10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 1-1023  

S&P Global Inc.

(Exact name of registrant as specified in its charter)

New York					13-1026995
(State or other jurisdiction of incorporation or organization)					(I.R.S. Employer Identification No.)
55 Water Street	,	New York	,	New York	10041
(Address of principal executive offices)					(Zip Code)

Registrant’s telephone number, including area code: 212-438-1000

Securities registered pursuant to Section 12(b) of the Act:

Class	Trading Symbol	Name of Exchange on which registered
Common stock (par value $1.00 per share)	SPGI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                            Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                         Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

☑ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES ☐ NO ☑

As of July 21, 2023 (latest practicable date), 318.2 million shares of the issuer's classes of common stock (par value $1.00 per share) were outstanding excluding 7.2 million outstanding common shares held by the Markit Group Holdings Limited Employee Benefit Trust.

1

S&P Global Inc.

INDEX

 

	Page Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Report of Independent Registered Public Accounting Firm	3
Consolidated Statements of Income for the three and six months ended June 30, 2023 and 2022	4
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2023 and 2022	5
Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022	6
Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022	7
Consolidated Statements of Equity for the three and six months ended June 30, 2023 and 2022	8
Notes to the Consolidated Financial Statements	10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3. Quantitative and Qualitative Disclosures About Market Risk	62
Item 4. Controls and Procedures	62
PART II. OTHER INFORMATION
Item 1. Legal Proceedings	63
Item 1A. Risk Factors	63
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	63
Item 5. Other Information	64
Item 6. Exhibits	65
Signatures	66

2

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of S&P Global Inc.  

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheet of S&P Global Inc. and subsidiaries (the Company) as of June 30, 2023, the related consolidated statements of income, comprehensive income, and equity for the three- and six-month periods ended June 30, 2023 and 2022, the related consolidated statements of cash flows for the six-month periods ended June 30, 2023 and 2022, and the related notes (collectively referred to as the “consolidated interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2022, the related consolidated statements of income, comprehensive income, equity and cash flows for the year then ended, and the related notes and schedule (not presented herein); and in our report dated February 9, 2023, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2022, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

Basis for Review Results

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

/s/ ERNST & YOUNG LLP

New York, New York

July 27, 2023

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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

S&P Global Inc.

Consolidated Statements of Income

(Unaudited)

(in millions, except per share amounts)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Revenue	$	3,101	$	2,993	$	6,261	$	5,383
Expenses:
Operating-related expenses	1,026		1,007		2,114		1,756
Selling and general expenses	771		768		1,476		1,726
Depreciation	24		36		49		62
Amortization of intangibles	261		267		522		379
Total expenses	2,082		2,078		4,161		3,923
Loss (gain) on dispositions	119		(556)		69		(1,899)
Equity in income on unconsolidated subsidiaries	(11)		(11)		(25)		(15)
Operating profit	911		1,482		2,056		3,374
Other income, net	(11)		(1)		—		(50)
Interest expense, net	88		90		174		147
Loss on extinguishment of debt, net	—		2		—		19
Income before taxes on income	834		1,391		1,882		3,258
Provision for taxes on income	259		340		447		908
Net income	575		1,051		1,435		2,350
Less: net income attributable to noncontrolling interests	(64)		(79)		(130)		(143)
Net income attributable to S&P Global Inc.	$	511	$	972	$	1,305	$	2,207
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.60	$	2.87	$	4.08	$	7.19
Diluted	$	1.60	$	2.86	$	4.07	$	7.17
Weighted-average number of common shares outstanding:
Basic	319.3		338.0		320.3		306.8
Diluted	319.8		339.3		320.9		308.0
Actual shares outstanding at period end					318.2		336.2

See accompanying notes to the unaudited consolidated financial statements.

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S&P Global Inc.

Consolidated Statements of Comprehensive Income

(Unaudited)

 

(in millions)	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Net income	$	575	$	1,051	$	1,435	$	2,350
Other comprehensive income:
Foreign currency translation adjustments	30		(95)		73		(116)
Income tax effect	5		(22)		8		(27)
	35		(117)		81		(143)
Pension and other postretirement benefit plans	(12)		(4)		(12)		1
Income tax effect	3		1		4		—
	(9)		(3)		(8)		1
Unrealized gain on cash flow hedges	28		122		—		229
Income tax effect	(6)		(31)		—		(57)
	22		91		—		172
Comprehensive income	623		1,022		1,508		2,380
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(6)		(7)		(11)		(12)
Less: comprehensive income attributable to redeemable noncontrolling interests	(58)		(72)		(119)		(131)
Comprehensive income attributable to S&P Global Inc.	$	559	$	943	$	1,378	$	2,237

See accompanying notes to the unaudited consolidated financial statements.

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S&P Global Inc.

Consolidated Balance Sheets

 

(in millions)	June 30, 2023		December 31, 2022
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,561	$	1,286
Restricted cash	1		1
Accounts receivable, net of allowance for doubtful accounts: 2023 - $49; 2022 - $48	2,545		2,494
Prepaid and other current assets	613		588
Assets of a business held for sale	—		1,298
Total current assets	4,720		5,667
Property and equipment, net of accumulated depreciation: 2023 - $802; 2022 - $859	258		297
Right of use assets	401		423
Goodwill	34,827		34,545
Other intangible assets, net	17,912		18,306
Equity investments in unconsolidated subsidiaries	1,792		1,752
Other non-current assets	785		794
Total assets	$	60,695	$	61,784
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	488	$	450
Accrued compensation and contributions to retirement plans	507		753
Short-term debt	825		226
Income taxes currently payable	127		116
Unearned revenue	3,148		3,126
Other current liabilities	935		1,094
Liabilities of a business held for sale	—		234
Total current liabilities	6,030		5,999
Long-term debt	10,676		10,730
Lease liabilities — non-current	547		577
Pension and other postretirement benefits	185		180
Deferred tax liability — non-current	3,693		4,065
Other non-current liabilities	495		489
Total liabilities	21,626		22,040
Redeemable noncontrolling interest (Note 8)	3,510		3,267
Commitments and contingencies (Note 12)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued - 2023 and 2022 415 million shares	415		415
Additional paid-in capital	44,293		44,422
Retained income	18,279		17,784
Accumulated other comprehensive loss	(813)		(886)
Less: common stock in treasury	(26,706)		(25,347)
Total equity — controlling interests	35,468		36,388
Total equity — noncontrolling interests	91		89
Total equity	35,559		36,477
Total liabilities and equity	$	60,695	$	61,784

See accompanying notes to the unaudited consolidated financial statements.

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S&P Global Inc.

Consolidated Statements of Cash Flows

(Unaudited)

 

(in millions)	Six Months Ended
	June 30,
	2023		2022
Operating Activities:
Net income	$	1,435	$	2,350
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	49		62
Amortization of intangibles	522		379
Provision for losses on accounts receivable	12		12
Deferred income taxes	(384)		(91)
Stock-based compensation	97		143
Loss (gain) on dispositions	69		(1,899)
Loss on extinguishment of debt, net	—		19
Other	44		94
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(44)		387
Prepaid and other current assets	(164)		(31)
Accounts payable and accrued expenses	(93)		(285)
Unearned revenue	(142)		(150)
Other current liabilities	(305)		(265)
Net change in prepaid/accrued income taxes	123		90
Net change in other assets and liabilities	144		(139)
Cash provided by operating activities	1,363		676
Investing Activities:
Capital expenditures	(59)		(40)
Acquisitions, net of cash acquired	(286)		275
Proceeds from dispositions	1,002		3,506
Changes in short-term investments	(1)		4
Cash provided by investing activities	656		3,745
Financing Activities:
Additions to (payments on) short-term debt, net	552		(219)
Proceeds from issuance of senior notes, net	—		5,395
Payments on senior notes	—		(3,684)
Dividends paid to shareholders	(578)		(472)
Proceeds from noncontrolling interest holders	—		410
Distributions to noncontrolling interest holders	(140)		(126)
Contingent consideration payments	(8)		—
Repurchase of treasury shares	(1,501)		(8,503)
Exercise of stock options	7		5
Employee withholding tax on share-based payments	(79)		(74)
Cash used for financing activities	(1,747)		(7,268)
Effect of exchange rate changes on cash	3		(85)
Net change in cash, cash equivalents, and restricted cash	275		(2,932)
Cash, cash equivalents, and restricted cash at beginning of period	1,287		6,505
Cash, cash equivalents, and restricted cash at end of period	$	1,562	$	3,573

See accompanying notes to the unaudited consolidated financial statements.

7

S&P Global Inc.

Consolidated Statements of Equity

(Unaudited)

Three Months Ended June 30, 2023
(in millions)	Common Stock $1 par		Additional Paid-in Capital		Retained Income		Accumulated Other Comprehensive Loss		Less: Treasury Stock		Total SPGI Equity		Noncontrolling Interests		Total Equity
Balance as of March 31, 2023	$	415	$	44,329	$	18,171	$	(861)	$	25,779	$	36,275	$	95	$	36,370
Comprehensive income 1					511		48				559		6		565
Dividends (Dividend declared per common share — $0.90 per share)					(290)						(290)		(9)		(299)
Share repurchases			(50)						951		(1,001)				(1,001)
Employee stock plans			16						(24)		40				40
Change in redemption value of redeemable noncontrolling interest					(117)						(117)				(117)
Adjustment to noncontrolling interest			(2)								(2)				(2)
Other					4						4		(1)		3
Balance as of June 30, 2023	$	415	$	44,293	$	18,279	$	(813)	$	26,706	$	35,468	$	91	$	35,559

Three Months Ended June 30, 2022
(in millions)	Common Stock $1 par		Additional Paid-in Capital		Retained Income		Accumulated Other Comprehensive Loss		Less: Treasury Stock		Total SPGI Equity		Noncontrolling Interests		Total Equity
Balance as of March 31, 2022	$	415	$	43,445	$	16,065	$	(782)	$	19,441	$	39,702	$	79	$	39,781
Comprehensive income 1					972		(29)				943		7		950
Dividends (Dividend declared per common share — $0.85 per share)					(286)						(286)		(10)		(296)
Share repurchases			(225)						1,275		(1,500)				(1,500)
Employee stock plans			22						(5)		27				27
Change in redemption value of redeemable noncontrolling interest					548						548				548
Other					(1)						(1)		(3)		(4)
Balance as of June 30, 2022	$	415	$	43,242	$	17,298	$	(811)	$	20,711	$	39,433	$	73	$	39,506

See accompanying notes to the unaudited consolidated financial statements.

8

Six Months Ended June 30, 2023
(in millions)	Common Stock $1 par		Additional Paid-in Capital		Retained Income		Accumulated Other Comprehensive Loss		Less: Treasury Stock		Total SPGI Equity		Noncontrolling Interests		Total Equity
Balance as of December 31, 2022	$	415	$	44,422	$	17,784	$	(886)	$	25,347	$	36,388	$	89	$	36,477
Comprehensive income 1					1,305		73				1,378		11		1,389
Dividends (Dividend declared per common share — $1.80 per share)					(578)						(578)		(9)		(587)
Share repurchases									1,501		(1,501)				(1,501)
Employee stock plans			(127)						(142)		15				15
Change in redemption value of redeemable noncontrolling interest					(237)						(237)				(237)
Adjustment to noncontrolling interest			(2)								(2)				(2)
Other					5						5				5
Balance as of June 30, 2023	$	415	$	44,293	$	18,279	$	(813)	$	26,706	$	35,468	$	91	$	35,559

Six Months Ended June 30, 2022
(in millions)	Common Stock $1 par		Additional Paid-in Capital		Retained Income		Accumulated Other Comprehensive Loss		Less: Treasury Stock		Total SPGI Equity		Noncontrolling Interests		Total Equity
Balance as of December 31, 2021	$	294	$	1,031	$	15,017	$	(841)	$	13,469	$	2,032	$	75	$	2,107
Comprehensive income 1					2,207		30				2,237		12		2,249
Dividends (Dividend declared per common share — $1.62 per share)					(472)						(472)		(10)		(482)
Acquisition of IHS Markit	121		43,415								43,536				43,536
Share repurchases			(1,275)						7,228		(8,503)				(8,503)
Employee stock plans			71						14		57				57
Change in redemption value of redeemable noncontrolling interest					547						547				547
Other					(1)						(1)		(4)		(5)
Balance as of June 30, 2022	$	415	$	43,242	$	17,298	$	(811)	$	20,711	$	39,433	$	73	$	39,506

1Excludes comprehensive income of $58 million and $72 million for the three months ended June 30, 2023 and 2022, respectively, and $119 million and $131 million for the six months ended June 30, 2023 and 2022, respectively, attributable to our redeemable noncontrolling interest.

9

S&P Global Inc.

Notes to the Consolidated Financial Statements

(Unaudited)

1.    Nature of Operations and Basis of Presentation

S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) is a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity, automotive and engineering markets.

Our operations consist of six reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Commodity Insights (“Commodity Insights”), S&P Global Mobility (“Mobility”), S&P Dow Jones Indices (“Indices” ) and S&P Global Engineering Solutions (“Engineering Solutions”).

•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

•Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

•Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets.

•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

•Engineering Solutions is a leading provider of engineering standards and related technical knowledge. As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

On May 2, 2023, we completed the sale of Engineering Solutions to Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”). We received the full proceeds from the sale of $975 million in cash, subject to purchase price adjustments, which we expect to result in approximately $750 million in after-tax proceeds. The assets and liabilities of Engineering Solutions were classified as held for sale in our consolidated balance sheet as of December 31, 2022. During the three months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $3 million in selling and general expenses in the consolidated statement of income ($189 million after-tax, net of a release of a deferred tax liability of $101 million) related to the sale of Engineering Solutions. During the six months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $16 million in selling and general expenses in the consolidated statement of income ($182 million after-tax, net of a release of a deferred tax liability of $157 million) related to the sale of Engineering Solutions. Following the sale, the assets and liabilities of Engineering Solutions are no longer reported in our consolidated balance sheet as of June 30, 2023. The transaction follows our announced intent in November of 2022 to divest the business. Engineering Solutions became part of the Company following our merger with IHS Markit.

On February 28, 2022, we completed the merger with IHS Markit Ltd (“IHS Markit”), and as a result, IHS Markit and its subsidiaries became wholly owned consolidated subsidiaries of S&P Global, and the financial results include IHS Markit from the date of acquisition.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2022 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the full year.

10

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

Restricted Cash

Restricted cash included in our consolidated balance sheets was $1 million as of June 30, 2023 and December 31, 2022.

Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2023 and December 31, 2022, contract assets were $97 million and $60 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance at June 30, 2023 compared to December 31, 2022 is primarily driven by cash payments received in advance of satisfying our performance obligations, partially offset by $2.0 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $4.0 billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $194 million and $175 million as of June 30, 2023 and December 31, 2022, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period is one year or less. These costs are recorded within selling and general expenses.

Equity in Income on Unconsolidated Subsidiaries

The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business. The combination is intended to increase operating efficiencies of both businesses to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes.

Other Income, net

The components of other income, net for the periods ended June 30 are as follows:

11

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Other components of net periodic benefit cost	$	(6)	$	(7)	$	(12)	$	(11)
Net (gain) loss from investments	(5)		6		12		(39)
Other income, net	$	(11)	$	(1)	$	—	$	(50)

2.    Acquisitions and Divestitures

Acquisitions

2023

On February 16, 2023, we completed the acquisition of Market Scan Information Systems, Inc. (“Market Scan”), a leading provider of automotive pricing and incentive intelligence, including Automotive Payments as a ServiceTM and its powerful payment calculation engine. The addition of Market Scan to Mobility will enable the integration of detailed transaction intelligence in areas that are complementary to existing services for dealers, OEMs, lenders, and other market participants. The acquisition of Market Scan is not material to our consolidated financial statements.

On January 3, 2023, we completed the acquisition of ChartIQ, a premier charting provider for the financial services industry. ChartIQ is a professional grade charting solution that allows users to visualize data with a fully interactive web-based library that works seamlessly across web, mobile and desktop. It provides advanced capabilities including trade visualization, options analytics, technical analysis and more. Additionally, ChartIQ allows clients to visualize vendor-supplied data combined with their own proprietary content, alternative datasets or analytics. The acquisition will be part of our Market Intelligence segment and further enhances our S&P Capital IQ Pro platform, our digital investment solutions provider Markit Digital and other workflow solutions to provide the industry with leading visualization capabilities. The acquisition of ChartIQ is not material to our consolidated financial statements.

On January 4, 2023, we completed the acquisition of TruSight Solutions LLC (“TruSight”) a provider of third-party vendor risk assessments. The acquisition will be integrated into our Market Intelligence segment and further expands the breadth and depth of S&P Global’s third party vendor risk management solutions by offering high-quality validated assessment data to clients designed to reduce further the vendor due diligence burden on service providers to the financial services industry. The acquisition of TruSight is not material to our consolidated financial statements.

2022

Merger with IHS Markit

On February 28, 2022, we completed the merger with IHS Markit. The fair value of the consideration transferred for IHS Markit was approximately $43.5 billion.

Allocation of Purchase Price

The merger with IHS Markit was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”). The allocation of purchase price recorded for IHS Markit is as follows:

12

(in millions)	February 28, 2022
Assets acquired
Cash and cash equivalents	$	310
Accounts receivable, net	968
Prepaid and other current assets	224
Assets of a business held for sale	1,519
Property and equipment	118
Right of use assets	240
Goodwill	31,456
Other intangible assets	18,620
Equity investments in unconsolidated subsidiaries	1,644
Other non-current assets	54
Total assets acquired	$	55,153
Liabilities assumed
Account payable	$	174
Accrued compensation	90
Short-term debt	968
Unearned revenue	1,053
Other current liabilities	581
Liabilities of a business held for sale	72
Long-term debt	4,191
Lease liabilities - non-current	231
Deferred tax liability - non-current	4,200
Other non-current liabilities	57
Total liabilities assumed	$	11,617
Total consideration transferred	$	43,536

Acquired Identifiable Intangible Assets

The following table sets forth the fair values of the components of the identifiable intangible assets acquired and their useful lives:

(in millions)	Fair Value		Weighted Average Useful Lives
Customer relationships	$	13,596	25 years
Trade names and trademarks	1,469		14 years
Developed technology	1,043		10 years
Databases	2,512		12 years
Total Identified Intangible Assets	$	18,620	21 years

Divestitures

2023

On May 2, 2023, we completed the sale of Engineering Solutions to Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”). We received the full proceeds from the sale of $975 million in cash, subject to purchase price adjustments, which we expect to result in approximately $750 million in after-tax proceeds. The assets and liabilities of Engineering Solutions were classified as held for sale in our consolidated balance

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sheet as of December 31, 2022. During the three months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $3 million in selling and general expenses in the consolidated statement of income ($189 million after-tax, net of a release of a deferred tax liability of $101 million) related to the sale of Engineering Solutions. During the six months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $16 million in selling and general expenses in the consolidated statement of income ($182 million after-tax, net of a release of a deferred tax liability of $157 million) related to the sale of Engineering Solutions. Following the sale, the assets and liabilities of Engineering Solutions are no longer reported in our consolidated balance sheet as of June 30, 2023. The transaction follows our announced intent in November of 2022 to divest the business. Engineering Solutions became part of the Company following our merger with IHS Markit.

In the first quarter of 2023, we received a contingent payment following the sale of Leveraged Commentary and Data (“LCD”) along with a related family of leveraged loan indices in June of 2022. The contingent payment was payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. During the six months ended June 30, 2023, the contingent payment resulted in a pre-tax gain of $46 million ($34 million after-tax) related to the sale of LCD in our Market Intelligence segment and $4 million ($3 million after-tax) in Loss (gain) on dispositions related to the sale of a family of leveraged loan indices in our Indices segment.

2022

As a condition of securing regulatory approval for the merger, S&P Global and IHS Markit agreed to divest of certain of their businesses. S&P Global’s divestitures included CUSIP Global Services (“CGS”), its LCD business and a related family of leveraged loan indices while IHS Markit’s divestitures included Oil Price Information Services (“OPIS”); Coal, Metals and Mining; and PetroChem Wire businesses and its Base Chemicals business.

In June of 2022, we completed the previously announced sale of LCD along with a related family of leveraged loan indices, within our Market Intelligence and Indices segments, respectively, to Morningstar for a purchase price of $600 million in cash, subject to customary adjustments, and a contingent payment of up to $50 million which was payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. During the three and six months ended June 30, 2022, we recorded a pre-tax gain of $518 million ($396 million after-tax) for the sale of LCD and $38 million ($31 million after-tax) for the sale of a family of leveraged loan indices in Loss (gain) on dispositions in the consolidated statements of income.

In June of 2022, we completed the previously announced sale of the Base Chemicals business to News Corp for $295 million in cash. We did not recognize a gain on the sale of the Base Chemicals business.

In March of 2022, we completed the previously announced sale of CGS, a business within our Market Intelligence segment, to FactSet Research Systems Inc. for a purchase price of $1.925 billion in cash, subject to customary adjustments. During the six months ended June 30, 2022, we recorded a pre-tax gain of $1.344 billion ($1.006 billion after-tax) in Loss (gain) on dispositions in the consolidated statements of income related to the sale of CGS.

In February of 2022, we completed the previously announced sale of OPIS to News Corp for $1.150 billion in cash. We did not recognize a gain on the sale of OPIS.

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Assets and Liabilities Held for Sale

The components of assets and liabilities held for sale in the consolidated balance sheets consist of the following:

(in millions)	June 30,		December 31,
	2023		2022 1
Accounts Receivable, net	$	—	$	88
Goodwill	—		437
Other intangible assets, net	—		697
Other assets	—		76
Assets of a business held for sale	$	—	$	1,298
Accounts payable and accrued expenses	$	—	$	59
Deferred tax liability	—		27
Unearned revenue	—		148
Liabilities of a business held for sale	$	—	$	234

1 Assets and liabilities held for sale as of December 31, 2022 relate to Engineering Solutions.

The operating profit of our businesses that were disposed of for the periods ended June 30 is as follows:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Operating profit 1	$	4	$	16	$	19	$	50

1 The operating profit presented includes the revenue and recurring direct expenses associated with businesses disposed of or held for sale. The three and six months ended June 30, 2023 excludes a pre-tax loss related to the sale of Engineering Solutions of $120 million. The three and six months ended June 30, 2022 excludes a pre-tax gain related to the sale LCD and a related family of leveraged loan indices of $518 million and $38 million, respectively. The six months ended June 30, 2022 also excludes a pre-tax gain related to the sale of CGS of $1.3 billion.

3.    Income Taxes

The effective income tax rate was 31.1% and 23.8% for the three and six months ended June 30, 2023, respectively, and 24.5% and 27.9% for the three and six months ended June 30, 2022, respectively. The higher rate for the three months ended June 30, 2023 was primarily due to the tax charge on divestitures. The higher rate for the six months ended June 30, 2022 was primarily due to the tax charge on merger related divestitures and deal related non-deductible costs.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is continuously subject to tax examinations in various jurisdictions. As of June 30, 2023 and December 31, 2022, the total amount of federal, state and local, and foreign unrecognized tax benefits was $245 million and $223 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of June 30, 2023 and December 31, 2022, we had $47 million and $38 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $20 million in the next twelve months as a result of the resolution of local tax examinations.

For tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act of 2017 (“TCJA”) requires taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code (“IRC”) Section 174. Section 174 requires taxpayers to capitalize research and development costs and amortize them over 5 years for expenditures attributed to domestic research and 15 years for expenditures attributed to foreign research. This provision affects a significant proportion of the

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Company for the first time in 2023. The actual impact of Section 174 capitalization and amortization on the income tax payable and deferred tax asset will depend on multiple factors, including the amount of research and development expenses we will incur and whether we conduct our research and development activities inside or outside the United States. Although Congress is considering legislation that would defer, repeal or otherwise modify this capitalization and amortization requirement, the possibility that this will happen is uncertain. If legislation is not passed to defer, repeal, or otherwise modify the capitalization and amortization requirement we expect our cash taxes to be greater than in the prior year.

4.    Debt 

A summary of short-term and long-term debt outstanding is as follows:

(in millions)	June 30, 2023		December 31, 2022
4.125% Senior Notes, due 2023 1	$	38	$	38
3.625% Senior Notes, due 2024 2	47		48
4.75% Senior Notes, due 2025 3	4		4
4.0% Senior Notes, due 2026 4	3		3
2.95% Senior Notes, due 2027 5	497		496
2.45% Senior Notes, due 2027 6	1,238		1,237
4.75% Senior Notes, due 2028 7	817		823
4.25% Senior Notes, due 2029 8	1,023		1,029
2.5% Senior Notes, due 2029 9	497		497
2.70% Sustainability-Linked Senior Notes, due 2029 10	1,234		1,233
1.25% Senior Notes, due 2030 11	594		594
2.90% Senior Notes, due 2032 12	1,473		1,472
6.55% Senior Notes, due 2037 13	291		290
4.5% Senior Notes, due 2048 14	272		272
3.25% Senior Notes, due 2049 15	590		590
3.70% Senior Notes, due 2052 16	974		974
2.3% Senior Notes, due 2060 17	683		682
3.9% Senior Notes, due 2062 18	486		486
Commercial paper	740		188
Total debt	11,501		10,956
Less: short-term debt including current maturities	825		226
Long-term debt	$	10,676	$	10,730

1     Interest payments are due semiannually on February 1 and August 1.

2     Interest payments are due semiannually on May 1 and November 1.

3     Interest payments are due semiannually on February 15 and August 15.

4     Interest payments are due semiannually on March 1 and September 1.

5    Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2023, the unamortized debt discount and issuance costs total $3 million.

6    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $12 million.

7     Interest payments are due semiannually on February 1 and August 1.

8 Interest payments are due semiannually on May 1 and November 1.

9    Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2023, the unamortized debt discount and issuance costs total $3 million.

10    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $16 million.

11    Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $6 million.

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12 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $27 million.

13    Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $2 million.

14    Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $11 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2023, the unamortized debt discount and issuance costs total $10 million.

16    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $26 million.

17    Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $17 million.

18    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $14 million.

The fair value of our total debt borrowings was $9.4 billion and $9.3 billion as of June 30, 2023 and December 31, 2022, respectively, and was estimated based on quoted market prices.

On February 28, 2022, we completed the merger with IHS Markit in an all-stock transaction. In the transaction, we assumed IHS Markit's publicly traded debt, with an outstanding principal balance of $4.6 billion, which was recorded at fair value of $4.9 billion on the acquisition date. The adjustment to fair value of the Senior Notes of approximately $292 million on the acquisition date is being amortized as an adjustment to interest expense over the remaining contractual terms of the Senior Notes.

During the six months ended June 30, 2022, we recognized a $19 million loss on extinguishment of debt which includes a $118 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, offset by a $99 million non-cash write-off related to the fair market value step up premium on extinguished debt.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on April 26, 2026. As of June 30, 2023 and December 31, 2022, respectively, there was $740 million and $188 million of commercial paper outstanding.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant required is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.

5.    Derivative Instruments

Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2023 and December 31, 2022, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates and cross currency swap contracts to hedge a portion of our net investment in a foreign subsidiary against volatility in foreign exchange rates. As of June 30, 2023 and December 31, 2022, we entered into a series of interest rate swaps to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing. These contracts are recorded at fair value that is based on foreign currency exchange rates and interest rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes.

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Undesignated Derivative Instruments

During the six months ended June 30, 2023 and twelve months ended December 31, 2022, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets. These forward contracts do not qualify for hedge accounting. As of June 30, 2023 and December 31, 2022, the aggregate notional value of these outstanding forward contracts was $2.0 billion and $1.8 billion, respectively. The changes in fair value of these forward contracts are recorded in prepaid and other current assets or other current liabilities in the consolidated balance sheets with their corresponding change in fair value recognized in selling and general expenses in the consolidated statements of income. The amount recorded in prepaid and other current assets as of June 30, 2023 and December 31, 2022 was $21 million and $5 million, respectively. The amount recorded in other current liabilities as of June 30, 2023 and December 31, 2022 was $1 million and $37 million, respectively. The amount recorded in selling and general expense related to these contracts was a net gain of $29 million and $58 million for three and six months ended June 30, 2023, respectively, and a net loss of $49 million and $69 million for three and six months ended June 30, 2022, respectively.

Net Investment Hedges

As of June 30, 2023 and December 31, 2022, we held cross currency swaps to hedge a portion of our net investment in one of our European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. These swaps are designated and qualify as a hedge of a net investment in a foreign subsidiary and are scheduled to mature in 2024, 2029 and 2030. As of June 30, 2023 and December 31, 2022, the notional value of our outstanding cross currency swaps designated as a net investment hedge was $1 billion. The changes in the fair value of these swaps are recognized in foreign currency translation adjustments, a component of other comprehensive income (loss), and reported in accumulated other comprehensive loss in our consolidated balance sheet. The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. We have elected to assess the effectiveness of our net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to the cross currency swaps recognized directly in net income for the three and six months ended June 30, 2023 represent net periodic interest settlements and accruals, which are recognized in interest expense, net. We recognized net interest income of $6 million and $12 million for the three and six months ended June 30, 2023 and net interest expense of $8 million and $18 million for the three and six months ended June 30, 2022, respectively.

Cash Flow Hedges

Foreign Exchange Forward Contracts

During the six months ended June 30, 2023 and the twelve months ended December 31, 2022, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the second quarter of 2025 and the fourth quarter of 2024, respectively. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twenty-four months. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of June 30, 2023, we estimate that $7 million of pre-tax gain related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.

As of June 30, 2023 and December 31, 2022, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $443 million and $529 million, respectively.

Interest Rate Swaps

As of June 30, 2023 and December 31, 2022, we held positions in a series of interest rate swaps. These contracts are intended to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing and are scheduled to mature beginning in the first quarter of 2027. These interest rate swaps are designated as cash flow hedges. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and will be subsequently reclassified into interest expense, net in the same period that the hedged transaction affects earnings.

As of June 30, 2023 and December 31,2022, the aggregate notional value of our outstanding interest rate swaps designated as cash flow hedges was $1.4 billion.

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The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2023 and December 31, 2022:

(in millions)		June 30,		December 31,
Balance Sheet Location		2023		2022
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	10	$	3
Other current liabilities	Foreign exchange forward contracts	$	1	$	7
Other non-current assets	Interest rate swap contracts	$	134	$	145
Derivatives designated as net investment hedges:
Other non-current assets	Cross currency swaps	$	54	$	84

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30:

Three Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)				Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2023		2022			2023		2022
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	4	$	(12)	Revenue, Selling and general expenses	$	2	$	(1)
Interest rate swap contracts	$	25	$	135	Interest expense, net	$	(1)	$	(1)
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	(22)	$	80	Interest expense, net	$	(1)	$	(1)

Six Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)				Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2023		2022			2023		2022
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	9	$	(18)	Revenue, Selling and general expenses	$	3	$	1
Interest rate swap contracts	$	(9)	$	248	Interest expense, net	$	(2)	$	(2)
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	(31)	$	106	Interest expense, net	$	(2)	$	(2)

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The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	$	4	$	1	$	—	$	6
Change in fair value, net of tax	5		(11)		10		(14)
Reclassification into earnings, net of tax	(2)		1		(3)		(1)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	7	$	(9)	$	7	$	(9)
Interest rate swap contracts
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period	$	23	$	(118)	$	48	$	(203)
Change in fair value, net of tax	17		101		(9)		185
Reclassification into earnings, net of tax	1		1		2		2
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	41	$	(16)	$	41	$	(16)
Net Investment Hedges
Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period	$	49	$	(2)	$	56	$	(17)
Change in fair value, net of tax	(18)		63		(26)		77
Reclassification into earnings, net of tax	1		1		2		2
Net unrealized gains on net investment hedges, net of taxes, end of period	$	32	$	62	$	32	$	62

6. Employee Benefits

We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We also have supplemental benefit plans providing senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts.

We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income.

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The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: 

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Service cost	$	1	$	1	$	1	$	1
Interest cost	19		12		37		25
Expected return on assets	(25)		(22)		(50)		(44)
Amortization of prior service credit / actuarial loss	—		3		1		6
Net periodic benefit cost	$	(5)	$	(6)	$	(11)	$	(12)

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and six months ended June 30, 2023 and 2022.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans and our expected return on assets assumption for our retirement plans which became effective on January 1, 2023. The effect of the assumption changes on retirement and postretirement expense for the three and six months ended June 30, 2023 did not have a material impact to our financial position, results of operations or cash flows.

In the first six months of 2023, we contributed $5 million to our retirement plans and expect to make additional required contributions of approximately $5 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in the second half of 2023.

7.    Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees under the 2019 Employee Stock Incentive Plan and to our eligible non-employee members of the Board of Directors under a Director Deferred Stock Ownership Plan.

Total stock-based compensation expense related to restricted stock and other stock-based awards was $97 million for the six months ended June 30, 2023 and $143 million for the six months ended June 30, 2022. Stock-based compensation expense for the six months ended June 30, 2022 primarily related to the early vesting of IHS Markit equity awards as a result of employee terminations and restructuring efforts. During the six months ended June 30, 2023, the Company granted 0.5 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $350.42 per share. Total unrecognized compensation expense related to unvested equity awards as of June 30, 2023 was $235 million, which is expected to be recognized over a weighted average period of 1.7 years.

8.    Equity

Dividends

On January 25, 2023, the Board of Directors approved an increase in the dividends for 2023 to a quarterly common stock dividend of $0.90 per share.

Stock Repurchases

On June 22, 2022, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2022 Repurchase Program”), which was approximately 9% of the total shares of our outstanding common stock at that time. On January 29, 2020, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2020 Repurchase Program”), which was approximately 12% of the total shares of our outstanding common stock at that time.

