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Segment and Related Information
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
During the quarter ended March 31, 2022, following the completion of our merger with IHS Markit, we reorganized our reportable segments increasing from four reportable segments to six reportable segments: Market Intelligence, Ratings, Commodity Insights, Mobility, Indices and Engineering Solutions. 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 expense, other income, net, interest expense, net, or loss on extinguishment of debt, net, as these are amounts that do not affect the operating results of our reportable segments. The creation of the two additional segments in 2022 did not materially impact prior years’ reportable segments.

A summary of operating results for the three months ended March 31 is as follows: 
Revenue Three Months
(in millions)20222021
Market Intelligence $727 $524 
Ratings 868 1,017 
Commodity Insights 363 240 
Mobility115 — 
Indices 322 270 
Engineering Solutions33 — 
Intersegment elimination 1
(39)(35)
Total revenue$2,389 $2,016 
Operating ProfitThree Months
(in millions)20222021
Market Intelligence 2
$1,489$161
Ratings 3
511681
Commodity Insights 4
158134
Mobility 5
18—
Indices 6
224191
Engineering Solutions 7
1 — 
Total reportable segments2,4011,167
Corporate Unallocated expense 8
(512)(86)
Equity in Income on Unconsolidated Subsidiaries 9
3 — 
Total operating profit$1,892$1,081
Note – In the first quarter of 2022, the Market Intelligence Commodities business was transferred to the Commodity Insights segment and prior-year amounts have been reclassified to conform with current presentation.
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.
2 2022 includes a gain on disposition of $1.3 billion, employee severance charges of $18 million and acquisition-related costs of $2 million. Operating profit for 2021 includes a gain on disposition of $2 million. Additionally, 2022 and 2021 includes amortization of intangibles from acquisitions of $64 million and $16 million, respectively.
3 2022 includes employee severance charges of $5 million. 2022 and 2021 also includes amortization of intangibles from acquisitions of $2 million and $5 million, respectively.
4 2022 includes employee severance costs of $7 million and acquisition-related costs of $2 million. 2022 and 2021 also includes amortization of intangibles from acquisitions of $13 million and $2 million, respectively.
5 2022 includes acquisition-related costs of $1 million and amortization of intangibles from acquisitions of $24 million.
6 2022 includes employee severance charges of $2 million. 2022 and 2021 includes amortization of intangibles from acquisitions of $4 million and $1 million, respectively.
7 2022 includes employee severance charges of $1 million and amortization of intangibles from acquisitions of $4 million.
8 Corporate Unallocated expense for 2022 includes IHS Markit merger costs of $230 million, a S&P Foundation grant of $200 million, employee severance charges of $46 million and acquisition-related costs of $15 million. 2021 includes IHS Markit merger costs of $49 million and Kensho retention related expense of $2 million. Additionally, Corporate Unallocated expense for both 2022 and 2021 includes amortization of intangibles from acquisitions of $15 million and $7 million, respectively.
9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $15 million.
The following table presents our revenue disaggregated by revenue type for the three months ended March 31:
(in millions)RatingsMarket IntelligenceCommodity InsightsMobility IndicesEngineering Solutions
Intersegment Elimination 1
Total
2022
Subscription$— $659 $296 $86 $54 $30 $— $1,125 
Non-subscription / Transaction404 28 48 29 — 3 — 512 
Non-transaction464 — — — — — (39)425 
Asset-linked fees— — — — 218 — — 218 
Sales usage-based royalties— — 19 — 50 — — 69 
Recurring variable revenue— 40 — — — — — 40 
Total revenue$868 $727 $363 $115 $322 $33 $(39)$2,389 
Timing of revenue recognition
Services transferred at a point in time$404 $28 $48 $29 $— $3 $— $512 
Services transferred over time
464 699 315 86 322 30 (39)1,877 
Total revenue$868 $727 $363 $115 $322 $33 $(39)$2,389 
(in millions)RatingsMarket IntelligenceCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2021
Subscription$— $512 $223 $— $46 $— $— $781 
Non-subscription / Transaction582 12 1 — — — — 595 
Non-transaction435 — — — — — (35)400 
Asset-linked fees— — — — 183 — — 183 
Sales usage-based royalties— — 16 — 41 — — 57 
Total revenue$1,017 $524 $240 $— $270 $— $(35)$2,016 
Timing of revenue recognition
Services transferred at a point in time$582 $12 $1 $— $— $— $— $595 
Services transferred over time435 512 239 — 270 — (35)1,421 
Total revenue$1,017 $524 $240 $— $270 $— $(35)$2,016 
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.
Note – In the first quarter of 2022, the Market Intelligence Commodities business was transferred to the Commodity Insights segment and prior-year amounts have been reclassified to conform with current presentation.
The following provides revenue by geographic region for the three months ended March 31:
(in millions)20222021
U.S.$1,426 $1,238 
European region567 473 
Asia264 208 
Rest of the world132 97 
Total$2,389 $2,016 
See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.