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Segment and Related Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
A summary of operating results for the periods ended September 30 is as follows: 
RevenueThree MonthsNine Months
(in millions)2024202320242023
Market Intelligence $1,162 $1,099 $3,459 $3,249 
Ratings 1,110 819 3,307 2,494 
Commodity Insights 522 479 1,597 1,450 
Mobility412 379 1,198 1,107 
Indices 416 354 1,193 1,042 
Engineering Solutions— — — 133 
Intersegment elimination 1
(47)(46)(138)(130)
Total revenue$3,575 $3,084 $10,616 $9,345 

Operating ProfitThree MonthsNine Months
(in millions)2024202320242023
Market Intelligence 2
$230 $195 $649 $599 
Ratings 3
676 459 2,080 1,422 
Commodity Insights 4
211 184 643 527 
Mobility 5
97 80 247 213 
Indices 6
282 235 816 699 
Engineering Solutions 7
— — — 19 
Total reportable segments1,496 1,153 4,435 3,479 
Corporate Unallocated expense 8
(73)(87)(195)(382)
Equity in Income on Unconsolidated Subsidiaries 9
11 8 31 33 
Total operating profit$1,434$1,074$4,271$3,130
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, 2024 includes a gain on disposition of $21 million and IHS Markit merger costs of $10 million and $30 million, respectively. Operating profit for the nine months ended September 30, 2024 includes employee severance charges of $35 million and a net acquisition-related benefit of $8 million. Operating 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 disposition of $46 million and an asset impairment of $5 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $151 million and $140 million for the three months ended September 30, 2024 and 2023, respectively, and $439 million and $421 million for the nine months ended September 30, 2024 and 2023, respectively.
3Operating profit for the three and nine months ended September 30, 2024 includes a statutorily required bonus accrual adjustment of $6 million. Operating profit for the nine months ended September 30, 2024 includes legal costs of $20 million and employee severance charges of $2 million. Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $2 million and $8 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended September 30, 2024 and 2023, and $11 million and $6 million for the nine months ended September 30, 2024 and 2023, respectively.
4Operating profit for the three and nine months ended September 30, 2024 includes employee severance charges of $4 million and IHS Markit merger costs of $2 million and $12 million, respectively. Operating profit for the nine months ended September 30, 2024 includes an asset write-off of $1 million and disposition-related costs of $1 million. Operating 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $32 million and $33 million for the three months ended September 30, 2024 and 2023, respectively, and $97 million and $99 million for the nine months ended September 30, 2024 and 2023, respectively.
5Operating profit for the three and nine months ended September 30, 2024 includes IHS Markit merger costs of $1 million and $2 million, respectively. Operating profit for the nine months ended September 30, 2024 includes employee severance charges of $7 million and acquisition-related costs of $1 million. Operating 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended September 30, 2024 and 2023, and $227 million and $226 million for the nine months ended September 30, 2024 and 2023, respectively.
6Operating profit for the three and nine months ended September 30, 2024 includes IHS Markit merger costs of $1 million and $4 million, respectively. Operating profit for the nine months ended September 30, 2024 includes a loss on disposition of $1 million and employee severance charges of $1 million. Operating 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. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended September 30, 2024 and 2023, and $27 million for the nine months ended September 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 nine months ended September 30, 2023 includes amortization of intangibles from acquisitions of $1 million.
8Corporate Unallocated expense for the three and nine months ended September 30, 2024 includes IHS Markit merger costs of $16 million and $54 million, respectively, acquisition-related costs of $2 million and $10 million, respectively, and an asset write-off of $1 million. Corporate Unallocated expense for the nine months ended September 30, 2024 includes disposition-related costs of $3 million, employee severance charges of $2 million, a gain on disposition of $2 million and recovery of lease-related costs of $1 million. Corporate 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. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $1 million for the three months ended September 30, 2024, and $2 million for the nine months ended September 30, 2024 and 2023.
9Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $14 million for the three months months ended September 30, 2024 and 2023, and $42 million for the nine months ended September 30, 2024 and 2023.
The following table presents our revenue disaggregated by revenue type for the periods ended September 30:
(in millions)Market IntelligenceRatingsCommodity InsightsMobility Indices
Engineering Solutions 1
Intersegment Elimination 2
Total
Three Months Ended September 30, 2024
Subscription$981 $— $478 $331 $74 $— $— $1,864 
Non-subscription / Transaction39 597 18 81 — — — 735 
Non-transaction— 513 — — — — (47)466 
Asset-linked fees— — — — 266 — — 266 
Sales usage-based royalties— — 26 — 76 — — 102 
Recurring variable revenue142 — — — — — — 142 
Total revenue$1,162 $1,110 $522 $412 $416 $— $(47)$3,575 
Timing of revenue recognition
Services transferred at a point in time$39 $597 $18 $81 $— $— $— $735 
Services transferred over time
1,123 513 504 331 416 — (47)2,840 
Total revenue$1,162 $1,110 $522 $412 $416 $— $(47)$3,575 
(in millions)Market IntelligenceRatingsCommodity InsightsMobility Indices
Engineering Solutions 1
Intersegment Elimination 2
Total
Nine Months Ended September 30, 2024
Subscription$2,893 $— $1,387 $966 $218 $— $— $5,464 
Non-subscription / Transaction136 1,804 133 232 — — — 2,305 
Non-transaction— 1,503 — — — — (138)1,365 
Asset-linked fees— — — — 756 — — 756 
Sales usage-based royalties— — 77 — 219 — — 296 
Recurring variable revenue430 — — — — — — 430 
Total revenue$3,459 $3,307 $1,597 $1,198 $1,193 $— $(138)$10,616 
Timing of revenue recognition
Services transferred at a point in time$136 $1,804 $133 $232 $— $— $— $2,305 
Services transferred over time
3,323 1,503 1,464 966 1,193 — (138)8,311 
Total revenue$3,459 $3,307 $1,597 $1,198 $1,193 $— $(138)$10,616 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndices
Engineering Solutions 1
Intersegment Elimination 2
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 time1,057 493 453 296 354 — (46)2,607 
Total revenue$1,099 $819 $479 $379 $354 $— $(46)$3,084 

(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndices
Engineering Solutions 1
Intersegment Elimination 2
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 time3,112 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 
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 September 30:
(in millions)Three MonthsNine Months
2024202320242023
U.S.$2,176 $1,853 $6,478 $5,644 
European region802 693 2,407 2,108 
Asia388 344 1,111 1,023 
Rest of the world209 194 620 570 
Total$3,575 $3,084 $10,616 $9,345