XML 35 R19.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment and Related Information | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Reporting [Abstract] |
Segment and Related Information | Segment and Related Information 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, net, as these are amounts that do not affect the operating results of our reportable segments. As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. A summary of operating results for the periods ended June 30 is as follows:
Revenue | Three Months |  | Six Months
(in millions) | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Market Intelligence | $ | 1,079 |  |  | $ | 1,030 |  |  |  | $ | 2,150 |  |  | $ | 1,758 |  |
Ratings | 851 |  |  | 796 |  |  |  | 1,675 |  |  | 1,663 |  |
Commodity Insights | 462 |  |  | 438 |  |  |  | 970 |  |  | 801 |  |
Mobility | 369 |  |  | 337 |  |  |  | 727 |  |  | 452 |  |
Indices | 348 |  |  | 339 |  |  |  | 689 |  |  | 661 |  |
Engineering Solutions | 33 |  |  | 96 |  |  |  | 133 |  |  | 129 |  |
Intersegment elimination 1 | (41) |  |  | (43) |  |  |  | (83) |  |  | (81) |  |
Total revenue | $ | 3,101 |  |  | $ | 2,993 |  |  |  | $ | 6,261 |  |  | $ | 5,383 |  |
Operating Profit | Three Months |  | Six Months
(in millions) | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Market Intelligence 2 | $ | 176 |  |  | $ | 702 |  |  |  | $ | 404 |  |  | $ | 2,191 |  |
Ratings 3 | 486 |  |  | 464 |  |  |  | 962 |  |  | 976 |  |
Commodity Insights 4 | 156 |  |  | 141 |  |  |  | 343 |  |  | 299 |  |
Mobility 5 | 68 |  |  | 58 |  |  |  | 133 |  |  | 76 |  |
Indices 6 | 226 |  |  | 270 |  |  |  | 464 |  |  | 493 |  |
Engineering Solutions 7 | 4 |  |  | 1 |  |  |  | 19 |  |  | 2 |  |
Total reportable segments | 1,116 |  |  | 1,636 |  |  |  | 2,325 |  |  | 4,037 |  |
Corporate Unallocated expense 8 | (216) |  |  | (165) |  |  |  | (294) |  |  | (678) |  |
Equity in Income on Unconsolidated Subsidiaries 9 | 11 |  |  | 11 |  |  |  | 25 |  |  | 15 |  |
Total operating profit | $ | 911 |  | $ | 1,482 |  |  | $ | 2,056 |  | $ | 3,374 |
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, 2023 includes employee severance charges of $16 million and $22 million, respectively, IHS Markit merger costs of $12 million and $25 million, respectively, and an asset impairment of $5 million. Operating profit for the six months ended June 30, 2023 includes a gain on dispositions of $46 million. Operating profit for the three and six months ended June 30, 2022 includes a 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $140 million and $133 million for the three months ended June 30, 2023 and 2022, respectively, and $281 million and $197 million for the six months ended June 30, 2023 and 2022, respectively. 3 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $4 million and $5 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $7 million and $12 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2023 and 2022, and $4 million and $3 million for the six months ended June 30, 2023 and 2022, respectively. 4 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $14 million and $15 million, respectively, and IHS Markit merger costs of $8 million and $20 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance costs of $17 million and $24 million, respectively, and IHS Markit merger costs of $4 million and $6 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million and $32 million for the three months ended June 30, 2023 and 2022, respectively, and $66 million and $45 million for the six months ended June 30, 2023 and 2022, respectively. 5 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $3 million and $4 million, respectively, and acquisition-related costs of $1 million. Operating profit for the six months ended June 30, 2023 includes IHS Markit merger costs of $1 million. 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 charges of $2 million and IHS Markit merger costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million and $77 million for the three months ended June 30, 2023 and 2022, respectively, and $150 million and $101 million for the six months ended June 30, 2023 and 2022, respectively. 6 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $2 million and $3 million, respectively, and IHS Markit merger costs of $1 million and $2 million, respectively. Operating profit for the six months ended June 30, 2023 includes a gain on disposition of $4 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended June 30, 2023 and 2022 and $18 million and $13 million for the six months ended June 30, 2023 and 2022, respectively. 7 As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $1 million and $2 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $15 million for the three months ended June 30, 2022 and $1 million and $19 million for the six months ended June 30, 2023 and 2022, respectively. 8 Corporate Unallocated expense for the three and six months ended June 30, 2023 includes a loss on disposition of $120 million, IHS Markit merger costs of $30 million and $66 million, respectively, lease impairments of $15 million, employee severance charges of $12 million and $14 million, respectively, disposition-related costs of $3 million and $16 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. 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. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2023 and $2 million and $1 million for the six months ended June 30, 2023 and 2022, respectively. 9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million for the three months ended June 30, 2023 and 2022 and $28 million for the six months ended June 30, 2023 and 2022. The following table presents our revenue disaggregated by revenue type for the periods ended June 30:
