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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 1-1023  
spgi-20220331_g1.jpg
S&P Global Inc.
(Exact name of registrant as specified in its charter)
New York13-1026995
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
55 Water Street,New York,New York10041
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 212-438-1000
Securities registered pursuant to Section 12(b) of the Act:
ClassTrading SymbolName of Exchange on which registered
Common stock (par value $1.00 per share)SPGINew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                            Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                         Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES NO

As of April 22, 2022 (latest practicable date), 339.9 million shares of the issuer's classes of common stock (par value $1.00 per share) were outstanding excluding 7.2 million outstanding common shares held by the Markit Group Holdings Limited Employee Benefit Trust.

1


S&P Global Inc.
INDEX
 
 Page Number
Item 6. Exhibits

2


Report of Independent Registered Public Accounting Firm 

To the Shareholders and Board of Directors of S&P Global Inc.  

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of S&P Global Inc. (and subsidiaries) (the “Company”) as of March 31, 2022, the related consolidated statements of income, comprehensive income, and equity for the three- month periods ended March 31, 2022 and 2021, the related consolidated statements of cash flows for the three-month periods ended March 31, 2022 and 2021, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2021, the related consolidated statements of income, comprehensive income, equity and cash flows for the year then ended, and the related notes and schedule (not presented herein); and in our report dated February 8, 2022, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2021, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.


/s/ ERNST & YOUNG LLP

New York, New York
May 3, 2022



3


PART I — FINANCIAL INFORMATION
Item 1. Financial Statements

S&P Global Inc.
Consolidated Statements of Income
(Unaudited)
(in millions, except per share amounts)Three Months Ended
March 31,
20222021
Revenue$2,389 $2,016 
Expenses:
Operating-related expenses749 527 
Selling and general expenses958 360 
Depreciation26 19 
Amortization of intangibles111 31 
Total expenses1,844 937 
Gain on dispositions(1,344)(2)
Equity in Income on Unconsolidated Subsidiaries(3) 
Operating profit1,892 1,081 
Other income, net(49)(7)
Interest expense, net57 32 
Loss on extinguishment of debt, net17  
Income before taxes on income1,867 1,056 
Provision for taxes on income568 248 
Net income1,299 808 
Less: net income attributable to noncontrolling interests
(64)(53)
Net income attributable to S&P Global Inc.$1,235 $755 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$4.49 $3.14 
Diluted$4.47 $3.12 
Weighted-average number of common shares outstanding:
Basic275.2 240.6 
Diluted276.3 241.6 
Actual shares outstanding at period end339.9 240.9 
See accompanying notes to the unaudited consolidated financial statements.
4


S&P Global Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
 
(in millions)Three Months Ended
March 31,
20222021
Net income$1,299 $808 
Other comprehensive income:
Foreign currency translation adjustments
(21)(25)
Income tax effect
(5)(5)
(26)(30)
Pension and other postretirement benefit plans
5 21 
Income tax effect
(1)(4)
4 17 
Unrealized gain on cash flow hedges107 2 
Income tax effect
(26) 
81 2 
Comprehensive income1,358 797 
Less: comprehensive income attributable to nonredeemable noncontrolling interests
(5)(2)
Less: comprehensive income attributable to redeemable noncontrolling interests
(59)(51)
Comprehensive income attributable to S&P Global Inc.
$1,294 $744 


See accompanying notes to the unaudited consolidated financial statements.
5


S&P Global Inc.
Consolidated Balance Sheets
 
(in millions)March 31,
2022
December 31,
2021
(Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$4,405 $6,497 
Restricted cash2 8 
Accounts receivable, net of allowance for doubtful accounts: 2022 - $40; 2021 - $26
2,425 1,650 
Prepaid and other current assets548 334 
Assets of a business held for sale407 321
Total current assets7,787 8,810 
Property and equipment, net of accumulated depreciation: 2022 - $998; 2021 - $620
348 241 
Right of use assets625 426 
Goodwill33,642 3,506 
Other intangible assets, net21,177 1,285 
Equity investment in unconsolidated subsidiaries1,616  
Other non-current assets897 758 
Total assets$66,092 $15,026 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$410 $205 
Accrued compensation and contributions to retirement plans381 607 
Short-term debt66  
Income taxes currently payable518 90 
Unearned revenue3,167 2,217 
Other current liabilities1,045 547 
Liabilities of a business held for sale66 149
Total current liabilities5,653 3,815 
Long-term debt 11,326 4,114 
Lease liabilities — non-current692 492 
Pension and other postretirement benefits273 262 
Deferred tax liability — non-current4,450 174 
Other non-current liabilities488 633 
Total liabilities22,882 9,490 
Redeemable noncontrolling interest (Note 8)3,429 3,429 
Commitments and contingencies (Note 12)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued: 2022 - 415 million shares; 2021 - 294 million shares
415 294 
Additional paid-in capital43,445 1,031 
Retained income16,065 15,017 
Accumulated other comprehensive loss(782)(841)
Less: common stock in treasury(19,441)(13,469)
Total equity — controlling interests39,702 2,032 
Total equity — noncontrolling interests79 75 
Total equity 39,781 2,107 
Total liabilities and equity$66,092 $15,026 
    

See accompanying notes to the unaudited consolidated financial statements.
6


S&P Global Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 
(in millions)Three Months Ended
March 31,
20222021
Operating Activities:
Net income$1,299 $808 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation26 19 
Amortization of intangibles111 31 
Provision for losses on accounts receivable(7)10 
Deferred income taxes(53)(3)
Stock-based compensation94 19 
Gain on dispositions(1,344)(2)
Loss on extinguishment of debt, net17  
Other24 19 
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable187 65 
Prepaid and other current assets5 (56)
Accounts payable and accrued expenses(318)(239)
Unearned revenue(100)(61)
Other current liabilities(239)25 
Net change in prepaid/accrued income taxes432 172 
Net change in other assets and liabilities88 (39)
Cash provided by operating activities222 768 
Investing Activities:
Capital expenditures(16)(18)
Acquisitions, net of cash acquired295 (9)
Proceeds from dispositions2,618 2 
Changes in short-term investments4 1 
Cash provided by (used for) investing activities2,901 (24)
Financing Activities:
Payments on short-term debt, net(219) 
Proceeds from issuance of senior notes, net5,395  
Payments on senior notes(3,074) 
Dividends paid to shareholders(186)(186)
Distributions to noncontrolling interest holders, net(55)(69)
Repurchase of treasury shares(7,003) 
Exercise of stock options3 3 
Employee withholding tax on share-based payments (66)(41)
Cash used for financing activities(5,205)(293)
Effect of exchange rate changes on cash(16)(55)
Net change in cash, cash equivalents, and restricted cash(2,098)396 
Cash, cash equivalents, and restricted cash at beginning of period6,505 4,122 
Cash, cash equivalents, and restricted cash at end of period$4,407 $4,518 

See accompanying notes to the unaudited consolidated financial statements.
7


S&P Global Inc.
Consolidated Statements of Equity
(Unaudited)
Three Months Ended March 31, 2022
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 2021$294 $1,031 $15,017 $(841)$13,469 $2,032 $75 $2,107 
Comprehensive income 1
1,235 59 1,294 5 1,299 
Dividends (Dividend declared per common share — $0.77 per share)
(186)(186)(186)
Acquisition of IHS Markit121 43,415 43,536 43,536 
Share repurchases(1,050)5,953 (7,003)(7,003)
Employee stock plans49 19 30 30 
Change in redemption value of redeemable noncontrolling interest(1)(1)(1)
Other (1)(1)
Balance as of March 31, 2022$415 $43,445 $16,065 $(782)$19,441 $39,702 $79 $39,781 
Three Months Ended March 31, 2021
 (in millions)Common Stock $1 parAdditional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 2020$294 $946 $13,367 $(637)$13,461 $509 $62 $571 
Comprehensive income 1
755 (11)744 2 746 
Dividends (Dividend declared per common share — $0.77 per share)
(186)(186)(186)
Employee stock plans(11)8 (19)(19)
Change in redemption value of redeemable noncontrolling interest(16)(16)(16)
Other 2 2 
Balance as of March 31, 2021$294 $935 $13,920 $(648)$13,469 $1,032 $66 $1,098 

1Excludes comprehensive income of $59 million and $51 million for the three months ended March 31, 2022 and 2021, respectively, attributable to our redeemable noncontrolling interest.

See accompanying notes to the unaudited consolidated financial statements.
8


S&P Global Inc.
Notes to the Consolidated Financial Statements
(Unaudited)
 
1.    Nature of Operations and Basis of Presentation

S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the “Company,” “we,” “us” or “our”) is a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

Our operations consist of six reportable segments: S&P Global Market Intelligence ("Market Intelligence"), S&P Global Ratings ("Ratings"), S&P Global Commodity Insights ("Commodity Insights"), S&P Global Mobility ("Mobility"), S&P Dow Jones Indices ("Indices") and S&P Global Engineering Solutions ("Engineering Solutions").
Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.
Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.
Commodity Insights is the leading independent provider of information and benchmark prices for the commodity and energy markets.
Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.
Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
Engineering Solutions is a leading provider of engineering standards and related technical knowledge.

On February 28, 2022, we completed the merger with IHS Markit Ltd. ("IHS Markit") by acquiring 100% of the IHS Markit common stock that was issued and outstanding as of the date of acquisition, and as a result, IHS Markit and its subsidiaries became wholly owned consolidated subsidiaries of S&P Global, and the consolidated financial statements as of and during the three months ended March 31, 2022 include the financial results of IHS Markit from the date of acquisition. The merger with IHS Markit, a world leader in critical information, analytics, and solutions for the major industries and markets that drive economies, brings together two world-class organizations with leading brands and capabilities across information services that will be uniquely positioned to serve, facilitate and power the markets of the future.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2021 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the full year.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

Restricted Cash

Restricted cash included in our consolidated balance sheets was $2 million and $8 million as of March 31, 2022 and December 31, 2021, respectively. Restricted cash primarily consisted of cash required to be on deposit under contractual agreements in connection with certain acquisitions and dispositions.

9


Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of March 31, 2022 and December 31, 2021, contract assets were $66 million and $9 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance at March 31, 2022 compared to December 31, 2021 is primarily driven by cash payments received in advance of satisfying our performance obligations, partially offset by $835 million of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $4.1 billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $124 million and $137 million as of March 31, 2022 and December 31, 2021, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period is one year or less. These costs are recorded within selling and general expenses.

Equity in Income on Unconsolidated Subsidiaries

The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each of the company’s post-trade services into a new joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business. The combination is intended to increase operating efficiencies of both the company’s business to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes.

Other Income, net

The components of other income, net for the three months ended March 31 are as follows:
(in millions)20222021
Other components of net periodic benefit cost$(4)$(11)
Net (gain) loss from investments(45)4 
Other income, net$(49)$(7)


10


2.    Acquisitions and Divestitures

Acquisitions

2022

Merger with IHS Markit

On February 28, 2022, we completed the merger with IHS Markit by acquiring 100% of the IHS Markit common stock that was issued and outstanding as of the date of acquisition, and as a result, IHS Markit and its subsidiaries became wholly owned consolidated subsidiaries of S&P Global.

Upon completion of the merger with IHS Markit, IHS Markit stockholders received 113.8 million shares of S&P Global’s common stock, at an exchange ratio of 0.2838 S&P Global shares for each share of IHS Markit common stock, with cash paid in lieu of fractional shares. The Company also issued approximately 0.9 million replacement equity award shares for IHS Markit equity awards that were assumed pursuant to the merger agreement.

The preliminary estimated fair value of the consideration transferred for IHS Markit was approximately $43.5 billion as of the merger date, which consisted of the following:

(in millions, except for share and per share data)February 28, 2022
Number of shares IHS Markit issued and outstanding* 400,988,207 
Exchange ratio0.2838
Number of S&P Global common stock transferred to IHS Markit stockholders113,800,453 
Closing price per share of S&P Global common stock**$380.89 
Fair value of S&P Global common stock transferred IHS Markit stockholders$43,345 
Fair value of S&P Global replacement equity awards attributable to pre-combination service$191 
Total equity consideration$43,536 

*Excludes 25,219,470 IHS Markit shares held by the Markit Group Holdings Limited Employee Benefit Trust ("EBT"). The shares held by the EBT were converted in the merger into S&P Global shares at the exchange ratio of 0.2838 and will continue to be held by the trustee in the EBT.

**Based on S&P Global's closing stock price on February 25, 2022.

Preliminary Allocation of Purchase Price

The merger with IHS Markit was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”). The purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, of which $699 million is expected to be deductible for tax purposes. Goodwill is primarily attributed to synergies from future expected economic benefits, including enhanced revenue growth from expanded capabilities and geographic presence as well as substantial cost savings from duplicative overhead, streamlined operations and enhanced operational efficiency. Goodwill associated with the merger has not yet been assigned to the Company’s reportable segments. The March 31, 2022 consolidated balance sheet includes the assets and liabilities of IHS Markit, which have been measured at fair value as of the acquisition date. The preliminary allocation of purchase price recorded for IHS Markit was as follows:

11



(in millions)February 28, 2022
Assets acquired
Cash and cash equivalents$310 
Accounts receivable, net968 
Prepaid and other current assets244 
Assets of a business held for sale 1,519 
Property and equipment122 
Right of use assets234 
Goodwill30,136 
Other intangible assets20,002 
Other non-current assets1,730 
Total assets acquired$55,265 
Liabilities assumed
Account payable$174 
Accrued compensation81 
Short-term debt968 
Unearned revenue1,053 
Other current liabilities577 
Liabilities of a business held for sale72 
Long-term debt 4,191 
Lease liabilities - non-current227 
Deferred tax liability - non-current4,330 
Other non-current liabilities56 
Total liabilities assumed$11,729 
Total consideration transferred$43,536 

The above fair values of assets acquired and liabilities assumed are preliminary and are based on the information that was available as of the reporting date. The fair values of the assets acquired and liabilities assumed, including the identifiable assets acquired, have been preliminarily determined using the income and cost approaches, and are partially based on inputs that are unobservable. For intangible assets, these inputs include forecasted future cash flows, revenue growth rates, customer attrition rates and discount rates that require judgement and are subject to change. Differences between the preliminary estimates and final accounting will occur, and those differences could be material.

The Company believes that the information provides a reasonable basis for estimating the fair values of the acquired assets and assumed liabilities, but the potential for measurement period adjustments exists based on the Company’s continuing review of matters related to the acquisition. The Company expects to complete the purchase price allocation as soon as practicable, but no later than one year from the acquisition date.

Acquired Identifiable Intangible Assets

The following table sets forth the components of the identifiable intangible assets acquired and their estimated useful lives:

(in millions)Fair ValueWeighted Average Useful Lives
Customer relationships$14,552 25 years
Trade names and trademarks1,542 14 years
Developed technology1,150 10 years
Databases2,758 12 years
Total Identified Intangible Assets$20,002 21 years
12



Expected Amortization Expense

Expected amortization expense for intangible assets over the next five years for the years ended December 31 is as follows:

(in millions)20222023202420252026
Amortization expense$1,148 $1,143 $1,141 $1,114 $1,092 

Acquisition-Related Expenses

The Company incurred acquisition-related costs of $230 million and $49 million related to the IHS Markit merger for the three months ended March 31, 2022 and 2021, respectively. These costs were included in selling and general expenses within the Company’s consolidated statements of income for the three months ended March 31, 2022 and 2021, respectively.

Pro forma information
Since the acquisition date, the results of operations for IHS Markit of $432 million of revenue and $55 million of operating profit for the three months ended March 31, 2022, have been included within the accompanying consolidated statements of income.

The following unaudited supplemental pro forma combined financial information presents the Company’s results of operations for the three months ended March 31, 2022 and 2021 as if the acquisition of IHS Markit had occurred on January 1, 2021. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the Company’s operating results that may have actually occurred had the acquisition of IHS Markit been completed on January 1, 2021. The pro forma results do not include any transaction costs, anticipated synergies or other expected benefits of the acquisition.

Three months ended
March 31
(in millions)20222021
Revenue$3,072 $3,022 
Net Income1
$1,519 $644 
1 The proforma net income excludes $362 million of one-time merger and transaction costs for the three months ended March 31, 2022.

The unaudited pro forma financial information reflects pro forma adjustments to present the combined pro forma results of operations as if the acquisition had occurred on January 1, 2021 to give effect to certain events the Company believes to be directly attributable to the acquisition.

2021

During the three months ended March 31, 2021, we did not complete any material acquisitions.

Divestitures

2022

As a condition of securing regulatory approval for the merger, S&P Global and IHS Markit agreed to divest of certain of their businesses. S&P Global’s divestitures include CUSIP Global Services, its Leveraged Commentary and Data (“LCD”) business and a related family of leveraged loan indices while the IHS Markit’s divestitures include Oil Price Information Services (“OPIS”); Coal, Metals and Mining; and PetroChem Wire businesses and its base chemicals business.

In March of 2022, we completed the previously announced sale of CUSIP Global Services ("CGS"), a business within our Market Intelligence segment, to FactSet Research Systems Inc. for a purchase price of $1.925 billion in cash, subject to customary adjustments. During the three months ended March 31, 2022, we recorded a pre-tax gain of $1.344 billion ($999 million after tax) in Gain on dispositions in the consolidated statements of income related to the sale of CGS.

In February 2022, we completed the previously announced sale of OPIS to News Corp for $1.150 billion in cash.

13


2021

During the three months ended March 31, 2021, we did not complete any dispositions.

During the three months ended March 31, 2021, we recorded a pre-tax gain of $2 million ($2 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Standard & Poor's Investment Advisory Services LLC ("SPIAS"), a business within our Market Intelligence segment, in July of 2019.

Assets and Liabilities Held for Sale

The components of assets and liabilities held for sale in the consolidated balance sheet consist of the following:

(in millions)March 31,December 31,
2022 1
2021 2
Accounts Receivable, net 26 $59 
Goodwill381 255 
Other assets 7 
Assets of businesses held for sale$407 $321 
Accounts payable and accrued expenses$ $11 
Unearned revenue66 138 
Liabilities of businesses held for sale$66 $149 
1 Assets and liabilities held for sale as of March 31, 2022 relate to LCD and the base chemicals business.
2 Assets and liabilities held for sale as of December 31, 2021 relate to CGS and LCD.

The operating profit of our businesses that were disposed of or classified as held for sale for the three months ended March 31 is as follows:
(in millions)20222021
Operating profit 3
$34 $42 
3 The operating profit presented includes the revenue and recurring direct expenses associated with businesses disposed of or held for sale. The three months ended March 31, 2022 and 2021 excludes pre-tax gains related to the sale CGS and SPIAS of $1.3 billion and $2 million, respectively.

3.    Income Taxes

The effective income tax rate was 30.4% and 23.4% for the three months ended March 31, 2022 and March 31, 2021, respectively. The increase in the three months ended March 31, 2022 was primarily due to the tax charge on merger related divestitures and deal related non-deductible costs.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is continuously subject to tax examinations in various jurisdictions. As of March 31, 2022 and December 31, 2021, the total amount of federal, state and local, and foreign unrecognized tax benefits was $191 million and $147 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of March 31, 2022 and December 31, 2021, we had $30 million and $24 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $19 million in the next twelve months as a result of the resolution of local tax examinations.

14



4.    Debt 
A summary of short-term and long-term debt outstanding is as follows:
(in millions)March 31,
2022
December 31,
2021
5.0% Senior Notes, due 2022 1
$66 $ 
4.125% Senior Notes, due 2023 2
39  
3.625% Senior Notes, due 2024 3
48  
4.75% Senior Notes, due 2025 4
267  
4.0% Senior Notes, due 2025 5
283 696 
4.0% Senior Notes, due 2026 6
3  
2.95% Senior Notes, due 2027 7
496 496 
2.45% Senior Notes, due 2027 8
1,234  
4.75% Senior Notes, due 2028 9
834  
4.25% Senior Notes, due 2029 10
1,038  
2.5% Senior Notes, due 2029 11
496 496 
2.7% Sustainability-Linked Senior Notes, due 2029 12
1,231  
1.25% Senior Notes, due 2030 13
593 593 
2.90% Senior Notes, due 2032 14
1,469  
6.55% Senior Notes, due 2037 15
290 290 
4.5% Senior Notes, due 2048 16
273 273 
3.25% Senior Notes, due 2049 17
590 589 
3.70% Senior Notes, due 2052 18
974  
2.3% Senior Notes, due 2060 19
682 681 
3.9% Senior Notes, due 2062 20
486  
Total debt11,392 4,114 
Less: short-term debt including current maturities66  
Long-term debt$11,326 $4,114 
1     Interest payments are due semiannually on May 1 and November 1.
2     Interest payments are due semiannually on February 1 and August 1.
3     Interest payments are due semiannually on May 1 and November 1.
4     Interest payments are due semiannually on February 15 and August 15.
5     Interest payments are due semiannually on June 15 and December 1, and as of March 31, 2022, the unamortized debt discount and issuance costs total $4 million.
6     Interest payments are due semiannually on March 1 and September 1.
7    Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2022, the unamortized debt discount and issuance costs total $4 million.
8    Interest payments are due semiannually on March 1 and September 1, beginning on September 1, 2022, and as of     March 31, 2022, the unamortized debt discount and issuance costs total $16 million.
9     Interest payments are due semiannually on February 1 and August 1.
10 Interest payments are due semiannually on May 1 and November 1.
11    Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2022, the unamortized debt discount and issuance costs total $4 million.
12    Interest payments are due semiannually on March 1 and September 1, beginning on September 1, 2022, and as of March 31, 2022, the unamortized debt discount and issuance costs total $19 million.
13    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2022, the unamortized debt discount and issuance costs total $7 million.
14 Interest payments are due semiannually on March 1 and September 1, beginning on September 1, 2022, and as of March 31, 2022, the unamortized debt discount and issuance costs total $31 million.
15


15    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2022, the unamortized debt discount and issuance costs total $3 million.
16    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2022, the unamortized debt discount and issuance costs total $10 million.
17 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2022, the unamortized debt discount and issuance costs total $10 million.
18    Interest payments are due semiannually on March 1 and September 1, beginning on September 1, 2022, and as of March 31, 2022, the unamortized debt discount and issuance costs total $26 million.
19    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2022, the unamortized debt discount and issuance costs total $18 million.
20    Interest payments are due semiannually on March 1 and September 1, beginning on September 1, 2022, and as of March 31, 2022, the unamortized debt discount and issuance costs total $14 million.
The fair value of our total debt borrowings was $10.8 billion and $4.4 billion as of March 31, 2022 and December 31, 2021, respectively, and was estimated based on quoted market prices.

On February 28, 2022, we completed the merger with IHS Markit in an all-stock transaction. In the transaction, we assumed IHS Markit's publicly traded debt, with an outstanding principal balance of $4.6 billion, which was recorded at fair value of $4.9 billion on the acquisition date. Debt assumed consisted of the following:

5.00% Senior Notes due November 1, 2022 with an outstanding principal balance of $748 million.
4.125% Senior Notes due August 1, 2023 with an outstanding principal balance of $500 million.
3.625% Senior Notes due May 1, 2024 with an outstanding principal balance of $400 million.
4.75% Senior Notes due February 15, 2025 with an outstanding principal balance of $800 million.
4.00% Senior Notes due March 1, 2026 with an outstanding principal balance of $500 million.
4.75% Senior Notes due August 1, 2028 with an outstanding principal balance of $750 million.
4.25% Senior Notes due May 1, 2029 with an outstanding principal balance of $950 million.

The adjustment to fair value of the Senior Notes of approximately $292 million on the acquisition date will be amortized as an adjustment to interest expense over the remaining contractual terms of the Senior Notes.

On March 2, 2022, we completed the offer (the "Exchange Offer") to exchange outstanding notes issued by IHS Markit for new notes issued by us and fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC with the same interest rate, interest payment dates, maturity date and redemption terms as each corresponding series of exchange IHS Markit notes and cash. Of the approximately $4.6 billion in aggregate principal amount of IHS Markit's Senior Notes offered in the exchange, 96% percent, or approximately $4.5 billion, were tendered and accepted. The portion not exchanged, approximately $175 million, remains outstanding across seven series of Senior Notes issued by IHS Markit. The Exchange Offer was treated as a debt modification for accounting purposes resulting in a portion of the unamortized fair value adjustment of the IHS Markit Senior Notes allocated to the new debt issued by S&P Global on the settlement date of the exchange. See Note 2 Acquisitions and Divestitures for additional information on the merger.

