Cover Page
Cover Page | 6 Months Ended |
May 31, 2020shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | May 31, 2020 |
Document Transition Report | false |
Entity Registrant Name | IHS MARKIT LTD. |
Entity Incorporation, State or Country Code | D0 |
Entity File Number | 001-36495 |
Entity Tax Identification Number | 98-1166311 |
Entity Address, Address Line One | 4th Floor, Ropemaker Place |
Entity Address, Address Line Two | 25 Ropemaker Street |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | EC2Y 9LY |
Country Region | 44 |
City Area Code | 20 |
Local Phone Number | 7260 2000 |
Title of 12(b) Security | Common Shares, $0.01 par value per share |
Trading Symbol | INFO |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 396,809,671 |
Entity Central Index Key | 0001598014 |
Current Fiscal Year End Date | --11-30 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | May 31, 2020 | Nov. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 207.8 | $ 111.5 |
Accounts receivable, net | 876.1 | 890.7 |
Deferred subscription costs | 91.9 | 72.1 |
Assets held for sale | 0 | 115.3 |
Other current assets | 126.6 | 118.2 |
Total current assets | 1,302.4 | 1,307.8 |
Non-current assets: | ||
Property and equipment, net | 687.3 | 658.2 |
Operating lease right-of-use assets, net | 347.4 | 0 |
Intangible assets, net | 3,925.7 | 4,169 |
Goodwill | 9,747.3 | 9,836.3 |
Deferred income taxes | 17.8 | 17.8 |
Other | 101 | 98.1 |
Total non-current assets | 14,826.5 | 14,779.4 |
Total assets | 16,128.9 | 16,087.2 |
Current liabilities: | ||
Short-term debt | 251 | 251.1 |
Accounts payable | 20.5 | 59.7 |
Accrued compensation | 95.4 | 215.2 |
Other accrued expenses | 413 | 479.1 |
Income tax payable | 0 | 58.5 |
Deferred revenue | 945.9 | 879.7 |
Operating lease liabilities | 65.4 | 0 |
Liabilities held for sale | 0 | 25.9 |
Total current liabilities | 1,791.2 | 1,969.2 |
Long-term debt, net | 5,136.5 | 4,874.4 |
Deferred income taxes | 651.8 | 667.2 |
Operating lease liabilities | 324.3 | 0 |
Other liabilities | 103.5 | 145.5 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 13.2 | 15.1 |
Shareholders' equity: | ||
Common shares, $0.01 par value, 3,000.0 authorized, 479.9 and 476.3 issued, and 396.8 and 398.3 outstanding at May 31, 2020 and November 30, 2019, respectively | 4.8 | 4.8 |
Additional paid-in capital | 7,759.9 | 7,769.4 |
Treasury shares, at cost: 83.1 and 78.0 at May 31, 2020 and November 30, 2019, respectively | (2,921.9) | (2,391.8) |
Retained earnings | 3,677.8 | 3,295 |
Accumulated other comprehensive loss | (412.2) | (261.6) |
Total shareholders' equity | 8,108.4 | 8,415.8 |
Total liabilities and equity | $ 16,128.9 | $ 16,087.2 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | May 31, 2020 | Nov. 30, 2019 |
Common shares, par value per share | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 3,000 | 3,000 |
Common shares, shares issued | 479.9 | 476.3 |
Common shares, shares outstanding | 396.8 | 398.3 |
Treasury shares, shares | 83.1 | 78 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Revenue | $ 1,026.6 | $ 1,135.5 | $ 2,107.4 | $ 2,181.9 |
Operating expenses: | ||||
Cost of revenue | 388.3 | 428 | 804.1 | 827.8 |
Selling, general and administrative | 258.1 | 293.3 | 574.3 | 593.6 |
Depreciation and amortization | 149.4 | 144 | 294.7 | 286.3 |
Restructuring and impairment charges | 81.3 | 1.7 | 85.8 | 9.9 |
Acquisition-related costs | 6.6 | 21.4 | 7.5 | 44.2 |
Other (income) expense, net | (1.2) | 8.4 | (374) | 6.4 |
Total operating expenses | 882.5 | 896.8 | 1,392.4 | 1,768.2 |
Operating income | 144.1 | 238.7 | 715 | 413.7 |
Interest income | 0.2 | 0.6 | 0.6 | 1 |
Interest expense | (60) | (65.8) | (121.2) | (132.7) |
Net periodic pension and postretirement expense | (8.9) | (0.2) | (30.4) | (0.5) |
Non-operating expense, net | (68.7) | (65.4) | (151) | (132.2) |
Income from continuing operations before income taxes and equity in income of equity method investees | 75.4 | 173.3 | 564 | 281.5 |
Provision for income taxes | (4.7) | (24.2) | (9) | (23.3) |
Equity in income (loss) of equity method investees | 0.1 | (0.2) | (0.2) | (0.3) |
Net income | 70.8 | 148.9 | 554.8 | 257.9 |
Net loss attributable to noncontrolling interest | 0.9 | 0.9 | 1.9 | 1.6 |
Net income attributable to IHS Markit Ltd. | $ 71.7 | $ 149.8 | $ 556.7 | $ 259.5 |
Basic earnings per share: | ||||
Basic earnings per share attributable to IHS Markit Ltd. | $ 0.18 | $ 0.37 | $ 1.40 | $ 0.65 |
Weighted average shares used in computing basic earnings per share | 397 | 400.5 | 396.4 | 399.3 |
Diluted earnings per share: | ||||
Diluted earnings per share attributable to IHS Markit Ltd. | $ 0.18 | $ 0.37 | $ 1.38 | $ 0.63 |
Weighted average shares used in computing diluted earnings per share | 400.1 | 409.3 | 402.1 | 408.7 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Net income | $ 70.8 | $ 148.9 | $ 554.8 | $ 257.9 |
Other comprehensive income (loss), net of tax: | ||||
Net hedging activities (1) | 0.3 | (1.9) | 0.4 | (3.4) |
Net pension liability adjustment (2) | 10.7 | 0 | 15.6 | 0 |
Foreign currency translation adjustment | (131) | (175.7) | (166.6) | (40) |
Total other comprehensive loss | (120) | (177.6) | (150.6) | (43.4) |
Comprehensive (loss) income | (49.2) | (28.7) | 404.2 | 214.5 |
Comprehensive loss attributable to noncontrolling interest | 0.9 | 0.9 | 1.9 | 1.6 |
Comprehensive (loss) income attributable to IHS Markit Ltd. | $ (48.3) | $ (27.8) | $ 406.1 | $ 216.1 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Tax (expense) benefit on net hedging activities | $ (0.1) | $ 0.4 | $ (0.1) | $ 0.8 |
Tax expense on net pension liability adjustment | $ (2.9) | $ 0 | $ (5) | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
May 31, 2020 | May 31, 2019 | |
Operating activities: | ||
Net income | $ 554.8 | $ 257.9 |
Reconciliation of net income to net cash provided by operating activities: | ||
Depreciation and amortization | 294.7 | 286.3 |
Stock-based compensation expense | 153.8 | 113.3 |
Gain on sale of assets | (370.9) | 0 |
Payments for acquisition-related performance compensation | (75.9) | 0 |
Net periodic pension and postretirement expense | 30.4 | 0.5 |
Undistributed earnings of affiliates, net | 0.5 | 0.2 |
Pension and postretirement contributions | (31.1) | (0.9) |
Deferred income taxes | (10.8) | (43.4) |
Change in assets and liabilities: | ||
Accounts receivable, net | 7 | (27.6) |
Other current assets | (51.2) | (54) |
Accounts payable | (22.5) | (11.1) |
Accrued expenses | (119.9) | (58.3) |
Income tax | (70.1) | 32 |
Deferred revenue | 78.7 | 88.6 |
Other liabilities | 30.2 | 29.2 |
Net cash provided by operating activities | 397.7 | 612.7 |
Investing activities: | ||
Capital expenditures on property and equipment | (147.6) | (129.9) |
Acquisitions of businesses, net of cash acquired | (3.2) | (32.6) |
Payments to acquire cost- and equity-method investments | (7.2) | (5.6) |
Proceeds from sale of assets | 466.2 | 0 |
Change in other assets | (0.9) | (1.8) |
Settlements of forward contracts | (20) | (2.2) |
Net cash provided by (used in) investing activities | 287.3 | (172.1) |
Financing activities: | ||
Proceeds from borrowings | 541.4 | 1,339.2 |
Repayment of borrowings | (283.9) | (1,762.9) |
Payment of debt issuance costs | 0 | 8.9 |
Proceeds from noncontrolling interests | 0 | 12.5 |
Contingent consideration payments | 0 | (2.2) |
Dividends paid | (135.3) | 0 |
Repurchases of common shares | (750) | 0 |
Proceeds from the exercise of employee stock options | 177.2 | 57.6 |
Payments related to tax withholding for stock-based compensation | (111.7) | (62.7) |
Net cash used in financing activities | (562.3) | (427.4) |
Foreign exchange impact on cash balance | (26.4) | (23.7) |
Net increase (decrease) in cash and cash equivalents | 96.3 | (10.5) |
Cash and cash equivalents at the beginning of the period | 111.5 | 120 |
Cash and cash equivalents at the end of the period | $ 207.8 | $ 109.5 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Changes in Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Shares | Additional Paid-in Capital | Treasury Shares | Retained Earnings | Accumulated Other Comprehensive Loss | Parent | Noncontrolling Interest |
Redeemable noncontrolling interests | $ 5.9 | |||||||
Balance, shares at Nov. 30, 2018 | 397.1 | |||||||
Balance at Nov. 30, 2018 | $ 4.7 | $ 7,680.4 | $ (2,108.8) | $ 2,743.1 | $ (298.9) | $ 8,020.5 | ||
Adjustment to opening retained earnings related to adoption of ASC Topic 606 | 56 | 56 | ||||||
Share-based award activity, shares | 1.7 | |||||||
Share-based award activity, value | $ 0.1 | 8.5 | (18) | (2.4) | (11.8) | |||
Option exercises, shares | 0.9 | |||||||
Option exercises, value | 23.7 | 23.7 | ||||||
Net income | 109.7 | 109.7 | ||||||
Net loss attributable to noncontrolling interest | (0.7) | |||||||
Issuance of noncontrolling interests | 12.5 | |||||||
Other comprehensive income (loss) | 134.2 | 134.2 | ||||||
Balance, shares at Feb. 28, 2019 | 399.7 | |||||||
Balance at Feb. 28, 2019 | $ 4.8 | 7,712.6 | (2,126.8) | 2,906.4 | (164.7) | 8,332.3 | ||
Balance, shares at Nov. 30, 2018 | 397.1 | |||||||
Balance at Nov. 30, 2018 | $ 4.7 | 7,680.4 | (2,108.8) | 2,743.1 | (298.9) | 8,020.5 | ||
Net income | $ 259.5 | |||||||
Other comprehensive income (loss) | (43.4) | |||||||
Balance, shares at May. 31, 2019 | 401.1 | |||||||
Balance at May. 31, 2019 | $ 4.8 | 7,745.4 | (2,076.3) | 3,054.8 | (342.3) | 8,386.4 | ||
Redeemable noncontrolling interests | 17.7 | |||||||
Balance, shares at Feb. 28, 2019 | 399.7 | |||||||
Balance at Feb. 28, 2019 | $ 4.8 | 7,712.6 | (2,126.8) | 2,906.4 | (164.7) | 8,332.3 | ||
Share-based award activity, shares | 0.2 | |||||||
Share-based award activity, value | 0.5 | 50.5 | (1.4) | 49.6 | ||||
Option exercises, shares | 1.2 | |||||||
Option exercises, value | 32.3 | 32.3 | ||||||
Net income | 149.8 | 149.8 | 149.8 | |||||
Net loss attributable to noncontrolling interest | (0.9) | |||||||
Other comprehensive income (loss) | (177.6) | (177.6) | (177.6) | |||||
Balance, shares at May. 31, 2019 | 401.1 | |||||||
Balance at May. 31, 2019 | $ 4.8 | 7,745.4 | (2,076.3) | 3,054.8 | (342.3) | 8,386.4 | ||
Redeemable noncontrolling interests | 16.8 | |||||||
Redeemable noncontrolling interests | $ 15.1 | 15.1 | ||||||
Balance, shares at Nov. 30, 2019 | 398.3 | 398.3 | ||||||
Balance at Nov. 30, 2019 | $ 8,415.8 | $ 4.8 | 7,769.4 | (2,391.8) | 3,295 | (261.6) | 8,415.8 | |
Repurchases of common shares, shares | (6.5) | |||||||
Repurchases of common shares, value | (500) | (500) | ||||||
Share-based award activity, shares | 2.2 | |||||||
Share-based award activity, value | (175.8) | 134.3 | (21.6) | (63.1) | ||||
Option exercises, shares | 4.9 | |||||||
Option exercises, value | 130.9 | 130.9 | ||||||
Dividends, Common Stock, Cash | $ 69 | (69) | (69) | |||||
Net income | 485 | 485 | ||||||
Net loss attributable to noncontrolling interest | (1) | |||||||
Other comprehensive income (loss) | (30.6) | (30.6) | ||||||
Balance, shares at Feb. 29, 2020 | 398.9 | |||||||
Balance at Feb. 29, 2020 | $ 4.8 | 7,724.5 | (2,757.5) | 3,689.4 | (292.2) | 8,369 | ||
Balance, shares at Nov. 30, 2019 | 398.3 | 398.3 | ||||||
Balance at Nov. 30, 2019 | $ 8,415.8 | $ 4.8 | 7,769.4 | (2,391.8) | 3,295 | (261.6) | 8,415.8 | |
Net income | 556.7 | |||||||
Other comprehensive income (loss) | $ (150.6) | |||||||
Balance, shares at May. 31, 2020 | 396.8 | 396.8 | ||||||
Balance at May. 31, 2020 | $ 8,108.4 | $ 4.8 | 7,759.9 | (2,921.9) | 3,677.8 | (412.2) | 8,108.4 | |
Redeemable noncontrolling interests | 14.1 | |||||||
Balance, shares at Feb. 29, 2020 | 398.9 | |||||||
Balance at Feb. 29, 2020 | $ 4.8 | 7,724.5 | (2,757.5) | 3,689.4 | (292.2) | 8,369 | ||
Repurchases of common shares, shares | (4) | |||||||
Repurchases of common shares, value | (250) | (250) | ||||||
Share-based award activity, shares | 0.2 | |||||||
Share-based award activity, value | (10.9) | 85.6 | (14.5) | 60.2 | ||||
Option exercises, shares | 1.7 | |||||||
Option exercises, value | 46.3 | 46.3 | ||||||
Dividends, Common Stock, Cash | 68.8 | (68.8) | (68.8) | |||||
Net income | 71.7 | 71.7 | 71.7 | |||||
Net loss attributable to noncontrolling interest | (0.9) | |||||||
Other comprehensive income (loss) | $ (120) | (120) | (120) | |||||
Balance, shares at May. 31, 2020 | 396.8 | 396.8 | ||||||
Balance at May. 31, 2020 | $ 8,108.4 | $ 4.8 | $ 7,759.9 | $ (2,921.9) | $ 3,677.8 | $ (412.2) | $ 8,108.4 | |
Redeemable noncontrolling interests | $ 13.2 | $ 13.2 |
Basis of Presentation and Signi
Basis of Presentation and Significant Accounting Policies | 6 Months Ended |
May 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of IHS Markit have been prepared on substantially the same basis as our annual consolidated financial statements and should be read in conjunction with our Annual Report on Form 10-K for the year ended November 30, 2019 . In our opinion, these condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented, and such adjustments are of a normal, recurring nature. Our business has seasonal aspects. Our first quarter generally has our lowest quarterly levels of revenue and profit. We also experience event-driven seasonality in our business; for instance, CERAWeek, an annual energy conference, is typically held in the second quarter of each year; however, this event was cancelled in 2020 due to the COVID-19 pandemic. Another example is the biennial release of the Boiler Pressure Vessel Code (“BPVC”) engineering standard, which generates revenue for us predominantly in the third quarter of every other year. The most recent BPVC release was in the third quarter of 2019. The preparation of financial statements in conformity with U.S. GAAP requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well the reported amounts of revenue and expense during the reporting period. We have considered the impact of the COVID-19 pandemic in determining our estimates. Actual results could differ from those estimates. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, which requires that lease assets and lease liabilities be recognized on the balance sheet, and that key information about leasing arrangements be disclosed. In July 2018, the FASB issued ASU 2018-11, which provides targeted improvements to ASU 2016-02 by providing an additional optional transition method and a lessor practical expedient for lease and nonlease components. These standards have been codified in the FASB’s Accounting Standards Codification (“ASC”) Topic 842, “Leases.” We adopted the standard in the first quarter of our fiscal year 2020 using the modified retrospective transition method applied to our lease contracts as of the adoption date. We elected to use the transition relief package of practical expedients, but we did not elect to use the hindsight practical expedient in determining a lease term and impairment of the right-of-use (“ROU”) assets at the adoption date. We did not apply the lease accounting recognition requirements to leases with a term of one year or less. We utilize operating leases for our various workplaces worldwide, and we also utilize operating leases for our data centers. These leases have remaining terms ranging from one to 12 years, many of which include renewal and early termination options. As of May 31, 2020 , we have not considered extension and early termination options in our calculation of the ROU assets and lease liabilities because we do not believe that it is reasonably certain that we will exercise those options. We do not have any significant finance leases. We determine if an arrangement is a lease at inception. We consider any contract where there is an identified asset that we have the right to control in determining whether the contract contains a lease. A ROU asset represents our right to use an underlying asset for the lease term, and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our operating leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. We calculate our incremental borrowing rates by extrapolating our current unsecured bond portfolio across the maturity ladder and adjusting the resultant corporate rate for the estimated spread for a secured borrowing and for foreign currencies, as appropriate. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating lease transactions are included in operating lease right-of-use assets, net, and current and non-current operating lease liabilities in the condensed consolidated balance sheets. The following table shows the cumulative effect of the changes made to the December 1, 2019 consolidated balance sheet for the adoption of ASC Topic 842 related to lease contracts that were in effect at the time of adoption (in millions): November 30, 2019 Adjustments due to adoption of ASC Topic 842 December 1, 2019 Other current assets 3.4 (3.4 ) — Operating lease right-of-use assets, net — 380.7 380.7 Other accrued expenses (9.6 ) 9.6 — Operating lease liabilities, current — (63.9 ) (63.9 ) Operating lease liabilities, non-current — (350.6 ) (350.6 ) Other liabilities (27.6 ) 27.6 — Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, which replaces the existing incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The standard will be effective for us in the first quarter of our fiscal year 2021. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, which removes Step 2 from the goodwill impairment test. The standard will be effective for us in the first quarter of our fiscal 2021, although early adoption is permitted. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, which addresses the accounting for implementation costs associated with a hosted service. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The standard will be effective for us in the first quarter of our fiscal 2021, although early adoption is permitted. The amendments will be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The standard will be effective for us in the first quarter of our fiscal year 2022, although early adoption is permitted. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. |
Business Combinations and Dives
Business Combinations and Divestitures (Notes) | 6 Months Ended |
May 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations and Divestitures | Business Combinations and Divestitures Aerospace & Defense divestiture. On December 2, 2019, we completed the sale of our Aerospace & Defense (“A&D”) business line to Montagu Private Equity for approximately $466 million . The A&D assets were previously included in our Transportation segment. We recognized a gain of approximately $372 million on the sale, subject to final working capital adjustments. The gain is included in other (income) expense, net, in the condensed consolidated statements of operations. The transaction resulted in the divestiture of the following assets and liabilities (in millions): Current assets $ 18.9 Property and equipment $ 4.5 Intangible assets $ 4.2 Goodwill $ 87.7 Current liabilities $ (1.1 ) Deferred revenue $ (24.8 ) automotiveMastermind equity interests acquisition . In September 2017, we acquired automotiveMastermind (“aM”), a leading provider of predictive analytics and marketing automation software for the automotive industry. We purchased approximately 78 percent of aM at that time. In exchange for the remaining 22 percent of aM, we issued equity interests in aM’s immediate parent holding company to aM’s founders and certain employees. We agreed to pay cash to acquire the interests over the next five years based on put/call provisions that tie the valuation to underlying adjusted EBITDA performance of aM. Since the purchase of the remaining 22 percent of the business requires continued service of the founders and employees, we are accounting for the arrangement as compensation expense that is remeasured based on changes in the fair value of the equity interests. We have classified this expense as acquisition-related costs within the condensed consolidated statements of operations and we have classified the associated accrued liability within other accrued expenses and other liabilities in the condensed consolidated balance sheets. In November 2019, the option holders exercised the put provision on 62.5 percent of their remaining 22 percent interest in the business for $75.9 million in cash, which we paid in December 2019. We estimate the compensation expense associated with the remaining equity interests to be approximately $70 to $75 million , of which approximately $34.6 million has been recognized as of May 31, 2020. During the first quarter of 2020, due to a forfeiture and subsequent reallocation of equity interests to the remaining option holders, we reversed previously recognized expense for the forfeited interests, which resulted in negligible total first quarter 2020 acquisition-related performance compensation. We will recognize the expense associated with the reallocated interests over the remaining life of the options, through September 2022. |
Revenue
Revenue | 6 Months Ended |
