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v3.23.1

Segment and Related Information (Tables) | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Information | A summary of operating results for the three months ended March 31 is as follows:
Revenue |  |  |
(in millions) | 2023 |  | 2022 |  |  |  |  |  |
Market Intelligence | $ | 1,071 |  |  | $ | 727 |  |  |  |  |  |  |
Ratings | 824 |  |  | 868 |  |  |  |  |  |  |
Commodity Insights | 508 |  |  | 363 |  |  |  |  |  |  |
Mobility | 358 |  |  | 115 |  |  |  |  |  |  |
Indices | 341 |  |  | 322 |  |  |  |  |  |  |
Engineering Solutions | 100 |  |  | 33 |  |  |  |  |  |  |
Intersegment elimination 1 | (42) |  |  | (39) |  |  |  |  |  |  |
Total revenue | $ | 3,160 |  |  | $ | 2,389 |  |  |  |  |  |  |
Operating Profit |  |  |
(in millions) | 2023 |  | 2022 |  |  |  |  |  |
Market Intelligence 2 | $ | 229 |  |  | $ | 1,489 |  |  |  |  |  |  |
Ratings 3 | 477 |  |  | 511 |  |  |  |  |  |  |
Commodity Insights 4 | 187 |  |  | 158 |  |  |  |  |  |  |
Mobility 5 | 64 |  |  | 18 |  |  |  |  |  |  |
Indices 6 | 238 |  |  | 224 |  |  |  |  |  |  |
Engineering Solutions 7 | 14 |  |  | 1 |  |  |  |  |  |  |
Total reportable segments | 1,209 |  |  | 2,401 |  |  |  |  |  |  |
Corporate Unallocated expense 8 | (79) |  |  | (512) |  |  |  |  |  |  |
Equity in Income on Unconsolidated Subsidiaries 9 | 14 |  |  | 3 |  |  |  |  |  |  |
Total operating profit | $ | 1,144 |  | $ | 1,892 |  |  |  |  |  |
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 2023 includes a gain on dispositions of $46 million, IHS Markit merger costs of $13 million, and employee severance charges of $6 million. Operating profit for 2022 includes a gain on disposition of $1.3 billion, employee severance charges of $18 million, and acquisition-related costs of $2 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $141 million and $64 million, respectively. 3 Operating profit for 2023 and 2022 includes employee severance charges of $1 million and $5 million, respectively. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $2 million. 4 Operating profit for 2023 includes IHS Markit merger costs of $13 million and employee severance charges of $2 million. Operating profit for 2022 includes employee severance costs of $7 million and acquisition-related costs of $2 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $33 million and $13 million, respectively. 5 Operating profit for 2023 includes IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. 2022 includes acquisition-related costs of $1 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $74 million and $24 million, respectively. 6 Operating profit for 2023 includes a gain on disposition of $4 million, employee severance charges of $1 million and IHS Markit merger costs of $1 million. Operating profit for 2022 includes employee severance charges of $2 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $9 million and $4 million, respectively. 7 Operating profit for 2022 includes employee severance charges of $1 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $2 million and $4 million, respectively. 8 Corporate Unallocated expense for 2023 includes IHS Markit merger costs of $37 million, disposition-related costs of $13 million, employee severance charges of $1 million, and acquisition-related costs of $1 million. Corporate Unallocated expense for 2022 includes IHS Markit merger costs of $230 million, a S&P Foundation grant of $200 million, employee severance charges of $46 million, acquisition-related costs of $11 million and lease impairments of $5 million. Additionally, Corporate Unallocated expense for 2023 includes amortization of intangibles from acquisitions of $1 million. 9 Equity in Income on Unconsolidated Subsidiaries for 2023 and 2022 includes amortization of intangibles from acquisitions of $14 million. The following table presents our revenue disaggregated by revenue type for the three months ended March 31:
(in millions) |  | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| 2023
Subscription |  | $ | 890 |  |  | $ | — |  |  | $ | 409 |  |  | $ | 281 |  |  | $ | 66 |  |  |  |  | $ | 94 |  |  | $ | — |  |  | $ | 1,740 |
Non-subscription / Transaction |  | 56 |  |  | 379 |  |  | 80 |  |  | 77 |  |  | — |  |  |  |  | 6 |  |  | — |  |  | 598 |
Non-transaction |  | — |  |  | 445 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (42) |  |  | 403 |
Asset-linked fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 210 |  |  |  |  | — |  |  | — |  |  | 210 |
Sales usage-based royalties |  | — |  |  | — |  |  | 19 |  |  | — |  |  | 65 |  |  |  |  | — |  |  | — |  |  | 84 |
Recurring variable revenue |  | 125 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 125 |
Total revenue |  | $ | 1,071 |  |  | $ | 824 |  |  | $ | 508 |  |  | $ | 358 |  |  | $ | 341 |  |  |  |  | $ | 100 |  |  | $ | (42) |  |  | $ | 3,160 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 56 |  |  | $ | 379 |  |  | $ | 80 |  |  | $ | 77 |  |  | $ | — |  |  |  |  | $ | 6 |  |  | $ | — |  |  | $ | 598 |
Services transferred over time |  | 1,015 |  |  | 445 |  |  | 428 |  |  | 281 |  |  | 341 |  |  |  |  | 94 |  |  | (42) |  |  | 2,562 |
Total revenue |  | $ | 1,071 |  |  | $ | 824 |  |  | $ | 508 |  |  | $ | 358 |  |  | $ | 341 |  |  |  |  | $ | 100 |  |  | $ | (42) |  |  | $ | 3,160 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total |
| 2022
Subscription | $ | 659 |  |  | $ | — |  |  | $ | 296 |  |  | $ | 86 |  |  | $ | 54 |  |  |  |  | $ | 30 |  |  | $ | — |  |  | $ | 1,125 |  |
Non-subscription / Transaction | 28 |  |  | 404 |  |  | 48 |  |  | 29 |  |  | — |  |  |  |  | 3 |  |  | — |  |  | 512 |  |
Non-transaction | — |  |  | 464 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (39) |  |  | 425 |  |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 218 |  |  |  |  | — |  |  | — |  |  | 218 |  |
Sales usage-based royalties | — |  |  | — |  |  | 19 |  |  | — |  |  | 50 |  |  |  |  | — |  |  | — |  |  | 69 |  |
Recurring variable revenue | 40 |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 40 |  |
Total revenue | $ | 727 |  |  | $ | 868 |  |  | $ | 363 |  |  | $ | 115 |  |  | $ | 322 |  |  |  |  | $ | 33 |  |  | $ | (39) |  |  | $ | 2,389 |  |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 28 |  |  | $ | 404 |  |  | $ | 48 |  |  | $ | 29 |  |  | $ | — |  |  |  |  | $ | 3 |  |  | $ | — |  |  | $ | 512 |  |
Services transferred over time | 699 |  |  | 464 |  |  | 315 |  |  | 86 |  |  | 322 |  |  |  |  | 30 |  |  | (39) |  |  | 1,877 |  |
Total revenue | $ | 727 |  |  | $ | 868 |  |  | $ | 363 |  |  | $ | 115 |  |  | $ | 322 |  |  |  |  | $ | 33 |  |  | $ | (39) |  |  | $ | 2,389 |  |
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 three months ended March 31:
(in millions) | 2023 |  | 2022 |  |  |  |
U.S. | $ | 1,926 |  |  | $ | 1,426 |  |  |  |  |
European region | 711 |  |  | 567 |  |  |  |  |
Asia | 337 |  |  | 264 |  |  |  |  |
Rest of the world | 186 |  |  | 132 |  |  |  |  |
Total | $ | 3,160 |  |  | $ | 2,389 |  |  |  |  |

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