76-78
Reconciliation of Adjusted Information to U.S. GAAP Information*

Adjusted Operating Profit

(in millions)

20152016201720182019

Ratings

Reported operating profit

$1,073$1,256$1,517$1,554$1,783

Non-GAAP adjustments

68(4)808211

Deal-related amortization

55422

Adjusted operating profit

$1,146$1,257$1,601$1,631$1,796

Fx

16(7)9(50)19

Fx adjusted

$1,162$1,250$1,610$1,587$1,815

Market Intelligence

Reported operating profit

$226$729$457$500$566

Non-GAAP adjustments

69(304)117(13)

Deal-related amortization

4171717375

Adjusted operating profit

$336$496$540$580$629

Fx

(16)(119)6(16)(12)

Fx adjusted

$320$377$546$564$617

Platts

Reported operating profit

$356$1,090$326$401$457

Non-GAAP adjustments

1(723)21(26)

Deal-related amortization

1614181812

Adjusted operating profit

$373$381$365$419$443

FX

(11)8513(7)

Fx adjusted

$362$466$366$422$436

Indices

Reported operating profit

$392$413$478$566$632

Deal-related amortization

56666

Adjusted operating profit

$397$419$484$571$637

Fx

(2)(3)3(2)

Fx adjusted

$397$417$481$574$635

Total Division

Reported operating profit

$2,047$3,488$2,778$3,021$3,438

Non-GAAP adjustments

138(1,031)11289(27)

Deal-related amortization

6796989994

Adjusted operating profit

$2,252$2,553$2,988$3,208$3,505

Fx

(11)(43)12(60)(2)

Fx adjusted

$2,241$2,510$3,000$3,148$3,503

Corporate Unallocated

Corporate Unallocated

$(139)$(147)$(195)$(231)$(212)

Non-GAAP adjustments

(2)(3)295239

Deal-related amortization

2328

Adjusted Corporate Unallocated

$(141)$(150)$(166)$(156)$(145)

Total SPGI

Reported operating profit

$1,908$3,341$2,583$2,790$3,226

Non-GAAP adjustments

136(1,034)14114112

Deal-related amortization

679698122122

Adjusted operating profit

$2,111$2,403$2,822$3,052$3,360

Fx

(11)(43)12(60)(2)

Fx adjusted

$2,100$2,360$2,834$2,992$3,358

Adjusted operating profit margin

39.7%42.4%46.5%48.8%50.2%
20152016201720182019

Ratings

Reported operating profit

$1,073$1,256$1,517$1,554$1,783

Non-GAAP adjustments

68(4)808211

Deal-related amortization

55422

Adjusted operating profit

$1,146$1,257$1,601$1,631$1,796

Fx

16(7)9(50)19

Fx adjusted

$1,162$1,250$1,610$1,587$1,815

Market Intelligence

Reported operating profit

$226$729$457$500$566

Non-GAAP adjustments

69(304)117(13)

Deal-related amortization

4171717375

Adjusted operating profit

$336$496$540$580$629

Fx

(16)(119)6(16)(12)

Fx adjusted

$320$377$546$564$617

Platts

Reported operating profit

$356$1,090$326$401$457

Non-GAAP adjustments

1(723)21(26)

Deal-related amortization

1614181812

Adjusted operating profit

$373$381$365$419$443

FX

(11)8513(7)

Fx adjusted

$362$466$366$422$436

Indices

Reported operating profit

$392$413$478$566$632

Deal-related amortization

56666

Adjusted operating profit

$397$419$484$571$637

Fx

(2)(3)3(2)

Fx adjusted

$397$417$481$574$635

Total Division

Reported operating profit

$2,047$3,488$2,778$3,021$3,438

Non-GAAP adjustments

138(1,031)11289(27)

Deal-related amortization

6796989994

Adjusted operating profit

$2,252$2,553$2,988$3,208$3,505

Fx

(11)(43)12(60)(2)

Fx adjusted

$2,241$2,510$3,000$3,148$3,503

Corporate Unallocated

Corporate Unallocated

$(139)$(147)$(195)$(231)$(212)

Non-GAAP adjustments

(2)(3)295239

Deal-related amortization

2328

Adjusted Corporate Unallocated

$(141)$(150)$(166)$(156)$(145)

Total SPGI

Reported operating profit

$1,908$3,341$2,583$2,790$3,226

Non-GAAP adjustments

136(1,034)14114112

Deal-related amortization

679698122122

Adjusted operating profit

$2,111$2,403$2,822$3,052$3,360

Fx

(11)(43)12(60)(2)

Fx adjusted

$2,100$2,360$2,834$2,992$3,358

Adjusted operating profit margin

39.7%42.4%46.5%48.8%50.2%

Adjusted Other Income, Net

20152016201720182019

Other income, net

Reported other income, net

$(9)$(28)$(27)$(25)$98

Non-GAAP adjustments

(8)(5)(113)

Adjusted other income, net

$(9)$(28)$(35)$(29)$(14)
20152016201720182019

Other income, net

Reported other income, net

$(9)$(28)$(27)$(25)$98

Non-GAAP adjustments

(8)(5)(113)

Adjusted other income, net

$(9)$(28)$(35)$(29)$(14)

Adjusted Interest Expense

20152016201720182019

Interest expense

Reported interest expense

$102$181$149$134$198

Non-GAAP adjustments

(21)(57)

Adjusted interest expense

$102$160$149$134$141
20152016201720182019

Interest expense

Reported interest expense

$102$181$149$134$198

Non-GAAP adjustments

(21)(57)

Adjusted interest expense

$102$160$149$134$141

Adjusted Provision for Income Taxes

20152016201720182019

Income taxes

Reported provision for income taxes

$547$960$823$560$627

Non-GAAP adjustments

48(265)(75)4445

Deal-related amortization

2334342929

Adjusted provision for income taxes

$619$729$782$633$702
20152016201720182019

Income taxes

Reported provision for income taxes

$547$960$823$560$627

Non-GAAP adjustments

48(265)(75)4445

Deal-related amortization

2334342929

Adjusted provision for income taxes

$619$729$782$633$702

Adjusted Effective Tax Rate

20152016201720182019

Income taxes

Adjusted operating profit

$2,111$2,403$2,822$3,052$3,360

Adjusted other income, net

928352914

Adjusted interest expense

(102)(160)(149)(134)(141)

Adjusted income before taxes on income

$2,019$2,271$2,708$2,948$3,233

Adjusted provision for income taxes

$619$729$782$633$702

Adjusted effective tax rate (1)

30.6%32.1%28.9%21.5%21.7
20152016201720182019

Income taxes

Adjusted operating profit

$2,111$2,403$2,822$3,052$3,360

Adjusted other income, net

928352914

Adjusted interest expense

(102)(160)(149)(134)(141)

Adjusted income before taxes on income

$2,019$2,271$2,708$2,948$3,233

Adjusted provision for income taxes

$619$729$782$633$702

Adjusted effective tax rate (1)

30.6%32.1%28.9%21.5%21.7

(1) The adjusted effective tax rate is calculated by dividing the adjusted provision for income taxes by the adjusted income before taxes on income


Revenue, Fx Adjusted

(in millions)

20152016201720182019
ReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx Adjusted

Ratings

$2,428$92$2,520$2,535$18$2,553$2,988$(7)$2,981$2,883$(21)$2,862$3,106$33$3,139

Market Intelligence

1,405111,4161,66161,6671,68321,6851,833(4)1,8291,95951,964

Platts**

9716977925925774774815815844844

Indices

59756026386387287288378379181919

Intersegment elimination

(86)(88)(98)(98)(110)(110)(125)(125)(128)(128)

Total revenue

$5,313$114$5,427$5,661$24$5,685$6,063$(5)$6,058$6,243$(25)$6,218$6,699$39$6,738
20152016201720182019
ReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx Adjusted

Ratings

$2,428$92$2,520$2,535$18$2,553$2,988$(7)$2,981$2,883$(21)$2,862$3,106$33$3,139

Market Intelligence

1,405111,4161,66161,6671,68321,6851,833(4)1,8291,95951,964

Platts**

9716977925925774774815815844844

Indices

59756026386387287288378379181919

Intersegment elimination

(86)(88)(98)(98)(110)(110)(125)(125)(128)(128)

Total revenue

$5,313$114$5,427$5,661$24$5,685$6,063$(5)$6,058$6,243$(25)$6,218$6,699$39$6,738

** Includes J.D. Power through 9/2016



Organic Revenue

(in millions)

       
20162017% change20172018% change20182019% change

Total revenue

$5,661$6,0637%$6,063$6,2583%$6,258$6,6997%

Ratings acquisitions

(6)(1)(2)

Market Intelligence acquisitions, product closures, and divestitures

(117)(3)(14)(21)(22)

Platts acquisitions and divestitures

(216)(30)(10)(6)

Corporate acquisitions

(15)

Organic revenue

$5,328$6,03013%$6,063$6,2233%$6,226$6,6697%

Organic revenue on a constant currency basis

$5,328$6,02413%$6,063$6,1982%$6,226$6,7088%
       
20162017% change20172018% change20182019% change

Total revenue

$5,661$6,0637%$6,063$6,2583%$6,258$6,6997%

Ratings acquisitions

(6)(1)(2)

Market Intelligence acquisitions, product closures, and divestitures

(117)(3)(14)(21)(22)

Platts acquisitions and divestitures

(216)(30)(10)(6)

Corporate acquisitions

(15)

Organic revenue

$5,328$6,03013%$6,063$6,2233%$6,226$6,6697%

Organic revenue on a constant currency basis

$5,328$6,02413%$6,063$6,1982%$6,226$6,7088%


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

(in millions, except per share data)

20152016201720182019
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

$1,156$4.21$2,106$7.94$1,496$5.78$1,958$7.73$2,123$8.60

Non-GAAP adjustments

880.32(748)(2.82)2240.871020.401360.55

Deal-related amortization

440.16620.23640.25920.36920.37

Adjusted

$1,288$4.69$1,420$5.35$1,784$6.89$2,152$8.50$2,352$9.53

Year-over-year-growth

17%18%10%14%26%29%21%23%9%12%
20152016201720182019
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

$1,156$4.21$2,106$7.94$1,496$5.78$1,958$7.73$2,123$8.60

Non-GAAP adjustments

880.32(748)(2.82)2240.871020.401360.55

Deal-related amortization

440.16620.23640.25920.36920.37

Adjusted

$1,288$4.69$1,420$5.35$1,784$6.89$2,152$8.50$2,352$9.53

Year-over-year-growth

17%18%10%14%26%29%21%23%9%12%


Adjusted Diluted Earnings Per Share (1)

(dollars)

$4.69 $5.35 $6.89 $8.50 $9.535.02.57.5$10’15’16’17’18’198.509.536.895.354.6919% 4-year CAGR

Notes:

For additional information, see footnotes on pages 4 and 59

Adjusted Operating Results by Division

Operating Division Trends U.S. GAAP

See page 69 for Acquisitions & Divestitures

Details may not sum to total due to rounding

*

SPGI: Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions