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Item 1. Financial Statements

2024-07-30 compared with 2024-04-25 · 279 added, 153 removed, 563 unchanged (43% of the section changed)

2 unchanged sentences

Consolidated Statements of Income

(in millions, except per share amounts) Three Months Ended

(in millions, except per share amounts) Three Months Ended Six Months Ended

June 30, June 30,

2024 2023 2024 2023

Revenue $ 3,549 $ 3,101 $ 7,040 $ 6,261

4 unchanged sentences

Total expenses 2,110 2,082 4,222 4,161

Gain on disposition — ( 50 )

Loss on dispositions, net — 119 — 69

Equity in income on unconsolidated subsidiaries ( 13 ) ( 11 ) ( 19 ) ( 25 )

Operating profit 1,452 911 2,837 2,056

Other (income) expense, net ( 9 ) 11

Other income, net ( 3 ) ( 11 ) ( 13 ) —

Interest expense, net 77 88 156 174

5 unchanged sentences

Net income attributable to S&P Global Inc.

$ 1,011 $ 511 $ 2,002 $ 1,305

Earnings per share attributable to S&P Global Inc.

9 unchanged sentences

Consolidated Statements of Comprehensive Income

(in millions) Three Months Ended

(in millions) Three Months Ended Six Months Ended

June 30, June 30,

2024 2023 2024 2023

Net income $ 1,085 $ 575 $ 2,154 $ 1,435

1 unchanged sentence

Foreign currency translation adjustments

( 6 ) 30 ( 78 ) 73

Income tax effect

( 4 ) 5 ( 11 ) 8

( 10 ) 35 ( 89 ) 81

Pension and other postretirement benefit plans

( 5 ) ( 12 ) ( 5 ) ( 12 )

Income tax effect

( 3 ) ( 9 ) ( 3 ) ( 8 )

Unrealized gain on cash flow hedges — 28 20 —

Income tax effect

— ( 6 ) ( 4 ) —

Comprehensive income 1,072 623 2,078 1,508

comprehensive income attributable to nonredeemable noncontrolling interests

( 6 ) ( 6 ) ( 14 ) ( 11 )

comprehensive income attributable to redeemable noncontrolling interests

1 unchanged sentence

Comprehensive income attributable to S&P Global Inc.

$ 998 $ 559 $ 1,926 $ 1,378

See accompanying notes to the unaudited consolidated financial statements.

1 unchanged sentence

Consolidated Balance Sheets

(in millions) March 31,

(in millions) June 30,

2024 December 31,

47 unchanged sentences

Consolidated Statements of Cash Flows

(in millions) Three Months Ended

(in millions) Six Months Ended

Operating Activities:

6 unchanged sentences

Stock-based compensation 82 97

Gain on disposition — ( 50 )

Loss on dispositions, net — 69

Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:

10 unchanged sentences

Acquisitions, net of cash acquired ( 261 ) ( 286 )

Proceeds from dispositions — 50

Proceeds from dispositions, net ( 4 ) 1,002

Changes in short-term investments 2 ( 1 )

Cash used for investing activities ( 20 ) ( 253 )

Cash (used for) provided by investing activities ( 319 ) 656

Financing Activities:

Additions to short-term debt, net — 552

Payments on senior notes ( 47 ) —

Dividends paid to shareholders ( 572 ) ( 578 )

Distributions to noncontrolling interest holders, net ( 133 ) ( 140 )

Contingent consideration payments ( 104 ) ( 8 )

Repurchase of treasury shares ( 500 ) ( 1,501 )

Exercise of stock options and other 1 3

Exercise of stock options 4 7

Employee withholding tax on share-based payments ( 53 ) ( 79 )

7 unchanged sentences

Consolidated Statements of Equity

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

(in millions) Common Stock $ 1 par

1 unchanged sentence

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

Balance as of December 31, 2023 $ 415 $ 44,231 $ 18,728 $ ( 763 ) $ 28,411 $ 34,200 $ 100 $ 34,300

Balance as of March 31, 2024 $ 415 $ 44,295 $ 19,433 $ ( 825 ) $ 28,991 $ 34,327 $ 97 $ 34,424

Comprehensive income 1

6 unchanged sentences

Other 1 ( 1 ) — ( 3 ) ( 3 )

Balance as of June 30, 2024

$ 415 $ 44,407 $ 19,957 $ ( 839 ) $ 29,059 $ 34,881 $ 89 $ 34,970

Three Months Ended June 30, 2023

(in millions) Common Stock $ 1 par

Additional Paid-in Capital Retained Income Accumulated Other Comprehensive Loss Less:

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

Balance as of March 31, 2023 $ 415 $ 44,329 $ 18,171 $ ( 861 ) $ 25,779 $ 36,275 $ 95 $ 36,370

Comprehensive income 1

511 48 559 6 565

Three Months Ended March 31, 2023

Dividends (Dividend declared per common share — $ 0.90 per share)

( 290 ) ( 290 ) ( 9 ) ( 299 )

Share repurchases ( 50 ) 951 ( 1,001 ) ( 1,001 )

Employee stock plans 16 ( 24 ) 40 40

Change in redemption value of redeemable noncontrolling interests ( 117 ) ( 117 ) ( 117 )

Adjustment to noncontrolling interest ( 2 ) ( 2 ) ( 2 )

Other 4 4 ( 1 ) 3

Balance as of June 30, 2023

$ 415 $ 44,293 $ 18,279 $ ( 813 ) $ 26,706 $ 35,468 $ 91 $ 35,559

Six Months Ended June 30, 2024

(in millions) Common Stock $ 1 par

2 unchanged sentences

Balance as of December 31, 2023

$ 415 $ 44,231 $ 18,728 $ ( 763 ) $ 28,411 $ 34,200 $ 100 $ 34,300

Comprehensive income 1

6 unchanged sentences

Other 2 2 ( 14 ) ( 12 )

Balance as of March 31, 2023

Balance as of June 30, 2024

$ 415 $ 44,407 $ 19,957 $ ( 839 ) $ 29,059 $ 34,881 $ 89 $ 34,970

1 Excludes comprehensive income of $ 70 million and $ 61 million for the three months ended March 31, 2024 and 2023, respectively, attributable to our redeemable noncontrolling interests.

