71-73
Reconciliation of Adjusted Information to U.S. GAAP Information*

Adjusted Operating Profit

(in millions)

20142015201620172018

Ratings

Reported operating profit

$(587)$1,073$1,256$1,517$1,530

Non-GAAP adjustments

1,65768(4)8082

Deal-related amortization

65542

Adjusted operating profit

$1,076$1,146$1,257$1,601$1,614

Fx

(17)16(7)9(50)

Fx adjusted

$1,059$1,162$1,250$1,610$1,564

Market Intelligence

Reported operating profit

$226$226$729$457$545

Non-GAAP adjustments

969(304)117

Deal-related amortization

2641717173

Adjusted operating profit

$261$336$496$540$625

Fx

(8)(16)(119)6(16)

Fx adjusted

$253$320$377$546$609

Platts

Reported operating profit

$289$356$1,090$326$383

Non-GAAP adjustments

161(723)21

Deal-related amortization

1116141818

Adjusted operating profit

$316$373$381$365$401

FX

2(11)8513

Fx adjusted

$318$362$466$366$404

Indices

Reported operating profit

$347$392$413$478$563

Non-GAAP adjustments

4

Deal-related amortization

55666

Adjusted operating profit

$356$397$419$484$568

Fx

2(2)(3)3

Fx adjusted

$358$397$417$481$571

Total Division

Reported operating profit

$275$2,047$3,488$2,778$3,021

Non-GAAP adjustments

1,686138(1,031)11289

Deal-related amortization

4867969899

Adjusted operating profit

$2,009$2,252$2,553$2,988$3,208

Fx

(22)(11)(43)12(60)

Fx adjusted

$1,987$2,241$2,510$3,000$3,148

Corporate Unallocated

Corporate Unallocated

$(187)$(139)$(147)$(195)$(231)

Non-GAAP adjustments

16(2)(3)2952

Deal-related amortization

23

Adjusted Corporate Unallocated

$(171)$(141)$(150)$(166)$(156)

Total SPGI

Reported operating profit

$88$1,908$3,341$2,583$2,790

Non-GAAP adjustments

1,702136(1,034)141141

Deal-related amortization

48679698122

Adjusted operating profit

$1,838$2,111$2,403$2,822$3,052

Fx

(22)(11)(43)12(60)

Fx adjusted

$1,816$2,100$2,360$2,834$2,992

Adjusted operating profit margin

36.4%39.7%42.4%46.5%48.8%
20142015201620172018

Ratings

Reported operating profit

$(587)$1,073$1,256$1,517$1,530

Non-GAAP adjustments

1,65768(4)8082

Deal-related amortization

65542

Adjusted operating profit

$1,076$1,146$1,257$1,601$1,614

Fx

(17)16(7)9(50)

Fx adjusted

$1,059$1,162$1,250$1,610$1,564

Market Intelligence

Reported operating profit

$226$226$729$457$545

Non-GAAP adjustments

969(304)117

Deal-related amortization

2641717173

Adjusted operating profit

$261$336$496$540$625

Fx

(8)(16)(119)6(16)

Fx adjusted

$253$320$377$546$609

Platts

Reported operating profit

$289$356$1,090$326$383

Non-GAAP adjustments

161(723)21

Deal-related amortization

1116141818

Adjusted operating profit

$316$373$381$365$401

FX

2(11)8513

Fx adjusted

$318$362$466$366$404

Indices

Reported operating profit

$347$392$413$478$563

Non-GAAP adjustments

4

Deal-related amortization

55666

Adjusted operating profit

$356$397$419$484$568

Fx

2(2)(3)3

Fx adjusted

$358$397$417$481$571

Total Division

Reported operating profit

$275$2,047$3,488$2,778$3,021

Non-GAAP adjustments

1,686138(1,031)11289

Deal-related amortization

4867969899

Adjusted operating profit

$2,009$2,252$2,553$2,988$3,208

Fx

(22)(11)(43)12(60)

Fx adjusted

$1,987$2,241$2,510$3,000$3,148

Corporate Unallocated

Corporate Unallocated

$(187)$(139)$(147)$(195)$(231)

Non-GAAP adjustments

16(2)(3)2952

Deal-related amortization

23

Adjusted Corporate Unallocated

$(171)$(141)$(150)$(166)$(156)

Total SPGI

Reported operating profit

$88$1,908$3,341$2,583$2,790

Non-GAAP adjustments

1,702136(1,034)141141

Deal-related amortization

48679698122

Adjusted operating profit

$1,838$2,111$2,403$2,822$3,052

Fx

(22)(11)(43)12(60)

Fx adjusted

$1,816$2,100$2,360$2,834$2,992

Adjusted operating profit margin

36.4%39.7%42.4%46.5%48.8%

Adjusted Other Income, Net

20142015201620172018

Other income, net

Reported other income, net

$(25)$(9)$(28)$(27)$(25)

Non-GAAP adjustments

(8)(5)

Adjusted other income, net

$(25)$(9)$(28)$(35)$(29)
20142015201620172018

Other income, net

Reported other income, net

$(25)$(9)$(28)$(27)$(25)

Non-GAAP adjustments

(8)(5)

Adjusted other income, net

$(25)$(9)$(28)$(35)$(29)

Adjusted Interest Expense

20142015201620172018

Interest expense

Reported interest expense

$59$102$181$149$134

Non-GAAP adjustments

(21)

Adjusted interest expense

$59$102$160$149$134
20142015201620172018

Interest expense

Reported interest expense

$59$102$181$149$134

Non-GAAP adjustments

(21)

Adjusted interest expense

$59$102$160$149$134

Adjusted Provision for Income Taxes

20142015201620172018

Income taxes

Reported provision for income taxes

$245$547$960$823$560

Non-GAAP adjustments

33648(265)(75)44

Deal-related amortization

1823343429

Adjusted provision for income taxes

$599$619$729$782$633
20142015201620172018

Income taxes

Reported provision for income taxes

$245$547$960$823$560

Non-GAAP adjustments

33648(265)(75)44

Deal-related amortization

1823343429

Adjusted provision for income taxes

$599$619$729$782$633

Adjusted Effective Tax Rate

20142015201620172018

Income taxes

Adjusted operating profit

$1,838$2,111$2,403$2,822$3,052

Adjusted other income, net

259283529

Adjusted interest expense

(59)(102)(160)(149)(134)

Adjusted income before taxes on income

$1,804$2,019$2,271$2,708$2,948

Adjusted provision for income taxes

$599$619$729$782$633

Adjusted effective tax rate (1)

33.2%30.6%32.1%28.9%21.5%
20142015201620172018

Income taxes

Adjusted operating profit

$1,838$2,111$2,403$2,822$3,052

Adjusted other income, net

259283529

Adjusted interest expense

(59)(102)(160)(149)(134)

Adjusted income before taxes on income

$1,804$2,019$2,271$2,708$2,948

Adjusted provision for income taxes

$599$619$729$782$633

Adjusted effective tax rate (1)

33.2%30.6%32.1%28.9%21.5%

Adjusted Diluted Earnings Per Share (1)

(dollars)

0.0 2.5 5.0 7.5 10.0 $3.99 $4.69 $5.35 $6.89 $8.50 5.0 2.5 7.5 $10 ’14 ’15 ’16 3.99 ’17 ’18 8.50 6.89 5.35 4.69 21% 4-year CAGR

(1) Diluted weighted-average shares outstanding of 276.2 million were used to calculate adjusted diluted EPS for 2014. This amount includes securities that had an antidilutive effect to reported diluted EPS due to a loss from continuing operations


Revenue, Fx Adjusted

(in millions)

20142015201620172018
ReportedFxAdjustedReportedFxAdjustedReportedFxAdjustedReportedFXAdjustedReportedFxAdjusted

Ratings

$2,455$1$2,456$2,428$92$2,520$2,535$18$2,553$2,988$(7)$2,981$2,883$(21)$2,862

Market Intelligence

1,2371,2371,405111,4161,66161,6671,68321,6851,833(4)1,829

Platts

89328959716977925925774774815815

Indices

55215535975602638638728728837837

Intersegment elimination

(86)(86)(88)(88)(98)(98)(110)(110)(125)(125)

Total Revenue

$5,051$4$5,055$5,313$114$5,427$5,661$24$5,685$6,063$(5)$6,058$6,243$(25)$6,218
20142015201620172018
ReportedFxAdjustedReportedFxAdjustedReportedFxAdjustedReportedFXAdjustedReportedFxAdjusted

Ratings

$2,455$1$2,456$2,428$92$2,520$2,535$18$2,553$2,988$(7)$2,981$2,883$(21)$2,862

Market Intelligence

1,2371,2371,405111,4161,66161,6671,68321,6851,833(4)1,829

Platts

89328959716977925925774774815815

Indices

55215535975602638638728728837837

Intersegment elimination

(86)(86)(88)(88)(98)(98)(110)(110)(125)(125)

Total Revenue

$5,051$4$5,055$5,313$114$5,427$5,661$24$5,685$6,063$(5)$6,058$6,243$(25)$6,218


Organic Revenue

(in millions)

       
20152016% change20162017% change20172018% change

Total revenue

$5,313$5,6617%$5,661$6,0637%$6,063$6,2583%

Ratings acquisitions

(6)

Market Intelligence acquisitions, product closures, and divestitures

(157)(305)(117)(3)(14)

Platts acquisitions and divestitures

(316)(230)(216)(30)

Corporate acquisitions

(15)

Organic revenue

$4,840$5,1266%$5,328$6,03013%$6,063$6,2233%

Organic revenue on a constant currency basis

$4,840$5,1506%$5,328$6,02413%$6,063$6,1982%
       
20152016% change20162017% change20172018% change

Total revenue

$5,313$5,6617%$5,661$6,0637%$6,063$6,2583%

Ratings acquisitions

(6)

Market Intelligence acquisitions, product closures, and divestitures

(157)(305)(117)(3)(14)

Platts acquisitions and divestitures

(316)(230)(216)(30)

Corporate acquisitions

(15)

Organic revenue

$4,840$5,1266%$5,328$6,03013%$6,063$6,2233%

Organic revenue on a constant currency basis

$4,840$5,1506%$5,328$6,02413%$6,063$6,1982%


Adjusted Net Income Attributable to SPGI from Continuing Operations and Adjusted Diluted EPS from Continuing Operations

(in millions, except per share data)

20142015201620172019
Net income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPS

As reported

$(293)$(1.08)$1,156$4.21$2,106$7.94$1,496$5.78$1,958$7.73

Non-GAAP adjustments

1,3664.96880.32(748)(2.82)2240.871020.40

Deal-related amortization

300.11440.16620.23640.25920.36

Adjusted

$1,103$3.99$1,288$4.69$1,420$5.35$1,784$6.89$2,152$8.50

Year-over-year-growth

18%19%17%18%10%14%26%29%21%23%
20142015201620172019
Net income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPS

As reported

$(293)$(1.08)$1,156$4.21$2,106$7.94$1,496$5.78$1,958$7.73

Non-GAAP adjustments

1,3664.96880.32(748)(2.82)2240.871020.40

Deal-related amortization

300.11440.16620.23640.25920.36

Adjusted

$1,103$3.99$1,288$4.69$1,420$5.35$1,784$6.89$2,152$8.50

Year-over-year-growth

18%19%17%18%10%14%26%29%21%23%

Notes:

For additional information, see footnotes for

Adjusted Operating Results by Division

Operating Division Trends U.S. GAAP

See page 62 for Acquisitions & Divestitures

Details may not sum to total due to rounding

*

SPGI: S&P Global’s results reflect the following discontinued operations for years noted: McGraw-Hill Education (2013) and McGraw Hill Construction (2013–2014). Refer to the SPGI footnotes on page 10 for further details on the Company’s divisions