58-61
Operating Division Trends* U.S. GAAP

Ratings (1, 2)

Total Revenue

(dollars in millions)

'15
'16
'17
'18
'19
$2,428
$2,535
$2,988
$2,883
$3,106

Total Operating Profit

(dollars in millions)

'15
'16
'17
'18
'19
$1,073
$1,256
$1,517
$1,554
$1,783

Operating Profit Margin

'15
'16
'17
'18
'19
44.2%
46.6%
50.8%
53.9%
57.4%

Market Intelligence (1, 4)

Total Revenue

(dollars in millions)

'15
'16
'17
'18
'19
$1,405
$1,661
$1,683
$1,833
$1,959

Total Operating Profit

(dollars in millions)

'15
'16
'17
'18
'19
$226
$729
$457
$500
$566

Operating Profit Margin

'15
'16
'17
'18
'19
16.1%
43.8%
27.2%
27.3%
28.9%

Platts(5) (includes J.D. Power through 9/2016)

Total Revenue

(dollars in millions)

'15
'16
'17
'18
.19
J.D. Power, Other
$316
$214
Platts
655
711
774
815
844
$971
$925
$774
$815
$844

Total Operating Profit

(dollars in millions)

'15
'16
'17
'18
'19
$356
$1,090
$326
$401
$457

Operating Profit Margin

'15
'16
'17
'18
'19
36.6%
117.8%
42.1%
49.3%
54.1%

Indices (6)

Total Revenue

(dollars in millions)

'15
'16
'17
'18
'19
$597
$638
$728
$837
$918

Total Operating Profit

(dollars in millions)

'15
'16
'17
'18
'19
$392
$413
$478
$566
$632

Operating Profit Margin

'15
'16
'17
'18
'19
65.6%
64.8%
65.7%
67.6%
68.9%

Revenue

(dollars in millions)

20152016201720182019

Ratings (1)

$2,428$2,535$2,988$2,883$3,106

% increase/(decrease)

(1)%4%18%(4)%8%

% of total

46%45%49%46%46%

Market Intelligence (1, 4)

$1,405$1,661$1,683$1,833$1,959

% increase/(decrease)

14%18%1%9%7%

% of total

26%29%28%29%29%

Platts (5)

  Platts

$655$711$774$815$844

  J.D. Power, Other

$316$214

% increase/(decrease)

9%(5)%(16)%5%4%

% of total

18%16%13%13%13%

Indices

$597$638$728$837$918

% increase/(decrease)

8%7%14%15%10%

% of total

11%11%12%13%14%

Corporate

$15

% increase/(decrease)

N/MN/MN/MN/MN/M

% of total

0%0%0%0%0%

Interdivision elimination

$(88)$(98)$(110)$(125)$(128)

Total SPGI revenue

$5,313$5,661$6,063$6,258$6,699

% increase/(decrease)

5%7%7%3%7%
20152016201720182019

Ratings (1)

$2,428$2,535$2,988$2,883$3,106

% increase/(decrease)

(1)%4%18%(4)%8%

% of total

46%45%49%46%46%

Market Intelligence (1, 4)

$1,405$1,661$1,683$1,833$1,959

% increase/(decrease)

14%18%1%9%7%

% of total

26%29%28%29%29%

Platts (5)

  Platts

$655$711$774$815$844

  J.D. Power, Other

$316$214

% increase/(decrease)

9%(5)%(16)%5%4%

% of total

18%16%13%13%13%

Indices

$597$638$728$837$918

% increase/(decrease)

8%7%14%15%10%

% of total

11%11%12%13%14%

Corporate

$15

% increase/(decrease)

N/MN/MN/MN/MN/M

% of total

0%0%0%0%0%

Interdivision elimination

$(88)$(98)$(110)$(125)$(128)

Total SPGI revenue

$5,313$5,661$6,063$6,258$6,699

% increase/(decrease)

5%7%7%3%7%

Expenses

(dollars in millions)

2015201620172018(9)2019

Ratings (1, 2)

$1,355$1,279$1,471$1,329$1,323

% increase/(decrease)

(55)%(6)%15%(1)%

Market Intelligence (1, 4)