Six Months Ended June 30, 2023

(in millions) Common Stock $ 1 par

Additional Paid-in Capital Retained Income Accumulated Other Comprehensive Loss Less:

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

Balance as of December 31, 2022

$ 415 $ 44,422 $ 17,784 $ ( 886 ) $ 25,347 $ 36,388 $ 89 $ 36,477

Comprehensive income 1

1,305 73 1,378 11 1,389

Dividends (Dividend declared per common share — $ 1.80 per share)

( 578 ) ( 578 ) ( 9 ) ( 587 )

Share repurchases 1,501 ( 1,501 ) ( 1,501 )

Employee stock plans ( 127 ) ( 142 ) 15 15

Change in redemption value of redeemable noncontrolling interests ( 237 ) ( 237 ) ( 237 )

Adjustment to noncontrolling interest ( 2 ) ( 2 ) ( 2 )

Balance as of June 30, 2023

$ 415 $ 44,293 $ 18,279 $ ( 813 ) $ 26,706 $ 35,468 $ 91 $ 35,559

1 Excludes comprehensive income of $ 68 million and $ 58 million for the three months ended June 30, 2024 and 2023, respectively, and $ 138 million and $ 119 million for the six months ended June 30, 2024 and 2023, respectively, attributable to our redeemable noncontrolling interests.

See accompanying notes to the unaudited consolidated financial statements.

17 unchanged sentences

Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2023 (our “Form 10-K”).

Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included.

The operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year.

The operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests.

1 unchanged sentence

Restricted Cash

Restricted cash included in our consolidated balance sheets was $ 1 million as of March 31, 2024 and December 31, 2023.

Restricted cash included in our consolidated balance sheets was $ 1 million as of June 30, 2024 and December 31, 2023.

Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due.

As of March 31, 2024 and December 31, 2023, contract assets were $ 77 million and $ 75 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

As of June 30, 2024 and December 31, 2023, contract assets were $ 83 million and $ 75 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received in advance of our performance.

The increase in the unearned revenue balance at March 31, 2024 compared to December 31, 2023 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $ 1.4 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

The decrease in the unearned revenue balance at June 30, 2024 compared to December 31, 2023 is primarily driven by $ 2.4 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period, offset by cash payments received in advance of satisfying our performance obligations.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed.

As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 4.1 billion.

As of June 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 4.1 billion.

We expect to recognize revenue on approximately sixty percent and eighty-five percent of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

3 unchanged sentences

We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized.

Total capitalized costs to obtain contracts were $ 234 million as of March 31, 2024 and December 31, 2023, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets.

Total capitalized costs to obtain contracts were $ 261 million and $ 234 million as of June 30, 2024 and December 31, 2023, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets.

The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years.

3 unchanged sentences

Equity in Income on Unconsolidated Subsidiaries

The Company holds an investment in a 50 / 50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture, OSTTRA.

The Company holds an investment in a 50 / 50 joint venture arrangement with shared control with CME Group that combines each company’s post-trade services into a joint venture, OSTTRA.

The joint venture provides trade processing and risk mitigation operations and incorporates CME Group’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business.

1 unchanged sentence

Our share of earnings or losses are recognized in Equity in income on unconsolidated subsidiaries in our consolidated statements of income.

Other (Income) Expense, net

The components of other (income) expense, net for the three months ended March 31 are as follows:

(in millions) 2024 2023

Other Income, net

The components of other income, net for the periods ended June 30 are as follows:

(in millions) Three Months Six Months

2024 2023 2024 2023

Other components of net periodic benefit cost $ ( 6 ) $ ( 6 ) $ ( 12 ) $ ( 12 )

Net (gain) loss from investments ( 3 ) 17

Other (income) expense, net $ ( 9 ) $ 11

Net loss (gain) from investments 3 ( 5 ) ( 1 ) 12

Other income, net $ ( 3 ) $ ( 11 ) $ ( 13 ) $ —

Acquisitions and Divestitures

On February 20, 2024, we entered into an agreement to acquire Visible Alpha, the financial technology provider of deep industry and segment consensus data, sell-side analyst models and analytics from high-quality, exclusive sources.

The acquisition is expected to create a premium offering of fundamental investment research capabilities on Market Intelligence’s Capital IQ Pro platform.

The combination of Visible Alpha with S&P Capital IQ Pro, the flagship S&P Global platform for research and analysis across institutional and corporate markets, reflects S&P Global’s continued commitment to be the foremost provider in this space.

The transaction with Visible Alpha is subject to customary closing conditions, including receipt of certain regulatory approvals, and is expected to close during 2024.

The proposed acquisition of Visible Alpha is not expected to be material to our consolidated financial statements.

On May 1, 2024, we completed the acquisition of Visible Alpha, the financial technology provider of deep industry and segment consensus data creating a premium offering of fundamental investment research capabilities on Market Intelligence’s Capital IQ Pro platform.

The acquisition is part of our Market Intelligence segment and further enhances the depth and breadth of the overall Visible Alpha and S&P Capital IQ Pro offering.

The acquisition of Visible Alpha is not material to our consolidated financial statements.

On May 14, 2024, we completed the acquisition of World Hydrogen Leaders, a globally-recognized portfolio of hydrogen-related conferences and events, digital training and market intelligence.

The acquisition is part of our Commodity Insight’s segment and complements Commodity Insights global conference business and provides customers with full coverage of the hydrogen and derivative value chain alongside Energy Transition and Sustainability solutions, including hydrogen price assessments, emission factors and market research.

The acquisition of World Hydrogen Leaders is not material to our consolidated financial statements.

On February 16, 2023, we completed the acquisition of Market Scan Information Systems, Inc.

11 unchanged sentences

The acquisition of TruSight is not material to our consolidated financial statements.

