75
Adjusted Results by Quarter: 2020 and 2021

Adjusted Operating Profit by Quarter

(in millions)

Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Ratings

$521$686$695$731$552$645$481$570$2,249$2,632

Market Intelligence

160181177196179203166191683771

Platts

114131127136124130115125480523

Indices

183192172198153214176199684803

Total SPGI adjusted division operating profit

$978$1,190$1,171$1,262$1,008$1,193$938$1,085$4,095$4,729

Adjusted corporate unallocated

(30)(28)(30)(33)(32)(37)(35)(49)(128)(148)

Total adjusted operating profit

$948$1,162$1,141$1,228$976$1,155$903$1,036$3,967$4,581
Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Ratings

$521$686$695$731$552$645$481$570$2,249$2,632

Market Intelligence

160181177196179203166191683771

Platts

114131127136124130115125480523

Indices

183192172198153214176199684803

Total SPGI adjusted division operating profit

$978$1,190$1,171$1,262$1,008$1,193$938$1,085$4,095$4,729

Adjusted corporate unallocated

(30)(28)(30)(33)(32)(37)(35)(49)(128)(148)

Total adjusted operating profit

$948$1,162$1,141$1,228$976$1,155$903$1,036$3,967$4,581

Adjusted Other (Income) Expense, Net

(in millions)

Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Adjusted other (income) expense, net

$1$(7)$(13)$(22)$(6)$(22)$(16)$(11)$(34)$(62)
Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Adjusted other (income) expense, net

$1$(7)$(13)$(22)$(6)$(22)$(16)$(11)$(34)$(62)

Adjusted Interest Expense

(in millions)

Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Adjusted interest expense

$34$32$40$32$35$31$32$25$141$119
Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Adjusted interest expense

$34$32$40$32$35$31$32$25$141$119

Adjusted Provision for Income Taxes

(in millions)

Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Adjusted provision for income taxes

$198$264$242$284$215$228$176$197$831$973
Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Adjusted provision for income taxes

$198$264$242$284$215$228$176$197$831$973

Adjusted Effective Tax Rate

(in millions, except tax rate)

Q1Q2Q3Q4 Full Year
2020202120202021202020212020202120202021

Adjusted operating profit

$948$1,162$1,141$1,228$976$1,155$903$1,036$3,967$4,581

Adjusted other income

(1)7132262216113462

Adjusted interest expense

(34)(32)(40)(32)(35)(31)(32)(25)(141)(119)

Adjusted income before taxes on income

$913$1,137$1,114$1,219$947$1,146$886$1,021$3,861$4,523

Adjusted provision for income taxes

$198$264$242$284$215$228$176$197$831$973

Adjusted effective tax rate (1)

21.7%23.2%21.7%23.3%22.6%19.9%19.9%19.3%21.5%21.5%
Q1Q2Q3Q4 Full Year
2020202120202021202020212020202120202021

Adjusted operating profit

$948$1,162$1,141$1,228$976$1,155$903$1,036$3,967$4,581

Adjusted other income

(1)7132262216113462

Adjusted interest expense

(34)(32)(40)(32)(35)(31)(32)(25)(141)(119)

Adjusted income before taxes on income

$913$1,137$1,114$1,219$947$1,146$886$1,021$3,861$4,523

Adjusted provision for income taxes

$198$264$242$284$215$228$176$197$831$973

Adjusted effective tax rate (1)

21.7%23.2%21.7%23.3%22.6%19.9%19.9%19.3%21.5%21.5%

Adjusted Net Income Attributable to SPGI and Adjusted Diluted EPS

(in millions, except per share data)

Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Adjusted net income attributable to SPGI

$665$820$822$875$689$855$654$762$2,830$3,311

Adjusted diluted EPS

$2.73$3.39$3.40$3.62$2.85$3.54$2.71$3.15$11.69$13.70
Q1Q2Q3Q4Full Year
2020202120202021202020212020202120202021

Adjusted net income attributable to SPGI

$665$820$822$875$689$855$654$762$2,830$3,311

Adjusted diluted EPS

$2.73$3.39$3.40$3.62$2.85$3.54$2.71$3.15$11.69$13.70
Notes:

In the first quarter of 2020, the Company changed its allocation methodology for allocating its centrally managed technology-related expenses to its reportable segments to more accurately reflect each segment’s respective usage. The adjusted results by quarter reflect the allocation methodology change to technology-related expenses for each of the four quarters and the full years of 2018 and 2019. Prior years were not restated

For additional information, see footnotes on pages 4 and 59

(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