Exhibit 99.2

Unaudited Consolidated Financial Statements

THOMSON REUTERS CORPORATION

CONSOLIDATED INCOME STATEMENT

(unaudited)

			Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars, except per share amounts)	Notes		2022		2021		2022		2021
CONTINUING OPERATIONS
Revenues		2		1,614		1,532		3,288		3,112
Operating expenses		5		(1,041)		(1,036)		(2,122)		(2,054)
Depreciation				(38)		(42)		(76)		(88)
Amortization of computer software				(121)		(122)		(235)		(237)
Amortization of other identifiable intangible assets				(25)		(30)		(51)		(61)
Other operating gains, net		6		2		14		1		31
Operating profit				391		316		805		703
Finance costs, net:
Net interest expense		7		(49)		(49)		(97)		(100)
Other finance income (costs)		7		320		2		414		(4)
Income before tax and equity method investments				662		269		1,122		599
Share of post-tax (losses) earnings in equity method investments		8		(825)		1,092		(27)		7,389
Tax benefit (expense)		9		92		(289)		(148)		(1,883)
(Loss) earnings from continuing operations				(71)		1,072		947		6,105
Loss from discontinued operations, net of tax				(44)		(4)		(55)		(1)
Net (loss) earnings				(115)		1,068		892		6,104
(Loss) earnings attributable to common shareholders				(115)		1,068		892		6,104
(Loss) earnings per share:		10
Basic (loss) earnings per share:
From continuing operations				($0.15)		$2.16		$1.94		$12.31
From discontinued operations				(0.09)		(0.01)		(0.11)		(0.01)
Basic (loss) earnings per share				($0.24)		$2.15		$1.83		$12.30
Diluted (loss) earnings per share:
From continuing operations				($0.15)		$2.16		$1.94		$12.28
From discontinued operations				(0.09)		(0.01)		(0.11)		-
Diluted (loss) earnings per share				($0.24)		$2.15		$1.83		$12.28

The related notes form an integral part of these consolidated financial statements.

Page 42

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(unaudited)

		Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	Notes	2022		2021		2022		2021
Net (loss) earnings			(115)		1,068		892		6,104
Other comprehensive (loss) income:
Items that have been or may be subsequently reclassified to net earnings:
Cash flow hedges adjustments to net earnings	7		36		(17)		23		(32)
Cash flow hedges adjustments to equity			(41)		15		(21)		24
Foreign currency translation adjustments to equity			(235)		27		(261)		32
Share of other comprehensive loss in equity method investments	8		-		-		-		(98)
Related tax benefit on share of other comprehensive loss in equity method investments			-		-		-		23
			(240)		25		(259)		(51)
Items that will not be reclassified to net earnings:
Fair value adjustments on financial assets	12		(14)		7		(18)		5
Remeasurement on defined benefit pension plans			(133)		37		(87)		133
Related tax benefit (expense) on remeasurement on defined benefit pension plans			32		(14)		21		(37)
			(115)		30		(84)		101
Other comprehensive (loss) income			(355)		55		(343)		50
Total comprehensive (loss) income			(470)		1,123		549		6,154
Comprehensive (loss) income for the period attributable to:
Common shareholders:
Continuing operations			(426)		1,127		604		6,155
Discontinued operations			(44)		(4)		(55)		(1)
Total comprehensive (loss) income			(470)		1,123		549		6,154

The related notes form an integral part of these consolidated financial statements.

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THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(unaudited)

			June 30,		December 31,
(millions of U.S. dollars)	Notes		2022		2021(1)
Cash and cash equivalents		12		461		778
Trade and other receivables				984		1,057
Other financial assets		12		175		108
Prepaid expenses and other current assets				416		462
Current assets excluding assets held for sale				2,036		2,405
Assets held for sale		11		207		48
Current assets				2,243		2,453
Property and equipment, net				446		502
Computer software, net				861		822
Other identifiable intangible assets, net				3,276		3,331
Goodwill				5,913		5,940
Equity method investments		8		6,672		6,736
Other non-current assets		13		1,256		1,226
Deferred tax				1,132		1,139
Total assets				21,799		22,149
LIABILITIES AND EQUITY
Liabilities
Current indebtedness		12		50		-
Payables, accruals and provisions		14		953		1,326
Current tax liabilities				196		169
Deferred revenue				877		874
Other financial liabilities		12		504		175
Current liabilities excluding liabilities associated with assets held for sale				2,580		2,544
Liabilities associated with assets held for sale		11		149		37
Current liabilities				2,729		2,581
Long-term indebtedness		12		3,766		3,786
Provisions and other non-current liabilities		15		959		943
Deferred tax				992		1,005
Total liabilities				8,446		8,315
Equity
Capital		16		5,475		5,496
Retained earnings				8,966		9,149
Accumulated other comprehensive loss				(1,088)		(811)
Total equity				13,353		13,834
Total liabilities and equity				21,799		22,149

Contingencies (note 19)

(1) Amounts have been reclassified to reflect the current presentation.

The related notes form an integral part of these consolidated financial statements.

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THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOW

(unaudited)

			Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	Notes		2022		2021		2022		2021
Cash provided by (used in):
OPERATING ACTIVITIES
(Loss) earnings from continuing operations				(71)		1,072		947		6,105
Adjustments for:
Depreciation				38		42		76		88
Amortization of computer software				121		122		235		237
Amortization of other identifiable intangible assets				25		30		51		61
Share of post-tax losses (earnings) in equity method investments		8		825		(1,092)		27		(7,389)
Deferred tax				(183)		249		(17)		923
Other		17		(285)		33		(324)		63
Changes in working capital and other items		17		(25)		15		(216)		800
Operating cash flows from continuing operations				445		471		779		888
Operating cash flows from discontinued operations				(12)		(9)		(71)		(46)
Net cash provided by operating activities				433		462		708		842
INVESTING ACTIVITIES
Acquisitions, net of cash acquired		18		(163)		-		(171)		(3)
Proceeds from disposals of businesses and investments				-		10		-		15
Dividend from sale of LSEG shares		8		-		-		-		994
Capital expenditures				(137)		(113)		(308)		(233)
Other investing activities		8		62		52		62		53
Taxes paid on sale of Refinitiv and LSEG shares				-		(438)		-		(444)
Investing cash flows from continuing operations				(238)		(489)		(417)		382
Investing cash flows from discontinued operations				(16)		-		(16)		(42)
Net cash (used in) provided by investing activities				(254)		(489)		(433)		340
FINANCING ACTIVITIES
Net borrowings under short-term loan facilities		12		50		-		50		-
Payments of lease principal				(16)		(22)		(33)		(43)
Repurchases of common shares		16		(194)		-		(194)		(200)
Dividends paid on preference shares				-		-		(1)		(1)
Dividends paid on common shares		16		(210)		(194)		(419)		(388)
Other financing activities				2		-		9		5
Net cash used in financing activities				(368)		(216)		(588)		(627)
Translation adjustments				(4)		1		(4)		-
(Decrease) increase in cash and cash equivalents				(193)		(242)		(317)		555
Cash and cash equivalents at beginning of period				654		2,584		778		1,787
Cash and cash equivalents at end of period				461		2,342		461		2,342
Supplemental cash flow information is provided in note 17.
Interest paid, net of debt related hedges				(66)		(67)		(80)		(81)
Interest received				-		-		1		1
Income taxes paid		17		(110)		(503)		(145)		(589)

Interest received and interest paid are reflected as operating cash flows.

Income taxes paid are reflected as either operating or investing cash flows depending on the nature of the underlying transaction.

The related notes form an integral part of these consolidated financial statements.

Page 45

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(unaudited)

(millions of U.S. dollars)	Stated share capital		Contributed surplus		Total capital		Retained earnings		Unrecognized gain (loss) on financial instruments		Foreign currency translation adjustments		Total accumulated other comprehensive loss (“AOCL”)		Total equity
Balance, December 31, 2021		3,813		1,683		5,496		9,149		25		(836)		(811)		13,834
Net earnings		-		-		-		892		-		-		-		892
Other comprehensive loss		-		-		-		(66)		(16)		(261)		(277)		(343)
Total comprehensive income (loss)		-		-		-		826		(16)		(261)		(277)		549
Dividends declared on preference shares		-		-		-		(1)		-		-		-		(1)
Dividends declared on common shares		-		-		-		(433)		-		-		-		(433)
Shares issued under Dividend Reinvestment Plan (“DRIP”)		14		-		14		-		-		-		-		14
Repurchases of common shares (see note 16)		(18)		-		(18)		(205)		-		-		-		(223)
Automatic share purchase plan (see note 16)		(30)		-		(30)		(370)		-		-		-		(400)
Stock compensation plans		107		(94)		13		-		-		-		-		13
Balance, June 30, 2022		3,886		1,589		5,475		8,966		9		(1,097)		(1,088)		13,353

(millions of U.S. dollars)	Stated share capital		Contributed surplus		Total capital		Retained earnings		Unrecognized (loss) gain on financial instruments		Foreign currency translation adjustments		AOCL		Total equity
Balance, December 31, 2020		3,719		1,739		5,458		5,211		(8)		(681)		(689)		9,980
Net earnings		-		-		-		6,104		-		-		-		6,104
Other comprehensive income (loss)		-		-		-		96		19		(65)		(46)		50
Total comprehensive income (loss)		-		-		-		6,200		19		(65)		(46)		6,154
Dividends declared on preference shares		-		-		-		(1)		-		-		-		(1)
Dividends declared on common shares		-		-		-		(400)		-		-		-		(400)
Shares issued under DRIP		12		-		12		-		-		-		-		12
Stock compensation plans		84		(52)		32		-		-		-		-		32
Balance, June 30, 2021		3,815		1,687		5,502		11,010		11		(746)		(735)		15,777

The related notes form an integral part of these consolidated financial statements.

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Thomson Reuters Corporation

Notes to Consolidated Financial Statements (unaudited)

(unless otherwise stated, all amounts are in millions of U.S. dollars)

Note 1: Business Description and Basis of Preparation

General business description

Thomson Reuters Corporation (the “Company” or “Thomson Reuters”) is an Ontario, Canada corporation with common shares listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and Series II preference shares listed on the TSX. The Company is a leading provider of business information services. The Company’s products include highly specialized information-enabled software and tools for legal, tax, accounting and compliance professionals combined with the world’s most global news service - Reuters.

These unaudited interim consolidated financial statements (“interim financial statements”) were approved by the Audit Committee of the Board of Directors of the Company on August 3, 2022.

Change Program

In February 2021, the Company announced a two-year Change Program to transition from a holding company to an operating company, and from a content provider into a content-driven technology company (see note 5).

Basis of preparation

The interim financial statements were prepared using the same accounting policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2021. The interim financial statements comply with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”). Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed.

The preparation of financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving more judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements have been disclosed in note 2 of the consolidated financial statements for the year ended December 31, 2021.

The Company continues to operate in an uncertain macroeconomic and geopolitical environment. Inflation has surged, labor markets remain tight, and the global economy is experiencing substantial disruption due to the Russian military invasion of Ukraine and the ongoing impacts from COVID-19 and associated supply chain challenges. Central banks in Canada, the U.S., and many other markets have begun to raise interest rates to combat inflation, which is impacting economic activity in certain markets. The Company is closely monitoring the evolving macroeconomic and geopolitical conditions to assess potential impacts on its businesses. Due to the significant uncertainty created by these circumstances, some of management’s estimates and judgments may be more variable and may change materially in the future.

The accompanying interim financial statements include all adjustments, composed of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2021, which are included in the Company’s 2021 annual report.

References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars.

Revision to Segment Results

In the first quarter of 2022, the Company made two changes to its segment reporting to reflect how it currently manages its businesses. The changes (i) reflect the transfer of certain revenues from its Corporates business to its Tax & Accounting Professionals business where they are better aligned; and (ii) record intercompany revenue in Reuters News for content-related services that it provides to Legal Professionals, Corporates and Tax & Accounting Professionals. Previously, these services had been reported as a transfer of expense from Reuters News to these businesses. These changes impact the financial results of the Company’s segments, but do not change the Company’s consolidated financial results. The table below summarizes the changes for the three and six months ended June 30, 2021.

Page 47

	Three months ended June 30, 2021						Six months ended June 30, 2021
	As Reported		Adjustments		As Revised		As Reported		Adjustments		As Revised
Revenues
Legal Professionals		673		-		673		1,341		-		1,341
Corporates		348		(2)		346		732		(4)		728
Tax & Accounting Professionals		197		2		199		422		4		426
Reuters News		168		5		173		328		10		338
Global Print		147		-		147		290		-		290
Eliminations/Rounding		(1)		(5)		(6)		(1)		(10)		(11)
Revenues		1,532		-		1,532		3,112		-		3,112
Adjusted EBITDA
Legal Professionals		285		-		285		564		-		564
Corporates		130		(2)		128		276		(3)		273
Tax & Accounting Professionals		72		2		74		170		3		173
Reuters News		35		-		35		63		-		63
Global Print		56		-		56		113		-		113
Total reportable segments adjusted EBITDA		578		-		578		1,186		-		1,186

Note 2: Revenues

Revenues by type and geography

The following tables disaggregate revenues by type and geography and reconciles them to reportable segments (see note 3).

Revenues by type	Legal Professionals				Corporates				Tax & Accounting Professionals				Reuters News				Global Print				Eliminations/ Rounding				Total
Three months ended June 30,	2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
Recurring		656		626		322		298		167		152		152		149		-		-		(6)		(6)		1,291		1,219
Transactions		44		47		51		48		50		47		36		24		-		-		-		-		181		166
Global Print		-		-		-		-		-		-		-		-		142		147		-		-		142		147
Total		700		673		373		346		217		199		188		173		142		147		(6)		(6)		1,614		1,532
Revenues by type	Legal Professionals				Corporates				Tax & Accounting Professionals				Reuters News				Global Print				Eliminations/ Rounding				Total
Six months ended June 30,	2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
Recurring		1,309		1,247		638		591		349		314		307		298		-		-		(12)		(11)		2,591		2,439
Transactions		89		94		146		137		121		112		57		40		-		-		-		-		413		383
Global Print		-		-		-		-		-		-		-		-		284		290		-		-		284		290
Total		1,398		1,341		784		728		470		426		364		338		284		290		(12)		(11)		3,288		3,112

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Revenues by geography (country of destination)	Legal Professionals				Corporates				Tax & Accounting Professionals				Reuters News				Global Print				Eliminations/ Rounding				Total
Three months ended June 30,	2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
U.S.		558		532		305		285		169		153		28		26		102		104		(6)		(6)		1,156		1,094
Canada (country of domicile)		17		15		2		3		12		11		1		1		19		19		-		-		51		49
Other		8		6		16		11		26		23		2		2		4		5		-		-		56		47
Americas (North America, Latin America, South America)		583		553		323		299		207		187		31		29		125		128		(6)		(6)		1,263		1,190
U.K.		65		69		28		27		6		7		119		103		8		9		-		-		226		215
Other		16		17		12		11		-		-		24		28		3		4		-		-		55		60
EMEA (Europe, Middle East and Africa)		81		86		40		38		6		7		143		131		11		13		-		-		281		275
Asia Pacific		36		34		10		9		4		5		14		13		6		6		-		-		70		67
Total		700		673		373		346		217		199		188		173		142		147		(6)		(6)		1,614		1,532
Revenues by geography (country of destination)	Legal Professionals				Corporates				Tax & Accounting Professionals				Reuters News				Global Print				Eliminations/ Rounding				Total
Six months ended June 30,	2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021		2022		2021
U.S.		1,115		1,058		650		606		375		342		58		80		205		205		(12)		(11)		2,391		2,280
Canada (country of domicile)		34		31		4		5		22		21		2		2		36		36		-		-		98		95
Other		16		11		30		23		56		44		4		4		8		9		-		-		114		91
Americas (North America, Latin America, South America)		1,165		1,100		684		634		453		407		64		86		249		250		(12)		(11)		2,603		2,466
U.K.		131		137		55		53		10		11		221		169		16		18		-		-		433		388
Other		32		34		26		23		-		-		51		55		6		8		-		-		115		120
EMEA (Europe, Middle East and Africa)		163		171		81		76		10		11		272		224		22		26		-		-		548		508
Asia Pacific		70		70		19		18		7		8		28		28		13		14		-		-		137		138
Total		1,398		1,341		784		728		470		426		364		338		284		290		(12)		(11)		3,288		3,112

Note 3: Segment Information

The Company is organized as five reportable segments, reflecting how the businesses are managed. The accounting policies applied by the segments are the same as those applied by the Company. The segments offer products and services to target customers as described below.

Legal Professionals

The Legal Professionals segment serves law firms and governments with research and workflow products, focusing on intuitive legal research powered by emerging technologies and integrated legal workflow solutions that combine content, tools and analytics.

Corporates

The Corporates segment serves corporate customers from small businesses to multinational organizations, including the seven largest global accounting firms, with the Company’s full suite of content-enabled technology solutions for in-house legal, tax, regulatory, compliance and IT professionals.

Tax & Accounting Professionals

The Tax & Accounting Professionals segment serves tax, accounting and audit professionals in accounting firms (other than the seven largest, which are served by the Corporates segment) with research and workflow products, focusing on intuitive tax offerings and automating tax workflows.

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Reuters News

The Reuters News segment supplies business, financial and global news to the world’s media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and the Refinitiv business of London Stock Exchange Group (“LSEG”).

Global Print

The Global Print segment provides legal and tax information primarily in print format to customers around the world.

The Company also reports “Corporate costs”, which includes expenses for corporate functions and the Change Program which are centrally managed. Corporate costs does not qualify as a reportable segment.

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Revenues
Legal Professionals		700		673		1,398		1,341
Corporates		373		346		784		728
Tax & Accounting Professionals		217		199		470		426
Reuters News		188		173		364		338
Global Print		142		147		284		290
Eliminations/Rounding		(6)		(6)		(12)		(11)
Revenues		1,614		1,532		3,288		3,112
Adjusted EBITDA
Legal Professionals		304		285		609		564
Corporates		139		128		296		273
Tax & Accounting Professionals		81		74		203		173
Reuters News		44		35		81		63
Global Print		50		56		103		113
Total reportable segments adjusted EBITDA		618		578		1,292		1,186
Corporate costs		(57)		(76)		(131)		(126)
Fair value adjustments (see note 5)		12		(6)		5		(2)
Depreciation		(38)		(42)		(76)		(88)
Amortization of computer software		(121)		(122)		(235)		(237)
Amortization of other identifiable intangible assets		(25)		(30)		(51)		(61)
Other operating gains, net		2		14		1		31
Operating profit		391		316		805		703
Net interest expense		(49)		(49)		(97)		(100)
Other finance income (costs)		320		2		414		(4)
Share of post-tax (losses) earnings in equity method investments		(825)		1,092		(27)		7,389
Tax benefit (expense)		92		(289)		(148)		(1,883)
(Loss) earnings from continuing operations		(71)		1,072		947		6,105

Reuters News revenues included $6 million (2021 - $6 million) and $12 million (2021 - $11 million) in the three and six months ended June 30, 2022, respectively, primarily from content-related services that it provided to the Legal Professionals, Corporates and Tax & Accounting Professionals segments.

In accordance with IFRS 8, Operating Segments, the Company discloses certain information about its reportable segments based upon measures used by management in assessing the performance of those reportable segments. These measures are defined below and may not be comparable to similar measures of other companies.

Page 50

Segment Adjusted EBITDA

●  Segment adjusted EBITDA represents earnings from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of software and other identifiable intangible assets, the Company’s share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges, fair value adjustments, and corporate related items.

●  The Company does not consider these excluded items to be controllable operating activities for purposes of assessing the current performance of the reportable segments.

●  Each segment includes an allocation of costs, based on usage or other applicable measures, for centralized support services such as technology, customer service, commercial policy, facilities management, and product and content development. Additionally, product costs are allocated when one segment sells products managed by another segment.

Note 4: Seasonality

The Company’s revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as it records a large portion of its revenues ratably over the contract term and its costs are generally incurred evenly throughout the year. However, the Company’s revenues from quarter to consecutive quarter can be impacted by the release of certain tax products, which tend to be concentrated in the fourth quarter and, to a lesser extent, in the first quarter of the year. The timing of costs related to the Change Program impacted the seasonality of the Company’s expenses and operating profit in 2022 and 2021.

Note 5: Operating Expenses

The components of operating expenses include the following:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Salaries, commissions and allowances		601		608		1,194		1,192
Share-based payments		26		16		47		34
Post-employment benefits		36		37		73		74
Total staff costs		663		661		1,314		1,300
Goods and services(1)		309		279		640		567
Content		65		67		132		138
Telecommunications		9		11		22		23
Facilities		7		12		19		24
Fair value adjustments(2)		(12)		6		(5)		2
Total operating expenses		1,041		1,036		2,122		2,054

(1) Goods and services include professional fees, consulting and outsourcing services, contractors, selling and marketing, and other general and administrative costs.

(2) Fair value adjustments primarily represent gains or losses on intercompany balances that arise in the ordinary course of business due to changes in foreign currency exchange rates.

Operating expenses in the three and six months ended June 30, 2022 included $30 million (2021 - $41 million) and $64 million (2021 - $52 million), respectively, related to the Change Program. The charges included severance as well as costs to drive technology and digital sales efficiencies.

Note 6: Other Operating Gains, Net

Other operating gains, net, were not significant in either the three or six months ended June 30, 2022. Other operating gains, net, were $14 million and $31 million in the three and six months ended June 30, 2021, respectively. Both periods included a gain on the sale of a business and income from a license that allowed the Refinitiv business of LSEG to use the “Reuters” mark. Additionally, the six-month period included a benefit from the revaluation of warrants that the Company held in Refinitiv prior to its sale to LSEG on January 29, 2021.

Page 51

Note 7: Finance Costs, Net

The components of finance costs, net, include interest expense (income) and other finance costs (income) as follows:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Interest expense:
Debt		40		40		80		80
Derivative financial instruments — hedging activities		-		(1)		(1)		(2)
Other, net		5		5		10		12
Fair value losses (gains) on cash flow hedges, transfer from equity		36		(17)		23		(32)
Net foreign exchange (gains) losses on debt		(36)		17		(23)		32
Net interest expense — debt and other		45		44		89		90
Net interest expense — leases		2		2		4		4
Net interest expense — pension and other post-employment benefit plans		2		3		5		7
Interest income		-		-		(1)		(1)
Net interest expense		49		49		97		100

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Net (gains) losses due to changes in foreign currency exchange rates		(78)		(2)		(94)		4
Net gains on derivative instruments		(242)		-		(320)		-
Other finance (income) costs		(320)		(2)		(414)		4

Net (gains) losses due to changes in foreign currency exchange rates

Net (gains) losses due to changes in foreign currency exchange rates were principally comprised of amounts related to certain intercompany funding arrangements.

Net gains on derivative instruments

Net gains on derivative instruments related to foreign exchange contracts, including gains on instruments that are intended to reduce foreign currency risk on a portion of the Company’s indirect investment in LSEG, which is denominated in British pounds sterling (see note 12).

Note 8: Equity Method Investments

Equity method investments were primarily comprised of the Company’s indirect investment in LSEG shares, which it holds through its direct investment in York Parent Limited and its subsidiaries (“YPL”), formerly Refinitiv Holdings Ltd. (“RHL”). YPL is an entity jointly owned by the Company, Blackstone’s consortium (comprised of The Blackstone Group and its subsidiaries, and private equity funds affiliated with Blackstone), and certain current LSEG and former members of Refinitiv senior management. As of June 30, 2022 and December 31, 2021, YPL held a combination of LSEG ordinary shares and LSEG limited-voting ordinary shares (with the shares carrying in aggregate an approximate 30% economic interest and a 24% voting interest in LSEG). At the same dates, the Company owned 42.82% of YPL and indirectly owned approximately 72.4 million LSEG shares.

The investment in LSEG is subject to equity accounting because the LSEG shares are held through YPL, over which the Company has significant influence. As YPL owns only the financial investment in LSEG shares, which the parties intend to sell over time, and is not involved in operating LSEG or the Refinitiv business of LSEG, the investment in LSEG shares held by YPL is accounted for at fair value, based on the share price of LSEG. As the investment in LSEG is denominated in British pounds sterling, the Company has entered a series of foreign exchange contracts to mitigate currency risk on its investment (see note 12).

Page 52

The Company’s share of post-tax (losses) earnings in equity method investments as reported in the consolidated income statement is comprised of the following:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
YPL		(822)		1,090		(23)		7,385
Other equity method investments		(3)		2		(4)		4
Total share of post-tax (losses) earnings in equity method investments		(825)		1,092		(27)		7,389

In the three months ended June 30, 2022, share of post-tax losses in equity method investments included an $884 million decrease in the value of the LSEG investment, of which $319 million related to a decrease in the LSEG share price and $565 million related to foreign exchange losses. In the six months ended June 30, 2022, share of post-tax losses in equity method investments reflected an $85 million decrease in the value of the LSEG investment, which included an increase of $689 million due to an increase in the LSEG share price, which was more than offset by $774 million of foreign exchange losses. Both periods also included $62 million of dividend income from its LSEG investment.

In the three months ended June 30, 2021, the Company’s share of post-tax earnings in equity method investments was primarily comprised of a $1,039 million increase in the value of its LSEG investment. The six months ended June 30, 2021 was comprised of an $8,075 million gain from the sale of Refinitiv, in which the Company owned a 45% interest, to LSEG which was partially offset by a $573 million decline in the value of its LSEG investment after the sale and $168 million of post-tax losses related to the Refinitiv operations prior to the sale. Both periods included $51 million of dividend income from the Company’s LSEG investment. Additionally, as permitted under a lock-up exception, approximately 10.1 million of the Company’s LSEG shares were sold in March 2021 for pre-tax net proceeds of $994 million. The proceeds from the sale of the shares by YPL were distributed to the Company as a dividend that reduced the value of the investment. The proceeds were presented in “Net cash flows (used in) provided by investing activities” in the consolidated statement of cash flow.

The composition of equity method investments as reported in the consolidated statement of financial position is comprised of the following:

	June 30,		December 31,
	2022		2021
YPL		6,489		6,574
Other equity method investments		183		162
Total equity method investments		6,672		6,736

Set forth below is summarized financial information for 100% of YPL (formerly RHL prior to its sale in January 2021).

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Revenues		-		-		-		551
Gain related to the sale of Refinitiv to LSEG		-		-		-		18,645
Mark-to-market of LSEG shares		(2,064)		2,427		(199)		(1,147)
Dividend income		144		120		144		120
Refinitiv net loss prior to its sale to LSEG		-		-		-		(361)
Net (loss) earnings		(1,920)		2,547		(55)		17,257
Remove: Net earnings attributable to non-controlling interests		-		-		-		(11)
Net (loss) earnings attributable to YPL		(1,920)		2,547		(55)		17,246
Other comprehensive loss attributable to YPL		-		-		-		(214)
Total comprehensive (loss) income attributable to YPL		(1,920)		2,547		(55)		17,032

Page 53

The following table reconciles the net assets attributable to YPL (formerly RHL) to the Company’s carrying value of its investment in YPL:

	June 30,		December 31,
	2022		2021
Assets
Current assets		10		6
Non-current assets		15,884		16,068
Total assets		15,894		16,074
Liabilities
Current liabilities		8		4
Non-current liabilities		204		189
Total liabilities		212		193
Net assets attributable to YPL		15,682		15,881
Net assets attributable to YPL - beginning period		15,881		2,487
Net (loss) earnings attributable to YPL		(55)		14,555
Other comprehensive loss attributable to YPL		-		(214)
Other adjustments(1)		-		253
Distribution to owners		(144)		(1,200)
Net assets attributable to YPL - ending period		15,682		15,881
Thomson Reuters % share		42.82%		42.82%
Thomson Reuters $ share		6,715		6,800
Historical excluded equity adjustment(2)		(226)		(226)
Thomson Reuters carrying amount		6,489		6,574

(1) Consists of equity transactions excluded from total comprehensive income attributable to YPL.

(2) Represents the cumulative impact of equity transactions excluded from the Company’s investment in YPL.

Note 9: Taxation

Tax (benefit) expense was $(92) million and $289 million in the three months ended June 30, 2022 and 2021, respectively, and included $(209) million (2021 – $262 million) of tax (benefit) expense related to the Company’s (loss) earnings in equity method investments. Tax expense was $148 million and $1,883 million in the six months ended June 30, 2022 and 2021, respectively, and included $(17) million (2021 – $1,800 million) of tax (benefit) expense related to the Company’s (loss) earnings in equity method investments. In the six-month period of 2021, the tax expense related primarily to the gain on sale of Refinitiv to LSEG. Additionally, tax (benefit) expense in each period reflected the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. Because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year, tax expense or benefit in interim periods is not necessarily indicative of tax (benefit) expense for the full year.

Note 10: Earnings Per Share

Basic (loss) earnings per share was calculated by dividing (loss) earnings attributable to common shareholders less dividends declared on preference shares by the sum of the weighted-average number of common shares outstanding and vested deferred share units (“DSUs”) outstanding during the period. DSUs represent common shares that certain employees have elected to receive in the future upon vesting of share-based compensation awards or in lieu of cash compensation.

Diluted earnings per share was calculated using the denominator of the basic calculation described above adjusted to include the potentially dilutive effect of outstanding stock options and time-based restricted share units (“TRSUs”).

Page 54

(Loss) earnings used in determining consolidated (loss) earnings per share and (loss) earnings per share from continuing operations are as follows:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
(Loss) earnings attributable to common shareholders		(115)		1,068		892		6,104
Less: Dividends declared on preference shares		-		-		(1)		(1)
(Loss) earnings used in consolidated (loss) earnings per share		(115)		1,068		891		6,103
Less: Loss from discontinued operations, net of tax		44		4		55		1
(Loss) earnings used in (loss) earnings per share from continuing operations		(71)		1,072		946		6,104

The weighted-average number of common shares outstanding, as well as a reconciliation of the weighted-average number of common shares outstanding used in the basic (loss) earnings per share computation to the weighted-average number of common shares outstanding used in the diluted (loss) earnings per share computation, is presented below:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Weighted-average number of common shares outstanding		486,892,062		495,687,352		486,639,796		495,597,737
Weighted-average number of vested DSUs		279,338		410,886		289,885		418,730
Basic		487,171,400		496,098,238		486,929,681		496,016,467
Effect of stock options and TRSUs		-		1,160,834		784,132		1,093,324
Diluted		487,171,400		497,259,072		487,713,813		497,109,791

Because the Company reported a net loss from continuing operations for the three months ended June 30, 2022, the weighted-average number of common shares used for basic and diluted loss per share is the same for all per share calculations in the period, as the effect of stock options and other equity incentive awards would reduce the loss per share, and therefore be anti-dilutive.

Note 11: Assets Held for Sale

Assets held for sale included several small businesses and products that the Company intends to sell. The assets and liabilities classified as held for sale in the consolidated statement of financial position are as follows:

	June 30,		December 31,
	2022		2021
Trade and other receivables		35		14
Other financial assets		85		-
Prepaid expenses and other current assets		2		1
Property and equipment, net		3		4
Computer software, net		12		5
Goodwill		60		14
Other assets		10		10
Total assets held for sale		207		48
Payables, accruals and provisions		8		8
Deferred revenue		54		26
Other financial liabilities		86		2
Other liabilities		1		1
Total liabilities associated with assets held for sale		149		37

Foreign currency translation gains of $20 million relating to these assets were recorded within accumulated other comprehensive loss in the consolidated statement of financial position at June 30, 2022 (December 31, 2021 – gains of $23 million).

Page 55

Note 12: Financial Instruments

Financial assets and liabilities

Financial assets and liabilities in the consolidated statement of financial position were as follows:

June 30, 2022	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total
Cash and cash equivalents		319		142		-		-		461
Trade and other receivables		984		-		-		-		984
Other financial assets - current		12		163		-		-		175
Other financial assets - non-current (see note 13)		28		384		58		78		548
Current indebtedness		(50)		-		-		-		(50)
Trade payables (see note 14)		(153)		-		-		-		(153)
Accruals (see note 14)		(673)		-		-		-		(673)
Other financial liabilities - current(1)(2)		(504)		-		-		-		(504)
Long-term indebtedness		(3,766)		-		-		-		(3,766)
Other financial liabilities - non current (see note 15)(3)		(222)		(19)		-		-		(241)
Total		(4,025)		670		58		78		(3,219)

December 31, 2021	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total
Cash and cash equivalents		389		389		-		-		778
Trade and other receivables		1,057		-		-		-		1,057
Other financial assets - current		108		-		-		-		108
Other financial assets - non-current (see note 13)		27		235		68		99		429
Trade payables (see note 14)		(227)		-		-		-		(227)
Accruals (see note 14)		(950)		-		-		-		(950)
Other financial liabilities - current(1)		(174)		(1)		-		-		(175)
Long-term indebtedness		(3,786)		-		-		-		(3,786)
Other financial liabilities - non current (see note 14)(3)		(215)		(19)		-		-		(234)
Total		(3,771)		604		68		99		(3,000)

(1) Includes lease liabilities of $59 million (2021 - $64 million).

(2) Includes a commitment to repurchase up to $400 million of common shares related to the Company’s automatic share purchase plan with its broker to repurchase the Company’s shares during its internal trading blackout period. See note 16.

(3) Includes lease liabilities of $193 million (2021 - $197 million).

Cash and cash equivalents

Of total cash and cash equivalents, $75 million and $70 million at June 30, 2022 and December 31, 2021, respectively, were held in subsidiaries which have regulatory restrictions, contractual restrictions or operate in countries where exchange controls and other legal restrictions apply and were therefore not available for general use by the Company.

Commercial paper program

The Company’s $1.8 billion commercial paper program provides cost effective and flexible short-term funding. The Company had $50 million of outstanding commercial paper in current indebtedness within the consolidated statement of financial position at June 30, 2022 (December 31, 2021 – nil).

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Credit facility

The Company has a $1.8 billion syndicated credit facility agreement which matures in December 2024 and may be used to provide liquidity for general corporate purposes (including acquisitions or support for its commercial paper program). There were no outstanding borrowings under the credit facility at June 30, 2022 and December 31, 2021. Based on the Company’s current credit ratings, the cost of borrowing under the facility is priced at LIBOR/EURIBOR plus 112.5 basis points. The Company has the option to request an increase, subject to approval by applicable lenders, in the lenders’ commitments in an aggregate amount of $600 million for a maximum credit facility commitment of $2.4 billion.

The U.K. Financial Conduct Authority, which regulates LIBOR, phased out the majority of LIBOR rates globally at the end of 2021. The Company has no material agreements with third parties that use or reference LIBOR, except for the LIBOR-based benchmarks in the Company’s external credit facility, for which adequate LIBOR benchmarks will remain in effect until June 2023.

The Company guarantees borrowings by its subsidiaries under the credit facility. The Company must also maintain a ratio of net debt as defined in the credit agreement (total debt after swaps less cash and cash equivalents) as of the last day of each fiscal quarter to EBITDA as defined in the credit agreement (earnings before interest, income taxes, depreciation and amortization and other modifications described in the credit agreement) for the last four quarters ended of not more than 4.5:1. If the Company were to complete an acquisition with a purchase price of over $500 million, the ratio of net debt to EBITDA would temporarily increase to 5.0:1 for three quarters after completion, at which time the ratio would revert to 4.5:1. As of June 30, 2022, the Company was in compliance with this covenant as its ratio of net debt to EBITDA, as calculated under the terms of its syndicated credit facility, was 1.6:1.

Foreign Exchange Contracts

The Company has entered foreign exchange contracts that are intended to reduce foreign currency risk related to a portion of its indirect investment in LSEG, which is denominated in British pounds sterling. In the three months ended June 30, 2022, the Company entered an additional series of foreign exchange contracts with a notional amount of £0.6 billion ($0.7 billion), for a cumulative notional amount of £3.2 billion ($4.2 billion). Gains of $242 million and $320 million in the three and six months ended June 30, 2022, respectively, were reported within “Other finance income (costs)” in the consolidated
income statement (see note 7) due to fluctuations in the U.S. dollar – British pounds sterling exchange rate. The associated fair value of these contracts was an asset of $301 million (December 31, 2021 – $19 million liability) and were recorded within other financial assets or liabilities, current or long-term as appropriate, in the consolidated statement of financial position. As of June 30, 2022, the Company’s interest in LSEG shares had a market value of approximately $6.7 billion, based on LSEG’s share price on that day (December 31, 2021 - $6.8 billion). 

Fair Value

The fair values of cash and cash equivalents, trade and other receivables, trade payables and accruals approximate their carrying amounts because of the short-term maturity of these instruments. The fair value of long-term debt and related derivative instruments is set forth below.

Debt and Related Derivative Instruments

Carrying Amounts

Amounts recorded in the consolidated statement of financial position are referred to as “carrying amounts”. The carrying amounts of primary debt are reflected in “Long-term indebtedness” and “Current indebtedness” and the carrying amounts of derivative instruments are included in “Other financial assets” and “Other financial liabilities”, both current and non-current, in the consolidated statement of financial position, as appropriate.

Fair Value

The fair value of debt is estimated based on either quoted market prices for similar issues or current rates offered to the Company for debt of the same maturity. The fair value of interest rate swaps is estimated based upon discounted cash flows using applicable current market rates and considering non-performance risk.

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The following is a summary of debt and related derivative instruments that hedged the cash flows of debt:

	Carrying Amount				Fair Value
June 30, 2022	Primary Debt Instruments		Derivative Instruments (Asset)		Primary Debt Instruments		Derivative Instruments (Asset)
Commercial paper		50		-		50		-
C$1,400, 2.239% Notes, due 2025		1,081		(78)		1,023		(78)
$600, 4.30% Notes, due 2023		599		-		605		-
$450, 3.85% Notes, due 2024(1)		241		-		240		-
$500, 3.35% Notes, due 2026		498		-		483		-
$350, 4.50% Notes, due 2043(1)		117		-		103		-
$350, 5.65% Notes, due 2043		342		-		351		-
$400, 5.50% Debentures, due 2035		396		-		411		-
$500, 5.85% Debentures, due 2040		492		-		515		-
Total		3,816		(78)		3,781		(78)
Current portion		50		-
Long-term portion		3,766		(78)

	Carrying Amount				Fair Value
December 31, 2021	Primary Debt Instruments		Derivative Instruments (Asset)		Primary Debt Instruments		Derivative Instruments (Asset)
C$1,400, 2.239% Notes, due 2025		1,103		(99)		1,119		(99)
$600, 4.30% Notes, due 2023		599		-		631		-
$450, 3.85% Notes, due 2024(1)		241		-		256		-
$500, 3.35% Notes, due 2026		497		-		531		-
$350, 4.50% Notes, due 2043(1)		116		-		128		-
$350, 5.65% Notes, due 2043		342		-		478		-
$400, 5.50% Debentures, due 2035		396		-		516		-
$500, 5.85% Debentures, due 2040		492		-		695		-
Total		3,786		(99)		4,354		(99)
Long-term portion		3,786		(99)

(1) Notes were partially redeemed in October 2018.

Fair value estimation

The following fair value measurement hierarchy is used for financial instruments that are measured in the consolidated statement of financial position at fair value:

●  Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;

●  Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and

●  Level 3 - inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

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The levels used to determine fair value measurements for those instruments carried at fair value in the consolidated statement of financial position are as follows:

June 30, 2022				Total
Assets	Level 1	Level 2	Level 3		Balance
Money market accounts	-	142	-		142
Other receivables(1)	-	-	246		246
Foreign exchange contracts(2)	-	301	-		301
Financial assets at fair value through earnings	-	443	246		689
Financial assets at fair value through other comprehensive income(3)	25	33	-		58
Derivatives used for hedging(4)	-	78	-		78
Total assets	25	554	246		825
Liabilities
Contingent consideration(5)	-	-	(19)		(19)
Financial liabilities at fair value through earnings	-	-	(19)		(19)
Total liabilities	-	-	(19)		(19)

December 31, 2021				Total
Assets	Level 1	Level 2	Level 3		Balance
Money market accounts	-	389	-		389
Other receivables(1)	-	-	235		235
Financial assets at fair value through earnings	-	389	235		624
Financial assets at fair value through other comprehensive income(3)	46	22	-		68
Derivatives used for hedging(4)	-	99	-		99
Total assets	46	510	235		791
Liabilities
Contingent consideration(5)	-	-	(1)		(1)
Foreign exchange contracts(2)	-	(19)	-		(19)
Financial liabilities at fair value through earnings	-	(19)	(1)		(20)
Total liabilities	-	(19)	(1)		(20)

(1) Receivables under indemnification arrangement (see note 19).

(2) Relates to the management of foreign exchange risk on a portion of the Company’s indirect investment in LSEG.

(3) Investments in entities over which the Company does not have control, joint control or significant influence.

(4) Comprised of fixed-to-fixed cross-currency swaps on indebtedness.

(5) Obligations to pay additional consideration for prior acquisitions, based upon performance measures contractually agreed at the time of purchase.

The receivable from the indemnification arrangement is a level 3 in the fair value measurement hierarchy. The increase in the receivable between December 31, 2021 and June 30, 2022 primarily reflected additional payments that are expected to be recovered, net of fair value losses based on interest rates associated with the indemnifying party’s credit profile and foreign exchange losses, which are included within loss from discontinued operations, net of tax, in the consolidated income statement.

The Company recognizes transfers into and out of the fair value measurement hierarchy levels at the end of the reporting period in which the event or change in circumstances that caused the transfer occurred. There were no transfers between hierarchy levels in the six months ended June 30, 2022.

Valuation Techniques

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

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Specific valuation techniques used to value financial instruments include:

●  Quoted market prices or dealer quotes for similar instruments;

●  The fair value of cross-currency interest rate swaps and foreign exchange contracts are calculated as the present value of the estimated future cash flows based on observable yield curves;

●  The fair value of other receivables considers estimated future cash flows, current market interest rates and non-performance risk; and

●  The fair value of contingent consideration is calculated based on estimates of future revenue performance.

Note 13: Other Non-Current Assets 

	June 30,		December 31,
	2022		2021
Net defined benefit plan surpluses		163		239
Cash surrender value of life insurance policies		333		346
Deferred commissions		107		127
Other financial assets (see note 12)		548		429
Other non-current assets(1)		105		85
Total other non-current assets		1,256		1,226

(1) Includes a tax receivable from HM Revenue & Customs (“HMRC”) of $89 million and $74 million at June 30, 2022 and December 31, 2021, respectively, (see note 19).

Note 14: Payables, Accruals and Provisions 

	June 30,		December 31,
	2022		2021
Trade payables		153		227
Accruals		673		950
Provisions		99		107
Other current liabilities		28		42
Total payables, accruals and provisions		953		1,326

Note 15: Provisions and Other Non-Current Liabilities 

	June 30,		December 31,
	2022		2021
Net defined benefit plan obligations		551		506
Other financial liabilities (see note 12)		241		234
Deferred compensation and employee incentives		77		99
Provisions		86		94
Other non-current liabilities		4		10
Total provisions and other non-current liabilities		959		943

Note 16: Capital

Share repurchases – Normal Course Issuer Bid (“NCIB”)

The Company buys back shares (and subsequently cancels them) from time to time as part of its capital strategy. In June 2022, the Company announced that it plans to repurchase up to $2.0 billion of its common shares. Share repurchases are typically executed under a NCIB. Under the current NCIB, the Company may repurchase up to 24 million common shares between June 13, 2022 and June 12, 2023 in open market transactions on the TSX, the NYSE and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or NYSE or under applicable law, including private agreement purchases if the Company receives an issuer bid exemption order in the future from applicable securities regulatory authorities in Canada for such purchases.

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Details of share repurchases were as follows:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Share repurchases (millions of U.S. dollars)		194		-		194		200
Shares repurchased (number in millions)		1.9		-		1.9		2.5
Share repurchases - average price per share in U.S. dollars	$	99.71		-	$	99.71	$	81.45

Decisions regarding any future repurchases will depend on certain factors, such as market conditions, share price, and other opportunities to invest capital for growth. The Company may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws. From time to time when the Company does not possess material nonpublic information about itself or its securities, it may enter into an automatic share purchase plan with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the Company’s broker will be adopted in accordance with applicable Canadian securities laws and the requirements of Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended. The Company entered into such a plan with its broker on June 30, 2022. As a result, the Company recorded a $400 million liability in “Other financial liabilities” within current liabilities at June 30, 2022 with a corresponding amount recorded in equity in the consolidated statement of financial position (December 31, 2021 – nil).

Dividends

Dividends on common shares are declared in U.S. dollars. In the consolidated statement of cash flow, dividends paid on common shares are shown net of amounts reinvested in the Company under its dividend reinvestment plan. Details of dividends declared per common share and dividends paid on common shares are as follows:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Dividends declared per common share		$0.445		$0.405		$0.890		$0.810
Dividends declared		217		200		433		400
Dividends reinvested		(7)		(6)		(14)		(12)
Dividends paid		210		194		419		388

Note 17: Supplemental Cash Flow Information

Details of “Other” in the consolidated statement of cash flow are as follows:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Non-cash employee benefit charges		44		39		86		78
Net (gains) losses on foreign exchange and derivative financial instruments		(319)		(3)		(411)		3
Net gains on disposals of businesses and investments		1		(8)		1		(8)
Revaluation of Refinitiv warrants (see note 6)		-		-		-		(9)
Fair value adjustments (see note 5)		(12)		6		(5)		2
Other		1		(1)		5		(3)
		(285)		33		(324)		63

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Details of “Changes in working capital and other items” are as follows:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Trade and other receivables		(6)		8		37		102
Prepaid expenses and other current assets		24		15		49		(1)
Other financial assets		2		1		13		18
Payables, accruals and provisions		(93)		(46)		(367)		(175)
Deferred revenue		67		89		58		57
Other financial liabilities		(2)		-		(13)		(18)
Income taxes(1)		(3)		(24)		36		860
Other		(14)		(28)		(29)		(43)
		(25)		15		(216)		800

(1) The six months ended June 30, 2021 reflects current tax liabilities that were recorded on the LSEG transaction and subsequent sale of LSEG shares (see note 8), for which the tax payments are included in investing activities.

Details of income taxes paid are as follows:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
Operating activities - continuing operations		(94)		(65)		(129)		(101)
Operating activities - discontinued operations		-		-		-		(2)
Investing activities - continuing operations		-		(438)		-		(444)
Investing activities - discontinued operations(1)		(16)		-		(16)		(42)
Total income taxes paid		(110)		(503)		(145)		(589)

(1) Reflects payments made to HMRC (see note 19).

The Company paid $87 million in the six months ended June 30, 2022 and 2021, related to notices of assessment under the Diverted Profit Tax regime. Of the amount paid in the six months ended June 30, 2022, $28 million (2021- $55 million) was paid directly to HMRC and $59 million (2021- $32 million) was paid to LSEG under an indemnity arrangement that related to businesses the Company sold to LSEG. The payments made directly to HMRC were included as income taxes paid in the consolidated statement of cash flow. The payments made to LSEG were presented in operating activities from discontinued operations in the consolidated statement of cash flow and were not included as taxes paid. See note 19.

Note 18: Acquisitions

Acquisitions primarily comprise the purchase of businesses that are integrated into existing operations to broaden the Company’s range of offerings to customers as well as its presence in global markets. The results of acquired businesses are included in the consolidated financial statements from the date of acquisition. Acquisitions also include investments in equity method investments and asset acquisitions.

Acquisition activity

The Company acquired all of the equity interests in two businesses and acquired a portion of the equity interests in three other businesses in the three and six months ended June 30, 2022. The related consideration was as follows: 

	Three months ended June 30,		Six months ended June 30,
Total consideration	2022		2022
Businesses acquired		153		153
Less: Cash acquired		(2)		(2)
Businesses acquired, net of cash		151		151
Investments in businesses		12		18
Contingent consideration payments		-		2
		163		171

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The following provides a brief description of an acquisition completed during the three and six months ended June 30, 2022:

Date	Company	Acquiring Segment	Description
April 2022	ThoughtTrace	Corporates	A business that uses artificial intelligence and machine learning to read, organize and manage document workflows.

Purchase price allocation

Purchase price allocations related to certain acquisitions may be subject to adjustment pending completion of final valuations.

The details of net assets acquired were as follows:

	Three and six months ended June 30,
	2022
Cash and cash equivalents		2
Trade receivables		3
Prepaid expenses and other current assets		1
Current assets		6
Computer software		24
Other identifiable intangible assets		9
Total assets		39
Payables and accruals		(1	)
Deferred revenue		(4	)
Current liabilities		(5	)
Provisions and other non-current liabilities		(20	)
Deferred tax		(3)
Total liabilities		(28	)
Net assets acquired		11
Goodwill		142
Total		153

The excess of the purchase price over the net assets acquired was recorded as goodwill and reflects synergies and the value of the acquired workforce. The majority of goodwill for acquisitions completed in 2022 are not expected to be deductible for tax purposes.

Other

The revenues and operating profit of the acquired businesses were not material to the Company’s results of operations.

Note 19: Contingencies

Lawsuits and legal claims

The Company is engaged in various legal proceedings, claims, audits and investigations that have arisen in the ordinary course of business. These matters include, but are not limited to, employment matters, commercial matters, defamation claims and intellectual property infringement claims. The outcome of all of the matters against the Company is subject to future resolution, including the uncertainties of litigation. Based on information currently known to the Company and after consultation with outside legal counsel, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial condition taken as a whole.

Uncertain tax positions

The Company is subject to taxation in numerous jurisdictions and is routinely under audit by many different taxing authorities in the ordinary course of business. There are many transactions and calculations during the course of business for which the ultimate tax determination is uncertain, as taxing authorities may challenge some of the Company’s positions and propose adjustments or changes to its tax filings.

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As a result, the Company maintains provisions for uncertain tax positions that it believes appropriately reflect its risk. These provisions are made using the Company’s best estimates of the amount expected to be paid based on a qualitative assessment of all relevant factors. When appropriate, the Company performs an expected value calculation to determine its provisions. The Company reviews the adequacy of these provisions at the end of each reporting period and adjusts them based on changing facts and circumstances. Due to the uncertainty associated with tax audits, it is possible that at some future date, liabilities resulting from such audits or related litigation could vary significantly from the Company’s provisions. However, based on currently enacted legislation, information currently known by the Company and after consultation with outside tax advisors, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial condition taken as a whole.

Prior to 2022, the Company paid $379 million of tax as required under notices of assessment issued by the U.K. tax authority, HM Revenue & Customs (“HMRC”), under the Diverted Profits Tax (“DPT”) regime. In February 2022, HMRC issued DPT notices aggregating $74 million, which the Company paid in March 2022. These assessments collectively related to the 2015, 2016, 2017 and 2018 taxation years of certain of the Company’s current and former U.K. affiliates. In May 2022, HMRC issued additional DPT notices aggregating $9 million related to the 2016 tax year, which the Company paid.

HMRC continues to have the statutory authority to amend the above assessments for the 2017 and 2018 taxation years by issuing DPT supplementary notices for each year. Based on recent discussions with HMRC, management believes that HMRC may issue supplementary notices for these years within the next 12 months that would be almost entirely related to businesses the Company has sold, which are subject to indemnity arrangements. If that occurs, the Company will be required to pay additional taxes to HMRC shortly thereafter that could be as much as $350 million in aggregate (largely related to the 2018 taxation year).

As the Company does not believe these current and former U.K. affiliates fall within the scope of the DPT regime, it will continue contesting these assessments (including any amended by HMRC) through all available administrative and judicial remedies and intends to vigorously defend its position. Payments made by the Company are not a reflection of its view on the merits of the case. As the assessments largely relate to businesses that the Company has sold, the majority are subject to indemnity arrangements under which the Company has been or will be required to pay additional taxes to HMRC or the indemnity counterparty.

Because the Company believes that its position is supported by the weight of law, it does not believe that the resolution of this matter will have a material adverse effect on its financial condition taken as a whole. As the Company expects to receive refunds of substantially all of the aggregate of amounts paid and potential future payments pursuant to these notices of assessment, it expects to continue recording substantially all of these payments as non-current receivables from HMRC or the indemnity counterparty on its financial statements. The Company expects that its existing sources of liquidity will be sufficient to fund any required additional payments if HMRC issues further notices.

Guarantees

The Company has an investment in 3 Times Square Associates LLC (“3XSQ Associates”), an entity jointly owned by a subsidiary of the Company and Rudin Times Square Associates LLC (“Rudin”), that owns and operates the 3 Times Square office building (“the building”) in New York, New York. In June 2022, 3XSQ Associates obtained a $415 million, 3-year term loan facility to refinance existing debt, fund the building’s redevelopment, and cover interest and operating costs during the redevelopment period. The building is pledged as loan collateral. Thomson Reuters and Rudin each guarantee 50% of (i) certain principal loan amounts and (ii) interest and operating costs. Thomson Reuters and Rudin also jointly and severally guarantee (i) completion of commenced works and (ii) lender losses arising from disallowed acts, environmental or otherwise. To minimize economic exposure to 50% for the joint and several obligations, Thomson Reuters and a parent entity of Rudin entered a cross-indemnification arrangement. The Company believes the value of the building is expected to be sufficient to cover obligations that could arise from the guarantees. The guarantees do not impact the Company’s ability to borrow funds under its $1.8 billion syndicated credit facility or the related covenant calculation.

Note 20: Related Party Transactions

As of June 30, 2022, the Company’s principal shareholder, The Woodbridge Company Limited, beneficially owned approximately 67% of the Company’s common shares.

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Transactions with 3XSQ Associates

The Company follows the equity method of accounting for its investment in 3XSQ Associates. In the six months ended June 30, 2022, Thomson Reuters contributed $10 million in cash pursuant to capital calls and made a $15 million in-kind contribution representing the fair value of guarantees provided in connection with a $415 million loan facility obtained by 3XSQ Associates (see note 19). The Company also paid approximately $4 million of rent to 3XSQ Associates for office space in the building.

Transactions with YPL

In June 2022, the Company received a dividend of $62 million from YPL, reflecting the Company’s portion of dividends from its LSEG investment (see note 8).

Except for the above transactions, there were no new significant related party transactions during the first six months of 2022. Refer to “Related party transactions” disclosed in note 31 of the Company’s consolidated financial statements for the year ended December 31, 2021, which are included in the Company’s 2021 annual report, for information regarding related party transactions.

Note 21: Subsequent Events

In July 2022, the Company repurchased approximately $200 million of its common shares under its NCIB.

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