75Adjusted Results by Quarter: 2020 and 2021
Adjusted Operating Profit by Quarter
(in millions)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | ||||||
| Ratings | $521 | $686 | $695 | $731 | $552 | $645 | $481 | $570 | $2,249 | $2,632 | |||||
| Market Intelligence | 160 | 181 | 177 | 196 | 179 | 203 | 166 | 191 | 683 | 771 | |||||
| Platts | 114 | 131 | 127 | 136 | 124 | 130 | 115 | 125 | 480 | 523 | |||||
| Indices | 183 | 192 | 172 | 198 | 153 | 214 | 176 | 199 | 684 | 803 | |||||
| Total SPGI adjusted division operating profit | $978 | $1,190 | $1,171 | $1,262 | $1,008 | $1,193 | $938 | $1,085 | $4,095 | $4,729 | |||||
| Adjusted corporate unallocated | (30) | (28) | (30) | (33) | (32) | (37) | (35) | (49) | (128) | (148) | |||||
| Total adjusted operating profit | $948 | $1,162 | $1,141 | $1,228 | $976 | $1,155 | $903 | $1,036 | $3,967 | $4,581 | |||||
Adjusted Other (Income) Expense, Net
(in millions)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | ||||||
| Adjusted other (income) expense, net | $1 | $(7) | $(13) | $(22) | $(6) | $(22) | $(16) | $(11) | $(34) | $(62) | |||||
Adjusted Interest Expense
(in millions)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | ||||||
| Adjusted interest expense | $34 | $32 | $40 | $32 | $35 | $31 | $32 | $25 | $141 | $119 | |||||
Adjusted Provision for Income Taxes
(in millions)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | ||||||
| Adjusted provision for income taxes | $198 | $264 | $242 | $284 | $215 | $228 | $176 | $197 | $831 | $973 | |||||
Adjusted Effective Tax Rate
(in millions, except tax rate)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | ||||||
| Adjusted operating profit | $948 | $1,162 | $1,141 | $1,228 | $976 | $1,155 | $903 | $1,036 | $3,967 | $4,581 | |||||
| Adjusted other income | (1) | 7 | 13 | 22 | 6 | 22 | 16 | 11 | 34 | 62 | |||||
| Adjusted interest expense | (34) | (32) | (40) | (32) | (35) | (31) | (32) | (25) | (141) | (119) | |||||
| Adjusted income before taxes on income | $913 | $1,137 | $1,114 | $1,219 | $947 | $1,146 | $886 | $1,021 | $3,861 | $4,523 | |||||
| Adjusted provision for income taxes | $198 | $264 | $242 | $284 | $215 | $228 | $176 | $197 | $831 | $973 | |||||
| Adjusted effective tax rate (1) | 21.7% | 23.2% | 21.7% | 23.3% | 22.6% | 19.9% | 19.9% | 19.3% | 21.5% | 21.5% | |||||
Adjusted Net Income Attributable to SPGI and Adjusted Diluted EPS
(in millions, except per share data)
| Q1 | Q2 | Q3 | Q4 | Full Year | |||||||||||
2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | ||||||
| Adjusted net income attributable to SPGI | $665 | $820 | $822 | $875 | $689 | $855 | $654 | $762 | $2,830 | $3,311 | |||||
| Adjusted diluted EPS | $2.73 | $3.39 | $3.40 | $3.62 | $2.85 | $3.54 | $2.71 | $3.15 | $11.69 | $13.70 | |||||
Notes:
In the first quarter of 2020, the Company changed its allocation methodology for allocating its centrally managed technology-related expenses to its reportable segments to more accurately reflect each segment’s respective usage. The adjusted results by quarter reflect the allocation methodology change to technology-related expenses for each of the four quarters and the full years of 2018 and 2019. Prior years were not restated
The adjusted effective tax rate is calculated by dividing the adjusted provision for income taxes by the adjusted income before taxes on income
Details may not sum to total due to rounding