67EBITDA | Net Debt (Cash) to EBITDA*
U.S. GAAP
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
(dollars in millions)
| 2015 | 2016 | 2017 | 2018 | 2019 | |
| Operating profit | |||||
| Ratings (1) | $1,073 | $1,256 | $1,517 | $1,554 | $1,783 |
| Market Intelligence | 226 | 729 | 457 | 500 | 566 |
| Platts (includes J.D. Power through 9/2016) | 356 | 1,090 | 326 | 401 | 457 |
| Indices | 392 | 413 | 478 | 566 | 632 |
| Total division operating profit | $2,047 | $3,488 | $2,778 | $3,021 | $3,438 |
| Less: Corporate Unallocated | 139 | 147 | 195 | 231 | 212 |
| Earnings before interest and taxes (EBIT) | $1,908 | $3,341 | $2,583 | $2,790 | $3,226 |
| Depreciation | 90 | 85 | 82 | 84 | 82 |
| Amortization of intangibles | 67 | 96 | 98 | 122 | 122 |
| EBITDA | $2,065 | $3,522 | $2,763 | $2,996 | $3,430 |
Net Debt (Cash) to EBITDA
Years ended December 31
(dollars in millions)
| 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
| Cash, cash equivalents and restricted cash & short-term investments | $1,118 | $1,439 | $864 | $761 | $1,560 | $2,500 | $1,487 | $2,400 | $2,791 | $1,976 | $2,914 |
| Total debt | 1,198 | 1,198 | 1,193 | 1,251 | 794 | 795 | 3,611 | 3,564 | 3,569 | 3,662 | 3,948 |
| Net (cash) debt | $80 | $(241) | $329 | $490 | $(766) | $(1,705) | $2,124 | $1,164 | $778 | $1,686 | $1,034 |
| EBITDA | $1,072 | $1,112 | $1,178 | $1,311 | $1,495 | $222 | $2,065 | $3,522 | 2,763 | $2,996 | $3,430 |
| Net debt (cash) to EBITDA | 0.1x | (0.2)x | 0.3x | 0.4x | (0.5)x | (7.7)x | 1.0x | 0.3x | 0.3x | 0.6x | 0.3x |
Notes:
Includes the impact of $74 million of legal settlement expenses in 2018, $55 million of legal settlement expenses in 2017, a $10 million benefit related to net legal settlement insurance recoveries in 2016, and $54 million of net legal settlement expenses in 2015
2009-2013 EBITDA were not restated for the adoption of Accounting Standards Updates (ASU) 2017-07
SPGI: Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions