73
Appendix

The 2020 Investor Fact Book reflects:

Revenue from Kensho contract obligations in Market Intelligence’s results, starting in 1Q 2019: Beginning in the first quarter of 2019, the contract obligations for revenue from Kensho Technologies Inc.’s (“Kensho”) major customers were transferred from Corporate to Market Intelligence for fulfillment. In 2018, this revenue was reported in Corporate revenue. Effective January 1, 2019, revenue from these contracts is reflected in Market Intelligence’s results.

Technology-related expenses allocated to each reportable segment for 2018 and 2019: In the first quarter of 2020, the Company changed its methodology for allocating its centrally managed technology-related expenses to its reportable segments to more accurately reflect each segment’s respective usage. Results recast for 2018 and 2019; prior years not restated. As a result, percent increases/decreases from 2017 to 2018 are not calculated.

Table of Contents

74Non-GAAP Adjustments and Deal-Related Amortization (2015–2019)
75Adjusted Results by Quarter (2018–2019)
76Reconciliation of Adjusted Information to U.S. GAAP Information (2015–2019)
Adjusted Operating Profit and Operating Profit Margin
Adjusted Other Income, Net
Adjusted Interest Expense
Adjusted Provision for Income Taxes
Adjusted Effective Tax Rate
77Revenue, FX Adjusted
Organic Revenue
78Adjusted Net Income Attributable to SPGI from Continuing Operations
Adjusted Diluted EPS from Continuing Operations
79Disclaimers
Forward-Looking Statements
EU Regulation Affecting Investors in Credit Rating Agencies
Terms of Use

Adjusted Financial Performance Measures

The 2020 Investor Fact Book presents the Company’s financial results in accordance with accounting principles generally accepted in the United States (“GAAP”) in the Financial Review section on pages 56 to 72. It also presents certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934.

The 2020 Investor Fact Book‘s Appendix provides non-GAAP adjustments and deal-related amortization along with a reconciliation of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP measures. Reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the items. The Company is not able to provide reconciliations of such forward-looking non-GAAP financial measures because certain items required for such reconciliations are outside the Company’s control and/or cannot be reasonably predicted. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.

The Company’s non-GAAP measures include adjustments that reflect how management views the businesses. Investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports. Investors should refer to audited financial statements, including related notes and other financial information contained in the Company’s most recent filings with the U.S. Securities and Exchange Commission.