May 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue We disaggregate our revenue by segment (as described in Note 16) and by transaction type according to the following categories: • Recurring fixed revenue represents revenue generated from contracts specifying a relatively fixed fee for services delivered over the life of the contract. The initial term of these contracts is typically annual (with some longer-term arrangements) and non-cancellable for the term of the subscription, and may contain provisions for minimum monthly payments. The fixed fee is typically paid annually or more periodically in advance. These contracts typically consist of subscriptions to our various information offerings and software maintenance, which provide continuous access to our platforms and associated data over the contract term. Subscription revenue is usually recognized ratably over the contract term or, for term-based software license arrangements, annually on renewal. • Recurring variable revenue represents revenue from contracts that specify a fee for services, which is typically not fixed. The variable fee is usually paid monthly in arrears. Recurring variable revenue is based on, among other factors, the number of trades processed, assets under management, or the number of positions we value, and revenue is recognized based on the specific factor used (e.g., for usage-based contracts, we recognize revenue in line with usage in the period). Most of these contracts have an initial term ranging from one to five years, with auto-renewal periods thereafter. Recurring variable revenue was derived entirely from the Financial Services segment for all periods presented. • Non-recurring revenue represents consulting, services, single-document product sales, perpetual license sales and associated services, conferences and events, and advertising. Revenue for services and other non-recurring revenue is recognized upon completion of the associated performance obligation. The following table presents our revenue by transaction type (in millions): Three months ended May 31, Six months ended May 31, 2020 2019 2020 2019 Recurring fixed revenue $ 755.2 $ 785.2 $ 1,559.3 $ 1,552.4 Recurring variable revenue 158.0 145.0 304.8 281.0 Non-recurring revenue 113.4 205.3 243.3 348.5 Total revenue $ 1,026.6 $ 1,135.5 $ 2,107.4 $ 2,181.9 Our customer contracts may include multiple performance obligations; for example, we typically sell software licenses with maintenance and other associated services. For these transactions, we recognize revenue based on the relative fair value to the customer of each performance obligation as each performance obligation is completed. We record a receivable when a customer is billed or when revenue is recognized prior to billing a customer. Contract assets include unbilled amounts for multi-year customer contracts where payment is not yet due and where services have been provided up-front but have not yet been billed. Contract assets were approximately $25.7 million as of May 31, 2020 and $39.8 million as of November 30, 2019, and are recorded in accounts receivable, net, in the condensed consolidated balance sheets. Contract liabilities primarily include our obligations to transfer goods or services for which we have received consideration (or an amount of consideration is due) from the customer. Billings represent amounts that were paid in advance or due from customers. We record our contract liabilities as deferred revenue in the condensed consolidated balance sheets. The following table provides a reconciliation of our contract liabilities as of May 31, 2020 (in millions): Balance at November 30, 2019 $ 879.7 Billings 1,680.2 Revenue recognized (1,614.0 ) Balance at May 31, 2020 $ 945.9 We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to exceed one year. Certain sales commission programs are designed to promote the sale of products and services to new customers, and we therefore defer the incremental costs related to these programs over the expected customer life related to those products underlying the contracts. We record these expenses as selling, general and administrative expense within the condensed consolidated statements of operations. |
Leases
Leases | 6 Months Ended |
May 31, 2020 | |
Leases [Abstract] | |
Lessee, Operating Leases | Leases The following table presents lease cost, cash paid for amounts included in the measurement of lease liabilities, the weighted-average remaining lease term, and the weighted-average discount rate for our operating leases for the three and six months ended May 31, 2020 (in millions): Three months ended May 31, 2020 Six months ended May 31, 2020 Lease cost: Operating lease cost $ 16.3 $ 32.4 Variable lease cost $ 1.5 $ 3.2 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 15.9 $ 31.4 As of May 31, 2020: Weighted-average remaining lease term 8.2 years Weighted-average discount rate 2.0 % As of May 31, 2020, maturities of operating lease liabilities under non-cancellable arrangements were as follows (in millions): Year Amount Remainder of 2020 $ 74.2 2021 62.7 2022 51.6 2023 45.0 2024 40.0 Thereafter 147.5 Total future minimum operating lease payments 421.0 Imputed interest (31.3 ) Total operating lease liability $ 389.7 |
Intangible Assets
Intangible Assets | 6 Months Ended |
May 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The following table presents details of our intangible assets, other than goodwill, as of May 31, 2020 and November 30, 2019 (in millions): As of May 31, 2020 As of November 30, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization: Customer relationships $ 3,418.0 $ (705.5 ) $ 2,712.5 $ 3,476.1 $ (628.7 ) $ 2,847.4 Developed technology 936.5 (243.5 ) 693.0 949.6 (208.9 ) 740.7 Information databases 588.6 (336.5 ) 252.1 591.6 (310.9 ) 280.7 Trademarks 485.9 (229.6 ) 256.3 487.0 (203.0 ) 284.0 Developed computer software 67.9 (58.5 ) 9.4 76.3 (62.9 ) 13.4 Other 4.1 (1.7 ) 2.4 4.1 (1.3 ) 2.8 Total intangible assets $ 5,501.0 $ (1,575.3 ) $ 3,925.7 $ 5,584.7 $ (1,415.7 ) $ 4,169.0 Intangible assets amortization expense was $93.0 million and $187.2 million for the three and six months ended May 31, 2020 , compared to $94.6 million and $190.3 million for the three and six months ended May 31, 2019 . The following table presents the estimated future amortization expense related to intangible assets held as of May 31, 2020 (in millions): Year Amount Remainder of 2020 $ 184.8 2021 $ 365.5 2022 $ 348.8 2023 $ 336.7 2024 $ 318.1 Thereafter $ 2,371.8 Goodwill, gross intangible assets, and net intangible assets are all subject to foreign currency translation effects. The change in net intangible assets from November 30, 2019 to May 31, 2020 was primarily due to current year amortization. |
Debt
Debt | 6 Months Ended |
May 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes total indebtedness, including unamortized premiums, as of May 31, 2020 and November 30, 2019 (in millions): May 31, 2020 November 30, 2019 Maturity Date Carrying Amount Fair Value Carrying Amount Fair Value Credit Facilities: 2019 revolving facility November 2024 $ 497.0 $ 497.0 $ 237.0 $ 237.0 2019 credit agreement April 2021 250.0 250.0 250.0 250.0 Senior Unsecured Notes: 5% senior notes due 2022 November 1, 2022 748.2 803.0 748.2 798.2 4.125% senior notes due 2023 August 1, 2023 499.1 543.3 498.9 528.8 3.625% senior notes due 2024 May 1, 2024 399.1 423.4 398.9 416.4 4.75% senior notes due 2025 February 15, 2025 810.8 871.3 811.8 873.6 4.00% senior notes due 2026 March 1, 2026 500.0 533.6 500.0 530.2 4.75% senior notes due 2028 August 1, 2028 747.7 860.4 747.6 838.4 4.25% senior notes due 2029 May 1, 2029 972.7 1,053.0 974.2 1,026.7 Debt issuance costs (43.1 ) — (47.7 ) Finance leases 6.0 6.6 Total debt $ 5,387.5 $ 5,125.5 Current portion (251.0 ) (251.1 ) Total long-term debt $ 5,136.5 $ 4,874.4 2019 revolving facility. On November 29, 2019, we entered into a $1.25 billion senior unsecured revolving credit agreement (“2019 revolving facility”). Subject to certain conditions, the 2019 revolving facility may be expanded by up to an aggregate of $750 million in additional commitments. Borrowings under the 2019 revolving facility mature in November 2024. The interest rates for borrowings under the 2019 revolving facility are the applicable LIBOR plus a spread of 1.00 percent to 1.625 percent , depending upon our corporate credit rating. A commitment fee on any unused balance is payable periodically and ranges from 0.10 percent to 0.25 percent based upon our corporate credit rating. We had approximately $1.3 million of outstanding letters of credit under the 2019 revolving facility as of May 31, 2020 , which reduced the available borrowing under the facility by an equivalent amount. 2019 credit agreement. In September 2019, we entered into a 364-day credit agreement (the “2019 credit agreement”) for a term loan credit facility in an aggregate principal amount of $250.0 million . In April 2020, we amended the 2019 credit agreement to extend the term through April 2021. The interest rate for borrowing under the 2019 credit agreement is the applicable LIBOR plus a spread of 1.00 percent . The 2019 revolving facility and the 2019 credit agreement are subject to certain financial and other covenants, including a maximum Leverage Ratio and a minimum Interest Coverage Ratio, which is defined as the ratio of Consolidated EBITDA to Consolidated Interest Expense, as such terms are defined in the agreements. As of May 31, 2020 , we had approximately $497.0 million of outstanding borrowings under the 2019 revolving facility at a current annual interest rate of 1.47 percent and $250.0 million of outstanding borrowings under the 2019 credit agreement at a current weighted average annual interest rate of 1.17 percent . Senior Unsecured Notes. All of our senior unsecured notes (“Senior Notes”) are unsecured and bear interest at a fixed rate payable semiannually. The Senior Notes were issued in registered offerings under the Securities Act or in offerings not subject to the registration requirements of the Securities Act, and all the Senior Notes have been admitted for trading to the official list of The International Stock Exchange in the Channel Islands. The indentures governing the Senior Notes all provide that, at the option of the respective holders of the Senior Notes, we may be required to purchase all or a portion of such Senior Notes upon occurrence of a change of control triggering event as defined in the respective indentures, at a price equal to 101 percent of the principal amount thereof, plus accrued and unpaid interest to the date of purchase. All the indentures also contain (i) covenants that limit our ability to, among other things, incur or create liens and enter into sale and leaseback transactions, (ii) covenants that limit our ability to consolidate or merge with another entity or to sell all or substantially all of our assets to another entity, and (iii) customary default provisions. As of May 31, 2020 , we were in compliance with all of our debt covenants. We have classified short-term debt based on scheduled loan payments and intended repayments on our revolving facility based on expected cash availability over the next 12 months. The carrying value of our variable rate debt instruments approximate their fair value because of the variable interest rates associated with those instruments. The fair values of the senior notes were measured using observable inputs in markets that are not active; consequently, we have classified those notes within Level 2 of the fair value hierarchy. |
Derivatives
Derivatives | 6 Months Ended |
May 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Our business is exposed to various market risks, including interest rate and foreign currency risks. We utilize derivative instruments to help us manage these risks. We do not hold or issue derivatives for speculative purposes. Interest Rate Swaps To mitigate interest rate exposure on our outstanding revolving facility debt, we utilize interest rate derivative contracts that effectively swap $300 million of floating rate debt at a 2.93 percent weighted-average fixed interest rate, plus the applicable spread on our floating rate debt. We entered into these swap contracts in November 2013 and January 2014, and the contracts expire between August and November 2020. Because the terms of these swaps and the variable rate debt (as amended or extended over time) effectively coincide, we do not expect any ineffectiveness. We have designated and accounted for these instruments as cash flow hedges, with changes in fair value being deferred in accumulated other comprehensive loss (“AOCI”) in our condensed consolidated balance sheets. Foreign Currency Forwards To mitigate foreign currency exposure, we utilize short-term foreign currency forward contracts that manage market risks associated with fluctuations in balances that are denominated in currencies other than the local functional currency. We account for these forward contracts at fair value and recognize the associated realized and unrealized gains and losses in other (income) expense, net, since we have not designated these contracts as hedges for accounting purposes. The notional amount of these outstanding foreign currency forward contracts was $397.3 million and $695.0 million as of May 31, 2020 and November 30, 2019 , respectively. Fair Value of Derivatives Since our derivative instruments are not listed on an exchange, we have evaluated fair value by reference to similar transactions in active markets; consequently, we have classified all of our derivative instruments within Level 2 of the fair value measurement hierarchy. As of May 31, 2020 , and November 30, 2019 , we had assets of $3.7 million and $3.5 million , respectively, which were classified within other current assets, and we had liabilities of $3.2 million and $3.9 million , respectively, which were classified within other accrued expenses and other liabilities. |
Restructuring (Notes)
Restructuring (Notes) | 6 Months Ended |
May 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring and Impairment Charges In the second quarter of 2020, as a result of efforts to moderate the impact of the COVID-19 pandemic on our business, we incurred restructuring charges of approximately $73.4 million across all segments, comprised primarily of employee severance charges. For the six months ended May 31, 2020, we incurred approximately $77.9 million of restructuring charges. The following table provides a reconciliation of the restructuring liability, recorded in other accrued expenses, as of May 31, 2020 (in millions): Employee Severance and Other Termination Benefits Contract Termination Costs Total Balance at November 30, 2019 $ 2.9 $ 0.8 $ 3.7 Add: Restructuring costs incurred 71.3 6.8 78.1 Revision to prior estimates (0.2 ) — (0.2 ) Less: Amount paid (15.4 ) (3.8 ) (19.2 ) Balance at May 31, 2020 $ 58.6 $ 3.8 $ 62.4 As of May 31, 2020 , approximately $14.6 million of the remaining restructuring liability was in Resources, $13.0 million in Transportation, $18.2 million in Shared Services, $14.4 million in Financial Services, and the remainder in CMS. As part of our effort to moderate the impact of the COVID-19 pandemic, we also evaluated our office facilities to determine where we could exit, consolidate, or otherwise optimize our use of office space throughout the company. During the second quarter of 2020, we fully or partially abandoned multiple office locations, recording approximately $7.9 million |
Acquisition-related Costs
Acquisition-related Costs | 6 Months Ended |
May 31, 2020 | |
Acquisition Related Costs [Abstract] | |
Acquisition Related Costs | Acquisition-Related Costs During the six months ended May 31, 2020 , we incurred approximately $7.5 million in costs associated with acquisitions and divestitures. The following table provides a reconciliation of the acquisition-related costs accrued liability, recorded in other accrued expenses and other liabilities, as of May 31, 2020 (in millions): Contract Termination Costs Other Total Balance at November 30, 2019 $ 8.2 $ 112.6 $ 120.8 Add: Costs incurred 0.4 8.1 8.5 Revision to prior estimates (0.8 ) (0.2 ) (1.0 ) Less: ASC Topic 842 adjustment (6.6 ) — (6.6 ) Less: Amount paid (0.9 ) (86.3 ) (87.2 ) Balance at May 31, 2020 $ 0.3 $ 34.2 $ 34.5 The ASC Topic 842 transition adjustment is related to the net cease-use liabilities associated with facility abandonments that were reclassified to ROU asset and operating lease liabilities at the transition date. As of May 31, 2020 , substantially all of the remaining liability is associated with the aM acquisition-related performance compensation liability described in Note 2. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
May 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-Based Compensation Stock-based compensation expense for the three and six months ended May 31, 2020 and May 31, 2019 was as follows (in millions): Three months ended May 31, Six months ended May 31, 2020 2019 2020 2019 Cost of revenue $ 20.6 $ 15.6 $ 44.6 $ 32.9 Selling, general and administrative 50.6 38.0 109.2 80.4 Total stock-based compensation expense $ 71.2 $ 53.6 $ 153.8 $ 113.3 No stock-based compensation cost was capitalized during the three and six months ended May 31, 2020 and May 31, 2019 . As of May 31, 2020 , there was $275.6 million of unrecognized stock-based compensation cost, adjusted for estimated forfeitures, related to unvested stock-based awards that will be recognized over a weighted-average period of approximately 1.8 years. Total unrecognized stock-based compensation cost will be adjusted for future changes in estimated forfeitures and expected performance achievement. Restricted Stock Units (RSUs) and Restricted Stock Awards (RSAs). The following table summarizes RSU/RSA activity, including awards with performance and market conditions, during the six months ended May 31, 2020 : Shares Weighted- (in millions) Balance at November 30, 2019 8.2 $ 47.41 Granted 2.5 $ 80.04 Vested (3.8 ) $ 43.58 Forfeited (0.2 ) $ 59.35 Balance at May 31, 2020 6.7 $ 61.72 The total fair value of RSUs and RSAs that vested during the six months ended May 31, 2020 was $295.8 million . Stock Options. The following table summarizes stock option award activity during the six months ended May 31, 2020 , as well as stock options outstanding and exercisable as of May 31, 2020 : Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) (in years) (in millions) Balance at November 30, 2019 9.0 $ 26.81 Exercised (6.6 ) $ 26.69 Balance at May 31, 2020 2.4 $ 27.15 1.0 $ 100.1 Exercisable at May 31, 2020 2.0 $ 26.90 0.8 $ 86.7 The aggregate intrinsic value amounts in the table above represent the difference between the closing price of our common shares on May 31, 2020 and the exercise price, multiplied by the number of in-the-money stock options as of that date. This represents the value that would have been received by stock option holders if they had all exercised their stock options on May 31, 2020 . In future periods, this amount will change depending on fluctuations in our share price. The total intrinsic value of stock options exercised during the six months ended May 31, 2020 was approximately $325.4 million . |
Income Taxes
Income Taxes | 6 Months Ended |
May 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate is estimated based upon the effective tax rate expected to be applicable for the full year. Our effective tax rate for the three and six months ended May 31, 2020 was 6 percent and 2 percent , respectively, compared to 14 percent and 8 percent for the three and six months ended May 31, 2019 . The low tax rates for the three and six months ended May 31, 2020 are primarily due to tax benefits associated with the tax-efficient divestiture of the A&D business line (U.K. share sales are exempt from tax) of approximately $9 million and $38 million , and excess tax benefits on stock-based compensation of approximately $12 million and $76 million , partially offset by U.S. minimum tax impacts of approximately $20 million and $31 million , respectively. The low 2019 tax rates are primarily due to tax benefits associated with excess tax benefits on stock-based compensation of approximately $6 million and $18 million , respectively, for the three and six months ended May 31, 2019, as well as a change in partnership basis related to intangible assets of approximately $7 million . |
Pension and Postretirement
Pension and Postretirement | 6 Months Ended |
May 31, 2020 | |
Postemployment Benefits [Abstract] | |
Postemployment Benefits Disclosure | Pensions and Postretirement Benefits During the first quarter of 2020, we incurred settlement expense of approximately $11.6 million related to lump-sum distributions to participants in our U.S. RIP, SIP, and U.K. RIP plans. We also converted to termination accounting for our U.K. RIP at the end of the first quarter, which resulted in an expense recognition of actuarial loss in excess of corridor of approximately $9.6 million . During the second quarter of 2020, we transferred our U.S. RIP annuity liability and our U.K. RIP liability to third-party insurers, which resulted in additional settlement expense of approximately $8.9 million |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
May 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Common Shares and Earnings per
Common Shares and Earnings per Share | 6 Months Ended |
May 31, 2020 | |
Earnings Per Share [Abstract] | |
Common Shares and Earnings Per Share | Common Shares and Earnings per Share Weighted-average shares outstanding for the three and six months ended May 31, 2020 and May 31, 2019 were calculated as follows (in millions): Three months ended May 31, Six months ended May 31, 2020 2019 2020 2019 Weighted-average shares outstanding: Shares used in basic EPS calculation 397.0 400.5 396.4 399.3 Effect of dilutive securities: RSUs/RSAs 1.2 1.6 2.5 2.3 Stock options 1.9 7.2 3.2 7.1 Shares used in diluted EPS calculation 400.1 409.3 402.1 408.7 Approximately 1.8 million weighted-average potentially dilutive equity awards were excluded from the dilution calculation above because they would have had an antidilutive effect on earnings per share. Share Repurchase Programs In October 2019, our Board of Directors authorized a share repurchase program of up to $2.5 billion of IHS Markit common shares from October 17, 2019 through November 30, 2021, to be funded using our existing cash, cash equivalents, marketable securities, and future cash flows, or through the incurrence of short- or long-term indebtedness, at management’s discretion. This program replaced the previous share repurchase program that was originally set to terminate on November 30, 2019, but was early terminated by our Board of Directors. This October 2019 share repurchase program does not obligate us to repurchase any set dollar amount or number of shares and may be modified, suspended, or terminated at any time without prior notice. Under the repurchase program, we are authorized to repurchase our common shares on the open market from time to time, in privately negotiated transactions, or through accelerated share repurchase agreements, subject to availability of common shares, price, market conditions, alternative uses of capital, and applicable regulatory requirements, at management’s discretion. As of May 31, 2020 , we had $1.75 billion remaining available to repurchase under the program. In December 2019, we funded a $500 million accelerated share repurchase (“ASR”) agreement with a scheduled termination date in the first quarter of 2020. Upon funding of the ASR, we received an initial delivery of 5.547 million shares. At the completion of the ASR in February 2020, we received an additional 0.944 million shares. In March 2020, we funded a $250 million ASR agreement with a scheduled termination date in the second quarter of 2020. Upon funding of the ASR, we received an initial delivery of 2.807 million shares. At the completion of the ASR in May 2020, we received an additional 1.214 million shares. In August 2016, our Board of Directors separately authorized, subject to applicable regulatory requirements, the repurchase of our common shares surrendered by employees in an amount equal to the exercise price, if applicable, and statutory tax liability associated with the vesting of their equity awards, for which we pay the statutory tax on behalf of the employee and forgo receipt of the exercise price of the award from the employee, if applicable. Dividends On January 17, 2020, our Board of Directors approved a cash dividend of $0.17 per common share issued and outstanding to the holders of record as of February 6, 2020. A cash dividend of $67.7 million was paid on February 14, 2020, and dividend equivalents of $1.3 million were accrued on unvested equity awards. The total $69.0 million associated with the dividend was recorded as a reduction to retained earnings. On April 16, 2020, our Board of Directors approved a cash dividend of $0.17 per common share issued and outstanding to the holders of record as of April 30, 2020. A cash dividend of $67.6 million was paid on May 15, 2020, and dividend equivalents of $1.2 million were accrued on unvested equity awards. The total $68.8 million associated with the dividend was recorded as a reduction to retained earnings. Employee Benefit Trust (EBT) Shares We have approximately 25.2 million outstanding common shares that are held by the Markit Group Holdings Limited Employee Benefit Trust. The trust is under our control using the variable interest entity model criteria; consequently, we have consolidated and classified the trust shares as treasury shares within our condensed consolidated balance sheets. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
May 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in AOCI by component (net of tax) for the three and six months ended May 31, 2019 (in millions): Foreign currency translation Net pension and OPEB liability Unrealized losses on hedging activities Total Balance at November 30, 2018 $ (288.5 ) $ (9.9 ) $ (0.5 ) $ (298.9 ) Other comprehensive income (loss) before reclassifications 135.7 — (1.7 ) 134.0 Reclassifications from AOCI to income — — 0.2 0.2 Balance at February 28, 2019 $ (152.8 ) $ (9.9 ) $ (2.0 ) $ (164.7 ) Other comprehensive loss (175.7 ) — (1.9 ) (177.6 ) Balance at May 31, 2019 $ (328.5 ) $ (9.9 ) $ (3.9 ) $ (342.3 ) The following table summarizes the changes in AOCI by component (net of tax) for the three and six months ended May 31, 2020 (in millions): Foreign currency translation Net pension and OPEB liability Unrealized losses on hedging activities Total Balance at November 30, 2019 $ (242.3 ) $ (15.6 ) $ (3.7 ) $ (261.6 ) Other comprehensive loss before reclassifications (35.6 ) — (0.7 ) (36.3 ) Reclassifications from AOCI to income — 4.9 0.8 5.7 Balance at February 29, 2020 $ (277.9 ) $ (10.7 ) $ (3.6 ) $ (292.2 ) Other comprehensive loss before reclassifications (131.0 ) 0.8 (0.7 ) (130.9 ) Reclassifications from AOCI to income — 9.9 1.0 10.9 Balance at May 31, 2020 $ (408.9 ) $ — $ (3.3 ) $ (412.2 ) |
Segment Information
Segment Information | 6 Months Ended |
May 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We prepare our financial reports and analyze our business results within our four operating segments: Financial Services, Transportation, Resources, and CMS. We evaluate revenue performance at the segment level and by transaction type. No single customer accounted for 10 percent or more of our total revenue for the three and six months ended May 31, 2020 and May 31, 2019 . There are no material inter-segment revenues for any period presented. Our shared services function includes corporate transactions that are not allocated to the reportable segments, including net periodic pension and postretirement expense, as well as certain corporate functions such as investor relations, procurement, corporate development, and portions of finance, legal, and marketing. We evaluate segment operating performance at the Adjusted EBITDA level for each of our four segments. We define Adjusted EBITDA as net income before net interest, provision for income taxes, depreciation and amortization, stock-based compensation expense, restructuring charges, acquisition-related costs and performance compensation, exceptional litigation, net other gains and losses, pension mark-to-market and settlement expense, the impact of joint ventures and noncontrolling interests, and discontinued operations. Information about the operations of our four segments is set forth below (in millions). Three months ended May 31, Six months ended May 31, 2020 2019 2020 2019 Revenue Financial Services $ 443.5 $ 432.9 $ 879.5 $ 842.1 Transportation 243.2 318.6 540.4 606.7 Resources 219.0 249.4 444.6 466.2 CMS 120.9 134.6 242.9 266.9 Total revenue $ 1,026.6 $ 1,135.5 $ 2,107.4 $ 2,181.9 Adjusted EBITDA Financial Services $ 231.3 $ 205.6 $ 436.7 $ 388.8 Transportation 101.6 136.6 219.6 250.9 Resources 96.2 109.2 186.4 202.4 CMS 35.0 29.3 64.4 58.7 Shared services (10.1 ) (15.7 ) (21.5 ) (27.7 ) Total Adjusted EBITDA $ 454.0 $ 465.0 $ 885.6 $ 873.1 Reconciliation to the condensed consolidated statements of operations: Interest income 0.2 0.6 0.6 1.0 Interest expense (60.0 ) (65.8 ) (121.2 ) (132.7 ) Provision for income taxes (4.7 ) (24.2 ) (9.0 ) (23.3 ) Depreciation (56.4 ) (49.4 ) (107.5 ) (96.0 ) Amortization related to acquired intangible assets (93.0 ) (94.6 ) (187.2 ) (190.3 ) Stock-based compensation expense (71.2 ) (53.6 ) (153.8 ) (113.3 ) Restructuring and impairment charges (81.3 ) (1.7 ) (85.8 ) (9.9 ) Acquisition-related costs (2.1 ) (6.0 ) (2.8 ) (13.5 ) Acquisition-related performance compensation (4.5 ) (15.4 ) (4.7 ) (30.7 ) Loss on debt extinguishment — (5.8 ) — (6.0 ) Gain on sale of assets (1.4 ) — 370.9 — Pension mark-to-market and settlement expense (8.8 ) — (30.0 ) — Share of joint venture results not attributable to Adjusted EBITDA 0.1 (0.2 ) (0.2 ) (0.3 ) Adjusted EBITDA attributable to noncontrolling interest 0.8 0.9 1.8 1.4 Net income attributable to IHS Markit Ltd. $ 71.7 $ 149.8 $ 556.7 $ 259.5 |
(Policies)
(Policies) | 6 Months Ended |
May 31, 2020 | |
Accounting Policies [Abstract] | |
Segment Reporting, Policy | We evaluate segment operating performance at the Adjusted EBITDA level for each of our four segments. We define Adjusted EBITDA as net income before net interest, provision for income taxes, depreciation and amortization, stock-based compensation expense, restructuring charges, acquisition-related costs and performance compensation, exceptional litigation, net other gains and losses, pension mark-to-market and settlement expense, the impact of joint ventures and noncontrolling interests, and discontinued operations. Information about the operations of our four segments is set forth below (in millions). |
Derivatives, Policy | Since our derivative instruments are not listed on an exchange, we have evaluated fair value by reference to similar transactions in active markets; consequently, we have classified all of our derivative instruments within Level 2 of the fair value measurement hierarchy. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, which replaces the existing incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The standard will be effective for us in the first quarter of our fiscal year 2021. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, which removes Step 2 from the goodwill impairment test. The standard will be effective for us in the first quarter of our fiscal 2021, although early adoption is permitted. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, which addresses the accounting for implementation costs associated with a hosted service. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The standard will be effective for us in the first quarter of our fiscal 2021, although early adoption is permitted. The amendments will be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, which enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. The standard will be effective for us in the first quarter of our fiscal year 2022, although early adoption is permitted. We do not expect that the adoption of this ASU will have a significant impact on our consolidated financial statements. |
Basis of Presentation and Sig_2
Basis of Presentation and Significant Accounting Policies (Tables) | 6 Months Ended |
May 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The following table shows the cumulative effect of the changes made to the December 1, 2019 consolidated balance sheet for the adoption of ASC Topic 842 related to lease contracts that were in effect at the time of adoption (in millions): November 30, 2019 Adjustments due to adoption of ASC Topic 842 December 1, 2019 Other current assets 3.4 (3.4 ) — Operating lease right-of-use assets, net — 380.7 380.7 Other accrued expenses (9.6 ) 9.6 — Operating lease liabilities, current — (63.9 ) (63.9 ) Operating lease liabilities, non-current — (350.6 ) (350.6 ) Other liabilities (27.6 ) 27.6 — |
Business Combinations and Div_2
Business Combinations and Divestitures (Tables) | 6 Months Ended |
May 31, 2020 | |
Business Combinations [Abstract] | |
Disposal Groups, Including Discontinued Operations | The transaction resulted in the divestiture of the following assets and liabilities (in millions): Current assets $ 18.9 Property and equipment $ 4.5 Intangible assets $ 4.2 Goodwill $ 87.7 Current liabilities $ (1.1 ) Deferred revenue $ (24.8 ) |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
