70-71
Cash Returned to Shareholders

U.S. GAAP

Delivering Shareholder Value

In November 2020, S&P Global’s share repurchase program was suspended due to the pending merger with IHS Markit. In 2021, the Company paid dividends of $743 million. Only 21% of free cash flow, excluding certain items, was returned to shareholders. The merger closed on February 28, 2022. Post-close, the Company expects to significantly increase share repurchases from 2021 levels.

Cash Returned to Shareholders

(dollars in millions)

$2,400

1,800

1,200

600

Share repurchases

$1,500

$295

$978

$362

$974

$1,123

$1,001

$1,660

$1,240

$1,164

–

Special dividend

–

697

–

Regular dividend

296

287

308

326

363

380

421

503

560

645

743

Total SPGI

$1,796

$1,279

$1,286

$688

$1,337

$1,503

$1,422

$2,163

$1,800

$1,809

$743

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

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49th 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 49 years. A new annualized dividend rate of $3.40 per share of common stock was approved by the Board in February 2022.

Dividend Payout (Based on Regular Dividends)

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

100

(50)

Dividend

$296

$287

$308

$326

$363

$380

$421

$503

$560

$645

$743

Net Income*

$911

$437

$1,376

$(115)

$1,156

$2,106

$1,496

$1,958

$2,123

$2,339

$3,024

Payout (%)

(284)

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

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During the three years ended December 31, 2021, the Company returned approximately $4.3 billion to shareholders through dividends and share repurchases

Share Repurchase Authorization

In November 2020, S&P Global’s share repurchase program was suspended due to the pending merger with IHS Markit. As of December 31, 2021, 30 million shares remained available under the 2020 Repurchase Program⁽¹⁾ and 0.8 million shares remained available under the 2013 Repurchase Program.⁽²⁾

Diluted Weighted Average Shares Outstanding

(in millions)

Debt Profile

Debt and Cash Positions

(dollars in millions) (as of December 31)

Summary of Debt Outstanding

(dollars in millions) (as of December 31)

Senior Notes: Interest, Redemption	CUSIP	2020	2021
4.00%, due 2025	78409VAD6	$695	$696
2.95%, due 2027	78409VAL8	495	496
2.50%, due 2029	78409VAP9	495	496
1.25%, due 2030	78409VAS3	592	593
6.55%, due 2037	78409VAB0	290	290
4.50%, due 2048	78409VAN4	273	273
3.25%, due 2049	78409VAQ7	589	589
2.30%, due 2060	78409VAR5	681	681
Total debt		$4,110	4,114
Less: Cash, cash equivalents, and restricted cash & short-term investments		$4,131	$6,516
Net (cash) debt		$(21)	$(2,402)

Senior Notes: Interest, Redemption	CUSIP	2020	2021
4.00%, due 2025	78409VAD6	$695	$696
2.95%, due 2027	78409VAL8	495	496
2.50%, due 2029	78409VAP9	495	496
1.25%, due 2030	78409VAS3	592	593
6.55%, due 2037	78409VAB0	290	290
4.50%, due 2048	78409VAN4	273	273
3.25%, due 2049	78409VAQ7	589	589
2.30%, due 2060	78409VAR5	681	681
Total debt		$4,110	4,114
Less: Cash, cash equivalents, and restricted cash & short-term investments		$4,131	$6,516
Net (cash) debt		$(21)	$(2,402)

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

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Debt Ratings

	Fitch	Moody’s
Long-term debt	A–	A3
Outlook	Stable	Stable
As of date	12/1/2021	11/30/2020

	Fitch	Moody’s
Long-term debt	A–	A3
Outlook	Stable	Stable
As of date	12/1/2021	11/30/2020

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Stock Information

Stock Split History, 1953–2005

Record Date	Payment Date	Distribution
May 6, 2005	May 17, 2005	2–for–1
February 24, 1999	March 8, 1999	2–for–1
March 28, 1996	April 26, 1996	2–for–1
May 9, 1983	June 1, 1983	2–for–1
June 30, 1967	July 17, 1967	2–for–1
March 10, 1961	March 17, 1961	3–for–1
July 25, 1956	August 8, 1956	3–for–1
July 24, 1953	August 3, 1953	2–for–1

Record Date	Payment Date	Distribution
May 6, 2005	May 17, 2005	2–for–1
February 24, 1999	March 8, 1999	2–for–1
March 28, 1996	April 26, 1996	2–for–1
May 9, 1983	June 1, 1983	2–for–1
June 30, 1967	July 17, 1967	2–for–1
March 10, 1961	March 17, 1961	3–for–1
July 25, 1956	August 8, 1956	3–for–1
July 24, 1953	August 3, 1953	2–for–1

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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

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Institutional Ownership

(percent of shares outstanding) (period ended 12/31/2021)

U.S. and Canada	75%
Rest of World	22%
Total	97%

U.S. and Canada	75%
Rest of World	22%
Total	97%

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Index Membership

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 January 29, 2020, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares, which was approximately 12% of the total shares of the Company’s outstanding common stock at that time

(2)

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

(3)

Adjusted for all stock splits

Year	$ in millions	Shares Purchased	Diluted Weighted Average Shares Outstanding
2021	–	–	241,762,146
2020	$1,161	3,967,876	242,119,414
2019	1,243	5,862,273	246,933,166
2018	1,660	8,418,807	253,151,871
2017	1,001	6,774,401	258,913,078
2016	1,097	9,673,164	265,200,377
2015	1,000	10,100,874	274,602,959
2014	352	4,445,428	271,480,177
2013	989	16,891,601	279,819,071
2012	295	6,764,583	284,616,238
2011	1,500	34,742,871	303,645,607
2010	256	8,710,445	312,220,085
2009	–	–	313,296,491
2008	447	10,900,000	318,687,254
2007	2,213	37,000,000	344,784,866
2006	1,540	28,400,000	366,877,769
2005	672	14,343,900	382,569,750
2004	401	10,000,000	385,823,700
2003	213	6,935,400	384,009,014
2002	196	6,409,200	389,146,638
2001	182	6,203,400	391,745,196
2000	168	6,235,200	392,143,250
1999	174	6,463,400	397,114,618
1998	106	5,348,000	398,208,132

Year	$ in millions	Shares Purchased	Diluted Weighted Average Shares Outstanding
2021	–	–	241,762,146
2020	$1,161	3,967,876	242,119,414
2019	1,243	5,862,273	246,933,166
2018	1,660	8,418,807	253,151,871
2017	1,001	6,774,401	258,913,078
2016	1,097	9,673,164	265,200,377
2015	1,000	10,100,874	274,602,959
2014	352	4,445,428	271,480,177
2013	989	16,891,601	279,819,071
2012	295	6,764,583	284,616,238
2011	1,500	34,742,871	303,645,607
2010	256	8,710,445	312,220,085
2009	–	–	313,296,491
2008	447	10,900,000	318,687,254
2007	2,213	37,000,000	344,784,866
2006	1,540	28,400,000	366,877,769
2005	672	14,343,900	382,569,750
2004	401	10,000,000	385,823,700
2003	213	6,935,400	384,009,014
2002	196	6,409,200	389,146,638
2001	182	6,203,400	391,745,196
2000	168	6,235,200	392,143,250
1999	174	6,463,400	397,114,618
1998	106	5,348,000	398,208,132

70-71Cash Returned to Shareholders

U.S. GAAP

Delivering Shareholder Value

Cash Returned to Shareholders

49th Consecutive Year of Dividend Increases

Dividends per Share of Common Stock

Dividend Payout (Based on Regular Dividends)

Share Repurchase Authorization

Diluted Weighted Average Shares Outstanding

Share Repurchase Programs (1, 2, 3)

Debt Profile

Debt and Cash Positions

Summary of Debt Outstanding

Debt Ratings

Stock Information

Stock Split History, 1953–2005

Ticker, Exchange & Identifiers

Institutional Ownership

Index Membership

Notes:

70-71
Cash Returned to Shareholders

Share Repurchase Programs ^{(1, 2, 3)}