Appendix: 83–86
Reconciliation of Non-GAAP Pro Forma Adjusted Information

Adjusted Revenue/Non-GAAP Pro Forma Adjusted Revenue

(in millions)

Stand-alone 2021

Pro forma
2021

Pro forma
2022

Market Intelligence

Revenue/Pro forma revenue

$2,185

$3,976

$4,102

Pro forma non-GAAP adjustments

–

(73)

–

Fiscal period alignment adjustment

–

(13)

–

Divestitures

–

–

(9)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$2,185

$3,890

$4,093

Fx

(4)

(4)

36

Fx adjusted

$2,181

$3,886

$4,129

Ratings

Revenue/Pro forma revenue

$4,097

$4,097

$3,050

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$4,097

$4,097

$3,050

Fx

(39)

(39)

86

Fx adjusted

$4,058

$4,058

$3,136

Commodity Insights

Revenue/Pro forma revenue

$1,012

$1,652

$1,788

Pro forma non-GAAP adjustments

–

16

–

Fiscal period alignment adjustment

–

1

–

Divestitures

–

–

(12)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$1,012

$1,669

$1,776

Fx

–

–

5

Fx adjusted

$1,012

$1,669

$1,781

Mobility

Revenue/Pro forma revenue

–

$1,209

$1,351

Pro forma non-GAAP adjustments

–

26

–

Fiscal period alignment adjustment

–

11

–

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

–

$1,246

$1,351

Fx

–

–

13

Fx adjusted

–

$1,246

$1,364

Indices

Revenue/Pro forma revenue

$1,149

$1,253

$1,356

Divestitures

–

–

(1)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$1,149

$1,253

$1,355

Fx

(1)

(1)

10

Fx adjusted

$1,148

$1,252

$1,365

Engineering Solutions

Revenue/Pro forma revenue

–

$380

$389

Pro forma non-GAAP adjustments

–

10

–

Fiscal period alignment adjustment

–

1

–

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

–

$391

$389

Fx

–

–

9

Fx adjusted

–

$391

$398

Intersegment Elimination

Revenue/Pro forma revenue

$(146)

$(164)

$(171)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$(146)

$(164)

$(171)

Fx

–

–

–

Fx adjusted

$(146)

$(164)

$(171)

Total SPGI

Revenue/Pro forma revenue

$8,297

$12,403

$11,864

Pro forma non-GAAP adjustments

–

(21)

–

Divestitures

–

–

(22)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$8,297

$12,382

$11,842

Fx

(44)

(44)

159

Fx adjusted

$8,253

$12,338

$12,001

Stand-alone 2021

Pro forma
2021

Pro forma
2022

Market Intelligence

Revenue/Pro forma revenue

$2,185

$3,976

$4,102

Pro forma non-GAAP adjustments

–

(73)

–

Fiscal period alignment adjustment

–

(13)

–

Divestitures

–

–

(9)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$2,185

$3,890

$4,093

Fx

(4)

(4)

36

Fx adjusted

$2,181

$3,886

$4,129

Ratings

Revenue/Pro forma revenue

$4,097

$4,097

$3,050

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$4,097

$4,097

$3,050

Fx

(39)

(39)

86

Fx adjusted

$4,058

$4,058

$3,136

Commodity Insights

Revenue/Pro forma revenue

$1,012

$1,652

$1,788

Pro forma non-GAAP adjustments

–

16

–

Fiscal period alignment adjustment

–

1

–

Divestitures

–

–

(12)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$1,012

$1,669

$1,776

Fx

–

–

5

Fx adjusted

$1,012

$1,669

$1,781

Mobility

Revenue/Pro forma revenue

–

$1,209

$1,351

Pro forma non-GAAP adjustments

–

26

–

Fiscal period alignment adjustment

–

11

–

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

–

$1,246

$1,351

Fx

–

–

13

Fx adjusted

–

$1,246

$1,364

Indices

Revenue/Pro forma revenue

$1,149

$1,253

$1,356

Divestitures

–

–

(1)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$1,149

$1,253

$1,355

Fx

(1)

(1)

10

Fx adjusted

$1,148

$1,252

$1,365

Engineering Solutions

Revenue/Pro forma revenue

–

$380

$389

Pro forma non-GAAP adjustments

–

10

–

Fiscal period alignment adjustment

–

1

–

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

–

$391

$389

Fx

–

–

9

Fx adjusted

–

$391

$398

Intersegment Elimination

Revenue/Pro forma revenue

$(146)

$(164)

$(171)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$(146)

$(164)

$(171)

Fx

–

–

–

Fx adjusted

$(146)

$(164)

$(171)

Total SPGI

Revenue/Pro forma revenue

$8,297

$12,403

$11,864

Pro forma non-GAAP adjustments

–

(21)

–

Divestitures

–

–

(22)

Adjusted Revenue/Non-GAAP pro forma adjusted revenue

$8,297

$12,382

$11,842

Fx

(44)

(44)

159

Fx adjusted

$8,253

$12,338

$12,001

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Adjusted Operating Profit/Non-GAAP Pro Forma Adjusted Operating Profit

(in millions)

Stand-alone 2021

Pro forma
2021

Pro forma
2022

Market Intelligence

Operating Profit/Pro forma operating profit

$676

$1,217

$2,471

Non-GAAP adjustments/Pro forma non-GAAP adjustments

4

(61)

(1,638)

Deal-related amortization/Pro forma deal-related amortization

65

65

475

Fiscal period alignment adjustment

–

(43)

–

Divestitures

–

–

(6)

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$744

$1,178

$1,302

Fx

3

3

(30)

Fx adjusted

$747

$1,181

$1,272

Ratings

Operating Profit/Pro forma operating profit

$2,629

$2,619

$1,667

Non-GAAP adjustments/Pro forma non-GAAP adjustments

(7)

(6)

30

Deal-related amortization/ Pro forma deal-related amortization

10

10

8

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$2,632

$2,632

$1,705

Fx

(34)

(34)

32

Fx adjusted

$2,598

$2,589

$1,737

Commodity Insights

Operating Profit/Pro forma operating profit

$544

$574

$595

Non-GAAP adjustments/Pro forma non-GAAP adjustments

(2)

153

87

Deal-related amortization/Pro forma deal-related amortization

8

8

111

Fiscal period alignment adjustment

–

(2)

–

Divestitures

–

–

(7)

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$550

$733

$787

Fx

1

1

(4)

Fx adjusted

$551

$734

$783

Mobility

Operating Profit/Pro forma operating profit

–

$150

$250

Non-GAAP adjustments/Pro forma non-GAAP adjustments

–

335

36

Deal-related amortization/Pro forma deal-related amortization

–

–

242

Fiscal period alignment adjustment

–

7

–

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

–

$492

$527

Fx

–

–

1

Fx adjusted

–

$492

$528

Indices

Operating Profit/Pro forma operating profit

$798

$808

$927

Non-GAAP adjustments/Pro forma non-GAAP adjustments

(1)

31

(30)

Deal-related amortization/Pro forma deal-related amortization

6

6

31

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$803

$845

$927

Fx

–

–

7

Fx adjusted

$803

$845

$934

Engineering Solutions

Operating Profit/Pro forma operating profit

–

$62

$21

Non-GAAP adjustments/Pro forma non-GAAP adjustments

–

27

12

Deal-related amortization/Pro forma deal-related amortization

–

–

35

Fiscal period alignment adjustment

–

(14)

–

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

–

$75

$67

Fx

–

–

3

Fx adjusted

–

$75

$70

Total Division

Operating Profit/Pro forma operating profit

$4,647

$5,430

$5,931

Non-GAAP adjustments/Pro forma non-GAAP adjustments

(6)

479

(1,503)

Deal-related amortization/Pro forma deal-related amortization

88

89

902

Fiscal period alignment adjustment

–

52

–

Divestitures

–

–

(13)

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$4,729

$5,946

$5,315

Fx

(29)

(29)

8

Fx adjusted

$4,700

$5,917

$5,323

Corporate Unallocated

Operating Profit/Pro forma operating profit

$(426)

$(653)

$(655)

Non-GAAP adjustments/Pro forma non-GAAP adjustments

271

486

564

Deal-related amortization/Pro forma deal-related amortization

7

7

3

Fiscal period alignment adjustment

–

(13)

–

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$(148)

$(173)

$(86)

Equity in Income on Unconsolidated Subsidiaries

Operating Profit/Pro forma operating profit

–

$(41)

$35

Non-GAAP adjustments/Pro forma non-GAAP adjustments

–

130

–

Deal-related amortization/Pro forma deal-related amortization

–

–

54

Fiscal period alignment adjustment

–

1

–

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

–

$90

$90

Total SPGI

Operating Profit/Pro forma operating profit

$4,221

$4,736

$5,311

Non-GAAP adjustments/Pro forma non-GAAP adjustments

264

1,095

(938)

Deal-related amortization/ Pro forma deal-related amortization

96

96

959

Fiscal period alignment adjustment

–

(64)

–

Divestitures

–

–

(13)

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$4,581

$5,863

$5,319

Fx

(29)

(29)

8

Fx adjusted

$4,552

$5,834

$5,327

Adjusted operating profit margin

55.2%

47.4%

44.9%

Adjusted Other Income, Net/Non-GAAP Pro Forma Adjusted Other Income, Net

Adjusted other income, net/Pro forma other income, net

Other income, net/Pro forma other income, net

$(62)

$(64)

$(67)

Non-GAAP adjustments/Pro forma non-GAAP adjustments

–

–

(13)

Fiscal period alignment adjustment

–

(2)

–

Adjusted other income, net/Pro forma other income, net

$(62)

$(66)

$(80)

Adjusted Interest Expense, net/Non-GAAP Pro Forma Adjusted Interest Expense, net

Interest Expense, net/Non-GAAP Pro Forma Interest Expense, net

Interest Expense, net/Pro forma interest expense, net

$119

$261

$369

Pro forma non-GAAP adjustments

–

78

(31)

Fiscal period alignment adjustment

–

(1)

–

Adjusted Interest Expense, net/Non-GAAP pro forma adjusted interest expense, net

$119

$338

$339

Adjusted Provision for Income Taxes/Non-GAAP Pro Forma Adjusted Provision for Income Taxes

Income Taxes/Pro forma income taxes

Provision for Income Taxes/Pro forma provision for income taxes

$901

$918

$1,201

Non-GAAP adjustments/Pro forma non-GAAP adjustments

50

221

(382)

Deal-related amortization

23

23

219

Fiscal period alignment adjustment

–

51

–

Divestitures

–

–

(4)

Adjusted Provision for income taxes/Non-GAAP pro forma adjusted provision for income taxes

$973

$1,213

$1,036

Adjusted Effective Tax Rate/Non-GAAP Pro Forma Adjusted Effective Tax Rate

Income Taxes/Pro forma income taxes

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$4,581

$5,863

$5,319

Adjusted other income, net/Non-GAAP pro forma adjusted other income, net

62

(66)

(80)

Adjusted interest expense, net/Non-GAAP pro forma adjusted interest expense, net

(119)

338

339

Adjusted income before taxes on income /Non-GAAP pro forma adjusted income before taxes on income

$4,523

$5,591

$5,060

Adjusted provision for income taxes /Non-GAAP pro forma adjusted provision for income taxes

$973

$1,213

$1,036

Adjusted effective tax rate/Non-GAAP pro forma adjusted effective tax rate (1)

21.5%

21.7%

20.5%

Stand-alone 2021

Pro forma
2021

Pro forma
2022

Market Intelligence

Operating Profit/Pro forma operating profit

$676

$1,217

$2,471

Non-GAAP adjustments/Pro forma non-GAAP adjustments

4

(61)

(1,638)

Deal-related amortization/Pro forma deal-related amortization

65

65

475

Fiscal period alignment adjustment

–

(43)

–

Divestitures

–

–

(6)

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$744

$1,178

$1,302

Fx

3

3

(30)

Fx adjusted

$747

$1,181

$1,272

Ratings

Operating Profit/Pro forma operating profit

$2,629

$2,619

$1,667

Non-GAAP adjustments/Pro forma non-GAAP adjustments

(7)

(6)

30

Deal-related amortization/ Pro forma deal-related amortization

10

10

8

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$2,632

$2,632

$1,705

Fx

(34)

(34)

32

Fx adjusted

$2,598

$2,589

$1,737

Commodity Insights

Operating Profit/Pro forma operating profit

$544

$574

$595

Non-GAAP adjustments/Pro forma non-GAAP adjustments

(2)

153

87

Deal-related amortization/Pro forma deal-related amortization

8

8

111

Fiscal period alignment adjustment

–

(2)

–

Divestitures

–

–

(7)

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$550

$733

$787

Fx

1

1

(4)

Fx adjusted

$551

$734

$783

Mobility

Operating Profit/Pro forma operating profit

–

$150

$250

Non-GAAP adjustments/Pro forma non-GAAP adjustments

–

335

36

Deal-related amortization/Pro forma deal-related amortization

–

–

242

Fiscal period alignment adjustment

–

7

–

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

–

$492

$527

Fx

–

–

1

Fx adjusted

–

$492

$528

Indices

Operating Profit/Pro forma operating profit

$798

$808

$927

Non-GAAP adjustments/Pro forma non-GAAP adjustments

(1)

31

(30)

Deal-related amortization/Pro forma deal-related amortization

6

6

31

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$803

$845

$927

Fx

–

–

7

Fx adjusted

$803

$845

$934

Engineering Solutions

Operating Profit/Pro forma operating profit

–

$62

$21

Non-GAAP adjustments/Pro forma non-GAAP adjustments

–

27

12

Deal-related amortization/Pro forma deal-related amortization

–

–

35

Fiscal period alignment adjustment

–

(14)

–

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

–

$75

$67

Fx

–

–

3

Fx adjusted

–

$75

$70

Total Division

Operating Profit/Pro forma operating profit

$4,647

$5,430

$5,931

Non-GAAP adjustments/Pro forma non-GAAP adjustments

(6)

479

(1,503)

Deal-related amortization/Pro forma deal-related amortization

88

89

902

Fiscal period alignment adjustment

–

52

–

Divestitures

–

–

(13)

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$4,729

$5,946

$5,315

Fx

(29)

(29)

8

Fx adjusted

$4,700

$5,917

$5,323

Corporate Unallocated

Operating Profit/Pro forma operating profit

$(426)

$(653)

$(655)

Non-GAAP adjustments/Pro forma non-GAAP adjustments

271

486

564

Deal-related amortization/Pro forma deal-related amortization

7

7

3

Fiscal period alignment adjustment

–

(13)

–

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$(148)

$(173)

$(86)

Equity in Income on Unconsolidated Subsidiaries

Operating Profit/Pro forma operating profit

–

$(41)

$35

Non-GAAP adjustments/Pro forma non-GAAP adjustments

–

130

–

Deal-related amortization/Pro forma deal-related amortization

–

–

54

Fiscal period alignment adjustment

–

1

–

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

–

$90

$90

Total SPGI

Operating Profit/Pro forma operating profit

$4,221

$4,736

$5,311

Non-GAAP adjustments/Pro forma non-GAAP adjustments

264

1,095

(938)

Deal-related amortization/ Pro forma deal-related amortization

96

96

959

Fiscal period alignment adjustment

–

(64)

–

Divestitures

–

–

(13)

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$4,581

$5,863

$5,319

Fx

(29)

(29)

8

Fx adjusted

$4,552

$5,834

$5,327

Adjusted operating profit margin

55.2%

47.4%

44.9%

Adjusted Other Income, Net/Non-GAAP Pro Forma Adjusted Other Income, Net

Adjusted other income, net/Pro forma other income, net

Other income, net/Pro forma other income, net

$(62)

$(64)

$(67)

Non-GAAP adjustments/Pro forma non-GAAP adjustments

–

–

(13)

Fiscal period alignment adjustment

–

(2)

–

Adjusted other income, net/Pro forma other income, net

$(62)

$(66)

$(80)

Adjusted Interest Expense, net/Non-GAAP Pro Forma Adjusted Interest Expense, net

Interest Expense, net/Non-GAAP Pro Forma Interest Expense, net

Interest Expense, net/Pro forma interest expense, net

$119

$261

$369

Pro forma non-GAAP adjustments

–

78

(31)

Fiscal period alignment adjustment

–

(1)

–

Adjusted Interest Expense, net/Non-GAAP pro forma adjusted interest expense, net

$119

$338

$339

Adjusted Provision for Income Taxes/Non-GAAP Pro Forma Adjusted Provision for Income Taxes

Income Taxes/Pro forma income taxes

Provision for Income Taxes/Pro forma provision for income taxes

$901

$918

$1,201

Non-GAAP adjustments/Pro forma non-GAAP adjustments

50

221

(382)

Deal-related amortization

23

23

219

Fiscal period alignment adjustment

–

51

–

Divestitures

–

–

(4)

Adjusted Provision for income taxes/Non-GAAP pro forma adjusted provision for income taxes

$973

$1,213

$1,036

Adjusted Effective Tax Rate/Non-GAAP Pro Forma Adjusted Effective Tax Rate

Income Taxes/Pro forma income taxes

Adjusted operating profit/Non-GAAP pro forma adjusted operating profit

$4,581

$5,863

$5,319

Adjusted other income, net/Non-GAAP pro forma adjusted other income, net

62

(66)

(80)

Adjusted interest expense, net/Non-GAAP pro forma adjusted interest expense, net

(119)

338

339

Adjusted income before taxes on income /Non-GAAP pro forma adjusted income before taxes on income

$4,523

$5,591

$5,060

Adjusted provision for income taxes /Non-GAAP pro forma adjusted provision for income taxes

$973

$1,213

$1,036

Adjusted effective tax rate/Non-GAAP pro forma adjusted effective tax rate (1)

21.5%

21.7%

20.5%

Download Excel

Reconciliation of Adjusted Information to U.S. GAAP Information

Adjusted Diluted Earnings per Share

(dollars)

Stand-alone
Pro forma
'21
'21
'22
$13.70
$11.63
$11.19
Download Excel

Adjusted Net Income Attributable to SPGI Diluted EPS & Non-GAAP Pro Forma Adjusted Net Income Attributable to SPGI and Diluted EPS

(in millions, except per share data)

Stand-alone
2021		Pro forma
2021		Pro forma
2022

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Reported/Pro forma

$3,024

$12.51

$3,383

$9.51

$3,543

$10.53

Non-GAAP adjustments/Pro forma non-GAAP adjustments

215

0.89

796

2.24

(507)

(1.51)

Deal-related amortization/Pro forma deal-related amortization

73

0.30

73

0.21

740

2.20

Fiscal period alignment adjustment

–

–

(115)

(0.33)

–

–

Divestitures

–

–

–

–

(9)

(0.03)

Adjusted/Non-GAAP pro forma adjusted

$3,311

$13.70

$4,137

$11.63

$3,765

$11.19

Year-over-year growth

17%

17%

N/M

N/M

(9)%

(4)%

Stand-alone
2021		Pro forma
2021		Pro forma
2022

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Reported/Pro forma

$3,024

$12.51

$3,383

$9.51

$3,543

$10.53

Non-GAAP adjustments/Pro forma non-GAAP adjustments

215

0.89

796

2.24

(507)

(1.51)

Deal-related amortization/Pro forma deal-related amortization

73

0.30

73

0.21

740

2.20

Fiscal period alignment adjustment

–

–

(115)

(0.33)

–

–

Divestitures

–

–

–

–

(9)

(0.03)

Adjusted/Non-GAAP pro forma adjusted

$3,311

$13.70

$4,137

$11.63

$3,765

$11.19

Year-over-year growth

17%

17%

N/M

N/M

(9)%

(4)%

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Notes:

For additional information, see notes on pages 65 and 79

Details may not sum to total due to rounding

* SPGI:  Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions

(1)

The adjusted effective tax rate is calculated by dividing the adjusted provision for income taxes by the adjusted income before taxes on income