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of June 30, 2023, 22.9 million shares remained available under the 2022 Repurchase Program and the 2020 repurchase program was complete. Our 2022 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

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We enter into accelerated share repurchase (“ASR”) agreements with financial institutions to initiate share repurchases of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares. This initial delivery of shares represents the minimum number of shares that we may receive under the agreement. Upon settlement of the ASR agreement, the financial institution delivers additional shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount. We account for our ASR agreements as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreements resulted in a reduction of outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The repurchased shares are held in Treasury. The forward stock purchase contracts were classified as equity instruments.

The terms of each ASR agreement entered into during the six months ended June 30, 2023 and 2022, structured as outlined above, are as follows:

(in millions, except average price paid per share)
ASR Agreement Initiation Date	Initial Shares Delivered	Additional Shares Delivered	Total Number of Shares Purchased	Average Price Paid Per Share		Total Cash Utilized
May 8, 2023 1	2.5	—	2.5	$	—	$	1,000
February 13, 2023 2	1.1	0.3	1.4	$	341.95	$	500
May 13, 2022 3	3.8	0.6	4.4	$	343.85	$	1,500
March 1, 2022 4	15.2	4.1	19.3	$	362.03	$	7,000

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and initially received shares valued at 87.5% of the $1 billion at a price equal to the market price of the Company's common stock on May 8, 2023 when the Company received an initial delivery of 2.5 million shares from the ASR program. The final settlement of the transaction under the ASR is expected to be completed no later than the third quarter of 2023. The ASR agreement was executed under our 2022 Repurchase Program.

2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company's common stock on February 13, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program. We completed the ASR agreement on May 5, 2023 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.5 billion and initially received shares valued at 85% of the $1.5 billion at a price equal to the market price of the Company's common stock on May 13, 2022 when the Company received an initial delivery of 3.8 million shares from the ASR program. We completed the ASR agreement on August 2, 2022 and received an additional 0.6 million shares. The ASR agreement was executed under our 2020 Repurchase Program.

4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $7 billion and initially received shares valued at 85% of the $7 billion at a price equal to the then market price of the Company's common stock on March 1, 2022 when the company received an initial delivery of 15.2 million shares from the ASR program. We completed the ASR agreement on August 9, 2022 and received an additional 4.1 million shares. The ASR agreement was executed under our 2020 Repurchase Program.

During the six months ended June 30, 2023, we received 4.3 million shares, including 0.4 million shares received in February of 2023 related to our December 2, 2022 ASR agreement. During the six months ended June 30, 2023, we purchased a total of 3.9 million shares for $1.5 billion of cash. During the six months ended June 30, 2022, we purchased a total of 19.0 million shares for $8.5 billion of cash.

Redeemable Noncontrolling Interests

The agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC (“CGIS”) has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group's and CGIS' minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interest” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using

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both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 fair value measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.

Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interest during the six months ended June 30, 2023 were as follows:

(in millions)
Balance as of December 31, 2022	$	3,267
Net income attributable to redeemable noncontrolling interest	119
Distributions payable to redeemable noncontrolling interest	(121)
Redemption value adjustment	237
Other 1	8
Balance as of June 30, 2023	$	3,510

1 Relates to foreign currency translation adjustments.

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2023:

(in millions)	Foreign Currency Translation Adjustments			Pension and Postretirement Benefit Plans			Unrealized Gain (Loss) on Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2022	$	(582)		$	(349)		$	45		$	(886)
Other comprehensive income (loss) before reclassifications	81		1	(10)			—			71
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			2		2	—		3	2
Net other comprehensive income (loss)	81			(8)			—			73
Balance as of June 30, 2023	$	(501)		$	(357)		$	45		$	(813)

1Includes an unrealized gain related to our cross currency swaps. See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.

2Reflects amortization of net actuarial losses and is net of a tax benefit of less than $1 million for the six months ended June 30, 2023. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.

9.    Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options and restricted performance shares calculated using the treasury stock method.

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The calculation of basic and diluted EPS for the periods ended June 30 is as follows:

(in millions, except per share amounts)	Three Months				Six Months
	2023		2022		2023		2022
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$	511	$	972	$	1,305	$	2,207
Basic weighted-average number of common shares outstanding	319.3		338.0		320.3		306.8
Effect of stock options and other dilutive securities	0.5		1.3		0.6		1.2
Diluted weighted-average number of common shares outstanding	319.8		339.3		320.9		308.0
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.60	$	2.87	$	4.08	$	7.19
Diluted	$	1.60	$	2.86	$	4.07	$	7.17

We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three and six months ended June 30, 2023 and 2022, there were no stock options excluded. Restricted performance shares outstanding of 0.8 million and 0.6 million as of June 30, 2023 and 2022, respectively, were excluded.

10.    Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2023 and 2022 restructuring plan consisted of a company-wide workforce reduction of approximately 290 and 1,440 positions, respectively, and is further detailed below. The charges for the restructuring plans are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of June 30, 2023 by segment is as follows:

	2023 Restructuring Plan				2022 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Market Intelligence	$	21	$	19	$	86	$	26
Ratings	5		4		26		7
Commodity Insights	15		15		45		11
Mobility	4		3		2		1
Indices	3		3		13		5
Engineering Solutions	—		—		2		1
Corporate	14		12		109		22
Total	$	62	$	56	$	283	$	73

We recorded a pre-tax restructuring charge of $62 million primarily related to employee severance charges for the 2023 restructuring plan during the six months ended June 30, 2023 and have reduced the reserve by $6 million.

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The ending reserve balance for the 2022 restructuring plan was $164 million as of December 31, 2022. For the six months ended June 30, 2023, we have reduced the reserve for the 2022 restructuring plan by $91 million. The ending reserve balance for the 2021 restructuring plan was $2 million and $10 million as of June 30, 2023 and December 31, 2022, respectively. The reductions primarily related to cash payments for employee severance charges.

11. 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 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. As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

A summary of operating results for the periods ended June 30 is as follows: 

Revenue	Three Months				Six Months
(in millions)	2023		2022		2023		2022
Market Intelligence	$	1,079	$	1,030	$	2,150	$	1,758
Ratings	851		796		1,675		1,663
Commodity Insights	462		438		970		801
Mobility	369		337		727		452
Indices	348		339		689		661
Engineering Solutions	33		96		133		129
Intersegment elimination 1	(41)		(43)		(83)		(81)
Total revenue	$	3,101	$	2,993	$	6,261	$	5,383

Operating Profit	Three Months				Six Months
(in millions)	2023		2022		2023		2022
Market Intelligence 2	$	176	$	702	$	404	$	2,191
Ratings 3	486		464		962		976
Commodity Insights 4	156		141		343		299
Mobility 5	68		58		133		76
Indices 6	226		270		464		493
Engineering Solutions 7	4		1		19		2
Total reportable segments	1,116		1,636		2,325		4,037
Corporate Unallocated expense 8	(216)		(165)		(294)		(678)
Equity in Income on Unconsolidated Subsidiaries 9	11		11		25		15
Total operating profit	$	911	$	1,482	$	2,056	$	3,374

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, 2023 includes employee severance charges of $16 million and $22 million, respectively, IHS Markit merger costs of $12 million and $25 million, respectively, and an asset impairment of $5 million. Operating profit for the six months ended June 30, 2023 includes a gain on dispositions of $46 million. Operating profit for the three and six months ended June 30, 2022 includes a 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $140 million and $133 million for the three months ended June 30, 2023 and 2022, respectively, and $281 million and $197 million for the six months ended June 30, 2023 and 2022, respectively.

3 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $4 million and $5 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $7 million and $12 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2023 and 2022, and $4 million and $3 million for the six months ended June 30, 2023 and 2022, respectively.

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4 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $14 million and $15 million, respectively, and IHS Markit merger costs of $8 million and $20 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance costs of $17 million and $24 million, respectively, and IHS Markit merger costs of $4 million and $6 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million and $32 million for the three months ended June 30, 2023 and 2022, respectively, and $66 million and $45 million for the six months ended June 30, 2023 and 2022, respectively.

5 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $3 million and $4 million, respectively, and acquisition-related costs of $1 million. Operating profit for the six months ended June 30, 2023 includes IHS Markit merger costs of $1 million. 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 charges of $2 million and IHS Markit merger costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million and $77 million for the three months ended June 30, 2023 and 2022, respectively, and $150 million and $101 million for the six months ended June 30, 2023 and 2022, respectively.

6 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $2 million and $3 million, respectively, and IHS Markit merger costs of $1 million and $2 million, respectively. Operating profit for the six months ended June 30, 2023 includes a gain on disposition of $4 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended June 30, 2023 and 2022 and $18 million and $13 million for the six months ended June 30, 2023 and 2022, respectively.

7 As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $1 million and $2 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $15 million for the three months ended June 30, 2022 and $1 million and $19 million for the six months ended June 30, 2023 and 2022, respectively.

8 Corporate Unallocated expense for the three and six months ended June 30, 2023 includes a loss on disposition of $120 million, IHS Markit merger costs of $30 million and $66 million, respectively, lease impairments of $15 million, employee severance charges of $12 million and $14 million, respectively, disposition-related costs of $3 million and $16 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. 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. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2023 and $2 million and $1 million for the six months ended June 30, 2023 and 2022, respectively.

9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million for the three months ended June 30, 2023 and 2022 and $28 million for the six months ended June 30, 2023 and 2022.

The following table presents our revenue disaggregated by revenue type for the periods ended June 30:

(in millions)		Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Three Months Ended June 30, 2023
Subscription		$	910	$	—	$	420	$	292	$	70	$	31	$	—	$	1,723
Non-subscription / Transaction		39		383		24		77		—		2		—		525
Non-transaction		—		468		—		—		—		—		(41)		427
Asset-linked fees		—		—		—		—		211		—		—		211
Sales usage-based royalties		—		—		18		—		67		—		—		85
Recurring variable revenue		130		—		—		—		—		—				130
Total revenue		$	1,079	$	851	$	462	$	369	$	348	$	33	$	(41)	$	3,101
Timing of revenue recognition
Services transferred at a point in time		$	39	$	383	$	24	$	77	$	—	$	2	$	—	$	525
Services transferred over time		1,040		468		438		292		348		31		(41)		2,576
Total revenue		$	1,079	$	851	$	462	$	369	$	348	$	33	$	(41)	$	3,101

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(in millions)		Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Six Months Ended June 30, 2023
Subscription		$	1,800	$	—	$	829	$	573	$	136	$	125	$	—	$	3,463
Non-subscription / Transaction		95		761		104		154		—		8		—		1,122
Non-transaction		—		914		—		—		—		—		(83)		831
Asset-linked fees		—		—		—		—		420		—		—		420
Sales usage-based royalties		—		—		37		—		133		—		—		170
Recurring variable revenue		255		—		—		—		—		—		—		255
Total revenue		$	2,150	$	1,675	$	970	$	727	$	689	$	133	$	(83)	$	6,261
Timing of revenue recognition
Services transferred at a point in time		$	95	$	761	$	104	$	154	$	—	$	8	$	—	$	1,122
Services transferred over time		2,055		914		866		573		689		125		(83)		5,139
Total revenue		$	2,150	$	1,675	$	970	$	727	$	689	$	133	$	(83)	$	6,261

(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Three Months Ended June 30, 2022
Subscription	$	867	$	—	$	397	$	264	$	68	$	89	$	—	$	1,685
Non-subscription / Transaction	42		344		26		73		—		7		—		492
Non-transaction	—		452		—		—		—		—		(43)		409
Asset-linked fees	—		—		—		—		214		—		—		214
Sales usage-based royalties	—		—		15		—		57		—		—		72
Recurring variable revenue	121		—		—				—				—		121
Total revenue	$	1,030	$	796	$	438	$	337	$	339	$	96	$	(43)	$	2,993
Timing of revenue recognition
Services transferred at a point in time	$	42	$	344	$	26	$	73	$	—	$	7	$	—	$	492
Services transferred over time	988		452		412		264		339		89		(43)		2,501
Total revenue	$	1,030	$	796	$	438	$	337	$	339	$	96	$	(43)	$	2,993

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(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Six Months Ended June 30, 2022
Subscription	$	1,526	$	—	$	694	$	350	$	121	$	119	$	—	$	2,810
Non-subscription / Transaction	71		747		74		102		—		10		—		1,004
Non-transaction	—		916		—		—		—		—		(81)		835
Asset-linked fees	—		—		—		—		433		—		—		433
Sales usage-based royalties	—		—		33		—		107		—		—		140
Recurring variable revenue	161		—		—		—		—		—		—		161
Total revenue	$	1,758	$	1,663	$	801	$	452	$	661	$	129	$	(81)	$	5,383
Timing of revenue recognition
Services transferred at a point in time	$	71	$	747	$	74	$	102	$	—	$	10	$	—	$	1,004
Services transferred over time	1,687		916		727		350		661		119		(81)		4,379
Total revenue	$	1,758	$	1,663	$	801	$	452	$	661	$	129	$	(81)	$	5,383

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 periods ended June 30:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
U.S.	$	1,865	$	1,782	$	3,791	$	3,208
European region	703		699		1,414		1,266
Asia	342		326		679		590
Rest of the world	191		186		377		319
Total	$	3,101	$	2,993	$	6,261	$	5,383

See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.

12. Commitments and Contingencies

Leases

We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 10 years, some of which include options to extend the leases for up to 15 years, and some of which include options to terminate the leases within 1 year. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

During the three and six months ended June 30, 2023 we a recorded pre-tax impairment charge of $5 million and $11 million related to the impairment and abandonment of operating lease related ROU assets. During the three and six months ended June 30, 2022 we a recorded pre-tax impairment charge of $20 million and $25 million, respectively, related to the impairment and abandonment of operating lease related ROU assets.The pre-tax impairment charge recorded during the three months ended

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June 30, 2022 is primarily associated with consolidating our real estate facilities following the merger with IHS Markit. The impairment charges are included in selling and general expenses within the consolidated statements of income.

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of June 30, 2023 and December 31, 2022:

(in millions)		June 30,		December 31,
Balance Sheet Location		2023		2022
Assets
Right of use assets	Lease right of use assets	$	401	$	423
Liabilities
Other current liabilities	Current lease liabilities	115		118
Lease liabilities — non-current	Non-current lease liabilities	547		577

The components of lease expense for the periods ended June 30 are as follows: 

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Operating lease cost	$	36	$	39	$	66	$	71
Sublease income	(5)		(1)		(9)		(2)
Total lease cost	$	31	$	38	$	57	$	69

Supplemental information related to leases for the periods ended June 30 are as follows:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows for operating leases	$	38	$	43	$	77	$	81
Right of use assets obtained in exchange for lease obligations
Operating leases	—		4		—		4

Weighted-average remaining lease term and discount rate for our operating leases are as follows:

	June 30,		December 31,
	2023		2022
Weighted-average remaining lease term (years)	6.4		6.6
Weighted-average discount rate	3.20	%	3.17	%

Maturities of lease liabilities for our operating leases are as follows:

(in millions)
2023 (Excluding the six months ended June 30, 2023)	$	72
2024	122
2025	106
2026	93
2027	86
2028 and beyond	269
Total undiscounted lease payments	$	748
Less: Imputed interest	86
Present value of lease liabilities	$	662

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Related Party Agreements

In June of 2012, we entered into a license agreement (the “License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, replacing the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the three and six months ended June 30, 2023, S&P Dow Jones Indices LLC earned $45 million and $89 million, respectively, of revenue under the terms of the License Agreement. During the three and six months ended June 30, 2022, S&P Dow Jones Indices LLC earned $46 million and $87 million, respectively, of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

Contractual Obligations

We typically have various contractual obligations, which are recorded as liabilities in our consolidated balance sheets, while other items, such as certain purchase commitments and other executory contracts, are not recognized. For example, we are contractually committed to contracts for information-technology outsourcing, certain enterprise-wide information-technology software licensing and maintenance. In the first quarter of 2023, S&P Global and Amazon Web Services (“AWS”) entered into a multi-year strategic collaboration agreement with a purchase obligation of $1.0 billion, before incremental credits, over a five-year period. With AWS as its preferred cloud provider, S&P Global will enhance its cloud infrastructure, accelerate business growth, engineer new innovations for key industry segments, and help their customers navigate rapidly changing market conditions.

Legal and Regulatory Matters

In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often subjected to government and regulatory proceedings, investigations and inquiries.

A class action lawsuit was filed in Australia on August 7, 2020 against the Company and a subsidiary of the Company. A separate lawsuit was filed against the Company and a subsidiary of the Company in Australia on February 2, 2021 by two entities within the Basis Capital investment group. The lawsuits both relate to alleged investment losses in collateralized debt obligations rated by Ratings prior to the financial crisis. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve these matters on terms deemed acceptable.

From time to time, the Company receives customer complaints. The Company believes it has strong contractual protections in the terms and conditions included in its arrangements with customers. Nonetheless, in the interest of managing customer relationships, the Company from time to time engages in dialogue with such customers in an effort to resolve such complaints, and if such complaints cannot be resolved through dialogue, may face litigation regarding such complaints. The Company does not expect to incur material losses as a result of these matters.

Moreover, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to ratings activities, antitrust matters and other matters, such as ESG. For example, as a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Exchange Act, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global seeks to promptly address any compliance issues that it detects or that the staff of the SEC or another regulator raises, there can be no assurance that the SEC or another regulator will not seek remedies against S&P Global for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

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13. Recently Issued or Adopted Accounting Standards

In March of 2023, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that requires all entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. The guidance is effective for reporting periods beginning after December 15, 2023, however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In March of 2020, the FASB issued accounting guidance to provide temporary optional expedients and exceptions to the current contract modifications and hedge accounting guidance in light of the expected market transition from London Interbank Offered Rate (“LIBOR”) to alternative rates. The new guidance provides optional expedients and exceptions to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include (1) contract modifications, (2) hedging relationships, and (3) sale or transfer of debt securities classified as held-to-maturity. In December of 2022, the FASB amended its guidance to defer the sunset date from December 31, 2022 to December 31, 2024. The Company may elect to adopt the amendments prospectively to transactions existing as of or entered into from the date of adoption through December 31, 2024. We do not expect this guidance to have a significant impact on our consolidated financial statements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)

The following Management's Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, (“S&P Global,” the “Company,” “we,” “us” or “our”) for the three and six months ended June 30, 2023. The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2022 (our “Form 10-K”), which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MD&A includes the following sections:

•Overview

•Results of Operations — Comparing the Three and Six Months Ended June 30, 2023 and 2022

•Liquidity and Capital Resources

•Reconciliation of Non-GAAP Financial Information

•Critical Accounting Estimates

•Recently Issued or Adopted Accounting Standards

•Forward-Looking Statements

OVERVIEW

We are a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity, automotive and engineering markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the commodity markets include producers, traders and intermediaries within energy, petrochemicals, metals & steel and agriculture; the automotive markets include manufacturers, suppliers, dealerships and service shops; and the engineering markets include engineers, builders, and architects.

Our operations consist of six reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Commodity Insights (“Commodity Insights”), S&P Global Mobility (“Mobility”), S&P Dow Jones Indices (“Indices”) and S&P Global Engineering Solutions (“Engineering Solutions”).

•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

•Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

•Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets.

•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

•Engineering Solutions is a leading provider of engineering standards and related technical knowledge. As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

On May 2, 2023, we completed the sale of Engineering Solutions to Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”). We received the full proceeds from the sale of $975 million in cash, subject to purchase price adjustments, which we expect to result in approximately $750 million in after-tax proceeds. The assets and liabilities of Engineering Solutions were classified as held for sale in our consolidated balance sheet as of December 31, 2022. During the three months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $3 million in selling and general expenses in the consolidated statement of income ($189 million after-tax, net of a release of a deferred tax liability of $101 million) related to the sale of Engineering Solutions. During the six months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $16 million in selling and general expenses in the consolidated statement of income ($182 million after-tax, net of a release of a deferred tax liability of $157 million) related to the sale of Engineering Solutions. The transaction follows our announced intent in November of 2022 to divest the business. Engineering Solutions became part of the Company following our merger with IHS Markit. See Note 2 - Acquisitions and Divestitures for additional information.

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On February 28, 2022, we completed the merger with IHS Markit Ltd (“IHS Markit”), and as a result, IHS Markit and its subsidiaries became wholly owned consolidated subsidiaries of S&P Global, and the financial results include IHS Markit from the date of acquisition. See Note 2 - Acquisitions and Divestitures for additional information.

Key results for the periods ended June 30 are as follows:

(in millions)	Three Months							Six Months
	2023			2022			% Change 1	2023			2022			% Change 1
Revenue	$	3,101		$	2,993		4%	$	6,261		$	5,383		16%
Operating profit 2	$	911		$	1,482		(39)%	$	2,056		$	3,374		(39)%
Operating margin %	29		%	50		%		33		%	63		%
Diluted earnings per share from net income	$	1.60		$	2.86		(44)%	$	4.07		$	7.17		(43)%

1     % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.

2 Operating profit for the three months ended June 30, 2023 includes a loss on disposition of $120 million, IHS Markit merger costs of $51 million, employee severance charges of $51 million, disposition-related costs of $3 million, and acquisition-related costs of $2 million. Operating profit for the six months ended June 30, 2023 includes IHS Markit merger costs of $115 million, a loss on disposition of $69 million, employee severance charges of $62 million, disposition-related costs of $16 million, and acquisition-related costs of $3 million. Operating profit for the three and six months ended June 30, 2023 includes lease impairments of $15 million and asset impairment of $5 million. Operating profit for the three months ended June 30, 2022 includes a gain on dispositions of $556 million, IHS Markit merger costs of $135 million, employee severance charges of $61 million, acquisition-related costs of $7 million and an asset impairment of $3 million. Operating profit for the six months ended June 30, 2022 includes a gain on dispositions of $1.9 billion, IHS Markit merger costs of $379 million, a S&P Foundation grant of $200 million, employee severance charges of $139 million, acquisition-related costs of $8 million, lease impairments of $5 million and an asset write-off of $3 million. Operating profit also includes amortization of intangibles from acquisitions of $275 million and $282 million for the three months ended June 30, 2023 and 2022, respectively, and $550 million and $407 million for the six months ended June 30, 2023 and 2022, respectively.

Three Months

Revenue increased 4% driven by increases at Ratings, Market Intelligence, Mobility, Commodity Insights and Indices, partially offset by a decrease at Engineering Solutions which was unfavorably impacted by its sale on May 2, 2023. The increase at Ratings was primarily due to growth in corporate bond ratings transaction revenue driven by increased investment-grade and high-yield issuance volumes due to an increase in refinancing activity. The increase at Market Intelligence was primarily due to subscription revenue growth for data feed products within Data and Advisory Solutions, work flow solutions at Enterprise Solutions, Desktop products, and RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions. The increase at Mobility was primarily due to price increases and new business growth within the Dealer business as well as the favorable impact of the acquisition of Market Scan in February of 2023. Revenue growth at Commodity Insights was primarily due to continued demand for market data and market insights products. The increase at Indices was primarily due to higher exchange-traded derivative revenue and higher data subscription revenue. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit decreased 39%. Excluding the unfavorable impact of a higher gain on dispositions in 2022 of 45 percentage points and higher lease impairments in 2023 of 1 percentage point, partially offset by higher IHS Markit merger costs in 2022 of 6 percentage points, operating profit increased 1%. The increase was primarily due to revenue growth, partially offset by increased incentives and higher compensation costs. Foreign exchange rates had a favorable impact of 1 percentage point.

Six Months

Revenue increased 16% primarily due to the impact of the merger with IHS Markit; subscription revenue growth for Desktop products, RatingsXpress®, RatingsDirect®, and data feed products within Data & Advisory Solutions at Market Intelligence; continued demand for market data and market insights products and higher conference revenue at Commodity Insights; higher exchange-traded derivative revenue and higher data subscription revenue at Indices; and growth in corporate bond ratings transaction revenue driven by increased investment-grade and high-yield issuance volumes due to an increase in refinancing activity at Ratings. These increases were partially offset by a decrease at Engineering Solutions which was unfavorably impacted by the sale on May 2, 2023 and lower bank loan ratings revenue at Ratings. Foreign exchange rates had an unfavorable impact of 1 percentage point.

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Operating profit decreased 39%. Excluding the unfavorable impact of a higher gain on dispositions in 2022 of 61 percentage points and higher amortization of intangibles in 2023 of 4 percentage points, partially offset by the impact of higher IHS Markit merger costs in 2022 of 8 percentage points, the impact of a S&P Foundation grant in 2022 of 6 percentage points and higher employee severance charges in 2022 of 2 percentage points, operating profit increased 10%. The increase was primarily due to revenue growth, partially offset by expenses associated with the merger with IHS Markit, increased incentives, higher compensation costs and an increase in technology costs. Foreign exchange rates had a favorable impact of 1 percentage point.

Our Strategy

We are a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity, automotive and engineering markets. Our purpose is to accelerate progress. We seek to deliver on this purpose in line with our core values of discovery, partnership and integrity.

In 2022, we announced the launch of Powering Global Markets to provide a framework for our forward-looking business strategy. Through this framework, we focus on our customer’s ever-changing needs, growing our core businesses, innovating in new markets and leveraging the power of our data and technology. In 2023, we are striving to deliver on our strategic priorities in the following key areas:

Finance

•Meeting or exceeding our organic revenue growth and EBITA margin targets;

•Realizing our merger/integration commitments - cost and revenue synergy targets; and

•Driving growth and superior shareholder returns through effective execution, active portfolio management and prudent capital allocation.

Customer at the Core

•Enhancing customer support and seamless user experience with a focus on ease of discoverability, distribution, and delivery of our products and services and integrated capabilities; and

•Continuing to invest in customer facing solutions and processes.

Grow and Innovate

•Continuing to fund and accelerate key growth areas and transformational adjacencies;

•Exercising disciplined organic capital allocation, inorganic and partnership strategies; and

•Growing the value of S&P Global’s brand through an integrated marketing and communication strategy; driving awareness and consideration across the product offering.

Data and Technology

•Efficient integration, accessibility and governance of enterprise data assets, with initial focus on sustainability data, data science and enterprise-wide data management through the formation of a data council to drive enterprise value creation;

•Advancing transition to optimize tech spend practice i.e., shifting the balance towards funding higher growth innovation, establishing key spend benchmarks and 3-year transition plan; and

•Continuing momentum in transitioning all products and services to a cloud-based ecosystem while implementing technologies that align to our customer needs and unlock new opportunities.

•

Lead and Inspire

•Continuing to improve diverse representation through hiring, advancement and retention, while continuing to raise awareness through Diversity, Equity, and Inclusion education; and

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•Ensuring our people are engaged with a particular focus on learning, development and career opportunities, and continue to embed our purpose and values throughout the Company.

Execute and Deliver

•Driving continuous commitment to risk management, compliance, and control across S&P Global; and

•Creating a more sustainable impact.

There can be no assurance that we will achieve success in implementing any one or more of these strategies as a variety of factors could unfavorably impact operating results, including prolonged difficulties in the global credit markets and a change in the regulatory environment affecting our businesses. See Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K.

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RESULTS OF OPERATIONS — COMPARING THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

Consolidated Review

(in millions)	Three Months					Six Months
	2023		2022		% Change	2023		2022		% Change
Revenue	$	3,101	$	2,993	4%	$	6,261	$	5,383	16%
Total Expenses:
Operating-related expenses	1,026		1,007		2%	2,114		1,756		20%
Selling and general expenses	771		768		—%	1,476		1,726		(14)%
Depreciation and amortization	285		303		(6)%	571		441		30%
Total expenses	2,082		2,078		—%	4,161		3,923		6%
Loss (gain) on dispositions	119		(556)		N/M	69		(1,899)		N/M
Equity in Income on Unconsolidated Subsidiaries	(11)		(11)		—%	(25)		(15)		74%
Operating profit	911		1,482		(39)%	2,056		3,374		(39)%
Other income, net	(11)		(1)		N/M	—		(50)		N/M
Interest expense, net	88		90		(1)%	174		147		19%
Loss on extinguishment of debt, net	—		2		N/M	—		19		N/M
Provision for taxes on income	259		340		(24)%	447		908		(51)%
Net income	575		1,051		(45)%	1,435		2,350		(39)%
Less: net income attributable to noncontrolling interests	(64)		(79)		19%	(130)		(143)		10%
Net income attributable to S&P Global Inc.	$	511	$	972	(47)%	$	1,305	$	2,207	(41)%

N/M – Represents a change equal to or in excess of 100% or not meaningful

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Revenue

The following table provides consolidated revenue information for the periods ended June 30:

(in millions)	Three Months							Six Months
	2023			2022			% Change	2023			2022			% Change
Revenue	$	3,101		$	2,993		4%	$	6,261		$	5,383		16%
Subscription revenue	1,723			1,685			2%	3,463			2,810			23%
Non-subscription / transaction revenue	525			492			7%	1,122			1,004			12%
Non-transaction revenue	427			409			4%	831			835			—%
Asset-linked fees	211			214			(2)%	420			433			(3)%
Sales usage-based royalties	85			72			19%	170			140			20%
Recurring variable	130			121			8%	255			161			58%
% of total revenue:
Subscription revenue	56		%	56		%		55		%	52		%
Non-subscription / transaction revenue	17		%	17		%		19		%	19		%
Non-transaction revenue	14		%	14		%		13		%	15		%
Asset-linked fees	7		%	7		%		7		%	8		%
Sales usage-based royalties	2		%	2		%		4		%	3		%
Recurring variable	4		%	4		%		2		%	3		%
U.S. revenue	$	1,865		$	1,782		5%	$	3,791		$	3,208		18%
International revenue:
European region	703			699			1%	1,414			1,266			12%
Asia	342			326			5%	679			590			15%
Rest of the world	191			186			2%	377			319			18%
Total international revenue	$	1,236		$	1,211		2%	$	2,470		$	2,175		14%
% of total revenue:
U.S. revenue	60		%	60		%		61		%	60		%
International revenue	40		%	40		%		39		%	40		%

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Three Months

Revenue increased 4% as compared to the three months ended June 30, 2022. Subscription revenue increased due growth in data feed products within Data and Advisory Solutions, work flow solutions at Enterprise Solutions, Desktop products, and RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions at Market Intelligence, price increases and new business growth within the Dealer business as well as the favorable impact of the acquisition of Market Scan in February of 2023 at Mobility, continued demand for Commodity Insights market data and market insights products and higher data subscription revenue at Indices, partially offset by a decrease at Engineering Solutions which was unfavorably impacted by its sale on May 2, 2023. Non-subscription / transaction revenue increased primarily due to growth in corporate bond ratings revenue driven by increased investment-grade and high-yield issuance volumes due to an increase in refinancing activity at Ratings. Non-transaction revenue increased due to an increase in surveillance revenue, higher Ratings Evaluation Service (“RES”) revenue and an increase in revenue at our CRISIL subsidiary, partially offset by a decrease in new entity credit ratings revenue. Asset linked fees decreased at Indices driven by product mix. The increase in sales-usage based royalties was primarily driven by higher exchange-traded derivative revenue at Indices. Recurring variable revenue at Market Intelligence increased due to fixed income new issuance volumes. See “Segment Review” below for further information.

The unfavorable impact of foreign exchange rates reduced revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

Six Months

Revenue increased 16% as compared to the six months ended June 30, 2022. Subscription revenue increased primarily due to the impact of the merger with IHS Markit. Subscription revenue growth in Desktop products, Credit & Risk Solutions and Data & Advisory Solutions at Market Intelligence, continued demand for Commodity Insights market data and market insights products and higher data subscription revenue at Indices, partially offset by a decrease at Engineering Solutions which was unfavorably impacted by its sale on May 2, 2023. Non-subscription / transaction revenue increased due to the impact of the merger with IHS Markit, growth in corporate bond ratings revenue driven by increased investment-grade and high-yield issuance volumes due to an increase in refinancing activity at Ratings and an increase in conference revenue at Commodity Insights, partially offset by a decrease in bank loan ratings revenue at Ratings. Non-transaction revenue decreased due to a decrease in new entity credit ratings revenue, partially offset by an increase in surveillance revenue and an increase in revenue at our CRISIL subsidiary. Asset linked fees decreased at Indices driven by product mix. The increase in sales-usage based royalties was primarily driven by higher exchange-traded derivative revenue at Indices. Recurring variable revenue at Market Intelligence increased due to the impact of the merger with IHS Markit and represents revenue from contracts for services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued. See “Segment Review” below for further information.

The unfavorable impact of foreign exchange rates reduced revenue by 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

Total Expenses

The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the periods ended June 30:

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Three Months

(in millions)	2023				2022				% Change
	Operating- related expenses		Selling and general expenses		Operating- related expenses		Selling and general expenses		Operating- related expenses	Selling and general expenses
Market Intelligence 1	$	486	$	269	$	458	$	241	6%	12%
Ratings 2	236		120		225		90		5%	34%
Commodity Insights 3	154		117		139		124		11%	(5)%
Mobility 4	100		122		86		114		16%	7%
Indices 5	58		54		52		43		12%	24%
Engineering Solutions 6	22		6		59		22		(62)%	(71)%
Intersegment eliminations 7	(41)		—		(43)		—		4%	N/M
Total segments	1,015		688		976		634		4%	9%
Corporate Unallocated expense 8	11		83		31		134		(65)%	(38)%
Total	$	1,026	$	771	$	1,007	$	768	2%	—%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 In 2023 selling and general expenses include employee severance charges of $16 million, IHS Markit merger costs of $12 million, and an asset impairment of $5 million. In 2022, selling and general expenses include include employee severance charges of $13 million, IHS Markit merger costs of $12 million, and acquisition-related costs of $1 million.

2 In 2023 and 2022, selling and general expenses include employee severance charges of $4 million and $7 million, respectively.

3 In 2023, selling and general expenses include employee severance charges of $14 million and IHS Markit merger costs of $8 million. In 2022, selling and general expenses include employee severance costs of $17 million and acquisition-related costs of $4 million.

4 In 2023, selling and general expenses include employee severance charges of $3 million and acquisition-related costs of $1 million. In 2022, selling and general expenses include acquisition-related costs of $3 million, employee severance charges of $2 million, and IHS Markit merger costs of $1 million.

5 In 2023, selling and general expenses include employee severance charges of $2 million and IHS Markit merger costs of $1 million. In 2022, selling and general expenses include employee severance charges of $2 million and acquisition-related costs of $1 million.

6 In 2022, selling and general expenses include employee severance charges of $1 million.

7 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

8 In 2023, selling and general expenses include IHS Markit merger costs of $30 million, lease impairments of $15 million, employee severance charges of $12 million, disposition-related costs of $3 million, and acquisition-related costs of $1 million. In 2022, selling and general expenses include IHS Markit merger costs of $117 million, employee severance charges of $18 million, acquisition-related costs of $4 million, and an asset write-off of $3 million.

Operating-Related Expenses

Operating-related expenses increased 2% primarily driven by increased incentives and higher compensation costs.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Selling and General Expenses

Selling and general expenses increased less than 1%. Excluding the favorable impact of higher IHS Markit merger costs in 2022 of 15 percentage points, higher employee severance charges in 2022 of 2 percentage points, higher acquisition-related costs in 2022 of 1 percentage point, partially offset by higher lease impairments in 2023 of 3 percentage points, selling and general expenses increased 15%. The increase was primarily driven by increased incentives and higher compensation costs.

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Depreciation and Amortization

Depreciation and amortization decreased to $285 million in 2023 compared to $303 million in 2022, primarily due to lower depreciation driven by asset disposals and lower intangible asset amortization driven by the impact of the sale of Engineering Solutions on May 2, 2023.

Six Months

(in millions)	2023				2022				% Change
	Operating- related expenses		Selling and general expenses		Operating- related expenses		Selling and general expenses		Operating- related expenses	Selling and general expenses
Market Intelligence 1	$	974	$	519	$	779	$	431	25%	20%
Ratings 2	468		226		463		200		1%	13%
Commodity Insights 3	337		221		253		202		33%	10%
Mobility 4	200		239		117		155		71%	54%
Indices 5	111		98		99		88		11%	11%
Engineering Solutions 6	85		27		79		29		8%	(7)%
Intersegment eliminations 7	(83)		—		(81)		—		(2)%	N/M
Total segments	2,092		1,330		1,709		1,105		22%	20%
Corporate Unallocated expense 8	22		146		47		621		(54)%	(76)%
Total	$	2,114	$	1,476	$	1,756	$	1,726	20%	(14)%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 In 2023 selling and general expenses include IHS Markit merger costs of $25 million, employee severance charges of $22 million, and an asset impairment of $5 million. In 2022, selling and general expenses include employee severance charges of $31 million, IHS Markit merger costs of $15 million and acquisition-related costs of $1 million.

2 In 2023 and 2022, selling and general expenses include employee severance charges of $5 million and $12 million, respectively.

3 In 2023, selling and general expenses include IHS Markit merger costs of $20 million and employee severance charges of $15 million. In 2022, selling and general expenses include employee severance costs of $24 million and IHS Markit merger costs of $6 million.

4 In 2023, selling and general expenses include employee severance charges of $4 million, acquisition-related costs of $1 million, and IHS Markit merger costs of $1 million. In 2022, selling and general expenses include acquisition-related costs of $4 million, employee severance charges of $2 million, and IHS Markit merger costs of $1 million.

5 In 2023, selling and general expenses include employee severance charges of $3 million and IHS Markit merger costs of $2 million. In 2022, selling and general expenses include employee severance charges of $4 million and IHS Markit merger costs of $1 million.

6 In 2022, selling and general expenses include employee severance charges of $2 million.

7 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

8 In 2023, selling and general expenses include IHS Markit merger costs of $66 million, lease impairments of $15 million, disposition-related costs of $16 million, employee severance charges of $14 million, and acquisition-related costs of $2 million. In 2022, selling and general expenses include IHS Markit merger costs of $357 million, a S&P Foundation grant of $200 million, employee severance charges of $64 million, acquisition-related costs of $5 million, lease impairments of $5 million, and an asset write-off of $3 million.

Operating-Related Expenses

Operating-related expenses increased 20% primarily driven by the impact of the merger with IHS Markit, increased incentives and higher compensation costs.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Selling and General Expenses

Selling and general expenses decreased 14%. Excluding the favorable impact of higher IHS Markit merger costs in 2022 of 21

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percentage points, a S&P Foundation grant in 2022 of 16 percentage points and higher employee severance charges in 2022 of 6 percentage points, partially offset by disposition-related costs in 2023 of 1 percentage points and higher lease impairments in 2023 of 1 percentage point, selling and general expenses increased 27%. The increase was primarily driven by the impact of the merger with IHS Markit, increased incentives and higher compensation costs.

Depreciation and Amortization

Depreciation and amortization increased to $571 million in 2023 compared to $441 million in 2022, primarily due to higher intangible asset amortization driven by the impact of the merger with IHS Markit, partially offset by lower intangible asset amortization driven by the impact of the sale of Engineering Solutions on May 2, 2023.

Loss (Gain) on Dispositions

During the three and six months ended June 30, 2023, we completed the following disposition and received a contingent payment that were included in Loss (gain) on dispositions in the consolidated statements of income:

•During the three months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $3 million in selling and general expenses in the consolidated statement of income ($189 million after-tax, net of a release of a deferred tax liability of $101 million) related to the sale of Engineering Solutions. During the six months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $16 million in selling and general expenses in the consolidated statement of income ($182 million after-tax, net of a release of a deferred tax liability of $157 million) related to the sale of Engineering Solutions.

•In the first quarter of 2023, we received a contingent payment following the sale of Leveraged Commentary and Data (“LCD”) along with a related family of leveraged loan indices in June of 2022. The contingent payment was payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. During the six months ended June 30, 2023, the contingent payment resulted in a pre-tax gain of $46 million ($34 million after-tax) related to the sale of LCD in our Market Intelligence segment and $4 million ($3 million after-tax) related to the sale of a family of leveraged loan indices in our Indices segment.

During the six months ended June 30, 2022, we completed the following dispositions that were included in Loss (gain) on dispositions in the consolidated statement of income:

•In June of 2022, we completed the previously announced sale of LCD along with a related family of leveraged loan indices, within our Market Intelligence and Indices segments, respectively, to Morningstar for a purchase price of $600 million in cash, subject to customary adjustments, and a contingent payment of up to $50 million which was payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. During the three and six months ended June 30, 2022, we recorded a pre-tax gain of $518 million ($396 million after tax) for the sale of LCD and $38 million ($31 million after tax) for the sale of a family of leveraged loan indices in Loss (gain) on dispositions in the consolidated statements of income.

•In June of 2022, we completed the previously announced sale of the Base Chemicals business to News Corp for $295 million in cash. We did not recognize a gain on the sale of the Base Chemicals business.

•In March of 2022, we completed the previously announced sale of CUSIP Global Services (“CGS”), a business within our Market Intelligence segment, to FactSet Research Systems Inc. for a purchase price of $1.925 billion in cash, subject to customary adjustments. During the six months ended June 30, 2022, we recorded a pre-tax gain of $1.344 billion ($1.006 billion after tax) in Loss (gain) on dispositions in the consolidated statements of income related to the sale of CGS.

•In February of 2022, we completed the previously announced sale of Oil Price Information Services (“OPIS”) to News Corp for $1.150 billion in cash. We did not recognize a gain on the sale of OPIS.

Operating Profit

We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate.

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We internally manage our operations by reference to operating profit with economic resources allocated primarily based on each segment's contribution to operating profit. Segment operating profit is defined as operating profit before Corporate Unallocated expense and Equity in Income on Unconsolidated Subsidiaries. Segment operating profit is not, however, a measure of financial performance under U.S. GAAP, and may not be defined and calculated by other companies in the same manner.

The tables below reconcile segment operating profit to total operating profit for the periods ended June 30:

Three Months

(in millions)	2023		2022		% Change
Market Intelligence 1	$	176	$	702	(75)%
Ratings 2	486		464		5%
Commodity Insights 3	156		141		10%
Mobility 4	68		58		18%
Indices 5	226		270		(16)%
Engineering Solutions 6	4		1		N/M
Total segment operating profit	1,116		1,636		(32)%
Corporate Unallocated expense 7	(216)		(165)		(31)%
Equity in Income on Unconsolidated Subsidiaries 8	11		11		—%
Total operating profit	$	911	$	1,482	(39)%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 2023 includes employee severance charges of $16 million, IHS Markit merger costs of $12 million, and an asset impairment of $5 million. 2022 includes a gain on disposition of $518 million, employee severance charges of $13 million, IHS Markit merger costs of $12 million, and acquisition-related costs of $1 million. 2023 and 2022 include amortization of intangibles from acquisitions of $140 million and $133 million, respectively.

2    2023 and 2022 include employee severance charges of $4 million and $7 million, respectively. 2023 and 2022 both include amortization of intangibles from acquisitions of $2 million.

3 2023 includes employee severance charges of $14 million and IHS Markit merger costs of $8 million. 2022 includes employee severance charges of $17 million and IHS Markit merger costs of $4 million. 2023 and 2022 include amortization of intangibles from acquisitions of $33 million and $32 million, respectively.

4    2023 includes employee severance charges of $3 million and acquisition-related costs of $1 million. 2022 includes acquisition-related costs of $3 million, employee severance charges of $2 million, and IHS Markit merger costs of $1 million. 2023 and 2022 include amortization of intangibles from acquisitions of $76 million and $77 million, respectively.

5    2023 includes employee severance charges of $2 million and IHS Markit merger costs of $1 million. 2022 includes a gain on disposition of $38 million, employee severance charges of $2 million, and IHS Markit merger costs of $1 million. 2023 and 2022 include amortization of intangibles from acquisitions of $9 million.

6    2022 includes employee severance charges of $1 million. 2022 includes amortization of intangibles from acquisitions of $15 million.

7    2023 includes a loss on disposition of $120 million, IHS Markit merger costs of $30 million, lease impairments of $15 million, employee severance charges of $12 million, disposition-related costs of $3 million, and acquisition-related costs of $1 million. 2022 includes IHS Markit merger costs of $117 million, employee severance charges of $18 million, acquisition-related costs of $4 million, and an asset write-off of $3 million. 2023 includes amortization of intangibles from acquisitions of $1 million.

8    2023 and 2022 include amortization of intangibles from acquisitions of $14 million.

Segment Operating Profit — Segment operating profit decreased 32% as compared to 2022. Excluding the unfavorable impact of a higher gain on dispositions in 2022 of 34 percentage points, segment operating profit increased 2%. The increase was primarily due to revenue growth, partially offset by increased incentives and higher compensation costs. See “Segment Review” below for further information.

Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense increased 31% compared to 2022. Excluding the impact of a loss on disposition in 2023 of 103 percentage points and lease impairments in 2023 of 13 percentage points, partially offset by higher IHS Markit merger costs in 2022 of 76 percentage points, higher employee severance charges in 2022 of 5 percentage points and an asset write-off in 2022 of 3 percentage points, Corporate Unallocated expense increased 63% primarily due to increased incentives.

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Equity in Income on Unconsolidated Subsidiaries — The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business. The combination is intended to increase operating efficiencies of both businesses to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. Equity in Income on Unconsolidated Subsidiaries includes the OSTTRA joint venture acquired in connection with the merger with IHS Markit. Equity in Income on Unconsolidated Subsidiaries was $11 million for the three months ended June 30, 2023 and June 30, 2022.

Foreign exchange rates had a favorable impact on operating profit of 1 percentage point. This impact refers to constant currency comparisons and the remeasurement of monetary assets and liabilities. Constant currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency.

Six Months

(in millions)	2023		2022		% Change
Market Intelligence 1	$	404	$	2,191	(82)%
Ratings 2	962		976		(1)%
Commodity Insights 3	343		299		15%
Mobility 4	133		76		74%
Indices 5	464		493		(6)%
Engineering Solutions 6	19		2		N/M
Total segment operating profit	2,325		4,037		(42)%
Corporate Unallocated expense 7	(294)		(678)		57%
Equity in Income on Unconsolidated Subsidiaries 8	25		15		74%
Total operating profit	$	2,056	$	3,374	(39)%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 2023 includes a gain on disposition of $46 million, IHS Markit merger costs of $25 million, employee severance charges of $22 million, and an asset impairment of $5 million. 2022 includes a gain on disposition of $1.9 billion, employee severance charges of $31 million, IHS Markit merger costs of $15 million, and acquisition-related costs of $1 million. 2023 and 2022 include amortization of intangibles from acquisitions of $281 million and $197 million, respectively.

2    2023 and 2022 include employee severance charges of $5 million and $12 million, respectively. 2023 and 2022 include amortization of intangibles from acquisitions of $4 million and $3 million, respectively.

3 2023 includes IHS Markit merger costs of $20 million and employee severance charges of $15 million. 2022 includes employee severance charges of $24 million and IHS Markit merger costs of $6 million. 2023 and 2022 include amortization of intangibles from acquisitions of $66 million and $45 million, respectively.

4    2023 includes employee severance charges of $4 million, acquisition-related costs of $1 million, and IHS Markit merger costs of $1 million. 2022 includes acquisition-related costs of $4 million, employee severance charges of $2 million, and IHS Markit merger costs of $1 million. 2023 and 2022 include amortization of intangibles from acquisitions of $150 million and $101 million, respectively.

5    2023 includes a gain on disposition of $4 million, employee severance charges of $3 million, and IHS Markit merger costs of $2 million. 2022 includes a gain on disposition of $38 million, employee severance charges of $4 million, and IHS Markit merger costs of $1 million. 2023 and 2022 include amortization of intangibles from acquisitions of $18 million and $13 million, respectively.

6    2022 includes employee severance charges of $2 million. 2023 and 2022 include amortization of intangibles from acquisitions of $1 million and $19 million, respectively.

7    2023 includes a loss on disposition of $120 million, IHS Markit merger costs of $66 million, lease impairments of $15 million, employee severance charges of $14 million, disposition-related costs of $16 million, and acquisition-related costs of $2 million. 2022 includes IHS Markit merger costs of $357 million, S&P Foundation grant of $200 million, employee severance charges of $64 million, acquisition-related costs of $5 million, lease impairments of $5 million, and an asset write-off of $3 million. 2023 and 2022 include amortization of intangibles from acquisitions of $2 million and $1 million, respectively.

8    2023 and 2022 include amortization of intangibles from acquisitions of $28 million.

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Segment Operating Profit — Segment operating profit decreased 42% as compared to 2022. Excluding the unfavorable impact of a higher gain on dispositions in 2022 of 49 percentage points, higher amortization of intangibles from acquisitions in 2023 of 4 percentage points and higher IHS Markit merger costs in 2023 of 1 percentage point, partially offset by higher employee severance charges in 2022 of 1 percentage point, segment operating profit increased 11%. The increase was primarily due to revenue growth, partially offset by increased incentives, higher compensation costs and an increase in technology costs. See “Segment Review” below for further information.

Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense decreased 57% compared to 2022. Excluding the impact of higher IHS Markit merger costs in 2022 of 70 percentage points, a S&P Foundation grant in 2022 of 48 percentage points, higher employee severance charges in 2022 of 12 percentage points and higher acquisition-related costs in 2022 of 1 percentage point, partially offset by a loss on disposition in 2023 of 28 percentage points, disposition-related costs in 2023 of 4 percentage points and lease impairments of 2 percentage points, Corporate Unallocated expense increased 40% primarily due to increased incentives.

Equity in Income on Unconsolidated Subsidiaries — The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business. The combination is intended to increase operating efficiencies of both businesses to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. Equity in Income on Unconsolidated Subsidiaries includes the OSTTRA joint venture acquired in connection with the merger with IHS Markit. Equity in Income on Unconsolidated Subsidiaries was $25 million and $15 million for the six months ended June 30, 2023 and June 30, 2022, respectively.

Foreign exchange rates had a favorable impact on operating profit of 1 percentage point. This impact refers to constant currency comparisons and the remeasurement of monetary assets and liabilities. Constant currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency.

Other Income, net

Other income, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans. Other income, net increased compared to the three months ended June 30, 2022 primarily due to gains on our mark-to-market investments in 2023 compared to losses in 2022 and decreased compared to the six months ended June 30, 2022 primarily due to losses on our mark-to-market investments in 2023 compared to gains in 2022.

Interest Expense, net

Interest expense, net decreased $2 million compared to the three months ended June 30, 2022. Interest expense, net increased $27 million compared to the six months ended June 30, 2022, primarily due to higher debt balances in 2023 resulting from the Exchange Offer that took place in March of 2022 in connection with the merger of IHS Markit.

Loss on Extinguishment of Debt, net

During the six months ended June 30, 2022, we recognized a $19 million loss on extinguishment of debt which includes a $118 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, offset by a $99 million non-cash write-off related to the fair market value step up premium on extinguished debt.

Provision for Income Taxes

The effective income tax rate was 31.1% and 23.8% for the three and six months ended June 30, 2023, respectively, and 24.5% and 27.9% for the three and six months ended June 30, 2022, respectively. The higher rate for the three months ended June 30, 2023 was primarily due to the tax charge on divestitures. The higher rate for the six months ended June 30, 2022 was primarily due to the tax charge on merger related divestitures and deal related non-deductible costs.

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Segment Review

Market Intelligence

Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. Market Intelligence's portfolio of capabilities are designed to help trading and investment professionals, government agencies, corporations and universities track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations and manage credit risk.

In January of 2023, we completed the acquisition of ChartIQ, a premier charting provider for the financial services industry. ChartIQ is a professional grade charting solution that allows users to visualize data with a fully interactive web-based library that works seamlessly across web, mobile and desktop. It provides advanced capabilities including trade visualization, options analytics, technical analysis and more. Additionally, ChartIQ allows clients to visualize vendor-supplied data combined with their own proprietary content, alternative datasets or analytics. The acquisition further enhances our S&P Capital IQ Pro platform, our digital investment solutions provider Markit Digital and other workflow solutions to provide the industry with leading visualization capabilities. The acquisition of ChartIQ is not material to our consolidated financial statements.

In January of 2023, we completed the acquisition of TruSight Solutions LLC (“TruSight”) a provider of third-party vendor risk assessments. The acquisition further expands the breadth and depth of S&P Global’s third party vendor risk management solutions by offering high-quality validated assessment data to clients designed to reduce further the vendor due diligence burden on service providers to the financial services industry. The acquisition of TruSight is not material to our consolidated financial statements.

In the first quarter of 2023, we received a contingent payment following the sale of Leveraged Commentary and Data (“LCD”) that resulted in a pre-tax gain of $46 million ($34 million after-tax) which was included in Loss (gain) on dispositions in the consolidated statements of income.

In June of 2022, we completed the previously announced sale of Leveraged Commentary and Data (“LCD”), a business within our Market Intelligence segment, to Morningstar. During the three and six months ended June 30, 2022, we recorded a pre-tax gain of $518 million ($396 million after-tax) for the sale of LCD in Loss (gain) on dispositions in the consolidated statements of income.

In March of 2022, we completed the previously announced sale of CUSIP Global Services (“CGS”), a business within our Market Intelligence segment, to FactSet Research Systems Inc. for a purchase price of $1.925 billion in cash, subject to customary adjustments. During the six months ended June 30 2022, we recorded a pre-tax gain of $1.344 billion ($1.006 billion after tax) in Loss (gain) on dispositions in the consolidated statements of income related to the sale of CGS.

See Note 2 - Acquisitions and Divestitures to the consolidated financial statements of this Form 10-Q for information on the merger with IHS Markit.

Market Intelligence includes the following business lines:

•Desktop — a product suite that provides data, analytics and third-party research for global finance and corporate professionals, which includes the Capital IQ platforms (which are inclusive of S&P Capital IQ Pro, Capital IQ, Office and Mobile products);

•Data & Advisory Solutions — a broad range of research, reference data, market data, derived analytics and valuation services covering both the public and private capital markets, delivered through flexible feed-based or API delivery mechanisms. This also includes issuer solutions for public companies, a range of products for the maritime & trade market, data and insight into Financial Institutions, the telecoms, technology and media space as well as ESG and supply chain data analytics;

•Enterprise Solutions — software and workflow solutions that help our customers manage and analyze data; identify risk; reduce costs; and meet global regulatory requirements. The portfolio includes industry leading financial technology solutions like Wall Street Office, Enterprise Data Manager, Information Mosaic, and iLevel. Our Global Markets Group offering delivers bookbuilding platforms across multiple assets including municipal bonds, equities and fixed income; and

•Credit & Risk Solutions — commercial arm that sells Ratings' credit ratings and related data and research, advanced analytics, and financial risk solutions which includes subscription-based offerings, RatingsXpress®, RatingsDirect® and Credit Analytics.

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Subscription revenue at Market Intelligence is primarily derived from distribution of data, valuation services, analytics, third party research, and credit ratings-related information through both feed and web-based channels. Subscription revenue also includes software and hosted product offerings which provide maintenance and continuous access to our platforms over the contract term. Recurring variable revenue at Market Intelligence represents revenue from contracts for services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued. Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing conferences and events, and analytical services.

The following table provides revenue and segment operating profit information for the periods ended June 30:

(in millions)	Three Months							Six Months
	2023			2022			% Change	2023			2022			% Change
Revenue	$	1,079		$	1,030		5%	$	2,150		$	1,758		22%
Subscription revenue	$	910		$	867		5%	$	1,800		$	1,526		18%
Recurring variable revenue	$	130		$	121		8%	$	255		$	161		58%
Non-subscription revenue	$	39		$	42		(8)%	$	95		$	71		33%
% of total revenue:
Subscription revenue	84		%	84		%		84		%	87		%
Recurring variable revenue	12		%	12		%		12		%	9		%
Non-subscription revenue	4		%	4		%		4		%	4		%
U.S. revenue	$	646		$	602		7%	$	1,274		$	1,036		23%
International revenue	$	433		$	428		1%	$	876		$	722		21%
% of total revenue:
U.S. revenue	60		%	58		%		59		%	59		%
International revenue	40		%	42		%		41		%	41		%
Operating profit 1	$	176		$	702		(75)%	$	404		$	2,191		(82)%
Operating margin %	16		%	68		%		19		%	125		%

1 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $16 million and $22 million, respectively, IHS Markit merger costs of $12 million and $25 million, respectively, and an asset impairment of $5 million. Operating profit for the six months ended June 30, 2023 includes a gain on dispositions of $46 million. Operating profit for the three and six months ended June 30, 2022 includes a 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $140 million and $133 million for the three months ended June 30, 2023 and 2022, respectively, and $281 million and $197 million for the six months ended June 30, 2023 and 2022, respectively.

Three Months

Revenue increased 5% primarily due to subscription revenue growth for data feed products within Data and Advisory Solutions, work flow solutions at Enterprise Solutions, Market Intelligence Desktop products, and RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions. An increase in recurring variable revenue due to fixed income new issuance volumes also contributed to revenue growth. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit decreased 75%. Excluding the impact of a gain on dispositions in 2022 of 75 percentage points and higher amortization of intangibles in 2023 of 1 percentage point, operating profit increased 1% primarily due to revenue growth, partially offset by higher compensation costs and increased incentives. Foreign exchange rates had a favorable impact of 2 percentage points.

Six Months

Revenue increased 22% primarily due to the impact of the merger with IHS Markit. Subscription revenue growth for Market Intelligence Desktop products, RatingsXpress®, RatingsDirect®, and data feed products within Data and Advisory Solutions also contributed to revenue growth. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Operating profit decreased 82%. Excluding the impact of a higher gain on dispositions in 2022 of 97 percentage points, higher

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amortization of intangibles in 2023 of 5 percentage points and higher IHS Markit merger costs in 2023 of 1 percentage point, operating profit increased 21% primarily due to revenue growth, partially offset by expenses associated with the merger with IHS Markit, higher compensation costs and increased incentives. Foreign exchange rates had an unfavorable impact of 1 percentage point.

For a further discussion of competitive and other risks inherent in our Market Intelligence business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Ratings

Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks. Credit ratings are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments. They are opinions about credit risk and our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the issue may default.

Ratings disaggregates its revenue between transaction and non-transaction. Transaction revenue primarily includes fees associated with:

•ratings related to new issuance of corporate and government debt instruments, as well as structured finance debt instruments; and

•bank loan ratings.

Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at CRISIL. Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Royalty revenue was $38 million and $74 million three and six months ended June 30, 2023 and 2022, respectively, and $36 million and $70 million for the three and six months ended June 30, 2022, respectively.

The following table provides revenue and segment operating profit information for the periods ended June 30:

(in millions)	Three Months							Six Months
	2023			2022			% Change	2023			2022			% Change
Revenue	$	851		$	796		7%	$	1,675		$	1,663		1%
Transaction revenue	$	383		$	344		11%	$	761		$	747		2%
Non-transaction revenue	$	468		$	452		4%	$	914		$	916		—%
% of total revenue:
Transaction revenue	45		%	43		%		45		%	45		%
Non-transaction revenue	55		%	57		%		55		%	55		%
U.S. revenue	$	466		$	438		6%	$	926		$	912		2%
International revenue	$	385		$	358		8%	$	749		$	751		—%
% of total revenue:
U.S. revenue	55		%	55		%		55		%	55		%
International revenue	45		%	45		%		45		%	45		%
Operating profit 1	$	486		$	464		5%	$	962		$	976		(1)%
Operating margin %	57		%	58		%		57		%	59		%

1Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $4 million and $5 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $7 million and $12 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2023 and 2022, and $4 million and $3 million for the six months ended June 30, 2023 and 2022, respectively.

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Three Months

Revenue increased 7%, with an unfavorable impact from foreign exchange rates of less than 1 percentage point. Transaction revenue increased due to growth in corporate bond ratings revenue driven by increased investment-grade and high-yield issuance volumes primarily due to higher refinancing activity, partially offset by a decrease in structured finance revenues and lower bank loan ratings revenue driven by decreased issuance volumes. Non-transaction revenue increased due to an increase in surveillance revenue, higher Ratings Evaluation Service (“RES”) revenue and an increase in revenue at our CRISIL subsidiary, partially offset by a decrease in new entity credit ratings revenue. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit increased 5%, with a favorable impact from foreign exchange rates of less than 1 percentage point. Excluding the impact of higher employee severance charges in 2022 of 1 percentage point, operating profit increased 4% due to revenue growth, partially offset by prior-year write-downs in incentive compensation as result of financial performance and higher current-year compensation costs.

Six Months

Revenue increased 1%, with an unfavorable impact from foreign exchange rates of 1 percentage point. Transaction revenue increased due to growth in corporate bond ratings revenue driven by increased investment-grade and high-yield issuance volumes primarily due to higher refinancing activity, partially offset by lower bank loan ratings revenue driven by decreased issuance volumes. Non-transaction revenue decreased due to a decrease in new entity credit ratings revenue, partially offset by an increase in surveillance revenue and an increase in revenue at our CRISIL subsidiary. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit decreased 1%, with a favorable impact from foreign exchange rates of less than 1 percentage point. Excluding the impact of higher employee severance charges in 2022 of 1 percentage point, operating profit decreased 2% primarily due to prior-year write-downs in incentive compensation as result of financial performance and higher current-year compensation costs, partially offset by revenue growth.

Market Issuance Volumes

We monitor market issuance volumes regularly within Ratings. Market issuance volumes noted within the discussion that follows are based on where an issuer is located or where the assets associated with an issue are located. Structured Finance issuance includes amounts when a transaction closes, not when initially priced, and excludes domestically rated Chinese issuance. The following tables depict changes in issuance levels as compared to the prior year based on data from SDC Platinum for Corporate bond issuance and based on a composite of external data feeds and Ratings' internal estimates for Structured Finance issuance.

	Second Quarter Compared to Prior Year			Year-to-Date Compared to Prior Year
Corporate Bond Issuance *	U.S.	Europe	Global	U.S.	Europe	Global
High-yield issuance	106%	117%	91%	53%	30%	29%
Investment-grade issuance	20%	52%	21%	—%	22%	4%
Total issuance **	31%	39%	14%	6%	15%	1%

Note – Global issuance includes U.S., Europe, Asia and the rest of the world.

*     Includes Industrials and Financial Services.

** Includes rated and non-rated issuance.

•Corporate issuance was up in the second quarter and first half of 2023 in the U.S. and Europe driven by strong increases in high-yield issuance and investment-grade issuance in the quarter due to an increase in refinancing activity ahead of the U.S. debt ceiling expiration date and anticipated interest rate increases.

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	Second Quarter Compared to Prior Year			Year-to-Date Compared to Prior Year
Structured Finance Issuance	U.S.	Europe	Global	U.S.	Europe	Global
Asset-backed securities (“ABS”)	(6)%	49%	11%	(9)%	69%	3%
Structured credit (primarily CLOs)	(46)%	(8)%	(42)%	(41)%	(30)%	(40)%
Commercial mortgage-backed securities (“CMBS”)	(73)%	(100)%	(74)%	(82)%	(60)%	(81)%
Residential mortgage-backed securities (“RMBS”)	(60)%	32%	(38)%	(61)%	(32)%	(47)%
Covered bonds	*	16%	22%	*	20%	11%
Total issuance	(37)%	19%	(11)%	(41)%	10%	(20)%

Note – Global issuance includes U.S., Europe, Asia and the rest of the world.

*     Represents no activity in 2023 or 2022.

•ABS issuance decreased in the U.S. driven by a decline in Credit Cards and Non-Traditional / Esoterics and was up in Europe although from a low 2022 base.

•CLO issuance was down in the U.S. structured credit markets due to a decline in new and refinancing issuance and down in Europe due to a decline in refinancing issuance.

•CMBS issuance was down in the U.S. and Europe reflecting unfavorable market conditions.

•RMBS issuance was down in the U.S. reflecting unfavorable market conditions.

•Covered bond (debt securities backed by mortgages or other high-quality assets that remain on the issuer's balance sheet) issuance in Europe increased with the elimination of cheaper government funding programs.

For a further discussion of competitive and other risks inherent in our Ratings business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Commodity Insights

Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets. Commodity Insights provides essential price data, analytics, industry insights and software & services, enabling the commodity and energy markets to perform with greater transparency and efficiency.

Commodity Insights includes the following business lines:

•Energy & Resources Data & Insights — includes data, news, insights, and analytics for petroleum, gas, power & renewables, petrochemicals, metals & steel, agriculture, and other commodities;

•Price Assessments — includes price assessments and benchmarks, and forward curves;

•Upstream Data & Insights — includes exploration & production data and insights, software and analytics; and

•Advisory & Transactional Services — includes consulting services, conferences, events and global trading services.

Commodity Insights' revenue is generated primarily through the following sources:

•Subscription revenue — primarily from subscriptions to our market data and market insights (price assessments, market reports and commentary and analytics) along with other information products and software term licenses;

•Sales usage-based royalties — primarily from licensing our proprietary market price data and price assessments to commodity exchanges; and

•Non-subscription revenue — conference sponsorship, consulting engagements, events, and perpetual software licenses.

See Note 2 - Acquisitions and Divestitures to the consolidated financial statements of this Form 10-Q for information on the merger with IHS Markit.

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The following table provides revenue and segment operating profit information for the periods ended June 30: 

(in millions)	Three Months							Six Months
	2023			2022			% Change	2023			2022			% Change
Revenue	$	462		$	438		5%	$	970		$	801		21%
Subscription revenue	$	420		$	397		6%	$	829		$	694		20%
Sales usage-based royalties	$	18		$	15		24%	$	37		$	33		10%
Non-subscription revenue	$	24		$	26		(9)%	$	104		$	74		40%
% of total revenue:
Subscription revenue	91		%	91		%		85		%	87		%
Sales usage-based royalties	4		%	3		%		4		%	4		%
Non-subscription revenue	5		%	6		%		11		%	9		%
U.S. revenue	$	174		$	171		2%	$	406		$	328		24%
International revenue	$	288		$	267		8%	$	564		$	473		19%
% of total revenue:
U.S. revenue	38		%	39		%		42		%	41		%
International revenue	62		%	61		%		58		%	59		%
Operating profit 1	$	156		$	141		10%	$	343		$	299		15%
Operating margin %	34		%	32		%		35		%	37		%

1Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $14 million and $15 million, respectively, and IHS Markit merger costs of $8 million and $20 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance costs of $17 million and $24 million, respectively, and IHS Markit merger costs of $4 million and $6 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million and $32 million for the three months ended June 30, 2023 and 2022, respectively, and $66 million and $45 million for the six months ended June 30, 2023 and 2022, respectively.

Three Months

Revenue increased 5% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and higher conference revenue. An increase in sales usage-based royalties from the licensing of our proprietary market data and price assessments to commodity exchanges mainly due to increased trading volumes across all commodity sectors also contributed to revenue growth. Revenue growth was partially offset by the unfavorable impact of divestitures in 2022. The Energy & Resources Data & Insights, Price Assessments and Upstream Data & Insights businesses continue to be the most significant revenue streams, followed by the Advisory & Transactional Services business. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 10%. Excluding the impact of higher IHS Markit merger costs in 2023 of 9 percentage points, higher amortization of intangibles from acquisitions in 2023 of 1 percentage point, partially offset by higher employee severance charges in 2022 of 7 percentage points and acquisition-related costs in 2022 of 1 percentage point, operating profit increased 8%. The increase was primarily due to revenue growth partially offset by higher compensation costs, increased incentives and an increase in strategic investments. Foreign exchange rates had a favorable impact of 3 percentage points.

Six Months

Revenue increased 21% primarily due to the impact of the merger with IHS Markit, continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and higher conference revenue. An increase in sales usage-based royalties from the licensing of our proprietary market data and price assessments to commodity exchanges mainly due to increased trading volumes also contributed to revenue growth. The Energy & Resources Data & Insights, Price Assessments and Upstream Data & Insights businesses continue to be the most significant revenue streams, followed by the Advisory & Transactional Services business. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 15%. Excluding the impact of higher amortization of intangibles from acquisitions in 2023 of 3

50

percentage points and higher IHS Markit merger costs in 2023 of 2 percentage points, partially offset by higher employee severance charges in 2022 of 1 percentage point and acquisition-related costs in 2022 of 1 percentage point, operating profit increased 19%. The increase was primarily due to revenue growth partially offset by expenses associated with the merger with IHS Markit, higher compensation costs, increased incentives, an increase in costs related to the Commodity Insights conferences in 2023 and an increase in strategic investments. Foreign exchange rates had a favorable impact of 4 percentage points.

For a further discussion of competitive and other risks inherent in our Commodity Insights business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Mobility

Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

In February of 2023, we completed the acquisition of Market Scan Information Systems Inc. (“Market Scan”), a leading provider of automotive pricing and incentive intelligence, including Automotive Payments as a ServiceTM and its powerful payment calculation engine. The addition of Market Scan to Mobility will enable the integration of detailed transaction intelligence in areas that are complementary to existing services for dealers, OEMs, lenders, and other market participants. The acquisition of Market Scan is not material to our consolidated financial statements.

Mobility includes the following business lines:

•Dealer — includes analytics to predict future buyers, targeted marketing, and vehicle history data to allow people to shop, buy, service and sell used cars;

•Manufacturing — includes insights, forecasts and advisory services spanning the entire automotive value chain, from product planning to marketing, sales and the aftermarket; and

•Financial — includes reports and data feeds to support lenders and insurance companies.

Mobility's revenue is generated primarily through the following sources:

•Subscription revenue — Mobility's core information products provide critical information and insights to all global OEMs, most of the world’s leading suppliers, and the majority of North American dealerships. Mobility operates across both the new and used car markets. Mobility provides data and insight on future vehicles sales and production, including detailed forecasts on technology and vehicle components; supplies car makers and dealers with market reporting products, predictive analytics and marketing automation software; and supports dealers with vehicle history reports, used car listings and service retention services. Mobility also sells a range of services to financial institutions, to support their marketing, insurance underwriting and claims management activities; and

•Non-subscription revenue — One-time transactional sales of data that are non-cyclical in nature – and that are usually tied to underlying business metrics such as OEM marketing spend or safety recall activity – as well as consulting and advisory services.

See Note 2 - Acquisitions and Divestitures to the consolidated financial statements of this Form 10-Q for information on the merger with IHS Markit.

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The following table provides revenue and segment operating profit information for the periods ended June 30: 

(in millions)	Three Months							Six Months
	2023			2022			% Change	2023			2022			% Change
Revenue	$	369		$	337		10%	$	727		$	452		61%
Subscription revenue	$	292		$	264		11%	$	573		$	350		64%
Non-subscription revenue	$	77		$	73		6%	$	154		$	102		51%
% of total revenue:
Subscription revenue	79		%	78		%		79		%	77		%
Non-subscription revenue	21		%	22		%		21		%	23		%
U.S. revenue	$	303		$	273		11%	$	597		$	365		64%
International revenue	$	66		$	64		3%	$	130		$	87		50%
% of total revenue:
U.S. revenue	82		%	81		%		82		%	81		%
International revenue	18		%	19		%		18		%	19		%
Operating profit 1	$	68		$	58		18%	$	133		$	76		74%
Operating margin %	19		%	17		%		18		%	17		%

1 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $3 million and $4 million, respectively, and acquisition-related costs of $1 million. Operating profit for the six months ended June 30, 2023 includes IHS Markit merger costs of $1 million. 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 charges of $2 million and IHS Markit merger costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million and $77 million for the three months ended June 30, 2023 and 2022, respectively, and $150 million and $101 million for the six months ended June 30, 2023 and 2022, respectively.

Three Months

Revenue increased 10% primarily due to price increases and new business growth within the Dealer business as well as the favorable impact of the acquisition of Market Scan in February of 2023. Increases within the Financial business due to strong underwriting volumes and the Manufacturing business due to strong recall activity also contributed to revenue growth.

Operating profit increased 18%. Excluding the impact of higher acquisition-related costs in 2022 of 13 percentage points, higher amortization of intangibles in 2022 of 4 percentage points and higher IHS Markit merger costs in 2022 of 1 percentage points, partially offset by higher employee severance charges in 2023 of 5 percentage points, operating profit increased 5% driven by revenue growth, partially offset by increased incentives, higher compensation costs and expenses associated with the acquisition of Market Scan.

Six Months

Revenue and operating profit increased primarily due to the impact of the merger with IHS Markit. The Mobility business was acquired in connection with the merger with IHS Markit on February 28, 2022 and financial results are included since the date of acquisition.

For a further discussion of competitive and other risks inherent in our Mobility business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

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Indices

Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. Indices’ mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products, and provide investors with tools to monitor world markets.

During the three and six months ended June 30, 2022, we recorded a pre-tax gain of $38 million ($31 million after-tax) in Loss (gain) on dispositions in the consolidated statements of income for the sale of a family of leveraged loan indices, within our Indices segment, to Morningstar.

Indices derives revenue from asset-linked fees when investors direct funds into its proprietary designed or owned indexes, sales usage-based royalties of its indices, as well as data subscription arrangements. Specifically, Indices generates revenue from the following sources:

•Investment vehicles — asset-linked fees such as ETFs and mutual funds, that are based on the S&P Dow Jones Indices' benchmarks that generate revenue through fees based on assets and underlying funds;

•Exchange traded derivatives — generate sales usage-based royalties based on trading volumes of derivatives contracts listed on various exchanges;

•Index-related licensing fees — fixed or variable annual and per-issue asset-linked fees for over-the-counter derivatives and retail-structured products; and

•Data and customized index subscription fees — fees from supporting index fund management, portfolio analytics and research.

See Note 2 - Acquisitions and Divestitures to the consolidated financial statements of this Form 10-Q for information on the merger with IHS Markit.

The following table provides revenue and segment operating profit information for the periods June 30: 

(in millions)	Three Months							Six Months
	2023			2022			% Change	2023			2022			% Change
Revenue	$	348		$	339		2%	$	689		$	661		4%
Asset-linked fees	$	211		$	214		(2)%	$	420		$	433		(3)%
Subscription revenue	$	70		$	68		3%	$	136		$	121		12%
Sales usage-based royalties	$	67		$	57		17%	$	133		$	107		23%
% of total revenue:
Asset-linked fees	61		%	63		%		61		%	66		%
Subscription revenue	20		%	20		%		20		%	18		%
Sales usage-based royalties	19		%	17		%		19		%	16		%
U.S. revenue	$	279		$	275		1%	$	560		$	546		2%
International revenue	$	69		$	64		8%	$	129		$	115		12%
% of total revenue:
U.S. revenue	80		%	81		%		81		%	83		%
International revenue	20		%	19		%		19		%	17		%
Operating profit 1	$	226		$	270		(16)%	$	464		$	493		(6)%
Less: net operating profit attributable to noncontrolling interests	58			72				119			131
Net operating profit	$	168		$	198		(15)%	$	345		$	362		(5)%
Operating margin %	65		%	79		%		67		%	75		%
Net operating margin %	48		%	58		%		50		%	55		%

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1 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $2 million and $3 million, respectively, and IHS Markit merger costs of $1 million and $2 million, respectively. Operating profit for the six months ended June 30, 2023 includes a gain on disposition of $4 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended June 30, 2023 and 2022 and $18 million and $13 million for the six months ended June 30, 2023 and 2022, respectively.

Three Months

Revenue at Indices increased 2% primarily due to higher exchange-traded derivative revenue driven by continued strength in average trading volume and higher data subscription revenue, partially offset by lower asset-linked fees revenue driven by product mix. Ending average levels of assets under management (“AUM”) for ETFs increased 19% to $2.929 trillion compared to June 30, 2022 and average levels of AUM for ETFs increased 5% to $2.771 trillion compared to the three months ended June 30, 2022. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit decreased 16%. Excluding the impact of a gain on dispositions in 2022 of 14 percentage points, operating profit decreased 2% driven by an increase in strategic investments, higher compensation costs and increased incentives, partially offset by revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Six Months

Revenue at Indices increased 4% primarily due to higher exchange-traded derivative revenue driven by continued strength in average trading volume, higher data subscription revenue and the impact of the merger with IHS Markit, partially offset by lower asset-linked fees revenue driven by product mix. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit decreased 6%. Excluding the impact of a higher gain on dispositions in 2022 of 7 percentage points and higher amortization of intangibles from acquisitions in 2023 of 1 percentage point, operating profit increased 2%. The impact of revenue growth was partially offset by an increase in strategic investments, higher compensation costs, increased incentives and the impact of the merger with IHS Markit. Foreign exchange rates had a favorable impact of less than 1 percentage point.

For a further discussion of competitive and other risks inherent in our Indices business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Engineering Solutions

Engineering Solutions is a leading provider of engineering standards and related technical knowledge. Engineering Solutions includes our Product Design offerings that provide technical professionals with the information and insight required to more effectively design products, optimize engineering projects and outcomes, solve technical problems and address complex supply chain issues. Our offerings utilize advanced knowledge discovery technologies, research tools, and software-based engineering decision engines to advance innovation, maximize productivity, improve quality and reduce risk.

Engineering Solutions' revenue is generated primarily through the following sources:

•Subscription revenue — primarily from subscriptions to our Product Design offerings providing standards, codes and specifications; applied technical reference; engineering journals, reports, best practices, and other vetted technical reference; and patents and patent applications, which includes Engineering Workbench; Goldfire's cognitive search and other advanced knowledge discovery capabilities that help pinpoint answers buried in enterprise systems and unstructured data enabling engineers and technical professionals to accelerate problem solving; and

•Non-subscription revenue — primarily from retail transaction and consulting services.

As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. See Note 2 - Acquisitions and Divestitures to the consolidated financial statements of this Form 10-Q for information on the sale of Engineering Solutions and the merger with IHS Markit.

54

The following table provides revenue and segment operating profit information for the periods ended June 30: 

(in millions)	Three Months							Six Months
	2023			2022			% Change	2023			2022			% Change
Revenue	$	33		$	96		(65)%	$	133		$	129		3%
Subscription revenue	$	31		$	89		(65)%	$	125		$	119		5%
Non-subscription revenue	$	2		$	7		(77)%	$	8		$	10		(21)%
% of total revenue:
Subscription revenue	95		%	93		%		94		%	92		%
Non-subscription revenue	5		%	7		%		6		%	8		%
U.S. revenue	$	18		$	53		(66)%	$	72		$	71		1%
International revenue	$	15		$	43		(65)%	$	61		$	58		6%
% of total revenue:
U.S. revenue	55		%	55		%		54		%	55		%
International revenue	45		%	45		%		46		%	45		%
Operating profit 1	$	4		$	1		N/M	$	19		$	2		N/M
Operating margin %	13		%	1		%		14		%	1		%

N/M - Represents a change equal to or in excess of 100% or not meaningful

1 Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $1 million and $2 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $15 million for the three months ended June 30, 2022 and $1 million and $19 million for the six months ended June 30, 2023 and 2022, respectively.

Three Months

Revenue and operating profit decreased as a result of the sale of Engineering Solutions. As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

Six Months

Revenue and operating profit increased primarily due to the impact of the merger with IHS Markit. The Engineering Solutions business was acquired in connection with the merger with IHS Markit on February 28, 2022 and the financial results are included since the date of acquisition through May 2, 2023.

For a further discussion of competitive and other risks inherent in our Engineering Solutions business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

LIQUIDITY AND CAPITAL RESOURCES

We continue to maintain a strong financial position. Our primary source of funds for operations is cash from our businesses. Cash on hand, cash flows from operations and availability under our existing credit facility are expected to be sufficient to meet any additional operating and recurring cash needs into the foreseeable future. We use our cash for a variety of needs, including but not limited to: ongoing investments in our businesses, strategic acquisitions, share repurchases, dividends, repayment of debt, capital expenditures and investment in our infrastructure.

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Cash Flow Overview

Cash, cash equivalents, and restricted cash were $1,562 million as of June 30, 2023, an increase of $275 million from December 31, 2022.

The following table provides cash flow information for the six months ended June 30:

 

(in millions)	2023		2022		% Change
Net cash provided by (used for):
Operating activities	$	1,363	$	676	N/M
Investing activities	$	656	$	3,745	(82)%
Financing activities	$	(1,747)	$	(7,268)	(76)%

In the first six months of 2023, free cash flow increased $654 million to $1,164 million compared to $510 million in the first six months of 2022. The increase is primarily due to an increase in cash provided by operating activities as discussed below. Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. See “Reconciliation of Non-GAAP Financial Information” below for a reconciliation of cash flow provided by operating activities, the most directly comparable U.S. GAAP financial measure, to free cash flow.

Operating activities

Cash provided by operating activities increased $687 million to $1,363 million for the first six months of 2023. The increase is mainly due to higher operating results in 2023, higher IHS Markit merger costs in 2022 and a grant payment to the S&P Global Foundation in 2022.

For the first six months of 2023, our cash taxes were adversely impacted by the requirement to capitalize and amortize research and development expenses under Internal Revenue Code Section 174. If legislation is not passed to defer, repeal, or otherwise modify the capitalization and amortization requirement we expect our cash taxes to be greater than in the prior year. See Note 3 – Income Taxes to the consolidated financial statements of this Form 10-Q for further information.

Investing activities

Our cash outflows from investing activities are primarily for acquisitions and capital expenditures, while cash inflows are primarily proceeds from dispositions.

Cash provided by investing activities decreased to $656 million for the first six months of 2023 compared to $3,745 million in the first six months of 2022, primarily due to higher cash proceeds received from dispositions in 2022 related to the dispositions of CUSIP Global Services, Oil Price Information Services, the Leveraged Commentary and Data business and a related family of leveraged loan indices, and the Base Chemicals business. See Note 2 — Acquisitions and Divestitures to the consolidated financial statements of this Form 10-Q for further discussion.

Financing activities

Our cash outflows from financing activities consist primarily of share repurchases, dividends to shareholders and repayments of short-term and long-term debt, while cash inflows are primarily attributable to the borrowing of short-term and long-term debt and proceeds from the exercise of stock options.

Cash used for financing activities decreased $5,521 million to $1,747 million for the first six months of 2023. The decrease is primarily attributable to a decrease in cash used for share repurchases in 2023. During the six months ended June 30, 2023, we purchased a total of 3.9 million shares for $1.5 billion of cash. During the six months ended June 30, 2022, we purchased a total of 19.0 million shares for $8.5 billion of cash. See Note 8 — Equity to the consolidated financial statements of this Form 10-Q for further discussion.

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Contractual Obligations

We typically have various contractual obligations, which are recorded as liabilities in our consolidated balance sheets, while other items, such as certain purchase commitments and other executory contracts, are not recognized. For example, we are contractually committed to contracts for information-technology outsourcing, certain enterprise-wide information-technology software licensing and maintenance. In the first quarter of 2023, S&P Global and Amazon Web Services (“AWS”) entered into a multi-year strategic collaboration agreement with a purchase obligation of $1.0 billion, before incremental credits, over a five-year period. With AWS as its preferred cloud provider, S&P Global will enhance its cloud infrastructure, accelerate business growth, engineer new innovations for key industry segments, and help their customers navigate rapidly changing market conditions.

Additional Financing

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on April 26, 2026. As of June 30, 2023 and December 31, 2022, respectively, there was $740 million and $188 million of commercial paper outstanding.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant required is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.

Dividends

On January 25, 2023, the Board of Directors approved a quarterly common stock dividend of $0.90 per share.

Supplemental Guarantor Financial Information

The senior notes described below were issued by S&P Global Inc. and are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. Issuance of all senior notes described below have been registered with the SEC.

•On August 13, 2020, we issued $600 million of 1.25% senior notes due in 2030 and $700 million of 2.3% senior notes due in 2060.

•On November 26, 2019, we issued $500 million of 2.5% senior notes due in 2029 and $600 million of 3.25% senior notes due in 2049.

•On May 17, 2018, we issued $500 million of 4.5% senior notes due in 2048.

•On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027.

•On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025.

•On November 2, 2007 we issued $400 million of 6.55% Senior Notes due 2037.

•On March 1, 2023, S&P Global Inc. issued new senior notes that have been registered with the SEC and guaranteed by Standard & Poor's Financial Services LLC in exchange for the following series of unregistered senior notes of like principal amount and terms:

•$700 million of 4.75% Senior Notes due 2028 that were originally issued on March 2, 2022;

•$921 million of 4.25% Senior Notes due 2029 that were originally issued on March 2, 2022;

•$1,237 million of 2.45% Senior Notes due 2027 that were originally issued on March 18, 2022;

•$1,227 million of 2.70% Sustainability-Linked Senior Notes due 2029 that were originally issued on March 18, 2022;

•$1,492 million of 2.90% Senior Notes due 2032 that were originally issued on March 18, 2022;

•$974 million of 3.70% Senior Notes due 2052 that were originally issued on March 18, 2022; and

•$500 million of 3.90% Senior Notes due 2062 that were originally issued on March 18, 2022.

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The notes above are unsecured and unsubordinated and rank equally and ratably with all of our existing and future unsecured and unsubordinated debt. The guarantees are the subsidiary guarantor’s unsecured and unsubordinated debt and rank equally and ratably with all of the subsidiary guarantor’s existing and future unsecured and unsubordinated debt.

The guarantees of the subsidiary guarantor may be released and discharged upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor or the sale or disposition of all or substantially all the assets of the subsidiary guarantor (in each case other than to the Company or a person who, prior to such sale or other disposition, is an affiliate of the Company); (ii) upon defeasance or discharge of any applicable series of the notes, as described above; or (iii) at such time as the subsidiary guarantor ceases to guarantee indebtedness for borrowed money, other than a discharge through payment thereon, under any Credit Facility of the Company, other than any such Credit Facility of the Company the guarantee of which by the subsidiary guarantor will be released concurrently with the release of the subsidiary guarantor’s guarantees of the notes.

Other subsidiaries of the Company do not guarantee the registered debt securities of either S&P Global Inc. or Standard & Poor's Financial Services LLC (the “Obligor Group”) which are referred to as the “Non-Obligor Group”.

The following tables set forth the summarized financial information of the Obligor Group on a combined basis. This summarized financial information excludes the Non-Obligor Group. Intercompany balances and transactions between members of the Obligor Group have been eliminated. This information is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP.

Summarized results of operations for the periods ended June 30, 2023 are as follows:

(in millions)	Three Months		Six Months
Revenue	$	775	$	1,530
Operating Profit	451		979
Net Income	104		589
Net income attributable to S&P Global Inc.	104		589

Summarized balance sheet information as of June 30, 2023 and December 31, 2022 is as follows:

(in millions)	June 30,		December 31,
	2023		2022
Current assets (excluding intercompany from Non-Obligor Group)	$	921	$	699
Non-current assets	1,337		1,410
Current liabilities (excluding intercompany to Non-Obligor Group)	1,354		1,046
Non-current liabilities	11,065		11,172
Intercompany payables to Non-Obligor Group	13,530		11,926

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. Our cash flow provided by operating activities is the most directly comparable U.S. GAAP financial measure to free cash flow.

We believe the presentation of free cash flow allows our investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. We use free cash flow to conduct and evaluate our business because we believe it typically presents a more conservative measure of cash flows since capital expenditures and distributions to noncontrolling interest holders are considered a necessary component of ongoing operations. Free cash flow is useful for management and investors because it allows management and investors to evaluate the cash available to us to prepay debt, make strategic acquisitions and investments and repurchase stock.

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The presentation of free cash flow is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow for the six months ended June 30: 

(in millions)	2023		2022		% Change
Cash provided by operating activities	$	1,363	$	676	N/M
Capital expenditures	(59)		(40)
Distributions to noncontrolling interest holders	(140)		(126)
Free cash flow	$	1,164	$	510	N/M

(in millions)	2023	2022	% Change
Cash provided by investing activities	656	3,745	(82)%
Cash used for financing activities	(1,747)	(7,268)	(76)%

CRITICAL ACCOUNTING ESTIMATES

Our accounting policies are described in Note 1 — Accounting Policies to the consolidated financial statements in our most recent Form 10-K. As discussed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our most recent Form 10-K, we consider an accounting estimate to be critical if it required assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate or different estimates could have a material effect on our results of operations. These critical estimates include those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable non-controlling interests. We base our estimates on historical experience, current developments and on various other assumptions that we believe to be reasonable under these circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that cannot readily be determined from other sources. There can be no assurance that actual results will not differ from those estimates. Since the date of our most recent Form 10-K, there have been no material changes to our critical accounting estimates.

RECENTLY ISSUED OR ADOPTED ACCOUNTING STANDARDS

See Note 13 – Recently Issued or Adopted Accounting Standards to the consolidated financial statements of this Form 10-Q for further information.

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FORWARD-LOOKING STATEMENTS

This report contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, including statements about the completed merger (the “Merger”) between a subsidiary of the Company and IHS Markit Ltd. (“IHS Markit”), which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this report and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; and the Company’s cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

•worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, pandemics (e.g., COVID-19), geopolitical uncertainty (including military conflict), and conditions that may result from legislative, regulatory, trade and policy changes;

•the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the level of liquidity and future debt issuances, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;

•the demand and market for credit ratings in and across the sectors and geographies where the Company operates;

•the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential for a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;

•the outcome of litigation, government and regulatory proceedings, investigations and inquiries;

•concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;

•our ability to attract, incentivize and retain key employees, especially in a competitive business environment;

•the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia, Sudan, Syria and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;

•the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our business divisions and the products our business divisions offer, and our compliance therewith;

•the ability of the Company to implement its plans, forecasts and other expectations with respect to IHS Markit’s business and realize expected synergies;

•the Company’s ability to meet expectations regarding the accounting and tax treatments of the Merger;

•the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;

•consolidation of the Company’s customers, suppliers or competitors;

•the introduction of competing products or technologies by other companies;

•our ability to develop new products or technologies, to integrate our products with new technologies (e.g., artificial intelligence), or to compete with new products or technologies offered by new or existing competitors;

•the effect of competitive products and pricing, including the level of success of new product developments and global expansion;

•the impact of customer cost-cutting pressures;

•a decline in the demand for our products and services by our customers and other market participants;

•the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;

•the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;

•the level of merger and acquisition activity in the United States and abroad;

•the level of the Company’s future cash flows and capital investments;

•the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates; and

•the impact of changes in applicable tax or accounting requirements on the Company.

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The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in this Form 10-Q and Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2023 and December 31, 2022, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts are not designated as hedges and do not qualify for hedge accounting. As of June 30, 2023 and December 31, 2022, we entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign exchange rates and held cross-currency swap contracts to hedge a portion of our net investment in a foreign subsidiary against volatility in foreign exchange rates. As of June 30, 2023 and December 31, 2022, we held positions in a series of interest rate swaps to mitigate or hedge the adverse fluctuations in interest rates. We have not entered into any derivative financial instruments for speculative purposes. See Note 5 - Derivative Instruments to the consolidated financial statements of this Form 10-Q for further discussion.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed so that information required to be disclosed in our reports filed with the U.S. Securities and Exchange Commission (the “SEC”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

As of June 30, 2023, an evaluation was performed under the supervision and with the participation of management, including the CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of June 30, 2023.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See Note 12 – Commitments and Contingencies - Legal & Regulatory Matters to the consolidated financial statements of this Form 10-Q for information on our legal proceedings.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors we have previously disclosed in Item 1A, Risk Factors, in our most recent Form 10-K, and the additional risk factor below.

Cybersecurity, Technology and Innovation Risks

Our approach to artificial intelligence may not be successful, which could materially and adversely affect our business, financial condition or results of operations.

Generative artificial intelligence (“AI”) is an emerging technology that is expected to fundamentally change the way data is gathered, protected, licensed, processed, and consumed. Given the importance of data to our products and services, AI is expected to become an increasingly important part of our business and industry. We have established a Company-wide AI strategy to drive our approach to data protection, licensing and AI integration in our processes, products and services. We have made significant investments in various AI initiatives. However, the AI landscape is complex and rapidly evolving, and new and enhanced laws and regulations, governmental or regulatory scrutiny, competition from established or emerging companies, litigation, ethical concerns, cybersecurity concerns, intellectual property concerns, or other complications could adversely impact our ability to protect our data and intellectual property, to develop and offer products and services that effectively use AI, to compete with other AI products or services, or to improve efficiency of producing existing products or services through the effective use of AI to remain competitive. For instance, competitors may deploy AI in ways that make processing of information relatively inexpensive or free, which could significantly reduce demand for our data. Additionally, we may be unable to effectively license or otherwise protect our data from unintended use by AI. For additional risks related to intellectual property rights, see the risk factor entitled “Our ability to protect our intellectual property rights could impact our competitive position.” In addition, the number of approaches to integrating and commercializing AI is currently large, and many of those approaches may fail to gain market acceptance or become obsolete as AI continues to evolve. At this time, we are unable to predict which offerings will ultimately be successful. Notwithstanding our investments, our products and services may become less marketable or less competitive, or potentially obsolete if either our approach to integrating AI into our products and services fails to gain market acceptance or our approach to protecting our data and intellectual property is ultimately inadequate. Any of these factors could materially and adversely affect our business, financial condition or results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On June 22, 2022, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2022 Repurchase Program”), which was approximately 9% of the total shares of our outstanding common stock at that time. During the second quarter of 2023, we received 2.8 million shares, which included 0.3 million shares received from our accelerated share repurchase (“ASR”) agreement that we entered into on February 13, 2023 and 2.5 million shares received from our ASR agreement that we entered into on May 8, 2023. Further discussion relating to our ASR agreements can be found in Note 8 - Equity. As of June 30, 2023, 22.9 million shares remained under the 2022 Repurchase Program.

Repurchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. Our 2022 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

The following table provides information on our purchases of our outstanding common stock during the second quarter of 2023 pursuant to the 2022 Repurchase Program (column c). In addition to these purchases, the number of shares in column (a) include shares of common stock that are tendered to us to satisfy our employees’ tax withholding obligations in connection with the vesting of awards of restricted shares (we repurchase such shares based on their fair market value on the vesting date).

There were no other share repurchases during the quarter outside the repurchases noted below.

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Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Programs	(d) Maximum Number of Shares that may yet be Purchased Under the Programs
April 1 — April 30, 2023	3,669	$	345.02	—	25.7 million
May 1 — May 31, 2023 1,2	2,788,179	342.47		2,778,956	22.9 million
June 1 — June 30, 2023	1,033	385.07		—	22.9 million
Total — Quarter 1, 2	2,792,881	$	342.63	2,778,956	22.9 million

1 Includes 0.3 million shares received from the conclusion of our ASR agreement that we entered into on February 13, 2023.

2 Includes 2.5 million shares received from the initiation of our ASR agreement that we entered into on May 8, 2023. Average price paid per share information does not include this accelerated share repurchase transaction.

Item 5. Other Information

IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT DISCLOSURE

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which amended the Securities Exchange Act of 1934, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether, during the reporting period, it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable laws and regulations.

During the second quarter of 2023, the Company engaged in limited transactions or dealings related to the purchase or sale of information and informational materials, which are generally exempt from U.S. economic sanctions, with persons that are owned or controlled, or appear to be owned or controlled, by the Government of Iran or are otherwise subject to disclosure pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012. Commodities Insights provided subscribers access to proprietary data, analytics, and industry information that enable commodities markets to perform with greater transparency and efficiency. Market Intelligence sourced certain trade data from Iran. The Company will continue to monitor such activities closely. During the second quarter of 2023, the Company recorded no revenue or net profit attributable to the Commodities Insights transactions or dealings described above, which reflects the uncertainty of collection. The Company attributes a de minimis amount of gross revenues and net profits to the data sourced from Iran by Market Intelligence.

RULE 10b5-1 PLAN ELECTIONS

On May 4, 2023, Ewout Steenbergen, Executive Vice President and Chief Financial Officer, adopted a pre-arranged stock trading plan for the sale of up to 23,502 shares of the Company’s common stock. Mr. Steenbergen’s plan will terminate on the earlier of (i) December 15, 2023 and (ii) the date on which all sales contemplated under the plan have been executed. Mr. Steenbergen’s plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended (“Exchange Act”). No other Rule 10b5-1 trading arrangements or “non-Rule 10b5-1 trading arrangements” (as defined by S-K Item 408(c)) were entered into or terminated by our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) during the second quarter of 2023.

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Item 6. Exhibits

(2)*	Acknowledgment and Amendment No. 2 to Securities and Asset Purchase Agreement dated as of May 2, 2023 between IHS Markit Ltd. and Allium Buyer LLC
(3.1)	Amended and Restated Certificate of Incorporation of Registrant, as amended and restated on May 13, 2020, incorporated by reference from the Registrant's Form 8-K filed May18, 2020
(3.2)	By-Laws of Registrant, as amended and restated on September 29, 2021, incorporated by reference from the Registrant's Form 10-Q filed April 27, 2023
(10)**	Side letter dated July 25, 2023 to letter agreement dated December 11, 2020 to Steve Kemps, Executive Vice President and Chief Legal Officer
(15)	Letter on Unaudited Interim Financials
(31.1)	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
(31.2)	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended
(32)	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(101.INS)	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
(101.SCH)	Inline XBRL Taxonomy Extension Schema
(101.CAL)	Inline XBRL Taxonomy Extension Calculation Linkbase
(101.LAB)	Inline XBRL Taxonomy Extension Label Linkbase
(101.PRE)	Inline XBRL Taxonomy Extension Presentation Linkbase
(101.DEF)	Inline XBRL Taxonomy Extension Definition Linkbase
(104)	Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibit 101)

* Pursuant to Item 601(b)(2) of Regulation S-K, portions of the exhibit have been omitted. The registrant hereby agrees to furnish an unredacted copy of the exhibit to the SEC upon request.

** These exhibits relate to management contracts or compensatory plan arrangements.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

 

			S&P Global Inc.
			Registrant
Date:	July 27, 2023	By:	/s/ Ewout L. Steenbergen
			Ewout L. Steenbergen
			Executive Vice President and Chief Financial Officer
Date:	July 27, 2023	By:	/s/ Christopher F. Craig
			Christopher F. Craig
			Senior Vice President, Controller and Chief Accounting Officer

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EX-2

Exhibit 2

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. [***] INDICATES THAT INFORMATION HAS BEEN EXCLUDED.

ACKNOWLEDGMENT AND AMENDMENT NO. 2 TO

SECURITIES AND ASSET PURCHASE AGREEMENT

This ACKNOWLEDGEMENT AND AMENDMENT NO. 2, dated as of May 2, 2023 (this “Amendment”), amends the Securities and Asset Purchase Agreement, dated as of January 14, 2023, as amended by that certain Acknowledgment and Amendment No. 1, dated as of February 7, 2023 (the “Agreement”), by and between IHS MARKIT LTD, a Bermuda exempted company limited by shares (“Seller”), and ALLIUM BUYER LLC, a Delaware limited liability company (“Purchaser” and together with Seller, the “Parties” and each, individually, a “Party”). Capitalized terms used and not defined herein have the meanings ascribed to such terms in the Agreement.

RECITAL:

WHEREAS, the Parties to the Agreement now desire to amend the Agreement in accordance with Section 10.3 of the Agreement as set forth herein.

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and in reliance upon the representations, warranties, conditions, agreements and covenants contained herein, and intending to be legally bound hereby, the Parties hereto do hereby agree as follows:

1.Amendments.

(a)Section 2.2 of the Agreement is hereby amended by deleting the third sentence of Section 2.2. in its entirety and replacing such sentence with the following sentence: “For all purposes of this Agreement (including with respect to Purchased Assets and Assumed Liabilities pursuant to Section 2.4 and Section 2.6, respectively) but excluding for purposes of determining the Closing Date Indebtedness and the Transaction Expenses and for purposes of Section 5.2, (i) the Closing will be deemed to have become effective at the Adjustment Calculation Time and (ii) for all purposes of the transactions contemplated by each Local Transfer Agreement, to the extent permitted by applicable Law, the Closing will be deemed to have occurred at 12:01 a.m. local time in each applicable jurisdiction on May 1, 2023 irrespective of the actual time on the Closing Date at which the Closing occurs, or at such other time or date as may be agreed in writing by Seller and Purchaser.”

(b)Section 2.8 of the Agreement is hereby amended by adding the following sentence to the end of Section 2.8 of the Agreement:

“Notwithstanding anything in this Agreement to the contrary, the Parties hereby acknowledge and agree that, for each applicable jurisdiction, completion of the applicable portion of the Pre-Closing Restructuring for such jurisdiction shall be legally implemented on the Closing Date or Deferred Closing Date for such jurisdiction (as applicable) and, to the extent actually completed on the Closing Date or Deferred Closing Date for such jurisdiction (as applicable), such completed steps will be deemed to be legally effective immediately prior to the Closing or Deferred Closing for such jurisdiction (as applicable) regardless of the particular time on the

Closing Date or Deferred Closing Date for such jurisdiction (as applicable) that the completion of the relevant portion of the Pre-Closing Restructuring actually occurs.”

(c)[***]

(d)Section 2.18(b)(ii) of the Agreement is hereby amended by deleting the words “other than those conditions which by their nature can only be satisfied at the Deferred Closing but subject to the satisfaction or waiver of those conditions at the Deferred Closing” and replacing such words with the following sentence: “other than those conditions which are otherwise contemplated under this Agreement to, or by their nature can only, be satisfied at the Deferred Closing but subject to the satisfaction or waiver of those conditions at the Deferred Closing”.

