76-77
Reconciliation of Adjusted Information to U.S. GAAP Information*

Adjusted Operating Profit

(in millions)

2017

2018

2019

2020

2021

Ratings

Reported operating profit

$1,517

$1,554

$1,783

$2,223

$2,629

Non-GAAP adjustments

80

82

11

17

(7)

Deal-related amortization

4

2

2

9

10

Adjusted operating profit

$1,601

$1,637

$1,796

$2,249

$2,632

Fx

9

(50)

19

(30)

(34)

Fx adjusted

$1,610

$1,587

$1,815

$2,219

$2,598

Market Intelligence

Reported operating profit

$457

$500

$566

$589

$703

Non-GAAP adjustments

11

7

(13)

18

4

Deal-related amortization

71

73

75

76

65

Adjusted operating profit

$540

$580

$629

$683

$771

Fx

6

(16)

(12)

(15)

3

Fx adjusted

$546

$564

$617

$668

$774

Platts

Reported operating profit

$326

$401

$457

$458

$517

Non-GAAP adjustments

21

–

(26)

13

(2)

Deal-related amortization

18

18

12

9

8

Adjusted operating profit

$365

$419

$443

$480

$523

FX

1

3

(7)

(5)

1

Fx adjusted

$366

$422

$436

$475

$524

Indices

Reported operating profit

$478

$566

$632

$666

$798

Non-GAAP adjustments

–

–

–

12

(1)

Deal-related amortization

6

6

6

6

6

Adjusted operating profit

$484

$571

$637

$684

$803

Fx

(3)

3

(2)

(2)

–

Fx adjusted

$481

$574

$635

$682

$803

Total Division

Reported operating profit

$2,778

$3,021

$3,438

$3,936

$4,647

Non-GAAP adjustments

112

89

(27)

62

(6)

Deal-related amortization

98

99

94

97

88

Adjusted operating profit

$2,988

$3,208

$3,505

$4,095

$4,729

Fx

12

(60)

(2)

(52)

(29)

Fx adjusted

$3,000

$3,148

$3,503

$4,043

$4,700

Corporate Unallocated

Corporate Unallocated

$(195)

$(231)

$(212)

$(319)

$(426)

Non-GAAP adjustments

29

52

39

166

271

Deal-related amortization

–

23

28

26

7

Adjusted Corporate Unallocated

$(166)

$(156)

$(145)

$(128)

$(148)

Total SPGI

Reported operating profit

$2,583

$2,790

$3,226

$3,617

$4,221

Non-GAAP adjustments

141

141

12

228

264

Deal-related amortization

98

122

122

123

96

Adjusted operating profit

$2,822

$3,052

$3,360

$3,967

$4,581

Fx

12

(60)

(2)

(52)

(52)

Fx adjusted

$2,834

$2,992

$3,358

$3,915

$4,529

Adjusted operating profit margin

46.5%

48.8%

50.2%

53.3%

55.2%

2017

2018

2019

2020

2021

Ratings

Reported operating profit

$1,517

$1,554

$1,783

$2,223

$2,629

Non-GAAP adjustments

80

82

11

17

(7)

Deal-related amortization

4

2

2

9

10

Adjusted operating profit

$1,601

$1,637

$1,796

$2,249

$2,632

Fx

9

(50)

19

(30)

(34)

Fx adjusted

$1,610

$1,587

$1,815

$2,219

$2,598

Market Intelligence

Reported operating profit

$457

$500

$566

$589

$703

Non-GAAP adjustments

11

7

(13)

18

4

Deal-related amortization

71

73

75

76

65

Adjusted operating profit

$540

$580

$629

$683

$771

Fx

6

(16)

(12)

(15)

3

Fx adjusted

$546

$564

$617

$668

$774

Platts

Reported operating profit

$326

$401

$457

$458

$517

Non-GAAP adjustments

21

–

(26)

13

(2)

Deal-related amortization

18

18

12

9

8

Adjusted operating profit

$365

$419

$443

$480

$523

FX

1

3

(7)

(5)

1

Fx adjusted

$366

$422

$436

$475

$524

Indices

Reported operating profit

$478

$566

$632

$666

$798

Non-GAAP adjustments

–

–

–

12

(1)

Deal-related amortization

6

6

6

6

6

Adjusted operating profit

$484

$571

$637

$684

$803

Fx

(3)

3

(2)

(2)

–

Fx adjusted

$481

$574

$635

$682

$803

Total Division

Reported operating profit

$2,778

$3,021

$3,438

$3,936

$4,647

Non-GAAP adjustments

112

89

(27)

62

(6)

Deal-related amortization

98

99

94

97

88

Adjusted operating profit

$2,988

$3,208

$3,505

$4,095

$4,729

Fx

12

(60)

(2)

(52)

(29)

Fx adjusted

$3,000

$3,148

$3,503

$4,043

$4,700

Corporate Unallocated

Corporate Unallocated

$(195)

$(231)

$(212)

$(319)

$(426)

Non-GAAP adjustments

29

52

39

166

271

Deal-related amortization

–

23

28

26

7

Adjusted Corporate Unallocated

$(166)

$(156)

$(145)

$(128)

$(148)

Total SPGI

Reported operating profit

$2,583

$2,790

$3,226

$3,617

$4,221

Non-GAAP adjustments

141

141

12

228

264

Deal-related amortization

98

122

122

123

96

Adjusted operating profit

$2,822

$3,052

$3,360

$3,967

$4,581

Fx

12

(60)

(2)

(52)

(52)

Fx adjusted

$2,834

$2,992

$3,358

$3,915

$4,529

Adjusted operating profit margin

46.5%

48.8%

50.2%

53.3%

55.2%

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Adjusted Other Income, Net

2017

2018

2019

2020

2021

Other income, net

Reported other income, net

$(27)

$(25)

$98

$(31)

$(62)

Non-GAAP adjustments

(8)

(5)

(113)

(3)

–

Adjusted other income, net

$(35)

$(29)

$(14)

$(34)

$(62)

2017

2018

2019

2020

2021

Other income, net

Reported other income, net

$(27)

$(25)

$98

$(31)

$(62)

Non-GAAP adjustments

(8)

(5)

(113)

(3)

–

Adjusted other income, net

$(35)

$(29)

$(14)

$(34)

$(62)

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Adjusted Interest Expense

2017

2018

2019

2020

2021

Interest expense

Reported interest expense

$149

$134

$144

$141

$119

Non-GAAP adjustments

–

–

–

–

–

Adjusted interest expense

$149

$134

$141

$141

$119

2017

2018

2019

2020

2021

Interest expense

Reported interest expense

$149

$134

$144

$141

$119

Non-GAAP adjustments

–

–

–

–

–

Adjusted interest expense

$149

$134

$141

$141

$119

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Adjusted Provision for Income Taxes

2017

2018

2019

2020

2021

Income taxes

Reported provision for income taxes

$823

$560

$627

$694

$901

Non-GAAP adjustments

(75)

44

45

109

50

Deal-related amortization

34

29

29

29

23

Adjusted provision for income taxes

$782

$633

$702

$831

$973

2017

2018

2019

2020

2021

Income taxes

Reported provision for income taxes

$823

$560

$627

$694

$901

Non-GAAP adjustments

(75)

44

45

109

50

Deal-related amortization

34

29

29

29

23

Adjusted provision for income taxes

$782

$633

$702

$831

$973

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Adjusted Effective Tax Rate

2017

2018

2019

2020

2021

Income taxes

Adjusted operating profit

$2,822

$3,052

$3,360

$3,967

$4,581

Adjusted other income, net

35

29

14

34

62

Adjusted interest expense

(149)

(134)

(141)

(141)

(119)

Adjusted income before taxes on income

$2,708

$2,948

$3,233

$3,861

$4,523

Adjusted provision for income taxes

$782

$633

$702

$831

$973

Adjusted effective tax rate (1)

28.9%

21.5%

21.7%

21.5%

21.5%

2017

2018

2019

2020

2021

Income taxes

Adjusted operating profit

$2,822

$3,052

$3,360

$3,967

$4,581

Adjusted other income, net

35

29

14

34

62

Adjusted interest expense

(149)

(134)

(141)

(141)

(119)

Adjusted income before taxes on income

$2,708

$2,948

$3,233

$3,861

$4,523

Adjusted provision for income taxes

$782

$633

$702

$831

$973

Adjusted effective tax rate (1)

28.9%

21.5%

21.7%

21.5%

21.5%

 

(1) 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

*SPGI:  Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions

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Adjusted Net Income Attributable to SPGI from Continuing Operations and Adjusted Diluted EPS from Continuing Operations

(in millions, except per share data)

20172018201920202021

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

As reported

$1,496

$5.78

$1,958

$7.73

$2,123

$8.60

$2,339

$9.66

$3,024

$12.51

Non-GAAP adjustments

224

0.87

102

0.40

136

0.55

397

1.64

215

0.89

Deal-related amortization

64

0.25

92

0.36

92

0.37

94

0.39

73

0.30

Adjusted

$1,784

$6.89

$2,152

$8.50

$2,352

$9.53

$2,830

$11.69

$3,311

$13.70

Year-over-year-growth

26%

29%

21%

23%

9%

12%

20%

23%

17%

17%

20172018201920202021

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

Net income attributable to SPGI

Diluted EPS

As reported

$1,496

$5.78

$1,958

$7.73

$2,123

$8.60

$2,339

$9.66

$3,024

$12.51

Non-GAAP adjustments

224

0.87

102

0.40

136

0.55

397

1.64

215

0.89

Deal-related amortization

64

0.25

92

0.36

92

0.37

94

0.39

73

0.30

Adjusted

$1,784

$6.89

$2,152

$8.50

$2,352

$9.53

$2,830

$11.69

$3,311

$13.70

Year-over-year-growth

26%

29%

21%

23%

9%

12%

20%

23%

17%

17%

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Revenue, Fx Adjusted

(in millions)

