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Segment and Related Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Information | A summary of operating results for the periods ended September 30 is as follows:
Revenue | Three Months |  | Nine Months
(in millions) | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Market Intelligence | $ | 1,099 |  |  | $ | 1,016 |  |  |  | $ | 3,249 |  |  | $ | 2,774 |  |
Ratings | 819 |  |  | 681 |  |  |  | 2,494 |  |  | 2,345 |  |
Commodity Insights | 479 |  |  | 432 |  |  |  | 1,450 |  |  | 1,234 |  |
Mobility | 379 |  |  | 346 |  |  |  | 1,107 |  |  | 797 |  |
Indices | 354 |  |  | 334 |  |  |  | 1,042 |  |  | 995 |  |
Engineering Solutions | — |  |  | 95 |  |  |  | 133 |  |  | 224 |  |
Intersegment elimination 1 | (46) |  |  | (43) |  |  |  | (130) |  |  | (125) |  |
Total revenue | $ | 3,084 |  |  | $ | 2,861 |  |  |  | $ | 9,345 |  |  | $ | 8,244 |  |
Operating Profit | Three Months |  | Nine Months
(in millions) | 2023 |  | 2022 |  |  | 2023 |  | 2022 |
Market Intelligence 2 | $ | 195 |  |  | $ | 174 |  |  |  | $ | 599 |  |  | $ | 2,366 |  |
Ratings 3 | 459 |  |  | 377 |  |  |  | 1,422 |  |  | 1,352 |  |
Commodity Insights 4 | 184 |  |  | 141 |  |  |  | 527 |  |  | 440 |  |
Mobility 5 | 80 |  |  | 90 |  |  |  | 213 |  |  | 166 |  |
Indices 6 | 235 |  |  | 239 |  |  |  | 699 |  |  | 732 |  |
Engineering Solutions 7 | — |  |  | 1 |  |  |  | 19 |  |  | 3 |  |
Total reportable segments | 1,153 |  |  | 1,022 |  |  |  | 3,479 |  |  | 5,059 |  |
Corporate Unallocated expense 8 | (87) |  |  | (175) |  |  |  | (382) |  |  | (852) |  |
Equity in Income on Unconsolidated Subsidiaries 9 | 8 |  |  | 6 |  |  |  | 33 |  |  | 21 |  |
Total operating profit | $ | 1,074 |  | $ | 853 |  |  | $ | 3,130 |  | $ | 4,228 |
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 nine months ended September 30, 2023 includes employee severance charges of $19 million and $41 million, respectively, IHS Markit merger costs of $11 million and $36 million, respectively, and an asset write-off of $1 million. Operating profit for the nine months ended September 30, 2023 includes a gain on dispositions of $46 million and an asset impairment of $5 million. Operating profit for the three and nine months ended September 30, 2022 includes a loss on dispositions of $17 million and a gain on dispositions of $1.8 billion, respectively, employee severance charges of $13 million and $44 million, respectively, IHS Markit merger costs of $6 million and $21 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $140 million and $134 million for the three months ended September 30, 2023 and 2022, respectively, and $421 million and $331 million for the nine months ended September 30, 2023 and 2022, respectively. 3 Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $2 million and $8 million, respectively. Operating profit for the three and nine months ended September 30, 2022 includes employee severance charges of $2 million and $14 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended September 30, 2023 and 2022, and $6 million and $5 million for the nine months ended September 30, 2023 and 2022, respectively. 4 Operating profit for the three and nine months ended September 30, 2023 includes IHS Markit merger costs of $8 million and $28 million, respectively, and employee severance charges of $7 million and $23 million, respectively. Operating profit for the three and nine months ended September 30, 2022 includes employee severance costs of $14 million and $38 million, respectively, and IHS Markit merger costs of $10 million and $16 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million and $32 million for the three months ended September 30, 2023 and 2022, respectively, and $99 million and $77 million for the nine months ended September 30, 2023 and 2022, respectively. 5 Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $3 million and $6 million, respectively, IHS Markit merger costs of $1 million and $2 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. Operating profit for the three and nine months ended September 30, 2022 includes acquisition-related benefit of $19 million and $15 million, respectively, and employee severance charges of $1 million and $3 million, respectively. Operating profit for the nine months ended September 30, 2022 includes IHS Markit merger costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended September 30, 2023 and 2022, and $226 million and $176 million for the nine months ended September 30, 2023 and 2022, respectively. 6 Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $1 million and $4 million, respectively, and IHS Markit merger costs of $1 million and $3 million, respectively. Operating profit for the nine months ended September 30, 2023 includes a gain on disposition of $4 million. Operating profit for the three and nine months ended September 30, 2022 includes a gain on disposition of $14 million and $52 million, respectively, employee severance charges of $1 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 September 30, 2023 and 2022, and $27 million and $22 million for the nine months ended September 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 nine months ended September 30, 2022 includes employee severance charges of $2 million and $4 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $14 million for the three months ended September 30, 2022, and $1 million and $33 million for the nine months ended September 30, 2023 and 2022, respectively. 8 Corporate Unallocated expense for the three and nine months ended September 30, 2023 includes IHS Markit merger costs of $37 million and $104 million, respectively, employee severance charges of $6 million and $20 million, respectively, disposition-related costs of $3 million and $19 million, respectively, and acquisition-related costs of $1 million and $3 million, respectively. Corporate Unallocated expense for the nine months ended September 30, 2023 includes a loss on disposition of $120 million and lease impairments of $15 million. Corporate Unallocated expense for the three and nine months ended September 30, 2022 includes IHS Markit merger costs of $127 million and $483 million, respectively, employee severance charges of $23 million and $87 million, respectively, acquisition-related costs of $1 million and $7 million, respectively, an asset impairment of $9 million and a gain on acquisition of $10 million. The nine months ended September 30, 2022 includes a S&P Foundation grant of $200 million, lease impairments of $5 million and an asset write-off of $3 million. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $2 million and $1 million for the nine months ended September 30, 2023 and 2022, respectively. 9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million and $13 million for the three months ended September 30, 2023 and 2022, respectively, and $42 million for the nine months ended September 30, 2023 and 2022. The following table presents our revenue disaggregated by revenue type for the periods ended September 30:
(in millions) |  | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| Three Months Ended September 30, 2023
Subscription |  | $ | 932 |  |  | $ | — |  |  | $ | 432 |  |  | $ | 296 |  |  | $ | 70 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,730 |
Non-subscription / Transaction |  | 42 |  |  | 326 |  |  | 26 |  |  | 83 |  |  | — |  |  |  |  | — |  |  | — |  |  | 477 |
Non-transaction |  | — |  |  | 493 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (46) |  |  | 447 |
Asset-linked fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 218 |  |  |  |  | — |  |  | — |  |  | 218 |
Sales usage-based royalties |  | — |  |  | — |  |  | 21 |  |  | — |  |  | 66 |  |  |  |  | — |  |  | — |  |  | 87 |
Recurring variable revenue |  | 125 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 125 |
Total revenue |  | $ | 1,099 |  |  | $ | 819 |  |  | $ | 479 |  |  | $ | 379 |  |  | $ | 354 |  |  |  |  | $ | — |  |  | $ | (46) |  |  | $ | 3,084 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 42 |  |  | $ | 326 |  |  | $ | 26 |  |  | $ | 83 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 477 |
Services transferred over time |  | 1,057 |  |  | 493 |  |  | 453 |  |  | 296 |  |  | 354 |  |  |  |  | — |  |  | (46) |  |  | 2,607 |
Total revenue |  | $ | 1,099 |  |  | $ | 819 |  |  | $ | 479 |  |  | $ | 379 |  |  | $ | 354 |  |  |  |  | $ | — |  |  | $ | (46) |  |  | $ | 3,084 |
(in millions) |  | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| Nine Months Ended September 30, 2023
Subscription |  | $ | 2,732 |  |  | $ | — |  |  | $ | 1,261 |  |  | $ | 870 |  |  | $ | 206 |  |  |  |  | $ | 125 |  |  | $ | — |  |  | $ | 5,194 |
Non-subscription / Transaction |  | 137 |  |  | 1,088 |  |  | 130 |  |  | 237 |  |  | — |  |  |  |  | 8 |  |  | — |  |  | 1,600 |
Non-transaction |  | — |  |  | 1,406 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (130) |  |  | 1,276 |
Asset-linked fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 638 |  |  |  |  | — |  |  | — |  |  | 638 |
Sales usage-based royalties |  | — |  |  | — |  |  | 59 |  |  | — |  |  | 198 |  |  |  |  | — |  |  | — |  |  | 257 |
Recurring variable revenue |  | 380 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 380 |
Total revenue |  | $ | 3,249 |  |  | $ | 2,494 |  |  | $ | 1,450 |  |  | $ | 1,107 |  |  | $ | 1,042 |  |  |  |  | $ | 133 |  |  | $ | (130) |  |  | $ | 9,345 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 137 |  |  | $ | 1,088 |  |  | $ | 130 |  |  | $ | 237 |  |  | $ | — |  |  |  |  | $ | 8 |  |  | $ | — |  |  | $ | 1,600 |
Services transferred over time |  | 3,112 |  |  | 1,406 |  |  | 1,320 |  |  | 870 |  |  | 1,042 |  |  |  |  | 125 |  |  | (130) |  |  | 7,745 |
Total revenue |  | $ | 3,249 |  |  | $ | 2,494 |  |  | $ | 1,450 |  |  | $ | 1,107 |  |  | $ | 1,042 |  |  |  |  | $ | 133 |  |  | $ | (130) |  |  | $ | 9,345 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total |
| Three Months Ended September 30, 2022
Subscription | $ | 861 |  |  | $ | — |  |  | $ | 394 |  |  | $ | 269 |  |  | $ | 69 |  |  |  |  | $ | 89 |  |  | $ | — |  |  | $ | 1,682 |  |
Non-subscription / Transaction | 40 |  |  | 244 |  |  | 21 |  |  | 77 |  |  | — |  |  |  |  | 6 |  |  | — |  |  | 388 |  |
Non-transaction | — |  |  | 437 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (43) |  |  | 394 |  |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 210 |  |  |  |  | — |  |  | — |  |  | 210 |  |
Sales usage-based royalties | — |  |  | — |  |  | 17 |  |  | — |  |  | 55 |  |  |  |  | — |  |  | — |  |  | 72 |  |
Recurring variable revenue | 115 |  |  | — |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 115 |  |
Total revenue | $ | 1,016 |  |  | $ | 681 |  |  | $ | 432 |  |  | $ | 346 |  |  | $ | 334 |  |  |  |  | $ | 95 |  |  | $ | (43) |  |  | $ | 2,861 |  |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 40 |  |  | $ | 244 |  |  | $ | 21 |  |  | $ | 77 |  |  | $ | — |  |  |  |  | $ | 6 |  |  | $ | — |  |  | $ | 388 |  |
Services transferred over time | 976 |  |  | 437 |  |  | 411 |  |  | 269 |  |  | 334 |  |  |  |  | 89 |  |  | (43) |  |  | 2,473 |  |
Total revenue | $ | 1,016 |  |  | $ | 681 |  |  | $ | 432 |  |  | $ | 346 |  |  | $ | 334 |  |  |  |  | $ | 95 |  |  | $ | (43) |  |  | $ | 2,861 |  |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total |
| Nine Months Ended September 30, 2022
Subscription | $ | 2,386 |  |  | $ | — |  |  | $ | 1,088 |  |  | $ | 618 |  |  | $ | 190 |  |  |  |  | $ | 208 |  |  | $ | — |  |  | $ | 4,490 |  |
Non-subscription / Transaction | 111 |  |  | 992 |  |  | 96 |  |  | 179 |  |  | — |  |  |  |  | 16 |  |  | — |  |  | 1,394 |  |
Non-transaction | — |  |  | 1,353 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (125) |  |  | 1,228 |  |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 642 |  |  |  |  | — |  |  | — |  |  | 642 |  |
Sales usage-based royalties | — |  |  | — |  |  | 50 |  |  | — |  |  | 163 |  |  |  |  | — |  |  | — |  |  | 213 |  |
Recurring variable revenue | 277 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 277 |  |
Total revenue | $ | 2,774 |  |  | $ | 2,345 |  |  | $ | 1,234 |  |  | $ | 797 |  |  | $ | 995 |  |  |  |  | $ | 224 |  |  | $ | (125) |  |  | $ | 8,244 |  |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 111 |  |  | $ | 992 |  |  | $ | 96 |  |  | $ | 179 |  |  | $ | — |  |  |  |  | $ | 16 |  |  | $ | — |  |  | $ | 1,394 |  |
Services transferred over time | 2,663 |  |  | 1,353 |  |  | 1,138 |  |  | 618 |  |  | 995 |  |  |  |  | 208 |  |  | (125) |  |  | 6,850 |  |
Total revenue | $ | 2,774 |  |  | $ | 2,345 |  |  | $ | 1,234 |  |  | $ | 797 |  |  | $ | 995 |  |  |  |  | $ | 224 |  |  | $ | (125) |  |  | $ | 8,244 |  |
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 September 30:
(in millions) | Three Months |  | Nine Months
| 2023 |  | 2022 |  | 2023 |  | 2022
U.S. | $ | 1,853 |  |  | $ | 1,717 |  |  | $ | 5,644 |  |  | $ | 4,925 |
European region | 693 |  |  | 645 |  |  | 2,108 |  |  | 1,911 |
Asia | 344 |  |  | 322 |  |  | 1,023 |  |  | 912 |
Rest of the world | 194 |  |  | 177 |  |  | 570 |  |  | 496 |
Total | $ | 3,084 |  |  | $ | 2,861 |  |  | $ | 9,345 |  |  | $ | 8,244 |

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