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Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
Operating results for the years ended December 31, 2024, 2023 and 2022 is as follows:
(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Engineering SolutionsTotal
2024
Revenue from external customers$4,633 $4,207 $2,142 $1,609 $1,617 $— $14,208 
Intersegment revenue 1
12163— — 11— 186 
Revenue4,645 4,370 2,142 1,609 1,628 — 14,394 
Intersegment elimination(186)
Total revenue 14,208 
Less: segment expenses 2
3,133 1,617 1,139 982 483 — 7,354 
Less: other segment items 3
637 46 158 315 42 — 1,198 
Intersegment elimination(186)
Segment operating profit$875 $2,707 $845 $312 $1,103 $— $5,842 
Corporate Unallocated expense 4
305 
Equity in income on unconsolidated subsidiaries(43)
Operating profit5,580 
Other income, net (25)
Interest expense, net297
Income before taxes on income$5,308 

(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Engineering SolutionsTotal
2023
Revenue from external customers$4,365 $3,177 $1,946 $1,484 $1,392 $133 $12,497 
Intersegment revenue 1
11 155— — 11 — 177
Revenue4,376 3,332 1,946 1,484 1,403 133 12,674 
Intersegment elimination(177)
Total revenue 12,497 
Less: segment expenses 2
2,933 1,449 1,049 908 436 113 6,888 
Less: other segment items 3
729 19 193 316 42 1 1,300 
Intersegment elimination(177)
Segment operating profit$714 $1,864 $704 $260 $925 $19 $4,486 
Corporate Unallocated expense 4
502 
Equity in income on unconsolidated subsidiaries(36)
Operating profit4,020 
Other expense, net 15 
Interest expense, net334 
Income before taxes on income$3,671 
(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Engineering SolutionsTotal
2022
Revenue from external customers$3,797 $2,906 $1,685 $1,142 $1,328 $323 $11,181 
Intersegment revenue 1
14 144— — 11 — 169
Revenue$3,811 $3,050 $1,685 $1,142 $1,339 $323 $11,350 
Intersegment elimination(169)
Total revenue 11,181 
Less: segment expenses 2
2,568 1,340 912 694 418 268 6,200 
Less: other segment items 3
(1,245)38 182 235 (6)40 (756)
Intersegment elimination(169)
Segment operating profit$2,488 $1,672 $591 $213 $927 $15 $5,906 
Corporate Unallocated expense 4
989 
Equity in income on unconsolidated subsidiaries(27)
Operating profit4,944 
Other income, net (70)
Interest expense, net304 
Loss on extinguishment of debt8 
Income before taxes on income$4,702 
1Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2The segment expense category for Market Intelligence, Ratings, Commodity Insights, Mobility and Indices for the years ended December 31, 2024, 2023 and 2022 primarily include an aggregation of compensation costs, technology costs and strategic investments. The segment expense category for Engineering Solutions for the years ended December 31, 2023 and 2022 primarily include an aggregation of technology costs and compensation costs. The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments, however, the CODM does not receive the individual expense items underlying the overall segment expenses. Variance explanations include segment expenses including compensation costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information.
3 Other segment items for each reportable segment primarily include amortization of intangibles from acquisitions, (gain) loss on dispositions and certain items primarily including IHS Markit merger costs, employee severance charges and acquisition and disposition-related costs.
4 Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses.
The following table presents our revenue disaggregated by revenue type for the years ended December 31:
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2024
Subscription$3,882 $— $1,873 $1,299 $292 $— $— $7,346 
Non-subscription / Transaction184 2,326 166 310 — — — 2,986 
Non-transaction— 2,044 — — — — (186)1,858 
Asset-linked fees— — — — 1,046 — — 1,046 
Sales usage-based royalties— — 103 — 290 — — 393 
Recurring variable579 — — — — — — 579 
Total revenue$4,645 $4,370 $2,142 $1,609 $1,628 $— $(186)$14,208 
Timing of revenue recognition
Services transferred at a point in time
$184 $2,326 $166 $310 $— $— $— $2,986 
Services transferred over time
4,461 2,044 1,976 1,299 1,628 — (186)11,222 
Total revenue$4,645 $4,370 $2,142 $1,609 $1,628 $— $(186)$14,208 

(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2023
Subscription$3,685 $— $1,707 $1,169 $277 $125 $— $6,963 
Non-subscription / Transaction187 1,425 158 315 — 8 — 2,093 
Non-transaction— 1,907 — — — — (177)1,730 
Asset-linked fees— — — — 859 — — 859 
Sales usage-based royalties— — 81 — 267 — — 348 
Recurring variable504 — — — — — — 504 
Total revenue$4,376 $3,332 $1,946 $1,484 $1,403 $133 $(177)$12,497 
Timing of revenue recognition
Services transferred at a point in time
$187 $1,425 $158 $315 $— $8 $— $2,093 
Services transferred over time4,189 1,907 1,788 1,169 1,403 125 (177)10,404 
Total revenue$4,376 $3,332 $1,946 $1,484 $1,403 $133 $(177)$12,497 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2022
Subscription$3,263 $— $1,492 $888 $258 $300 $— $6,201 
Non-subscription / Transaction163 1,241 126 254 — 23 — 1,807 
Non-transaction— 1,809 — — — — (169)1,640 
Asset-linked fees— — — — 862 — — 862 
Sales usage-based royalties— — 67 — 219 — — 286 
Recurring variable385 — — — — — — 385 
Total revenue$3,811 $3,050 $1,685 $1,142 $1,339 $323 $(169)$11,181 
Timing of revenue recognition
Services transferred at a point in time
$163 $1,241 $126 $254 $— $23 $— $1,807 
Services transferred over time
3,648 1,809 1,559 888 1,339 300 (169)9,374 
Total revenue$3,811 $3,050 $1,685 $1,142 $1,339 $323 $(169)$11,181 
1    Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Segment information for the years ended December 31 is as follows:
(in millions)Depreciation & AmortizationCapital Expenditures
 202420232022202420232022
Market Intelligence$627 $597 $509 $61 $73 $43 
Ratings37 37 46 29 24 23 
Commodity Insights137 137 115 7 7 4 
Mobility317 314 248 18 22 6 
Indices42 42 39 3 13 2 
Engineering Solutions— 2 35 — — 4 
Total reportable segments1,160 1,129 992 118 139 82 
Corporate13 14 21 6 4 7 
Total$1,173 $1,143 $1,013 $124 $143 $89 

Segment information as of December 31 is as follows:
(in millions)Total Assets
 20242023
Market Intelligence$29,478 $29,674 
Ratings1,056 1,041 
Commodity Insights8,636 8,746 
Mobility13,222 13,495 
Indices3,200 3,222 
Total reportable segments55,592 56,178 
Corporate 1
4,629 4,411 
Total$60,221 $60,589 
1Corporate assets consist principally of cash and cash equivalents, investments, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.
Schedule of Revenue and Long-lived Assets by Geographic Region
The following provides revenue and long-lived assets by geographic region:
(in millions)RevenueLong-lived Assets
 Year ended December 31,December 31,
 20242023202220242023
U.S.$8,640 $7,542 $6,653 $4,786 $4,535 
European region3,256 2,822 2,597 46,947 47,960 
Asia1,491 1,375 1,246 92 73 
Rest of the world821 758 685 47 47 
Total$14,208 $12,497 $11,181 $51,872 $52,615 

RevenueLong-lived Assets
Year ended December 31,December 31,
 20242023202220242023
U.S.61 %60 %60 %9 %9 %
European region23 23 23 91 91 
Asia10 11 11 — — 
Rest of the world6 6 6 — — 
Total100 %100 %100 %100 %100 %