S&P GLOBAL, INC.
S&P Global and IHS Markit Proforma Combined Company
Operating Results by Segment
Periods Ended December 31, 2021
(dollars in millions, except per share data)
| (unaudited) | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |
| Market Intelligence | ||||||||||
| Revenue | ||||||||||
| Previously Reported Market Intelligence Revenue | $539 | $539 | $555 | $555 | $570 | $570 | $583 | $583 | $2,247 | $2,247 |
| Adjustments | ||||||||||
IHS Markit Financial Services Revenue (a)
| 454 | 454 | 445 | 445 | 448 | 448 | 471 | 471 | 1,818 | 1,818 |
Transfers from Mobility and Engineering Solutions (b)
| 55 | 55 | 55 | 55 | 57 | 57 | 57 | 57 | 224 | 224 |
Transfers to Indices and Commodity Solutions (c)
| (40) | (40) | (39) | (39) | (39) | (39) | (41) | (41) | (159) | (159) |
Divestitures (d)
| (58) | (58) | (59) | (59) | (62) | (62) | (61) | (61) | (240) | (240) |
| Proforma Revenue | $950 | $950 | $957 | $957 | $974 | $974 | $1,009 | $1,009 | $3,890 | $3,890 |
| Operating Profit | ||||||||||
Previously Reported Market Intelligence Operating Profit (e)
| $166 | $181 | $180 | $196 | $187 | $203 | $170 | $191 | $703 | $771 |
| Adjustments | ||||||||||
IHS Markit Financial Services Operating Profit (a)
| 85 | 160 | 105 | 168 | 588 | 164 | 58 | 157 | 836 | 649 |
Transfers from Mobility and Engineering Solutions (b)
| 25 | 27 | 29 | 31 | 29 | 32 | 29 | 31 | 112 | 121 |
Transfers to Indices and Commodity Insights (c)
| (19) | (20) | (19) | (20) | (21) | (22) | (23) | (24) | (82) | (86) |
Reallocations (f)
| (4) | (4) | (4) | (4) | (21) | (21) | (26) | (26) | (55) | (55) |
Divestitures (d)
| (42) | (42) | (43) | (43) | (45) | (45) | (45) | (46) | (175) | (176) |
| Proforma Operating Profit | $211 | $302 | $248 | $328 | $717 | $311 | $163 | $283 | $1,339 | $1,224 |
| Ratings | ||||||||||
| Revenue | ||||||||||
| Previously Reported Ratings Revenue | $1,017 | $1,017 | $1,073 | $1,073 | $1,017 | $1,017 | $990 | $990 | $4,097 | $4,097 |
| Operating Profit | ||||||||||
Previously Reported Ratings Operating Profit (g)
| $681 | $686 | $729 | $731 | $644 | $646 | $575 | $569 | $2,629 | $2,632 |
| Adjustments | ||||||||||
Reallocations (f)
| (1) | (1) | (2) | (2) | (2) | (2) | (4) | (4) | (9) | (9) |
| Proforma Operating Profit | $680 | $685 | $727 | $729 | $642 | $644 | $571 | $565 | $2,620 | $2,623 |
| Commodity Insights | ||||||||||
| Revenue | ||||||||||
| Previously Reported Platts Revenue | $225 | $225 | $236 | $236 | $239 | $239 | $250 | $250 | $950 | $950 |
| Adjustments | ||||||||||
IHS Markit Resources Revenue (a)
| 217 | 217 | 208 | 208 | 207 | 207 | 216 | 216 | 848 | 848 |
Transfers from Market Intelligence (h)
| 16 | 16 | 17 | 17 | 17 | 17 | 17 | 17 | 67 | 67 |
Divestitures (i)
| (48) | (48) | (48) | (48) | (50) | (50) | (50) | (50) | (196) | (196) |
| Proforma Revenue | $410 | $410 | $413 | $413 | $413 | $413 | $433 | $433 | $1,669 | $1,669 |
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||
| Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |||||||||||
| Operating Profit | ||||||||||||||||||||
Previously Reported Platts Operating Profit (j)
| $129 | $131 | $135 | $136 | $128 | $130 | $125 | $126 | $517 | $523 | ||||||||||
| Adjustments | ||||||||||||||||||||
IHS Markit Resources Operating Profit (a)
| 59 | 72 | 58 | 70 | 56 | 69 | 61 | 67 | 234 | 278 | ||||||||||
Transfers from Market Intelligence (h)
| 5 | 5 | 6 | 6 | 8 | 8 | 8 | 8 | 27 | 27 | ||||||||||
Reallocations (f)
| 7 | 7 | 5 | 5 | 4 | 4 | 1 | 1 | 17 | 17 | ||||||||||
Divestitures (i)
| (21) | (24) | (21) | (27) | (21) | (27) | (18) | (24) | (81) | (102) | ||||||||||
| Proforma Operating Profit | $179 | $191 | $183 | $190 | $175 | $184 | $177 | $178 | $714 | $743 | ||||||||||
| Mobility | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
Previously Reported Transportation Revenue (a)
| $325 | $325 | $344 | $344 | $349 | $349 | $347 | $347 | $1,365 | $1,365 | ||||||||||
| Adjustments | ||||||||||||||||||||
Transfers to Market Intelligence and Engineering Solutions (k)
| (29) | (29) | (29) | (29) | (30) | (30) | (31) | (31) | (119) | (119) | ||||||||||
| Proforma Revenue | $ | 296 | $ | 296 | $ | 315 | $ | 315 | $ | 319 | $ | 319 | $ | 316 | $ | 316 | $ | 1,246 | $ | 1,246 |
| Operating Profit | ||||||||||||||||||||
Previously Reported Transportation Operating Profit (a)
| $121 | $146 | $136 | $160 | $133 | $156 | $125 | $144 | $515 | $606 | ||||||||||
| Adjustments | ||||||||||||||||||||
Transfers to Market Intelligence and Engineering Solutions (k)
| (12) | (14) | (18) | (20) | (17) | (19) | (18) | (20) | (65) | (73) | ||||||||||
Reallocations (f)
| (14) | (14) | (9) | (9) | (8) | (8) | (7) | (7) | (38) | (38) | ||||||||||
| Proforma Operating Profit | $95 | $118 | $109 | $131 | $108 | $129 | $100 | $117 | $412 | $495 | ||||||||||
| Indices | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Previously Reported Indices Revenue | $270 | $270 | $278 | $278 | $298 | $298 | $303 | $303 | $1,149 | $1,149 | ||||||||||
| Adjustments | ||||||||||||||||||||
Transfers from Market Intelligence (l)
| 28 | 28 | 27 | 27 | 26 | 26 | 29 | 29 | 110 | 110 | ||||||||||
Divestitures (m)
| (1) | (1) | (2) | (2) | (1) | (1) | (2) | (2) | (6) | (6) | ||||||||||
| Proforma Revenue | $297 | $297 | $303 | $303 | $323 | $323 | $330 | $330 | $1,253 | $1,253 | ||||||||||
| Operating Profit | ||||||||||||||||||||
Previously Reported Indices Operating Profit (n)
| $191 | $192 | $196 | $198 | $213 | $214 | $199 | $199 | $799 | $803 | ||||||||||
| Adjustments | ||||||||||||||||||||
Transfers from Market Intelligence (l)
| 14 | 15 | 13 | 14 | 13 | 14 | 15 | 16 | 55 | 59 | ||||||||||
Reallocations (f)
| (3) | (3) | (3) | (3) | (3) | (3) | (4) | (4) | (13) | (13) | ||||||||||
Divestitures (m)
| (1) | (1) | - | - | (1) | (1) | (1) | (1) | (3) | (3) | ||||||||||
| Proforma Operating Profit | $201 | $203 | $206 | $209 | $222 | $224 | $209 | $210 | $838 | $846 | ||||||||||
| Engineering Solutions | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
Previously Reported CMS Revenue (a)
| $122 | $122 | $125 | $125 | $136 | $136 | $134 | $134 | $517 | $517 | ||||||||||
| Adjustments | ||||||||||||||||||||
Transfers from Mobility (o)
| 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 11 | 11 | ||||||||||
Transfers to Market Intelligence (p)
| (28) | (28) | (29) | (29) | (30) | (30) | (29) | (29) | (116) | (116) | ||||||||||
Divestitures (q)
| (5) | (5) | (6) | (6) | (5) | (5) | (5) | (5) | (21) | (21) | ||||||||||
| Proforma Revenue | $91 | $91 | $93 | $93 | $104 | $104 | $103 | $103 | $391 | $391 | ||||||||||
| Operating Profit | ||||||||||||||||||||
Previously Reported CMS Operating Profit (a)
| $21 | $23 | $27 | $29 | $31 | $32 | $59 | $28 | $138 | $112 | ||||||||||
| Adjustments | ||||||||||||||||||||
Transfers from Mobility (o)
| 2 | 2 | 3 | 3 | 2 | 2 | 2 | 2 | 9 | 9 | ||||||||||
Transfers to Market Intelligence (p)
| (15) | (15) | (14) | (14) | (14) | (15) | (13) | (13) | (56) | (57) | ||||||||||
Reallocations (f)
| 5 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 17 | 17 |
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |
Divestitures (q)
| (1) | (2) | (1) | (2) | (1) | (2) | (1) | (2) | (4) | (8) |
| Proforma Operating Profit | $12 | $13 | $19 | $20 | $22 | $21 | $51 | $19 | $104 | $73 |
| Intersegment Elimination | ||||||||||
| Previously Reported Intersegment Elimination | $(35) | $(35) | $(36) | $(36) | $(37) | $(37) | $(38) | $(38) | $(146) | $(146) |
| Adjustments | ||||||||||
Transfers from Market Intelligence to Indices (r)
| (4) | (4) | (5) | (5) | (4) | (4) | (5) | (5) | $(18) | $(18) |
| Proforma Intersegment Elimination | $(39) | $(39) | $(41) | $(41) | $(41) | $(41) | $(43) | $(43) | $(164) | $(164) |
| Equity in net (earnings) loss of unconsolidated subsidiaries, net of taxes | ||||||||||
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $(15) | $(20) | $(13) | $(13) | $(13) | $(24) | $2 | $(22) | $(39) | $(79) |
| Corporate Unallocated Expense | ||||||||||
Previously Reported Corporate Unallocated Expense (s)
| $(86) | $(28) | $(86) | $(33) | $(89) | $(38) | $(165) | $(49) | $(426) | $(148) |
| Adjustments | ||||||||||
IHS Markit Shared Services (a)
| (42) | (25) | (35) | (16) | (42) | (24) | (75) | (45) | (194) | (110) |
Reallocations (f)
| 14 | 14 | 13 | 13 | 26 | 26 | 36 | 36 | $89 | $89 |
| Proforma Corporate Unallocated Expense | $(114) | $(39) | $(108) | $(36) | $(105) | $(36) | $(204) | $(58) | $(531) | $(169) |
| S&P Global | ||||||||||
