66
Revenue by Type*

U.S. GAAP

Total Company (1, 4, 5, 6, 7, 8)

(dollars in millions)

41%
26%
22%
8%
3%
43%
22%
23%
9%
3%
43%
24%
21%
9%
3%
41%
20%
27%
9%
3%
39%
20%
28%
10%
3%
'17
'18
'19
'20
'21
Subscription
$2,454
$2,682
$2,843
$3,036
$3,253
Non-subscription/ transaction
1,574
1,401
1,632
1,492
1,698
Non-transaction
1,363
1,408
1,401
2,039
2,322
Asset-linked fees
484
542
623
648
800
Sales usage-based royalties
188
225
200
227
224
Total revenue
$6,063
$6,258
$6,699
$7,442
$8,297
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Ratings (1)

(dollars in millions)

51%
49%
47%
53%
51%
49%
55%
45%
55%
45%
'17
'18
'19
'20
'21
Transaction
$1,515
$1,350
$1,570
$1,969
$2,253
Non-transaction
1,473
1,533
1,536
1,637
1,844
Total revenue
$2,988
$2,883
$3,106
$3,606
$4,097
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Market Intelligence (1, 4)

(dollars in millions)

96%
3%
1%
97%
2%
1%
97%
2%
1%
97%
3%
0%
98%
2%
0%
'17
'18
'19
'20
'21
Subscription
$1,614
$1,773
$1,904
$2,050
$2,191
Non-subscription
46
40
45
55
56
Asset-linked fees
23
20
10
1
0
Total revenue
$1,683
$1,833
$1,959
$2,106
$2,247
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Platts (5)

(dollars in millions)

91%
7%
2%
92%
7%
1%
92%
7%
1%
92%
7%
1%
92%
7%
1%
'17
'18
'19
'20
'21
Subscription
$704
$750
$774
$809
$871
Sales usage-based royalties
57
54
60
62
66
Non-subscription
13
11
10
7
13
Total revenue
$774
$815
$844
$878
$950
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Indices

(dollars in millions)

63%
18%
19%
62%
21%
17%
67%
15%
18%
65%
17%
18%
69%
14%
17%
'17
'18
'19
'20
'21
Asset-linked fees
$461
$522
$613
$647
$800
Sales usage-based fees
131
171
140
165
158
Subscription
136
144
165
177
191
Total revenue
$728
$837
$918
$989
$1,149
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69% of S&P Global’s 2021 revenue was tied to subscription revenue, non-transaction revenue, and asset-linked fees that are ongoing in nature

Notes:

See the following pages for description of each division’s subscription revenue, non-subscription/transaction revenue, non-transaction revenue, asset-linked fees, and sales usage-based royalties:
Page 16:  Ratings
Page 32:  Market Intelligence
Page 38:  Platts
Page 48:  Indices

(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. 2020 Ratings revenue reflects the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC
(2)
2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC. Includes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017
(3)
2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC. Excludes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017
(4)

2020 results reflect the divestiture of Investor Relations webhosting business. 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

(5)

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

(6)
Includes operating profit attributable to noncontrolling interests ($215 million in 2021, $181 million in 2020, $170 million in 2019, $151 million in 2018, and $129 million in 2017) as part of the S&P Dow Jones Indices joint venture established in June 2012
(7)
Includes interdivision revenue elimination of $146 million in 2021, $137 million in 2020, $128 million in 2019, $125 million in 2018, and $110 million in 2017. 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

*

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