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Segment and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Information | Operating results for the years ended December 31, 2024, 2023 and 2022 is as follows:
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  | Engineering Solutions |  | Total
| 2024
Revenue from external customers | $ | 4,633 |  |  | $ | 4,207 |  |  | $ | 2,142 |  |  | $ | 1,609 |  |  | $ | 1,617 |  |  | $ | — |  |  | $ | 14,208 |
Intersegment revenue 1 | 12 |  | 163 |  | — |  |  | — |  |  | 11 |  | — |  |  | 186 |
Revenue | 4,645 |  |  | 4,370 |  |  | 2,142 |  |  | 1,609 |  |  | 1,628 |  |  | — |  |  | 14,394 |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  |  |  | (186) |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  | 14,208 |
Less: segment expenses 2 | 3,133 |  |  | 1,617 |  |  | 1,139 |  |  | 982 |  |  | 483 |  |  | — |  |  | 7,354 |
Less: other segment items 3 | 637 |  |  | 46 |  |  | 158 |  |  | 315 |  |  | 42 |  |  | — |  |  | 1,198 |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  |  |  | (186) |
Segment operating profit | $ | 875 |  |  | $ | 2,707 |  |  | $ | 845 |  |  | $ | 312 |  |  | $ | 1,103 |  |  | $ | — |  |  | $ | 5,842 |
Corporate Unallocated expense 4 |  |  |  |  |  |  |  |  |  |  |  |  | 305 |
Equity in income on unconsolidated subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  | (43) |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  | 5,580 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  | (25) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  | 297
Income before taxes on income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,308 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  | Engineering Solutions |  | Total
| 2023
Revenue from external customers | $ | 4,365 |  |  | $ | 3,177 |  |  | $ | 1,946 |  |  | $ | 1,484 |  |  | $ | 1,392 |  |  | $ | 133 |  |  | $ | 12,497 |
Intersegment revenue 1 | 11 |  |  | 155 |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 177
Revenue | 4,376 |  |  | 3,332 |  |  | 1,946 |  |  | 1,484 |  |  | 1,403 |  |  | 133 |  |  | 12,674 |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  |  |  | (177) |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  | 12,497 |
Less: segment expenses 2 | 2,933 |  |  | 1,449 |  |  | 1,049 |  |  | 908 |  |  | 436 |  |  | 113 |  |  | 6,888 |
Less: other segment items 3 | 729 |  |  | 19 |  |  | 193 |  |  | 316 |  |  | 42 |  |  | 1 |  |  | 1,300 |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  |  |  | (177) |
Segment operating profit | $ | 714 |  |  | $ | 1,864 |  |  | $ | 704 |  |  | $ | 260 |  |  | $ | 925 |  |  | $ | 19 |  |  | $ | 4,486 |
Corporate Unallocated expense 4 |  |  |  |  |  |  |  |  |  |  |  |  | 502 |
Equity in income on unconsolidated subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  | (36) |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  | 4,020 |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  | 15 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  | 334 |
Income before taxes on income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,671 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  | Engineering Solutions |  | Total
| 2022
Revenue from external customers | $ | 3,797 |  |  | $ | 2,906 |  |  | $ | 1,685 |  |  | $ | 1,142 |  |  | $ | 1,328 |  |  | $ | 323 |  |  | $ | 11,181 |
Intersegment revenue 1 | 14 |  |  | 144 |  | — |  |  | — |  |  | 11 |  |  | — |  |  | 169
Revenue | $ | 3,811 |  |  | $ | 3,050 |  |  | $ | 1,685 |  |  | $ | 1,142 |  |  | $ | 1,339 |  |  | $ | 323 |  |  | $ | 11,350 |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  |  |  | (169) |
Total revenue |  |  |  |  |  |  |  |  |  |  |  |  | 11,181 |
Less: segment expenses 2 | 2,568 |  |  | 1,340 |  |  | 912 |  |  | 694 |  |  | 418 |  |  | 268 |  |  | 6,200 |
Less: other segment items 3 | (1,245) |  |  | 38 |  |  | 182 |  |  | 235 |  |  | (6) |  |  | 40 |  |  | (756) |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  |  |  | (169) |
Segment operating profit | $ | 2,488 |  |  | $ | 1,672 |  |  | $ | 591 |  |  | $ | 213 |  |  | $ | 927 |  |  | $ | 15 |  |  | $ | 5,906 |
Corporate Unallocated expense 4 |  |  |  |  |  |  |  |  |  |  |  |  | 989 |
Equity in income on unconsolidated subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  | (27) |
Operating profit |  |  |  |  |  |  |  |  |  |  |  |  | 4,944 |
Other income, net |  |  |  |  |  |  |  |  |  |  |  |  | (70) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  |  |  | 304 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  | 8 |
Income before taxes on income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 4,702 |
1 Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 The segment expense category for Market Intelligence, Ratings, Commodity Insights, Mobility and Indices for the years ended December 31, 2024, 2023 and 2022 primarily include an aggregation of compensation costs, technology costs and strategic investments. The segment expense category for Engineering Solutions for the years ended December 31, 2023 and 2022 primarily include an aggregation of technology costs and compensation costs. The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments, however, the CODM does not receive the individual expense items underlying the overall segment expenses. Variance explanations include segment expenses including compensation costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information. 3 Other segment items for each reportable segment primarily include amortization of intangibles from acquisitions, (gain) loss on dispositions and certain items primarily including IHS Markit merger costs, employee severance charges and acquisition and disposition-related costs. 4 Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. The following table presents our revenue disaggregated by revenue type for the years ended December 31:
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| 2024
Subscription | $ | 3,882 |  |  | $ | — |  |  | $ | 1,873 |  |  | $ | 1,299 |  |  | $ | 292 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 7,346 |
Non-subscription / Transaction | 184 |  |  | 2,326 |  |  | 166 |  |  | 310 |  |  | — |  |  |  |  | — |  |  | — |  |  | 2,986 |
Non-transaction | — |  |  | 2,044 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (186) |  |  | 1,858 |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 1,046 |  |  |  |  | — |  |  | — |  |  | 1,046 |
Sales usage-based royalties | — |  |  | — |  |  | 103 |  |  | — |  |  | 290 |  |  |  |  | — |  |  | — |  |  | 393 |
Recurring variable | 579 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 579 |
Total revenue | $ | 4,645 |  |  | $ | 4,370 |  |  | $ | 2,142 |  |  | $ | 1,609 |  |  | $ | 1,628 |  |  |  |  | $ | — |  |  | $ | (186) |  |  | $ | 14,208 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 184 |  |  | $ | 2,326 |  |  | $ | 166 |  |  | $ | 310 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 2,986 |
Services transferred over time | 4,461 |  |  | 2,044 |  |  | 1,976 |  |  | 1,299 |  |  | 1,628 |  |  |  |  | — |  |  | (186) |  |  | 11,222 |
Total revenue | $ | 4,645 |  |  | $ | 4,370 |  |  | $ | 2,142 |  |  | $ | 1,609 |  |  | $ | 1,628 |  |  |  |  | $ | — |  |  | $ | (186) |  |  | $ | 14,208 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  | Engineering Solutions |  |  |  | Intersegment Elimination 1 |  | Total
| 2023
Subscription | $ | 3,685 |  |  | $ | — |  |  | $ | 1,707 |  |  | $ | 1,169 |  |  | $ | 277 |  |  | $ | 125 |  |  |  |  | $ | — |  |  | $ | 6,963 |
Non-subscription / Transaction | 187 |  |  | 1,425 |  |  | 158 |  |  | 315 |  |  | — |  |  | 8 |  |  |  |  | — |  |  | 2,093 |
Non-transaction | — |  |  | 1,907 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | (177) |  |  | 1,730 |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 859 |  |  | — |  |  |  |  | — |  |  | 859 |
Sales usage-based royalties | — |  |  | — |  |  | 81 |  |  | — |  |  | 267 |  |  | — |  |  |  |  | — |  |  | 348 |
Recurring variable | 504 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 504 |
Total revenue | $ | 4,376 |  |  | $ | 3,332 |  |  | $ | 1,946 |  |  | $ | 1,484 |  |  | $ | 1,403 |  |  | $ | 133 |  |  |  |  | $ | (177) |  |  | $ | 12,497 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 187 |  |  | $ | 1,425 |  |  | $ | 158 |  |  | $ | 315 |  |  | $ | — |  |  | $ | 8 |  |  |  |  | $ | — |  |  | $ | 2,093 |
Services transferred over time | 4,189 |  |  | 1,907 |  |  | 1,788 |  |  | 1,169 |  |  | 1,403 |  |  | 125 |  |  |  |  | (177) |  |  | 10,404 |
Total revenue | $ | 4,376 |  |  | $ | 3,332 |  |  | $ | 1,946 |  |  | $ | 1,484 |  |  | $ | 1,403 |  |  | $ | 133 |  |  |  |  | $ | (177) |  |  | $ | 12,497 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Engineering Solutions |  | Intersegment Elimination 1 |  | Total
| 2022
Subscription | $ | 3,263 |  |  | $ | — |  |  | $ | 1,492 |  |  | $ | 888 |  |  | $ | 258 |  |  |  |  | $ | 300 |  |  | $ | — |  |  | $ | 6,201 |
Non-subscription / Transaction | 163 |  |  | 1,241 |  |  | 126 |  |  | 254 |  |  | — |  |  |  |  | 23 |  |  | — |  |  | 1,807 |
Non-transaction | — |  |  | 1,809 |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | (169) |  |  | 1,640 |
Asset-linked fees | — |  |  | — |  |  | — |  |  | — |  |  | 862 |  |  |  |  | — |  |  | — |  |  | 862 |
Sales usage-based royalties | — |  |  | — |  |  | 67 |  |  | — |  |  | 219 |  |  |  |  | — |  |  | — |  |  | 286 |
Recurring variable | 385 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 385 |
Total revenue | $ | 3,811 |  |  | $ | 3,050 |  |  | $ | 1,685 |  |  | $ | 1,142 |  |  | $ | 1,339 |  |  |  |  | $ | 323 |  |  | $ | (169) |  |  | $ | 11,181 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 163 |  |  | $ | 1,241 |  |  | $ | 126 |  |  | $ | 254 |  |  | $ | — |  |  |  |  | $ | 23 |  |  | $ | — |  |  | $ | 1,807 |
Services transferred over time | 3,648 |  |  | 1,809 |  |  | 1,559 |  |  | 888 |  |  | 1,339 |  |  |  |  | 300 |  |  | (169) |  |  | 9,374 |
Total revenue | $ | 3,811 |  |  | $ | 3,050 |  |  | $ | 1,685 |  |  | $ | 1,142 |  |  | $ | 1,339 |  |  |  |  | $ | 323 |  |  | $ | (169) |  |  | $ | 11,181 |
1 Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Segment information for the years ended December 31 is as follows:
(in millions) | Depreciation & Amortization |  | Capital Expenditures
| 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Market Intelligence | $ | 627 |  |  | $ | 597 |  |  | $ | 509 |  |  | $ | 61 |  |  | $ | 73 |  |  | $ | 43 |
Ratings | 37 |  |  | 37 |  |  | 46 |  |  | 29 |  |  | 24 |  |  | 23 |
Commodity Insights | 137 |  |  | 137 |  |  | 115 |  |  | 7 |  |  | 7 |  |  | 4 |
Mobility | 317 |  |  | 314 |  |  | 248 |  |  | 18 |  |  | 22 |  |  | 6 |
Indices | 42 |  |  | 42 |  |  | 39 |  |  | 3 |  |  | 13 |  |  | 2 |
Engineering Solutions | — |  |  | 2 |  |  | 35 |  |  | — |  |  | — |  |  | 4 |
Total reportable segments | 1,160 |  |  | 1,129 |  |  | 992 |  |  | 118 |  |  | 139 |  |  | 82 |
Corporate | 13 |  |  | 14 |  |  | 21 |  |  | 6 |  |  | 4 |  |  | 7 |
Total | $ | 1,173 |  |  | $ | 1,143 |  |  | $ | 1,013 |  |  | $ | 124 |  |  | $ | 143 |  |  | $ | 89 |
Segment information as of December 31 is as follows:
(in millions) | Total Assets
| 2024 |  | 2023
Market Intelligence | $ | 29,478 |  |  | $ | 29,674 |
Ratings | 1,056 |  |  | 1,041 |
Commodity Insights | 8,636 |  |  | 8,746 |
Mobility | 13,222 |  |  | 13,495 |
Indices | 3,200 |  |  | 3,222 |
Total reportable segments | 55,592 |  |  | 56,178 |
Corporate 1 | 4,629 |  |  | 4,411 |
Total | $ | 60,221 |  |  | $ | 60,589 |
1Corporate assets consist principally of cash and cash equivalents, investments, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.
Schedule of Revenue and Long-lived Assets by Geographic Region | The following provides revenue and long-lived assets by geographic region:
(in millions) | Revenue |  | Long-lived Assets
| Year ended December 31, |  | December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023
U.S. | $ | 8,640 |  |  | $ | 7,542 |  |  | $ | 6,653 |  |  | $ | 4,786 |  |  | $ | 4,535 |
European region | 3,256 |  |  | 2,822 |  |  | 2,597 |  |  | 46,947 |  |  | 47,960 |
Asia | 1,491 |  |  | 1,375 |  |  | 1,246 |  |  | 92 |  |  | 73 |
Rest of the world | 821 |  |  | 758 |  |  | 685 |  |  | 47 |  |  | 47 |
Total | $ | 14,208 |  |  | $ | 12,497 |  |  | $ | 11,181 |  |  | $ | 51,872 |  |  | $ | 52,615 |
| Revenue |  | Long-lived Assets
| Year ended December 31, |  | December 31,
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023
U.S. | 61 | % |  | 60 | % |  | 60 | % |  | 9 | % |  | 9 | %
European region | 23 |  |  | 23 |  |  | 23 |  |  | 91 |  |  | 91 |
Asia | 10 |  |  | 11 |  |  | 11 |  |  | — |  |  | — |
Rest of the world | 6 |  |  | 6 |  |  | 6 |  |  | — |  |  | — |
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %

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