| Previously Reported S&P Global Revenue | $2,016 | $2,016 | $2,106 | $2,106 | $2,087 | $2,087 | $2,088 | $2,088 | $8,297 | $8,297 |
| Adjustments | ||||||||||
IHS Markit Revenue (a)
| 1,118 | 1,118 | 1,122 | 1,122 | 1,140 | 1,140 | 1,168 | 1,168 | 4,548 | 4,548 |
Divestitures (d) (i) (m) (q)
| (112) | (112) | (115) | (115) | (118) | (118) | (118) | (118) | (463) | (463) |
| Proforma S&P Global Revenue | $3,022 | $3,022 | $3,113 | $3,113 | $3,109 | $3,109 | $3,138 | $3,138 | $12,382 | $12,382 |
| Operating Profit | ||||||||||
| Previously Reported S&P Global Operating Profit | $1,081 | $1,162 | $1,154 | $1,228 | $1,083 | $1,155 | $904 | $1,036 | $4,222 | $4,581 |
| Adjustments | ||||||||||
IHS Markit Operating Profit (a)
| 244 | 376 | 291 | 411 | 766 | 397 | 228 | 351 | 1,529 | 1,535 |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | (15) | (20) | (13) | (13) | (13) | (24) | 2 | (22) | (39) | (79) |
Reallocations (f)
| 4 | 4 | 4 | 4 | - | - | - | - | 8 | 8 |
Divestitures (d) (i) (m) (q)
| (65) | (69) | (65) | (72) | (68) | (75) | (65) | (73) | (263) | (289) |
| Proforma S&P Global Operating Profit | $1,279 | $1,493 | $1,397 | $1,584 | $1,794 | $1,501 | $1,065 | $1,336 | $5,535 | $5,914 |
| Net Income | ||||||||||
| Proforma S&P Global Operating Profit | $1,279 | $1,493 | $1,397 | $1,584 | $1,794 | $1,501 | $1,065 | $1,336 | $5,535 | $5,914 |
Other income, net (t)
| (7) | (7) | (22) | (22) | (22) | (22) | (11) | (11) | (62) | (62) |
Interest expense, net (u)
| 32 | 32 | 32 | 32 | 31 | 31 | 24 | 24 | 119 | 119 |
| IHS Markit interest expense, net | 55 | 55 | 55 | 55 | 55 | 55 | 54 | 54 | 219 | 219 |
| Proforma income before taxes on income | 1,199 | 1,413 | 1,332 | 1,519 | 1,730 | 1,437 | 998 | 1,269 | 5,259 | 5,638 |
Provision for taxes on income (v)
| 237 | 253 | 276 | 274 | 202 | 217 | 142 | 186 | 857 | 930 |
| IHS Markit provision for taxes on income | 20 | 72 | 58 | 96 | 90 | 73 | 30 | 84 | 198 | 325 |
| IHS Markit tax on divestitures | (5) | (7) | (5) | (7) | (6) | (8) | (5) | (7) | (21) | (29) |
| Divestitures - equity method investment | (1) | (1) | 1 | 1 | - | - | - | - | - | - |
| Proforma Net Income | 948 | 1,095 | 1,002 | 1,156 | 1,444 | 1,155 | 831 | 1,006 | 4,225 | 4,412 |
| Less: net income attributable to noncontrolling interests | (54) | (54) | (59) | (59) | (64) | (64) | (62) | (62) | (239) | (239) |
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||
| Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |||||||||||
| Less: IHS Markit net income attributable to noncontrolling interests | 1 | 1 | - | - | - | - | - | - | 1 | 1 | ||||||||||
| Proforma Net Income attributable to S&P Global Inc. | $895 | $1,042 | $943 | $1,097 | $1,380 | $1,091 | $769 | $944 | $3,987 | $4,174 | ||||||||||
| Proforma Diluted Weighted Average Shares Outstanding and Adjusted Diluted Earnings Per Share | ||||||||||||||||||||
| Previously Reported S&P Global Diluted Weighted Average Shares Outstanding | 241.6 | 241.6 | 241.8 | 241.8 | 241.7 | 241.7 | 242.1 | 242.1 | 241.8 | 241.8 | ||||||||||
IHS Markit Diluted Weighted Average Shares Outstanding (w)
| 400.7 | 400.7 | 400.9 | 400.9 | 401.5 | 401.5 | 402.7 | 402.7 | 401.5 | 401.5 | ||||||||||
| Adjustments | ||||||||||||||||||||
Conversion Ratio (x)
| 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | ||||||||||
| Proforma Diluted Weighted Average Shares Outstanding | 355.3 | 355.3 | 355.6 | 355.6 | 355.6 | 355.6 | 356.4 | 356.4 | 355.7 | 355.7 | ||||||||||
| Proforma Adjusted Diluted Earnings Per Share | $ | 2.52 | $ | 2.93 | $ | 2.65 | $ | 3.09 | $ | 3.88 | $ | 3.07 | $ | 2.16 | $ | 2.65 | $ | 11.21 | $ | 11.73 |
Note - Totals may not sum due to rounding
S&P Global
S&P Global and IHS Markit Proforma Combined Company
Operating Results by Segment
Periods Ended December 31, 2020
(dollars in millions, except per share data)
| (unaudited) | ||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||
| Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |||||||||||
| Market Intelligence | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Previously Reported Market Intelligence Revenue | $ | 519 | $ | 519 | $ | 516 | $ | 516 | $ | 530 | $ | 530 | $ | 541 | $ | 541 | $ | 2,106 | $ | 2,106 |
| Adjustments | ||||||||||||||||||||
IHS Markit Financial Services Revenue (a)
| 403 | 403 | 408 | 408 | 406 | 406 | 423 | 423 | 1,640 | 1,640 | ||||||||||
Transfers from Mobility and Engineering Solutions (b)
| 51 | 51 | 49 | 49 | 51 | 51 | 55 | 55 | 206 | 206 | ||||||||||
Transfers to Indices and Commodity Solutions (c)
| (39) | (39) | (41) | (41) | (38) | (38) | (40) | (40) | (158) | (158) | ||||||||||
Divestitures (d)
| (56) | (56) | (55) | (55) | (57) | (57) | (58) | (58) | (226) | (226) | ||||||||||
| Proforma Revenue | $878 | $878 | $877 | $877 | $892 | $892 | $921 | $921 | $3,568 | $3,568 | ||||||||||
| Operating Profit | ||||||||||||||||||||
Previously Reported Market Intelligence Operating Profit (e)
| $ | 147 | $ | 160 | $ | 159 | $ | 177 | $ | 164 | $ | 179 | $ | 119 | $ | 167 | $589 | $683 | ||
| Adjustments | ||||||||||||||||||||
IHS Markit Financial Services Operating Profit (b)
| 66 | 123 | 94 | 163 | 89 | 148 | 88 | 150 | 337 | 584 | ||||||||||
Transfers from Mobility and Engineering Solutions (c)
| 30 | 33 | 25 | 32 | 32 | 34 | 29 | 34 | 116 | 133 | ||||||||||
Transfers to Indices and Commodity Insights (d)
| (18) | (19) | (20) | (22) | (18) | (19) | (23) | (24) | (79) | (84) | ||||||||||
Reallocations (f)
| (51) | (51) | (31) | (31) | (13) | (13) | (15) | (15) | (110) | (110) | ||||||||||
Divestitures (d)
| (40) | (40) | (40) | (40) | (42) | (42) | (43) | (43) | (165) | (165) | ||||||||||
| Proforma Operating Profit | $134 | $206 | $187 | $279 | $212 | $287 | $155 | $269 | $688 | $1,041 | ||||||||||
| Ratings | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Previously Reported Ratings Revenue | $825 | $825 | $1,006 | $1,006 | $894 | $894 | $881 | $881 | $3,606 | $3,606 | ||||||||||
| Operating Profit | ||||||||||||||||||||
Previously Reported Ratings Operating Profit (g)
| $ | 520 | $ | 521 | $ | 693 | $ | 695 | $ | 544 | $ | 552 | $ | 466 | $ | 481 | $2,223 | $2,249 | ||
| Adjustments | ||||||||||||||||||||
Reallocations (f)
| (6) | (6) | (6) | (6) | (6) | (6) | (3) | (3) | (21) | (21) | ||||||||||
| Proforma Operating Profit | $514 | $515 | $687 | $689 | $538 | $546 | $463 | $478 | $2,202 | $2,228 | ||||||||||
| Commodity Insights | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Previously Reported Platts Revenue | $ | 215 | $ | 215 | $ | 217 | $ | 217 | $ | 222 | $ | 222 | $ | 224 | $ | 224 | $ | 878 | $ | 878 |
| Adjustments | ||||||||||||||||||||
IHS Markit Resources Revenue (a)
| 224 | 224 | 216 | 216 | 205 | 205 | 209 | 209 | 854 | 854 | ||||||||||
Transfers from Market Intelligence (h)
| 15 | 15 | 16 | 16 | 16 | 16 | 17 | 17 | 64 | 64 | ||||||||||
Divestitures (i)
| (46) | (46) | (45) | (45) | (45) | (45) | (47) | (47) | (183) | (183) | ||||||||||
| Proforma Revenue | $ | 408 | $ | 408 | $ | 404 | $ | 404 | $ | 398 | $ | 398 | $ | 403 | $ | 403 | $ | 1,613 | $ | 1,613 |
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||
| Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |||||||||||
| Operating Profit | ||||||||||||||||||||
Previously Reported Platts Operating Profit (j)
| $ | 112 | $ | 114 | $ | 124 | $ | 127 | $ | 121 | $ | 124 | $ | 101 | $ | 115 | $458 | $480 | ||
| Adjustments | ||||||||||||||||||||
IHS Markit Resources Operating Profit (a)
| 49 | 63 | 61 | 90 | 52 | 66 | 49 | 71 | 211 | 290 | ||||||||||
Transfers from Market Intelligence (i)
| 4 | 4 | 5 | 5 | 5 | 5 | 6 | 6 | 20 | 20 | ||||||||||
Reallocations (f)
| 9 | 9 | (1) | (1) | 7 | 7 | 6 | 6 | 21 | 21 | ||||||||||
Divestitures (i)
| (18) | (22) | (16) | (23) | (20) | (24) | (22) | (26) | (76) | (95) | ||||||||||
| Proforma Operating Profit | $156 | $168 | $173 | $198 | $165 | $178 | $140 | $172 | $634 | $716 | ||||||||||
| Mobility | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
Previously Reported Transportation Revenue (a)
| $ | 299 | $ | 299 | $ | 241 | $ | 241 | $ | 308 | $ | 308 | $ | 310 | $ | 310 | $ | 1,158 | $ | 1,158 |
| Adjustments | ||||||||||||||||||||
Transfers to Market Intelligence and Engineering Solutions (k)
| (25) | (25) | (25) | (25) | (27) | (27) | (29) | (29) | (106) | (106) | ||||||||||
| Proforma Revenue | $ | 274 | $ | 274 | $ | 216 | $ | 216 | $ | 281 | $ | 281 | $ | 281 | $ | 281 | $ | 1,052 | $ | 1,052 |
| Operating Profit | ||||||||||||||||||||
Previously Reported Transportation Operating Profit (a)
| $ | 72 | $ | 102 | $ | 61 | $ | 100 | $ | 114 | $ | 139 | $ | 112 | $ | 126 | $ | 359 | $ | 467 |
| Adjustments | ||||||||||||||||||||
Transfers to Market Intelligence and Engineering Solutions (k)
| (19) | (21) | (15) | (21) | (21) | (23) | (18) | (21) | (73) | (86) | ||||||||||
Reallocations (f)
| (17) | (17) | (19) | (19) | (11) | (11) | (8) | (8) | (55) | (55) | ||||||||||
| Proforma Operating Profit | $36 | $64 | $27 | $60 | $82 | $105 | $86 | $97 | $231 | $326 | ||||||||||
| Indices | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
| Previously Reported Indices Revenue | $ | 259 | $ | 259 | $ | 240 | $ | 240 | $ | 234 | $ | 234 | $ | 256 | $ | 256 | $ | 989 | $ | 989 |
| Adjustments | ||||||||||||||||||||
Transfers from Market Intelligence (l)
| 28 | 28 | 29 | 29 | 26 | 26 | 27 | 27 | 110 | 110 | ||||||||||
Divestitures (m)
| (2) | (2) | (1) | (1) | (1) | (1) | (1) | (1) | (5) | (5) | ||||||||||
| Proforma Revenue | $285 | $285 | $268 | $268 | $259 | $259 | $282 | $282 | $1,094 | $1,094 | ||||||||||
| Operating Profit | ||||||||||||||||||||
Previously Reported Indices Operating Profit (n)
| $ | 182 | $ | 183 | $ | 171 | $ | 172 | $ | 151 | $ | 153 | $ | 162 | $ | 176 | $ | 666 | $ | 684 |
| Adjustments | ||||||||||||||||||||
Transfers from Market Intelligence (l)
| 14 | 15 | 15 | 17 | 13 | 14 | 17 | 18 | 59 | 64 | ||||||||||
Reallocations (f)
| (9) | (9) | (1) | (1) | (1) | (1) | (1) | (1) | (12) | (12) | ||||||||||
Divestitures (m)
| (1) | (1) | - | - | - | - | - | - | (1) | (1) | ||||||||||
| Proforma Operating Profit | $186 | $188 | $185 | $188 | $163 | $166 | $178 | $193 | $712 | $735 | ||||||||||
| Engineering Solutions | ||||||||||||||||||||
| Revenue | ||||||||||||||||||||
Previously Reported CMS Revenue (a)
| $123 | $123 | $119 | $119 | $121 | $121 | $125 | $125 | $488 | $488 | ||||||||||
| Adjustments | ||||||||||||||||||||
Transfers from Mobility (o)
| 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 10 | 10 | ||||||||||
Transfers to Market Intelligence (p)
| (28) | (28) | (26) | (26) | (27) | (27) | (29) | (29) | (110) | (110) | ||||||||||
Divestitures (q)
| (5) | (5) | (5) | (5) | (5) | (5) | (6) | (6) | (21) | (21) | ||||||||||
| Proforma Revenue | $92 | $92 | $90 | $90 | $92 | $92 | $93 | $93 | $367 | $367 | ||||||||||
| Operating Profit | ||||||||||||||||||||
Previously Reported CMS Operating Profit (a)
| $21 | $24 | $21 | $29 | $23 | $26 | $17 | $27 | $82 | $106 | ||||||||||
| Adjustments | ||||||||||||||||||||
Transfers from Mobility (o)
| 2 | 2 | 2 | 2 | 3 | 3 | 2 | 2 | 9 | 9 | ||||||||||
Transfers to Market Intelligence (p)
| (13) | (14) | (12) | (13) | (14) | (14) | (13) | (15) | (52) | (56) | ||||||||||
Reallocations (f)
| 5 | 5 | 4 | 4 | 7 | 7 | 9 | 9 | 25 | 25 |
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||
| Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |||||||||||
Divestitures (q)
| - | (1) | (1) | (2) | (1) | (2) | - | (1) | (2) | (6) | ||||||||||
| Proforma Operating Profit | $15 | $16 | $14 | $20 | $18 | $20 | $15 | $22 | $62 | $78 | ||||||||||
| Intersegment Elimination | ||||||||||||||||||||
| Previously Reported Intersegment Elimination | $ | (32) | $ | (32) | $ | (36) | $ | (36) | $ | (34) | $ | (34) | $ | (35) | $ | (35) | $ | (137) | $ | (137) |
| Adjustments | ||||||||||||||||||||
Transfers from Market Intelligence to Indices (r)
| (4) | (4) | (4) | (4) | (4) | (4) | (4) | (4) | (16) | (16) | ||||||||||
| Proforma Intersegment Elimination | $(36) | $(36) | $(40) | $(40) | $(38) | $(38) | $(39) | $(39) | $(153) | $(153) | ||||||||||
| Equity in net (earnings) loss of unconsolidated subsidiaries, net of taxes | ||||||||||||||||||||
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | (16) | $ | (21) | $ | (14) | $ | (18) | $ | (9) | $ | (14) | $ | (6) | $ | (17) | $ | (45) | $ | (70) |
| Corporate Unallocated Expense | ||||||||||||||||||||
Previously Reported Corporate Unallocated Expense (s)
| $ | (49) | $ | (30) | $ | (42) | $ | (30) | $ | (36) | $ | (32) | $ | (192) | $ | (36) | $ | (319) | $ | (128) |
| Adjustments | ||||||||||||||||||||
IHS Markit Shared Services (a)
| (61) | (61) | (72) | (40) | (42) | (37) | (81) | (35) | (256) | (173) | ||||||||||
Reallocations (f)
| 73 | 73 | 58 | 58 | 21 | 21 | 16 | 16 | 168 | 168 | ||||||||||
| Proforma Corporate Unallocated Expense | $(37) | $(18) | $(56) | $(12) | $(57) | $(48) | $(257) | $(55) | $(407) | $(133) | ||||||||||
| S&P Global | ||||||||||||||||||||
| Previously Reported S&P Global Revenue | $ | 1,786 | $ | 1,786 | $ | 1,943 | $ | 1,943 | $ | 1,846 | $ | 1,846 | $ | 1,867 | $ | 1,867 | $ | 7,442 | $ | 7,442 |
| Adjustments | ||||||||||||||||||||
IHS Markit Revenue (a)
| 1,049 | 1,049 | 984 | 984 | 1,040 | 1,040 | 1,067 | 1,067 | 4,140 | 4,140 | ||||||||||
Divestitures (d) (i) (m) (q)
| (109) | (109) | (106) | (106) | (108) | (108) | (112) | (112) | (435) | (435) | ||||||||||
| Proforma S&P Global Revenue | $2,726 | $2,726 | $2,821 | $2,821 | $2,778 | $2,778 | $2,822 | $2,822 | $11,147 | $11,147 | ||||||||||
| Operating Profit | ||||||||||||||||||||
| Previously Reported S&P Global Operating Profit | $ | 912 | $ | 948 | $ | 1,105 | $ | 1,141 | $ | 944 | $ | 976 | $ | 656 | $ | 903 | $3,617 | $3,968 | ||
| Adjustments | ||||||||||||||||||||
IHS Markit Operating Profit (a)
| 147 | 251 | 165 | 342 | 236 | 342 | 185 | 339 | 733 | 1,274 | ||||||||||
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | (16) | (21) | (14) | (18) | (9) | (14) | (6) | (17) | (45) | (70) | ||||||||||
Reallocations (f)
| 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 16 | 16 | ||||||||||
Divestitures (d) (i) (m) (q)
| (59) | (64) | (57) | (65) | (63) | (68) | (65) | (70) | (244) | (267) | ||||||||||
| Proforma S&P Global Operating Profit | $1,020 | $1,160 | $1,231 | $1,440 | $1,130 | $1,268 | $786 | $1,193 | $4,167 | $5,061 | ||||||||||
| Net Income | ||||||||||||||||||||
| Proforma S&P Global Operating Profit | $1,020 | $1,160 | $1,231 | $1,440 | $1,130 | $1,268 | $786 | $1,193 | $4,167 | $5,061 | ||||||||||
Other income, net (t)
| 32 | 1 | (11) | (13) | (7) | (7) | (14) | (15) | - | (34) | ||||||||||
Interest expense, net (u)
| 34 | 34 | 40 | 40 | 314 | 35 | 32 | 32 | 420 | 141 | ||||||||||
| IHS Markit interest expense, net | 60 | 60 | 59 | 59 | 57 | 57 | 58 | 58 | 234 | 234 | ||||||||||
| Proforma income before taxes on income | 894 | 1,065 | 1,143 | 1,354 | 766 | 1,183 | 710 | 1,118 | 3,513 | 4,720 | ||||||||||
Provision for taxes on income (v)
| 179 | 189 | 223 | 232 | 128 | 204 | 124 | 166 | 654 | 791 | ||||||||||
| IHS Markit provision for taxes on income | (39) | 32 | 36 | 79 | 98 | 77 | 20 | 76 | 115 | 264 | ||||||||||
| IHS Markit tax on divestitures | (5) | (8) | (5) | (8) | (6) | (9) | (6) | (9) | (22) | (34) | ||||||||||
| Proforma Net Income | 759 | 852 | 889 | 1,051 | 546 | 910 | 572 | 885 | 2,766 | 3,698 | ||||||||||
| Less: net income attributable to noncontrolling interests | (50) | (50) | (50) | (50) | (44) | (44) | (51) | (56) | (195) | (200) |
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||
| Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |||||||||||
| Less: IHS Markit net income attributable to noncontrolling interests | 1 | 1 | 1 | 1 | (1) | (1) | - | - | 1 | 1 | ||||||||||
| Proforma Net Income attributable to S&P Global Inc. | $710 | $803 | $840 | $1,002 | $501 | $865 | $521 | $829 | $2,572 | $3,499 | ||||||||||
| Proforma Diluted Weighted Average Shares Outstanding and Adjusted Diluted Earnings Per Share | ||||||||||||||||||||
| Previously Reported S&P Global Diluted Weighted Average Shares Outstanding | 243.3 | 243.3 | 241.9 | 241.9 | 241.6 | 241.6 | 241.7 | 241.7 | 242.1 | 242.1 | ||||||||||
IHS Markit Diluted Weighted Average Shares Outstanding (w)
| 402.9 | 402.9 | 400.3 | 400.3 | 400.8 | 400.8 | 400.7 | 400.7 | 401.2 | 401.2 | ||||||||||
| Adjustments | ||||||||||||||||||||
Conversion Ratio (x)
| 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | 0.2838 | ||||||||||
| Proforma Diluted Weighted Average Shares Outstanding | 357.6 | 357.6 | 355.5 | 355.5 | 355.3 | 355.3 | 355.4 | 355.4 | 356.0 | 356.0 | ||||||||||
| Proforma Adjusted Diluted Earnings Per Share | $ | 1.99 | $ | 2.24 | $ | 2.36 | $ | 2.82 | $ | 1.41 | $ | 2.43 | $ | 1.46 | $ | 2.33 | $ | 7.22 | $ | 9.83 |
Note - Totals may not sum due to rounding
(a) Refer to Exhibit 2 for a reconciliation of IHS Markit's previously reported results conformed to S&P Global's presentation of adjusted
operating results.