May 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue by Transaction Type | The following table presents our revenue by transaction type (in millions): Three months ended May 31, Six months ended May 31, 2020 2019 2020 2019 Recurring fixed revenue $ 755.2 $ 785.2 $ 1,559.3 $ 1,552.4 Recurring variable revenue 158.0 145.0 304.8 281.0 Non-recurring revenue 113.4 205.3 243.3 348.5 Total revenue $ 1,026.6 $ 1,135.5 $ 2,107.4 $ 2,181.9 |
Contract with Customer, Asset and Liability | The following table provides a reconciliation of our contract liabilities as of May 31, 2020 (in millions): Balance at November 30, 2019 $ 879.7 Billings 1,680.2 Revenue recognized (1,614.0 ) Balance at May 31, 2020 $ 945.9 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
May 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | The following table presents lease cost, cash paid for amounts included in the measurement of lease liabilities, the weighted-average remaining lease term, and the weighted-average discount rate for our operating leases for the three and six months ended May 31, 2020 (in millions): Three months ended May 31, 2020 Six months ended May 31, 2020 Lease cost: Operating lease cost $ 16.3 $ 32.4 Variable lease cost $ 1.5 $ 3.2 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 15.9 $ 31.4 As of May 31, 2020: Weighted-average remaining lease term 8.2 years Weighted-average discount rate 2.0 % |
Lessee, Operating Lease, Liability, Maturity | As of May 31, 2020, maturities of operating lease liabilities under non-cancellable arrangements were as follows (in millions): Year Amount Remainder of 2020 $ 74.2 2021 62.7 2022 51.6 2023 45.0 2024 40.0 Thereafter 147.5 Total future minimum operating lease payments 421.0 Imputed interest (31.3 ) Total operating lease liability $ 389.7 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
May 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table presents details of our intangible assets, other than goodwill, as of May 31, 2020 and November 30, 2019 (in millions): As of May 31, 2020 As of November 30, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization: Customer relationships $ 3,418.0 $ (705.5 ) $ 2,712.5 $ 3,476.1 $ (628.7 ) $ 2,847.4 Developed technology 936.5 (243.5 ) 693.0 949.6 (208.9 ) 740.7 Information databases 588.6 (336.5 ) 252.1 591.6 (310.9 ) 280.7 Trademarks 485.9 (229.6 ) 256.3 487.0 (203.0 ) 284.0 Developed computer software 67.9 (58.5 ) 9.4 76.3 (62.9 ) 13.4 Other 4.1 (1.7 ) 2.4 4.1 (1.3 ) 2.8 Total intangible assets $ 5,501.0 $ (1,575.3 ) $ 3,925.7 $ 5,584.7 $ (1,415.7 ) $ 4,169.0 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the estimated future amortization expense related to intangible assets held as of May 31, 2020 (in millions): Year Amount Remainder of 2020 $ 184.8 2021 $ 365.5 2022 $ 348.8 2023 $ 336.7 2024 $ 318.1 Thereafter $ 2,371.8 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
May 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes total indebtedness, including unamortized premiums, as of May 31, 2020 and November 30, 2019 (in millions): May 31, 2020 November 30, 2019 Maturity Date Carrying Amount Fair Value Carrying Amount Fair Value Credit Facilities: 2019 revolving facility November 2024 $ 497.0 $ 497.0 $ 237.0 $ 237.0 2019 credit agreement April 2021 250.0 250.0 250.0 250.0 Senior Unsecured Notes: 5% senior notes due 2022 November 1, 2022 748.2 803.0 748.2 798.2 4.125% senior notes due 2023 August 1, 2023 499.1 543.3 498.9 528.8 3.625% senior notes due 2024 May 1, 2024 399.1 423.4 398.9 416.4 4.75% senior notes due 2025 February 15, 2025 810.8 871.3 811.8 873.6 4.00% senior notes due 2026 March 1, 2026 500.0 533.6 500.0 530.2 4.75% senior notes due 2028 August 1, 2028 747.7 860.4 747.6 838.4 4.25% senior notes due 2029 May 1, 2029 972.7 1,053.0 974.2 1,026.7 Debt issuance costs (43.1 ) — (47.7 ) Finance leases 6.0 6.6 Total debt $ 5,387.5 $ 5,125.5 Current portion (251.0 ) (251.1 ) Total long-term debt $ 5,136.5 $ 4,874.4 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
May 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table provides a reconciliation of the restructuring liability, recorded in other accrued expenses, as of May 31, 2020 (in millions): Employee Severance and Other Termination Benefits Contract Termination Costs Total Balance at November 30, 2019 $ 2.9 $ 0.8 $ 3.7 Add: Restructuring costs incurred 71.3 6.8 78.1 Revision to prior estimates (0.2 ) — (0.2 ) Less: Amount paid (15.4 ) (3.8 ) (19.2 ) Balance at May 31, 2020 $ 58.6 $ 3.8 $ 62.4 |
Acquisition-related Costs (Tabl
Acquisition-related Costs (Tables) | 6 Months Ended |
May 31, 2020 | |
Acquisition Related Costs [Abstract] | |
Acquisition Related Cost Reserve Rollforward | The following table provides a reconciliation of the acquisition-related costs accrued liability, recorded in other accrued expenses and other liabilities, as of May 31, 2020 (in millions): Contract Termination Costs Other Total Balance at November 30, 2019 $ 8.2 $ 112.6 $ 120.8 Add: Costs incurred 0.4 8.1 8.5 Revision to prior estimates (0.8 ) (0.2 ) (1.0 ) Less: ASC Topic 842 adjustment (6.6 ) — (6.6 ) Less: Amount paid (0.9 ) (86.3 ) (87.2 ) Balance at May 31, 2020 $ 0.3 $ 34.2 $ 34.5 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
May 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense for the three and six months ended May 31, 2020 and May 31, 2019 was as follows (in millions): Three months ended May 31, Six months ended May 31, 2020 2019 2020 2019 Cost of revenue $ 20.6 $ 15.6 $ 44.6 $ 32.9 Selling, general and administrative 50.6 38.0 109.2 80.4 Total stock-based compensation expense $ 71.2 $ 53.6 $ 153.8 $ 113.3 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes RSU/RSA activity, including awards with performance and market conditions, during the six months ended May 31, 2020 : Shares Weighted- (in millions) Balance at November 30, 2019 8.2 $ 47.41 Granted 2.5 $ 80.04 Vested (3.8 ) $ 43.58 Forfeited (0.2 ) $ 59.35 Balance at May 31, 2020 6.7 $ 61.72 |
Share-based Compensation, Stock Options, Activity | The following table summarizes stock option award activity during the six months ended May 31, 2020 , as well as stock options outstanding and exercisable as of May 31, 2020 : Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (in millions) (in years) (in millions) Balance at November 30, 2019 9.0 $ 26.81 Exercised (6.6 ) $ 26.69 Balance at May 31, 2020 2.4 $ 27.15 1.0 $ 100.1 Exercisable at May 31, 2020 2.0 $ 26.90 0.8 $ 86.7 |
Common Shares and Earnings pe_2
Common Shares and Earnings per Share (Tables) | 6 Months Ended |
May 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | Weighted-average shares outstanding for the three and six months ended May 31, 2020 and May 31, 2019 were calculated as follows (in millions): Three months ended May 31, Six months ended May 31, 2020 2019 2020 2019 Weighted-average shares outstanding: Shares used in basic EPS calculation 397.0 400.5 396.4 399.3 Effect of dilutive securities: RSUs/RSAs 1.2 1.6 2.5 2.3 Stock options 1.9 7.2 3.2 7.1 Shares used in diluted EPS calculation 400.1 409.3 402.1 408.7 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
May 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component (net of tax) for the three and six months ended May 31, 2019 (in millions): Foreign currency translation Net pension and OPEB liability Unrealized losses on hedging activities Total Balance at November 30, 2018 $ (288.5 ) $ (9.9 ) $ (0.5 ) $ (298.9 ) Other comprehensive income (loss) before reclassifications 135.7 — (1.7 ) 134.0 Reclassifications from AOCI to income — — 0.2 0.2 Balance at February 28, 2019 $ (152.8 ) $ (9.9 ) $ (2.0 ) $ (164.7 ) Other comprehensive loss (175.7 ) — (1.9 ) (177.6 ) Balance at May 31, 2019 $ (328.5 ) $ (9.9 ) $ (3.9 ) $ (342.3 ) The following table summarizes the changes in AOCI by component (net of tax) for the three and six months ended May 31, 2020 (in millions): Foreign currency translation Net pension and OPEB liability Unrealized losses on hedging activities Total Balance at November 30, 2019 $ (242.3 ) $ (15.6 ) $ (3.7 ) $ (261.6 ) Other comprehensive loss before reclassifications (35.6 ) — (0.7 ) (36.3 ) Reclassifications from AOCI to income — 4.9 0.8 5.7 Balance at February 29, 2020 $ (277.9 ) $ (10.7 ) $ (3.6 ) $ (292.2 ) Other comprehensive loss before reclassifications (131.0 ) 0.8 (0.7 ) (130.9 ) Reclassifications from AOCI to income — 9.9 1.0 10.9 Balance at May 31, 2020 $ (408.9 ) $ — $ (3.3 ) $ (412.2 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
May 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Information about the operations of our four segments is set forth below (in millions). Three months ended May 31, Six months ended May 31, 2020 2019 2020 2019 Revenue Financial Services $ 443.5 $ 432.9 $ 879.5 $ 842.1 Transportation 243.2 318.6 540.4 606.7 Resources 219.0 249.4 444.6 466.2 CMS 120.9 134.6 242.9 266.9 Total revenue $ 1,026.6 $ 1,135.5 $ 2,107.4 $ 2,181.9 Adjusted EBITDA Financial Services $ 231.3 $ 205.6 $ 436.7 $ 388.8 Transportation 101.6 136.6 219.6 250.9 Resources 96.2 109.2 186.4 202.4 CMS 35.0 29.3 64.4 58.7 Shared services (10.1 ) (15.7 ) (21.5 ) (27.7 ) Total Adjusted EBITDA $ 454.0 $ 465.0 $ 885.6 $ 873.1 Reconciliation to the condensed consolidated statements of operations: Interest income 0.2 0.6 0.6 1.0 Interest expense (60.0 ) (65.8 ) (121.2 ) (132.7 ) Provision for income taxes (4.7 ) (24.2 ) (9.0 ) (23.3 ) Depreciation (56.4 ) (49.4 ) (107.5 ) (96.0 ) Amortization related to acquired intangible assets (93.0 ) (94.6 ) (187.2 ) (190.3 ) Stock-based compensation expense (71.2 ) (53.6 ) (153.8 ) (113.3 ) Restructuring and impairment charges (81.3 ) (1.7 ) (85.8 ) (9.9 ) Acquisition-related costs (2.1 ) (6.0 ) (2.8 ) (13.5 ) Acquisition-related performance compensation (4.5 ) (15.4 ) (4.7 ) (30.7 ) Loss on debt extinguishment — (5.8 ) — (6.0 ) Gain on sale of assets (1.4 ) — 370.9 — Pension mark-to-market and settlement expense (8.8 ) — (30.0 ) — Share of joint venture results not attributable to Adjusted EBITDA 0.1 (0.2 ) (0.2 ) (0.3 ) Adjusted EBITDA attributable to noncontrolling interest 0.8 0.9 1.8 1.4 Net income attributable to IHS Markit Ltd. $ 71.7 $ 149.8 $ 556.7 $ 259.5 |
Basis of Presentation and Sig_3
Basis of Presentation and Significant Accounting Policies Lease 842 (Details) - USD ($) $ in Millions | May 31, 2020 | Dec. 01, 2019 | Nov. 30, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other current assets | $ 126.6 | $ 118.2 | |
Operating Lease, Right-of-Use Asset | 347.4 | 0 | |
Other accrued expenses | 413 | 479.1 | |
Operating Lease, Liability, Current | 65.4 | 0 | |
Operating Lease, Liability, Noncurrent | $ 324.3 | 0 | |
Accounting Standards Update 2016-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other current assets | $ 0 | 3.4 | |
Operating Lease, Right-of-Use Asset | 380.7 | 0 | |
Other accrued expenses | 0 | (9.6) | |
Operating Lease, Liability, Current | (63.9) | 0 | |
Operating Lease, Liability, Noncurrent | (350.6) | 0 | |
Other Liabilities | 0 | $ (27.6) | |
Accounting Standards Update 2016-02 | Difference Between Lease Guidance In Effect Before And After Topic 842 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other current assets | (3.4) | ||
Operating Lease, Right-of-Use Asset | 380.7 | ||
Other accrued expenses | 9.6 | ||
Operating Lease, Liability, Current | (63.9) | ||
Operating Lease, Liability, Noncurrent | (350.6) | ||
Other Liabilities | $ 27.6 |
Business Combinations and Div_3
Business Combinations and Divestitures Aerospace & Defense (Details) - USD ($) $ in Millions | Dec. 02, 2019 | May 31, 2020 | May 31, 2019 |
Business Acquisition [Line Items] | |||
Gain (Loss) on Disposition of Assets | $ 370.9 | $ 0 | |
Aerospace & Defense | |||
Business Acquisition [Line Items] | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 466 | ||
Current assets | 18.9 | ||
Property and equipment | 4.5 | ||
Intangible assets | 4.2 | ||
Goodwill | 87.7 | ||
Current liabilities | (1.1) | ||
Deferred revenue | (24.8) | ||
Gain (Loss) on Disposition of Assets | $ 372 |
Business Combinations and Div_4
Business Combinations and Divestitures automotiveMastermind (Details) - USD ($) $ in Millions | May 31, 2020 | Nov. 30, 2019 | Sep. 30, 2017 |
Business Acquisition [Line Items] | |||
Unrecognized stock-based compensation cost | $ 275.6 | ||
automotiveMastermind | |||
Business Acquisition [Line Items] | |||
Minority Interest Ownership Percentage By Noncontrolling Owners Percentage Exercised | 62.50% | ||
Minority Interest Ownership Percentage By Noncontrolling Owners Percentage Exercised Amount | $ 75.9 | ||
Acquisition Related Cost Reserve - Long term portion | $ 34.6 | ||
automotiveMastermind | Minimum | |||
Business Acquisition [Line Items] | |||
Unrecognized stock-based compensation cost | 70 | ||
automotiveMastermind | Maximum | |||
Business Acquisition [Line Items] | |||
Unrecognized stock-based compensation cost | $ 75 | ||
automotiveMastermind | automotiveMastermind | |||
Business Acquisition [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 78.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 22.00% |
Revenue Dissagregation (Details
Revenue Dissagregation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,026.6 | $ 1,135.5 | $ 2,107.4 | $ 2,181.9 |
Recurring Fixed Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 755.2 | 785.2 | 1,559.3 | 1,552.4 |
Recurring Variable Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 158 | 145 | 304.8 | 281 |
Non-recurring Revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 113.4 | $ 205.3 | $ 243.3 | $ 348.5 |
Revenue Contracts with Customer
Revenue Contracts with Customers (Details) - USD ($) $ in Millions | 6 Months Ended | |
May 31, 2020 | Nov. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Contract asset | $ 25.7 | $ 39.8 |
Deferred revenue | 879.7 | |
Billings paid in advance | 1,680.2 | |
Revenue recognized | (1,614) | |
Deferred revenue | $ 945.9 |
Leases (Details)
Leases (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
May 31, 2020USD ($) | May 31, 2020USD ($) | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 16.3 | $ 32.4 |
Variable Lease, Cost | 1.5 | 3.2 |
Operating cash outflows from operating leases | $ 15.9 | $ 31.4 |
Weighted-average remaining lease term | 8 years 2 months 12 days | 8 years 2 months 12 days |
Weighted-average discount rate | 2.00% | 2.00% |
Leases Lease Liabilities (Detai
Leases Lease Liabilities (Details) $ in Millions | May 31, 2020USD ($) |
Leases [Abstract] | |
Remainder of 2020 | $ 74.2 |
2021 | 62.7 |
2022 | 51.6 |
2023 | 45 |
2024 | 40 |
Thereafter | 147.5 |
Total future minimum operating lease payments | 421 |
Imputed interest | (31.3) |
Total operating lease liability | $ 389.7 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | Nov. 30, 2019 | |
Acquired Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,575.3) | $ (1,575.3) | $ (1,415.7) | ||
Intangible assets, gross | 5,501 | 5,501 | 5,584.7 | ||
Intangible assets, net | 3,925.7 | 3,925.7 | 4,169 | ||
Amortization of Intangible Assets | 93 | $ 94.6 | 187.2 | $ 190.3 | |
Customer relationships | |||||
Acquired Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 3,418 | 3,418 | 3,476.1 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (705.5) | (705.5) | (628.7) | ||
Finite-Lived Intangible Assets, Net | 2,712.5 | 2,712.5 | 2,847.4 | ||
Developed technology | |||||
Acquired Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 936.5 | 936.5 | 949.6 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (243.5) | (243.5) | (208.9) | ||
Finite-Lived Intangible Assets, Net | 693 | 693 | 740.7 | ||
Information databases | |||||
Acquired Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 588.6 | 588.6 | 591.6 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (336.5) | (336.5) | (310.9) | ||
Finite-Lived Intangible Assets, Net | 252.1 | 252.1 | 280.7 | ||
Trademarks | |||||
Acquired Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 485.9 | 485.9 | 487 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (229.6) | (229.6) | (203) | ||
Finite-Lived Intangible Assets, Net | 256.3 | 256.3 | 284 | ||
Developed computer software | |||||
Acquired Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 67.9 | 67.9 | 76.3 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (58.5) | (58.5) | (62.9) | ||
Finite-Lived Intangible Assets, Net | 9.4 | 9.4 | 13.4 | ||
Other | |||||
Acquired Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 4.1 | 4.1 | 4.1 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1.7) | (1.7) | (1.3) | ||
Finite-Lived Intangible Assets, Net | $ 2.4 | $ 2.4 | $ 2.8 |
Intangible Assets Schedule of F
Intangible Assets Schedule of Future Amortization (Details) $ in Millions | May 31, 2020USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2020 | $ 184.8 |
2021 | 365.5 |
2022 | 348.8 |
2023 | 336.7 |
2024 | 318.1 |
Thereafter | $ 2,371.8 |
Debt Table (Details)
Debt Table (Details) - USD ($) $ in Millions | May 31, 2020 | Nov. 30, 2019 | Sep. 30, 2019 |
Debt Instrument [Line Items] | |||
Debt issuance costs | $ (43.1) | $ (47.7) | |
Finance leases | 6 | 6.6 | |
Total debt | 5,387.5 | 5,125.5 | |
Current portion | (251) | (251.1) | |
Total long-term debt | 5,136.5 | 4,874.4 | |
5.00% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Senior notes | 748.2 | 748.2 | |
Debt Instrument, Fair Value Disclosure | $ 803 | 798.2 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.00% | ||
Long-term Debt, Maturity Date | Nov. 1, 2022 | ||
4.125% Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 499.1 | 498.9 | |
Debt Instrument, Fair Value Disclosure | $ 543.3 | 528.8 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.125% | ||
Long-term Debt, Maturity Date | Aug. 1, 2023 | ||
3.625% Senior Notes Due 2024 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 399.1 | 398.9 | |
Debt Instrument, Fair Value Disclosure | $ 423.4 | 416.4 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.625% | ||
Long-term Debt, Maturity Date | May 1, 2024 | ||
4.75% Senior Notes Due 2025 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 810.8 | 811.8 | |
Debt Instrument, Fair Value Disclosure | $ 871.3 | 873.6 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | ||
Long-term Debt, Maturity Date | Feb. 15, 2025 | ||
4.00% Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 500 | 500 | |
Debt Instrument, Fair Value Disclosure | $ 533.6 | 530.2 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.00% | ||
Long-term Debt, Maturity Date | Mar. 1, 2026 | ||
4.75% Senior Notes Due 2028 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 747.7 | 747.6 | |
Debt Instrument, Fair Value Disclosure | $ 860.4 | 838.4 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | ||
Long-term Debt, Maturity Date | Aug. 1, 2028 | ||
4.25% Senior Notes Due 2029 | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 972.7 | 974.2 | |
Debt Instrument, Fair Value Disclosure | $ 1,053 | 1,026.7 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.25% | ||
Long-term Debt, Maturity Date | May 1, 2029 | ||
2019 Credit Agreement | |||
Debt Instrument [Line Items] | |||
Short-term Debt | $ 250 | 250 | $ 250 |
Debt Instrument, Fair Value Disclosure | $ 250 | 250 | |
Long-term Debt, Maturity Date | Apr. 1, 2021 | ||
2019 revolving credit facility | |||
Debt Instrument [Line Items] | |||
Credit facility, amount outstanding | $ 497 | 237 | |
Debt Instrument, Fair Value Disclosure | $ 497 | $ 237 | |
Long-term Debt, Maturity Date | Nov. 1, 2024 |
Debt Credit Facility Term Loan
Debt Credit Facility Term Loan (Details) - USD ($) $ in Millions | Nov. 29, 2019 | Apr. 30, 2020 | May 31, 2020 | Nov. 30, 2019 | Sep. 30, 2019 |
2019 Credit Agreement | |||||
Line of Credit Facility [Line Items] | |||||
Short-term Debt | $ 250 | $ 250 | $ 250 | ||
Debt Instrument, Interest Rate During Period | 1.00% | ||||
Debt, Weighted Average Interest Rate | 1.17% | ||||
2019 revolving credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 1,250 | ||||
Credit facility additional borrowing capacity | $ 750 | ||||
Letters of credit outstanding under 2019 revolving facility | $ 1.3 | ||||
Credit facility, amount outstanding | $ 497 | $ 237 | |||
Credit facility, interest rate at period end | 1.47% | ||||
2019 revolving credit facility | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, unused capacity, commitment fee percentage | 0.10% | ||||
2019 revolving credit facility | Minimum | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, interest rate | 1.00% | ||||
2019 revolving credit facility | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, unused capacity, commitment fee percentage | 0.25% | ||||
2019 revolving credit facility | Maximum | London Interbank Offered Rate (LIBOR) | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, interest rate | 1.625% |
Derivatives Textual (Details)
Derivatives Textual (Details) - USD ($) $ in Millions | May 31, 2020 | Nov. 30, 2019 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 3.7 | $ 3.5 |
Derivative Liability, Fair Value, Gross Liability | 3.2 | 3.9 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 300 | |
Derivative, Average Fixed Interest Rate | 2.93% | |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 397.3 | $ 695 |
Restructuring (Details)
Restructuring (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
May 31, 2020 | May 31, 2020 | Nov. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 73.4 | $ 77.9 | |
Restructuring Reserve | 62.4 | 62.4 | $ 3.7 |
Asset Impairment Charges | 7.9 | ||
Resources Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 14.6 | 14.6 | |
Transportation Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 13 | 13 | |
Shared Services Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | 18.2 | 18.2 | |
Financial Services Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 14.4 | $ 14.4 |
Restructuring Table (Details)
Restructuring Table (Details) $ in Millions | 6 Months Ended |
May 31, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Balance at November 30, 2019 | $ 3.7 |
Add: Restructuring costs incurred | 78.1 |
Revision to prior estimates | (0.2) |
