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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  
spgbarrgbposa16.jpg
S&P Global Inc.
(Exact name of registrant as specified in its charter)
New York13-1026995
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
55 Water Street,New York,New York10041
(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:
ClassTrading SymbolName of Exchange on which registered
Common stock (par value $1.00 per share)SPGINew 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 filerAccelerated filerNon-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
Item 6. Exhibits

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



3


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 EndedSix Months Ended
June 30, June 30,
2023202220232022
Revenue$3,101 $2,993 $6,261 $5,383 
Expenses:
Operating-related expenses1,026 1,007 2,114 1,756 
Selling and general expenses771 768 1,476 1,726 
Depreciation24 36 49 62 
Amortization of intangibles261 267 522 379 
Total expenses2,082 2,078 4,161 3,923 
Loss (gain) on dispositions119 (556)69 (1,899)
Equity in income on unconsolidated subsidiaries(11)(11)(25)(15)
Operating profit911 1,482 2,056 3,374 
Other income, net(11)(1) (50)
Interest expense, net88 90 174 147 
Loss on extinguishment of debt, net 2  19 
Income before taxes on income834 1,391 1,882 3,258 
Provision for taxes on income259 340 447 908 
Net income575 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:
Basic319.3 338.0 320.3 306.8 
Diluted319.8 339.3 320.9 308.0 
Actual shares outstanding at period end318.2 336.2 
See accompanying notes to the unaudited consolidated financial statements.
4


S&P Global Inc.
Consolidated Statements of Comprehensive Income
(Unaudited)
 
(in millions)Three Months EndedSix Months Ended
June 30, June 30,
2023202220232022
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 hedges28 122  229 
Income tax effect
(6)(31) (57)
22 91  172 
Comprehensive income623 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.
5


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 cash1 1 
Accounts receivable, net of allowance for doubtful accounts: 2023 - $49; 2022 - $48
2,545 2,494 
Prepaid and other current assets613 588 
Assets of a business held for sale 1,298 
Total current assets4,720 5,667 
Property and equipment, net of accumulated depreciation: 2023 - $802; 2022 - $859
258 297 
Right of use assets401 423 
Goodwill34,827 34,545 
Other intangible assets, net17,912 18,306 
Equity investments in unconsolidated subsidiaries1,792 1,752 
Other non-current assets785 794 
Total assets$60,695 $61,784 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$488 $450 
Accrued compensation and contributions to retirement plans507 753 
Short-term debt825 226 
Income taxes currently payable127 116 
Unearned revenue3,148 3,126 
Other current liabilities935 1,094 
Liabilities of a business held for sale 234
Total current liabilities6,030 5,999 
Long-term debt 10,676 10,730 
Lease liabilities — non-current547 577 
Pension and other postretirement benefits185 180 
Deferred tax liability — non-current3,693 4,065 
Other non-current liabilities495 489 
Total liabilities21,626 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 capital44,293 44,422 
Retained income18,279 17,784 
Accumulated other comprehensive loss(813)(886)
Less: common stock in treasury(26,706)(25,347)
Total equity — controlling interests35,468 36,388 
Total equity — noncontrolling interests91 89 
Total equity 35,559 36,477 
Total liabilities and equity$60,695 $61,784 
    

See accompanying notes to the unaudited consolidated financial statements.
6


S&P Global Inc.
Consolidated Statements of Cash Flows
(Unaudited)
 
(in millions)Six Months Ended
June 30,
20232022
Operating Activities:
Net income$1,435 $2,350 
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation49 62 
Amortization of intangibles522 379 
Provision for losses on accounts receivable12 12 
Deferred income taxes(384)(91)
Stock-based compensation97 143 
Loss (gain) on dispositions69 (1,899)
Loss on extinguishment of debt, net 19 
Other44 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 taxes123 90 
Net change in other assets and liabilities144 (139)
Cash provided by operating activities1,363 676 
Investing Activities:
Capital expenditures(59)(40)
Acquisitions, net of cash acquired(286)275 
Proceeds from dispositions1,002 3,506 
Changes in short-term investments(1)4 
Cash provided by investing activities656 3,745 
Financing Activities:
Additions to (payments on) short-term debt, net552 (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 options7 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 cash3 (85)
Net change in cash, cash equivalents, and restricted cash275 (2,932)
Cash, cash equivalents, and restricted cash at beginning of period1,287 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 CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal 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 plans16 (24)40 40 
Change in redemption value of redeemable noncontrolling interest(117)(117)(117)
Adjustment to noncontrolling interest(2)(2)(2)
Other4 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 CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal 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 plans22 (5)27 27 
Change in redemption value of redeemable noncontrolling interest548 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 CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal 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 repurchases1,501 (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)
Other5 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 CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal 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 Markit12143,415 43,536 43,536 
Share repurchases(1,275)7,228 (8,503)(8,503)
Employee stock plans71 14 57 57 
Change in redemption value of redeemable noncontrolling interest547 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.

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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:
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(in millions)Three MonthsSix Months
2023202220232022
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:

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(in millions)February 28, 2022
Assets acquired
Cash and cash equivalents$310 
Accounts receivable, net968 
Prepaid and other current assets224 
Assets of a business held for sale 1,519 
Property and equipment118 
Right of use assets240 
Goodwill31,456 
Other intangible assets18,620 
Equity investments in unconsolidated subsidiaries1,644 
Other non-current assets54 
Total assets acquired$55,153 
Liabilities assumed
Account payable$174 
Accrued compensation90 
Short-term debt968 
Unearned revenue1,053 
Other current liabilities581 
Liabilities of a business held for sale72 
Long-term debt 4,191 
Lease liabilities - non-current231 
Deferred tax liability - non-current4,200 
Other non-current liabilities57 
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 ValueWeighted Average Useful Lives
Customer relationships$13,596 25 years
Trade names and trademarks1,469 14 years
Developed technology1,043 10 years
Databases2,512 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 MonthsSix Months
2023202220232022
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 paper740 188 
Total debt11,501 10,956 
Less: short-term debt including current maturities825 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 Location20232022
Derivatives designated as cash flow hedges:
Prepaid and other current assets Foreign exchange forward contracts$10 $3 
Other current liabilitiesForeign exchange forward contracts$1 $7 
Other non-current assetsInterest rate swap contracts$