(b) To reflect the transfer of IHS Markit's Maritime & Trade business to the Market Intelligence segment from the Mobility segment and
the transfer of the Economics and Country Risk business to the Market Intelligence segment from the Engineering Solutions segment.
(c) To reflect the transfer of both the Market Intelligence Commodities business and IHS Markit's Environmental Solutions business to
the Commodity Insights segment from the Market Intelligence segment and the transfer of IHS Markit's index services business,
Equity Custom Baskets ("ECB"), Halifax House Price Index to the Indices segment from the Market Intelligence segment.
(d) Proforma adjustment to eliminate S&P Global and IHS Markit's divested businesses from the historical segment financial information.
S&P Global's divestitures include CUSIP Global Services and its Leveraged Commentary and Data ("LCD") business while the IHS
Markit's divestiture includes the Life Sciences business.
(e) Q4 2021 and full year 2021 adjustments include employee severance charges of $3 million, acquisition-related costs of $2
million and lease-related costs of $1 million. Q4 2021 and full year 2021 are adjusted for a gain on disposition of $1 million
and $3 million, respectively. Q1, Q4 and full year 2020 include adjustments for employee severance charges of $2 million, $26
million and $27 million, respectively. Q1, Q2, Q3 and full year 2020 include adjustments for gains on dispositions of $7 million, $2
million, $4 million and $12 million, respectively. Q4 and full year 2020 include adjustments for lease-related costs of $3 million.
2021 quarterly and full year are adjusted for amortization of intangibles from acquisitions of $16 million and $65 million, respectively.
2020 quarterly and full year are adjusted for amortization of intangibles from acquisitions were $19 million, $20 million, $19 million,
$17 million and $76 million, respectively.
(f) Adjustment to reallocate the combined central support costs of S&P Global and IHS Markit, which primarily include shared services
costs, IT costs and certain corporate costs using S&P Global's historic allocation methodology to reflect a consistent approach to
allocate shared costs to the segments.
(g) Q4 2021 and full year 2021 adjustments include a gain on disposition of $6 million, recovery of lease-related costs of $4 million and
employee severance charges of $3 million. Q3, Q4 and full year 2020 adjustments include technology-related impairment charge of $5
million, $5 million and $11 million, respectively. Q4 2020 and full year 2020 adjustments include lease-related costs of $5 million and
employee severance charges of $4 million. 2021 quarterly and full year are adjusted for amortization of intangibles from acquisitions
of $5 million, $2 million, $2 million, $2 million, and $10 million, respectively. 2020 Q2, Q3, Q4 and full year are adjusted for
amortization of intangibles from acquisitions of $2 million, $3 million, $2 million and $7 million, respectively.
(h) To reflect the transfer of both the Market Intelligence Commodities business and IHS Markit's Environmental Solutions business to
the Commodity Insights segment from the Market Intelligence segment.
(i) Proforma adjustment to eliminate IHS Markit's divested businesses from the historical segment financial information. IHS Markit's
divestitures include PetroChem Wire businesses ("OPIS") and its base chemicals business.
(j) Q4 2021 and full year 2021 adjustments include recovery of lease-related costs of $2 million. Q4 2020 and full year 2020 adjustments
include employee severance charges of $11 million and lease-related costs of $2 million. 2021 quarterly and full year are
adjusted for amortization of intangibles from acquisitions of $2 million and $8 million, respectively. 2020 quarterly and full year are
adjusted for amortization of intangibles from acquisitions of $2 million and $9 million, respectively.
(k) To reflect the transfer of IHS Markit's Maritime & Trade business to the Market Intelligence segment from the Mobility segment and
the transfer of IHS Markit's Haystack business to the Engineering Solutions segment from the Mobility segment.
(l) To reflect the transfer of IHS Markit's index services business, ECB, Halifax House Price Index, and other expenses to the Indices
segment from the Market Intelligence segment.
(m) Proforma adjustment to eliminate S&P Global's divested businesses from the historical segment financial information. S&P Global's
divestiture includes a family of leveraged loan indices.
(n) Q4 2021 and full year 2021 adjustments include recovery of lease-related costs of $1 million. Q4 2020 and full year 2020 adjustments
include employee severance charges of $5 million, a lease impairment charge of $4 million, a technology-related impairment of $2
million and lease-related costs of $1 million. 2021 quarterly and full year are adjusted for amortization of intangibles from acquisitions
of $1 million and $6 million, respectively. 2020 quarterly and full year are adjusted for amortization of intangibles from acquisitions
of $1 million and $6 million, respectively.
(o) To reflect the transfer of IHS Markit's Haystack business to the Engineering Solutions segment from the Mobility segment.
(p) To reflect the transfer of Economics and Country Risk business to the Market Intelligence segment from the Engineering Solutions
segment.
(q) Proforma adjustment to eliminate IHS Markit's divested businesses from the historical segment financial information IHS Markit's
divestitures include its RootMetrics business.
(r) To reflect the transfer of IHS Markit's Environmental Solutions business to the Commodity Insights segment from the Market
Intelligence segment and the transfer of IHS Markit's index services business, ECB, Halifax House Price Index, and associated
expenses to the Indices segment from the Market Intelligence segment.
(s) Q1 2021 and full year 2021 adjustments include Kensho retention related costs of $2 million. Q2 and full year 2021 adjustments
include a lease impairment charge of $3 million. Q3 2021 and full year 2021 adjustments include a gain on disposition of $3 million
and $2 million, respectively. Q1, Q2, Q3, Q4 and full year 2021 adjustments include IHS Markit merger costs of $49 million, $50
million, $54 million, $96 million and $249 million, respectively. Q4 2021 and full year 2021 adjustments include employee severance
charges of $13 million, lease-related costs of $4 million and acquisition-related costs of $2 million. 2020 quarterly and full year
adjustments include Kensho retention-related costs of $5 million, $2 million, $2 million, $2 million and $12 million, respectively. Q1,
Q2, Q4, and full year 2020 adjustments include employee severance charges of $7 million, $3 million, $9 million and $19 million,
respectively. Q3 2020 and full year 2020 includes an adjustment for a gain on disposition of $4 million. Q4 2020 and full year 2020
include adjustments for lease impairment charges of $116 million. 2021 full year is adjusted for amortization of intangibles from
acquisitions were $7 million. 2020 quarterly and full year are adjusted for amortization of intangibles from acquisitions were $7
million and $26 million, respectively.
(t) Q2 2020 and full year 2020 adjustments include a pension related charge of $3 million.
(u) Q3 2020 and full year 2020 adjustments include a loss on the extinguishment of debt of $279 million.
(v) Q2, Q4 and full year 2021 adjustments include $5 million, $2 million and $7 million, respectively, of tax expense associated with the
re-valuation of deferred tax liabilities related to a UK income tax rate change. Q3 2021 and full year 2021 adjustments include $7
million of tax benefit on a loss on the extinguishment of debt in the prior year. Q4 2021 and full year 2021 adjustments include $1
million of tax benefit related to prior year divestitures. Q4 2020 and full year 2020 adjustments include $4 million of tax benefit
related to prior year divestitures.
(w) Adjusted to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(x) Under the terms of the merger agreement, at the effective time of the merger each share of IHS Markit issued and outstanding (other
than excluded shares and dissenting shares) was converted into the right to receive 0.2838 fully paid and nonassessable shares of
S&P Global common stock (and, if applicable, cash in lieu of fractional shares, without interest), less any applicable withholding
taxes. The adjustment reflects (i) the elimination of IHS Markit's basic and diluted shares outstanding and (ii) the assumed issuance of
basic and diluted common shares as a result of the merger calculated by multiplying IHS Markit's basic and diluted common shares
outstanding by the 0.2838 exchange ratio.
Q1 2021 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 484 | $ | 15 | $ | (45) | $ | 454 | $ | - | $ | 454 |
| Transportation | 312 | 13 | - | 325 | - | 325 | ||||||
| Resources | 203 | 14 | - | 217 | - | 217 | ||||||
| CMS | 121 | 1 | - | 122 | - | 122 | ||||||
| Total Revenue | $ | 1,120 | $ | 43 | $ | (45) | $ | 1,118 | $ | - | $ | 1,118 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 233 | $ | 12 | $ | (160) | $ | 85 | $ | 75 | $ | 160 |
| Transportation | 147 | 10 | (36) | 121 | 25 | 146 | ||||||
| Resources | 74 | 11 | (26) | 59 | 13 | 72 | ||||||
| CMS | 26 | - | (5) | 21 | 2 | 23 | ||||||
| Total Segment Operating Profit | $ | 480 | $ | 33 | $ | (227) | $ | 286 | $ | 115 | $ | 401 |
| Shared Services | $ | (13) | $ | (6) | $ | (23) | (42) | $ | 17 | $ | (25) | |
| Operating Profit | $ | 467 | $ | 27 | $ | (250) | $ | 244 | $ | 132 | $ | 376 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (56) | $ | (4) | $ | 60 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (96) | 2 | 94 | - | - | - | ||||||
| Stock-based compensation expense | (66) | - | 66 | - | - | - | ||||||
| Restructuring and impairment charges | (1) | (6) | 7 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (15) | (21) | 36 | - | - | - | ||||||
| Operating Profit | $ | 233 | $ | (2) | $ | 13 | $ | 244 | $ | 132 | $ | 376 |
| Other income | $ | - | $ | - | $ | - | - | $ | - | $ | - | |
| Interest expense, net | $ | 56 | $ | (1) | $ | - | 55 | $ | - | $ | 55 | |
| Income before taxes on income | $ | 177 | $ | (1) | $ | 13 | $ | 189 | $ | 132 | $ | 321 |
| Provision for taxes on income | $ | 30 | $ | 12 | $ | (22) | 20 | $ | 52 | $ | 72 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | (1) | $ | 2 | $ | (19) | (18) | $ | (5) | $ | (23) | |
| Net income | $ | 148 | $ | (15) | $ | 54 | 187 | $ | 85 | $ | 272 | |
| Less: NCI net income | $ | 1 | $ | - | $ | - | 1 | $ | - | $ | 1 | |
| Net income attributable to IHS Markit | $ | 149 | $ | (15) | $ | 54 | $ | 188 | $ | 85 | $ | 273 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) a proforma adjustment reclassifying the $45 million of revenue and $26 million of operating profit associated with IHS Markit's MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation including depreciation expense of $60 million, stock-based compensation of $66 million, amortization of intangible assets of $94 million, restructuring and impairment charges of $7 million and other acquisition-related costs of $36 million.
(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $92 million, restructuring and impairment charges of $7 million, other acquisition-related costs of $33 million and the related provision for taxes on income of $52 million. Adjustments made to present IHS Markit's MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $2 million and other acquisition-related costs of $3 million.
Q2 2021 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 493 | $ | (8) | $ | (40) | $ | 445 | $ | - | $ | 445 |
| Transportation | 344 | - | - | 344 | - | 344 | ||||||
| Resources | 221 | (13) | - | 208 | - | 208 | ||||||
| CMS | 123 | 2 | - | 125 | - | 125 | ||||||
| Total Revenue | $ | 1,181 | $ | (19) | $ | (40) | $ | 1,122 | $ | - | $ | 1,122 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 238 | $ | (6) | $ | (127) | $ | 105 | $ | 63 | $ | 168 |
| Transportation | 171 | (1) | (34) | 136 | 24 | 160 | ||||||
| Resources | 91 | (10) | (23) | 58 | 12 | 70 | ||||||
| CMS | 28 | 3 | (4) | 27 | 2 | 29 | ||||||
| Total Segment Operating Profit | $ | 528 | $ | (14) | $ | (188) | $ | 326 | $ | 101 | $ | 427 |
| Shared Services | $ | (11) | $ | (1) | $ | (23) | (35) | $ | 19 | $ | (16) | |
| Operating Profit | $ | 517 | $ | (15) | $ | (211) | $ | 291 | $ | 120 | $ | 411 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (59) | $ | 4 | $ | 55 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (91) | - | 91 | - | - | - | ||||||
| Stock-based compensation expense | (50) | 2 | 48 | - | - | - | ||||||
| Restructuring and impairment charges | (8) | 6 | 2 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (33) | 6 | 27 | - | - | - | ||||||
| Operating Profit | $ | 276 | $ | 3 | $ | 12 | $ | 291 | $ | 120 | $ | 411 |
| Other income | $ | - | $ | - | $ | - | - | $ | - | $ | - | |
| Interest expense, net | $ | 55 | $ | - | $ | - | 55 | $ | - | $ | 55 | |
| Income before taxes on income | $ | 221 | $ | 3 | $ | 12 | $ | 236 | $ | 120 | $ | 356 |
| Provision for taxes on income | $ | 58 | $ | 10 | $ | (10) | 58 | $ | 38 | $ | 96 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | 4 | $ | - | $ | (20) | (16) | $ | - | $ | (16) | |
| Net income | $ | 159 | $ | (7) | $ | 42 | 194 | $ | 82 | $ | 276 | |
| Less: NCI net income | $ | - | $ | - | $ | - | - | $ | - | $ | - | |
| Net income attributable to IHS Markit | $ | 159 | $ | (7) | $ | 42 | $ | 194 | $ | 82 | $ | 276 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) a proforma adjustment reclassifying the $40 million revenue and $24 million of operating profit associated with IHS Markit's MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation by including depreciation expense of $55 million, stock-based compensation of $48 million, amortization of intangible assets of $91 million, restructuring and impairment charges of $2 million and other acquisition-related costs of $27 million.
(c) Adjustments to present IHS Markit on an adjusted basis by adjusting for amortization of intangible assets, restructuring and impairment charges, and other acquisition-related costs. Adjustments include amortization of intangible assets of $91 million, restructuring and impairment charges of $2 million, other acquisition-related costs of $27 million and the related provision for taxes on income of $38 million.
Q3 2021 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 490 | $ | (17) | $ | (25) | $ | 448 | $ | - | $ | 448 |
| Transportation | 347 | 2 | - | 349 | - | 349 | ||||||
| Resources | 208 | (1) | - | 207 | - | 207 | ||||||
| CMS | 136 | - | - | 136 | - | 136 | ||||||
| Total Revenue | $ | 1,181 | $ | (16) | $ | (25) | $ | 1,140 | $ | - | $ | 1,140 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 241 | $ | (15) | $ | 362 | $ | 588 | $ | (424) | $ | 164 |
| Transportation | 167 | (1) | (33) | 133 | 23 | 156 | ||||||
| Resources | 84 | (1) | (27) | 56 | 13 | 69 | ||||||
| CMS | 37 | (2) | (4) | 31 | 1 | 32 | ||||||
| Total Segment Operating Profit | $ | 529 | $ | (19) | $ | 298 | $ | 808 | $ | (387) | $ | 421 |
| Shared Services | $ | (13) | $ | 15 | $ | (44) | (42) | $ | 18 | $ | (24) | |
| Operating Profit | $ | 516 | $ | (4) | $ | 254 | $ | 766 | $ | (369) | $ | 397 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (55) | $ | 1 | $ | 54 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (90) | 3 | 87 | - | - | - | ||||||
| Stock-based compensation expense | (53) | - | 53 | - | - | - | ||||||
| Restructuring and impairment charges | (3) | (9) | 12 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (24) | 3 | 21 | - | - | - | ||||||
| Gain / Loss on Sale of Assets | - | 485 | (485) | - | - | - | ||||||
| Operating Profit | $ | 291 | $ | 479 | $ | (4) | $ | 766 | $ | (369) | $ | 397 |
| Other income | $ | - | $ | - | $ | - | - | $ | - | $ | - | |
| Interest expense, net | $ | 55 | $ | - | $ | - | 55 | $ | - | $ | 55 | |
| Income before taxes on income | $ | 236 | $ | 479 | $ | (4) | $ | 711 | $ | (369) | $ | 342 |
| Provision for taxes on income | $ | 72 | $ | (58) | $ | 76 | 90 | $ | (17) | $ | 73 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | 3 | $ | 1 | $ | (17) | (13) | $ | (11) | $ | (24) | |
| Net income | $ | 161 | $ | 536 | $ | (63) | 634 | $ | (341) | $ | 293 | |
| Less: NCI net income | $ | - | $ | - | $ | - | - | $ | - | $ | - | |
| Net income attributable to IHS Markit | $ | 161 | $ | 536 | $ | (63) | $ | 634 | $ | (341) | $ | 293 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) a proforma adjustment reclassifying the $25 million revenue and $20 million of operating profit associated with IHS Markit's MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation by including depreciation expense of $54 million, stock-based compensation of $53 million, amortization of intangible assets of $87 million, restructuring and impairment charges of $12 million, other acquisition-related costs of $21 million and gains on disposals of $485 million.
(c) Adjustments to present IHS Markit on an adjusted basis by adjusting for amortization of intangible assets, restructuring and impairment charges, and other acquisition-related costs. Adjustments include amortization of intangible assets of $87 million, restructuring and impairment charges of $10 million, other acquisition-related costs of $19 million, gains on disposals of $485 million and the related provision for taxes on income of $17 million. Adjustments to present IHS Markit's MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $12 million, other acquisition-related costs of $2 million and the related provision for taxes on income of $3 million.
Q4 2021 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 474 | $ | (3) | $ | - | $ | 471 | $ | - | $ | 471 |
| Transportation | 351 | (4) | - | 347 | - | 347 | ||||||
| Resources | 215 | 1 | - | 216 | - | 216 | ||||||
| CMS | 136 | (2) | - | 134 | - | 134 | ||||||
| Total Revenue | $ | 1,176 | $ | (8) | $ | - | $ | 1,168 | $ | - | $ | 1,168 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 250 | $ | (8) | $ | (184) | $ | 58 | $ | 99 | $ | 157 |
| Transportation | 160 | (3) | (32) | 125 | 19 | 144 | ||||||
| Resources | 90 | (1) | (28) | 61 | 6 | 67 | ||||||
| CMS | 40 | (2) | 21 | 59 | (31) | 28 | ||||||
| Total Segment Operating Profit | $ | 540 | $ | (14) | $ | (223) | $ | 303 | $ | 93 | $ | 396 |
| Shared Services | $ | (10) | $ | (12) | $ | (53) | (75) | $ | 30 | $ | (45) | |
| Operating Profit | $ | 530 | $ | (26) | $ | (276) | $ | 228 | $ | 123 | $ | 351 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (55) | $ | (1) | $ | 56 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (85) | - | 85 | - | - | - | ||||||
| Stock-based compensation expense | (58) | (6) | 64 | - | - | - | ||||||
| Restructuring and impairment charges | (19) | 8 | 11 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (54) | (10) | 64 | - | - | - | ||||||
| Gain / Loss on Sale of Assets | 535 | (498) | (37) | |||||||||
| Equity method investment | (33) | - | 33 | - | - | - | ||||||
| Operating Profit | $ | 761 | $ | (533) | $ | - | $ | 228 | $ | 123 | $ | 351 |
| Other income | $ | - | $ | - | $ | (6) | (6) | $ | - | $ | (6) | |
| Interest expense, net | $ | 54 | $ | - | $ | - | 54 | $ | - | $ | 54 | |
| Income before taxes on income | $ | 707 | $ | (533) | $ | 6 | $ | 180 | $ | 123 | $ | 303 |
| Provision for taxes on income | $ | (25) | $ | 87 | $ | (32) | 30 | $ | 54 | $ | 84 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | (6) | $ | 10 | $ | (2) | 2 | $ | (24) | $ | (22) | |
| Net income | $ | 738 | $ | (630) | $ | 40 | 148 | $ | 93 | $ | 241 | |
| Less: NCI net income | $ | - | $ | - | $ | - | - | $ | - | $ | - | |
| Net income attributable to IHS Markit | $ | 738 | $ | (630) | $ | 40 | $ | 148 | $ | 93 | $ | 241 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) an adjustment reclassifying the $2 million of equity income from the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation including depreciation expense of $56 million, stock-based compensation of $64 million, amortization of intangible assets of $85 million, restructuring and impairment charges of $11 million, other acquisition-related costs of $64 million and gains on disposals of $37 million.
(c) Adjustments to present IHS Markit on an adjusted basis by adjusting for amortization of intangible assets, restructuring and impairment charges, and other acquisition-related costs. Adjustments include amortization of intangible assets of $85 million, restructuring and impairment charges of $11 million, other acquisition-related costs of $64 million, gains on disposals of $37 million and the related provision for taxes on income of $54 million. Adjustments made to present equity earnings from the OSTTRA joint venture included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $31 million and the related provision for taxes on income of $7 million.
FY 2021 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 1,941 | $ | (13) | $ | (110) | $ | 1,818 | $ | - | $ | 1,818 |
| Transportation | 1,354 | 11 | - | 1,365 | - | 1,365 | ||||||
| Resources | 847 | 1 | - | 848 | - | 848 | ||||||
| CMS | 516 | 1 | - | 517 | - | 517 | ||||||
| Total Revenue | $ | 4,658 | $ | - | $ | (110) | $ | 4,548 | $ | - | $ | 4,548 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 962 | $ | (17) | $ | (109) | $ | 836 | $ | (187) | $ | 649 |
| Transportation | 645 | 5 | (135) | 515 | 91 | 606 | ||||||
| Resources | 339 | (1) | (104) | 234 | 44 | 278 | ||||||
| CMS | 131 | (1) | 8 | 138 | (26) | 112 | ||||||
| Total Segment Operating Profit | $ | 2,077 | $ | (14) | $ | (340) | $ | 1,723 | $ | (78) | $ | 1,645 |
| Shared Services | $ | (47) | $ | (4) | $ | (143) | (194) | $ | 84 | $ | (110) | |
| Operating Profit | $ | 2,030 | $ | (18) | $ | (483) | $ | 1,529 | $ | 6 | $ | 1,535 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (225) | $ | - | $ | 225 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (362) | 5 | 357 | - | - | - | ||||||
| Stock-based compensation expense | (227) | (4) | 231 | - | - | - | ||||||
| Restructuring and impairment charges | (31) | (1) | 32 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (126) | (22) | 148 | - | - | - | ||||||
| Gain / Loss on Sale of Assets | 535 | (13) | (522) | |||||||||
| Equity method investment | (33) | (8) | 41 | - | - | - | ||||||
| Operating Profit | $ | 1,561 | $ | (61) | $ | 29 | $ | 1,529 | $ | 6 | $ | 1,535 |
| Other income | $ | - | $ | - | $ | (6) | (6) | $ | - | $ | (6) | |
| Interest expense, net | $ | 220 | $ | (1) | $ | - | 219 | $ | - | $ | 219 | |
| Income before taxes on income | $ | 1,341 | $ | (60) | $ | 35 | $ | 1,316 | $ | 6 | $ | 1,322 |
| Provision for taxes on income | $ | 135 | $ | 51 | $ | 12 | 198 | $ | 127 | $ | 325 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | - | $ | 2 | $ | (47) | (45) | $ | (40) | $ | (85) | |
| Net income | $ | 1,206 | $ | (113) | $ | 70 | 1,163 | $ | (81) | $ | 1,082 | |
| Less: NCI net income | $ | 1 | $ | - | $ | - | 1 | $ | - | $ | 1 | |
| Net income attributable to IHS Markit | $ | 1,207 | $ | (113) | $ | 70 | $ | 1,164 | $ | (81) | $ | 1,083 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) a proforma adjustment reclassifying the $110 million revenue and $59 million of operating profit associated with IHS Markit's MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation by including depreciation expense of $225 million, stock-based compensation of $231 million, amortization of intangible assets of $357 million, restructuring and impairment charges of $32 million, other acquisition-related costs of $148 million and gains on disposals of $522 million.
(c) Adjustments to present IHS Markit on an adjusted basis by adjusting for amortization of intangible assets, restructuring and impairment charges, and other acquisition-related costs. Adjustments include amortization of intangible assets of $355 million, restructuring and impairment charges of $30 million, other acquisition-related costs of $143 million, gains on disposals of $522 million and the related provision for taxes on income of $127 million. Adjustments made to present equity earnings from the OSTTRA joint venture included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $43 million, restructuring and impairment charges of $2 million, other acquisition-related costs of $5 million and the related provision for taxes on income of $10 million.
Q1 2020 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 436 | $ | 14 | $ | (47) | $ | 403 | $ | - | $ | 403 |
| Transportation | 297 | 2 | - | 299 | - | 299 | ||||||
| Resources | 226 | (2) | - | 224 | - | 224 | ||||||
| CMS | 122 | 1 | - | 123 | - | 123 | ||||||
| Total Revenue | $ | 1,081 | $ | 15 | $ | (47) | $ | 1,049 | $ | - | $ | 1,049 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 205 | $ | 10 | $ | (149) | $ | 66 | $ | 57 | $ | 123 |
| Transportation | 118 | (3) | (43) | 72 | 30 | 102 | ||||||
| Resources | 90 | (8) | (33) | 49 | 14 | 63 | ||||||
| CMS | 30 | - | (9) | 21 | 3 | 24 | ||||||
| Total Segment Operating Profit | $ | 443 | $ | (1) | $ | (234) | $ | 208 | $ | 104 | $ | 312 |
| Shared Services | $ | (11) | $ | (7) | $ | (43) | (61) | $ | - | $ | (61) | |
| Operating Profit | $ | 432 | $ | (8) | $ | (277) | $ | 147 | $ | 104 | $ | 251 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (51) | $ | (4) | $ | 55 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (94) | - | 94 | - | - | - | ||||||
| Stock-based compensation expense | (83) | (4) | 87 | - | - | - | ||||||
| Restructuring and impairment charges | (4) | (2) | 6 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (1) | - | 1 | - | - | - | ||||||
| Gain / Loss on Sale of Assets | 372 | (382) | 10 | - | - | - | ||||||
| Operating Profit | $ | 571 | $ | (400) | $ | (24) | $ | 147 | $ | 104 | $ | 251 |
| Interest expense, net | $ | 61 | $ | (1) | $ | - | 60 | $ | - | $ | 60 | |
| Pension mark-to-market and settlement expense | $ | 22 | $ | 9 | $ | - | 31 | $ | (31) | $ | - | |
| Income before taxes on income | $ | 488 | $ | (408) | $ | (24) | $ | 56 | $ | 135 | $ | 191 |
| Provision for taxes on income | $ | 4 | $ | (7) | $ | (36) | (39) | $ | 71 | $ | 32 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | - | $ | - | $ | (19) | (19) | $ | (5) | $ | (24) | |
| Net income | $ | 484 | $ | (401) | $ | 31 | 114 | $ | 69 | $ | 183 | |
| Less: NCI net income | $ | 1 | $ | - | $ | - | 1 | $ | - | $ | 1 | |
| Net income attributable to IHS Markit | $ | 485 | $ | (401) | $ | 31 | $ | 115 | $ | 69 | $ | 184 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) a proforma adjustment reclassifying the $47 million of revenue and $24 million of operating profit associated with IHS Markit's MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation including depreciation expense of $55 million, stock-based compensation of $87 million, amortization of intangible assets of $94 million, restructuring and impairment charges of $6 million, other acquisition-related costs of $1 million and losses on disposals of $10 million.
(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $87 million, restructuring and impairment charges of $6 million, other acquisition-related costs of $1 million, losses on disposals of $10 million, pension settlement of $31 million and the related provision for taxes on income of $71 million. Adjustments made to present IHS Markit's MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $7 million and and the related provision for taxes on income of $2 million.
Q2 2020 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 444 | $ | 4 | $ | (40) | $ | 408 | $ | - | $ | 408 |
| Transportation | 243 | (2) | - | 241 | - | 241 | ||||||
| Resources | 219 | (3) | - | 216 | - | 216 | ||||||
| CMS | 121 | (2) | - | 119 | - | 119 | ||||||
| Total Revenue | $ | 1,027 | $ | (3) | $ | (40) | $ | 984 | $ | - | $ | 984 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 231 | $ | 12 | $ | (149) | $ | 94 | $ | 69 | $ | 163 |
| Transportation | 102 | 12 | (53) | 61 | 39 | 100 | ||||||
| Resources | 96 | 9 | (44) | 61 | 29 | 90 | ||||||
| CMS | 35 | (1) | (13) | 21 | 8 | 29 | ||||||
| Total Segment Operating Profit | $ | 464 | $ | 32 | $ | (259) | $ | 237 | $ | 145 | $ | 382 |
| Shared Services | $ | (10) | $ | 2 | $ | (64) | (72) | $ | 32 | $ | (40) | |
| Operating Profit | $ | 454 | $ | 34 | $ | (323) | $ | 165 | $ | 177 | $ | 342 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (57) | $ | 3 | $ | 54 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (93) | - | 93 | - | - | - | ||||||
| Stock-based compensation expense | (71) | 6 | 65 | - | - | - | ||||||
| Restructuring and impairment charges | (81) | (1) | 82 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (7) | 1 | 6 | - | - | - | ||||||
| Gain / Loss on Sale of Assets | (1) | (1) | 2 | - | - | - | ||||||
| Operating Profit | $ | 144 | $ | 42 | $ | (21) | $ | 165 | $ | 177 | $ | 342 |
| Interest expense, net | $ | 60 | $ | (1) | $ | - | 59 | $ | - | $ | 59 | |
| Pension mark-to-market and settlement expense | $ | 8 | $ | (9) | $ | - | (1) | $ | 1 | $ | - | |
| Income before taxes on income | $ | 76 | $ | 52 | $ | (21) | $ | 107 | $ | 176 | $ | 283 |
| Provision for taxes on income | $ | 5 | $ | (10) | $ | 41 | 36 | $ | 43 | $ | 79 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | - | $ | - | $ | (17) | (17) | $ | (4) | $ | (21) | |
| Net income | $ | 71 | $ | 62 | $ | (45) | 88 | $ | 137 | $ | 225 | |
| Less: NCI net income | $ | 1 | $ | - | $ | - | 1 | $ | - | $ | 1 | |
| Net income attributable to IHS Markit | $ | 72 | $ | 62 | $ | (45) | $ | 89 | $ | 137 | $ | 226 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) a proforma adjustment reclassifying the $40 million of revenue and $21 million of operating profit associated with IHS Markit's MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation including depreciation expense of $54 million, stock-based compensation of $65 million, amortization of intangible assets of $93 million, restructuring and impairment charges of $82 million, other acquisition-related costs of $6 million and losses on disposals of $2 million.
