in, forward-leaning culture with a team that is externally focused, and plugged into our customers’ needs and the markets in which we operate.

•	Well Recognized Brand

•	Superior Content and Solutions

•	Loyal Customers

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•	Should I extend credit to this new customer?

•	Should I do business with this entity?

•	What credit limit should I set?

•	Will this customer pay me on time?

•	How can I avoid supply chain disruption?

•	How do I know whether I am in compliance with regulatory acts?

•	DNBi® and D&B Credit™, subscription based online applications that offer customers real time access to our most complete and up-to-date global information, comprehensive monitoring and portfolio analysis;

•	Various business information reports (e.g., Business Information Report, Comprehensive Report, and Global Report, etc.) that are consumed in a transactional manner across multiple platforms such as DNB.com;

•	Products that are part of our DaaS strategy, which integrate our content directly into the applications and platforms that our customers use every day. This includes D&B Direct®, an API that enables data integration inside Enterprise applications such as Enterprise Resource Planning (“ERP”), and enables master data management and Toolkit;

•	Our credit building and credibility solutions for emerging businesses, which provide, among other solutions, a credit monitoring solution to companies looking to monitor and impact their own business credit profile, offered through our Emerging Businesses division as a result of our acquisition of Dun & Bradstreet Credibility Corp.;

•	Supplier Risk Manager, an online application that helps businesses mitigate supply chain risk by certifying and onboarding suppliers, monitoring including alerts and portfolio analysis; and

•	Our Compliance product suite which includes Onboard and Compliance Check, online applications that help customers comply with Anti-Money Laundering and Know Your Customer requirements and global anti-bribery and corruption regulations through advanced screening and monitoring of customers and third party vendors.

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•	Who are my best customers?

•	How can I find prospects that look like my best customers?

•	How can I capture untapped opportunities with my existing customers?

•	How can I allocate sales force resources to revenue growth potential?

•	How can I ensure my data on customers is accurate, up to date and robust?

•	Who are the best contacts at a business for my services?

•	How can I target the right audience with online advertising?

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Our customer data integration solutions, which are solutions that cleanse, identify, link and enrich customer information. Our D&B Optimizer™ solution, for example, transforms our customers’ prospects and data into up-to-date, accurate and actionable commercial insight, facilitating a single customer view across multiple systems and touchpoints, such as marketing and billing databases, and better enables a customer to make sales and marketing decisions;

•	Hoover’s®, which is primarily a traditional prospecting solution, provides information on public and private companies, and on industries and executives, sales, marketing and research professionals worldwide to help customers convert prospects to clients faster by providing a workflow solution;

•	Various other marketing solutions including our education business, our electronic licensing products, and our Integration Manager product which is an onsite match tool that leverages Dun & Bradstreet match technology to enable customers to perform onsite matching on Dun & Bradstreet data, customer data and third party data;

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Products leveraging API connectors introduced as part of our DaaS strategy. Customer Relationship Management (“CRM”) was our first area of focus, with D&B360®, which helps CRM customers manage their data, increase sales and improve customer engagement. In addition, we have strategic alliances with leading third party application providers, including Salesforce.com® and Oracle®, whereby our content is natively integrated into the solution. The vision for DaaS is to make Dun & Bradstreet’s content available wherever and whenever our customers need it, thereby powering more effective business processes;

•	Our Market Insight tool, which provides robust marketing analytics that help customers segment and understand existing customers, in order to more effectively create campaigns to cross-sell new business; and

•	Our professional contact tools, including Optimizer for Contacts and audience solutions, which offer multiple ways to reach active domestic contacts, complete with intelligence about the companies they work for, enabled by our acquisition of NetProspex®.

•	Analytics - A continuum of analytics solutions and services including analytics infused data, simple scalable prescriptive analytics, standardized predictive scores, and advanced custom analytics;

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•	Compliance - Solutions that help businesses to comply with regulations while controlling costs, to avoid reputational risk with customers and third parties, and to scale compliance globally;

•	Emerging Businesses - Focused on the unique needs of emerging business customers in the small to medium business marketplace, including credit-on-self and credit-on-others;

•	Sales and Marketing - Range of solutions to help businesses optimize and build digital relationships with customers through audience optimization, strategic profiling, and intelligent targeting;

•	Supply Chain - Supplier onboarding, management, compliance and monitoring help supply and procurement managers understand their downstream risk in their supply chain; and

•	Trade Credit - Risk and capital management, proactive portfolio management and global shared services for Finance and Credit organizations.

•	Americas (which consists of our operations in the United States (“U.S.”), Canada and Latin America); and

•	Non-Americas (which consists of our operations in the United Kingdom (“U.K.”), the Netherlands, Belgium, Australia (which we divested in June 2015), Greater China, India and our Worldwide Network).

•	North America (which consisted of our operations in the U.S. and Canada);

•	Asia Pacific (which primarily consisted of our operations in Australia (which we divested in June 2015), Greater China, India and Asia Pacific Worldwide Network); and

•	Europe and other International Markets (which primarily consisted of our operations in the U.K., the Netherlands, Belgium, Latin America and our European Worldwide Network).

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•	Acquired NetProspex, Inc. and Dun & Bradstreet Credibility Corp. (“DBCC”); and

•	Completed the sale of our business in Australia and New Zealand (“ANZ”).

