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Segment and Related Information (Tables) | 3 Months Ended
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Mar. 31, 2024
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) | 2024 |  | 2023 |  |  |  |  |  |
Market Intelligence | $ | 1,142 |  |  | $ | 1,071 |  |  |  |  |  |  |
Ratings | 1,062 |  |  | 824 |  |  |  |  |  |  |
Commodity Insights | 559 |  |  | 508 |  |  |  |  |  |  |
Mobility | 386 |  |  | 358 |  |  |  |  |  |  |
Indices | 387 |  |  | 341 |  |  |  |  |  |  |
Engineering Solutions | — |  |  | 100 |  |  |  |  |  |  |
Intersegment elimination 1 | (45) |  |  | (42) |  |  |  |  |  |  |
Total revenue | $ | 3,491 |  |  | $ | 3,160 |  |  |  |  |  |  |
Operating Profit |  |  |
(in millions) | 2024 |  | 2023 |  |  |  |  |  |
Market Intelligence 2 | $ | 189 |  |  | $ | 229 |  |  |  |  |  |  |
Ratings 3 | 679 |  |  | 477 |  |  |  |  |  |  |
Commodity Insights 4 | 226 |  |  | 187 |  |  |  |  |  |  |
Mobility 5 | 70 |  |  | 64 |  |  |  |  |  |  |
Indices 6 | 272 |  |  | 238 |  |  |  |  |  |  |
Engineering Solutions 7 | — |  |  | 14 |  |  |  |  |  |  |
Total reportable segments | 1,436 |  |  | 1,209 |  |  |  |  |  |  |
Corporate Unallocated expense 8 | (57) |  |  | (79) |  |  |  |  |  |  |
Equity in Income on Unconsolidated Subsidiaries 9 | 6 |  |  | 14 |  |  |  |  |  |  |
Total operating profit | $ | 1,385 |  | $ | 1,144 |  |  |  |  |  |
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 2024 includes employee severance charges of $31 million, IHS Markit merger costs of $11 million and acquisition-related costs of $3 million. Operating profit for 2023 includes a gain on disposition of $46 million, IHS Markit merger costs of $13 million and employee severance charges of $6 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $140 million and $141 million for 2024 and 2023, respectively. 3 Operating profit for 2024 and 2023 includes employee severance charges of $2 million and $1 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $7 million and $2 million for 2024 and 2023, respectively. 4 Operating profit for 2024 includes IHS Markit merger costs of $5 million. Operating profit for 2023 includes IHS Markit merger costs of $13 million and employee severance charges of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $32 million and $33 million for 2024 and 2023, respectively. 5 Operating profit for 2024 includes IHS Markit merger costs of $1 million. Operating profit for 2023 includes IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million and $74 million for 2024 and 2023, respectively. 6 Operating profit for 2024 includes IHS Markit merger costs of $1 million and employee severance charges of $1 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for 2024 and 2023. 7 Operating profit for 2023 includes amortization of intangibles from acquisitions of $2 million. 8 Corporate Unallocated expense for 2024 includes IHS Markit merger costs of $18 million, employee severance charges of $2 million, acquisition-related costs of $1 million and recovery of lease-related costs of $1 million. 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. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $1 million for 2023. 9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million for 2024 and 2023. 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 1 |  | Intersegment Elimination 2 |  | Total
| 2024
Subscription |  | $ | 947 |  |  | $ | — |  |  | $ | 450 |  |  | $ | 311 |  |  | $ | 70 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,778 |
Non-subscription / Transaction |  | 54 |  |  | 582 |  |  | 83 |  |  | 75 |  |  | — |  |  |  |  | — |  |  | — |  |  | 794 |
Non-transaction |  | — |  |  | 480 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (45) |  |  | 435 |
Asset-linked fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 244 |  |  |  |  | — |  |  | — |  |  | 244 |
Sales usage-based royalties |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 73 |  |  |  |  | — |  |  | — |  |  | 99 |
Recurring variable revenue |  | 141 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 141 |
Total revenue |  | $ | 1,142 |  |  | $ | 1,062 |  |  | $ | 559 |  |  | $ | 386 |  |  | $ | 387 |  |  |  |  | $ | — |  |  | $ | (45) |  |  | $ | 3,491 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 54 |  |  | $ | 582 |  |  | $ | 83 |  |  | $ | 75 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 794 |
Services transferred over time |  | 1,088 |  |  | 480 |  |  | 476 |  |  | 311 |  |  | 387 |  |  |  |  | — |  |  | (45) |  |  | 2,697 |
Total revenue |  | $ | 1,142 |  |  | $ | 1,062 |  |  | $ | 559 |  |  | $ | 386 |  |  | $ | 387 |  |  |  |  | $ | — |  |  | $ | (45) |  |  | $ | 3,491 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions 1 |  | Intersegment Elimination 2 |  | 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 |  |
1 As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. 2 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) | 2024 |  | 2023 |  |  |  |
U.S. | $ | 2,150 |  |  | $ | 1,926 |  |  |  |  |
European region | 776 |  |  | 711 |  |  |  |  |
Asia | 356 |  |  | 337 |  |  |  |  |
Rest of the world | 209 |  |  | 186 |  |  |  |  |
Total | $ | 3,491 |  |  | $ | 3,160 |  |  |  |  |

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