20172018201920202021

Reported

Fx

Fx Adjusted

Reported

Fx

Fx Adjusted

Reported

Fx

Fx Adjusted

Reported

Fx

Fx Adjusted

Reported

Fx

Fx Adjusted

Ratings

$2,988

$(7)

$2,981

$2,883

$(21)

$2,862

$3,106

$33

$3,139

$3,606

$(6)

$3,600

$4,097

$(39)

$4,058

Market Intelligence

1,683

2

1,685

1,833

(4)

1,829

1,959

5

1,964

2,106

(2)

2,104

2,247

(4)

2,243

Platts**

774

–

774

815

–

815

844

–

844

878

–

878

950

–

950

Indices

728

–

728

837

–

837

918

1

919

989

(1)

988

1,149

(1)

1,148

Intersegment elimination

(110)

–

(110)

(125)

–

(125)

(128)

–

(128)

(137)

–

(137)

(146)

–

(146)

Total revenue

$6,063

$(5)

$6,058

$6,243

$(25)

$6,218

$6,699

$39

$6,738

$7,442

$(9)

$7,433

$8,297

$(44)

$8,253

20172018201920202021

Reported

Fx

Fx Adjusted

Reported

Fx

Fx Adjusted

Reported

Fx

Fx Adjusted

Reported

Fx

Fx Adjusted

Reported

Fx

Fx Adjusted

Ratings

$2,988

$(7)

$2,981

$2,883

$(21)

$2,862

$3,106

$33

$3,139

$3,606

$(6)

$3,600

$4,097

$(39)

$4,058

Market Intelligence

1,683

2

1,685

1,833

(4)

1,829

1,959

5

1,964

2,106

(2)

2,104

2,247

(4)

2,243

Platts**

774

–

774

815

–

815

844

–

844

878

–

878

950

–

950

Indices

728

–

728

837

–

837

918

1

919

989

(1)

988

1,149

(1)

1,148

Intersegment elimination

(110)

–

(110)

(125)

–

(125)

(128)

–

(128)

(137)

–

(137)

(146)

–

(146)

Total revenue

$6,063

$(5)

$6,058

$6,243

$(25)

$6,218

$6,699

$39

$6,738

$7,442

$(9)

$7,433

$8,297

$(44)

$8,253

** Includes J.D. Power through 9/2016

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Organic Revenue

(in millions)

   

2018

2019

% change

2019

2020

% change

2020

2021

% change

Total revenue

$6,258

$6,699

7%

$6,699

$7,442

11%

$7,442

$8,297

11%

Ratings acquisitions

(1)

(2)

–

(35)

–

(2)

(8)

Market Intelligence acquisitions, product closures, and divestitures

(21)

(22)

(24)

(41)

–

(7)

–

Platts acquisitions and divestitures

(10)

(6)

(6)

(1)

–

–

–

Corporate acquisitions

–

–

–

–

–

–

–

–

B

Organic revenue

$6,226

$6,669

7%

$6,669

$7,365

10%

$7,433

$8,289

12%

Organic revenue on a constant currency basis

$6,226

$6,708

8%

$6,669

$7,356

10%

$7,433

$8,289

12%

   

2018

2019

% change

2019

2020

% change

2020

2021

% change

Total revenue

$6,258

$6,699

7%

$6,699

$7,442

11%

$7,442

$8,297

11%

Ratings acquisitions

(1)

(2)

–

(35)

–

(2)

(8)

Market Intelligence acquisitions, product closures, and divestitures

(21)

(22)

(24)

(41)

–

(7)

–

Platts acquisitions and divestitures

(10)

(6)

(6)

(1)

–

–

–

Corporate acquisitions

–

–

–

–

–

–

–

–

B

Organic revenue

$6,226

$6,669

7%

$6,669

$7,365

10%

$7,433

$8,289

12%

Organic revenue on a constant currency basis

$6,226

$6,708

8%

$6,669

$7,356

10%

$7,433

$8,289

12%

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Adjusted Diluted Earnings Per Share

(dollars)

7$14’17’18’19’2019% 4-year CAGR’21

Notes:

For additional information, see footnotes on pages 4 and 59

See page 69 for Acquisitions & Divestitures

Details may not sum to total due to rounding

*

SPGI: Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions