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Segment and Geographic Information | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Segment and Geographic Information | Segment and Geographic Information As discussed in Note 1 – Accounting Policies, we have six reportable segments: Market Intelligence, Ratings, Commodity Insights, Mobility, Indices, and Engineering Solutions. Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other income, net, interest expense, net, or loss on extinguishment of debt as these are amounts that do not affect the operating results of our reportable segments. We use the same accounting policies for our segments as those described in Note 1 – Accounting Policies. A summary of operating results for the years ended December 31 is as follows:
Revenue |
(in millions) | 2022 | 2021 | 2020
Market Intelligence | $ | 3,811 |  |  | $ | 2,185 |  |  | $ | 2,046 |
Ratings | 3,050 |  |  | 4,097 |  |  | 3,606 |
Commodity Insights | 1,685 |  |  | 1,012 |  |  | 938 |
Mobility | 1,142 |  |  | — |  |  | — |
Indices | 1,339 |  |  | 1,149 |  |  | 989 |
Engineering Solutions | 323 |  |  | — |  |  | — |
Intersegment elimination 1 | (169) |  |  | (146) |  |  | (137) |
Total revenue | $ | 11,181 |  |  | $ | 8,297 |  |  | $ | 7,442 |
Operating Profit |
(in millions) | 2022 | 2021 | 2020
Market Intelligence 2 | $ | 2,488 |  |  | $ | 676 |  |  | $ | 569 |
Ratings 3 | 1,672 |  |  | 2,629 |  |  | 2,223 |
Commodity Insights 4 | 591 |  |  | 544 |  |  | 478 |
Mobility 5 | 213 |  |  | — |  |  | — |
Indices 6 | 927 |  |  | 798 |  |  | 666 |
Engineering Solutions 7 | 15 |  |  | — |  |  | — |
Total reportable segments | 5,906 |  |  | 4,647 |  |  | 3,936 |
Corporate Unallocated expense 8 | (989) |  |  | (426) |  |  | (319) |
Equity in Income on unconsolidated subsidiaries 9 | 27 |  |  | — |  |  | — |
Total operating profit | $ | 4,944 |  |  | $ | 4,221 |  |  | $ | 3,617 |
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 year ended December 31, 2022 includes a gain on dispositions of $1.8 billion, employee severance charges of $90 million, IHS Markit merger costs of $35 million and acquisition-related costs of $2 million. Operating profit for the year ended December 31, 2021 includes employee severance charges of $3 million, a gain on disposition of $3 million, acquisition-related costs of $2 million and lease-related costs of $1 million. Operating profit for the year ended December 31, 2020 includes employee severance charges of $27 million, a gain on dispositions of $12 million and lease-related costs of $3 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $474 million, $65 million, and $76 million for the years ended December 31, 2022, 2021, and 2020, respectively. 3 Operating profit for the year ended December 31, 2022 includes employee severance charges of $24 million, legal costs of $5 million and an asset write-off of $1 million. Operating pro fit for the year ended December 31, 2021 includes a gain on disposition of $6 million, recovery of lease-related costs of $4 million and employee severance charges of $3 million. Operating profit for the year ended December 31, 2020 includes a technology-related impairment charge of $11 million, lease-related costs of $5 million and employee severance charges of $4 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $7 million, $10 million and $7 million for the years ended December 31, 2022, 2021, and 2020, respectively. 4 Operating profit for the year ended December 31, 2022 includes employee severance charges of $45 million and IHS Markit merger costs of $26 million. Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $2 million. Operating profit for the year ended December 31, 2020 includes severance charges of $11 million and lease-related costs of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $111 million, $8 million, and $9 million for the years ended December 31, 2022, 2021, and 2020, respectively. 5 Operating profit for the year ended December 31, 2022 includes an acquisition-related benefit of $14 million, employee severance charges of $4 million, IHS Markit merger costs of $3 million and amortization of intangibles from acquisitions of $241 million. 6 Operating profit for the year ended December 31, 2022 includes a gain on disposition of $52 million, employee severance charges of $14 million and IHS Markit merger costs of $2 million. Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $1 million. Operating profit for the year ended December 31, 2020 includes employee severance charges of $5 million, a lease impairment charge of $4 million, a technology-related impairment charge of $2 million and lease-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $31 million, $6 million, and $6 million for the years ended December 31, 2022, 2021, and 2020, respectively. 7 Operating profit for the year ended December 31, 2022 includes employee severance charges of $4 million and amortization of intangibles from acquisitions of $35 million. 8 Corporate Unallocated expense for the year ended December 31, 2022 includes IHS Markit merger costs of $553 million, a S&P Foundation grant of $200 million, employee severance charges of $107 million, disposition-related costs of $24 million, a gain on acquisition of $10 million, an asset impairment of $9 million, acquisition-related costs of $8 million, lease impairments of $5 million and an asset write-off of $3 million. Corporate Unallocated expense for the year ended December 31, 2021 includes IHS Markit merger costs of $249 million, employee severance charges of $13 million, lease-related costs of $4 million, a lease impairment of $3 million, Kensho retention related expenses of $2 million, acquisition-related costs of $2 million and a gain on disposition of $2 million. Corporate Unallocated expense for the year ended December 31, 2020 includes lease impairments of $116 million, IHS Markit merger costs of $24 million, employee severance charges of $19 million, Kensho retention related expense of $12 million and a gain related to an acquisition of $1 million. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $4 million, $7 million, and $26 million for the years ended December 31, 2022, 2021, and 2020, respectively. 9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $55 million for the year ended December 31, 2022. The following table presents our revenue disaggregated by revenue type for the years ended December 31:
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| 2022 1
Subscription | $ | 3,263 |  |  | $ | — |  |  | $ | 1,492 |  |  | $ | 888 |  |  | $ | 258 |  |  |  |  | $ | 300 |  |  | $ | — |  |  | $ | 6,201 |
Non-subscription / Transaction | 163 |  |  | 1,241 |  |  | 126 |  |  | 254 |  |  | — |  |  |  |  | 23 |  |  | — |  |  | 1,807 |
Non-transaction | — |  |  | 1,809 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (169) |  |  | 1,640 |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 862 |  |  |  |  | — |  |  | — |  |  | 862 |
Sales usage-based royalties | — |  |  | — |  |  | 67 |  |  | — |  |  | 219 |  |  |  |  | — |  |  | — |  |  | 286 |
Recurring variable | 385 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 385 |
Total revenue | $ | 3,811 |  |  | $ | 3,050 |  |  | $ | 1,685 |  |  | $ | 1,142 |  |  | $ | 1,339 |  |  |  |  | $ | 323 |  |  | $ | (169) |  |  | $ | 11,181 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 163 |  |  | $ | 1,241 |  |  | $ | 126 |  |  | $ | 254 |  |  | $ | — |  |  |  |  | $ | 23 |  |  | $ | — |  |  | $ | 1,807 |
Services transferred over time | 3,648 |  |  | 1,809 |  |  | 1,559 |  |  | 888 |  |  | 1,339 |  |  |  |  | 300 |  |  | (169) |  |  | 9,374 |
Total revenue | $ | 3,811 |  |  | $ | 3,050 |  |  | $ | 1,685 |  |  | $ | 1,142 |  |  | $ | 1,339 |  |  |  |  | $ | 323 |  |  | $ | (169) |  |  | $ | 11,181 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  | Engineering Solutions |  |  |  | Intersegment Elimination 1 |  | Total
|  |  | 2021 2
Subscription | $ | 2,131 |  |  | $ | — |  |  | $ | 933 |  |  | $ | — |  |  | $ | 191 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 3,255 |
Non-subscription / Transaction | 54 |  |  | 2,253 |  |  | 13 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 2,320 |
Non-transaction | — |  |  | 1,844 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (146) |  |  | 1,698 |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 800 |  |  | — |  |  |  |  | — |  |  | 800 |
Sales usage-based royalties | — |  |  | — |  |  | 66 |  |  | — |  |  | 158 |  |  | — |  |  |  |  | — |  |  | 224 |
Total revenue | $ | 2,185 |  |  | $ | 4,097 |  |  | $ | 1,012 |  |  | $ | — |  |  | $ | 1,149 |  |  | $ | — |  |  |  |  | $ | (146) |  |  | $ | 8,297 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 54 |  |  | $ | 2,253 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 2,320 |
Services transferred over time | 2,131 |  |  | 1,844 |  |  | 999 |  |  | — |  |  | 1,149 |  |  | — |  |  |  |  | (146) |  |  | 5,977 |
Total revenue | $ | 2,185 |  |  | $ | 4,097 |  |  | $ | 1,012 |  |  | $ | — |  |  | $ | 1,149 |  |  | $ | — |  |  |  |  | $ | (146) |  |  | $ | 8,297 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
|  |  | 2020 2
Subscription | $ | 1,991 |  |  | $ | — |  |  | $ | 869 |  |  | $ | — |  |  | $ | 177 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 3,037 |
Non-subscription / Transaction | 54 |  |  | 1,969 |  |  | 7 |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 2,030 |
Non-transaction | — |  |  | 1,637 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (137) |  |  | 1,500 |
Asset-linked fees | 1 |  |  | — |  |  | — |  |  | — |  |  | 647 |  |  |  |  | — |  |  | — |  |  | 648 |
Sales usage-based royalties | — |  |  | — |  |  | 62 |  |  | — |  |  | 165 |  |  |  |  | — |  |  | — |  |  | 227 |
Total revenue | $ | 2,046 |  |  | $ | 3,606 |  |  | $ | 938 |  |  | $ | — |  |  | $ | 989 |  |  |  |  | $ | — |  |  | $ | (137) |  |  | $ | 7,442 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 54 |  |  | $ | 1,969 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 2,030 |
Services transferred over time | 1,992 |  |  | 1,637 |  |  | 931 |  |  | — |  |  | 989 |  |  |  |  | — |  |  | (137) |  |  | 5,412 |
Total revenue | $ | 2,046 |  |  | $ | 3,606 |  |  | $ | 938 |  |  | $ | — |  |  | $ | 989 |  |  |  |  | $ | — |  |  | $ | (137) |  |  | $ | 7,442 |
1 Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 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. Segment information for the years ended December 31 is as follows:
(in millions) | Depreciation & Amortization |  | Capital Expenditures
| 2022 | 2021 | 2020 |  | 2022 | 2021 | 2020
Market Intelligence | $ | 509 |  |  | $ | 91 |  |  | $ | 101 |  |  | $ | 43 |  |  | $ | 12 |  |  | $ | 28 |
Ratings | 46 |  |  | 46 |  |  | 40 |  |  | 23 |  |  | 18 |  |  | 33 |
Commodity Insights | 115 |  |  | 12 |  |  | 17 |  |  | 4 |  |  | 2 |  |  | 7 |
Mobility | 248 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |
Indices | 39 |  |  | 10 |  |  | 9 |  |  | 2 |  |  | 2 |  |  | 4 |
Engineering Solutions | 35 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | — |
Total reportable segments | 992 |  |  | 159 |  |  | 167 |  |  | 82 |  |  | 34 |  |  | 72 |
Corporate | 21 |  |  | 19 |  |  | 39 |  |  | 7 |  |  | 1 |  |  | 4 |
Total | $ | 1,013 |  |  | $ | 178 |  |  | $ | 206 |  |  | $ | 89 |  |  | $ | 35 |  |  | $ | 76 |
Segment information as of December 31 is as follows:
(in millions) | Total Assets
| 2022 |  | 2021
Market Intelligence | $ | 29,852 |  |  | $ | 3,368 |
Ratings | 1,039 |  |  | 1,248 |
Commodity Insights | 8,781 |  |  | 891 |
Mobility | 13,416 |  |  | — |
Indices | 3,271 |  |  | 1,501 |
Engineering Solutions | — |  |  | — |
Total reportable segments | 56,359 |  |  | 7,008 |
Corporate 1 | 4,127 |  |  | 7,697 |
Assets of businesses held for sale 2 | 1,298 |  |  | 321 |
Total | $ | 61,784 |  |  | $ | 15,026 |
1 Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, assets for pension benefits and deferred income taxes. 2 Includes Engineering Solutions as of December 31, 2022 and CGS and LCD as of December 31, 2021. See Note 2 – Acquisitions and Divestitures for further discussion. We do not have operations in any foreign country that represent more than 8% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue. The following provides revenue and long-lived assets by geographic region:
(in millions) | Revenue |  | Long-lived Assets
| Year ended December 31, |  | December 31,
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021
U.S. | $ | 6,653 |  |  | $ | 5,012 |  |  | $ | 4,504 |  |  | $ | 13,539 |  |  | $ | 4,733 |
European region | 2,597 |  |  | 1,995 |  |  | 1,769 |  |  | 39,007 |  |  | 463 |
Asia | 1,246 |  |  | 874 |  |  | 782 |  |  | 76 |  |  | 85 |
Rest of the world | 685 |  |  | 416 |  |  | 387 |  |  | 595 |  |  | 42 |
Total | $ | 11,181 |  |  | $ | 8,297 |  |  | $ | 7,442 |  |  | $ | 53,217 |  |  | $ | 5,323 |
| Revenue |  | Long-lived Assets
| Year ended December 31, |  | December 31,
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021
U.S. | 60 | % |  | 60 | % |  | 61 | % |  | 26 | % |  | 89 | %
European region | 23 |  |  | 24 |  |  | 24 |  |  | 73 |  |  | 9 |
Asia | 11 |  |  | 11 |  |  | 10 |  |  | — |  |  | 2 |
Rest of the world | 6 |  |  | 5 |  |  | 5 |  |  | 1 |  |  | — |
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
See Note 2 – Acquisitions and Divestitures and Note 11 – Restructuring, for actions that impacted the segment operating results.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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