Overview: 4-5Adjusted Operating Results (’21-’22)
The Investor Fact Book reflects
The merger with IHS Markit on February 28, 2022. The 2021 reported financial information represents S&P Global on a stand-alone basis before the merger with IHS Markit. The 2021 and 2022 non-GAAP pro forma adjusted financial information presents the Company’s results of operations as if the merger completed on January 1, 2021.
See Appendix for non-GAAP adjustments, deal-related amortization, and a reconciliation of adjusted information to U.S. GAAP.
Adjusted Operating Results by Division*: 2022
Division Trends*: 2021–2022
Market Intelligence (1, 2)
Ratings (1, 3)
Commodity Insights (4)
Mobility
Indices (5, 6)
Engineering Solutions (7)
Notes:
SPGI: As of December 31, 2022, S&P Global’s operations consist of six reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Commodity Insights (“Commodity Insights”), S&P Global Mobility (“Mobility”), S&P Dow Jones Indices (“Indices”), and S&P Global Engineering Solutions (“Engineering Solutions”). Reportable segments are referred to as divisions in the Company’s Investor Fact Book
The Ratings division includes S&P Global Ratings, which is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (“NRSRO”); CRISIL Limited, a global analytical company incorporated in India; and certain other ratings-related businesses. Unless otherwise noted, the presentations are for S&P Global Ratings as a division
Division revenues do not include interdivision revenue elimination of $171 million for 2022 non-GAAP pro forma adjusted, $164 million for 2021 non-GAAP pro forma adjusted, and $146 million for 2021 reported. Percentages may sum to greater than 100%
2021 and 2022 non-GAAP pro forma adjusted results reflect the divestitures of CUSIP Global Service and Leveraged Commentary and Data. 2022 results reflect the acquisition of The Climate Services, Inc.
2022 results reflect the acquisition of the Shades of Green business
2021 and 2022 non-GAAP pro forma adjusted results reflect the divestitures of the Base Chemicals business and OPIS
2021 and 2022 non-GAAP pro forma adjusted results reflect the divestiture of a family of leveraged loan indices
Includes operating profit attributable to noncontrolling interests ($235 million in 2022 [includes an adjustment related to the JV Partner’s portion of the gain on the disposition of the L100 Index as part of the sale of LCD to Morningstar] and $215 million in 2021) as part of the S&P Dow Jones Indices joint venture established in June 2012
S&P Global divested the Engineering Solutions business. The sale was completed on May 2, 2023
See Appendix (pages 79-86) for non-GAAP adjustments, deal-related amortization, and a reconciliation of adjusted information to U.S. GAAP
2021 results on a stand-alone basis for S&P Global before the merger with IHS Markit
2021 and 2022 results on a non-GAAP pro forma adjusted basis as if the merger completed on January 1, 2021