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Segment and Related Information (Tables)
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Schedule of segment information
A summary of operating results for the periods ended September 30 is as follows: 
Revenue Three MonthsNine Months
(in millions)2022202120222021
Market Intelligence $1,016 $554 $2,774 $1,617 
Ratings 681 1,017 2,345 3,107 
Commodity Insights 432 255 1,234 747 
Mobility346 — 797 — 
Indices 334 298 995 846 
Engineering Solutions95 — 224 — 
Intersegment elimination 1
(43)(37)(125)(108)
Total revenue$2,861 $2,087 $8,244 $6,209 
Operating ProfitThree MonthsNine Months
(in millions)2022202120222021
Market Intelligence 2
$174$179$2,366 $514 
Ratings 3
3776441,352 2,054 
Commodity Insights 4
141136440 411 
Mobility 5
90—166 — 
Indices 6
239213732 600 
Engineering Solutions 7
1 — 3 — 
Total reportable segments1,022 1,172 5,059 3,579 
Corporate Unallocated expense 8
(175)(89)(852)(262)
Equity in Income on unconsolidated subsidiaries 9
6 — 21 — 
Total operating profit$853$1,083$4,228$3,317
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 nine months ended September 30, 2022 includes a loss on dispositions of $17 million and a gain on dispositions of $1.8 billion, respectively, employee severance charges of $13 million and $44 million, respectively, IHS Markit merger costs of $6 million and $21 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. Operating profit for nine months ended September 30, 2021 includes a gain on disposition of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $134 million and $16 million for the three months ended September 30, 2022 and 2021, respectively and $331 million and $49 million for nine months ended September 30, 2022 and 2021, respectively.
3 Operating profit for the three and nine months ended September 30, 2022 includes employee severance charges of $2 million and $14 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended September 30, 2022 and 2021, and $5 million and $8 million for the nine months ended September 30, 2022 and 2021, respectively.
4 Operating profit for the three and nine ended September 30, 2022 includes employee severance charges of $14 million and $38 million, respectively, and IHS Markit merger costs of $10 million and $16 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $32 million and $2 million for the three months ended September 30, 2022 and 2021, respectively, and $77 million and $6 million for the nine months ended September 30, 2022 and 2021, respectively.
5 Operating profit for the three and nine months ended September 30, 2022 includes acquisition-related benefit of $19 million and $15 million, respectively, and employee severance changes of $1 million and $3 million, respectively. Operating profit for the nine months ended September 30, 2022 includes IHS Markit merger costs of $1 million. Operating profit includes amortization of intangibles from acquisitions of $76 million and $176 million for the three and nine months ended September 30, 2022, respectively.
6 Operating profit for the three and nine months ended September 30, 2022 includes a gain on disposition of $14 million and $52 million, employee severance charges of $1 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 September 30, 2022 and 2021, respectively, and $22 million and $4 million for the nine months ended September 30, 2022 and 2021, respectively.
7 Operating profit for three and nine months ended September 30, 2022 includes employee severance charges of $2 million and $4 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $14 million and $33 million for the three and nine months ended September 30, 2022, respectively.
8 Corporate Unallocated expense for the three and nine months ended September 30, 2022 includes IHS Markit merger costs of $127 million and $483 million, respectively, employee severance charges of $23 million and $87 million, respectively, acquisition-related costs of $1 million and $7 million, respectively, an asset impairment of $9 million and a gain on acquisition of $10 million. The nine months ended September 30, 2022 includes a S&P Foundation grant of $200 million, lease impairments of $5 million and an asset write-off of $3 million. Corporate Unallocated expense for the three and nine months ended September 30, 2021 includes IHS Markit merger costs of $54 million and $153 million, respectively and a gain on disposition of $3 million, and for nine months ended September 30, 2021 includes a lease impairment of $3 million and Kensho retention related expense of $2 million. Corporate Unallocated expense also includes amortization of intangibles from acquisitions of $1 million for the nine months ended September 30, 2022 and $7 million for the nine months ended September 30, 2021.
9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $13 million and $42 million for the three and nine months ended September 30, 2022, respectfully.
The following table presents our revenue disaggregated by revenue type for the periods ended September 30:
(in millions)Market IntelligenceRatingsCommodity InsightsMobility IndicesEngineering Solutions
Intersegment Elimination 1
Total
Three Months Ended September 30, 2022
Subscription$861 $— $394 $269 $69 $89 $— $1,682 
Non-subscription / Transaction40 244 21 77 — 6 — 388 
Non-transaction— 437 — — — — (43)394 
Asset-linked fees— — — — 210 — — 210 
Sales usage-based royalties— — 17 — 55 — — 72 
Recurring variable revenue115 — — — — — 115 
Total revenue$1,016 $681 $432 $346 $334 $95 $(43)$2,861 
Timing of revenue recognition
Services transferred at a point in time$40 $244 $21 $77 $— $6 $— $388 
Services transferred over time
976 437 411 269 334 89 (43)2,473 
Total revenue$1,016 $681 $432 $346 $334 $95 $(43)$2,861 
Nine Months Ended September 30, 2022
Subscription$2,386 $— $1,088 $618 $190 $208 $— $4,490 
Non-subscription / Transaction111 992 96 179 — 16 — 1,394 
Non-transaction— 1,353 — — — — (125)1,228 
Asset-linked fees— — — — 642 — — 642 
Sales usage-based royalties— — 50 — 163 — — 213 
Recurring variable revenue277 — — — — — — 277 
Total revenue$2,774 $2,345 $1,234 $797 $995 $224 $(125)$8,244 
Timing of revenue recognition
Services transferred at a point in time$111 $992 $96 $179 $— $16 $— $1,394 
Services transferred over time
2,663 1,353 1,138 618 995 208 (125)6,850 
Total revenue$2,774 $2,345 $1,234 $797 $995 $224 $(125)$8,244 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
Three Months Ended September 30, 2021
Subscription$541 $— $236 $— $47 $— $— $824 
Non-subscription / Transaction13 551 2 — — — — 566 
Non-transaction— 466 — — — — (37)429 
Asset-linked fees— — — — 211 — — 211 
Sales usage-based royalties— — 17 — 40 — — 57 
Total revenue$554 $1,017 $255 $— $298 $— $(37)$2,087 
Timing of revenue recognition
Services transferred at a point in time$13 $551 $2 $— $— $— $— $566 
Services transferred over time541 466 253 — 298 — (37)1,521 
Total revenue$554 $1,017 $255 $— $298 $— $(37)$2,087 
Nine Months Ended September 30, 2021
Subscription$1,578 $— $691 $— $140 $— $— $2,409 
Non-subscription / Transaction39 1,748 7 — — — — 1,794 
Non-transaction— 1,359 — — — — (108)1,251 
Asset-linked fees— — — — 589 — — 589 
Sales usage-based royalties— — 49 — 117 — — 166 
Total revenue$1,617 $3,107 $747 $— $846 $— $(108)$6,209 
Timing of revenue recognition
Services transferred at a point in time$39 $1,748 $7 $— $— $— $— $1,794 
Services transferred over time1,578 1,359 740 — 846 — (108)4,415 
Total revenue$1,617 $3,107 $747 $— $846 $— $(108)$6,209 
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.
Schedule of revenue by geographic region
The following provides revenue by geographic region for the periods ended September 30:
(in millions)Three MonthsNine Months
2022202120222021
U.S.$1,717 $1,260 $4,925 $3,761 
European region645 498 1,911 1,497 
Asia322 227 912 648 
Rest of the world177 102 496 303 
Total$2,861 $2,087 $8,244 $6,209