(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $87 million, restructuring and impairment charges of $82 million, other acquisition-related costs of $6 million, losses on disposals of $2 million, pension settlement of $1 million and the related provision for taxes on income of $43 million. Adjustments made to present IHS Markit's MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $6 million and the related provision for taxes on income of $2 million.
Q3 2020 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 446 | $ | (2) | $ | (38) | $ | 406 | $ | - | $ | 406 |
| Transportation | 299 | 9 | - | 308 | - | 308 | ||||||
| Resources | 208 | (3) | - | 205 | - | 205 | ||||||
| CMS | 120 | 1 | - | 121 | - | 121 | ||||||
| Total Revenue | $ | 1,073 | $ | 5 | $ | (38) | $ | 1,040 | $ | - | $ | 1,040 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 226 | $ | (4) | $ | (133) | $ | 89 | $ | 59 | $ | 148 |
| Transportation | 154 | - | (40) | 114 | 25 | 139 | ||||||
| Resources | 86 | (5) | (29) | 52 | 14 | 66 | ||||||
| CMS | 31 | (1) | (7) | 23 | 3 | 26 | ||||||
| Total Segment Operating Profit | $ | 497 | $ | (10) | $ | (209) | $ | 278 | $ | 101 | $ | 379 |
| Shared Services | $ | (11) | $ | (4) | $ | (27) | (42) | $ | 5 | $ | (37) | |
| Operating Profit | $ | 486 | $ | (14) | $ | (236) | $ | 236 | $ | 106 | $ | 342 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (55) | $ | 2 | $ | 53 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (93) | (1) | 94 | - | - | - | ||||||
| Stock-based compensation expense | (56) | 1 | 55 | - | - | - | ||||||
| Restructuring and impairment charges | (12) | 2 | 10 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (9) | - | 9 | - | - | - | ||||||
| Gain / Loss on Sale of Assets | - | 1 | (1) | - | - | - | ||||||
| Operating Profit | $ | 261 | $ | (9) | $ | (16) | $ | 236 | $ | 106 | $ | 342 |
| Interest expense, net | $ | 57 | $ | - | $ | - | 57 | $ | - | $ | 57 | |
| Pension mark-to-market and settlement expense | $ | - | $ | - | - | $ | - | $ | - | |||
| Income before taxes on income | $ | 204 | $ | (9) | $ | (16) | $ | 179 | $ | 106 | $ | 285 |
| Provision for taxes on income | $ | 40 | $ | 10 | $ | 48 | 98 | $ | (21) | $ | 77 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | - | $ | - | $ | (12) | (12) | $ | (5) | $ | (17) | |
| Net income | $ | 164 | $ | (19) | $ | (52) | 93 | $ | 132 | $ | 225 | |
| Less: NCI net income | $ | (1) | $ | - | $ | - | (1) | $ | - | $ | (1) | |
| Net income attributable to IHS Markit | $ | 163 | $ | (19) | $ | (52) | $ | 92 | $ | 132 | $ | 224 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) a proforma adjustment reclassifying the $38 million of revenue and $21 million of operating profit associated with IHS Markit's MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation including depreciation expense of $53 million, stock-based compensation of $55 million, amortization of intangible assets of $94 million, restructuring and impairment charges of $10 million, other acquisition-related costs of $9 million and gains on disposals of $1 million.
(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $88 million, restructuring and impairment charges of $10 million, other acquisition-related costs of $9 million, gains on disposals of $1 million and the related provision for taxes on income of $21 million. Adjustments made to present IHS Markit's MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $6 million and the related provision for taxes on income of $1 million.
Q4 2020 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 458 | $ | 6 | $ | (41) | $ | 423 | $ | - | $ | 423 |
| Transportation | 313 | (3) | - | 310 | - | 310 | ||||||
| Resources | 210 | (1) | - | 209 | - | 209 | ||||||
| CMS | 126 | (1) | - | 125 | - | 125 | ||||||
| Total Revenue | $ | 1,107 | $ | 1 | $ | (41) | $ | 1,067 | $ | - | $ | 1,067 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 224 | $ | 2 | $ | (138) | $ | 88 | $ | 62 | $ | 150 |
| Transportation | 141 | - | (29) | 112 | 14 | 126 | ||||||
| Resources | 85 | (2) | (34) | 49 | 22 | 71 | ||||||
| CMS | 31 | 1 | (15) | 17 | 10 | 27 | ||||||
| Total Segment Operating Profit | $ | 481 | $ | 1 | $ | (216) | $ | 266 | $ | 108 | $ | 374 |
| Shared Services | $ | (16) | $ | 12 | $ | (77) | (81) | $ | 46 | $ | (35) | |
| Operating Profit | $ | 465 | $ | 13 | $ | (293) | $ | 185 | $ | 154 | $ | 339 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (54) | $ | (2) | $ | 56 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (94) | 1 | 93 | - | - | - | ||||||
| Stock-based compensation expense | (56) | (2) | 58 | - | - | - | ||||||
| Restructuring and impairment charges | (64) | 1 | 63 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (28) | 12 | 16 | - | - | - | ||||||
| Gain / Loss on Sale of Assets | 6 | - | (6) | - | - | - | ||||||
| Operating Profit | $ | 175 | $ | 23 | $ | (13) | $ | 185 | $ | 154 | $ | 339 |
| Interest expense, net | $ | 58 | $ | - | $ | - | 58 | $ | - | $ | 58 | |
| Pension mark-to-market and settlement expense | $ | 1 | $ | - | $ | - | 1 | $ | (1) | $ | - | |
| Income before taxes on income | $ | 116 | $ | 23 | $ | (13) | $ | 126 | $ | 155 | $ | 281 |
| Provision for taxes on income | $ | (36) | $ | 121 | $ | (64) | 21 | $ | 55 | $ | 76 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | 1 | $ | - | $ | (10) | (9) | $ | (11) | $ | (20) | |
| Net income | $ | 151 | $ | (98) | $ | 61 | $ | 114 | $ | 111 | $ | 225 |
| Less: NCI net income | $ | - | $ | - | $ | - | - | $ | - | $ | - | |
| Net income attributable to IHS Markit | $ | 151 | $ | (98) | $ | 61 | $ | 114 | $ | 111 | $ | 225 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) a proforma adjustment reclassifying the $41 million of revenue and $14 million of operating profit associated with IHS Markit's MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation including depreciation expense of $56 million, stock-based compensation of $58 million, amortization of intangible assets of $93 million, restructuring and impairment charges of $63 million, other acquisition-related costs of $16 million and gains on disposals of $6 million.
(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $87 million, restructuring and impairment charges of $63 million, other acquisition-related costs of $10 million, gains on disposals of $6 million, pension settlement of $1 million and the related provision for taxes on income of $55 million. Adjustments made to present IHS Markit's MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $6 million, acquisition-related costs of $6 million and the related provision for taxes on income of $1 million.
FY 2020 Reconciliation of IHS Markit Operating Results by Segment
(dollars in millions)
| (unaudited) | IHS Markit Segment Information | Adjustments to Calendar Quarter (a) | Adjustments to Align to S&P Segment Presentation (b) | IHS Markit Proforma Segment Information | Non-GAAP Adjustments (c) | IHS Markit Proforma Segment Adjusted Information | ||||||
| Revenue | ||||||||||||
| Financial Services | $ | 1,784 | $ | 22 | $ | (166) | $ | 1,640 | $ | - | $ | 1,640 |
| Transportation | 1,152 | 6 | - | 1,158 | - | 1,158 | ||||||
| Resources | 863 | (9) | - | 854 | - | 854 | ||||||
| CMS | 489 | (1) | - | 488 | - | 488 | ||||||
| Total Revenue | $ | 4,288 | $ | 18 | $ | (166) | $ | 4,140 | $ | - | $ | 4,140 |
| Operating Profit | ||||||||||||
| Financial Services | $ | 886 | $ | 20 | $ | (569) | $ | 337 | $ | 247 | $ | 584 |
| Transportation | 515 | 9 | (165) | 359 | 108 | 467 | ||||||
| Resources | 357 | (6) | (140) | 211 | 79 | 290 | ||||||
| CMS | 127 | (1) | (44) | 82 | 24 | 106 | ||||||
| Total Segment Operating Profit | $ | 1,885 | $ | 22 | $ | (918) | $ | 989 | $ | 458 | $ | 1,447 |
| Shared Services | $ | (48) | $ | 3 | $ | (211) | (256) | $ | 83 | $ | (173) | |
| Operating Profit | $ | 1,837 | $ | 25 | $ | (1,129) | $ | 733 | $ | 541 | $ | 1,274 |
| Costs to reconcile adjusted EBITDA to operating profit | ||||||||||||
| Depreciation | $ | (218) | $ | - | $ | 218 | $ | - | $ | - | $ | - |
| Amortization related to acquired intangible assets | (374) | - | 374 | - | - | - | ||||||
| Stock-based compensation expense | (266) | 1 | 265 | - | - | - | ||||||
| Restructuring and impairment charges | (161) | - | 161 | - | - | - | ||||||
| Acquisition-related costs & performance compensation | (45) | 13 | 32 | - | - | - | ||||||
| Gain / Loss on Sale of Assets | 377 | (382) | 5 | - | - | - | ||||||
| Operating Profit | $ | 1,150 | $ | (343) | $ | (74) | $ | 733 | $ | 541 | $ | 1,274 |
| Interest expense, net | $ | 236 | $ | (2) | $ | - | 234 | $ | - | $ | 234 | |
| Pension mark-to-market and settlement expense | $ | 31 | $ | - | $ | - | 31 | $ | (31) | $ | - | |
| Income before taxes on income | $ | 883 | $ | (341) | $ | (74) | $ | 468 | $ | 572 | $ | 1,040 |
| Provision for taxes on income | $ | 13 | $ | 114 | $ | (11) | 116 | $ | 148 | $ | 264 | |
| IHS Markit equity in (profit) loss on equity-method investees, net of tax | $ | 1 | $ | - | $ | (58) | (57) | $ | (25) | $ | (82) | |
| Net income | $ | 869 | $ | (455) | $ | (5) | $ | 409 | $ | 449 | $ | 858 |
| Less: NCI net income | $ | 1 | $ | - | $ | - | 1 | $ | - | $ | 1 | |
| Net income attributable to IHS Markit | $ | 870 | $ | (455) | $ | (5) | $ | 410 | $ | 449 | $ | 859 |
Note - Totals may not sum due to rounding
(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global's fiscal year presentation that contain calendar quarters.
