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Segment and Related Information
 6 Months Ended
Jun. 30, 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 periods ended June 30 is as follows: 
Revenue Three MonthsSix Months
(in millions)2022202120222021
Market Intelligence $1,030 $539 $1,758 $1,063 
Ratings 796 1,073 1,663 2,090 
Commodity Insights 438 252 801 492 
Mobility337 — 452 — 
Indices 339 278 661 548 
Engineering Solutions96 — 129 — 
Intersegment elimination 1
(43)(36)(81)(71)
Total revenue$2,993 $2,106 $5,383 $4,122 
Operating ProfitThree MonthsSix Months
(in millions)2022202120222021
Market Intelligence 2
$702$174$2,191$335
Ratings 3
4647299761,410
Commodity Insights 4
141141299275
Mobility 5
58—76 — 
Indices 6
270196493 387 
Engineering Solutions 7
1 — 2 — 
Total reportable segments1,636 1,240 4,037 2,407 
Corporate Unallocated expense 8
(165)(86)(678)(173)
Equity in Income on Unconsolidated Subsidiaries 9
11 — 15 — 
Total operating profit$1,482$1,154$3,374$2,234
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 Operating profit for the three and six months ended June 30, 2022 includes gain on dispositions of $518 million and $1.9 billion, respectively, employee severance charges of $13 million and $31 million, respectively, IHS Markit merger costs of $12 million and $15 million, respectively, and acquisition-related costs of $1 million. Operating profit for six months ended June 30, 2021 includes a gain on disposition of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $133 million and $16 million for the three months ended June 30, 2022 and 2021, respectively and $197 million and $33 million for six months ended June 30, 2022 and 2021, respectively.
3 Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $7 million and $12 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2022 and 2021, and $3 million and $7 million for the six months ended June 30, 2022 and 2021, respectively.
4 Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $17 million and $24 million, respectively, and IHS Markit merger costs of $4 million and $6 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $32 million and $2 million for the three months ended June 30, 2022 and 2021, respectively, and $45 million and $4 million for the six months ended June 30, 2022 and 2021, respectively.
5 Operating profit for the three and six months ended June 30, 2022 includes acquisition-related costs of $3 million and $4 million, respectively, employee severance changes of $2 million and IHS Markit merger costs of $1 million. Operating profit includes amortization of intangibles from acquisitions of $77 million and $101 million for the three and six months ended June 30, 2022, respectively.
6 Operating profit for the three and six months ended June 30, 2022 includes a gain on disposition of $38 million, employee severance charges of $2 million and $4 million, respectively and IHS Markit merger costs of $1 million. Operating profit includes amortization of intangibles from acquisitions of $9 million and $1 million for the three months ended June 30, 2022 and 2021, respectively, and $13 million and $3 million for the six months ended June 30, 2022 and 2021, respectively.
7 Operating profit for three and six months ended June 30, 2022 includes employee severance charges of $1 million and $2 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $15 million and $19 million for the three and six months ended June 30, 2022, respectively.
8 Corporate Unallocated expense for the three and six months ended June 30, 2022 includes IHS Markit merger costs of $117 million and $357 million, respectively, employee severance charges of $18 million and $64 million, respectively, acquisition-related costs of $4 million and $5 million, respectively and asset write-offs of $3 million. The six months ended June 30, 2022 includes a S&P Foundation grant of $200 million and lease impairments of $5 million. Corporate Unallocated expense for the three and six months ended June 30, 2021 includes IHS Markit merger costs of $50 million and $99 million, respectively, a lease impairment of $3 million, and for six months ended June 30, 2021 includes Kensho retention related expense of $2 million. Corporate Unallocated expense also includes amortization of intangibles from acquisitions of $1 million for the six months ended June 30, 2022 and $7 million for the six months ended June 30, 2021.
9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million and $28 million for the three and six months ended June 30, 2022, respectfully.
The following table presents our revenue disaggregated by revenue type for the periods ended June 30:
(in millions)RatingsMarket IntelligenceCommodity InsightsMobility IndicesEngineering Solutions
Intersegment Elimination 1
Total
 Three Months Ended June 30, 2022
Subscription$— $867 $397 $264 $68 $89 $— $1,685 
Non-subscription / Transaction344 42 26 73 — 7 — 492 
Non-transaction452 — — — — — (43)409 
Asset-linked fees— — — — 214 — — 214 
Sales usage-based royalties— — 15 — 57 — — 72 
Recurring variable revenue— 121 — — — — 121 
Total revenue$796 $1,030 $438 $337 $339 $96 $(43)$2,993 
Timing of revenue recognition
Services transferred at a point in time$344 $42 $26 $73 $— $7 $— $492 
Services transferred over time
452 988 412 264 339 89 (43)2,501 
Total revenue$796 $1,030 $438 $337 $339 $96 $(43)$2,993 
Six Months Ended June 30, 2022
Subscription$— $1,526 $694 $350 $121 $119 $— $2,810 
Non-subscription / Transaction747 71 74 102 — 10 — 1,004 
Non-transaction916 — — — — — (81)835 
Asset-linked fees— — — — 433 — — 433 
Sales usage-based royalties— — 33 — 107 — — 140 
Recurring variable revenue— 161 — — — — — 161 
Total revenue$1,663 $1,758 $801 $452 $661 $129 $(81)$5,383 
Timing of revenue recognition
Services transferred at a point in time
$747 $71 $74 $102 $— $10 $— $1,004 
Services transferred over time
916 1,687 727 350 661 119 (81)4,379 
Total revenue$1,663 $1,758 $801 $452 $661 $129 $(81)$5,383 
(in millions)RatingsMarket IntelligenceCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
Three Months Ended June 30, 2021
Subscription$— $524 $233 $— $48 $— $— $805 
Non-subscription / Transaction615 15 3 — — — — 633 
Non-transaction458 — — — — — (36)422 
Asset-linked fees— — — — 195 — — 195 
Sales usage-based royalties— — 16 — 35 — — 51 
Total revenue$1,073 $539 $252 $— $278 $— $(36)$2,106 
Timing of revenue recognition
Services transferred at a point in time$615 $15 $3 $— $— $— $— $633 
Services transferred over time458 524 249 — 278 — (36)1,473 
Total revenue$1,073 $539 $252 $— $278 $— $(36)$2,106 
Six Months Ended June 30, 2021
Subscription$— $1,037 $455 $— $94 $— $— $1,586 
Non-subscription / Transaction1,197 26 5 — — — — 1,228 
Non-transaction893 — — — — — (71)822 
Asset-linked fees— — — — 378 — — 378 
Sales usage-based royalties— — 32 — 76 — — 108 
Total revenue$2,090 $1,063 $492 $— $548 $— $(71)$4,122 
Timing of revenue recognition
Services transferred at a point in time$1,197 $26 $5 $— $— $— $— $1,228 
Services transferred over time893 1,037 487 — 548 — (71)2,894 
Total revenue$2,090 $1,063 $492 $— $548 $— $(71)$4,122 
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 periods ended June 30:
(in millions)Three MonthsSix Months
2022202120222021
U.S.$1,782 $1,262 $3,208 $2,500 
European region699 524 1,266 998 
Asia326 214 590 422 
Rest of the world186 106 319 202 
Total$2,993 $2,106 $5,383 $4,122 
See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.