4-5
Adjusted Operating Results by Division

The 2021 Investor Fact Book reflects:

S&P Global on a stand-alone basis before the merger with IHS Markit.

Revenue from Kensho contract obligations in Market Intelligence’s results, starting in 1Q 2019: Beginning in the first quarter of 2019, the commercial contracts from Kensho Technologies Inc.’s (“Kensho”) major customers were transferred from Corporate to Market Intelligence for fulfillment. In 2018, this revenue was reported in Corporate revenue. Effective January 1, 2019, revenue from these contracts is reflected in Market Intelligence’s results.

Technology-related expenses allocated to
each reportable segment for 2018 and 2019:
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.

UPDATE DATA

Adjusted Operating Results by Division*:  2021

Ratings (1, 2)

Market Intelligence (1, 3)

Platts (4)

Indices (5)

Adjusted Operating Division Trends*:  2017–2021

Ratings (1, 2)

Revenue
 

(dollars in millions)

'17
'18
'19
'20
'21
$2,988
$2,883
$3,106
$3,606
$4,097

Adjusted Division Operating Profit
 

(dollars in millions)

'17
'18
'19
'20
'21
$1,601
$1,637
$1,796
$2,249
$2,632

Adjusted Division Operating Profit Margin

 

 

'17
'18
'19
'20
'21
53.6%
56.8%
57.8%
62.4%
64.2%

Note for Ratings:

2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC
Results exclude the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017





Market Intelligence (1, 3)

Revenue

(dollars in millions)

'17
'18
'19
'20
'21
$1,683
$1,833
$1,959
$2,106
$2,247

Adjusted Division Operating Profit

(dollars in millions)

'17
'18
'19
'20
'21
$540
$580
$629
$683
$771

Adjusted Division Operating Profit Margin

'17
'18
'19
'20
'21
32.1%
31.7%
32.1%
32.4%
34.3%

Notes for Market Intelligence:

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

Platts (4)

Revenue

(dollars in millions)

'17
'18
'19
'20
'21
$774
$815
$844
$878
$950

Adjusted Division Operating Profit

(dollars in millions)

'17
'18
'19
'20
'21
$365
$419
$443
$480
$523

Adjusted Division Operating Profit Margin

'17
'18
'19
'20
'21
47.1%
51.4%
52.4%
54.7%
55.1%

Notes for Platts:

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

Indices (5)

Revenue

(dollars in millions)

'17
'18
'19
'20
'21
$728
$837
$918
$989
$1,149

Adjusted Division Operating Profit

(dollars in millions)

'17
'18
'19
'20
'21
$484
$571
$637
$684
$803

Adjusted Division Operating Profit Margin
 

'17
'18
'19
'20
'21
66.4%
68.3%
69.5%
69.1%
69.9%

Notes for Indices:

Includes operating profit attributable to noncontrolling interests as part of the S&P Dow Jones Indices joint venture established in June 2012

Notes:
*

SPGI: S&P Global’s operations consist of four reportable segments: S&P Global Ratings (“Ratings”), S&P Global Market Intelligence (“Market Intelligence”), S&P Global Platts (“Platts”), and S&P Dow Jones Indices (“Indices”). Reportable segments are referred to as divisions in the Company’s 2021 Investor Fact Book

The Ratings division includes S&P Global Ratings, which is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (“NRSRO”); CRISIL Limited, a global analytical company incorporated in India; and certain other ratings-related businesses. Unless otherwise noted, the presentations are for S&P Global Ratings as a division

(1)

Division revenues do not include 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%

(2)

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

(3)

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

(4)

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

(5)

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

See Appendix (pages 73-79) for notes and Reconciliation of Adjusted Information to U.S. GAAP