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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 September 30, 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-20220930_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 October 21, 2022 (latest practicable date), 325.8 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 September 30, 2022, the related consolidated statements of income, comprehensive income, and equity for the three- and nine-month periods ended September 30, 2022 and 2021, the related consolidated statements of cash flows for the nine-month periods ended September 30, 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
October 27, 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 EndedNine Months Ended
September 30, September 30,
2022202120222021
Revenue$2,861 $2,087 $8,244 $6,209 
Expenses:
Operating-related expenses994 543 2,754 1,598 
Selling and general expenses720 423 2,442 1,162 
Depreciation31 20 93 63 
Amortization of intangibles267 21 645 74 
Total expenses2,012 1,007 5,934 2,897 
Loss (gain) on dispositions2 (3)(1,897)(5)
Equity in income on unconsolidated subsidiaries(6) (21) 
Operating profit853 1,083 4,228 3,317 
Other income, net(37)(22)(86)(51)
Interest expense, net71 31 218 94 
(Gain) loss on extinguishment of debt, net(4) 15  
Income before taxes on income823 1,074 4,081 3,274 
Provision for taxes on income145 213 1,053 747 
Net income678 861 3,028 2,527 
Less: net income attributable to noncontrolling interests
(70)(64)(213)(178)
Net income attributable to S&P Global Inc.$608 $797 $2,815 $2,349 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$1.84 $3.31 $8.95 $9.76 
Diluted$1.84 $3.30 $8.91 $9.72 
Weighted-average number of common shares outstanding:
Basic329.6 240.9 314.5 240.8 
Diluted330.9 241.7 315.7 241.7 
Actual shares outstanding at period end325.8 241.0 
See accompanying notes to the unaudited consolidated financial statements.
4


S&P Global Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
 
(in millions)Three Months EndedNine Months Ended
September 30, September 30,
2022202120222021
Net income$678 $861 $3,028 $2,527 
Other comprehensive income:
Foreign currency translation adjustments
(255)(7)(371)6 
Income tax effect
(15)(6)(42)(4)
(270)(13)(413)2 
Pension and other postretirement benefit plans
4 5 5 25 
Income tax effect
(1)(1)(1)(5)
3 4 4 20 
Unrealized gain (loss) on cash flow hedges54 31 283 (183)
Income tax effect
(14)(8)(71)48 
40 23 212 (135)
Comprehensive income451 875 2,831 2,414 
Less: comprehensive income attributable to nonredeemable noncontrolling interests
(6)(6)(18)(17)
Less: comprehensive income attributable to redeemable noncontrolling interests
(64)(58)(195)(161)
Comprehensive income attributable to S&P Global Inc.
$381 $811 $2,618 $2,236 


See accompanying notes to the unaudited consolidated financial statements.
5


S&P Global Inc.
Consolidated Balance Sheets
 
(in millions)September 30,
2022
December 31,
2021
(Unaudited) 
ASSETS
Current assets:
Cash and cash equivalents$1,387 $6,497 
Restricted cash2 8 
Accounts receivable, net of allowance for doubtful accounts: 2022 - $44; 2021 - $26
2,213 1,650 
Prepaid and other current assets576 334 
Assets of a business held for sale 321
Total current assets4,178 8,810 
Property and equipment, net of accumulated depreciation: 2022 - $867; 2021 - $620
305 241 
Right of use assets455 426 
Goodwill34,499 3,506 
Other intangible assets, net19,524 1,285 
Equity investment in unconsolidated subsidiaries1,889 165 
Other non-current assets963 593 
Total assets$61,813 $15,026 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$371 $205 
Accrued compensation and contributions to retirement plans531 607 
Short-term debt52  
Income taxes currently payable171 90 
Unearned revenue2,870 2,217 
Other current liabilities1,053 547 
Liabilities of a business held for sale 149
Total current liabilities5,048 3,815 
Long-term debt 10,734 4,114 
Lease liabilities — non-current592 492 
Pension and other postretirement benefits259 262 
Deferred tax liability — non-current4,336 174 
Other non-current liabilities445 633 
Total liabilities21,414 9,490 
Redeemable noncontrolling interest (Note 8)3,159 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 capital44,229 1,031 
Retained income17,735 15,017 
Accumulated other comprehensive loss(1,038)(841)
Less: common stock in treasury(24,174)(13,469)
Total equity — controlling interests37,167 2,032 
Total equity — noncontrolling interests73 75 
Total equity 37,240 2,107 
Total liabilities and equity$61,813 $15,026 
    

See accompanying notes to the unaudited consolidated financial statements.
6


S&P Global Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 
(in millions)Nine Months Ended
September 30,
20222021
Operating Activities:
Net income$3,028 $2,527 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation93 63 
Amortization of intangibles645 74 
Provision for losses on accounts receivable18 16 
Deferred income taxes(155)1 
Stock-based compensation160 90 
Gain on dispositions(1,897)(5)
Loss on extinguishment of debt, net15  
Other249 32 
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable291 122 
Prepaid and other current assets(66)(66)
Accounts payable and accrued expenses(382)(85)
Unearned revenue(188)(159)
Other current liabilities(85)(35)
Net change in prepaid/accrued income taxes(92)67 
Net change in other assets and liabilities(144)16 
Cash provided by operating activities1,490 2,658 
Investing Activities:
Capital expenditures(61)(33)
Acquisitions, net of cash acquired242 (19)
Proceeds from dispositions3,510 11 
Changes in short-term investments(2)(1)
Cash provided by (used for) investing activities3,689 (42)
Financing Activities:
Payments on short-term debt, net(219) 
Proceeds from issuance of senior notes, net5,395  
Payments on senior notes(3,684) 
Dividends paid to shareholders(749)(557)
Proceeds from noncontrolling interest holders410  
Distributions to noncontrolling interest holders(197)(171)
Repurchase of treasury shares(11,003) 
Exercise of stock options4 10 
Employee withholding tax on share-based payments (85)(54)
Cash used for financing activities(10,128)(772)
Effect of exchange rate changes on cash(167)(59)
Net change in cash, cash equivalents, and restricted cash(5,116)1,785 
Cash, cash equivalents, and restricted cash at beginning of period6,505 4,122 
Cash, cash equivalents, and restricted cash at end of period$1,389 $5,907 

See accompanying notes to the unaudited consolidated financial statements.
7


S&P Global Inc.
Consolidated Statements of Equity
(Unaudited)
Three Months Ended September 30, 2022
 (in millions)
Common Stock $1 par
Additional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of June 30, 2022$415 $43,242 $17,298 $(811)$20,711 $39,433 $73 $39,506 
Comprehensive income 1
608 (227)381 6 387 
Dividends (Dividend declared per common share — $0.85 per share)
(277)(277)(2)(279)
Share repurchases962 3,462 (2,500)(2,500)
Employee stock plans25 1 24 24 
Change in redemption value of redeemable noncontrolling interest106 106 106 
Other— — (4)(4)
Balance as of September 30, 2022$415 $44,229 $17,735 $(1,038)$24,174 $37,167 $73 $37,240 
Three Months Ended September 30, 2021
 (in millions)
Common Stock $1 par
Additional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of June 30, 2021$294 $963 $14,237 $(764)$13,465 $1,265 $66 $1,331 
Comprehensive income 1
797 14 811 6 817 
Dividends (Dividend declared per common share — $0.77 per share)
(186)(186)(3)(189)
Employee stock plans38 7 31 — 31 
Change in redemption value of redeemable noncontrolling interest(76)(76)(76)
Other— 1 1 
Balance as of September 30, 2021$294 $1,001 $14,772 $(750)$13,472 $1,845 $70 $1,915 
8


Nine Months Ended September 30, 2022
 (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, 2021$294 $1,031 $15,017 $(841)$13,469 $2,032 $75 $2,107 
Comprehensive income 1
2,815 (197)2,618 18 2,636 
Dividends (Dividend declared per common share — $2.47 per share)
(749)(749)(12)(761)
Acquisition of IHS Markit121 43,415 43,536 43,536 
Share repurchases(313)10,690 (11,003)(11,003)
Employee stock plans96 15 81 81 
Change in redemption value of redeemable noncontrolling interest653 653 653 
Other(1)(1)(8)(9)
Balance as of September 30, 2022$415 $44,229 $17,735 $(1,038)$24,174 $37,167 $73 $37,240 
Nine Months Ended September 30, 2021
 (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, 2020$294 $946 $13,367 $(637)$13,461 $509 $62 $571 
Comprehensive income 1
2,349 (113)2,236 17