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•	Communicate and demonstrate to our customers the value of our existing and new products and services based upon our proprietary data, and as a result, improve customer satisfaction;

•	Maintain and develop our proprietary D-U-N-S® numbering classification system and information and services such as analytics and sources of data not publicly available;

•	Leverage our technology to significantly improve our value proposition for customers in order to make Dun & Bradstreet’s data available wherever and whenever our customers need it, as well as our brand perception and the value of our Worldwide Network;

•	Maintain those third-party relationships on whom we rely for data and certain operational services; and

•	Attract and retain a high-performing workforce.

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•	As a result of our investment in leadership development, we conducted live and virtual development classes for senior leaders across 13 countries;

•	We anchored our performance model around fluid priorities, coaching conversations, sustainable high performance and our values; and

•	To reinforce our inherently generous company value, we expanded benefits under our global parental leave policy and launched a new employee stock purchase plan in the U.S., Canada and the U.K., with plans to expand it globally in 2016 and 2017.

Item  1A.	Risk Factors

•	We obtain much of the data that we use from third parties, including public record sources;

•	We utilize single source providers in certain countries to support the needs of our customers around the globe and rely on members of our Worldwide Network to provide local data in countries in which we do not directly operate;

•	We have outsourced certain portions of our data acquisition, processing and delivery and customer service and call center processes; and

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•	We have also outsourced various functions, such as our data center operations, technology help desk and network management functions in the U.S. and the U.K.

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•	The in-house operations of the businesses we seek as customers;

•	Other general and specialized credit reporting and other business information providers;

•	Credit insurers; and

•	Analytics providers.

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•	Maintain, communicate and demonstrate to our customers the value of our products and services based upon our global, proprietary D-U-N-S numbering classification system, identity resolution capabilities and predictive insights;

•	Maintain and develop proprietary information and solutions such as predictive analytics, and sources of data not publicly available, such as detailed trade data;

•	Demonstrate and deliver value through our decision-making tools, integration capabilities and embeddedness with leading enterprise application providers;

•	Leverage our brand perception and the value of our Worldwide Network;

•	Obtain and deliver reliable and high-quality business and professional contact information through various media and distribution channels in formats tailored to customer requirements;

•	Attract and retain a high-performance workforce;

•	Enhance our existing products and services, and introduce new products and services;

•	Enter new customer markets;

•	Operate within any changing regulatory schemes or with restrictions imposed by foreign governments that favor local competitors; and

•	Improve our global business model and data quality through the successful relationship with members of our Worldwide Network and through potentially undertaking acquisitions or entering into joint ventures, partnership arrangements or similar relationships.

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•	Investing in content indispensable to our customers’ growth. We are improving the quality and consistency of our data around the globe, developing new analytic tools and scores to improve the predictive capability of our content, and cultivating new proprietary data sources and acquiring companies and other third party sources of data to combine with our existing data;

•	Modernizing content delivery by transitioning from older, traditional platforms to more agile and customer-friendly approaches leveraging API connectors, mobile, social and cloud technologies and focusing on alliance and third party distribution in addition to our own products;

•	Globalizing the business, moving from a regional “market” structure to an integrated global organization.  As part of this transformation we intend to expand upon our relationships with our large, strategic customers, many of which also have global operations.  This globalization of our business will be supported by our Worldwide Network partners;

•	Modernizing our brand, making sure that it is understood for what Dun & Bradstreet is becoming, not just for what it has been; and

•	Creating an outside-in, forward leaning culture with a team that is externally focused, and plugged into our customers’ needs and the markets in which we operate.

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•	Acquisitions, joint ventures or similar relationships or the disposition of any of our businesses may cause a disruption in our ongoing business, distract our management and make it difficult to maintain our standards, controls and procedures;

•	We may not be able to integrate successfully the services, content, including data, products and people of any such transaction into our operations;

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•	We may not derive the revenue improvements, cost savings and other intended benefits of any such transaction; and

•	There may be risks, exposures and liabilities of acquired entities or other third parties with whom we undertake a transaction, that may arise from such third parties’ activities prior to undertaking a transaction with us and which we may not discover or fully understand through the due diligence process.

•	Provide a product or service that does not adhere to our data quality standards;

•	Fail to comply with Dun & Bradstreet brand and communication standards or behave in a manner that tarnishes our brand;

•	Engage in illegal or unethical business or marketing practices;

•	Elect not to support new or revised products and services or other strategic initiatives or elect to operate on platforms and technologies that are incompatible with new developments that Dun & Bradstreet may rollout in our various markets from time to time;

•	Fail to execute subsequent agreements to remain a part of the Worldwide Network on terms and conditions that are mutually agreeable to Dun & Bradstreet, upon the expiration of their existing agreements;

•	Fail to execute other data or distribution contract requirements; or

•	Refuse to provide new sources of data.

•	Our competition is primarily local, and our customers may have greater loyalty to our local competitors which may have a competitive advantage because they are not restricted by U.S. and foreign laws with which we require our businesses around the globe to comply, such as the FCPA;

•	Although our services have not usually been regulated, we have recently become subject to certain regulation in the United Kingdom as it pertains to certain activities that Dun & Bradstreet conducts in the United Kingdom related

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•	Credit insurance is a significant credit risk mitigation tool in certain global markets that may reduce the demand for our Risk Management Solutions; and

•	In some markets, key data elements are generally available from public-sector sources, thus reducing a customer’s need to purchase that data from us.

•	The costs and difficulties of managing global operations and strategic alliances, including the Worldwide Network;

•	The costs and difficulties of enforcing agreements, collecting receivables and protecting assets, especially our intellectual property rights, in non-U.S. legal systems; and

•	The need to comply with a broader array of regulatory and licensing requirements, the failure of which could result in fines, penalties or business suspensions.

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Item 1B.	Unresolved Staff Comments

Item 2.	Properties

•	A 178,330 square-foot leased office building in Center Valley, Pennsylvania, housing various sales, finance, fulfillment and data operations groups;

•	A 79,060 square-foot leased space in Marlow, England, housing our U.K. business, International technology and certain other International groups;

•	A 75,735 square-foot leased office building in Austin, Texas, housing technology development, certain product development and sales operations; and

•	A 47,782 square-foot leased space in Dublin, Ireland, housing technology development, data operations and sales operations groups.

Item 3.	Legal Proceedings

Item  4.	Mine Safety Disclosures

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Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

(a)

In August 2014, our Board of Directors approved a new $100 million share repurchase program to mitigate the dilutive effect of shares issued under our stock incentive plans and Employee Stock Purchase Program (“ESPP”), and to be used for discretionary share repurchases from time to time. Use of the new $100 million share repurchase program for anti-dilutive share repurchases was authorized to commence upon the completion or expiration of our four-year, five million share anti-dilutive share repurchase program which expired in October 2014. Any use for discretionary share repurchases was authorized to commence upon the completion of our previous $1 billion discretionary share repurchase program which was completed in August 2014. The new $100 million share repurchase program will remain open until it has been fully utilized. There is currently no definitive timeline under which the program will be completed. As of December 31, 2015, we had not yet commenced share repurchases under this program.

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*	Assumes $100 invested on December 31, 2010, and reinvestment of dividends.

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(a)	See Item 7. included in this Annual Report on Form 10-K for further detail.

(2)	Restructuring, non-core gains and (charges) and acquisition and divestiture-related charges(a) included in Non-Operating Income (Expense) – Net:

(a)	See Item 7. included in this Annual Report on Form 10-K for further detail.

(3)	Restructuring, non-core gains and (charges) and acquisition and divestiture-related charges(a) included in Provision for Income Taxes:

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(a)	See Item 7. included in this Annual Report on Form 10-K for further detail.

(6)	Tax Benefit (Expense) of $0.5 million, $(1.1) million, $3.3 million, $3.1 million and $3.8 million during the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. See Note 10 to the consolidated financial statements included in Item 8. of this Annual Report on Form 10-K for further detail.

(7)	Tax Benefit (Expense) of $(9.6) million, $84.9 million, $(91.7) million, $27.2 million and $76.6 million during the years ended December 31, 2015, 2014, 2013, 2012 and 2011, respectively. See Note 10 to the consolidated financial statements included in Item 8. of this Annual Report on Form 10-K for further detail.

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•	Americas (which consists of our operations in the United States (“U.S.”), Canada and Latin America); and

•	Non-Americas (which consists of our operations in the United Kingdom (“U.K.”), the Netherlands, Belgium, Australia (which we divested in June 2015), Greater China, India and our Worldwide Network).

•	North America (which consisted of our operations in the U.S. and Canada);

•	Asia Pacific (which primarily consisted of our operations in Australia (which we divested in June 2015), Greater China, India and Asia Pacific Worldwide Network); and

•	Europe and other International Markets (which primarily consisted of our operations in the U.K., the Netherlands, Belgium, Latin America and our European Worldwide Network).

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(1)	Our Divested and Other Businesses contributed less than 1% to our total consolidated revenue for each of the years ended December 31, 2014 and 2013. See Note 14 to the consolidated financial statements included in Item 8. of this Annual Report on Form 10-K for further detail.

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•	Expected long-term rate of return on pension plan assets, which is based on a target asset allocation as well as expected returns on asset categories of plan investments;

•	Discount rate, which is used to measure the present value of pension plan obligations and postretirement health care obligations. The discount rates are derived using a yield curve approach which matches projected plan benefit payment streams with bond portfolios, reflecting actual liability duration unique to our plans;

•	Rates of compensation increase and cash balance accumulation/conversion rates, which are based on an evaluation of internal plans and external market indicators;

•	Mortality rates, which are used to estimate life expectancy of plan participants, determining the period over which retirement plan benefits are expected to be paid; and

•	Health care cost trends, which are based on historical cost data, the near-term outlook and an assessment of likely long-term trends. This assumption is no longer applicable to our benefit plans after we eliminated our group-based retiree medical and prescription plans effective December 31, 2014.

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Increased revenue associated with our acquisitions of Dun & Bradstreet Credibility Corp. (“DBCC”), which was completed during the second quarter of 2015, and NetProspex, which was completed during the first quarter of 2015. Core revenue includes revenue from DBCC and NetProspex since their respective acquisition dates of $71.2 million and $17.6 million, respectively, for the year ended December 31, 2015, net of the impact of the deferred revenue fair value adjustment of $18.2 million and $1.7 million, respectively;

•	Growth in our DaaS offerings (e.g., DaaS CRM alliances and D&B Direct); and

•	An increase in purchases by our Worldwide Network primarily for fulfillment services and product usage;

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•	The negative impact of foreign exchange;

•	More of our revenue is being deferred out as we shift more of our sales to newer, embedded products where revenue is recognized over time; and

•	Decreased revenue of our subscription plans (e.g., Hoover's and DNBi) primarily due to a decline in sales in prior quarters.

•	A $16.3 million, or 2% increase (5% increase before the effect of foreign exchange), in Risk Management Solutions. The increase was driven by an increase in revenue in Americas of $32.0 million, or 5% (both before and after the effect of foreign exchange), partially offset by a decrease in revenue in Non-Americas of $15.7 million, or 6%, (2% increase before the effect of foreign exchange); and

•	A $36.4 million, or 6% increase (7% increase before the effect of foreign exchange), in Sales & Marketing Solutions. The increase was driven by an increase in revenue in Americas of $36.8 million, or 7% (both before and after the effect of foreign exchange), partially offset by a decrease in revenue in Non-Americas of $0.4 million, or 1% (7% increase before the effect of foreign exchange).

•	Growth in our alliance product with Salesforce.com, our D&B Optimizer product and our Integration Manager product; and

•	Increased transactional usage of various risk products, across most markets, by new and existing customers (e.g., D&B Direct and Compliance solutions);

•	Decreased revenue of our subscription plans primarily due to a decline in sales in prior quarters.

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A $8.0 million, or 1% increase (less than 1% increase before the effect of foreign exchange), in Risk Management Solutions. The increase was driven by an increase in revenue in Non-Americas of $10.6 million, or 4% (2% increase before the effect of foreign exchange), partially offset by a decrease in revenue in Americas of $2.6 million, or less than 1% (flat before the effect of foreign exchange); and

•	A $19.6 million, or 3% increase (both before and after the effect of foreign exchange), in Sales & Marketing Solutions. The increase was driven by an increase in revenue in Americas of $17.5 million, or 3% (both before and after the effect of foreign exchange) and an increase in revenue in Non-Americas of $2.1 million, or 3% (less than 1% increase before the effect of foreign exchange).

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•	Increased costs associated with our acquisition of DBCC during the second quarter of 2015 and NetProspex during the first quarter of 2015;

•	Increased costs in technology for product development and data as a result of our strategic investments; and

•	Increased compensation costs;

•	The positive impact of foreign exchange.

•	Increased costs in data and technology as a result of our strategic investments; and

•	The impairment of the Parsippany, New Jersey building in our Americas segment;

•	Non-recurring costs that occurred in the prior year period associated with our technology and software assets that were primarily related to our data management infrastructure (data supply chain) in our Americas segment, which was impaired and written off in the fourth quarter of 2013.

•	Increased costs associated with our acquisition of DBCC during the second quarter of 2015 and NetProspex during the first quarter of 2015;

•	Increased compensation costs primarily related to our investments in Alliances and the sales organization; and

•	Increased costs associated with our brand modernization effort;

•	The positive impact of foreign exchange.

•	Expected return on plan assets is a major component of the net periodic pension cost. Expected return on plan assets included in annual pension expense for all global plans was $102.6 million, $100.2 million and $94.1

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The actuarial loss amortization included in annual pension expense was also a major factor in driving the pension costs to fluctuate from year to year. Actuarial loss amortization was largely impacted by the discount rate, amortization period and plan experience (for example, the lower the discount rate, the higher the loss amortization). Actuarial loss amortization included in annual pension expense for all global plans was $42.5 million, $36.1 million and $43.7 million for the years ended December 31, 2015, 2014 and 2013, respectively, of which $39.0 million, $32.7 million and $39.9 million were attributable to our U.S. plans for the years ended December 31, 2015, 2014 and 2013, respectively. Higher actuarial loss amortization in the U.S. plans for the year ended December 31, 2015 was as a result of the adoption of new mortality tables assuming longer life expectancy of plan participants and a lower discount rate at January 1, 2015. Lower actuarial loss amortization in the U.S. plans for the year ended December 31, 2014 compared to the year ended December 31, 2013, was primarily due to the higher discount rate applied to our plans at January 1, 2014. The discount rate used to measure the pension costs for our U.S. plans for the years ended December 31, 2015, 2014 and 2013 was 3.60%, 4.44% and 3.54% , respectively.

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The increase or decrease in actuarial loss amortization was substantially offset by the decrease or increase in interest cost, a component of net periodic pension costs. Interest cost included in the net periodic pension costs was $73.9 million, $78.9 million and $70.2 million, respectively, for the years ended December 31, 2015, 2014 and 2013, of which $62.7 million, $66.5 million and $58.5 million were attributable to our U.S. plans for the years ended December 31, 2015, 2014 and 2013, respectively. The change in interest cost for our U.S. plans was driven by a change in discount rates (for example, the higher the discount rate, the higher the interest cost).

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In July 2014, we amended our post-65 retiree health plan to eliminate our group-based retiree medical and prescription plans effective December 31, 2014. Effective January 1, 2015, we began providing eligible retirees and dependents age 65 or older access to coverage in the individual Medicare market. Dun & Bradstreet also provides an annual contribution towards retirees’ premiums and other out-of-pocket costs. As a result of this change, we reduced our accumulated postretirement obligation by $4.9 million in the third quarter of 2014, which will be amortized over approximately three years.

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The credit which was fully amortized in the fourth quarter of 2014 was established in July 1, 2010 in connection with the Health Care and Education Reconciliation Act of 2010. In connection with the adoption of this health care law, we converted the then-current prescription drug program for retirees over 65 to a group-based company sponsored Medicare Part D program, or EGWP. Beginning in 2013, we used the Part D subsidies delivered through the EGWP each year to reduce net company retiree

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The credit which was fully amortized in 2013 was established in late 2009 as a result of the elimination of the company-paid retiree life insurance benefits and a change in the sharing methodology, where Dun & Bradstreet only shared the minimum amount of subsidy required to maintain actuarial equivalence for as long as possible. This plan change was approved in December 2009 and reduced our accumulated postretirement obligation by approximately $20 million at December 31, 2009, which was amortized over four years.

