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Segment and Related Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Schedule of segment information | A summary of operating results for the periods ended June 30 is as follows:
Revenue | Three Months |  | Six Months
(in millions) | 2022 |  | 2021 |  |  | 2022 |  | 2021 |
Market Intelligence | $ | 1,030 |  |  | $ | 539 |  |  |  | $ | 1,758 |  |  | $ | 1,063 |  |
Ratings | 796 |  |  | 1,073 |  |  |  | 1,663 |  |  | 2,090 |  |
Commodity Insights | 438 |  |  | 252 |  |  |  | 801 |  |  | 492 |  |
Mobility | 337 |  |  | — |  |  |  | 452 |  |  | — |  |
Indices | 339 |  |  | 278 |  |  |  | 661 |  |  | 548 |  |
Engineering Solutions | 96 |  |  | — |  |  |  | 129 |  |  | — |  |
Intersegment elimination 1 | (43) |  |  | (36) |  |  |  | (81) |  |  | (71) |  |
Total revenue | $ | 2,993 |  |  | $ | 2,106 |  |  |  | $ | 5,383 |  |  | $ | 4,122 |  |
Operating Profit | Three Months |  | Six Months
(in millions) | 2022 |  | 2021 |  |  | 2022 |  | 2021 |
Market Intelligence 2 | $ | 702 |  | $ | 174 |  |  | $ | 2,191 |  | $ | 335 |
Ratings 3 | 464 |  | 729 |  |  | 976 |  | 1,410 |
Commodity Insights 4 | 141 |  | 141 |  |  | 299 |  | 275 |
Mobility 5 | 58 |  | — |  |  | 76 |  |  | — |  |
Indices 6 | 270 |  | 196 |  |  | 493 |  |  | 387 |  |
Engineering Solutions 7 | 1 |  |  | — |  |  |  | 2 |  |  | — |  |
Total reportable segments | 1,636 |  |  | 1,240 |  |  |  | 4,037 |  |  | 2,407 |  |
Corporate Unallocated expense 8 | (165) |  |  | (86) |  |  |  | (678) |  |  | (173) |  |
Equity in Income on Unconsolidated Subsidiaries 9 | 11 |  |  | — |  |  |  | 15 |  |  | — |  |
Total operating profit | $ | 1,482 |  | $ | 1,154 |  |  | $ | 3,374 |  | $ | 2,234 |
Note – In the first quarter of 2022, the Market Intelligence Commodities business was transferred to th e Commodity Insights segment and prior-year amounts have been reclassified to conform with current presentation. 1 Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 Operating profit for the three and six months ended June 30, 2022 includes gain on dispositions of $518 million and $1.9 billion, respectively, employee severance charges of $13 million and $31 million, respectively, IHS Markit merger costs of $12 million and $15 million, respectively, and acquisition-related costs of $1 million. Operating profit for six months ended June 30, 2021 includes a gain on disposition of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $133 million and $16 million for the three months ended June 30, 2022 and 2021, respectively and $197 million and $33 million for six months ended June 30, 2022 and 2021, respectively. 3 Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $7 million and $12 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2022 and 2021, and $3 million and $7 million for the six months ended June 30, 2022 and 2021, respectively. 4 Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $17 million and $24 million, respectively, and IHS Markit merger costs of $4 million and $6 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $32 million and $2 million for the three months ended June 30, 2022 and 2021, respectively, and $45 million and $4 million for the six months ended June 30, 2022 and 2021, respectively. 5 Operating profit for the three and six months ended June 30, 2022 includes acquisition-related costs of $3 million and $4 million, respectively, employee severance changes of $2 million and IHS Markit merger costs of $1 million. Operating profit includes amortization of intangibles from acquisitions of $77 million and $101 million for the three and six months ended June 30, 2022, respectively. 6 Operating profit for the three and six months ended June 30, 2022 includes a gain on disposition of $38 million, employee severance charges of $2 million and $4 million, respectively and IHS Markit merger costs of $1 million. Operating profit includes amortization of intangibles from acquisitions of $9 million and $1 million for the three months ended June 30, 2022 and 2021, respectively, and $13 million and $3 million for the six months ended June 30, 2022 and 2021, respectively. 7 Operating profit for three and six months ended June 30, 2022 includes employee severance charges of $1 million and $2 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $15 million and $19 million for the three and six months ended June 30, 2022, respectively. 8 Corporate Unallocated expense for the three and six months ended June 30, 2022 includes IHS Markit merger costs of $117 million and $357 million, respectively, employee severance charges of $18 million and $64 million, respectively, acquisition-related costs of $4 million and $5 million, respectively and asset write-offs of $3 million. The six months ended June 30, 2022 includes a S&P Foundation grant of $200 million and lease impairments of $5 million. Corporate Unallocated expense for the three and six months ended June 30, 2021 includes IHS Markit merger costs of $50 million and $99 million, respectively, a lease impairment of $3 million, and for six months ended June 30, 2021 includes Kensho retention related expense of $2 million. Corporate Unallocated expense also includes amortization of intangibles from acquisitions of $1 million for the six months ended June 30, 2022 and $7 million for the six months ended June 30, 2021. 9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million and $28 million for the three and six months ended June 30, 2022, respectfully. The following table presents our revenue disaggregated by revenue type for the periods ended June 30:
(in millions) | Ratings |  | Market Intelligence |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| Three Months Ended June 30, 2022
Subscription | $ | — |  |  | $ | 867 |  |  | $ | 397 |  |  | $ | 264 |  |  | $ | 68 |  |  |  |  | $ | 89 |  |  | $ | — |  |  | $ | 1,685 |
Non-subscription / Transaction | 344 |  |  | 42 |  |  | 26 |  |  | 73 |  |  | — |  |  |  |  | 7 |  |  | — |  |  | 492 |
Non-transaction | 452 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (43) |  |  | 409 |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 214 |  |  |  |  | — |  |  | — |  |  | 214 |
Sales usage-based royalties | — |  |  | — |  |  | 15 |  |  | — |  |  | 57 |  |  |  |  | — |  |  | — |  |  | 72 |
Recurring variable revenue | — |  |  | 121 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 121 |
Total revenue | $ | 796 |  |  | $ | 1,030 |  |  | $ | 438 |  |  | $ | 337 |  |  | $ | 339 |  |  |  |  | $ | 96 |  |  | $ | (43) |  |  | $ | 2,993 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 344 |  |  | $ | 42 |  |  | $ | 26 |  |  | $ | 73 |  |  | $ | — |  |  |  |  | $ | 7 |  |  | $ | — |  |  | $ | 492 |
Services transferred over time | 452 |  |  | 988 |  |  | 412 |  |  | 264 |  |  | 339 |  |  |  |  | 89 |  |  | (43) |  |  | 2,501 |
Total revenue | $ | 796 |  |  | $ | 1,030 |  |  | $ | 438 |  |  | $ | 337 |  |  | $ | 339 |  |  |  |  | $ | 96 |  |  | $ | (43) |  |  | $ | 2,993 |
| Six Months Ended June 30, 2022
Subscription | $ | — |  |  | $ | 1,526 |  |  | $ | 694 |  |  | $ | 350 |  |  | $ | 121 |  |  |  |  | $ | 119 |  |  | $ | — |  |  | $ | 2,810 |
Non-subscription / Transaction | 747 |  |  | 71 |  |  | 74 |  |  | 102 |  |  | — |  |  |  |  | 10 |  |  | — |  |  | 1,004 |
Non-transaction | 916 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (81) |  |  | 835 |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 433 |  |  |  |  | — |  |  | — |  |  | 433 |
Sales usage-based royalties | — |  |  | — |  |  | 33 |  |  | — |  |  | 107 |  |  |  |  | — |  |  | — |  |  | 140 |
Recurring variable revenue | — |  |  | 161 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 161 |
Total revenue | $ | 1,663 |  |  | $ | 1,758 |  |  | $ | 801 |  |  | $ | 452 |  |  | $ | 661 |  |  |  |  | $ | 129 |  |  | $ | (81) |  |  | $ | 5,383 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 747 |  |  | $ | 71 |  |  | $ | 74 |  |  | $ | 102 |  |  | $ | — |  |  |  |  | $ | 10 |  |  | $ | — |  |  | $ | 1,004 |
Services transferred over time | 916 |  |  | 1,687 |  |  | 727 |  |  | 350 |  |  | 661 |  |  |  |  | 119 |  |  | (81) |  |  | 4,379 |
Total revenue | $ | 1,663 |  |  | $ | 1,758 |  |  | $ | 801 |  |  | $ | 452 |  |  | $ | 661 |  |  |  |  | $ | 129 |  |  | $ | (81) |  |  | $ | 5,383 |
(in millions) | Ratings |  | Market Intelligence |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| Three Months Ended June 30, 2021
Subscription | $ | — |  |  | $ | 524 |  |  | $ | 233 |  |  | $ | — |  |  | $ | 48 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 805 |
Non-subscription / Transaction | 615 |  |  | 15 |  |  | 3 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 633 |
Non-transaction | 458 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (36) |  |  | 422 |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 195 |  |  |  |  | — |  |  | — |  |  | 195 |
Sales usage-based royalties | — |  |  | — |  |  | 16 |  |  | — |  |  | 35 |  |  |  |  | — |  |  | — |  |  | 51 |
Total revenue | $ | 1,073 |  |  | $ | 539 |  |  | $ | 252 |  |  | $ | — |  |  | $ | 278 |  |  |  |  | $ | — |  |  | $ | (36) |  |  | $ | 2,106 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 615 |  |  | $ | 15 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 633 |
Services transferred over time | 458 |  |  | 524 |  |  | 249 |  |  | — |  |  | 278 |  |  |  |  | — |  |  | (36) |  |  | 1,473 |
Total revenue | $ | 1,073 |  |  | $ | 539 |  |  | $ | 252 |  |  | $ | — |  |  | $ | 278 |  |  |  |  | $ | — |  |  | $ | (36) |  |  | $ | 2,106 |
| Six Months Ended June 30, 2021
Subscription | $ | — |  |  | $ | 1,037 |  |  | $ | 455 |  |  | $ | — |  |  | $ | 94 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,586 |
Non-subscription / Transaction | 1,197 |  |  | 26 |  |  | 5 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 1,228 |
Non-transaction | 893 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (71) |  |  | 822 |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 378 |  |  |  |  | — |  |  | — |  |  | 378 |
Sales usage-based royalties | — |  |  | — |  |  | 32 |  |  | — |  |  | 76 |  |  |  |  | — |  |  | — |  |  | 108 |
Total revenue | $ | 2,090 |  |  | $ | 1,063 |  |  | $ | 492 |  |  | $ | — |  |  | $ | 548 |  |  |  |  | $ | — |  |  | $ | (71) |  |  | $ | 4,122 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 1,197 |  |  | $ | 26 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,228 |
Services transferred over time | 893 |  |  | 1,037 |  |  | 487 |  |  | — |  |  | 548 |  |  |  |  | — |  |  | (71) |  |  | 2,894 |
Total revenue | $ | 2,090 |  |  | $ | 1,063 |  |  | $ | 492 |  |  | $ | — |  |  | $ | 548 |  |  |  |  | $ | — |  |  | $ | (71) |  |  | $ | 4,122 |
1 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
Schedule of revenue by geographic region | The following provides revenue by geographic region for the periods ended June 30:
(in millions) | Three Months |  | Six Months
| 2022 |  | 2021 |  | 2022 |  | 2021
U.S. | $ | 1,782 |  |  | $ | 1,262 |  |  | $ | 3,208 |  |  | $ | 2,500 |
European region | 699 |  |  | 524 |  |  | 1,266 |  |  | 998 |
Asia | 326 |  |  | 214 |  |  | 590 |  |  | 422 |
Rest of the world | 186 |  |  | 106 |  |  | 319 |  |  | 202 |
Total | $ | 2,993 |  |  | $ | 2,106 |  |  | $ | 5,383 |  |  | $ | 4,122 |

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