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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, 2024
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  
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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 19, 2024 (latest practicable date), 312.9 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, 2024, the related consolidated statements of income, comprehensive income, and equity for the three-month periods ended March 31, 2024 and 2023, the related consolidated statements of cash flows for the three-month periods ended March 31, 2024 and 2023, 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, 2023, 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, 2024, 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, 2023, 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
April 25, 2024



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,
20242023
Revenue$3,491 $3,160 
Expenses:
Operating-related expenses1,120 1,088 
Selling and general expenses705 705 
Depreciation23 25 
Amortization of intangibles264 262 
Total expenses2,112 2,080 
Gain on disposition (50)
Equity in income on unconsolidated subsidiaries(6)(14)
Operating profit1,385 1,144 
Other (income) expense, net(9)11 
Interest expense, net78 85 
Income before taxes on income1,316 1,048 
Provision for taxes on income248 188 
Net income1,068 860 
Less: net income attributable to noncontrolling interests
(77)(65)
Net income attributable to S&P Global Inc.$991 $795 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$3.16 $2.47 
Diluted$3.16 $2.47 
Weighted-average number of common shares outstanding:
Basic313.6 321.3 
Diluted314.0 322.1 
Actual shares outstanding at period end313.1 320.8 
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,
20242023
Net income$1,068 $860 
Other comprehensive income:
Foreign currency translation adjustments
(71)42 
Income tax effect
(8)3 
(79)45 
Pension and other postretirement benefit plans
1 1 
Income tax effect
  
1 1 
Unrealized gain on cash flow hedges21 (27)
Income tax effect
(5)6 
16 (21)
Comprehensive income1,006 885 
Less: comprehensive income attributable to nonredeemable noncontrolling interests
(7)(4)
Less: comprehensive income attributable to redeemable noncontrolling interests
(70)(61)
Comprehensive income attributable to S&P Global Inc.
$929 $820 


See accompanying notes to the unaudited consolidated financial statements.
5


S&P Global Inc.
Consolidated Balance Sheets
 
(in millions)March 31,
2024
December 31,
2023
(Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$1,543 $1,290 
Restricted cash1 1 
Accounts receivable, net of allowance for doubtful accounts: 2024 - $55; 2023 - $54
2,979 2,826 
Prepaid and other current assets845 1,026 
Assets of a business held for sale60  
Total current assets5,428 5,143 
Property and equipment, net of accumulated depreciation: 2024 - $800; 2023 - $794
247 258 
Right of use assets371 379 
Goodwill34,748 34,850 
Other intangible assets, net17,120 17,398 
Equity investments in unconsolidated subsidiaries1,775 1,787 
Other non-current assets788 774 
Total assets$60,477 $60,589 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$458 $557 
Accrued compensation and contributions to retirement plans419 906 
Short-term debt301 47 
Income taxes currently payable179 121 
Unearned revenue3,535 3,461 
Other current liabilities975 1,033 
Liabilities of a business held for sale10  
Total current liabilities5,877 6,125 
Long-term debt 11,404 11,412 
Lease liabilities — non-current524 541 
Pension and other postretirement benefits197 199 
Deferred tax liability — non-current3,631 3,690 
Other non-current liabilities595 522 
Total liabilities22,228 22,489 
Redeemable noncontrolling interests (Note 8)3,825 3,800 
Commitments and contingencies (Note 12)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued - 2024 and 2023 415 million shares
415 415 
Additional paid-in capital44,295 44,231 
Retained income19,433 18,728 
Accumulated other comprehensive loss(825)(763)
Less: common stock in treasury(28,991)(28,411)
Total equity — controlling interests34,327 34,200 
Total equity — noncontrolling interests97 100 
Total equity 34,424 34,300 
Total liabilities and equity$60,477 $60,589 
    

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,
20242023
Operating Activities:
Net income$1,068 $860 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation23 25 
Amortization of intangibles264 262 
Provision for losses on accounts receivable15 8 
Deferred income taxes(67)(167)
Stock-based compensation33 46 
Gain on disposition (50)
Other81 10 
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable(185)23 
Prepaid and other current assets63 (98)
Accounts payable and accrued expenses(602)(343)
Unearned revenue84 61 
Other current liabilities(194)(158)
Net change in prepaid/accrued income taxes192 169 
Net change in other assets and liabilities173 (54)
Cash provided by operating activities948 594 
Investing Activities:
Capital expenditures(24)(28)
Acquisitions, net of cash acquired(1)(272)
Proceeds from dispositions 50 
Changes in short-term investments5 (3)
Cash used for investing activities(20)(253)
Financing Activities:
Additions to short-term debt, net250 710 
Dividends paid to shareholders(286)(290)
Distributions to noncontrolling interest holders, net(73)(78)
Repurchase of treasury shares(500)(500)
Exercise of stock options and other1 3 
Employee withholding tax on share-based payments (49)(75)
Cash used for financing activities(657)(230)
Effect of exchange rate changes on cash(18)7 
Net change in cash, cash equivalents, and restricted cash253 118 
Cash, cash equivalents, and restricted cash at beginning of period1,291 1,287 
Cash, cash equivalents, and restricted cash at end of period$1,544 $1,405 

See accompanying notes to the unaudited consolidated financial statements.
7


S&P Global Inc.
Consolidated Statements of Equity
(Unaudited)
Three Months Ended March 31, 2024
 (in millions)
Common Stock $1 par
Additional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 2023$415 $44,231 $18,728 $(763)$28,411 $34,200 $100 $34,300 
Comprehensive income 1
991 (62)929 7 936 
Dividends (Dividend declared per common share — $0.91 per share)
(286)(286)(286)
Share repurchases120 620 (500)(500)
Employee stock plans(56)(40)(16)(16)
Change in redemption value of redeemable noncontrolling interests(1)(1)(1)
Other1 1 (10)(9)
Balance as of March 31, 2024
$415 $44,295 $19,433 $(825)$28,991 $34,327 $97 $34,424 
Three Months Ended March 31, 2023
 (in millions)
Common Stock $1 par
Additional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 2022$415 $44,422 $17,784 $(886)$25,347 $36,388 $89 $36,477 
Comprehensive income 1
795 25 820 4 824 
Dividends (Dividend declared per common share — $0.90 per share)
(287)(287)(287)
Share repurchases50 550 (500)(500)
Employee stock plans(143)(118)(25)(25)
Change in redemption value of redeemable noncontrolling interests(120)(120)(120)
Other(1)(1)2 1 
Balance as of March 31, 2023
$415 $44,329 $18,171 $(861)$25,779 $36,275 $95 $36,370 

1Excludes comprehensive income of $70 million and $61 million for the three months ended March 31, 2024 and 2023, respectively, attributable to our redeemable noncontrolling interests.

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 five 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”) and S&P Dow Jones Indices (“Indices”).
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 a 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 (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.
Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
As of May 2, 2023, we completed the sale of S&P Global Engineering Solutions (“Engineering Solutions”), a provider of engineering standards and related technical knowledge, and the results are included through that date.
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, 2023 (our “Form 10-K”).

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, 2024 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, business combinations, 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 $1 million as of March 31, 2024 and December 31, 2023.

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, 2024 and December 31, 2023, contract assets were $77 million and $75 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

9


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, 2024 compared to December 31, 2023 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $1.4 billion 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, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $4.1 billion. We expect to recognize revenue on approximately sixty percent and eighty-five percent 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 Contracts

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 contracts were $234 million as of March 31, 2024 and December 31, 2023, 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 company’s post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME Group’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. Our share of earnings or losses are recognized in Equity in income on unconsolidated subsidiaries in our consolidated statements of income.

Other (Income) Expense, net

The components of other (income) expense, net for the three months ended March 31 are as follows:
(in millions)20242023
Other components of net periodic benefit cost$(6)$(6)
Net (gain) loss from investments(3)17 
Other (income) expense, net$(9)$11 

10


2.    Acquisitions and Divestitures

Acquisitions

2024

On February 20, 2024, we entered into an agreement to acquire Visible Alpha, the financial technology provider of deep industry and segment consensus data, sell-side analyst models and analytics from high-quality, exclusive sources. The acquisition is expected to create a premium offering of fundamental investment research capabilities on Market Intelligence’s Capital IQ Pro platform. The combination of Visible Alpha with S&P Capital IQ Pro, the flagship S&P Global platform for research and analysis across institutional and corporate markets, reflects S&P Global’s continued commitment to be the foremost provider in this space. The transaction with Visible Alpha is subject to customary closing conditions, including receipt of certain regulatory approvals, and is expected to close during 2024. The proposed acquisition of Visible Alpha is not expected to be material to our consolidated financial statements.

2023

On February 16, 2023, we completed the acquisition of Market Scan Information Systems, Inc. (“Market Scan”), a leading provider of automotive pricing and incentive intelligence, including Automotive Payments as a ServiceTM and its powerful payment calculation engine. The addition of Market Scan to Mobility enabled the integration of detailed transaction intelligence in areas that are complementary to existing services for dealers, OEMs, lenders, and other market participants. The acquisition of Market Scan is not material to our consolidated financial statements.

On January 3, 2023, we completed the acquisition of ChartIQ, a premier charting provider for the financial services industry. ChartIQ is a professional grade charting solution that allows users to visualize data with a fully interactive web-based library that works seamlessly across web, mobile and desktop. It provides advanced capabilities including trade visualization, options analytics, technical analysis and more. Additionally, ChartIQ allows clients to visualize vendor-supplied data combined with their own proprietary content, alternative datasets or analytics. The acquisition is part of our Market Intelligence segment and further enhances our S&P Capital IQ Pro platform and other workflow solutions to provide the industry with leading visualization capabilities. The acquisition of ChartIQ is not material to our consolidated financial statements.

On January 4, 2023, we completed the acquisition of TruSight Solutions LLC (“TruSight”) a provider of third-party vendor risk assessments. The acquisition was integrated into our Market Intelligence segment and further expanded the breadth and depth of S&P Global’s third party vendor risk management solutions by offering high-quality validated assessment data to clients designed to reduce further the vendor due diligence burden on service providers to the financial services industry. The acquisition of TruSight is not material to our consolidated financial statements.

Divestitures

2024

On February 20, 2024 we announced our intent to explore strategic opportunities for Fincentric, formerly known as Markit Digital. Fincentric is S&P Global’s premier digital solutions provider focused on developing mobile applications and websites for retail brokerages and other financial institutions. Fincentric specializes in designing cutting-edge financial data visualizations, interfaces and investor experiences. Fincentric joined S&P Global through the merger with IHS Markit and is part of our Market Intelligence segment. The assets and liabilities of Fincentric were classified as held for sale in our consolidated balance sheet as of March 31, 2024. The proposed divestiture of Fincentric is not expected to be material to our consolidated financial statements.

2023

In the first quarter of 2023, we received a contingent payment following the sale of Leveraged Commentary and Data (“LCD”) along with a related family of leveraged loan indices in June of 2022. The contingent payment was payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. During the three months ended March 31, 2023, the contingent payment resulted in a pre-tax gain of $46 million ($34 million after-tax) related to the sale of LCD in our Market Intelligence segment and $4 million ($3 million after-tax) in Gain on disposition related to the sale of a family of leveraged loan indices in our Indices segment.
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Assets and Liabilities Held for Sale

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

(in millions)March 31December 31,
2024 1
2023
Accounts Receivable, net $13 $ 
Goodwill46  
Other assets1  
Assets of a business held for sale$60 $ 
Accounts payable and accrued expenses$6 $ 
Unearned revenue4  
Liabilities of a business held for sale$10 $ 
1 Assets and liabilities held for sale as of March 31, 2024 relate to Fincentric.

The operating profit (loss) of our businesses that were held for sale or disposed of for the three months ended March 31 is as follows:
(in millions)20242023
Operating profit (loss) 2
$(3)$15 
2 The operating profit (loss) presented includes the revenue and recurring direct expenses associated with businesses held for sale or disposed of. The three months ended March 31, 2023 excludes a pre-tax gain related to the sale of LCD and leveraged loan indices of $50 million.