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•	Severance and termination costs of $30.9 million in accordance with the provisions of ASC 712-10 were recorded. Approximately 380 employees were impacted. Of these 380 employees, 375 employees exited the Company in 2015 and 5 employees will exit the Company in 2016. The cash payments for these employees will be substantially completed by the third quarter of 2016; and

•	Contract termination, lease termination obligations and other exit costs including those to consolidate or close facilities of $1.4 million.

•	Severance and termination costs of $13.0 million in accordance with the provisions of ASC 712-10 were recorded. Approximately 155 employees were impacted. Of these 155 employees, 145 employees exited the Company in 2014 and 10 employees exited the Company in 2015. The cash payments for these employees were substantially completed by the second quarter of 2015; and

•	Contract termination, lease termination obligations and other exit costs including those to consolidate or close facilities and impairments of $1.9 million.

•	Severance and termination costs of $8.2 million in accordance with the provisions of ASC 712-10 were recorded. Approximately 160 employees were impacted. Of these 160 employees, 140 employees exited the Company in 2013 and 20 employees exited the Company in 2014. The cash payments for these employees were substantially completed by the second quarter of 2014; and

•	Contract termination, lease termination obligations and other exit costs including those to consolidate or close facilities of $5.7 million.

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(a)

During the year ended December 31, 2015, we recognized the reduction of a contractual receipt under a tax allocation agreement between Moody’s Corporation and Dun & Bradstreet as a result of the expiration of a statute of limitations for the 2011 tax year. During the year ended December 31, 2014, we recognized the reduction of a contractual receipt under a tax allocation agreement between Moody’s Corporation and Dun & Bradstreet as a result of the effective settlement of audits for the 2007 - 2009 tax years and the expiration of a statute of limitations for the 2010 tax year.

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•	Americas (which consists of our operations in the U.S., Canada and Latin America); and

•	Non-Americas (which consists of our operations in the U.K. the Netherlands, Belgium, Australia (which we divested in June 2015), Greater China, India and our Worldwide Network).

•	North America (which consisted of our operations in the U.S. and Canada);

•	Asia Pacific (which primarily consisted of our operations in Australia (which we divested in June 2015), Greater China, India and Asia Pacific Worldwide Network); and

•	Europe and other International Markets (which primarily consisted of our operations in the U.K., the Netherlands, Belgium, Latin America and our European Worldwide Network).

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Declining sales performance in prior quarters of DNBi. Due to the ratable nature of DNBi revenue, DNBi revenue was down 2% (1% decrease before the effect of foreign exchange) during the year ended December 31, 2015 compared to a 4% decline (both before and after the effect of foreign exchange) during the year ended December 31, 2014. While DNBi retention continued to be in the low 90% range, and the increase in pricing continued to be in the low single digits, we are not generating enough new customers to offset normal attrition;

•	The negative impact of foreign exchange; and

•	Decreased revenue due to certain customers shifting from subscription-based plans to usage-based plans;

•	Increased revenue associated with our acquisition of DBCC, which was completed during the second quarter of 2015, net of the impact of the deferred revenue fair value adjustment of $1.9 million for the year ended December 31, 2015.

•	Increased revenue associated with our acquisition of DBCC, which was completed during the second quarter of 2015, net of the impact of the deferred revenue fair value adjustment of $12.9 million for the year ended December 31, 2015; and

•	Growth and higher usage of our D&B Direct product;

•	Decreased customer spend for certain supply chain products.

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•	Increased revenue associated with our acquisition of DBCC, which was completed during the second quarter of 2015, net of the impact of the deferred revenue fair value adjustment of $3.4 million for the year ended December 31, 2015;

•	Decreased revenue in Hoover’s, primarily due to declining sales performance in prior quarters, driven by reduced customer spend and competitive pressures.

•	Increased revenue associated with our acquisition of NetProspex, which was completed during the first quarter of 2015, net of the impact of the deferred revenue fair value adjustment of $1.7 million for the year ended December 31, 2015;

•	Growth in our DaaS offerings (e.g., CRM alliances and D&B Direct); and

•	Growth in our D&B Optimizer product;

•	Decreased commitment spend within our third-party alliances primarily due to a loss of a certain customer account, competition and a shift in customer needs, which lowered our revenue from these alliances.

•	Increased costs (e.g., amortization of intangibles) as a result of the acquisitions of DBCC during the second quarter of 2015 and NetProspex during the first quarter of 2015; and

•	Increased compensation costs as a result of our strategic investments;

•	Increased revenue primarily as a result of the acquisitions of DBCC during the second quarter of 2015 and NetProspex during the first quarter of 2015.

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•	Declining sales performance in prior quarters of DNBi due to the ratable nature of DNBi revenue as well as competition. While DNBi retention continued to be in the low 90% range, and pricing was in the low single digits, we were not generating enough new customers to offset normal attrition; and

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A shift in product mix from certain of our Trade Credit Solutions to our Other Enterprise Risk Management Solutions as well as declining sales performance in prior quarters. Our strategy is focused more on other products (e.g., Compliance and D&B Direct) that fall under Risk Management Solutions and Advanced Marketing Solutions in Sales & Marketing Solutions projects. As a result, customers of these products were either exiting Dun & Bradstreet or migrating to our other more modern solutions and ways to consume our content;

•	The timing of a renewal of a large government contract due to the timing of government funding.

•	Increased spending and usage by customers of existing products (e.g., Compliance and our DaaS Solution D&B Direct); and

•	A shift in product mix to our Other Enterprise Risk Management Solutions from our other Trade Credit Solutions;

•	The expiration of a government contract with a temporary government agency.

•	Decreased revenue in Hoover’s, primarily due to declining sales performance in prior quarters, driven by reduced customer spend and competitive pressures; and

•	Loss of certain customers during the year primarily due to competition.

•	Growth in our alliance product with Salesforce.com, our Optimizer product and our Integration Manager product; and

•	The consolidation of separate agreements that were signed at different times in the prior year;

•	Loss of certain customers during the year primarily due to competition.

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•	Increased costs in data and technology as a result of our strategic investments;

•	An increase in compensation costs (e.g., bonus); and

•	An impairment charge related to our Parsippany, New Jersey building;

•	Non-recurring costs that occurred in the prior year period related to technology and software assets that were primarily related to our data management infrastructure (data supply chain) in our Americas segment, which were impaired and written-off in the fourth quarter of 2013; and

•	An increase in total revenue.

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•	The negative impact of foreign exchange;

•	Decreased transactional usage of various risk products in most markets; and

•	The conversion of certain customers from our subscription plans to a new Compliance offering within Other Enterprise Risk Management;

•	Increased revenue from our Worldwide Network for fulfillment services and product usage.

•	Increased transactional usage of various risk products, across most markets, by new and existing customers;

•	An increase in purchases by our Worldwide Network primarily for fulfillment services and product usage; and

•	Increased revenue from a new Compliance offering in our European markets from customers converting from subscription plans as discussed in Trade Credit above;

•	The negative impact of foreign exchange.

•	The negative impact of foreign exchange; and

•	Decreased project revenue in our marketing business in certain Asian markets.

•	An increase in purchases by our Worldwide Network primarily for fulfillment services and product usage; and

•	Increased project revenue in our marketing business in certain markets;

•	The negative impact of foreign exchange.

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•	The negative impact of foreign exchange; and

•	Increased compensation costs.

•	The positive impact of foreign exchange;

•	Increased transactional usage of various risk products, across our Asia markets; and

•	Growth from purchases by our Worldwide Network for fulfillment services and product usage;

•	Reduced customer spend, economic pressures and decreased usage in our European markets.

•	Increased project spend primarily due to a customer’s compliance needs in our UK markets; and

•	The positive impact of foreign exchange.

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•	The positive impact of foreign exchange; and

•	An increase in purchases by existing and new customers expanding their usage of data in our project-oriented business in our Advanced Marketing Solutions.

•	Increased revenue in certain markets;

•	The positive impact of foreign exchange;

•	Non-recurring costs that occurred in the prior year associated with our Portal asset, which was impaired and written off in the fourth quarter of 2013; and

•	Decreased data and fulfillment costs in certain markets;

•	Increased compensation costs (e.g., bonus and commission) in certain markets.

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•	First, making ongoing investments in the business to drive organic growth;

•	Second, investing in acquisitions that we believe will be value-accretive to enhance our capabilities and accelerate our growth; and

•	Third, continuing to return cash to shareholders.

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•	Increased collections in 2015 as compared to the prior year; and

•	Lower tax payments as compared to the prior year;

•	Increased strategic investments (e.g., compensation and data expenses) to drive long-term growth of our business; and

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•	Increased acquisition-related costs as compared to the prior year.

•	Increased strategic investments in 2014 to drive long-term growth of our business;

•	Increased collections in 2014 as compared to the prior year;

•	Lower pension contributions in 2014 as compared to the prior year; and

•	Lower tax payments in 2014 as compared to the prior year.

•	The acquisition of DBCC for $320.0 million and NetProspex for $124.2 million during the year ended December 31, 2015, as compared to smaller acquisitions in the aggregate of $8.3 million during the year ended December 31, 2014. See Note 18 to the consolidated financial statements included in Item 8. of this Annual Report on Form 10-K; and

•	Increased additions to computer software as compared to the prior year period;

•

Net proceeds from the sale of our ANZ business and our property in Parsippany, N.J. during the year ended December 31, 2015. See Note 17 to the consolidated financial statements included in Item 8. of this Annual Report on Form 10-K for further information on the sale of our ANZ business. See Note 1 and Note 7 to the consolidated financial statements included in Item 8. of this Annual Report on Form 10-K for further information on the sale of our Parsippany, N.J. building.

•	Acquisitions of $8.3 million during the year ended December 31, 2014, as compared to no acquisitions during the year ended December 31, 2013; and

•	Increased capital expenditures as compared to the prior year period;

•	A decrease in additions to computer software as compared to the prior year period.

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(a)

In August 2012, our Board of Directors approved a $500 million increase to our then-existing $500 million share repurchase program, for a total program authorization of $1 billion. The then-existing $500 million share purchase program was approved by our Board of Directors in October 2011 and commenced in November 2011 upon completion of the previous $200 million share repurchase program. This program was completed in August 2014.

(b)

In May 2010, our Board of Directors approved a four-year, five million share repurchase program to mitigate the dilutive effect of the shares issued under our stock incentive plans and ESPP. This program commenced in October 2010 and expired in October 2014. Of the 5,000,000 shares that were authorized for repurchase under this program, 2,682,492 shares were repurchased at the time this program expired in October 2014.

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(4)

Represents projected contributions to our U.S. Qualified and Non-U.S. defined benefit plans as well as projected benefit payments related to our unfunded plans, including the U.S. Non-Qualified Plans and our postretirement benefit plans. The projected contributions are estimated based on the same assumptions used to measure our benefit obligation at the end of 2015 and include benefits attributable to estimated future employee service. A closed group approach is used in calculating the projected benefit payments, assuming only the participants who are currently in the valuation population are included in the projection and the projected benefits continue for up to approximately 99 years. These estimates will change as a result of changes in the economy, as well as other mandated assumption changes that could occur in future years.

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(1)	Tax Benefit (Expense) of $2.2 million, $1.7 million and $0.1 million during the years ended December 31, 2015, 2014 and 2013, respectively.

(2)	Tax Benefit (Expense) of $0.5 million, $(1.1) million and $3.3 million during the years ended December 31, 2015, 2014 and 2013, respectively.

(3)	Tax Benefit (Expense) of $(9.6) million, $84.9 million and $(91.7) million during the years ended December 31, 2015, 2014 and 2013, respectively.

(4)	No tax impact during the years ended December 31, 2015 and 2013. Tax Benefit (Expense) of $(0.1) million during the year ended December 31, 2014.

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•	Americas (which consists of our operations in the United States (“U.S.”), Canada and Latin America); and

•	Non-Americas (which primarily consists of our operations in the United Kingdom (“U.K.”), the Netherlands, Belgium, Australia (which we divested in June 2015), Greater China, India and our Worldwide Network).

•	North America (which consisted of our operations in the U.S. and Canada);

•	Asia Pacific (which primarily consisted of our operations in Australia (which we divested in June 2015), Greater China, India and Asia Pacific Worldwide Network); and

•	Europe and other International Markets (which primarily consisted of our operations in the U.K., the Netherlands, Belgium, Latin America and our European Worldwide Network).

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•	Persuasive evidence of an arrangement exists;

•	The contract fee is fixed or determinable;

•	Delivery or performance has occurred; and

•	Collectability is reasonably assured.

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•	Severance and termination costs of $30.9 million in accordance with the provisions of ASC 712-10 were recorded. Approximately 380 employees were impacted. Of these 380 employees, 375 employees exited the Company in 2015 and 5 employees will exit the Company in 2016. The cash payments for these employees will be substantially completed by the third quarter of 2016; and

•	Contract termination, lease termination obligations and other exit costs including those to consolidate or close facilities of $1.4 million.

•	Severance and termination costs of $13.0 million in accordance with the provisions of ASC 712-10 were recorded. Approximately 155 employees were impacted. Of these 155 employees, 145 employees exited the Company in 2014 and 10 employees exited the Company in 2015. The cash payments for these employees were substantially completed by the second quarter of 2015; and

•	Contract termination, lease termination obligations and other exit costs including those to consolidate or close facilities and impairments of $1.9 million.

•	Severance and termination costs of $8.2 million in accordance with the provisions of ASC 712-10 were recorded. Approximately 160 employees were impacted. Of these 160 employees, 140 employees exited the Company in 2013 and 20 employees exited the Company in 2014. The cash payments for these employees were substantially completed by the second quarter of 2014; and

•	Contract termination, lease termination obligations and other exit costs including those to consolidate or close facilities of $5.7 million.

(1)	We incurred an asset impairment of $0.5 million in the first quarter of 2013 related to the termination of a lease.

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(1)	The decrease is primarily due to the release of reserves for uncertain tax positions as a result of the effective settlement of audits for the 2007 - 2009 tax years.

(2)	The decrease is primarily due to the release of reserves as a result of the expiration of the statute of limitations for the 2010 tax year.

(3)	The decrease is primarily due to the release of reserves as a result of the expiration of the statute of limitations for the 2011 tax year.

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(3)	The notes were issued at a discount of $2.9 million with a remaining balance of $2.0 million at December 31, 2015. In connection with the issuance, we incurred underwriting and other fees of approximately $2.5 million which we are amortizing over the life of the note.

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(1)	Cash equivalents represent fair value as it consists of highly liquid investments with an initial term from the date of purchase by the Company to maturity of three months or less.

(2)	Primarily represents foreign currency forward contracts. Fair value is determined utilizing a market approach and considers a factor for nonperformance in the valuation.

(3)	Relates to our contingent consideration liability associated with the acquisition of DBCC in the second quarter of 2015. See Note 18 to the consolidated financial statements included in this Annual Report on Form 10-K for further detail.

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(1)	Cash equivalents represent fair value as it consists of highly liquid investments with an initial term from the date of purchase by the Company to maturity of three months or less.

(2)	Primarily represents foreign currency forward contracts. Fair value is determined utilizing a market approach and considers a factor for nonperformance in the valuation.

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(a)

In August 2012, our Board of Directors approved a $500 million increase to our then-existing $500 million share repurchase program, for a total program authorization of $1 billion. The then-existing $500 million share purchase program was approved by our Board of Directors in October 2011 and commenced in November 2011 upon completion of the previous $200 million share repurchase program. This program was completed in August 2014.

(b)

In May 2010, our Board of Directors approved a four-year, five million share repurchase program to mitigate the dilutive effect of the shares issued under our stock incentive plans and ESPP. This program commenced in October 2010 and expired in October 2014. Of the 5,000,000 shares that were authorized for repurchase under this program, 2,682,492 shares were repurchased at the time this program expired in October 2014.

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(a)	In accordance with ASU No. 2015-07, certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.

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(a)	In accordance with ASU No. 2015-07, certain investments that are measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy.

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(1)	The rates are assumed to decrease to 5.0% in 2020 and remain at that level thereafter.

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•	Americas (which consists of our operations in the U.S., Canada and Latin America); and

•	Non-Americas (which primarily consists of our operations in the U.K., the Netherlands, Belgium, Australia (which we divested in June 2015), Greater China, India and our Worldwide Network).

