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)

	2017		2018		2019		2020		2021
	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%

	2017		2018		2019		2020		2021
	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)

	2017			2018			2019			2020			2021
	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

	2017			2018			2019			2020			2021
	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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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

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

Adjusted Operating Profit

Adjusted Other Income, Net

Adjusted Interest Expense

Adjusted Provision for Income Taxes

Adjusted Effective Tax Rate

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

Revenue, Fx Adjusted

Organic Revenue

Adjusted Diluted Earnings Per Share (1)

Notes:

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

Adjusted Diluted Earnings Per Share ⁽¹⁾