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v3.23.2

Segment and Related Information (Tables) | 6 Months Ended
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Jun. 30, 2023
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) | 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.
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
| 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 |

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