•	North America (which consisted of our operations in the U.S. and Canada);

•	Asia Pacific (which primarily consisted of our operations in Australia (which we divested in June 2015), Greater China, India and Asia Pacific Worldwide Network); and

•	Europe and other International Markets (which primarily consisted of our operations in the U.K., the Netherlands, Belgium, Latin America and our European Worldwide Network).

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(1)	The following table summarizes “Corporate and Other:”

(2)	Includes depreciation and amortization of Property, Plant and Equipment, Computer Software and Other Intangibles.

(3)	The increase of $4.9 million in capital expenditures in the Corporate and Other segment for the year ended December 31, 2015 as compared to the year ended December 31, 2014 was primarily related to the leasehold improvements associated with the additional office space for our Corporate headquarters.

(4)	The increase of $14.6 million in additions to computer software and other intangibles for the year ended December 31, 2015 as compared to the year ended December 31, 2014 was mainly attributed to the increased expenditures on the enhancement of Dun & Bradstreet products and data management infrastructure mainly in the Americas segment.

(5)

The increase in assets in the Americas segment to $1,451.3 million at December 31, 2015 from $831.9 million at December 31, 2014 was primarily due to the acquisition of DBCC and NetProspex (See Note 18 to our consolidated financial statements included in this Annual Report on Form 10-K), and an increase in accounts receivable driven by higher sales, partially offset by the negative impact of foreign currency translation.

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(6)	Goodwill in Americas increased to $562.6 million at December 31, 2015 from $275.1 million at December 31, 2014. The increase was primarily attributable to the acquisitions of NetProspex and DBCC, partially offset by the negative impact of foreign currency translation. See Note 18 to our consolidated financial statements included in this Annual Report on Form 10-K.

(7)	Other intangibles in Americas increased to $315.8 million at December 31, 2015 from $14.1 million at December 31, 2014. This increase was primarily due to the acquisitions of NetProspex and DBCC (See Note 18 to our consolidated financial statements included in this Annual Report on Form 10-K).

(8)	Other Long-lived assets in Americas increased to $142.6 million at December 31, 2015 from $131.1 million at December 31, 2014. This increase was primarily driven by an increase in software assets mostly due to enhancements on products and an increase in leasehold improvements mainly associated with the additional office space for our Corporate headquarters.

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(1)	The decrease in Buildings is due to the sale of the Parsippany, New Jersey building.

(2)	The increase in Property, Plant and Equipment – Net is primarily due to an increase in leasehold improvements associated with the additional office space for our Corporate headquarters.

(3)

During the year ended December 31, 2015, we recognized the reduction of a contractual receipt under a tax allocation agreement between Moody’s Corporation and Dun & Bradstreet as a result of the expiration of a statute of limitations for the 2011 tax year. During the year ended December 31, 2014, we recognized the reduction of a contractual receipt under a tax allocation agreement between Moody’s Corporation and Dun & Bradstreet as a result of the effective settlement of audits for the 2007 - 2009 tax years and the expiration of a statute of limitations for the 2010 tax year.

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	Computer Software - Primarily due to software related enhancements on products and the purchase of

(5)	Computer Software and Goodwill - Primarily due to the impact of foreign currency fluctuations.

	Computer Software - Primarily due to software-related enhancements on products and the purchase of

(8)	Computer Software and Goodwill - Primarily due to the impact of foreign currency fluctuations.

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(1)	The following tables itemize the components of the “Corporate and Other” category of Operating Income (Loss):

(2)	The number of weighted average shares outstanding changes as common shares are issued for employee benefit plans and other purposes or as shares are repurchased. For this reason, the sum of quarterly earnings per share may not be the same as earnings per share for the year.

(3)	The sum of quarterly Cash Dividend Paid Per Common Share may not be the same as Cash Dividend Paid Per Common Share year to date due to rounding.

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(1)	Reported GAAP revenue includes revenue from DBCC and NetProspex since their respective acquisition dates of $71.2 million and $17.6 million, respectively, for the year ended December 31, 2015, net of the impact of the deferred revenue fair value adjustment of $18.2 million and $1.7 million, respectively.

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(2)	Reported GAAP Net Income (Loss) Attributable to Dun & Bradstreet Common Shareholders includes net loss from DBCC and NetProspex since their respective acquisition dates of $0.3 million and $12.2 million, respectively, for the year ended December 31, 2015.

(3)	Acquisition-related costs include transaction costs, retention costs and other one-time costs.

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•	the Unaudited Pro Forma Condensed Consolidated Balance Sheets as of June 30, 2015 after giving effect to the Disposition as if it had occurred on June 30, 2015;

•	the Unaudited Pro Forma Condensed Consolidated Statement of Income for the years ended December 31, 2014, 2013 and 2012 after giving effect to the Disposition as if it had occurred on January 1, 2012; and

•	the accompanying Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements.

•	audited historical consolidated financial statements of the Company as of and for the year ended December 31, 2014 and the related notes included in the Company’s Annual Report on Form 10-K for the year ended December, 2014; and

•	unaudited historical consolidated financial statements of the Company as of and for the six months and nine months ended June 30, 2015 and September 30, 2015, respectively, and the related notes included in the Company’s Quarterly Report on Form 10-Q for the six months and nine months ended June 30, 2015 and September 30, 2015, respectively.

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Item 10.	Directors, Executive Officers and Corporate Governance

Item 11.	Executive Compensation

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 13.	Certain Relationships and Related Transactions and Director Independence

Item 14.	Principal Accountant Fees and Services

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Item 15.	Exhibits and Financial Statement Schedules

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*	Filed herewith.

^	Portions of this Exhibit have been omitted pursuant to a request for confidential treatment and filed separately with the Securities and Exchange Commission.