70-71
Cash Returned to Shareholders U.S. GAAP

Delivering Shareholder Value

Consistent with the Company’s capital allocation framework, the Company returned $1.8 billion to shareholders in 2019 with $1.2 billion in share repurchases and $560 million in dividends.

Cash Returned to Shareholders

(dollars in millions)

'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
Share repurchases
$256
$1,500
$295
$978
$362
$974
$1,123
$1,001
$1,660
$1,240
Special dividend
697
Regular dividend
281
292
296
287
308
326
363
380
421
503
560
Total SPGI
$281
$548
$1,796
$1,279
$1,286
$688
$1,337
$1,503
$1,422
$2,163
$1,800

Note:  Shares repurchased are reported on a settlement-date basis

47th Consecutive Year of Dividend Increases

S&P Global has paid a dividend each year since 1937 and is one of fewer than 25 companies in the S&P 500 that has increased its dividend annually for at least the last 47 years. A new annualized dividend rate of $2.68 per share of common stock was approved by the Board in late January 2020.

Dividends per Share of Common Stock

'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
Special
$2.50
Regular
$0.90
$0.94
$1.00
$1.02
$1.12
$1.20
$1.32
$1.44
$1.64
$2.00
$2.28

Note:  2012 includes a special dividend of $2.50 per share on the Company’s common stock

Dividend Payout (Based on Regular Dividends)

(as a percentage of current year’s GAAP earnings)

'09
'10
'11
'12
'13
'14
'15
'16
'17
'18
'19
Dividend
$281
$292
$296
$287
$308
$326
$363
$380
$421
$503
$560
Net Income*
$731
$828
$911
$437
$1,376
$(115)
$1,156
$2,106
$1,496
$1,958
$2,123
Payout (%)
38
35
33
66
22
(284)
31
18
28
26
26

*Attributable to S&P Global
Note:  The 2014 dividend payout percentage reflects the impact of legal and regulatory settlements

During the three years ended December 31, 2019, the Company returned approximately $5.4 billion to shareholders through dividends and share repurchases

Share Repurchase Authorization

In 2019, the Company repurchased 5.9 million shares from its current 2013 share repurchase authorization. As of December 31, 2019, the Company had approximately 247 million diluted weighted average shares outstanding and 4.7 million shares remained under the 2013 share repurchase authorization.(1)

Diluted Weighted Average Shares Outstanding

(in millions)

5015025035045035025045020192010199621% reduction

Debt Profile

Debt and Cash Positions

(dollars in millions) (as of December 31)

’18’191,0002,0003,000$4,000

Summary of Debt Outstanding

(dollars in millions) (as of December 31)

Senior Notes:
Interest, Redemption

CUSIP20182019

3.30%, due 2020

78409VAJ3$698

4.00%, due 2025

78409VAD6693694

4.40%, due 2026

78409VAK0892893

2.95%, due 2027

78409VAL8493493

2.50%, due 2029

78409VAP9495

6.55%, due 2037

78409VAB0396294

4.50%, due 2048

78409VAN4490490

3.25%, due 2049

78409VAQ7589

Total debt

$3,662$3,948

Less: Cash, cash equivalents, and restricted cash & short-term investments

$1,976$2,914

Net debt

$1,686$1,034

Senior Notes:
Interest, Redemption

CUSIP20182019

3.30%, due 2020

78409VAJ3$698

4.00%, due 2025

78409VAD6693694

4.40%, due 2026

78409VAK0892893

2.95%, due 2027

78409VAL8493493

2.50%, due 2029

78409VAP9495

6.55%, due 2037

78409VAB0396294

4.50%, due 2048

78409VAN4490490

3.25%, due 2049

78409VAQ7589

Total debt

$3,662$3,948

Less: Cash, cash equivalents, and restricted cash & short-term investments

$1,976$2,914

Net debt

$1,686$1,034

See page 67 for 11-Year Net Debt (Cash) to EBITDA and footnotes

Debt Ratings

FitchMoody’s

Long-term debt

A–A3

Outlook

StableStable

As of date

10/12/20188/8/2018
FitchMoody’s

Long-term debt

A–A3

Outlook

StableStable

As of date

10/12/20188/8/2018

Stock Information

Stock Split History, 1953–2005

Record Date

Payment DateDistribution

May 6, 2005

May 17, 20052–for–1

February 24, 1999

March 8, 19992–for–1

March 28, 1996

April 26, 19962–for–1

May 9, 1983

June 1, 19832–for–1

June 30, 1967

July 17, 19672–for–1

March 10, 1961

March 17, 19613–for–1

July 25, 1956

August 8, 19563–for–1

July 24, 1953

August 3, 19532–for–1

Record Date

Payment DateDistribution

May 6, 2005

May 17, 20052–for–1

February 24, 1999

March 8, 19992–for–1

March 28, 1996

April 26, 19962–for–1

May 9, 1983

June 1, 19832–for–1

June 30, 1967

July 17, 19672–for–1

March 10, 1961

March 17, 19613–for–1

July 25, 1956

August 8, 19563–for–1

July 24, 1953

August 3, 19532–for–1

Ticker, Exchange & Identifiers

Ticker Symbol

SPGI

Exchange

NYSE

CUSIP

78409V104

ISIN

US78409V1044

GICS

40201040

Sector

Financials

Ticker Symbol

SPGI

Exchange

NYSE

CUSIP

78409V104

ISIN

US78409V1044

GICS

40201040

Sector

Financials

Institutional Ownership

(percent of shares outstanding) (period ended 6/30/2020)

U.S. and Canada

70%

Rest of World

16%

Total

86%

U.S. and Canada

70%

Rest of World

16%

Total

86%

Index Membership

S&P 500 Index and various sub-sector indices

S&P 500 Index and various sub-sector indices

Note:  S&P Dow Jones Indices has an independent and segregated index governance structure that separates index governance from commercial considerations. Inclusion of specific companies as constituents in S&P Dow Jones Indices is based on eligibility criteria as defined in the relevant index methodology, available at spglobal.com/indices

Notes:
(1)

On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of up to 50 million shares, which was approximately 18% of the Company’s outstanding shares at the time 

(2)

Adjusted for all stock splits

(3)

On February 11, 2019, S&P Global announced a $500 million accelerated share repurchase agreement. The transaction was initiated in Q1 2019 and concluded in Q3 2019, during which time 2.3 million shares were purchased at an average price of $214.65 per share. On August 5, 2019, S&P Global announced a $500 million accelerated share repurchase agreement. The transaction was initiated in Q3 2019 and concluded in Q4 2019, during which time 2.0 million shares were purchased at an average price of $253.36 per share