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Segment and Geographic Information
12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
As discussed in Note 1 – Accounting Policies, we have six reportable segments: Market Intelligence, Ratings, Commodity Insights, Mobility, Indices, and Engineering Solutions.

Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other expense (income), net, interest expense, net, or loss on extinguishment of debt as these are amounts that do not affect the operating results of our reportable segments. We use the same accounting policies for our segments as those described in Note 1 – Accounting Policies.
A summary of operating results for the years ended December 31 is as follows:
Revenue
(in millions)202320222021
Market Intelligence
$4,376 $3,811 $2,185 
Ratings
3,332 3,050 4,097 
Commodity Insights1,946 1,685 1,012 
Mobility1,484 1,142 — 
Indices 1,403 1,339 1,149 
Engineering Solutions133 323 — 
Intersegment elimination 1
(177)(169)(146)
Total revenue$12,497 $11,181 $8,297 
 
Operating Profit
(in millions)202320222021
Market Intelligence 2
$714 $2,488 $676 
Ratings 3
1,864 1,672 2,629 
Commodity Insights 4
704 591 544 
Mobility 5
260 213 — 
Indices 6
925 927 798 
Engineering Solutions 7
19 15 — 
Total reportable segments4,486 5,906 4,647 
Corporate Unallocated expense 8
(502)(989)(426)
Equity in income on unconsolidated subsidiaries 9
36 27 — 
Total operating profit$4,020 $4,944 $4,221 
1Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2Operating profit for the year ended December 31, 2023 includes employee severance charges of $90 million, acquisition-related costs of $69 million, IHS Markit merger costs of $49 million, a gain on disposition of $46 million, an asset impairment of $5 million and an asset write-off of $1 million. Operating profit for the year ended December 31, 2022 includes a gain on dispositions of $1.8 billion, employee severance charges of $90 million, IHS Markit merger costs of $35 million and acquisition-related costs of $2 million. Operating profit for the year ended December 31, 2021 includes employee severance charges of $3 million, a gain on disposition of $3 million, acquisition-related costs of $2 million and lease-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $561 million, $474 million and $65 million for the years ended December 31, 2023, 2022 and 2021, respectively.
3Operating profit for the year ended December 31, 2023 includes employee severance charges of $10 million and an asset impairment of $1 million. Operating profit for the year ended December 31, 2022 includes employee severance charges of $24 million, legal costs of $5 million and an asset write-off of $1 million. Operating profit for the year ended December 31, 2021 includes a gain on disposition of $6 million, recovery of lease-related costs of $4 million and employee severance charges of $3 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $8 million, $7 million and $10 million for the years ended December 31, 2023, 2022 and 2021, respectively.
4Operating profit for the year ended December 31, 2023 includes IHS Markit merger costs of $35 million, employee severance charges of $26 million and acquisition-related costs of $2 million. Operating profit for the year ended December 31, 2022 includes employee severance charges of $45 million and IHS Markit merger costs of $26 million. Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $131 million, $111 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively.
5Operating profit for the year ended December 31, 2023 includes employee severance charges of $9 million, IHS Markit merger costs of $3 million and acquisition-related costs of $2 million. Operating profit for the year ended December 31, 2022 includes an acquisition-related benefit of $14 million, employee severance charges of $4 million and IHS Markit merger costs of $3 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $301 million and $241 million for the years ended December 31, 2023 and 2022, respectively.
6Operating profit for the year ended December 31, 2023 includes employee severance charges of $5 million, a gain on disposition of $4 million and IHS Markit merger costs of $4 million. Operating profit for the year ended December 31, 2022 includes a gain on
disposition of $52 million, employee severance charges of $14 million and IHS Markit merger costs of $2 million. Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $36 million, $31 million and $6 million for the years ended December 31, 2023, 2022 and 2021, respectively.
7As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. Operating profit for the year ended December 31, 2023 includes amortization of intangibles from acquisitions of $1 million. Operating profit for the year ended December 31, 2022 includes employee severance charges of $4 million and amortization of intangibles from acquisitions of $35 million.
8Corporate Unallocated expense for the year ended December 31, 2023 includes IHS Markit merger costs of $147 million, a loss on disposition of $120 million, employee severance charges of $43 million, disposition-related costs of $24 million, lease impairments of $14 million and acquisition-related costs of $4 million. Corporate Unallocated expense for the year ended December 31, 2022 includes IHS Markit merger costs of $553 million, a S&P Foundation grant of $200 million, employee severance charges of $107 million, disposition-related costs of $24 million, a gain on acquisition of $10 million, an asset impairment of $9 million, acquisition-related costs of $8 million, lease impairments of $5 million and an asset write-off of $3 million. Corporate Unallocated expense for the year ended December 31, 2021 includes IHS Markit merger costs of $249 million, employee severance charges of $13 million, lease-related costs of $4 million, a lease impairment of $3 million, Kensho retention related expenses of $2 million, acquisition-related costs of $2 million and a gain on disposition of $2 million. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $3 million, $4 million, and $7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
9Equity in Income on Unconsolidated Subsidiaries for the year ended December 31, 2023 includes an asset impairment of $2 million. Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $56 million and $55 million for the years ended December 31, 2023 and 2022, respectively.

The following table presents our revenue disaggregated by revenue type for the years ended December 31:
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
20231
Subscription$3,685 $— $1,707 $1,169 $277 $125 $— $6,963 
Non-subscription / Transaction187 1,425 158 315 — — 2,093 
Non-transaction— 1,907 — — — — (177)1,730 
Asset-linked fees— — — — 859 — — 859 
Sales usage-based royalties— — 81 — 267 — — 348 
Recurring variable504 — — — — — — 504 
Total revenue$4,376 $3,332 $1,946 $1,484 $1,403 $133 $(177)$12,497 
Timing of revenue recognition
Services transferred at a point in time
$187 $1,425 $158 $315 $— $$— $2,093 
Services transferred over time
4,189 1,907 1,788 1,169 1,403 125 (177)10,404 
Total revenue$4,376 $3,332 $1,946 $1,484 $1,403 $133 $(177)$12,497 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2022
Subscription$3,263 $— $1,492 $888 $258 $300 $— $6,201 
Non-subscription / Transaction163 1,241 126 254 — 23 — 1,807 
Non-transaction— 1,809 — — — — (169)1,640 
Asset-linked fees— — — — 862 — — 862 
Sales usage-based royalties— — 67 — 219 — — 286 
Recurring variable385 — — — — — — 385 
Total revenue$3,811 $3,050 $1,685 $1,142 $1,339 $323 $(169)$11,181 
Timing of revenue recognition
Services transferred at a point in time
$163 $1,241 $126 $254 $— $23 $— $1,807 
Services transferred over time3,648 1,809 1,559 888 1,339 300 (169)9,374 
Total revenue$3,811 $3,050 $1,685 $1,142 $1,339 $323 $(169)$11,181 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2021
Subscription$2,131 $— $933 $— $191 $— $— $3,255 
Non-subscription / Transaction54 2,253 13 — — — — 2,320 
Non-transaction— 1,844 — — — — (146)1,698 
Asset-linked fees— — — — 800 — — 800 
Sales usage-based royalties— — 66 — 158 — — 224 
Total revenue$2,185 $4,097 $1,012 $— $1,149 $— $(146)$8,297 
Timing of revenue recognition
Services transferred at a point in time
$54 $2,253 $13 $— $— $— $— $2,320 
Services transferred over time
2,131 1,844 999 — 1,149 — (146)5,977 
Total revenue$2,185 $4,097 $1,012 $— $1,149 $— $(146)$8,297 
1    Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
Segment information for the years ended December 31 is as follows:
(in millions)Depreciation & AmortizationCapital Expenditures
 202320222021202320222021
Market Intelligence$597 $509 $91 $73 $43 $12 
Ratings37 46 46 24 23 18 
Commodity Insights137 115 12 
Mobility314 248 — 22 — 
Indices42 39 10 13 
Engineering Solutions35 — — — 
Total reportable segments1,129 992 159 139 82 34 
Corporate14 21 19 
Total$1,143 $1,013 $178 $143 $89 $35 

Segment information as of December 31 is as follows:
(in millions)Total Assets
 20232022
Market Intelligence$29,674 $29,852 
Ratings1,041 1,039 
Commodity Insights8,746 8,781 
Mobility13,495 13,416 
Indices3,222 3,271 
Engineering Solutions— — 
Total reportable segments56,178 56,359 
Corporate 1
4,411 4,127 
Assets of a business held for sale 2
— 1,298 
Total$60,589 $61,784 
1Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.
2Includes Engineering Solutions as of December 31, 2022. See Note 2 – Acquisitions and Divestitures for further discussion.

We do not have operations in any foreign country that represent more than 8% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue.
The following provides revenue and long-lived assets by geographic region:
(in millions)RevenueLong-lived Assets
 Year ended December 31,December 31,
 20232022202120232022
U.S.$7,542 $6,653 $5,012 $4,535 $13,539 
European region2,822 2,597 1,995 47,960 39,007 
Asia1,375 1,246 874 73 76 
Rest of the world758 685 416 47 595 
Total$12,497 $11,181 $8,297 $52,615 $53,217 

RevenueLong-lived Assets
Year ended December 31,December 31,
 20232022202120232022
U.S.60 %60 %60 %%26 %
European region23 23 24 91 73 
Asia11 11 11 — — 
Rest of the world— 
Total100 %100 %100 %100 %100 %

See Note 2 – Acquisitions and Divestitures and Note 11 – Restructuring, for actions that impacted the segment operating results.