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Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Schedule of Segment Information

A summary of operating results for the years ended December 31 is as follows:
Revenue
 
(in millions)
2019
2018
2017
Ratings 
$
3,106

 
$
2,883

 
$
2,988

Market Intelligence 
1,959

 
1,833

 
1,683

Platts
844

 
815

 
774

Indices
918

 
837

 
728

Corporate
—

 
15

 
—

Intersegment elimination 1
(128
)
 
(125
)
 
(110
)
Total revenue
$
6,699

 
$
6,258

 
$
6,063

 
 
 
 
 
 
Operating Profit
 
(in millions)
2019
2018
2017
Ratings 2
$
1,763

 
$
1,530

 
$
1,517

Market Intelligence 3
607

 
545

 
457

Platts 4
438

 
383

 
326

Indices 5
630

 
563

 
478

Total reportable segments
3,438

 
3,021

 
2,778

Corporate Unallocated 6
(212
)
 
(231
)
 
(195
)
Total operating profit
$
3,226

 
$
2,790

 
$
2,583


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 or the year ended December 31, 2019 includes employee severance charges of $11 million. Operating profit for the year ended December 31, 2018 includes legal settlement expenses of $74 million and employee severance charges of $8 million. Operating profit for the year ended December 31, 2017 includes legal settlement expenses of $55 million and employee severance charges of $25 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the years ended December 31, 2019 and 2018 and $4 million for the year ended December 31, 2017.
3 
As of July 1, 2019, we completed the sale of SPIAS and the results are included in Market Intelligence results through that date. Operating profit for the year ended December 31, 2019 includes a gain on the sale of SPIAS of $22 million, employee severance charges of $6 million and acquisition related costs of $4 million. Operating profit for the year ended December 31, 2018 includes restructuring charges related to a business disposition and employee severance charges of $7 million. Operating profit for the year ended December 31, 2017 includes employee severance charges of $7 million, and non-cash disposition-related adjustments of $4 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $75 million, $73 million and $71 million for the years ended December 31, 2019, 2018 and 2017, respectively.
4 
As of July 31, 2019, we completed the sale of RigData and the results are included in Platts results through that date. Operating profit for the year ended December 31, 2019 includes a gain on the sale of RigData of $27 million and employee severance charges of $1 million. Operating profit for the year ended December 31, 2017 includes non-cash acquisition-related adjustment of $11 million, a charge to exit a leased facility of $6 million, an asset write-off of $2 million, and employee severance charges of $2 million. Additionally, Operating profit includes amortization of intangibles from acquisitions of $12 million for the year ended December 31, 2019 and $18 million for the years ended December 31, 2018 and 2017.
5 
Operating profit includes amortization of intangibles from acquisitions of $6 million for the years ended December 31, 2019, 2018 and 2017, respectively.
6 
Corporate Unallocated operating loss for the year ended December 31, 2019 includes Kensho retention related expenses $21 million, lease impairments of $11 million and employee severance charges of $7 million. Corporate Unallocated operating loss for the year ended December 31, 2018 includes Kensho retention related expense of $31 million, lease impairments of $11 million and employee severance charges of $10 million. Corporate Unallocated operating loss for the year ended December 31, 2017 includes a charge to exit leased facilities of $19 million and employee severance charges of $10 million. Additionally, Corporate Unallocated operating loss includes amortization of intangibles from acquisitions of $28 million and $23 million for the years ended December 31, 2019 and 2018.

The following table presents our revenue disaggregated by revenue type for the years ended December 31:
(in millions)
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Corporate
 
Intersegment Elimination 1
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
Subscription
$
—

 
$
1,904

 
$
774

 
$
165

 
$
—

 
$
—

 
$
2,843

Non-subscription / Transaction

1,577

 
45

 
10

 
—

 
—

 
—

 
1,632

Non-transaction

1,529

 
—

 
—

 
—

 
—

 
(128
)
 
1,401

Asset-linked fees
—

 
10

 
—

 
613

 
—

 
—

 
623

Sales usage-based royalties
—

 
—

 
60

 
140

 
—

 
—

 
200

Total revenue
$
3,106

 
$
1,959

 
$
844

 
$
918

 
$
—

 
$
(128
)
 
$
6,699

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
 
 
 
 
Services transferred at a point in time
1,577

 
45

 
10

 
—

 
—

 
—

 
$
1,632

Services transferred over time
1,529

 
1,914

 
834

 
918

 
—

 
(128
)
 
5,067

Total revenue
$
3,106

 
$
1,959

 
$
844

 
$
918

 
$
—

 
$
(128
)
 
$
6,699

(in millions)
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Corporate
 
Intersegment Elimination 1
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2018 2
Subscription
$
—

 
$
1,773

 
$
750

 
$
144

 
$
15

 
$
—

 
$
2,682

Non-subscription / Transaction

1,350

 
40

 
11

 
—

 
—

 
—

 
1,401

Non-transaction

1,533

 
—

 
$
—

 
—

 
—

 
(125
)
 
1,408

Asset-linked fees
—

 
20

 
—

 
522

 
—

 
—

 
542

Sales usage-based royalties
—

 
—

 
54

 
171

 
—

 
—

 
225

Total revenue
$
2,883

 
$
1,833

 
$
815

 
$
837

 
$
15

 
$
(125
)
 
$
6,258

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
 
 
 
 
Services transferred at a point in time
$
1,350

 
$
40

 
$
11

 
$
—

 
$
—

 
$
—

 
$
1,401

Services transferred over time
1,533

 
1,793

 
804

 
837

 
15

 
(125
)
 
4,857

Total revenue
$
2,883

 
$
1,833

 
$
815

 
$
837

 
$
15

 
$
(125
)
 
$
6,258

(in millions)
Ratings
 
Market Intelligence
 
Platts
 
Indices
 
Corporate
 
Intersegment Elimination 1
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017 2,3
Subscription
$
—

 
$
1,614

 
$
704

 
$
136

 
$
—

 
$
—

 
$
2,454

Non-subscription / Transaction

1,515

 
46

 
13

 
—

 
—

 
—

 
1,574

Non-transaction

1,473

 
—

 
—

 
—

 
—

 
(110
)
 
1,363

Asset-linked fees
—

 
23

 
—

 
461

 
—

 
—

 
484

Sales usage-based royalties
—

 
—

 
57

 
131

 
—

 
—

 
188

Total revenue
$
2,988

 
$
1,683

 
$
774

 
$
728

 
$
—

 
$
(110
)
 
$
6,063

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Timing of revenue recognition
 
 
 
 
 
 
 
 
 
 
 
 
 
Services transferred at a point in time
$
1,515

 
$
46

 
$
13

 
$
—

 
$
—

 
$
—

 
$
1,574

Services transferred over time
1,473

 
1,637

 
761

 
728

 
—

 
(110
)
 
4,489

Total revenue
$
2,988

 
$
1,683

 
$
774

 
$
728

 
$
—

 
$
(110
)
 
$
6,063

1 
Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2 
In 2019, we reevaluated our transaction and non-transaction revenue presentation which resulted in a reclassification from transaction revenue to non-transaction revenue of $27 million and $25 million for 2018 and 2017, respectively.
3 
Amounts for the year ended December 31, 2017 were not adjusted under the modified retrospective transition method applied to our revenue contracts with customers as of January 1, 2018.

Segment information for the years ended December 31 is as follows:
(in millions)
Depreciation & Amortization
 
Capital Expenditures
 
2019
2018
2017
 
2019
2018
2017
Ratings
$
34

 
$
32

 
$
34

 
$
41

 
$
42

 
$
45

Market Intelligence
99

 
99

 
104

 
44

 
30

 
37

Platts
21

 
27

 
25

 
13

 
9

 
15

Indices
8

 
9

 
8

 
5

 
3

 
3

Total reportable segments
162

 
167

 
171

 
103

 
84

 
100

Corporate
42

 
39

 
9

 
12

 
29

 
23

Total
$
204

 
$
206

 
$
180

 
$
115

 
$
113

 
$
123


Segment information as of December 31 is as follows:
(in millions)
Total Assets
 
2019
 
2018
Ratings
$
963

 
$
680

Market Intelligence
3,806

 
3,606

Platts
938

 
787

Indices
1,492

 
1,443

Total reportable segments
7,199

 
6,516

Corporate 1
4,140

 
2,911

Assets held for sale 2
9

 
14

Total
$
11,348

 
$
9,441

1 
Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, assets for pension benefits, deferred income taxes and leasehold improvements related to subleased areas.
2 
Includes East Windsor and New Jersey facility as of December 31, 2019 and 2018, respectively.
Schedule of Revenue and Long-lived Assets by Geographic Region
The following provides revenue and long-lived assets by geographic region:
(in millions)
Revenue
 
Long-lived Assets
 
Year ended December 31,
 
December 31,
 
2019
 
2018
 
2017
 
2019
 
2018
U.S.
$
3,949

 
$
3,750

 
$
3,658

 
$
4,946

 
$
5,019

European region
1,681

 
1,543

 
1,473

 
323

 
317

Asia
715

 
647

 
594

 
93

 
51

Rest of the world
354

 
318

 
338

 
44

 
42

Total
$
6,699

 
$
6,258

 
$
6,063

 
$
5,406

 
$
5,429


 
Revenue
 
Long-lived Assets
 
Year ended December 31,
 
December 31,
 
2019
 
2018
 
2017
 
2019
 
2018
U.S.
59
%
 
60
%
 
60
%
 
91
%
 
92
%
European region
25

 
25

 
24

 
6

 
6

Asia
11

 
10

 
10

 
2

 
1

Rest of the world
5

 
5

 
6

 
1

 
1

Total
100
%
 
100
%
 
100
%
 
100
%
 
100
%