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Segment and Related Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
A summary of operating results for the periods ended June 30 is as follows: 
RevenueThree MonthsSix Months
(in millions)2024202320242023
Market Intelligence $1,155 $1,079 $2,297 $2,150 
Ratings 1,135 851 2,197 1,675 
Commodity Insights 516 462 1,075 970 
Mobility400 369 786 727 
Indices 389 348 776 689 
Engineering Solutions— 33 — 133 
Intersegment elimination 1
(46)(41)(91)(83)
Total revenue$3,549 $3,101 $7,040 $6,261 

Operating ProfitThree MonthsSix Months
(in millions)2024202320242023
Market Intelligence 2
$230 $176 $419 $404 
Ratings 3
725 486 1,404 962 
Commodity Insights 4
206 156 432 343 
Mobility 5
80 68 151 133 
Indices 6
263 226 534 464 
Engineering Solutions 7
— 4 — 19 
Total reportable segments1,504 1,116 2,940 2,325 
Corporate Unallocated expense 8
(65)(216)(122)(294)
Equity in Income on Unconsolidated Subsidiaries 9
13 11 19 25 
Total operating profit$1,452$911$2,837$2,056
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 six months ended June 30, 2024 includes a net acquisition-related benefit of $11 million and $8 million, respectively, IHS Markit merger costs of $9 million and $20 million, respectively, and employee severance charges of $4 million and $35 million, respectively. 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 disposition of $46 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $147 million and $140 million for the three months ended June 30, 2024 and 2023, respectively, and $288 million and $281 million for the six months ended June 30, 2024 and 2023, respectively.
3Operating profit for the three and six months ended June 30, 2024 includes legal costs of $20 million. Operating profit for the six months ended June 30, 2024 also includes employee severance charges of $2 million. Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $4 million and $5 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2024 and 2023, and $9 million and $4 million for the six months ended June 30, 2024 and 2023, respectively.
4Operating profit for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $5 million and $10 million, respectively, an asset write-off of $1 million and disposition-related costs of $1 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $32 million and $33 million for the three months ended June 30, 2024 and 2023, respectively, and $65 million and $66 million for the six months ended June 30, 2024 and 2023, respectively.
5Operating profit for the three and six months ended June 30, 2024 includes employee severance charges of $6 million, IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended June 30, 2024 and 2023, and $151 million and $150 million for the six months ended June 30, 2024 and 2023, respectively.
6Operating profit for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $2 million and $3 million, respectively, and a loss on disposition of $1 million. Operating profit for the six months ended June 30, 2024 includes employee severance charges of $1 million. 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended June 30, 2024 and 2023, and $18 million for the six months ended June 30, 2024 and 2023.
7As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. Operating profit for the six months ended June 30, 2023 includes amortization of intangibles from acquisitions of $1 million.
8Corporate Unallocated expense for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $20 million and $38 million, respectively, acquisition-related costs of $6 million and $7 million, respectively, disposition-related costs of $2 million and $3 million, respectively, and a gain on disposition of $2 million. Corporate Unallocated expense for the six months ended June 30, 2024 includes employee severance charges of $2 million and recovery of lease-related costs of $1 million. 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. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2024 and 2023, and $1 million and $2 million for the six months ended June 30, 2024 and 2023, respectively.
9Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million for the three months months ended June 30, 2024 and 2023, and $28 million for the six months ended June 30, 2024 and 2023.
The following table presents our revenue disaggregated by revenue type for the periods ended June 30:
(in millions)Market IntelligenceRatingsCommodity InsightsMobility Indices
Engineering Solutions 1
Intersegment Elimination 2
Total
Three Months Ended June 30, 2024
Subscription$965 $— $459 $323 $74 $— $— $1,821 
Non-subscription / Transaction43 626 31 77 — — — 777 
Non-transaction— 509 — — — — (46)463 
Asset-linked fees— — — — 245 — — 245 
Sales usage-based royalties— — 26 — 70 — — 96 
Recurring variable revenue147 — — — — — — 147 
Total revenue$1,155 $1,135 $516 $400 $389 $— $(46)$3,549 
Timing of revenue recognition
Services transferred at a point in time$43 $626 $31 $77 $— $— $— $777 
Services transferred over time
1,112 509 485 323 389 — (46)2,772 
Total revenue$1,155 $1,135 $516 $400 $389 $— $(46)$3,549 
(in millions)Market IntelligenceRatingsCommodity InsightsMobility Indices
Engineering Solutions 1
Intersegment Elimination 2
Total
Six Months Ended June 30, 2024
Subscription$1,912 $— $909 $635 $144 $— $— $3,600 
Non-subscription / Transaction97 1,207 115 151 — — — 1,570 
Non-transaction— 990 — — — — (91)899 
Asset-linked fees— — — — 489 — — 489 
Sales usage-based royalties— — 51 — 143 — — 194 
Recurring variable revenue288 — — — — — — 288 
Total revenue$2,297 $2,197 $1,075 $786 $776 $— $(91)$7,040 
Timing of revenue recognition
Services transferred at a point in time$97 $1,207 $115 $151 $— $— $— $1,570 
Services transferred over time
2,200 990 960 635 776 — (91)5,470 
Total revenue$2,297 $2,197 $1,075 $786 $776 $— $(91)$7,040 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndices
Engineering Solutions 1
Intersegment Elimination 2
Total
Three Months Ended June 30, 2023
Subscription$910 $— $420 $292 $70 $31 $— $1,723 
Non-subscription / Transaction39 383 24 77 — 2 — 525 
Non-transaction— 468 — — — — (41)427 
Asset-linked fees— — — — 211 — — 211 
Sales usage-based royalties— — 18 — 67 — — 85 
Recurring variable revenue130 — — — 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 time1,040 468 438 292 348 31 (41)2,576 
Total revenue$1,079 $851 $462 $369 $348 $33 $(41)$3,101 

(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndices
Engineering Solutions 1
Intersegment Elimination 2
Total
Six Months Ended June 30, 2023
Subscription$1,800 $— $829 $573 $136 $125 $— $3,463 
Non-subscription / Transaction95 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 revenue255 — — — — — — 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 time2,055 914 866 573 689 125 (83)5,139 
Total revenue$2,150 $1,675 $970 $727 $689 $133 $(83)$6,261 
1 As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.
2 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 MonthsSix Months
2024202320242023
U.S.$2,151 $1,865 $4,301 $3,791 
European region830 703 1,605 1,414 
Asia368 342 724 679 
Rest of the world200 191 410 377 
Total$3,549 $3,101 $7,040 $6,261