62
EBITDA /
Net Debt (Cash) to EBITDA*
U.S. GAAP

Total Company EBITDA

(dollars in millions)

'14
'15
'16
'17
'18
$222
$2,065
$3,522
$2,763
$2,996

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

(dollars in millions)

20142015201620172018

Operating profit

Ratings (1)

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

Market Intelligence

226226729457545

Platts (includes J.D. Power through 9/2016)

2893561,090326383

Indices

347392413478563

Total division operating profit

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

Less: Corporate Unallocated

187139147195231

Earnings before interest and taxes (EBIT)

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

Depreciation

8690858284

Amortization of intangibles

48679698122

EBITDA

$222$2,065$3,522$2,763$2,996
20142015201620172018

Operating profit

Ratings (1)

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

Market Intelligence

226226729457545

Platts (includes J.D. Power through 9/2016)

2893561,090326383

Indices

347392413478563

Total division operating profit

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

Less: Corporate Unallocated

187139147195231

Earnings before interest and taxes (EBIT)

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

Depreciation

8690858284

Amortization of intangibles

48679698122

EBITDA

$222$2,065$3,522$2,763$2,996

Net Debt (Cash) to EBITDA

Years ended December 31
(dollars in millions)

20082009201020112012201320142015201620172018

Cash, cash equivalents and restricted cash & short-term investments

$405$1,118$1,439$864$761$1,560$2,500$1,487$2,400$2,791$1,976

Total debt

1,2681,1981,1981,1931,2517947953,6113,5643,5693,662

Net (cash) debt

$863$80$(241)$329$490$(766)$(1,705)$2,124$1,164$778$1,686

EBITDA

$1,142$1,072$1,112$1,178$1,311$1,495$222$2,065$3,5222,763$2,996

Net debt (cash) to EBITDA

0.8x0.1x(0.2)x0.3x0.4x(0.5)x(7.7)x1.0x0.3x0.3x0.6x
20082009201020112012201320142015201620172018

Cash, cash equivalents and restricted cash & short-term investments

$405$1,118$1,439$864$761$1,560$2,500$1,487$2,400$2,791$1,976

Total debt

1,2681,1981,1981,1931,2517947953,6113,5643,5693,662

Net (cash) debt

$863$80$(241)$329$490$(766)$(1,705)$2,124$1,164$778$1,686

EBITDA

$1,142$1,072$1,112$1,178$1,311$1,495$222$2,065$3,5222,763$2,996

Net debt (cash) to EBITDA

0.8x0.1x(0.2)x0.3x0.4x(0.5)x(7.7)x1.0x0.3x0.3x0.6x

See page 67 for summary of debt outstanding

Notes:
(1)

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, $54 million of net legal settlement expenses in 2015, and $1.6 billion of legal and regulatory settlements in 2014

2008–2013 EBITDA were not restated for the adoption of Accounting Standards Update (ASU) 2017-07

*

SPGI: S&P Global’s results reflect the following discontinued operations for years noted: McGraw-Hill Education (2013) and McGraw Hill Construction (2014). Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions