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Segment and Geographic Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Information

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

1Revenue 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.

2Operating 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.

3Operating 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 profit 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.

4Operating 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.

5Operating 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.

6Operating 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.

7Operating profit for the year ended December 31, 2022 includes employee severance charges of $4 million and amortization of intangibles from acquisitions of $35 million.

8Corporate 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.

9Equity 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
			20221
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
									20212
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
									20202
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 the 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

1Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.

2Includes 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.

Schedule of Revenue and Long-lived Assets by Geographic Region

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		%

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