On February 20, 2024 we announced our intent to explore strategic opportunities for Fincentric, formerly known as Markit Digital.

On July 26, 2024, we entered into an agreement to sell Fincentric, formerly known as Markit Digital.

This agreement follows our announced intent to explore strategic opportunities for Fincentric in February of 2024.

Fincentric is S&P Global’s premier digital solutions provider focused on developing mobile applications and websites for retail brokerages and other financial institutions.

1 unchanged sentence

Fincentric joined S&P Global through the merger with IHS Markit and is part of our Market Intelligence segment.

The assets and liabilities of Fincentric were classified as held for sale in our consolidated balance sheet as of March 31, 2024.

The proposed divestiture of Fincentric is not expected to be material to our consolidated financial statements.

The assets and liabilities of Fincentric were classified as held for sale in our consolidated balance sheet as of June 30, 2024.

This transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close in the third quarter of 2024.

The anticipated divestiture of Fincentric is not expected to be material to our consolidated financial statements.

On May 2, 2023, we completed the sale of Engineering Solutions to Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co.

We received the full proceeds from the sale of $ 975 million in cash, subject to purchase price adjustments, which resulted in approximately $ 750 million in after-tax proceeds.

During the three months ended June 30, 2023, we recorded a pre-tax loss of $ 120 million in Loss on dispositions, net and disposition-related costs of $ 3 million in selling and general expenses in the consolidated statement of income ($ 189 million after-tax, net of a release of a deferred tax liability of $ 101 million) related to the sale of Engineering Solutions.

During the six months ended June 30, 2023, we recorded a pre-tax loss of $ 120 million in Loss on dispositions, net and disposition-related costs of $ 16 million in selling and general expenses in the consolidated statement of income ($ 182 million after-tax, net of a release of a deferred tax liability of $ 157 million) related to the sale of Engineering Solutions.

The transaction followed our announced intent in November of 2022 to divest the business.

Engineering Solutions became part of the Company following our merger with IHS Markit.

In the first quarter of 2023, we received a contingent payment following the sale of Leveraged Commentary and Data (“LCD”) along with a related family of leveraged loan indices in June of 2022.

The contingent payment was payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships.

During the three months ended March 31, 2023, the contingent payment resulted in a pre-tax gain of $ 46 million ($ 34 million after-tax) related to the sale of LCD in our Market Intelligence segment and $ 4 million ($ 3 million after-tax) in Gain on disposition related to the sale of a family of leveraged loan indices in our Indices segment.

During the three months ended March 31, 2023, the contingent payment resulted in a pre-tax gain of $ 46 million ($ 34 million after-tax) related to the sale of LCD in our Market Intelligence segment and $ 4 million ($ 3 million after-tax) in Loss on dispositions, net related to the sale of a family of leveraged loan indices in our Indices segment.

Assets and Liabilities Held for Sale

The components of assets and liabilities held for sale in the consolidated balance sheets consist of the following:

(in millions) March 31 December 31,

(in millions) June 30 December 31,

Accounts Receivable, net $ 14 $ —

1 unchanged sentence

Other assets 1 —

Deferred tax asset 1

Assets of a business held for sale $ 62 $ —

2 unchanged sentences

Liabilities of a business held for sale $ 13 $ —

1 Assets and liabilities held for sale as of March 31, 2024 relate to Fincentric.

The operating profit (loss) of our businesses that were held for sale or disposed of for the three months ended March 31 is as follows:

(in millions) 2024 2023

1 Assets and liabilities held for sale as of June 30, 2024 relate to Fincentric.

The operating profit (loss) of our businesses that were held for sale or disposed of for the periods ended June 30 is as follows:

(in millions) Three Months Six Months

2024 2023 2024 2023

Operating profit (loss) 2

2 The operating profit (loss) presented includes the revenue and recurring direct expenses associated with businesses held for sale or disposed of.

The three months ended March 31, 2023 excludes a pre-tax gain related to the sale of LCD and leveraged loan indices of $ 50 million .

The effective income tax rate was 18.8 % and 17.9 % for the three months ended March 31, 2024 and March 31, 2023, respectively.

The increase in the three months ended March 31, 2024 was primarily due to change in mix of income by jurisdiction.

$ ( 1 ) $ 3 $ ( 4 ) $ 19

2 T he operating profit (loss) presented includes the revenue and recurring direct expenses associated with businesses disposed of or held for sale.

The three and six months ended June 30, 2023 excludes a pre-tax loss related to the sale of Engineering Solutions of $ 120 million.

The effective income tax rate was 21.3 % and 20.1 % for the three and six months ended June 30, 2024, respectively, and 31.1 % and 23.8 % for the three and six months ended June 30, 2023, respectively.

The higher 2023 rates are primarily due to the tax charge on divestitures and change in mix of income by jurisdiction.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings.

The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur.

The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately

reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur.

In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is subject to tax examinations in various jurisdictions.

As of March 31, 2024 and December 31, 2023, the total amount of federal, state and local, and foreign unrecognized tax benefits was $ 225 million and $ 230 million, respectively, exclusive of interest and penalties.

As of June 30, 2024 and December 31, 2023, the total amount of federal, state and local, and foreign unrecognized tax benefits was $ 255 million and $ 230 million, respectively, exclusive of interest and penalties.

We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively.

As of March 31, 2024 and December 31, 2023, we had $ 52 million and $ 50 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits.

As of June 30, 2024 and December 31, 2023, we had $ 58 million and $ 50 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits.

Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $ 12 million in the next twelve months as a result of the resolution of local tax examinations.

4 unchanged sentences

A summary of short-term and long-term debt outstanding is as follows:

(in millions) March 31,

(in millions) June 30,

2024 December 31,

17 unchanged sentences

3.9 % Senior Notes, due 2062 18

Commercial paper 250 —

Total debt 11,405 11,459

1 unchanged sentence

Long-term debt $ 11,401 $ 11,412

1 Interest payments are due semiannually on May 1 and November 1.

1 We made a $ 47 million repayment of our 3.625 % senior note in the second quarter of 2024.

2 Interest payments are due semiannually on February 15 and August 15.

3 Interest payments are due semiannually on March 1 and September 1.

4 Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 3 million.

5 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 10 million.

4 Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 2 million.

5 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 9 million.

6 Interest payments are due semiannually on February 1 and August 1.

7 Interest payments are due semiannually on May 1 and November 1.

8 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 3 million.

9 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 14 million.

10 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 5 million.

11 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 25 million.

12 Interest payments are due semiannually on March 15 and September 15, beginning on March 15, 2024, and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 7 million.

13 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 2 million.

14 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 11 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 10 million.

16 Interest payments are d ue semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 25 million.

17 Interest payments are due semiannually on February 15 and August 1 5, and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 17 million.

18 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2024, the unamortized debt discount and issuance costs total $ 14 million.

The fair value of our total debt borrowings wa s $ 10.1 billion an d $ 10.3 billion as of March 31, 2024 and December 31, 2023, respectively, and was estimated based on quoted market prices.

8 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 3 million.

9 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 13 million.

10 Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 5 million.

11 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 24 million.

12 Interest payments are due semiannually on March 15 and September 15, beginning on March 15, 2024, and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 7 million.

13 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 2 million.

14 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 11 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 10 million.

16 Interest payments are d ue semiannually on March 1 and September 1 and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 25 million.

17 Interest payments are due semiannually on February 15 and August 1 5, and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 17 million.

18 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2024, the unamortized debt discount and issuance costs total $ 14 million.

The fair value of our total debt borrowings wa s $ 9.9 billion an d $ 10.3 billion as of June 30, 2024 and December 31, 2023, respectively, and was estimated based on quoted market prices.

We have the ability to borrow a total of $ 2.0 billion through our commercial paper program, which is supported by our $ 2.0 billion five-year credit agreement (our “credit facility”) that will terminate on April 26, 2026.

As of March 31, 2024, there was $ 250 million of commercial paper outstanding.

As of December 31, 2023, we had no outstanding commercial paper.

As of June 30, 2024 and December 31, 2023, we had no outstanding commercial paper.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually.

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We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities.

As of March 31, 2024 and December 31, 2023, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates and held cross currency swap contracts to hedge a portion of our net investment in a foreign subsidiary against volatility in foreign exchange rates.

As of June 30, 2024 and December 31, 2023, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates and held cross currency swap contracts to hedge a portion of our net investment in a foreign subsidiary against volatility in foreign exchange rates.

As of December 31, 2023, we held a series of interest rate swaps to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing.

3 unchanged sentences

Undesignated Derivative Instruments

During the three months ended March 31, 2024 and twelve months ended December 31, 2023, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets.

During the six months ended June 30, 2024 and twelve months ended December 31, 2023, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets.

These forward contracts do not qualify for hedge accounting.

As of March 31, 2024 and December 31, 2023, the aggregate notional value of these outstanding forward contracts was $ 2.9 billion and $ 2.6 billion, respectively.

As of June 30, 2024 and December 31, 2023, the aggregate notional value of these outstanding forward contracts was $ 2.2 billion and $ 2.6 billion, respectively.

The changes in fair value of these forward contracts are recorded in prepaid and other current assets or other current liabilities in the consolidated balance sheets with their corresponding change in fair value recognized in selling and general expenses in the consolidated statements of income.

The amount recorded in prepaid and other current assets as of March 31, 2024 and December 31, 2023 was less than $ 7 million and $ 69 million, respectively.

The amount recorded in other current liabilities as of March 31, 2024 and December 31, 2023 was $ 15 million and $ 1 million, respectively.

The amount recorded in selling and general expense related to these contracts was a net loss of $ 37 million and a net gain of $ 29 million for three months ended March 31, 2024 and 2023, respectively.

The amount recorded in prepaid and other current assets as of June 30, 2024 and December 31, 2023 was $ 10 million and $ 69 million, respectively.

The amount recorded in other current liabilities as of June 30, 2024 and December 31, 2023 was $ 22 million and $ 1 million, respectively.

The amount recorded in selling and general expense related to these contracts was a net loss of $ 9 million and $ 46 million for the three and six months ended June 30, 2024, respectively, and a net gain of $ 29 million and $ 58 million for the three and six months ended June 30, 2023, respectively.

Net Investment Hedges

As of March 31, 2024 and December 31, 2023, we held cross currency swaps to hedge a portion of our net investment in one of our European subsidiaries against volatility in the Euro/U.S.

As of June 30, 2024 and December 31, 2023, we held cross currency swaps to hedge a portion of our net investment in one of our European subsidiaries against volatility in the Euro/U.S.

dollar exchange rate.

These swaps are designated and qualify as a hedge of a net investment in a foreign subsidiary and are scheduled to mature in 2024, 2029 and 2030.

The notional value of

our outstanding cross currency swaps designated as a net investment hedge was $ 1.5 billion as of March 31, 2024 and December 31, 2023.

The notional value of our outstanding cross currency swaps designated as a net investment hedge was $ 1.5 billion as of June 30, 2024 and December 31, 2023.

The changes in the fair value of these swaps are recognized in foreign currency translation adjustments, a component of other comprehensive income (loss), and reported in accumulated other comprehensive loss in our consolidated balance sheet.

1 unchanged sentence

We have elected to assess the effectiveness of our net investment hedges based on changes in spot exchange rates.

Accordingly, amounts related to the cross currency swaps recognized directly in net income for the three months ended March 31, 2024 represent net periodic interest settlements and accruals, which are recognized in interest expense, net.

We recognized net interest income of $ 8 million and interest expense of $ 9 million for the three months ended March 31, 2024 and 2023, respectively.

Accordingly, amounts related to the cross currency swaps recognized directly in net income for the three and six months ended June 30, 2024 represent net periodic interest settlements and accruals, which are recognized in interest expense, net.

We recognized net interest income of $ 8 million and $ 15 million for the three and six months ended June 30, 2024, respectively, and net interest income of $ 6 million and $ 12 million for the three and six months ended June 30, 2023, respectively.

Cash Flow Hedges

Foreign Exchange Forward Contracts

During the three months ended March 31, 2024 and the twelve months ended December 31, 2023, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the first quarter of 2026 and the fourth quarter of 2025, respectively.

During the six months ended June 30, 2024 and the twelve months ended December 31, 2023, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the second quarter of 2026 and the fourth quarter of 2025, respectively.

These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twenty-four months .

The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of March 31, 2024, we estimate that $ 6 million of pre-tax gain related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.

As of March 31, 2024 and December 31, 2023, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $ 540 million and $ 529 million, respectively.

As of June 30, 2024, we estimate that $ 5 million of pre-tax gain related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.

As of June 30, 2024 and December 31, 2023, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $ 547 million and $ 529 million, respectively.

Interest Rate Swaps

During the three months ended March 31, 2024, we terminated our interest rate swap contracts with an aggregate notional value of $ 813 million and received net proceeds of $ 155 million upon termination.

In the first quarter of 2023, we terminated our interest rate swap contracts with an aggregate notional value of $ 813 million and received net proceeds of $ 155 million upon termination.

These contracts were designated as cash flow hedges and were scheduled to mature beginning in the first quarter of 2027.

1 unchanged sentence

The gain will be recognized into interest expense, net over the term which related interest payments will be made when we enter into anticipated future debt refinancing.

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of March 31, 2024 and December 31, 2023:

(in millions) March 31, December 31,

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2024 and December 31, 2023:

(in millions) June 30, December 31

Balance Sheet Location 2024 2023

6 unchanged sentences

Other non-current liabilities Cross currency swaps $ 100 $ 14

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the three months ended March 31:

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30:

(in millions) Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)

5 unchanged sentences

Cross currency swaps $ 16 $ ( 22 ) Interest expense, net $ ( 1 ) $ ( 1 )

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the three months ended March 31:

(in millions) 2024 2023

2024 2023 2024 2023

Cash flow hedges - designated as hedging instruments

Foreign exchange forward contracts $ ( 1 ) $ 9 Revenue, Selling and general expenses $ 4 $ 3

Interest rate swap contracts $ 21 $ ( 9 ) Interest expense, net $ — $ ( 2 )

Net investment hedges - designated as hedging instruments

Cross currency swaps $ 46 $ ( 31 ) Interest expense, net $ ( 2 ) $ ( 2 )

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

(in millions) Three Months Six Months

2024 2023 2024 2023

Cash Flow Hedges

10 unchanged sentences

Net Investment Hedges

Net unrealized (losses) gains on net investment hedges, net of taxes, beginning of period $ ( 21 ) $ 56

Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period $ 2 $ 49 $ ( 21 ) $ 56

Change in fair value, net of tax 11 ( 18 ) 33 ( 26 )

12 unchanged sentences

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes.

The amounts in accumulated other

comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs.

The amounts in accumulated other comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs.

These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income.

The components of net periodic benefit cost for our retirement plans and postretirement plans for the three months ended March 31 are as follows:

(in millions) 2024 2023

The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows:

(in millions) Three Months Six Months

2024 2023 2024 2023

Service cost $ 1 $ 1 $ 1 $ 1

Interest cost $ 17 $ 19 35 37

2 unchanged sentences

Net periodic benefit cost $ ( 5 ) $ ( 5 ) $ ( 11 ) $ ( 11 )

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three months ended March 31, 2024 and 2023.

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and six months ended June 30, 2024 and 2023.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans which became effective on January 1, 2024.

The effect of the assumption changes on retirement and postretirement expense for the three months ended March 31, 2024 did not have a material impact to our financial position, results of operations or cash flows.

In the first three months of 2024, we contributed $ 3 million to our retirement plans and expect to make additional required contributions of approximately $ 8 million to our retirement plans during the remainder of the year.

We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in the remaining nine months of 2024.

The effect of the assumption changes on retirement and postretirement expense for the three and six months ended June 30, 2024 did not have a material impact to our financial position, results of operations or cash flows.

In the first six months of 2024, we contributed $ 5 million to our retirement plans and expect to make additional required contributions of approximately $ 6 million to our retirement plans during the remainder of the year.

We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in the second half of 2024.

Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees under the 2019 Employee Stock Incentive Plan and to our eligible non-employee members of the Board of Directors under a Director Deferred Stock Ownership Plan.

For the three months ended March 31, 2024 and 2023, total stock-based compensation expense related to restricted stock and other stock-based awards was $ 33 million and $ 46 million, respectively.

During the three months ended March 31, 2024, the Company granted 0.4 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $ 422.70 per share.

Total unrecognized compensation expense related to unvested equity awards as of March 31, 2024 was $ 259 million, which is expected to be recognized over a weighted average period of 1.6 years.

For the six months ended June 30, 2024 and 2023, total stock-based compensation expense related to restricted stock and other stock-based awards was $ 82 million and $ 97 million, respectively.

During the six months ended June 30, 2024, the Company granted 0.4 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $ 423.01 per share.

Total unrecognized compensation expense related to unvested equity awards as of June 30, 2024 was $ 253 million, which is expected to be recognized over a weighted average period of 1.4 years.

On January 23, 2024, the Board of Directors approved an increase in the dividends for 2024 to a quarterly common stock dividend of $ 0.91 per share.

2 unchanged sentences

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options.

As of March 31, 2024, 17.4 million shares remained available under the 2022 Repurchase Program.

As of June 30, 2024, 17.2 million shares remained available under the 2022 Repurchase Program.

Our 2022 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

9 unchanged sentences

The forward stock purchase contracts were classified as equity instruments.

The terms of each ASR agreement entered into during the three months ended March 31, 2024 and 2023, structured as outlined above, are as follows:

The terms of each ASR agreement entered into during the six months ended June 30, 2024 and 2023, structured as outlined above, are as follows:

(in millions, except average price paid per share)

2 unchanged sentences

February 12, 2024 1

1.0 — 1.0 $ — $ 500

April 12, 2024 1.0 0.2 1.2 $ 421.05 $ 500

May 8, 2023 2

August 4, 2023 2.5 0.1 2.6 $ 384.75 $ 1,000

February 13, 2023 3

2 unchanged sentences

We completed the ASR agreement on April 12, 2024 and received an additional 0.2 million shares.

We repurchased a total of 1.2 million shares under the ASR agreement for an average purchase price of $ 421.05 per share.

The ASR agreement was executed under our 2022 Repurchase Program.

2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $ 1 billion and initially received shares valued at 87.5 % of the $ 1 billion at a price equal to the market price of the Company's common stock on May 8, 2023 when the Company received an initial delivery of 2.5 million shares from the ASR program.We completed the ASR agreement on August 4, 2023 and received an additional 0.1 million shares.

The ASR agreement was executed under our 2022 Repurchase Program.

3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $ 500 million and initially received shares valued at 85 % of the $ 500 million at a price equal to the market price of the Company's common stock on February 13, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program.

1 unchanged sentence

The ASR agreement was executed under our 2022 Repurchase Program

During the three months ended March 31, 2024, we received 1.2 million shares, including 0.2 million shares received in February of 2024 related to our November 13, 2023 ASR agreement.

During the three months ended March 31, 2024, we purchased a total of 1.0 million shares for $ 500 million of cash.

During the three months ended March 31, 2023, we purchased a total of 1.1 million shares for $ 500 million of cash.

During the six months ended June 30, 2024, we received 1.4 million shares, including 0.2 million shares received in February of 2024 related to our November 13, 2023 ASR agreement.

During the six months ended June 30, 2024, we purchased a total of 1.2 million shares for $ 500 million of cash.

During the six months ended June 30, 2023, we received 4.3 million shares, including 0.4 million shares received in February of 2023 related to our December 2, 2022 ASR agreement.

During the six months ended June 30, 2023, we purchased a total of 3.9 million shares for $ 1.5 billion of cash.

Redeemable Noncontrolling Interests

10 unchanged sentences

Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interests during the three months ended March 31, 2024 were as follows:

Changes to redeemable noncontrolling interests during the six months ended June 30, 2024 were as follows:

(in millions)

3 unchanged sentences

Redemption value adjustment 203

Balance as of March 31, 2024

1 Includes foreign currency translation adjustments.

Balance as of June 30, 2024

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the three months ended March 31, 2024:

The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2024:

(in millions) Foreign Currency Translation Adjustments Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Cash Flow Hedges Accumulated Other Comprehensive Loss

5 unchanged sentences

Net other comprehensive income (loss) ( 89 ) ( 3 ) 16 ( 76 )

Balance as of March 31, 2024

Balance as of June 30, 2024

$ ( 576 ) $ ( 365 ) $ 102 $ ( 839 )

1 unchanged sentence

See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.

2 Reflects amortization of net actuarial losses and is net of a tax benefit of less than $ 1 million for the three months ended March 31, 2024.

2 Reflects amortization of net actuarial losses and is net of a tax benefit of less than $ 1 million for the six months ended June 30, 2024.

See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

4 unchanged sentences

Potential common shares consist primarily of stock options and restricted performance shares calculated using the treasury stock method.

The calculation of basic and diluted EPS for the three months ended March 31 is as follows:

(in millions, except per share amounts) 2024 2023

The calculation of basic and diluted EPS for the periods ended June 30 is as follows:

(in millions, except per share amounts) Three Months Six Months

2024 2023 2024 2023

Amounts attributable to S&P Global Inc.

2 unchanged sentences

Basic weighted-average number of common shares outstanding

313.0 319.3 313.3 320.3

Effect of stock options and other dilutive securities 0.2 0.5 0.3 0.6

Diluted weighted-average number of common shares outstanding

313.2 319.8 313.6 320.9

Earnings per share attributable to S&P Global Inc.

5 unchanged sentences

Additionally, restricted performance shares are excluded when the necessary vesting conditions have not been met or when a net loss exists.

For the three months ended March 31, 2024 and 2023, there were no stock options excluded.

Restricted performance shares outstanding of 0.9 million and 0.8 million as of March 31, 2024 and 2023, respectively, were excluded.

For the three and six months ended June 30, 2024 and 2023, there were no stock options excluded.

Restricted performance shares outstanding of 0.9 million and 0.8 million as of June 30, 2024 and 2023, respectively, were excluded.

Restructuring

4 unchanged sentences

In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of March 31, 2024 by segment is as follows:

The initial restructuring charge recorded and the ending reserve balance as of June 30, 2024 by segment is as follows:

2024 Restructuring Plan 2023 Restructuring Plan

7 unchanged sentences

Total $ 45 $ 26 $ 183 $ 62

We recorded a pre-tax restructuring charge of $ 35 million primarily related to employee severance charges for the 2024 restructuring plan during the three months ended March 31, 2024 and have reduced the reserve by $ 7 million.

We recorded a pre-tax restructuring charge of $ 45 million primarily related to employee severance charges for the 2024 restructuring plan during the six months ended June 30, 2024 and have reduced the reserve by $ 19 million.

The ending reserve balance for the 2023 restructuring plan was $ 152 million as of December 31, 2023.

For the three months ended March 31, 2024, we have reduced the reserve for the 2023 restructuring plan by $ 69 million.

For the six months ended June 30, 2024, we have reduced the reserve for the 2023 restructuring plan by $ 90 million.

The reductions primarily related to cash payments for employee severance charges.

3 unchanged sentences

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 (income) expense, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other income, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

A summary of operating results for the three months ended March 31 is as follows:

A summary of operating results for the periods ended June 30 is as follows:

Revenue Three Months Six Months

(in millions) 2024 2023 2024 2023

8 unchanged sentences

Total revenue $ 3,549 $ 3,101 $ 7,040 $ 6,261

Operating Profit

Operating Profit Three Months Six Months

(in millions) 2024 2023 2024 2023

Market Intelligence 2

$ 230 $ 176 $ 419 $ 404

725 486 1,404 962

Commodity Insights 4

206 156 432 343

80 68 151 133

263 226 534 464

Engineering Solutions 7

5 unchanged sentences

1 Revenue 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.

2 Operating profit for 2024 includes employee severance charges of $ 31 million, IHS Markit merger costs of $ 11 million and acquisition-related costs of $ 3 million.

Operating profit for 2023 includes a gain on disposition of $ 46 million, IHS Markit merger costs of $ 13 million and employee severance charges of $ 6 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 140 million and $ 141 million for 2024 and 2023, respectively.

3 Operating profit for 2024 and 2023 includes employee severance charges of $ 2 million and $ 1 million, respectively.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 7 million and $ 2 million for 2024 and 2023, respectively.

4 Operating profit for 2024 includes IHS Markit merger costs of $ 5 million.

Operating profit for 2023 includes IHS Markit merger costs of $ 13 million and employee severance charges of $ 2 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 32 million and $ 33 million for 2024 and 2023, respectively.

5 Operating profit for 2024 includes IHS Markit merger costs of $ 1 million.

Operating profit for 2023 includes IHS Markit merger costs of $ 1 million and acquisition-related costs of $ 1 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 76 million and $ 74 million for 2024 and 2023, respectively.

6 Operating profit for 2024 includes IHS Markit merger costs of $ 1 million and employee severance charges of $ 1 million.

Operating profit for 2023 includes a gain on disposition of $ 4 million, employee severance charges of $ 1 million and IHS Markit merger costs of $ 1 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 9 million for 2024 and 2023.

7 Operating profit for 2023 includes amortization of intangibles from acquisitions of $ 2 million.

8 Corporate Unallocated expense for 2024 includes IHS Markit merger costs of $ 18 million, employee severance charges of $ 2 million, acquisition-related costs of $ 1 million and recovery of lease-related costs of $ 1 million.

Corporate Unallocated expense for 2023 includes IHS Markit merger costs of $ 37 million, disposition related costs of $ 13 million, employee severance charges of $ 1 million and acquisition-related costs of $ 1 million.

Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $ 1 million for 2023.

9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $ 14 million for 2024 and 2023.

The following table presents our revenue disaggregated by revenue type for the three months ended March 31:

2 Operating profit for the three and six months ended June 30, 2024 includes a net acquisition-related benefit of $ 11 million and $ 8 million, respectively, IHS Markit merger costs of $ 9 million and $ 20 million, respectively, and employee severance charges of $ 4 million and $ 35 million, respectively.

Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $ 16 million and $ 22 million, respectively, IHS Markit merger costs of $ 12 million and $ 25 million, respectively, and an asset impairment of $ 5 million.

Operating profit for the six months ended June 30, 2023 includes a gain on disposition of $ 46 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 147 million and $ 140 million for the three months ended June 30, 2024 and 2023, respectively, and $ 288 million and $ 281 million for the six months ended June 30, 2024 and 2023, respectively.

3 Operating profit for the three and six months ended June 30, 2024 includes legal costs of $ 20 million.

Operating profit for the six months ended June 30, 2024 also includes employee severance charges of $ 2 million.

Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $ 4 million and $ 5 million, respectively.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 2 million for the three months ended June 30, 2024 and 2023, and $ 9 million and $ 4 million for the six months ended June 30, 2024 and 2023, respectively.

4 Operating profit for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $ 5 million and $ 10 million, respectively, an asset write-off of $ 1 million and disposition-related costs of $ 1 million.

Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $ 14 million and $ 15 million, respectively, and IHS Markit merger costs of $ 8 million and $ 20 million respectively.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 32 million and $ 33 million for the three months ended June 30, 2024 and 2023, respectively, and $ 65 million and $ 66 million for the six months ended June 30, 2024 and 2023, respectively.

5 Operating profit for the three and six months ended June 30, 2024 includes employee severance charges of $ 6 million, IHS Markit merger costs of $ 1 million and acquisition-related costs of $ 1 million.

Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $ 3 million and $ 4 million, respectively, and acquisition-related costs of $ 1 million.

Operating profit for the six months ended June 30, 2023 includes IHS Markit merger costs of $ 1 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 76 million for the three months ended June 30, 2024 and 2023, and $ 151 million and $ 150 million for the six months ended June 30, 2024 and 2023, respectively.

6 Operating profit for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $ 2 million and $ 3 million, respectively, and a loss on disposition of $ 1 million.

Operating profit for the six months ended June 30, 2024 includes employee severance charges of $ 1 million.

Operating profit for the three and six months ended June 30, 2023 includes employee severance charges of $ 2 million and $ 3 million, respectively, and IHS Markit merger costs of $ 1 million and $ 2 million, respectively.

Operating profit for the six months ended June 30, 2023 includes a gain on disposition of $ 4 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $ 9 million for the three months ended June 30, 2024 and 2023, and $ 18 million for the six months ended June 30, 2024 and 2023.

7 As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

Operating profit for the six months ended June 30, 2023 includes amortization of intangibles from acquisitions of $ 1 million.

8 Corporate Unallocated expense for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $ 20 million and $ 38 million, respectively, acquisition-related costs of $ 6 million and $ 7 million, respectively, disposition-related costs of $ 2 million and $ 3 million, respectively, and a gain on disposition of $ 2 million.

Corporate Unallocated expense for the six months ended June 30, 2024 includes employee severance charges of $ 2 million and recovery of lease-related costs of $ 1 million.

Corporate Unallocated expense for the three and six months ended June 30, 2023 includes a loss on disposition of $ 120 million, IHS Markit merger costs of $ 30 million and $ 66 million, respectively, lease impairments of $ 15 million, employee severance charges of $ 12 million and $ 14 million, respectively, disposition-related costs of $ 3 million and $ 16 million, respectively, and acquisition-related costs of $ 1 million and $ 2 million, respectively.

Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $ 1 million for the three months ended June 30, 2024 and 2023, and $ 1 million and $ 2 million for the six months ended June 30, 2024 and 2023, respectively.

9 Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $ 14 million for the three months months ended June 30, 2024 and 2023, and $ 28 million for the six months ended June 30, 2024 and 2023.

The following table presents our revenue disaggregated by revenue type for the periods ended June 30:

(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Engineering Solutions 1

Intersegment Elimination 2

Three Months Ended June 30, 2024

Subscription $ 965 $ — $ 459 $ 323 $ 74 $ — $ — $ 1,821

12 unchanged sentences

Intersegment Elimination 2

Six Months Ended June 30, 2024

Subscription $ 1,912 $ — $ 909 $ 635 $ 144 $ — $ — $ 3,600

8 unchanged sentences

Services transferred over time

2,200 990 960 635 776 — ( 91 ) 5,470

Total revenue $ 2,297 $ 2,197 $ 1,075 $ 786 $ 776 $ — $ ( 91 ) $ 7,040

(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Engineering Solutions 1

Intersegment Elimination 2

Three Months Ended June 30, 2023

Subscription $ 910 $ — $ 420 $ 292 $ 70 $ 31 $ — $ 1,723

Non-subscription / Transaction 39 383 24 77 — 2 — 525

Non-transaction — 468 — — — — ( 41 ) 427

Asset-linked fees — — — — 211 — — 211

Sales usage-based royalties — — 18 — 67 — — 85

Recurring variable revenue 130 — — — 130

Total revenue $ 1,079 $ 851 $ 462 $ 369 $ 348 $ 33 $ ( 41 ) $ 3,101

Timing of revenue recognition

Services transferred at a point in time $ 39 $ 383 $ 24 $ 77 $ — $ 2 $ — $ 525

Services transferred over time 1,040 468 438 292 348 31 ( 41 ) 2,576

Total revenue $ 1,079 $ 851 $ 462 $ 369 $ 348 $ 33 $ ( 41 ) $ 3,101

(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Engineering Solutions 1

Intersegment Elimination 2

Six Months Ended June 30, 2023

Subscription $ 1,800 $ — $ 829 $ 573 $ 136 $ 125 $ — $ 3,463

Non-subscription / Transaction 95 761 104 154 — 8 — 1,122

Non-transaction — 914 — — — — ( 83 ) 831

Asset-linked fees — — — — 420 — — 420

Sales usage-based royalties — — 37 — 133 — — 170

Recurring variable revenue 255 — — — — — — 255

Total revenue $ 2,150 $ 1,675 $ 970 $ 727 $ 689 $ 133 $ ( 83 ) $ 6,261

Timing of revenue recognition

Services transferred at a point in time $ 95 $ 761 $ 104 $ 154 $ — $ 8 $ — $ 1,122

Services transferred over time 2,055 914 866 573 689 125 ( 83 ) 5,139

Total revenue $ 2,150 $ 1,675 $ 970 $ 727 $ 689 $ 133 $ ( 83 ) $ 6,261

1 As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date.

2 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

The following provides revenue by geographic region for the three months ended March 31:

(in millions) 2024 2023

The following provides revenue by geographic region for the periods ended June 30:

(in millions) Three Months Six Months

2024 2023 2024 2023

$ 2,151 $ 1,865 $ 4,301 $ 3,791

European region 830 703 1,605 1,414

Asia 368 342 724 679

Rest of the world 200 191 410 377

11 unchanged sentences

As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of March 31, 2024 and December 31, 2023:

(in millions) March 31, December 31,

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of June 30, 2024 and December 31, 2023:

(in millions) June 30, December 31,

Balance Sheet Location 2024 2023

2 unchanged sentences

Lease liabilities — non-current Non-current lease liabilities 515 541

The components of lease expense for the three months ended March 31 are as follows:

(in millions) 2024 2023

The components of lease expense for the periods ended June 30 are as follows:

(in millions) Three Months Six Months

2024 2023 2024 2023

Operating lease cost $ 32 $ 36 $ 66 $ 66

1 unchanged sentence

Total lease cost $ 28 $ 31 $ 58 $ 57

Supplemental information related to leases for the three months ended March 31 are as follows:

(in millions) 2024 2023

Supplemental information related to leases for the periods ended June 30 are as follows:

(in millions) Three Months Six Months

2024 2023 2024 2023

Cash paid for amounts included in the measurement for operating lease liabilities

3 unchanged sentences

Weighted-average remaining lease term and discount rate for our operating leases are as follows:

March 31, December 31,

June 30, December 31,

Weighted-average remaining lease term (years) 5.8 6.0

2 unchanged sentences

(in millions)

2024 (Excluding the three months ended March 31, 2024)

2024 (Excluding the six months ended June 30, 2024)

2029 and beyond 233

5 unchanged sentences

Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products.

During the three months ended March 31, 2024 and 2023, S&P Dow Jones Indices LLC earned $ 48 million and $ 44 million of revenue under the terms of the License Agreement.

During the three and six months ended June 30, 2024, S&P Dow Jones Indices LLC earned $ 48 million and $ 96 million, respectively, of revenue under the terms of the License Agreement.

During the three and six months ended June 30, 2023, S&P Dow Jones Indices LLC earned $ 45 million and $ 89 million, respectively, of revenue under the terms of the License Agreement.

The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27 % noncontrolling interest is removed in net income attributable to noncontrolling interests.

11 unchanged sentences

For example, as a nationally recognized statistical rating organization ("NRSRO") registered with the SEC under Section 15E of the Exchange Act, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws.

S&P Global Ratings is currently responding to requests for documents and information from the SEC in connection with an investigation concerning S&P Global Ratings’ compliance with record retention requirements relating to electronic business communications sent or received via electronic messaging channels.

S&P Global Ratings is currently in advanced discussions with the SEC staff in an effort to resolve an investigation concerning S&P Global Ratings’ compliance with record retention requirements relating to electronic business communications sent or received via electronic messaging channels.

can be no assurance that these discussions will lead to a resolution of the investigation.

As has been publicly reported, the SEC has undertaken similar investigations across various industries, including other NRSROs.

20 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements