Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | THOMSON REUTERS CORPORATION |
Entity Central Index Key | 0001075124 |
Current Fiscal Year End Date | --12-31 |
Consolidated Income Statement
Consolidated Income Statement - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
CONTINUING OPERATIONS | ||||
Revenues | $ 1,647 | $ 1,614 | $ 3,385 | $ 3,288 |
Operating expenses | (990) | (1,041) | (2,064) | (2,122) |
Depreciation | (29) | (38) | (59) | (76) |
Other operating gains, net | 347 | 2 | 364 | 1 |
Operating profit | 825 | 391 | 1,333 | 805 |
Finance costs, net: | ||||
Net interest expense | (34) | (49) | (89) | (97) |
Other finance (costs) income | (102) | 320 | (192) | 414 |
Income before tax and equity method investments | 689 | 662 | 1,052 | 1,122 |
Share of post-tax earnings (losses) in equity method investments | 419 | (825) | 989 | (27) |
Tax (expense) benefit | (219) | 92 | (415) | (148) |
Earnings (loss) from continuing operations | 889 | (71) | 1,626 | 947 |
Earnings (loss) from discontinued operations, net of tax | 5 | (44) | 24 | (55) |
Net earnings (loss) | 894 | (115) | 1,650 | 892 |
Earnings (loss) attributable to common shareholders | $ 894 | $ (115) | $ 1,650 | $ 892 |
Basic earnings (loss) per share: | ||||
From continuing operations | $ 1.89 | $ (0.15) | $ 3.44 | $ 1.94 |
From discontinued operations | 0.01 | (0.09) | 0.05 | (0.11) |
Basic earnings (loss) per share | 1.9 | (0.24) | 3.49 | 1.83 |
Diluted earnings (loss) per share: | ||||
From continuing operations | 1.89 | (0.15) | 3.43 | 1.94 |
From discontinued operations | 0.01 | (0.09) | 0.06 | (0.11) |
Diluted earnings (loss) per share | $ 1.9 | $ (0.24) | $ 3.49 | $ 1.83 |
Computer software [member] | ||||
CONTINUING OPERATIONS | ||||
Amortization | $ (127) | $ (121) | $ (245) | $ (235) |
Other identifiable intangible assets [member] | ||||
CONTINUING OPERATIONS | ||||
Amortization | $ (23) | $ (25) | $ (48) | $ (51) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement [LineItems] | ||||
Net earnings (loss) | $ 894 | $ (115) | $ 1,650 | $ 892 |
Items that have been or may be subsequently reclassified to net earnings: | ||||
Cash flow hedges adjustments to net earnings | (23) | 36 | (25) | 23 |
Cash flow hedges adjustments to equity | 21 | (41) | 20 | (21) |
Foreign currency translation adjustments to equity | 82 | (235) | 151 | (261) |
Other comprehensive income that will be reclassified to profit or loss, net of tax | 80 | (240) | 146 | (259) |
Items that will not be reclassified to net earnings: | ||||
Fair value adjustments on financial assets | 7 | (14) | 6 | (18) |
Remeasurement on defined benefit pension plans | 10 | (133) | 15 | (87) |
Related tax (expense) benefit on remeasurement on defined benefit pension plans | (3) | 32 | (4) | 21 |
Other comprehensive income that will not be reclassified to profit or loss, net of tax | 14 | (115) | 17 | (84) |
Other comprehensive income (loss) | 94 | (355) | 163 | (343) |
Total comprehensive income (loss) | 988 | (470) | 1,813 | 549 |
Comprehensive income (loss) for the period attributable to: | ||||
Total comprehensive income (loss) | 988 | (470) | 1,813 | 549 |
Continuing operations [member] | ||||
Comprehensive income (loss) for the period attributable to: | ||||
Common shareholders | 983 | (426) | 1,789 | 604 |
Discontinued operations [member] | ||||
Comprehensive income (loss) for the period attributable to: | ||||
Common shareholders | $ 5 | $ (44) | $ 24 | $ (55) |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | ||
Assets | ||||
Cash and cash equivalents | $ 2,858 | $ 1,069 | ||
Trade and other receivables | 1,000 | 1,069 | ||
Other financial assets | 104 | 204 | ||
Prepaid expenses and other current assets | 472 | 469 | ||
Current assets | 4,434 | 2,811 | ||
Property and equipment, net | 402 | 414 | ||
Computer software, net | 1,067 | 922 | ||
Other identifiable intangible assets, net | 3,189 | 3,219 | ||
Goodwill | 6,190 | 5,882 | ||
Equity method investments | 3,477 | 6,199 | ||
Other financial assets | 448 | 527 | ||
Other non-current assets | 610 | 619 | ||
Deferred tax | 1,072 | 1,118 | ||
Total assets | 20,889 | 21,711 | ||
Liabilities | ||||
Current indebtedness | 2,440 | 1,647 | ||
Payables, accruals and provisions | 933 | 1,222 | ||
Current tax liabilities | 479 | 324 | ||
Deferred revenue | 942 | 886 | ||
Other financial liabilities | [1] | 124 | 812 | [2] |
Current liabilities | 4,918 | 4,891 | ||
Long-term indebtedness | 3,141 | 3,114 | ||
Provisions and other non-current liabilities | 675 | 691 | ||
Other financial liabilities | [3] | 202 | 233 | |
Deferred tax | 752 | 897 | ||
Total liabilities | 9,688 | 9,826 | ||
Equity | ||||
Capital | 3,368 | 5,398 | ||
Retained earnings | 8,836 | 7,642 | ||
Accumulated other comprehensive loss | (1,003) | (1,155) | ||
Total equity | 11,201 | 11,885 | ||
Total liabilities and equity | $ 20,889 | $ 21,711 | ||
[1]Includes lease liabilities of $53 million (2022 - $56 million).[2]Includes a commitment to repurchase up to $718 million of shares related to the Company’s automatic share repurchase plan with its broker to repurhcase the Company’s shares during its internal trading blackout period. See note 16.[3]Includes lease liabilities of $177 million (2022 - $179 million). |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES | ||||
Earnings (loss) from continuing operations | $ 889 | $ (71) | $ 1,626 | $ 947 |
Adjustments for: | ||||
Depreciation | 29 | 38 | 59 | 76 |
Share of post-tax (earnings) losses in equity method investments | (419) | 825 | (989) | 27 |
Net (gains) losses on disposals of businesses and investments | (348) | 1 | (347) | 1 |
Deferred tax | 9 | (183) | (118) | (17) |
Other | 146 | (286) | 277 | (325) |
Changes in working capital and other items | 240 | (25) | 160 | (216) |
Operating cash flows from continuing operations | 696 | 445 | 961 | 779 |
Operating cash flows from discontinued operations | (1) | (12) | 1 | (71) |
Net cash provided by operating activities | 695 | 433 | 962 | 708 |
INVESTING ACTIVITIES | ||||
Acquisitions, net of cash acquired | (33) | (163) | (523) | (171) |
Proceeds from disposals of businesses and investments | 418 | 0 | 418 | 0 |
Proceeds from sales of LSEG shares | 1,583 | 0 | 3,876 | 0 |
Capital expenditures | (127) | (137) | (267) | (308) |
Other investing activities | 45 | 62 | 68 | 62 |
Taxes paid on sales of LSEG shares and disposals of businesses | (252) | 0 | (270) | 0 |
Investing cash flows from continuing operations | 1,634 | (238) | 3,302 | (417) |
Investing cash flows from discontinued operations | (1) | (16) | (1) | (16) |
Net cash provided by (used in) investing activities | 1,633 | (254) | 3,301 | (433) |
FINANCING ACTIVITIES | ||||
Net borrowings under short-term loan facilities | 1,132 | 50 | 771 | 50 |
Payments of lease principal | (15) | (16) | (31) | (33) |
Payments for return of capital on common shares | (2,045) | 0 | (2,045) | 0 |
Repurchases of common shares | 0 | (194) | (718) | (194) |
Other financing activities | 0 | 2 | 5 | 9 |
Net cash used in financing activities | (1,160) | (368) | (2,475) | (588) |
Translation adjustments | (4) | 1 | (4) | |
Increase (decrease) in cash and cash equivalents | 1,168 | (193) | 1,789 | (317) |
Cash and cash equivalents at beginning of period | 1,690 | 654 | 1,069 | 778 |
Cash and cash equivalents at end of period | 2,858 | 461 | 2,858 | 461 |
Supplemental cash flow information is provided in note 17. | ||||
Interest paid, net of debt related hedges | (76) | (66) | (102) | (80) |
Interest received | 16 | 24 | 1 | |
Income taxes paid | (278) | (110) | (378) | (145) |
Preference shares [member] | ||||
FINANCING ACTIVITIES | ||||
Dividends paid | (2) | (3) | (1) | |
Common shares [member] | ||||
FINANCING ACTIVITIES | ||||
Dividends paid | (230) | (210) | (454) | (419) |
Computer software [member] | ||||
Adjustments for: | ||||
Amortization expense | 127 | 121 | 245 | 235 |
Other identifiable intangible assets [member] | ||||
Adjustments for: | ||||
Amortization expense | $ 23 | $ 25 | $ 48 | $ 51 |
Consolidated Statement of Chang
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] Number of common shares [member] | Contributed surplus [member] | Contributed surplus [member] Number of common shares [member] | Total capital [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] | Foreign currency translation adjustments [member] | Total accumulated other comprehensive loss AOCL [member] |
Balance at Dec. 31, 2021 | $ 13,834 | $ 3,813 | $ 1,683 | $ 5,496 | $ 9,149 | $ 25 | $ (836) | $ (811) | |||||||
Statement [LineItems] | |||||||||||||||
Net earnings | 892 | 892 | |||||||||||||
Other comprehensive income (loss) | (343) | (66) | (16) | (261) | (277) | ||||||||||
Total comprehensive income (loss) | 549 | 826 | (16) | (261) | (277) | ||||||||||
Dividends declared on shares | $ (1) | $ (433) | $ (1) | $ (433) | |||||||||||
Shares issued under Dividend Reinvestment Plan ("DRIP") | 14 | 14 | 14 | ||||||||||||
Repurchases of common shares | (223) | (18) | (18) | (205) | |||||||||||
Automatic share purchase plan | (400) | (30) | (30) | (370) | |||||||||||
Stock compensation plans | 13 | 107 | (94) | 13 | |||||||||||
Balance at Jun. 30, 2022 | 13,353 | 3,886 | 1,589 | 5,475 | 8,966 | 9 | (1,097) | (1,088) | |||||||
Balance at Dec. 31, 2022 | 11,885 | 3,864 | 1,534 | 5,398 | 7,642 | 17 | (1,172) | (1,155) | |||||||
Statement [LineItems] | |||||||||||||||
Net earnings | 1,650 | 1,650 | |||||||||||||
Other comprehensive income (loss) | 163 | 11 | 1 | 151 | 152 | ||||||||||
Total comprehensive income (loss) | 1,813 | 1,661 | 1 | 151 | 152 | ||||||||||
Return of capital on common shares (see note 16) | (2,047) | $ (2,107) | $ 60 | $ (2,047) | |||||||||||
Dividends declared on shares | $ (3) | $ (462) | $ (3) | $ (462) | |||||||||||
Shares issued under Dividend Reinvestment Plan ("DRIP") | 8 | 8 | 8 | ||||||||||||
Repurchases of common shares | 0 | 2 | 2 | (2) | |||||||||||
Stock compensation plans | 7 | 109 | (102) | 7 | |||||||||||
Balance at Jun. 30, 2023 | $ 11,201 | $ 1,876 | $ 1,492 | $ 3,368 | $ 8,836 | $ 18 | $ (1,021) | $ (1,003) |
Business Description and Basis
Business Description and Basis of Preparation | 6 Months Ended |
Jun. 30, 2023 | |
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 August 1, 2023. 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, 2022. The interim financial statements comply with International Accounting Standard 34, Interim Financial Reporting 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, 2022. The Company continues to operate in an uncertain macroeconomic and geopolitical environment caused by rising interest rates, high inflation, and ongoing geopolitical risks, most notably the Russian military invasion of Ukraine. The Company is closely monitoring the evolving macroeconomic and geopolitical conditions to assess potential impacts on its businesses. Due to the significant uncertainty created by these circumstances, some of management’s estimates and judgments may be more variable and may change materially in the future. 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, 2022, which are included in the Company’s 2022 annual report. References to “$” are to U.S. dollars, references to “C$” are to Canadian dollars and references to “£” are to British pounds sterling. Recent accounting amendments In May 2023, the IASB issued amendments to IAS 12 Income Taxes Co-operation Updates issued by the IASB that are not applicable or consequential to the Company have been excluded from the discussion above. |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
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 Corporates Tax & Professionals Reuters News Global Eliminations/ Rounding Total Three months ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Recurring 667 656 340 322 167 167 155 152 - - (6) (6) 1,323 1,291 Transactions 38 44 52 51 62 50 39 36 - - - - 191 181 Global Print - - - - - - - - 133 142 - - 133 142 Total 705 700 392 373 229 217 194 188 133 142 (6) (6) 1,647 1,614 Revenues by type Legal Corporates Tax & Professionals Reuters News Global Eliminations/ Rounding Total Six months ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Recurring 1,339 1,309 666 638 343 349 310 307 - - (12) (12) 2,646 2,591 Transactions 80 89 161 146 168 121 59 57 - - - - 468 413 Global Print - - - - - - - - 271 284 - - 271 284 Total 1,419 1,398 827 784 511 470 369 364 271 284 (12) (12) 3,385 3,288 Revenues by geography (country of destination) Legal Corporates Tax & Reuters News Global Eliminations/ Rounding Total Three months ended June 30, 2023 2022 (1) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 U.S. 573 565 319 305 171 169 26 28 99 102 (6) (6) 1,182 1,163 Canada (country of domicile) 20 17 2 2 11 12 1 1 17 19 - - 51 51 Other 8 8 19 16 36 26 2 2 3 4 - - 68 56 Americas (North America, 601 590 340 323 218 207 29 31 119 125 (6) (6) 1,301 1,270 U.K. 62 65 28 28 6 6 125 119 8 8 - - 229 226 Other 16 16 12 12 - - 27 24 2 3 - - 57 55 EMEA (Europe, Middle East and 78 81 40 40 6 6 152 143 10 11 - - 286 281 Asia Pacific 26 29 12 10 5 4 13 14 4 6 - - 60 63 Total 705 700 392 373 229 217 194 188 133 142 (6) (6) 1,647 1,614 Revenues by geography (country of destination) Legal Corporates Tax & Reuters News Global Eliminations/ Rounding Total Six months ended June 30, 2023 2022 (1) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 U.S. 1,153 1,129 682 650 400 375 52 58 204 205 (12) (12) 2,479 2,405 Canada (country of domicile) 40 34 4 4 22 22 2 2 30 36 - - 98 98 Other 15 16 38 30 69 56 4 4 7 8 - - 133 114 Americas (North America, Latin 1,208 1,179 724 684 491 453 58 64 241 249 (12) (12) 2,710 2,617 U.K. 130 131 54 55 10 10 232 221 16 16 - - 442 433 Other 25 32 22 26 - - 53 51 3 6 - - 103 115 EMEA (Europe, Middle East and 155 163 76 81 10 10 285 272 19 22 - - 545 548 Asia Pacific 56 56 27 19 10 7 26 28 11 13 - - 130 123 Total 1,419 1,398 827 784 511 470 369 364 271 284 (12) (12) 3,385 3,288 (1) The Company reclassified $7 million and $14 million, respectively, of revenues from Asia Pacific to the U.S. for the three and six months ended June 30, 2022. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
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, focusing on intuitive legal research powered by emerging technologies 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 technology solutions for in-house Tax & Accounting Professionals The Tax & Accounting Professionals segment serves tax, accounting and audit professionals in accounting firms (other than the seven largest, which are served by the Corporates segment) with research and workflow products, focusing on intuitive tax offerings and automating tax workflows. 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. In 2022, Corporate costs also included expenses related to the Change Program (see note 5). Corporate costs does not qualify as a reportable segment. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Revenues Legal Professionals 705 700 1,419 1,398 Corporates 392 373 827 784 Tax & Accounting Professionals 229 217 511 470 Reuters News 194 188 369 364 Global Print 133 142 271 284 Eliminations/Rounding (6) (6) (12) (12) Revenues 1,647 1,614 3,385 3,288 Adjusted EBITDA Legal Professionals 345 304 663 609 Corporates 163 139 317 296 Tax & Accounting Professionals 89 81 238 203 Reuters News 45 44 74 81 Global Print 53 50 103 103 Total reportable segments adjusted EBITDA 695 618 1,395 1,292 Corporate costs (33) (57) (56) (131) Fair value adjustments (1) (5) 12 (18) 5 Depreciation (29) (38) (59) (76) Amortization of computer software (127) (121) (245) (235) Amortization of other identifiable intangible assets (23) (25) (48) (51) Other operating gains, net 347 2 364 1 Operating profit 825 391 1,333 805 Net interest expense (34) (49) (89) (97) Other finance (costs) income (102) 320 (192) 414 Share of post-tax 419 (825) 989 (27) Tax (expense) benefit (219) 92 (415) (148) Earnings (loss) from continuing operations 889 (71) 1,626 947 (1) The three and Reuters News revenues included $6 million (2022 - $6 million) and $12 million (2022 - $12 million) in the three and six months ended June 30, 2023, 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 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 software and other identifiable intangible assets, the Company’s share of post-tax ● 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. |
Seasonality
Seasonality | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
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 the release of certain tax products, which tend to be concentrated in the fourth quarter and, to a lesser extent, in the first quarter of the year. The timing of costs related to the Change Program impacted the seasonality of the Company’s expenses and operating profit in 2022. |
Operating Expenses
Operating Expenses | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Operating Expenses | Note 5: Operating Expenses The components of operating expenses include the following: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Salaries, commissions and allowances 565 601 1,152 1,194 Share-based payments 18 26 43 47 Post-employment benefits 28 36 57 73 Total staff costs 611 663 1,252 1,314 Goods and services (1) 295 309 637 640 Content 64 65 133 132 Telecommunications 9 9 19 22 Facilities 10 7 18 19 Fair value adjustments (2) 1 (12) 5 (5) Total operating expenses 990 1,041 2,064 2,122 (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. Operating expenses in the three and six months ended June 30, 2022 included $30 million and $64 million, respectively, related to the Change Program, which transitioned Thomson Reuters from a holding company to an operating company, and from a content provider into a content-driven technology company. The charges included severance as well as costs to drive technology and digital sales efficiencies. The Change Program was completed on December 31, 2022. |
Other Operating Gains, Net
Other Operating Gains, Net | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Other Operating Gains, Net | Note 6: Other Operating Gains, Net 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 (see note 7). The six months ended June 30, 2023 also included a $23 million gain on the sale of a Canadian wholly-owned subsidiary to a company affiliated with The Woodbridge Company Limited (“Woodbridge”), the Company’s principal shareholder (see note 20). Other operating gains, net |
Divestitures
Divestitures | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |
Divestitures | Note 7: Divestitures In June 2023, the Company sold a majority interest in its Elite business, a provider of financial and practice management solutions to law firms, to TPG, a global alternative asset management firm, for proceeds of $418 million. The Company retained a 19.9% minority interest in the business with board representation and will prospectively account for its interest using the equity method of accounting. The consideration received and the net assets disposed in the transaction were as follows: Three and six months ended June 30, 2023 Consideration received — Cash and cash equivalents 418 Trade receivables (51) Prepaid expenses and other current assets (13) Computer software (36) Goodwill (104) Other assets (2) Total assets (206) Payables and accruals 14 Deferred revenue 49 Total liabilities 63 Net assets disposed (143) Opening balance 19.9% equity investment in Elite 87 Other (15) Gain on sale before income tax 347 |
Finance Costs, Net
Finance Costs, Net | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Finance Costs, Net | Note 8: 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, 2023 2022 2023 2022 Interest expense: Debt 49 40 101 80 Derivative financial instruments — hedging activities (1) - (1) (1) Other, net 4 5 9 10 Fair value (gains) losses on cash flow hedges, transfer from (23) 36 (25) 23 Net foreign exchange losses (gains) on debt 23 (36) 25 (23) Net interest expense — debt and other 52 45 109 89 Net interest expense — leases 2 2 4 4 Net interest expense — pension and other post-employment benefit plans 6 2 12 5 Interest income (26) - (36) (1) Net interest expense 34 49 89 97 Th Six months ended June 30, 2023 2022 2023 2022 Net losses (gains) due to changes in foreign currency exchange rates 36 (78) 59 (94) Net losses (gains) on derivative instruments 66 (242) 135 (320) Other - - (2) - Other finance costs (income) 102 (320) 192 (414) Net losses (gains) due to changes in foreign currency exchange rates Net losses (gains) due to changes in foreign currency exchange rates were principally comprised of amounts related to certain intercompany funding arrangements. Net losses (gains) on derivative instruments Net losses (gains) on derivative instruments related to foreign exchange contracts that are intended to reduce foreign currency risk on a portion of the Company’s indirect investment in LSEG, which is denominated in British pounds sterling. |
Equity Method Investments
Equity Method Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments accounted for using equity method [abstract] | |
Equity Method Investments | Note 9: Equity Method Investments Equity method investments in the consolidated statement of financial position were comprised of the following: June 30, December 31, 2023 2022 YPL 3,226 6,028 Other equity method investments 251 171 Total equity method investments 3,477 6,199 Equity method investments were primarily comprised of the Company’s indirect investment in LSEG shares, which it holds through its direct investment in York Parent Limited and its subsidiaries (“YPL”). YPL is an entity jointly owned by the Company, Blackstone’s consortium (comprised of The Blackstone Group and its subsidiaries, and private equity funds affiliated with Blackstone), and certain current LSEG and former members of Refinitiv senior management. The increase in other equity method investments reflects the Company’s 19.9% minority interest in Elite, following the sale of a majority stake in the business in June of 2023 (see note 7). The investment in LSEG is subject to equity accounting because the LSEG shares are held through YPL, over which the Company has significant influence. As YPL owns only the financial investment in LSEG shares, which the parties intend to sell over time, and is not involved in operating LSEG or the Data & Analytics business of LSEG, the investment in LSEG shares held by YPL is accounted for at fair value, based on the share price of LSEG. As the investment in LSEG is denominated in British pounds sterling, the Company has entered into a series of foreign exchange contracts to mitigate currency risk on its investment (see note 12). In the three and six months ended June 30, 2023, the Company received $ 1.6 billion and $ 3.9 billion, respectively, related to the transactions described below. Of these amounts, $ 1.6 billion and $ 3.8 billion were received in the three and six months ended June 30, 2023, respectively, in the form of dividends from YPL, which were recorded as a reduction of the Company’s investment and presented as investing activities in the consolidated statement of cash flow. ● On January 31, 2023, the Company and Blackstone’s consortium collectively sold 21.2 million LSEG shares they co-own lock-up lock-up ● On March 8, 2023, the Company and Blackstone’s consortium collectively sold 28 million shares they co-own ● On May 19, 2023, the Company and Blackstone’s consortium collectively sold 33 million shares they co-own ● During the three and six months ended June 30, 2023, LSEG repurchased 0.6 million and 1.5 million, respectively, of ordinary shares from YPL under an open market buyback program announced by LSEG in August 2022. The Company received proceeds of approximately $27 million and $62 million related to the approxi mate ly As of June 30, 2023, YPL held a combination of LSEG ordinary shares and LSEG limited-voting ordinary shares (with the shares carrying in aggregate an approximate 18% economic interest and a 11% voting interest in LSEG compared to an approximate 30% economic interest and a 24% voting interest as of December 31, 2022). As of June 30, 2023, the Company owned 32.07% (December 31, 2022 – 42.84%) of YPL and indirectly owned approximately 31.9 million (December 31, 2022 – 72.0 million) LSEG shares. Given the reduction in its ownership in 2023, YPL is only entitled to nominate two non-executive to the board of LSEG , rather than three. As such, Thomson Reuters is no longer entitled to nominate a representative to the board of LSEG. The Company’s share of post-tax following: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 YPL 421 (822) 995 (23) Other equity method investments (2) (3) (6) (4) Total share of post-tax 419 (825) 989 (27) In the three months ended June 30, 2023, share of post-tax million related to foreign exchange gains. In the six months ended June 30, 2023, share of post-tax earnings in equity method investments primarily reflected an increase in value of the LSEG investment, of which In the three months ended June 30, 2022, share of post-tax post-tax million of dividend income from its LSEG investment. Set forth below is summarized financial information for 100% of YPL as of June 30, 2023 and 2022. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Mark-to-market 955 (2,064) 2,496 (199) Dividend income 112 144 112 144 Loss from forward contract - - (179) - Net earnings (loss) 1,067 (1,920) 2,429 (55) Total comprehensive income (loss) 1,067 (1,920) 2,429 (55) The following table reconciles the net assets attributable to YPL to the Company’s carrying value of its investment in YPL: June 30, December 31, 2023 2022 Assets Current assets 19 190 Non-current 10,809 14,620 Total assets 10,828 14,810 Liabilities Current liabilities 17 10 Non-current 223 202 Total liabilities 240 212 Net assets attributable to YPL 10,588 14,598 Net assets attributable to YPL - beginning period 14,598 15,881 Net earnings (loss) attributable to YPL 2,429 (973) Distributions to owners (6,439) (310) Net assets attributable to YPL - ending period 10,588 14,598 Thomson Reuters % share 32.07% 42.84% Thomson Reuters $ share 3,395 6,254 Historical excluded equity adjustment (1) (169) (226) Thomson Reuters carrying amount 3,226 6,028 (1) Represents the cumulative impact of equity transactions excluded from the Company’s investment in YPL. The Company recognized income of $43 million and $57 million within “Share of post-tax See note 20 for related party transactions with YPL and Elite. |
Taxation
Taxation | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Taxation | Note 10: Taxation Tax expense (benefit) was $219 million and $(92) million for the three months ended June 30, 2023 and 2022, respectively, and included $97 million (2022 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 release of reserves for uncertain tax reserves upon the settlement of a tax audit. Additionally, tax expense (benefit) in each period reflected the mix of taxing jurisdictions in which pre-tax pre-tax year. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Earnings per share | Note 11: Earnings Per Share Basic earnings (loss) per share was calculated by dividing earnings (loss) 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 (loss) used in determining consolidated earnings (loss) per share and earnings (loss) per share from continuing operations are as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Earnings (loss) attributable to common shareholders 894 (115) 1,650 892 Less: Dividends declared on preference shares (2) - (3) (1) Earnings (loss) used in consolidated earnings (loss) per share 892 (115) 1,647 891 Less: (Earnings) loss from discontinued operations, net of tax (5) 44 (24) 55 Earnings (loss) used in earnings (loss) per share from continuing operations 887 (71) 1,623 946 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 (loss) per share computation to the weighted-average number of common shares outstanding used in the diluted earnings (loss) per share computation, is presented below: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Weighted-average number of common shares outstanding 469,605,944 486,892,062 471,344,081 486,639,796 Weighted-average number of vested DSUs 150,924 279,338 151,829 289,885 Basic 469,756,868 487,171,400 471,495,910 486,929,681 Effect of stock options and TRSUs 625,732 - 1,013,120 784,132 Diluted 470,382,600 487,171,400 472,509,030 487,713,813 The impact of the share reduction from the return of capital and share consolidation transaction in June 2023 (see note 16) was factored into the weighted average number of common shares outstanding from the date of the transaction. Because the Company reported a net loss from continuing operations for the three months ended June 30, 2022, the weighted-average number of common shares used for basic and diluted loss per share is the same for all per share calculations in the period, as the effect of stock options and other equity incentive awards would reduce the loss per share, and therefore be anti- dilutive. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | Note 12: Financial Instruments Financial assets and liabilities Financial assets and liabilities in the consolidated statement of financial position were as follows: June 30, 2023 Assets/ at Assets/ Value Earnings Assets at Fair Value through Other Comprehensive Income or Loss Derivatives Total Cash and cash equivalents 313 2,545 - - 2,858 Trade and other receivables 1,000 - - - 1,000 Other financial assets - current 12 92 - - 104 Other financial assets - non-current 20 263 103 62 448 Current indebtedness (2,440) - - - (2,440) Trade payables (see note 14) (161) - - - (161) Accruals (see note 14) (617) - - - (617) Other financial liabilities - current (1) (60) (64) - - (124) Long-term indebtedness (3,141) - - - (3,141) Other financial liabilities - non current (2) (199) (3) - - (202) Total (5,273) 2,833 103 62 (2,275) December 31, 2022 Assets/ at Assets/ at Fair through Assets at Fair Value through Other Comprehensive Income or Loss Derivatives Total Cash and cash equivalents 820 249 - - 1,069 Trade and other receivables 1,069 - - - 1,069 Other financial assets - current 13 191 - - 204 Other financial assets - non-current 24 400 61 42 527 Current indebtedness (1,647) - - - (1,647) Trade payables (see note 14) (237) - - - (237) Accruals (see note 14) (834) - - - (834) Other financial liabilities - current (1)(3) (781) (31) - - (812) Long-term indebtedness (3,114) - - - (3,114) Other financial liabilities - non current (2) (204) (29) - - (233) Total (4,891) 780 61 42 (4,008) (1) Includes lease liabilities of $53 million (2022 - $56 million). (2) Includes lease liabilities of $177 million (2022 - $179 million). (3) Includes a commitment to repurchase up to $718 million of shares related to the Company’s automatic share repurchase plan with its broker to repurhcase the Company’s shares during its internal trading blackout period. See note 16. Cash and cash equivalents Of total cash and cash equivalents, $93 million and $81 million as of June 30, 2023 and December 31, 2022, 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. The carrying amount of outstanding commercial paper of $1,840 million is included in “Current indebtedness” within the consolidated statement of financial position as of June 30, 2023 (December 31, 2022 – $1,048 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, 2023 and December 31, 2022. Based on the Company’s current credit ratings, the cost of borrowing under the facility is priced at the Term Secure d 102.5 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, 2023, the Company was in compliance with this covenant as its ratio of net debt to EBITDA, as calculated under the terms of its syndicated credit facility, was 1.1:1. Foreign exchange contracts The Company has entered into foreign exchange contracts that are intended to reduce foreign currency risk related to a portion of its indirect investment in LSEG, which is denominated in British pounds sterling. On June 7, 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. On March 23, 2023, the Company settled foreign exchange contracts with a notional amount of £1.0 billion ($1.3 billion) for net proceeds of $96 million in conjunction with the sale of 13.6 million of LSEG shares. As of June 30, 2023, the Company had remaining foreign exchange contracts with a notional amount of £1.7 billion ($2.2 billion) outstanding. In the three and six months ended June 30, 2023, losses of $66 million and $135 million (2022 – gains of $242 million and $320 million), respectively , Fair Value The fair values of cash and cash equivalents, trade and other receivables, trade payables and accruals approximate their carrying amounts because of the short-term maturity of these instruments. The fair value of long-term debt and related derivative instruments is set forth below. Debt and Related Derivative Instruments Carrying Amounts Amounts recorded in the consolidated statement of financial position are referred to as “carrying amounts”. The carrying amounts of primary debt are reflected in “Current indebtedness” or “Long-term indebtedness” and the carrying amounts of derivative instruments are included in “Other financial assets” and “Other financial liabilities”, current or non-current, Fair Value The fair value of debt is estimated based on either quoted market prices for similar issues or current rates offered to the Company for debt of the same maturity. The fair value of interest rate swaps is estimated based upon discounted cash flows using applicable current market rates and considering non-performance risk. The following is a summary of debt and related derivative instruments that hedged the cash flows of debt: Carrying Amount Fair Value June 30, 2023 Primary Derivative Primary Derivative Commercial paper 1,840 - 1,844 - C$ 1,056 (62 ) 998 (62 ) $ 600 - 597 - $ (1) 241 - 235 - $ 498 - 474 - $ (1) 116 - 89 - $ 342 - 323 - $ 396 - 377 - $ 492 - 480 - Total 5,581 (62 ) 5,417 (62 ) Current portion 2,440 - Long-term portion 3,141 (62 ) Carrying Amount Fair Value December 31, 2022 Primary Derivative Primary Derivative Commercial paper 1,048 - 1,050 - C 1,030 (42 972 (42 $ 599 - 594 - $ (1) 241 - 235 - $ 497 - 473 - $ (1) 116 - 89 - $ 342 - 324 - $ 396 - 379 - $ 492 - 482 - Total 4,761 (42 ) 4,598 (42 Current portion 1,647 - Long-term portion 3,114 (42 ) (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, 2023 Total Assets Level 1 Level 2 Level 3 Balance Money market accounts - 2,545 - 2,545 Other receivables (1) - - 263 263 Foreign exchange contracts (2) - 92 - 92 Financial assets at fair value through earnings - 2,637 263 2,900 Financial assets at fair value through other comprehensive income (3) 27 - 76 103 Derivatives used for hedging (4) - 62 - 62 Total assets 27 2,699 339 3,065 Liabilities Foreign exchange contracts (2) - (43) - (43) Contingent consideration (5) - - (24) (24) Financial liabilities at fair value through earnings - (43) (24) (67) Total liabilities - (43) (24) (67) December 31, 2022 Total Assets Level 1 Level 2 Level 3 Balance Money market accounts - 249 - 249 Other receivables (1) - - 245 245 Foreign exchange contracts (2) - 346 - 346 Financial assets at fair value through earnings - 595 245 840 Financial assets at fair value through other comprehensive income (3) 19 - 42 61 Derivatives used for hedging (4) - 42 - 42 Total assets 19 637 287 943 Liabilities Foreign exchange contracts (2) - (37) - (37) Contingent consideration (5) - - (23) (23) Financial liabilities at fair value through earnings - (37) (23) (60) Total liabilities - (37) (23) (60) (1) Receivables under indemnification arrangement (see note 19). (2) Relates to the management of foreign exchange risk on a portion of the Company’s indirect investment in LSEG. (3) Investments in entities over which the Company does not have control, joint control or significant influence. (4) Comprised of fixed-to-fixed (5) Obligations to pay additional consideration for prior acquisitions, based upon performance measures contractually agreed at the time of purchase. The receivable from the indemnification arrangement is a level 3 in the fair value measurement hierarchy. The increase in the receivable between December 31, 2022 and June 30, 2023 primarily reflected fair value gains based on interest rates associated with the indemnifying party’s credit profile and foreign exchange gains, which are included within “Earnings (loss) from discontinued operations, net of tax”, in the consolidated income statement. 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, 2023. Valuation Techniques The fair value of financial instruments that are not traded in an active market (for example, over-the-counter 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 ● The fair value of contingent consideration is calculated based on estimates of future revenue performance. |
Other Non-Current Assets
Other Non-Current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Other Non-Current Assets | Note 13: Other Non-Current June 30, December 31, 2023 2022 Net defined benefit plan surpluses 52 48 Cash surrender value of life insurance policies 346 337 Deferred commissions 97 121 Other non-current (1) 115 113 Total other non-current 610 619 (1) Includes a tax receivable from HM Revenue & Customs (“HMRC”) of $92 million and $94 million as of June 30, 2023 and December 31, 2022, respectively (see note 19). |
Payables, Accruals and Provisio
Payables, Accruals and Provisions | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other payables [abstract] | |
Payables, Accruals and Provisions | Note 14: Payables, Accruals and Provisions June 30, December 31, 2023 2022 Trade payables 161 237 Accruals 617 834 Provisions 94 108 Other current liabilities 61 43 Total payables, accruals and provisions 933 1,222 |
Provisions and Other Non-Curren
Provisions and Other Non-Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of other provisions [abstract] | |
Provisions and Other Non-Current Liabilities | Note 15: Provisions and Other Non-Current June 30, December 31, 2023 2022 Net defined benefit plan obligations 521 526 Deferred compensation and employee incentives 76 72 Provisions 73 86 Other non-current 5 7 Total provisions and other non-current 675 691 |
Capital
Capital | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Capital | Note 16: Capital Return of Capital and Share Consolidation In June 2023, the Company returned pre-consolidated 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, the Company’s outstanding common shares were reduced by shares. Share repurchases – Normal Course Issuer Bid The Company buys back shares (and subsequently cancels them) from time to time as part of its capital strategy. In June 2022, the Company announced a plan to repurchase up to $2.0 billion of its common shares. The Company completed this program in the three months ended March 31, 2023. Details of share repurchases were as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Share repurchases (millions of U.S. dollars) - 194 718 194 Shares repurchased (number in millions) - 1.9 6.0 1.9 Share repurchases - average price per share in U.S. dollars - $ 99.71 $ 120.10 $ 99.71 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 (“DRIP”). Due to administrative complexities, the Company temporarily suspended its DRIP for any dividend payable in advance of the return of capital transaction, and paid such dividends in cash. The Company resumed the DRIP after the completion of the return of capital transaction. 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, 2023 2022 2023 2022 Dividends declared per common share $0.490 $0.445 $0.980 $0.890 Dividends declared 230 217 462 433 Dividends reinvested - (7) (8) (14) Dividends paid 230 210 454 419 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2023 | |
Statement of cash flows [abstract] | |
Supplemental Cash Flow Information | Note 17: Supplemental Cash Flow Information Details of “Other” in the consolidated statement of cash flow are as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Non-cash 37 44 75 86 Net losses (gains) on foreign exchange and derivative financial 102 (319) 193 (411) Fair value adjustments (see note 5) 1 (12) 5 (5) Other 6 1 4 5 146 (286) 277 (325) Details of “Changes in working capital and other items” are as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Trade and other receivables (59) (6) 31 37 Prepaid expenses and other current assets 10 24 34 49 Other financial assets - 2 - 13 Payables, accruals and provisions 21 (93) (349) (367) Deferred revenue 99 67 52 58 Other financial liabilities - (2) - (13) Income taxes (1) 185 (3) 426 36 Other (16) (14) (34) (29) 240 (25) 160 (216) (1) The three and six months ended June 30, 2023 reflects current tax liabilities that were recorded on the sale of LSEG shares (see note 9), for which the tax payments are included in investing activities. Details of in co Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Operating activities - continuing operations (25) (94) (107) (129) Investing activities - continuing operations (252) - (270) - Investing activities - discontinued operations (1) (1) (16) (1) (16) Total income taxes paid (278) (110) (378) (145) (1) Reflects payments made to HMRC (see note 19). In the six months ended June 30, 2022, the Company paid $87 million related to notices of assessment under the Diverted Profit Tax regime, of which $28 million was paid directly to HMRC and $59 million was paid to LSEG under an indemnity arrangement. LSEG remitted the payments it received under the indemnity to HMRC on the Company’s behalf. The payments made directly to HMRC were included as income taxes paid in the consolidated statement of cash flow. The payments made to LSEG were presented in operating activities from discontinued operations in the consolidated statement of cash flow and were not included as taxes paid. See note 19. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Acquisitions | Note 18: Acquisitions Acquisitions primarily comprise the purchase of all the equity interests of the businesses acquired, which 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 investments in businesses in which the Company does not have a controlling interest. Acquisition activity The number of acquisitions completed, and the related consideration were as follows: Three months ended June 30, Six months ended June 30, Number of transactions 2023 2022 2023 2022 Businesses acquired - 2 1 2 Investments in businesses 4 3 5 3 4 5 6 5 Three months ended June 30, Six months ended June 30, Total consideration 2023 2022 2023 2022 Businesses acquired - 153 513 153 Less: Cash acquired - (2) (25) (2) Businesses acquired, net of cash - 151 488 151 Investments in businesses 33 12 35 18 Deferred and contingent consideration payments - - - 2 33 163 523 171 The following provides a brief description of acquisitions completed in the six months ended June 30, 2023 and 2022: Date Company Acquiring Segments Description January 2023 SurePrep LLC Corporates and Tax & Accounting Professionals A provider of tax automation software and services. April 2022 ThoughtTrace Corporates A business that uses artificial intelligence and machine learning to read, organize and manage document workflows. Purchase price allocation Purchase price allocations related to certain acquisitions may be subject to adjustment pending completion of final valuations. The activity in the three months ended June 30 Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Cash and cash equivalents - 2 25 2 Trade receivables - 3 8 3 Prepaid expenses and other current assets - 1 3 1 Current assets - 6 36 6 Property and equipment - - 2 - Computer software 140 24 180 24 Other identifiable intangible assets (22) 9 13 9 Other non-current - - 1 - Total assets 118 39 232 39 Payables and accruals - (1) (4) (1) Deferred revenue - (4) (47) (4) Current liabilities - (5) (51) (5) Provisions and other non-current - (20) (1) (20) Deferred tax (4) (3) (12) (3) Total liabilities (4) (28) (64) (28) Net assets acquired 114 11 168 11 Goodwill (114) 142 345 142 Total - 153 513 153 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 acquisition completed in 2023, the majority of goodwill is expected to be deductible for tax purposes and for acquisitions completed in 2022, the majority of goodwill is not deductible for tax purposes. Other The revenues and operating profit of acquired businesses were not material to the Company’s results of operations. |
Contingencies, Commitments and
Contingencies, Commitments and Guarantees | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Contingencies, Commitments and Guarantees | Note 19: Contingencies, Commitments and Guarantees 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, defamation claims and intellectual property infringement claims. The outcome of all of the matters against the Company is subject to future resolution, including the uncertainties of litigation. 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. Through June 30, 2023, the Company paid $456 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. As the Company does not believe these current and former U.K. affiliates fall within the scope of the DPT regime, it will continue contesting these assessments through all available administrative and judicial remedies and intends to vigorously defend its position. Payments made by the Company are not a reflection of its view on the merits of the case. 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. Because the Company believes that its position is supported by the weight of law, it does not believe that the resolution of this matter will have a material adverse effect on its financial condition taken as a whole. 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 Commitments In June 2023, the Company signed a definitive agreement to acquire Casetext for $650 million. Casetext uses artificial intelligence and machine learning which enables legal professionals to work more efficiently. The Company expects the acquisition to close by the end of 2023, subject to specified regulatory approvals and customary closing conditions. 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 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related party transactions [abstract] | |
Related Party Transactions | Note 20: Related Party Transactions As of June 30, 2023, the Company’s principal shareholder, Woodbridge, beneficially owned approximately 69% of the Company’s common shares. Transaction with Woodbridge In March 2023, the Company sold a Canadian wholly owned subsidiary to a company affiliated with Woodbridge for $23 million. The subsidiary’s assets consisted of accumulated tax losses that management did not expect to utilize against future taxable income prior to their expiry based on currently enacted Canadian tax law. As such, no tax benefit for the losses had been recognized in the consolidated financial statements. Under Canadian law, certain losses may only be transferred to related companies, such as those affiliated with Woodbridge. A gain of $23 million was recorded within “Other operating gains, net” within the consolidated income statement. In connection with this transaction, the board of directors’ Corporate Governance Committee obtained an independent fairness opinion. The Company utilized the independent fairness opinion to determine that the negotiated price between the Company and Woodbridge was reasonable. After reviewing the matter, the Corporate Governance Committee approved the transaction. Directors who were not considered independent because of their positions with Woodbridge refrained from deliberating and voting on the matter at the committee meeting. Transactions with YPL In the six months ended June 30, 2023, the Company received $3.8 billion of dividends from YPL primarily related to the sale of LSEG shares indirectly owned by the Company. See note 9 for further details about these transactions. Transactions with Elite In June 2023, the Company sold a majority interest in its Elite business to TPG and retained a 19.9% minority interest with board representation. To facilitate the separation, the Company agreed to provide certain operational services to Elite, including technology and administrative services, for a specified period. From the date of the sale through June 30, 2023, the Company recorded $2 million as contra-expense related to these transactions. As of June 30, 2023, the consolidated statement of financial position included a receivable from Elite of $8 million and a payable to Elite of $16 million related to all transactions between the two companies. Except for the above transactions, there were no new significant related party transactions during the first six months of 2023. Refer to “Related party transactions” disclosed in note 31 of the Company’s consolidated financial statements for the year ended December 31, 2022, which are included in the Company’s 2022 annual report, for information regarding related party transactions. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | Note 21: Subsequent Events Acquisition In July 2023, the Company acquired Imagen Ltd, a media asset management company, which will be part of the Reuters News segment. The Company is in the process of allocating the purchase consideration to the assets and liabilities assumed for accounting purposes. |
Business Description and Basi_2
Business Description and Basis of Preparation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
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 August 1, 2023. |
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, 2022. The interim financial statements comply with International Accounting Standard 34, Interim Financial Reporting 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, 2022. The Company continues to operate in an uncertain macroeconomic and geopolitical environment caused by rising interest rates, high inflation, and ongoing geopolitical risks, most notably the Russian military invasion of Ukraine. The Company is closely monitoring the evolving macroeconomic and geopolitical conditions to assess potential impacts on its businesses. Due to the significant uncertainty created by these circumstances, some of management’s estimates and judgments may be more variable and may change materially in the future. 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, 2022, which are included in the Company’s 2022 annual report. References to “$” are to U.S. dollars, references to “C$” are to Canadian dollars and references to “£” are to British pounds sterling. |
Recent accounting amendments | Recent accounting amendments In May 2023, the IASB issued amendments to IAS 12 Income Taxes Co-operation Updates issued by the IASB that are not applicable or consequential to the Company have been excluded from the discussion above. |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [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 Corporates Tax & Professionals Reuters News Global Eliminations/ Rounding Total Three months ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Recurring 667 656 340 322 167 167 155 152 - - (6) (6) 1,323 1,291 Transactions 38 44 52 51 62 50 39 36 - - - - 191 181 Global Print - - - - - - - - 133 142 - - 133 142 Total 705 700 392 373 229 217 194 188 133 142 (6) (6) 1,647 1,614 Revenues by type Legal Corporates Tax & Professionals Reuters News Global Eliminations/ Rounding Total Six months ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Recurring 1,339 1,309 666 638 343 349 310 307 - - (12) (12) 2,646 2,591 Transactions 80 89 161 146 168 121 59 57 - - - - 468 413 Global Print - - - - - - - - 271 284 - - 271 284 Total 1,419 1,398 827 784 511 470 369 364 271 284 (12) (12) 3,385 3,288 Revenues by geography (country of destination) Legal Corporates Tax & Reuters News Global Eliminations/ Rounding Total Three months ended June 30, 2023 2022 (1) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 U.S. 573 565 319 305 171 169 26 28 99 102 (6) (6) 1,182 1,163 Canada (country of domicile) 20 17 2 2 11 12 1 1 17 19 - - 51 51 Other 8 8 19 16 36 26 2 2 3 4 - - 68 56 Americas (North America, 601 590 340 323 218 207 29 31 119 125 (6) (6) 1,301 1,270 U.K. 62 65 28 28 6 6 125 119 8 8 - - 229 226 Other 16 16 12 12 - - 27 24 2 3 - - 57 55 EMEA (Europe, Middle East and 78 81 40 40 6 6 152 143 10 11 - - 286 281 Asia Pacific 26 29 12 10 5 4 13 14 4 6 - - 60 63 Total 705 700 392 373 229 217 194 188 133 142 (6) (6) 1,647 1,614 Revenues by geography (country of destination) Legal Corporates Tax & Reuters News Global Eliminations/ Rounding Total Six months ended June 30, 2023 2022 (1) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 U.S. 1,153 1,129 682 650 400 375 52 58 204 205 (12) (12) 2,479 2,405 Canada (country of domicile) 40 34 4 4 22 22 2 2 30 36 - - 98 98 Other 15 16 38 30 69 56 4 4 7 8 - - 133 114 Americas (North America, Latin 1,208 1,179 724 684 491 453 58 64 241 249 (12) (12) 2,710 2,617 U.K. 130 131 54 55 10 10 232 221 16 16 - - 442 433 Other 25 32 22 26 - - 53 51 3 6 - - 103 115 EMEA (Europe, Middle East and 155 163 76 81 10 10 285 272 19 22 - - 545 548 Asia Pacific 56 56 27 19 10 7 26 28 11 13 - - 130 123 Total 1,419 1,398 827 784 511 470 369 364 271 284 (12) (12) 3,385 3,288 (1) The Company reclassified $7 million and $14 million, respectively, of revenues from Asia Pacific to the U.S. for the three and six months ended June 30, 2022. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of operating segments [abstract] | |
Schedule of Other Required Segment Data | The Company also reports “Corporate costs”, which includes expenses for corporate functions. In 2022, Corporate costs also included expenses related to the Change Program (see note 5). Corporate costs does not qualify as a reportable segment. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Revenues Legal Professionals 705 700 1,419 1,398 Corporates 392 373 827 784 Tax & Accounting Professionals 229 217 511 470 Reuters News 194 188 369 364 Global Print 133 142 271 284 Eliminations/Rounding (6) (6) (12) (12) Revenues 1,647 1,614 3,385 3,288 Adjusted EBITDA Legal Professionals 345 304 663 609 Corporates 163 139 317 296 Tax & Accounting Professionals 89 81 238 203 Reuters News 45 44 74 81 Global Print 53 50 103 103 Total reportable segments adjusted EBITDA 695 618 1,395 1,292 Corporate costs (33) (57) (56) (131) Fair value adjustments (1) (5) 12 (18) 5 Depreciation (29) (38) (59) (76) Amortization of computer software (127) (121) (245) (235) Amortization of other identifiable intangible assets (23) (25) (48) (51) Other operating gains, net 347 2 364 1 Operating profit 825 391 1,333 805 Net interest expense (34) (49) (89) (97) Other finance (costs) income (102) 320 (192) 414 Share of post-tax 419 (825) 989 (27) Tax (expense) benefit (219) 92 (415) (148) Earnings (loss) from continuing operations 889 (71) 1,626 947 (1) The three and |
Operating Expenses (Tables)
Operating Expenses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 2022 2023 2022 Salaries, commissions and allowances 565 601 1,152 1,194 Share-based payments 18 26 43 47 Post-employment benefits 28 36 57 73 Total staff costs 611 663 1,252 1,314 Goods and services (1) 295 309 637 640 Content 64 65 133 132 Telecommunications 9 9 19 22 Facilities 10 7 18 19 Fair value adjustments (2) 1 (12) 5 (5) Total operating expenses 990 1,041 2,064 2,122 (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. |
Divestitures (Tables)
Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of analysis of single amount of discontinued operations [abstract] | |
Summary of net assets disposed | The consideration received and the net assets disposed in the transaction were as follows: Three and six months ended June 30, 2023 Consideration received — Cash and cash equivalents 418 Trade receivables (51) Prepaid expenses and other current assets (13) Computer software (36) Goodwill (104) Other assets (2) Total assets (206) Payables and accruals 14 Deferred revenue 49 Total liabilities 63 Net assets disposed (143) Opening balance 19.9% equity investment in Elite 87 Other (15) Gain on sale before income tax 347 |
Finance Costs, Net (Tables)
Finance Costs, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 2022 2023 2022 Interest expense: Debt 49 40 101 80 Derivative financial instruments — hedging activities (1) - (1) (1) Other, net 4 5 9 10 Fair value (gains) losses on cash flow hedges, transfer from (23) 36 (25) 23 Net foreign exchange losses (gains) on debt 23 (36) 25 (23) Net interest expense — debt and other 52 45 109 89 Net interest expense — leases 2 2 4 4 Net interest expense — pension and other post-employment benefit plans 6 2 12 5 Interest income (26) - (36) (1) Net interest expense 34 49 89 97 |
Components of Finance Costs, Net, Include Other Finance Costs (Income) | Th Six months ended June 30, 2023 2022 2023 2022 Net losses (gains) due to changes in foreign currency exchange rates 36 (78) 59 (94) Net losses (gains) on derivative instruments 66 (242) 135 (320) Other - - (2) - Other finance costs (income) 102 (320) 192 (414) |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments accounted for using equity method [abstract] | |
Share of Post-tax Earnings (Losses) in Equity Method Investments Reported in Consolidated Income Statement | The Company’s share of post-tax following: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 YPL 421 (822) 995 (23) Other equity method investments (2) (3) (6) (4) Total share of post-tax 419 (825) 989 (27) |
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, 2023 2022 YPL 3,226 6,028 Other equity method investments 251 171 Total equity method investments 3,477 6,199 |
Summary of Financial Information for YPL with Reconciliation to Thomson Reuters Carrying Value of its Investment | Set forth below is summarized financial information for 100% of YPL as of June 30, 2023 and 2022. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Mark-to-market 955 (2,064) 2,496 (199) Dividend income 112 144 112 144 Loss from forward contract - - (179) - Net earnings (loss) 1,067 (1,920) 2,429 (55) Total comprehensive income (loss) 1,067 (1,920) 2,429 (55) The following table reconciles the net assets attributable to YPL to the Company’s carrying value of its investment in YPL: June 30, December 31, 2023 2022 Assets Current assets 19 190 Non-current 10,809 14,620 Total assets 10,828 14,810 Liabilities Current liabilities 17 10 Non-current 223 202 Total liabilities 240 212 Net assets attributable to YPL 10,588 14,598 Net assets attributable to YPL - beginning period 14,598 15,881 Net earnings (loss) attributable to YPL 2,429 (973) Distributions to owners (6,439) (310) Net assets attributable to YPL - ending period 10,588 14,598 Thomson Reuters % share 32.07% 42.84% Thomson Reuters $ share 3,395 6,254 Historical excluded equity adjustment (1) (169) (226) Thomson Reuters carrying amount 3,226 6,028 (1) Represents the cumulative impact of equity transactions excluded from the Company’s investment in YPL. The Company recognized income of $43 million and $57 million within “Share of post-tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings per share [abstract] | |
Reconciliation of (loss) earnings used for earnings per share calculations | Earnings (loss) used in determining consolidated earnings (loss) per share and earnings (loss) per share from continuing operations are as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Earnings (loss) attributable to common shareholders 894 (115) 1,650 892 Less: Dividends declared on preference shares (2) - (3) (1) Earnings (loss) used in consolidated earnings (loss) per share 892 (115) 1,647 891 Less: (Earnings) loss from discontinued operations, net of tax (5) 44 (24) 55 Earnings (loss) used in earnings (loss) per share from continuing operations 887 (71) 1,623 946 |
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 (loss) per share computation to the weighted-average number of common shares outstanding used in the diluted earnings (loss) per share computation, is presented below: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Weighted-average number of common shares outstanding 469,605,944 486,892,062 471,344,081 486,639,796 Weighted-average number of vested DSUs 150,924 279,338 151,829 289,885 Basic 469,756,868 487,171,400 471,495,910 486,929,681 Effect of stock options and TRSUs 625,732 - 1,013,120 784,132 Diluted 470,382,600 487,171,400 472,509,030 487,713,813 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of financial assets and liabilities | Financial assets and liabilities in the consolidated statement of financial position were as follows: June 30, 2023 Assets/ at Assets/ Value Earnings Assets at Fair Value through Other Comprehensive Income or Loss Derivatives Total Cash and cash equivalents 313 2,545 - - 2,858 Trade and other receivables 1,000 - - - 1,000 Other financial assets - current 12 92 - - 104 Other financial assets - non-current 20 263 103 62 448 Current indebtedness (2,440) - - - (2,440) Trade payables (see note 14) (161) - - - (161) Accruals (see note 14) (617) - - - (617) Other financial liabilities - current (1) (60) (64) - - (124) Long-term indebtedness (3,141) - - - (3,141) Other financial liabilities - non current (2) (199) (3) - - (202) Total (5,273) 2,833 103 62 (2,275) December 31, 2022 Assets/ at Assets/ at Fair through Assets at Fair Value through Other Comprehensive Income or Loss Derivatives Total Cash and cash equivalents 820 249 - - 1,069 Trade and other receivables 1,069 - - - 1,069 Other financial assets - current 13 191 - - 204 Other financial assets - non-current 24 400 61 42 527 Current indebtedness (1,647) - - - (1,647) Trade payables (see note 14) (237) - - - (237) Accruals (see note 14) (834) - - - (834) Other financial liabilities - current (1)(3) (781) (31) - - (812) Long-term indebtedness (3,114) - - - (3,114) Other financial liabilities - non current (2) (204) (29) - - (233) Total (4,891) 780 61 42 (4,008) (1) Includes lease liabilities of $53 million (2022 - $56 million). (2) Includes lease liabilities of $177 million (2022 - $179 million). (3) Includes a commitment to repurchase up to $718 million of shares related to the Company’s automatic share repurchase plan with its broker to repurhcase the Company’s shares during its internal trading blackout period. See note 16. |
Summary of debt and related derivative instruments | The following is a summary of debt and related derivative instruments that hedged the cash flows of debt: Carrying Amount Fair Value June 30, 2023 Primary Derivative Primary Derivative Commercial paper 1,840 - 1,844 - C$ 1,056 (62 ) 998 (62 ) $ 600 - 597 - $ (1) 241 - 235 - $ 498 - 474 - $ (1) 116 - 89 - $ 342 - 323 - $ 396 - 377 - $ 492 - 480 - Total 5,581 (62 ) 5,417 (62 ) Current portion 2,440 - Long-term portion 3,141 (62 ) Carrying Amount Fair Value December 31, 2022 Primary Derivative Primary Derivative Commercial paper 1,048 - 1,050 - C 1,030 (42 972 (42 $ 599 - 594 - $ (1) 241 - 235 - $ 497 - 473 - $ (1) 116 - 89 - $ 342 - 324 - $ 396 - 379 - $ 492 - 482 - Total 4,761 (42 ) 4,598 (42 Current portion 1,647 - Long-term portion 3,114 (42 ) (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, 2023 Total Assets Level 1 Level 2 Level 3 Balance Money market accounts - 2,545 - 2,545 Other receivables (1) - - 263 263 Foreign exchange contracts (2) - 92 - 92 Financial assets at fair value through earnings - 2,637 263 2,900 Financial assets at fair value through other comprehensive income (3) 27 - 76 103 Derivatives used for hedging (4) - 62 - 62 Total assets 27 2,699 339 3,065 Liabilities Foreign exchange contracts (2) - (43) - (43) Contingent consideration (5) - - (24) (24) Financial liabilities at fair value through earnings - (43) (24) (67) Total liabilities - (43) (24) (67) December 31, 2022 Total Assets Level 1 Level 2 Level 3 Balance Money market accounts - 249 - 249 Other receivables (1) - - 245 245 Foreign exchange contracts (2) - 346 - 346 Financial assets at fair value through earnings - 595 245 840 Financial assets at fair value through other comprehensive income (3) 19 - 42 61 Derivatives used for hedging (4) - 42 - 42 Total assets 19 637 287 943 Liabilities Foreign exchange contracts (2) - (37) - (37) Contingent consideration (5) - - (23) (23) Financial liabilities at fair value through earnings - (37) (23) (60) Total liabilities - (37) (23) (60) (1) Receivables under indemnification arrangement (see note 19). (2) Relates to the management of foreign exchange risk on a portion of the Company’s indirect investment in LSEG. (3) Investments in entities over which the Company does not have control, joint control or significant influence. (4) Comprised of fixed-to-fixed (5) Obligations to pay additional consideration for prior acquisitions, based upon performance measures contractually agreed at the time of purchase. |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Text block [abstract] | |
Summary of Other Non-Current Assets | June 30, December 31, 2023 2022 Net defined benefit plan surpluses 52 48 Cash surrender value of life insurance policies 346 337 Deferred commissions 97 121 Other non-current (1) 115 113 Total other non-current 610 619 (1) Includes a tax receivable from HM Revenue & Customs (“HMRC”) of $92 million and $94 million as of June 30, 2023 and December 31, 2022, respectively (see note 19). |
Payables, Accruals and Provis_2
Payables, Accruals and Provisions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Trade and other payables [abstract] | |
Schedule of Payables, Accruals and Provisions | June 30, December 31, 2023 2022 Trade payables 161 237 Accruals 617 834 Provisions 94 108 Other current liabilities 61 43 Total payables, accruals and provisions 933 1,222 |
Provisions and Other Non-Curr_2
Provisions and Other Non-Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of other provisions [abstract] | |
Summary of Provisions and Other Non-Current Liabilities | June 30, December 31, 2023 2022 Net defined benefit plan obligations 521 526 Deferred compensation and employee incentives 76 72 Provisions 73 86 Other non-current 5 7 Total provisions and other non-current 675 691 |
Capital (Tables)
Capital (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of classes of share capital [abstract] | |
Details of NCIB Share Repurchases | Details of share repurchases were as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Share repurchases (millions of U.S. dollars) - 194 718 194 Shares repurchased (number in millions) - 1.9 6.0 1.9 Share repurchases - average price per share in U.S. dollars - $ 99.71 $ 120.10 $ 99.71 |
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, 2023 2022 2023 2022 Dividends declared per common share $0.490 $0.445 $0.980 $0.890 Dividends declared 230 217 462 433 Dividends reinvested - (7) (8) (14) Dividends paid 230 210 454 419 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Statement of cash flows [abstract] | |
Details of Other in the Consolidated Statement of Cash Flow | Details of “Other” in the consolidated statement of cash flow are as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Non-cash 37 44 75 86 Net losses (gains) on foreign exchange and derivative financial 102 (319) 193 (411) Fair value adjustments (see note 5) 1 (12) 5 (5) Other 6 1 4 5 146 (286) 277 (325) |
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, 2023 2022 2023 2022 Trade and other receivables (59) (6) 31 37 Prepaid expenses and other current assets 10 24 34 49 Other financial assets - 2 - 13 Payables, accruals and provisions 21 (93) (349) (367) Deferred revenue 99 67 52 58 Other financial liabilities - (2) - (13) Income taxes (1) 185 (3) 426 36 Other (16) (14) (34) (29) 240 (25) 160 (216) (1) The three and six months ended June 30, 2023 reflects current tax liabilities that were recorded on the sale of LSEG shares (see note 9), for which the tax payments are included in investing activities. |
Details of Income Taxes Paid | Details of in co Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Operating activities - continuing operations (25) (94) (107) (129) Investing activities - continuing operations (252) - (270) - Investing activities - discontinued operations (1) (1) (16) (1) (16) Total income taxes paid (278) (110) (378) (145) (1) Reflects payments made to HMRC (see note 19). |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Disclosure of detailed information about business combination [abstract] | |
Summary of Acquisition Activity | The number of acquisitions completed, and the related consideration were as follows: Three months ended June 30, Six months ended June 30, Number of transactions 2023 2022 2023 2022 Businesses acquired - 2 1 2 Investments in businesses 4 3 5 3 4 5 6 5 Three months ended June 30, Six months ended June 30, Total consideration 2023 2022 2023 2022 Businesses acquired - 153 513 153 Less: Cash acquired - (2) (25) (2) Businesses acquired, net of cash - 151 488 151 Investments in businesses 33 12 35 18 Deferred and contingent consideration payments - - - 2 33 163 523 171 |
Summary of Brief Description of the Acquisition | The following provides a brief description of acquisitions completed in the six months ended June 30, 2023 and 2022: Date Company Acquiring Segments Description January 2023 SurePrep LLC Corporates and Tax & Accounting Professionals A provider of tax automation software and services. April 2022 ThoughtTrace Corporates A business that uses artificial intelligence and machine learning to read, organize and manage document workflows. |
Summary of Net Assets Acquired | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Cash and cash equivalents - 2 25 2 Trade receivables - 3 8 3 Prepaid expenses and other current assets - 1 3 1 Current assets - 6 36 6 Property and equipment - - 2 - Computer software 140 24 180 24 Other identifiable intangible assets (22) 9 13 9 Other non-current - - 1 - Total assets 118 39 232 39 Payables and accruals - (1) (4) (1) Deferred revenue - (4) (47) (4) Current liabilities - (5) (51) (5) Provisions and other non-current - (20) (1) (20) Deferred tax (4) (3) (12) (3) Total liabilities (4) (28) (64) (28) Net assets acquired 114 11 168 11 Goodwill (114) 142 345 142 Total - 153 513 153 |
Revenues - Summary of Revenues
Revenues - Summary of Revenues by Type (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | $ 1,647 | $ 1,614 | $ 3,385 | $ 3,288 |
Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 1,647 | 1,614 | 3,385 | 3,288 |
Recurring [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 1,323 | 1,291 | 2,646 | 2,591 |
Transactions [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 191 | 181 | 468 | 413 |
Global Print [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 133 | 142 | 271 | 284 |
Legal Professionals [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 705 | 700 | 1,419 | 1,398 |
Legal Professionals [member] | Recurring [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 667 | 656 | 1,339 | 1,309 |
Legal Professionals [member] | Transactions [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 38 | 44 | 80 | 89 |
Corporates [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 392 | 373 | 827 | 784 |
Corporates [member] | Recurring [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 340 | 322 | 666 | 638 |
Corporates [member] | Transactions [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 52 | 51 | 161 | 146 |
Tax & Accounting Professionals [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 229 | 217 | 511 | 470 |
Tax & Accounting Professionals [member] | Recurring [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 167 | 167 | 343 | 349 |
Tax & Accounting Professionals [member] | Transactions [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 62 | 50 | 168 | 121 |
Reuters News [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 194 | 188 | 369 | 364 |
Reuters News [member] | Recurring [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 155 | 152 | 310 | 307 |
Reuters News [member] | Transactions [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 39 | 36 | 59 | 57 |
Global Print [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 133 | 142 | 271 | 284 |
Global Print [member] | Global Print [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | 133 | 142 | 271 | 284 |
Eliminations/ Rounding [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | (6) | (6) | (12) | (12) |
Eliminations/ Rounding [member] | Recurring [member] | Operating segments [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenues | $ (6) | $ (6) | $ (12) | $ (12) |
Revenues - Summary of geographi
Revenues - Summary of geographical information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of geographical areas [line items] | ||||
Revenues | $ 1,647 | $ 1,614 | $ 3,385 | $ 3,288 |
Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,647 | 1,614 | 3,385 | 3,288 |
Operating segments [member] | Eliminations Or Rounding [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (6) | (6) | (12) | (12) |
U.S. [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,182 | 1,163 | 2,479 | 2,405 |
U.S. [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 7 | 14 | ||
U.S. [member] | Operating segments [member] | Eliminations Or Rounding [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (6) | (6) | (12) | (12) |
Canada [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 51 | 51 | 98 | 98 |
Other [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 68 | 56 | 133 | 114 |
Americas [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1,301 | 1,270 | 2,710 | 2,617 |
Americas [member] | Operating segments [member] | Eliminations Or Rounding [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | (6) | (6) | (12) | (12) |
U.K. [Member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 229 | 226 | 442 | 433 |
Other Countries [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 57 | 55 | 103 | 115 |
EMEA [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 286 | 281 | 545 | 548 |
Asia Pacific [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 60 | 63 | 130 | 123 |
Legal Professionals [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 705 | 700 | 1,419 | 1,398 |
Legal Professionals [member] | U.S. [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 573 | 565 | 1,153 | 1,129 |
Legal Professionals [member] | Canada [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 20 | 17 | 40 | 34 |
Legal Professionals [member] | Other [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 8 | 8 | 15 | 16 |
Legal Professionals [member] | Americas [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 601 | 590 | 1,208 | 1,179 |
Legal Professionals [member] | U.K. [Member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 62 | 65 | 130 | 131 |
Legal Professionals [member] | Other Countries [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 16 | 16 | 25 | 32 |
Legal Professionals [member] | EMEA [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 78 | 81 | 155 | 163 |
Legal Professionals [member] | Asia Pacific [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 26 | 29 | 56 | 56 |
Corporates [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 392 | 373 | 827 | 784 |
Corporates [member] | U.S. [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 319 | 305 | 682 | 650 |
Corporates [member] | Canada [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2 | 2 | 4 | 4 |
Corporates [member] | Other [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 19 | 16 | 38 | 30 |
Corporates [member] | Americas [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 340 | 323 | 724 | 684 |
Corporates [member] | U.K. [Member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 28 | 28 | 54 | 55 |
Corporates [member] | Other Countries [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 12 | 12 | 22 | 26 |
Corporates [member] | EMEA [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 40 | 40 | 76 | 81 |
Corporates [member] | Asia Pacific [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 12 | 10 | 27 | 19 |
Tax & Accounting Professionals [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 229 | 217 | 511 | 470 |
Tax & Accounting Professionals [member] | U.S. [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 171 | 169 | 400 | 375 |
Tax & Accounting Professionals [member] | Canada [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 11 | 12 | 22 | 22 |
Tax & Accounting Professionals [member] | Other [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 36 | 26 | 69 | 56 |
Tax & Accounting Professionals [member] | Americas [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 218 | 207 | 491 | 453 |
Tax & Accounting Professionals [member] | U.K. [Member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 6 | 6 | 10 | 10 |
Tax & Accounting Professionals [member] | EMEA [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 6 | 6 | 10 | 10 |
Tax & Accounting Professionals [member] | Asia Pacific [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 5 | 4 | 10 | 7 |
Reuters News [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 194 | 188 | 369 | 364 |
Reuters News [member] | U.S. [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 26 | 28 | 52 | 58 |
Reuters News [member] | Canada [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 1 | 1 | 2 | 2 |
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 | 29 | 31 | 58 | 64 |
Reuters News [member] | U.K. [Member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 125 | 119 | 232 | 221 |
Reuters News [member] | Other Countries [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 27 | 24 | 53 | 51 |
Reuters News [member] | EMEA [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 152 | 143 | 285 | 272 |
Reuters News [member] | Asia Pacific [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 13 | 14 | 26 | 28 |
Global Print [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 133 | 142 | 271 | 284 |
Global Print [member] | U.S. [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 99 | 102 | 204 | 205 |
Global Print [member] | Canada [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 17 | 19 | 30 | 36 |
Global Print [member] | Other [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 3 | 4 | 7 | 8 |
Global Print [member] | Americas [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 119 | 125 | 241 | 249 |
Global Print [member] | U.K. [Member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 8 | 8 | 16 | 16 |
Global Print [member] | Other Countries [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 2 | 3 | 3 | 6 |
Global Print [member] | EMEA [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | 10 | 11 | 19 | 22 |
Global Print [member] | Asia Pacific [member] | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenues | $ 4 | $ 6 | $ 11 | $ 13 |
Revenues - Summary of geograp_2
Revenues - Summary of geographical information (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of geographical areas [line items] | ||||
Revenue | $ 1,647 | $ 1,614 | $ 3,385 | $ 3,288 |
Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | 1,647 | 1,614 | 3,385 | 3,288 |
UNITED STATES | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | $ 1,182 | 1,163 | $ 2,479 | 2,405 |
UNITED STATES | Operating segments [member] | ||||
Disclosure of geographical areas [line items] | ||||
Revenue | $ 7 | $ 14 |
Segment Information - Summary o
Segment Information - Summary of Operating Results of Reportable Segments (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of operating segments [Line Items] | ||||
Revenues | $ 1,647 | $ 1,614 | $ 3,385 | $ 3,288 |
Reportable segments adjusted EBITDA | 695 | 618 | 1,395 | 1,292 |
Corporate costs | (33) | (57) | (56) | (131) |
Fair value adjustments | (5) | 12 | (18) | 5 |
Depreciation | (29) | (38) | (59) | (76) |
Other operating gains, net | 347 | 2 | 364 | 1 |
Operating profit | 825 | 391 | 1,333 | 805 |
Net interest expense | (34) | (49) | (89) | (97) |
Other finance (costs) income | (102) | 320 | (192) | 414 |
Share of post-tax earnings (losses) in equity method investments | 419 | (825) | 989 | (27) |
Tax (expense) benefit | (219) | 92 | (415) | (148) |
Earnings (loss) from continuing operations | 889 | (71) | 1,626 | 947 |
Operating segments [member] | Legal Professionals [member] | ||||
Disclosure of operating segments [Line Items] | ||||
Revenues | 705 | 700 | 1,419 | 1,398 |
Reportable segments adjusted EBITDA | 345 | 304 | 663 | 609 |
Operating segments [member] | Corporates [member] | ||||
Disclosure of operating segments [Line Items] | ||||
Revenues | 392 | 373 | 827 | 784 |
Reportable segments adjusted EBITDA | 163 | 139 | 317 | 296 |
Operating segments [member] | Tax & Accounting Professionals [member] | ||||
Disclosure of operating segments [Line Items] | ||||
Revenues | 229 | 217 | 511 | 470 |
Reportable segments adjusted EBITDA | 89 | 81 | 238 | 203 |
Operating segments [member] | Reuters News [member] | ||||
Disclosure of operating segments [Line Items] | ||||
Revenues | 194 | 188 | 369 | 364 |
Reportable segments adjusted EBITDA | 45 | 44 | 74 | 81 |
Operating segments [member] | Global Print [member] | ||||
Disclosure of operating segments [Line Items] | ||||
Revenues | 133 | 142 | 271 | 284 |
Reportable segments adjusted EBITDA | 53 | 50 | 103 | 103 |
Operating segments [member] | Eliminations [member] | ||||
Disclosure of operating segments [Line Items] | ||||
Revenues | (6) | (6) | (12) | (12) |
Computer software [member] | ||||
Disclosure of operating segments [Line Items] | ||||
Amortization | (127) | (121) | (245) | (235) |
Other identifiable intangible assets [member] | ||||
Disclosure of operating segments [Line Items] | ||||
Amortization | $ (23) | $ (25) | $ (48) | $ (51) |
Segment Information - Summary_2
Segment Information - Summary of Operating Results of Reportable Segments (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of operating segments [abstract] | ||||
Acquired deferred revenue | $ 4 | $ 0 | $ 13 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of operating segments [line items] | ||||
Revenue | $ 1,647 | $ 1,614 | $ 3,385 | $ 3,288 |
Elimination of intersegment amounts [member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | $ 6 | $ 6 | $ 12 | $ 12 |
Operating Expenses - Components
Operating Expenses - Components of Operating Expenses (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Expenses 1 [abstract] | ||||
Salaries, commissions and allowances | $ 565 | $ 601 | $ 1,152 | $ 1,194 |
Share-based payments | 18 | 26 | 43 | 47 |
Post-employment benefits | 28 | 36 | 57 | 73 |
Total staff costs | 611 | 663 | 1,252 | 1,314 |
Goods and services | 295 | 309 | 637 | 640 |
Content | 64 | 65 | 133 | 132 |
Telecommunications | 9 | 9 | 19 | 22 |
Facilities | 10 | 7 | 18 | 19 |
Fair value adjustments | 1 | (12) | 5 | (5) |
Total operating expenses | $ 990 | $ 1,041 | $ 2,064 | $ 2,122 |
Operating Expenses - Additional
Operating Expenses - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Operating Expenses 1 [abstract] | ||
Change program costs | $ 30 | $ 64 |
Other Operating Gains, Net - Ad
Other Operating Gains, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of Other Operating Gains [Line Items] | ||||
Other operating (losses) gains, net | $ 347 | $ 2 | $ 364 | $ 1 |
Other subsidiaries [member] | ||||
Disclosure of Other Operating Gains [Line Items] | ||||
Gain on disposal of investments | 23 | |||
Elite Business [Member] | ||||
Disclosure of Other Operating Gains [Line Items] | ||||
Gain on disposal of investments | $ 347 | $ 347 |
Divestitures - Summary of Net A
Divestitures - Summary of Net Assets Disposed (Detail) - Elite [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Disclosure in tabular form of consideration received on disposal of business [Line Items] | ||
Consideration received — Cash and cash equivalents | $ 418 | $ 418 |
Trade receivables | (51) | (51) |
Prepaid expenses and other current assets | (13) | (13) |
Computer software | (36) | (36) |
Goodwill | (104) | (104) |
Other assets | (2) | (2) |
Total assets | (206) | (206) |
Payables and accruals | 14 | 14 |
Deferred revenue | 49 | 49 |
Total liabilities | 63 | 63 |
Net assets disposed | (143) | (143) |
Opening balance 19.9% equity investment in Elite | 87 | 87 |
Others | (15) | (15) |
Gain on sale before income tax | $ 347 | $ 347 |
Divestitures - Summary of Net_2
Divestitures - Summary of Net Assets Disposed (Parenthetical) (Detail) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Elite [Member] | ||
Disclosure in tabular form of consideration received on disposal of business [Line Items] | ||
Percentage of equity investment | 19.90% | 19.90% |
Divestitures - Additional infor
Divestitures - Additional information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure In Entirety Of Divestitures [Line Items] | ||||
Cash consideration received on disposal of business | $ 418 | $ 0 | $ 418 | $ 0 |
Elite [Member] | ||||
Disclosure In Entirety Of Divestitures [Line Items] | ||||
Cash consideration received on disposal of business | $ 418 | |||
Minority interest percentage in subsidiary | 19.90% |
Finance Costs, Net - Components
Finance Costs, Net - Components of Finance Costs, Net, Include Interest Expense (Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest expense: | ||||
Debt | $ 49 | $ 40 | $ 101 | $ 80 |
Derivative financial instruments — hedging activities | (1) | (1) | (1) | |
Other, net | 4 | 5 | 9 | 10 |
Fair value gains on financial instruments: | ||||
Fair value (gains) losses on cash flow hedges, transfer from equity | (23) | 36 | (25) | 23 |
Net foreign exchange losses (gains) on debt | 23 | (36) | 25 | (23) |
Net interest expense — debt and other | 52 | 45 | 109 | 89 |
Net interest expense — leases | 2 | 2 | 4 | 4 |
Net interest expense — pension and other post-employment benefit plans | 6 | 2 | 12 | 5 |
Interest income | (26) | (36) | (1) | |
Net interest expense | $ 34 | $ 49 | $ 89 | $ 97 |
Finance Costs, Net - Componen_2
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Material income and expense [abstract] | ||||
Net losses (gains) due to changes in foreign currency exchange rates | $ 36 | $ (78) | $ 59 | $ (94) |
Net losses (gains) on derivative instruments | 66 | (242) | 135 | (320) |
Other | (2) | |||
Other finance costs (income) | $ 102 | $ (320) | $ 192 | $ (414) |
Equity Method Investments - Sha
Equity Method Investments - Share of Post-tax Earnings (Losses) in Equity Method Investments Reported in Consolidated Income Statement (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of associates [line items] | ||||
Total share of post-tax earnings (losses) in equity method investments | $ 419 | $ (825) | $ 989 | $ (27) |
YPL (formerly RHL) [member] | ||||
Disclosure of associates [line items] | ||||
Total share of post-tax earnings (losses) in equity method investments | 421 | (822) | 995 | (23) |
Other equity method investments [member] | ||||
Disclosure of associates [line items] | ||||
Total share of post-tax earnings (losses) in equity method investments | $ (2) | $ (3) | $ (6) | $ (4) |
Equity Method Investments - Add
Equity Method Investments - Additional Information (Detail) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
May 19, 2023 USD ($) shares | Mar. 08, 2023 USD ($) shares | Jan. 31, 2023 USD ($) $ / shares shares | Jun. 30, 2023 shares | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 shares | Jan. 29, 2025 shares | Jan. 30, 2024 shares | May 19, 2023 £ / shares shares | Mar. 08, 2023 £ / shares shares | Jan. 30, 2023 shares | |
Disclosure of associates [line items] | ||||||||||||||
Economic interest | 18% | 18% | 18% | 30% | ||||||||||
Voting interest | 11% | 11% | 11% | 24% | ||||||||||
Number of shares held in associate | shares | 31.9 | 31.9 | 31.9 | 72 | ||||||||||
Price per share | £ / shares | £ 80.5 | £ 71.5 | ||||||||||||
Foreign exchange gain (loss) | $ (36) | $ 78 | $ (59) | $ 94 | ||||||||||
Proceeds from sales of investments accounted for using equity method | $ 1,000 | 1,583 | 0 | 3,876 | 0 | |||||||||
Loss on forward contract | 77 | |||||||||||||
LSEG [member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Dividend income | $ 45 | 62 | $ 45 | 62 | ||||||||||
Number Of Shares Repurchased During Period | shares | 0.6 | 1.5 | ||||||||||||
Company portion of amount repurchased | $ 27 | $ 62 | ||||||||||||
Company portion of shares repurchased | shares | 0.3 | 0.7 | ||||||||||||
Gain Loss In Value Of Investment Based On Share Price | $ 220 | (319) | $ 692 | 689 | ||||||||||
Foreign exchange gain (loss) | 113 | $ (565) | $ 278 | $ (774) | ||||||||||
Number of shares able to sell | shares | 8 | 22 | 31 | |||||||||||
LSEG [member] | Company And Blackstone [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Number of shares sold | shares | 33 | 28 | 21.2 | |||||||||||
Proceeds From Settlement Of Foreign Exchange Contracts | $ 28 | $ 96 | ||||||||||||
Price per share | $ / shares | $ 94.5 | |||||||||||||
LSEG [member] | Company Portion [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Number Of Shares Sold That Relate To Company Ownership | shares | 10.5 | 15.3 | 13.6 | |||||||||||
Proceeds from sales of investments accounted for using equity method | $ 1,600 | $ 1,300 | ||||||||||||
Three Non Executive LSEG Directors [member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Entitled number of directors to nominate | three | |||||||||||||
Two Non Executive LSEG Directors [member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Entitled number of directors to nominate | two | |||||||||||||
York Parent Limited [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Ownership interest | 32.07% | 42.84% | ||||||||||||
Dividends received from associates, classified as investing activities | $ 1,600 | $ 3,800 | ||||||||||||
Elite [Member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Ownership interest | 19.90% | 19.90% | ||||||||||||
Elite [Member] | Associates [member] | ||||||||||||||
Disclosure of associates [line items] | ||||||||||||||
Ownership interest | 19.90% |
Equity Method Investments - Sum
Equity Method Investments - Summary of Equity Method Investments Reported in Consolidated Statement of Financial Position (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of associates [line items] | ||
Total equity method investments | $ 3,477 | $ 6,199 |
YPL | ||
Disclosure of associates [line items] | ||
Total equity method investments | 3,226 | 6,028 |
Other equity method investments [member] | ||
Disclosure of associates [line items] | ||
Total equity method investments | $ 251 | $ 171 |
Equity Method Investments - S_2
Equity Method Investments - Summary Financial Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement [Line Items] | ||||
Net earnings (loss) | $ 894 | $ (115) | $ 1,650 | $ 892 |
Total comprehensive income (loss) | 988 | (470) | 1,813 | 549 |
YPL [Member] | ||||
Statement [Line Items] | ||||
Mark-to-market of LSEG shares | 955 | (2,064) | 2,496 | (199) |
Revenue from dividends | 112 | 144 | 112 | 144 |
Loss from forward contract | 0 | 0 | (179) | 0 |
Net earnings (loss) | 1,067 | (1,920) | 2,429 | (55) |
Total comprehensive income (loss) | $ 1,067 | $ (1,920) | $ 2,429 | $ (55) |
Equity Method Investments - S_3
Equity Method Investments - Summary of Financial Information for YPL with Reconciliation to Thomson Reuters Carrying Value of its Investment (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | ||
Assets | ||||||
Current assets | $ 4,434 | $ 4,434 | $ 2,811 | |||
Total assets | 20,889 | 20,889 | 21,711 | |||
Liabilities | ||||||
Current liabilities | 4,918 | 4,918 | 4,891 | |||
Total liabilities | 9,688 | 9,688 | 9,826 | |||
Net earnings (loss) attributable to YPL | 894 | $ (115) | 1,650 | $ 892 | ||
Thomson Reuters carrying amount | 3,477 | 3,477 | 6,199 | |||
YPL (formerly RHL) [member] | ||||||
Assets | ||||||
Current assets | 19 | 19 | 190 | |||
Non-current assets | 10,809 | 10,809 | 14,620 | |||
Total assets | 10,828 | 10,828 | 14,810 | |||
Liabilities | ||||||
Current liabilities | 17 | 17 | 10 | |||
Non-current liabilities | 223 | 223 | 202 | |||
Total liabilities | 240 | 240 | 212 | |||
Net assets attributable to YPL | 10,588 | 10,588 | 14,598 | |||
Net assets attributable to YPL - beginning period | 14,598 | $ 15,881 | 15,881 | |||
Net earnings (loss) attributable to YPL | 2,429 | (973) | ||||
Distribution to owners | (6,439) | (310) | ||||
Net assets attributable to YPL - ending period | 10,588 | $ 10,588 | $ 14,598 | |||
Thomson Reuters % share | 32.07% | 42.84% | ||||
Thomson Reuters $ share | $ 3,395 | $ 6,254 | ||||
Historical excluded equity adjustment | [1] | (169) | (169) | (226) | ||
Thomson Reuters carrying amount | $ 3,226 | $ 3,226 | $ 6,028 | |||
[1]Represents the cumulative impact of equity transactions excluded from the Company’s investment in YPL. The Company recognized income of $43 million and $57 million within “Share of post-tax earnings in equity method investments” in the three and six months ended June 30, 2023, respectively, in conjunction with the reduction of its investment. |
Equity Method Investments - S_4
Equity Method Investments - Summary of Financial Information for YPL with Reconciliation to Thomson Reuters Carrying Value of its Investment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of associates [line items] | ||||
Share of post-tax earnings (losses) in equity method investments | $ 419 | $ (825) | $ 989 | $ (27) |
YPL [Member] | ||||
Disclosure of associates [line items] | ||||
Share of post-tax earnings (losses) in equity method investments | $ 43 | $ 57 |
Taxation - Additional Informati
Taxation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Income Taxes [Line Items] | ||||
Tax (benefit) expense | $ 219 | $ (92) | $ 415 | $ 148 |
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 (benefit) expense | $ 97 | $ (209) | $ 233 | $ (17) |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of (Loss) Earnings Used for Earnings per Share Calculations (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings per share [abstract] | ||||
Earnings (loss) attributable to common shareholders | $ 894 | $ (115) | $ 1,650 | $ 892 |
Less: Dividends declared on preference shares | (2) | 0 | (3) | (1) |
Earnings (loss) used in consolidated earnings (loss) per share | 892 | (115) | 1,647 | 891 |
Less: (Earnings) loss from discontinued operations, net of tax | (5) | 44 | (24) | 55 |
Earnings (loss) used in earnings (loss) per share from continuing operations | $ 887 | $ (71) | $ 1,623 | $ 946 |
Earnings Per Share - Weighted A
Earnings Per Share - Weighted Average Common Shares (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract] | ||||
Weighted-average number of common shares outstanding | 469,605,944 | 486,892,062 | 471,344,081 | 486,639,796 |
Weighted-average number of vested DSUs | 150,924 | 279,338 | 151,829 | 289,885 |
Basic | 469,756,868 | 487,171,400 | 471,495,910 | 486,929,681 |
Effect of stock options and TRSUs | 625,732 | 0 | 1,013,120 | 784,132 |
Diluted | 470,382,600 | 487,171,400 | 472,509,030 | 487,713,813 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) shares in Millions, $ in Millions, £ in Billions | 3 Months Ended | 6 Months Ended | ||||||||
May 16, 2023 USD ($) shares | Mar. 23, 2023 USD ($) shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 GBP (£) | May 16, 2023 GBP (£) shares | Mar. 23, 2023 GBP (£) shares | Dec. 31, 2022 USD ($) | |
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Restricted cash and cash equivalents | $ 93 | $ 93 | $ 81 | |||||||
Fair value of contracts outstanding | 3,400 | 3,400 | ||||||||
Purchase price | 500 | 500 | ||||||||
Derivative financial assets | 62 | 62 | 42 | |||||||
Market value of LSEG shares | 6,200 | |||||||||
Foreign exchange gain (loss) | (66) | $ 242 | (135) | $ 320 | ||||||
Other Finance Income [Member] | ||||||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Foreign exchange gain (loss) | $ 66 | $ 242 | $ 135 | $ 320 | ||||||
Scenario Forecast one [Member] | ||||||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Required ratio of net debt to ebitda | 5 | 5 | 5 | |||||||
Foreign Exchange Contracts [Member] | ||||||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Derivative financial assets | $ 49 | $ 49 | 309 | |||||||
Foreign Exchange Contracts [Member] | LSEG Shares [Member] | LSEG [Member] | ||||||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Total number of share issued - warrant exercise | shares | 15.3 | 13.6 | 15.3 | 13.6 | ||||||
Foreign Exchange Contracts Settlement [Member] | ||||||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Notional amount | $ 1,600 | $ 1,300 | 2,200 | 2,200 | £ 1.7 | £ 1.2 | £ 1 | |||
Foreign Exchange Contracts Settlement [Member] | LSEG [Member] | ||||||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Proceeds from settlement of foreign exchange contracts | $ 28 | $ 96 | ||||||||
Commercial paper [member] | ||||||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Commercial paper programs | 2,000 | 2,000 | ||||||||
Borrowings | 1,840 | 1,840 | 1,048 | |||||||
Amended Credit Facility Maturities In December 2027 [Member] | ||||||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Gross loan commitments | $ 2,000 | $ 2,000 | ||||||||
Maturity date | November 2027 | |||||||||
Credit facility, rate of interest added to reference rate | 1.025% | 1.025% | 1.025% | |||||||
Additional commitment from lenders | $ 600 | |||||||||
Borrowings | $ 0 | 0 | $ 0 | |||||||
Maximum credit facility agreement | $ 2,600 | $ 2,600 | ||||||||
Required ratio of net debt to ebitda | 1.1 | 1.1 | 1.1 | |||||||
Top of range [member] | Amended Credit Facility Maturities In December 2027 [Member] | ||||||||||
Disclosure of detailed information about financial instruments [Line Items] | ||||||||||
Required ratio of net debt to ebitda | 4.5 | 4.5 | 4.5 |
Financial Instruments - Summary
Financial Instruments - Summary of Financial Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of financial assets and liabilities [line items] | ||||||||
Cash and cash equivalents | $ 2,858 | $ 1,690 | $ 1,069 | $ 461 | $ 654 | $ 778 | ||
Trade and other receivables | 1,000 | 1,069 | ||||||
Other financial assets - current | 104 | 204 | ||||||
Other financial assets - non-current | 448 | 527 | ||||||
Current indebtedness | (2,440) | (1,647) | ||||||
Trade payables (see note 14) | (161) | (237) | ||||||
Accruals (see note 14) | (617) | (834) | ||||||
Other financial liabilities - current | [1] | (124) | (812) | [2] | ||||
Long-term indebtedness | (3,141) | (3,114) | ||||||
Other financial liabilities - non current | [3] | (202) | (233) | |||||
Total | (2,275) | (4,008) | ||||||
Assets/ (Liabilities) at Amortized Cost [member] | ||||||||
Disclosure of financial assets and liabilities [line items] | ||||||||
Cash and cash equivalents | 313 | 820 | ||||||
Trade and other receivables | 1,000 | 1,069 | ||||||
Other financial assets - current | 12 | 13 | ||||||
Other financial assets - non-current | 20 | 24 | ||||||
Current indebtedness | (2,440) | (1,647) | ||||||
Trade payables (see note 14) | (161) | (237) | ||||||
Accruals (see note 14) | (617) | (834) | ||||||
Other financial liabilities - current | [1] | (60) | (781) | [2] | ||||
Long-term indebtedness | (3,141) | (3,114) | ||||||
Other financial liabilities - non current | [3] | (199) | (204) | |||||
Total | (5,273) | (4,891) | ||||||
Assets/ (Liabilities) at Fair Value through Earnings [member] | ||||||||
Disclosure of financial assets and liabilities [line items] | ||||||||
Cash and cash equivalents | 2,545 | 249 | ||||||
Trade and other receivables | 0 | 0 | ||||||
Other financial assets - current | 92 | 191 | ||||||
Other financial assets - non-current | 263 | 400 | ||||||
Current indebtedness | 0 | 0 | ||||||
Trade payables (see note 14) | 0 | 0 | ||||||
Accruals (see note 14) | 0 | 0 | ||||||
Other financial liabilities - current | [1] | (64) | (31) | [2] | ||||
Long-term indebtedness | 0 | 0 | ||||||
Other financial liabilities - non current | [3] | (3) | (29) | |||||
Total | 2,833 | 780 | ||||||
Assets at Fair Value through Other Comprehensive Income or Loss [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 | 103 | 61 | ||||||
Current indebtedness | 0 | 0 | ||||||
Trade payables (see note 14) | 0 | 0 | ||||||
Accruals (see note 14) | 0 | 0 | ||||||
Other financial liabilities - current | [1] | 0 | 0 | [2] | ||||
Long-term indebtedness | 0 | 0 | ||||||
Other financial liabilities - non current | [3] | 0 | 0 | |||||
Total | 103 | 61 | ||||||
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 | 62 | 42 | ||||||
Current indebtedness | 0 | 0 | ||||||
Trade payables (see note 14) | 0 | 0 | ||||||
Accruals (see note 14) | 0 | 0 | ||||||
Other financial liabilities - current | [1] | 0 | 0 | [2] | ||||
Long-term indebtedness | 0 | 0 | ||||||
Other financial liabilities - non current | [3] | 0 | 0 | |||||
Total | $ 62 | $ 42 | ||||||
[1]Includes lease liabilities of $53 million (2022 - $56 million).[2]Includes a commitment to repurchase up to $718 million of shares related to the Company’s automatic share repurchase plan with its broker to repurhcase the Company’s shares during its internal trading blackout period. See note 16.[3]Includes lease liabilities of $177 million (2022 - $179 million). |
Financial Instruments - Summa_2
Financial Instruments - Summary of Financial Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | ||
Disclosure Of Share Capital [Line Items] | |||||
Current lease liabilities | $ 53 | $ 56 | |||
Non-current lease liabilities | 177 | $ 179 | |||
Other financial liabilities | [1] | $ 124 | $ 812 | [2] | |
Share Repurchase Program [Member] | |||||
Disclosure Of Share Capital [Line Items] | |||||
Other financial liabilities | $ 718 | ||||
[1]Includes lease liabilities of $53 million (2022 - $56 million).[2]Includes a commitment to repurchase up to $718 million of shares related to the Company’s automatic share repurchase plan with its broker to repurhcase the Company’s shares during its internal trading blackout period. See note 16. |
Financial Instruments - Summa_3
Financial Instruments - Summary of Debt and Related Derivative Instruments (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 | |
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Derivative Instruments (Asset) | $ (62) | $ (42) | |
Long-term portion | 3,141 | 3,114 | |
Derivative instrument asset, long-term portion | (62) | (42) | |
Current portion | 2,440 | 1,647 | |
At fair value [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Derivative Instruments (Asset) | (62) | (42) | |
2.239% Notes, due 2025 [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Derivative Instruments (Asset) | (62) | (42) | |
2.239% Notes, due 2025 [member] | At fair value [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Derivative Instruments (Asset) | (62) | (42) | |
Primary debt instruments [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | 5,581 | 4,761 | |
Long-term portion | 3,141 | 3,114 | |
Current portion | 2,440 | 1,647 | |
Primary debt instruments [member] | At fair value [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | 5,417 | 4,598 | |
Primary debt instruments [member] | 2.239% Notes, due 2025 [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | 1,056 | 1,030 | |
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 | 998 | 972 | |
Primary debt instruments [member] | 4.30% notes, due 2023 [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | 600 | 599 | |
Primary debt instruments [member] | 4.30% notes, due 2023 [member] | At fair value [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | 597 | 594 | |
Primary debt instruments [member] | 3.85% Notes, due 2024 [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | [1] | 241 | 241 |
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] | 235 | 235 |
Primary debt instruments [member] | 3.35% notes, due 2026 [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | 498 | 497 | |
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 | 474 | 473 | |
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] | 89 | 89 |
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 | 323 | 324 | |
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 | 377 | 379 | |
Primary debt instruments [member] | 5.85% debentures, due 2040 [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | 492 | 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 | 480 | 482 | |
Primary debt instruments [member] | Commercial paper [Member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | 1,840 | 1,048 | |
Primary debt instruments [member] | Commercial paper [Member] | At fair value [member] | |||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | |||
Borrowings | $ 1,844 | $ 1,050 | |
[1]Notes were partially redeemed in October 2018. |
Financial Instruments - Summa_4
Financial Instruments - Summary of Debt and Related Derivative Instruments (Parenthetical) (Detail) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
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% |
Debt instrument, maturity year | 2025 | 2025 |
Debt instrument, original currency | CAD | CAD |
4.30% notes, due 2023 [member] | ||
Disclosure Of Summary Of Debt And Related Derivative Instruments [line items] | ||
Debt instrument, principal amount | $ 600 | $ 600 |
Debt instrument, interest rate | 4.30% | 4.30% |
Debt instrument, maturity year | 2023 | 2023 |
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% |
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% |
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% |
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% |
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% |
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% |
Debt instrument, maturity year | 2040 | 2040 |
Debt instrument, original currency | USD | USD |
Financial Instruments - Summa_5
Financial Instruments - Summary of Fair Value Measurements Carried at Fair Value in the Consolidated Statement of Financial Position (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Money market accounts | $ 2,545 | $ 249 |
Other receivables | 263 | 245 |
Foreign exchange contracts | 92 | 346 |
Derivatives used for hedging | 62 | 42 |
Financial assets at fair value through earnings | 2,900 | 840 |
Financial assets at fair value through other comprehensive income | 103 | 61 |
Total assets | 3,065 | 943 |
Liabilities | ||
Contingent consideration | (24) | (23) |
Forward exchange contracts | (43) | (37) |
Financial liabilities at fair value through earnings | (67) | (60) |
Total liabilities | (67) | (60) |
Level 1 [member] | ||
Assets | ||
Financial assets at fair value through other comprehensive income | 27 | 19 |
Total assets | 27 | 19 |
Level 2 [member] | ||
Assets | ||
Money market accounts | 2,545 | 249 |
Foreign exchange contracts | 92 | 346 |
Derivatives used for hedging | 62 | 42 |
Financial assets at fair value through earnings | 2,637 | 595 |
Total assets | 2,699 | 637 |
Liabilities | ||
Forward exchange contracts | (43) | (37) |
Financial liabilities at fair value through earnings | (43) | (37) |
Total liabilities | (43) | (37) |
Level 3 [member] | ||
Assets | ||
Other receivables | 263 | 245 |
Financial assets at fair value through earnings | 263 | 245 |
Financial assets at fair value through other comprehensive income | 76 | 42 |
Total assets | 339 | 287 |
Liabilities | ||
Contingent consideration | (24) | (23) |
Financial liabilities at fair value through earnings | (24) | (23) |
Total liabilities | $ (24) | $ (23) |
Other Non-Current Assets - Summ
Other Non-Current Assets - Summary of Other Non-Current Assets (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Other Noncurrent Assets [abstract] | ||
Net defined benefit plan surpluses | $ 52 | $ 48 |
Cash surrender value of life insurance policies | 346 | 337 |
Deferred commissions | 97 | 121 |
Other non-current assets | 115 | 113 |
Total other non-current assets | $ 610 | $ 619 |
Other Non-Current Assets - Su_2
Other Non-Current Assets - Summary of Other Non-Current Assets (Parenthetical) (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
HM Revenue And Customs [Member] | ||
Disclosure Of Other Non-current Assets Table [line items] | ||
Tax receivable | $ 92 | $ 94 |
Payables, Accruals and Provis_3
Payables, Accruals and Provisions - Schedule of Payables, Accruals and Provisions (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure Of Payables Accruals And Provisions [abstract] | ||
Trade payables | $ 161 | $ 237 |
Accruals | 617 | 834 |
Provisions | 94 | 108 |
Other current liabilities | 61 | 43 |
Total payables, accruals and provisions | $ 933 | $ 1,222 |
Provisions and Other Non-Curr_3
Provisions and Other Non-Current Liabilities - Summary of Provisions and Other Non-Current Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Disclosure of other provisions [abstract] | ||
Net defined benefit plan obligations | $ 521 | $ 526 |
Deferred compensation and employee incentives | 76 | 72 |
Provisions | 73 | 86 |
Other non-current liabilities | 5 | 7 |
Total provisions and other non-current liabilities | $ 675 | $ 691 |
Capital - Additional Informatio
Capital - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Share Capital [Line Items] | |||||
Return of capital transaction | $ 2,000 | ||||
Number of common shares redeemed | 0 | 1.9 | 6 | 1.9 | |
Cash distribution to shareholders | $ 4.67 | ||||
Description of reverse stock split | at a ratio of 1 pre-consolidated share for 0.963957 post-consolidated shares. | ||||
Ordinary shares [member] | |||||
Disclosure Of Share Capital [Line Items] | |||||
Return of capital transaction | $ 2,047 | ||||
Number of common shares redeemed | 15.8 | ||||
NCIB [member] | |||||
Disclosure Of Share Capital [Line Items] | |||||
Potential repurchase of common shares | $ 2,000 | $ 2,000 |
Capital - Details of Share Repu
Capital - Details of Share Repurchases (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of share repurchases [abstract] | ||||
Share repurchases | $ 0 | $ 194 | $ 718 | $ 194 |
Shares repurchased | 0 | 1.9 | 6 | 1.9 |
Share repurchases - average price per share in U.S. dollars | $ 0 | $ 99.71 | $ 120.1 | $ 99.71 |
Capital - Summary of Dividend D
Capital - Summary of Dividend Declared and Paid (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Dividends Declared And Paid [Abstract] | ||||
Dividends declared per common share | $ 0.49 | $ 0.445 | $ 0.98 | $ 0.89 |
Dividends declared | $ 230 | $ 217 | $ 462 | $ 433 |
Dividends reinvested | (7) | (8) | (14) | |
Dividends paid | $ 230 | $ 210 | $ 454 | $ 419 |
Supplemental Cash Flow Inform_3
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Other In Consolidated Statement Of Cash Flow [abstract] | ||||
Non-cash employee benefit charges | $ 37 | $ 44 | $ 75 | $ 86 |
Net (gains) losses on foreign exchange and derivative financial instruments | 102 | (319) | 193 | (411) |
Fair value adjustments (see note 5) | 1 | (12) | 5 | (5) |
Other | 6 | 1 | 4 | 5 |
Total | $ 146 | $ (286) | $ 277 | $ (325) |
Supplemental Cash Flow Inform_4
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, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Changes In Working Capital And Other Items [abstract] | ||||
Trade and other receivables | $ (59) | $ (6) | $ 31 | $ 37 |
Prepaid expenses and other current assets | 10 | 24 | 34 | 49 |
Other financial assets | 0 | 2 | 0 | 13 |
Payables, accruals and provisions | 21 | (93) | (349) | (367) |
Deferred revenue | 99 | 67 | 52 | 58 |
Other financial liabilities | 0 | (2) | 0 | (13) |
Income taxes | 185 | (3) | 426 | 36 |
Other | (16) | (14) | (34) | (29) |
Total | $ 240 | $ (25) | $ 160 | $ (216) |
Supplemental Cash Flow Inform_5
Supplemental Cash Flow Information - Details of Income Taxes Paid (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure Of Income Taxes [Line Items] | ||||
Operating activities | $ (25) | $ (94) | $ (107) | $ (129) |
Investing activities | (252) | 0 | (270) | 0 |
Total income taxes paid | (278) | (110) | (378) | (145) |
Discontinued Operations [member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Investing activities | $ (1) | $ (16) | $ (1) | $ (16) |
Supplemental Cash Flow Inform_6
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement [LineItems] | ||
Payment of tax under diverted profit tax regime | $ 456 | $ 87 |
LSEG [member] | ||
Statement [LineItems] | ||
Payment of tax under diverted profit tax regime | 59 | |
HMRC [Member] | ||
Statement [LineItems] | ||
Payment of tax under diverted profit tax regime | $ 28 |
Acquisitions - Summary of Acqui
Acquisitions - Summary of Acquisition Activity (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) TRANSACTIONS | Jun. 30, 2022 USD ($) TRANSACTIONS | Jun. 30, 2023 USD ($) TRANSACTIONS | Jun. 30, 2022 USD ($) TRANSACTIONS | |
Disclosure of detailed information about business combination [line items] | ||||
Businesses acquired | TRANSACTIONS | 0 | 2 | 1 | 2 |
Investments in businesses | TRANSACTIONS | 4 | 3 | 5 | 3 |
Total number of transactions | TRANSACTIONS | 4 | 5 | 6 | 5 |
Business Acquired | $ 33 | $ 163 | $ 523 | $ 171 |
Contingent consideration payments [member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business Acquired | 0 | 0 | 0 | 2 |
Business combinations [member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business Acquired | 0 | 153 | 513 | 153 |
Business combinations [member] | Cash acquired [member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business Acquired | 0 | (2) | (25) | (2) |
Business combinations [member] | Businesses acquired, net of cash [member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business Acquired | 0 | 151 | 488 | 151 |
Investments in businesses [member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Business Acquired | $ 33 | $ 12 | $ 35 | $ 18 |
Acquisitions - Summary of Brief
Acquisitions - Summary of Brief Description of the Most Significant Acquisition (Detail) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Pondera Solutions [member] | ||
Description Of Acquisitions Completed [Line Items] | ||
Date of acquisition | April 2022 | |
Name of acquiree | ThoughtTrace | |
Description of the acquiring segment | Corporates | |
Description of acquiree | A business that uses artificial intelligence and machine learning to read, organize and manage document workflows. | |
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. |
Acquisitions - Summary of Net A
Acquisitions - Summary of Net Assets Acquired (Detail) - Business combinations [member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of detailed information about business combination [Line Items] | ||||
Cash and cash equivalents | $ 0 | $ 2 | $ 25 | $ 2 |
Trade receivables | 0 | 3 | 8 | 3 |
Prepaid expenses and other current assets | 0 | 1 | 3 | 1 |
Current assets | 0 | 6 | 36 | 6 |
Property and equipment | 0 | 0 | 2 | 0 |
Computer software | 140 | 24 | 180 | 24 |
Other identifiable intangible assets | (22) | 9 | 13 | 9 |
Other non-current assets | 0 | 0 | 1 | 0 |
Total assets | 118 | 39 | 232 | 39 |
Payables and accruals | 0 | (1) | (4) | (1) |
Deferred revenue | 0 | (4) | (47) | (4) |
Current liabilities | 0 | (5) | (51) | (5) |
Provisions and other non-current liabilities | 0 | (20) | (1) | (20) |
Deferred tax | (4) | (3) | (12) | (3) |
Total liabilities | (4) | (28) | (64) | (28) |
Net assets acquired | 114 | 11 | 168 | 11 |
Goodwill | (114) | 142 | 345 | 142 |
Total | $ 0 | $ 153 | $ 513 | $ 153 |
Contingencies, Commitments an_2
Contingencies, Commitments and Guarantees - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disclosure of Diverted Profits Tax paid or payable [Line Items] | |||
Diverted Profits Tax paid | $ 456 | $ 87 | |
Business combination total consideration transferred | 500 | $ 500 | |
Definitive Agreement For Acquistion [Member] | Case Text [Member] | |||
Disclosure of Diverted Profits Tax paid or payable [Line Items] | |||
Business combination total consideration transferred | 650 | 650 | |
Syndicated Credit Facility | |||
Disclosure of Diverted Profits Tax paid or payable [Line Items] | |||
Gross loan commitments | 2,000 | 2,000 | |
Contingent liability for guarantees [member] | Three Times Square Associates Llc [Member] | Thomson Reuters and Rudin [Member] | |||
Disclosure of Diverted Profits Tax paid or payable [Line Items] | |||
Notional amount | $ 415 | $ 415 | |
Borrowings term | 3 years | ||
Percentage of minimum economic exposure for the joint and several obligations | 50% | 50% | |
Contingent liability for guarantees [member] | Three Times Square Associates Llc [Member] | Thomson Reuters [Member] | |||
Disclosure of Diverted Profits Tax paid or payable [Line Items] | |||
Percentage of guarantee | 50% | 50% | |
Contingent liability for guarantees [member] | Three Times Square Associates Llc [Member] | Rudin [Member] | |||
Disclosure of Diverted Profits Tax paid or payable [Line Items] | |||
Percentage of guarantee | 50% | 50% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [Line Items] | |||||||
Proceeds from sale of subsidiaries to related party affiliate | $ 418 | $ 0 | $ 418 | $ 0 | |||
YPL (formerly RHL) [member] | |||||||
Disclosure of transactions between related parties [Line Items] | |||||||
Dividends received | $ 3,800 | ||||||
Percentage of equity investment | 32.07% | 42.84% | |||||
Woodbridge [member] | |||||||
Disclosure of transactions between related parties [Line Items] | |||||||
Beneficial ownership of shares | 69% | ||||||
Woodbridge [member] | Affiliated Entity [Member] | |||||||
Disclosure of transactions between related parties [Line Items] | |||||||
Proceeds from sale of subsidiaries to related party affiliate | $ 23 | ||||||
Woodbridge [member] | Other Operating Gains Losses [Member] | Affiliated Entity [Member] | |||||||
Disclosure of transactions between related parties [Line Items] | |||||||
Gain on sale of subsidiary to related party affiliate | $ 23 | ||||||
Elite [Member] | |||||||
Disclosure of transactions between related parties [Line Items] | |||||||
Receivable Amount | $ 8 | 8 | $ 8 | ||||
Percentage of equity investment | 19.90% | ||||||
Contra expense related to related parties | $ 2 | ||||||
Payables to related parties | $ 16 | $ 16 | $ 16 |