67
EBITDA | Net Debt (Cash) to EBITDA*

(dollars in millions)

$4,400

3,300

2,200

1,100

$2,763

$2,996

$3,430

$3,823

$4,399

(dollars in millions)

	2017	2018	2019	2020	2021
Operating proﬁt
Ratings ⁽¹⁾	$1,517	$1,554	$1,783	$2,223	$2,629
Market Intelligence	457	500	566	589	703
Platts	326	401	457	458	517
Indices	478	566	632	666	798
Total division operating proﬁt	$2,778	$3,021	$3,438	$3,936	$4,647
Less: Corporate Unallocated	195	231	212	319	426
Earnings before interest and taxes (EBIT)	$2,583	$2,790	$3,226	$3,617	$4,221
Depreciation	82	84	82	83	82
Amortization of intangibles	98	122	122	123	96
EBITDA	$2,763	$2,996	$3,430	$3,823	$4,399

	2017	2018	2019	2020	2021
Operating proﬁt
Ratings ⁽¹⁾	$1,517	$1,554	$1,783	$2,223	$2,629
Market Intelligence	457	500	566	589	703
Platts	326	401	457	458	517
Indices	478	566	632	666	798
Total division operating proﬁt	$2,778	$3,021	$3,438	$3,936	$4,647
Less: Corporate Unallocated	195	231	212	319	426
Earnings before interest and taxes (EBIT)	$2,583	$2,790	$3,226	$3,617	$4,221
Depreciation	82	84	82	83	82
Amortization of intangibles	98	122	122	123	96
EBITDA	$2,763	$2,996	$3,430	$3,823	$4,399

Years ended December 31
(dollars in millions)

	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
Cash, cash equivalents and restricted cash & short-term investments	$864	$761	$1,560	$2,500	$1,487	$2,400	$2,791	$1,976	$2,914	$4,131	$6,516
Total debt	1,193	1,251	794	795	3,611	3,564	3,569	3,662	3,948	4,110	4,114
Net (cash) debt	$329	$490	$(766)	$(1,705)	$2,124	$1,164	$778	$1,686	$1,034	$(21)	$(2,402)
EBITDA	$1,178	$1,311	$1,495	$222	$2,065	$3,522	$2,763	$3,430	$3,823	$4,399	$4,399
Net debt (cash) to EBITDA	0.3x	0.4x	(0.5)x	(7.7)x	1.0x	0.3x	0.3x	0.5x	0.3x	(0.0)x	(0.5)x

	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021
Cash, cash equivalents and restricted cash & short-term investments	$864	$761	$1,560	$2,500	$1,487	$2,400	$2,791	$1,976	$2,914	$4,131	$6,516
Total debt	1,193	1,251	794	795	3,611	3,564	3,569	3,662	3,948	4,110	4,114
Net (cash) debt	$329	$490	$(766)	$(1,705)	$2,124	$1,164	$778	$1,686	$1,034	$(21)	$(2,402)
EBITDA	$1,178	$1,311	$1,495	$222	$2,065	$3,522	$2,763	$3,430	$3,823	$4,399	$4,399
Net debt (cash) to EBITDA	0.3x	0.4x	(0.5)x	(7.7)x	1.0x	0.3x	0.3x	0.5x	0.3x	(0.0)x	(0.5)x

(1)

Includes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

2011-2013 EBITDA were not restated for the adoption of Accounting Standards Updates (ASU) 2017-07

SPGI: Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions

67EBITDA | Net Debt (Cash) to EBITDA*