72EBITDA | Net Debt (Cash) to EBITDA*
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
(dollars in millions)
2021 | 2022 | |
Operating profit | ||
Market Intelligence | $676 | $2,448 |
Ratings | 2,629 | 1,672 |
Commodity Insights | 544 | 591 |
Mobility | – | 213 |
Indices | 798 | 927 |
Engineering Solutions | – | 15 |
Total division operating profit | $4,647 | $5,906 |
Less: Corporate Unallocated | 426 | 989 |
Equity in income on unconsolidated subsidiaries | – | 27 |
Earnings before interest and taxes (EBIT) | $4,221 | $4,944 |
Depreciation | 82 | 108 |
Amortization of intangibles | 96 | 905 |
EBITDA | $4,399 | $5,957 |
Net Debt (Cash) to EBITDA
Years ended December 31
(dollars in millions)
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |
Cash, cash equivalents and restricted cash & short-term investments | $761 | $1,560 | $2,500 | $1,487 | $2,400 | $2,791 | $1,976 | $2,914 | $4,131 | $6,516 | $1,301 |
Total debt | 1,251 | 794 | 795 | 3,611 | 3,564 | 3,569 | 3,662 | 3,948 | 4,110 | 4,114 | 10,956 |
Net debt (cash) | $490 | $(766) | $(1,705) | $2,124 | $1,164 | $778 | $1,686 | $1,034 | $(21) | $(2,402) | $9,655 |
EBITDA | $1,311 | $1,495 | $222 | $2,065 | $3,522 | $2,763 | $3,430 | $3,823 | $4,399 | $4,399 | $5,957 |
Net debt (cash) to EBITDA | 0.4x | (0.5)x | (7.7)x | 1.0x | 0.3x | 0.3x | 0.5x | 0.3x | (0.0)x | (0.5)x | 1.6x |
Notes:
2011-2013 EBITDA were not restated for the adoption of Accounting Standards Updates (ASU) 2017-07
SPGI: Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions