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Segment and Related Information (Tables)
 3 Months Ended
Mar. 31, 2019
Segment Reporting [Abstract]  
Schedule of Operating Results by Segment
A summary of operating results for the three months ended March 31 is as follows: 
Revenue
 
(in millions)
2019
 
2018
Ratings
$
696

 
$
748

Market Intelligence
482

 
439

Platts
207

 
196

Indices
217

 
212

Intersegment elimination 1
(31
)
 
(28
)
Total revenue
$
1,571

 
$
1,567

Operating Profit
 
(in millions)
2019
 
2018
Ratings 2
$
363

 
$
408

Market Intelligence 3
145

 
110

Platts 4
94

 
90

Indices 5
149

 
149

Total reportable segments
751

 
757

Corporate Unallocated 6
(46
)
 
(46
)
Total operating profit
$
705

 
$
711

 
Note - In the fourth quarter of 2018, Trucost plc ("Trucost") was integrated from Indices into Market Intelligence and historical reporting was retroactively revised to reflect the change.
 
1 
Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2 
Operating profit for 2019 includes amortization of intangibles from acquisitions of $1 million.
3 
Operating profit for 2019 and 2018 includes amortization of intangibles from acquisitions of $18 million.
4 
Operating profit for 2019 and 2018 includes amortization of intangibles from acquisitions of $3 million and $5 million, respectively.
5 
Operating profit for 2019 and 2018 includes amortization of intangibles from acquisitions of $1 million.
6 
2019 includes Kensho retention related expenses of $7 million and amortization of intangibles from acquisitions of $8 million.
Schedule of Revenue Disaggregated by Type
The following table presents our revenue disaggregated by revenue type:
(in millions)
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Intersegment Elimination 1
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
Subscription
$
—

 
$
467

 
$
191

 
$
40

 
$
—

 
$
698

Non-transaction
365

 
—

 
—

 
—

 
(31
)
 
334

Non-subscription / Transaction
331

 
10

 
2

 
—

 
—

 
343

Asset-linked fees
—

 
5

 
—

 
143

 
—

 
148

Sales usage-based royalties
—

 
—

 
14

 
34

 
—

 
48

Total revenue
$
696

 
$
482

 
$
207

 
$
217

 
$
(31
)
 
$
1,571

 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
 
 
Services transferred at a point in time
$
331

 
$
10

 
$
2

 
$
—

 
$
—

 
$
343

Services transferred over time
365

 
472

 
205

 
217

 
(31
)
 
1,228

Total revenue
$
696

 
$
482

 
$
207

 
$
217

 
$
(31
)
 
$
1,571

(in millions)
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Intersegment Elimination 1
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2018
Subscription
$
—

 
$
425

 
$
181

 
$
31

 
$
—

 
$
637

Non-transaction
380

 
—

 
—

 
—

 
(28
)
 
352

Non-subscription / Transaction
368

 
9

 
2

 
—

 
—

 
379

Asset-linked fees
—

 
5

 
—

 
131

 
—

 
136

Sales usage-based royalties
—

 
—

 
13

 
50

 
—

 
63

Total revenue
$
748

 
$
439

 
$
196

 
$
212

 
$
(28
)
 
$
1,567

 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
 
 
Services transferred at a point in time
$
368

 
$
9

 
$
2

 
$
—

 
$
—

 
$
379

Services transferred over time
380

 
430

 
194

 
212

 
(28
)
 
1,188

Total revenue
$
748

 
$
439

 
$
196

 
$
212

 
$
(28
)
 
$
1,567

1 
Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
Schedule of Revenue by Geographic Region
The following provides revenue by geographic region for the three months ended March 31:
(in millions)
2019
 
2018
U.S.
$
943

 
$
953

European region
373

 
379

Asia
169

 
156

Rest of the world
86

 
79

Total
$
1,571

 
$
1,567