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Segment and Related Information (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Information
A summary of operating results for the periods ended September 30 is as follows: 
Revenue Three MonthsNine Months
(in millions)2023202220232022
Market Intelligence $1,099 $1,016 $3,249 $2,774 
Ratings 819 681 2,494 2,345 
Commodity Insights 479 432 1,450 1,234 
Mobility379 346 1,107 797 
Indices 354 334 1,042 995 
Engineering Solutions— 95 133 224 
Intersegment elimination 1
(46)(43)(130)(125)
Total revenue$3,084 $2,861 $9,345 $8,244 

Operating ProfitThree MonthsNine Months
(in millions)2023202220232022
Market Intelligence 2
$195 $174 $599 $2,366 
Ratings 3
459 377 1,422 1,352 
Commodity Insights 4
184 141 527 440 
Mobility 5
80 90 213 166 
Indices 6
235 239 699 732 
Engineering Solutions 7
— 1 19 3 
Total reportable segments1,153 1,022 3,479 5,059 
Corporate Unallocated expense 8
(87)(175)(382)(852)
Equity in Income on Unconsolidated Subsidiaries 9
8 6 33 21 
Total operating profit$1,074$853$3,130$4,228
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.
2Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $19 million and $41 million, respectively, IHS Markit merger costs of $11 million and $36 million, respectively, and an asset write-off of $1 million. Operating profit for the nine months ended September 30, 2023 includes a gain on dispositions of $46 million and an asset impairment of $5 million. Operating profit for the three and nine months ended September 30, 2022 includes a loss on dispositions of $17 million and a gain on dispositions of $1.8 billion, respectively, employee severance charges of $13 million and $44 million, respectively, IHS Markit merger costs of $6 million and $21 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $140 million and $134 million for the three months ended September 30, 2023 and 2022, respectively, and $421 million and $331 million for the nine months ended September 30, 2023 and 2022, respectively.
3Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $2 million and $8 million, respectively. Operating profit for the three and nine months ended September 30, 2022 includes employee severance charges of $2 million and $14 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended September 30, 2023 and 2022, and $6 million and $5 million for the nine months ended September 30, 2023 and 2022, respectively.
4Operating profit for the three and nine months ended September 30, 2023 includes IHS Markit merger costs of $8 million and $28 million, respectively, and employee severance charges of $7 million and $23 million, respectively. Operating profit for the three and nine months ended September 30, 2022 includes employee severance costs of $14 million and $38 million, respectively, and IHS Markit merger costs of $10 million and $16 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million and $32 million for the three months ended September 30, 2023 and 2022, respectively, and $99 million and $77 million for the nine months ended September 30, 2023 and 2022, respectively.
5Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $3 million and $6 million, respectively, IHS Markit merger costs of $1 million and $2 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. Operating profit for the three and nine months ended September 30, 2022 includes acquisition-related benefit of $19 million and $15 million, respectively, and employee severance charges of $1 million and $3 million, respectively. Operating profit for the nine months ended September 30, 2022 includes IHS Markit merger costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended September 30, 2023 and 2022, and $226 million and $176 million for the nine months ended September 30, 2023 and 2022, respectively.
6Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $1 million and $4 million, respectively, and IHS Markit merger costs of $1 million and $3 million, respectively. Operating profit for the nine months ended
September 30, 2023 includes a gain on disposition of $4 million. Operating profit for the three and nine months ended September 30, 2022 includes a gain on disposition of $14 million and $52 million, respectively, employee severance charges of $1 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 September 30, 2023 and 2022, and $27 million and $22 million for the nine months ended September 30, 2023 and 2022, respectively.
7As 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 nine months ended September 30, 2022 includes employee severance charges of $2 million and $4 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $14 million for the three months ended September 30, 2022, and $1 million and $33 million for the nine months ended September 30, 2023 and 2022, respectively.
8Corporate Unallocated expense for the three and nine months ended September 30, 2023 includes IHS Markit merger costs of $37 million and $104 million, respectively, employee severance charges of $6 million and $20 million, respectively, disposition-related costs of $3 million and $19 million, respectively, and acquisition-related costs of $1 million and $3 million, respectively. Corporate Unallocated expense for the nine months ended September 30, 2023 includes a loss on disposition of $120 million and lease impairments of $15 million. Corporate Unallocated expense for the three and nine months ended September 30, 2022 includes IHS Markit merger costs of $127 million and $483 million, respectively, employee severance charges of $23 million and $87 million, respectively, acquisition-related costs of $1 million and $7 million, respectively, an asset impairment of $9 million and a gain on acquisition of $10 million. The nine months ended September 30, 2022 includes a S&P Foundation grant of $200 million, lease impairments of $5 million and an asset write-off of $3 million. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $2 million and $1 million for the nine months ended September 30, 2023 and 2022, respectively.
9Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million and $13 million for the three months ended September 30, 2023 and 2022, respectively, and $42 million for the nine months ended September 30, 2023 and 2022.

The following table presents our revenue disaggregated by revenue type for the periods ended September 30:
(in millions)Market IntelligenceRatingsCommodity InsightsMobility IndicesEngineering Solutions
Intersegment Elimination 1
Total
Three Months Ended September 30, 2023
Subscription$932 $— $432 $296 $70 $— $— $1,730 
Non-subscription / Transaction42 326 26 83 — — — 477 
Non-transaction— 493 — — — — (46)447 
Asset-linked fees— — — — 218 — — 218 
Sales usage-based royalties— — 21 — 66 — — 87 
Recurring variable revenue125 — — — — — — 125 
Total revenue$1,099 $819 $479 $379 $354 $— $(46)$3,084 
Timing of revenue recognition
Services transferred at a point in time$42 $326 $26 $83 $— $— $— $477 
Services transferred over time
1,057 493 453 296 354 — (46)2,607 
Total revenue$1,099 $819 $479 $379 $354 $— $(46)$3,084 
(in millions)Market IntelligenceRatingsCommodity InsightsMobility IndicesEngineering Solutions
Intersegment Elimination 1
Total
Nine Months Ended September 30, 2023
Subscription$2,732 $— $1,261 $870 $206 $125 $— $5,194 
Non-subscription / Transaction137 1,088 130 237 — 8 — 1,600 
Non-transaction— 1,406 — — — — (130)1,276 
Asset-linked fees— — — — 638 — — 638 
Sales usage-based royalties— — 59 — 198 — — 257 
Recurring variable revenue380 — — — — — — 380 
Total revenue$3,249 $2,494 $1,450 $1,107 $1,042 $133 $(130)$9,345 
Timing of revenue recognition
Services transferred at a point in time$137 $1,088 $130 $237 $— $8 $— $1,600 
Services transferred over time
3,112 1,406 1,320 870 1,042 125 (130)7,745 
Total revenue$3,249 $2,494 $1,450 $1,107 $1,042 $133 $(130)$9,345 

(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
Three Months Ended September 30, 2022
Subscription$861 $— $394 $269 $69 $89 $— $1,682 
Non-subscription / Transaction40 244 21 77 — 6 — 388 
Non-transaction— 437 — — — — (43)394 
Asset-linked fees— — — — 210 — — 210 
Sales usage-based royalties— — 17 — 55 — — 72 
Recurring variable revenue115 — — — — 115 
Total revenue$1,016 $681 $432 $346 $334 $95 $(43)$2,861 
Timing of revenue recognition
Services transferred at a point in time$40 $244 $21 $77 $— $6 $— $388 
Services transferred over time976 437 411 269 334 89 (43)2,473 
Total revenue$1,016 $681 $432 $346 $334 $95 $(43)$2,861 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
Nine Months Ended September 30, 2022
Subscription$2,386 $— $1,088 $618 $190 $208 $— $4,490 
Non-subscription / Transaction111 992 96 179 — 16 — 1,394 
Non-transaction— 1,353 — — — — (125)1,228 
Asset-linked fees— — — — 642 — — 642 
Sales usage-based royalties— — 50 — 163 — — 213 
Recurring variable revenue277 — — — — — — 277 
Total revenue$2,774 $2,345 $1,234 $797 $995 $224 $(125)$8,244 
Timing of revenue recognition
Services transferred at a point in time$111 $992 $96 $179 $— $16 $— $1,394 
Services transferred over time2,663 1,353 1,138 618 995 208 (125)6,850 
Total revenue$2,774 $2,345 $1,234 $797 $995 $224 $(125)$8,244 
1 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
Schedule of Revenue by Geographic Region
The following provides revenue by geographic region for the periods ended September 30:
(in millions)Three MonthsNine Months
2023202220232022
U.S.$1,853 $1,717 $5,644 $4,925 
European region693 645 2,108 1,911 
Asia344 322 1,023 912 
Rest of the world194 177 570 496 
Total$3,084 $2,861 $9,345 $8,244