6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2024

Commission File Number: 1-31349

THOMSON REUTERS CORPORATION

(Translation of registrant’s name into English)

19 Duncan Street, Toronto

Ontario M5H 3H1, Canada

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐   Form 40-F ☒

The information contained in Exhibit 99.1 and Exhibit 99.2 of this Form 6-K is incorporated by reference into, or as additional exhibits to, as applicable, the registrant’s outstanding registration statements.

Thomson Reuters Corporation is voluntarily furnishing certifications by its Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as Exhibits 99.3-99.6 of this Form 6-K. 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THOMSON REUTERS CORPORATION (Registrant)
By:	/s/ Jennifer Ruddick
	Name:	Jennifer Ruddick
	Title:	Deputy Company Secretary

Date: August 2, 2024

EXHIBIT INDEX

Exhibit Number	Description
99.1	Management’s Discussion and Analysis
99.2	Unaudited Consolidated Financial Statements
99.3	Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.4	Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
99.5	Certification of the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
99.6	Certification of the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	XBRL Taxonomy Extension Schema
101.CAL	XBRL Taxonomy Extension Calculation Linkbase
101.DEF	XBRL Taxonomy Extension Definition Linkbase
101.LAB	XBRL Taxonomy Extension Label Linkbase
101.PRE	XBRL Taxonomy Extension Presentation Linkbase
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

EX-99.1

Exhibit 99.1

Management’s Discussion and Analysis

This management’s discussion and analysis is designed to provide you with a narrative explanation through the eyes of our management of how we performed, as well as information about our financial condition and future prospects. As this management’s discussion and analysis is intended to supplement and complement our financial statements, we recommend that you read this in conjunction with our consolidated interim financial statements for the three and six months ended June 30, 2024, our 2023 annual consolidated financial statements and our 2023 annual management’s discussion and analysis. This management’s discussion and analysis contains forward-looking statements, which are subject to risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. Forward-looking statements include, but are not limited to, our 2024 outlook, and our expectations related to general economic conditions and market trends and their anticipated effects on our business segments. For additional information related to forward-looking statements, material assumptions and material risks associated with them, please see the “Outlook,” and “Additional Information - Cautionary Note Concerning Factors That May Affect Future Results” sections of this management’s discussion and analysis. This management’s discussion and analysis is dated as of July 31, 2024.

We have organized our management’s discussion and analysis in the following key sections:

•	Executive Summary – an overview of our business and key financial highlights	3
•	Results of Operations – a comparison of our current and prior-year period results	4
•	Liquidity and Capital Resources – a discussion of our cash flow and debt	12
•	Outlook – our financial outlook, including material assumptions and material risks	18
•	Related Party Transactions – a discussion of transactions with our principal and controlling shareholder, Woodbridge, and other related parties	20
•	Subsequent Events – a discussion of material events occurring after June 30, 2024 and through the date of this management’s discussion andanalysis	21
•	Changes in Accounting Policies – a discussion of changes in our accounting policies	21
•	Critical Accounting Estimates and Judgments – a discussion of critical estimates and judgments made by our management in applying accountingpolicies	21
•	Additional Information – other required disclosures	21
•	Appendix – supplemental information	23

Unless otherwise indicated or the context otherwise requires, references in this discussion to “we,” “our,” “us”, the “Company” and “Thomson Reuters” are to Thomson Reuters Corporation and our subsidiaries.

Basis of presentation

We prepare our consolidated financial statements in U.S. dollars and in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

Other than EPS, we report our results in millions of U.S. dollars, but we compute percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

Use of non-IFRS financial measures

In this management’s discussion and analysis, we discuss our results on an IFRS and non-IFRS basis. We use non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, as supplemental indicators of our operating performance and financial position as well as for internal planning purposes, our management incentive programs and our business outlook. We believe non-IFRS financial measures provide more insight into our performance. Non-IFRS measures do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.

Page 1

As of September 30, 2023, we amended our definition of adjusted earnings to exclude amortization from acquired computer software. While we have always excluded amortization from acquired identifiable intangible assets other than computer software from our definition of adjusted earnings, this change aligns our treatment of amortization for all acquired intangible assets. Prior period amounts were revised for comparability.

See Appendix A of this management’s discussion and analysis for a description of our non-IFRS financial measures, including an explanation of why we believe they are useful measures of our performance. Refer to Appendix B for reconciliations of our non-IFRS financial measures to the most directly comparable IFRS measures.

Glossary of key terms

The following terms in this management’s discussion and analysis have the following meanings, unless otherwise indicated:

Term	Definition
AI	Artificial Intelligence
“Big 3” segments	Our combined Legal Professionals, Corporates and Tax & Accounting Professionals segments
Blackstone’s consortium	The Blackstone Group and its subsidiaries, and private equity funds affiliated with Blackstone
bp	Basis points — one basis point is equal to 1/100th of 1%; “100bp” is equivalent to 1%
Change Program	A two-year initiative, completed in December 2022, that focused on transforming our company from a holding company to an operating company and from a content provider into a content-driven technology company
constant currency	A non-IFRS measure derived by applying the same foreign currency exchange rates to the financial results of the current and equivalent prior-year period
EPS	Earnings per share
LSEG	London Stock Exchange Group plc
ML	Machine Learning
n/a	Not applicable
n/m	Not meaningful
organic or organically	A non-IFRS measure that represents changes in revenues of our existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods
Woodbridge	The Woodbridge Company Limited, our principal and controlling shareholder
YPL	York Parent Limited, the entity that owned our LSEG shares, which is jointly owned by our company and the Blackstone consortium. References to YPL also include its subsidiaries.
$ and US$	U.S. dollars

Page 2

Executive Summary

Our company

Thomson Reuters (NYSE / TSX: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. We serve professionals across legal, tax, accounting, compliance, government, and media. Our products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.

We derive most of our revenues from selling information and software solutions, primarily on a recurring subscription basis. Our solutions blend deep domain knowledge with software and automation tools. We believe our workflow solutions make our customers more productive, by streamlining how they operate, enabling them to focus on higher value activities. Many of our customers use our solutions as part of their workflows, which has led to strong customer retention. We believe that our customers trust us because of our history and dependability and our deep understanding of their businesses and industries, and they rely on our services for navigating a rapidly changing and increasingly complex digital world. Over the years, our business model has proven to be capital efficient and cash flow generative, and it has enabled us to maintain leading and scalable positions in our chosen market segments.

We are organized as five reportable segments reflecting how we manage our businesses.

		Second Quarter 2024 Revenues
	Legal Professionals Serves law firms and governments with research and workflow products powered by emerging technologies, including generative AI, focusing on intuitive legal research and integrated legal workflow solutions that combine content, tools and analytics.
	Corporates Serves corporate customers from small businesses to multinational organizations, including the seven largest global accounting firms, with our full suite of content-driven technologies, including generative AI, providing integrated workflow solutions designed to help our customers digitally transform and achieve their business outcomes.
	Tax & Accounting Professionals Serves tax, audit, and accounting professionals’ firms (other than the seven largest, which are served by the Corporates segment) with research and automated workflow products powered by emerging technologies, including generative AI.
	Reuters News Supplies business, financial and global news to the world’s media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and to financial market professionals exclusively via LSEG products.
	Global Print Provides legal and tax information primarily in print format to customers around the world.

Page 3

We refer to our Legal Professionals, Corporates and Tax & Accounting Professionals segments, on a combined basis, as our “Big 3” segments.

Our businesses are supported by a corporate center that manages our commercial and technology operations, including those around our sales capabilities, digital customer experience, and product and content development, as well as our global facilities. Costs relating to these activities are allocated to our business segments. We also report “Corporate costs”, which includes expenses for centrally managed functions such as finance, legal and human resources.

Key Financial Highlights

Good revenue momentum continued in the second quarter. Our revenues increased 6%, compared to the second quarter of 2023, on both a total and organic basis, reflecting growth in recurring and transactions revenues in our “Big 3” segments. Interest in our generative AI offerings remains high and we continue to progress the execution of our product roadmap and investment plan. Our operating profit decreased 50% in the second quarter, primarily because the prior period included a $347 million gain on the sale of a majority stake in our Elite business. Our adjusted EBITDA decreased 2%, and the related margin decreased to 37.1% from 40.1% in the prior-year period, as higher revenues were more than offset by investments to position ourselves for continued growth and by the impact of acquisitions.

Due to our strong revenue performance in the first half of the year, we raised our full-year 2024 outlook for total and organic revenue growth for our total company and our “Big 3” segments to reflect the high end of the ranges we provided in our outlook on May 2, 2024. We also updated our guidance for the component parts of depreciation and amortization of computer software, and for interest expense. Refer to the “Outlook” section of this management’s discussion and analysis for further information.

Our capital capacity and liquidity remain a key asset. In the second quarter of 2024, we sold our remaining shares in LSEG for gross proceeds of $0.6 billion. We completed our current share repurchase program with the return of $287 million to shareholders. See the “Liquidity and Capital Resources” section of this management’s discussion and analysis for additional information.

Results of Operations

Our revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as we record a large portion of our revenues ratably over the contract term and our costs are generally incurred evenly throughout the year. However, our revenues from quarter to consecutive quarter can be impacted by seasonality, particularly in our Tax & Accounting business, where revenues tend to be concentrated in the first and fourth quarters.

The section below contains non-IFRS measures where indicated. Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Page 4

Consolidated results

	Three months ended June 30,									Six months ended June 30,
						Change									Change
(millions of U.S. dollars, except per share amounts and margins)	2024		2023			Total		Constant Currency		2024		2023			Total		Constant Currency
IFRS Financial Measures
Revenues		1,740		1,647			6%				3,625		3,385			7%
Operating profit		415		825			(50%)				972		1,333			(27%)
Diluted EPS		$1.86		$1.90			(2%)				$2.92		$3.49			(16%)
Non-IFRS Financial Measures
Revenues		1,740		1,647			6%		6%		3,625		3,385			7%		7%
Organic revenue growth									6%									8%
Adjusted EBITDA		646		662			(2%)		(2%)		1,452		1,339			8%		8%
Adjusted EBITDA margin		37.1%		40.1%			(300)bp		(330)bp		40.0%		39.4%			60bp		40bp
Adjusted EBITDA less accrued capital expenditures		498		537			(7%)				1,170		1,093			7%
Adjusted EBITDA less accrued capital expenditures margin		28.6%		32.6%			(400)bp				32.2%		32.2%			-
Adjusted EPS		$0.85		$0.88	(1)		(3%)		(5%)		$1.97		$1.71	(1)		15%		15%
“Big 3” Segments
Revenues		1,419		1,326			7%		8%		2,975		2,757			8%		8%
Organic revenue growth									8%									9%
Adjusted EBITDA		581		597			(3%)		(3%)		1,297		1,218			7%		7%
Adjusted EBITDA margin		41.0%		44.9%			(390)bp		(430)bp		43.5%		44.0%			(50)bp		(50)bp

(1) In the third quarter of 2023, we amended our definition of adjusted earnings and adjusted EPS to exclude amortization from acquired computer software. We revised the comparative 2023 period to reflect the current period presentation. Refer to Appendices A and B of this management’s discussion and analysis for additional information.

Revenues

	Three months ended June 30,										Six months ended June 30,
					Change										Change
(millions of U.S. dollars)	2024		2023		Total		Constant Currency		Organic		2024		2023		Total		Constant Currency		Organic
Recurring revenues		1,420		1,323		7%		8%		8%		2,846		2,646		8%		8%		8%
Transactions revenues		197		191		4%		4%		5%		532		468		14%		15%		15%
Global Print revenues		123		133		(8%)		(7%)		(7%)		247		271		(9%)		(9%)		(9%)
Revenues		1,740		1,647		6%		6%		6%		3,625		3,385		7%		7%		8%

Revenues in the second quarter increased 6% in total and in constant currency due to growth in recurring and transactions revenues. A contribution from acquisitions was offset by the loss of revenues from the divestiture of our Elite business. On an organic basis, total revenues increased 6%, driven by 8% growth in recurring revenues (82% of total revenues) and 5% growth in transactions revenues. Global Print revenues declined 7% on an organic basis.

Revenues in the six-month period increased 7% in total and in constant currency driven by growth in recurring and transactions revenues. Total revenues were negatively impacted by 1% as the loss of revenues from the divestiture of Elite more than offset the contribution from acquisitions. On an organic basis, total revenues increased 8%, driven by 8% growth in recurring revenues (78% of total revenues) and 15% growth in transactions revenues. Global Print revenues declined 9% on an organic basis.

In both periods, foreign currency had no net impact on our consolidated revenue growth.

Revenues from the “Big 3” segments in the second quarter increased 7% in total and 8% in constant currency. Foreign currency had a 1% negative impact on revenue growth. On an organic basis, revenues increased 8%, driven by 9% growth in recurring revenues and 5% growth in transactions revenues. In the six-month period, revenues from the “Big 3” segments increased 8% in total and in constant currency. Foreign currency had no net impact on revenue growth. On an organic basis, revenues increased 9%, driven by 9% growth in recurring revenues and 11% growth in transactions revenues. In both periods, the “Big 3” segments represented approximately 82% of our total revenues.

Page 5

Operating profit, adjusted EBITDA and adjusted EBITDA less accrued capital expenditures

Operating profit decreased 50% and 27% in the second quarter and six-month period, respectively, primarily because both periods of 2023 included a $347 million gain on the sale of a majority stake in our Elite business.

In the second quarter, adjusted EBITDA, which excludes the gain on sale of Elite as well as other items, decreased 2% and the related margin decreased to 37.1% from 40.1% in the prior-year period as higher revenues were more than offset by higher costs, which included growth investments and the impact from acquisitions. In the six-month period, adjusted EBITDA increased 8% and the related margin increased to 40.0% from 39.4% in the prior-year period as higher revenues more than offset higher costs. Foreign currency contributed 30bp and 20bp to the year-over-year change in adjusted EBITDA margin in the second quarter and six-month period, respectively.

Adjusted EBITDA less accrued capital expenditures and the related margin decreased in the second quarter due to lower adjusted EBITDA and higher accrued capital expenditures. In the six-month period, adjusted EBITDA less accrued capital expenditures increased as higher adjusted EBITDA more than offset higher accrued capital expenditures. The related margin was unchanged compared to the prior-year period.

Operating expenses

	Three months ended June 30,								Six months ended June 30,
					Change								Change
(millions of U.S. dollars)	2024		2023		Total		Constant Currency		2024		2023		Total		Constant Currency
Operating expenses		1,090		990		10%		12%		2,171		2,064		5%		6%
Remove fair value adjustments(1)		6		(1)						8		(5)
Operating expenses, excluding fair value adjustments		1,096		989		11%		12%		2,179		2,059		6%		6%

(1) Fair value adjustments primarily represent gains or losses on intercompany balances that arise in the ordinary course of business due to changes in foreign currency exchange rates.

In both periods, operating expenses, excluding fair value adjustments, increased in total and on a constant currency basis as higher costs from acquisitions, investments as well as higher product, marketing and sales expenses related to higher revenues more than offset lower costs due to the Elite divestiture in June 2023.

Depreciation and amortization

	Three months ended June 30,						Six months ended June 30,
(millions of U.S. dollars)	2024		2023		Change		2024		2023		Change
Depreciation		29		29		(2%)		57		59		(3%)
Amortization of computer software
Internally developed		117		107		10%		232		218		6%
Acquisition-related		37		20		81%		75		27		176%
Total amortization of computer software		154		127		22%		307		245		25%
Amortization of other identifiable intangible assets		23		23		(1%)		48		48		(1%)

^●  Depreciation was substantially unchanged in the second quarter and decreased slightly in the six-month period.

^●  Total amortization of computer software increased due to acquisitions and product development.

^●  Amortization of other identifiable intangible assets was substantially unchanged in both periods as higher expenses associated with recent acquisitions were offset by the completion of amortization of assets acquired in previous years.

Other operating (losses) gains, net

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	2024		2023		2024		2023
Other operating (losses) gains, net		(29)		347		(70)		364

Page 6

In both periods of 2024, net other operating losses included an impairment of an equity method investment, which reflected a decline in the value of its commercial real estate holding. The six-month period of 2024 also included acquisition-related deal costs and costs related to a legal provision. In both periods of 2023, net other operating gains included a $347 million gain on the sale of a majority interest in our Elite business. The six-month period of 2023 also included a $23 million gain on the sale of a wholly-owned Canadian subsidiary to a company affiliated with Woodbridge.

Net interest expense

	Three months ended June 30,						Six months ended June 30,
(millions of U.S. dollars)	2024		2023		Change		2024		2023		Change
Net interest expense		36		34		7%		76		89		(15%)

Net interest expense increased in the second quarter due to lower interest income, which more than offset a reduction in interest expense on commercial paper borrowings and from the repayment of our $600 million, 4.30% notes upon maturity in November 2023. In the six-month period, net interest expense decreased as lower interest expense on our borrowings more than offset the decrease in interest income. As substantially all of our long-term debt obligations paid interest at fixed rates (after swaps), the net interest expense on our term debt was essentially unchanged compared to the prior-year period.

Other finance (income) costs

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	2024		2023		2024		2023
Other finance (income) costs		(2)		102		(24)		192

In the second quarter and six-month period of 2024, other finance income primarily included net foreign exchange gains on intercompany funding arrangements. In the second quarter and six-month period of 2023, other finance costs included losses of $66 million and $135 million, respectively, from foreign exchange contracts on instruments that were intended to reduce foreign currency risk on a portion of our indirect investment in LSEG, which was denominated in British pounds sterling, and net foreign exchange losses on intercompany funding arrangements.

Share of post-tax earnings (losses) in equity method investments

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	2024		2023		2024		2023
YPL		68		421		68		995
Other equity method investments		(7)		(2)		(15)		(6)
Share of post-tax earnings in equity method investments		61		419		53		989

In May 2024, we sold our remaining LSEG shares that we had indirectly owned through YPL. We accounted for the investment in LSEG shares held by YPL at fair value, based on the share price of LSEG. As the investment in LSEG was denominated in British pounds sterling, we entered into a series of foreign exchange contracts to mitigate currency risk on our investment.

Our share of post-tax earnings (losses) in our YPL investment was comprised of the following items:

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	2024		2023		2024		2023
(Decrease) increase in LSEG share price		(36)		220		(86)		692
Foreign exchange gains (losses) on LSEG shares		3		113		(3)		278
Dividend income		6		45		6		45
Loss from forward contract		–		–		–		(77)
Gain from call options		–		–		22		–
Historical excluded equity adjustment(1)		95		43		129		57
YPL - Share of post-tax earnings in equity method investments		68		421		68		995

(1) Represents income from the recognition of the remaining cumulative impact of equity transactions that were excluded from our investment in YPL.

Page 7

Tax (benefit) expense

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	2024		2023		2024		2023
Tax (benefit) expense		(402)		219		(335)		415

Tax benefit was $402 million and $335 million for the three months and six months ended June 30, 2024, respectively, due to a $468 million benefit from the recognition of a deferred tax asset relating to new tax legislation enacted in Canada. The new legislation reduced our ability to deduct interest expense against our Canadian taxable income, thereby increasing Canadian taxable profits such that we now expect to utilize tax loss carryforwards and other tax attributes, which we had not previously recognized as a deferred tax asset.

In January 2024, we began recording tax expense associated with the “Pillar Two model rules” as published by the Organization for Economic Cooperation and Development and enacted by key jurisdictions in which we operate. These rules are designed to ensure large multinational enterprises within the scope of the rules pay a minimum level of tax in each jurisdiction where they operate. In general, the “Pillar Two model rules” apply a system of top-up taxes to bring the enterprise’s effective tax rate in each jurisdiction to a minimum of 15%. In the three and six months ended June 30, 2024, income tax benefit included $5 million and $7 million, respectively, of top-up tax expense which was attributable to our earnings in Switzerland.

Tax expense was $219 million for the three months ended June 30, 2023 and included $97 million of tax expense related to our earnings in equity method investments. Tax expense was $415 million in the six months ended June 30, 2023 and included $233 million of tax expense related to our earnings in equity method investments. Both periods in 2023 included $78 million of expense related to the sale of a majority stake in Elite, as well as $24 million of benefits from the settlement of a tax audit.

Additionally, the tax benefit or expense in each period reflected the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. Because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year, tax expense or benefit in interim periods is not necessarily indicative of the tax benefit or expense for the full year.

The comparability of our tax expense was impacted by various transactions and accounting adjustments during each period. The following table sets forth certain components within income tax expense that impact comparability from period to period:

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	2024		2023(1)		2024		2023(1)
Tax (benefit) expense
Tax items impacting comparability:
Recognition of deferred tax asset(2)		(468)		–		(468)		–
Discrete changes to uncertain tax positions(3)		–		–		(15)		–
Corporate tax laws and rates(4)		–		1		–		1
Deferred tax adjustments(5)		(2)		(3)		2		(3)
Subtotal		(470)		(2)		(481)		(2)
Tax related to:
Amortization of acquired computer software		(8)		(5)		(17)		(7)
Amortization of other identifiable intangible assets		(5)		(6)		(11)		(12)
Other operating (losses) gains, net		(7)		78		(12)		77
Other finance (costs) income		(2)		(15)		(8)		(31)
Share of post-tax earnings in equity method investments		12		97		7		233
Other items		2		(1)		1		(2)
Subtotal		(8)		148		(40)		258
Total		(478)		146		(521)		256

(1) Revised to reflect the current presentation. Refer to Appendix A of this management’s discussion and analysis for additional information.

(2) Relates to new tax legislation enacted in Canada.

(3) Relates to the release of tax reserves that are no longer required due to the settlement of a tax dispute.

(4) Relates primarily of adjustments to deferred tax balances due to changes in effective state tax rates.

(5) Relates primarily to adjustments to deferred tax assets attributable to a non-U.S. subsidiary.

Page 8

Because the items described above impact the comparability of our tax expense or benefit for each period, we remove them from our calculation of adjusted earnings, along with the pre-tax items to which they relate. The computation of our adjusted tax expense is set forth below:

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	2024		2023		2024		2023
Tax (benefit) expense		(402)		219		(335)		415
Remove: Items from above impacting comparability		478		(146)		521		(256)
Other adjustment:
Interim period effective tax rate normalization(1)		1		5		10		3
Total tax expense on adjusted earnings		77		78		196		162

(1) Adjustment to reflect income taxes based on estimated full-year effective tax rates. Earnings or losses for interim periods under IFRS generally reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which we operate. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods, but has no effect on full-year income taxes.

Results of discontinued operations

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	2024		2023		2024		2023
(Loss) earnings from discontinued operations, net of tax		(3)		5		11		24

In all periods, earnings or losses from discontinued operations, net of tax, were primarily comprised of earnings or losses arising on a receivable balance from LSEG relating to a tax indemnity. The earnings or losses were due to changes in foreign exchange and interest rates. The six-month period of 2024 also included benefits from the release of reserves that are no longer required due to settlements of tax disputes.

Net earnings and diluted EPS

	Three months ended June 30,								Six months ended June 30,
					Change								Change
(millions of U.S. dollars, except per share amounts)	2024		2023		Total		Constant Currency		2024		2023		Total		Constant Currency
IFRS Financial Measures
Net earnings		841		894		(6%)				1,319		1,650		(20%)
Diluted EPS		$1.86	$	1.90		(2%)				$2.92		$3.49		(16%)
Non-IFRS Financial Measures(1)
Adjusted earnings		385		412		(7%)				888		808		10%
Adjusted EPS		$0.85	$	0.88		(3%)		(5%)		$1.97		$1.71		15%		15%

(1) In the third quarter of 2023, we amended our definition of adjusted earnings and adjusted EPS to exclude amortization from acquired computer software. We revised the comparative 2023 period to reflect the current presentation. Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Net earnings and diluted EPS decreased in both periods. Both prior-year periods included the gain on sale of our Elite business and a significant increase in the value of the Company’s investment in LSEG. Both current-year periods included a $468 million non-cash tax benefit related to tax legislation enacted in Canada.

Adjusted earnings and adjusted EPS, which excludes the gain on sale of Elite, the change in value of our LSEG investment, the non-cash tax benefit, as well as other adjustments, decreased in the second quarter due to lower adjusted EBITDA, higher internally developed software amortization and higher taxes. Adjusted earnings and adjusted EPS increased in the six-month period primarily due to higher adjusted EBITDA.

Page 9

Diluted and adjusted EPS in both periods benefited from a reduction in weighted-average common shares outstanding due to share repurchases and our June 2023 return of capital transaction.

Segment results

The following is a discussion of our five reportable segments and our Corporate costs for the three and six months ended June 30, 2024. We assess revenue growth for each segment, as well as the businesses within each segment, in constant currency and on an organic basis. See Appendix A of this management’s discussion and analysis for additional information.

Legal Professionals

	Three months ended June 30,										Six months ended June 30,
					Change										Change
(millions of U.S. dollars, except margins)	2024		2023		Total		Constant Currency		Organic		2024		2023		Total		Constant Currency		Organic
Recurring revenues		702		667		5%		5%		8%		1,400		1,339		5%		5%		8%
Transactions revenues		25		38		(34%)		(33%)		3%		48		80		(40%)		(39%)		3%
Revenues		727		705		3%		3%		7%		1,448		1,419		2%		2%		7%
Segment adjusted EBITDA		327		345		(5%)		(6%)				669		663		1%		1%
Segment adjusted EBITDA margin		45.0%		48.9%		(390)bp		(440)bp				46.2%		46.7%		(50)bp		(60)bp

Revenues moderately increased in total and in constant currency in both periods, as organic revenue growth of 7% and a contribution from acquisitions was partly offset by the loss of revenues from the divestiture of the Elite business. On an organic basis, revenues grew due to growth in both recurring (97% of the Legal Professionals segment in the second quarter) and transactions (3% of the Legal Professionals segment in the second quarter) revenues. Recurring organic revenue growth was driven by Westlaw, Practical Law, CoCounsel and the segment’s international businesses. The migration of customers from a Global Print product to Westlaw benefited the segment’s year-over-year revenue growth by $5 million in the second quarter and $9 million in the six-month period. Transactions organic revenue growth was driven by the segment’s international businesses.

Segment adjusted EBITDA decreased in the second quarter and increased slightly in the six-month period. The related margins declined in both periods. The performance in both periods reflected higher investments as well as the impacts of acquisitions. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 50bp in the second quarter and 10bp in the six-month period.

Corporates

	Three months ended June 30,										Six months ended June 30,
					Change										Change
(millions of U.S. dollars, except margins)	2024		2023		Total		Constant Currency		Organic		2024		2023		Total		Constant Currency		Organic
Recurring revenues		382		340		12%		13%		10%		752		666		13%		13%		10%
Transactions revenues		60		52		16%		17%		1%		197		161		23%		23%		11%
Revenues		442		392		13%		13%		8%		949		827		15%		15%		10%
Segment adjusted EBITDA		163		163		–		–				356		317		12%		12%
Segment adjusted EBITDA margin		36.8%		41.6%		(480)bp		(500)bp				37.3%		38.2%		(90)bp		(100)bp

Revenues increased in total and in constant currency in both periods, which included a contribution from our acquisition of Pagero. On an organic basis, revenues grew 8% in the second quarter due to growth in recurring revenues (86% of the Corporates segment in the second quarter) driven by Pagero, Practical Law, CLEAR, Indirect Tax, and the segment’s international businesses. Transactions revenues (14% of the Corporates segment in the second quarter) increased 1% on an organic basis, reflecting an expected slower rate of growth following strong seasonal demand of the segment’s tax-related products in the first quarter of 2024. In the six-month period, organic revenue growth of 10% was due to strong growth in both recurring and transactions revenues. Transactions organic revenue growth included growth from the Confirmation and Trust businesses.

Page 10

Segment adjusted EBITDA was unchanged and the related margin decreased in the second quarter due to investments and the impact of the Pagero acquisition. In the six-month period, segment adjusted EBITDA increased primarily due to higher revenues, while the related margin slightly declined. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 20bp in the second quarter and 10bp in the six-month period.

Tax & Accounting Professionals

	Three months ended June 30,										Six months ended June 30,
					Change										Change
(millions of U.S. dollars, except margins)	2024		2023		Total		Constant Currency		Organic		2024		2023		Total		Constant Currency		Organic
Recurring revenues		179		167		7%		10%		10%		378		343		10%		12%		12%
Transactions revenues		71		62		15%		16%		11%		200		168		19%		20%		13%
Revenues		250		229		9%		12%		10%		578		511		13%		15%		12%
Segment adjusted EBITDA		91		89		3%		5%				272		238		14%		16%
Segment adjusted EBITDA margin		36.8%		38.5%		(170)bp		(190)bp				47.1%		45.7%		140bp		140bp

Revenues increased in total and in constant currency in both periods, which included a contribution from the acquisition of SurePrep in the prior-year period. On an organic basis, revenues increased due to growth in both recurring (72% of the Tax & Accounting Professionals segment in the second quarter) and transactions (28% of the Tax & Accounting Professionals segment in the second quarter) revenues. Recurring organic revenue growth was led by the segment’s businesses in Latin America and its audit products. Transactions organic revenue growth was driven by SurePrep and the Confirmation businesses. In the six-month period, recurring and transactions organic revenue growth also benefited from higher UltraTax revenues.

Segment adjusted EBITDA slightly increased, and the related margin decreased in the second quarter due to higher investments. In the six-month period, segment adjusted EBITDA and the related margin increased as higher revenues more than offset higher expenses, including the investments. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 20bp in the second quarter, but had no impact in the six-month period.

The Tax & Accounting Professionals segment is the company’s most seasonal business with approximately 60% of full-year revenues typically generated in the first and fourth quarters. As a result, the margin performance of this segment has been generally higher in the first and fourth quarters as costs are typically incurred in a more linear fashion throughout the year.

Reuters News

	Three months ended June 30,										Six months ended June 30,
					Change										Change
(millions of U.S. dollars, except margins)	2024		2023		Total		Constant Currency		Organic		2024		2023		Total		Constant Currency		Organic
Recurring revenues		164		155		6%		7%		4%		328		310		6%		7%		4%
Transactions revenues		41		39		6%		7%		2%		87		59		48%		49%		41%
Revenues		205		194		6%		7%		4%		415		369		13%		13%		10%
Segment adjusted EBITDA		51		45		13%		14%				111		74		50%		51%
Segment adjusted EBITDA margin		24.8%		23.1%		170bp		140bp				26.6%		20.0%		660bp		660bp

Revenues increased in total and in constant currency in both periods, which included a positive impact from acquisitions. On an organic basis, revenue growth in the second quarter was driven by the Agency business and a contractual price increase from the segment’s news and editorial agreement with the Data & Analytics business of LSEG. In the six-month period, organic revenue growth was led by generative AI related content licensing revenue that was largely transactional.

Reuters News and LSEG’s Data & Analytics business have an agreement pursuant to which Reuters News supplies news and editorial content to LSEG through October 1, 2048. In the first six months of 2024, Reuters News recorded revenues of $192 million under this agreement, compared to $184 million in the prior-year period.

Segment adjusted EBITDA and the related margin increased in both periods primarily due to higher revenues. Foreign currency benefited the year-over-year change in segment adjusted EBITDA margin by 30bp in the second quarter, but had no impact in the six-month period.

Page 11

Global Print

	Three months ended June 30,										Six months ended June 30,
					Change										Change
(millions of U.S. dollars, except margins)	2024		2023		Total		Constant Currency		Organic		2024		2023		Total		Constant Currency		Organic
Revenues		123		133		(8%)		(7%)		(7%)		247		271		(9%)		(9%)		(9%)
Segment adjusted EBITDA		43		53		(18%)		(18%)				90		103		(12%)		(12%)
Segment adjusted EBITDA margin		35.2%		39.7%		(450)bp		(450)bp				36.7%		38.1%		(140)bp		(150)bp

Revenues decreased in total, in constant currency, and on an organic basis in both periods, in line with our expectations. The revenue declines in both periods included the impact of the migration of customers from a global print product to Westlaw. Excluding the impact of this migration, Global Print revenues declined 5% in the second quarter and 6% in the six-month period on an organic basis.

Segment adjusted EBITDA and the related margin declined in both periods primarily due to the impact of lower revenues. Foreign currency had no impact on the year-over-year change in segment adjusted EBITDA margin in the second quarter, but had a 10bp benefit in the six-month period.

Corporate costs

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	2024		2023		2024		2023
Corporate costs		29		33		46		56

Corporate costs in both periods decreased primarily due to lower costs in certain corporate functional areas.

Liquidity and Capital Resources

We have historically maintained a disciplined capital strategy that balances growth, long-term financial leverage, credit ratings and returns to shareholders. We are focused on having the investment capacity to drive revenue growth, both organically and through acquisitions, while also maintaining our long-term financial leverage and credit ratings and continuing to provide returns to shareholders. Our principal sources of liquidity are cash and cash equivalents and cash provided by operating activities. From time to time, we also issue commercial paper, borrow under our credit facility, and issue debt securities. Our principal uses of cash are for debt repayments, debt servicing costs, dividend payments, capital expenditures, share repurchases and acquisitions.

In the first six months of 2024, we received gross proceeds of $1.9 billion in connection with the sale of our remaining 16.0 million LSEG shares. We acquired Pagero and World Business Media for an aggregate amount of $810 million. Pagero is a global leader in e-invoicing and indirect tax solutions and World Business Media is a cross-platform, subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry. We also repurchased $639 million of our common shares, which completed our plan to repurchase up to $1.0 billion of our common shares as announced on November 1, 2023. Refer to the “Share repurchases – Normal Course Issuer Bid (NCIB)” subsection below for additional information.

Our capital strategy approach has provided us with a strong capital structure and liquidity position. Our disciplined approach and cash generative business model have allowed us to weather economic volatility in recent years caused by macroeconomic and geopolitical factors, while continuing to invest in our business. While we are closely monitoring the global disruption caused by Russia’s invasion of Ukraine and the ongoing Israel – Hamas conflict, our operations in those regions are not material to our business.

We expect that the operating leverage of our business will increase our free cash flow if we increase revenues as contemplated by our outlook. We continue to target (i) a maximum leverage ratio of 2.5x net debt to adjusted EBITDA (ii) a pay out of 50% to 60% of our expected free cash flow as dividends to our shareholders (iii) a return of at least 75% of our annual free cash flow to our shareholders in the form of dividends and share repurchases; and (iv) to earn a return on invested capital (ROIC) that is double or more of our weighted-average cost of capital over time.

Page 12

As of June 30, 2024, we had $1.7 billion of cash on hand, which includes a portion of the proceeds from the sale of our LSEG shares. As a result, our net debt to adjusted EBITDA leverage ratio as of June 30, 2024 was 0.6:1, significantly lower than our target of 2.5:1. As calculated under our credit facility covenant, our net debt to adjusted EBITDA leverage ratio as of June 30, 2024 was 0.5:1, which is also well below the maximum leverage ratio allowed under the credit facility of 4.5:1. Our next scheduled debt maturities are in September 2024 and May 2025.

We believe that our existing sources of liquidity will be sufficient to fund our expected cash requirements in the normal course of business for the next 12 months.

Certain information above in this section is forward-looking and should be read in conjunction with the section entitled “Additional Information — Cautionary Note Concerning Factors That May Affect Future Results”.

Cash flow

Summary of consolidated statement of cash flow

	Three months ended June 30,						Six months ended June 30,
(millions of U.S. dollars)	2024		2023		$ Change		2024		2023		$ Change
Net cash provided by operating activities		705		695		10		1,137		962		175
Net cash provided by investing activities		324		1,633		(1,309)		967		3,301		(2,334)
Net cash used in financing activities		(1,245)		(1,160)		(85)		(1,715)		(2,475)		760
Translation adjustments		(3)		–		(3)		(5)		1		(6)
(Decrease) increase in cash and cash equivalents		(219)		1,168		(1,387)		384		1,789		(1,405)
Cash and cash equivalents at beginning of period		1,901		1,690		211		1,298		1,069		229
Cash and cash equivalents at end of period		1,682		2,858		(1,176)		1,682		2,858		(1,176)
Non-IFRS Financial Measure(1)
Free cash flow		541		596		(55)		812		729		83

(1) Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Operating activities. Net cash provided by operating activities increased by $10 million in the second quarter, despite a reduced working capital benefit compared to the prior year. The increase in net cash provided by operating activities in the six-month period was due to the cash benefits from higher revenues. The six-month period of 2023 also included $74 million of payments related to our Change Program, which we completed in 2022.

Investing activities. In 2024, net cash provided by investing activities included proceeds from the sales of LSEG shares of $610 million and $1,854 million in the second quarter and six-month period, respectively. These inflows were partly offset by taxes paid on the LSEG share sales, as well as on the sales of certain businesses, of $121 million and $137 million in the second quarter and six-month period, respectively. Investing activities also included capital expenditures of $152 million in the second quarter and $297 million in the six-month period. The six-month period also included acquisition spend of $455 million, primarily related to the purchase of Pagero and World Business Media. We spent an additional $384 million to acquire the remaining portion of Pagero from minority shareholders, which is reflected in financing activities below.

In 2023, net cash provided by investing activities included $1,583 million and $3,876 million, in the second quarter and six-month period, respectively, in proceeds from the sales of LSEG shares. Both periods also included $418 million in proceeds from the sale of a majority stake in our Elite business and a $45 million dividend from our LSEG investment. These inflows were partly offset by $252 million and $270 million in taxes paid on the sales of LSEG shares and certain businesses, $127 million and $267 million of capital expenditures, and $33 million and $523 million of acquisition spending in the second quarter and six-month period, respectively. Acquisition spending in the six-month period primarily included the January 2023 acquisition of SurePrep, a provider of tax automation software and services.

Financing activities. In 2024, net cash used in financing activities included $703 million and $139 million of net payments under our commercial paper program, $235 million and $472 million of dividend payments to our common shareholders and $287 million and $639 million of share repurchases in the second quarter and six-month period, respectively. The six-month period also included $384 million for the purchase of shares from Pagero’s minority shareholders and $48 million for the repayment of Pagero’s outstanding debt.

Page 13

In 2023, net cash used in financing activities in both periods included returns to our shareholders of $2,045 million through a return of capital and share consolidation transaction. The second quarter also included $230 million of dividend payments to our common shareholders, while the six-month period included $454 million of dividends and $718 million of share repurchases. These outflows were partly offset by $1,132 million and $771 million of net borrowings under our commercial paper program in the second quarter and six-month period, respectively. Refer to the “Commercial paper program”, “Dividends”, “Share repurchases” and “Return of capital and share consolidation” subsections below for additional information.

Cash and cash equivalents. Cash and cash equivalents as of June 30, 2024 were higher compared to December 31, 2023 primarily due to net proceeds from the sale of our remaining 16.0 million LSEG shares.

Free cash flow. Free cash flow decreased in the second quarter as the increase in cash flow from operating activities was more than offset by higher capital expenditures and lower cash flows from other investing activities. Free cash flow increased in the six-month period as higher cash flows from operating activities more than offset higher capital expenditures and lower cash flows from other investing activities. Other investing activities in the six-month period of 2023 included proceeds from the sale of a subsidiary to a company affiliated with Woodbridge.

Additional information about our debt and credit arrangements, dividends and share repurchases is as follows:

^●  Commercial paper program. Our $2.0 billion commercial paper program provides cost-effective and flexible short-term funding. There was no commercial paper outstanding as of June 30, 2024 (December 31, 2023 - $130 million). Issuances of commercial paper reached a peak of $900 million during the second quarter of 2024.

^●  Credit facility. We have a $2.0 billion syndicated credit facility agreement which matures in November 2027 and may be used to provide liquidity for general corporate purposes (including acquisitions or support for our commercial paper program). There were no outstanding borrowings under the credit facility as of June 30, 2024 and December 31, 2023. Based on our current credit ratings, the cost of borrowing under the facility is priced at the Term Secured Overnight Financing Rate (SOFR)/Euro Interbank Offered Rate (EURiBOR)/Simple Sterling Overnight Index Average (SONIA) plus 102.5 basis points. We have the option to request an increase, subject to approval by applicable lenders, in the lenders’ commitments in an aggregate amount of $600 million for a maximum credit facility commitment of $2.6 billion. If our debt rating is downgraded by Moody’s, S&P or Fitch, our facility fees and borrowing costs would increase, although availability would be unaffected. Conversely, an upgrade in our ratings may reduce our facility fees and borrowing costs. We also monitor the lenders that are party to our facility and believe they continue to be able to lend to us.

  We guarantee borrowings by our subsidiaries under the credit facility. We must also maintain a ratio of net debt as defined in the credit agreement (total debt after swaps less cash and cash equivalents) as of the last day of each fiscal quarter to EBITDA as defined in the credit agreement (earnings before interest, income taxes, depreciation and amortization and other modifications described in the credit agreement) for the last four quarters ended of not more than 4.5:1. If we complete an acquisition with a purchase price of over $500 million, we may elect, subject to notification, to temporarily increase the ratio of net debt to EBITDA to 5.0:1 at the end of the quarter within which the transaction closed and for each of the three immediately following fiscal quarters. At the end of that period, the ratio would revert to 4.5:1. As of June 30, 2024, we complied with this covenant as our ratio of net debt to EBITDA, as calculated under the terms of our syndicated credit facility was 0.5:1.

^●  Long-term debt. We did not issue notes or repay any of our term debt in the first six months of 2024. In June 2024, we filed a new base shelf prospectus pursuant to which Thomson Reuters Corporation and one of its U.S. subsidiaries, TR Finance LLC, may collectively issue up to $3.0 billion of unsecured debt securities from time to time through July 19, 2026. Any debt securities issued by TR Finance LLC will be fully and unconditionally guaranteed on an unsecured basis by Thomson Reuters Corporation and three U.S. subsidiary guarantors, which are also indirect 100%-owned and consolidated subsidiaries of Thomson Reuters Corporation. Except for TR Finance LLC and the subsidiary guarantors, none of Thomson Reuters Corporation’s other subsidiaries have guaranteed or would otherwise become obligated with respect to any issued TR Finance LLC debt securities. Neither Thomson Reuters Corporation nor TR Finance LLC has issued any debt securities under the prospectus. Please refer to Appendix D of this management’s discussion and analysis for condensed consolidating financial information of the Company, including TR Finance LLC and the subsidiary guarantors.

^●  Credit ratings. Our access to financing depends on, among other things, suitable market conditions and the maintenance of suitable long-term credit ratings. Our credit ratings may be adversely affected by various factors, including increased debt levels, decreased earnings, declines in customer demand, increased competition, a deterioration in general economic and business conditions and adverse publicity. Any downgrades in our credit ratings may impede our access to the debt markets or result in higher borrowing rates.

Page 14

  In May 2024, S&P Global Ratings upgraded our long-term debt to BBB+ from BBB.

  The following table sets forth the credit ratings from rating agencies in respect of our outstanding securities as of the date of this management’s discussion and analysis:

	Moody’s	S&P Global Ratings	DBRS Limited	Fitch
Long-term debt	Baa1	BBB+	BBB (high)	BBB+
Commercial paper	P-2	A-2	R-2 (high)	F1
Trend/Outlook	Stable	Stable	Stable	Stable

  These credit ratings are not recommendations to purchase, hold, or sell securities and do not address the market price or suitability of a specific security for a particular investor. Credit ratings may not reflect the potential impact of all risks on the value of securities. We cannot ensure that our credit ratings will not be lowered in the future or that rating agencies will not issue adverse commentaries regarding our securities.

^●  Dividends. Dividends on our common shares are declared in U.S. dollars. In February 2024, we announced a 10% or $0.20 per share increase in the annualized dividend rate to $2.16 per common share (beginning with the common share dividend that we paid in March 2024). In our consolidated statement of cash flow, dividends paid on common shares are shown net of amounts reinvested in our company under our dividend reinvestment plan (DRIP). Registered holders of common shares may participate in our DRIP, under which cash dividends are automatically reinvested in new common shares. Common shares are valued at the weighted-average price at which the shares traded on the Toronto Stock Exchange (TSX) during the five trading days immediately preceding the record date for the dividend. As reflected in the table below, in the second quarter of 2023, we temporarily suspended our DRIP in advance of the return of our capital transaction and paid such dividends in cash. The DRIP resumed after the completion of the return of capital transaction. Refer to the “Return of capital and share consolidation” subsection below for additional information.

  Details of dividends declared per common share and dividends paid on common shares are as follows:

	Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars, except per share amounts)	2024		2023		2024		2023
Dividends declared per common share	$	0.54	$	0.49	$	1.08	$	0.98
Dividends declared		243		230		487		462
Dividends reinvested		(8)		–		(15)		(8)
Dividends paid		235		230		472		454

^●  Share repurchases – Normal Course Issuer Bid (NCIB). We buy back shares (and subsequently cancel them) from time to time as part of our capital strategy. On November 1, 2023, we announced that we planned to repurchase up to $1.0 billion of our common shares. In May 2024, we completed this plan. Share repurchases are typically executed under a NCIB. Shares were repurchased for the buyback program under a renewed NCIB, which was approved by the TSX and effective on November 1, 2023. Under the renewed NCIB up to 10 million common shares may be repurchased between November 3, 2023 and November 2, 2024. We may repurchase common shares in open market transactions on the TSX, the NYSE and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or NYSE or under applicable law, including private agreement purchases or share purchase program agreement purchases if we receive, if applicable, an issuer bid exemption order in the future from applicable securities regulatory authorities in Canada for such purchases. The price that we will pay for common shares in open market transactions will be the market price at the time of purchase or such other price as may be permitted by the TSX.

  Details of share repurchases were as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Share repurchases (millions of U.S. dollars)		287		–		639		718
Shares repurchased (number in millions)		1.8		–		4.1		6.0
Share repurchases – average price per     share in U.S. dollars	$	161.32		–	$	156.92	$	120.10

Page 15

  Decisions regarding any future repurchases will depend on certain factors such as market conditions, share price and other opportunities to invest capital for growth. We may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws. From time to time when we do not possess material nonpublic information about ourselves or our securities, we may enter into a pre-defined plan with our broker to allow for the repurchase of shares at times when we ordinarily would not be active in the market due to our own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with our broker will be adopted in accordance with applicable Canadian securities laws and the requirements of Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended.

^●  Return of capital and share consolidation. In June 2023, we returned approximately $2.0 billion to our shareholders through a return of capital transaction, which was funded from the proceeds of our company’s dispositions of LSEG shares. The transaction consisted of a cash distribution of $4.67 per common share and a share consolidation, or “reverse stock split”, at a ratio of 1 pre-consolidated share for 0.963957 post-consolidated shares. Shareholders who were subject to income tax in a jurisdiction other than Canada were given the opportunity to opt-out of the transaction. The share consolidation was proportional to the cash distribution and the share consolidation ratio was based on the volume weighted-average trading price of the shares on the NYSE for the five-trading day period immediately preceding June 23, 2023, the effective date for the return of capital transaction. Woodbridge, our principal shareholder, participated in this transaction. As a result of the share consolidation, our company’s outstanding common shares were reduced by 15.8 million common shares.

Financial position

Our total assets of $18.4 billion as of June 30, 2024 did not significantly change compared to $18.7 billion of total assets as of December 31, 2023.

As of June 30, 2024, our current liabilities exceeded our current assets primarily because current liabilities include a significant amount of deferred revenue, which arises from the sale of subscription-based products and services that many customers pay for in advance. The cash received from these advance payments is used to currently fund the operating, investing and financing activities of our business. However, for accounting purposes, these advance payments must be deferred and recognized over the term of the subscription. As such, we typically reflect a negative working capital position in our consolidated statement of financial position. In the ordinary course of business, deferred revenue does not represent a cash obligation, but rather an obligation to perform services or deliver products, and therefore when we are in that situation, we do not believe it is indicative of a liquidity issue, but rather an outcome of the required accounting for our business model.

Net debt and leverage ratio of net debt to adjusted EBITDA

	June 30,		December 31,
(millions of U.S. dollars)	2024		2023
Net debt(1)		1,693		2,207
Leverage ratio of net debt to adjusted EBITDA
Adjusted EBITDA(1)		2,791		2,678
Net debt / adjusted EBITDA(1)		0.6:1		0.8:1

(1) Amounts represent non-IFRS financial measures. For additional information about our liquidity, we provide our leverage ratio of net debt to adjusted EBITDA. Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

Our leverage ratio of net debt to adjusted EBITDA was well below our target ratio of 2.5:1. Net debt decreased due to the increase in cash and cash equivalents and from the repayment of our commercial paper (refer to the “Cash Flow” section of this management’s discussion and analysis for additional information). As of June 30, 2024, our total debt position (after swaps) was $3.1 billion.

The maturity dates for our term debt are well balanced with no significant concentration in any one year. As of June 30, 2024, the average maturity of our term debt of $3.1 billion was approximately eight years at an average interest rate (after swaps) of slightly over 4%, all of which is fixed.

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Off-balance sheet arrangements, commitments and contractual obligations

For a summary of our other off-balance sheet arrangements, commitments and contractual obligations please see our 2023 annual management’s discussion and analysis. There were no material changes to these arrangements, commitments and contractual obligations during the six months ended June 30, 2024.

Contingencies

Lawsuits and legal claims

We are engaged in various legal proceedings, claims, audits and investigations that have arisen in the ordinary course of business. These matters include, but are not limited to, employment matters, commercial matters, privacy and data protection matters, defamation matters and intellectual property infringement matters. The outcome of all the matters against us is subject to future resolution, including uncertainties of litigation. Litigation outcomes are difficult to predict with certainty due to various factors, including but not limited to: the preliminary nature of some claims; uncertain damage theories and demands; an incomplete factual record; uncertainty concerning legal theories and procedures and their resolution by the courts, at both trial and appellate levels; and the unpredictable nature of opposing parties. Based on information currently known to us and after consultation with outside legal counsel, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on our financial condition taken as a whole.

Uncertain tax positions

We are subject to taxation in numerous jurisdictions and we are routinely under audit by many different taxing authorities in the ordinary course of business. There are many transactions and calculations during the course of business for which the ultimate tax determination is uncertain, as taxing authorities may challenge some of our positions and propose adjustments or changes to our tax filings.

As a result, we maintain provisions for uncertain tax positions that we believe appropriately reflect our risk. These provisions are made using our best estimates of the amount expected to be paid based on a qualitative assessment of all relevant factors. When appropriate, we perform an expected value calculation to determine our provisions. We review the adequacy of these provisions at the end of each reporting period and adjust them based on changing facts and circumstances. Due to the uncertainty associated with tax audits, it is possible that at some future date, liabilities resulting from such audits or related litigation could vary significantly from our provisions. However, based on currently enacted legislation, information currently known to us and after consultation with outside tax advisors, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on our financial condition taken as a whole.

Prior to December 31, 2023, we paid $430 million of tax as required under notices of assessment issued by the U.K. tax authority, HM Revenue & Customs (HMRC), under the Diverted Profits Tax (DPT) regime that collectively related to the 2015, 2016, 2017 and 2018 taxation years of certain of our current and former U.K. affiliates. We do not believe these current and former U.K. affiliates fall within the scope of the DPT regime. Because we believe our position is supported by the weight of law, we intend to vigorously defend our position and will continue contesting these assessments through all available administrative and judicial remedies. As the assessments largely relate to businesses that we have sold, the majority are subject to indemnity arrangements under which we have been required to pay additional taxes to HMRC or the indemnity counterparty.

We do not believe that the resolution of these matters will have a material adverse effect on our financial condition taken as a whole. Payments made by us are not a reflection of our view on the merits of the case. As we expect to receive refunds of substantially all of the aggregate of amounts paid pursuant to these notices of assessment, we expect to continue recording substantially all of these payments as non-current receivables from HMRC or the indemnity counterparty, in our financial statements.

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Guarantees

We have an investment in 3XSQ Associates, an entity jointly owned by one of our subsidiaries and Rudin Times Square Associates LLC (Rudin), that owns and operates the 3 Times Square office building (the building) in New York, New York. In June 2022, 3XSQ Associates obtained a $415 million, 3-year term loan facility to refinance existing debt, fund the building’s redevelopment, and cover interest and operating costs during the redevelopment period. The building is pledged as loan collateral. We and Rudin each guarantee 50% of (i) certain principal loan amounts and (ii) interest and operating costs. We and Rudin also jointly and severally guarantee (i) completion of commenced works and (ii) lender losses arising from disallowed acts, environmental or otherwise. To minimize economic exposure to 50% for the joint and several obligations, we and a parent entity of Rudin entered into a cross-indemnification arrangement. We believe the value of the building is expected to be sufficient to cover obligations that could arise from the guarantees. The guarantees do not impact our ability to borrow funds under our $2.0 billion syndicated credit facility or the related covenant calculation.

For additional information, please see the “Risk Factors” section of our 2023 annual report, which contains further information on risks related to legal and tax matters.

Outlook

The information in this section is forward-looking and should be read in conjunction with the section entitled “Additional Information—Cautionary Note Concerning Factors That May Affect Future Results”.

In February 2024, we communicated our financial outlook for the year. In May of 2024, we moderately raised our revenue outlook for total and organic revenue growth. In August of 2024, we moderately raised our 2024 outlook again for total and organic revenue growth for both our total company and our “Big 3” segments to reflect the high end of the ranges we provided in our May outlook. This update reflected the strong performance of our business during the first six months of 2024. Additionally, we adjusted our outlook for the following:

^●  Shifted $15 million of depreciation and amortization of internally developed software to amortization of acquired software to reflect updated purchase price accounting allocations for the Pagero acquisition. The total outlook for depreciation and amortization of computer software remains unchanged.

^●  Reduced our outlook for interest expense to $125 - $145 million from $150 - $170 million, reflecting an earlier than expected completion of our LSEG monetization and the impact of higher interest rates on our cash balances.

The following table sets forth our updated 2024 outlook and our full-year 2023 actual results, which includes non-IFRS financial measures. Our updated 2024 outlook:

^●  Assumes constant currency rates relative to 2023; and

^●  Does not factor in the impact of any other acquisitions or divestitures that may occur in future periods.

We believe this type of guidance provides useful insight into the anticipated performance of our business.

We continue to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth and an evolving interest rate and inflationary backdrop. Any worsening of the global economic or business environment, among other factors, could impact our ability to achieve our outlook.

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Total Thomson Reuters	2023 Actual	2024 Outlook 2/8/2024	2024 Outlook 5/2/2024	2024 Outlook 8/1/2024
Revenue growth	3%	Approx. 6.5%	Approx. 6.5% - 7.0%		Approx. 7.0%
Organic revenue growth(1)	6%	Approx. 6.0%	Approx. 6.0% - 6.5%		Approx. 6.5%
Adjusted EBITDA margin(1)	39.3%	Approx. 38%	Unchanged		Unchanged
Corporate costs	$115 million	$120 - $130 million	Unchanged		Unchanged
Free cash flow(1)	$1.9 billion	Approx. $1.8 billion	Unchanged		Unchanged
Accrued capital expenditures as a percentage of revenues(1)	7.8%	Approx. 8.5%	Unchanged		Unchanged
Depreciation and amortization of computer software	$628 million	$730 - $750 million	Unchanged		Unchanged
Depreciation and amortization of internally developed software	$556 million	$595 - $615 million	Unchanged		$580 - $600 million
Amortization of acquired software	$72 million	Approx. $135 million	Unchanged	Approx. $	150 million
Interest expense(2)	$164 million	$150 - $170 million	Unchanged		$125 - $145 million
Effective tax rate on adjusted earnings(1)	16.5%	Approx. 18%	Unchanged		Unchanged
“Big 3” Segments(1)	2023 Actual	2024 Outlook 2/8/2024	2024 Outlook 5/2/2024	2024 Outlook 8/1/2024
Revenue growth	3%	Approx. 8.0%	Approx. 8.0% - 8.5%		Approx. 8.5%
Organic revenue growth	7%	Approx. 7.5%	Approx. 7.5% - 8.0%		Approx. 8.0%
Adjusted EBITDA margin	43.8%	Approx. 43%	Unchanged		Unchanged

(1) Non-IFRS financial measures. Refer to Appendices A and B of this management’s discussion and analysis for additional information and reconciliations of our non-IFRS financial measures to the most directly comparable IFRS financial measures.

(2) 2023 actual excludes a $12 million interest benefit associated with the release of tax reserves that is removed from adjusted earnings.

We expect our third-quarter 2024 organic revenue growth rate to be approximately 6% and our adjusted EBITDA margin to be approximately 34%. We expect the third quarter to be the low point for our margin in 2024, as our investment spending increases in what is our seasonally lowest revenue quarter of the year.

The following table summarizes our material assumptions and risks that may cause actual performance to differ from our expectations underlying our financial outlook.

Revenues
Material assumptions	Material risks
● Uncertain macroeconomic and geopolitical conditions will continue to disrupt the economy and cause periods of volatility ● Continued need for trusted products and services that help customers navigate evolving and complex legal, tax, accounting, regulatory, geopolitical and commercial changes, developments and environments, and for cloud-based digital tools that drive productivity ● Continued ability to deliver innovative products that meet evolving customer demands ● Acquisition of new customers through expanded and improved digital platforms, simplification of the product portfolio and through other sales initiatives ● Improvement in customer retention through commercial simplification efforts and customer service improvements	● Ongoing geopolitical instability and uncertainty regarding interest rates and inflation continue to impact the global economy. The severity and duration of any one, or a combination, of these conditions could impact the global economy and lead to lower demand for our products and services (beyond our assumption that these disruptions will cause periods of volatility) ● Uncertainty in the legal regulatory regime relating to AI. Potential future legislation may make it harder for us to conduct business using AI, lead to regulatory fines or penalties, require us to change product offerings or business practices, or prevent or limit our use of AI ● Demand for our products and services could be reduced by changes in customer buying patterns, or our inability to execute on key product design or customer support initiatives ● Competitive pricing actions and product innovation could impact our revenues ● Our sales, commercial simplification and product design initiatives may be insufficient to retain customers or generate new sales

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Adjusted EBITDA margin
Material assumptions	Material risks
● Our ability to achieve revenue growth targets ● Business mix continues to shift to higher-growth product offerings ● Integration expenses associated with recent acquisitions will reduce margins	● Same as the risks above related to the revenue outlook ● Higher than expected inflation may lead to greater than anticipated increase in labor costs, third-party supplier costs and costs of print materials ● Acquisition and disposal activity may dilute adjusted EBITDA margin
Free Cash Flow
Material assumptions	Material risks
● Our ability to achieve our revenue and adjusted EBITDA margin targets ● Accrued capital expenditures expected to approximate 8.5% of revenues in 2024	● Same as the risks above related to the revenue and adjusted EBITDA margin outlook ● A weaker macroeconomic environment could negatively impact working capital performance, including the ability of our customers to pay us ● Accrued capital expenditures may be higher than currently expected ● The timing and amount of tax payments to governments may differ from our expectations

Effective tax rate on adjusted earnings
Material assumptions	Material risks
● Our ability to achieve our adjusted EBITDA target ● The mix of taxing jurisdictions where we recognized pre-tax profit or losses in 2023 does not significantly change in 2024 ● Minimal changes in currently enacted tax laws and treaties within the jurisdictions where we operate ● Significant gains that will prevent the imposition of certain minimum taxes ● No significant charges or benefits from the finalization of prior tax years ● Depreciation and amortization of internally developed computer software of $580 - $600 million in 2024 ● Interest expense of $125 - $145 million in 2024	● Same as the risks above related to adjusted EBITDA ● A material change in the geographical mix of our pre-tax profits and losses ● A material change in current tax laws or treaties to which we are subject, and did not expect ● Depreciation and amortization of internally developed computer software as well as interest expense may be significantly higher or lower than expected

Our outlook contains various non-IFRS financial measures. We believe that providing reconciliations of forward-looking non-IFRS financial measures in our outlook would be potentially misleading and not practical due to the difficulty of projecting items that are not reflective of ongoing operations in any future period. The magnitude of these items may be significant. Consequently, for outlook purposes only, we are unable to reconcile these measures to the most comparable IFRS measures because we cannot predict, with reasonable certainty, the impact of changes in foreign exchange rates which impact (i) the translation of our results reported at average foreign currency rates for the year and (ii) other finance income or expense related to intercompany financing arrangements. Additionally, we cannot reasonably predict the occurrence or amount of other operating gains and losses, which generally arise from business transactions we do not currently anticipate.

Related Party Transactions

As of July 31, 2024, our principal shareholder, Woodbridge, beneficially owned approximately 70% of our common shares.

Transactions with YPL

In the first six months of 2024, we received $1.8 billion of dividends from YPL related to the sale of our remaining indirectly owned LSEG shares. See the “Results of Operations” and “Liquidity and Capital Resources” sections of this management’s discussion and analysis for additional information.

Except for the above transactions, there were no new significant related party transactions during the first six months

of 2024. Refer to the “Related Party Transactions” section of our 2023 annual management’s discussion and analysis, which is contained in our 2023 annual report, as well as note 32 of our 2023 annual consolidated financial statements for information regarding related party transactions.

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Subsequent Events

There were no material events occurring after June 30, 2024 through the date of this management’s discussion and analysis.

Changes in Accounting Policies

Please refer to the “Changes in Accounting Policies” section of our 2023 annual management’s discussion and analysis, which is contained in our 2023 annual report, for information regarding changes in accounting policies. Since the date of our 2023 annual management’s discussion and analysis, there have not been any significant changes to our accounting policies. Refer to note 1 of our consolidated interim financial statements for the three and six months ended June 30, 2024 for information regarding recent accounting pronouncements.

Critical Accounting Estimates and Judgments

The preparation of financial statements requires management to make estimates and judgments about the future. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Please refer to the “Critical Accounting Estimates and Judgments” section of our 2023 annual management’s discussion and analysis, which is contained in our 2023 annual report, for additional information. Since the date of our 2023 annual management’s discussion and analysis, there have not been any significant changes to our critical accounting estimates and judgments.

We continue to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth and an evolving interest rate and inflationary backdrop, among other factors. While we are closely monitoring these conditions to assess potential impacts on our businesses, some of management’s estimates and judgments may be more variable and may change materially in the future due to the significant uncertainty created by these circumstances.

Additional Information

Disclosure controls and procedures

Our Chief Executive Officer and Chief Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in applicable U.S. and Canadian securities law) as of the end of the period covered by this management’s discussion and analysis, have concluded that our disclosure controls and procedures were effective to ensure that all information that we are required to disclose in reports that we file or furnish under the U.S. Securities Exchange Act and applicable Canadian securities law is (i) recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and Canadian securities regulatory authorities; and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Internal control over financial reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

There was no change in our internal control over financial reporting during the second quarter of 2024 that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Share capital

As of July 31, 2024, we had outstanding 449,712,611 common shares, 6,000,000 Series II preference shares, 1,270,842 stock options and a total of 1,438,660 time-based restricted share units and performance restricted share units. We have also issued a Thomson Reuters Founders Share which enables Thomson Reuters Founders Share Company to exercise extraordinary voting power to safeguard the Thomson Reuters Trust Principles.

Public securities filings and regulatory announcements

You may access other information about our company, including our 2023 annual report (which contains information required in an annual information form) and our other disclosure documents, reports, statements or other information that we file with the Canadian securities regulatory authorities through SEDAR at sedarplus.ca and in the United States with the Securities and Exchange Commission (SEC) at sec.gov.

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Cautionary note concerning factors that may affect future results

Certain statements in this management’s discussion and analysis are forward-looking, including, but not limited to, our business outlook, as well as statements regarding the Company’s intentions to target a maximum leverage ratio of 2.5x net debt to adjusted EBITDA, a dividend payout ratio of between 50% to 60% of its free cash flow, its target to return at least 75% of free cash flow annually in the form of dividends and share repurchases, as well as its target to earn a return on invested capital (ROIC) that is double or more of its weighted-average cost of capital over time, the Company’s expectations regarding refunds on amounts paid to HMRC, the Company’s intentions with respect to utilization of tax loss carryforwards and other tax attributes, and other expectations regarding the Company’s strategic priorities, initiatives and opportunities, and its liquidity and capital resources. The words “will”, “expect”, “believe”, “target”, “estimate”, “could”, “should”, “intend”, “predict”, “project” and similar expressions identify forward-looking statements. While we believe that we have a reasonable basis for making forward-looking statements in this management’s discussion and analysis, they are not a guarantee of future performance or outcomes or that any other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond our company’s control and the effects of them can be difficult to predict. In particular, the full extent of the impact of macroeconomic and geopolitical environment on the Company’s business, operations and financial results will depend on numerous evolving factors that we may not be able to accurately predict.

Certain factors that could cause actual results or events to differ materially from current expectations are discussed in the “Outlook” section above. Additional factors are discussed in the “Risk Factors” section of our 2023 annual report and in materials that we from time to time file with, or furnish to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. Many of those risks are, and could be, exacerbated by a worsening of the global geopolitical, business and economic environments. There is no assurance that any forward-looking statement will materialize.

The Company’s business outlook is based on information currently available to the Company and is based on various external and internal assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate under the circumstances.

The Company has provided a business outlook for the purpose of presenting information about current expectations for the periods presented. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this management’s discussion and analysis. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.

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Appendix A

Non-IFRS Financial Measures

We use non-IFRS financial measures, which include ratios that incorporate one or more non-IFRS financial measures, as supplemental indicators of our operating performance and financial position as well as for internal planning purposes, our management incentive programs and our business outlook. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies.

In the third quarter of 2023, we amended our definition of adjusted earnings and adjusted EPS to exclude amortization from acquired computer software. While we have always excluded amortization from acquired identifiable intangible assets other than computer software from adjusted earnings and adjusted EPS, this change aligns our treatment of amortization for all acquired intangible assets. Prior period amounts were revised for comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in our computation of adjusted earnings.

The following table sets forth our non-IFRS financial measures including an explanation of why we believe they are useful measures of our performance. Reconciliations to the most directly comparable IFRS measure are reflected in Appendix B of this management’s discussion and analysis.

How We Define It	Why We Use It and Why It Is Useful to Investors	Most Directly Comparable IFRS Measure
Adjusted EBITDA and the related margin
Represents earnings or losses from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of computer software and other identifiable intangible assets, our share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges and fair value adjustments, including those related to acquired deferred revenue. The related margin is adjusted EBITDA expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.	Provides a consistent basis to evaluate operating profitability and performance trends by excluding items that we do not consider to be controllable activities for this purpose. Also represents a measure commonly reported and widely used by investors as a valuation metric, as well as to assess our ability to incur and service debt.	Earnings from continuing operations
Adjusted EBITDA less accrued capital expenditures and the related margin
Represents adjusted EBITDA less accrued capital expenditures, where accrued capital expenditures include amounts that remain unpaid at the reporting date. The related margin is adjusted EBITDA less accrued capital expenditures expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.	Provides a basis for evaluating the operating profitability and capital intensity of a business in a single measure. This measure captures investments regardless of whether they are expensed or capitalized, and reflects the basis on which management measures capital spending.	Earnings from continuing operations
Accrued capital expenditures as a percentage of revenues
Accrued capital expenditures expressed as a percentage of revenues. For purposes of this calculation, revenues are before fair value adjustments to acquired deferred revenue.	Reflects the basis on how we manage capital expenditures for internal budgeting purposes.	Capital expenditures

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How We Define It	Why We Use It and Why It Is Useful to Investors	Most Directly Comparable IFRS Measure
Adjusted earnings and adjusted EPS
Net earnings or loss including dividends declared on preference shares but excluding the post-tax impacts of fair value adjustments, including those related to acquired deferred revenue, amortization of acquired intangible assets (attributable to other identifiable intangible assets and acquired computer software), other operating gains and losses, certain asset impairment charges, other finance costs or income, our share of post-tax earnings or losses in equity method investments, discontinued operations and other items affecting comparability. Acquired intangible assets contribute to the generation of revenues from acquired companies, which are included in our computation of adjusted earnings. The post-tax amount of each item is excluded from adjusted earnings based on the specific tax rules and tax rates associated with the nature and jurisdiction of each item.	Provides a more comparable basis to analyze earnings. These measures are commonly used by shareholders to measure performance.	Net earnings and diluted EPS
Adjusted EPS is calculated from adjusted earnings using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders.
Effective tax rate on adjusted earnings
Adjusted tax expense divided by pre-tax adjusted earnings. Adjusted tax expense is computed as income tax (benefit) expense plus or minus the income tax impacts of all items impacting adjusted earnings (as described above), and other tax items impacting comparability.	Provides a basis to analyze the effective tax rate associated with adjusted earnings.	Tax benefit (expense)
In interim periods, we also make an adjustment to reflect income taxes based on the estimated full-year effective tax rate. Earnings or losses for interim periods under IFRS reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which we operate. The non-IFRS adjustment reallocates estimated full-year income taxes between interim periods but has no effect on full-year income taxes.	Because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year, our effective tax rate computed in accordance with IFRS may be more volatile by quarter. Therefore, we believe that using the expected full-year effective tax rate provides more comparability among interim periods.

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How We Define It	Why We Use It and Why It Is Useful to Investors	Most Directly Comparable IFRS Measure
Net debt and leverage ratio of net debt to adjusted EBITDA
Net debt: Total indebtedness (excluding the associated unamortized transaction costs and premiums or discount) plus the currency related fair value of associated hedging instruments, and lease liabilities less cash and cash equivalents.	Provides a commonly used measure of a company’s leverage. Given that we hedge some of our debt to reduce risk, we include hedging instruments as we believe it provides a better measure of the total obligation associated with our outstanding debt. However, because we intend to hold our debt and related hedges to maturity, we do not consider the interest components of the associated fair value of hedges in our measurements. We reduce gross indebtedness by cash and cash equivalents.	Total debt (current indebtedness plus long-term indebtedness)
Net debt to adjusted EBITDA: Net debt is divided by adjusted EBITDA for the previous twelve-month period ending with the current fiscal quarter.	Provides a commonly used measure of a company’s ability to pay its debt. Our non-IFRS measure is aligned with the calculation of our internal target and is more conservative than the maximum ratio allowed under the contractual covenants in our credit facility.	For adjusted EBITDA, refer to the definition above for the most directly comparable IFRS measure
Free cash flow
Net cash provided by operating activities and other investing activities, less capital expenditures, payments of lease principal and dividends paid on our preference shares.	Helps assess our ability, over the long term, to create value for our shareholders as it represents cash available to repay debt, pay common dividends and fund share repurchases and acquisitions.	Net cash provided by operating activities
Changes before the impact of foreign currency or at “constant currency”
Applicable measures where changes are reported before the impact of foreign currency or at “constant currency” IFRS Measures: ● Revenues ● Operating expenses Non-IFRS Measures and ratios: ● Adjusted EBITDA and adjusted EBITDA margin ● Adjusted EPS Our reporting currency is the U.S. dollar. However, we conduct activities in currencies other than the U.S. dollar. We measure our performance before the impact of foreign currency (or at “constant currency” or excluding the effects of currency), which is determined by converting the current and equivalent prior period’s local currency results using the same foreign currency exchange rate.	Provides better comparability of business trends from period to period.	For each non-IFRS measure and ratio, refer to the definitions above for the most directly comparable IFRS measure.