(in millions) |  | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| Three Months Ended June 30, 2023
Subscription |  | $ | 910 |  |  | $ | — |  |  | $ | 420 |  |  | $ | 292 |  |  | $ | 70 |  |  |  |  | $ | 31 |  |  | $ | — |  |  | $ | 1,723 |
Non-subscription / Transaction |  | 39 |  |  | 383 |  |  | 24 |  |  | 77 |  |  | — |  |  |  |  | 2 |  |  | — |  |  | 525 |
Non-transaction |  | — |  |  | 468 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (41) |  |  | 427 |
Asset-linked fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 211 |  |  |  |  | — |  |  | — |  |  | 211 |
Sales usage-based royalties |  | — |  |  | — |  |  | 18 |  |  | — |  |  | 67 |  |  |  |  | — |  |  | — |  |  | 85 |
Recurring variable revenue |  | 130 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  | 130 |
Total revenue |  | $ | 1,079 |  |  | $ | 851 |  |  | $ | 462 |  |  | $ | 369 |  |  | $ | 348 |  |  |  |  | $ | 33 |  |  | $ | (41) |  |  | $ | 3,101 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 39 |  |  | $ | 383 |  |  | $ | 24 |  |  | $ | 77 |  |  | $ | — |  |  |  |  | $ | 2 |  |  | $ | — |  |  | $ | 525 |
Services transferred over time |  | 1,040 |  |  | 468 |  |  | 438 |  |  | 292 |  |  | 348 |  |  |  |  | 31 |  |  | (41) |  |  | 2,576 |
Total revenue |  | $ | 1,079 |  |  | $ | 851 |  |  | $ | 462 |  |  | $ | 369 |  |  | $ | 348 |  |  |  |  | $ | 33 |  |  | $ | (41) |  |  | $ | 3,101 |
(in millions) |  | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| Six Months Ended June 30, 2023
Subscription |  | $ | 1,800 |  |  | $ | — |  |  | $ | 829 |  |  | $ | 573 |  |  | $ | 136 |  |  |  |  | $ | 125 |  |  | $ | — |  |  | $ | 3,463 |
Non-subscription / Transaction |  | 95 |  |  | 761 |  |  | 104 |  |  | 154 |  |  | — |  |  |  |  | 8 |  |  | — |  |  | 1,122 |
Non-transaction |  | — |  |  | 914 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (83) |  |  | 831 |
Asset-linked fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 420 |  |  |  |  | — |  |  | — |  |  | 420 |
Sales usage-based royalties |  | — |  |  | — |  |  | 37 |  |  | — |  |  | 133 |  |  |  |  | — |  |  | — |  |  | 170 |
Recurring variable revenue |  | 255 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 255 |
Total revenue |  | $ | 2,150 |  |  | $ | 1,675 |  |  | $ | 970 |  |  | $ | 727 |  |  | $ | 689 |  |  |  |  | $ | 133 |  |  | $ | (83) |  |  | $ | 6,261 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 95 |  |  | $ | 761 |  |  | $ | 104 |  |  | $ | 154 |  |  | $ | — |  |  |  |  | $ | 8 |  |  | $ | — |  |  | $ | 1,122 |
Services transferred over time |  | 2,055 |  |  | 914 |  |  | 866 |  |  | 573 |  |  | 689 |  |  |  |  | 125 |  |  | (83) |  |  | 5,139 |
Total revenue |  | $ | 2,150 |  |  | $ | 1,675 |  |  | $ | 970 |  |  | $ | 727 |  |  | $ | 689 |  |  |  |  | $ | 133 |  |  | $ | (83) |  |  | $ | 6,261 |
(in millions) | Market Intelligence |  | Ratings |  | 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 | 42 |  |  | 344 |  |  | 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 | $ | 1,030 |  |  | $ | 796 |  |  | $ | 438 |  |  | $ | 337 |  |  | $ | 339 |  |  |  |  | $ | 96 |  |  | $ | (43) |  |  | $ | 2,993 |  |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 42 |  |  | $ | 344 |  |  | $ | 26 |  |  | $ | 73 |  |  | $ | — |  |  |  |  | $ | 7 |  |  | $ | — |  |  | $ | 492 |  |
Services transferred over time | 988 |  |  | 452 |  |  | 412 |  |  | 264 |  |  | 339 |  |  |  |  | 89 |  |  | (43) |  |  | 2,501 |  |
Total revenue | $ | 1,030 |  |  | $ | 796 |  |  | $ | 438 |  |  | $ | 337 |  |  | $ | 339 |  |  |  |  | $ | 96 |  |  | $ | (43) |  |  | $ | 2,993 |  |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total |
| Six Months Ended June 30, 2022
Subscription | $ | 1,526 |  |  | $ | — |  |  | $ | 694 |  |  | $ | 350 |  |  | $ | 121 |  |  |  |  | $ | 119 |  |  | $ | — |  |  | $ | 2,810 |  |
Non-subscription / Transaction | 71 |  |  | 747 |  |  | 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 | $ | 1,758 |  |  | $ | 1,663 |  |  | $ | 801 |  |  | $ | 452 |  |  | $ | 661 |  |  |  |  | $ | 129 |  |  | $ | (81) |  |  | $ | 5,383 |  |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 71 |  |  | $ | 747 |  |  | $ | 74 |  |  | $ | 102 |  |  | $ | — |  |  |  |  | $ | 10 |  |  | $ | — |  |  | $ | 1,004 |  |
Services transferred over time | 1,687 |  |  | 916 |  |  | 727 |  |  | 350 |  |  | 661 |  |  |  |  | 119 |  |  | (81) |  |  | 4,379 |  |
Total revenue | $ | 1,758 |  |  | $ | 1,663 |  |  | $ | 801 |  |  | $ | 452 |  |  | $ | 661 |  |  |  |  | $ | 129 |  |  | $ | (81) |  |  | $ | 5,383 |  |
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. The following provides revenue by geographic region for the periods ended June 30:
(in millions) | Three Months |  | Six Months
| 2023 |  | 2022 |  | 2023 |  | 2022
U.S. | $ | 1,865 |  |  | $ | 1,782 |  |  | $ | 3,791 |  |  | $ | 3,208 |
European region | 703 |  |  | 699 |  |  | 1,414 |  |  | 1,266 |
Asia | 342 |  |  | 326 |  |  | 679 |  |  | 590 |
Rest of the world | 191 |  |  | 186 |  |  | 377 |  |  | 319 |
Total | $ | 3,101 |  |  | $ | 2,993 |  |  | $ | 6,261 |  |  | $ | 5,383 |
See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration