We have four reportable segments: Ratings, Market Intelligence, Platts and Indices. Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include Corporate Unallocated, other expense, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

In the first quarter of 2020, we changed our allocation methodology for allocating our centrally managed technology-related expenses to our reportable segments to more accurately reflect each segment's respective usage. Prior-year amounts have been reclassified to conform with current presentation.



Revenue
(in millions)	2020		2019
Ratings	$	825	$	696
Market Intelligence	519		482
Platts	215		207
Indices	259		217

Intersegment elimination ¹	(32)		(31)
Total revenue	$	1,786	$	1,571


Operating Profit

(in millions)	2020		2019
Ratings ²	$	520	$	368
Market Intelligence ³	147		134
Platts ⁴	112		99
Indices ⁵	182		150

Total reportable segments	961		751
Corporate Unallocated Expense⁶	(49)		(46)
Total operating profit	$	912	$	705

¹Revenue 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.

³ Operating profit for 2020 includes a gain on disposition of $7 million and employee severance charges of $2 million. Additionally, operating profit for 2020 and 2019 includes amortization of intangibles from acquisitions of $19 million and $18 million, respectively.

⁴ Operating profit for 2020 and 2019 includes amortization of intangibles from acquisitions of $2 million and $3 million, respectively.

⁶ Operating profit for 2020 includes employee severance charges of $7 million and Kensho retention related expense of $5 million. 2019 includes Kensho retention related expense of $7 million. Operating profit for 2020 and 2019 also includes and amortization of intangibles from acquisitions of $7 million and $8 million, respectively.


(in millions)	Ratings		Market Intelligence		Platts		Indices		Intersegment Elimination ¹		Total

	2020
Subscription	$	—	$	505	$	197	$	46	$	—	$	748
Non-subscription / Transaction	432		13		1		—		—		446
Non-transaction	393		—		—		—		(32)		361
Asset-linked fees	—		1		—		159		—		160
Sales usage-based royalties	—		—		17		54		—		71

Total revenue	$	825	$	519	$	215	$	259	$	(32)	$	1,786

Timing of revenue recognition
Services transferred at a point in time	$	432	$	13	$	1	$	—	$	—	$	446
Services transferred over time	393		506		214		259		(32)		1,340
Total revenue	$	825	$	519	$	215	$	259	$	(32)	$	1,786


(in millions)	Ratings		Market Intelligence		Platts		Indices		Intersegment Elimination ¹		Total

	2019 ²
Subscription	$	—	$	467	$	191	$	40	$	—	$	698
Non-subscription / Transaction	324		10		2		—		—		336
Non-transaction	372		—		—		—		(31)		341
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	$	324	$	10	$	2	$	—	$	—	$	336
Services transferred over time	372		472		205		217		(31)		1,235
Total revenue	$	696	$	482	$	207	$	217	$	(31)	$	1,571

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.

² In the third quarter of 2019, we reevaluated our transaction and non-transaction presentation which resulted in a reclassification from transaction revenue to non-transaction revenue of $7 million for the first quarter of 2019.




(in millions)	2020		2019
U.S.	$	1,108	$	943
European region	405		373
Asia	184		169
Rest of the world	89		86
Total	$	1,786	$	1,571

See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.