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

Adjusted Operating Profit

(in millions)

20172018201920202021

Ratings

Reported operating profit

$1,517$1,554$1,783$2,223$2,629

Non-GAAP adjustments

80821117(7)

Deal-related amortization

422910

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

117(13)184

Deal-related amortization

7173757665

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

18181298

Adjusted operating profit

$365$419$443$480$523

FX

13(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

66666

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

11289(27)62(6)

Deal-related amortization

9899949788

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

295239166271

Deal-related amortization

2328267

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

14114112228264

Deal-related amortization

9812212212396

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%
20172018201920202021

Ratings

Reported operating profit

$1,517$1,554$1,783$2,223$2,629

Non-GAAP adjustments

80821117(7)

Deal-related amortization

422910

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

117(13)184

Deal-related amortization

7173757665

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

18181298

Adjusted operating profit

$365$419$443$480$523

FX

13(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

66666

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

11289(27)62(6)

Deal-related amortization

9899949788

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

295239166271

Deal-related amortization

2328267

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

14114112228264

Deal-related amortization

9812212212396

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%

Adjusted Other Income, Net

20172018201920202021

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)
20172018201920202021

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)

Adjusted Interest Expense

20172018201920202021

Interest expense

Reported interest expense

$149$134$144$141$119

Non-GAAP adjustments

Adjusted interest expense

$149$134$141$141$119
20172018201920202021

Interest expense

Reported interest expense

$149$134$144$141$119

Non-GAAP adjustments

Adjusted interest expense

$149$134$141$141$119

Adjusted Provision for Income Taxes

20172018201920202021

Income taxes

Reported provision for income taxes

$823$560$627$694$901

Non-GAAP adjustments

(75)444510950

Deal-related amortization

3429292923

Adjusted provision for income taxes

$782$633$702$831$973
20172018201920202021

Income taxes

Reported provision for income taxes

$823$560$627$694$901

Non-GAAP adjustments

(75)444510950

Deal-related amortization

3429292923

Adjusted provision for income taxes

$782$633$702$831$973

Adjusted Effective Tax Rate

20172018201920202021

Income taxes

Adjusted operating profit

$2,822$3,052$3,360$3,967$4,581

Adjusted other income, net

3529143462

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%
20172018201920202021

Income taxes

Adjusted operating profit

$2,822$3,052$3,360$3,967$4,581

Adjusted other income, net

3529143462

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


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 SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted 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

2240.871020.401360.553971.642150.89

Deal-related amortization

640.25920.36920.37940.39730.30

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 SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted EPSNet income attributable to SPGIDiluted 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

2240.871020.401360.553971.642150.89

Deal-related amortization

640.25920.36920.37940.39730.30

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%


Revenue, Fx Adjusted

(in millions)

20172018201920202021
ReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx 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

1,68321,6851,833(4)1,8291,95951,9642,106(2)2,1042,247(4)2,243

Platts**

774774815815844844878878950950

Indices

7287288378379181919989(1)9881,149(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
ReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx AdjustedReportedFxFx 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

1,68321,6851,833(4)1,8291,95951,9642,106(2)2,1042,247(4)2,243

Platts**

774774815815844844878878950950

Indices

7287288378379181919989(1)9881,149(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



Organic Revenue

(in millions)

   
20182019% change20192020% change20202021% change

Total revenue

$6,258$6,6997%$6,699$7,44211%$7,442$8,29711%

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$6,6697%$6,669$7,36510%$7,433$8,28912%

Organic revenue on a constant currency basis

$6,226$6,7088%$6,669$7,35610%$7,433$8,28912%
   
20182019% change20192020% change20202021% change

Total revenue

$6,258$6,6997%$6,699$7,44211%$7,442$8,29711%

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$6,6697%$6,669$7,36510%$7,433$8,28912%

Organic revenue on a constant currency basis

$6,226$6,7088%$6,669$7,35610%$7,433$8,28912%


Adjusted Diluted Earnings Per Share (1)

(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