76-77Reconciliation of Adjusted Information to U.S. GAAP Information*
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) |
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 |
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 |
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% |
(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)
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% |
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 |
** Includes J.D. Power through 9/2016
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% |
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