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Segment and Related Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
We have 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, equity in income on unconsolidated subsidiaries, other expense (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.


A summary of operating results for the three months ended March 31 is as follows: 
Revenue
(in millions)20232022
Market Intelligence $1,071 $727 
Ratings 824 868 
Commodity Insights 508 363 
Mobility358 115 
Indices 341 322 
Engineering Solutions100 33 
Intersegment elimination 1
(42)(39)
Total revenue$3,160 $2,389 
Operating Profit
(in millions)20232022
Market Intelligence 2
$229 $1,489 
Ratings 3
477 511 
Commodity Insights 4
187 158 
Mobility 5
64 18 
Indices 6
238 224 
Engineering Solutions 7
14 1 
Total reportable segments1,209 2,401 
Corporate Unallocated expense 8
(79)(512)
Equity in Income on Unconsolidated Subsidiaries 9
14 3 
Total operating profit$1,144$1,892
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 2023 includes a gain on dispositions of $46 million, IHS Markit merger costs of $13 million, and employee severance charges of $6 million. Operating profit for 2022 includes a gain on disposition of $1.3 billion, employee severance charges of $18 million, and acquisition-related costs of $2 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $141 million and $64 million, respectively.
3     Operating profit for 2023 and 2022 includes employee severance charges of $1 million and $5 million, respectively. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $2 million.
4 Operating profit for 2023 includes IHS Markit merger costs of $13 million and employee severance charges of $2 million. Operating profit for 2022 includes employee severance costs of $7 million and acquisition-related costs of $2 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $33 million and $13 million, respectively.
5 Operating profit for 2023 includes IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. 2022 includes acquisition-related costs of $1 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $74 million and $24 million, respectively.
6 Operating profit for 2023 includes a gain on disposition of $4 million, employee severance charges of $1 million and IHS Markit merger costs of $1 million. Operating profit for 2022 includes employee severance charges of $2 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $9 million and $4 million, respectively.
7 Operating profit for 2022 includes employee severance charges of $1 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $2 million and $4 million, respectively.
8 Corporate Unallocated expense for 2023 includes IHS Markit merger costs of $37 million, disposition-related costs of $13 million, employee severance charges of $1 million, and acquisition-related costs of $1 million. 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, acquisition-related costs of $11 million and lease impairments of $5 million. Additionally, Corporate Unallocated expense for 2023 includes amortization of intangibles from acquisitions of $1 million.
9 Equity in Income on Unconsolidated Subsidiaries for 2023 and 2022 includes amortization of intangibles from acquisitions of $14 million.
The following table presents our revenue disaggregated by revenue type for the three months ended March 31:
(in millions)Market IntelligenceRatingsCommodity InsightsMobility IndicesEngineering Solutions
Intersegment Elimination 1
Total
2023
Subscription$890 $— $409 $281 $66 $94 $— $1,740 
Non-subscription / Transaction56 379 80 77 — 6 — 598 
Non-transaction— 445 — — — — (42)403 
Asset-linked fees— — — — 210 — — 210 
Sales usage-based royalties— — 19 — 65 — — 84 
Recurring variable revenue125 — — — — — 125 
Total revenue$1,071 $824 $508 $358 $341 $100 $(42)$3,160 
Timing of revenue recognition
Services transferred at a point in time$56 $379 $80 $77 $— $6 $— $598 
Services transferred over time
1,015 445 428 281 341 94 (42)2,562 
Total revenue$1,071 $824 $508 $358 $341 $100 $(42)$3,160 

(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2022
Subscription$659 $— $296 $86 $54 $30 $— $1,125 
Non-subscription / Transaction28 404 48 29 — 3 — 512 
Non-transaction— 464 — — — — (39)425 
Asset-linked fees— — — — 218 — — 218 
Sales usage-based royalties— — 19 — 50 — — 69 
Recurring variable revenue40 — — — — 40 
Total revenue$727 $868 $363 $115 $322 $33 $(39)$2,389 
Timing of revenue recognition
Services transferred at a point in time$28 $404 $48 $29 $— $3 $— $512 
Services transferred over time699 464 315 86 322 30 (39)1,877 
Total revenue$727 $868 $363 $115 $322 $33 $(39)$2,389 
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.

The following provides revenue by geographic region for the three months ended March 31:
(in millions)20232022
U.S.$1,926 $1,426 
European region711 567 
Asia337 264 
Rest of the world186 132 
Total$3,160 $2,389 
See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.