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Segment and Related Information (Tables) | 6 Months Ended
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Jun. 30, 2024
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) | 2024 |  | 2023 |  | 2024 |  | 2023
Market Intelligence | $ | 1,155 |  |  | $ | 1,079 |  |  | $ | 2,297 |  |  | $ | 2,150 |
Ratings | 1,135 |  |  | 851 |  |  | 2,197 |  |  | 1,675 |
Commodity Insights | 516 |  |  | 462 |  |  | 1,075 |  |  | 970 |
Mobility | 400 |  |  | 369 |  |  | 786 |  |  | 727 |
Indices | 389 |  |  | 348 |  |  | 776 |  |  | 689 |
Engineering Solutions | — |  |  | 33 |  |  | — |  |  | 133 |
Intersegment elimination 1 | (46) |  |  | (41) |  |  | (91) |  |  | (83) |
Total revenue | $ | 3,549 |  |  | $ | 3,101 |  |  | $ | 7,040 |  |  | $ | 6,261 |
Operating Profit | Three Months |  | Six Months
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Market Intelligence 2 | $ | 230 |  |  | $ | 176 |  |  | $ | 419 |  |  | $ | 404 |
Ratings 3 | 725 |  |  | 486 |  |  | 1,404 |  |  | 962 |
Commodity Insights 4 | 206 |  |  | 156 |  |  | 432 |  |  | 343 |
Mobility 5 | 80 |  |  | 68 |  |  | 151 |  |  | 133 |
Indices 6 | 263 |  |  | 226 |  |  | 534 |  |  | 464 |
Engineering Solutions 7 | — |  |  | 4 |  |  | — |  |  | 19 |
Total reportable segments | 1,504 |  |  | 1,116 |  |  | 2,940 |  |  | 2,325 |
Corporate Unallocated expense 8 | (65) |  |  | (216) |  |  | (122) |  |  | (294) |
Equity in Income on Unconsolidated Subsidiaries 9 | 13 |  |  | 11 |  |  | 19 |  |  | 25 |
Total operating profit | $ | 1,452 |  | $ | 911 |  | $ | 2,837 |  | $ | 2,056
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, 2024 includes a net acquisition-related benefit of $11 million and $8 million, respectively, IHS Markit merger costs of $9 million and $20 million, respectively, and employee severance charges of $4 million and $35 million, respectively. 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 disposition of $46 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $147 million and $140 million for the three months ended June 30, 2024 and 2023, respectively, and $288 million and $281 million for the six months ended June 30, 2024 and 2023, respectively. 3 Operating profit for the three and six months ended June 30, 2024 includes legal costs of $20 million. Operating profit for the six months ended June 30, 2024 also includes employee severance charges of $2 million. Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $4 million and $5 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2024 and 2023, and $9 million and $4 million for the six months ended June 30, 2024 and 2023, respectively. 4 Operating profit for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $5 million and $10 million, respectively, an asset write-off of $1 million and disposition-related costs of $1 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $32 million and $33 million for the three months ended June 30, 2024 and 2023, respectively, and $65 million and $66 million for the six months ended June 30, 2024 and 2023, respectively. 5 Operating profit for the three and six months ended June 30, 2024 includes employee severance charges of $6 million, IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended June 30, 2024 and 2023, and $151 million and $150 million for the six months ended June 30, 2024 and 2023, respectively. 6 Operating profit for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $2 million and $3 million, respectively, and a loss on disposition of $1 million. Operating profit for the six months ended June 30, 2024 includes employee severance charges of $1 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended June 30, 2024 and 2023, and $18 million for the six months ended June 30, 2024 and 2023. 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 six months ended June 30, 2023 includes amortization of intangibles from acquisitions of $1 million. 8 Corporate Unallocated expense for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $20 million and $38 million, respectively, acquisition-related costs of $6 million and $7 million, respectively, disposition-related costs of $2 million and $3 million, respectively, and a gain on disposition of $2 million. Corporate Unallocated expense for the six months ended June 30, 2024 includes employee severance charges of $2 million and recovery of lease-related costs of $1 million. 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. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2024 and 2023, and $1 million and $2 million for the six months ended June 30, 2024 and 2023, respectively. 9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million for the three months months ended June 30, 2024 and 2023, and $28 million for the six months ended June 30, 2024 and 2023. 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 1 |  | Intersegment Elimination 2 |  | Total
| Three Months Ended June 30, 2024
Subscription |  | $ | 965 |  |  | $ | — |  |  | $ | 459 |  |  | $ | 323 |  |  | $ | 74 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,821 |
Non-subscription / Transaction |  | 43 |  |  | 626 |  |  | 31 |  |  | 77 |  |  | — |  |  |  |  | — |  |  | — |  |  | 777 |
Non-transaction |  | — |  |  | 509 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (46) |  |  | 463 |
Asset-linked fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 245 |  |  |  |  | — |  |  | — |  |  | 245 |
Sales usage-based royalties |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 70 |  |  |  |  | — |  |  | — |  |  | 96 |
Recurring variable revenue |  | 147 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 147 |
Total revenue |  | $ | 1,155 |  |  | $ | 1,135 |  |  | $ | 516 |  |  | $ | 400 |  |  | $ | 389 |  |  |  |  | $ | — |  |  | $ | (46) |  |  | $ | 3,549 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 43 |  |  | $ | 626 |  |  | $ | 31 |  |  | $ | 77 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 777 |
Services transferred over time |  | 1,112 |  |  | 509 |  |  | 485 |  |  | 323 |  |  | 389 |  |  |  |  | — |  |  | (46) |  |  | 2,772 |
Total revenue |  | $ | 1,155 |  |  | $ | 1,135 |  |  | $ | 516 |  |  | $ | 400 |  |  | $ | 389 |  |  |  |  | $ | — |  |  | $ | (46) |  |  | $ | 3,549 |
(in millions) |  | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions 1 |  | Intersegment Elimination 2 |  | Total
| Six Months Ended June 30, 2024
Subscription |  | $ | 1,912 |  |  | $ | — |  |  | $ | 909 |  |  | $ | 635 |  |  | $ | 144 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 3,600 |
Non-subscription / Transaction |  | 97 |  |  | 1,207 |  |  | 115 |  |  | 151 |  |  | — |  |  |  |  | — |  |  | — |  |  | 1,570 |
Non-transaction |  | — |  |  | 990 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (91) |  |  | 899 |
Asset-linked fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 489 |  |  |  |  | — |  |  | — |  |  | 489 |
Sales usage-based royalties |  | — |  |  | — |  |  | 51 |  |  | — |  |  | 143 |  |  |  |  | — |  |  | — |  |  | 194 |
Recurring variable revenue |  | 288 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 288 |
Total revenue |  | $ | 2,297 |  |  | $ | 2,197 |  |  | $ | 1,075 |  |  | $ | 786 |  |  | $ | 776 |  |  |  |  | $ | — |  |  | $ | (91) |  |  | $ | 7,040 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 97 |  |  | $ | 1,207 |  |  | $ | 115 |  |  | $ | 151 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,570 |
Services transferred over time |  | 2,200 |  |  | 990 |  |  | 960 |  |  | 635 |  |  | 776 |  |  |  |  | — |  |  | (91) |  |  | 5,470 |
Total revenue |  | $ | 2,297 |  |  | $ | 2,197 |  |  | $ | 1,075 |  |  | $ | 786 |  |  | $ | 776 |  |  |  |  | $ | — |  |  | $ | (91) |  |  | $ | 7,040 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions 1 |  | Intersegment Elimination 2 |  | 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 1 |  | Intersegment Elimination 2 |  | 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 |  |
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 periods ended June 30:
(in millions) | Three Months |  | Six Months
| 2024 |  | 2023 |  | 2024 |  | 2023
U.S. | $ | 2,151 |  |  | $ | 1,865 |  |  | $ | 4,301 |  |  | $ | 3,791 |
European region | 830 |  |  | 703 |  |  | 1,605 |  |  | 1,414 |
Asia | 368 |  |  | 342 |  |  | 724 |  |  | 679 |
Rest of the world | 200 |  |  | 191 |  |  | 410 |  |  | 377 |
Total | $ | 3,549 |  |  | $ | 3,101 |  |  | $ | 7,040 |  |  | $ | 6,261 |

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