54-57
Operating Division Trends* U.S. GAAP

Ratings (1, 2)

Total Revenue

(dollars in millions)

'14
'15
'16
'17
'18
$2,455
$2,428
$2,535
$2,988
$2,883

Total Operating Profit

(dollars in millions)

'14
'15
'16
'17
'18
$(587)
$1,073
$1,256
$1,517
$1,530

Operating Profit Margin

'14
'15
'16
'17
'18
(23.9)%
44.2%
46.6%
50.8%
53.0%

Market Intelligence (1, 4, 5)

Total Revenue

(dollars in millions)

'14
'15
'16
'17
'18
$1,237
$1,405
$1,661
$1,683
$1,833

Total Operating Profit

(dollars in millions)

'14
'15
'16
'17
'18
$226
$226
$729
$457
$545

Operating Profit Margin

'14
'15
'16
'17
'18
18.3%
16.1%
43.8%
27.2%
29.8%

Platts(6, 7) (includes J.D. Power through 9/2016)

Total Revenue

(dollars in millions)

'14
'15
'16
'17
'18
J.D. Power, Other
$288
$316
$214
Platts
605
655
711
774
815
$893
$971
$925
$774
$815

Total Operating Profit

(dollars in millions)

'14
'15
'16
'17
'18
$289
$356
$1,090
$326
$383

Operating Profit Margin

'14
'15
'16
'17
'18
32.4%
36.6%
117.8%
42.1%
47.0%

Indices (5, 8)

Total Revenue

(dollars in millions)

'14
'15
'16
'17
'18
$552
$597
$638
$728
$837

Total Operating Profit

(dollars in millions)

'14
'15
'16
'17
'18
$347
$392
$413
$478
$563

Operating Profit Margin

'14
'15
'16
'17
'18
62.8%
65.6%
64.8%
65.7%
67.3%

Revenue

(dollars in millions)

20142015201620172018

Ratings (1)

$2,455$2,428$2,535$2,988$2,883

% increase/(decrease)

8%(1)%4%18%(4)%

% of total

49%46%45%49%46%

Market Intelligence (1, 4, 5)

$1,237$1,405$1,661$1,683$1,833

% increase/(decrease)

6%14%18%1%9%

% of total

24%26%29%28%29%

Platts (6, 7)

  Platts

$605$655$711$774$815

  J.D. Power, Other

$288$316$214

% increase/(decrease)

6%9%(5)%(16)%5%

% of total

18%18%16%13%13%

Indices (5)

$552$597$638$728$837

% increase/(decrease)

12%8%7%14%15%

% of total

11%11%11%12%13%

Corporate

$15

% increase/(decrease)

N/MN/MN/MN/MN/M

% of total

0%0%0%0%0%

Interdivision elimination

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

Total SPGI revenue

$5,051$5,313$5,661$6,063$6,258

% increase/(decrease)

7%5%7%7%3%
20142015201620172018

Ratings (1)

$2,455$2,428$2,535$2,988$2,883

% increase/(decrease)

8%(1)%4%18%(4)%

% of total

49%46%45%49%46%

Market Intelligence (1, 4, 5)

$1,237$1,405$1,661$1,683$1,833

% increase/(decrease)

6%14%18%1%9%

% of total

24%26%29%28%29%

Platts (6, 7)

  Platts

$605$655$711$774$815

  J.D. Power, Other

$288$316$214

% increase/(decrease)

6%9%(5)%(16)%5%

% of total

18%18%16%13%13%

Indices (5)

$552$597$638$728$837

% increase/(decrease)

12%8%7%14%15%

% of total

11%11%11%12%13%

Corporate

$15

% increase/(decrease)

N/MN/MN/MN/MN/M

% of total

0%0%0%0%0%

Interdivision elimination

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

Total SPGI revenue

$5,051$5,313$5,661$6,063$6,258

% increase/(decrease)

7%5%7%7%3%

Expenses

(dollars in millions)

2014 (11)2015201620172018

Ratings (1, 2)

$3,042$1,355$1,279$1,471$1,353

% increase/(decrease)

N/M(55)%(6)%15%(8)%

Market Intelligence (1, 4, 5)

$1,011$1,179$932$1,226$1,288

% increase/(decrease)

N/M17%(21)%31%5%

Platts (6, 7) (includes J.D. Power through 9/2016)

$604$615$(165)$448$432

% increase/(decrease)

N/M2%N/MN/M(4)%

Indices (5)

$205$205$225$250$274

% increase/(decrease)

N/M0%9%11%9%

Interdivision elimination

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

Total division expense

$4,776$3,266$2,173$3,285$3,222

% increase/(decrease)

N/M(32)%(33)%51%(2)%
2014 (11)2015201620172018

Ratings (1, 2)

$3,042$1,355$1,279$1,471$1,353

% increase/(decrease)

N/M(55)%(6)%15%(8)%

Market Intelligence (1, 4, 5)

$1,011$1,179$932$1,226$1,288

% increase/(decrease)

N/M17%(21)%31%5%

Platts (6, 7) (includes J.D. Power through 9/2016)

$604$615$(165)$448$432

% increase/(decrease)

N/M2%N/MN/M(4)%

Indices (5)

$205$205$225$250$274

% increase/(decrease)

N/M0%9%11%9%

Interdivision elimination

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

Total division expense

$4,776$3,266$2,173$3,285$3,222

% increase/(decrease)

N/M(32)%(33)%51%(2)%

Operating Profit by Division

(dollars in millions)

2014 (11)2015201620172018

Ratings (1, 2)

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

% increase/(decrease)

N/MN/M17%21%1%

% of total

N/M52%36%55%51%

Market Intelligence (1, 4, 5)

$226$226$729$457$545

% increase/(decrease)

N/M0%N/M(37)%19%

% of total

82%11%21%16%18%

Platts(6, 7) (includes J.D. Power through 9/2016)

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

% increase/(decrease)

N/M23%N/M(70)%18%

% of total

N/M17%31%12%13%

Indices (5, 8)

$347$392$413$478$563

% increase/(decrease)

N/M13%5%16%18%

% of total

N/M19%12%17%19%

Total division operating profit

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

% increase/(decrease)

N/MN/M70%(20)%9%

Total SPGI operating profit

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

% increase/(decrease)

N/MN/M75%(23)%8%
2014 (11)2015201620172018

Ratings (1, 2)

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

% increase/(decrease)

N/MN/M17%21%1%

% of total

N/M52%36%55%51%

Market Intelligence (1, 4, 5)

$226$226$729$457$545

% increase/(decrease)

N/M0%N/M(37)%19%

% of total

82%11%21%16%18%

Platts(6, 7) (includes J.D. Power through 9/2016)

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

% increase/(decrease)

N/M23%N/M(70)%18%

% of total

N/M17%31%12%13%

Indices (5, 8)

$347$392$413$478$563

% increase/(decrease)

N/M13%5%16%18%

% of total

N/M19%12%17%19%

Total division operating profit

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

% increase/(decrease)

N/MN/M70%(20)%9%

Total SPGI operating profit

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

% increase/(decrease)

N/MN/M75%(23)%8%

Operating Profit Margin by Division

20142015201620172018

Ratings (1, 2)

(23.9)%44.2%49.6%50.8%53.0%

Market Intelligence (1, 4, 5)

18.3%16.1%43.8%27.2%29.8%

Platts(6, 7) (includes J.D. Power through 9/2016)

32.4%36.6%117.8%42.1%47.0%

Indices (5, 8)

62.8%65.6%64.8%65.7%67.3%

Total division operating profit margin (9)

5.5%38.5%61.6%45.8%48.4%

Total SPGI profit margin

1.7%35.9%59.0%42.6%44.6%
20142015201620172018

Ratings (1, 2)

(23.9)%44.2%49.6%50.8%53.0%

Market Intelligence (1, 4, 5)

18.3%16.1%43.8%27.2%29.8%

Platts(6, 7) (includes J.D. Power through 9/2016)

32.4%36.6%117.8%42.1%47.0%

Indices (5, 8)

62.8%65.6%64.8%65.7%67.3%

Total division operating profit margin (9)

5.5%38.5%61.6%45.8%48.4%

Total SPGI profit margin

1.7%35.9%59.0%42.6%44.6%

Key Results, Adjusted for Foreign Exchange (Fx) Movements

(dollars in millions)

ReportedFxFx Adjusted
201420152016201720182014201520162017201820142015201620172018

Revenue

Ratings (1)

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

Market Intelligence (1, 4, 5)

1,2371,4051,6611,6831,8331162(4)1,2371,4161,6671,6851,829

Platts ** (6, 7)

89397192577481526895977925774815

Indices (5)

55259763872883715553602638728837

Elimination

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

Total division revenue

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

Total SPGI revenue (10)

$5,051$5,313$5,661$6,063$6,258$4$114$24$(5)$(25)$5,055$5,427$5,685$6,058$6,233

Operating Profit

Ratings (1, 2)

$(587)$1,073$1,256$1,517$1,530$(17)$16$(7)$9$(50)$(604)$1,089$1,249$1,526$1,480

Market Intelligence (1, 4, 5)

226226729457545(8)(16)(119)6(16)218210610463529

Platts ** (6, 7)

2893561,0903263832(11)85132913451,175327386

Indices (5, 8)

3473924134785632(2)(3)3349392411475566

Total division operating profit

$275$2,047$3,488$2,778$3,021$(22)$(11)$(43)$12$(60)$253$2,036$3,445$2,790$2,961

Total SPGI operating profit

$88$1,908$3,341$2,583$2,790$(22)$(11)$(43)$12$(60)$66$1,897$3,298$2,595$2,730

Operating profit margin by division adjusted for Fx movements versus the prior year

Ratings (1, 2)

(23.9)%44.2%49.6%50.8%53.0%(24.6)%43.2%48.9%51.2%51.7%

Market Intelligence (1, 4, 5)

18.3%16.1%43.8%27.2%29.8%17.7%14.8%36.5%27.5%29.0%

Platts ** (6, 7)

32.4%36.6%117.8%42.1%47.0%32.5%35.3%127.0%42.2%47.3%

Indices (5, 8)

62.8%65.6%64.8%65.7%67.3%63.1%65.1%64.5%65.3%67.7%

Operating profit margin adjusted for Fx movements versus the prior year

Total division

5.5%38.5%61.6%45.8%48.4%5.0%37.5%60.6%46.1%47.6%

Total SPGI

1.7%35.9%59.0%42.6%44.6%1.3%35.0%58.0%42.8%43.8
ReportedFxFx Adjusted
201420152016201720182014201520162017201820142015201620172018

Revenue

Ratings (1)

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

Market Intelligence (1, 4, 5)

1,2371,4051,6611,6831,8331162(4)1,2371,4161,6671,6851,829

Platts ** (6, 7)

89397192577481526895977925774815

Indices (5)

55259763872883715553602638728837

Elimination

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

Total division revenue

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

Total SPGI revenue (10)

$5,051$5,313$5,661$6,063$6,258$4$114$24$(5)$(25)$5,055$5,427$5,685$6,058$6,233

Operating Profit

Ratings (1, 2)

$(587)$1,073$1,256$1,517$1,530$(17)$16$(7)$9$(50)$(604)$1,089$1,249$1,526$1,480

Market Intelligence (1, 4, 5)

226226729457545(8)(16)(119)6(16)218210610463529

Platts ** (6, 7)

2893561,0903263832(11)85132913451,175327386

Indices (5, 8)

3473924134785632(2)(3)3349392411475566

Total division operating profit

$275$2,047$3,488$2,778$3,021$(22)$(11)$(43)$12$(60)$253$2,036$3,445$2,790$2,961

Total SPGI operating profit

$88$1,908$3,341$2,583$2,790$(22)$(11)$(43)$12$(60)$66$1,897$3,298$2,595$2,730

Operating profit margin by division adjusted for Fx movements versus the prior year

Ratings (1, 2)

(23.9)%44.2%49.6%50.8%53.0%(24.6)%43.2%48.9%51.2%51.7%

Market Intelligence (1, 4, 5)

18.3%16.1%43.8%27.2%29.8%17.7%14.8%36.5%27.5%29.0%

Platts ** (6, 7)

32.4%36.6%117.8%42.1%47.0%32.5%35.3%127.0%42.2%47.3%

Indices (5, 8)

62.8%65.6%64.8%65.7%67.3%63.1%65.1%64.5%65.3%67.7%

Operating profit margin adjusted for Fx movements versus the prior year

Total division

5.5%38.5%61.6%45.8%48.4%5.0%37.5%60.6%46.1%47.6%

Total SPGI

1.7%35.9%59.0%42.6%44.6%1.3%35.0%58.0%42.8%43.8

Notes:

Note for Ratings: 
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

Notes for Market Intelligence: 
2016–2018 results recast to reflect transfer of Trucost to Market Intelligence from Indices
2018 results reflect the acquisitions of the RateWatch business and Panjiva, Inc.
2017 results reflect the divestiture of QuantHouse 
2016 results reflect the divestitures of Standard & Poor’s Securities Evaluations, Inc., and Credit Market Analysis
2015 results reflect the acquisition of SNL Financial LC

Notes for Platts: 
Comparisons impacted by the sale of J.D. Power on September 7, 2016, with the results included in Platts results through that date
2016 results reflect the acquisitions of PIRA Energy Group and RigData
2015 results reflect the acquisitions of Petromedia Ltd. and National Automobile Dealers Association’s Used Car Guide
2014 results reflect the acquisition of Eclipse Energy Group
2014 results reflect McGraw Hill Construction as a discontinued operation

Notes for Indices: 
2016–2018 results recast to reflect transfer of Trucost from Indices to Market Intelligence
Includes operating profit attributable to noncontrolling interests ($151 million in 2018,
$129 million in 2017, $109 million in 2016, $101 million in 2015, $92 million in 2014) as part of S&P Dow Jones Indices joint venture established in June 2012

(1)

Revenue for Ratings and expenses for Market Intelligence include an interdivision royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings

(2)

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

(3)

Excludes 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

(4)

2018 results reflect the acquisitions of the RateWatch business and Panjiva, Inc. 2017 results reflect the divestiture of QuantHouse. 2016 results reflect the acquisition of Trucost and the divestitures of Standard & Poor’s Securities Evaluations, Inc., and Credit Market Analysis. 2015 results reflect the acquisition of SNL Financial LC

(5)

2016–2018 results recast to reflect the transfer of Trucost from Indices to Market Intelligence

(6)

2016 results reflect the acquisitions of PIRA Energy Group and RigData. Additionally, the Company completed the sale of J.D. Power on September 7, 2016, with the results included in Platts results through that date. 2015 results reflect the acquisitions of Petromedia Ltd. and National Automobile Dealers Association’s Used Car Guide. 2014 results reflect the acquisition of Eclipse Energy Group

(7)

McGraw Hill Construction was sold in 2014 and was reclassified as a discontinued operation. It is excluded from results for 2014

(8)

Includes operating profit attributable to noncontrolling interests ($151 million in 2018, $129 million in 2017, $109 million in 2016, $101 million in 2015, $92 million in 2014) as part of the S&P Dow Jones Indices joint venture established in June 2012

(9)

Includes interdivision revenue elimination of $125 million in 2018, $110 million in 2017, $98 million in 2016, $88 million in 2015, and $86 million in 2014. Percentages may sum to greater than 100%

(10)

Total revenue includes Corporate revenue of $15 million  related to the acquisition of Kensho in April 2018

(11)

As 2013 was not restated for the adoption of Accounting Standards Update (ASU) 2017-07, the % increase/decrease for 2014 expense and operating profit is not meaningful

(**)

includes J.D. Power through 9/2016

N/M:  Not meaningful

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 (2014). Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions