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Segment Information
 3 Months Ended
Feb. 29, 2020
Segment Reporting [Abstract]  
Segment Information
Segment Information

We prepare our financial reports and analyze our business results within our four operating segments: Financial Services, Transportation, Resources, and CMS. We evaluate revenue performance at the segment level and by transaction type. No single customer accounted for 10 percent or more of our total revenue for the three months ended February 29, 2020 and February 28, 2019. There are no material inter-segment revenues for any period presented. Our shared services function includes corporate transactions that are not allocated to the reportable segments, including net periodic pension and postretirement expense, as well as certain corporate functions such as investor relations, procurement, corporate development, and portions of finance, legal, and marketing.

We evaluate segment operating performance at the Adjusted EBITDA level for each of our four segments. We define Adjusted EBITDA as net income before net interest, provision for income taxes, depreciation and amortization, stock-based compensation expense, restructuring charges, acquisition-related costs and performance compensation, exceptional litigation, net other gains and losses, pension mark-to-market and settlement expense, the impact of joint ventures and noncontrolling interests, and discontinued operations. Information about the operations of our four segments is set forth below (in millions).

 
Three months ended February 29/28,
 
2020
 
2019
Revenue
 
 
 
Financial Services
$
436.0

 
$
409.2

Transportation
297.2

 
288.1

Resources
225.6

 
216.8

CMS
122.0

 
132.3

Total revenue
$
1,080.8

 
$
1,046.4

 
 
 
 
Adjusted EBITDA
 
 
 
Financial Services
$
205.4

 
$
183.2

Transportation
118.0

 
114.3

Resources
90.2

 
93.2

CMS
29.4

 
29.4

Shared services
(11.4
)
 
(12.0
)
Total Adjusted EBITDA
$
431.6

 
$
408.1

 
 
 
 
Reconciliation to the consolidated statements of operations:
 
 
 
Interest income
0.4

 
0.4

Interest expense
(61.2
)
 
(66.9
)
(Provision) benefit for income taxes
(4.3
)
 
0.9

Depreciation
(51.1
)
 
(46.6
)
Amortization related to acquired intangible assets
(94.2
)
 
(95.7
)
Stock-based compensation expense
(82.6
)
 
(59.7
)
Restructuring charges
(4.5
)
 
(8.2
)
Acquisition-related costs
(0.7
)
 
(7.5
)
Acquisition-related performance compensation
(0.2
)
 
(15.3
)
Loss on debt extinguishment
—

 
(0.2
)
Gain on sale of assets
372.3

 
—

Pension mark-to-market and settlement expense
(21.2
)
 
—

Share of joint venture results not attributable to Adjusted EBITDA
(0.3
)
 
(0.1
)
Adjusted EBITDA attributable to noncontrolling interest
1.0

 
0.5

Net income attributable to IHS Markit Ltd.
$
485.0

 
$
109.7