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How We Define It	Why We Use It and Why It Is Useful to Investors	Most Directly Comparable IFRS Measure
Changes in revenues computed on an “organic” basis
Represent changes in revenues of our existing businesses at constant currency. The metric excludes the distortive impacts of acquisitions and dispositions from not owning the business in both comparable periods. ● For acquisitions, we calculate organic growth as though we had owned the acquired business in both periods. We compare revenues for the acquired business for the period we owned the business to the same prior-year period revenues for that business, when we did not own it. ● For dispositions, we calculate organic growth only for the time we owned the business in the current period, compared to the same period in the prior year.	Provides further insight into the performance of our existing businesses by excluding distortive impacts and serves as a better measure of our ability to grow our business over the long term.	Revenues
“Big 3” segments
Our combined Legal Professionals, Corporates and Tax & Accounting Professionals segments. All measures reported for the “Big 3” segments are non-IFRS financial measures.	The “Big 3” segments comprise approximately 80% of revenues and represent the core of our business information service product offerings.	Revenues Earnings from continuing operations

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Appendix B

This appendix provides reconciliations of certain non-IFRS financial measures to the most directly comparable IFRS measure for the three and six months ended June 30, 2024 and 2023, and year ended December 31, 2023.

Rounding

Other than EPS, we report our results in millions of U.S. dollars, but we compute percentage changes and margins using whole dollars to be more precise. As a result, percentages and margins calculated from reported amounts may differ from those presented, and growth components may not total due to rounding.

Reconciliation of earnings from continuing operations to adjusted EBITDA and adjusted EBITDA less accrued capital expenditures

	Three months ended June 30,				Six months ended June 30,				Year ended December 31,
(millions of U.S. dollars, except margins)	2024		2023		2024		2023		2023
Earnings from continuing operations		844		889		1,308		1,626		2,646
Adjustments to remove:
Tax (benefit) expense		(402)		219		(335)		415		417
Other finance (income) costs		(2)		102		(24)		192		192
Net interest expense		36		34		76		89		152
Amortization of other identifiable intangible assets		23		23		48		48		97
Amortization of computer software		154		127		307		245		512
Depreciation		29		29		57		59		116
EBITDA		682		1,423		1,437		2,674		4,132
Adjustments to remove:
Share of post-tax earnings in equity method investments		(61)		(419)		(53)		(989)		(1,075)
Other operating losses (gains), net		29		(347)		70		(364)		(397)
Fair value adjustments(1)		(4)		5		(2)		18		18
Adjusted EBITDA		646		662		1,452		1,339		2,678
Deduct: Accrued capital expenditures		(148)		(125)		(282)		(246)		(532)
Adjusted EBITDA less accrued capital expenditures		498		537		1,170		1,093		2,146
Adjusted EBITDA margin		37.1%		40.1%		40.0%		39.4%		39.3%
Adjusted EBITDA less accrued capital expenditures margin		28.6%		32.6%		32.2%		32.2%		31.5%

(1) Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, a component of operating expenses, as well as adjustments related to acquired deferred revenue.

Reconciliation of capital expenditures to accrued capital expenditures

	Three months ended June 30,				Six months ended June 30,				Year ended December 31,
(millions of U.S. dollars)	2024		2023		2024		2023		2023
Capital expenditures		152		127		297		267		544
Remove: IFRS adjustment to cash basis		(4)		(2)		(15)		(21)		(12)
Accrued capital expenditures		148		125		282		246		532
Accrued capital expenditures as a percentage of revenues		n/a		n/a		n/a		n/a		7.8%

Page 27

Reconciliation of net earnings to adjusted earnings and adjusted EPS

	Three months ended June 30,				Six months ended June 30,				Year ended December 31,
(millions of U.S. dollars, except per share amounts and share data)	2024		2023		2024		2023		2023
Net earnings		841		894		1,319		1,650		2,695
Adjustments to remove:
Fair value adjustments(1)		(4)		5		(2)		18		18
Amortization of acquired computer software		37		20		75		27		72
Amortization of other identifiable intangible assets		23		23		48		48		97
Other operating losses (gains), net		29		(347)		70		(364)		(397)
Interest benefit impacting comparability(2)(3)		–		–		–		–		(12)
Other finance (income) costs		(2)		102		(24)		192		192
Share of post-tax earnings in equity method investments		(61)		(419)		(53)		(989)		(1,075)
Tax on above items(3)		(8)		148		(40)		258		265
Tax items impacting comparability(2)(3)		(470)		(2)		(481)		(2)		(172)
Loss (earnings) from discontinued operations, net of tax		3		(5)		(11)		(24)		(49)
Interim period effective tax rate normalization(3)		(1)		(5)		(10)		(3)		–
Dividends declared on preference shares		(2)		(2)		(3)		(3)		(5)
Adjusted earnings(4)		385		412		888		808		1,629
Adjusted EPS(4)		$0.85		$0.88		$1.97		$1.71		$3.51
Diluted weighted-average common shares (millions)		450.9		470.4		451.9		472.5		464.0

(1) Fair value adjustments primarily represent gains or losses due to changes in foreign currency exchange rates on intercompany balances that arise in the ordinary course of business, a component of operating expenses, as well as adjustments related to acquired deferred revenue.

(2) Release of tax and interest reserves due to the expiration of statutes of limitation.

(3) For three and six months ended June 30, 2024 and 2023, see the “Results of Operations—Tax (benefit) expense” section of this management’s discussion and analysis for additional information.

(4) The adjusted earnings impact of non-controlling interests, which was applicable only to the three and six months ended June 30, 2024, was not material.

Reconciliation of effective tax rate on adjusted earnings

	Year ended December 31,
(millions of U.S. dollars, except percentages)	2023
Adjusted earnings		1,629
Plus: Dividends declared on preference shares		5
Plus: Tax expense on adjusted earnings		324
Pre-tax adjusted earnings		1,958
IFRS tax expense		417
Remove tax related to:
Amortization of acquired computer software		17
Amortization of other identifiable intangible assets		22
Share of post-tax earnings in equity method investments		(253)
Other finance income		31
Other operating gains, net		(81)
Other items		(1)
Subtotal – tax on pre-tax items removed from adjusted earnings		(265)
Remove: Tax items impacting comparability		172
Total – Remove all items impacting comparability		(93)
Tax expense on adjusted earnings		324
Effective tax rate on adjusted earnings		16.5%

Page 28

Reconciliation of net cash provided by operating activities to free cash flow

	Three months ended June 30,				Six months ended June 30,				Year ended December 31,
(millions of U.S. dollars)	2024		2023		2024		2023		2023
Net cash provided by operating activities		705		695		1,137		962		2,341
Capital expenditures		(152)		(127)		(297)		(267)		(544)
Other investing activities		6		45		6		68		137
Payments of lease principal		(16)		(15)		(31)		(31)		(58)
Dividends paid on preference shares		(2)		(2)		(3)		(3)		(5)
Free cash flow		541		596		812		729		1,871

Reconciliation of net debt and leverage ratio of net debt to adjusted EBITDA

	June 30,		December 31,
(millions of U.S. dollars)	2024		2023
Current indebtedness		1,264		372
Long-term indebtedness		1,846		2,905
Total debt		3,110		3,277
Swaps		(31)		(65)
Total debt after swaps		3,079		3,212
Remove fair value adjustments for hedges(1)		7		2
Total debt after currency hedging arrangements		3,086		3,214
Remove transaction costs, premiums or discounts, included in the carrying value of debt		24		26
Add: Lease liabilities (current and non-current)		265		265
Less: Cash and cash equivalents(2)		(1,682)		(1,298)
Net debt		1,693		2,207
Leverage ratio of net debt to adjusted EBITDA
Adjusted EBITDA		2,791		2,678
Net debt/adjusted EBITDA		0.6:1		0.8:1

(1) Represents the interest-related fair value component of hedging instruments that are removed to reflect net cash outflow upon maturity.

(2) Includes cash and cash equivalents of $100 million as of June 30, 2024 and December 31, 2023, respectively, held in subsidiaries which have regulatory restrictions, contractual restrictions or operate in countries where exchange controls and other legal restrictions apply and are therefore not available for general use by our company.

Page 29

Reconciliation of changes in revenues to changes in revenues excluding the effects of foreign currency (constant currency) as well as acquisitions/divestitures (organic basis)

	Three months ended June 30,
					Change
(millions of U.S. dollars)	2024		2023		Total		Foreign Currency		Subtotal Constant Currency		Net Acquisitions/ Divestitures		Organic
Revenues
Legal Professionals		727		705		3%		–		3%		(4%)		7%
Corporates		442		392		13%		–		13%		5%		8%
Tax & Accounting Professionals		250		229		9%		(3%)		12%		1%		10%
“Big 3” Segments Combined		1,419		1,326		7%		(1%)		8%		(1%)		8%
Reuters News		205		194		6%		(1%)		7%		3%		4%
Global Print		123		133		(8%)		(1%)		(7%)		–		(7%)
Eliminations/Rounding		(7)		(6)
Total revenues		1,740		1,647		6%		(1%)		6%		–		6%
Recurring Revenues
Legal Professionals		702		667		5%		–		5%		(2%)		8%
Corporates		382		340		12%		–		13%		3%		10%
Tax & Accounting Professionals		179		167		7%		(3%)		10%		–		10%
“Big 3” Segments Combined		1,263		1,174		7%		(1%)		8%		–		9%
Reuters News		164		155		6%		(1%)		7%		3%		4%
Eliminations/Rounding		(7)		(6)
Total recurring revenues		1,420		1,323		7%		(1%)		8%		–		8%
Transactions Revenues
Legal Professionals		25		38		(34%)		—		(33%)		(36%)		3%
Corporates		60		52		16%		(1%)		17%		16%		1%
Tax & Accounting Professionals		71		62		15%		(1%)		16%		5%		11%
“Big 3” Segments Combined		156		152		3%		(1%)		4%		(2%)		5%
Reuters News		41		39		6%		(1%)		7%		4%		2%
Total transactions revenues		197		191		4%		(1%)		4%		–		5%

Page 30

	Six months ended June 30,
					Change
(millions of U.S. dollars)	2024		2023		Total		Foreign Currency		Subtotal Constant Currency		Net Acquisitions/ Divestitures		Organic
Revenues
Legal Professionals		1,448		1,419		2%		–		2%		(5%)		7%
Corporates		949		827		15%		–		15%		5%		10%
Tax & Accounting Professionals		578		511		13%		(2%)		15%		2%		12%
“Big 3” Segments Combined		2,975		2,757		8%		–		8%		(1%)		9%
Reuters News		415		369		13%		(1%)		13%		3%		10%
Global Print		247		271		(9%)		–		(9%)		–		(9%)
Eliminations/Rounding		(12)		(12)
Total revenues		3,625		3,385		7%		–		7%		–		8%
Recurring Revenues
Legal Professionals		1,400		1,339		5%		–		5%		(3%)		8%
Corporates		752		666		13%		–		13%		3%		10%
Tax & Accounting Professionals		378		343		10%		(2%)		12%		–		12%
“Big 3” Segments Combined		2,530		2,348		8%		–		8%		(1%)		9%
Reuters News		328		310		6%		(1%)		7%		3%		4%
Eliminations/Rounding		(12)		(12)
Total recurring revenues		2,846		2,646		8%		–		8%		(1%)		8%
Transactions Revenues
Legal Professionals		48		80		(40%)		(1%)		(39%)		(43%)		3%
Corporates		197		161		23%		–		23%		12%		11%
Tax & Accounting Professionals		200		168		19%		(1%)		20%		7%		13%
“Big 3” Segments Combined		445		409		9%		(1%)		10%		(1%)		11%
Reuters News		87		59		48%		(1%)		49%		8%		41%
Total transactions revenues		532		468		14%		(1%)		15%		–		15%

	Year ended December 31,
					Change
(millions of U.S. dollars)	2023		2022		Total		Foreign Currency		Subtotal Constant Currency		Net Acquisitions/ Divestitures		Organic
Revenues
Legal Professionals		2,807		2,803		–		–		–		(6%)		6%
Corporates		1,620		1,536		5%		–		5%		(2%)		7%
Tax & Accounting Professionals		1,058		986		7%		(2%)		9%		(1%)		10%
“Big 3” Segments Combined		5,485		5,325		3%		–		4%		(4%)		7%
Reuters News		769		733		5%		–		5%		1%		4%
Global Print		562		592		(5%)		(1%)		(4%)		(1%)		(3%)
Eliminations/Rounding		(22)		(23)
Total revenues		6,794		6,627		3%		–		3%		(3%)		6%

Page 31

Reconciliation of changes in adjusted EBITDA and the related margin, and consolidated operating expenses and adjusted EPS, excluding the effects of foreign currency

	Three months ended June 30,
					Change
(millions of U.S. dollars, except margins and per share amounts)	2024		2023		Total		Foreign Currency		Constant Currency
Adjusted EBITDA
Legal Professionals		327		345		(5%)		1%		(6%)
Corporates		163		163		–		–		–
Tax & Accounting Professionals		91		89		3%		(2%)		5%
“Big 3” Segments Combined		581		597		(3%)		–		(3%)
Reuters News		51		45		13%		–		14%
Global Print		43		53		(18%)		–		(18%)
Corporate costs		(29)		(33)		n/a		n/a		n/a
Adjusted EBITDA		646		662		(2%)		–		(2%)
Adjusted EBITDA margin
Legal Professionals		45.0%		48.9%		(390)bp		50bp		(440)bp
Corporates		36.8%		41.6%		(480)bp		20bp		(500)bp
Tax & Accounting Professionals		36.8%		38.5%		(170)bp		20bp		(190)bp
“Big 3” Segments Combined		41.0%		44.9%		(390)bp		40bp		(430)bp
Reuters News		24.8%		23.1%		170bp		30bp		140bp
Global Print		35.2%		39.7%		(450)bp		–		(450)bp
Adjusted EBITDA margin		37.1%		40.1%		(300)bp		30bp		(330)bp
Operating expenses		1,090		990		10%		(2%)		12%
Adjusted EPS		$0.85		$0.88		(3%)		1%		(5%)

	Six months ended June 30,
					Change
(millions of U.S. dollars, except margins and per share amounts)	2024		2023		Total		Foreign Currency		Constant Currency
Adjusted EBITDA
Legal Professionals		669		663		1%		–		1%
Corporates		356		317		12%		1%		12%
Tax & Accounting Professionals		272		238		14%		(1%)		16%
“Big 3” Segments Combined		1,297		1,218		7%		–		7%
Reuters News		111		74		50%		(2%)		51%
Global Print		90		103		(12%)		–		(12%)
Corporate costs		(46)		(56)		n/a		n/a		n/a
Adjusted EBITDA		1,452		1,339		8%		–		8%
Adjusted EBITDA margin
Legal Professionals		46.2%		46.7%		(50)bp		10bp		(60)bp
Corporates		37.3%		38.2%		(90)bp		10bp		(100)bp
Tax & Accounting Professionals		47.1%		45.7%		140bp		–		140bp
“Big 3” Segments Combined		43.5%		44.0%		(50)bp		–		(50)bp
Reuters News		26.6%		20.0%		660bp		–		660bp
Global Print		36.7%		38.1%		(140)bp		10bp		(150)bp
Adjusted EBITDA margin		40.0%		39.4%		60bp		20bp		40bp
Operating expenses		2,171		2,064		5%		(1%)		6%
Adjusted EPS		$1.97		$1.71		15%		1%		15%

Page 32

“Big 3” segments and consolidated adjusted EBITDA and the related margins

	Year ended December 31,
(millions of U.S. dollars, except margins)	2023
Adjusted EBITDA
Legal Professionals		1,299
Corporates		619
Tax & Accounting Professionals		490
“Big 3” Segments Combined		2,408
Reuters News		172
Global Print		213
Corporate costs		(115)
Adjusted EBITDA		2,678
“Big 3” Segments Combined
Adjusted EBITDA		2,408
Revenues, excluding $15 million of fair value adjustments to acquired deferred revenue		5,500
Adjusted EBITDA margin		43.8%
Consolidated
Adjusted EBITDA		2,678
Revenues, excluding $16 million of fair value adjustments to acquired deferred revenue		6,810
Adjusted EBITDA margin		39.3%

Reconciliation of adjusted EBITDA margin

To compute segment and consolidated adjusted EBITDA margin, we exclude fair value adjustments related to acquired deferred revenue from our IFRS revenues. The chart below reconciles IFRS revenues to revenues used in the calculation of adjusted EBITDA margin, which excludes fair value adjustments related to acquired deferred revenue.

	Three months ended June 30, 2024
(millions of U.S. dollars, except margins)	IFRS revenues		Remove fair value adjustments to acquired deferred revenue		Revenues excluding fair value adjustments to acquired deferred revenue		Adjusted EBITDA		Adjusted EBITDA margin
Revenues
Legal Professionals		727		–		727		327		45.0%
Corporates		442		2		444		163		36.8%
Tax & Accounting Professionals		250		–		250		91		36.8%
“Big 3” Segments Combined		1,419		2		1,421		581		41.0%
Reuters News		205		–		205		51		24.8%
Global Print		123		–		123		43		35.2%
Eliminations/Rounding		(7)		–		(7)		–		n/a
Corporate costs		–		–		–		(29)		n/a
Consolidated totals		1,740		2		1,742		646		37.1%

Page 33

	Six months ended June 30, 2024
(millions of U.S. dollars, except margins)	IFRS revenues		Remove fair value adjustments to acquired deferred revenue		Revenues excluding fair value adjustments to acquired deferred revenue		Adjusted EBITDA		Adjusted EBITDA margin
Revenues
Legal Professionals		1,448		–		1,448		669		46.2%
Corporates		949		5		954		356		37.3%
Tax & Accounting Professionals		578		–		578		272		47.1%
“Big 3” Segments Combined		2,975		5		2,980		1,297		43.5%
Reuters News		415		1		416		111		26.6%
Global Print		247		–		247		90		36.7%
Eliminations/Rounding		(12)		–		(12)		–		n/a
Corporate costs		–		–		–		(46)		n/a
Consolidated totals		3,625		6		3,631		1,452		40.0%

	Three months ended June 30, 2023
(millions of U.S. dollars, except margins)	IFRS revenues		Remove fair value adjustments to acquired deferred revenue		Revenues excluding fair value adjustments to acquired deferred revenue		Adjusted EBITDA		Adjusted EBITDA margin
Revenues
Legal Professionals		705		–		705		345		48.9%
Corporates		392		1		393		163		41.6%
Tax & Accounting Professionals		229		3		232		89		38.5%
“Big 3” Segments Combined		1,326		4		1,330		597		44.9%
Reuters News		194		–		194		45		23.1%
Global Print		133		–		133		53		39.7%
Eliminations/Rounding		(6)		–		(6)		–		n/a
Corporate costs		–		–		–		(33)		n/a
Consolidated totals		1,647		4		1,651		662		40.1%

Page 34

	Six months ended June 30, 2023
(millions of U.S. dollars, except margins)	IFRS revenues		Remove fair value adjustments to acquired deferred revenue		Revenues excluding fair value adjustments to acquired deferred revenue		Adjusted EBITDA		Adjusted EBITDA margin
Revenues
Legal Professionals		1,419		–		1,419		663		46.7%
Corporates		827		3		830		317		38.2%
Tax & Accounting Professionals		511		10		521		238		45.7%
“Big 3” Segments Combined		2,757		13		2,770		1,218		44.0%
Reuters News		369		–		369		74		20.0%
Global Print		271		–		271		103		38.1%
Eliminations/Rounding		(12)		–		(12)		–		n/a
Corporate costs		–		–		–		(56)		n/a
Consolidated totals		3,385		13		3,398		1,339		39.4%

Page 35

Appendix C

Quarterly information (unaudited)

The following table presents a summary of our consolidated operating results for the eight most recent quarters.

	Quarters ended
(millions of U.S. dollars, except per share amounts)	June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022
Revenues		1,740		1,885		1,815		1,594		1,647		1,738		1,765		1,574
Operating profit		415		557		558		441		825		508		631		398
Earnings from continuing operations		844		464		650		370		889		737		179		265
(Loss) earnings from discontinued operations, net of tax		(3)		14		28		(3)		5		19		39		(37)
Net earnings		841		478		678		367		894		756		218		228
Earnings (loss) attributable to:
Common shareholders		841		481		678		367		894		756		218		228
Non-controlling interests		–		(3)		–		–		–		–		–		–
Basic earnings (loss) per share
From continuing operations		$1.87		$1.03		$1.43		$0.81		$1.89		$1.56		$0.37		$0.55
From discontinued operations		(0.01)		0.03		0.06		(0.01)		0.01		0.04		0.08		(0.08)
		$1.86		$1.06		$1.49		$0.80		$1.90		$1.60		$0.45		$0.47
Diluted earnings (loss) per share
From continuing operations		$1.87		$1.03		$1.43		$0.81		$1.89		$1.55		$0.37		$0.55
From discontinued operations		(0.01)		0.03		0.06		(0.01)		0.01		0.04		0.08		(0.08)
		$1.86		$1.06		$1.49		$0.80		$1.90		$1.59		$0.45		$0.47

Revenues – Our revenues do not tend to be significantly impacted by seasonality as we record a large portion of our revenues ratably over a contract term. However, our revenues from quarter to consecutive quarter can be impacted by seasonality, particularly in our Tax & Accounting business, where revenues tend to be concentrated in the first and fourth quarters. As most of our business is conducted in U.S. dollars, foreign currency had a minimal impact on our revenues, except in the third and fourth quarters of 2022 when a significant strengthening in the U.S. dollar caused a moderate decrease to our revenues. Divestitures negatively impacted our revenues throughout 2023 as well as in the first two quarters of 2024, despite contributions from recent acquisitions.

Operating profit – Our operating profit does not tend to be significantly impacted by seasonality. Because most of our operating expenses are fixed, we generally become more profitable when our revenues increase. When our revenues decline, we generally become less profitable. The second quarter of 2023 and the fourth quarter of 2022 included gains from the sale of certain non-core businesses. In 2022, our operating profit was impacted by costs associated with our Change Program, which was completed at the end of 2022.

Net earnings – Our net earnings have been significantly impacted by our former investment in LSEG in certain periods. The first, second and fourth quarters of 2023 and the fourth quarter of 2022 reflected increases in the value of our LSEG investment, while the third quarter of 2023 reflected a decrease in the value of our LSEG investment. While the third quarter of 2022 also included a significant reduction in the value of our LSEG investment, the reduction was virtually all due to the strengthening of the U.S. dollar against the British pound sterling, which was mitigated by gains on foreign exchange contracts related to a portion of the investment, which was denominated in British pound sterling. The second quarter of 2024 included a $468 million tax benefit from the recognition of a deferred tax asset relating to new tax legislation enacted in Canada.

Page 36

Appendix D

Guarantor Supplemental Financial Information

The following tables set forth consolidating summary financial information in connection with the full and unconditional guarantee by Thomson Reuters Corporation and three U.S. subsidiary guarantors, which are also indirect 100%-owned and consolidated subsidiaries of Thomson Reuters Corporation (referred to as the Guarantor Subsidiaries), of any debt securities issued by TR Finance LLC under a trust indenture to be entered into between Thomson Reuters Corporation, TR Finance LLC, the Guarantor Subsidiaries, Computershare Trust Company of Canada and Deutsche Bank Trust Company Americas. TR Finance LLC is an indirect 100%-owned subsidiary of Thomson Reuters Corporation and was formed with the sole purpose of issuing debt securities. TR Finance LLC has no significant assets or liabilities, as well as no subsidiaries or ongoing business operations of its own. In the event debt securities are issued by TR Finance LLC, TR Finance LLC expects that the proceeds will be loaned to the Subsidiary Guarantors, and/or U.S. affiliates that are direct or indirect shareholders of the Subsidiary Guarantors. TR Finance LLC expects to be able to pay interest, premiums, operating expenses and to meet its debt obligations using interest income from the affiliate loans and will be further supported by Guarantees provided by the Subsidiary Guarantors and Thomson Reuters Corporation. However, the ability of TR Finance LLC to pay interest, premiums, operating expenses and to meet its debt obligations will depend upon the ability of the Subsidiary Guarantors and/or such other U.S. affiliates to pay interest and meet debt obligations under the affiliate loans and upon the credit support of the Subsidiary Guarantors and Thomson Reuters Corporation. See the “Liquidity and Capital Resources” section of this management’s discussion and analysis for additional information.

The tables below contain condensed consolidating financial information for the following:

^●  Parent – Thomson Reuters Corporation, the direct or indirect owner of all of its subsidiaries

^●  Subsidiary Issuer – TR Finance LLC

^●  Guarantor Subsidiaries on a combined basis

^●  Non-Guarantor Subsidiaries – Other subsidiaries of Thomson Reuters Corporation on a combined basis that will not guarantee TR Finance LLC debt securities

^●  Eliminations – Consolidating adjustments

^●  Thomson Reuters on a consolidated basis

The Guarantor Subsidiaries referred to above are comprised of the following indirect 100%-owned and consolidated subsidiaries of Thomson Reuters Corporation:

^●  Thomson Reuters Applications Inc., which operates part of the Company’s Legal Professionals, Tax & Accounting Professionals and Corporates businesses;

^●  Thomson Reuters (Tax & Accounting) Inc., which operates part of the Company’s Tax & Accounting Professionals and Corporates businesses; and

^●  West Publishing Corporation, which operates part of the Company’s Legal Professionals, Corporates and Global Print businesses.

Thomson Reuters Corporation accounts for its investments in subsidiaries using the equity method for purposes of the condensed consolidating financial information. Where subsidiaries are members of a consolidated tax filing group, Thomson Reuters Corporation allocates income tax expense pursuant to the tax sharing agreement among the members of the group, including application of the percentage method whereby members of the consolidated group are reimbursed for losses when they occur, regardless of the ability to use such losses on a standalone basis. We believe that this allocation is a systematic, rational approach for allocation of income tax balances. Adjustments necessary to consolidate the Parent, Guarantor Subsidiaries and Non-Guarantor Subsidiaries are reflected in the “Eliminations” column.

This basis of presentation is not intended to present the financial position of Thomson Reuters Corporation and the results of its operations for any purpose other than to comply with the specific requirements for guarantor reporting and should be read in conjunction with our consolidated interim financial statements for the three and six months ended June 30, 2024, our 2023 annual consolidated financial statements, as well as our 2023 annual management’s discussion and analysis included in our 2023 annual report.

The following condensed consolidating financial information is provided in compliance with the requirements of Section 13.4 of National Instrument 51-102 - Continuous Disclosure Obligations providing for an exemption for certain credit support issuers. Thomson Reuters Corporation has also elected to provide the following supplemental financial information in accordance with Article 13 of Regulation S-X, as adopted by the SEC and set forth in SEC Release No. 33-10762.

Page 37

The following condensed consolidating financial information has been prepared in accordance with IFRS, as issued by the IASB and is unaudited.

CONDENSED CONSOLIDATING INCOME STATEMENT

	Three months ended June 30, 2024
(millions of U.S. dollars)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
CONTINUING OPERATIONS
Revenues		–		–		477		1,426		(163)		1,740
Operating expenses		(4)		–		(338)		(911)		163		(1,090)
Depreciation		–		–		(9)		(20)		–		(29)
Amortization of computer software		–		–		(4)		(150)		–		(154)
Amortization of other identifiable intangible assets		–		–		(10)		(13)		–		(23)
Other operating losses, net		–		–		(22)		(7)		–		(29)
Operating (loss) profit		(4)		–		94		325		–		415
Finance (costs) income, net:
Net interest expense		(35)		–		–		(1)		–		(36)
Other finance (costs) income		(69)		–		–		71		–		2
Intercompany net interest income (expense)		30		–		(15)		(15)		–		–
(Loss) income before tax and equity method investments		(78)		–		79		380		–		381
Share of post-tax earnings in equity method investments		–		–		–		61		–		61
Share of post-tax earnings in subsidiaries		704		–		–		59		(763)		–
Tax benefit (expense)		215		–		(20)		207		–		402
Earnings from continuing operations		841		–		59		707		(763)		844
Loss from discontinued operations, net of tax		–		–		–		(3)		–		(3)
Net earnings		841		–		59		704		(763)		841
Earnings attributable to:
Common shareholders		841		–		59		704		(763)		841
Non-controlling interests		–		–		–		–		–		–

	Three months ended June 30, 2023
(millions of U.S. dollars)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
CONTINUING OPERATIONS
Revenues		–		–		508		1,283		(144)		1,647
Operating expenses		(6)		–		(327)		(801)		144		(990)
Depreciation		–		–		(10)		(19)		–		(29)
Amortization of computer software		–		–		(4)		(123)		–		(127)
Amortization of other identifiable intangible assets		–		–		(11)		(12)		–		(23)
Other operating (losses) gains, net		–		–		(1)		348		–		347
Operating (loss) profit		(6)		–		155		676		–		825
Finance (costs) income, net:
Net interest (expense) income		(48)		–		5		9		–		(34)
Other finance (costs) income		(23)		–		1		(80)		–		(102)
Intercompany net interest income (expense)		42		–		(12)		(30)		–		–
(Loss) income before tax and equity method investments		(35)		–		149		575		–		689
Share of post-tax earnings in equity method investments		–		–		–		419		–		419
Share of post-tax earnings in subsidiaries		929		–		71		133		(1,133)		–
Tax expense		–		–		(16)		(203)		–		(219)
Earnings from continuing operations		894		–		204		924		(1,133)		889
Earnings from discontinued operations, net of tax		–		–		–		5		–		5
Net earnings		894		–		204		929		(1,133)		894
Earnings attributable to:
Common shareholders		894		–		204		929		(1,133)		894
Non-controlling interests		–		–		–		–		–		–

Page 38

CONDENSED CONSOLIDATING INCOME STATEMENT

	Six months ended June 30, 2024
(millions of U.S. dollars)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
CONTINUING OPERATIONS
Revenues		–		–		1,036		2,928		(339)		3,625
Operating expenses		(9)		–		(753)		(1,748)		339		(2,171)
Depreciation		–		–		(18)		(39)		–		(57)
Amortization of computer software		–		–		(8)		(299)		–		(307)
Amortization of other identifiable intangible assets		–		–		(20)		(28)		–		(48)
Other operating losses, net		–		–		(27)		(43)		–		(70)
Operating (loss) profit		(9)		–		210		771		–		972
Finance (costs) income, net:
Net interest (expense) income		(73)		–		1		(4)		–		(76)
Other finance (costs) income		(89)		–		1		112		–		24
Intercompany net interest income (expense)		60		–		(30)		(30)		–		–
(Loss) income before tax and equity method investments		(111)		–		182		849		–		920
Share of post-tax earnings in equity method investments		–		–		–		53		–		53
Share of post-tax earnings (losses) in subsidiaries		1,215		–		(1)		138		(1,352)		–
Tax benefit (expense)		215		–		(44)		164		–		335
Earnings from continuing operations		1,319		–		137		1,204		(1,352)		1,308
Earnings from discontinued operations, net of tax		–		–		–		11		–		11
Net earnings		1,319		–		137		1,215		(1,352)		1,319
Earnings (losses) attributable to:
Common shareholders		1,319		–		137		1,218		(1,352)		1,322
Non-controlling interests		–		–		–		(3)		–		(3)

	Six months ended June 30, 2023
(millions of U.S. dollars)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
CONTINUING OPERATIONS
Revenues		–		–		1,077		2,636		(328)		3,385
Operating expenses		(6)		–		(760)		(1,626)		328		(2,064)
Depreciation		–		–		(21)		(38)		–		(59)
Amortization of computer software		–		–		(9)		(236)		–		(245)
Amortization of other identifiable intangible assets		–		–		(23)		(25)		–		(48)
Other operating gains (losses), net		23		–		(5)		346		–		364
Operating profit		17		–		259		1,057		–		1,333
Finance (costs) income, net:
Net interest (expense) income		(99)		–		4		6		–		(89)
Other finance (costs) income		(26)		–		1		(167)		–		(192)
Intercompany net interest income (expense)		108		–		(24)		(84)		–		–
Income before tax and equity method investments		–		–		240		812		–		1,052
Share of post-tax earnings in equity method investments		–		–		–		989		–		989
Share of post-tax earnings in subsidiaries		1,650		–		68		201		(1,919)		–
Tax expense		–		–		(39)		(376)		–		(415)
Earnings from continuing operations		1,650		–		269		1,626		(1,919)		1,626
Earnings from discontinued operations, net of tax		–		–		–		24		–		24
Net earnings		1,650		–		269		1,650		(1,919)		1,650
Earnings attributable to:
Common shareholders		1,650		–		269		1,650		(1,919)		1,650
Non-controlling interests		–		–		–		–		–		–

Page 39

CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION

	June 30, 2024
(millions of U.S. dollars)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		9		–		320		1,353		–		1,682
Trade and other receivables		–		–		246		847		–		1,093
Intercompany receivables		2,707		–		369		3,437		(6,513)		–
Other financial assets		–		–		5		12		–		17
Prepaid expenses and other current assets		–		–		236		238		–		474
Current assets		2,716		–		1,176		5,887		(6,513)		3,266
Property and equipment, net		–		–		200		236		–		436
Computer software, net		–		–		39		1,434		–		1,473
Other identifiable intangible assets, net		–		–		1,001		2,183		–		3,184
Goodwill		–		–		3,796		3,502		–		7,298
Equity method investments		–		–		–		230		–		230
Other financial assets		98		–		3		318		–		419
Other non-current assets		–		–		110		510		–		620
Intercompany receivables		109		–		2		777		(888)		–
Investments in subsidiaries		14,637		–		496		4,005		(19,138)		–
Deferred tax		214		–		–		1,238		–		1,452
Total assets		17,774		–		6,823		20,320		(26,539)		18,378
LIABILITIES AND EQUITY
Liabilities
Current indebtedness		1,264		–		–		–		–		1,264
Payables, accruals and provisions		54		–		352		621		–		1,027
Current tax liabilities		–		–		–		325		–		325
Deferred revenue		–		–		411		613		–		1,024
Intercompany payables		2,992		–		445		3,076		(6,513)		–
Other financial liabilities		–		–		12		76		–		88
Current liabilities		4,310		–		1,220		4,711		(6,513)		3,728
Long-term indebtedness		1,846		–		–		–		–		1,846
Provisions and other non-current liabilities		2		–		5		671		–		678
Other financial liabilities		–		–		82		165		–		247
Intercompany payables		–		–		778		110		(888)		–
Deferred tax		–		–		237		26		–		263
Total liabilities		6,158		–		2,322		5,683		(7,401)		6,762
Equity
Total equity		11,616		–		4,501		14,637		(19,138)		11,616
Total liabilities and equity		17,774		–		6,823		20,320		(26,539)		18,378

Page 40

CONDENSED CONSOLIDATING STATEMENT OF FINANCIAL POSITION

	December 31, 2023
(millions of U.S. dollars)	Parent		Subsidiary Issuer		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations		Consolidated
Cash and cash equivalents		24		–		182		1,092		–		1,298
Trade and other receivables		–		–		276		846		–		1,122
Intercompany receivables		2,666		–		465		3,402		(6,533)		–
Other financial assets		–		–		6		60		–		66
Prepaid expenses and other current assets		–		–		212		223		–		435
Current assets		2,690		–		1,141		5,623		(6,533)		2,921
Property and equipment, net		–		–		200		247		–		447
Computer software, net		–		–		49		1,187		–		1,236
Other identifiable intangible assets, net		–		–		1,021		2,144		–		3,165
Goodwill		–		–		3,803		2,916		–		6,719
Equity method investments		–		–		–		2,030		–		2,030
Other financial assets		116		–		6		322		–		444
Other non-current assets		–		–		116		502		–		618
Intercompany receivables		188		–		2		778		(968)		–
Investments in subsidiaries		14,572		–		489		3,943		(19,004)		–
Deferred tax		–		–		–		1,104		–		1,104
Total assets		17,566		–		6,827		20,796		(26,505)		18,684
LIABILITIES AND EQUITY
Liabilities
Current indebtedness		372		–		–		–		–		372
Payables, accruals and provisions		55		–		317		742		–		1,114
Current tax liabilities		–		–		–		248		–		248
Deferred revenue		–		–		337		655		–		992
Intercompany payables		2,768		–		634		3,131		(6,533)		–
Other financial liabilities		400		–		15		92		–		507
Current liabilities		3,595		–		1,303		4,868		(6,533)		3,233
Long-term indebtedness		2,905		–		–		–		–		2,905
Provisions and other non-current liabilities		2		–		6		684		–		692
Other financial liabilities		–		–		76		161		–		237
Intercompany payables		–		–		778		190		(968)		–
Deferred tax		–		–		232		321		–		553
Total liabilities		6,502		–		2,395		6,224		(7,501)		7,620
Equity
Total equity		11,064		–		4,432		14,572		(19,004)		11,064
Total liabilities and equity		17,566		–		6,827		20,796		(26,505)		18,684

Page 41

EX-99.2

Exhibit 99.2

Unaudited Consolidated Financial Statements

THOMSON REUTERS CORPORATION

CONSOLIDATED INCOME STATEMENT

(unaudited)

			Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars, except per share amounts)	Notes		2024		2023		2024		2023
CONTINUING OPERATIONS
Revenues		2		1,740		1,647		3,625		3,385
Operating expenses		5		(1,090)		(990)		(2,171)		(2,064)
Depreciation				(29)		(29)		(57)		(59)
Amortization of computer software				(154)		(127)		(307)		(245)
Amortization of other identifiable intangible assets				(23)		(23)		(48)		(48)
Other operating (losses) gains, net		6		(29)		347		(70)		364
Operating profit				415		825		972		1,333
Finance costs, net:
Net interest expense		7		(36)		(34)		(76)		(89)
Other finance income (costs)		7		2		(102)		24		(192)
Income before tax and equity method investments				381		689		920		1,052
Share of post-tax earnings in equity method investments		8		61		419		53		989
Tax benefit (expense)		9		402		(219)		335		(415)
Earnings from continuing operations				844		889		1,308		1,626
(Loss) earnings from discontinued operations, net of tax				(3)		5		11		24
Net earnings				841		894		1,319		1,650
Earnings (loss) attributable to
Common shareholders				841		894		1,322		1,650
Non-controlling interests				–		–		(3)		–
Earnings per share:		10
Basic earnings (loss) per share:
From continuing operations				$1.87		$1.89		$2.90		$3.44
From discontinued operations				(0.01)		0.01		0.02		0.05
Basic earnings per share				$1.86		$1.90		$2.92		$3.49
Diluted earnings (loss) per share:
From continuing operations				$1.87		$1.89		$2.89		$3.43
From discontinued operations				(0.01)		0.01		0.03		0.06
Diluted earnings per share				$1.86		$1.90		$2.92		$3.49

The related notes form an integral part of these consolidated financial statements.

Page 42

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(unaudited)

			Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	Notes		2024		2023		2024		2023
Net earnings				841		894		1,319		1,650
Other comprehensive (loss) income:
Items that have been or may be subsequently reclassified to net earnings:
Cash flow hedges adjustments to net earnings		7		12		(23)		42		(25)
Cash flow hedges adjustments to equity				(12)		21		(33)		20
Foreign currency translation adjustments to equity				(16)		82		(87)		151
				(16)		80		(78)		146
Items that will not be reclassified to net earnings:
Fair value adjustments on financial assets		11		8		7		9		6
Related tax expense on fair value adjustments on financial assets				(2)		–		(2)		–
Remeasurement on defined benefit pension plans				(5)		10		12		15
Related tax expense on remeasurement on defined benefit pension plans				(2)		(3)		(6)		(4)
				(1)		14		13		17
Other comprehensive (loss) income				(17)		94		(65)		163
Total comprehensive income				824		988		1,254		1,813
Comprehensive income (loss) for the period attributable to:
Common shareholders:
Continuing operations				827		983		1,251		1,789
Discontinued operations				(3)		5		11		24
Non-controlling interests				–		–		(8)		–
Total comprehensive income				824		988		1,254		1,813

The related notes form an integral part of these consolidated financial statements.

Page 43

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(unaudited)

			June 30,		December 31,
(millions of U.S. dollars)	Notes		2024		2023
Cash and cash equivalents		11		1,682		1,298
Trade and other receivables				1,093		1,122
Other financial assets		11		17		66
Prepaid expenses and other current assets				474		435
Current assets				3,266		2,921
Property and equipment, net				436		447
Computer software, net				1,473		1,236
Other identifiable intangible assets, net				3,184		3,165
Goodwill				7,298		6,719
Equity method investments		8		230		2,030
Other financial assets		11		419		444
Other non-current assets		12		620		618
Deferred tax				1,452		1,104
Total assets				18,378		18,684
LIABILITIES AND EQUITY
Liabilities
Current indebtedness		11		1,264		372
Payables, accruals and provisions		13		1,027		1,114
Current tax liabilities				325		248
Deferred revenue				1,024		992
Other financial liabilities		11		88		507
Current liabilities				3,728		3,233
Long-term indebtedness		11		1,846		2,905
Provisions and other non-current liabilities		14		678		692
Other financial liabilities		11		247		237
Deferred tax				263		553
Total liabilities				6,762		7,620
Equity
Capital		15		3,423		3,405
Retained earnings				9,280		8,680
Accumulated other comprehensive loss				(1,087)		(1,021)
Total equity				11,616		11,064
Total liabilities and equity				18,378		18,684

Contingencies (note 18)

The related notes form an integral part of these consolidated financial statements.

Page 44

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOW

(unaudited)

			Three months ended June 30,				Six months ended June 30,
(millions of U.S. dollars)	Notes		2024		2023		2024		2023
Cash provided by (used in):
OPERATING ACTIVITIES
Earnings from continuing operations				844		889		1,308		1,626
Adjustments for:
Depreciation				29		29		57		59
Amortization of computer software				154		127		307		245
Amortization of other identifiable intangible assets				23		23		48		48
Share of post-tax earnings in equity method investments		8		(61)		(419)		(53)		(989)
Net losses (gains) on disposals of businesses and investments				3		(348)		4		(347)
Deferred tax				(545)		9		(695)		(118)
Other		16		70		146		117		277
Changes in working capital and other items		16		189		240		46		160
Operating cash flows from continuing operations				706		696		1,139		961
Operating cash flows from discontinued operations				(1)		(1)		(2)		1
Net cash provided by operating activities				705		695		1,137		962
INVESTING ACTIVITIES
Acquisitions, net of cash acquired		17		(19)		(33)		(455)		(523)
Proceeds (payments) related to disposals of businesses and investments				–		418		(4)		418
Proceeds from sales of LSEG shares		8		610		1,583		1,854		3,876
Capital expenditures				(152)		(127)		(297)		(267)
Other investing activities		8		6		45		6		68
Taxes paid on sales of LSEG shares and disposals of businesses				(121)		(252)		(137)		(270)
Investing cash flows from continuing operations				324		1,634		967		3,302
Investing cash flows from discontinued operations				–		(1)		–		(1)
Net cash provided by investing activities				324		1,633		967		3,301
FINANCING ACTIVITIES
Repayments of debt				–		–		(48)		–
Net (repayments) borrowings under short-term loan facilities		11		(703)		1,132		(139)		771
Payments of lease principal				(16)		(15)		(31)		(31)
Payments for return of capital on common shares				–		(2,045)		–		(2,045)
Repurchases of common shares		15		(287)		–		(639)		(718)
Dividends paid on preference shares				(2)		(2)		(3)		(3)
Dividends paid on common shares		15		(235)		(230)		(472)		(454)
Purchase of non-controlling interests		17		(4)		–		(384)		–
Other financing activities				2		–		1		5
Net cash used in financing activities				(1,245)		(1,160)		(1,715)		(2,475)
Translation adjustments				(3)		–		(5)		1
(Decrease) increase in cash and cash equivalents				(219)		1,168		384		1,789
Cash and cash equivalents at beginning of period				1,901		1,690		1,298		1,069
Cash and cash equivalents at end of period				1,682		2,858		1,682		2,858
Supplemental cash flow information is provided in note 16.
Interest paid, net of debt related hedges				(59)		(76)		(84)		(102)
Interest received				17		16		30		24
Income taxes paid		16		(170)		(278)		(283)		(378)

Interest received and interest paid are reflected as operating cash flows.

Income taxes paid are reflected as either operating or investing cash flows depending on the nature of the underlying transaction.

The related notes form an integral part of these consolidated financial statements.

Page 45

THOMSON REUTERS CORPORATION

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(unaudited)

(millions of U.S. dollars)	Stated share capital		Contributed surplus		Total capital		Retained earnings		Unrecognized gain on financial instruments		Foreign currency translation adjustments		Total accumulated other comprehensive loss (“AOCL”)		Shareholders’ equity		Non- controlling interests (see note 17)		Total equity
Balance, December 31, 2023		1,901		1,504		3,405		8,680		21		(1,042)		(1,021)		11,064		–		11,064
Net earnings		–		–		–		1,322		–		–		–		1,322		(3)		1,319
Other comprehensive income (loss)		–		–		–		6		16		(82)		(66)		(60)		(5)		(65)
Total comprehensive income (loss)		–		–		–		1,328		16		(82)		(66)		1,262		(8)		1,254
Non-controlling interests on acquisition of subsidiaries		–		–		–		–		–		–		–		–		388		388
Purchase of non-controlling interests		–		–		–		(4)		–		–		–		(4)		(380)		(384)
Dividends declared on preference shares		–		–		–		(3)		–		–		–		(3)		–		(3)
Dividends declared on common shares		–		–		–		(487)		–		–		–		(487)		–		(487)
Shares issued under Dividend Reinvestment Plan (“DRIP”)		15		–		15		–		–		–		–		15		–		15
Repurchases of common shares (see note 15)		(18)		–		(18)		(234)		–		–		–		(252)		–		(252)
Stock compensation plans		108		(87)		21		–		–		–		–		21		–		21
Balance, June 30, 2024		2,006		1,417		3,423		9,280		37		(1,124)		(1,087)		11,616		–		11,616

(millions of U.S. dollars)	Stated share capital		Contributed surplus		Total capital		Retained earnings		Unrecognized gain on financial instruments		Foreign currency translation adjustments		AOCL		Shareholders’ equity		Non- controlling interests		Total equity
Balance, December 31, 2022		3,864		1,534		5,398		7,642		17		(1,172)		(1,155)		11,885		–		11,885
Net earnings		–		–		–		1,650		–		–		–		1,650		–		1,650
Other comprehensive income		–		–		–		11		1		151		152		163		–		163
Total comprehensive income		–		–		–		1,661		1		151		152		1,813		–		1,813
Return of capital on common shares		(2,107)		60		(2,047)		–		–		–		–		(2,047)		–		(2,047)
Dividends declared on preference shares		–		–		–		(3)		–		–		–		(3)		–		(3)
Dividends declared on common shares		–		–		–		(462)		–		–		–		(462)		–		(462)
Shares issued under DRIP		8		–		8		–		–		–		–		8		–		8
Repurchases of common shares (see note 15)		2		–		2		(2)		–		–		–		–		–		–
Stock compensation plans		109		(102)		7		–		–		–		–		7		–		7
Balance, June 30, 2023		1,876		1,492		3,368		8,836		18		(1,021)		(1,003)		11,201		–		11,201

The related notes form an integral part of these consolidated financial statements.

Page 46

Thomson Reuters Corporation

Notes to Consolidated Financial Statements (unaudited)

(unless otherwise stated, all amounts are in millions of U.S. dollars)

Note 1: Business Description and Basis of Preparation

General business description

Thomson Reuters Corporation (the “Company” or “Thomson Reuters”) is an Ontario, Canada corporation with common shares listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and Series II preference shares listed on the TSX. The Company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news.

These unaudited interim consolidated financial statements (“interim financial statements”) were approved by the Audit Committee of the Board of Directors of the Company on July 31, 2024.

Basis of preparation

The interim financial statements were prepared using the same accounting policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2023. The interim financial statements comply with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”). Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed.

The preparation of financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving more judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements have been disclosed in note 2 of the consolidated financial statements for the year ended December 31, 2023.

The Company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth, and an evolving interest rate and inflationary backdrop, among other factors. While the Company is closely monitoring these conditions to assess potential impacts on its businesses, some of management’s estimates and judgments may be more variable and may change materially in the future due to the significant uncertainty created by these circumstances.

The accompanying interim financial statements include all adjustments, composed of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2023, which are included in the Company’s 2023 annual report.

References to “$” are to U.S. dollars, references to “C$” are to Canadian dollars, references to “£” are to British pounds sterling and references to SEK are to Swedish Krona.

Recent accounting pronouncements

IAS 21, The Effect of Changes in Foreign Exchange Rates

In August 2023, the IASB issued amendments to IAS 21, which provide guidance on the determination of an exchange rate to translate transactions and financial statements denominated or presented in a currency that is not exchangeable into another currency. The amendments are effective for reporting periods beginning January 1, 2025. The Company is assessing the impact of these amendments on its financial statements.

Page 47

IFRS 18, Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which will replace IAS 1, Presentation of Financial Statements, and is effective for reporting periods beginning January 1, 2027. IFRS 18 will change the presentation of the Company’s financial statements and add new disclosure requirements. Specifically, the new standard requires:

●  The consolidated income statement to be structured according to operating, investing and financing categories, and include additional subtotals for “Operating Profit” and “Profit Before Financing and Income Taxes”;

●  Management-defined performance measurements (“MPM’s”), which represent certain of the Company’s non-IFRS measures, to be identified, defined, and have an explanation why each one is useful. Each MPM must be reconciled to the most directly comparable IFRS subtotal. All disclosures related to MPM’s must be disclosed in a single footnote within the consolidated financial statements; and

●  The application of enhanced guidance related to the grouping of financial information associated with amounts presented within the financial statements, otherwise known as aggregation or disaggregation.

The Company is assessing the impact of IFRS 18 on its disclosures.

Amendments to IAS 7, Statement of Cash Flows

The amendments were issued to align the presentation of the statement of cash flows, as prepared under the indirect method, to the changes prescribed to the income statement under IFRS 18.

Both IFRS 18 and the amendments to IAS 7 are disclosure related and do not impact the Company’s results of operations, financial condition, or cash flows.

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments

In May 2024, the IASB issued amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures. The amendments introduce:

●  An election permitting derecognition of financial liabilities that are settled through an electronic payment system before the actual settlement date, if certain conditions are met; and

●  Expanded disclosures for (a) investments in equity instruments and (b) financial liabilities that have features unrelated to basic lending risks, such as achieving sustainability targets, that could affect the cash flows of those liabilities.

The amendments are effective for reporting periods beginning on January 1, 2026. The Company is assessing the impact of the amendments on its financial statements and its disclosures.

Other pronouncements issued by the IASB and International Financial Reporting Interpretations Committee (“IFRIC”) are not applicable or consequential to the Company.

Note 2: Revenues

Revenues by type and geography

The following tables disaggregate revenues by type and geography and reconcile them to reportable segments (see note 3).

Revenues by type	Legal								Tax & Accounting								Global				Eliminations/
Three months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Recurring		702		667		382		340		179		167		164		155		–		–		(7)		(6)		1,420		1,323
Transactions		25		38		60		52		71		62		41		39		–		–		–		–		197		191
Global Print		–		–		–		–		–		–		–		–		123		133		–		–		123		133
Total		727		705		442		392		250		229		205		194		123		133		(7)		(6)		1,740		1,647
Revenues by type	Legal								Tax & Accounting								Global				Eliminations/
Six months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Recurring		1,400		1,339		752		666		378		343		328		310		–		–		(12)		(12)		2,846		2,646
Transactions		48		80		197		161		200		168		87		59		–		–		–		–		532		468
Global Print		–		–		–		–		–		–		–		–		247		271		–		–		247		271
Total		1,448		1,419		949		827		578		511		415		369		247		271		(12)		(12)		3,625		3,385

Page 48

Revenues by geography (country of destination)	Legal								Tax & Accounting								Global				Eliminations/
Three months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
U.S.		585		570		338		315		185		169		50		44		96		99		(7)		(6)		1,247		1,191
Canada (country of domicile)		26		20		3		4		12		11		2		2		10		17		–		–		53		54
Other		8		8		23		19		39		36		2		2		3		3		–		–		75		68
Americas (North America, Latin America, South America)		619		598		364		338		236		216		54		48		109		119		(7)		(6)		1,375		1,313
U.K.		67		62		37		29		7		8		107		103		7		8		–		–		225		210
Other		11		16		28		13		2		–		31		30		2		2		–		–		74		61
EMEA (Europe, Middle East and Africa)		78		78		65		42		9		8		138		133		9		10		–		–		299		271
Asia Pacific		30		29		13		12		5		5		13		13		5		4		–		–		66		63
Total		727		705		442		392		250		229		205		194		123		133		(7)		(6)		1,740		1,647
Revenues by geography (country of destination)	Legal								Tax & Accounting								Global				Eliminations/
Six months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
U.S.		1,171		1,153		729		666		450		396		112		74		191		204		(12)		(12)		2,641		2,481
Canada (country of domicile)		49		40		8		8		25		23		3		3		20		30		–		–		105		104
Other		15		15		49		38		77		69		4		4		6		7		–		–		151		133
Americas (North America, Latin America, South America)		1,235		1,208		786		712		552		488		119		81		217		241		(12)		(12)		2,897		2,718
U.K.		133		130		71		58		14		13		212		205		16		16		–		–		446		422
Other		21		25		63		30		3		–		59		57		3		3		–		–		149		115
EMEA (Europe, Middle East and Africa)		154		155		134		88		17		13		271		262		19		19		–		–		595		537
Asia Pacific		59		56		29		27		9		10		25		26		11		11		–		–		133		130
Total		1,448		1,419		949		827		578		511		415		369		247		271		(12)		(12)		3,625		3,385

The Company revised its 2023 presentation to correct immaterial reclassifications, which did not impact total segment revenues or total consolidated revenues.

Note 3: Segment Information

The Company is organized as five reportable segments, reflecting how the businesses are managed. The segments offer products and services to target customers as described below.

Legal Professionals

The Legal Professionals segment serves law firms and governments with research and workflow products powered by emerging technologies, including generative AI, focusing on intuitive legal research and integrated legal workflow solutions that combine content, tools and analytics.

Corporates

The Corporates segment serves corporate customers from small businesses to multinational organizations, including the seven largest global accounting firms, with the Company’s full suite of content-driven technologies, including generative AI, providing integrated workflow solutions designed to help our customers digitally transform and achieve their business outcomes.

Tax & Accounting Professionals

The Tax & Accounting Professionals segment serves tax, audit, and accounting professionals’ firms (other than the seven largest, which are served by the Corporates segment) with research and automated workflow products powered by emerging technologies, including generative AI.

Page 49

Reuters News

The Reuters News segment supplies business, financial and global news to the world’s media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and to financial market professionals exclusively via London Stock Exchange Group (“LSEG”) products.

Global Print

The Global Print segment provides legal and tax information primarily in print format to customers around the world.

The Company also reports “Corporate costs”, which includes expenses for corporate functions and does not qualify as a reportable segment.

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Revenues
Legal Professionals		727		705		1,448		1,419
Corporates		442		392		949		827
Tax & Accounting Professionals		250		229		578		511
Reuters News		205		194		415		369
Global Print		123		133		247		271
Eliminations/Rounding		(7)		(6)		(12)		(12)
Revenues		1,740		1,647		3,625		3,385
Adjusted EBITDA
Legal Professionals		327		345		669		663
Corporates		163		163		356		317
Tax & Accounting Professionals		91		89		272		238
Reuters News		51		45		111		74
Global Print		43		53		90		103
Total reportable segments adjusted EBITDA		675		695		1,498		1,395
Corporate costs		(29)		(33)		(46)		(56)
Fair value adjustments(1)		4		(5)		2		(18)
Depreciation		(29)		(29)		(57)		(59)
Amortization of computer software		(154)		(127)		(307)		(245)
Amortization of other identifiable intangible assets		(23)		(23)		(48)		(48)
Other operating (losses) gains, net		(29)		347		(70)		364
Operating profit		415		825		972		1,333
Net interest expense		(36)		(34)		(76)		(89)
Other finance income (costs)		2		(102)		24		(192)
Share of post-tax earnings in equity method investments		61		419		53		989
Tax benefit (expense)		402		(219)		335		(415)
Earnings from continuing operations		844		889		1,308		1,626

(1) Includes acquired deferred revenue of $2 million (2023 – $4 million) and $6 million (2023 – $13 million) in the three and six months ended June 30, 2024, respectively.

Reuters News revenues included $7 million (2023 – $6 million) and $12 million (2023 – $12 million) in the three and six months ended June 30, 2024, respectively, primarily from content-related services that it provided to the Legal Professionals, Corporates and Tax & Accounting Professionals segments.

In accordance with IFRS 8, Operating Segments, the Company discloses certain information about its reportable segments based upon measures used by management in assessing the performance of those reportable segments. These measures are defined below and may not be comparable to similar measures of other companies.

Segment Adjusted EBITDA

●  Segment adjusted EBITDA represents earnings or loss from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of computer software and other identifiable intangible assets, the Company’s share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges, corporate related items and fair value adjustments, including those related to acquired deferred revenue.

Page 50

●  The Company does not consider these excluded items to be controllable operating activities for purposes of assessing the current performance of the reportable segments.

●  Each segment includes an allocation of costs, based on usage or other applicable measures, for centralized support services such as technology, customer service, commercial policy, facilities management, and product and content development. Additionally, product costs are allocated when one segment sells products managed by another segment.

Note 4: Seasonality

The Company’s revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as it records a large portion of its revenues ratably over the contract term and its costs are generally incurred evenly throughout the year. However, the Company’s revenues from quarter to consecutive quarter can be impacted by seasonality, particularly in the Company’s Tax & Accounting business, where revenues tend to be concentrated in the first and fourth quarters.

Note 5: Operating Expenses

The components of operating expenses include the following:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Salaries, commissions and allowances		601		565		1,171		1,152
Share-based payments		23		18		42		43
Post-employment benefits		31		28		62		57
Total staff costs		655		611		1,275		1,252
Goods and services(1)		353		295		726		637
Content		69		64		140		133
Telecommunications		10		9		19		19
Facilities		9		10		19		18
Fair value adjustments(2)		(6)		1		(8)		5
Total operating expenses		1,090		990		2,171		2,064

(1) Goods and services include professional fees, consulting and outsourcing services, contractors, selling and marketing, and other general and administrative costs.

(2) Fair value adjustments primarily represent gains or losses on intercompany balances that arise in the ordinary course of business due to changes in foreign currency exchange rates.

Note 6: Other Operating (Losses) Gains, Net

Other operating losses, net, were $29 million and $70 million in the three and six months ended June 30, 2024, respectively. Both periods included an impairment of an equity method investment, which reflected a decline in the value of its commercial real estate holding. The six months ended June 30, 2024 also included acquisition-related deal costs and costs related to a legal provision.

Other operating gains, net, were $347 million and $364 million in the three and six months ended June 30, 2023, respectively. Both periods included a $347 million gain on the sale of a majority interest in the Company’s Elite business. The six months ended June 30, 2023 also included a $23 million gain on the sale of a wholly-owned Canadian subsidiary to a company affiliated with The Woodbridge Company Limited (“Woodbridge”), the Company’s principal shareholder.

Note 7: Finance Costs, Net

The components of finance costs, net, include interest expense (income) and other finance costs (income) as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Interest expense:
Debt		36		49		76		101
Derivative financial instruments – hedging activities		–		(1)		–		(1)
Other, net		7		4		9		9
Fair value losses (gains) on cash flow hedges, transfer from equity		12		(23)		39		(25)
Net foreign exchange (gains) losses on debt		(12)		23		(39)		25
Net interest expense – debt and other		43		52		85		109
Net interest expense – leases		4		2		7		4
Net interest expense – pension and other post-employment benefit plans		6		6		12		12
Interest income		(17)		(26)		(28)		(36)
Net interest expense		36		34		76		89

Page 51

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Net (gains) losses due to changes in foreign currency exchange rates		(5)		36		(31)		59
Net losses on derivative instruments		3		66		2		135
Other		–		–		5		(2)
Other finance (income) costs		(2)		102		(24)		192

Net (gains) losses due to changes in foreign currency exchange rates were principally comprised of amounts related to certain intercompany funding arrangements.

Net losses on derivative instruments related to foreign exchange contracts that were intended to reduce foreign currency risk on a portion of the Company’s indirect investment in LSEG, which was denominated in British pounds sterling. In May 2024, the Company settled its remaining foreign exchange contracts in conjunction with the sale of its remaining shares in LSEG (see notes 8 and 11).

Note 8: Equity Method Investments

Equity method investments in the consolidated statement of financial position were comprised of the following:

	June 30,		December 31,
	2024		2023
YPL(1)		30		1,798
Other equity method investments		200		232
Total equity method investments		230		2,030

(1) The balance as of June 30, 2024 represents undistributed cash from sale of remaining LSEG shares.

In May 2024, LSEG agreed to amend the terms of the contractual lock-up provisions previously agreed between LSEG and the Blackstone consortium/Thomson Reuters entities that hold the LSEG shares. The amended terms allowed the Company to sell its remaining LSEG shares that it indirectly owned through its direct investment in York Parent Limited and its subsidiaries (“YPL”) in the second quarter of 2024. YPL is an entity jointly owned by the Company and Blackstone’s consortium (comprised of The Blackstone Group and its subsidiaries, and private equity funds affiliated with Blackstone).

The investment in LSEG was subject to equity accounting because the LSEG shares were held through YPL, over which the Company had significant influence. As YPL owned only the financial investment in LSEG shares, which the parties intended to sell over time, and was not involved in operating LSEG, the investment in LSEG shares held by YPL was accounted for at fair value, based on the share price of LSEG. As the investment in LSEG was denominated in British pounds sterling, the Company entered into a series of foreign exchange contracts to mitigate currency risk on its investment. The Company settled its remaining foreign exchange contracts in conjunction with the May 2024 LSEG share sale (see note 11).

In the three months ended June 30, 2024, the Company sold 5.9 million shares of LSEG and received $0.6 billion of gross proceeds, net of a $33 million payment to settle its remaining foreign exchange contracts. In the six months ended June 30, 2024, the Company sold 16.0 million shares of LSEG including 2.6 million that were subject to call options, for $1.9 billion of gross proceeds, which included $24 million received from the settlement of foreign exchange contracts and $58 million from shares sold in 2023 that settled in 2024. Of this amount, $1.8 billion was received in the form of dividends from YPL.

In the three months ended June 30, 2023, the Company sold 15.6 million shares of LSEG that it indirectly owned for gross proceeds of $1.6 billion, which included $28 million from the settlement of foreign exchange contracts. In the six months ended June 30, 2023, the Company sold 40.1 million shares of LSEG that it indirectly owned for gross proceeds of $3.9 billion, which included $124 million from the settlement of foreign exchange contracts. Of this amount, $3.8 billion was received in the form of dividends from YPL.

These amounts were recorded as a reduction of the Company’s investment (except for the amounts related to the settlement of the foreign exchange contracts) and presented as investing activities in the consolidated statement of cash flow.

The Company’s share of post-tax earnings (losses) in equity method investments as reported in the consolidated income statement is comprised of the following:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
YPL		68		421		68		995
Other equity method investments		(7)		(2)		(15)		(6)
Total share of post-tax earnings in equity method investments		61		419		53		989

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The Company’s share of post-tax earnings in its YPL investment was comprised of the following items:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
(Decrease) increase in LSEG share price		(36)		220		(86)		692
Foreign exchange gains (losses) on LSEG shares		3		113		(3)		278
Dividend income		6		45		6		45
Loss from forward contract		–		–		–		(77)
Gain from call options		–		–		22		–
Historical excluded equity adjustment(1)		95		43		129		57
YPL - Share of post-tax earnings in equity method investments		68		421		68		995

(1) Represents income from the recognition of the remaining cumulative impact of equity transactions that were excluded from the Company’s investment in YPL.

Set forth below is summarized financial information for 100% of YPL.

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Mark-to-market of LSEG shares		(136)		955		(394)		2,496
Dividend income		32		112		32		112
Loss from forward contract		–		–		–		(179)
Gain from call options		18		–		92		–
Net (loss) earnings		(86)		1,067		(270)		2,429
Total comprehensive (loss) income		(86)		1,067		(270)		2,429

See note 19 for related party transactions with YPL.

Note 9: Taxation

Tax benefit was $402 million and $335 million for the three months and six months ended June 30, 2024, respectively, due to a $468 million benefit from the recognition of a deferred tax asset relating to new tax legislation enacted in Canada. The new legislation reduced the Company’s ability to deduct interest expense against its Canadian taxable income, thereby increasing Canadian taxable profits such that the Company now expects to utilize tax loss carryforwards and other tax attributes, which it had not previously recognized as a deferred tax asset.

In January 2024, the Company began recording tax expense associated with the “Pillar Two model rules” as published by the Organization for Economic Cooperation and Development and enacted by key jurisdictions in which the Company operates. These rules are designed to ensure large multinational enterprises within the scope of the rules pay a minimum level of tax in each jurisdiction where they operate. In general, the “Pillar Two model rules” apply a system of top-up taxes to bring the enterprise’s effective tax rate in each jurisdiction to a minimum of 15%. In the three and six months ended June 30, 2024, income tax benefit included $5 million and $7 million, respectively, of top-up tax expense which was attributable to the Company’s earnings in Switzerland.

Tax expense was $219 million for the three months ended June 30, 2023 and included $97 million of tax expense related to the Company’s earnings in equity method investments. Tax expense was $415 million in the six months ended June 30, 2023 and included $233 million of tax expense related to the Company’s earnings in equity method investments. Both periods in 2023 included $78 million of expense related to the sale of a majority stake in Elite, as well as $24 million of benefits from the settlement of a tax audit.

Additionally, the tax benefit or expense in each period reflected the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. Because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year, tax expense or benefit in interim periods is not necessarily indicative of the tax benefit or expense for the full year.

Note 10: Earnings Per Share

Basic earnings per share was calculated by dividing earnings attributable to common shareholders less dividends declared on preference shares by the sum of the weighted-average number of common shares outstanding and vested deferred share units (“DSUs”) outstanding during the period. DSUs represent common shares that certain employees have elected to receive in the future upon vesting of share-based compensation awards or in lieu of cash compensation.

Diluted earnings per share was calculated using the denominator of the basic calculation described above adjusted to include the potentially dilutive effect of outstanding stock options and time-based restricted share units (“TRSUs”).

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Earnings used in determining consolidated earnings per share and earnings per share from continuing operations are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Earnings attributable to common shareholders		841		894		1,322		1,650
Less: Dividends declared on preference shares		(2)		(2)		(3)		(3)
Earnings used in consolidated earnings per share		839		892		1,319		1,647
Less: Loss (earnings) from discontinued operations, net of tax		3		(5)		(11)		(24)
Earnings used in earnings per share from continuing operations		842		887		1,308		1,623

The weighted-average number of common shares outstanding, as well as a reconciliation of the weighted-average number of common shares outstanding used in the basic earnings per share computation to the weighted-average number of common shares outstanding used in the diluted earnings per share computation, is presented below:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Weighted-average number of common shares outstanding		450,225,673		469,605,944		451,105,234		471,344,081
Weighted-average number of vested DSUs		138,688		150,924		139,131		151,829
Basic		450,364,361		469,756,868		451,244,365		471,495,910
Effect of stock options and TRSUs		547,152		625,732		642,293		1,013,120
Diluted		450,911,513		470,382,600		451,886,658		472,509,030

Note 11: Financial Instruments

Financial assets and liabilities

Financial assets and liabilities in the consolidated statement of financial position were as follows:

June 30, 2024	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total
Cash and cash equivalents		341		1,341		–		–		1,682
Trade and other receivables		1,093		–		–		–		1,093
Other financial assets - current		8		9		–		–		17
Other financial assets - non-current		14		257		117		31		419
Current indebtedness		(1,264)		–		–		–		(1,264)
Trade payables (see note 13)		(222)		–		–		–		(222)
Accruals (see note 13)		(654)		–		–		–		(654)
Other financial liabilities - current(1)		(65)		(23)		–		–		(88)
Long-term indebtedness		(1,846)		–		–		–		(1,846)
Other financial liabilities - non current(2)		(223)		(24)		–		–		(247)
Total		(2,818)		1,560		117		31		(1,110)
December 31, 2023	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total
Cash and cash equivalents		392		906		–		–		1,298
Trade and other receivables		1,122		–		–		–		1,122
Other financial assets - current		8		58		–		–		66
Other financial assets - non-current		18		263		98		65		444
Current indebtedness		(372)		–		–		–		(372)
Trade payables (see note 13)		(181)		–		–		–		(181)
Accruals (see note 13)		(798)		–		–		–		(798)
Other financial liabilities - current(1)(3)		(463)		(44)		–		–		(507)
Long-term indebtedness		(2,905)		–		–		–		(2,905)
Other financial liabilities - non current(2)		(227)		(10)		–		–		(237)
Total		(3,406)		1,173		98		65		(2,070)

(1) Includes lease liabilities of $58 million (2023 - $56 million).

(2) Includes lease liabilities of $207 million (2023 - $209 million).

(3) Included a commitment of up to $400 million related to the Company’s pre-defined plan with its broker to repurchase the Company’s shares during its internal trading blackout period (see note 15).

Page 54

Cash and cash equivalents

Of total cash and cash equivalents, $100 million as of June 30, 2024 and December 31, 2023, respectively, were held in subsidiaries which have regulatory restrictions, contractual restrictions or operate in countries where exchange controls and other legal restrictions apply and were therefore not available for general use by the Company.

Commercial paper program

The Company’s $2.0 billion commercial paper program provides cost-effective and flexible short-term funding. There was no commercial paper outstanding as of June 30, 2024 (December 31, 2023 – $130 million).

Credit facility

The Company has a $2.0 billion syndicated credit facility agreement which matures in November 2027 and may be used to provide liquidity for general corporate purposes (including acquisitions or support for its commercial paper program). There were no outstanding borrowings under the credit facility as of June 30, 2024 and December 31, 2023. Based on the Company’s current credit ratings, the cost of borrowing under the facility is priced at the Term Secured Overnight Financing Rate (“SOFR”)/Euro Interbank Offered Rate (“EURiBOR”)/Simple Sterling Overnight Index Average (“SONIA”) plus 102.5 basis points. The Company has the option to request an increase, subject to approval by applicable lenders, in the lenders’ commitments in an aggregate amount of $600 million for a maximum credit facility commitment of $2.6 billion.

The Company guarantees borrowings by its subsidiaries under the credit facility. The Company must also maintain a ratio of net debt as defined in the credit agreement (total debt after swaps less cash and cash equivalents) as of the last day of each fiscal quarter to EBITDA as defined in the credit agreement (earnings before interest, income taxes, depreciation and amortization and other modifications described in the credit agreement) for the last four quarters ended of not more than 4.5:1. If the Company were to complete an acquisition with a purchase price of over $500 million, the Company may elect, subject to notification, to temporarily increase the ratio of net debt to EBITDA to 5.0:1 at the end of the quarter within which the transaction closed and for each of the three immediately following fiscal quarters. At the end of that period, the ratio would revert to 4.5:1. As of June 30, 2024, the Company complied with this covenant as its ratio of net debt to EBITDA, as calculated under the terms of its syndicated credit facility, was 0.5:1.

Foreign exchange contracts

The Company previously entered into foreign exchange contracts that were intended to reduce foreign currency risk related to a portion of its former indirect investment in LSEG, which was denominated in British pounds sterling. These instruments were not related to changes in the LSEG share price. In May 2024, the Company settled its remaining foreign exchange contracts in conjunction with the sale of its remaining shares in LSEG (see note 8).

In the three months ended June 30, 2024, the Company settled foreign exchange contracts with a notional amount of £300 million ($349 million) for net payments of $33 million in conjunction with the sale of 5.9 million LSEG shares. In the six months ended June 30, 2024, the Company settled foreign exchange contracts with a notional amount of £1.2 billion ($1.6 billion) for net proceeds of $24 million in conjunction with the sale of 16.0 million LSEG shares.

In the three months ended June 30, 2023, the Company settled foreign exchange contracts with a notional amount of £1.2 billion ($1.6 billion) for net proceeds of $28 million in conjunction with the sale of 15.3 million of LSEG shares. In the six months ended June 30, 2023, the Company settled foreign exchange contracts with a notional amount £2.2 billion ($2.9 billion) for net proceeds of $124 million in conjunction with the sale of 28.9 million LSEG shares.

In the three and six months ended June 30, 2024, losses of $3 million and $2 million (2023 – losses of $66 million and $135 million), respectively, were reported within “Other finance income (costs)” in the consolidated income statement (see note 7) with respect to these foreign exchange contracts due to fluctuations in the U.S. dollar – British pounds sterling exchange rate.

Page 55

Fair Value

The fair values of cash and cash equivalents, trade and other receivables, trade payables and accruals approximate their carrying amounts because of the short-term maturity of these instruments. The fair value of long-term debt and related derivative instruments is set forth below.

Debt and Related Derivative Instruments

Carrying Amounts

Amounts recorded in the consolidated statement of financial position are referred to as “carrying amounts”. The carrying amounts of primary debt are reflected in “Current indebtedness” or “Long-term indebtedness” and the carrying amounts of derivative instruments are included in “Other financial assets” and “Other financial liabilities”, current or non-current, in the consolidated statement of financial position, as appropriate.

Fair Value

The fair value of debt is estimated based on either quoted market prices for similar issues or current rates offered to the Company for debt of the same maturity. The fair value of interest rate swaps is estimated based upon discounted cash flows using applicable current market rates and considering non-performance risk.

The following is a summary of debt and related derivative instruments that hedge the cash flows of debt:

	Carrying Amount				Fair Value
June 30, 2024	Primary Debt Instruments		Derivative Instruments (Asset)		Primary Debt Instruments		Derivative Instruments (Asset)
C$1,400, 2.239% Notes, due 2025		1,022		(31)		999		(31)
$450, 3.85% Notes, due 2024(1)		242		–		241		–
$500, 3.35% Notes, due 2026		499		–		482		–
$350, 4.50% Notes, due 2043(1)		116		–		92		–
$350, 5.65% Notes, due 2043		342		–		336		–
$400, 5.50% Debentures, due 2035		396		–		399		–
$500, 5.85% Debentures, due 2040		493		–		499		–
Total		3,110		(31)		3,048		(31)
Current portion		1,264		(31)
Long-term portion		1,846		–

	Carrying Amount				Fair Value
December 31, 2023	Primary Debt Instruments		Derivative Instruments (Asset)		Primary Debt Instruments		Derivative Instruments (Asset)
Commercial paper		130		–		130		–
C$1,400, 2.239% Notes, due 2025		1,060		(65)		1,026		(65)
$450, 3.85% Notes, due 2024(1)		242		–		239		–
$500, 3.35% Notes, due 2026		499		–		482		–
$350, 4.50% Notes, due 2043(1)		116		–		95		–
$350, 5.65% Notes, due 2043		342		–		346		–
$400, 5.50% Debentures, due 2035		396		–		415		–
$500, 5.85% Debentures, due 2040		492		–		519		–
Total		3,277		(65)		3,252		(65)
Current portion		372		–
Long-term portion		2,905		(65)

(1) Notes were partially redeemed in October 2018.

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Fair value estimation

The following fair value measurement hierarchy is used for financial instruments that are measured in the consolidated statement of financial position at fair value:

●  Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;

●  Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and

●  Level 3 - inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The levels used to determine fair value measurements for those instruments carried at fair value in the consolidated statement of financial position are as follows:

June 30, 2024				Total
Assets	Level 1	Level 2	Level 3		Balance
Money market accounts	–	1,341	–		1,341
Other receivables(1)	–	–	266		266
Financial assets at fair value through earnings	–	1,341	266		1,607
Financial assets at fair value through other comprehensive income(2)	36	–	81		117
Derivatives used for hedging(3)	–	31	–		31
Total assets	36	1,372	347		1,755
Liabilities
Contingent consideration(4)	–	–	(47)		(47)
Financial liabilities at fair value through earnings	–	–	(47)		(47)
Total liabilities	–	–	(47)		(47)

December 31, 2023				Total
Assets	Level 1	Level 2	Level 3		Balance
Money market accounts	–	906	–		906
Other receivables(1)	–	–	263		263
Foreign exchange contracts(5)	–	58	–		58
Financial assets at fair value through earnings	–	964	263		1,227
Financial assets at fair value through other comprehensive income(2)	33	–	65		98
Derivatives used for hedging(3)	–	65	–		65
Total assets	33	1,029	328		1,390
Liabilities
Foreign exchange contracts(5)	–	(32)	–		(32)
Contingent consideration(4)	–	–	(22)		(22)
Financial liabilities at fair value through earnings	–	(32)	(22)		(54)
Total liabilities	–	(32)	(22)		(54)

(1) Receivables under indemnification arrangement (see note 18).

(2) Investments in entities over which the Company does not have control, joint control or significant influence.

(3) Comprised of fixed-to-fixed cross-currency swaps on indebtedness.

(4) Obligations to pay additional consideration for prior acquisitions, based upon performance measures contractually agreed at the time of purchase, and to purchase shares from minority owners of a subsidiary.

(5) Related to the management of foreign exchange risk on a portion of the Company’s former indirect investment in LSEG.

The Company recognizes transfers into and out of the fair value measurement hierarchy levels at the end of the reporting period in which the event or change in circumstances that caused the transfer occurred. There were no transfers between hierarchy levels for the six months ended June 30, 2024.

Valuation Techniques

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

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Specific valuation techniques used to value financial instruments include:

●  Quoted market prices or dealer quotes for similar instruments;

●  The fair value of cross-currency interest rate swaps and foreign exchange contracts are calculated as the present value of the estimated future cash flows based on observable yield curves;

●  The fair value of other receivables considers estimated future cash flows, current market interest rates and non-performance risk; and

●  The fair value of contingent consideration is calculated based on estimates of future revenue performance.

Note 12: Other Non-Current Assets

	June 30,		December 31,
	2024		2023
Net defined benefit plan surpluses		41		45
Cash surrender value of life insurance policies		363		354
Deferred commissions		100		108
Other non-current assets(1)		116		111
Total other non-current assets		620		618

(1) Includes a tax receivable from HM Revenue & Customs (“HMRC”) of $90 million and $91 million as of June 30, 2024 and December 31, 2023, respectively (see note 18).

Note 13: Payables, Accruals and Provisions

	June 30,		December 31,
	2024		2023
Trade payables		222		181
Accruals		654		798
Provisions		98		92
Other current liabilities		53		43
Total payables, accruals and provisions		1,027		1,114

Note 14: Provisions and Other Non-Current Liabilities

	June 30,		December 31,
	2024		2023
Net defined benefit plan obligations		524		535
Deferred compensation and employee incentives		75		74
Provisions		73		71
Other non-current liabilities		6		12
Total provisions and other non-current liabilities		678		692

Note 15: Capital

Share repurchases – Normal Course Issuer Bid (“NCIB”)

The Company buys back shares (and subsequently cancels them) from time to time as part of its capital strategy. On November 1, 2023, the Company announced that it planned to repurchase up to $1.0 billion of its common shares. In May 2024, the Company completed this plan. Share repurchases are typically executed under a NCIB. Shares were repurchased for the buyback program under a renewed NCIB, which was approved by the TSX and effective on November 1, 2023. Under the renewed NCIB, up to 10 million common shares may be repurchased between November 3, 2023 and November 2, 2024. The Company may repurchase common shares in open market transactions on the TSX, the NYSE and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or NYSE or under applicable law, including private agreement purchases or share purchase program agreement purchases if the Company receives, if applicable, an issuer bid exemption order in the future from applicable securities regulatory authorities in Canada for such purchases. The price that the Company will pay for common shares in open market transactions will be the market price at the time of purchase or such other price as may be permitted by the TSX.

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Details of share repurchases were as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Share repurchases (millions of U.S. dollars)		287		–		639		718
Shares repurchased (number in millions)		1.8		–		4.1		6.0
Share repurchases - average price per share in U.S. dollars	$	161.32		–	$	156.92	$	120.10

Decisions regarding any future repurchases will depend on certain factors, such as market conditions, share price, and other opportunities to invest capital for growth. The Company may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws. From time to time when the Company does not possess material nonpublic information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the Company’s broker will be adopted in accordance with applicable Canadian securities laws and the requirements of Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended. The Company entered into such a plan with its broker on December 28, 2023. As a result, the Company recorded a $400 million liability in “Other financial liabilities” within current liabilities as of December 31, 2023 with a corresponding amount recorded in equity in the consolidated statement of financial position. This liability was settled through the purchase of shares in 2024.

Dividends

Dividends on common shares are declared in U.S. dollars. In the consolidated statement of cash flow, dividends paid on common shares are shown net of amounts reinvested in the Company under its dividend reinvestment plan.

Details of dividends declared per common share and dividends paid on common shares are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Dividends declared per common share	$	0.54	$	0.49	$	1.08	$	0.98
Dividends declared		243		230		487		462
Dividends reinvested		(8)		–		(15)		(8)
Dividends paid		235		230		472		454

Note 16: Supplemental Cash Flow Information

Details of “Other” within the net cash provided by operating activities section in the consolidated statement of cash flow are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Non-cash employee benefit charges		36		37		70		75
Net (gains) losses on foreign exchange and derivative financial instruments		(2)		102		(25)		193
Fair value adjustments (see note 5)		(6)		1		(8)		5
Other		42		6		80		4
		70		146		117		277

Details of “Changes in working capital and other items” are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Trade and other receivables		(57)		(59)		44		31
Prepaid expenses and other current assets		(14)		10		(11)		34
Payables, accruals and provisions		87		21		(187)		(349)
Deferred revenue		96		99		20		52
Income taxes(1)		94		185		214		426
Other		(17)		(16)		(34)		(34)
		189		240		46		160

(1) All periods include current tax liabilities that were recorded on the sale of LSEG shares (see note 8), for which the tax payments are included in investing activities.

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Details of income taxes paid are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Operating activities - continuing operations		(49)		(25)		(146)		(107)
Investing activities - continuing operations		(121)		(252)		(137)		(270)
Investing activities - discontinued operations		–		(1)		–		(1)
Total income taxes paid		(170)		(278)		(283)		(378)

Note 17: Acquisitions

Acquisitions comprise the purchase of all the equity interests of the businesses acquired. Acquisitions are integrated into existing operations of the Company to broaden its offerings to customers as well as its presence in global markets. The results of acquired businesses are included in the consolidated financial statements from the date of acquisition. Acquisitions also include and investments in businesses in which the Company does not have a controlling interest, as well as the acquisition of assets.

Acquisition activity

The number of acquisitions completed, and the related consideration for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three months ended June 30,				Six months ended June 30,
Number of transactions	2024		2023		2024		2023
Businesses acquired		–		–		2		1
Investments in businesses		2		4		4		5
Asset acquisitions		1		–		1		–
		3		4		7		6

	Three months ended June 30,				Six months ended June 30,
Total consideration	2024		2023		2024		2023
Businesses acquired(1)		–		–		450		513
Less: Cash acquired		–		–		(24)		(25)
Businesses acquired, net of cash		–		–		426		488
Investments in businesses		3		33		9		35
Asset acquisitions		15		–		15		–
Deferred and contingent consideration payments		1		–		5		–
		19		33		455		523

(1) In the three months ended June 30, 2024, the Company purchased the remaining shares of Pagero from non-controlling interests.

The following provides a brief description of the most significant acquisitions completed in the six months ended June 30, 2024 and 2023:

Date	Company	Acquiring Segments	Description
January 2024	Pagero Group AB (publ) (“Pagero”)	Corporates	A global leader in e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network.
January 2024	World Business Media Limited	Reuters News	A cross-platform, subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry.
January 2023	SurePrep LLC	Corporates and Tax & Accounting Professionals	A provider of tax automation software and services.

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The details of net assets acquired were as follows:

					June 30,		June 30,
					2024		2023
	Pagero		Other		Total		SurePrep
Cash and cash equivalents		22		2		24		25
Trade receivables		25		3		28		8
Prepaid expenses and other current assets		6		–		6		3
Current assets		53		5		58		36
Property and equipment		9		–		9		2
Computer software		288		–		288		180
Other identifiable intangible assets		35		19		54		13
Other non-current assets		4		–		4		1
Total assets		389		24		413		232
Payables and accruals		(44)		(1)		(45)		(5)
Current taxes payable		(4)		(1)		(5)		–
Deferred revenue		(14)		(5)		(19)		(47)
Other financial liabilities		(2)		(6)		(8)		–
Current liabilities		(64)		(13)		(77)		(52)
Long-term indebtedness		(48)		–		(48)		–
Provisions and other non-current liabilities		(3)		–		(3)		(1)
Other financial liabilities		(14)		(11)		(25)		–
Deferred tax		(38)		(5)		(43)		(9)
Total liabilities		(167)		(29)		(196)		(62)
Net assets acquired		222		(5)		217		170
Goodwill		575		46		621		343
Non-controlling interests		(388)		–		(388)		–
Total		409		41		450		513
Businesses acquired, net of cash		387		39		426		488

The excess of the purchase price over the net assets acquired was recorded as goodwill and reflects synergies and the value of the acquired workforce. Relative to the acquisitions completed in the six months ended June 30, 2024, the majority of goodwill is not expected to be deductible for tax purposes. For the acquisition completed in the six months ended June 30, 2023, the majority of goodwill is expected to be deductible for tax purposes.

Purchase price allocation

Purchase price allocations related to certain acquisitions may be subject to adjustment pending completion of final valuations.

In the three months ended June 30, 2024, the Company recorded measurement period adjustments for its Pagero acquisition, which primarily included a decrease to computer software and other identifiable intangible assets of $14 million and $7 million, respectively, and an increase to goodwill of $18 million.

Pagero

In January 2024, the Company acquired a controlling interest in Pagero through a public tender offer. Subsequently, the Company purchased the remaining interests from the non-controlling shareholders. As of June 30, 2024, the Company owns 100% of Pagero.

The non-controlling interest was measured at fair value, based on the tender offer price of SEK 50 per share, on the date of acquisition and recorded as part of equity. After the date of acquisition, the non-controlling interest was adjusted for its proportionate share of changes in equity. After the Company gained control of Pagero, purchases of the remaining shares from the non-controlling interests reduced equity and were presented in financing activities within the consolidated statement of cash flow.

Other

The revenues and operating profit of acquired businesses were not material to the Company’s results of operations.

Page 61

Note 18: Contingencies

Lawsuits and legal claims

The Company is engaged in various legal proceedings, claims, audits and investigations that have arisen in the ordinary course of business. These matters include, but are not limited to, employment matters, commercial matters, privacy and data protection matters, defamation matters and intellectual property infringement matters. The outcome of all the matters against the Company is subject to future resolution, including uncertainties of litigation. Litigation outcomes are difficult to predict with certainty due to various factors, including but not limited to: the preliminary nature of some claims; uncertain damage theories and demands; an incomplete factual record; uncertainty concerning legal theories and procedures and their resolution by the courts, at both trial and appellate levels; and the unpredictable nature of opposing parties. Based on information currently known to the Company and after consultation with outside legal counsel, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial condition taken as a whole.

Uncertain tax positions

The Company is subject to taxation in numerous jurisdictions and is routinely under audit by many different taxing authorities in the ordinary course of business. There are many transactions and calculations during the course of business for which the ultimate tax determination is uncertain, as taxing authorities may challenge some of the Company’s positions and propose adjustments or changes to its tax filings.

As a result, the Company maintains provisions for uncertain tax positions that it believes appropriately reflect its risk. These provisions are made using the Company’s best estimates of the amount expected to be paid based on a qualitative assessment of all relevant factors. When appropriate, the Company performs an expected value calculation to determine its provisions. The Company reviews the adequacy of these provisions at the end of each reporting period and adjusts them based on changing facts and circumstances. Due to the uncertainty associated with tax audits, it is possible that at some future date, liabilities resulting from such audits or related litigation could vary significantly from the Company’s provisions. However, based on currently enacted legislation, information currently known by the Company and after consultation with outside tax advisors, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial condition taken as a whole.

Prior to December 31, 2023, the Company paid $430 million of tax as required under notices of assessment issued by the U.K. tax authority, HM Revenue & Customs (“HMRC”), under the Diverted Profits Tax (“DPT”) regime that collectively related to the 2015, 2016, 2017 and 2018 taxation years of certain of its current and former U.K. affiliates. The Company does not believe these current and former U.K. affiliates fall within the scope of the DPT regime. Because the Company believes its position is supported by the weight of law, it intends to vigorously defend its position and will continue contesting these assessments through all available administrative and judicial remedies. As the assessments largely relate to businesses that the Company has sold, the majority are subject to indemnity arrangements under which the Company has been required to pay additional taxes to HMRC or the indemnity counterparty.

The Company does not believe that the resolution of these matters will have a material adverse effect on its financial condition taken as a whole. Payments made by the Company are not a reflection of its view on the merits of the case. As the Company expects to receive refunds of substantially all of the aggregate of amounts paid pursuant to these notices of assessment, it expects to continue recording substantially all of these payments as non-current receivables from HMRC or the indemnity counterparty, in its financial statements.

Page 62

Guarantees

The Company has an investment in 3XSQ Associates, an entity jointly owned by a subsidiary of the Company and Rudin Times Square Associates LLC (“Rudin”), that owns and operates the 3 Times Square office building (“the building”) in New York, New York. In June 2022, 3XSQ Associates obtained a $415 million, 3-year term loan facility to refinance existing debt, fund the building’s redevelopment, and cover interest and operating costs during the redevelopment period. The building is pledged as loan collateral. Thomson Reuters and Rudin each guarantee 50% of (i) certain principal loan amounts and (ii) interest and operating costs. Thomson Reuters and Rudin also jointly and severally guarantee (i) completion of commenced works and (ii) lender losses arising from disallowed acts, environmental or otherwise. To minimize economic exposure to 50% for the joint and several obligations, Thomson Reuters and a parent entity of Rudin entered into a cross-indemnification arrangement. The Company believes the value of the building is expected to be sufficient to cover obligations that could arise from the guarantees. The guarantees do not impact the Company’s ability to borrow funds under its $2.0 billion syndicated credit facility or the related covenant calculation.

Note 19: Related Party Transactions

As of June 30, 2024, the Company’s principal shareholder, Woodbridge, beneficially owned approximately 70% of the Company’s common shares.

Transactions with YPL

In the six months ended June 30, 2024, the Company received $1.8 billion of dividends from YPL related to the sale of the Company’s remaining indirectly owned LSEG shares. See note 8 for further details about these transactions.

Except for the above transactions, there were no new significant related party transactions during the first six months of 2024. Refer to “Related party transactions” disclosed in note 32 of the Company’s consolidated financial statements for the year ended December 31, 2023, which are included in the Company’s 2023 annual report, for information regarding related party transactions.

Page 63

EX-99.3

EXHIBIT 99.3

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steve Hasker, certify that:

1. I have reviewed this report on Form 6-K of Thomson Reuters Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 2, 2024

/s/ Steve Hasker

Steve Hasker

President and Chief Executive Officer

EX-99.4

EXHIBIT 99.4

CERTIFICATION OF THE CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Eastwood, certify that:

1. I have reviewed this report on Form 6-K of Thomson Reuters Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 2, 2024

/s/ Michael Eastwood

Michael Eastwood

Chief Financial Officer

EX-99.5

EXHIBIT 99.5

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Thomson Reuters Corporation (the “Corporation”) on Form 6-K for the period ended June 30, 2024, as furnished to the Securities and Exchange Commission on the date hereof (the “Report”), I, Steve Hasker, President and Chief Executive Officer of the Corporation, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

Date: August 2, 2024

/s/ Steve Hasker

Steve Hasker

President and Chief Executive Officer

EX-99.6

EXHIBIT 99.6

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the report of Thomson Reuters Corporation (the “Corporation”) on Form 6-K for the period ended June 30, 2024, as furnished to the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Eastwood, Chief Financial Officer of the Corporation, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Corporation.

Date: August 2, 2024

/s/ Michael Eastwood

Michael Eastwood

Chief Financial Officer

XML

Cover Page	6 Months Ended
	Jun. 30, 2024
Document Information [Line Items]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	THOMSON REUTERS CORPORATION
Entity Central Index Key	0001075124
Current Fiscal Year End Date	--12-31

XML

Consolidated Income Statement - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONTINUING OPERATIONS
Revenues	$ 1,740	$ 1,647	$ 3,625	$ 3,385
Operating expenses	(1,090)	(990)	(2,171)	(2,064)
Depreciation	(29)	(29)	(57)	(59)
Other operating (losses) gains, net	(29)	347	(70)	364
Operating profit	415	825	972	1,333
Finance costs, net:
Net interest expense	(36)	(34)	(76)	(89)
Other finance income (costs)	2	(102)	24	(192)
Income before tax and equity method investments	381	689	920	1,052
Share of post- tax earnings in equity method investments	61	419	53	989
Tax benefit (expense)	402	(219)	335	(415)
Earnings from continuing operations	844	889	1,308	1,626
(Loss) earnings from discontinued operations, net of tax	(3)	5	11	24
Net earnings	841	894	1,319	1,650
Earnings (loss) attributable to
Common shareholders	841	894	1,322	1,650
Non-controlling interests	$ 0	$ 0	$ (3)	$ 0
Basic earnings (loss) per share:
From continuing operations	$ 1.87	$ 1.89	$ 2.9	$ 3.44
From discontinued operations	(0.01)	0.01	0.02	0.05
Basic earnings per share	1.86	1.9	2.92	3.49
Diluted earnings (loss) per share:
From continuing operations	1.87	1.89	2.89	3.43
From discontinued operations	(0.01)	0.01	0.03	0.06
Diluted earnings per share	$ 1.86	$ 1.9	$ 2.92	$ 3.49
Computer software [member]
CONTINUING OPERATIONS
Amortization	$ (154)	$ (127)	$ (307)	$ (245)
Other identifiable intangible assets [member]
CONTINUING OPERATIONS
Amortization	$ (23)	$ (23)	$ (48)	$ (48)

XML

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement [LineItems]
Net earnings	$ 841	$ 894	$ 1,319	$ 1,650
Items that have been or may be subsequently reclassified to net earnings:
Cash flow hedges adjustments to net earnings	12	(23)	42	(25)
Cash flow hedges adjustments to equity	(12)	21	(33)	20
Foreign currency translation adjustments to equity	(16)	82	(87)	151
Other comprehensive income that will be reclassified to profit or loss, net of tax	(16)	80	(78)	146
Items that will not be reclassified to net earnings:
Fair value adjustments on financial assets	8	7	9	6
Related tax expense on fair value adjustments on financial assets	(2)	0	(2)	0
Remeasurement on defined benefit pension plans	(5)	10	12	15
Related tax expense on remeasurement on defined benefit pension plans	(2)	(3)	(6)	(4)
Other comprehensive income that will not be reclassified to profit or loss, net of tax	(1)	14	13	17
Other comprehensive (loss) income	(17)	94	(65)	163
Total comprehensive income	824	988	1,254	1,813
Comprehensive income (loss) for the period attributable to:
Non-controlling interests	0	0	(8)	0
Total comprehensive income	824	988	1,254	1,813
Continuing Operations [member]
Comprehensive income (loss) for the period attributable to:
Common shareholders	827	983	1,251	1,789
Discontinued operations [member]
Comprehensive income (loss) for the period attributable to:
Common shareholders	$ (3)	$ 5	$ 11	$ 24

XML

Consolidated Statement of Financial Position - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 1,682	$ 1,298
Trade and other receivables		1,093	1,122
Other financial assets		17	66
Prepaid expenses and other current assets		474	435
Current assets		3,266	2,921
Property and equipment, net		436	447
Computer software, net		1,473	1,236
Other identifiable intangible assets, net		3,184	3,165
Goodwill		7,298	6,719
Equity method investments		230	2,030
Other financial assets		419	444
Other non-current assets		620	618
Deferred tax		1,452	1,104
Total assets		18,378	18,684
Liabilities
Current indebtedness		1,264	372
Payables, accruals and provisions		1,027	1,114
Current tax liabilities		325	248
Deferred revenue		1,024	992
Other financial liabilities	[1]	88	507	[2]
Current liabilities		3,728	3,233
Long-term indebtedness		1,846	2,905
Provisions and other non-current liabilities		678	692
Other financial liabilities	[3]	247	237
Deferred tax		263	553
Total liabilities		6,762	7,620
Equity
Capital		3,423	3,405
Retained earnings		9,280	8,680
Accumulated other comprehensive loss		(1,087)	(1,021)
Total equity		11,616	11,064
Total liabilities and equity		$ 18,378	$ 18,684

[1] Includes lease liabilities of $58 million (2023 - $56 million).

[2] Included a commitment of up to $400 million related to the Company’s pre-defined plan with its broker to repurchase the Company’s shares during its internal trading blackout period (see note 15).

[3] Includes lease liabilities of $207 million (2023 - $209 million).

XML

Consolidated Statement of Cash Flow - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Earnings from continuing operations	$ 844	$ 889	$ 1,308	$ 1,626
Adjustments for:
Depreciation	29	29	57	59
Share of post- tax earnings in equity method investments	(61)	(419)	(53)	(989)
Net losses (gains) on disposals of businesses and investments	3	(348)	4	(347)
Deferred tax	(545)	9	(695)	(118)
Other	70	146	117	277
Changes in working capital and other items	189	240	46	160
Operating cash flows from continuing operations	706	696	1,139	961
Operating cash flows from discontinued operations	(1)	(1)	(2)	1
Net cash provided by operating activities	705	695	1,137	962
INVESTING ACTIVITIES
Acquisitions, net of cash acquired	(19)	(33)	(455)	(523)
Proceeds (payments) related to disposals of businesses and investments	0	418	(4)	418
Proceeds from sales of LSEG shares	610	1,583	1,854	3,876
Capital expenditures	(152)	(127)	(297)	(267)
Other investing activities	6	45	6	68
Taxes paid on sales of LSEG shares and disposals of businesses	(121)	(252)	(137)	(270)
Investing cash flows from continuing operations	324	1,634	967	3,302
Investing cash flows from discontinued operations	0	(1)	0	(1)
Net cash provided by investing activities	324	1,633	967	3,301
FINANCING ACTIVITIES
Repayments of debt	0	0	(48)	0
Net (repayments) borrowings under short-term loan facilities	(703)	1,132	(139)	771
Payments of lease principal	(16)	(15)	(31)	(31)
Payments for return of capital on common shares	0	(2,045)	0	(2,045)
Repurchases of common shares	(287)	0	(639)	(718)
Purchase of non-controlling interests	(4)	0	(384)	0
Other financing activities	2	0	1	5
Net cash used in financing activities	(1,245)	(1,160)	(1,715)	(2,475)
Translation adjustments	(3)	0	(5)	1
(Decrease) increase in cash and cash equivalents	(219)	1,168	384	1,789
Cash and cash equivalents at beginning of period	1,901	1,690	1,298	1,069
Cash and cash equivalents at end of period	1,682	2,858	1,682	2,858
Supplemental cash flow information is provided in note 16.
Interest paid, net of debt-related hedges	(59)	(76)	(84)	(102)
Interest received	17	16	30	24
Income taxes paid	(170)	(278)	(283)	(378)
Preference shares [member]
FINANCING ACTIVITIES
Dividends paid	(2)	(2)	(3)	(3)
Common shares [member]
FINANCING ACTIVITIES
Dividends paid	(235)	(230)	(472)	(454)
Computer software [member]
Adjustments for:
Amortization expense	154	127	307	245
Other identifiable intangible assets [member]
Adjustments for:
Amortization expense	$ 23	$ 23	$ 48	$ 48

XML

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Preference shares [member]	Number of common shares [member]	Stated share capital [member]	Stated share capital [member] Preference shares [member]	Stated share capital [member] Number of common shares [member]	Contributed surplus [member]	Contributed surplus [member] Preference shares [member]	Contributed surplus [member] Number of common shares [member]	Total capital [member]	Total capital [member] Preference shares [member]	Total capital [member] Number of common shares [member]	Retained earnings [member]	Retained earnings [member] Preference shares [member]	Retained earnings [member] Number of common shares [member]	Unrecognized gain on financial instruments [member]	Unrecognized gain on financial instruments [member] Preference shares [member]	Unrecognized gain on financial instruments [member] Number of common shares [member]	Foreign currency translation adjustments [member]	Foreign currency translation adjustments [member] Preference shares [member]	Foreign currency translation adjustments [member] Number of common shares [member]	Total accumulated other comprehensive loss AOCL [member]	Total accumulated other comprehensive loss AOCL [member] Preference shares [member]	Total accumulated other comprehensive loss AOCL [member] Number of common shares [member]	Shareholders' equity [member]	Shareholders' equity [member] Preference shares [member]	Shareholders' equity [member] Number of common shares [member]	Non-controlling interests [member]	Non-controlling interests [member] Preference shares [member]	Non-controlling interests [member] Number of common shares [member]
Balance at Dec. 31, 2022	$ 11,885			$ 3,864			$ 1,534			$ 5,398			$ 7,642			$ 17			$ (1,172)			$ (1,155)			$ 11,885
Statement [LineItems]
Net earnings	1,650												1,650												1,650
Other comprehensive income (loss)	163												11			1			151			152			163
Total comprehensive income (loss)	1,813												1,661			1			151			152			1,813
Return of capital on common shares			$ (2,047)			$ (2,107)			$ 60			$ (2,047)															$ (2,047)
Dividends declared		$ (3)	(462)											$ (3)	$ (462)											$ (3)	(462)
Shares issued under Dividend Reinvestment Plan ("DRIP")	8			8						8															8
Repurchases of common shares (see note 15)				2						2			(2)
Stock compensation plans	7			109			(102)			7															7
Balance at Jun. 30, 2023	11,201			1,876			1,492			3,368			8,836			18			(1,021)			(1,003)			11,201
Balance at Dec. 31, 2023	11,064			1,901			1,504			3,405			8,680			21			(1,042)			(1,021)			11,064			$ 0
Statement [LineItems]
Net earnings	1,319			0			0			0			1,322			0			0			0			1,322			(3)
Other comprehensive income (loss)	(65)			0			0			0			6			16			(82)			(66)			(60)			(5)
Total comprehensive income (loss)	1,254			0			0			0			1,328			16			(82)			(66)			1,262			(8)
Non-controlling interests on acquisition of subsidiaries	388			0			0			0			0			0			0			0			0			388
Purchase of non-controlling interests	(384)			0			0			0			(4)			0			0			0			(4)			(380)
Dividends declared		$ (3)	$ (487)		$ 0	$ 0		$ 0	$ 0		$ 0	$ 0		$ (3)	$ (487)		$ 0	$ 0		$ 0	$ 0		$ 0	$ 0		$ (3)	$ (487)		$ 0	$ 0
Shares issued under Dividend Reinvestment Plan ("DRIP")	15			15			0			15			0			0			0			0			15			0
Repurchases of common shares (see note 15)	(252)			(18)			0			(18)			(234)			0			0			0			(252)			0
Stock compensation plans	21			108			(87)			21			0			0			0			0			21			0
Balance at Jun. 30, 2024	$ 11,616			$ 2,006			$ 1,417			$ 3,423			$ 9,280			$ 37			$ (1,124)			$ (1,087)			$ 11,616			$ 0

XML

Business Description and Basis of Preparation

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Business Description and Basis of Preparation

Note 1: Business Description and Basis of Preparation

General business description

Thomson Reuters Corporation (the “Company” or “Thomson Reuters”) is an Ontario, Canada corporation with common shares listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and Series II preference shares listed on the TSX. The Company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news.

These unaudited interim consolidated financial statements (“interim financial statements”) were approved by the Audit Committee of the Board of Directors of the Company on July 31, 2024.

Basis of preparation

The interim financial statements were prepared using the same accounting policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2023. The interim financial statements comply with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”). Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed.

The preparation of financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving more judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements have been disclosed in note 2 of the consolidated financial statements for the year ended December 31, 2023.

The Company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth, and an evolving interest rate and inflationary backdrop, among other factors. While the Company is closely monitoring these conditions to assess potential impacts on its businesses, some of management’s estimates and judgments may be more variable and may change materially in the future due to the significant uncertainty created by these circumstances.

The accompanying interim financial statements include all adjustments, composed of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2023, which are included in the Company’s 2023 annual report.

References to “$” are to U.S. dollars, references to “C$” are to Canadian dollars, references to “£” are to British pounds sterling and references to SEK are to Swedish Krona.

Recent accounting pronouncements

IAS 21, The Effect of Changes in Foreign Exchange Rates

In August 2023, the IASB issued amendments to IAS 21, which provide guidance on the determination of an exchange rate to translate transactions and financial statements denominated or presented in a currency that is not exchangeable into another currency. The amendments are effective for reporting periods beginning January 1, 2025. The Company is assessing the impact of these amendments on its financial statements.

IFRS 18, Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which will replace IAS 1, Presentation of Financial Statements, and is effective for reporting periods beginning January 1, 2027. IFRS 18 will change the presentation of the Company’s financial statements and add new disclosure requirements. Specifically, the new standard requires:

●  The consolidated income statement to be structured according to operating, investing and financing categories, and include additional subtotals for “Operating Profit” and “Profit Before Financing and Income Taxes”;

●  Management-defined performance measurements (“MPM’s”), which represent certain of the Company’s non-IFRS measures, to be identified, defined, and have an explanation why each one is useful. Each MPM must be reconciled to the most directly comparable IFRS subtotal. All disclosures related to MPM’s must be disclosed in a single footnote within the consolidated financial statements; and

●  The application of enhanced guidance related to the grouping of financial information associated with amounts presented within the financial statements, otherwise known as aggregation or disaggregation.

The Company is assessing the impact of IFRS 18 on its disclosures.

Amendments to IAS 7, Statement of Cash Flows

The amendments were issued to align the presentation of the statement of cash flows, as prepared under the indirect method, to the changes prescribed to the income statement under IFRS 18.

Both IFRS 18 and the amendments to IAS 7 are disclosure related and do not impact the Company’s results of operations, financial condition, or cash flows.

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments

In May 2024, the IASB issued amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures. The amendments introduce:

●  An election permitting derecognition of financial liabilities that are settled through an electronic payment system before the actual settlement date, if certain conditions are met; and

●  Expanded disclosures for (a) investments in equity instruments and (b) financial liabilities that have features unrelated to basic lending risks, such as achieving sustainability targets, that could affect the cash flows of those liabilities.

The amendments are effective for reporting periods beginning on January 1, 2026. The Company is assessing the impact of the amendments on its financial statements and its disclosures.

Other pronouncements issued by the IASB and International Financial Reporting Interpretations Committee (“IFRIC”) are not applicable or consequential to the Company.

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Revenues

6 Months Ended

Jun. 30, 2024

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Revenues

Note 2: Revenues

Revenues by type and geography

The following tables disaggregate revenues by type and geography and reconcile them to reportable segments (see note 3).

Revenues by type	Legal								Tax & Accounting								Global				Eliminations/
Three months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Recurring		702		667		382		340		179		167		164		155		–		–		(7)		(6)		1,420		1,323
Transactions		25		38		60		52		71		62		41		39		–		–		–		–		197		191
Global Print		–		–		–		–		–		–		–		–		123		133		–		–		123		133
Total		727		705		442		392		250		229		205		194		123		133		(7)		(6)		1,740		1,647
Revenues by type	Legal								Tax & Accounting								Global				Eliminations/
Six months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Recurring		1,400		1,339		752		666		378		343		328		310		–		–		(12)		(12)		2,846		2,646
Transactions		48		80		197		161		200		168		87		59		–		–		–		–		532		468
Global Print		–		–		–		–		–		–		–		–		247		271		–		–		247		271
Total		1,448		1,419		949		827		578		511		415		369		247		271		(12)		(12)		3,625		3,385

Revenues by geography (country of destination)	Legal								Tax & Accounting								Global				Eliminations/
Three months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
U.S.		585		570		338		315		185		169		50		44		96		99		(7)		(6)		1,247		1,191
Canada (country of domicile)		26		20		3		4		12		11		2		2		10		17		–		–		53		54
Other		8		8		23		19		39		36		2		2		3		3		–		–		75		68
Americas (North America, Latin America, South America)		619		598		364		338		236		216		54		48		109		119		(7)		(6)		1,375		1,313
U.K.		67		62		37		29		7		8		107		103		7		8		–		–		225		210
Other		11		16		28		13		2		–		31		30		2		2		–		–		74		61
EMEA (Europe, Middle East and Africa)		78		78		65		42		9		8		138		133		9		10		–		–		299		271
Asia Pacific		30		29		13		12		5		5		13		13		5		4		–		–		66		63
Total		727		705		442		392		250		229		205		194		123		133		(7)		(6)		1,740		1,647
Revenues by geography (country of destination)	Legal								Tax & Accounting								Global				Eliminations/
Six months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
U.S.		1,171		1,153		729		666		450		396		112		74		191		204		(12)		(12)		2,641		2,481
Canada (country of domicile)		49		40		8		8		25		23		3		3		20		30		–		–		105		104
Other		15		15		49		38		77		69		4		4		6		7		–		–		151		133
Americas (North America, Latin America, South America)		1,235		1,208		786		712		552		488		119		81		217		241		(12)		(12)		2,897		2,718
U.K.		133		130		71		58		14		13		212		205		16		16		–		–		446		422
Other		21		25		63		30		3		–		59		57		3		3		–		–		149		115
EMEA (Europe, Middle East and Africa)		154		155		134		88		17		13		271		262		19		19		–		–		595		537
Asia Pacific		59		56		29		27		9		10		25		26		11		11		–		–		133		130
Total		1,448		1,419		949		827		578		511		415		369		247		271		(12)		(12)		3,625		3,385

The Company revised its 2023 presentation to correct immaterial reclassifications, which did not impact total segment revenues or total consolidated revenues.

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Segment Information

6 Months Ended

Jun. 30, 2024

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Segment Information

Note 3: Segment Information

The Company is organized as five reportable segments, reflecting how the businesses are managed. The segments offer products and services to target customers as described below.

Legal Professionals

The Legal Professionals segment serves law firms and governments with research and workflow products powered by emerging technologies, including generative AI, focusing on intuitive legal research and integrated legal workflow solutions that combine content, tools and analytics.

Corporates

The Corporates segment serves corporate customers from small businesses to multinational organizations, including the seven largest global accounting firms, with the Company’s full suite of content-driven technologies, including generative AI, providing integrated workflow solutions designed to help our customers digitally transform and achieve their business outcomes.

Tax & Accounting Professionals

The Tax & Accounting Professionals segment serves tax, audit, and accounting professionals’ firms (other than the seven largest, which are served by the Corporates segment) with research and automated workflow products powered by emerging technologies, including generative AI.

Reuters News

The Reuters News segment supplies business, financial and global news to the world’s media organizations, professionals and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and to financial market professionals exclusively via London Stock Exchange Group (“LSEG”) products.

Global Print

The Global Print segment provides legal and tax information primarily in print format to customers around the world.

The Company also reports “Corporate costs”, which includes expenses for corporate functions and does not qualify as a reportable segment.

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Revenues
Legal Professionals		727		705		1,448		1,419
Corporates		442		392		949		827
Tax & Accounting Professionals		250		229		578		511
Reuters News		205		194		415		369
Global Print		123		133		247		271
Eliminations/Rounding		(7)		(6)		(12)		(12)
Revenues		1,740		1,647		3,625		3,385
Adjusted EBITDA
Legal Professionals		327		345		669		663
Corporates		163		163		356		317
Tax & Accounting Professionals		91		89		272		238
Reuters News		51		45		111		74
Global Print		43		53		90		103
Total reportable segments adjusted EBITDA		675		695		1,498		1,395
Corporate costs		(29)		(33)		(46)		(56)
Fair value adjustments(1)		4		(5)		2		(18)
Depreciation		(29)		(29)		(57)		(59)
Amortization of computer software		(154)		(127)		(307)		(245)
Amortization of other identifiable intangible assets		(23)		(23)		(48)		(48)
Other operating (losses) gains, net		(29)		347		(70)		364
Operating profit		415		825		972		1,333
Net interest expense		(36)		(34)		(76)		(89)
Other finance income (costs)		2		(102)		24		(192)
Share of post-tax earnings in equity method investments		61		419		53		989
Tax benefit (expense)		402		(219)		335		(415)
Earnings from continuing operations		844		889		1,308		1,626

(1) Includes acquired deferred revenue of $2 million (2023 – $4 million) and $6 million (2023 – $13 million) in the three and six months ended June 30, 2024, respectively.

Reuters News revenues included $7 million (2023 – $6 million) and $12 million (2023 – $12 million) in the three and six months ended June 30, 2024, respectively, primarily from content-related services that it provided to the Legal Professionals, Corporates and Tax & Accounting Professionals segments.

In accordance with IFRS 8, Operating Segments, the Company discloses certain information about its reportable segments based upon measures used by management in assessing the performance of those reportable segments. These measures are defined below and may not be comparable to similar measures of other companies.

Segment Adjusted EBITDA

●  Segment adjusted EBITDA represents earnings or loss from continuing operations before tax expense or benefit, net interest expense, other finance costs or income, depreciation, amortization of computer software and other identifiable intangible assets, the Company’s share of post-tax earnings or losses in equity method investments, other operating gains and losses, certain asset impairment charges, corporate related items and fair value adjustments, including those related to acquired deferred revenue.

●  The Company does not consider these excluded items to be controllable operating activities for purposes of assessing the current performance of the reportable segments.

●  Each segment includes an allocation of costs, based on usage or other applicable measures, for centralized support services such as technology, customer service, commercial policy, facilities management, and product and content development. Additionally, product costs are allocated when one segment sells products managed by another segment.

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Seasonality

6 Months Ended

Jun. 30, 2024

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Seasonality

Note 4: Seasonality

The Company’s revenues and operating profit on a consolidated basis do not tend to be significantly impacted by seasonality as it records a large portion of its revenues ratably over the contract term and its costs are generally incurred evenly throughout the year. However, the Company’s revenues from quarter to consecutive quarter can be impacted by seasonality, particularly in the Company’s Tax & Accounting business, where revenues tend to be concentrated in the first and fourth quarters.

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Operating Expenses

6 Months Ended

Jun. 30, 2024

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Operating Expenses

Note 5: Operating Expenses

The components of operating expenses include the following:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Salaries, commissions and allowances		601		565		1,171		1,152
Share-based payments		23		18		42		43
Post-employment benefits		31		28		62		57
Total staff costs		655		611		1,275		1,252
Goods and services(1)		353		295		726		637
Content		69		64		140		133
Telecommunications		10		9		19		19
Facilities		9		10		19		18
Fair value adjustments(2)		(6)		1		(8)		5
Total operating expenses		1,090		990		2,171		2,064

(1) Goods and services include professional fees, consulting and outsourcing services, contractors, selling and marketing, and other general and administrative costs.

(2) Fair value adjustments primarily represent gains or losses on intercompany balances that arise in the ordinary course of business due to changes in foreign currency exchange rates.

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Other Operating (Losses) Gains, Net

6 Months Ended

Jun. 30, 2024

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Other Operating (Losses) Gains, Net

Note 6: Other Operating (Losses) Gains, Net

Other operating losses, net, were $29 million and $70 million in the three and six months ended June 30, 2024, respectively. Both periods included an impairment of an equity method investment, which reflected a decline in the value of its commercial real estate holding. The six months ended June 30, 2024 also included acquisition-related deal costs and costs related to a legal provision.

Other operating gains, net, were $347 million and $364 million in the three and six months ended June 30, 2023, respectively. Both periods included a $347 million gain on the sale of a majority interest in the Company’s Elite business. The six months ended June 30, 2023 also included a $23 million gain on the sale of a wholly-owned Canadian subsidiary to a company affiliated with The Woodbridge Company Limited (“Woodbridge”), the Company’s principal shareholder.

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Finance Costs, Net

6 Months Ended

Jun. 30, 2024

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Finance Costs, Net

Note 7: Finance Costs, Net

The components of finance costs, net, include interest expense (income) and other finance costs (income) as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Interest expense:
Debt		36		49		76		101
Derivative financial instruments – hedging activities		–		(1)		–		(1)
Other, net		7		4		9		9
Fair value losses (gains) on cash flow hedges, transfer from equity		12		(23)		39		(25)
Net foreign exchange (gains) losses on debt		(12)		23		(39)		25
Net interest expense – debt and other		43		52		85		109
Net interest expense – leases		4		2		7		4
Net interest expense – pension and other post-employment benefit plans		6		6		12		12
Interest income		(17)		(26)		(28)		(36)
Net interest expense		36		34		76		89

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Net (gains) losses due to changes in foreign currency exchange rates		(5)		36		(31)		59
Net losses on derivative instruments		3		66		2		135
Other		–		–		5		(2)
Other finance (income) costs		(2)		102		(24)		192

Net (gains) losses due to changes in foreign currency exchange rates were principally comprised of amounts related to certain intercompany funding arrangements.

Net losses on derivative instruments related to foreign exchange contracts that were intended to reduce foreign currency risk on a portion of the Company’s indirect investment in LSEG, which was denominated in British pounds sterling. In May 2024, the Company settled its remaining foreign exchange contracts in conjunction with the sale of its remaining shares in LSEG (see notes 8 and 11).

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Equity Method Investments

6 Months Ended

Jun. 30, 2024

Investments accounted for using equity method [abstract]

Equity Method Investments

Note 8: Equity Method Investments

Equity method investments in the consolidated statement of financial position were comprised of the following:

	June 30,		December 31,
	2024		2023
YPL(1)		30		1,798
Other equity method investments		200		232
Total equity method investments		230		2,030

(1) The balance as of June 30, 2024 represents undistributed cash from sale of remaining LSEG shares.

In May 2024, LSEG agreed to amend the terms of the contractual lock-up provisions previously agreed between LSEG and the Blackstone consortium/Thomson Reuters entities that hold the LSEG shares. The amended terms allowed the Company to sell its remaining LSEG shares that it indirectly owned through its direct investment in York Parent Limited and its subsidiaries (“YPL”) in the second quarter of 2024. YPL is an entity jointly owned by the Company and Blackstone’s consortium (comprised of The Blackstone Group and its subsidiaries, and private equity funds affiliated with Blackstone).

The investment in LSEG was subject to equity accounting because the LSEG shares were held through YPL, over which the Company had significant influence. As YPL owned only the financial investment in LSEG shares, which the parties intended to sell over time, and was not involved in operating LSEG, the investment in LSEG shares held by YPL was accounted for at fair value, based on the share price of LSEG. As the investment in LSEG was denominated in British pounds sterling, the Company entered into a series of foreign exchange contracts to mitigate currency risk on its investment. The Company settled its remaining foreign exchange contracts in conjunction with the May 2024 LSEG share sale (see note 11).

In the three months ended June 30, 2024, the Company sold 5.9 million shares of LSEG and received $0.6 billion of gross proceeds, net of a $33 million payment to settle its remaining foreign exchange contracts. In the six months ended June 30, 2024, the Company sold 16.0 million shares of LSEG including 2.6 million that were subject to call options, for $1.9 billion of gross proceeds, which included $24 million received from the settlement of foreign exchange contracts and $58 million from shares sold in 2023 that settled in 2024. Of this amount, $1.8 billion was received in the form of dividends from YPL.

In the three months ended June 30, 2023, the Company sold 15.6 million shares of LSEG that it indirectly owned for gross proceeds of $1.6 billion, which included $28 million from the settlement of foreign exchange contracts. In the six months ended June 30, 2023, the Company sold 40.1 million shares of LSEG that it indirectly owned for gross proceeds of $3.9 billion, which included $124 million from the settlement of foreign exchange contracts. Of this amount, $3.8 billion was received in the form of dividends from YPL.

These amounts were recorded as a reduction of the Company’s investment (except for the amounts related to the settlement of the foreign exchange contracts) and presented as investing activities in the consolidated statement of cash flow.

The Company’s share of post-tax earnings (losses) in equity method investments as reported in the consolidated income statement is comprised of the following:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
YPL		68		421		68		995
Other equity method investments		(7)		(2)		(15)		(6)
Total share of post-tax earnings in equity method investments		61		419		53		989

The Company’s share of post-tax earnings in its YPL investment was comprised of the following items:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
(Decrease) increase in LSEG share price		(36)		220		(86)		692
Foreign exchange gains (losses) on LSEG shares		3		113		(3)		278
Dividend income		6		45		6		45
Loss from forward contract		–		–		–		(77)
Gain from call options		–		–		22		–
Historical excluded equity adjustment(1)		95		43		129		57
YPL - Share of post-tax earnings in equity method investments		68		421		68		995

(1) Represents income from the recognition of the remaining cumulative impact of equity transactions that were excluded from the Company’s investment in YPL.

Set forth below is summarized financial information for 100% of YPL.

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Mark-to-market of LSEG shares		(136)		955		(394)		2,496
Dividend income		32		112		32		112
Loss from forward contract		–		–		–		(179)
Gain from call options		18		–		92		–
Net (loss) earnings		(86)		1,067		(270)		2,429
Total comprehensive (loss) income		(86)		1,067		(270)		2,429

See note 19 for related party transactions with YPL.

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Taxation

6 Months Ended

Jun. 30, 2024

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Taxation

Note 9: Taxation

Tax benefit was $402 million and $335 million for the three months and six months ended June 30, 2024, respectively, due to a $468 million benefit from the recognition of a deferred tax asset relating to new tax legislation enacted in Canada. The new legislation reduced the Company’s ability to deduct interest expense against its Canadian taxable income, thereby increasing Canadian taxable profits such that the Company now expects to utilize tax loss carryforwards and other tax attributes, which it had not previously recognized as a deferred tax asset.

In January 2024, the Company began recording tax expense associated with the “Pillar Two model rules” as published by the Organization for Economic Cooperation and Development and enacted by key jurisdictions in which the Company operates. These rules are designed to ensure large multinational enterprises within the scope of the rules pay a minimum level of tax in each jurisdiction where they operate. In general, the “Pillar Two model rules” apply a system of top-up taxes to bring the enterprise’s effective tax rate in each jurisdiction to a minimum of 15%. In the three and six months ended June 30, 2024, income tax benefit included $5 million and $7 million, respectively, of top-up tax expense which was attributable to the Company’s earnings in Switzerland.

Tax expense was $219 million for the three months ended June 30, 2023 and included $97 million of tax expense related to the Company’s earnings in equity method investments. Tax expense was $415 million in the six months ended June 30, 2023 and included $233 million of tax expense related to the Company’s earnings in equity method investments. Both periods in 2023 included $78 million of expense related to the sale of a majority stake in Elite, as well as $24 million of benefits from the settlement of a tax audit.

Additionally, the tax benefit or expense in each period reflected the mix of taxing jurisdictions in which pre-tax profits and losses were recognized. Because the geographical mix of pre-tax profits and losses in interim periods may be different from that for the full year, tax expense or benefit in interim periods is not necessarily indicative of the tax benefit or expense for the full year.

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Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings per share [abstract]

Earnings Per Share

Note 10: Earnings Per Share

Basic earnings per share was calculated by dividing earnings attributable to common shareholders less dividends declared on preference shares by the sum of the weighted-average number of common shares outstanding and vested deferred share units (“DSUs”) outstanding during the period. DSUs represent common shares that certain employees have elected to receive in the future upon vesting of share-based compensation awards or in lieu of cash compensation.

Diluted earnings per share was calculated using the denominator of the basic calculation described above adjusted to include the potentially dilutive effect of outstanding stock options and time-based restricted share units (“TRSUs”).

Earnings used in determining consolidated earnings per share and earnings per share from continuing operations are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Earnings attributable to common shareholders		841		894		1,322		1,650
Less: Dividends declared on preference shares		(2)		(2)		(3)		(3)
Earnings used in consolidated earnings per share		839		892		1,319		1,647
Less: Loss (earnings) from discontinued operations, net of tax		3		(5)		(11)		(24)
Earnings used in earnings per share from continuing operations		842		887		1,308		1,623

The weighted-average number of common shares outstanding, as well as a reconciliation of the weighted-average number of common shares outstanding used in the basic earnings per share computation to the weighted-average number of common shares outstanding used in the diluted earnings per share computation, is presented below:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Weighted-average number of common shares outstanding		450,225,673		469,605,944		451,105,234		471,344,081
Weighted-average number of vested DSUs		138,688		150,924		139,131		151,829
Basic		450,364,361		469,756,868		451,244,365		471,495,910
Effect of stock options and TRSUs		547,152		625,732		642,293		1,013,120
Diluted		450,911,513		470,382,600		451,886,658		472,509,030

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Financial Instruments

6 Months Ended

Jun. 30, 2024

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Financial Instruments

Note 11: Financial Instruments

Financial assets and liabilities

Financial assets and liabilities in the consolidated statement of financial position were as follows:

June 30, 2024	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total
Cash and cash equivalents		341		1,341		–		–		1,682
Trade and other receivables		1,093		–		–		–		1,093
Other financial assets - current		8		9		–		–		17
Other financial assets - non-current		14		257		117		31		419
Current indebtedness		(1,264)		–		–		–		(1,264)
Trade payables (see note 13)		(222)		–		–		–		(222)
Accruals (see note 13)		(654)		–		–		–		(654)
Other financial liabilities - current(1)		(65)		(23)		–		–		(88)
Long-term indebtedness		(1,846)		–		–		–		(1,846)
Other financial liabilities - non current(2)		(223)		(24)		–		–		(247)
Total		(2,818)		1,560		117		31		(1,110)
December 31, 2023	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total
Cash and cash equivalents		392		906		–		–		1,298
Trade and other receivables		1,122		–		–		–		1,122
Other financial assets - current		8		58		–		–		66
Other financial assets - non-current		18		263		98		65		444
Current indebtedness		(372)		–		–		–		(372)
Trade payables (see note 13)		(181)		–		–		–		(181)
Accruals (see note 13)		(798)		–		–		–		(798)
Other financial liabilities - current(1)(3)		(463)		(44)		–		–		(507)
Long-term indebtedness		(2,905)		–		–		–		(2,905)
Other financial liabilities - non current(2)		(227)		(10)		–		–		(237)
Total		(3,406)		1,173		98		65		(2,070)

(1) Includes lease liabilities of $58 million (2023 - $56 million).

(2) Includes lease liabilities of $207 million (2023 - $209 million).

(3) Included a commitment of up to $400 million related to the Company’s pre-defined plan with its broker to repurchase the Company’s shares during its internal trading blackout period (see note 15).

Cash and cash equivalents

Of total cash and cash equivalents, $100 million as of June 30, 2024 and December 31, 2023, respectively, were held in subsidiaries which have regulatory restrictions, contractual restrictions or operate in countries where exchange controls and other legal restrictions apply and were therefore not available for general use by the Company.

Commercial paper program

The Company’s $2.0 billion commercial paper program provides cost-effective and flexible short-term funding. There was no commercial paper outstanding as of June 30, 2024 (December 31, 2023 – $130 million).

Credit facility

The Company has a $2.0 billion syndicated credit facility agreement which matures in November 2027 and may be used to provide liquidity for general corporate purposes (including acquisitions or support for its commercial paper program). There were no outstanding borrowings under the credit facility as of June 30, 2024 and December 31, 2023. Based on the Company’s current credit ratings, the cost of borrowing under the facility is priced at the Term Secured Overnight Financing Rate (“SOFR”)/Euro Interbank Offered Rate (“EURiBOR”)/Simple Sterling Overnight Index Average (“SONIA”) plus 102.5 basis points. The Company has the option to request an increase, subject to approval by applicable lenders, in the lenders’ commitments in an aggregate amount of $600 million for a maximum credit facility commitment of $2.6 billion.

The Company guarantees borrowings by its subsidiaries under the credit facility. The Company must also maintain a ratio of net debt as defined in the credit agreement (total debt after swaps less cash and cash equivalents) as of the last day of each fiscal quarter to EBITDA as defined in the credit agreement (earnings before interest, income taxes, depreciation and amortization and other modifications described in the credit agreement) for the last four quarters ended of not more than 4.5:1. If the Company were to complete an acquisition with a purchase price of over $500 million, the Company may elect, subject to notification, to temporarily increase the ratio of net debt to EBITDA to 5.0:1 at the end of the quarter within which the transaction closed and for each of the three immediately following fiscal quarters. At the end of that period, the ratio would revert to 4.5:1. As of June 30, 2024, the Company complied with this covenant as its ratio of net debt to EBITDA, as calculated under the terms of its syndicated credit facility, was 0.5:1.

Foreign exchange contracts

The Company previously entered into foreign exchange contracts that were intended to reduce foreign currency risk related to a portion of its former indirect investment in LSEG, which was denominated in British pounds sterling. These instruments were not related to changes in the LSEG share price. In May 2024, the Company settled its remaining foreign exchange contracts in conjunction with the sale of its remaining shares in LSEG (see note 8).

In the three months ended June 30, 2024, the Company settled foreign exchange contracts with a notional amount of £300 million ($349 million) for net payments of $33 million in conjunction with the sale of 5.9 million LSEG shares. In the six months ended June 30, 2024, the Company settled foreign exchange contracts with a notional amount of £1.2 billion ($1.6 billion) for net proceeds of $24 million in conjunction with the sale of 16.0 million LSEG shares.

In the three months ended June 30, 2023, the Company settled foreign exchange contracts with a notional amount of £1.2 billion ($1.6 billion) for net proceeds of $28 million in conjunction with the sale of 15.3 million of LSEG shares. In the six months ended June 30, 2023, the Company settled foreign exchange contracts with a notional amount £2.2 billion ($2.9 billion) for net proceeds of $124 million in conjunction with the sale of 28.9 million LSEG shares.

In the three and six months ended June 30, 2024, losses of $3 million and $2 million (2023 – losses of $66 million and $135 million), respectively, were reported within “Other finance income (costs)” in the consolidated income statement (see note 7) with respect to these foreign exchange contracts due to fluctuations in the U.S. dollar – British pounds sterling exchange rate.

Fair Value

The fair values of cash and cash equivalents, trade and other receivables, trade payables and accruals approximate their carrying amounts because of the short-term maturity of these instruments. The fair value of long-term debt and related derivative instruments is set forth below.

Debt and Related Derivative Instruments

Carrying Amounts

Amounts recorded in the consolidated statement of financial position are referred to as “carrying amounts”. The carrying amounts of primary debt are reflected in “Current indebtedness” or “Long-term indebtedness” and the carrying amounts of derivative instruments are included in “Other financial assets” and “Other financial liabilities”, current or non-current, in the consolidated statement of financial position, as appropriate.

Fair Value

The fair value of debt is estimated based on either quoted market prices for similar issues or current rates offered to the Company for debt of the same maturity. The fair value of interest rate swaps is estimated based upon discounted cash flows using applicable current market rates and considering non-performance risk.

The following is a summary of debt and related derivative instruments that hedge the cash flows of debt:

	Carrying Amount				Fair Value
June 30, 2024	Primary Debt Instruments		Derivative Instruments (Asset)		Primary Debt Instruments		Derivative Instruments (Asset)
C$1,400, 2.239% Notes, due 2025		1,022		(31)		999		(31)
$450, 3.85% Notes, due 2024(1)		242		–		241		–
$500, 3.35% Notes, due 2026		499		–		482		–
$350, 4.50% Notes, due 2043(1)		116		–		92		–
$350, 5.65% Notes, due 2043		342		–		336		–
$400, 5.50% Debentures, due 2035		396		–		399		–
$500, 5.85% Debentures, due 2040		493		–		499		–
Total		3,110		(31)		3,048		(31)
Current portion		1,264		(31)
Long-term portion		1,846		–

	Carrying Amount				Fair Value
December 31, 2023	Primary Debt Instruments		Derivative Instruments (Asset)		Primary Debt Instruments		Derivative Instruments (Asset)
Commercial paper		130		–		130		–
C$1,400, 2.239% Notes, due 2025		1,060		(65)		1,026		(65)
$450, 3.85% Notes, due 2024(1)		242		–		239		–
$500, 3.35% Notes, due 2026		499		–		482		–
$350, 4.50% Notes, due 2043(1)		116		–		95		–
$350, 5.65% Notes, due 2043		342		–		346		–
$400, 5.50% Debentures, due 2035		396		–		415		–
$500, 5.85% Debentures, due 2040		492		–		519		–
Total		3,277		(65)		3,252		(65)
Current portion		372		–
Long-term portion		2,905		(65)

(1) Notes were partially redeemed in October 2018.

 Fair value estimation

The following fair value measurement hierarchy is used for financial instruments that are measured in the consolidated statement of financial position at fair value:

●  Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;

●  Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices); and

●  Level 3 - inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The levels used to determine fair value measurements for those instruments carried at fair value in the consolidated statement of financial position are as follows:

June 30, 2024				Total
Assets	Level 1	Level 2	Level 3		Balance
Money market accounts	–	1,341	–		1,341
Other receivables(1)	–	–	266		266
Financial assets at fair value through earnings	–	1,341	266		1,607
Financial assets at fair value through other comprehensive income(2)	36	–	81		117
Derivatives used for hedging(3)	–	31	–		31
Total assets	36	1,372	347		1,755
Liabilities
Contingent consideration(4)	–	–	(47)		(47)
Financial liabilities at fair value through earnings	–	–	(47)		(47)
Total liabilities	–	–	(47)		(47)

December 31, 2023				Total
Assets	Level 1	Level 2	Level 3		Balance
Money market accounts	–	906	–		906
Other receivables(1)	–	–	263		263
Foreign exchange contracts(5)	–	58	–		58
Financial assets at fair value through earnings	–	964	263		1,227
Financial assets at fair value through other comprehensive income(2)	33	–	65		98
Derivatives used for hedging(3)	–	65	–		65
Total assets	33	1,029	328		1,390
Liabilities
Foreign exchange contracts(5)	–	(32)	–		(32)
Contingent consideration(4)	–	–	(22)		(22)
Financial liabilities at fair value through earnings	–	(32)	(22)		(54)
Total liabilities	–	(32)	(22)		(54)

(1) Receivables under indemnification arrangement (see note 18).

(2) Investments in entities over which the Company does not have control, joint control or significant influence.

(3) Comprised of fixed-to-fixed cross-currency swaps on indebtedness.

(4) Obligations to pay additional consideration for prior acquisitions, based upon performance measures contractually agreed at the time of purchase, and to purchase shares from minority owners of a subsidiary.

(5) Related to the management of foreign exchange risk on a portion of the Company’s former indirect investment in LSEG.

The Company recognizes transfers into and out of the fair value measurement hierarchy levels at the end of the reporting period in which the event or change in circumstances that caused the transfer occurred. There were no transfers between hierarchy levels for the six months ended June 30, 2024.

Valuation Techniques

The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Specific valuation techniques used to value financial instruments include:

●  Quoted market prices or dealer quotes for similar instruments;

●  The fair value of cross-currency interest rate swaps and foreign exchange contracts are calculated as the present value of the estimated future cash flows based on observable yield curves;

●  The fair value of other receivables considers estimated future cash flows, current market interest rates and non-performance risk; and

●  The fair value of contingent consideration is calculated based on estimates of future revenue performance.

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Other Non-Current Assets

6 Months Ended

Jun. 30, 2024

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Other Non-Current Assets

Note 12: Other Non-Current Assets

	June 30,		December 31,
	2024		2023
Net defined benefit plan surpluses		41		45
Cash surrender value of life insurance policies		363		354
Deferred commissions		100		108
Other non-current assets(1)		116		111
Total other non-current assets		620		618

(1) Includes a tax receivable from HM Revenue & Customs (“HMRC”) of $90 million and $91 million as of June 30, 2024 and December 31, 2023, respectively (see note 18).

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Payables, Accruals and Provisions

6 Months Ended

Jun. 30, 2024

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Payables, Accruals and Provisions

Note 13: Payables, Accruals and Provisions

	June 30,		December 31,
	2024		2023
Trade payables		222		181
Accruals		654		798
Provisions		98		92
Other current liabilities		53		43
Total payables, accruals and provisions		1,027		1,114

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Provisions and Other Non-Current Liabilities

6 Months Ended

Jun. 30, 2024

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Provisions and Other Non-Current Liabilities

Note 14: Provisions and Other Non-Current Liabilities

	June 30,		December 31,
	2024		2023
Net defined benefit plan obligations		524		535
Deferred compensation and employee incentives		75		74
Provisions		73		71
Other non-current liabilities		6		12
Total provisions and other non-current liabilities		678		692

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Capital

6 Months Ended

Jun. 30, 2024

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Capital

Note 15: Capital

Share repurchases – Normal Course Issuer Bid (“NCIB”)

The Company buys back shares (and subsequently cancels them) from time to time as part of its capital strategy. On November 1, 2023, the Company announced that it planned to repurchase up to $1.0 billion of its common shares. In May 2024, the Company completed this plan. Share repurchases are typically executed under a NCIB. Shares were repurchased for the buyback program under a renewed NCIB, which was approved by the TSX and effective on November 1, 2023. Under the renewed NCIB, up to 10 million common shares may be repurchased between November 3, 2023 and November 2, 2024. The Company may repurchase common shares in open market transactions on the TSX, the NYSE and/or other exchanges and alternative trading systems, if eligible, or by such other means as may be permitted by the TSX and/or NYSE or under applicable law, including private agreement purchases or share purchase program agreement purchases if the Company receives, if applicable, an issuer bid exemption order in the future from applicable securities regulatory authorities in Canada for such purchases. The price that the Company will pay for common shares in open market transactions will be the market price at the time of purchase or such other price as may be permitted by the TSX.

Details of share repurchases were as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Share repurchases (millions of U.S. dollars)		287		–		639		718
Shares repurchased (number in millions)		1.8		–		4.1		6.0
Share repurchases - average price per share in U.S. dollars	$	161.32		–	$	156.92	$	120.10

Decisions regarding any future repurchases will depend on certain factors, such as market conditions, share price, and other opportunities to invest capital for growth. The Company may elect to suspend or discontinue share repurchases at any time, in accordance with applicable laws. From time to time when the Company does not possess material nonpublic information about itself or its securities, it may enter into a pre-defined plan with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans entered into with the Company’s broker will be adopted in accordance with applicable Canadian securities laws and the requirements of Rule 10b5-1 under the U.S. Securities Exchange Act of 1934, as amended. The Company entered into such a plan with its broker on December 28, 2023. As a result, the Company recorded a $400 million liability in “Other financial liabilities” within current liabilities as of December 31, 2023 with a corresponding amount recorded in equity in the consolidated statement of financial position. This liability was settled through the purchase of shares in 2024.

Dividends

Dividends on common shares are declared in U.S. dollars. In the consolidated statement of cash flow, dividends paid on common shares are shown net of amounts reinvested in the Company under its dividend reinvestment plan.

Details of dividends declared per common share and dividends paid on common shares are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Dividends declared per common share	$	0.54	$	0.49	$	1.08	$	0.98
Dividends declared		243		230		487		462
Dividends reinvested		(8)		–		(15)		(8)
Dividends paid		235		230		472		454

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Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2024

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Supplemental Cash Flow Information

Note 16: Supplemental Cash Flow Information

Details of “Other” within the net cash provided by operating activities section in the consolidated statement of cash flow are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Non-cash employee benefit charges		36		37		70		75
Net (gains) losses on foreign exchange and derivative financial instruments		(2)		102		(25)		193
Fair value adjustments (see note 5)		(6)		1		(8)		5
Other		42		6		80		4
		70		146		117		277

Details of “Changes in working capital and other items” are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Trade and other receivables		(57)		(59)		44		31
Prepaid expenses and other current assets		(14)		10		(11)		34
Payables, accruals and provisions		87		21		(187)		(349)
Deferred revenue		96		99		20		52
Income taxes(1)		94		185		214		426
Other		(17)		(16)		(34)		(34)
		189		240		46		160

(1) All periods include current tax liabilities that were recorded on the sale of LSEG shares (see note 8), for which the tax payments are included in investing activities.

Details of income taxes paid are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Operating activities - continuing operations		(49)		(25)		(146)		(107)
Investing activities - continuing operations		(121)		(252)		(137)		(270)
Investing activities - discontinued operations		–		(1)		–		(1)
Total income taxes paid		(170)		(278)		(283)		(378)

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Acquisitions

6 Months Ended

Jun. 30, 2024

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Acquisitions

Note 17: Acquisitions

Acquisitions comprise the purchase of all the equity interests of the businesses acquired. Acquisitions are integrated into existing operations of the Company to broaden its offerings to customers as well as its presence in global markets. The results of acquired businesses are included in the consolidated financial statements from the date of acquisition. Acquisitions also include and investments in businesses in which the Company does not have a controlling interest, as well as the acquisition of assets.

Acquisition activity

The number of acquisitions completed, and the related consideration for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three months ended June 30,				Six months ended June 30,
Number of transactions	2024		2023		2024		2023
Businesses acquired		–		–		2		1
Investments in businesses		2		4		4		5
Asset acquisitions		1		–		1		–
		3		4		7		6

	Three months ended June 30,				Six months ended June 30,
Total consideration	2024		2023		2024		2023
Businesses acquired(1)		–		–		450		513
Less: Cash acquired		–		–		(24)		(25)
Businesses acquired, net of cash		–		–		426		488
Investments in businesses		3		33		9		35
Asset acquisitions		15		–		15		–
Deferred and contingent consideration payments		1		–		5		–
		19		33		455		523

(1) In the three months ended June 30, 2024, the Company purchased the remaining shares of Pagero from non-controlling interests.

The following provides a brief description of the most significant acquisitions completed in the six months ended June 30, 2024 and 2023:

Date	Company	Acquiring Segments	Description
January 2024	Pagero Group AB (publ) (“Pagero”)	Corporates	A global leader in e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network.
January 2024	World Business Media Limited	Reuters News	A cross-platform, subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry.
January 2023	SurePrep LLC	Corporates and Tax & Accounting Professionals	A provider of tax automation software and services.

The details of net assets acquired were as follows:

					June 30,		June 30,
					2024		2023
	Pagero		Other		Total		SurePrep
Cash and cash equivalents		22		2		24		25
Trade receivables		25		3		28		8
Prepaid expenses and other current assets		6		–		6		3
Current assets		53		5		58		36
Property and equipment		9		–		9		2
Computer software		288		–		288		180
Other identifiable intangible assets		35		19		54		13
Other non-current assets		4		–		4		1
Total assets		389		24		413		232
Payables and accruals		(44)		(1)		(45)		(5)
Current taxes payable		(4)		(1)		(5)		–
Deferred revenue		(14)		(5)		(19)		(47)
Other financial liabilities		(2)		(6)		(8)		–
Current liabilities		(64)		(13)		(77)		(52)
Long-term indebtedness		(48)		–		(48)		–
Provisions and other non-current liabilities		(3)		–		(3)		(1)
Other financial liabilities		(14)		(11)		(25)		–
Deferred tax		(38)		(5)		(43)		(9)
Total liabilities		(167)		(29)		(196)		(62)
Net assets acquired		222		(5)		217		170
Goodwill		575		46		621		343
Non-controlling interests		(388)		–		(388)		–
Total		409		41		450		513
Businesses acquired, net of cash		387		39		426		488

The excess of the purchase price over the net assets acquired was recorded as goodwill and reflects synergies and the value of the acquired workforce. Relative to the acquisitions completed in the six months ended June 30, 2024, the majority of goodwill is not expected to be deductible for tax purposes. For the acquisition completed in the six months ended June 30, 2023, the majority of goodwill is expected to be deductible for tax purposes.

Purchase price allocation

Purchase price allocations related to certain acquisitions may be subject to adjustment pending completion of final valuations.

In the three months ended June 30, 2024, the Company recorded measurement period adjustments for its Pagero acquisition, which primarily included a decrease to computer software and other identifiable intangible assets of $14 million and $7 million, respectively, and an increase to goodwill of $18 million.

Pagero

In January 2024, the Company acquired a controlling interest in Pagero through a public tender offer. Subsequently, the Company purchased the remaining interests from the non-controlling shareholders. As of June 30, 2024, the Company owns 100% of Pagero.

The non-controlling interest was measured at fair value, based on the tender offer price of SEK 50 per share, on the date of acquisition and recorded as part of equity. After the date of acquisition, the non-controlling interest was adjusted for its proportionate share of changes in equity. After the Company gained control of Pagero, purchases of the remaining shares from the non-controlling interests reduced equity and were presented in financing activities within the consolidated statement of cash flow.

Other

The revenues and operating profit of acquired businesses were not material to the Company’s results of operations.

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Contingencies

6 Months Ended

Jun. 30, 2024

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Contingencies

Note 18: Contingencies

Lawsuits and legal claims

The Company is engaged in various legal proceedings, claims, audits and investigations that have arisen in the ordinary course of business. These matters include, but are not limited to, employment matters, commercial matters, privacy and data protection matters, defamation matters and intellectual property infringement matters. The outcome of all the matters against the Company is subject to future resolution, including uncertainties of litigation. Litigation outcomes are difficult to predict with certainty due to various factors, including but not limited to: the preliminary nature of some claims; uncertain damage theories and demands; an incomplete factual record; uncertainty concerning legal theories and procedures and their resolution by the courts, at both trial and appellate levels; and the unpredictable nature of opposing parties. Based on information currently known to the Company and after consultation with outside legal counsel, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial condition taken as a whole.

Uncertain tax positions

The Company is subject to taxation in numerous jurisdictions and is routinely under audit by many different taxing authorities in the ordinary course of business. There are many transactions and calculations during the course of business for which the ultimate tax determination is uncertain, as taxing authorities may challenge some of the Company’s positions and propose adjustments or changes to its tax filings.

As a result, the Company maintains provisions for uncertain tax positions that it believes appropriately reflect its risk. These provisions are made using the Company’s best estimates of the amount expected to be paid based on a qualitative assessment of all relevant factors. When appropriate, the Company performs an expected value calculation to determine its provisions. The Company reviews the adequacy of these provisions at the end of each reporting period and adjusts them based on changing facts and circumstances. Due to the uncertainty associated with tax audits, it is possible that at some future date, liabilities resulting from such audits or related litigation could vary significantly from the Company’s provisions. However, based on currently enacted legislation, information currently known by the Company and after consultation with outside tax advisors, management believes that the ultimate resolution of any such matters, individually or in the aggregate, will not have a material adverse impact on the Company’s financial condition taken as a whole.

Prior to December 31, 2023, the Company paid $430 million of tax as required under notices of assessment issued by the U.K. tax authority, HM Revenue & Customs (“HMRC”), under the Diverted Profits Tax (“DPT”) regime that collectively related to the 2015, 2016, 2017 and 2018 taxation years of certain of its current and former U.K. affiliates. The Company does not believe these current and former U.K. affiliates fall within the scope of the DPT regime. Because the Company believes its position is supported by the weight of law, it intends to vigorously defend its position and will continue contesting these assessments through all available administrative and judicial remedies. As the assessments largely relate to businesses that the Company has sold, the majority are subject to indemnity arrangements under which the Company has been required to pay additional taxes to HMRC or the indemnity counterparty.

The Company does not believe that the resolution of these matters will have a material adverse effect on its financial condition taken as a whole. Payments made by the Company are not a reflection of its view on the merits of the case. As the Company expects to receive refunds of substantially all of the aggregate of amounts paid pursuant to these notices of assessment, it expects to continue recording substantially all of these payments as non-current receivables from HMRC or the indemnity counterparty, in its financial statements.

Guarantees

The Company has an investment in 3XSQ Associates, an entity jointly owned by a subsidiary of the Company and Rudin Times Square Associates LLC (“Rudin”), that owns and operates the 3 Times Square office building (“the building”) in New York, New York. In June 2022, 3XSQ Associates obtained a $415 million, 3-year term loan facility to refinance existing debt, fund the building’s redevelopment, and cover interest and operating costs during the redevelopment period. The building is pledged as loan collateral. Thomson Reuters and Rudin each guarantee 50% of (i) certain principal loan amounts and (ii) interest and operating costs. Thomson Reuters and Rudin also jointly and severally guarantee (i) completion of commenced works and (ii) lender losses arising from disallowed acts, environmental or otherwise. To minimize economic exposure to 50% for the joint and several obligations, Thomson Reuters and a parent entity of Rudin entered into a cross-indemnification arrangement. The Company believes the value of the building is expected to be sufficient to cover obligations that could arise from the guarantees. The guarantees do not impact the Company’s ability to borrow funds under its $2.0 billion syndicated credit facility or the related covenant calculation.

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Related Party Transactions

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Related Party Transactions

Note 19: Related Party Transactions

As of June 30, 2024, the Company’s principal shareholder, Woodbridge, beneficially owned approximately 70% of the Company’s common shares.

Transactions with YPL

In the six months ended June 30, 2024, the Company received $1.8 billion of dividends from YPL related to the sale of the Company’s remaining indirectly owned LSEG shares. See note 8 for further details about these transactions.

Except for the above transactions, there were no new significant related party transactions during the first six months of 2024. Refer to “Related party transactions” disclosed in note 32 of the Company’s consolidated financial statements for the year ended December 31, 2023, which are included in the Company’s 2023 annual report, for information regarding related party transactions.

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Business Description and Basis of Preparation (Policies)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

General business description

General business description

Thomson Reuters Corporation (the “Company” or “Thomson Reuters”) is an Ontario, Canada corporation with common shares listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) and Series II preference shares listed on the TSX. The Company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news.

These unaudited interim consolidated financial statements (“interim financial statements”) were approved by the Audit Committee of the Board of Directors of the Company on July 31, 2024.

Basis of preparation

Basis of preparation

The interim financial statements were prepared using the same accounting policies and methods as those used in the Company’s consolidated financial statements for the year ended December 31, 2023. The interim financial statements comply with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”). Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), have been omitted or condensed.

The preparation of financial statements in accordance with IAS 34 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving more judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements have been disclosed in note 2 of the consolidated financial statements for the year ended December 31, 2023.

The Company continues to operate in an uncertain macroeconomic environment, reflecting ongoing geopolitical risk, uneven economic growth, and an evolving interest rate and inflationary backdrop, among other factors. While the Company is closely monitoring these conditions to assess potential impacts on its businesses, some of management’s estimates and judgments may be more variable and may change materially in the future due to the significant uncertainty created by these circumstances.

The accompanying interim financial statements include all adjustments, composed of normal recurring adjustments, considered necessary by management to fairly state the Company’s results of operations, financial position and cash flows. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. These interim financial statements should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2023, which are included in the Company’s 2023 annual report.

References to “$” are to U.S. dollars, references to “C$” are to Canadian dollars, references to “£” are to British pounds sterling and references to SEK are to Swedish Krona.

Recent accounting pronouncements

Recent accounting pronouncements

IAS 21, The Effect of Changes in Foreign Exchange Rates

In August 2023, the IASB issued amendments to IAS 21, which provide guidance on the determination of an exchange rate to translate transactions and financial statements denominated or presented in a currency that is not exchangeable into another currency. The amendments are effective for reporting periods beginning January 1, 2025. The Company is assessing the impact of these amendments on its financial statements.

IFRS 18, Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, which will replace IAS 1, Presentation of Financial Statements, and is effective for reporting periods beginning January 1, 2027. IFRS 18 will change the presentation of the Company’s financial statements and add new disclosure requirements. Specifically, the new standard requires:

●  The consolidated income statement to be structured according to operating, investing and financing categories, and include additional subtotals for “Operating Profit” and “Profit Before Financing and Income Taxes”;

●  Management-defined performance measurements (“MPM’s”), which represent certain of the Company’s non-IFRS measures, to be identified, defined, and have an explanation why each one is useful. Each MPM must be reconciled to the most directly comparable IFRS subtotal. All disclosures related to MPM’s must be disclosed in a single footnote within the consolidated financial statements; and

●  The application of enhanced guidance related to the grouping of financial information associated with amounts presented within the financial statements, otherwise known as aggregation or disaggregation.

The Company is assessing the impact of IFRS 18 on its disclosures.

Amendments to IAS 7, Statement of Cash Flows

The amendments were issued to align the presentation of the statement of cash flows, as prepared under the indirect method, to the changes prescribed to the income statement under IFRS 18.

Both IFRS 18 and the amendments to IAS 7 are disclosure related and do not impact the Company’s results of operations, financial condition, or cash flows.

Amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financial Instruments

In May 2024, the IASB issued amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures. The amendments introduce:

●  An election permitting derecognition of financial liabilities that are settled through an electronic payment system before the actual settlement date, if certain conditions are met; and

●  Expanded disclosures for (a) investments in equity instruments and (b) financial liabilities that have features unrelated to basic lending risks, such as achieving sustainability targets, that could affect the cash flows of those liabilities.

The amendments are effective for reporting periods beginning on January 1, 2026. The Company is assessing the impact of the amendments on its financial statements and its disclosures.

Other pronouncements issued by the IASB and International Financial Reporting Interpretations Committee (“IFRIC”) are not applicable or consequential to the Company.

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Revenues (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Summary of Revenues by Type and Geography

The following tables disaggregate revenues by type and geography and reconcile them to reportable segments (see note 3).

Revenues by type	Legal								Tax & Accounting								Global				Eliminations/
Three months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Recurring		702		667		382		340		179		167		164		155		–		–		(7)		(6)		1,420		1,323
Transactions		25		38		60		52		71		62		41		39		–		–		–		–		197		191
Global Print		–		–		–		–		–		–		–		–		123		133		–		–		123		133
Total		727		705		442		392		250		229		205		194		123		133		(7)		(6)		1,740		1,647
Revenues by type	Legal								Tax & Accounting								Global				Eliminations/
Six months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Recurring		1,400		1,339		752		666		378		343		328		310		–		–		(12)		(12)		2,846		2,646
Transactions		48		80		197		161		200		168		87		59		–		–		–		–		532		468
Global Print		–		–		–		–		–		–		–		–		247		271		–		–		247		271
Total		1,448		1,419		949		827		578		511		415		369		247		271		(12)		(12)		3,625		3,385

Revenues by geography (country of destination)	Legal								Tax & Accounting								Global				Eliminations/
Three months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
U.S.		585		570		338		315		185		169		50		44		96		99		(7)		(6)		1,247		1,191
Canada (country of domicile)		26		20		3		4		12		11		2		2		10		17		–		–		53		54
Other		8		8		23		19		39		36		2		2		3		3		–		–		75		68
Americas (North America, Latin America, South America)		619		598		364		338		236		216		54		48		109		119		(7)		(6)		1,375		1,313
U.K.		67		62		37		29		7		8		107		103		7		8		–		–		225		210
Other		11		16		28		13		2		–		31		30		2		2		–		–		74		61
EMEA (Europe, Middle East and Africa)		78		78		65		42		9		8		138		133		9		10		–		–		299		271
Asia Pacific		30		29		13		12		5		5		13		13		5		4		–		–		66		63
Total		727		705		442		392		250		229		205		194		123		133		(7)		(6)		1,740		1,647
Revenues by geography (country of destination)	Legal								Tax & Accounting								Global				Eliminations/
Six months ended	Professionals				Corporates				Professionals				Reuters News				Print				Rounding				Total
June 30,	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
U.S.		1,171		1,153		729		666		450		396		112		74		191		204		(12)		(12)		2,641		2,481
Canada (country of domicile)		49		40		8		8		25		23		3		3		20		30		–		–		105		104
Other		15		15		49		38		77		69		4		4		6		7		–		–		151		133
Americas (North America, Latin America, South America)		1,235		1,208		786		712		552		488		119		81		217		241		(12)		(12)		2,897		2,718
U.K.		133		130		71		58		14		13		212		205		16		16		–		–		446		422
Other		21		25		63		30		3		–		59		57		3		3		–		–		149		115
EMEA (Europe, Middle East and Africa)		154		155		134		88		17		13		271		262		19		19		–		–		595		537
Asia Pacific		59		56		29		27		9		10		25		26		11		11		–		–		133		130
Total		1,448		1,419		949		827		578		511		415		369		247		271		(12)		(12)		3,625		3,385

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Revenues and Adjusted EBITDA by Segment

The Company also reports “Corporate costs”, which includes expenses for corporate functions and does not qualify as a reportable segment.

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Revenues
Legal Professionals		727		705		1,448		1,419
Corporates		442		392		949		827
Tax & Accounting Professionals		250		229		578		511
Reuters News		205		194		415		369
Global Print		123		133		247		271
Eliminations/Rounding		(7)		(6)		(12)		(12)
Revenues		1,740		1,647		3,625		3,385
Adjusted EBITDA
Legal Professionals		327		345		669		663
Corporates		163		163		356		317
Tax & Accounting Professionals		91		89		272		238
Reuters News		51		45		111		74
Global Print		43		53		90		103
Total reportable segments adjusted EBITDA		675		695		1,498		1,395
Corporate costs		(29)		(33)		(46)		(56)
Fair value adjustments(1)		4		(5)		2		(18)
Depreciation		(29)		(29)		(57)		(59)
Amortization of computer software		(154)		(127)		(307)		(245)
Amortization of other identifiable intangible assets		(23)		(23)		(48)		(48)
Other operating (losses) gains, net		(29)		347		(70)		364
Operating profit		415		825		972		1,333
Net interest expense		(36)		(34)		(76)		(89)
Other finance income (costs)		2		(102)		24		(192)
Share of post-tax earnings in equity method investments		61		419		53		989
Tax benefit (expense)		402		(219)		335		(415)
Earnings from continuing operations		844		889		1,308		1,626

(1) Includes acquired deferred revenue of $2 million (2023 – $4 million) and $6 million (2023 – $13 million) in the three and six months ended June 30, 2024, respectively.

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Operating Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Components of Operating Expenses

The components of operating expenses include the following:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Salaries, commissions and allowances		601		565		1,171		1,152
Share-based payments		23		18		42		43
Post-employment benefits		31		28		62		57
Total staff costs		655		611		1,275		1,252
Goods and services(1)		353		295		726		637
Content		69		64		140		133
Telecommunications		10		9		19		19
Facilities		9		10		19		18
Fair value adjustments(2)		(6)		1		(8)		5
Total operating expenses		1,090		990		2,171		2,064

(1) Goods and services include professional fees, consulting and outsourcing services, contractors, selling and marketing, and other general and administrative costs.

(2) Fair value adjustments primarily represent gains or losses on intercompany balances that arise in the ordinary course of business due to changes in foreign currency exchange rates.

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Finance Costs, Net (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Components of Finance Costs, Net, Include Interest Expense (Income)

The components of finance costs, net, include interest expense (income) and other finance costs (income) as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Interest expense:
Debt		36		49		76		101
Derivative financial instruments – hedging activities		–		(1)		–		(1)
Other, net		7		4		9		9
Fair value losses (gains) on cash flow hedges, transfer from equity		12		(23)		39		(25)
Net foreign exchange (gains) losses on debt		(12)		23		(39)		25
Net interest expense – debt and other		43		52		85		109
Net interest expense – leases		4		2		7		4
Net interest expense – pension and other post-employment benefit plans		6		6		12		12
Interest income		(17)		(26)		(28)		(36)
Net interest expense		36		34		76		89

Components of Finance Costs, Net, Include Other Finance Costs (Income)

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Net (gains) losses due to changes in foreign currency exchange rates		(5)		36		(31)		59
Net losses on derivative instruments		3		66		2		135
Other		–		–		5		(2)
Other finance (income) costs		(2)		102		(24)		192

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Equity Method Investments (Tables)

6 Months Ended

Jun. 30, 2024

Investments accounted for using equity method [abstract]

Summary of Equity Method Investments Reported in Consolidated Statement of Financial Position

Equity method investments in the consolidated statement of financial position were comprised of the following:

	June 30,		December 31,
	2024		2023
YPL(1)		30		1,798
Other equity method investments		200		232
Total equity method investments		230		2,030

(1) The balance as of June 30, 2024 represents undistributed cash from sale of remaining LSEG shares.

Share of Post-tax Earnings (Losses) in Equity Method Investments Reported in Consolidated Income Statement

The Company’s share of post-tax earnings (losses) in equity method investments as reported in the consolidated income statement is comprised of the following:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
YPL		68		421		68		995
Other equity method investments		(7)		(2)		(15)		(6)
Total share of post-tax earnings in equity method investments		61		419		53		989

Disclosure of Detailed Information of Post Tax Earnings in its YPL Investment

The Company’s share of post-tax earnings in its YPL investment was comprised of the following items:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
(Decrease) increase in LSEG share price		(36)		220		(86)		692
Foreign exchange gains (losses) on LSEG shares		3		113		(3)		278
Dividend income		6		45		6		45
Loss from forward contract		–		–		–		(77)
Gain from call options		–		–		22		–
Historical excluded equity adjustment(1)		95		43		129		57
YPL - Share of post-tax earnings in equity method investments		68		421		68		995

(1) Represents income from the recognition of the remaining cumulative impact of equity transactions that were excluded from the Company’s investment in YPL.

Summary Financial Information

Set forth below is summarized financial information for 100% of YPL.

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Mark-to-market of LSEG shares		(136)		955		(394)		2,496
Dividend income		32		112		32		112
Loss from forward contract		–		–		–		(179)
Gain from call options		18		–		92		–
Net (loss) earnings		(86)		1,067		(270)		2,429
Total comprehensive (loss) income		(86)		1,067		(270)		2,429

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Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings per share [abstract]

Reconciliation of Earnings Used for Earnings per Share Calculations

Earnings used in determining consolidated earnings per share and earnings per share from continuing operations are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Earnings attributable to common shareholders		841		894		1,322		1,650
Less: Dividends declared on preference shares		(2)		(2)		(3)		(3)
Earnings used in consolidated earnings per share		839		892		1,319		1,647
Less: Loss (earnings) from discontinued operations, net of tax		3		(5)		(11)		(24)
Earnings used in earnings per share from continuing operations		842		887		1,308		1,623

Weighted Average Common Shares

The weighted-average number of common shares outstanding, as well as a reconciliation of the weighted-average number of common shares outstanding used in the basic earnings per share computation to the weighted-average number of common shares outstanding used in the diluted earnings per share computation, is presented below:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Weighted-average number of common shares outstanding		450,225,673		469,605,944		451,105,234		471,344,081
Weighted-average number of vested DSUs		138,688		150,924		139,131		151,829
Basic		450,364,361		469,756,868		451,244,365		471,495,910
Effect of stock options and TRSUs		547,152		625,732		642,293		1,013,120
Diluted		450,911,513		470,382,600		451,886,658		472,509,030

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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Summary of Financial Assets and Liabilities

Financial assets and liabilities in the consolidated statement of financial position were as follows:

June 30, 2024	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total
Cash and cash equivalents		341		1,341		–		–		1,682
Trade and other receivables		1,093		–		–		–		1,093
Other financial assets - current		8		9		–		–		17
Other financial assets - non-current		14		257		117		31		419
Current indebtedness		(1,264)		–		–		–		(1,264)
Trade payables (see note 13)		(222)		–		–		–		(222)
Accruals (see note 13)		(654)		–		–		–		(654)
Other financial liabilities - current(1)		(65)		(23)		–		–		(88)
Long-term indebtedness		(1,846)		–		–		–		(1,846)
Other financial liabilities - non current(2)		(223)		(24)		–		–		(247)
Total		(2,818)		1,560		117		31		(1,110)
December 31, 2023	Assets/ (Liabilities) at Amortized Cost		Assets/ (Liabilities) at Fair Value through Earnings		Assets at Fair Value through Other Comprehensive Income or Loss		Derivatives Used for Hedging		Total
Cash and cash equivalents		392		906		–		–		1,298
Trade and other receivables		1,122		–		–		–		1,122
Other financial assets - current		8		58		–		–		66
Other financial assets - non-current		18		263		98		65		444
Current indebtedness		(372)		–		–		–		(372)
Trade payables (see note 13)		(181)		–		–		–		(181)
Accruals (see note 13)		(798)		–		–		–		(798)
Other financial liabilities - current(1)(3)		(463)		(44)		–		–		(507)
Long-term indebtedness		(2,905)		–		–		–		(2,905)
Other financial liabilities - non current(2)		(227)		(10)		–		–		(237)
Total		(3,406)		1,173		98		65		(2,070)

(1) Includes lease liabilities of $58 million (2023 - $56 million).

(2) Includes lease liabilities of $207 million (2023 - $209 million).

(3) Included a commitment of up to $400 million related to the Company’s pre-defined plan with its broker to repurchase the Company’s shares during its internal trading blackout period (see note 15).

Summary of Debt and Related Derivative Instruments

The following is a summary of debt and related derivative instruments that hedge the cash flows of debt:

	Carrying Amount				Fair Value
June 30, 2024	Primary Debt Instruments		Derivative Instruments (Asset)		Primary Debt Instruments		Derivative Instruments (Asset)
C$1,400, 2.239% Notes, due 2025		1,022		(31)		999		(31)
$450, 3.85% Notes, due 2024(1)		242		–		241		–
$500, 3.35% Notes, due 2026		499		–		482		–
$350, 4.50% Notes, due 2043(1)		116		–		92		–
$350, 5.65% Notes, due 2043		342		–		336		–
$400, 5.50% Debentures, due 2035		396		–		399		–
$500, 5.85% Debentures, due 2040		493		–		499		–
Total		3,110		(31)		3,048		(31)
Current portion		1,264		(31)
Long-term portion		1,846		–

	Carrying Amount				Fair Value
December 31, 2023	Primary Debt Instruments		Derivative Instruments (Asset)		Primary Debt Instruments		Derivative Instruments (Asset)
Commercial paper		130		–		130		–
C$1,400, 2.239% Notes, due 2025		1,060		(65)		1,026		(65)
$450, 3.85% Notes, due 2024(1)		242		–		239		–
$500, 3.35% Notes, due 2026		499		–		482		–
$350, 4.50% Notes, due 2043(1)		116		–		95		–
$350, 5.65% Notes, due 2043		342		–		346		–
$400, 5.50% Debentures, due 2035		396		–		415		–
$500, 5.85% Debentures, due 2040		492		–		519		–
Total		3,277		(65)		3,252		(65)
Current portion		372		–
Long-term portion		2,905		(65)

(1) Notes were partially redeemed in October 2018.

Fair Value Hierarchy

The levels used to determine fair value measurements for those instruments carried at fair value in the consolidated statement of financial position are as follows:

June 30, 2024				Total
Assets	Level 1	Level 2	Level 3		Balance
Money market accounts	–	1,341	–		1,341
Other receivables(1)	–	–	266		266
Financial assets at fair value through earnings	–	1,341	266		1,607
Financial assets at fair value through other comprehensive income(2)	36	–	81		117
Derivatives used for hedging(3)	–	31	–		31
Total assets	36	1,372	347		1,755
Liabilities
Contingent consideration(4)	–	–	(47)		(47)
Financial liabilities at fair value through earnings	–	–	(47)		(47)
Total liabilities	–	–	(47)		(47)

December 31, 2023				Total
Assets	Level 1	Level 2	Level 3		Balance
Money market accounts	–	906	–		906
Other receivables(1)	–	–	263		263
Foreign exchange contracts(5)	–	58	–		58
Financial assets at fair value through earnings	–	964	263		1,227
Financial assets at fair value through other comprehensive income(2)	33	–	65		98
Derivatives used for hedging(3)	–	65	–		65
Total assets	33	1,029	328		1,390
Liabilities
Foreign exchange contracts(5)	–	(32)	–		(32)
Contingent consideration(4)	–	–	(22)		(22)
Financial liabilities at fair value through earnings	–	(32)	(22)		(54)
Total liabilities	–	(32)	(22)		(54)

(1) Receivables under indemnification arrangement (see note 18).

(2) Investments in entities over which the Company does not have control, joint control or significant influence.

(3) Comprised of fixed-to-fixed cross-currency swaps on indebtedness.

(4) Obligations to pay additional consideration for prior acquisitions, based upon performance measures contractually agreed at the time of purchase, and to purchase shares from minority owners of a subsidiary.

(5) Related to the management of foreign exchange risk on a portion of the Company’s former indirect investment in LSEG.

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Other Non-Current Assets (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Summary of Other Non-Current Assets

	June 30,		December 31,
	2024		2023
Net defined benefit plan surpluses		41		45
Cash surrender value of life insurance policies		363		354
Deferred commissions		100		108
Other non-current assets(1)		116		111
Total other non-current assets		620		618

(1) Includes a tax receivable from HM Revenue & Customs (“HMRC”) of $90 million and $91 million as of June 30, 2024 and December 31, 2023, respectively (see note 18).

XML

Payables, Accruals and Provisions (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Schedule of Payables, Accruals and Provisions

 

	June 30,		December 31,
	2024		2023
Trade payables		222		181
Accruals		654		798
Provisions		98		92
Other current liabilities		53		43
Total payables, accruals and provisions		1,027		1,114

XML

Provisions and Other Non-Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Summary of Provisions and Other Non-Current Liabilities

	June 30,		December 31,
	2024		2023
Net defined benefit plan obligations		524		535
Deferred compensation and employee incentives		75		74
Provisions		73		71
Other non-current liabilities		6		12
Total provisions and other non-current liabilities		678		692

XML

Capital (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Details of NCIB Share Repurchases

Details of share repurchases were as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Share repurchases (millions of U.S. dollars)		287		–		639		718
Shares repurchased (number in millions)		1.8		–		4.1		6.0
Share repurchases - average price per share in U.S. dollars	$	161.32		–	$	156.92	$	120.10

Summary of Dividend Declared and Paid

Details of dividends declared per common share and dividends paid on common shares are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Dividends declared per common share	$	0.54	$	0.49	$	1.08	$	0.98
Dividends declared		243		230		487		462
Dividends reinvested		(8)		–		(15)		(8)
Dividends paid		235		230		472		454

XML

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Details of Other in the Consolidated Statement of Cash Flow

Details of “Other” within the net cash provided by operating activities section in the consolidated statement of cash flow are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Non-cash employee benefit charges		36		37		70		75
Net (gains) losses on foreign exchange and derivative financial instruments		(2)		102		(25)		193
Fair value adjustments (see note 5)		(6)		1		(8)		5
Other		42		6		80		4
		70		146		117		277

Details of Changes in Working Capital and Other Items

Details of “Changes in working capital and other items” are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Trade and other receivables		(57)		(59)		44		31
Prepaid expenses and other current assets		(14)		10		(11)		34
Payables, accruals and provisions		87		21		(187)		(349)
Deferred revenue		96		99		20		52
Income taxes(1)		94		185		214		426
Other		(17)		(16)		(34)		(34)
		189		240		46		160

(1) All periods include current tax liabilities that were recorded on the sale of LSEG shares (see note 8), for which the tax payments are included in investing activities.

Details of Income Taxes Paid

Details of income taxes paid are as follows:

	Three months ended June 30,				Six months ended June 30,
	2024		2023		2024		2023
Operating activities - continuing operations		(49)		(25)		(146)		(107)
Investing activities - continuing operations		(121)		(252)		(137)		(270)
Investing activities - discontinued operations		–		(1)		–		(1)
Total income taxes paid		(170)		(278)		(283)		(378)

XML

Acquisitions (Tables)

6 Months Ended

Jun. 30, 2024

Text block [abstract]

Summary of Acquisition Activity

The number of acquisitions completed, and the related consideration for the three and six months ended June 30, 2024 and 2023 were as follows:

	Three months ended June 30,				Six months ended June 30,
Number of transactions	2024		2023		2024		2023
Businesses acquired		–		–		2		1
Investments in businesses		2		4		4		5
Asset acquisitions		1		–		1		–
		3		4		7		6

	Three months ended June 30,				Six months ended June 30,
Total consideration	2024		2023		2024		2023
Businesses acquired(1)		–		–		450		513
Less: Cash acquired		–		–		(24)		(25)
Businesses acquired, net of cash		–		–		426		488
Investments in businesses		3		33		9		35
Asset acquisitions		15		–		15		–
Deferred and contingent consideration payments		1		–		5		–
		19		33		455		523

(1) In the three months ended June 30, 2024, the Company purchased the remaining shares of Pagero from non-controlling interests.

Summary of Brief Description of the Most Significant Acquisition

The following provides a brief description of the most significant acquisitions completed in the six months ended June 30, 2024 and 2023:

Date	Company	Acquiring Segments	Description
January 2024	Pagero Group AB (publ) (“Pagero”)	Corporates	A global leader in e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network.
January 2024	World Business Media Limited	Reuters News	A cross-platform, subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry.
January 2023	SurePrep LLC	Corporates and Tax & Accounting Professionals	A provider of tax automation software and services.

Summary of Net Assets Acquired

The details of net assets acquired were as follows:

					June 30,		June 30,
					2024		2023
	Pagero		Other		Total		SurePrep
Cash and cash equivalents		22		2		24		25
Trade receivables		25		3		28		8
Prepaid expenses and other current assets		6		–		6		3
Current assets		53		5		58		36
Property and equipment		9		–		9		2
Computer software		288		–		288		180
Other identifiable intangible assets		35		19		54		13
Other non-current assets		4		–		4		1
Total assets		389		24		413		232
Payables and accruals		(44)		(1)		(45)		(5)
Current taxes payable		(4)		(1)		(5)		–
Deferred revenue		(14)		(5)		(19)		(47)
Other financial liabilities		(2)		(6)		(8)		–
Current liabilities		(64)		(13)		(77)		(52)
Long-term indebtedness		(48)		–		(48)		–
Provisions and other non-current liabilities		(3)		–		(3)		(1)
Other financial liabilities		(14)		(11)		(25)		–
Deferred tax		(38)		(5)		(43)		(9)
Total liabilities		(167)		(29)		(196)		(62)
Net assets acquired		222		(5)		217		170
Goodwill		575		46		621		343
Non-controlling interests		(388)		–		(388)		–
Total		409		41		450		513
Businesses acquired, net of cash		387		39		426		488

XML

Revenues - Summary of Revenues by Type (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	$ 1,740	$ 1,647	$ 3,625	$ 3,385
Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	1,740	1,647	3,625	3,385
Recurring [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	1,420	1,323	2,846	2,646
Transactions [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	197	191	532	468
Global Print [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	123	133	247	271
Legal Professionals [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	727	705	1,448	1,419
Legal Professionals [member] | Recurring [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	702	667	1,400	1,339
Legal Professionals [member] | Transactions [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	25	38	48	80
Legal Professionals [member] | Global Print [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	0		0
Corporates [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	442	392	949	827
Corporates [member] | Recurring [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	382	340	752	666
Corporates [member] | Transactions [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	60	52	197	161
Corporates [member] | Global Print [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	0		0
Tax & Accounting Professionals [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	250	229	578	511
Tax & Accounting Professionals [member] | Recurring [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	179	167	378	343
Tax & Accounting Professionals [member] | Transactions [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	71	62	200	168
Tax & Accounting Professionals [member] | Global Print [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	0		0
Reuters News [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	205	194	415	369
Reuters News [member] | Recurring [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	164	155	328	310
Reuters News [member] | Transactions [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	41	39	87	59
Reuters News [member] | Global Print [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	0		0
Global Print [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	123	133	247	271
Global Print [member] | Recurring [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	0		0
Global Print [member] | Transactions [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	0		0
Global Print [member] | Global Print [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	123	133	247	271
Eliminations/ Rounding [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	(7)	(6)	(12)	(12)
Eliminations/ Rounding [member] | Recurring [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	(7)	$ (6)	(12)	$ (12)
Eliminations/ Rounding [member] | Transactions [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	0		0
Eliminations/ Rounding [member] | Global Print [member] | Operating segments [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenues	$ 0		$ 0

XML

Revenues - Summary of Geographical Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of geographical areas [line items]
Revenues	$ 1,740	$ 1,647	$ 3,625	$ 3,385
Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	1,740	1,647	3,625	3,385
U.S. [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	1,247	1,191	2,641	2,481
Canada [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	53	54	105	104
Other [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	75	68	151	133
Americas [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	1,375	1,313	2,897	2,718
U.K. [Member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	225	210	446	422
Other Countries [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	74	61	149	115
EMEA [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	299	271	595	537
Asia Pacific [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	66	63	133	130
Legal Professionals [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	727	705	1,448	1,419
Legal Professionals [member] | U.S. [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	585	570	1,171	1,153
Legal Professionals [member] | Canada [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	26	20	49	40
Legal Professionals [member] | Other [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	8	8	15	15
Legal Professionals [member] | Americas [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	619	598	1,235	1,208
Legal Professionals [member] | U.K. [Member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	67	62	133	130
Legal Professionals [member] | Other Countries [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	11	16	21	25
Legal Professionals [member] | EMEA [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	78	78	154	155
Legal Professionals [member] | Asia Pacific [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	30	29	59	56
Corporates [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	442	392	949	827
Corporates [member] | U.S. [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	338	315	729	666
Corporates [member] | Canada [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	3	4	8	8
Corporates [member] | Other [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	23	19	49	38
Corporates [member] | Americas [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	364	338	786	712
Corporates [member] | U.K. [Member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	37	29	71	58
Corporates [member] | Other Countries [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	28	13	63	30
Corporates [member] | EMEA [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	65	42	134	88
Corporates [member] | Asia Pacific [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	13	12	29	27
Tax & Accounting Professionals [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	250	229	578	511
Tax & Accounting Professionals [member] | U.S. [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	185	169	450	396
Tax & Accounting Professionals [member] | Canada [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	12	11	25	23
Tax & Accounting Professionals [member] | Other [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	39	36	77	69
Tax & Accounting Professionals [member] | Americas [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	236	216	552	488
Tax & Accounting Professionals [member] | U.K. [Member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	7	8	14	13
Tax & Accounting Professionals [member] | Other Countries [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	2		3
Tax & Accounting Professionals [member] | EMEA [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	9	8	17	13
Tax & Accounting Professionals [member] | Asia Pacific [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	5	5	9	10
Reuters News [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	205	194	415	369
Reuters News [member] | U.S. [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	50	44	112	74
Reuters News [member] | Canada [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	2	2	3	3
Reuters News [member] | Other [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	2	2	4	4
Reuters News [member] | Americas [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	54	48	119	81
Reuters News [member] | U.K. [Member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	107	103	212	205
Reuters News [member] | Other Countries [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	31	30	59	57
Reuters News [member] | EMEA [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	138	133	271	262
Reuters News [member] | Asia Pacific [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	13	13	25	26
Global Print [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	123	133	247	271
Global Print [member] | U.S. [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	96	99	191	204
Global Print [member] | Canada [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	10	17	20	30
Global Print [member] | Other [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	3	3	6	7
Global Print [member] | Americas [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	109	119	217	241
Global Print [member] | U.K. [Member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	7	8	16	16
Global Print [member] | Other Countries [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	2	2	3	3
Global Print [member] | EMEA [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	9	10	19	19
Global Print [member] | Asia Pacific [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	5	4	11	11
Eliminations/ Rounding [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	(7)	(6)	(12)	(12)
Eliminations/ Rounding [member] | U.S. [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	(7)	(6)	(12)	(12)
Eliminations/ Rounding [member] | Canada [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	0		0
Eliminations/ Rounding [member] | Other [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	0		0
Eliminations/ Rounding [member] | Americas [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	(7)	$ (6)	(12)	$ (12)
Eliminations/ Rounding [member] | U.K. [Member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	0		0
Eliminations/ Rounding [member] | Other Countries [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	0		0
Eliminations/ Rounding [member] | EMEA [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	0		0
Eliminations/ Rounding [member] | Asia Pacific [member] | Operating segments [member]
Disclosure of geographical areas [line items]
Revenues	$ 0		$ 0

XML

Segment Information - Revenues and Adjusted EBITDA by Segment (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of operating segments [Line Items]
Revenues		$ 1,740	$ 1,647	$ 3,625	$ 3,385
Reportable segments adjusted EBITDA		675	695	1,498	1,395
Corporate costs		(29)	(33)	(46)	(56)
Fair value adjustments	[1]	4	(5)	2	(18)
Depreciation		(29)	(29)	(57)	(59)
Other operating (losses) gains, net		(29)	347	(70)	364
Operating profit		415	825	972	1,333
Net interest expense		(36)	(34)	(76)	(89)
Other finance income (costs)		2	(102)	24	(192)
Share of post-tax earnings in equity method investments		61	419	53	989
Tax benefit (expense)		402	(219)	335	(415)
Earnings from continuing operations		844	889	1,308	1,626
Operating segments [member] | Legal Professionals [member]
Disclosure of operating segments [Line Items]
Revenues		727	705	1,448	1,419
Reportable segments adjusted EBITDA		327	345	669	663
Operating segments [member] | Corporates [member]
Disclosure of operating segments [Line Items]
Revenues		442	392	949	827
Reportable segments adjusted EBITDA		163	163	356	317
Operating segments [member] | Tax & Accounting Professionals [member]
Disclosure of operating segments [Line Items]
Revenues		250	229	578	511
Reportable segments adjusted EBITDA		91	89	272	238
Operating segments [member] | Reuters News [member]
Disclosure of operating segments [Line Items]
Revenues		205	194	415	369
Reportable segments adjusted EBITDA		51	45	111	74
Operating segments [member] | Global Print [member]
Disclosure of operating segments [Line Items]
Revenues		123	133	247	271
Reportable segments adjusted EBITDA		43	53	90	103
Operating segments [member] | Eliminations/Rounding [member]
Disclosure of operating segments [Line Items]
Revenues		(7)	(6)	(12)	(12)
Computer software [member]
Disclosure of operating segments [Line Items]
Amortization		(154)	(127)	(307)	(245)
Other identifiable intangible assets [member]
Disclosure of operating segments [Line Items]
Amortization		$ (23)	$ (23)	$ (48)	$ (48)

[1] Includes acquired deferred revenue of $2 million (2023 – $4 million) and $6 million (2023 – $13 million) in the three and six months ended June 30, 2024, respectively.

XML

Segment Information - Revenues and Adjusted EBITDA by Segment (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of operating segments [abstract]
Acquired deferred revenue	$ 2	$ 4	$ 6	$ 13

XML

Segment Information - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of operating segments [line items]
Revenue	$ 1,740	$ 1,647	$ 3,625	$ 3,385
Elimination of intersegment amounts [member]
Disclosure of operating segments [line items]
Revenue	$ 7	$ 6	$ 12	$ 12

XML

Operating Expenses - Components of Operating Expenses (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Expenses 1 [abstract]
Salaries, commissions and allowances		$ 601	$ 565	$ 1,171	$ 1,152
Share-based payments		23	18	42	43
Post-employment benefits		31	28	62	57
Total staff costs		655	611	1,275	1,252
Goods and services	[1]	353	295	726	637
Content		69	64	140	133
Telecommunications		10	9	19	19
Facilities		9	10	19	18
Fair value adjustments	[2]	(6)	1	(8)	5
Total operating expenses		$ 1,090	$ 990	$ 2,171	$ 2,064

[1] Goods and services include professional fees, consulting and outsourcing services, contractors, selling and marketing, and other general and administrative costs.

[2] Fair value adjustments primarily represent gains or losses on intercompany balances that arise in the ordinary course of business due to changes in foreign currency exchange rates.

XML

Other Operating (Losses) Gains, Net - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of Other Operating Gains [Line Items]
Other operating losses net	$ 29		$ 70
Other operating gains, net	$ (29)	$ 347	$ (70)	$ 364
Other subsidiaries [member]
Disclosure of Other Operating Gains [Line Items]
Gains on disposals of subsidiary				23
Elite Business [Member]
Disclosure of Other Operating Gains [Line Items]
Gains on disposals of subsidiary		$ 347		$ 347

XML

Finance Costs, Net - Components of Finance Costs, Net, Include Interest Expense (Income) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Interest expense:
Debt	$ 36	$ 49	$ 76	$ 101
Derivative financial instruments – hedging activities	0	(1)	0	(1)
Other, net	7	4	9	9
Fair value gains on financial instruments:
Fair value losses (gains) on cash flow hedges, transfer from equity	12	(23)	39	(25)
Net foreign exchange (gains) losses on debt	(12)	23	(39)	25
Net interest expense – debt and other	43	52	85	109
Net interest expense – leases	4	2	7	4
Net interest expense – pension and other post-employment benefit plans	6	6	12	12
Interest income	(17)	(26)	(28)	(36)
Net interest expense	$ 36	$ 34	$ 76	$ 89

XML

Finance Costs, Net - Components of Finance Costs, Net, Include Other Finance Costs (Income) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Material income and expense [abstract]
Net (gains) losses due to changes in foreign currency exchange rates	$ (5)	$ 36	$ (31)	$ 59
Net losses on derivative instruments	3	66	2	135
Other	0	0	5	(2)
Other finance (income) costs	$ (2)	$ 102	$ (24)	$ 192

XML

Equity Method Investments - Summary of Equity Method Investments Reported in Consolidated Statement of Financial Position (Detail) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Disclosure of associates [line items]
Total equity method investments		$ 230	$ 2,030
YPL [Member]
Disclosure of associates [line items]
Total equity method investments	[1]	30	1,798
Other equity method investments [member]
Disclosure of associates [line items]
Total equity method investments		$ 200	$ 232

[1] The balance as of June 30, 2024 represents undistributed cash from sale of remaining LSEG shares.

XML

Equity Method Investments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of associates [line items]
Proceeds from sales of investments accounted for using equity method	$ 610	$ 1,583	$ 1,854	$ 3,876
Proceeds from (payment to) settlement of foreign exchange contracts	$ (33)	$ 28	$ 24	$ 124
Shares in the investee company disposed during the period	5,900,000	15,600,000	16,000,000	40,100,000
LSEG [Member] | Call Options [Member]
Disclosure of associates [line items]
Number of shares repurchased during period			2,600,000
York Parent Limited [Member]
Disclosure of associates [line items]
Dividends received from associates, classified as investing activities			$ 1,800	$ 3,800
Proceeds from shares sold in the prior year			$ 58

XML

Equity Method Investments - Share of Post-tax (Losses) Earnings in Equity Method Investments Reported in Consolidated Income Statement (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of associates [line items]
Total share of post-tax earnings in equity method investments	$ 61	$ 419	$ 53	$ 989
YPL [Member]
Disclosure of associates [line items]
Total share of post-tax earnings in equity method investments	68	421	68	995
Other equity method investments [member]
Disclosure of associates [line items]
Total share of post-tax earnings in equity method investments	$ (7)	$ (2)	$ (15)	$ (6)

XML

Equity Method Investments - Summary of Share of Post-Tax Earnings in its YPL Investment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of associates [line items]
Loss from forward contract	$ (3)	$ (66)	$ (2)	$ (135)
YPL (formerly RHL) [member]
Disclosure of associates [line items]
(Decrease) increase in LSEG share price	(36)	220	(86)	692
Foreign exchange gains (losses) on LSEG shares	3	113	(3)	278
Dividend income	6	45	6	45
Loss from forward contract	0	0	0	(77)
Gain from call options	0	0	22	0
Historical excluded equity adjustment	95	43	129	57
YPL - Share of post-tax earnings in equity method investments	$ 68	$ 421	$ 68	$ 995

XML

Equity Method Investments - Summary Financial Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement [Line Items]
Net (loss) earnings	$ 841	$ 894	$ 1,319	$ 1,650
Total comprehensive (loss) income	824	988	1,254	1,813
YPL [Member]
Statement [Line Items]
Mark-to-market of LSEG shares	(136)	955	(394)	2,496
Dividend income	32	112	32	112
Loss from forward contract	0	0	0	(179)
Gain from call options	18	0	92	0
Net (loss) earnings	(86)	1,067	(270)	2,429
Total comprehensive (loss) income	$ (86)	$ 1,067	$ (270)	$ 2,429

XML

Taxation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Income Taxes [Line Items]
Tax expense (benefit)	$ (402)	$ 219	$ (335)	$ 415
Switzerland [member]
Disclosure Of Income Taxes [Line Items]
Tax expense (benefit)	5		7
Canada [member] | New Legislation [Member]
Disclosure Of Income Taxes [Line Items]
Deferred tax expense income relating to rate changes or imposition of new taxes			$ 468
Organization For Economic Cooperation And Development [Member]
Disclosure Of Income Taxes [Line Items]
Minimum tax rate percentage as per top up taxes			15.00%
Tax Audit Settlement [Member]
Disclosure Of Income Taxes [Line Items]
Current tax expense	(24)		$ (24)
Elite [Member]
Disclosure Of Income Taxes [Line Items]
Current tax expense	$ 78		$ 78
Investments accounted for using equity method [member]
Disclosure Of Income Taxes [Line Items]
Tax expense (benefit)		$ 97		$ 233

XML

Earnings Per Share - Reconciliation of Earnings Used for Earnings per Share Calculations (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings per share [abstract]
Earnings attributable to common shareholders	$ 841	$ 894	$ 1,322	$ 1,650
Less: Dividends declared on preference shares	(2)	(2)	(3)	(3)
Earnings used in consolidated earnings per share	839	892	1,319	1,647
Less: Loss (earnings) from discontinued operations, net of tax	3	(5)	(11)	(24)
Earnings used in earnings per share from continuing operations	$ 842	$ 887	$ 1,308	$ 1,623

XML

Earnings Per Share - Weighted Average Common Shares (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract]
Weighted-average number of common shares outstanding	450,225,673	469,605,944	451,105,234	471,344,081
Weighted-average number of vested DSUs	138,688	150,924	139,131	151,829
Basic	450,364,361	469,756,868	451,244,365	471,495,910
Effect of stock options and TRSUs	547,152	625,732	642,293	1,013,120
Diluted	450,911,513	470,382,600	451,886,658	472,509,030

XML

Financial Instruments - Additional Information (Detail) £ in Millions, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 GBP (£) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 GBP (£) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2024 GBP (£) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2023 GBP (£) shares	Dec. 31, 2023 USD ($)
Disclosure of detailed information about financial instruments [Line Items]
Restricted cash and cash equivalents	$ 100				$ 100				$ 100
Purchase price	500				500
Foreign exchange gains	(3)		$ (66)		(2)		$ (135)
Proceeds from (payment to) settlement of foreign exchange contracts	(33)		28		24		124
Other finance income [member]
Disclosure of detailed information about financial instruments [Line Items]
Foreign exchange gains	$ (3)		(66)		$ (2)		(135)
Scenario Forecast one [Member]
Disclosure of detailed information about financial instruments [Line Items]
Required ratio of net debt to ebitda	5				5
Foreign Exchange Contracts Settlement [Member]
Disclosure of detailed information about financial instruments [Line Items]
Foreign exchange contracts settlement notional amount	$ 349	£ 300	$ 1,600	£ 1,200	$ 1,600	£ 1,200	$ 2,900	£ 2,200
Foreign Exchange Contracts Settlement [Member] | LSEG [Member]
Disclosure of detailed information about financial instruments [Line Items]
Number of shares sold that relate to company ownership | shares	5.9	5.9	15.3	15.3	16.0	16.0	28.9	28.9
Proceeds from (payment to) settlement of foreign exchange contracts	$ (33)		$ 28		$ 24		$ 124
Commercial paper [member]
Disclosure of detailed information about financial instruments [Line Items]
Commercial paper programs	2,000				2,000
Borrowings	0				0				130
Amended Credit Facility Maturities In December Two Thousand Twenty Seven [Member]
Disclosure of detailed information about financial instruments [Line Items]
Gross loan commitments	2,000				$ 2,000
Maturity date					November 2027	November 2027
Borrowings	0				$ 0				$ 0
Maximum Credit Facility Agreement	$ 2,600				$ 2,600
Required ratio of net debt to ebitda	0.5				0.5
Additional commitment from lenders					$ 600
Top of range [member] | Amended Credit Facility Maturities In December Two Thousand Twenty Seven [Member]
Disclosure of detailed information about financial instruments [Line Items]
Required ratio of net debt to ebitda	4.5				4.5

XML

Financial Instruments - Summary of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions		Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023		Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Disclosure of Financial Assets and Liabilities [Line Items]
Cash and cash equivalents		$ 1,682	$ 1,901	$ 1,298		$ 2,858	$ 1,690	$ 1,069
Trade and other receivables		1,093		1,122
Other financial assets - current		17		66
Other financial assets - non-current		419		444
Current indebtedness		(1,264)		(372)
Trade payables		(222)		(181)
Accruals		(654)		(798)
Other financial liabilities - current	[1]	(88)		(507)	[2]
Long-term indebtedness		(1,846)		(2,905)
Other financial liabilities - non current	[3]	(247)		(237)
Total		(1,110)		(2,070)
Assets liabilities at amortized cost [member]
Disclosure of Financial Assets and Liabilities [Line Items]
Cash and cash equivalents		341		392
Trade and other receivables		1,093		1,122
Other financial assets - current		8		8
Other financial assets - non-current		14		18
Current indebtedness		(1,264)		(372)
Trade payables		(222)		(181)
Accruals		(654)		(798)
Other financial liabilities - current	[1]	(65)		(463)	[2]
Long-term indebtedness		(1,846)		(2,905)
Other financial liabilities - non current	[3]	(223)		(227)
Total		(2,818)		(3,406)
Assets/ (liabilities) at fair value through earnings [member]
Disclosure of Financial Assets and Liabilities [Line Items]
Cash and cash equivalents		1,341		906
Trade and other receivables		0		0
Other financial assets - current		9		58
Other financial assets - non-current		257		263
Current indebtedness		0		0
Trade payables		0		0
Accruals		0		0
Other financial liabilities - current	[1]	(23)		(44)	[2]
Long-term indebtedness		0		0
Other financial liabilities - non current	[3]	(24)		(10)
Total		1,560		1,173
Assets at Fair Value through Other Comprehensive Income [member]
Disclosure of Financial Assets and Liabilities [Line Items]
Cash and cash equivalents		0		0
Trade and other receivables		0		0
Other financial assets - current		0		0
Other financial assets - non-current		117		98
Current indebtedness		0		0
Trade payables		0		0
Accruals		0		0
Other financial liabilities - current	[1]	0		0	[2]
Long-term indebtedness		0		0
Other financial liabilities - non current	[3]	0		0
Total		117		98
Derivatives used for hedging [member]
Disclosure of Financial Assets and Liabilities [Line Items]
Cash and cash equivalents		0		0
Trade and other receivables		0		0
Other financial assets - current		0		0
Other financial assets - non-current		31		65
Current indebtedness		0		0
Trade payables		0		0
Accruals		0		0
Other financial liabilities - current	[1]	0		0	[2]
Long-term indebtedness		0		0
Other financial liabilities - non current	[3]	0		0
Total		$ 31		$ 65

[1] Includes lease liabilities of $58 million (2023 - $56 million).

[2] Included a commitment of up to $400 million related to the Company’s pre-defined plan with its broker to repurchase the Company’s shares during its internal trading blackout period (see note 15).

[3] Includes lease liabilities of $207 million (2023 - $209 million).

XML

Financial Instruments - Summary of Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Disclosure Of Share Capital [Line Items]
Current lease liabilities		$ 58	$ 56
Non-current lease liabilities		207	209
Other financial liabilities	[1]	$ 88	507	[2]
Share Repurchase Program [Member]
Disclosure Of Share Capital [Line Items]
Other financial liabilities			$ 400

[1] Includes lease liabilities of $58 million (2023 - $56 million).

[2] Included a commitment of up to $400 million related to the Company’s pre-defined plan with its broker to repurchase the Company’s shares during its internal trading blackout period (see note 15).

XML

Financial Instruments - Summary of Debt and Related Derivative Instruments (Detail) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		$ (31)	$ (65)
Long-term portion		1,846	2,905
Derivative instrument liability, current portion		(31)
Derivative instrument Asset, Long-term portion		0	(65)
At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		(31)	(65)
2.239% Notes, due 2025 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		(31)	(65)
2.239% Notes, due 2025 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		(31)	(65)
3.85% Notes, Due 2024 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets	[1]	0
3.85% Notes, Due 2024 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets	[1]	0
3.35% notes, due 2026 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		0
3.35% notes, due 2026 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		0
4.50% Notes, Due 2043 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets	[1]	0
4.50% Notes, Due 2043 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets	[1]	0
5.65% notes, due 2043 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		0
5.65% notes, due 2043 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		0
5.50% debentures, due 2035 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		0
5.50% debentures, due 2035 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		0
5.85% debentures, due 2040 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		0
5.85% debentures, due 2040 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Derivative financial assets		0
Primary debt instruments [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		3,110	3,277
Current portion		1,264	372
Long-term portion		1,846	2,905
Primary debt instruments [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		3,048	3,252
Primary debt instruments [member] | 2.239% Notes, due 2025 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		1,022	1,060
Primary debt instruments [member] | 2.239% Notes, due 2025 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		999	1,026
Primary debt instruments [member] | 3.85% Notes, Due 2024 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings	[1]	242	242
Primary debt instruments [member] | 3.85% Notes, Due 2024 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings	[1]	241	239
Primary debt instruments [member] | 3.35% notes, due 2026 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		499	499
Primary debt instruments [member] | 3.35% notes, due 2026 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		482	482
Primary debt instruments [member] | 4.50% Notes, Due 2043 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings	[1]	116	116
Primary debt instruments [member] | 4.50% Notes, Due 2043 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings	[1]	92	95
Primary debt instruments [member] | 5.65% notes, due 2043 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		342	342
Primary debt instruments [member] | 5.65% notes, due 2043 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		336	346
Primary debt instruments [member] | 5.50% debentures, due 2035 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		396	396
Primary debt instruments [member] | 5.50% debentures, due 2035 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		399	415
Primary debt instruments [member] | 5.85% debentures, due 2040 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		493	492
Primary debt instruments [member] | 5.85% debentures, due 2040 [member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings		$ 499	519
Primary debt instruments [member] | Commercial Paper [Member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings			130
Primary debt instruments [member] | Commercial Paper [Member] | At fair value [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Borrowings			$ 130

[1] Notes were partially redeemed in October 2018.

XML

Financial Instruments - Summary of Debt and Related Derivative Instruments (Parenthetical) (Detail) $ in Millions, $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 CAD ($)	Dec. 31, 2023 CAD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
2.239% Notes, due 2025 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Debt instrument, principal amount	$ 1,400	$ 1,400
Debt instrument, interest rate	2.239%	2.239%	2.239%	2.239%
Debt instrument, maturity year	2025	2025
Debt instrument, original currency	USD	USD
3.85% Notes, Due 2024 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Debt instrument, principal amount			$ 450	$ 450
Debt instrument, interest rate	3.85%	3.85%	3.85%	3.85%
Debt instrument, maturity year	2024	2024
Debt instrument, original currency	USD	USD
3.35% notes, due 2026 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Debt instrument, principal amount			$ 500	$ 500
Debt instrument, interest rate	3.35%	3.35%	3.35%	3.35%
Debt instrument, maturity year	2026	2026
Debt instrument, original currency	USD	USD
4.50% Notes, Due 2043 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Debt instrument, principal amount			$ 350	$ 350
Debt instrument, interest rate	4.50%	4.50%	4.50%	4.50%
Debt instrument, maturity year	2043	2043
Debt instrument, original currency	USD	USD
5.65% notes, due 2043 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Debt instrument, principal amount			$ 350	$ 350
Debt instrument, interest rate	5.65%	5.65%	5.65%	5.65%
Debt instrument, maturity year	2043	2043
Debt instrument, original currency	USD	USD
5.50% debentures, due 2035 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Debt instrument, principal amount			$ 400	$ 400
Debt instrument, interest rate	5.50%	5.50%	5.50%	5.50%
Debt instrument, maturity year	2035	2035
Debt instrument, original currency	USD	USD
5.85% debentures, due 2040 [member]
Disclosure of Summary of Debt and Related Derivative Instruments [Line Items]
Debt instrument, principal amount			$ 500	$ 500
Debt instrument, interest rate	5.85%	5.85%	5.85%	5.85%
Debt instrument, maturity year	2040	2040
Debt instrument, original currency	USD	USD

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Financial Instruments - Summary of Fair Value Measurements Carried at Fair Value in the Consolidated Statement of Financial Position (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Money market accounts	$ 1,341	$ 906
Other receivables	266	263
Foreign exchange contracts		58
Financial assets at fair value through earnings	1,607	1,227
Financial assets at fair value through other comprehensive income	117	98
Derivatives used for hedging	31	65
Total assets	1,755	1,390
Liabilities
Foreign exchange contracts		(32)
Contingent consideration	(47)	(22)
Financial liabilities at fair value through earnings	(47)	(54)
Total liabilities	(47)	(54)
Level 1 [member]
Assets
Money market accounts	0
Other receivables	0
Financial assets at fair value through earnings	0
Financial assets at fair value through other comprehensive income	36	33
Derivatives used for hedging	0
Total assets	36	33
Liabilities
Contingent consideration	0
Financial liabilities at fair value through earnings	0
Total liabilities	0
Level 2 [member]
Assets
Money market accounts	1,341	906
Other receivables	0
Foreign exchange contracts		58
Financial assets at fair value through earnings	1,341	964
Financial assets at fair value through other comprehensive income	0
Derivatives used for hedging	31	65
Total assets	1,372	1,029
Liabilities
Foreign exchange contracts		(32)
Contingent consideration	0
Financial liabilities at fair value through earnings	0	(32)
Total liabilities	0	(32)
Level 3 [member]
Assets
Money market accounts	0
Other receivables	266	263
Financial assets at fair value through earnings	266	263
Financial assets at fair value through other comprehensive income	81	65
Derivatives used for hedging	0
Total assets	347	328
Liabilities
Contingent consideration	(47)	(22)
Financial liabilities at fair value through earnings	(47)	(22)
Total liabilities	$ (47)	$ (22)

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Other Non-Current Assets - Summary of Other Non-Current Assets (Detail) - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Other Noncurrent Assets [abstract]
Net defined benefit plan surpluses		$ 41	$ 45
Cash surrender value of life insurance policies		363	354
Deferred commissions		100	108
Other non-current assets	[1]	116	111
Total other non-current assets		$ 620	$ 618

[1] Includes a tax receivable from HM Revenue & Customs (“HMRC”) of $90 million and $91 million as of June 30, 2024 and December 31, 2023, respectively (see note 18).

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Other Non-Current Assets - Summary of Other Non-Current Assets (Parenthetical) (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
HM Revenue And Customs [Member]
Disclosure Of Other Non-current Assets Table [line items]
Tax receivable	$ 90	$ 91

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Payables, Accruals and Provisions - Schedule of Payables, Accruals and Provisions (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disclosure Of Payables Accruals And Provisions [abstract]
Trade payables	$ 222	$ 181
Accruals	654	798
Provisions	98	92
Other current liabilities	53	43
Total payables, accruals and provisions	$ 1,027	$ 1,114

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Provisions and Other Non-Current Liabilities - Summary of Provisions and Other Non-Current Liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disclosure of other provisions [abstract]
Net defined benefit plan obligations	$ 524	$ 535
Deferred compensation and employee incentives	75	74
Provisions	73	71
Other non-current liabilities	6	12
Total provisions and other non-current liabilities	$ 678	$ 692

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Capital - Details of Share Repurchases (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure of share repurchases [abstract]
Share repurchases	$ 287	$ 0	$ 639	$ 718
Shares repurchased	1.8		4.1	6.0
Share repurchases - average price per share in U.S. dollars	$ 161.32		$ 156.92	$ 120.1

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Capital - Summary of Dividend Declared and Paid (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Dividends Declared And Paid [Abstract]
Dividends declared per common share	$ 0.54	$ 0.49	$ 1.08	$ 0.98
Dividends declared	$ 243	$ 230	$ 487	$ 462
Dividends reinvested	(8)		(15)	(8)
Dividends paid	$ 235	$ 230	$ 472	$ 454

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Capital - Additional Information (Detail) - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2024	Dec. 31, 2023
Disclosure Of Share Capital [Line Items]
Repurchase of shares authorized value		$ 1,000
Other financial liabilities	[1]	$ 88	$ 507	[2]
Pre-defined share repurchase program with broker [member]
Disclosure Of Share Capital [Line Items]
Other financial liabilities			$ 400
NCIB [member]
Disclosure Of Share Capital [Line Items]
Potential repurchase of common shares		10,000,000

[1] Includes lease liabilities of $58 million (2023 - $56 million).

[2] Included a commitment of up to $400 million related to the Company’s pre-defined plan with its broker to repurchase the Company’s shares during its internal trading blackout period (see note 15).

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Supplemental Cash Flow Information - Details of Other in the Consolidated Statement of Cash Flow (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Other In Consolidated Statement Of Cash Flow [abstract]
Non-cash employee benefit charges	$ 36	$ 37	$ 70	$ 75
Net (gains) losses on foreign exchange and derivative financial instruments	(2)	102	(25)	193
Fair value adjustments (see note 5)	(6)	1	(8)	5
Other	42	6	80	4
Total	$ 70	$ 146	$ 117	$ 277

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Supplemental Cash Flow Information - Details of Changes in Working Capital and Other Items (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Changes In Working Capital And Other Items [abstract]
Trade and other receivables		$ (57)	$ (59)	$ 44	$ 31
Prepaid expenses and other current assets		(14)	10	(11)	34
Payables, accruals and provisions		87	21	(187)	(349)
Deferred revenue		96	99	20	52
Income taxes	[1]	94	185	214	426
Other		(17)	(16)	(34)	(34)
Total		$ 189	$ 240	$ 46	$ 160

[1] All periods include current tax liabilities that were recorded on the sale of LSEG shares (see note 8), for which the tax payments are included in investing activities.

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Supplemental Cash Flow Information - Details of Income Taxes Paid (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disclosure Of Income Taxes [Line Items]
Operating activities	$ (49)	$ (25)	$ (146)	$ (107)
Investing activities	(121)	(252)	(137)	(270)
Total income taxes paid	(170)	(278)	(283)	(378)
Discontinued Operations [member]
Disclosure Of Income Taxes [Line Items]
Investing activities	$ 0	$ (1)	$ 0	$ (1)

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Acquisitions - Additional Information (Detail) - kr / shares	Jun. 30, 2024	Jan. 31, 2024
Disclosure of detailed information about business combination [line items]
Fair value of tender offer price on non controlling interest acquired		kr 50
Business combinations [member]
Disclosure of detailed information about business combination [line items]
Percentage of voting equity interests acquired	100.00%

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Acquisitions - Summary of Acquisition Activity (Detail) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024 USD ($) Transactions	Jun. 30, 2023 USD ($) Transactions	Jun. 30, 2024 USD ($) Transactions	Jun. 30, 2023 USD ($) Transactions
Disclosure of detailed information about business combination [line items]
Businesses acquired | Transactions		0	0	2	1
Investments in businesses | Transactions		2	4	4	5
Asset acquisitions | Transactions		1	0	1	0
Total number of transactions | Transactions		3	4	7	6
Business Acquired		$ 19	$ 33	$ 455	$ 523
Contingent consideration payments [member]
Disclosure of detailed information about business combination [line items]
Business Acquired		1	0	5	0
Business combinations [member]
Disclosure of detailed information about business combination [line items]
Business Acquired	[1]	0	0	450	513
Business combinations [member] | Cash acquired [member]
Disclosure of detailed information about business combination [line items]
Business Acquired		0	0	(24)	(25)
Business combinations [member] | Businesses acquired, net of cash [member]
Disclosure of detailed information about business combination [line items]
Business Acquired		0	0	426	488
Asset acquisition [member]
Disclosure of detailed information about business combination [line items]
Business Acquired		15	0	15	0
Investments in businesses [member]
Disclosure of detailed information about business combination [line items]
Business Acquired		$ 3	$ 33	$ 9	$ 35

[1] In the three months ended June 30, 2024, the Company purchased the remaining shares of Pagero from non-controlling interests.

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Acquisitions - Summary of Acquisition Activity (Parenthetical) (Detail) - Pagero Group AB [Member] $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [member]
Disclosure of detailed information about business combination [Line Items]
Business combination measurement period adjustment	$ 18
Computer software [member]
Disclosure of detailed information about business combination [Line Items]
Business combination measurement period adjustment	14
Other intangible assets [member]
Disclosure of detailed information about business combination [Line Items]
Business combination measurement period adjustment	$ 7

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Acquisitions - Summary of Brief Description of the Most Significant Acquisition (Detail)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pagero Group AB [Member]
Description Of Acquisitions Completed [Line Items]
Date of acquisition	January 2024
Name of acquiree	Pagero Group AB (publ) (“Pagero”)
Description of the acquiring segment	Corporates
Description of acquiree	A global leader in e-invoicing and indirect tax solutions, which it delivers through its Smart Business Network.
World Business Media Limited [Member]
Description Of Acquisitions Completed [Line Items]
Date of acquisition	January 2024
Name of acquiree	World Business Media Limited
Description of the acquiring segment	Reuters News
Description of acquiree	A cross-platform, subscription-based provider of editorial coverage for the global P&C and specialty (re)insurance industry.
SurePrep LLC [Member]
Description Of Acquisitions Completed [Line Items]
Date of acquisition		January 2023
Name of acquiree		SurePrep LLC
Description of the acquiring segment		Corporates and Tax & Accounting Professionals
Description of acquiree		A provider of tax automation software and services.

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Acquisitions - Summary of Net Assets Acquired (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Disclosure of detailed information about business combination [Line Items]
Cash and cash equivalents	$ 24
Trade receivables	28
Prepaid expenses and other current assets	6
Current assets	58
Property and equipment	9
Other non-current assets	4
Total assets	413
Payables and accruals	(45)
Current taxes payable	(5)
Deferred revenue	(19)
Other financial liabilities	(8)
Current liabilities	(77)
Long-term indebtedness	(48)
Provisions and other non-current liabilities	(3)
Other financial liabilities	(25)
Deferred tax	(43)
Total liabilities	(196)
Net assets acquired	217
Goodwill	621
Non-controlling interests	(388)
Total	450
Businesses acquired, net of cash	426
Computer software [member]
Disclosure of detailed information about business combination [Line Items]
Identifiable intangible assets	288
Other identifiable intangible assets [member]
Disclosure of detailed information about business combination [Line Items]
Identifiable intangible assets	54
Pagero Group AB [Member]
Disclosure of detailed information about business combination [Line Items]
Cash and cash equivalents	22
Trade receivables	25
Prepaid expenses and other current assets	6
Current assets	53
Property and equipment	9
Other non-current assets	4
Total assets	389
Payables and accruals	(44)
Current taxes payable	(4)
Deferred revenue	(14)
Other financial liabilities	(2)
Current liabilities	(64)
Long-term indebtedness	(48)
Provisions and other non-current liabilities	(3)
Other financial liabilities	(14)
Deferred tax	(38)
Total liabilities	(167)
Net assets acquired	222
Goodwill	575
Non-controlling interests	(388)
Total	409
Businesses acquired, net of cash	387
Pagero Group AB [Member] | Computer software [member]
Disclosure of detailed information about business combination [Line Items]
Identifiable intangible assets	288
Pagero Group AB [Member] | Other identifiable intangible assets [member]
Disclosure of detailed information about business combination [Line Items]
Identifiable intangible assets	35
Other [Member]
Disclosure of detailed information about business combination [Line Items]
Cash and cash equivalents	2
Trade receivables	3
Prepaid expenses and other current assets	0
Current assets	5
Property and equipment	0
Other non-current assets	0
Total assets	24
Payables and accruals	(1)
Current taxes payable	(1)
Deferred revenue	(5)
Other financial liabilities	(6)
Current liabilities	(13)
Long-term indebtedness	0
Provisions and other non-current liabilities	0
Other financial liabilities	(11)
Deferred tax	(5)
Total liabilities	(29)
Net assets acquired	(5)
Goodwill	46
Non-controlling interests	0
Total	41
Businesses acquired, net of cash	39
Other [Member] | Computer software [member]
Disclosure of detailed information about business combination [Line Items]
Identifiable intangible assets	0
Other [Member] | Other identifiable intangible assets [member]
Disclosure of detailed information about business combination [Line Items]
Identifiable intangible assets	$ 19
SurePrep LLC [Member]
Disclosure of detailed information about business combination [Line Items]
Cash and cash equivalents		$ 25
Trade receivables		8
Prepaid expenses and other current assets		3
Current assets		36
Property and equipment		2
Other non-current assets		1
Total assets		232
Payables and accruals		(5)
Current taxes payable		0
Deferred revenue		(47)
Other financial liabilities		0
Current liabilities		(52)
Long-term indebtedness		0
Provisions and other non-current liabilities		(1)
Other financial liabilities		0
Deferred tax		(9)
Total liabilities		(62)
Net assets acquired		170
Goodwill		343
Non-controlling interests		0
Total		513
Businesses acquired, net of cash		488
SurePrep LLC [Member] | Computer software [member]
Disclosure of detailed information about business combination [Line Items]
Identifiable intangible assets		180
SurePrep LLC [Member] | Other identifiable intangible assets [member]
Disclosure of detailed information about business combination [Line Items]
Identifiable intangible assets		$ 13

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Contingencies - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Disclosure of analysis of single amount of discontinued operations [line items]
Diverted profits tax paid		$ 430
Syndicated Credit Facility [Member]
Disclosure of analysis of single amount of discontinued operations [line items]
Gross loan commitments	$ 2,000
Contingent liability for guarantees [member] | Three Times Square Associates LLC [Member] | Thomson Reuters And Rudin [Member]
Disclosure of analysis of single amount of discontinued operations [line items]
Notional amount	$ 415
Borrowings term	3 years
Percentage of minimum economic exposure for the joint and several obligations	50.00%
Contingent liability for guarantees [member] | Three Times Square Associates LLC [Member] | Rudin [Member]
Disclosure of analysis of single amount of discontinued operations [line items]
Percentage of guarantee	50.00%
Contingent liability for guarantees [member] | Three Times Square Associates LLC [Member] | Thomson Reuters [Member]
Disclosure of analysis of single amount of discontinued operations [line items]
Percentage of guarantee	50.00%

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Related Party Transactions - Additional Information (Detail) $ in Billions	6 Months Ended
	Jun. 30, 2024 USD ($)
LSEG [member] | Company and Blackstone [Member]
Disclosure of transactions between related parties [Line Items]
Proceeds from dividend from equity method investments	$ 1.8
Woodbridge [member]
Disclosure of transactions between related parties [Line Items]
Beneficial ownership of shares	70.00%