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v3.25.1

Segment and Related Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment and Related Information | Segment and Related Information We have five reportable segments: Market Intelligence, Ratings, Commodity Insights, Mobility and Indices. Our Chief Executive Officer is our chief operating decision-maker (“CODM”) and evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment. Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other expense (income), net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments. Operating results for the three months ended March 31 is as follows:
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  | Total
| 2025
Revenue from external customers | $ | 1,196 |  |  | $ | 1,107 |  |  | $ | 612 |  |  | $ | 420 |  |  | $ | 442 |  |  | $ | 3,777 |
Intersegment revenue 1 | 3 |  | 42 |  | — |  |  | — |  |  | 3 |  | 48 |
Revenue | 1,199 |  |  | 1,149 |  |  | 612 |  |  | 420 |  |  | 445 |  |  | 3,825 |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  | (48) |
Total revenue |  |  |  |  |  |  |  |  |  |  | 3,777 |
Less: segment expenses 2 | 805 |  |  | 388 |  |  | 318 |  |  | 258 |  |  | 121 |  |  | 1,890 |
Less: other segment items 3 | 174 |  |  | 4 |  |  | 39 |  |  | 76 |  |  | 9 |  |  | 302 |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  | (48) |
Segment operating profit | $ | 220 |  |  | $ | 757 |  |  | $ | 255 |  |  | $ | 86 |  |  | $ | 315 |  |  | $ | 1,633 |
Corporate Unallocated expense 4 |  |  |  |  |  |  |  |  |  |  | 66 |
Equity in income on unconsolidated subsidiaries |  |  |  |  |  |  |  |  |  |  | (11) |
Operating profit |  |  |  |  |  |  |  |  |  |  | 1,578 |
Other expense, net |  |  |  |  |  |  |  |  |  |  | 4 |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | 78
Income before taxes on income |  |  |  |  |  |  |  |  |  |  | $ | 1,496 |
(in millions) | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  | Total
| 2024
Revenue from external customers | $ | 1,139 |  |  | $ | 1,022 |  |  | $ | 559 |  |  | $ | 386 |  |  | $ | 385 |  |  | $ | 3,491 |
Intersegment revenue 1 | 3 |  |  | 40 |  | — |  |  | — |  |  | 2 |  |  | 45
Revenue | 1,142 |  |  | 1,062 |  |  | 559 |  |  | 386 |  |  | 387 |  |  | 3,536 |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  | (45) |
Total revenue |  |  |  |  |  |  |  |  |  |  | 3,491 |
Less: segment expenses 2 | 768 |  |  | 375 |  |  | 295 |  |  | 239 |  |  | 105 |  |  | 1,782 |
Less: other segment items 3 | 185 |  |  | 8 |  |  | 38 |  |  | 77 |  |  | 10 |  |  | 318 |
Intersegment elimination |  |  |  |  |  |  |  |  |  |  | (45) |
Segment operating profit | $ | 189 |  |  | $ | 679 |  |  | $ | 226 |  |  | $ | 70 |  |  | $ | 272 |  |  | $ | 1,436 |
Corporate Unallocated expense 4 |  |  |  |  |  |  |  |  |  |  | 57 |
Equity in income on unconsolidated subsidiaries |  |  |  |  |  |  |  |  |  |  | (6) |
Operating profit |  |  |  |  |  |  |  |  |  |  | 1,385 |
Other income, net |  |  |  |  |  |  |  |  |  |  | (9) |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | 78 |
Income before taxes on income |  |  |  |  |  |  |  |  |  |  | $ | 1,316 |
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 2025 and 2024 primarily include an aggregation of compensation costs, technology costs and strategic investments. 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 In 2025, other segment items for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges, Executive Leadership Team transition costs and acquisition and disposition-related costs. In 2024, other segment items for each reportable segment primarily include amortization of intangibles from acquisitions 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 three months ended March 31:
(in millions) |  | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Intersegment Elimination 1 |  | Total
| 2025
Subscription |  | $ | 993 |  |  | $ | — |  |  | $ | 486 |  |  | $ | 343 |  |  | $ | 76 |  |  |  |  | $ | — |  |  | $ | 1,898 |
Non-subscription / Transaction |  | 56 |  |  | 620 |  |  | 97 |  |  | 77 |  |  | — |  |  |  |  | — |  |  | 850 |
Non-transaction |  | — |  |  | 529 |  |  | — |  |  | — |  |  | — |  |  |  |  | (48) |  |  | 481 |
Asset-linked fees |  | — |  |  | — |  |  | — |  |  | — |  |  | 288 |  |  |  |  | — |  |  | 288 |
Sales usage-based royalties |  | — |  |  | — |  |  | 29 |  |  | — |  |  | 81 |  |  |  |  | — |  |  | 110 |
Recurring variable revenue |  | 150 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | — |  |  | 150 |
Total revenue |  | $ | 1,199 |  |  | $ | 1,149 |  |  | $ | 612 |  |  | $ | 420 |  |  | $ | 445 |  |  |  |  | $ | (48) |  |  | $ | 3,777 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 56 |  |  | $ | 620 |  |  | $ | 97 |  |  | $ | 77 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 850 |
Services transferred over time |  | 1,143 |  |  | 529 |  |  | 515 |  |  | 343 |  |  | 445 |  |  |  |  | (48) |  |  | 2,927 |
Total revenue |  | $ | 1,199 |  |  | $ | 1,149 |  |  | $ | 612 |  |  | $ | 420 |  |  | $ | 445 |  |  |  |  | $ | (48) |  |  | $ | 3,777 |
(in millions) |  | Market Intelligence |  | Ratings |  | Commodity Insights |  | Mobility |  | Indices |  |  |  | Intersegment Elimination 1 |  | 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 |  |
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. Segment information as of March 31, 2025 and December 31, 2024 is as follows:
(in millions) | Total Assets
| March 31, |  | December 31,
| 2025 |  | 2024
Market Intelligence | $ | 29,035 |  |  | $ | 29,478 |
Ratings | 1,234 |  |  | 1,056 |
Commodity Insights | 8,753 |  |  | 8,636 |
Mobility | 13,161 |  |  | 13,222 |
Indices | 3,297 |  |  | 3,200 |
Total reportable segments | 55,480 |  |  | 55,592 |
Corporate 1 | 4,409 |  |  | 4,629 |
Total | $ | 59,889 |  |  | $ | 60,221 |
1 Corporate assets consist principally of cash and cash equivalents, investments, goodwill and other intangible assets, assets for pension benefits and deferred income taxes. The following provides revenue by geographic region for the three months ended March 31:
(in millions) | 2025 |  | 2024 |  |  |  |
U.S. | $ | 2,342 |  |  | $ | 2,150 |  |  |  |  |
European region | 849 |  |  | 776 |  |  |  |  |
Asia | 382 |  |  | 356 |  |  |  |  |
Rest of the world | 204 |  |  | 209 |  |  |  |  |
Total | $ | 3,777 |  |  | $ | 3,491 |  |  |  |  |
See Note 10 — Restructuring for additional actions that impacted the segment operating results.

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