A summary of operating results for the years ended December 31 is as follows:


Revenue
(in millions)	2021		2020		2019
Ratings	$	4,097	$	3,606	$	3,106
Market Intelligence	2,247		2,106		1,959
Platts	950		878		844
Indices	1,149		989		918

Intersegment elimination 1	(146)		(137)		(128)


Total revenue	$	8,297	$	7,442	$	6,699

Operating Profit
(in millions)	2021		2020		2019
Ratings 2	$	2,629	$	2,223	$	1,783
Market Intelligence 3	703		589		566
Platts 4	517		458		457
Indices 5	798		666		632

Total reportable segments	4,647		3,936		3,438
Corporate Unallocated expense 6	(426)		(319)		(212)
Total operating profit	$	4,221	$	3,617	$	3,226

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.

2Operating profit for the year ended December 31, 2021 includes a gain on disposition of $6 million, recovery of lease-related costs of $4 million and employee severance charges of $3 million. Operating profit for the year ended December 31, 2020 includes a technology-related impairment charge of $11 million, lease-related costs of $5 million and employee severance charges of $4 million. Operating profit or the year ended December 31, 2019 includes employee severance charges of $11 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $10 million, $7 million and $2 million for the years ended December 31, 2021, 2020 and 2019, respectively.

3Operating profit for the year ended December 31, 2021 includes employee severance charges of $3 million, a gain on disposition of $3 million, acquisition-related costs of $2 million and lease-related costs of $1 million. Operating profit for the year ended December 31, 2020 includes employee severance charges of $27 million, a gain on dispositions of $12 million and lease-related costs of $3 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $65 million, $76 million, and $75 million for the years ended December 31, 2021, 2020, and 2019, respectively.

4Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $2 million. Operating profit for the year ended December 31, 2020 includes severance charges of $11 million and lease-related costs of $2 million. 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. Additionally, Operating profit includes amortization of intangibles from acquisitions of $8 million, $9 million, and $12 million for the years ended December 31, 2021, 2020, and 2019, respectively.

5Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $1 million. Operating profit for the year ended December 31, 2020 includes employee severance charges of $5 million, a lease impairment charge of $4 million, a technology-related impairment charge of $2 million and lease-related costs of $1 million. Operating profit includes amortization of intangibles from acquisitions of $6 million for the years ended December 31, 2021, 2020, and 2019.

6Corporate Unallocated expense for the year ended December 31, 2021 includes IHS Markit merger costs of $249 million, employee severance charges of $13 million, lease-related costs of $4 million, a lease impairment of $3 million, Kensho retention related expenses of $2 million, acquisition-related costs of $2 million and a gain on disposition of $2 million. Corporate Unallocated expense for the year ended December 31, 2020 includes lease impairments of $116 million, IHS Markit merger costs of $24 million, employee severance charges of $19 million, Kensho retention related expense of $12 million and a gain related to an acquisition of $1 million. Corporate Unallocated expense for the year ended December 31, 2019 includes Kensho retention related expenses of $21 million, lease impairments of $11 million and employee severance charges of $7 million. Additionally, Corporate Unallocated expense includes

The following table presents our revenue disaggregated by revenue type for the years ended December 31:


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

	2021
Subscription	$	—	$	2,191	$	871	$	191	$	—	$	3,253
Non-subscription / Transaction	2,253		56		13		—		—		2,322
Non-transaction	1,844		—		—		—		(146)		1,698
Asset-linked fees	—		—		—		800		—		800
Sales usage-based royalties	—		—		66		158		—		224

Total revenue	$	4,097	$	2,247	$	950	$	1,149	$	(146)	$	8,297

Timing of revenue recognition
Services transferred at a point in time	$	2,253	$	56	$	13	$	—	$	—	$	2,322
Services transferred over time	1,844		2,191		937		1,149		(146)		5,975
Total revenue	$	4,097	$	2,247	$	950	$	1,149	$	(146)	$	8,297


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

	20202
Subscription	$	—	$	2,050	$	809	$	177	$	—	$	3,036
Non-subscription / Transaction	1,969		55		7		—		—		2,031
Non-transaction	1,637		—		—		—		(137)		1,500
Asset-linked fees	—		1		—		647		—		648
Sales usage-based royalties	—		—		62		165		—		227

Total revenue	$	3,606	$	2,106	$	878	$	989	$	(137)	$	7,442

Timing of revenue recognition
Services transferred at a point in time	$	1,969	$	55	$	7	$	—	$	—	$	2,031
Services transferred over time	1,637		2,051		871		989		(137)		5,411
Total revenue	$	3,606	$	2,106	$	878	$	989	$	(137)	$	7,442


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

	20192
Subscription	$	—	$	1,904	$	774	$	165	$	—	$	2,843
Non-subscription / Transaction	1,570		45		10		—		—		1,625
Non-transaction	1,536		—		—		—		(128)		1,408
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	$	1,570	$	45	$	10	$	—	$	—	$	1,625
Services transferred over time	1,536		1,914		834		918		(128)		5,074
Total revenue	$	3,106	$	1,959	$	844	$	918	$	(128)	$	6,699

2 In the first quarter of 2021, we reevaluated our transaction and non-transaction presentation for Ratings which resulted in a reclassification from transaction revenue to non-transaction revenue of $8 million and $7 million for the years ended December 31, 2020 and 2019, respectively.

Segment information for the years ended December 31 is as follows:


(in millions)	Depreciation & Amortization						Capital Expenditures
	2021		2020		2019		2021		2020		2019
Ratings	$	46	$	40	$	34	$	18	$	33	$	41
Market Intelligence	91		101		99		12		28		44
Platts	12		17		21		2		7		13
Indices	10		9		8		2		4		5
Total reportable segments	159		167		162		34		72		103
Corporate	19		39		42		1		4		12
Total	$	178	$	206	$	204	$	35	$	76	$	115


(in millions)	Total Assets
	2021		2020
Ratings	$	1,248	$	1,088
Market Intelligence	3,368		3,762
Platts	891		913
Indices	1,501		1,443
Total reportable segments	7,008		7,206
Corporate 1	7,697		5,331
Assets of businesses held for sale 2	321		—

Total	$	15,026	$	12,537