(e)The second sentence of 2.18(d) of the Agreement is hereby amended and restated in its entirety by the following:

“In furtherance of the foregoing, each of Seller and Purchaser shall reasonably cooperate with each other, to the extent permitted by applicable Law, to provide transition services or establish an agency relationship, secondment arrangement or other similar arrangement reasonably acceptable to Purchaser and Seller under which (i) Purchaser would obtain, to the fullest extent practicable and not prohibited by any applicable Law, the claims, rights and benefits of any such Deferred Business (and Seller would enforce such claims, rights and benefits at the direction of and for the benefit of Purchaser) and (ii) Purchaser will assume and bear the costs of the corresponding Assumed Liabilities with respect to such Deferred Business, in each case, in accordance with this Agreement and pay, satisfy, perform or discharge when due any Assumed Liability arising thereunder, in each case, during the Interim Period; provided that in each case of clauses (i) and (ii), Purchaser shall not assume or bear the cost, or have any liability in respect of, Seller’s or its Affiliates’ fraud, gross negligence or willful misconduct or any other acts or omissions which fail or are alleged to fail to comply in any material respect with any applicable Law (including any applicable Employment Law) in connection with Seller’s or its Affiliate’s operation of a Deferred Business; provided, further, that the prior exclusion shall not apply to claims arising solely due to the relationship established pursuant to the terms of this Section 2.18(d).”

(f)The Parties to this Amendment hereby acknowledge and agree that:

(i)the Purchaser may satisfy its obligations under Section 5.8(b)(iii) of the Agreement by causing a professional employer organization, employer of record, or similar third-party employer to make an offer of employment on terms which are in all other respects consistent with the provisions of Section 5.8 of the Agreement (including the provisions of Section 5.8(c) of the Agreement), such offer to be made not less than 30 days before the relevant Deferred Closing Date;

(ii)the term “Transferred Business Employee” shall include any Business Employee who accepts such offer from a professional employer organization, employer of record, or similar third-party employer; and

(iii)Purchaser shall be responsible for (or if applicable shall reimburse Seller or its relevant Affiliate in full in respect of) the cost of any accrued but unused vacation days, paid time off or annual leave, severance, redundancy, long-service, notice or garden leave pay, or similar payments, contributions or benefits that may become

2

payable to any Business Employee who receives an offer from a professional employer organization, employer of record, or similar third-party employer.

(g)[***]

(h)All references to “Closing” and “Closing Date” in Section 5.8(e) of the Agreement are hereby amended and replaced by “expiration of the applicable Transition Services (as defined in the Transition Services Agreement) (or as soon as commercially reasonable thereafter)” and “TSA Expiration Date (or as soon as commercially reasonable thereafter),” respectively.

(i)Section 5.8(g) of the Agreement is hereby amended and restated in its entirety by the following:

“(g)    401(k) Plan.

(i)Effective as of the Closing, Seller shall, or shall cause one of its Affiliates to, cause US NewCo to become a participating employer in The 401(k) Savings and Profit Sharing Plan of S&P Global Inc. and Its Subsidiaries (the “Seller 401(k) Plan”) and Purchaser shall, or shall cause one of its Affiliates to, cause US NewCo to adopt an Adopting Employer Agreement (as defined in the Seller 401(k) Plan) in the form reasonably required by Seller or one of its Affiliates and in substantially the same form as other adopting employers under the Seller 401(k) Plan.

(ii)Subject to the terms and conditions set forth in the Transition Services Agreement, during the period commencing on the Closing Date and ending at 11:59 PM EST on the day preceding the TSA Expiration Date (or such earlier date as the Parties agree to terminate such period) (the “401(k) Transition Period”), Seller shall, or shall cause one of its Affiliates to, maintain and administer the Seller 401(k) Plan and permit (A) each Transferred Business Employee who is a participant in the Seller 401(k) Plan immediately prior to the Closing to continue to participate in such plan, (B) each Transferred Business Employee who becomes eligible to participate in the Seller 401(k) Plan during the 401(k) Transition Period to commence participation in the Seller 401(k) Plan in accordance with the entry date provisions of such plan, and (C) each employee hired by US NewCo after the Closing Date who becomes eligible to participate in the Seller 401(k) Plan during the 401(k) Transition Period to commence participation in the Seller 401(k) Plan in accordance with the entry date provisions of such plan (the employees referred to in clauses (A), (B) and (C) are hereinafter referred to as the “401(k) Plan Transition Employees”), in accordance with the terms of the Seller 401(k) Plan.

(iii)Effective as of the Closing, Seller shall, or shall cause one of its Affiliates to, take all actions required or appropriate, including any plan amendments and participant communications, such that (A) the Seller Parent employer stock fund investment option under the Seller 401(k) Plan for new contributions, and (B) the ability to make new traditional after-tax contributions under the Seller 401(k) Plan, in each case, is not available to the 401(k) Plan Transition Employees during the 401(k) Transition Period. Notwithstanding the immediately preceding sentence, dividends issued on common stock of Seller Parent may be invested in the Seller Parent employer stock fund pursuant to the terms of the Seller Parent employer stock fund.

(iv)Effective as of no later than the last day of the 401(k) Transition Period (the “401(k) Transition Date”), Purchaser shall, or shall cause one of its Affiliates to, have in effect a defined contribution retirement plan that is tax-qualified under Section

3

401(a) of the Code and includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the “Purchaser 401(k) Plan”). Prior to the 401(k) Transition Date, Seller shall cooperate with Purchaser as reasonably necessary to ensure that Purchaser is able to establish the Purchaser 401(k) Plan, to be effective as of the 401(k) Transition Date. Purchaser shall ensure that each 401(k) Plan Transition Employee who is a participant in the Seller 401(k) Plan immediately prior to the 401(k) Transition Date shall be enrolled in the Purchaser 401(k) Plan as soon as practicable following the 401(k) Transition Date. Each Transferred Business Employee who is not a participant in the Seller 401(k) Plan immediately prior to the 401(k) Transition Date shall be permitted to enroll by Purchaser in the Purchaser 401(k) Plan after the 401(k) Transition Date in accordance with the terms of the Purchaser 401(k) Plan.

(v)Purchaser shall cause the Purchaser 401(k) Plan to provide each Transferred Business Employee with full credit for such Transferred Business Employee’s service with Seller or any of Seller’s Affiliates or predecessors prior to the Closing for purposes of eligibility and vesting under the Purchaser 401(k) Plan.

(vi)On or as soon as practicable after the 401(k) Transition Date, Seller shall take all commercially reasonable measures needed to cause the transfer to the Purchaser 401(k) Plan of all of the assets and liabilities of the Seller 401(k) Plan that are attributable to the 401(k) Plan Transition Employees, including all promissory notes and receivables in respect of plan loans to the 401(k) Plan Transition Employees under the Seller 401(k) Plan that remain outstanding as of the 401(k) Transition Date and accrued liabilities arising out of any applicable qualified domestic relations order. Purchaser shall direct the trustee of the Purchaser 401(k) Plan to accept such transfer of assets and liabilities from the Seller 401(k) Plan. Such transfer of assets and liabilities shall be made in accordance with the applicable requirements of Section 411(d)(6) and 414(l) of the Code.

(vii)Purchaser and Seller shall cooperate to take any and all commercially reasonable measures needed to effect the transition to the Purchaser 401(k) Plan of all outstanding loans under the Seller 401(k) Plan with respect to the 401(k) Plan Transition Employees so as to prevent, to the extent reasonably possible, a deemed distribution or loan offset with respect to such outstanding loans. Such actions may include, for example, working with the recordkeeper of the Seller 401(k) Plan to develop administrative processes and procedures for permitting, to the extent reasonably possible, a 401(k) Plan Transition Employee to continue to make scheduled loan payments, by personal check or otherwise, to the Seller 401(k) Plan after the 401(k) Transition Date, but before the Seller 401(k) Plan assets and liabilities are transferred to the Purchaser 401(k) Plan, and, if such processes and procedures acceptable to the Seller 401(k) Plan recordkeeper are feasible, adopting any necessary amendments to the Seller 401(k) Plan to permit such post-401(k) Transition Date loan payments.

(viii)Purchaser and Seller shall cooperate to take any and all commercially reasonable measures needed to cause US NewCo to cease being a participating employer in the Seller 401(k) Plan effective as of the 401(k) Transition Date.”

(j)All references to “Closing” and “Closing Date” in Section 5.8(h) of the Agreement are hereby amended and replaced by “expiration of the applicable Transition Services (as defined in the Transition Services Agreement) (or as soon as commercially reasonable thereafter)” and “TSA Expiration Date (or as soon as commercially reasonable thereafter),” respectively.

4

(k)The first sentence of Section 5.8(i)(ii) of the Agreement is hereby amended by deleting the words “Prior to the Closing,” and replacing such words with the following text: “Within 30 days after the Closing,”.

(l)Section 5.24 of the Agreement is hereby amended and restated in its entirety by the following:

“Section 5.24    Permits. Following the date of this Agreement and prior to the Closing, Seller shall, and shall cause its Affiliates to, use reasonable best efforts to reasonably cooperate with Purchaser (a) to identify any Permits necessary for the conduct of the GES Business as conducted immediately prior to the Closing and (b) in Purchaser’s efforts to facilitate the NewCo Entities obtaining any such necessary Permits at or prior to the Closing, including by, subject to the Access Exceptions, providing Purchaser and its Representatives with reasonable access, during normal business hours, to the properties, books, records, Contracts, personnel, documents and other information of Seller and its Affiliates necessary or advisable in connection with the NewCo Entities obtaining such Permits. Notwithstanding anything to the contrary set forth herein, it shall not be a condition to the consummation of the Transactions for any such Permits to be put in place or otherwise in effect. Purchaser will reimburse Seller and its Affiliates for any reasonable and documented out-of-pocket fees, costs and expenses incurred by Seller or any of its Affiliates in connection with their obligations under this Section 5.24, other than with respect to Seller NewCo Permits (any such fees, costs or expenses (including attorneys’ fees) that are not so reimbursed as of immediately prior to the Closing, the “Outstanding Permit Expenses”).

(m)Section 5.25(a) of the Agreement is hereby amended to add the following sentences at the end of Section 5.25(a) of the Agreement:

“In furtherance of, and without limiting, the foregoing, as promptly as reasonably practicable following the date of this Agreement and prior to (i) in the case of each NewCo Entity other than U.S. NewCo and U.K. NewCo, the Deferred Closing for a particular Deferred Jurisdiction or (ii) in the case of U.S. NewCo or U.K. NewCo, expiration of the GES Business Transition Services (as defined in the Transition Services Agreement) for which the ‘Business Process’ is “Payroll’ (as set forth on Schedule 2.1(a) to the Transition Services Agreement or otherwise as mutually agreed between the Parties for any Additional Transition Service or Omitted Service (each as defined in the Transition Services Agreement), (x) to the extent permitted under applicable Law, Seller shall, and shall cause its Affiliates and Representatives to, use reasonable best efforts to obtain for each NewCo Entity (i) any Permits necessary for the legal entity set-up and operationalization of such NewCo Entity to operate the GES Business as it is conducted immediately prior to the Closing Date (including the employment of Business Employees) in the country in which such NewCo Entity is organized (excluding, for the avoidance of doubt, any payroll and benefits registrations (which are the subject of clause (ii)), any pension set-up Permits and any export-import Permits), (ii) the registrations reflected in Column A of the NewCo Entities Payroll and Benefits Registrations Plan as listed against each NewCo Entity or Local Branch Jurisdiction (as applicable) in the NewCo Entities Payroll and Benefits Registrations Plan and (iii) direct and indirect tax identification numbers (the Permits in this clause (x), collectively, the “Seller NewCo Permits”) and Purchaser shall, and shall cause its Affiliates and Representatives to, use reasonable best efforts to cooperate in connection with the Seller’s efforts to obtain such Seller NewCo Permits, and (y) Purchaser shall, and shall cause its Affiliates and Representatives to, use reasonable best efforts to obtain those registrations reflected in Column B of the

5

NewCo Entities Payroll and Benefits Registrations Plan as listed against each NewCo Entity or Local Branch Jurisdiction (as applicable) in the NewCo Entities Payroll and Benefits Registrations Plan. The Parties acknowledge and agree that (I) all of the registrations and licenses described in clause (x) of the preceding sentence are part of the legal entity setup and operationalization process and, notwithstanding anything to the contrary in this Agreement, any costs, fees and expenses incurred in connection with obtaining such registrations and licenses are Separation Costs (as defined in the Transition Services Agreement) that will be borne by Seller and (II) any costs, fees and expenses incurred in connection with obtaining the registrations and licenses described in clause (y) of the preceding sentence will be borne by Purchaser.”

(n)[***]

(o)Notwithstanding anything to the contrary set forth in the Agreement, and in furtherance of and without limiting the Parties’ obligations to use reasonable best efforts to cause U.S. NewCo and U.K. NewCo to form India NewCo in connection with the Pre-Closing Restructuring as soon as practicable after the Closing Date as contemplated under Section 2.18(b): (i) (x) Seller shall, and shall cause its Affiliates and its Representatives to, use reasonable best efforts to prepare, and (y) Purchaser shall, and shall cause its Affiliates and Representatives (including third party service providers) to, use reasonable best efforts to cooperate, including by executing and delivering such documents and instruments and taking such actions as may be reasonably required to give effect to the matters contemplated under this Section 1(o) in its or their capacity as the direct or indirect legal shareholder(s) of India NewCo or the future Representatives thereof, in the preparation of, any filings for the formation of India NewCo with any applicable Governmental Entities as promptly as reasonably practicable following the date of this Amendment, including making any filings for the formation of India NewCo prior to May 27, 2023 by using the existing name reservation of ‘Allium India Private Solutions Limited’ obtained by U.S. NewCo and U.K. NewCo; (ii) immediately following the date of this Amendment, Seller shall use reasonable best efforts to take any actions necessary to cause the Deferred Closing with respect to India to occur on or prior to January 1, 2024, including by preparing any filings with Governmental Entities to reserve a new name for India NewCo as promptly as practicable following the date of this Agreement and making preparations to obtain a bank account for India NewCo promptly following the formation thereof, and Purchaser shall use reasonable best efforts to cooperate in connection therewith; (iii) in the event that the Deferred Closing with respect to India is not reasonably expected to occur on or prior to January 1, 2024, Seller shall use reasonable best efforts to procure access from and after January 1, 2024 for any Business Employees located in India to facilities that are comparable in all material respects to the facilities used by such Business Employees located in India pursuant to the Transition Services Agreement, which facilities may take the form of one or more new leased properties procured by Seller or one of its Affiliates and, to the extent requested by Purchaser, assigned in accordance with Section 2.12 to India NewCo at or immediately prior to the Deferred Closing with respect to India; and (iv) Seller shall reimburse Purchaser and its Affiliates for any reasonable and documented out-of-pocket fees, costs and expenses (including attorneys’ fees) incurred by Purchaser or any of its Affiliates in connection with the formation of India NewCo pursuant to Step 7 of the Master Step Plan (other than any funds to be transferred to India NewCo to capitalize India NewCo), including in connection with any obligations of Purchaser and its Affiliates pursuant to this Section 1(o).

(p)[***]

6

2.Definitions

(a)The following new defined terms shall be hereby inserted in the appropriate alphabetical order in Section 1.1 of the Agreement:

(i)“China Entity 1” has the meaning set forth in the Master Step Plan.

(ii)“China Entity 1 Equity Interests” means one hundred percent (100%) of the issued and outstanding equity interests in China Entity 1.

(iii)“China Entity 2” has the meaning set forth in the Master Step Plan.

(iv)“China Entity 2 Equity Interests” means one hundred percent (100%) of the issued and outstanding equity interests in China Entity 2.

(v)“NewCo Entities Payroll and Benefits Registrations Plan” means the plan attached as Exhibit C hereto as it may be amended and agreed in writing between the Parties.

(vi)“TSA Expiration Date” means the date on which the Transition Services (as defined in the Transition Services Agreement) expire in accordance with Section 11.1 of the Transition Services Agreement.

(b)The following definitions in Section 1.1 of the Agreement shall be hereby amended and restated in their entirety to state:

(i)“Adjustment Calculation Time” means 12:01 a.m. New York City time on May 1, 2023.

(ii)“Ancillary Restructuring” means the portions of the Pre-Closing Restructuring set forth in Steps 7 through 25 and Steps 29 through 31 of the Master Step Plan.

(iii)“Condition Satisfaction Date” means the date on which the conditions set forth in Article VII (other than those conditions which are otherwise contemplated under this Agreement to, or by their nature can only, be satisfied at the Closing but subject to the satisfaction or waiver of those conditions at the Closing) have been satisfied (or, to the extent permitted under applicable Law, waived by the Parties entitled to the benefits thereof).

(iv)“Employment Law” means all any and all laws, including common law, statutes, directives, recommendations, regulations, notices, codes of practice, guidance notes, judgments, decrees or orders, relating to or connected with the employment of employees, including their health and safety at work.

(v)“NewCo Entities” means, collectively, Australia NewCo, China Entity 1, China Entity 2, Canada NewCo, India NewCo, Japan NewCo, Malaysia NewCo, Mexico NewCo, Poland NewCo, U.K. NewCo and U.S. NewCo.

(vi)“NewCo Equity Interests” means the Australia NewCo Equity Interests, China Entity 1 Equity Interests, China Entity 2 Equity Interests, Canada NewCo Equity Interests, India NewCo Equity Interests, Japan NewCo Equity Interests, Malaysia NewCo Equity Interests, Mexico NewCo Equity Interests, Poland NewCo Equity Interests, U.K. NewCo Equity Interests and U.S. NewCo Equity Interests.

7

(vii)“Transaction Expenses” means (a) any and all out-of-pocket fees, costs and expenses (including all fees, costs and expenses of counsel, accountants, investment bankers, experts, consultants and any other advisors) payable by any NewCo Entity as of immediately prior to the Closing and that was incurred in connection with (i) the authorization, preparation, negotiation, execution and performance of this Agreement (including the Pre-Closing Restructuring) and the other Transaction Documents or (ii) the process by which Seller or its Affiliates solicited and negotiated strategic alternatives with respect to the GES Business (including the solicitation of any other potential buyers thereof), plus (b) any amounts in excess of one million Dollars ($1,000,000) that are payable in respect of any retention bonus entered into in connection with the Transactions and payable by the NewCo Entities as of or after the Closing Date, including each such arrangement set forth on Section 1.1(f) of the Seller Disclosure Schedules, plus (c) any transaction, change in control or similar bonuses, severance payments and other employee-related change of control payments payable by the NewCo Entities (including the employer portion of any withholding, payroll, employment or similar Taxes, if any, associated therewith) solely as a result of the consummation of the Transactions (but not including any amounts requiring post-Closing service or any amounts triggered by a termination of employment on or following the Closing and not including amounts payable under the arrangements set forth on Section 1.1(f) of the Seller Disclosure Schedules), plus (d) such other amounts as set forth on Section 1.1(g) of the Seller Disclosure Schedules, minus (e) Outstanding Insurance Expenses, minus (f) Outstanding Financing Expenses, minus (g) Outstanding Permit Expenses, in each case of clauses (a) through (c), to the extent unpaid as of immediately prior to the Closing and not paid by Seller or its Affiliates (other than the NewCo Entities) at the Closing.

3.[***]

4.Miscellaneous.

(a)    Except as expressly amended by this Amendment, the Agreement remains and shall remain in full force and effect. This Amendment shall not constitute an amendment or waiver of any provision of the Agreement, except as expressly set forth herein. Upon the execution and delivery hereof, the Agreement shall thereupon be deemed to be amended as set forth herein. This Amendment and the Agreement shall each henceforth be read, taken and construed as one and the same instrument, but such amendments shall not operate so as to render invalid or improper any action heretofore taken under the Agreement. If and to the extent there are any inconsistencies between the Agreement and this Amendment with respect to the matters set forth herein, the terms of this Amendment shall control. References in the Agreement or in any of the other Transaction Documents shall be deemed to mean the Agreement as amended by this Amendment.

(b)    Section 10.1, Section 10.2, Section 10.3, Section 10.4, Section 10.5, Section 10.6, Section 10.8, Section 10.9, Section 10.10, Section 10.11, and Section 10.15 of the Agreement are each hereby incorporated by reference mutatis mutandis.

[Signature pages follow]

8

IN WITNESS WHEREOF, the Parties have caused this Amendment to be signed by their respective officers thereunto duly authorized, all as of the date first written above.

IHS MARKIT LTD.

By:    /s/ Elizabeth Hithersay    
    Name:    Elizabeth Hithersay
    Title:    Director    

[Signature Page to Acknowledgement and Amendment No. 2 to Securities and Asset Purchase Agreement]

ALLIUM BUYER LLC


By:    /s/ Webster Chua    
    Name:    Webster Chua
    Title:    President and Treasurer

[Signature Page to Acknowledgement and Amendment No. 2 to Securities and Asset Purchase Agreement]

EX-10

Exhibit 10

S&P Global            Dimitra Manis

55 Water Street        Chief Purpose Officer    

New York, NY 10041        www.spglobal.com    

July 25, 2023

Steve Kemps

S&P Global Inc.

55 Water Street

New York, NY 10041

Dear Steve,

You were previously issued a letter dated December 11, 2020 (the “Letter Agreement”, attached hereto as Exhibit A), which set forth the terms and conditions of your transition to an advisory role for S&P Global Inc. (the “Company”) following the Company’s acquisition of IHS Markit Ltd. In light of your continued and ongoing employment as Executive Vice President and Chief Legal Officer of the Company, this side letter (the “Amendment”) formally acknowledges the following amendments to the Letter Agreement, effective June 22, 2021:

•You will continue to serve as Executive Vice President and Chief Legal Officer of the Company (or, if applicable, any such other role of expanded responsibility and seniority as mutually agreed upon) until your employment is terminated by you or the Company.

•You will continue to be eligible for increases to your base salary and incentive opportunities under the Company’s incentive plans as determined by the Compensation and Leadership Development Committee of the Company’s Board of Directors.

•Upon the termination of your employment with the Company at any time and for any reason (including due to death or disability), and in lieu of any severance benefits that you would otherwise be eligible to receive under the Company’s Senior Executive Severance Plan (the “Severance Plan”), you will receive the severance benefits set forth in the Letter Agreement (subject to the conditions set forth therein) (the “Severance Benefits”).

•Section 10.02 of the Severance Plan (relating to Section 409A of the Internal Revenue Code) is incorporated into the Letter Agreement and this Amendment by reference and shall apply mutatis mutandis.

Except as expressly amended by this Amendment, the Letter Agreement will remain in full force and effect.

Sincerely,

/s/ Dimitra Manis    

Dimitra Manis

Chief Purpose Officer

ACCEPTED AND AGREED:

/s/ Steve Kemps            

Steve Kemps

Exhibit A

Letter Agreement

11 December, 2020

Steve Kemps

S&P Global

55 Water Street

New York, NY

Dear Steve,

This letter describes the terms of your ongoing employment with S&P Global that will take effect upon the completion of S&P’s acquisition of IHS Markit (Close). You will continue in your role as Executive Vice President and General Counsel for S&P, reporting to me, until Close. From Close until the two year anniversary of Close (Term), you will serve as Executive Vice President, Special Advisor to the CEO, reporting to the me and located in Dallas.

During the Term, your base salary and incentive opportunity under each of the S&P Global Key Executive Short-Term Incentive Compensation Plan and the S&P Global Long Term Stock Incentive Program will be the same as in effect as of the date of this letter. You will continue to be eligible for the perquisites and benefits described in your June 20, 2016 offer letter.

In recognition of your exceptional leadership during your tenure with S&P and your extraordinary efforts in connection with the proposed acquisition of IHS Markit, and, subject to approval by the Compensation and Leadership Development Committee, you will receive a one-time $2,500,000 retention award, that will vest 25% at Close, 25% on the first anniversary of Close and 50% on the second anniversary of Close, subject to your continued employment through the applicable vesting date.

At the end of the Term, you will be entitled to the following, subject to your prior execution and non-revocation of a release of claims against S&P:

•An amount equal to two times the sum of your Annual Base Salary and your Annual Target Bonus (each as defined in the SESP), 50% of which will be paid in equal installments starting on the Commencement Date (as defined in the SESP) until the first anniversary of your employment termination date; and the remainder of which will be payable in a lump sum on or within 30 days following the first anniversary of your termination date; provided that if your employment termination occurs during the twenty-four month period following a Change in Control (as defined in the SESP) that constitutes a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation” under Section 409A of the tax code, the full amount covered by this bullet will be paid in a lump sum on the Commencement Date.

•A pro-rata Annual Target Bonus for the portion of S&P’s fiscal year through the date that your employment terminates, payable on the Commencement Date.

•Participation in S&P’s life, medical, and dental insurance benefit plans or programs in which you participate immediately prior to your termination date, to the extent permitted by applicable law as determined by S&P; provided that you will be responsible for any required payments for participation in such plans or programs.

•Accelerated vesting of any restricted stock units that would vest during the twenty-four months following employment termination.

•Eligibility to vest in a pro-rata portion of any performance-based S&P equity awards based on actual performance through the end of the performance period, with pro-ration based on the number of months that you are employed during the applicable performance period, plus up to an additional twenty-four months of credit service, subject to a maximum of thirty-six months.

•Payment of the remaining balance of the Retention Grant.

•In the event any other executive received severance, benefits or vesting greater than those provided here, you shall receive the same.

Steve, your trusted counsel has been invaluable to S&P and to me and I look forward to partnering with you and the rest of our leadership team to propel S&P towards a very bright and exciting future.

Sincerely,

/s/ Douglas Peterson        

Douglas Peterson

Chief Executive Officer

S&P Global

EX-15

Exhibit (15)

The Board of Directors and Shareholders of

S&P Global Inc.

We are aware of the incorporation by reference in the following Registration Statements:

1.Registration Statement on Form S-8 (No. 33-49743) pertaining to the 1993 Key Employee Stock Incentive Plan,

2.Registration Statements on Form S-8 (No.333-30043 and No. 333-40502) pertaining to the 1993 Employee Stock Incentive Plan,

3.Registration Statement on Form S-8 (No. 333-92224) pertaining to the 2002 Stock Incentive Plan,

4.Registration Statement on Form S-8 (No. 333-116993) pertaining to the Amended and Restated 2002 Stock Incentive Plan,

5.Registration Statement on Form S-8 (No. 333-06871) pertaining to the Director Deferred Stock Ownership Plan,

6.Registration Statement on Form S-8 (No. 33-50856) pertaining to the Savings Incentive Plan of McGraw-Hill, Inc. and its Subsidiaries, the Employee Retirement Account Plan of McGraw-Hill, Inc. and its Subsidiaries, the Standard & Poor's Savings Incentive Plan for Represented Employees, the Standard & Poor's Employee Retirement Account Plan for Represented Employees, the Employees' Investment Plan of McGraw-Hill Broadcasting Company, Inc. and its Subsidiaries,

7.Registration Statement on Form S-8 (No. 333-126465) pertaining to the Savings Incentive Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, the Employee Retirement Account Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, the Standard & Poor's Savings Incentive Plan for Represented Employees, and the Standard & Poor's Employee Retirement Account Plan for Represented Employees,

8.Registration Statement on Form S-8 (No. 333-157570) pertaining to the 401(k) Savings and Profit Sharing Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries,

9.Registration Statement on Form S-8 (No. 333-167885) pertaining to the Amended and Restated 2002 Stock Incentive Plan,

10.Registration Statement on Form S-8 (No. 333-231476) pertaining to the S&P Global Inc. 2019 Stock Incentive Plan S&P Global Inc. Amended and Restated Director Deferred Stock Ownership Plan; and

11.Registration Statement on Form S-4 (No. 333-251999) and the related Prospectus of S&P Global Inc.

12.Registration Statement on Form S-8 POS (No. 333-251999) pertaining to IHS Markit Ltd. 2014 Equity Incentive Award Plan and IHS Markit Ltd. 2004 Long-Term Incentive Plan

13.Registration Statement on Form S-4 (No. 333-269236) and the related Prospectus of S&P Global Inc.

14.Registration Statement on Form S-4 (No. 333-269237) and the related Prospectus of S&P Global Inc.

of our report dated July 27, 2023 relating to the unaudited consolidated interim financial statements of S&P Global Inc., which are included in its Form 10-Q for the quarter ended June 30, 2023.

/s/ ERNST & YOUNG LLP

New York, New York

July 27, 2023

EX-31.1

Exhibit (31.1)

Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended

I, Douglas L. Peterson, certify that:

1.I have reviewed this quarterly report on Form 10-Q of S&P Global Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 27, 2023	/s/ Douglas L. Peterson
	Douglas L. Peterson
	President and Chief Executive Officer

EX-31.2

Exhibit (31.2)

Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended

I, Ewout L. Steenbergen, certify that:

1.I have reviewed this quarterly report on Form 10-Q of S&P Global Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: July 27, 2023	/s/ Ewout L. Steenbergen
	Ewout L. Steenbergen
	Executive Vice President and Chief Financial Officer

EX-32

Exhibit (32)

Certifications pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, each of the undersigned officers of S&P Global Inc. (the “Company”), does hereby certify, to such officer's knowledge, that:

This quarterly report on Form 10-Q of the Company for the quarter ended June 30, 2023 fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

The information contained in this quarterly report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: July 27, 2023	/s/ Douglas L. Peterson
	Douglas L. Peterson
	President and Chief Executive Officer
Date: July 27, 2023	/s/ Ewout L. Steenbergen
	Ewout L. Steenbergen
	Executive Vice President and Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares shares in Millions	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	1-1023
Entity Registrant Name	S&P Global Inc.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	13-1026995
Entity Address, Address Line One	55 Water Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10041
City Area Code	212
Local Phone Number	438-1000
Title of 12(b) Security	Common stock (par value $1.00 per share)
Trading Symbol	SPGI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		318.2
Entity Central Index Key	0000064040
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

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Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 3,101	$ 2,993	$ 6,261	$ 5,383
Expenses:
Operating-related expenses	1,026	1,007	2,114	1,756
Selling and general expenses	771	768	1,476	1,726
Depreciation	24	36	49	62
Amortization of intangibles	261	267	522	379
Total expenses	2,082	2,078	4,161	3,923
Loss (gain) on dispositions	119	(556)	69	(1,899)
Equity in income on unconsolidated subsidiaries	(11)	(11)	(25)	(15)
Operating profit	911	1,482	2,056	3,374
Other income, net	(11)	(1)	0	(50)
Interest expense, net	88	90	174	147
Loss on extinguishment of debt, net	0	2	0	19
Income before taxes on income	834	1,391	1,882	3,258
Provision for taxes on income	259	340	447	908
Net income	575	1,051	1,435	2,350
Less: net income attributable to noncontrolling interests	(64)	(79)	(130)	(143)
Net income attributable to S&P Global Inc.	$ 511	$ 972	$ 1,305	$ 2,207
Earnings per share attributable to S&P Global Inc. common shareholders:
Basic (USD per share)	$ 1.60	$ 2.87	$ 4.08	$ 7.19
Diluted (USD per share)	$ 1.60	$ 2.86	$ 4.07	$ 7.17
Weighted-average number of common shares outstanding:
Basic (shares)	319.3	338.0	320.3	306.8
Diluted (shares)	319.8	339.3	320.9	308.0
Actual shares outstanding at period end (shares)	318.2	336.2	318.2	336.2

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Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 575	$ 1,051	$ 1,435	$ 2,350
Other comprehensive income:
Foreign currency translation adjustments	30	(95)	73	(116)
Income tax effect	5	(22)	8	(27)
Foreign currency translation adjustment, net of income tax effect	35	(117)	81	(143)
Pension and other postretirement benefit plans	(12)	(4)	(12)	1
Income tax effect	3	1	4	0
Pension and other postretirement benefit plans, net of income tax effect	(9)	(3)	(8)	1
Unrealized gain on cash flow hedges	28	122	0	229
Income tax effect	(6)	(31)	0	(57)
Unrealized gain on investment and forward exchange contracts, net of income tax effect	22	91	0	172
Comprehensive income	623	1,022	1,508	2,380
Less: comprehensive income attributable to nonredeemable noncontrolling interests	(6)	(7)	(11)	(12)
Less: comprehensive income attributable to redeemable noncontrolling interests	(58)	(72)	(119)	(131)
Comprehensive income attributable to S&P Global Inc.	$ 559	$ 943	$ 1,378	$ 2,237

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Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 1,561	$ 1,286
Restricted cash	1	1
Accounts receivable, net of allowance for doubtful accounts: 2023 - $49; 2022 - $48	2,545	2,494
Prepaid and other current assets	613	588
Assets of a business held for sale	0	1,298
Total current assets	4,720	5,667
Property and equipment, net of accumulated depreciation: 2023 - $802; 2022 - $859	258	297
Right of use assets	401	423
Goodwill	34,827	34,545
Other intangible assets, net	17,912	18,306
Equity investments in unconsolidated subsidiaries	1,792	1,752
Other non-current assets	785	794
Total assets	60,695	61,784
Current liabilities:
Accounts payable	488	450
Accrued compensation and contributions to retirement plans	507	753
Short-term debt	825	226
Income taxes currently payable	127	116
Unearned revenue	3,148	3,126
Other current liabilities	935	1,094
Liabilities of a business held for sale	0	234
Total current liabilities	6,030	5,999
Long-term debt	10,676	10,730
Lease liabilities — non-current	547	577
Pension and other postretirement benefits	185	180
Deferred tax liability — non-current	3,693	4,065
Other non-current liabilities	495	489
Total liabilities	21,626	22,040
Redeemable noncontrolling interest (Note 8)	3,510	3,267
Commitments and contingencies (Note 12)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued - 2023 and 2022 415 million shares	415	415
Additional paid-in capital	44,293	44,422
Retained income	18,279	17,784
Accumulated other comprehensive loss	(813)	(886)
Less: common stock in treasury	(26,706)	(25,347)
Total equity — controlling interests	35,468	36,388
Total equity — noncontrolling interests	91	89
Total equity	35,559	36,477
Total liabilities and equity	$ 60,695	$ 61,784

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 49	$ 48
Accumulated depreciation	$ 802	$ 859
Common stock, par value (USD per share)	$ 1	$ 1
Common stock authorized (shares)	600,000,000	600,000,000
Common stock issued (shares)	415,000,000	415,000,000

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Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities:
Net income	$ 1,435	$ 2,350
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	49	62
Amortization of intangibles	522	379
Provision for losses on accounts receivable	12	12
Deferred income taxes	(384)	(91)
Stock-based compensation	97	143
Loss (gain) on dispositions	69	(1,899)
Loss on extinguishment of debt, net	0	19
Other	44	94
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(44)	387
Prepaid and other current assets	(164)	(31)
Accounts payable and accrued expenses	(93)	(285)
Unearned revenue	(142)	(150)
Other current liabilities	(305)	(265)
Net change in prepaid/accrued income taxes	123	90
Net change in other assets and liabilities	144	(139)
Cash provided by operating activities	1,363	676
Investing Activities:
Capital expenditures	(59)	(40)
Acquisitions, net of cash acquired	(286)	275
Proceeds from dispositions	1,002	3,506
Changes in short-term investments	(1)	4
Cash provided by investing activities	656	3,745
Financing Activities:
Additions to (payments on) short-term debt, net	552	(219)
Proceeds from issuance of senior notes, net	0	5,395
Payments on senior notes	0	(3,684)
Dividends paid to shareholders	(578)	(472)
Proceeds from noncontrolling interest holders	0	410
Distributions to noncontrolling interest holders	(140)	(126)
Contingent consideration payments	(8)	0
Repurchase of treasury shares	(1,501)	(8,503)
Exercise of stock options	7	5
Employee withholding tax on share-based payments	(79)	(74)
Cash used for financing activities	(1,747)	(7,268)
Effect of exchange rate changes on cash	3	(85)
Net change in cash, cash equivalents, and restricted cash	275	(2,932)
Cash, cash equivalents, and restricted cash at beginning of period	1,287	6,505
Cash, cash equivalents, and restricted cash at end of period	$ 1,562	$ 3,573

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Consolidated Statements of Equity - USD ($) $ in Millions		Total	Total SPGI Equity	Common Stock $1 par	Additional Paid-in Capital	Retained Income	Accumulated Other Comprehensive Loss	Less: Treasury Stock	Noncontrolling Interests
Beginning Balance at Dec. 31, 2021		$ 2,107	$ 2,032	$ 294	$ 1,031	$ 15,017	$ (841)	$ (13,469)	$ 75
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	2,249	2,237			2,207	30		12
Dividends (Dividend declared per common share)		(482)	(472)			(472)			(10)
Acquisition of IHS Markit		43,536	43,536	121	43,415
Share repurchases		(8,503)	(8,503)		(1,275)			7,228
Employee stock plans		57	57		71			14
Change in redemption value of redeemable noncontrolling interest		547	547			547
Other		(5)	(1)			(1)			(4)
Ending Balance at Jun. 30, 2022		39,506	39,433	415	43,242	17,298	(811)	(20,711)	73
Beginning Balance at Mar. 31, 2022		39,781	39,702	415	43,445	16,065	(782)	(19,441)	79
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	950	943			972	(29)		7
Dividends (Dividend declared per common share)		(296)	(286)			(286)			(10)
Share repurchases		(1,500)	(1,500)		(225)			1,275
Employee stock plans		27	27		22			(5)
Change in redemption value of redeemable noncontrolling interest		548	548			548
Other		(4)	(1)						(3)
Ending Balance at Jun. 30, 2022		39,506	39,433	415	43,242	17,298	(811)	(20,711)	73
Beginning Balance at Dec. 31, 2022		36,477	36,388	415	44,422	17,784	(886)	(25,347)	89
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	1,389	1,378			1,305	73		11
Dividends (Dividend declared per common share)		(587)	(578)			(578)			(9)
Share repurchases		(1,501)	(1,501)					1,501
Employee stock plans		15	15		(127)			(142)
Change in redemption value of redeemable noncontrolling interest		(237)	(237)			(237)
Adjustment to noncontrolling interest		(2)	(2)		(2)
Other		5	5			5
Ending Balance at Jun. 30, 2023		35,559	35,468	415	44,293	18,279	(813)	(26,706)	91
Beginning Balance at Mar. 31, 2023		36,370	36,275	415	44,329	18,171	(861)	(25,779)	95
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	[1]	565	559			511	48		6
Dividends (Dividend declared per common share)		(299)	(290)			(290)			(9)
Share repurchases		(1,001)	(1,001)		(50)			951
Employee stock plans		40	40		16			(24)
Change in redemption value of redeemable noncontrolling interest		(117)	(117)			(117)
Adjustment to noncontrolling interest		(2)	(2)		(2)
Other		3	4			4			(1)
Ending Balance at Jun. 30, 2023		$ 35,559	$ 35,468	$ 415	$ 44,293	$ 18,279	$ (813)	$ (26,706)	$ 91

[1] Excludes comprehensive income of $58 million and $72 million for the three months ended June 30, 2023 and 2022, respectively, and $119 million and $131 million for the six months ended June 30, 2023 and 2022, respectively, attributable to our redeemable noncontrolling interest.

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Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jan. 25, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value (USD per share)		$ 1	$ 1	$ 1	$ 1	$ 1
Dividends declared per common share (USD per share)	$ 0.90	$ 0.90	$ 0.85	$ 1.80	$ 1.62
Comprehensive income attributable to redeemable noncontrolling interests		$ 58	$ 72	$ 119	$ 131

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Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of Operations and Basis of Presentation

Nature of Operations and Basis of Presentation

S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) is a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity, automotive and engineering markets.

Our operations consist of six reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Commodity Insights (“Commodity Insights”), S&P Global Mobility (“Mobility”), S&P Dow Jones Indices (“Indices” ) and S&P Global Engineering Solutions (“Engineering Solutions”).

•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

•Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

•Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets.

•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

•Engineering Solutions is a leading provider of engineering standards and related technical knowledge. As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

On May 2, 2023, we completed the sale of Engineering Solutions to Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”). We received the full proceeds from the sale of $975 million in cash, subject to purchase price adjustments, which we expect to result in approximately $750 million in after-tax proceeds. The assets and liabilities of Engineering Solutions were classified as held for sale in our consolidated balance sheet as of December 31, 2022. During the three months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $3 million in selling and general expenses in the consolidated statement of income ($189 million after-tax, net of a release of a deferred tax liability of $101 million) related to the sale of Engineering Solutions. During the six months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $16 million in selling and general expenses in the consolidated statement of income ($182 million after-tax, net of a release of a deferred tax liability of $157 million) related to the sale of Engineering Solutions. Following the sale, the assets and liabilities of Engineering Solutions are no longer reported in our consolidated balance sheet as of June 30, 2023. The transaction follows our announced intent in November of 2022 to divest the business. Engineering Solutions became part of the Company following our merger with IHS Markit.

On February 28, 2022, we completed the merger with IHS Markit Ltd (“IHS Markit”), and as a result, IHS Markit and its subsidiaries became wholly owned consolidated subsidiaries of S&P Global, and the financial results include IHS Markit from the date of acquisition.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2022 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the full year.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

Restricted Cash

Restricted cash included in our consolidated balance sheets was $1 million as of June 30, 2023 and December 31, 2022.

Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2023 and December 31, 2022, contract assets were $97 million and $60 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance at June 30, 2023 compared to December 31, 2022 is primarily driven by cash payments received in advance of satisfying our performance obligations, partially offset by $2.0 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $4.0 billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $194 million and $175 million as of June 30, 2023 and December 31, 2022, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period is one year or less. These costs are recorded within selling and general expenses.

Equity in Income on Unconsolidated Subsidiaries

The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business. The combination is intended to increase operating efficiencies of both businesses to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes.

Other Income, net

The components of other income, net for the periods ended June 30 are as follows:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Other components of net periodic benefit cost	$	(6)	$	(7)	$	(12)	$	(11)
Net (gain) loss from investments	(5)		6		12		(39)
Other income, net	$	(11)	$	(1)	$	—	$	(50)

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Acquisitions and Divestitures

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions and Divestitures

Acquisitions and Divestitures

Acquisitions

2023

On February 16, 2023, we completed the acquisition of Market Scan Information Systems, Inc. (“Market Scan”), a leading provider of automotive pricing and incentive intelligence, including Automotive Payments as a ServiceTM and its powerful payment calculation engine. The addition of Market Scan to Mobility will enable the integration of detailed transaction intelligence in areas that are complementary to existing services for dealers, OEMs, lenders, and other market participants. The acquisition of Market Scan is not material to our consolidated financial statements.

On January 3, 2023, we completed the acquisition of ChartIQ, a premier charting provider for the financial services industry. ChartIQ is a professional grade charting solution that allows users to visualize data with a fully interactive web-based library that works seamlessly across web, mobile and desktop. It provides advanced capabilities including trade visualization, options analytics, technical analysis and more. Additionally, ChartIQ allows clients to visualize vendor-supplied data combined with their own proprietary content, alternative datasets or analytics. The acquisition will be part of our Market Intelligence segment and further enhances our S&P Capital IQ Pro platform, our digital investment solutions provider Markit Digital and other workflow solutions to provide the industry with leading visualization capabilities. The acquisition of ChartIQ is not material to our consolidated financial statements.

On January 4, 2023, we completed the acquisition of TruSight Solutions LLC (“TruSight”) a provider of third-party vendor risk assessments. The acquisition will be integrated into our Market Intelligence segment and further expands the breadth and depth of S&P Global’s third party vendor risk management solutions by offering high-quality validated assessment data to clients designed to reduce further the vendor due diligence burden on service providers to the financial services industry. The acquisition of TruSight is not material to our consolidated financial statements.

2022

Merger with IHS Markit

On February 28, 2022, we completed the merger with IHS Markit. The fair value of the consideration transferred for IHS Markit was approximately $43.5 billion.

Allocation of Purchase Price

The merger with IHS Markit was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”). The allocation of purchase price recorded for IHS Markit is as follows:

(in millions)	February 28, 2022
Assets acquired
Cash and cash equivalents	$	310
Accounts receivable, net	968
Prepaid and other current assets	224
Assets of a business held for sale	1,519
Property and equipment	118
Right of use assets	240
Goodwill	31,456
Other intangible assets	18,620
Equity investments in unconsolidated subsidiaries	1,644
Other non-current assets	54
Total assets acquired	$	55,153
Liabilities assumed
Account payable	$	174
Accrued compensation	90
Short-term debt	968
Unearned revenue	1,053
Other current liabilities	581
Liabilities of a business held for sale	72
Long-term debt	4,191
Lease liabilities - non-current	231
Deferred tax liability - non-current	4,200
Other non-current liabilities	57
Total liabilities assumed	$	11,617
Total consideration transferred	$	43,536

Acquired Identifiable Intangible Assets

The following table sets forth the fair values of the components of the identifiable intangible assets acquired and their useful lives:

(in millions)	Fair Value		Weighted Average Useful Lives
Customer relationships	$	13,596	25 years
Trade names and trademarks	1,469		14 years
Developed technology	1,043		10 years
Databases	2,512		12 years
Total Identified Intangible Assets	$	18,620	21 years

Divestitures

2023

On May 2, 2023, we completed the sale of Engineering Solutions to Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”). We received the full proceeds from the sale of $975 million in cash, subject to purchase price adjustments, which we expect to result in approximately $750 million in after-tax proceeds. The assets and liabilities of Engineering Solutions were classified as held for sale in our consolidated balance

sheet as of December 31, 2022. During the three months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $3 million in selling and general expenses in the consolidated statement of income ($189 million after-tax, net of a release of a deferred tax liability of $101 million) related to the sale of Engineering Solutions. During the six months ended June 30, 2023, we recorded a pre-tax loss of $120 million in Loss (gain) on dispositions and disposition-related costs of $16 million in selling and general expenses in the consolidated statement of income ($182 million after-tax, net of a release of a deferred tax liability of $157 million) related to the sale of Engineering Solutions. Following the sale, the assets and liabilities of Engineering Solutions are no longer reported in our consolidated balance sheet as of June 30, 2023. The transaction follows our announced intent in November of 2022 to divest the business. Engineering Solutions became part of the Company following our merger with IHS Markit.

In the first quarter of 2023, we received a contingent payment following the sale of Leveraged Commentary and Data (“LCD”) along with a related family of leveraged loan indices in June of 2022. The contingent payment was payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. During the six months ended June 30, 2023, the contingent payment resulted in a pre-tax gain of $46 million ($34 million after-tax) related to the sale of LCD in our Market Intelligence segment and $4 million ($3 million after-tax) in Loss (gain) on dispositions related to the sale of a family of leveraged loan indices in our Indices segment.

2022

As a condition of securing regulatory approval for the merger, S&P Global and IHS Markit agreed to divest of certain of their businesses. S&P Global’s divestitures included CUSIP Global Services (“CGS”), its LCD business and a related family of leveraged loan indices while IHS Markit’s divestitures included Oil Price Information Services (“OPIS”); Coal, Metals and Mining; and PetroChem Wire businesses and its Base Chemicals business.

In June of 2022, we completed the previously announced sale of LCD along with a related family of leveraged loan indices, within our Market Intelligence and Indices segments, respectively, to Morningstar for a purchase price of $600 million in cash, subject to customary adjustments, and a contingent payment of up to $50 million which was payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. During the three and six months ended June 30, 2022, we recorded a pre-tax gain of $518 million ($396 million after-tax) for the sale of LCD and $38 million ($31 million after-tax) for the sale of a family of leveraged loan indices in Loss (gain) on dispositions in the consolidated statements of income.

In June of 2022, we completed the previously announced sale of the Base Chemicals business to News Corp for $295 million in cash. We did not recognize a gain on the sale of the Base Chemicals business.

In March of 2022, we completed the previously announced sale of CGS, a business within our Market Intelligence segment, to FactSet Research Systems Inc. for a purchase price of $1.925 billion in cash, subject to customary adjustments. During the six months ended June 30, 2022, we recorded a pre-tax gain of $1.344 billion ($1.006 billion after-tax) in Loss (gain) on dispositions in the consolidated statements of income related to the sale of CGS.

In February of 2022, we completed the previously announced sale of OPIS to News Corp for $1.150 billion in cash. We did not recognize a gain on the sale of OPIS.

Assets and Liabilities Held for Sale

The components of assets and liabilities held for sale in the consolidated balance sheets consist of the following:

(in millions)	June 30,		December 31,
	2023		2022 1
Accounts Receivable, net	$	—	$	88
Goodwill	—		437
Other intangible assets, net	—		697
Other assets	—		76
Assets of a business held for sale	$	—	$	1,298
Accounts payable and accrued expenses	$	—	$	59
Deferred tax liability	—		27
Unearned revenue	—		148
Liabilities of a business held for sale	$	—	$	234

1 Assets and liabilities held for sale as of December 31, 2022 relate to Engineering Solutions.

The operating profit of our businesses that were disposed of for the periods ended June 30 is as follows:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Operating profit 1	$	4	$	16	$	19	$	50

1 The operating profit presented includes the revenue and recurring direct expenses associated with businesses disposed of or held for sale. The three and six months ended June 30, 2023 excludes a pre-tax loss related to the sale of Engineering Solutions of $120 million. The three and six months ended June 30, 2022 excludes a pre-tax gain related to the sale LCD and a related family of leveraged loan indices of $518 million and $38 million, respectively. The six months ended June 30, 2022 also excludes a pre-tax gain related to the sale of CGS of $1.3 billion.

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Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective income tax rate was 31.1% and 23.8% for the three and six months ended June 30, 2023, respectively, and 24.5% and 27.9% for the three and six months ended June 30, 2022, respectively. The higher rate for the three months ended June 30, 2023 was primarily due to the tax charge on divestitures. The higher rate for the six months ended June 30, 2022 was primarily due to the tax charge on merger related divestitures and deal related non-deductible costs.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is continuously subject to tax examinations in various jurisdictions. As of June 30, 2023 and December 31, 2022, the total amount of federal, state and local, and foreign unrecognized tax benefits was $245 million and $223 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of June 30, 2023 and December 31, 2022, we had $47 million and $38 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $20 million in the next twelve months as a result of the resolution of local tax examinations.

For tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act of 2017 (“TCJA”) requires taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code (“IRC”) Section 174. Section 174 requires taxpayers to capitalize research and development costs and amortize them over 5 years for expenditures attributed to domestic research and 15 years for expenditures attributed to foreign research. This provision affects a significant proportion of the

Company for the first time in 2023. The actual impact of Section 174 capitalization and amortization on the income tax payable and deferred tax asset will depend on multiple factors, including the amount of research and development expenses we will incur and whether we conduct our research and development activities inside or outside the United States. Although Congress is considering legislation that would defer, repeal or otherwise modify this capitalization and amortization requirement, the possibility that this will happen is uncertain. If legislation is not passed to defer, repeal, or otherwise modify the capitalization and amortization requirement we expect our cash taxes to be greater than in the prior year.

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Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt 

A summary of short-term and long-term debt outstanding is as follows:

(in millions)	June 30, 2023		December 31, 2022
4.125% Senior Notes, due 2023 1	$	38	$	38
3.625% Senior Notes, due 2024 2	47		48
4.75% Senior Notes, due 2025 3	4		4
4.0% Senior Notes, due 2026 4	3		3
2.95% Senior Notes, due 2027 5	497		496
2.45% Senior Notes, due 2027 6	1,238		1,237
4.75% Senior Notes, due 2028 7	817		823
4.25% Senior Notes, due 2029 8	1,023		1,029
2.5% Senior Notes, due 2029 9	497		497
2.70% Sustainability-Linked Senior Notes, due 2029 10	1,234		1,233
1.25% Senior Notes, due 2030 11	594		594
2.90% Senior Notes, due 2032 12	1,473		1,472
6.55% Senior Notes, due 2037 13	291		290
4.5% Senior Notes, due 2048 14	272		272
3.25% Senior Notes, due 2049 15	590		590
3.70% Senior Notes, due 2052 16	974		974
2.3% Senior Notes, due 2060 17	683		682
3.9% Senior Notes, due 2062 18	486		486
Commercial paper	740		188
Total debt	11,501		10,956
Less: short-term debt including current maturities	825		226
Long-term debt	$	10,676	$	10,730

1     Interest payments are due semiannually on February 1 and August 1.

2     Interest payments are due semiannually on May 1 and November 1.

3     Interest payments are due semiannually on February 15 and August 15.

4     Interest payments are due semiannually on March 1 and September 1.

5    Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2023, the unamortized debt discount and issuance costs total $3 million.

6    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $12 million.

7     Interest payments are due semiannually on February 1 and August 1.

8 Interest payments are due semiannually on May 1 and November 1.

9    Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2023, the unamortized debt discount and issuance costs total $3 million.

10    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $16 million.

11    Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $6 million.

12 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $27 million.

13    Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $2 million.

14    Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $11 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2023, the unamortized debt discount and issuance costs total $10 million.

16    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $26 million.

17    Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $17 million.

18    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $14 million.

The fair value of our total debt borrowings was $9.4 billion and $9.3 billion as of June 30, 2023 and December 31, 2022, respectively, and was estimated based on quoted market prices.

On February 28, 2022, we completed the merger with IHS Markit in an all-stock transaction. In the transaction, we assumed IHS Markit's publicly traded debt, with an outstanding principal balance of $4.6 billion, which was recorded at fair value of $4.9 billion on the acquisition date. The adjustment to fair value of the Senior Notes of approximately $292 million on the acquisition date is being amortized as an adjustment to interest expense over the remaining contractual terms of the Senior Notes.

During the six months ended June 30, 2022, we recognized a $19 million loss on extinguishment of debt which includes a $118 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, offset by a $99 million non-cash write-off related to the fair market value step up premium on extinguished debt.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on April 26, 2026. As of June 30, 2023 and December 31, 2022, respectively, there was $740 million and $188 million of commercial paper outstanding.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant required is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.

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Derivative Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative InstrumentsOur exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2023 and December 31, 2022, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates and cross currency swap contracts to hedge a portion of our net investment in a foreign subsidiary against volatility in foreign exchange rates. As of June 30, 2023 and December 31, 2022, we entered into a series of interest rate swaps to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing. These contracts are recorded at fair value that is based on foreign currency exchange rates and interest rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes.

Undesignated Derivative Instruments

During the six months ended June 30, 2023 and twelve months ended December 31, 2022, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets. These forward contracts do not qualify for hedge accounting. As of June 30, 2023 and December 31, 2022, the aggregate notional value of these outstanding forward contracts was $2.0 billion and $1.8 billion, respectively. The changes in fair value of these forward contracts are recorded in prepaid and other current assets or other current liabilities in the consolidated balance sheets with their corresponding change in fair value recognized in selling and general expenses in the consolidated statements of income. The amount recorded in prepaid and other current assets as of June 30, 2023 and December 31, 2022 was $21 million and $5 million, respectively. The amount recorded in other current liabilities as of June 30, 2023 and December 31, 2022 was $1 million and $37 million, respectively. The amount recorded in selling and general expense related to these contracts was a net gain of $29 million and $58 million for three and six months ended June 30, 2023, respectively, and a net loss of $49 million and $69 million for three and six months ended June 30, 2022, respectively.

Net Investment Hedges

As of June 30, 2023 and December 31, 2022, we held cross currency swaps to hedge a portion of our net investment in one of our European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. These swaps are designated and qualify as a hedge of a net investment in a foreign subsidiary and are scheduled to mature in 2024, 2029 and 2030. As of June 30, 2023 and December 31, 2022, the notional value of our outstanding cross currency swaps designated as a net investment hedge was $1 billion. The changes in the fair value of these swaps are recognized in foreign currency translation adjustments, a component of other comprehensive income (loss), and reported in accumulated other comprehensive loss in our consolidated balance sheet. The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. We have elected to assess the effectiveness of our net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to the cross currency swaps recognized directly in net income for the three and six months ended June 30, 2023 represent net periodic interest settlements and accruals, which are recognized in interest expense, net. We recognized net interest income of $6 million and $12 million for the three and six months ended June 30, 2023 and net interest expense of $8 million and $18 million for the three and six months ended June 30, 2022, respectively.

Cash Flow Hedges

Foreign Exchange Forward Contracts

During the six months ended June 30, 2023 and the twelve months ended December 31, 2022, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the second quarter of 2025 and the fourth quarter of 2024, respectively. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twenty-four months. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of June 30, 2023, we estimate that $7 million of pre-tax gain related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.

As of June 30, 2023 and December 31, 2022, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $443 million and $529 million, respectively.

Interest Rate Swaps

As of June 30, 2023 and December 31, 2022, we held positions in a series of interest rate swaps. These contracts are intended to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing and are scheduled to mature beginning in the first quarter of 2027. These interest rate swaps are designated as cash flow hedges. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and will be subsequently reclassified into interest expense, net in the same period that the hedged transaction affects earnings.

As of June 30, 2023 and December 31,2022, the aggregate notional value of our outstanding interest rate swaps designated as cash flow hedges was $1.4 billion.

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2023 and December 31, 2022:

(in millions)		June 30,		December 31,
Balance Sheet Location		2023		2022
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	10	$	3
Other current liabilities	Foreign exchange forward contracts	$	1	$	7
Other non-current assets	Interest rate swap contracts	$	134	$	145
Derivatives designated as net investment hedges:
Other non-current assets	Cross currency swaps	$	54	$	84

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30:

Three Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)				Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2023		2022			2023		2022
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	4	$	(12)	Revenue, Selling and general expenses	$	2	$	(1)
Interest rate swap contracts	$	25	$	135	Interest expense, net	$	(1)	$	(1)
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	(22)	$	80	Interest expense, net	$	(1)	$	(1)

Six Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)				Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2023		2022			2023		2022
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	9	$	(18)	Revenue, Selling and general expenses	$	3	$	1
Interest rate swap contracts	$	(9)	$	248	Interest expense, net	$	(2)	$	(2)
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	(31)	$	106	Interest expense, net	$	(2)	$	(2)

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	$	4	$	1	$	—	$	6
Change in fair value, net of tax	5		(11)		10		(14)
Reclassification into earnings, net of tax	(2)		1		(3)		(1)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	7	$	(9)	$	7	$	(9)
Interest rate swap contracts
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period	$	23	$	(118)	$	48	$	(203)
Change in fair value, net of tax	17		101		(9)		185
Reclassification into earnings, net of tax	1		1		2		2
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	41	$	(16)	$	41	$	(16)
Net Investment Hedges
Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period	$	49	$	(2)	$	56	$	(17)
Change in fair value, net of tax	(18)		63		(26)		77
Reclassification into earnings, net of tax	1		1		2		2
Net unrealized gains on net investment hedges, net of taxes, end of period	$	32	$	62	$	32	$	62

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Employee Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Benefits

Employee Benefits

We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We also have supplemental benefit plans providing senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts.

We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income.

The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: 

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Service cost	$	1	$	1	$	1	$	1
Interest cost	19		12		37		25
Expected return on assets	(25)		(22)		(50)		(44)
Amortization of prior service credit / actuarial loss	—		3		1		6
Net periodic benefit cost	$	(5)	$	(6)	$	(11)	$	(12)

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and six months ended June 30, 2023 and 2022.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans and our expected return on assets assumption for our retirement plans which became effective on January 1, 2023. The effect of the assumption changes on retirement and postretirement expense for the three and six months ended June 30, 2023 did not have a material impact to our financial position, results of operations or cash flows.

In the first six months of 2023, we contributed $5 million to our retirement plans and expect to make additional required contributions of approximately $5 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in the second half of 2023.

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Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based CompensationWe issue stock-based incentive awards to our eligible employees under the 2019 Employee Stock Incentive Plan and to our eligible non-employee members of the Board of Directors under a Director Deferred Stock Ownership Plan. Total stock-based compensation expense related to restricted stock and other stock-based awards was $97 million for the six months ended June 30, 2023 and $143 million for the six months ended June 30, 2022. Stock-based compensation expense for the six months ended June 30, 2022 primarily related to the early vesting of IHS Markit equity awards as a result of employee terminations and restructuring efforts. During the six months ended June 30, 2023, the Company granted 0.5 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $350.42 per share. Total unrecognized compensation expense related to unvested equity awards as of June 30, 2023 was $235 million, which is expected to be recognized over a weighted average period of 1.7 years.

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Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

Equity

Dividends

On January 25, 2023, the Board of Directors approved an increase in the dividends for 2023 to a quarterly common stock dividend of $0.90 per share.

Stock Repurchases

On June 22, 2022, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2022 Repurchase Program”), which was approximately 9% of the total shares of our outstanding common stock at that time. On January 29, 2020, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2020 Repurchase Program”), which was approximately 12% of the total shares of our outstanding common stock at that time.

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of June 30, 2023, 22.9 million shares remained available under the 2022 Repurchase Program and the 2020 repurchase program was complete. Our 2022 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

We enter into accelerated share repurchase (“ASR”) agreements with financial institutions to initiate share repurchases of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares. This initial delivery of shares represents the minimum number of shares that we may receive under the agreement. Upon settlement of the ASR agreement, the financial institution delivers additional shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount. We account for our ASR agreements as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreements resulted in a reduction of outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The repurchased shares are held in Treasury. The forward stock purchase contracts were classified as equity instruments.

The terms of each ASR agreement entered into during the six months ended June 30, 2023 and 2022, structured as outlined above, are as follows:

(in millions, except average price paid per share)
ASR Agreement Initiation Date	Initial Shares Delivered	Additional Shares Delivered	Total Number of Shares Purchased	Average Price Paid Per Share		Total Cash Utilized
May 8, 2023 1	2.5	—	2.5	$	—	$	1,000
February 13, 2023 2	1.1	0.3	1.4	$	341.95	$	500
May 13, 2022 3	3.8	0.6	4.4	$	343.85	$	1,500
March 1, 2022 4	15.2	4.1	19.3	$	362.03	$	7,000

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and initially received shares valued at 87.5% of the $1 billion at a price equal to the market price of the Company's common stock on May 8, 2023 when the Company received an initial delivery of 2.5 million shares from the ASR program. The final settlement of the transaction under the ASR is expected to be completed no later than the third quarter of 2023. The ASR agreement was executed under our 2022 Repurchase Program.

2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company's common stock on February 13, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program. We completed the ASR agreement on May 5, 2023 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.5 billion and initially received shares valued at 85% of the $1.5 billion at a price equal to the market price of the Company's common stock on May 13, 2022 when the Company received an initial delivery of 3.8 million shares from the ASR program. We completed the ASR agreement on August 2, 2022 and received an additional 0.6 million shares. The ASR agreement was executed under our 2020 Repurchase Program.

4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $7 billion and initially received shares valued at 85% of the $7 billion at a price equal to the then market price of the Company's common stock on March 1, 2022 when the company received an initial delivery of 15.2 million shares from the ASR program. We completed the ASR agreement on August 9, 2022 and received an additional 4.1 million shares. The ASR agreement was executed under our 2020 Repurchase Program.

During the six months ended June 30, 2023, we received 4.3 million shares, including 0.4 million shares received in February of 2023 related to our December 2, 2022 ASR agreement. During the six months ended June 30, 2023, we purchased a total of 3.9 million shares for $1.5 billion of cash. During the six months ended June 30, 2022, we purchased a total of 19.0 million shares for $8.5 billion of cash.

Redeemable Noncontrolling Interests

The agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC (“CGIS”) has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group's and CGIS' minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interest” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using

both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 fair value measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.

Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interest during the six months ended June 30, 2023 were as follows:

(in millions)
Balance as of December 31, 2022	$	3,267
Net income attributable to redeemable noncontrolling interest	119
Distributions payable to redeemable noncontrolling interest	(121)
Redemption value adjustment	237
Other 1	8
Balance as of June 30, 2023	$	3,510

1 Relates to foreign currency translation adjustments.

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2023:

(in millions)	Foreign Currency Translation Adjustments			Pension and Postretirement Benefit Plans			Unrealized Gain (Loss) on Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2022	$	(582)		$	(349)		$	45		$	(886)
Other comprehensive income (loss) before reclassifications	81		1	(10)			—			71
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			2		2	—		3	2
Net other comprehensive income (loss)	81			(8)			—			73
Balance as of June 30, 2023	$	(501)		$	(357)		$	45		$	(813)

1Includes an unrealized gain related to our cross currency swaps. See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.

2Reflects amortization of net actuarial losses and is net of a tax benefit of less than $1 million for the six months ended June 30, 2023. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.

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Earnings Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareBasic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options and restricted performance shares calculated using the treasury stock method.

The calculation of basic and diluted EPS for the periods ended June 30 is as follows:

(in millions, except per share amounts)	Three Months				Six Months
	2023		2022		2023		2022
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$	511	$	972	$	1,305	$	2,207
Basic weighted-average number of common shares outstanding	319.3		338.0		320.3		306.8
Effect of stock options and other dilutive securities	0.5		1.3		0.6		1.2
Diluted weighted-average number of common shares outstanding	319.8		339.3		320.9		308.0
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.60	$	2.87	$	4.08	$	7.19
Diluted	$	1.60	$	2.86	$	4.07	$	7.17

We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three and six months ended June 30, 2023 and 2022, there were no stock options excluded. Restricted performance shares outstanding of 0.8 million and 0.6 million as of June 30, 2023 and 2022, respectively, were excluded.

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Restructuring

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2023 and 2022 restructuring plan consisted of a company-wide workforce reduction of approximately 290 and 1,440 positions, respectively, and is further detailed below. The charges for the restructuring plans are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of June 30, 2023 by segment is as follows:

	2023 Restructuring Plan				2022 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Market Intelligence	$	21	$	19	$	86	$	26
Ratings	5		4		26		7
Commodity Insights	15		15		45		11
Mobility	4		3		2		1
Indices	3		3		13		5
Engineering Solutions	—		—		2		1
Corporate	14		12		109		22
Total	$	62	$	56	$	283	$	73

We recorded a pre-tax restructuring charge of $62 million primarily related to employee severance charges for the 2023 restructuring plan during the six months ended June 30, 2023 and have reduced the reserve by $6 million.

The ending reserve balance for the 2022 restructuring plan was $164 million as of December 31, 2022. For the six months ended June 30, 2023, we have reduced the reserve for the 2022 restructuring plan by $91 million. The ending reserve balance for the 2021 restructuring plan was $2 million and $10 million as of June 30, 2023 and December 31, 2022, respectively. The reductions primarily related to cash payments for employee severance charges.

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Segment and Related Information

6 Months Ended

Jun. 30, 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 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. As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

A summary of operating results for the periods ended June 30 is as follows: 

Revenue	Three Months				Six Months
(in millions)	2023		2022		2023		2022
Market Intelligence	$	1,079	$	1,030	$	2,150	$	1,758
Ratings	851		796		1,675		1,663
Commodity Insights	462		438		970		801
Mobility	369		337		727		452
Indices	348		339		689		661
Engineering Solutions	33		96		133		129
Intersegment elimination 1	(41)		(43)		(83)		(81)
Total revenue	$	3,101	$	2,993	$	6,261	$	5,383

Operating Profit	Three Months				Six Months
(in millions)	2023		2022		2023		2022
Market Intelligence 2	$	176	$	702	$	404	$	2,191
Ratings 3	486		464		962		976
Commodity Insights 4	156		141		343		299
Mobility 5	68		58		133		76
Indices 6	226		270		464		493
Engineering Solutions 7	4		1		19		2
Total reportable segments	1,116		1,636		2,325		4,037
Corporate Unallocated expense 8	(216)		(165)		(294)		(678)
Equity in Income on Unconsolidated Subsidiaries 9	11		11		25		15
Total operating profit	$	911	$	1,482	$	2,056	$	3,374

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, 2023 includes employee severance charges of $16 million and $22 million, respectively, IHS Markit merger costs of $12 million and $25 million, respectively, and an asset impairment of $5 million. Operating profit for the six months ended June 30, 2023 includes a gain on dispositions of $46 million. Operating profit for the three and six months ended June 30, 2022 includes a 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $140 million and $133 million for the three months ended June 30, 2023 and 2022, respectively, and $281 million and $197 million for the six months ended June 30, 2023 and 2022, respectively.

3 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $4 million and $5 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $7 million and $12 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2023 and 2022, and $4 million and $3 million for the six months ended June 30, 2023 and 2022, respectively.

4 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $14 million and $15 million, respectively, and IHS Markit merger costs of $8 million and $20 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance costs of $17 million and $24 million, respectively, and IHS Markit merger costs of $4 million and $6 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million and $32 million for the three months ended June 30, 2023 and 2022, respectively, and $66 million and $45 million for the six months ended June 30, 2023 and 2022, respectively.

5 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $3 million and $4 million, respectively, and acquisition-related costs of $1 million. Operating profit for the six months ended June 30, 2023 includes IHS Markit merger costs of $1 million. 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 charges of $2 million and IHS Markit merger costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million and $77 million for the three months ended June 30, 2023 and 2022, respectively, and $150 million and $101 million for the six months ended June 30, 2023 and 2022, respectively.

6 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $2 million and $3 million, respectively, and IHS Markit merger costs of $1 million and $2 million, respectively. Operating profit for the six months ended June 30, 2023 includes a gain on disposition of $4 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended June 30, 2023 and 2022 and $18 million and $13 million for the six months ended June 30, 2023 and 2022, respectively.

7 As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $1 million and $2 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $15 million for the three months ended June 30, 2022 and $1 million and $19 million for the six months ended June 30, 2023 and 2022, respectively.

8 Corporate Unallocated expense for the three and six months ended June 30, 2023 includes a loss on disposition of $120 million, IHS Markit merger costs of $30 million and $66 million, respectively, lease impairments of $15 million, employee severance charges of $12 million and $14 million, respectively, disposition-related costs of $3 million and $16 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. 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. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2023 and $2 million and $1 million for the six months ended June 30, 2023 and 2022, respectively.

9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million for the three months ended June 30, 2023 and 2022 and $28 million for the six months ended June 30, 2023 and 2022.

The following table presents our revenue disaggregated by revenue type for the periods ended June 30:

(in millions)		Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Three Months Ended June 30, 2023
Subscription		$	910	$	—	$	420	$	292	$	70	$	31	$	—	$	1,723
Non-subscription / Transaction		39		383		24		77		—		2		—		525
Non-transaction		—		468		—		—		—		—		(41)		427
Asset-linked fees		—		—		—		—		211		—		—		211
Sales usage-based royalties		—		—		18		—		67		—		—		85
Recurring variable revenue		130		—		—		—		—		—				130
Total revenue		$	1,079	$	851	$	462	$	369	$	348	$	33	$	(41)	$	3,101
Timing of revenue recognition
Services transferred at a point in time		$	39	$	383	$	24	$	77	$	—	$	2	$	—	$	525
Services transferred over time		1,040		468		438		292		348		31		(41)		2,576
Total revenue		$	1,079	$	851	$	462	$	369	$	348	$	33	$	(41)	$	3,101

(in millions)		Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Six Months Ended June 30, 2023
Subscription		$	1,800	$	—	$	829	$	573	$	136	$	125	$	—	$	3,463
Non-subscription / Transaction		95		761		104		154		—		8		—		1,122
Non-transaction		—		914		—		—		—		—		(83)		831
Asset-linked fees		—		—		—		—		420		—		—		420
Sales usage-based royalties		—		—		37		—		133		—		—		170
Recurring variable revenue		255		—		—		—		—		—		—		255
Total revenue		$	2,150	$	1,675	$	970	$	727	$	689	$	133	$	(83)	$	6,261
Timing of revenue recognition
Services transferred at a point in time		$	95	$	761	$	104	$	154	$	—	$	8	$	—	$	1,122
Services transferred over time		2,055		914		866		573		689		125		(83)		5,139
Total revenue		$	2,150	$	1,675	$	970	$	727	$	689	$	133	$	(83)	$	6,261

(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Three Months Ended June 30, 2022
Subscription	$	867	$	—	$	397	$	264	$	68	$	89	$	—	$	1,685
Non-subscription / Transaction	42		344		26		73		—		7		—		492
Non-transaction	—		452		—		—		—		—		(43)		409
Asset-linked fees	—		—		—		—		214		—		—		214
Sales usage-based royalties	—		—		15		—		57		—		—		72
Recurring variable revenue	121		—		—				—				—		121
Total revenue	$	1,030	$	796	$	438	$	337	$	339	$	96	$	(43)	$	2,993
Timing of revenue recognition
Services transferred at a point in time	$	42	$	344	$	26	$	73	$	—	$	7	$	—	$	492
Services transferred over time	988		452		412		264		339		89		(43)		2,501
Total revenue	$	1,030	$	796	$	438	$	337	$	339	$	96	$	(43)	$	2,993

(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Six Months Ended June 30, 2022
Subscription	$	1,526	$	—	$	694	$	350	$	121	$	119	$	—	$	2,810
Non-subscription / Transaction	71		747		74		102		—		10		—		1,004
Non-transaction	—		916		—		—		—		—		(81)		835
Asset-linked fees	—		—		—		—		433		—		—		433
Sales usage-based royalties	—		—		33		—		107		—		—		140
Recurring variable revenue	161		—		—		—		—		—		—		161
Total revenue	$	1,758	$	1,663	$	801	$	452	$	661	$	129	$	(81)	$	5,383
Timing of revenue recognition
Services transferred at a point in time	$	71	$	747	$	74	$	102	$	—	$	10	$	—	$	1,004
Services transferred over time	1,687		916		727		350		661		119		(81)		4,379
Total revenue	$	1,758	$	1,663	$	801	$	452	$	661	$	129	$	(81)	$	5,383

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 periods ended June 30:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
U.S.	$	1,865	$	1,782	$	3,791	$	3,208
European region	703		699		1,414		1,266
Asia	342		326		679		590
Rest of the world	191		186		377		319
Total	$	3,101	$	2,993	$	6,261	$	5,383

See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Leases

We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 10 years, some of which include options to extend the leases for up to 15 years, and some of which include options to terminate the leases within 1 year. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

During the three and six months ended June 30, 2023 we a recorded pre-tax impairment charge of $5 million and $11 million related to the impairment and abandonment of operating lease related ROU assets. During the three and six months ended June 30, 2022 we a recorded pre-tax impairment charge of $20 million and $25 million, respectively, related to the impairment and abandonment of operating lease related ROU assets.The pre-tax impairment charge recorded during the three months ended

June 30, 2022 is primarily associated with consolidating our real estate facilities following the merger with IHS Markit. The impairment charges are included in selling and general expenses within the consolidated statements of income.

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of June 30, 2023 and December 31, 2022:

(in millions)		June 30,		December 31,
Balance Sheet Location		2023		2022
Assets
Right of use assets	Lease right of use assets	$	401	$	423
Liabilities
Other current liabilities	Current lease liabilities	115		118
Lease liabilities — non-current	Non-current lease liabilities	547		577

The components of lease expense for the periods ended June 30 are as follows: 

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Operating lease cost	$	36	$	39	$	66	$	71
Sublease income	(5)		(1)		(9)		(2)
Total lease cost	$	31	$	38	$	57	$	69

Supplemental information related to leases for the periods ended June 30 are as follows:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows for operating leases	$	38	$	43	$	77	$	81
Right of use assets obtained in exchange for lease obligations
Operating leases	—		4		—		4

Weighted-average remaining lease term and discount rate for our operating leases are as follows:

	June 30,		December 31,
	2023		2022
Weighted-average remaining lease term (years)	6.4		6.6
Weighted-average discount rate	3.20	%	3.17	%

Maturities of lease liabilities for our operating leases are as follows:

(in millions)
2023 (Excluding the six months ended June 30, 2023)	$	72
2024	122
2025	106
2026	93
2027	86
2028 and beyond	269
Total undiscounted lease payments	$	748
Less: Imputed interest	86
Present value of lease liabilities	$	662

Related Party Agreements

In June of 2012, we entered into a license agreement (the “License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, replacing the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the three and six months ended June 30, 2023, S&P Dow Jones Indices LLC earned $45 million and $89 million, respectively, of revenue under the terms of the License Agreement. During the three and six months ended June 30, 2022, S&P Dow Jones Indices LLC earned $46 million and $87 million, respectively, of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

Contractual Obligations

We typically have various contractual obligations, which are recorded as liabilities in our consolidated balance sheets, while other items, such as certain purchase commitments and other executory contracts, are not recognized. For example, we are contractually committed to contracts for information-technology outsourcing, certain enterprise-wide information-technology software licensing and maintenance. In the first quarter of 2023, S&P Global and Amazon Web Services (“AWS”) entered into a multi-year strategic collaboration agreement with a purchase obligation of $1.0 billion, before incremental credits, over a five-year period. With AWS as its preferred cloud provider, S&P Global will enhance its cloud infrastructure, accelerate business growth, engineer new innovations for key industry segments, and help their customers navigate rapidly changing market conditions.

Legal and Regulatory Matters

In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often subjected to government and regulatory proceedings, investigations and inquiries.

A class action lawsuit was filed in Australia on August 7, 2020 against the Company and a subsidiary of the Company. A separate lawsuit was filed against the Company and a subsidiary of the Company in Australia on February 2, 2021 by two entities within the Basis Capital investment group. The lawsuits both relate to alleged investment losses in collateralized debt obligations rated by Ratings prior to the financial crisis. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve these matters on terms deemed acceptable.

From time to time, the Company receives customer complaints. The Company believes it has strong contractual protections in the terms and conditions included in its arrangements with customers. Nonetheless, in the interest of managing customer relationships, the Company from time to time engages in dialogue with such customers in an effort to resolve such complaints, and if such complaints cannot be resolved through dialogue, may face litigation regarding such complaints. The Company does not expect to incur material losses as a result of these matters.

Moreover, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to ratings activities, antitrust matters and other matters, such as ESG. For example, as a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Exchange Act, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global seeks to promptly address any compliance issues that it detects or that the staff of the SEC or another regulator raises, there can be no assurance that the SEC or another regulator will not seek remedies against S&P Global for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

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Recently Issued or Adopted Accounting Standards	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting StandardsIn March of 2023, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that requires all entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. The guidance is effective for reporting periods beginning after December 15, 2023, however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements. In March of 2020, the FASB issued accounting guidance to provide temporary optional expedients and exceptions to the current contract modifications and hedge accounting guidance in light of the expected market transition from London Interbank Offered Rate (“LIBOR”) to alternative rates. The new guidance provides optional expedients and exceptions to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include (1) contract modifications, (2) hedging relationships, and (3) sale or transfer of debt securities classified as held-to-maturity. In December of 2022, the FASB amended its guidance to defer the sunset date from December 31, 2022 to December 31, 2024. The Company may elect to adopt the amendments prospectively to transactions existing as of or entered into from the date of adoption through December 31, 2024. We do not expect this guidance to have a significant impact on our consolidated financial statements.

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 511	$ 972	$ 1,305	$ 2,207

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Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On May 4, 2023, Ewout Steenbergen, Executive Vice President and Chief Financial Officer, adopted a pre-arranged stock trading plan for the sale of up to 23,502 shares of the Company’s common stock. Mr. Steenbergen’s plan will terminate on the earlier of (i) December 15, 2023 and (ii) the date on which all sales contemplated under the plan have been executed.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ewout Steenbergen [Member]
Trading Arrangements, by Individual
Name	Ewout Steenbergen
Title	Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 4, 2023
Arrangement Duration	225 days
Aggregate Available	23,502	23,502

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Nature of Operations and Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature Of Operations

S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) is a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity, automotive and engineering markets.

Our operations consist of six reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Commodity Insights (“Commodity Insights”), S&P Global Mobility (“Mobility”), S&P Dow Jones Indices (“Indices” ) and S&P Global Engineering Solutions (“Engineering Solutions”).

•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

•Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

•Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets.

•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

•Engineering Solutions is a leading provider of engineering standards and related technical knowledge. As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

Basis of Presentation

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2022 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the full year.

Use of Estimates

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests.

Revenue from Contract with Customer

Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2023 and December 31, 2022, contract assets were $97 million and $60 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance at June 30, 2023 compared to December 31, 2022 is primarily driven by cash payments received in advance of satisfying our performance obligations, partially offset by $2.0 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $4.0 billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $194 million and $175 million as of June 30, 2023 and December 31, 2022, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period is one year or less. These costs are recorded within selling and general expenses.

Recently Issued or Adopted Accounting Standards

In March of 2020, the FASB issued accounting guidance to provide temporary optional expedients and exceptions to the current contract modifications and hedge accounting guidance in light of the expected market transition from London Interbank Offered Rate (“LIBOR”) to alternative rates. The new guidance provides optional expedients and exceptions to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include (1) contract modifications, (2) hedging relationships, and (3) sale or transfer of debt securities classified as held-to-maturity. In December of 2022, the FASB amended its guidance to defer the sunset date from December 31, 2022 to December 31, 2024. The Company may elect to adopt the amendments prospectively to transactions existing as of or entered into from the date of adoption through December 31, 2024. We do not expect this guidance to have a significant impact on our consolidated financial statements.

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Nature of Operations and Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Components of Other Income, Net

The components of other income, net for the periods ended June 30 are as follows:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Other components of net periodic benefit cost	$	(6)	$	(7)	$	(12)	$	(11)
Net (gain) loss from investments	(5)		6		12		(39)
Other income, net	$	(11)	$	(1)	$	—	$	(50)

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Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The allocation of purchase price recorded for IHS Markit is as follows:

(in millions)	February 28, 2022
Assets acquired
Cash and cash equivalents	$	310
Accounts receivable, net	968
Prepaid and other current assets	224
Assets of a business held for sale	1,519
Property and equipment	118
Right of use assets	240
Goodwill	31,456
Other intangible assets	18,620
Equity investments in unconsolidated subsidiaries	1,644
Other non-current assets	54
Total assets acquired	$	55,153
Liabilities assumed
Account payable	$	174
Accrued compensation	90
Short-term debt	968
Unearned revenue	1,053
Other current liabilities	581
Liabilities of a business held for sale	72
Long-term debt	4,191
Lease liabilities - non-current	231
Deferred tax liability - non-current	4,200
Other non-current liabilities	57
Total liabilities assumed	$	11,617
Total consideration transferred	$	43,536

Schedule of Finite-Lived Intangible Assets

The following table sets forth the fair values of the components of the identifiable intangible assets acquired and their useful lives:

(in millions)	Fair Value		Weighted Average Useful Lives
Customer relationships	$	13,596	25 years
Trade names and trademarks	1,469		14 years
Developed technology	1,043		10 years
Databases	2,512		12 years
Total Identified Intangible Assets	$	18,620	21 years

Schedule of Key Components of Assets and Liabilities Held for Sale

The components of assets and liabilities held for sale in the consolidated balance sheets consist of the following:

(in millions)	June 30,		December 31,
	2023		2022 1
Accounts Receivable, net	$	—	$	88
Goodwill	—		437
Other intangible assets, net	—		697
Other assets	—		76
Assets of a business held for sale	$	—	$	1,298
Accounts payable and accrued expenses	$	—	$	59
Deferred tax liability	—		27
Unearned revenue	—		148
Liabilities of a business held for sale	$	—	$	234

1 Assets and liabilities held for sale as of December 31, 2022 relate to Engineering Solutions.

The operating profit of our businesses that were disposed of for the periods ended June 30 is as follows:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Operating profit 1	$	4	$	16	$	19	$	50

1 The operating profit presented includes the revenue and recurring direct expenses associated with businesses disposed of or held for sale. The three and six months ended June 30, 2023 excludes a pre-tax loss related to the sale of Engineering Solutions of $120 million. The three and six months ended June 30, 2022 excludes a pre-tax gain related to the sale LCD and a related family of leveraged loan indices of $518 million and $38 million, respectively. The six months ended June 30, 2022 also excludes a pre-tax gain related to the sale of CGS of $1.3 billion.

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Short-term and Long-term Debt Outstanding

A summary of short-term and long-term debt outstanding is as follows:

(in millions)	June 30, 2023		December 31, 2022
4.125% Senior Notes, due 2023 1	$	38	$	38
3.625% Senior Notes, due 2024 2	47		48
4.75% Senior Notes, due 2025 3	4		4
4.0% Senior Notes, due 2026 4	3		3
2.95% Senior Notes, due 2027 5	497		496
2.45% Senior Notes, due 2027 6	1,238		1,237
4.75% Senior Notes, due 2028 7	817		823
4.25% Senior Notes, due 2029 8	1,023		1,029
2.5% Senior Notes, due 2029 9	497		497
2.70% Sustainability-Linked Senior Notes, due 2029 10	1,234		1,233
1.25% Senior Notes, due 2030 11	594		594
2.90% Senior Notes, due 2032 12	1,473		1,472
6.55% Senior Notes, due 2037 13	291		290
4.5% Senior Notes, due 2048 14	272		272
3.25% Senior Notes, due 2049 15	590		590
3.70% Senior Notes, due 2052 16	974		974
2.3% Senior Notes, due 2060 17	683		682
3.9% Senior Notes, due 2062 18	486		486
Commercial paper	740		188
Total debt	11,501		10,956
Less: short-term debt including current maturities	825		226
Long-term debt	$	10,676	$	10,730

1     Interest payments are due semiannually on February 1 and August 1.

2     Interest payments are due semiannually on May 1 and November 1.

3     Interest payments are due semiannually on February 15 and August 15.

4     Interest payments are due semiannually on March 1 and September 1.

5    Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2023, the unamortized debt discount and issuance costs total $3 million.

6    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $12 million.

7     Interest payments are due semiannually on February 1 and August 1.

8 Interest payments are due semiannually on May 1 and November 1.

9    Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2023, the unamortized debt discount and issuance costs total $3 million.

10    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $16 million.

11    Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $6 million.

12 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $27 million.

13    Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $2 million.

14    Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $11 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2023, the unamortized debt discount and issuance costs total $10 million.

16    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $26 million.

17    Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2023, the unamortized debt discount and issuance costs total $17 million.

18    Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2023, the unamortized debt discount and issuance costs total $14 million.

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Location and Fair Value Amounts of Cash Flow Hedges

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2023 and December 31, 2022:

(in millions)		June 30,		December 31,
Balance Sheet Location		2023		2022
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	10	$	3
Other current liabilities	Foreign exchange forward contracts	$	1	$	7
Other non-current assets	Interest rate swap contracts	$	134	$	145
Derivatives designated as net investment hedges:
Other non-current assets	Cross currency swaps	$	54	$	84

Schedule of Pre-tax Gains (Losses) on Cash Flow Hedges

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30:

Three Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)				Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2023		2022			2023		2022
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	4	$	(12)	Revenue, Selling and general expenses	$	2	$	(1)
Interest rate swap contracts	$	25	$	135	Interest expense, net	$	(1)	$	(1)
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	(22)	$	80	Interest expense, net	$	(1)	$	(1)

Six Months

(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)				Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2023		2022			2023		2022
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	9	$	(18)	Revenue, Selling and general expenses	$	3	$	1
Interest rate swap contracts	$	(9)	$	248	Interest expense, net	$	(2)	$	(2)
Net investment hedges - designated as hedging instruments
Cross currency swaps	$	(31)	$	106	Interest expense, net	$	(2)	$	(2)

Schedule of Cash Flow Hedges included in AOCI

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	$	4	$	1	$	—	$	6
Change in fair value, net of tax	5		(11)		10		(14)
Reclassification into earnings, net of tax	(2)		1		(3)		(1)
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	7	$	(9)	$	7	$	(9)
Interest rate swap contracts
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period	$	23	$	(118)	$	48	$	(203)
Change in fair value, net of tax	17		101		(9)		185
Reclassification into earnings, net of tax	1		1		2		2
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period	$	41	$	(16)	$	41	$	(16)
Net Investment Hedges
Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period	$	49	$	(2)	$	56	$	(17)
Change in fair value, net of tax	(18)		63		(26)		77
Reclassification into earnings, net of tax	1		1		2		2
Net unrealized gains on net investment hedges, net of taxes, end of period	$	32	$	62	$	32	$	62

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Employee Benefits (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: 

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Service cost	$	1	$	1	$	1	$	1
Interest cost	19		12		37		25
Expected return on assets	(25)		(22)		(50)		(44)
Amortization of prior service credit / actuarial loss	—		3		1		6
Net periodic benefit cost	$	(5)	$	(6)	$	(11)	$	(12)

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Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Accelerated Share Repurchase Agreements

The terms of each ASR agreement entered into during the six months ended June 30, 2023 and 2022, structured as outlined above, are as follows:

(in millions, except average price paid per share)
ASR Agreement Initiation Date	Initial Shares Delivered	Additional Shares Delivered	Total Number of Shares Purchased	Average Price Paid Per Share		Total Cash Utilized
May 8, 2023 1	2.5	—	2.5	$	—	$	1,000
February 13, 2023 2	1.1	0.3	1.4	$	341.95	$	500
May 13, 2022 3	3.8	0.6	4.4	$	343.85	$	1,500
March 1, 2022 4	15.2	4.1	19.3	$	362.03	$	7,000

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and initially received shares valued at 87.5% of the $1 billion at a price equal to the market price of the Company's common stock on May 8, 2023 when the Company received an initial delivery of 2.5 million shares from the ASR program. The final settlement of the transaction under the ASR is expected to be completed no later than the third quarter of 2023. The ASR agreement was executed under our 2022 Repurchase Program.

2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company's common stock on February 13, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program. We completed the ASR agreement on May 5, 2023 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.5 billion and initially received shares valued at 85% of the $1.5 billion at a price equal to the market price of the Company's common stock on May 13, 2022 when the Company received an initial delivery of 3.8 million shares from the ASR program. We completed the ASR agreement on August 2, 2022 and received an additional 0.6 million shares. The ASR agreement was executed under our 2020 Repurchase Program.

4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $7 billion and initially received shares valued at 85% of the $7 billion at a price equal to the then market price of the Company's common stock on March 1, 2022 when the company received an initial delivery of 15.2 million shares from the ASR program. We completed the ASR agreement on August 9, 2022 and received an additional 4.1 million shares. The ASR agreement was executed under our 2020 Repurchase Program.

Schedule of Redeemable Noncontrolling Interest Rollforward

Changes to redeemable noncontrolling interest during the six months ended June 30, 2023 were as follows:

(in millions)
Balance as of December 31, 2022	$	3,267
Net income attributable to redeemable noncontrolling interest	119
Distributions payable to redeemable noncontrolling interest	(121)
Redemption value adjustment	237
Other 1	8
Balance as of June 30, 2023	$	3,510

1 Relates to foreign currency translation adjustments.

Schedule of Changes in the Components of Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2023:

(in millions)	Foreign Currency Translation Adjustments			Pension and Postretirement Benefit Plans			Unrealized Gain (Loss) on Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2022	$	(582)		$	(349)		$	45		$	(886)
Other comprehensive income (loss) before reclassifications	81		1	(10)			—			71
Reclassifications from accumulated other comprehensive income (loss) to net earnings	—			2		2	—		3	2
Net other comprehensive income (loss)	81			(8)			—			73
Balance as of June 30, 2023	$	(501)		$	(357)		$	45		$	(813)

1Includes an unrealized gain related to our cross currency swaps. See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.

2Reflects amortization of net actuarial losses and is net of a tax benefit of less than $1 million for the six months ended June 30, 2023. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Calculation for Basic and Diluted Earnings per Share

The calculation of basic and diluted EPS for the periods ended June 30 is as follows:

(in millions, except per share amounts)	Three Months				Six Months
	2023		2022		2023		2022
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$	511	$	972	$	1,305	$	2,207
Basic weighted-average number of common shares outstanding	319.3		338.0		320.3		306.8
Effect of stock options and other dilutive securities	0.5		1.3		0.6		1.2
Diluted weighted-average number of common shares outstanding	319.8		339.3		320.9		308.0
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic	$	1.60	$	2.87	$	4.08	$	7.19
Diluted	$	1.60	$	2.86	$	4.07	$	7.17

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Restructuring (Tables)

6 Months Ended

Jun. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Initial Restructuring Charge Recorded and the Ending Reserve Balance

The initial restructuring charge recorded and the ending reserve balance as of June 30, 2023 by segment is as follows:

	2023 Restructuring Plan				2022 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Market Intelligence	$	21	$	19	$	86	$	26
Ratings	5		4		26		7
Commodity Insights	15		15		45		11
Mobility	4		3		2		1
Indices	3		3		13		5
Engineering Solutions	—		—		2		1
Corporate	14		12		109		22
Total	$	62	$	56	$	283	$	73

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Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Information

A summary of operating results for the periods ended June 30 is as follows: 

Revenue	Three Months				Six Months
(in millions)	2023		2022		2023		2022
Market Intelligence	$	1,079	$	1,030	$	2,150	$	1,758
Ratings	851		796		1,675		1,663
Commodity Insights	462		438		970		801
Mobility	369		337		727		452
Indices	348		339		689		661
Engineering Solutions	33		96		133		129
Intersegment elimination 1	(41)		(43)		(83)		(81)
Total revenue	$	3,101	$	2,993	$	6,261	$	5,383

Operating Profit	Three Months				Six Months
(in millions)	2023		2022		2023		2022
Market Intelligence 2	$	176	$	702	$	404	$	2,191
Ratings 3	486		464		962		976
Commodity Insights 4	156		141		343		299
Mobility 5	68		58		133		76
Indices 6	226		270		464		493
Engineering Solutions 7	4		1		19		2
Total reportable segments	1,116		1,636		2,325		4,037
Corporate Unallocated expense 8	(216)		(165)		(294)		(678)
Equity in Income on Unconsolidated Subsidiaries 9	11		11		25		15
Total operating profit	$	911	$	1,482	$	2,056	$	3,374

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, 2023 includes employee severance charges of $16 million and $22 million, respectively, IHS Markit merger costs of $12 million and $25 million, respectively, and an asset impairment of $5 million. Operating profit for the six months ended June 30, 2023 includes a gain on dispositions of $46 million. Operating profit for the three and six months ended June 30, 2022 includes a 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $140 million and $133 million for the three months ended June 30, 2023 and 2022, respectively, and $281 million and $197 million for the six months ended June 30, 2023 and 2022, respectively.

3 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $4 million and $5 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $7 million and $12 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2023 and 2022, and $4 million and $3 million for the six months ended June 30, 2023 and 2022, respectively.

4 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $14 million and $15 million, respectively, and IHS Markit merger costs of $8 million and $20 million, respectively. Operating profit for the three and six months ended June 30, 2022 includes employee severance costs of $17 million and $24 million, respectively, and IHS Markit merger costs of $4 million and $6 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million and $32 million for the three months ended June 30, 2023 and 2022, respectively, and $66 million and $45 million for the six months ended June 30, 2023 and 2022, respectively.

5 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $3 million and $4 million, respectively, and acquisition-related costs of $1 million. Operating profit for the six months ended June 30, 2023 includes IHS Markit merger costs of $1 million. 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 charges of $2 million and IHS Markit merger costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million and $77 million for the three months ended June 30, 2023 and 2022, respectively, and $150 million and $101 million for the six months ended June 30, 2023 and 2022, respectively.

6 Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $2 million and $3 million, respectively, and IHS Markit merger costs of $1 million and $2 million, respectively. Operating profit for the six months ended June 30, 2023 includes a gain on disposition of $4 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended June 30, 2023 and 2022 and $18 million and $13 million for the six months ended June 30, 2023 and 2022, respectively.

7 As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. Operating profit for the three and six months ended June 30, 2022 includes employee severance charges of $1 million and $2 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $15 million for the three months ended June 30, 2022 and $1 million and $19 million for the six months ended June 30, 2023 and 2022, respectively.

8 Corporate Unallocated expense for the three and six months ended June 30, 2023 includes a loss on disposition of $120 million, IHS Markit merger costs of $30 million and $66 million, respectively, lease impairments of $15 million, employee severance charges of $12 million and $14 million, respectively, disposition-related costs of $3 million and $16 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. 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. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2023 and $2 million and $1 million for the six months ended June 30, 2023 and 2022, respectively.

9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million for the three months ended June 30, 2023 and 2022 and $28 million for the six months ended June 30, 2023 and 2022.

The following table presents our revenue disaggregated by revenue type for the periods ended June 30:

(in millions)		Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Three Months Ended June 30, 2023
Subscription		$	910	$	—	$	420	$	292	$	70	$	31	$	—	$	1,723
Non-subscription / Transaction		39		383		24		77		—		2		—		525
Non-transaction		—		468		—		—		—		—		(41)		427
Asset-linked fees		—		—		—		—		211		—		—		211
Sales usage-based royalties		—		—		18		—		67		—		—		85
Recurring variable revenue		130		—		—		—		—		—				130
Total revenue		$	1,079	$	851	$	462	$	369	$	348	$	33	$	(41)	$	3,101
Timing of revenue recognition
Services transferred at a point in time		$	39	$	383	$	24	$	77	$	—	$	2	$	—	$	525
Services transferred over time		1,040		468		438		292		348		31		(41)		2,576
Total revenue		$	1,079	$	851	$	462	$	369	$	348	$	33	$	(41)	$	3,101

(in millions)		Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Six Months Ended June 30, 2023
Subscription		$	1,800	$	—	$	829	$	573	$	136	$	125	$	—	$	3,463
Non-subscription / Transaction		95		761		104		154		—		8		—		1,122
Non-transaction		—		914		—		—		—		—		(83)		831
Asset-linked fees		—		—		—		—		420		—		—		420
Sales usage-based royalties		—		—		37		—		133		—		—		170
Recurring variable revenue		255		—		—		—		—		—		—		255
Total revenue		$	2,150	$	1,675	$	970	$	727	$	689	$	133	$	(83)	$	6,261
Timing of revenue recognition
Services transferred at a point in time		$	95	$	761	$	104	$	154	$	—	$	8	$	—	$	1,122
Services transferred over time		2,055		914		866		573		689		125		(83)		5,139
Total revenue		$	2,150	$	1,675	$	970	$	727	$	689	$	133	$	(83)	$	6,261

(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Three Months Ended June 30, 2022
Subscription	$	867	$	—	$	397	$	264	$	68	$	89	$	—	$	1,685
Non-subscription / Transaction	42		344		26		73		—		7		—		492
Non-transaction	—		452		—		—		—		—		(43)		409
Asset-linked fees	—		—		—		—		214		—		—		214
Sales usage-based royalties	—		—		15		—		57		—		—		72
Recurring variable revenue	121		—		—				—				—		121
Total revenue	$	1,030	$	796	$	438	$	337	$	339	$	96	$	(43)	$	2,993
Timing of revenue recognition
Services transferred at a point in time	$	42	$	344	$	26	$	73	$	—	$	7	$	—	$	492
Services transferred over time	988		452		412		264		339		89		(43)		2,501
Total revenue	$	1,030	$	796	$	438	$	337	$	339	$	96	$	(43)	$	2,993

(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions		Intersegment Elimination 1		Total
	Six Months Ended June 30, 2022
Subscription	$	1,526	$	—	$	694	$	350	$	121	$	119	$	—	$	2,810
Non-subscription / Transaction	71		747		74		102		—		10		—		1,004
Non-transaction	—		916		—		—		—		—		(81)		835
Asset-linked fees	—		—		—		—		433		—		—		433
Sales usage-based royalties	—		—		33		—		107		—		—		140
Recurring variable revenue	161		—		—		—		—		—		—		161
Total revenue	$	1,758	$	1,663	$	801	$	452	$	661	$	129	$	(81)	$	5,383
Timing of revenue recognition
Services transferred at a point in time	$	71	$	747	$	74	$	102	$	—	$	10	$	—	$	1,004
Services transferred over time	1,687		916		727		350		661		119		(81)		4,379
Total revenue	$	1,758	$	1,663	$	801	$	452	$	661	$	129	$	(81)	$	5,383

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 June 30:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
U.S.	$	1,865	$	1,782	$	3,791	$	3,208
European region	703		699		1,414		1,266
Asia	342		326		679		590
Rest of the world	191		186		377		319
Total	$	3,101	$	2,993	$	6,261	$	5,383

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Location and Amounts of Leases

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of June 30, 2023 and December 31, 2022:

(in millions)		June 30,		December 31,
Balance Sheet Location		2023		2022
Assets
Right of use assets	Lease right of use assets	$	401	$	423
Liabilities
Other current liabilities	Current lease liabilities	115		118
Lease liabilities — non-current	Non-current lease liabilities	547		577

Schedule of Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense for the periods ended June 30 are as follows: 

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Operating lease cost	$	36	$	39	$	66	$	71
Sublease income	(5)		(1)		(9)		(2)
Total lease cost	$	31	$	38	$	57	$	69

Supplemental information related to leases for the periods ended June 30 are as follows:

(in millions)	Three Months				Six Months
	2023		2022		2023		2022
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows for operating leases	$	38	$	43	$	77	$	81
Right of use assets obtained in exchange for lease obligations
Operating leases	—		4		—		4

Schedule of Lease Term and Discount Rate

Weighted-average remaining lease term and discount rate for our operating leases are as follows:

	June 30,		December 31,
	2023		2022
Weighted-average remaining lease term (years)	6.4		6.6
Weighted-average discount rate	3.20	%	3.17	%

Schedule of Maturities of Operating Lease Liabilities

Maturities of lease liabilities for our operating leases are as follows:

(in millions)
2023 (Excluding the six months ended June 30, 2023)	$	72
2024	122
2025	106
2026	93
2027	86
2028 and beyond	269
Total undiscounted lease payments	$	748
Less: Imputed interest	86
Present value of lease liabilities	$	662

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Nature of Operations and Basis of Presentation - Narrative (Details) $ in Millions		3 Months Ended		6 Months Ended
	May 02, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Number of reportable segments | segment				6
Pre-tax gain (loss) on sale		$ (119)	$ 556	$ (69)	$ 1,899
Restricted cash		1		1		$ 1
Contract asset		97		97		60
Unearned revenue				2,000
Capitalized contract costs		$ 194		$ 194		$ 175
Amortization period of capitalized contract cost		5 years		5 years
OSTTRA | Corporate Joint Venture
Business Acquisition [Line Items]
Investment in joint venture percentage		50.00%		50.00%
Noncontrolling interest ownership by noncontrolling owners percentage		50.00%		50.00%
Sale | Engineering Solutions Business
Business Acquisition [Line Items]
Divestiture consideration	$ 975
Proceeds from divestiture of business	$ 750
Pre-tax gain (loss) on sale		$ (120)		$ (120)
Disposition related costs		3		16
Gain (loss) on disposition after tax		(189)		(182)
Release of deferred tax liabilities		$ 101		$ 157

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Nature of Operations and Basis of Presentation - Remaining Performance Obligations (Details) $ in Billions	Jun. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations	$ 4.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	50.00%
Period of recognition for remaining performance obligation	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | 24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation percentage	75.00%
Period of recognition for remaining performance obligation	24 months

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Nature of Operations and Basis of Presentation - Schedule of Components of Other Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Other components of net periodic benefit cost	$ (6)	$ (7)	$ (12)	$ (11)
Net (gain) loss from investments	(5)	6	12	(39)
Other income, net	$ (11)	$ (1)	$ 0	$ (50)

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Acquisitions and Divestitures - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Feb. 28, 2022
Assets acquired
Goodwill	$ 34,827	$ 34,545
IHS Markit
Assets acquired
Cash and cash equivalents			$ 310
Accounts receivable, net			968
Prepaid and other current assets			224
Assets of a business held for sale			1,519
Property and equipment			118
Right of use assets			240
Goodwill			31,456
Other intangible assets			18,620
Equity investments in unconsolidated subsidiaries			1,644
Other non-current assets			54
Total assets acquired			55,153
Liabilities assumed
Account payable			174
Accrued compensation			90
Short-term debt			968
Unearned revenue			1,053
Other current liabilities			581
Liabilities of a business held for sale			72
Long-term debt			4,191
Lease liabilities - non-current			231
Deferred tax liability - non-current			4,200
Other non-current liabilities			57
Total liabilities assumed			11,617
Total consideration transferred			$ 43,536

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Acquisitions and Divestitures - Schedule of Finite-Lived Intangible Assets (Details) $ in Millions	Feb. 28, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 18,620
Weighted Average Useful Lives	21 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 13,596
Weighted Average Useful Lives	25 years
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,469
Weighted Average Useful Lives	14 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,043
Weighted Average Useful Lives	10 years
Databases
Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 2,512
Weighted Average Useful Lives	12 years

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Acquisitions and Divestitures - Narrative (Details) - USD ($)		1 Months Ended		3 Months Ended			6 Months Ended
	May 02, 2023	Jun. 30, 2022	Feb. 28, 2022	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Pre-tax gain (loss) on sale				$ (119,000,000)		$ 556,000,000	$ (69,000,000)	$ 1,899,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Engineering Solutions Segment
Business Acquisition [Line Items]
Divestiture consideration	$ 975,000,000
Proceeds from divestiture of business	750,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Engineering Solutions Business
Business Acquisition [Line Items]
Divestiture consideration	975,000,000
Proceeds from divestiture of business	$ 750,000,000
Pre-tax gain (loss) on sale				(120,000,000)			(120,000,000)
Disposition related costs				3,000,000			16,000,000
Gain (loss) on disposition after tax				(189,000,000)			(182,000,000)
Release of deferred tax liabilities				$ 101,000,000			157,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | LCD
Business Acquisition [Line Items]
Pre-tax gain (loss) on sale						518,000,000		518,000,000
Gain (loss) on disposition after tax						396,000,000		396,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | LCD | Market Intelligence
Business Acquisition [Line Items]
Pre-tax gain (loss) on sale							46,000,000
Gain (loss) on disposition after tax							34,000,000
Contingent payment due following closing, period					6 months
Disposal Group, Disposed of by Sale, Not Discontinued Operations | LCD | Indices
Business Acquisition [Line Items]
Pre-tax gain (loss) on sale							4,000,000
Gain (loss) on disposition after tax							$ 3,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Leveraged Commentary And Data And Leveraged Loan Indices
Business Acquisition [Line Items]
Divestiture consideration		$ 600,000,000				600,000,000		600,000,000
Contingent payment		$ 50,000,000
Contingent consideration, maximum period until achieved consideration is payable		6 months
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Leveraged Loan Indices
Business Acquisition [Line Items]
Pre-tax gain (loss) on sale						38,000,000		38,000,000
Gain (loss) on disposition after tax						31,000,000		31,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Base Chemicals
Business Acquisition [Line Items]
Divestiture consideration		$ 295,000,000				$ 295,000,000		295,000,000
Pre-tax gain (loss) on sale		$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | CUSIP Global Services
Business Acquisition [Line Items]
Divestiture consideration									$ 1,925,000,000
Pre-tax gain (loss) on sale								1,344,000,000
Gain (loss) on disposition after tax								$ 1,006,000,000.000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | OPIS
Business Acquisition [Line Items]
Divestiture consideration			$ 1,150,000,000
Pre-tax gain (loss) on sale			0
IHS Markit
Business Acquisition [Line Items]
Fair value of S&P Global common stock and replacement equity awards			$ 43,500,000,000

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Acquisitions and Divestitures - Schedule of Components of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Pre-tax gain (loss) on sale	$ (119)	$ 556	$ (69)	$ 1,899
Held for sale | CGS and LCD
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Accounts Receivable, net	0		0		$ 88
Goodwill	0		0		437
Other intangible assets, net	0		0		697
Other assets	0		0		76
Assets of a business held for sale	0		0		1,298
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Accounts payable and accrued expenses	0		0		59
Deferred tax liability	0		0		27
Unearned revenue	0		0		148
Liabilities of a business held for sale	0		0		$ 234
Sale
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Operating profit	4	16	19	50
Sale | Engineering Solutions Business
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Pre-tax gain (loss) on sale	$ (120)		$ (120)
Sale | Leveraged Loan Indices
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Pre-tax gain (loss) on sale		$ 38		38
Sale | CUSIP Global Services
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract]
Pre-tax gain (loss) on sale				$ 1,344

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	31.10%	24.50%	23.80%	27.90%
Unrecognized tax benefits	$ 245		$ 245		$ 223
Accrued interest and penalties associated with unrecognized tax benefits	47		47		$ 38
Reduction of unrecognized tax benefits is reasonably possible	$ 20		$ 20

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Debt - Schedule of Short-term and Long-term Debt Outstanding (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 11,501	$ 10,956
Less: short-term debt including current maturities	825	226
Long-term debt	$ 10,676	10,730
Senior Notes | 4.125% Senior Notes due 2023
Debt Instrument [Line Items]
Stated interest rate	4.125%
Total debt	$ 38	38
Senior Notes | 3.625% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	3.625%
Total debt	$ 47	48
Senior Notes | 4.75% Senior Notes due 2025
Debt Instrument [Line Items]
Stated interest rate	4.75%
Total debt	$ 4	4
Senior Notes | 4.00% Senior Notes due 2026
Debt Instrument [Line Items]
Stated interest rate	4.00%
Total debt	$ 3	3
Senior Notes | 2.95% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	2.95%
Total debt	$ 497	496
Unamortized debt discount and issuance costs	$ 3
Senior Notes | 2.45% Senior Notes due 2027
Debt Instrument [Line Items]
Stated interest rate	2.45%
Total debt	$ 1,238	1,237
Unamortized debt discount and issuance costs	$ 12
Senior Notes | 4.75% Senior Notes due 2028
Debt Instrument [Line Items]
Stated interest rate	4.75%
Total debt	$ 817	823
Senior Notes | 4.25% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	4.25%
Total debt	$ 1,023	1,029
Senior Notes | 2.5% Senior Notes due 2029
Debt Instrument [Line Items]
Stated interest rate	2.50%
Total debt	$ 497	497
Unamortized debt discount and issuance costs	$ 3
Senior Notes | 2.7% Sustainability-Linked Senior Notes, due 2029
Debt Instrument [Line Items]
Stated interest rate	2.70%
Total debt	$ 1,234	1,233
Unamortized debt discount and issuance costs	$ 16
Senior Notes | 1.25% Senior Notes due 2030
Debt Instrument [Line Items]
Stated interest rate	1.25%
Total debt	$ 594	594
Unamortized debt discount and issuance costs	$ 6
Senior Notes | 2.90% Senior Notes due 2032
Debt Instrument [Line Items]
Stated interest rate	2.90%
Total debt	$ 1,473	1,472
Unamortized debt discount and issuance costs	$ 27
Senior Notes | 6.55% Senior Notes due 2037
Debt Instrument [Line Items]
Stated interest rate	6.55%
Total debt	$ 291	290
Unamortized debt discount and issuance costs	$ 2
Senior Notes | 4.5% Senior Notes due 2048
Debt Instrument [Line Items]
Stated interest rate	4.50%
Total debt	$ 272	272
Unamortized debt discount and issuance costs	$ 11
Senior Notes | 3.25% Senior Notes due 2049
Debt Instrument [Line Items]
Stated interest rate	3.25%
Total debt	$ 590	590
Unamortized debt discount and issuance costs	$ 10
Senior Notes | 3.70% Senior Notes due 2052
Debt Instrument [Line Items]
Stated interest rate	3.70%
Total debt	$ 974	974
Unamortized debt discount and issuance costs	$ 26
Senior Notes | 2.3% Senior Notes due 2060
Debt Instrument [Line Items]
Stated interest rate	2.30%
Total debt	$ 683	682
Unamortized debt discount and issuance costs	$ 17
Senior Notes | 3.9% Senior Notes due 2062
Debt Instrument [Line Items]
Stated interest rate	3.90%
Total debt	$ 486	486
Unamortized debt discount and issuance costs	14
Commercial paper
Debt Instrument [Line Items]
Total debt	$ 740	$ 188

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Debt - Narrative (Details)		3 Months Ended		6 Months Ended
	Jun. 30, 2018 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) performance_indicator	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt, fair value		$ 9,400,000,000		$ 9,400,000,000		$ 9,300,000,000
Loss on extinguishment of debt, net		0	$ 2,000,000	0	$ 19,000,000
Tender premium paid			118,000,000
Debt issued			$ 99,000,000		$ 99,000,000
Commercial paper, at carrying value		$ 740,000,000		$ 740,000,000		$ 188,000,000
Indebtedness to cash flow (not greater than)				4
Commercial paper
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,000,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Performance indicators | performance_indicator				3
Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,000,000,000
Credit facility term	5 years
Commitment fee				0.08%
Senior Notes
Debt Instrument [Line Items]
Debt instrument, fair value							$ 292,000,000
IHS Markit
Debt Instrument [Line Items]
Long-term debt							4,191,000,000
IHS Markit | Senior Notes
Debt Instrument [Line Items]
Long term debt, principal amount							4,600,000,000
Long-term debt							$ 4,900,000,000

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Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Foreign exchange forward contracts | Revenue, Selling and general expenses
Derivative [Line Items]
Gain on derivative	$ 29		$ 58
Loss on derivative		$ 49		$ 69
Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts
Derivative [Line Items]
Aggregate notional value	2,000		2,000		$ 1,800
Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts | Prepaid and other current assets
Derivative [Line Items]
Aggregate notional value	21		21		5
Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts | Other current liabilities
Derivative [Line Items]
Aggregate notional value	1		1		37
Net Investment Hedges | Cross currency swaps
Derivative [Line Items]
Net interest income (expense)	6	(8)	12	(18)
Net Investment Hedges | Designated as Hedging Instrument | Cross currency swaps
Derivative [Line Items]
Aggregate notional value	1,000		1,000		1,000
Cash Flow Hedges | Designated as Hedging Instrument | Foreign exchange forward contracts
Derivative [Line Items]
Aggregate notional value	$ 443		$ 443		$ 529
Maturity of derivatives	24 months		24 months		24 months
Pre-tax gain expected to be reclassified into earnings within the next twelve months (less than)			$ 7
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swap contracts
Derivative [Line Items]
Aggregate notional value		$ 1,400		$ 1,400	$ 1,400

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Derivative Instruments - Schedule of Location and Fair Value Amounts of Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Cash Flow Hedges | Foreign exchange forward contracts | Prepaid and other current assets
Derivatives, Fair Value [Line Items]
Derivatives	$ 10	$ 3
Cash Flow Hedges | Foreign exchange forward contracts | Other current liabilities
Derivatives, Fair Value [Line Items]
Derivatives	1	7
Cash Flow Hedges | Interest rate swap contracts | Other non-current assets
Derivatives, Fair Value [Line Items]
Derivatives	134	145
Net Investment Hedges | Cross currency swaps | Other non-current assets
Derivatives, Fair Value [Line Items]
Derivatives	$ 54	$ 84

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Derivative Instruments - Schedule of Pre-tax Gains (Losses) on Cash Flow Hedges (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)	$ 22	$ 91	$ 0	$ 172
Designated as Hedging Instrument | Foreign exchange forward contracts | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)	4	(12)	9	(18)
Designated as Hedging Instrument | Foreign exchange forward contracts | Cash Flow Hedges | Revenue, Selling and general expenses
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	2	(1)	3	1
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)	25	135	(9)	248
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedges | Interest expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	(1)	(1)	(2)	(2)
Designated as Hedging Instrument | Cross currency swaps | Net Investment Hedges
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)	(22)	80	(31)	106
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	$ (1)	$ (1)	$ (2)	$ (2)

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Derivative Instruments - Schedule of Cash Flow Hedges included in AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 36,370	$ 39,781	$ 36,477	$ 2,107
Change in fair value, net of tax			71
Reclassification into earnings, net of tax			2
Ending Balance	35,559	39,506	35,559	39,506
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	4	1	0	6
Change in fair value, net of tax	5	(11)	10	(14)
Reclassification into earnings, net of tax	(2)	1	(3)	(1)
Ending Balance	7	(9)	7	(9)
Interest rate swap contracts
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	23	(118)	48	(203)
Change in fair value, net of tax	17	101	(9)	185
Reclassification into earnings, net of tax	1	1	2	2
Ending Balance	41	(16)	41	(16)
Net Investment Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	49	(2)	56	(17)
Change in fair value, net of tax	(18)	63	(26)	77
Reclassification into earnings, net of tax	1	1	2	2
Ending Balance	$ 32	$ 62	$ 32	$ 62

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Employee Benefits - Schedule of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Retirement Benefits [Abstract]
Service cost	$ 1	$ 1	$ 1	$ 1
Interest cost	19	12	37	25
Expected return on assets	(25)	(22)	(50)	(44)
Amortization of prior service credit / actuarial loss	0	3	1	6
Net periodic benefit cost	$ (5)	$ (6)	$ (11)	$ (12)

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Employee Benefits - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Retirement Benefits [Abstract]
Contribution towards retirement plans	$ 5
Expected contributions towards retirement plans, remainder of the year	$ 5

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Stock-Based Compensation - Narrative (Details) - Restricted Stock and Unit Awards - USD ($) $ / shares in Units, shares in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 97	$ 143
Restricted stock and unit awards granted in period (shares)	0.5
Weighted-average grant fate fair value (USD per share)	$ 350.42
Unrecognized compensation expense	$ 235
Unrecognized compensation expense, period for recognition	1 year 8 months 12 days

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Equity - Dividends and Stock Repurchases (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 25, 2023 $ / shares	Feb. 28, 2023 shares	Jun. 30, 2023 $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) transaction $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 22, 2022 shares	Jan. 29, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per common share (USD per share) | $ / shares	$ 0.90		$ 0.90	$ 0.85	$ 1.80	$ 1.62
Remaining shares available under repurchase program (shares)			22,900,000		22,900,000
ARS agreement transactions | transaction					2
Shares delivered and purchased (shares)					4,300,000
Payments for repurchase of stock | $					$ 1,501	$ 8,503
Stock repurchased during period (shares)					3,900,000
Uncapped ASR, December 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares delivered and purchased (shares)		400,000
Uncapped ASR, February 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for repurchase of stock | $					$ 500
Uncapped ASR, March 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for repurchase of stock | $						$ 7,000
2022 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for repurchase (shares)							30,000,000
Shares authorized for repurchase, compared to total common stock outstanding (as a percent)							9.00%
2020 Repurchase Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized for repurchase (shares)								30,000,000
Shares authorized for repurchase, compared to total common stock outstanding (as a percent)								12.00%
Stock Repurchases | Uncapped ASR, March 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments for repurchase of stock | $				$ 8,500
Stock repurchased during period (shares)				19,000,000

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Equity - Schedule of Accelerated Share Repurchase Agreements (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions								6 Months Ended
	May 08, 2023	May 05, 2023	Feb. 13, 2023	Aug. 09, 2022	Aug. 02, 2022	May 13, 2022	Mar. 01, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)								4.3
Total Cash Utilized								$ 1,501	$ 8,503
Uncapped ASR May 8, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Price Paid Per Share (USD per share)								$ 0
Total Cash Utilized								$ 1,000
Accelerated share repurchases initial delivery percentage (as a percent)								87.50%
Uncapped ASR May 8, 2023 | Initial Shares Delivered
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)	2.5
Uncapped ASR May 8, 2023 | Additional Shares Delivered
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)								0.0
Uncapped ASR May 8, 2023 | Total Number of Shares Purchased
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)								2.5
Uncapped ASR, February 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Price Paid Per Share (USD per share)								$ 341.95
Total Cash Utilized								$ 500
Accelerated share repurchases initial delivery percentage (as a percent)								85.00%
Uncapped ASR, February 2023 | Initial Shares Delivered
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)	1.4		1.1
Uncapped ASR, February 2023 | Additional Shares Delivered
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)								0.3
Uncapped ASR, May 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Price Paid Per Share (USD per share)									$ 343.85
Total Cash Utilized									$ 1,500
Accelerated share repurchases initial delivery percentage (as a percent)									85.00%
Uncapped ASR, May 2022 | Initial Shares Delivered
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)						3.8
Uncapped ASR, May 2022 | Additional Shares Delivered
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)		0.3			0.6				0.6
Uncapped ASR, May 2022 | Total Number of Shares Purchased
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)									4.4
Uncapped ASR, March 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Price Paid Per Share (USD per share)									$ 362.03
Total Cash Utilized									$ 7,000
Accelerated share repurchases initial delivery percentage (as a percent)									85.00%
Uncapped ASR, March 2022 | Initial Shares Delivered
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)							15.2
Uncapped ASR, March 2022 | Additional Shares Delivered
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)				4.1					4.1
Uncapped ASR, March 2022 | Total Number of Shares Purchased
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Delivered and Purchased (shares)									19.3

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Equity - Redeemable Noncontrolling Interests (Details)	6 Months Ended
	Jun. 30, 2023
Noncontrolling Interest [Line Items]
Minimum interest in joint venture (as a percent)	20.00%
Agreement terms, change of control, put option for minority interest ownership, effective period	15 days
CME Group
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership by noncontrolling owners percentage	27.00%

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Equity - Schedule of Redeemable Noncontrolling Interest Rollforward (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Balance at beginning of period	$ 3,267
Net income attributable to redeemable noncontrolling interest	119
Distributions payable to redeemable noncontrolling interest	(121)
Redemption value adjustment	237
Other	8
Balance at end of period	$ 3,510

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Equity - Schedule of Changes in the Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 36,370	$ 39,781	$ 36,477	$ 2,107
Other comprehensive income (loss) before reclassifications			71
Reclassifications from accumulated other comprehensive income (loss) to net earnings			2
Net other comprehensive income (loss)			73
Ending Balance	35,559	39,506	35,559	39,506
Pension and other postretirement benefit plans, tax	3	1	4	0
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(861)	(782)	(886)	(841)
Ending Balance	(813)	$ (811)	(813)	$ (811)
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(582)
Other comprehensive income (loss) before reclassifications			81
Reclassifications from accumulated other comprehensive income (loss) to net earnings			0
Net other comprehensive income (loss)			81
Ending Balance	(501)		(501)
Pension and Postretirement Benefit Plans
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(349)
Other comprehensive income (loss) before reclassifications			(10)
Reclassifications from accumulated other comprehensive income (loss) to net earnings			2
Net other comprehensive income (loss)			(8)
Ending Balance	(357)		(357)
Pension and other postretirement benefit plans, tax			1
Unrealized Gain (Loss) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			45
Other comprehensive income (loss) before reclassifications			0
Reclassifications from accumulated other comprehensive income (loss) to net earnings			0
Net other comprehensive income (loss)			0
Ending Balance	$ 45		$ 45

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Earnings Per Share - (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amounts attributable to S&P Global Inc. common shareholders:
Net income	$ 511	$ 972	$ 1,305	$ 2,207
Basic weighted-average number of common shares outstanding (shares)	319,300,000	338,000,000.0	320,300,000	306,800,000
Effect of stock options and other dilutive securities (shares)	500,000	1,300,000	600,000	1,200,000
Diluted weighted-average number of common shares outstanding (shares)	319,800,000	339,300,000	320,900,000	308,000,000.0
Net income: Basic (USD per share)	$ 1.60	$ 2.87	$ 4.08	$ 7.19
Net income: Diluted (USD per share)	$ 1.60	$ 2.86	$ 4.07	$ 7.17
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted earnings (shares)	0	0	0	0
Restricted Stock and Unit Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted earnings (shares)			800,000	600,000

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Restructuring - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) position	Dec. 31, 2022 USD ($)
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction | position	290
Employee severance charges	$ 62
Reductions to restructuring reserve	6
Restructuring reserve balance	$ 56
2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Workforce reduction | position	1,440
Reductions to restructuring reserve	$ 91
Restructuring reserve balance	73	$ 164
2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring reserve balance	$ 2	$ 10

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Restructuring - Schedule of Initial Restructuring Charge Recorded and the Ending Reserve Balance (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	$ 62
Ending Reserve Balance	56
2023 Restructuring Plan | Operating Segments | Market Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	21
Ending Reserve Balance	19
2023 Restructuring Plan | Operating Segments | Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	5
Ending Reserve Balance	4
2023 Restructuring Plan | Operating Segments | Commodity Insights
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	15
Ending Reserve Balance	15
2023 Restructuring Plan | Operating Segments | Mobility
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	4
Ending Reserve Balance	3
2023 Restructuring Plan | Operating Segments | Indices
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	3
Ending Reserve Balance	3
2023 Restructuring Plan | Operating Segments | Engineering Solutions
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	0
Ending Reserve Balance	0
2023 Restructuring Plan | Corporate
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	14
Ending Reserve Balance	12
2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	283
Ending Reserve Balance	73	$ 164
2022 Restructuring Plan | Operating Segments | Market Intelligence
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	86
Ending Reserve Balance	26
2022 Restructuring Plan | Operating Segments | Ratings
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	26
Ending Reserve Balance	7
2022 Restructuring Plan | Operating Segments | Commodity Insights
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	45
Ending Reserve Balance	11
2022 Restructuring Plan | Operating Segments | Mobility
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	2
Ending Reserve Balance	1
2022 Restructuring Plan | Operating Segments | Indices
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	13
Ending Reserve Balance	5
2022 Restructuring Plan | Operating Segments | Engineering Solutions
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	2
Ending Reserve Balance	1
2022 Restructuring Plan | Corporate
Restructuring Cost and Reserve [Line Items]
Initial Charge Recorded	109
Ending Reserve Balance	$ 22

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Segment and Related Information - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	6

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Segment and Related Information - Schedule of Operating Results by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 3,101	$ 2,993	$ 6,261	$ 5,383
Operating Profit	911	1,482	2,056	3,374
Equity in Income on Unconsolidated Subsidiaries	11	11	25	15
Gain (loss) on dispositions	(119)	556	(69)	1,899
Amortization of intangibles from acquisitions	261	267	522	379
Lease impairment	5	20	11	25
Operating Segments
Segment Reporting Information [Line Items]
Operating Profit	1,116	1,636	2,325	4,037
Operating Segments | Market Intelligence
Segment Reporting Information [Line Items]
Revenue	1,079	1,030	2,150	1,758
Operating Profit	176	702	404	2,191
Gain (loss) on dispositions		518	46	1,900
Acquisition-related costs		1		1
Employee severance charges	16	13	22	31
Amortization of intangibles from acquisitions	140	133	281	197
Operating Segments | Market Intelligence | IHS Markit
Segment Reporting Information [Line Items]
Acquisition-related costs	12	12	25	15
Asset impairments and write-offs	5		5
Operating Segments | Ratings
Segment Reporting Information [Line Items]
Revenue	851	796	1,675	1,663
Operating Profit	486	464	962	976
Employee severance charges	4	7	5	12
Amortization of intangibles from acquisitions	2	2	4	3
Operating Segments | Commodity Insights
Segment Reporting Information [Line Items]
Revenue	462	438	970	801
Operating Profit	156	141	343	299
Employee severance charges	14	17	15	24
Amortization of intangibles from acquisitions	33	32	66	45
Operating Segments | Commodity Insights | IHS Markit
Segment Reporting Information [Line Items]
Acquisition-related costs	8	4	20	6
Operating Segments | Mobility
Segment Reporting Information [Line Items]
Revenue	369	337	727	452
Operating Profit	68	58	133	76
Acquisition-related costs	1	3	1	4
Employee severance charges	3	2	4	2
Amortization of intangibles from acquisitions	76	77	150	101
Operating Segments | Mobility | IHS Markit
Segment Reporting Information [Line Items]
Acquisition-related costs		1	1	1
Operating Segments | Indices
Segment Reporting Information [Line Items]
Revenue	348	339	689	661
Operating Profit	226	270	464	493
Gain (loss) on dispositions		38	4	38
Employee severance charges	2	2	3	4
Amortization of intangibles from acquisitions	9	9	18	13
Operating Segments | Indices | IHS Markit
Segment Reporting Information [Line Items]
Acquisition-related costs	1	1	2	1
Operating Segments | Engineering Solutions
Segment Reporting Information [Line Items]
Revenue	33	96	133	129
Operating Profit	4	1	19	2
Employee severance charges		1		2
Amortization of intangibles from acquisitions		15	1	19
Intersegment Elimination
Segment Reporting Information [Line Items]
Revenue	(41)	(43)	(83)	(81)
Corporate Unallocated
Segment Reporting Information [Line Items]
Operating Profit	(216)	(165)	(294)	(678)
Equity in Income on Unconsolidated Subsidiaries	11	11	25	15
Gain (loss) on dispositions	(120)		(120)
Acquisition-related costs	1	4	2	5
Employee severance charges	12	18	14	64
Amortization of intangibles from acquisitions	1		2	1
Retention related expenses	3		16
Asset write-off		3		3
S&P foundation grant				200
Lease impairment	15		15	5
Amortization of intangibles from acquisitions	14	14	28	28
Corporate Unallocated | IHS Markit
Segment Reporting Information [Line Items]
Acquisition-related costs	$ 30	$ 117	$ 66	$ 357

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Segment and Related Information - Schedule of Revenue Disaggregated by Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,101	$ 2,993	$ 6,261	$ 5,383
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	525	492	1,122	1,004
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	2,576	2,501	5,139	4,379
Subscription
Disaggregation of Revenue [Line Items]
Total revenue	1,723	1,685	3,463	2,810
Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	525	492	1,122	1,004
Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	427	409	831	835
Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	211	214	420	433
Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	85	72	170	140
Recurring variable revenue
Disaggregation of Revenue [Line Items]
Total revenue	130	121	255	161
Operating Segments | Market Intelligence
Disaggregation of Revenue [Line Items]
Total revenue	1,079	1,030	2,150	1,758
Operating Segments | Market Intelligence | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	39	42	95	71
Operating Segments | Market Intelligence | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	1,040	988	2,055	1,687
Operating Segments | Market Intelligence | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	910	867	1,800	1,526
Operating Segments | Market Intelligence | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	39	42	95	71
Operating Segments | Market Intelligence | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Market Intelligence | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Market Intelligence | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Market Intelligence | Recurring variable revenue
Disaggregation of Revenue [Line Items]
Total revenue	130	121	255	161
Operating Segments | Ratings
Disaggregation of Revenue [Line Items]
Total revenue	851	796	1,675	1,663
Operating Segments | Ratings | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	383	344	761	747
Operating Segments | Ratings | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	468	452	914	916
Operating Segments | Ratings | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Ratings | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	383	344	761	747
Operating Segments | Ratings | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	468	452	914	916
Operating Segments | Ratings | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Ratings | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Ratings | Recurring variable revenue
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Commodity Insights
Disaggregation of Revenue [Line Items]
Total revenue	462	438	970	801
Operating Segments | Commodity Insights | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	24	26	104	74
Operating Segments | Commodity Insights | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	438	412	866	727
Operating Segments | Commodity Insights | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	420	397	829	694
Operating Segments | Commodity Insights | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	24	26	104	74
Operating Segments | Commodity Insights | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Commodity Insights | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Commodity Insights | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	18	15	37	33
Operating Segments | Commodity Insights | Recurring variable revenue
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Mobility
Disaggregation of Revenue [Line Items]
Total revenue	369	337	727	452
Operating Segments | Mobility | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	77	73	154	102
Operating Segments | Mobility | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	292	264	573	350
Operating Segments | Mobility | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	292	264	573	350
Operating Segments | Mobility | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	77	73	154	102
Operating Segments | Mobility | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Mobility | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Mobility | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Mobility | Recurring variable revenue
Disaggregation of Revenue [Line Items]
Total revenue	0		0	0
Operating Segments | Indices
Disaggregation of Revenue [Line Items]
Total revenue	348	339	689	661
Operating Segments | Indices | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Indices | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	348	339	689	661
Operating Segments | Indices | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	70	68	136	121
Operating Segments | Indices | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Indices | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Indices | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	211	214	420	433
Operating Segments | Indices | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	67	57	133	107
Operating Segments | Indices | Recurring variable revenue
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Engineering Solutions
Disaggregation of Revenue [Line Items]
Total revenue	33	96	133	129
Operating Segments | Engineering Solutions | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	2	7	8	10
Operating Segments | Engineering Solutions | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	31	89	125	119
Operating Segments | Engineering Solutions | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	31	89	125	119
Operating Segments | Engineering Solutions | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	2	7	8	10
Operating Segments | Engineering Solutions | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Engineering Solutions | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Engineering Solutions | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Operating Segments | Engineering Solutions | Recurring variable revenue
Disaggregation of Revenue [Line Items]
Total revenue	0		0	0
Intersegment Elimination
Disaggregation of Revenue [Line Items]
Total revenue	(41)	(43)	(83)	(81)
Intersegment Elimination | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenue	(41)	(43)	(83)	(81)
Intersegment Elimination | Subscription
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination | Non-subscription / Transaction
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination | Non-transaction
Disaggregation of Revenue [Line Items]
Total revenue	(41)	(43)	(83)	(81)
Intersegment Elimination | Asset-linked fees
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination | Sales usage-based royalties
Disaggregation of Revenue [Line Items]
Total revenue	0	0	0	0
Intersegment Elimination | Recurring variable revenue
Disaggregation of Revenue [Line Items]
Total revenue		$ 0	$ 0	$ 0

XML

Segment and Related Information - Schedule of Revenue by Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 3,101	$ 2,993	$ 6,261	$ 5,383
U.S.
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,865	1,782	3,791	3,208
European region
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	703	699	1,414	1,266
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	342	326	679	590
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 191	$ 186	$ 377	$ 319

XML

Commitments and Contingencies - Narrative (Details) $ in Millions		3 Months Ended			6 Months Ended
	Feb. 02, 2021 plaintiff	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Loss Contingencies [Line Items]
Period of lease extension options		15 years			15 years
Option to terminate lease, period					1 year
Lease impairment		$ 5		$ 20	$ 11	$ 25
Revenue		$ 3,101		2,993	$ 6,261	5,383
Basis Capital Investment Group, Investment Losses On Collateralized Debt Obligations
Loss Contingencies [Line Items]
Number of entities | plaintiff	2
Amazon Web Services
Loss Contingencies [Line Items]
Collaborative arrangement, purchase obligation			$ 1,000
Collaborative arrangement, contractual period			5 years
CME Group
Loss Contingencies [Line Items]
Noncontrolling interest ownership by noncontrolling owners percentage		27.00%			27.00%
S&P DJ Indices | CME Group
Loss Contingencies [Line Items]
Noncontrolling interest ownership by noncontrolling owners percentage		27.00%			27.00%
S&P DJ Indices | Related Party
Loss Contingencies [Line Items]
Revenue		$ 45		$ 46	$ 89	$ 87
Minimum
Loss Contingencies [Line Items]
Remaining lease terms		1 year			1 year
Maximum
Loss Contingencies [Line Items]
Remaining lease terms		10 years			10 years

XML

Commitments and Contingencies - Schedule of Location and Amounts of Leases (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Lease right of use assets	$ 401	$ 423
Liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current	Other Liabilities, Current
Current lease liabilities	$ 115	$ 118
Non-current lease liabilities	$ 547	$ 577

XML

Commitments and Contingencies - Schedule of Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 36	$ 39	$ 66	$ 71
Sublease income	(5)	(1)	(9)	(2)
Total lease cost	$ 31	$ 38	$ 57	$ 69

XML

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows for operating leases	$ 38	$ 43	$ 77	$ 81
Right of use assets obtained in exchange for lease obligations
Operating leases	$ 0	$ 4	$ 0	$ 4

XML

Commitments and Contingencies - Schedule of Lease Term and Discount Rate (Details)	Jun. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term (years)	6 years 4 months 24 days	6 years 7 months 6 days
Weighted-average discount rate	3.20%	3.17%

XML

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) $ in Millions	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023 (Excluding the six months ended June 30, 2023)	$ 72
2024	122
2025	106
2026	93
2027	86
2028 and beyond	269
Total undiscounted lease payments	748
Less: Imputed interest	86
Present value of lease liabilities	$ 662