Less: Amount paid | (19.2) |
Balance at May 31, 2020 | 62.4 |
Employee Severance | |
Restructuring Cost and Reserve [Line Items] | |
Balance at November 30, 2019 | 2.9 |
Add: Restructuring costs incurred | 71.3 |
Revision to prior estimates | (0.2) |
Less: Amount paid | (15.4) |
Balance at May 31, 2020 | 58.6 |
Contract Termination | |
Restructuring Cost and Reserve [Line Items] | |
Balance at November 30, 2019 | 0.8 |
Add: Restructuring costs incurred | 6.8 |
Revision to prior estimates | 0 |
Less: Amount paid | (3.8) |
Balance at May 31, 2020 | $ 3.8 |
Acquisition-related Costs Textu
Acquisition-related Costs Textual (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Business Acquisition [Line Items] | ||||
Acquisition-related costs | $ 6.6 | $ 21.4 | $ 7.5 | $ 44.2 |
automotiveMastermind | ||||
Business Acquisition [Line Items] | ||||
Acquisition Related Cost Reserve - Long term portion | $ 34.6 | $ 34.6 |
Acquisition-related Costs Table
Acquisition-related Costs Table (Details) $ in Millions | 6 Months Ended |
May 31, 2020USD ($) | |
Acquisition-related Costs Reserve [Roll Forward] | |
Balance at November 30, 2019 | $ 120.8 |
Add: Costs incurred | 8.5 |
Revision to prior estimates | (1) |
Less: ASC Topic 842 adjustment | (6.6) |
Less: Amount paid | (87.2) |
Balance at May 31, 2020 | 34.5 |
Contract Termination Costs | |
Acquisition-related Costs Reserve [Roll Forward] | |
Balance at November 30, 2019 | 8.2 |
Add: Costs incurred | 0.4 |
Revision to prior estimates | (0.8) |
Less: ASC Topic 842 adjustment | (6.6) |
Less: Amount paid | (0.9) |
Balance at May 31, 2020 | 0.3 |
Other | |
Acquisition-related Costs Reserve [Roll Forward] | |
Balance at November 30, 2019 | 112.6 |
Add: Costs incurred | 8.1 |
Revision to prior estimates | (0.2) |
Less: ASC Topic 842 adjustment | 0 |
Less: Amount paid | (86.3) |
Balance at May 31, 2020 | $ 34.2 |
Stock-based Compensation Expens
Stock-based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 71.2 | $ 53.6 | $ 153.8 | $ 113.3 |
Cost of revenue | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 20.6 | 15.6 | 44.6 | 32.9 |
Selling general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $ 50.6 | $ 38 | $ 109.2 | $ 80.4 |
Stock-based Compensation Nonves
Stock-based Compensation Nonvested stock rollforward (Details) - Restricted Stock Units (RSUs) shares in Millions | 6 Months Ended |
May 31, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Balance at November 30, 2019, shares | shares | 8.2 |
Weighted average grant date fair value, November 30, 2019 | $ / shares | $ 47.41 |
Granted shares | shares | 2.5 |
Weighted average grant date fair value, granted | $ / shares | $ 80.04 |
Vested shares | shares | (3.8) |
Weighted average grant date fair value, vested | $ / shares | $ 43.58 |
Forfeited shares | shares | (0.2) |
Weighted average grant date fair value, forfeited | $ / shares | $ 59.35 |
Balance at May 31, 2020, shares | shares | 6.7 |
Weighted average grant date fair value, May 31, 2020 | $ / shares | $ 61.72 |
Stock-based Compensation Stock
Stock-based Compensation Stock option rollforward (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
May 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Balance at November 30, 2019, shares | 9 |
Weighted average exercise price, November 30, 2019 | $ 26.81 |
Exercised options | (6.6) |
Weighted average exercise price, exercised options | $ 26.69 |
Balance at May 31, 2020, shares | 2.4 |
Weighted average exercise price, May 31, 2020 | $ 27.15 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 100.1 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 26.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 9 months 18 days |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 86.7 |
Stock-based Compensation Textua
Stock-based Compensation Textuals (Details) $ in Millions | 6 Months Ended |
May 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation cost | $ 275.6 |
Unrecognized stock-based compensation cost recognition period | 1 year 9 months 18 days |
Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of shares that vested during the period | $ 295.8 |
Employee Stock Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 325.4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate, Continuing Operations | 6.00% | 14.00% | 2.00% | 8.00% |
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount | $ 9 | $ 38 | ||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | 12 | $ 6 | 76 | $ 18 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 20 | $ 31 | $ 7 |
Pension and Postretirement (Det
Pension and Postretirement (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 31, 2020 | Feb. 29, 2020 | |
Postemployment Benefits [Abstract] | ||
Settlement expense | $ 11.6 | |
Expense recognition of actuarial loss in excess of corridor | $ 9.6 | |
Defined Benefit Plan, Plan Assets, Administration Expense | $ 8.9 |
Common Shares and Earnings pe_3
Common Shares and Earnings per Share Weighted Average Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Weighted-average shares outstanding: | ||||
Shares used in basic EPS calculation | 397 | 400.5 | 396.4 | 399.3 |
Effect of dilutive securities: | ||||
RSUs/RSAs | 1.2 | 1.6 | 2.5 | 2.3 |
Stock options | 1.9 | 7.2 | 3.2 | 7.1 |
Shares used in diluted EPS calculation | 400.1 | 409.3 | 402.1 | 408.7 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1.8 |
Common Shares and Earnings pe_4
Common Shares and Earnings per Share Share Repurchase Programs (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | Mar. 02, 2020 | May 31, 2020 | Feb. 29, 2020 | Dec. 31, 2019 | May 31, 2020 | Feb. 29, 2020 | May 31, 2020 | May 31, 2019 | Mar. 01, 2020 | Dec. 01, 2019 | Nov. 30, 2019 |
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Dividends Payable, Amount Per Share | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | $ 0.17 | ||||||
Payments of Dividends | $ 67.6 | $ 67.7 | $ 135.3 | $ 0 | |||||||
Dividends, Common Stock, Paid-in-kind | 1.2 | 1.3 | |||||||||
Dividends, Common Stock, Cash | $ 68.8 | $ 69 | |||||||||
Shares held in employee benefit trust, shares | 25,200 | 25,200 | 25,200 | ||||||||
Stock repurchase program October 2019 | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Stock Repurchase Program, Authorized Amount | $ 2,500 | ||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,750 | $ 1,750 | $ 1,750 | ||||||||
Stock Repurchase Plan December 2019 | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 500 | ||||||||||
Repurchases of common shares, shares | 944 | 5,547 | |||||||||
Stock Repurchase Plan March 2020 | |||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 250 | ||||||||||
Repurchases of common shares, shares | 2,807 | 1,214 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
May 31, 2020 | Feb. 29, 2020 | May 31, 2019 | Feb. 28, 2019 | May 31, 2020 | May 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | $ (261.6) | $ (261.6) | ||||
Foreign currency translation adjustment | $ (131) | $ (175.7) | (166.6) | $ (40) | ||
Unrealized gain (loss) on hedging activities | 0.3 | (1.9) | 0.4 | (3.4) | ||
Ending balance | (412.2) | (412.2) | ||||
Foreign currency translation | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (277.9) | (242.3) | (152.8) | $ (288.5) | (242.3) | (288.5) |
Foreign currency translation adjustment | (131) | (35.6) | (175.7) | 135.7 | ||
Reclassifications from AOCI to income, foreign currency translation | 0 | 0 | 0 | |||
Ending balance | (408.9) | (277.9) | (328.5) | (152.8) | (408.9) | (328.5) |
Net pension and OPEB liability | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (10.7) | (15.6) | (9.9) | (9.9) | (15.6) | (9.9) |
Other comprehensive income (loss) before reclassifications, net pension and OPEB liability | 0.8 | 0 | 0 | 0 | ||
Reclassifications from AOCI to income, net pension and OPEB liability | 9.9 | 4.9 | 0 | |||
Ending balance | 0 | (10.7) | (9.9) | (9.9) | 0 | (9.9) |
Unrealized losses on hedging activities | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (3.6) | (3.7) | (2) | (0.5) | (3.7) | (0.5) |
Unrealized gain (loss) on hedging activities | (0.7) | (0.7) | (1.9) | (1.7) | ||
Loss (gain) reclassified from AOCI into income | 1 | 0.8 | 0.2 | |||
Ending balance | (3.3) | (3.6) | (3.9) | (2) | (3.3) | (3.9) |
Total | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning balance | (292.2) | (261.6) | (164.7) | (298.9) | (261.6) | (298.9) |
Other comprehensive income (loss) before reclassifications | (130.9) | (36.3) | (177.6) | 134 | ||
Reclassifications from AOCI to income | 10.9 | 5.7 | 0.2 | |||
Ending balance | $ (412.2) | $ (292.2) | $ (342.3) | $ (164.7) | $ (412.2) | $ (342.3) |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,026.6 | $ 1,135.5 | $ 2,107.4 | $ 2,181.9 |
Adjusted EBITDA | 454 | 465 | 885.6 | 873.1 |
Interest income | 0.2 | 0.6 | 0.6 | 1 |
Interest expense | (60) | (65.8) | (121.2) | (132.7) |
Provision for income taxes | (4.7) | (24.2) | (9) | (23.3) |
Amortization related to acquired intangible assets | (93) | (94.6) | (187.2) | (190.3) |
Stock-based compensation expense | (71.2) | (53.6) | (153.8) | (113.3) |
Restructuring and impairment charges | 81.3 | 1.7 | 85.8 | 9.9 |
Net income attributable to IHS Markit Ltd. | 71.7 | 149.8 | 556.7 | 259.5 |
Financial Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 443.5 | 432.9 | 879.5 | 842.1 |
Adjusted EBITDA | 231.3 | 205.6 | 436.7 | 388.8 |
Transportation Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 243.2 | 318.6 | 540.4 | 606.7 |
Adjusted EBITDA | 101.6 | 136.6 | 219.6 | 250.9 |
Resources Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 219 | 249.4 | 444.6 | 466.2 |
Adjusted EBITDA | 96.2 | 109.2 | 186.4 | 202.4 |
CMS Segment | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 120.9 | 134.6 | 242.9 | 266.9 |
Adjusted EBITDA | 35 | 29.3 | 64.4 | 58.7 |
Corporate, Non-Segment | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted EBITDA | (10.1) | (15.7) | (21.5) | (27.7) |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 0.2 | 0.6 | 0.6 | 1 |
Interest expense | (60) | (65.8) | (121.2) | (132.7) |
Provision for income taxes | (4.7) | (24.2) | (9) | (23.3) |
Depreciation | (56.4) | (49.4) | (107.5) | (96) |
Amortization related to acquired intangible assets | (93) | (94.6) | (187.2) | (190.3) |
Stock-based compensation expense | (71.2) | (53.6) | (153.8) | (113.3) |
Restructuring and impairment charges | 81.3 | 1.7 | 85.8 | 9.9 |
Acquisition-related costs | (2.1) | (6) | (2.8) | (13.5) |
Acquisition-related performance compensation | (4.5) | (15.4) | (4.7) | (30.7) |
Loss on debt extinguishment | 0 | (5.8) | 0 | 6 |
Gain on sale of assets | (1.4) | 0 | 370.9 | 0 |
Pension mark-to-market and settlement expense | (8.8) | 0 | (30) | 0 |
Share of joint venture results not attributable to Adjusted EBITDA | (0.1) | 0.2 | (0.2) | (0.3) |
Adjusted EBITDA attributable to noncontrolling interest | 0.8 | 0.9 | 1.8 | 1.4 |
Net income attributable to IHS Markit Ltd. | $ 71.7 | $ 149.8 | $ 556.7 | $ 259.5 |