(b) Adjustments include (1) a proforma adjustment reclassifying the $166 million of revenue and $74 million of operating profit associated with IHS Markit's MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global's operating profit presentation including depreciation expense of $218 million, stock-based compensation of $265 million, amortization of intangible assets of $374 million, restructuring and impairment charges of $161 million, other acquisition-related costs of $32 million and losses on disposals of $5 million.
(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $349 million, restructuring and impairment charges of $161 million, other acquisition-related costs of $26 million, losses on disposals of $5 million, pension settlement of $31 million and the related provision for taxes on income of $148 million. Adjustments made to present IHS Markit's MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $25 million, acquisition-related costs of $6 million and the related provision for taxes on income of $6 million.
Exhibit 3
S&P Global
S&P Global and IHS Markit Proforma Combined Company
Operating Results by Segment
Periods ended December 31, 2021
(dollars in millions, except per share data)
| (unaudited) | Proforma Revenue | |||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Market Intelligence | $ | 950 | $ | 957 | $ | 974 | $ | 1,009 | $ | 3,890 |
| Ratings | 1,017 | 1,073 | 1,017 | 990 | 4,097 | |||||
| Commodity Insights | 410 | 413 | 413 | 433 | 1,669 | |||||
| Mobility | 296 | 315 | 319 | 316 | 1,246 | |||||
| Indices | 297 | 303 | 323 | 330 | 1,253 | |||||
| Engineering Solutions | 91 | 93 | 104 | 103 | 391 | |||||
| Intersegment Elimination | (39) | (41) | (41) | (43) | (164) | |||||
| Total proforma revenue | $ | 3,022 | $ | 3,113 | $ | 3,109 | $ | 3,138 | $ | 12,382 |
| Proforma Adjusted Expenses | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Market Intelligence | $ | 648 | $ | 629 | $ | 663 | $ | 726 | $ | 2,666 |
| Ratings | 332 | 344 | 373 | 425 | 1,474 | |||||
| Commodity Insights | 219 | 223 | 229 | 255 | 926 | |||||
| Mobility | 178 | 184 | 190 | 199 | 751 | |||||
| Indices | 94 | 94 | 99 | 120 | 407 | |||||
| Engineering Solutions | 78 | 73 | 83 | 84 | 318 | |||||
| Intersegment Elimination | (39) | (41) | (41) | (43) | (164) | |||||
| Total proforma adjusted expenses | $ | 1,510 | $ | 1,506 | $ | 1,596 | $ | 1,766 | $ | 6,378 |
| Proforma Adjusted Segment Operating Profit | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Market Intelligence | $ | 302 | $ | 328 | $ | 311 | $ | 283 | $ | 1,224 |
| Ratings | 685 | 729 | 644 | 565 | 2,623 | |||||
| Commodity Insights | 191 | 190 | 184 | 178 | 743 | |||||
| Mobility | 118 | 131 | 129 | 117 | 495 | |||||
| Indices | 203 | 209 | 224 | 210 | 846 | |||||
| Engineering Solutions | 13 | 20 | 21 | 19 | 73 | |||||
| Proforma adjusted segment operating profit | $ | 1,512 | $ | 1,607 | $ | 1,513 | $ | 1,372 | $ | 6,004 |
Exhibit 3
| Proforma Adjusted Operating Profit | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Proforma adjusted segment operating profit | $ | 1,512 | $ | 1,607 | $ | 1,513 | $ | 1,372 | $ | 6,004 |
| Equity in net (earnings) loss of unconsolidated subsidiaries, net of taxes | (20) | (13) | (24) | (22) | (79) | |||||
| Corporate Unallocated expense | 39 | 36 | 36 | 58 | 169 | |||||
| Proforma adjusted operating profit | $ | 1,493 | $ | 1,584 | $ | 1,501 | $ | 1,336 | $ | 5,914 |
| Proforma Adjusted Net Income & Diluted EPS | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Proforma adjusted operating profit | $ | 1,493 | $ | 1,584 | $ | 1,501 | $ | 1,336 | $ | 5,914 |
| Other income, net | (7) | (22) | (22) | (11) | (62) | |||||
| Interest expense, net | 87 | 87 | 86 | 78 | 338 | |||||
| Proforma income before taxes on income | 1,413 | 1,519 | 1,437 | 1,269 | 5,638 | |||||
| Provision for taxes on income | 318 | 363 | 282 | 263 | 1,226 | |||||
| Proforma adjusted net income | $ | 1,095 | $ | 1,156 | $ | 1,155 | $ | 1,006 | $ | 4,412 |
| Less: net income attributable to noncontrolling interests | (53) | (59) | (64) | (62) | (238) | |||||
| Proforma adjusted net income attributable to S&P Global | $ | 1,042 | $ | 1,097 | $ | 1,091 | $ | 944 | $ | 4,174 |
| Diluted weighted-average number of common shares outstanding | 355.3 | 355.6 | 355.6 | 356.4 | 355.7 | |||||
| Proforma adjusted diluted EPS | $ | 2.93 | $ | 3.09 | $ | 3.07 | $ | 2.65 | $ | 11.73 |
Note - Totals may not sum due to rounding
Exhibit 3
S&P Global
S&P Global and IHS Markit Proforma Combined Company
Operating Results by Segment
Periods ended December 31, 2020
(dollars in millions, except per share data)
| (unaudited) | Proforma Revenue | |||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Market Intelligence | $ | 878 | $ | 877 | $ | 892 | $ | 921 | $ | 3,568 |
| Ratings | 825 | 1,006 | 894 | 881 | 3,606 | |||||
| Commodity Insights | 408 | 404 | 398 | 403 | 1,613 | |||||
| Mobility | 274 | 216 | 281 | 281 | 1,052 | |||||
| Indices | 285 | 268 | 259 | 282 | 1,094 | |||||
| Engineering Solutions | 92 | 90 | 92 | 93 | 367 | |||||
| Intersegment Elimination | (36) | (40) | (38) | (39) | (153) | |||||
| Total proforma revenue | $ | 2,726 | $ | 2,821 | $ | 2,778 | $ | 2,822 | $ | 11,147 |
| Proforma Adjusted Expenses | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Market Intelligence | $ | 672 | $ | 598 | $ | 605 | $ | 652 | $ | 2,527 |
| Ratings | 310 | 317 | 348 | 403 | 1,378 | |||||
| Commodity Insights | 240 | 206 | 220 | 231 | 897 | |||||
| Mobility | 210 | 156 | 176 | 184 | 726 | |||||
| Indices | 97 | 80 | 93 | 89 | 359 | |||||
| Engineering Solutions | 76 | 70 | 72 | 71 | 289 | |||||
| Intersegment Elimination | (36) | (40) | (38) | (39) | (153) | |||||
| Total proforma adjusted expenses | $ | 1,569 | $ | 1,387 | $ | 1,476 | $ | 1,591 | $ | 6,023 |
| Proforma Adjusted Segment Operating Profit | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Market Intelligence | $ | 206 | $ | 279 | $ | 287 | $ | 269 | $ | 1,041 |
| Ratings | 515 | 689 | 546 | 478 | 2,228 | |||||
| Commodity Insights | 168 | 198 | 178 | 172 | 716 | |||||
| Mobility | 64 | 60 | 105 | 97 | 326 | |||||
| Indices | 188 | 188 | 166 | 193 | 735 | |||||
| Engineering Solutions | 16 | 20 | 20 | 22 | 78 | |||||
| Proforma adjusted segment operating profit | $ | 1,157 | $ | 1,434 | $ | 1,302 | $ | 1,231 | $ | 5,124 |
Exhibit 3
| Proforma Adjusted Operating Profit | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Proforma adjusted segment operating profit | $ | 1,157 | $ | 1,434 | $ | 1,302 | $ | 1,231 | $ | 5,124 |
| Equity in net (earnings) loss of unconsolidated subsidiaries, net of taxes | (21) | (18) | (14) | (17) | (70) | |||||
| Corporate Unallocated expense | 18 | 12 | 48 | 55 | 133 | |||||
| Proforma adjusted operating profit | $ | 1,160 | $ | 1,440 | $ | 1,268 | $ | 1,193 | $ | 5,061 |
| Proforma Adjusted Net Income & Diluted EPS | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Full Year | ||||||
| Proforma adjusted operating profit | $ | 1,160 | $ | 1,440 | $ | 1,268 | $ | 1,193 | $ | 5,061 |
| Other income, net | 1 | (13) | (7) | (15) | (34) | |||||
| Interest expense, net | 94 | 99 | 92 | 90 | 375 | |||||
| Proforma income before taxes on income | 1,065 | 1,354 | 1,183 | 1,118 | 4,720 | |||||
| Provision for taxes on income | 213 | 303 | 273 | 233 | 1,022 | |||||
| Proforma adjusted net income | $ | 852 | $ | 1,051 | $ | 910 | $ | 885 | $ | 3,698 |
| Less: net income attributable to noncontrolling interests | (49) | (49) | (45) | (56) | (199) | |||||
| Proforma adjusted net income attributable to S&P Global | $ | 803 | $ | 1,002 | $ | 865 | $ | 829 | $ | 3,499 |
| Diluted weighted-average number of common shares outstanding | 357.6 | 355.5 | 355.3 | 355.4 | 356.0 | |||||
| Proforma adjusted diluted EPS | $ | 2.24 | $ | 2.82 | $ | 2.43 | $ | 2.33 | $ | 9.83 |
Note - Totals may not sum due to rounding
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S&P Global Inc. published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 21:58:26 UTC.
