Segment and Geographic Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | A summary of operating results for the years ended December 31 is as follows:
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:
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:
Segment information as of December 31 is as follows:
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.
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Schedule of Revenue and Long-lived Assets by Geographic Region | The following provides revenue and long-lived assets by geographic region:
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