67
EBITDA | Net Debt (Cash) to EBITDA*

U.S. GAAP

Total Company EBITDA

(dollars in millions)

'15
'16
'17
'18
'19
$2,065
$3,522
$2,763
$2,996
$3,430

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)

(dollars in millions)

20152016201720182019

Operating profit

Ratings (1)

$1,073$1,256$1,517$1,554$1,783

Market Intelligence

226729457500566

Platts (includes J.D. Power through 9/2016)

3561,090326401457

Indices

392413478566632

Total division operating profit

$2,047$3,488$2,778$3,021$3,438

Less: Corporate Unallocated

139147195231212

Earnings before interest and taxes (EBIT)

$1,908$3,341$2,583$2,790$3,226

Depreciation

9085828482

Amortization of intangibles

679698122122

EBITDA

$2,065$3,522$2,763$2,996$3,430
20152016201720182019

Operating profit

Ratings (1)

$1,073$1,256$1,517$1,554$1,783

Market Intelligence

226729457500566

Platts (includes J.D. Power through 9/2016)

3561,090326401457

Indices

392413478566632

Total division operating profit

$2,047$3,488$2,778$3,021$3,438

Less: Corporate Unallocated

139147195231212

Earnings before interest and taxes (EBIT)

$1,908$3,341$2,583$2,790$3,226

Depreciation

9085828482

Amortization of intangibles

679698122122

EBITDA

$2,065$3,522$2,763$2,996$3,430

Net Debt (Cash) to EBITDA

Years ended December 31
(dollars in millions)

20092010201120122013201420152016201720182019

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

$1,118$1,439$864$761$1,560$2,500$1,487$2,400$2,791$1,976$2,914

Total debt

1,1981,1981,1931,2517947953,6113,5643,5693,6623,948

Net (cash) debt

$80$(241)$329$490$(766)$(1,705)$2,124$1,164$778$1,686$1,034

EBITDA

$1,072$1,112$1,178$1,311$1,495$222$2,065$3,5222,763$2,996$3,430

Net debt (cash) to EBITDA

0.1x(0.2)x0.3x0.4x(0.5)x(7.7)x1.0x0.3x0.3x0.6x0.3x
20092010201120122013201420152016201720182019

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

$1,118$1,439$864$761$1,560$2,500$1,487$2,400$2,791$1,976$2,914

Total debt

1,1981,1981,1931,2517947953,6113,5643,5693,6623,948

Net (cash) debt

$80$(241)$329$490$(766)$(1,705)$2,124$1,164$778$1,686$1,034

EBITDA

$1,072$1,112$1,178$1,311$1,495$222$2,065$3,5222,763$2,996$3,430

Net debt (cash) to EBITDA

0.1x(0.2)x0.3x0.4x(0.5)x(7.7)x1.0x0.3x0.3x0.6x0.3x

See page 71 for summary of debt outstanding

Notes:
(1)

Includes the impact of $74 million of legal settlement expenses in 2018, $55 million of legal settlement expenses in 2017, a $10 million benefit related to net legal settlement insurance recoveries in 2016, and $54 million of net legal settlement expenses in 2015

2009-2013 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