On March 4, 2022, we issued $1,250 million of 2.45% Senior Notes due 2027, $1,250 million of 2.7% Sustainability-Linked Senior Notes due 2029, $1,500 million of 2.9% Senior Notes due 2032, $1,000 million of 3.7% Senior Notes due 2052, and $500 million of 3.9% Senior Notes due 2062. The Notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. In the first quarter of 2022, we used a portion of the net proceeds from the new debt issuance to fund the redemption and extinguishment of the outstanding principal amount of our 4.125% Senior Notes due 2023, 3.625% Senior Notes due 2024, and our 4.0% Senior Notes due 2026 which were former IHS Markit Notes that were exchanged to SPGI Notes as part of the Exchange Offer. In addition, we also used part of the net proceeds from the new debt issuance noted above to fund the early tender as well as a subsequent full redemption of our 5.0% Senior Notes due 2022 and the 4.750% Senior Notes due 2025, both of which were former IHS Markit Notes that were exchanged to SPGI Notes as part of the Exchange Offer, as well as our 4.0% Senior Notes due 2025. The majority of the liability management transactions settled within the first quarter, however, given the timing of certain redemptions a lesser portion of these settled post-quarter end.
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During the three months ended March 31, 2022, we recognized a $17 million loss on extinguishment of debt which includes a $118 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, offset by a $101 million non-cash write-off related to the fair market value step up premium on extinguished debt.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our "credit facility") that will terminate on April 26, 2026. On April 26, 2021, we entered into a revolving $1.5 billion five-year credit agreement that included an accordion feature which allowed the Company to increase the total commitments thereunder by up to an additional $500 million, subject to certain customary terms and conditions. On February 25, 2022, we exercised the accordion feature which increased the total commitments available under our credit facility from $1.5 billion to $2.0 billion. As of March 31, 2022 and December 31, 2021, there was no commercial paper outstanding.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 9 basis points. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant required is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.

5.    Derivative Instruments

Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of March 31, 2022 and December 31, 2021, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates and cross currency swap contracts to hedge a portion of our net investment in a foreign subsidiary against volatility in foreign exchange rates. During the three months ended March 31, 2022, we entered into a series of interest rate swaps to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing. These contracts are recorded at fair value that is based on foreign currency exchange rates and interest rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes.

Undesignated Derivative Instruments

During the three months ended March 31, 2022 and twelve months ended December 31, 2021, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts do not qualify for hedge accounting. As of March 31, 2022 and December 31, 2021, the aggregate notional value of these outstanding forward contracts was $878 million and $376 million, respectively. The changes in fair value of these forward contracts are recorded in prepaid and other assets or other current liabilities in the consolidated balance sheet with their corresponding change in fair value recognized in selling and general expenses in the consolidated statement of income. The amount recorded in prepaid and other current assets as of March 31, 2022 and December 31, 2021 was $5 million and $5 million, respectively. The amount recorded in other current liabilities as of March 31, 2022 and December 31, 2021 was $3 million and less than $1 million, respectively. The amount recorded in selling and general expense related to these contracts was a net loss of $19 million and $6 million for three months ended March 31, 2022 and 2021 respectively.

Net Investment Hedges

During the twelve months ended December 31, 2021, we entered into cross currency swaps to hedge a portion of our net investment in one of our European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. These swaps are designated and qualify as a hedge of a net investment in a foreign subsidiary and are scheduled to mature in 2024, 2029, 2030. As of March 31, 2022 and December 31, 2021, the notional value of our outstanding cross currency swaps designated as a net investment hedge was $1 billion. The changes in the fair value of swaps are recognized in foreign currency translation
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adjustments, a component of other comprehensive income (loss), and reported in accumulated other comprehensive loss in our consolidated balance sheet. The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. We have elected to assess the effectiveness of our net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to the cross currency swaps recognized directly in net income for the three months ended March 31, 2022 represent net periodic interest settlements and accruals, which are recognized in interest expense, net. We recognized net interest expense of $10 million for the three months ended March 31, 2022 and net interest income of $5 million for the three months ended March 31, 2021, respectively.


Cash Flow Hedges

Foreign Exchange Forward Contracts

During the three months ended March 31, 2022 and twelve months ended December 31, 2021, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the first quarter of 2024 and the fourth quarter of 2023, respectively. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twenty-four months. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of March 31, 2022, we estimate that less than $1 million of pre-tax gain related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.
As of March 31, 2022 and December 31, 2021, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $501 million and $498 million, respectively.

Interest Rate Swaps

During the the twelve months ended December 31, 2021, we entered into a series of interest rate swaps. These contracts are intended to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing and are scheduled to mature beginning in the first quarter of 2027. These interest rate swaps are designated as cash flow hedges. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and will be subsequently reclassified into interest expense, net in the same period that the hedged transaction affects earnings.
As of March 31, 2022, the aggregate notional value of our outstanding interest rate swaps designated as cash flow hedges was $1.4 billion.
The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of March 31, 2022 and December 31, 2021:
(in millions)