$1,179$932$1,226$1,333$1,393

% increase/(decrease)

17%(21)%31%4%

Platts (5) (includes J.D. Power through 9/2016)

$615$(165)$448$414$387

% increase/(decrease)

2%N/MN/M(6)%

Indices

$205$225$250$271$286

% increase/(decrease)

0%9%11%6%

Interdivision elimination

$(88)$(98)$(110)$(125)$(128)

Total division expense

$3,266$2,173$3,285$3,222$3,261

% increase/(decrease)

(32)%(33)%51%1%
2015201620172018(9)2019

Ratings (1, 2)

$1,355$1,279$1,471$1,329$1,323

% increase/(decrease)

(55)%(6)%15%(1)%

Market Intelligence (1, 4)

$1,179$932$1,226$1,333$1,393

% increase/(decrease)

17%(21)%31%4%

Platts (5) (includes J.D. Power through 9/2016)

$615$(165)$448$414$387

% increase/(decrease)

2%N/MN/M(6)%

Indices

$205$225$250$271$286

% increase/(decrease)

0%9%11%6%

Interdivision elimination

$(88)$(98)$(110)$(125)$(128)

Total division expense

$3,266$2,173$3,285$3,222$3,261

% increase/(decrease)

(32)%(33)%51%1%

Operating Profit by Division

(dollars in millions)

2015201620172018(9)2019

Ratings (1, 2)

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

% increase/(decrease)

N/M17%21%15%

% of total

52%36%55%51%52%

Market Intelligence (1, 4)

$226$729$457$500$566

% increase/(decrease)

0%N/M(37)%13%

% of total

11%21%16%17%16%

Platts(5) (includes J.D. Power through 9/2016)

$356$1,090$326$401$457

% increase/(decrease)

23%N/M(70)%14%

% of total

17%31%12%13%13%

Indices (6)

$392$413$478$566$632

% increase/(decrease)

13%5%16%12%

% of total

19%12%17%19%18%

Total division operating profit

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

% increase/(decrease)

N/M70%(20)%14%

Total SPGI operating profit

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

% increase/(decrease)

N/M75%(23)%16%
2015201620172018(9)2019

Ratings (1, 2)

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

% increase/(decrease)

N/M17%21%15%

% of total

52%36%55%51%52%

Market Intelligence (1, 4)

$226$729$457$500$566

% increase/(decrease)

0%N/M(37)%13%

% of total

11%21%16%17%16%

Platts(5) (includes J.D. Power through 9/2016)

$356$1,090$326$401$457

% increase/(decrease)

23%N/M(70)%14%

% of total

17%31%12%13%13%

Indices (6)

$392$413$478$566$632

% increase/(decrease)

13%5%16%12%

% of total

19%12%17%19%18%

Total division operating profit

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

% increase/(decrease)

N/M70%(20)%14%

Total SPGI operating profit

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

% increase/(decrease)

N/M75%(23)%16%

Operating Profit Margin by Division

20152016201720182019

Ratings (1, 2)

44.2%49.6%50.8%53.9%57.4%

Market Intelligence (1, 4)

16.1%43.8%27.2%27.3%28.9%

Platts(5) (includes J.D. Power through 9/2016)

36.6%117.8%42.1%49.3%54.1%

Indices (6)

65.6%64.8%65.7%67.6%68.9%

Total division operating profit margin (7)

38.5%61.6%45.8%48.4%51.3%

Total SPGI profit margin

35.9%59.0%42.6%44.6%48.2%
20152016201720182019

Ratings (1, 2)

44.2%49.6%50.8%53.9%57.4%

Market Intelligence (1, 4)

16.1%43.8%27.2%27.3%28.9%

Platts(5) (includes J.D. Power through 9/2016)

36.6%117.8%42.1%49.3%54.1%

Indices (6)

65.6%64.8%65.7%67.6%68.9%

Total division operating profit margin (7)

38.5%61.6%45.8%48.4%51.3%

Total SPGI profit margin

35.9%59.0%42.6%44.6%48.2%

Key Results, Adjusted for Foreign Exchange (Fx) Movements

(dollars in millions)

ReportedFxFx Adjusted
201520162017201820192015201620172018201920152016201720182019

Revenue

Ratings (1)

$2,428$2,535$2,988$2,883$3,106$92$18$(7)$(21)$33$2,520$2,553$2,981$2,862$3,139

Market Intelligence (1, 4)

1,4051,6611,6831,8331,9591162(4)51,4161,6671,6851,8291,964

Platts ** (5)

9719257748158446977925774815844

Indices

59763872883791851602638728837919

Elimination

(88)(98)(110)(125)(128)(88)(98)(110)(125)(128)

Total division revenue

$5,313$5,661$6,063$6,243$6,699$114$24$(5)$(25)$39$5,427$5,685$6,058$6,218$6,738

Total SPGI revenue (8)

$5,313$5,661$6,063$6,2586,699$114$24$(5)$(25)39$5,427$5,685$6,058$6,233$6,738

Operating Profit

Ratings (1)

$1,073$1,256$1,517$1,554$1,783$16$(7)$9$(50)$19$1,089$1,249$1,526$1,504$1,802

Market Intelligence (1, 4)

226729457500566(16)(119)6(16)(12)210610463484554

Platts ** (5)

3561,090326401457(11)8513(7)3451,175327404450

Indices (6)

392413478566632(2)(3)3(2)392411475569630

Total division operating profit

$2,047$3,488$2,778$3,021$3,438$(11)$(43)$12$(60)$(2)$2,036$3,445$2,790$2,961$3,436

Total SPGI operating profit

$1,908$3,341$2,583$2,790$3,226$(11)$(43)$12$(60)$(2)$1,897$3,298$2,595$2,730$3,224

Operating profit margin by division adjusted for Fx movements versus the prior year

Ratings (1)

44.2%49.6%50.8%53.9%57.4%43.2%48.9%51.2%52.6%57.4%

Market Intelligence (1, 4)

16.1%43.8%27.2%27.3%28.9%14.8%36.5%27.5%26.5%28.2%

Platts ** (5)

36.6%117.8%42.1%49.3%54.1%35.3%127.0%42.2%49.6%53.3%

Indices (6)

65.6%64.8%65.7%67.6%68.9%65.1%64.5%65.3%68.0%68.6%

Operating profit margin adjusted for Fx movements versus the prior year

Total division

38.5%61.6%45.8%48.4%51.3%37.5%60.6%46.1%47.6%51.0%

Total SPGI

35.9%59.0%42.6%44.6%48.2%35.0%58.0%42.8%43.8%47.9%
ReportedFxFx Adjusted
201520162017201820192015201620172018201920152016201720182019

Revenue

Ratings (1)

$2,428$2,535$2,988$2,883$3,106$92$18$(7)$(21)$33$2,520$2,553$2,981$2,862$3,139

Market Intelligence (1, 4)

1,4051,6611,6831,8331,9591162(4)51,4161,6671,6851,8291,964

Platts ** (5)

9719257748158446977925774815844

Indices

59763872883791851602638728837919

Elimination

(88)(98)(110)(125)(128)(88)(98)(110)(125)(128)

Total division revenue

$5,313$5,661$6,063$6,243$6,699$114$24$(5)$(25)$39$5,427$5,685$6,058$6,218$6,738

Total SPGI revenue (8)

$5,313$5,661$6,063$6,2586,699$114$24$(5)$(25)39$5,427$5,685$6,058$6,233$6,738

Operating Profit

Ratings (1)

$1,073$1,256$1,517$1,554$1,783$16$(7)$9$(50)$19$1,089$1,249$1,526$1,504$1,802

Market Intelligence (1, 4)

226729457500566(16)(119)6(16)(12)210610463484554

Platts ** (5)

3561,090326401457(11)8513(7)3451,175327404450

Indices (6)

392413478566632(2)(3)3(2)392411475569630

Total division operating profit

$2,047$3,488$2,778$3,021$3,438$(11)$(43)$12$(60)$(2)$2,036$3,445$2,790$2,961$3,436

Total SPGI operating profit

$1,908$3,341$2,583$2,790$3,226$(11)$(43)$12$(60)$(2)$1,897$3,298$2,595$2,730$3,224

Operating profit margin by division adjusted for Fx movements versus the prior year

Ratings (1)

44.2%49.6%50.8%53.9%57.4%43.2%48.9%51.2%52.6%57.4%

Market Intelligence (1, 4)

16.1%43.8%27.2%27.3%28.9%14.8%36.5%27.5%26.5%28.2%

Platts ** (5)

36.6%117.8%42.1%49.3%54.1%35.3%127.0%42.2%49.6%53.3%

Indices (6)

65.6%64.8%65.7%67.6%68.9%65.1%64.5%65.3%68.0%68.6%

Operating profit margin adjusted for Fx movements versus the prior year

Total division

38.5%61.6%45.8%48.4%51.3%37.5%60.6%46.1%47.6%51.0%

Total SPGI

35.9%59.0%42.6%44.6%48.2%35.0%58.0%42.8%43.8%47.9%

Notes:

** Includes J.D. Power through 9/2016

Note for Ratings: 
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

Notes for Market Intelligence: 
2019 results reflect the acquisition of 451 Research, LLC and divestiture of Standard & Poor’s Investment Advisory Services LLC

2018 results reflect the acquisitions of the RateWatch business and Panjiva, Inc.

2017 results reflect the divestiture of QuantHouse

2016 results reflect the acquisition of Trucost and the divestitures of Standard & Poor’s Securities Evaluations, Inc. and Credit Market Analysis

2015 results reflect the acquisition of SNL Financial LC

Notes for Platts: 
Comparisons impacted by the sale of J.D. Power on September 7, 2016 with the results included in Platts results through that date

2019 results reflect the acquisitions of Canadian Enerdata Ltd. and Live Rice Index and the divestiture of RigData

2016 results reflect the acquisitions of PIRA Energy Group and RigData

2015 results reflect the acquisitions of Petromedia Ltd. and National Automobile Dealers Association’s Used Car Guide

Notes for Indices: 
Includes operating profit attributable to noncontrolling interests ($170 million in 2019, $151 million in 2018, $129 million in 2017, $109 million in 2016, $101 million in 2015) as part of the S&P Dow Jones Indices joint venture established in June 2012

(1)

Revenue for Ratings and expenses for Market Intelligence include an interdivision royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings

(2)

Ratings expense 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

(3)

Ratings excludes 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

(4)

2019 results reflect the acquisition of 451 Research, LLC and divestiture of Standard & Poor’s Investment Advisory Services LLC. 2018 results reflect the acquisitions of the RateWatch business and Panjiva, Inc. 2017 results reflect the divestiture of QuantHouse. 2016 results reflect the acquisition of Trucost and the divestitures of Standard & Poor’s Securities Evaluations, Inc., and Credit Market Analysis. 2015 results reflect the acquisition of SNL Financial LC

(5)

2019 results reflect the acquisitions of Canadian Enerdata Ltd. and Live Rice Index and the divestiture of RigData. 2016 results reflect the acquisitions of PIRA Energy Group and RigData. Additionally, the Company completed the sale of J.D. Power on September 7, 2016, with the results included in Platts results through that date. 2015 results reflect the acquisitions of Petromedia Ltd. and National Automobile Dealers Association’s Used Car Guide

(6)

Includes operating profit attributable to noncontrolling interests ($170 million in 2019, $151 million in 2018, $129 million in 2017, $109 million in 2016, $101 million in 2015) as part of the S&P Dow Jones Indices joint venture established in June 2012

(7)

Includes interdivision revenue elimination of $128 million in 2019, $125 million in 2018, $110 million in 2017, $98 million in 2016, and $88 million in 2015. Percentages may sum to greater than 100%

(8)

Total revenue includes Corporate revenue of $15 million related to the acquisition of Kensho in April 2018

(9)

In the first quarter of 2020, the Company changed its methodology for allocating its centrally managed technology-related expenses to its reportable segments to more accurately reflect each segment’s respective usage. Results recast for 2018 and 2019; prior years not restated. As a result, percent increases/decreases from 2017 to 2018 are not calculated

N/M: Not meaningful

Details may not sum to total due to rounding

*

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