3.    Income Taxes

The effective income tax rate was 18.8% and 17.9% for the three months ended March 31, 2024 and March 31, 2023, respectively. The increase in the three months ended March 31, 2024 was primarily due to change in mix of income by jurisdiction.

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 subject to tax examinations in various jurisdictions. As of March 31, 2024 and December 31, 2023, the total amount of federal, state and local, and foreign unrecognized tax benefits was $225 million and $230 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, 2024 and December 31, 2023, we had $52 million and $50 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 $12 million in the next twelve months as a result of the resolution of local tax examinations.

The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two which includes a global minimum tax of 15%. This framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the results disclosed and did not have a significant impact on our consolidated financial statements. The Company continues to monitor jurisdictions that are expected to implement Pillar Two in the future, and it is in the process of evaluating the potential impact of the enactment of Pillar Two by such jurisdictions on its consolidated financial statements.


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4.    Debt 

A summary of short-term and long-term debt outstanding is as follows:
(in millions)March 31,
2024
December 31,
2023
3.625% Senior Notes, due 2024 1
47 47 
4.75% Senior Notes, due 2025 2
4 4 
4.0% Senior Notes, due 2026 3
3 3 
2.95% Senior Notes, due 2027 4
497 497 
2.45% Senior Notes, due 2027 5
1,240 1,240 
4.75% Senior Notes, due 2028 6
807 810 
4.25% Senior Notes, due 2029 7
1,014 1,016 
2.5% Senior Notes, due 2029 8
497 497 
2.70% Sustainability-Linked Senior Notes, due 2029 9
1,236 1,236 
1.25% Senior Notes, due 2030 10
595 595 
2.90% Senior Notes, due 2032 11
1,475 1,474 
5.25% Senior Notes, due 2033 12
743 743 
6.55% Senior Notes, due 2037 13
291 291 
4.5% Senior Notes, due 2048 14
272 272 
3.25% Senior Notes, due 2049 15
590 590 
3.70% Senior Notes, due 2052 16
975 975 
2.3% Senior Notes, due 2060 17
683 683 
3.9% Senior Notes, due 2062 18
486 486 
Commercial paper250  
Total debt11,705 11,459 
Less: short-term debt including current maturities301 47 
Long-term debt$11,404 $11,412 

1     Interest payments are due semiannually on May 1 and November 1.
2     Interest payments are due semiannually on February 15 and August 15.
3     Interest payments are due semiannually on March 1 and September 1.
4    Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2024, the unamortized debt discount and issuance costs total $3 million.
5    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $10 million.
6     Interest payments are due semiannually on February 1 and August 1.
7 Interest payments are due semiannually on May 1 and November 1.
8    Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2024, the unamortized debt discount and issuance costs total $3 million.
9    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $14 million.
10    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $5 million.
11 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $25 million.
12 Interest payments are due semiannually on March 15 and September 15, beginning on March 15, 2024, and as of March 31, 2024, the unamortized debt discount and issuance costs total $7 million.
13    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $2 million.
13


14    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $11 million.
15 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2024, the unamortized debt discount and issuance costs total $10 million.
16    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $25 million.
17    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $17 million.
18    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $14 million.
The fair value of our total debt borrowings was $10.1 billion and $10.3 billion as of March 31, 2024 and December 31, 2023, respectively, and was estimated based on quoted market prices.

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. As of March 31, 2024, there was $250 million of commercial paper outstanding. As of December 31, 2023, we had no outstanding commercial paper.

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 8 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, 2024 and December 31, 2023, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates and held cross currency swap contracts to hedge a portion of our net investment in a foreign subsidiary against volatility in foreign exchange rates. As of December 31, 2023, we held 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, 2024 and twelve months ended December 31, 2023, 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 sheets. These forward contracts do not qualify for hedge accounting. As of March 31, 2024 and December 31, 2023, the aggregate notional value of these outstanding forward contracts was $2.9 billion and $2.6 billion, respectively. The changes in fair value of these forward contracts are recorded in prepaid and other current assets or other current liabilities in the consolidated balance sheets with their corresponding change in fair value recognized in selling and general expenses in the consolidated statements of income. The amount recorded in prepaid and other current assets as of March 31, 2024 and December 31, 2023 was less than $7 million and $69 million, respectively. The amount recorded in other current liabilities as of March 31, 2024 and December 31, 2023 was $15 million and $1 million, respectively. The amount recorded in selling and general expense related to these contracts was a net loss of $37 million and a net gain of $29 million for three months ended March 31, 2024 and 2023, respectively.

Net Investment Hedges

As of March 31, 2024 and December 31, 2023, we held 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 and 2030. The notional value of
14


our outstanding cross currency swaps designated as a net investment hedge was $1.5 billion as of March 31, 2024 and December 31, 2023. The changes in the fair value of these swaps are recognized in foreign currency translation 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, 2024 represent net periodic interest settlements and accruals, which are recognized in interest expense, net. We recognized net interest income of $8 million and interest expense of $9 million for the three months ended March 31, 2024 and 2023, respectively.

Cash Flow Hedges

Foreign Exchange Forward Contracts

During the three months ended March 31, 2024 and the twelve months ended December 31, 2023, 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 2026 and the fourth quarter of 2025, 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, 2024, we estimate that $6 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, 2024 and December 31, 2023, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $540 million and $529 million, respectively.

Interest Rate Swaps

During the three months ended March 31, 2024, we terminated our interest rate swap contracts with an aggregate notional value of $813 million and received net proceeds of $155 million upon termination. These contracts were designated as cash flow hedges and were scheduled to mature beginning in the first quarter of 2027. We performed a final effectiveness test upon the termination of each swap, and the effective portion of the gain of $155 million was recorded in accumulated other comprehensive loss in our consolidated balance sheet. The gain will be recognized into interest expense, net over the term which related interest payments will be made when we enter into anticipated future debt refinancing.

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, 2024 and December 31, 2023:

(in millions)March 31, December 31,
Balance Sheet Location20242023
Derivatives designated as cash flow hedges:
Prepaid and other current assets Foreign exchange forward contracts$7 $9 
Other current liabilitiesForeign exchange forward contracts$ $2 
Other non-current assetsInterest rate swap contracts$ $134 
Derivatives designated as net investment hedges:
Other non-current assets Cross currency swaps$126 $ 
Other non-current liabilitiesCross currency swaps$109 $14 
The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the three months ended March 31:
15


(in millions)Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
2024202320242023
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts$ $6 Revenue, Selling and general expenses$2 $ 
Interest rate swap contracts$21 $(34)Interest expense, net$ $(1)
Net investment hedges - designated as hedging instruments
Cross currency swaps$30 $(9)Interest expense, net$(1)$(1)
The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the three months ended March 31:
(in millions)20242023
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period$5 $ 
Change in fair value, net of tax2 4 
Reclassification into earnings, net of tax(2) 
Net unrealized gains on cash flow hedges, net of taxes, end of period$5 $4 
Interest rate swap contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period$84 $48 
Change in fair value, net of tax16 (26)
Reclassification into earnings, net of tax 1 
Net unrealized gains on cash flow hedges, net of taxes, end of period$100 $23 
Net Investment Hedges
Net unrealized (losses) gains on net investment hedges, net of taxes, beginning of period$(21)$56 
Change in fair value, net of tax21 (8)
Reclassification into earnings, net of tax1 1 
Net unrealized gains on net investment hedges, net of taxes, end of period$1 $49 
6. Employee Benefits
We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We also have supplemental benefit plans that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees’ compensation to the employees’ accounts.

We also provide certain medical, dental and life insurance benefits for active employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other
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comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income.

The components of net periodic benefit cost for our retirement plans and postretirement plans for the three months ended March 31 are as follows: 

(in millions)20242023
Interest cost$17 $18 
Expected return on assets(24)(25)
Amortization of prior service credit / actuarial loss1 1 
Net periodic benefit cost$(6)$(6)

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three months ended March 31, 2024 and 2023.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans which became effective on January 1, 2024. The effect of the assumption changes on retirement and postretirement expense for the three months ended March 31, 2024 did not have a material impact to our financial position, results of operations or cash flows.

In the first three months of 2024, we contributed $3 million to our retirement plans and expect to make additional required contributions of approximately $8 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in the remaining nine months of 2024.

7.    Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees under the 2019 Employee Stock Incentive Plan and to our eligible non-employee members of the Board of Directors under a Director Deferred Stock Ownership Plan.

For the three months ended March 31, 2024 and 2023, total stock-based compensation expense related to restricted stock and other stock-based awards was $33 million and $46 million, respectively. During the three months ended March 31, 2024, the Company granted 0.4 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $422.70 per share. Total unrecognized compensation expense related to unvested equity awards as of March 31, 2024 was $259 million, which is expected to be recognized over a weighted average period of 1.6 years.

8.    Equity

Dividends

On January 23, 2024, the Board of Directors approved an increase in the dividends for 2024 to a quarterly common stock dividend of $0.91 per share.

Stock Repurchases

On June 22, 2022, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2022 Repurchase Program”), which was approximately 9% of the total shares of our outstanding common stock at that time.

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of March 31, 2024, 17.4 million shares remained available under the 2022 Repurchase Program. Our 2022 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.
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We enter into accelerated share repurchase (“ASR”) agreements with financial institutions to initiate share repurchases of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares. This initial delivery of shares represents the minimum number of shares that we may receive under the agreement. Upon settlement of the ASR agreement, the financial institution delivers additional shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount. We account for our ASR agreements as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreements resulted in a reduction of outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The repurchased shares are held in Treasury. The forward stock purchase contracts were classified as equity instruments.

The terms of each ASR agreement entered into during the three months ended March 31, 2024 and 2023, structured as outlined above, are as follows:
(in millions, except average price paid per share)
ASR Agreement Initiation DateASR Agreement Completion DateInitial Shares DeliveredAdditional Shares DeliveredTotal Number of Shares
Purchased
Average Price Paid Per ShareTotal Cash Utilized
February 12, 2024 1
1.0 1.0$ $500 
February 13, 2023 2
May 5, 20231.10.3 1.4$341.95 $500 

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Companys common stock on February 12, 2024 when the Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on April 12, 2024 and received an additional 0.2 million shares. We repurchased a total of 1.2 million shares under the ASR agreement for an average purchase price of $421.05 per share. The ASR agreement was executed under our 2022 Repurchase Program.
2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Companys common stock on February 13, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program. We completed the ASR agreement on May 5, 2023 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

During the three months ended March 31, 2024, we received 1.2 million shares, including 0.2 million shares received in February of 2024 related to our November 13, 2023 ASR agreement. During the three months ended March 31, 2024, we purchased a total of 1.0 million shares for $500 million of cash. During the three months ended March 31, 2023, we purchased a total of 1.1 million shares for $500 million of cash.

Redeemable Noncontrolling Interests

Our redeemable noncontrolling interests include an agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture that contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC (“CGIS”) has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group’s and CGIS’ minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interests” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 fair value measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.
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Noncontrolling interests that do not contain such redemption features are presented in equity.
Changes to redeemable noncontrolling interests during the three months ended March 31, 2024 were as follows:
(in millions)
Balance as of December 31, 2023
$3,800 
Net income attributable to redeemable noncontrolling interests70 
Distributions payable to redeemable noncontrolling interests(49)
Redemption value adjustment1 
Other 1
3 
Balance as of March 31, 2024
$3,825 

1 Includes foreign currency translation adjustments.

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the three months ended March 31, 2024:
(in millions)Foreign Currency Translation AdjustmentsPension and Postretirement Benefit PlansUnrealized Gain (Loss) on Cash Flow HedgesAccumulated Other Comprehensive Loss
Balance as of December 31, 2023
$(487)$(362)$86 $(763)
Other comprehensive income (loss) before reclassifications(80)1 18 (62)
Reclassifications from accumulated other comprehensive income (loss) to net earnings
1 1 2(2)3 
Net other comprehensive income (loss)(79)1 16 (62)
Balance as of March 31, 2024
$(566)$(361)$102 $(825)
1Includes an unrealized gain related to our cross currency swaps. See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.
2Reflects amortization of net actuarial losses and is net of a tax benefit of less than $1 million for the three months ended March 31, 2024. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.

9.    Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options and restricted performance shares calculated using the treasury stock method.

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The calculation of basic and diluted EPS for the three months ended March 31 is as follows:
(in millions, except per share amounts)20242023
Amounts attributable to S&P Global Inc. common shareholders:
Net income$991 $795 
Basic weighted-average number of common shares outstanding
313.6 321.3 
Effect of stock options and other dilutive securities0.4 0.8 
Diluted weighted-average number of common shares outstanding
314.0 322.1 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$3.16 $2.47 
Diluted$3.16 $2.47 

We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded when the necessary vesting conditions have not been met or when a net loss exists. For the three months ended March 31, 2024 and 2023, there were no stock options excluded. Restricted performance shares outstanding of 0.9 million and 0.8 million as of March 31, 2024 and 2023, respectively, were excluded.

10.    Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2024 and 2023 restructuring plans consisted of a company-wide workforce reduction of approximately 287 and 1,050 positions, respectively, and are further detailed below. The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of March 31, 2024 by segment is as follows:
2024 Restructuring Plan2023 Restructuring Plan
(in millions)Initial Charge RecordedEnding Reserve BalanceInitial Charge RecordedEnding Reserve Balance
Market Intelligence$31 $24 $90 $41 
Ratings1 1 10 5 
Commodity Insights   26 12 
Mobility   9 5 
Indices1 1 5 2 
Corporate 2 2 43 18 
Total $35 $28 $183 $83 

We recorded a pre-tax restructuring charge of $35 million primarily related to employee severance charges for the 2024 restructuring plan during the three months ended March 31, 2024 and have reduced the reserve by $7 million. The ending reserve balance for the 2023 restructuring plan was $152 million as of December 31, 2023. For the three months ended March 31, 2024, we have reduced the reserve for the 2023 restructuring plan by $69 million. The reductions primarily related to cash payments for employee severance charges.

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11. 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 and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other (income) expense, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments. As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.


A summary of operating results for the three months ended March 31 is as follows: 
Revenue
(in millions)20242023
Market Intelligence $1,142 $1,071 
Ratings 1,062 824 
Commodity Insights 559 508 
Mobility386 358 
Indices 387 341 
Engineering Solutions 100 
Intersegment elimination 1
(45)(42)
Total revenue$3,491 $3,160 

Operating Profit
(in millions)20242023
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 segments1,436 1,209 
Corporate Unallocated expense 8
(57)(79)
Equity in Income on Unconsolidated Subsidiaries 9
6 14 
Total operating profit$1,385$1,144
1Revenue 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.
2Operating 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.
3Operating 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.
4Operating 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.
5Operating 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.
6Operating 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.
7Operating profit for 2023 includes amortization of intangibles from acquisitions of $2 million.
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8Corporate 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.
9Equity 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 IntelligenceRatingsCommodity InsightsMobility Indices
Engineering Solutions 1
Intersegment Elimination 2
Total
2024
Subscription$947 $ $450 $311 $70 $ $ $1,778 
Non-subscription / Transaction54 582 83 75    794 
Non-transaction 480     (45)435 
Asset-linked fees    244   244 
Sales usage-based royalties  26  73   99 
Recurring variable revenue141       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 IntelligenceRatingsCommodity InsightsMobilityIndices
Engineering Solutions 1
Intersegment Elimination 2
Total
2023
Subscription$890 $ $409 $281 $66 $94 $ $1,740 
Non-subscription / Transaction56 379 80 77  6  598 
Non-transaction 445