Financial Review: 72Free Cash Flow | Capital Investments
Free Cash Flow (1, 2)
Reconciliation of Non-GAAP Financial Information
Years ended December 31
(dollars in millions)
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
| Cash provided by operating activities | $1,428 | $356 | $1,560 | $2,016 | $2,064 | $2,776 | $3,567 | $3,598 | $2,603 | $3,710 | $5,689 |
| Capital expenditures | (92) | (139) | (115) | (123) | (113) | (115) | (76) | (35) | (89) | (143) | (124) |
| Distributions to noncontrolling interest holders | (84) | (104) | (116) | (111) | (154) | (143) | (194) | (227) | (270) | (280) | (287) |
| Free cash flow | $1,252 | $113 | $1,329 | $1,782 | $1,797 | $2,518 | $3,297 | $3,336 | $2,244 | $3,287 | $5,278 |
| Tax on gain from sale of J.D. Power | – | – | 200 | – | – | – | – | – | – | – | – |
| Tax on gain from sale of SPSE and CMA | – | – | – | 67 | – | – | – | – | – | – | – |
| Tax on gain from sale of SPIAS and RigData | – | – | – | – | – | 13 | – | – | – | – | – |
| Payment of legal and regulatory settlements | 35 | 1,624 | 150 | 4 | 180 | 1 | – | – | – | – | 20 |
| Legal settlement insurance recoveries | – | (101) | (77) | – | – | – | – | – | – | – | – |
| Settlement from prior-year tax audits | – | – | – | – | 73 | 51 | – | – | – | – | – |
| Tax benefit from legal settlements | – | (250) | (24) | (2) | (44) | – | – | – | – | – | – |
| IHS Markit merger costs | – | – | – | – | – | – | – | 178 | 727 | 500 | 376 |
| Tax on gain from sale of divestitures | – | – | – | – | – | – | – | – | 704 | 230 | 30 |
| Disposition-related costs | – | – | – | – | – | – | – | – | – | 40 | – |
| S&P Global Foundation grant | – | – | – | – | – | – | – | – | 200 | 40 | – |
| Debt financing derivative | – | – | – | – | – | – | – | – | 85 | – | – |
| IHS Markit operating cash outflow prior to acquisition | – | – | – | – | – | – | – | – | (15) | – | – |
| Russia suspension costs | – | – | – | – | – | – | – | – | 10 | – | – |
| Free cash flow excluding above items | $1,287 | $1,386 | $1,578 | $1,851 | $2,006 | $2,583 | $3,297 | $3,514 | $3,955 | $4,057 | $5,704 |
Adjusted free cash flow excluding certain items was approximately $5.7 billion in 2024
Notes for page 72:
The free cash flow presentation for 2014 reflects McGraw Hill Construction as a discontinued operation
2014 free cash flow was influenced by a tax refund received in Q1 2014 for an overpayment in 2013 and improved collections impacting accounts receivable
Details may not sum to total due to rounding