Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Nov. 30, 2020 | Dec. 31, 2020 | May 31, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Nov. 30, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE The information required by Part III of the Form 10-K, to the extent not set forth herein, is incorporated herein by reference from the registrant’s definitive proxy statement on Schedule 14A for the 2020 Annual General Meeting of Shareholders, to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the close of the registrant’s fiscal year. | ||
Entity Central Index Key | 0001598014 | ||
Current Fiscal Year End Date | --11-30 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 396,591,905 | ||
Entity Public Float | $ 19.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Nov. 30, 2020 | Nov. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 125.6 | $ 111.5 |
Accounts receivable, net | 891.7 | 890.7 |
Deferred subscription costs | 84.3 | 72.1 |
Assets held for sale | 0 | 115.3 |
Other current assets | 131.7 | 118.2 |
Total current assets | 1,233.3 | 1,307.8 |
Non-current assets: | ||
Property and equipment, net | 724.8 | 658.2 |
Operating lease right-of-use assets, net | 296.8 | 0 |
Intangible assets, net | 3,846.1 | 4,169 |
Goodwill | 9,908.7 | 9,836.3 |
Deferred income taxes | 27.1 | 17.8 |
Other | 98.4 | 98.1 |
Total non-current assets | 14,901.9 | 14,779.4 |
Total assets | 16,135.2 | 16,087.2 |
Current liabilities: | ||
Short-term debt | 268.1 | 251.1 |
Accounts payable | 48.2 | 59.7 |
Accrued compensation | 206.1 | 215.2 |
Other accrued expenses | 477.6 | 479.1 |
Income tax payable | 29.1 | 58.5 |
Deferred revenue | 886.2 | 879.7 |
Operating lease liabilities | 63.5 | 0 |
Liabilities held for sale | 0 | 25.9 |
Total current liabilities | 1,978.8 | 1,969.2 |
Long-term debt, net | 4,641.7 | 4,874.4 |
Operating lease liabilities | 297.7 | 0 |
Deferred income taxes | 543.4 | 667.2 |
Other liabilities | 130.4 | 145.5 |
Commitments and contingencies | ||
Redeemable noncontrolling interests | 13.8 | 15.1 |
Shareholders' equity: | ||
Common shares, $0.01 par value, 3,000.0 authorized, 480.4 and 476.3 issued, and 396.5 and 398.3 outstanding at November 30, 2020 and November 30, 2019, respectively | 4.8 | 4.8 |
Additional paid-in capital | 7,830.2 | 7,769.4 |
Treasury shares, at cost: 83.9 and 78.0 at November 30, 2020 and November 30, 2019, respectively | (3,039.8) | (2,391.8) |
Retained earnings | 3,842.1 | 3,295 |
Accumulated other comprehensive loss | (107.9) | (261.6) |
Total shareholders' equity | 8,529.4 | 8,415.8 |
Total liabilities and equity | $ 16,135.2 | $ 16,087.2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 30, 2020 | Nov. 30, 2019 |
Shareholders' equity: | ||
Common shares, par value per share | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common shares, shares issued | 480,400,000 | 476,300,000 |
Common shares, shares outstanding | 396,500,000 | 398,300,000 |
Treasury shares, shares | 83,900,000 | 78,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Income Statement [Abstract] | |||
Revenue | $ 4,287.8 | $ 4,414.6 | $ 4,009.2 |
Operating expenses: | |||
Cost of revenue | 1,590 | 1,657 | 1,495.7 |
Selling, general and administrative | 1,128 | 1,197.9 | 1,192.8 |
Depreciation and amortization | 591.6 | 573.1 | 541.2 |
Restructuring and impairment charges | 161.1 | 17.3 | 1.7 |
Acquisition-related costs | 45.3 | 70.3 | 134.8 |
Other (income) expense, net | (378.7) | (104.5) | 1.7 |
Total operating expenses | 3,137.3 | 3,411.1 | 3,367.9 |
Operating income | 1,150.5 | 1,003.5 | 641.3 |
Interest income | 1 | 1.9 | 3.1 |
Interest expense | (236.6) | (259.7) | (225.7) |
Net periodic pension and postretirement (expense) income | (31.6) | (2.8) | 5.6 |
Non-operating expense, net | (267.2) | (260.6) | (217) |
Income from continuing operations before income taxes and equity in loss of equity method investees | 883.3 | 742.9 | 424.3 |
(Provision) benefit for income taxes | (13.3) | (242.6) | 115.4 |
Equity in loss of equity method investees | (0.6) | (0.9) | (0.5) |
Net income | 869.4 | 499.4 | 539.2 |
Net loss attributable to noncontrolling interest | 1.3 | 3.3 | 3.1 |
Net income attributable to IHS Markit Ltd. | $ 870.7 | $ 502.7 | $ 542.3 |
Basic earnings per share: | |||
Basic earnings per share attributable to IHS Markit Ltd. | $ 2.19 | $ 1.26 | $ 1.38 |
Weighted average shares used in computing basic earnings per share | 396.8 | 399.5 | 394.4 |
Diluted earnings per share: | |||
Diluted earnings per share attributable to IHS Markit Ltd. | $ 2.17 | $ 1.23 | $ 1.33 |
Weighted average shares used in computing diluted earnings per share | 401.5 | 409.2 | 406.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net income | $ 869.4 | $ 499.4 | $ 539.2 |
Other comprehensive income (loss), net of tax: | |||
Net hedging activities (1) | 3.7 | (3.2) | 7.6 |
Net pension liability adjustment (2) | 15.6 | (5.7) | 4.8 |
Foreign currency translation adjustment | 134.4 | 46.2 | (220.4) |
Total other comprehensive income (loss) | 153.7 | 37.3 | (208) |
Comprehensive income | 1,023.1 | 536.7 | 331.2 |
Comprehensive loss attributable to noncontrolling interest | 1.3 | 3.3 | 3.1 |
Comprehensive income attributable to IHS Markit Ltd. | $ 1,024.4 | $ 540 | $ 334.3 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Comprehensive Income (Parenthetical) [Abstract] | |||
Tax on net hedging activities | $ 0.3 | $ 0.7 | $ (1.8) |
Tax on net pension liability adjustment | $ (5) | $ 1.7 | $ (1.1) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Operating activities: | |||
Net income | $ 869.4 | $ 499.4 | $ 539.2 |
Reconciliation of net income to net cash provided by operating activities: | |||
Depreciation and amortization | 591.6 | 573.1 | 541.2 |
Stock-based compensation expense | 265.7 | 223.8 | 241.7 |
Gain on sale of assets, net | (377.3) | (115.3) | 0 |
Impairment of assets | 33.8 | 0 | 0 |
Payment for acquisition related performance compensation | (75.9) | 0 | 0 |
Net periodic pension and postretirement expense (income) | 31.6 | 2.8 | (5.6) |
Undistributed loss (income) of affiliates, net | 0.9 | 0.4 | (0.8) |
Pension and postretirement contributions | (34.4) | (2) | (2.6) |
Deferred income taxes | (134.7) | (49.6) | (211.7) |
Change in assets and liabilities: | |||
Accounts receivable, net | 1.6 | (67.9) | (11.8) |
Other current assets | (21.9) | (27) | 9.7 |
Accounts payable | (17.3) | 15.5 | 32.1 |
Accrued expenses | 11.4 | 11.9 | 65 |
Income tax | (41.2) | 76.9 | 22.5 |
Deferred revenue | 5.7 | 38.8 | 26.6 |
Other assets and liabilities | 29.8 | 70.5 | 44 |
Net cash provided by operating activities | 1,138.8 | 1,251.3 | 1,289.5 |
Investing activities: | |||
Capital expenditures on property and equipment | (274.8) | (278.1) | (222.7) |
Acquisitions of businesses, net of cash acquired | (4.7) | (136.5) | (1,876.2) |
Proceeds from sale of assets | 476.6 | 163.5 | 0 |
Change in other assets | (10.9) | (18.3) | (6.2) |
Settlements of forward contracts | 18.8 | (2.1) | (7) |
Net cash provided by (used in) investing activities | 205 | (271.5) | (2,112.1) |
Financing activities: | |||
Proceeds from borrowings | 861.7 | 2,631.7 | 4,617 |
Repayment of borrowings | (1,086.7) | (3,188.9) | (3,122.6) |
Payment of debt issuance costs | 0 | (13.2) | (30.8) |
Payments for purchase of noncontrolling interests | 0 | 0 | (10.1) |
Proceeds from noncontrolling interests | 0 | 12.5 | 0 |
Contingent consideration payments | 0 | (2.2) | (43) |
Repurchases of common shares | (950) | (500) | (672.5) |
Payments related to tax withholding for stock-based compensation | (128.2) | (75.6) | (95) |
Proceeds from the exercise of employee stock options | 229 | 177.7 | 230 |
Dividends paid | (270.4) | 0 | 0 |
Net cash (used in) provided by financing activities | (1,344.6) | (958) | 873 |
Foreign exchange impact on cash balance | 14.9 | (30.3) | (64.2) |
Net increase (decrease) in cash and cash equivalents | 14.1 | (8.5) | (13.8) |
Cash and cash equivalents at the beginning of the period | 111.5 | 120 | 133.8 |
Cash and cash equivalents at the end of the period | $ 125.6 | $ 111.5 | $ 120 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Total | Noncontrolling Interest |
Balance, shares at Nov. 30, 2017 | 399.2 | |||||||
Balance at Nov. 30, 2017 | $ 4.7 | $ 7,612.1 | $ (1,745) | $ 2,217.6 | $ (85) | $ 8,004.4 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Shares, Acquired | 10.3 | (14.2) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (672.5) | (672.5) | ||||||
Share-based award activity, shares | 2.5 | |||||||
Share-based award activity, value | (162.9) | 308.7 | (22.7) | 123.1 | ||||
Option exercises, shares | 9.6 | |||||||
Option exercises, value | 231.2 | 231.2 | ||||||
Net income (loss) | $ 542.3 | 542.3 | 542.3 | |||||
Reclassifications from AOCI to retained earnings | 5.9 | (5.9) | ||||||
Other comprehensive loss (income) | $ (208) | (208) | (208) | |||||
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 | ||
Balance at Nov. 30, 2017 | $ 19.1 | |||||||
Redeemable Noncontrolling Interests | ||||||||
Net income | (3.1) | |||||||
Purchase of noncontrolling interests | (10.1) | |||||||
Balance at Nov. 30, 2018 | 5.9 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Shares, Acquired | 7.6 | (7.6) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (500) | (500) | ||||||
Share-based award activity, shares | 2.1 | |||||||
Share-based award activity, value | $ 0.1 | (86.5) | 217 | (6.8) | 123.8 | |||
Option exercises, shares | 6.7 | |||||||
Option exercises, value | 175.5 | 175.5 | ||||||
Net income (loss) | $ 502.7 | 502.7 | 502.7 | |||||
Cumulative Effect New Accounting Principle In Period Of Adoption | 56 | 56 | ||||||
Other comprehensive loss (income) | $ 37.3 | 37.3 | 37.3 | |||||
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 | |
Redeemable Noncontrolling Interests | ||||||||
Net income | (3.3) | |||||||
Issuance of noncontrolling interests | 12.5 | |||||||
Balance at Nov. 30, 2019 | $ 15.1 | 15.1 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Treasury Stock, Shares, Acquired | 13 | (13) | ||||||
Treasury Stock, Value, Acquired, Cost Method | (950) | (950) | ||||||
Share-based award activity, shares | 2.6 | |||||||
Share-based award activity, value | (168.2) | 302 | (48.1) | 85.7 | ||||
Option exercises, shares | 8.6 | |||||||
Option exercises, value | 229 | 229 | ||||||
Dividends, Common Stock, Cash | (275.5) | (275.5) | ||||||
Net income (loss) | $ 870.7 | 870.7 | 870.7 | |||||
Other comprehensive loss (income) | $ 153.7 | 153.7 | 153.7 | |||||
Balance, shares at Nov. 30, 2020 | 396.5 | 396.5 | ||||||
Balance at Nov. 30, 2020 | $ 8,529.4 | $ 4.8 | $ 7,830.2 | $ (3,039.8) | $ 3,842.1 | $ (107.9) | $ 8,529.4 | |
Redeemable Noncontrolling Interests | ||||||||
Net income | (1.3) | |||||||
Balance at Nov. 30, 2020 | $ 13.8 | $ 13.8 |
Nature of Business
Nature of Business | 12 Months Ended |
Nov. 30, 2020 | |
Nature of Business [Abstract] | |
Nature of Business | Nature of Business IHS Markit Ltd. (“IHS Markit” or “we” or “us” or “our”) was formed in 2016 through a merger of IHS Inc., which had been in business since 1959 and was publicly traded since 2005, and Markit Ltd., which was founded in 2003 and was publicly traded since 2014. We are an information company. With expertise across some of the world’s largest industries, we leverage technology and data science to provide the insights, software, and data to help our customers make better informed decisions, driving growth, performance, and efficiency. Our segments are organized to address customer needs by industry, as follows: • Financial Services , which includes our financial Information, Solutions, and Processing product offerings; • Transportation, which includes our Automotive and Maritime & Trade product offerings; • Resources , which includes our Upstream and Downstream product offerings; and • Consolidated Markets & Solutions, which includes our Product Design, Economics & Country Risk, and TMT benchmarking product offerings. We offer the majority of our products and services through recurring fixed and variable fee arrangements, and this business model has historically delivered stable revenue and predictable cash flows. 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. The cancellation of our CERAWeek and other large customer events scheduled for the second quarter of 2020 reduced our non-recurring revenue by approximately $50 million in 2020. The COVID-19 pandemic could have continuing effects on our business, and we are unable to predict the extent or duration of the pandemic’s future impact on our business. Another example of seasonality 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Fiscal Year End Our fiscal year ends on November 30 of each year. References herein to individual years mean the year ended November 30. For example, 2020 means the year ended November 30, 2020. Consolidation Policy The consolidated financial statements include the accounts of all wholly owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In May 2017 and again in February 2019, we sold redeemable noncontrolling interests in a small limited liability company we own. The units issued to the noncontrolling interests include put/call options, and we have determined that the noncontrolling interests should be reported as mezzanine equity. The carrying value for these interests as of November 30, 2020 and 2019 approximates fair value. Use of Estimates 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 as the reported amounts of revenue and expense during the reporting period. Significant estimates have been made in areas that include valuation of acquired long-lived and intangible assets and goodwill, income taxes, long-term compensation arrangements, and stock-based compensation. Actual results could differ from those estimates. Concentration of Credit Risk We are exposed to credit risk associated with cash equivalents, foreign currency derivatives, and trade receivables. We do not believe that our cash equivalents or derivatives present significant credit risks because the counterparties to the instruments consist of major financial institutions that are financially sound or have been capitalized by the U.S. government, and we manage the notional amount of contracts entered into with any counterparty. Substantially all trade receivable balances are unsecured. The concentration of credit risk with respect to trade receivables is limited by the large number of customers in our customer base and their dispersion across various industries and geographic areas. We perform ongoing credit evaluations of our customers and maintain an allowance for probable credit losses. The allowance is based upon management’s assessment of known credit risks, as well as general industry and economic conditions. Specific accounts receivable are written off upon notification of bankruptcy or once the account is significantly past due and our collection efforts are unsuccessful. Fair Value Measurements Fair value is determined based on the assumptions that market participants would use in pricing the asset or liability. We utilize the following fair value hierarchy in determining fair values: Level 1 – Quoted prices for identical assets or liabilities in active markets. Level 2 – Inputs other than quoted prices within Level 1 that are observable either directly or indirectly, including quoted prices in markets that are not active, quoted prices in active markets for similar assets or liabilities, and observable inputs other than quoted prices such as interest rates or yield curves. Level 3 – Unobservable inputs reflecting our view about the assumptions that market participants would use in pricing the asset or liability. Our cash, accounts receivable, and accounts payable are all short-term in nature; therefore, the carrying value of these items approximates their fair value. The carrying value of our debt instruments other than our senior notes approximate their fair value because of the variable interest rate associated with those instruments. The fair value of the senior notes is included in Note 10, and is measured using observable inputs in markets that are not active; consequently, we have classified the senior notes within Level 2 of the fair value hierarchy. Our derivatives, as further described in Note 9, are measured at fair value on a recurring basis by reference to similar transactions in active markets and observable inputs other than quoted prices; consequently, we have classified those financial instruments within Level 2 of the fair value hierarchy. Revenue Recognition On December 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” using the modified retrospective transition method applied to our customer revenue contracts as of the adoption date. Revenue results for periods beginning after December 1, 2018 are presented in accordance with ASC Topic 606, while amounts for 2018 continue to be reported in accordance with ASC Topic 605, “Revenue Recognition.” The following table shows the cumulative effect of the changes made to the December 1, 2018 consolidated balance sheet for the adoption of ASC Topic 606 related to contracts that were in effect at the time of adoption (in millions): November 30, 2018 Adjustments due to adoption of ASC Topic 606 December 1, 2018 Accounts receivable, net $ 792.9 $ 29.8 $ 822.7 Other current assets 88.4 4.2 92.6 Other non-current assets 47.9 9.5 57.4 Deferred revenue 886.8 (28.8) 858.0 Deferred income taxes 699.9 16.3 716.2 Retained earnings 2,743.1 56.0 2,799.1 The net cumulative effect adjustment to retained earnings was primarily related to (1) the change in accounting for the license rights associated with certain term-based software license arrangements, which were historically recognized over the term of the contract, but are now recognized at contract inception based on estimated stand-alone selling price, and (2) the change in accounting for commission costs incurred to obtain a portion of our contracts, which costs were historically expensed as incurred, but are now deferred at contract inception and recognized over the expected customer life. For the year ended November 30, 2019, the adoption of ASC Topic 606 did not result in a material difference between what we reported under ASC Topic 606 and what we would have reported under ASC Topic 605. Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. Deferred Subscription Costs Deferred subscription costs represent royalties associated with customer subscriptions. These costs are deferred and amortized to expense over the period of the subscriptions. Property and Equipment Property and equipment is stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 7 to 30 years Capitalized software 3 to 7 years Computers and office equipment 4 to 10 years Leasehold improvements are depreciated over the shorter of their estimated useful life or the life of the lease. Maintenance, repairs, and renewals of a minor nature are expensed as incurred. Betterments and major renewals that extend the useful lives of buildings, improvements, and equipment are capitalized. We also capitalize certain software development costs in accordance with ASC 350-40, “Accounting for Costs of Computer Software Developed or Obtained for Internal Use” and ASC 985-20, “Software to Be Sold, Leased or Otherwise Marketed.” We review the carrying amounts of long-lived assets such as property and equipment whenever current events or circumstances indicate their value may be impaired. A long-lived asset with a finite life is considered to be impaired if its carrying value exceeds the estimated future undiscounted cash flows to be derived from it. Any impairment is measured by the amount that the carrying value of such assets exceeds their fair value, primarily based on estimated discounted cash flows. Considerable management judgment is necessary to estimate the fair value of assets. Assets to be disposed of are carried at the lower of their financial statement carrying amount or fair value, less cost to sell. Leases On December 1, 2019, we adopted ASC Topic 842, “Leases,” 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 November 30, 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. ROU assets represent our right to use the underlying assets for the lease term, and 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 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 $ — Intangible Assets and Goodwill We account for our business combinations using the purchase method of accounting. We allocate the total cost of an acquisition to the underlying net assets based on their respective estimated fair values. As part of this allocation process, we must identify and attribute values and estimated lives to the intangible assets acquired. Finite-lived intangible assets Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over their respective lives, as follows: Information databases 5 to 15 years Customer relationships 5 to 25 years Developed technology 5 to 15 years Developed computer software 9 to 10 years Trademarks 3 to 15 years Other 3 to 5 years We review the carrying amount of finite-lived intangible assets at least annually to determine whether current events or circumstances indicate a triggering event which could require an adjustment to the carrying amount. A finite-lived intangible asset is considered to be impaired if its carrying value exceeds the estimated future undiscounted cash flows to be derived from it. We exercise judgment in selecting the assumptions used in the estimated future undiscounted cash flows analysis. Any impairment is measured by the amount that the carrying value of such assets exceeds their fair value. We did not identify any impairment in the fiscal years ended November 30, 2020, 2019, and 2018. Goodwill We review the carrying amount of goodwill at least annually, or more frequently as required, to determine whether current events or circumstances indicate a triggering event that could require an adjustment to the carrying amount. We test goodwill for impairment on a reporting unit level. A reporting unit is a group of businesses (i) for which discrete financial information is available and (ii) that have similar economic characteristics. We determined that we have five reporting units for 2020. We use both qualitative and quantitative analysis to determine whether we believe it is more likely than not that goodwill has been impaired. For the fiscal year ended November 30, 2020, we performed a quantitative analysis and determined that the estimated fair value for each of the five reporting units was significantly in excess of its respective carrying value. For 2019 and 2018, we used a qualitative analysis in determining that no impairment indicators were present. Income Taxes Deferred income taxes are provided using tax rates enacted for periods of expected reversal on all temporary differences. Temporary differences relate to differences between the book and tax basis of assets and liabilities, principally intangible assets, property and equipment, deferred revenue, pension and other postretirement benefits, accruals, and stock-based compensation. Valuation allowances are established to reduce deferred tax assets to the amount that will more likely than not be realized. To the extent that a determination is made to establish or adjust a valuation allowance, the expense or benefit is recorded in the period in which the determination is made. Judgment is required in determining the worldwide provision for income taxes. Additionally, the income tax provision is based on calculations and assumptions that are subject to examination by many different tax authorities and to changes in tax law and rates in many jurisdictions. We record tax benefits when it is more likely than not that the tax benefits will be sustained upon examination by tax authorities. We adjust our income tax provision in the period in which it becomes probable that actual results will differ from our estimates. Treasury Shares Treasury share purchases, whether through share withholdings for taxes or repurchase programs and transactions, are recorded at cost. Issuances from treasury shares are recorded using the weighted-average cost method. Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities were exercised or converted into common shares. Advertising Costs Production costs are expensed as of the first date that the advertisements take place. Advertising expense was approximately $59.5 million, $64.9 million, and $59.7 million for the years ended November 30, 2020, 2019, and 2018, respectively, and was primarily comprised of advertising for CARFAX. Foreign Currency The functional currency of each of our foreign subsidiaries is typically such subsidiary’s local currency. Assets and liabilities are translated at period-end exchange rates. Income and expense items are translated at weighted-average rates of exchange prevailing during the year. Any translation adjustments are included in other comprehensive income. Transactions executed in currencies other than a subsidiary’s functional currency (which result in exchange adjustments) are remeasured at spot rates and resulting foreign-exchange-transaction gains and losses are included in the results of operations. Stock-based Compensation All stock-based awards are recognized in the income statement based on their grant date fair values. Compensation expense is recognized net of estimated forfeitures. We adjust compensation expense in future periods if actual forfeitures differ from our estimates. Our forfeiture rate is based upon historical experience as well as anticipated employee turnover considering certain qualitative factors. We amortize the value of stock-based awards to expense over the vesting period on a straight-line basis. For awards with performance conditions, we evaluate the probability of the number of shares that are expected to vest, and compensation expense is then adjusted to reflect the number of shares expected to vest and the cumulative vesting period met to date. Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current year presentation. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 year 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 year 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 |
Business Combinations
Business Combinations | 12 Months Ended |
Nov. 30, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations and Divestitures On November 29, 2020, we, S&P Global Inc., a New York corporation (“S&P Global”), and Sapphire Subsidiary, Ltd., a Bermuda exempted company limited by shares and a wholly-owned subsidiary of S&P Global (“Merger Sub”), entered into an agreement and plan of merger, which was subsequently amended on January 20, 2021, pursuant to which Merger Sub will merge with and into IHS Markit, with IHS Markit surviving such merger as a wholly-owned, direct subsidiary of S&P Global (the “merger”). The merger intends to bring together a unique portfolio of highly complementary assets, as well as innovation and technology capability to accelerate growth and enhance value creation. At the completion of the merger, each IHS Markit share that is issued and outstanding (other than dissenting shares and shares held by IHS Markit in treasury) will be converted into the right to receive 0.2838 fully paid and nonassessable shares of S&P Global common stock, and, if applicable, cash in lieu of fractional shares, without interest, and less any applicable withholding taxes. If the merger is completed, IHS Markit shares will cease to be listed on the New York Stock Exchange and IHS Markit shares will be deregistered under the Securities Exchange Act. The merger is subject to shareholder approval, antitrust and regulatory approvals, and other customary closing conditions. During the year ended November 30, 2020, we completed the divestiture of our Aerospace & Defense (“A&D”) business line for approximately $470 million. The A&D assets were previously included in our Transportation segment. We recognized a gain of approximately $377 million on the sale, which is recorded in other (income) expense, net. The transaction resulted in the divestiture of the following assets and liabilities, which were classified as held-for-sale as of November 30, 2019 (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) During the year ended November 30, 2019, we completed the following acquisitions: Agribusiness Intelligence. In June 2019, we acquired the Agribusiness Intelligence group from Informa plc for approximately $128 million. The acquisition of the Agribusiness Intelligence group helps strengthen our Resources core end-market by building on our existing data, pricing, insights, forecasting, and news services within our Downstream product offerings, and expands our capability into fertilizers and chemical crop protection while expanding our capabilities in biofuels. We also completed two small acquisitions in 2019. The following table summarizes the purchase price allocation, net of acquired cash, for our 2019 acquisitions (in millions): Total Assets: Current assets $ 6.1 Property and equipment 0.6 Intangible assets 61.5 Goodwill 90.4 Total assets $ 158.6 Liabilities: Current liabilities $ 2.1 Deferred revenue 12.2 Total liabilities $ 14.3 Purchase price $ 144.3 Of the goodwill recorded for the 2019 business combinations, approximately $8.6 million is tax deductible. During the year ended November 30, 2019, we sold the majority of our Technology, Media & Telecom (“TMT”) market intelligence assets portfolio to Informa plc for approximately $150 million. Prior to the sale, the TMT assets were included in our CMS segment. We recognized a gain of approximately $112 million on the sale, which is recorded in other (income) expense, net. The transaction resulted in the divestiture of the following assets and liabilities (in millions): Current assets $ 10.3 Property and equipment $ 0.9 Intangible assets $ 14.1 Goodwill $ 33.4 Current liabilities $ (0.8) Deferred revenue $ (21.5) During the year ended November 30, 2018, we completed the following acquisitions: Ipreo . In August 2018, we completed our acquisition of Ipreo, a leading financial services solutions and data provider, for approximately $1.86 billion. Ipreo supports market participants in the capital-raising process, including banks, public and private companies, and institutional and individual investors, as well as research, asset management, and wealth management firms. The acquisition of Ipreo helps us expand our core businesses and provides us with the potential to grow in the alternatives segment with a focus on delivering tools for greater transparency and efficiency. This acquisition is included in our Financial Services segment. We also completed two small acquisitions in 2018. The following table summarizes the purchase price allocation, net of acquired cash, for our 2018 acquisitions (in millions): Total Assets: Current assets $ 98.8 Property and equipment 11.8 Intangible assets 745.3 Goodwill 1,184.9 Other assets 5.2 Total assets $ 2,046.0 Liabilities: Current liabilities $ 35.6 Deferred revenue 79.9 Deferred taxes 53.4 Total liabilities $ 168.9 Purchase price $ 1,877.1 Of the goodwill recorded for the 2018 business combinations, approximately $636.3 million is tax deductible. 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 for $432 million. 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 consolidated statements of operations and we have classified the associated accrued liability within other liabilities in the 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 |
Revenue
Revenue | 12 Months Ended |
Nov. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue We disaggregate our revenue by segment (as described in Note 20) 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): 2020 2019 2018 Recurring fixed revenue $ 3,165.2 $ 3,162.4 $ 2,861.5 Recurring variable revenue 616.3 572.9 506.3 Non-recurring revenue 506.3 679.3 641.4 Total revenue $ 4,287.8 $ 4,414.6 $ 4,009.2 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 estimated standalone selling price 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 $19.3 million as of November 30, 2020 and $39.8 million as of December 1, 2019, and are recorded in accounts receivable, net, in the 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. We record our contract liabilities as deferred revenue in the consolidated balance sheets. The following table provides a reconciliation of our contract liabilities as of November 30, 2020 (in millions): Balance at December 1, 2018 $ 858.0 Billings 3,470.6 Revenue recognized (3,414.9) Acquisition and divestiture activity (34.0) Balance at November 30, 2019 $ 879.7 Billings 3,268.1 Revenue recognized (3,261.6) Balance at November 30, 2020 $ 886.2 Billings represent amounts that were paid in advance or due from customers. Acquisition and divestiture activity represents the addition, reduction, or reclassification of contract liabilities associated with the Agribusiness acquisition; the Technology, Media, & Telecom (“TMT”) market intelligence assets divestiture; and the Aerospace & Defense divestiture, all as described in Note 3. 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 and commensurate commissions are not paid on renewal. 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 costs as selling, general and administrative expense within the consolidated statements of operations. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Nov. 30, 2020 | |
Accounts Receivable Additional Disclosures [Abstract] | |
Accounts Receivable | Accounts Receivable Our accounts receivable balance consists of the following as of November 30, 2020 and 2019 (in millions): 2020 2019 Accounts receivable $ 922.5 $ 916.3 Less: Accounts receivable allowance (30.8) (25.6) Accounts receivable, net $ 891.7 $ 890.7 We record an accounts receivable allowance when it is probable that the accounts receivable balance will not be collected. The amounts comprising the allowance are based upon management’s estimates and historical collection trends. The activity in our accounts receivable allowance consists of the following for the years ended November 30, 2020, 2019, and 2018, respectively (in millions): 2020 2019 2018 Balance at beginning of year $ 25.6 $ 30.4 $ 23.2 Provision for bad debts 17.1 14.9 15.6 Other additions 5.2 4.6 7.9 Write-offs and other deductions (17.1) (24.3) (16.3) Balance at end of year $ 30.8 $ 25.6 $ 30.4 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Nov. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment consists of the following as of November 30, 2020 and 2019 (in millions): 2020 2019 Land, buildings and improvements $ 171.1 $ 181.1 Capitalized software 1,253.3 1,019.5 Computers and office equipment 388.7 378.4 Property and equipment, gross 1,813.1 1,579.0 Less: Accumulated depreciation (1,088.3) (920.8) Property and equipment, net $ 724.8 $ 658.2 |
Leases
Leases | 12 Months Ended |
Nov. 30, 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 year ended November 30, 2020 (in millions): Year ended November 30, 2020 Lease cost: Operating lease cost $ 68.3 Variable lease cost $ 6.7 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 66.6 As of November 30, 2020: Weighted-average remaining lease term 7.9 years Weighted-average discount rate 1.9 % We incurred operating lease charges of approximately $66.1 million and $65.0 million in 2019 and 2018, respectively. As of November 30, 2020, maturities of operating lease liabilities under non-cancellable arrangements were as follows (in millions): Year Amount 2021 $ 69.7 2022 58.5 2023 49.0 2024 43.8 2025 37.4 Thereafter 131.1 Total future minimum operating lease payments 389.5 Imputed interest (28.3) Total operating lease liability $ 361.2 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Nov. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The following table presents details of our acquired intangible assets, other than goodwill (in millions): As of November 30, 2020 As of November 30, 2019 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 3,507.0 $ (805.1) $ 2,701.9 $ 3,476.1 $ (628.7) $ 2,847.4 Developed technology 965.9 (290.1) 675.8 949.6 (208.9) 740.7 Information databases 597.1 (368.2) 228.9 591.6 (310.9) 280.7 Trademarks 490.2 (258.6) 231.6 487.0 (203.0) 284.0 Developed computer software 68.9 (62.9) 6.0 76.3 (62.9) 13.4 Other 4.1 (2.2) 1.9 4.1 (1.3) 2.8 Total intangible assets $ 5,633.2 $ (1,787.1) $ 3,846.1 $ 5,584.7 $ (1,415.7) $ 4,169.0 Intangible asset amortizatio n expense was $374.1 million, $377.0 million, and $366.1 million for the ye ars ended November 30, 2020, 2019, and 2018, respectively. Estimated future amortization expense related to intangible assets held as of November 30, 2020 is as follows (in millions): Year Amount 2021 $ 373.8 2022 $ 357.5 2023 $ 344.9 2024 $ 325.7 2025 $ 296.1 Thereafter $ 2,148.1 Changes in our goodwill and gross intangible assets from November 30, 2019 to November 30, 2020 were primarily the result of foreign currency translation effects. The change in net intangible assets was primarily due to current year amortization, as well as foreign currency translation effects. |
Derivatives
Derivatives | 12 Months Ended |
Nov. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives Our business is exposed to various market risks, primarily foreign currency risk. We utilize derivative instruments to help us manage this risk. We do not hold or issue derivatives for speculative purposes. To mitigate our 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, on the consolidated statements of operations, since we have not designated these contracts as hedges for accounting purposes. We recognized $22.1 million and $13.3 million of gain associated with foreign currency forwards for 2020 and 2019, respectively, and we recognized $8.5 million of loss associated with foreign currency forwards for 2018. These gains and losses primarily offset transactional gains and losses from underlying foreign currency exposures. The notional amount of our outstanding foreign currency forward contracts was $342.3 million and $695.0 million as of November 30, 2020 and 2019, respectively. 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 November 30, 2020 and 2019, we had assets of $2.5 million and $3.5 million, respectively, which were classified within other current assets, and we had liabilities of $0.4 million and $3.9 million, respectively, which were classified within other accrued expenses and other liabilities. |
Debt
Debt | 12 Months Ended |
Nov. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table summarizes total indebtedness as of November 30, 2020 and 2019 (in millions): November 30, 2020 November 30, 2019 Maturity Date Carrying Amount Fair Value Carrying Amount Fair Value Credit Facilities: 2019 revolving facility November 2024 $ 17.0 $ 17.0 $ 237.0 $ 237.0 2019 credit agreement April 2021 250.0 250.0 250.0 250.0 Senior Unsecured Notes: 5.00% senior notes due 2022 November 1, 2022 748.2 802.6 748.2 798.2 4.125% senior notes due 2023 August 1, 2023 499.2 545.2 498.9 528.8 3.625% senior notes due 2024 May 1, 2024 399.3 436.8 398.9 416.4 4.75% senior notes due 2025 February 15, 2025 809.7 916.2 811.8 873.6 4.00% senior notes due 2026 March 1, 2026 500.0 573.9 500.0 530.2 4.75% senior notes due 2028 August 1, 2028 747.9 906.8 747.6 838.4 4.25% senior notes due 2029 May 1, 2029 971.4 1,135.5 974.2 1,026.7 Debt issuance costs (38.5) (47.7) Finance leases 5.6 6.6 Total debt $ 4,909.8 $ 5,125.5 Current portion (268.1) (251.1) Total long-term debt $ 4,641.7 $ 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 November 30, 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 November 30, 2020, we had approximately $17.0 million of outstanding borrowings under the 2019 revolving facility at a current annual interest rate of 1.40 percent and approximately $250.0 million of outstanding borrowings under the 2019 credit agreement at a current weighted average annual interest rate of 1.14 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 indenture, 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 November 30, 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. Maturities of outstanding borrowings under the revolving facility, credit agreement, and senior notes as of November 30, 2020 are as follows (in millions): Year Amount 2021 $ 250.0 2022 748.0 2023 500.0 2024 417.0 2025 800.0 Thereafter 2,200.0 $ 4,915.0 |
Restructuring and Impairment Ch
Restructuring and Impairment Charges | 12 Months Ended |
Nov. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Impairment Charges | Restructuring and Impairment Charges During 2020, in an effort to moderate the impact of the COVID-19 pandemic on our business, we implemented cost reduction programs and incurred approximately $127.3 million of restructuring charges, comprised primarily of employee severance charges. Approximately $45.2 million of the total charge was allocated to shared services, with $30.3 million of the charge recorded in the Resources segment, $22.2 million the Financial Services segment, $21.0 million in the Transportation segment, and the remainder in the CMS segment. The following table provides a reconciliation of the restructuring liability, recorded in other accrued expenses, as of November 30, 2020 (in millions): Employee Severance and Contract Total Balance at November 30, 2019 $ 2.9 $ 0.8 $ 3.7 Add: Restructuring costs incurred 103.0 24.3 127.3 Less: Amount paid (51.6) (14.3) (65.9) Balance at November 30, 2020 $ 54.3 $ 10.8 $ 65.1 As of November 30, 2020, approximately $22.5 million of the remaining restructuring liability was in shared services, $18.0 million was in the Resources segment, $10.4 million was in the Financial Services segment, $10.0 million was in the Transportation segment, and $4.2 million was in the CMS segment. 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. For the year ended November 30, 2020 we fully or partially abandoned multiple office locations, recording approximately $33.8 million of impairment charges (primarily allocated to shared services), in accordance with the impairment provisions of ASC Topic 360. |
Acquisition-related Costs
Acquisition-related Costs | 12 Months Ended |
Nov. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisition Related Costs | Acquisition-Related Costs During 2020, we incurred approximately $45.3 million in costs associated with acquisitions, including banker, legal, litigation, and professional fees, and $6.9 million of performance compensation expense related to the aM acquisition described in Note 3. Approximately $22.0 million of the total charge was allocated to shared services, with $11.0 million of the charge recorded in the Financial Services segment, $7.1 million in the Transportation segment, and the remainder in the CMS segment. During 2019, we incurred approximately $70.3 million in costs associated with acquisitions and divestitures, of which $41.5 million was performance compensation expense related to the aM acquisition described in Note 3, and the remainder was associated with employee severance charges and retention costs, contract termination costs for facility consolidations, and legal and professional fees. Approximately $4.4 million of the total charge was allocated to shared services, with $11.8 million of the charge recorded in the Financial Services segment, $4.5 million in the Resources segment, $48.4 million in the Transportation segment, and the remainder in the CMS segment. During 2018, we incurred approximately $134.8 million in costs associated with acquisitions, including $54.1 million of performance compensation expense related to the aM acquisition described in Note 3, employee severance charges and retention costs, contract termination costs for facility consolidations, and legal and professional fees. Approximately $19.4 million of the total charge was allocated to shared services, with $49.2 million of the charge recorded in the Financial Services segment, $3.5 million in the Resources segment, $59.0 million in the Transportation segment, and $3.7 million in the CMS segment. The following table provides a reconciliation of the acquisition-related costs accrued liability as of November 30, 2020 (in millions): Employee Contract Performance Compensation and Other Total Balance at November 30, 2017 $ 13.9 $ 17.6 $ 23.7 $ 55.2 Add: Costs incurred 25.2 19.8 88.3 133.3 Revision to prior estimates — 2.1 (0.6) 1.5 Less: Amount paid (36.6) (22.7) (42.7) (102.0) Balance at November 30, 2018 $ 2.5 $ 16.8 $ 68.7 $ 88.0 Add: Costs incurred 4.3 0.4 68.0 72.7 Revision to prior estimates — (0.1) (2.3) (2.4) Less: Amount paid (6.8) (10.9) (19.8) (37.5) Balance at November 30, 2019 $ — $ 6.2 $ 114.6 $ 120.8 Add: Costs incurred — 0.3 44.7 45.0 Revision to prior estimates — 0.5 (0.2) 0.3 Less: ASC Topic 842 adjustment — (4.4) — (4.4) Less: Amount paid — (1.3) (92.1) (93.4) Balance at November 30, 2020 $ — $ 1.3 $ 67.0 $ 68.3 As of November 30, 2020, the $68.3 million remaining liability was primarily in the Transportation segment and shared services. Approximately $36.8 million of the remaining liability in the Performance Compensation and Other category is associated with the aM acquisition-related performance compensation liability. We expect that substantially all of the remaining acquisition-related costs accrued liability will be paid in 2021 except for the aM performance compensation liability. |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The amounts of income from continuing operations before income taxes and equity in loss of equity method investees for the years ended November 30, 2020, 2019, and 2018, respectively, is as follows (in millions): 2020 2019 2018 U.K. $ 179.4 $ (33.7) $ 75.8 U.S. 109.1 206.1 (167.5) Foreign 594.8 570.5 516.0 Income from continuing operations before income taxes and equity in loss of equity method investees $ 883.3 $ 742.9 $ 424.3 The provision (benefit) for income taxes from continuing operations for the years ended November 30, 2020, 2019, and 2018, respectively, is as follows (in millions): 2020 2019 2018 Current: U.K. $ (14.1) $ 52.1 $ 12.1 U.S. 102.7 185.8 24.4 Foreign 59.3 54.3 59.8 Total current 147.9 292.2 96.3 Deferred: U.K. (44.7) (70.6) (21.1) U.S. (76.8) 21.5 (155.9) Foreign (13.1) (0.5) (34.7) Total deferred (134.6) (49.6) (211.7) Provision (benefit) for income taxes $ 13.3 $ 242.6 $ (115.4) The following table presents the reconciliation of the benefit for income taxes between the U.K. rate and our effective tax rate for the years ended November 30, 2020, 2019, and 2019, respectively (in millions): 2020 2019 2018 Statutory tax at U.K. rate (19%) $ 167.8 $ 141.1 $ 80.6 Foreign rate differential (4.2) (53.8) (38.9) Stock-based compensation (94.8) (43.7) (39.2) Tax law change 22.0 179.6 (178.3) Tax-exempt gain (63.4) — — Deferred tax (14.1) — — Transition tax — — 31.4 Valuation allowance 1.7 4.2 5.5 Transaction costs 4.2 8.7 13.0 Uncertain tax positions (4.8) 5.4 1.1 Other (1.1) 1.1 9.4 Provision (benefit) for income taxes $ 13.3 $ 242.6 $ (115.4) Effective tax rate expressed as a percentage of pre-tax earnings 1.5 % 32.7 % (27.2) % The foreign rate differential in the above table is primarily attributable to U.S. and Swiss jurisdictions. The tax-exempt gain is attributable to the divestiture of the A&D business line, and deferred tax is attributable to intercompany transactions. The tax law change for 2020 in the above table primarily relates to the tax effect of the U.K. change in tax rate. The tax law change and transition tax amounts for 2019 and 2018 in the above table primarily relate to the tax effect of U.S. tax reform enacted in fiscal year 2018 and subsequent tax regulations issued during fiscal year 2019, retroactive to fiscal year 2018, as further described below. In December 2017, a law commonly known as the Tax Cuts and Jobs Act (“TCJA”) was enacted in the United States. The TCJA enacted significant changes affecting our fiscal year 2018, including, but not limited to, (1) reducing the U.S. federal corporate income tax rate to 21 percent and (2) imposing a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries of U.S. companies that had not been previously taxed in the U.S. The TJCA also established new tax provisions affecting our fiscal year 2019 and future years, including, but not limited to, (1) creating a new provision designed to tax global intangible low-tax income (“GILTI”), which we account for using the period cost method; (2) generally eliminating U.S. federal taxes on dividends from foreign subsidiaries; (3) eliminating the corporate alternative minimum tax (“AMT”); (4) creating the base erosion anti-abuse tax (“BEAT”); (5) establishing a deduction for foreign derived intangible income ("FDII"); (6) repealing domestic production activity deduction; and (7) establishing new limitations on deductible interest expense and certain executive compensation. On June 14, 2019, the U.S. Treasury Department and the U.S. Internal Revenue Service released final temporary regulations related to the TCJA (“temporary tax regulations”) related to the foreign dividends received deduction and global intangible low-taxed income. The temporary tax regulations contained language that modified certain provisions of the TCJA and previously issued guidance. The temporary tax regulations are effective retroactive to our 2018 tax year and purport to cause certain intercompany transactions we engaged in during 2018 to produce taxable income as “subpart F income” for our U.S. subsidiary. We have not provided a deferred tax liability on approximately $4.9 billion of temporary differences related to investments in foreign subsidiaries that are essentially permanent in duration. This amount includes $3 billion of U.S. earnings and $1.9 billion of non-U.S. earnings at November 30, 2020. Those earnings are considered to be indefinitely reinvested, and do not include earnings from certain subsidiaries which are considered distributed. Accordingly, no provision has been provided for those earnings. If we were to repatriate those earnings, in the form of dividends or otherwise, we would be subject to income taxes (subject to an adjustment for foreign tax credits) and withholding taxes payable to the various countries. Determination of the amount of unrecognized deferred income tax liability is not practicable due to the complexity associated with the hypothetical calculation. The significant components of deferred tax assets and liabilities as of November 30, 2020 and 2019 are as follows (in millions): 2020 2019 Deferred tax assets: Deferred stock-based compensation $ 43.9 $ 59.7 Interest carryforward 211.5 116.8 Loss and other carryforwards 62.3 57.3 Lease liabilities 67.9 — Other 88.5 80.2 Gross deferred tax assets 474.1 314.0 Valuation allowance (18.0) (16.3) Realizable deferred tax assets 456.1 297.7 Deferred tax liabilities: Property and equipment (56.7) (63.8) Intangible assets (829.2) (850.8) Lease right-of-use assets (55.9) — Other (30.6) (32.5) Gross deferred tax liabilities (972.4) (947.1) Net deferred tax liability $ (516.3) $ (649.4) A significant portion of the net deferred tax liability included above relates to the tax effect of the step-up in value of intangible assets as a result of the merger between IHS Inc. and Markit Ltd. As of November 30, 2020, we had loss carryforwards for tax purposes totaling approximately $289.0 million, comprising $69.3 million of U.S. net operating loss carryforwards, $95.3 million of U.K. net operating loss carryforwards, and $124.4 million of foreign net operating loss carryforwards. If not used, the U.S. net operating loss carryforwards will begin to expire in 2021 and the U.K. and foreign net operating loss carryforwards generally may be carried forward indefinitely. We have analyzed the net operating losses and placed valuation allowances on those where we have determined the realization is not more likely than not to occur. The valuation allowance for deferred tax assets increased by $1.7 million in 2020. The increase is primarily due to changes in loss carryovers in non-U.S. tax jurisdictions. We have provided what we believe to be an appropriate amount of tax for items that involve interpretation of the tax law. However, events may occur in the future that will cause us to reevaluate our current reserves and may result in an adjustment to the reserve for taxes. A summary of the activities associated with our reserve for unrecognized tax benefits, interest, and penalties as of November 30, 2020 and 2019 are as follows (in millions): Unrecognized Tax Benefits Interest and Penalties Balance at November 30, 2018 $ 11.5 $ 1.8 Additions: Current year tax positions 8.6 0.7 Prior year tax positions 2.5 1.0 Decreases: Lapse of statute of limitations (0.6) — Prior year tax positions (0.2) (0.2) Balance at November 30, 2019 21.8 3.3 Additions: Current year tax positions — — Prior year tax positions 3.8 1.6 Decreases: Lapse of statute of limitations (1.7) (0.4) Prior year tax positions (9.4) (0.9) Balance at November 30, 2020 $ 14.5 $ 3.6 We include accrued interest and accrued penalties related to amounts accrued for unrecognized tax benefits in our provision for income taxes. The entire amount of unrecognized benefits at November 30, 2020 may affect the annual effective tax rate if the benefits are eventually recognized. It is reasonably possible that we will experience a $1.6 million decrease in the reserve for unrecognized tax benefits within the next 12 months. We would experience this decrease in relation to uncertainties associated with the expiration of applicable statutes of limitation. We and our subsidiaries file federal, state, and local income tax returns in multiple jurisdictions around the world. With few exceptions, we are no longer subject to income tax examinations by tax authorities for years before 2016. |
Pensions and Postretirement Ben
Pensions and Postretirement Benefits | 12 Months Ended |
Nov. 30, 2020 | |
Retirement Benefits [Abstract] | |
Pensions and Postretirement Benefits | Pensions and Postretirement Benefits Defined Benefit Plans We historically sponsored the following defined benefit plans: • A frozen, non-contributory defined-benefit retirement plan (the “U.S. RIP”) for certain of our U.S. employees and an associated frozen, unfunded Supplemental Income Plan (“SIP”), which was a non-qualified pension plan, for certain U.S. employees who earn over a federally stipulated amount. We terminated both of these plans in December 2018 and fully distributed plan assets in 2020. • A frozen defined-benefit pension plan (the “U.K. RIP”) that covers certain employees of a subsidiary based in the United Kingdom. We terminated this plan in 2020 and have distributed all plan assets. Benefits for all three plans were generally based on years of service and either average or cumulative base compensation, depending on the plan. Plan funding strategies were influenced by employee benefit laws and tax laws. The U.K. RIP included a provision for employee contributions and inflation-based benefit increases for retirees. We applied pension termination accounting to the U.S. RIP and SIP for 2019 and 2020, and we applied pension termination accounting to the U.K. RIP in 2020. During 2020, we incurred $31.6 million of settlement expense associated with lump-sum distributions, the conversion to termination accounting for the U.K. RIP, and a premium to third-party insurers associated with the transfer of our U.S. and U.K. RIP liabilities to those insurers. We incurred $2.8 million and $1.5 million of net periodic pension expense in 2019 and 2018, respectively. Postretirement Benefits During the third quarter of 2018, we terminated our contributory postretirement medical plan, which resulted in a $7.1 million curtailment gain associated with the reduction in postretirement benefit liability. Defined Contribution Plans Employees of certain subsidiaries may participate in defined contribution plans, and we provide matching contributions as part of the plans. Benefit expense relating to these plans was approximately $30.5 million, $26.8 million, and $21.1 million for the years ended November 30, 2020, 2019, and 2018, respectively. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Nov. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation The 2014 Equity Incentive Award Plan (“2014 Equity Plan”) provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance units and performance shares, cash-based awards, other share-based awards, and covered employee annual incentive awards. Upon vesting of an award, we may either issue new shares or reissue treasury shares. As of November 30, 2020, we have an authorized maximum of 38.2 million shares under the 2014 Equity Plan, and that amount will be increased by (a) the number of shares granted and outstanding under the Key Employee Incentive Program, the 2013 Share Option Plan, and the 2014 Share Option Plan as of June 24, 2014 that terminate by expiration, forfeiture, cancellation or otherwise without the issuance of our common shares, and (b) on January 1 of each year through January 1, 2024, in an amount equal to the lesser of: (x) 2.5 percent of the total number of IHS Markit’s common shares issued and outstanding on a fully diluted basis as of December 31 of the immediately preceding calendar year and (y) such number of common shares determined by our Board of Directors. As of November 30, 2020, 15.7 million shares were available for future grant under the 2014 Equity Plan. Total unrecognized compensation expense related to all nonvested awards was $207.6 million as of November 30, 2020, with a weighted-average recognition period of approximately 1.4 years. Restricted Stock Units (“RSUs”) and Restricted Stock Awards (“RSAs”). RSUs and RSAs typically vest from one The following table summarizes RSU/RSA activity for the year ended November 30, 2020: Shares Weighted- (in millions) Balance at November 30, 2019 8.2 $ 47.41 Granted 3.3 $ 75.92 Vested (4.3) $ 45.71 Forfeited (0.4) $ 62.22 Balance at November 30, 2020 6.8 $ 61.57 The weighted-average grant date fair value for awards granted during the years ended November 30, 2020, 2019, and 2018 was $75.92, $52.60, and $48.24, respectively. The total fair value of RSUs that vested during the years ended November 30, 2020, 2019, and 2018 was $340.2 million, $211.2 million, and $259.5 million, respectively. Stock Options. Stock options under the 2014 Equity Plan generally vest over one to three years, and expire seven years from the date of grant. We issue treasury shares in satisfaction of all stock option exercises. The following table summarizes stock option award activity through November 30, 2020, as well as stock options exercisable as of November 30, 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 (8.6) $ 26.77 Balance at November 30, 2020 0.4 $ 27.69 1.8 32.1 Exercisable at November 30, 2020 0.4 $ 27.71 1.7 28.5 The aggregate intrinsic value amounts in the table above represent the difference between the closing price of our common shares on November 30, 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 November 30, 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 years ended November 30, 2020, 2019, and 2018 was approximately $426.6 million, $238.6 million, and $248.2 million, respectively. Stock-based compensation expense for the years ended November 30, 2020, 2019, and 2018, respectively, was as follows (in millions): 2020 2019 2018 Cost of revenue $ 79.3 $ 64.9 $ 70.0 Selling, general and administrative 186.4 158.9 171.7 Total stock-based compensation expense $ 265.7 $ 223.8 $ 241.7 Total income tax benefits recognized for stock-based compensation arrangements were as follows (in millions): 2020 2019 2018 Income tax benefits $ 163.1 $ 96.2 $ 106.2 No stock-based compensation cost was capitalized during the years ended November 30, 2020, 2019, or 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Nov. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Indemnifications In the normal course of business, we are party to a variety of agreements under which we may be obligated to indemnify the other party for certain matters. These obligations typically arise in contracts where we customarily agree to hold the other party harmless against losses arising from a breach of representations or covenants for certain matters such as title to assets and intellectual property rights associated with the sale of products. We also have indemnification obligations to our officers and directors. The duration of these indemnifications varies, and in certain cases, is indefinite. In each of these circumstances, payment by us depends upon the other party making an adverse claim according to the procedures outlined in the particular agreement, which procedures generally allow us to challenge the other party’s claims. In certain instances, we may have recourse against third parties for payments that we make. We are unable to reasonably estimate the maximum potential amount of future payments under these or similar agreements due to the unique facts and circumstances of each agreement and the fact that certain indemnifications provide for no limitation to the maximum potential future payments under the indemnification. We have not recorded any liability for these indemnifications in the accompanying consolidated balance sheets; however, we accrue losses for any known contingent liability, including those that may arise from indemnification provisions, when the obligation is both probable and reasonably estimable. Litigation From time to time, in the ordinary course of our business, we are involved in various legal, regulatory or administrative proceedings, lawsuits, government investigations, and other claims, including employment, commercial, intellectual property, and environmental, safety, and health matters. In addition, we may receive routine requests for information from governmental agencies in connection with their regulatory or investigatory authority. We review such proceedings, lawsuits, investigations, claims, and requests for information and take appropriate action as necessary. At the present time, we can give no assurance as to the outcome of any such pending proceedings, lawsuits, investigations, claims, or requests for information and we are unable to determine the ultimate resolution of or provide a reasonable estimate of the range of possible loss attributable to these matters or the effect they may have on us. However, we do not expect the outcome of such proceedings, lawsuits, claims, or requests for information to have a material adverse effect on our results of operations or financial condition. We have and will continue to vigorously defend ourselves in all matters. As of January 20, 2021, two complaints have been filed by purported shareholders of IHS Markit relating to our proposed merger with S&P Global. These actions are captioned Shiva Stein v. IHS Markit Ltd., et al., Case No. 1:21-cv-00229 (S.D.N.Y.), filed in the United States District Court for the Southern District of New York, and Tian Shi v. IHS Markit Ltd., et al., Case No. 1:21-cv-00296 (E.D.N.Y.), filed in the United States District Court for the Eastern District of New York. The complaints name IHS Markit and the members of the IHS Markit board as defendants, and the Stein action also names S&P Global and S&P Global’s merger subsidiary as defendants. The complaints generally assert claims under Section 14(a) and Section 20(a) of the US Securities Exchange Act of 1934, as amended, challenging the adequacy of certain disclosures made in the version of the joint proxy statement/prospectus filed by S&P Global with the SEC on January 8, 2021. The complaints seek, among other relief, an injunction preventing the closing of the merger between IHS Markit and S&P Global unless and until the information sought is disclosed, rescission of the related merger agreement to the extent already implemented or rescissory damages and attorneys’ and experts’ fees. IHS Markit believes the claims asserted in the complaints are without merit. |
Common Stock and Earnings per S
Common Stock and Earnings per Share | 12 Months Ended |
Nov. 30, 2020 | |
Earnings Per Share [Abstract] | |
Common Stock and Earnings per Share | Common Shares and Earnings per Share Weighted average common shares outstanding for the years ended November 30, 2020, 2019, and 2018, respectively, were calculated as follows (in millions): 2020 2019 2018 Weighted-average shares outstanding: Shares used in basic EPS calculation 396.8 399.5 394.4 Effect of dilutive securities: RSUs/RSAs 2.7 2.9 3.4 Stock options 2.0 6.8 9.1 Shares used in diluted EPS calculation 401.5 409.2 406.9 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 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 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 November 30, 2020, we had $1.6 billion remaining available to repurchase under the program. The merger agreement with S&P Global restricts our ability to purchase our shares and therefore our share repurchase program is currently suspended through November 2021, other than for the repurchase of shares associated with tax withholding requirements for share-based compensation, as described below. During the years ended November 30, 2020, 2019, and 2018, we entered into various accelerated share repurchase (“ASR”) agreements, repurchasing 13.0 million, 7.6 million, and 10.3 million shares, respectively, for $950.0 million, $500.0 million, and $500.0 million, respectively. In August 2016, our Board of Directors separately and additionally 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. 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 consolidated balance sheets. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Nov. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated other comprehensive income (loss) | Accumulated Other Comprehensive Income (Loss) AOCI consists of foreign currency translation adjustments, net pension and postretirement liability adjustments, and net gain (loss) on hedging activities. Each item is reported net of the related income tax effect. The following table summarizes the changes in AOCI by component, net of tax, for the year ended November 30, 2020 (in millions): Foreign currency translation Net pension and postretirement liability Unrealized losses on hedging activities Total Balance at November 30, 2017 $ (68.1) $ (13.0) $ (3.9) $ (85.0) Other comprehensive (loss) income before reclassifications (220.4) 3.6 4.8 (212.0) Reclassifications from AOCI to income — 1.2 2.8 4.0 Reclassifications from AOCI to retained earnings — (1.7) (4.2) (5.9) Balance at November 30, 2018 $ (288.5) $ (9.9) $ (0.5) $ (298.9) Other comprehensive income (loss) before reclassifications 46.2 (7.1) (4.4) 34.7 Reclassifications from AOCI to income — 1.4 1.2 2.6 Balance at November 30, 2019 $ (242.3) $ (15.6) $ (3.7) $ (261.6) Other comprehensive income (loss) before reclassifications 134.4 0.8 (0.5) 134.7 Reclassifications from AOCI to income — 14.8 4.2 19.0 Balance at November 30, 2020 $ (107.9) $ — $ — $ (107.9) Amounts reclassified from AOCI to income related to net pension and postretirement liability are recorded in net periodic pension and postretirement expense. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Nov. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information Net cash provided by operating activities reflects cash payments for interest and income taxes as shown below, for the years ended November 30, 2020, 2019, and 2018, respectively (in millions): 2020 2019 2018 Interest paid $ 225.1 $ 244.4 $ 188.5 Income tax payments, net $ 192.2 $ 191.2 $ 64.1 Our interest expense in 2020 decreased from 2019 primarily because of lower floating interest rates and decreased borrowings on our revolving facility debt. Our interest expense in 2019 increased from 2018 primarily because of a higher average debt balance as a result of acquisitions and share repurchases, a higher effective interest rate due to an increased amount of fixed-rate debt, and higher short-term interest rates. Income tax payments in 2020 and 2019 increased primarily due to the impact of U.S. tax reform. Cash and cash equivalents amounting to approximately $125.6 million and $111.5 million reflected on the consolidated balance sheets at November 30, 2020 and 2019, respectively, are maintained primarily in U.S. Dollars, British Pounds, Indian Rupee, Chinese Yuan, and Euro. |
Segment Information
Segment Information | 12 Months Ended |
Nov. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our Chief Executive Officer is our chief operating decision maker (“CODM”). Our CODM reviews operating results at the Financial Services, Resources, Transportation, and Consolidated Markets & Solutions (“CMS”) segment level when determining how to allocate resources and assess performance. Our CODM evaluates segment performance based primarily on revenue and segment Adjusted EBITDA, as described below. The accounting policies of our segments are the same as those described in the summary of significant accounting policies (see Note 2). No single customer accounted for 10 percent or more of our total revenue for the years ended November 30, 2020, 2019, or 2018. 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 segments. We define Adjusted EBITDA as net income plus or minus 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, settlement, and other 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). Year ended November 30, 2020 2019 2018 Revenue Financial Services $ 1,784.0 $ 1,701.5 $ 1,419.7 Transportation 1,151.6 1,246.1 1,160.2 Resources 863.1 933.8 876.5 CMS 489.1 533.2 552.8 Total revenue $ 4,287.8 $ 4,414.6 $ 4,009.2 Adjusted EBITDA Financial Services $ 886.1 $ 786.2 $ 636.9 Transportation 514.7 520.9 479.3 Resources 357.3 403.5 369.4 CMS 126.5 121.1 127.4 Shared services (47.9) (52.8) (48.1) Total Adjusted EBITDA $ 1,836.7 $ 1,778.9 $ 1,564.9 Reconciliation to the consolidated statements of operations: Interest income 1.0 1.9 3.1 Interest expense (236.6) (259.7) (225.7) (Provision) benefit for income taxes (13.3) (242.6) 115.4 Depreciation (217.5) (196.1) (175.1) Amortization related to acquired intangible assets (374.1) (377.0) (366.1) Stock-based compensation expense (265.7) (223.8) (241.7) Restructuring and impairment charges (161.1) (17.3) (1.7) Acquisition-related costs (38.4) (28.8) (80.7) Acquisition-related performance compensation (6.9) (41.5) (54.1) Loss on debt extinguishment — (7.0) (4.7) Gain on sale of assets 377.3 115.3 — Pension mark-to-market and settlement (expense) gain (31.2) (1.8) 6.5 Share of joint venture results not attributable to Adjusted EBITDA (0.6) (0.9) (0.5) Adjusted EBITDA attributable to noncontrolling interest 1.1 3.1 2.7 Net income attributable to IHS Markit $ 870.7 $ 502.7 $ 542.3 Total assets by segment were as follows: Year ended November 30, 2020 2019 Total Assets Financial Services $ 9,685.5 $ 9,435.6 Transportation 3,000.3 3,018.2 Resources 2,786.0 2,831.3 CMS 663.4 686.8 Shared services — 115.3 Total assets $ 16,135.2 $ 16,087.2 The table below provides information about revenue and long-lived assets for the U.S., the U.K., and the rest of the world for 2020, 2019, and 2018. Revenue by country is generally based on where the customer contract is signed. Long-lived assets include net property and equipment. 2020 2019 2018 (in millions) Revenue Long-lived assets Revenue Long-lived assets Revenue Long-lived assets U.S. $ 2,642.4 $ 568.3 $ 2,804.6 $ 494.2 $ 2,406.1 $ 415.4 U.K. 458.2 115.8 486.5 126.3 452.2 127.9 Rest of world 1,187.2 40.7 1,123.5 37.7 1,150.9 36.3 Total $ 4,287.8 $ 724.8 $ 4,414.6 $ 658.2 $ 4,009.2 $ 579.6 Activity in our goodwill account was as follows: (in millions) Financial Services Transportation Resources CMS Consolidated Total Balance at November 30, 2018 $ 5,431.3 $ 2,031.6 $ 2,015.0 $ 358.1 $ 9,836.0 Acquisitions — 9.0 87.0 — 96.0 Adjustments to purchase price 7.0 — 0.2 — 7.2 Asset sale — — — (33.4) (33.4) Reclassification to assets held for sale — (87.7) — — (87.7) Foreign currency translation 11.8 0.2 5.9 0.3 18.2 Balance at November 30, 2019 5,450.1 1,953.1 2,108.1 325.0 9,836.3 Acquisitions 4.4 — — — 4.4 Adjustments to purchase price — — (5.9) — (5.9) Asset sale — — — (1.0) (1.0) Foreign currency translation 53.3 8.1 12.1 1.4 74.9 Balance at November 30, 2020 $ 5,507.8 $ 1,961.2 $ 2,114.3 $ 325.4 $ 9,908.7 The 2019 asset sale relates to the goodwill allocated to the TMT market intelligence assets that were sold on August 1, 2019. The 2019 reclassification to assets held for sale relates to the A&D business line divestiture, which was subsequently sold on December 2, 2019. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Nov. 30, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The following table summarizes certain quarterly results of operations (in millions, except per share data): Three Months Ended February 28 May 31 August 31 November 30 2020 Revenue $ 1,080.8 $ 1,026.6 $ 1,073.2 $ 1,107.2 Net income attributable to IHS Markit Ltd. $ 485.0 $ 71.7 $ 162.9 $ 151.1 Earnings per share: Basic $ 1.23 $ 0.18 $ 0.41 $ 0.38 Diluted $ 1.20 $ 0.18 $ 0.41 $ 0.38 2019 Revenue $ 1,046.4 $ 1,135.5 $ 1,112.3 $ 1,120.4 Net income attributable to IHS Markit Ltd. $ 109.7 $ 149.8 $ 40.1 $ 203.1 Earnings per share: Basic $ 0.28 $ 0.37 $ 0.10 $ 0.51 Diluted $ 0.27 $ 0.37 $ 0.10 $ 0.50 First quarter 2020 net income attributable to IHS Markit Ltd. included a gain on sale of the A&D business line of approximately $377 million. Third quarter 2019 net income attributable to IHS Markit Ltd. included a one-time tax expense of approximately $200 million associated with U.S. Treasury regulations related to U.S. tax reform retroactive to 2018, and fourth quarter 2019 net income attributable to IHS Markit Ltd. included an offsetting one-time tax benefit of approximately $50 million associated with the same regulations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Nov. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In December 2020, we acquired a 13 percent interest in Gen II Fund Services for $150 million as part of a joint venture with General Atlantic and Hg Capital. We expect that this investment will drive revenue synergies between the joint venture and our Private Markets solutions across private credit, private equity, and data and analytics businesses. Also in December 2020, we acquired Cappitech Regulation Ltd., a Tel-Aviv based technology company providing regulatory reporting solutions on behalf of its clients to regulators, trade repositories, and affiliates, allowing customers to efficiently monitor the transaction reporting taking place across multiple jurisdictions. Cappitech’s advanced technology provides a scalable platform that we expect to combine with our other offerings in the Financial Services segment. We acquired Cappitech for upfront consideration of $50 million, with an additional earnout based on a three-year performance period, which we currently estimate at $50 to $75 million. In January 2021, we signed an agreement to enter into a 50/50 joint venture arrangement with shared control with CME Group to combine post-trade services including trade processing and risk mitigation operations. The joint venture will incorporate our MarkitSERV business and CME’s optimization business. Through the combination, we intend to increase operating efficiencies and be better able to service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. We expect the deal to close in the second half of 2021. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Fiscal Period, Policy | Fiscal Year End Our fiscal year ends on November 30 of each year. References herein to individual years mean the year ended November 30. For example, 2020 means the year ended November 30, 2020. |
Consolidation, Policy | Consolidation Policy The consolidated financial statements include the accounts of all wholly owned and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In May 2017 and again in February 2019, we sold redeemable noncontrolling interests in a small limited liability company we own. The units issued to the noncontrolling interests include put/call options, and we have determined that the noncontrolling interests should be reported as mezzanine equity. The carrying value for these interests as of November 30, 2020 and 2019 approximates fair value. |
Use of Estimates, Policy | Use of Estimates 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 as the reported amounts of revenue and expense during the reporting period. Significant estimates have been made in areas that include valuation of acquired long-lived and intangible assets and goodwill, income taxes, long-term compensation arrangements, and stock-based compensation. Actual results could differ from those estimates. |
Concentration Risk Disclosure | Concentration of Credit Risk We are exposed to credit risk associated with cash equivalents, foreign currency derivatives, and trade receivables. We do not believe that our cash equivalents or derivatives present significant credit risks because the counterparties to the instruments consist of major financial institutions that are financially sound or have been capitalized by the U.S. government, and we manage the notional amount of contracts entered into with any counterparty. Substantially all trade receivable balances are unsecured. The concentration of credit risk with respect to trade receivables is limited by the large number of customers in our customer base and their dispersion across various industries and geographic areas. We perform ongoing credit evaluations of our customers and maintain an allowance for probable credit losses. The allowance is based upon management’s assessment of known credit risks, as well as general industry and economic conditions. Specific accounts receivable are written off upon notification of bankruptcy or once the account is significantly past due and our collection efforts are unsuccessful. |
Fair Value Measurements, Policy | Fair Value Measurements Fair value is determined based on the assumptions that market participants would use in pricing the asset or liability. We utilize the following fair value hierarchy in determining fair values: Level 1 – Quoted prices for identical assets or liabilities in active markets. Level 2 – Inputs other than quoted prices within Level 1 that are observable either directly or indirectly, including quoted prices in markets that are not active, quoted prices in active markets for similar assets or liabilities, and observable inputs other than quoted prices such as interest rates or yield curves. Level 3 – Unobservable inputs reflecting our view about the assumptions that market participants would use in pricing the asset or liability. Our cash, accounts receivable, and accounts payable are all short-term in nature; therefore, the carrying value of these items approximates their fair value. The carrying value of our debt instruments other than our senior notes approximate their fair value because of the variable interest rate associated with those instruments. The fair value of the senior notes is included in Note 10, and is measured using observable inputs in markets that are not active; consequently, we have classified the senior notes within Level 2 of the fair value hierarchy. Our derivatives, as further described in Note 9, are measured at fair value on a recurring basis by reference to similar transactions in active markets and observable inputs other than quoted prices; consequently, we have classified those financial instruments within Level 2 of the fair value hierarchy. |
Revenue Recognition, Policy | Revenue Recognition On December 1, 2018, we adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers,” using the modified retrospective transition method applied to our customer revenue contracts as of the adoption date. Revenue results for periods beginning after December 1, 2018 are presented in accordance with ASC Topic 606, while amounts for 2018 continue to be reported in accordance with ASC Topic 605, “Revenue Recognition.” The following table shows the cumulative effect of the changes made to the December 1, 2018 consolidated balance sheet for the adoption of ASC Topic 606 related to contracts that were in effect at the time of adoption (in millions): November 30, 2018 Adjustments due to adoption of ASC Topic 606 December 1, 2018 Accounts receivable, net $ 792.9 $ 29.8 $ 822.7 Other current assets 88.4 4.2 92.6 Other non-current assets 47.9 9.5 57.4 Deferred revenue 886.8 (28.8) 858.0 Deferred income taxes 699.9 16.3 716.2 Retained earnings 2,743.1 56.0 2,799.1 The net cumulative effect adjustment to retained earnings was primarily related to (1) the change in accounting for the license rights associated with certain term-based software license arrangements, which were historically recognized over the term of the contract, but are now recognized at contract inception based on estimated stand-alone selling price, and (2) the change in accounting for commission costs incurred to obtain a portion of our contracts, which costs were historically expensed as incurred, but are now deferred at contract inception and recognized over the expected customer life. For the year ended November 30, 2019, the adoption of ASC Topic 606 did not result in a material difference between what we reported under ASC Topic 606 and what we would have reported under ASC Topic 605. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. |
Deferred Subscription Costs, Policy | Deferred Subscription Costs Deferred subscription costs represent royalties associated with customer subscriptions. These costs are deferred and amortized to expense over the period of the subscriptions. |
Property, Plant and Equipment, Policy | Property and Equipment Property and equipment is stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 7 to 30 years Capitalized software 3 to 7 years Computers and office equipment 4 to 10 years Leasehold improvements are depreciated over the shorter of their estimated useful life or the life of the lease. Maintenance, repairs, and renewals of a minor nature are expensed as incurred. Betterments and major renewals that extend the useful lives of buildings, improvements, and equipment are capitalized. We also capitalize certain software development costs in accordance with ASC 350-40, “Accounting for Costs of Computer Software Developed or Obtained for Internal Use” and ASC 985-20, “Software to Be Sold, Leased or Otherwise Marketed.” |
Leases, Policy | Leases On December 1, 2019, we adopted ASC Topic 842, “Leases,” 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 November 30, 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. ROU assets represent our right to use the underlying assets for the lease term, and 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 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 $ — |
Goodwill and Intangible Assets, Policy | Intangible Assets and Goodwill We account for our business combinations using the purchase method of accounting. We allocate the total cost of an acquisition to the underlying net assets based on their respective estimated fair values. As part of this allocation process, we must identify and attribute values and estimated lives to the intangible assets acquired. Finite-lived intangible assets Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over their respective lives, as follows: Information databases 5 to 15 years Customer relationships 5 to 25 years Developed technology 5 to 15 years Developed computer software 9 to 10 years Trademarks 3 to 15 years Other 3 to 5 years We review the carrying amount of finite-lived intangible assets at least annually to determine whether current events or circumstances indicate a triggering event which could require an adjustment to the carrying amount. A finite-lived intangible asset is considered to be impaired if its carrying value exceeds the estimated future undiscounted cash flows to be derived from it. We exercise judgment in selecting the assumptions used in the estimated future undiscounted cash flows analysis. Any impairment is measured by the amount that the carrying value of such assets exceeds their fair value. We did not identify any impairment in the fiscal years ended November 30, 2020, 2019, and 2018. Goodwill |
Income Taxes, Policy | Income Taxes Deferred income taxes are provided using tax rates enacted for periods of expected reversal on all temporary differences. Temporary differences relate to differences between the book and tax basis of assets and liabilities, principally intangible assets, property and equipment, deferred revenue, pension and other postretirement benefits, accruals, and stock-based compensation. Valuation allowances are established to reduce deferred tax assets to the amount that will more likely than not be realized. To the extent that a determination is made to establish or adjust a valuation allowance, the expense or benefit is recorded in the period in which the determination is made. Judgment is required in determining the worldwide provision for income taxes. Additionally, the income tax provision is based on calculations and assumptions that are subject to examination by many different tax authorities and to changes in tax law and rates in many jurisdictions. We record tax benefits when it is more likely than not that the tax benefits will be sustained |
Treasury Shares, Policy | Treasury Shares Treasury share purchases, whether through share withholdings for taxes or repurchase programs and transactions, are recorded at cost. Issuances from treasury shares are recorded using the weighted-average cost method. |
Earnings Per Share, Policy | Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities were exercised or converted into common shares. |
Advertising Costs, Policy | Advertising Costs Production costs are expensed as of the first date that the advertisements take place. Advertising expense was approximately $59.5 million, $64.9 million, and $59.7 million for the years ended November 30, 2020, 2019, and 2018, respectively, and was primarily comprised of advertising for CARFAX. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The functional currency of each of our foreign subsidiaries is typically such subsidiary’s local currency. Assets and liabilities are translated at period-end exchange rates. Income and expense items are translated at weighted-average rates of exchange prevailing during the year. Any translation adjustments are included in other comprehensive income. Transactions executed in currencies other than a subsidiary’s functional currency (which result in exchange adjustments) are remeasured at spot rates and resulting foreign-exchange-transaction gains and losses are included in the results of operations. |
Stock-based Compensation, Policy | Stock-based Compensation All stock-based awards are recognized in the income statement based on their grant date fair values. Compensation expense is recognized net of estimated forfeitures. We adjust compensation expense in future periods if actual forfeitures differ from our estimates. Our forfeiture rate is based upon historical experience as well as anticipated employee turnover considering certain qualitative factors. We amortize the value of stock-based awards to expense over the vesting period on a straight-line basis. For awards with performance conditions, we evaluate the probability of the number of shares that are expected to vest, and compensation expense is then adjusted to reflect the number of shares expected to vest and the cumulative vesting period met to date. |
Reclassification, Policy | Reclassifications Certain reclassifications have been made to prior period amounts to conform to the current year presentation. |
Description of New Accounting Pronouncements Not yet Adopted | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 year 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 year 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 |
Trade and Other Accounts Receivable, Policy | We record an accounts receivable allowance when it is probable that the accounts receivable balance will not be collected. The amounts comprising the allowance are based upon management’s estimates and historical collection trends. |
Accounts Receivable (Policies)
Accounts Receivable (Policies) | 12 Months Ended |
Nov. 30, 2020 | |
Accounts Receivable Additional Disclosures [Abstract] | |
Trade and Other Accounts Receivable, Policy | We record an accounts receivable allowance when it is probable that the accounts receivable balance will not be collected. The amounts comprising the allowance are based upon management’s estimates and historical collection trends. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 30, 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, 2018 consolidated balance sheet for the adoption of ASC Topic 606 related to contracts that were in effect at the time of adoption (in millions): November 30, 2018 Adjustments due to adoption of ASC Topic 606 December 1, 2018 Accounts receivable, net $ 792.9 $ 29.8 $ 822.7 Other current assets 88.4 4.2 92.6 Other non-current assets 47.9 9.5 57.4 Deferred revenue 886.8 (28.8) 858.0 Deferred income taxes 699.9 16.3 716.2 Retained earnings 2,743.1 56.0 2,799.1 |
Property, Plant and Equipment | Property and equipment is stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 7 to 30 years Capitalized software 3 to 7 years Computers and office equipment 4 to 10 years Property and equipment consists of the following as of November 30, 2020 and 2019 (in millions): 2020 2019 Land, buildings and improvements $ 171.1 $ 181.1 Capitalized software 1,253.3 1,019.5 Computers and office equipment 388.7 378.4 Property and equipment, gross 1,813.1 1,579.0 Less: Accumulated depreciation (1,088.3) (920.8) Property and equipment, net $ 724.8 $ 658.2 |
ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesLeases | 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 $ — |
Schedule of Finite-Lived Intangible Assets | Identifiable intangible assets with finite lives are generally amortized on a straight-line basis over their respective lives, as follows: Information databases 5 to 15 years Customer relationships 5 to 25 years Developed technology 5 to 15 years Developed computer software 9 to 10 years Trademarks 3 to 15 years Other 3 to 5 years |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Acquisitions 2019 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the purchase price allocation, net of acquired cash, for our 2019 acquisitions (in millions): Total Assets: Current assets $ 6.1 Property and equipment 0.6 Intangible assets 61.5 Goodwill 90.4 Total assets $ 158.6 Liabilities: Current liabilities $ 2.1 Deferred revenue 12.2 Total liabilities $ 14.3 Purchase price $ 144.3 |
Acquisitions 2018 | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the purchase price allocation, net of acquired cash, for our 2018 acquisitions (in millions): Total Assets: Current assets $ 98.8 Property and equipment 11.8 Intangible assets 745.3 Goodwill 1,184.9 Other assets 5.2 Total assets $ 2,046.0 Liabilities: Current liabilities $ 35.6 Deferred revenue 79.9 Deferred taxes 53.4 Total liabilities $ 168.9 Purchase price $ 1,877.1 |
TMT - Technology Media Telecom | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The transaction resulted in the divestiture of the following assets and liabilities (in millions): Current assets $ 10.3 Property and equipment $ 0.9 Intangible assets $ 14.1 Goodwill $ 33.4 Current liabilities $ (0.8) Deferred revenue $ (21.5) |
Aerospace & Defense | |
Business Acquisition [Line Items] | |
Schedule of Business Acquisitions, by Acquisition | The transaction resulted in the divestiture of the following assets and liabilities, which were classified as held-for-sale as of November 30, 2019 (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) | 12 Months Ended |
Nov. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | 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. We record our contract liabilities as deferred revenue in the consolidated balance sheets. The following table provides a reconciliation of our contract liabilities as of November 30, 2020 (in millions): Balance at December 1, 2018 $ 858.0 Billings 3,470.6 Revenue recognized (3,414.9) Acquisition and divestiture activity (34.0) Balance at November 30, 2019 $ 879.7 Billings 3,268.1 Revenue recognized (3,261.6) Balance at November 30, 2020 $ 886.2 |
Disaggregation of Revenue | The following table presents our revenue by transaction type (in millions): 2020 2019 2018 Recurring fixed revenue $ 3,165.2 $ 3,162.4 $ 2,861.5 Recurring variable revenue 616.3 572.9 506.3 Non-recurring revenue 506.3 679.3 641.4 Total revenue $ 4,287.8 $ 4,414.6 $ 4,009.2 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Accounts Receivable Additional Disclosures [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Our accounts receivable balance consists of the following as of November 30, 2020 and 2019 (in millions): 2020 2019 Accounts receivable $ 922.5 $ 916.3 Less: Accounts receivable allowance (30.8) (25.6) Accounts receivable, net $ 891.7 $ 890.7 |
Allowance for Credit Losses on Financing Receivables | The activity in our accounts receivable allowance consists of the following for the years ended November 30, 2020, 2019, and 2018, respectively (in millions): 2020 2019 2018 Balance at beginning of year $ 25.6 $ 30.4 $ 23.2 Provision for bad debts 17.1 14.9 15.6 Other additions 5.2 4.6 7.9 Write-offs and other deductions (17.1) (24.3) (16.3) Balance at end of year $ 30.8 $ 25.6 $ 30.4 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment values | Property and equipment is stated at cost. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets as follows: Buildings and improvements 7 to 30 years Capitalized software 3 to 7 years Computers and office equipment 4 to 10 years Property and equipment consists of the following as of November 30, 2020 and 2019 (in millions): 2020 2019 Land, buildings and improvements $ 171.1 $ 181.1 Capitalized software 1,253.3 1,019.5 Computers and office equipment 388.7 378.4 Property and equipment, gross 1,813.1 1,579.0 Less: Accumulated depreciation (1,088.3) (920.8) Property and equipment, net $ 724.8 $ 658.2 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Nov. 30, 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 year ended November 30, 2020 (in millions): Year ended November 30, 2020 Lease cost: Operating lease cost $ 68.3 Variable lease cost $ 6.7 Other information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 66.6 As of November 30, 2020: Weighted-average remaining lease term 7.9 years Weighted-average discount rate 1.9 % |
Lessee, Operating Lease, Liability, Maturity | As of November 30, 2020, maturities of operating lease liabilities under non-cancellable arrangements were as follows (in millions): Year Amount 2021 $ 69.7 2022 58.5 2023 49.0 2024 43.8 2025 37.4 Thereafter 131.1 Total future minimum operating lease payments 389.5 Imputed interest (28.3) Total operating lease liability $ 361.2 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The following table presents details of our acquired intangible assets, other than goodwill (in millions): As of November 30, 2020 As of November 30, 2019 Gross Accumulated Net Gross Accumulated Net Customer relationships $ 3,507.0 $ (805.1) $ 2,701.9 $ 3,476.1 $ (628.7) $ 2,847.4 Developed technology 965.9 (290.1) 675.8 949.6 (208.9) 740.7 Information databases 597.1 (368.2) 228.9 591.6 (310.9) 280.7 Trademarks 490.2 (258.6) 231.6 487.0 (203.0) 284.0 Developed computer software 68.9 (62.9) 6.0 76.3 (62.9) 13.4 Other 4.1 (2.2) 1.9 4.1 (1.3) 2.8 Total intangible assets $ 5,633.2 $ (1,787.1) $ 3,846.1 $ 5,584.7 $ (1,415.7) $ 4,169.0 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization expense related to intangible assets held as of November 30, 2020 is as follows (in millions): Year Amount 2021 $ 373.8 2022 $ 357.5 2023 $ 344.9 2024 $ 325.7 2025 $ 296.1 Thereafter $ 2,148.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes total indebtedness as of November 30, 2020 and 2019 (in millions): November 30, 2020 November 30, 2019 Maturity Date Carrying Amount Fair Value Carrying Amount Fair Value Credit Facilities: 2019 revolving facility November 2024 $ 17.0 $ 17.0 $ 237.0 $ 237.0 2019 credit agreement April 2021 250.0 250.0 250.0 250.0 Senior Unsecured Notes: 5.00% senior notes due 2022 November 1, 2022 748.2 802.6 748.2 798.2 4.125% senior notes due 2023 August 1, 2023 499.2 545.2 498.9 528.8 3.625% senior notes due 2024 May 1, 2024 399.3 436.8 398.9 416.4 4.75% senior notes due 2025 February 15, 2025 809.7 916.2 811.8 873.6 4.00% senior notes due 2026 March 1, 2026 500.0 573.9 500.0 530.2 4.75% senior notes due 2028 August 1, 2028 747.9 906.8 747.6 838.4 4.25% senior notes due 2029 May 1, 2029 971.4 1,135.5 974.2 1,026.7 Debt issuance costs (38.5) (47.7) Finance leases 5.6 6.6 Total debt $ 4,909.8 $ 5,125.5 Current portion (268.1) (251.1) Total long-term debt $ 4,641.7 $ 4,874.4 |
Schedule of Maturities of Long-term Debt | Maturities of outstanding borrowings under the revolving facility, credit agreement, and senior notes as of November 30, 2020 are as follows (in millions): Year Amount 2021 $ 250.0 2022 748.0 2023 500.0 2024 417.0 2025 800.0 Thereafter 2,200.0 $ 4,915.0 |
Restructuring and Impairment _2
Restructuring and Impairment Charges (Tables) | 12 Months Ended |
Nov. 30, 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 November 30, 2020 (in millions): Employee Severance and Contract Total Balance at November 30, 2019 $ 2.9 $ 0.8 $ 3.7 Add: Restructuring costs incurred 103.0 24.3 127.3 Less: Amount paid (51.6) (14.3) (65.9) Balance at November 30, 2020 $ 54.3 $ 10.8 $ 65.1 |
Acquisition-related Costs (Tabl
Acquisition-related Costs (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisition Related Cost Reserve Rollforward | The following table provides a reconciliation of the acquisition-related costs accrued liability as of November 30, 2020 (in millions): Employee Contract Performance Compensation and Other Total Balance at November 30, 2017 $ 13.9 $ 17.6 $ 23.7 $ 55.2 Add: Costs incurred 25.2 19.8 88.3 133.3 Revision to prior estimates — 2.1 (0.6) 1.5 Less: Amount paid (36.6) (22.7) (42.7) (102.0) Balance at November 30, 2018 $ 2.5 $ 16.8 $ 68.7 $ 88.0 Add: Costs incurred 4.3 0.4 68.0 72.7 Revision to prior estimates — (0.1) (2.3) (2.4) Less: Amount paid (6.8) (10.9) (19.8) (37.5) Balance at November 30, 2019 $ — $ 6.2 $ 114.6 $ 120.8 Add: Costs incurred — 0.3 44.7 45.0 Revision to prior estimates — 0.5 (0.2) 0.3 Less: ASC Topic 842 adjustment — (4.4) — (4.4) Less: Amount paid — (1.3) (92.1) (93.4) Balance at November 30, 2020 $ — $ 1.3 $ 67.0 $ 68.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The amounts of income from continuing operations before income taxes and equity in loss of equity method investees for the years ended November 30, 2020, 2019, and 2018, respectively, is as follows (in millions): 2020 2019 2018 U.K. $ 179.4 $ (33.7) $ 75.8 U.S. 109.1 206.1 (167.5) Foreign 594.8 570.5 516.0 Income from continuing operations before income taxes and equity in loss of equity method investees $ 883.3 $ 742.9 $ 424.3 |
Schedule of Components of Income Tax Expense (Benefit) | The provision (benefit) for income taxes from continuing operations for the years ended November 30, 2020, 2019, and 2018, respectively, is as follows (in millions): 2020 2019 2018 Current: U.K. $ (14.1) $ 52.1 $ 12.1 U.S. 102.7 185.8 24.4 Foreign 59.3 54.3 59.8 Total current 147.9 292.2 96.3 Deferred: U.K. (44.7) (70.6) (21.1) U.S. (76.8) 21.5 (155.9) Foreign (13.1) (0.5) (34.7) Total deferred (134.6) (49.6) (211.7) Provision (benefit) for income taxes $ 13.3 $ 242.6 $ (115.4) |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents the reconciliation of the benefit for income taxes between the U.K. rate and our effective tax rate for the years ended November 30, 2020, 2019, and 2019, respectively (in millions): 2020 2019 2018 Statutory tax at U.K. rate (19%) $ 167.8 $ 141.1 $ 80.6 Foreign rate differential (4.2) (53.8) (38.9) Stock-based compensation (94.8) (43.7) (39.2) Tax law change 22.0 179.6 (178.3) Tax-exempt gain (63.4) — — Deferred tax (14.1) — — Transition tax — — 31.4 Valuation allowance 1.7 4.2 5.5 Transaction costs 4.2 8.7 13.0 Uncertain tax positions (4.8) 5.4 1.1 Other (1.1) 1.1 9.4 Provision (benefit) for income taxes $ 13.3 $ 242.6 $ (115.4) Effective tax rate expressed as a percentage of pre-tax earnings 1.5 % 32.7 % (27.2) % |
Schedule of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities as of November 30, 2020 and 2019 are as follows (in millions): 2020 2019 Deferred tax assets: Deferred stock-based compensation $ 43.9 $ 59.7 Interest carryforward 211.5 116.8 Loss and other carryforwards 62.3 57.3 Lease liabilities 67.9 — Other 88.5 80.2 Gross deferred tax assets 474.1 314.0 Valuation allowance (18.0) (16.3) Realizable deferred tax assets 456.1 297.7 Deferred tax liabilities: Property and equipment (56.7) (63.8) Intangible assets (829.2) (850.8) Lease right-of-use assets (55.9) — Other (30.6) (32.5) Gross deferred tax liabilities (972.4) (947.1) Net deferred tax liability $ (516.3) $ (649.4) |
Summary of Income Tax Contingencies | A summary of the activities associated with our reserve for unrecognized tax benefits, interest, and penalties as of November 30, 2020 and 2019 are as follows (in millions): Unrecognized Tax Benefits Interest and Penalties Balance at November 30, 2018 $ 11.5 $ 1.8 Additions: Current year tax positions 8.6 0.7 Prior year tax positions 2.5 1.0 Decreases: Lapse of statute of limitations (0.6) — Prior year tax positions (0.2) (0.2) Balance at November 30, 2019 21.8 3.3 Additions: Current year tax positions — — Prior year tax positions 3.8 1.6 Decreases: Lapse of statute of limitations (1.7) (0.4) Prior year tax positions (9.4) (0.9) Balance at November 30, 2020 $ 14.5 $ 3.6 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | The following table summarizes RSU/RSA activity for the year ended November 30, 2020: Shares Weighted- (in millions) Balance at November 30, 2019 8.2 $ 47.41 Granted 3.3 $ 75.92 Vested (4.3) $ 45.71 Forfeited (0.4) $ 62.22 Balance at November 30, 2020 6.8 $ 61.57 |
Share-based Compensation, Stock Options, Activity | The following table summarizes stock option award activity through November 30, 2020, as well as stock options exercisable as of November 30, 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 (8.6) $ 26.77 Balance at November 30, 2020 0.4 $ 27.69 1.8 32.1 Exercisable at November 30, 2020 0.4 $ 27.71 1.7 28.5 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense for the years ended November 30, 2020, 2019, and 2018, respectively, was as follows (in millions): 2020 2019 2018 Cost of revenue $ 79.3 $ 64.9 $ 70.0 Selling, general and administrative 186.4 158.9 171.7 Total stock-based compensation expense $ 265.7 $ 223.8 $ 241.7 |
Share Based Compensation Income Tax Benefit | Total income tax benefits recognized for stock-based compensation arrangements were as follows (in millions): 2020 2019 2018 Income tax benefits $ 163.1 $ 96.2 $ 106.2 |
Common Stock and Earnings per_2
Common Stock and Earnings per Share (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | Weighted average common shares outstanding for the years ended November 30, 2020, 2019, and 2018, respectively, were calculated as follows (in millions): 2020 2019 2018 Weighted-average shares outstanding: Shares used in basic EPS calculation 396.8 399.5 394.4 Effect of dilutive securities: RSUs/RSAs 2.7 2.9 3.4 Stock options 2.0 6.8 9.1 Shares used in diluted EPS calculation 401.5 409.2 406.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Nov. 30, 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 year ended November 30, 2020 (in millions): Foreign currency translation Net pension and postretirement liability Unrealized losses on hedging activities Total Balance at November 30, 2017 $ (68.1) $ (13.0) $ (3.9) $ (85.0) Other comprehensive (loss) income before reclassifications (220.4) 3.6 4.8 (212.0) Reclassifications from AOCI to income — 1.2 2.8 4.0 Reclassifications from AOCI to retained earnings — (1.7) (4.2) (5.9) Balance at November 30, 2018 $ (288.5) $ (9.9) $ (0.5) $ (298.9) Other comprehensive income (loss) before reclassifications 46.2 (7.1) (4.4) 34.7 Reclassifications from AOCI to income — 1.4 1.2 2.6 Balance at November 30, 2019 $ (242.3) $ (15.6) $ (3.7) $ (261.6) Other comprehensive income (loss) before reclassifications 134.4 0.8 (0.5) 134.7 Reclassifications from AOCI to income — 14.8 4.2 19.0 Balance at November 30, 2020 $ (107.9) $ — $ — $ (107.9) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Net cash provided by operating activities reflects cash payments for interest and income taxes as shown below, for the years ended November 30, 2020, 2019, and 2018, respectively (in millions): 2020 2019 2018 Interest paid $ 225.1 $ 244.4 $ 188.5 Income tax payments, net $ 192.2 $ 191.2 $ 64.1 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Nov. 30, 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). Year ended November 30, 2020 2019 2018 Revenue Financial Services $ 1,784.0 $ 1,701.5 $ 1,419.7 Transportation 1,151.6 1,246.1 1,160.2 Resources 863.1 933.8 876.5 CMS 489.1 533.2 552.8 Total revenue $ 4,287.8 $ 4,414.6 $ 4,009.2 Adjusted EBITDA Financial Services $ 886.1 $ 786.2 $ 636.9 Transportation 514.7 520.9 479.3 Resources 357.3 403.5 369.4 CMS 126.5 121.1 127.4 Shared services (47.9) (52.8) (48.1) Total Adjusted EBITDA $ 1,836.7 $ 1,778.9 $ 1,564.9 Reconciliation to the consolidated statements of operations: Interest income 1.0 1.9 3.1 Interest expense (236.6) (259.7) (225.7) (Provision) benefit for income taxes (13.3) (242.6) 115.4 Depreciation (217.5) (196.1) (175.1) Amortization related to acquired intangible assets (374.1) (377.0) (366.1) Stock-based compensation expense (265.7) (223.8) (241.7) Restructuring and impairment charges (161.1) (17.3) (1.7) Acquisition-related costs (38.4) (28.8) (80.7) Acquisition-related performance compensation (6.9) (41.5) (54.1) Loss on debt extinguishment — (7.0) (4.7) Gain on sale of assets 377.3 115.3 — Pension mark-to-market and settlement (expense) gain (31.2) (1.8) 6.5 Share of joint venture results not attributable to Adjusted EBITDA (0.6) (0.9) (0.5) Adjusted EBITDA attributable to noncontrolling interest 1.1 3.1 2.7 Net income attributable to IHS Markit $ 870.7 $ 502.7 $ 542.3 Total assets by segment were as follows: Year ended November 30, 2020 2019 Total Assets Financial Services $ 9,685.5 $ 9,435.6 Transportation 3,000.3 3,018.2 Resources 2,786.0 2,831.3 CMS 663.4 686.8 Shared services — 115.3 Total assets $ 16,135.2 $ 16,087.2 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The table below provides information about revenue and long-lived assets for the U.S., the U.K., and the rest of the world for 2020, 2019, and 2018. Revenue by country is generally based on where the customer contract is signed. Long-lived assets include net property and equipment. 2020 2019 2018 (in millions) Revenue Long-lived assets Revenue Long-lived assets Revenue Long-lived assets U.S. $ 2,642.4 $ 568.3 $ 2,804.6 $ 494.2 $ 2,406.1 $ 415.4 U.K. 458.2 115.8 486.5 126.3 452.2 127.9 Rest of world 1,187.2 40.7 1,123.5 37.7 1,150.9 36.3 Total $ 4,287.8 $ 724.8 $ 4,414.6 $ 658.2 $ 4,009.2 $ 579.6 |
Schedule of Goodwill | Activity in our goodwill account was as follows: (in millions) Financial Services Transportation Resources CMS Consolidated Total Balance at November 30, 2018 $ 5,431.3 $ 2,031.6 $ 2,015.0 $ 358.1 $ 9,836.0 Acquisitions — 9.0 87.0 — 96.0 Adjustments to purchase price 7.0 — 0.2 — 7.2 Asset sale — — — (33.4) (33.4) Reclassification to assets held for sale — (87.7) — — (87.7) Foreign currency translation 11.8 0.2 5.9 0.3 18.2 Balance at November 30, 2019 5,450.1 1,953.1 2,108.1 325.0 9,836.3 Acquisitions 4.4 — — — 4.4 Adjustments to purchase price — — (5.9) — (5.9) Asset sale — — — (1.0) (1.0) Foreign currency translation 53.3 8.1 12.1 1.4 74.9 Balance at November 30, 2020 $ 5,507.8 $ 1,961.2 $ 2,114.3 $ 325.4 $ 9,908.7 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Nov. 30, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information | The following table summarizes certain quarterly results of operations (in millions, except per share data): Three Months Ended February 28 May 31 August 31 November 30 2020 Revenue $ 1,080.8 $ 1,026.6 $ 1,073.2 $ 1,107.2 Net income attributable to IHS Markit Ltd. $ 485.0 $ 71.7 $ 162.9 $ 151.1 Earnings per share: Basic $ 1.23 $ 0.18 $ 0.41 $ 0.38 Diluted $ 1.20 $ 0.18 $ 0.41 $ 0.38 2019 Revenue $ 1,046.4 $ 1,135.5 $ 1,112.3 $ 1,120.4 Net income attributable to IHS Markit Ltd. $ 109.7 $ 149.8 $ 40.1 $ 203.1 Earnings per share: Basic $ 0.28 $ 0.37 $ 0.10 $ 0.51 Diluted $ 0.27 $ 0.37 $ 0.10 $ 0.50 |
Nature of Business (Details)
Nature of Business (Details) $ in Millions | 12 Months Ended |
Nov. 30, 2020USD ($) | |
Nature of Business [Abstract] | |
Reduction In Non Recurring Revenue | $ 50 |
Significant Accounting Polici_4
Significant Accounting Policies Revenue 606 (Details) - USD ($) $ in Millions | Nov. 30, 2020 | Nov. 30, 2019 | Dec. 01, 2018 | Nov. 30, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounts receivable, net | $ 891.7 | $ 890.7 | ||
Other current assets | 131.7 | 118.2 | ||
Other | 98.4 | 98.1 | ||
Deferred revenue | 886.2 | 879.7 | $ 858 | |
Retained earnings | $ 3,842.1 | $ 3,295 | ||
Accounting Standards Update 2014-09 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounts receivable, net | 822.7 | $ 792.9 | ||
Other current assets | 92.6 | 88.4 | ||
Other | 57.4 | 47.9 | ||
Deferred revenue | 858 | 886.8 | ||
Deferred income taxes | 716.2 | 699.9 | ||
Retained earnings | 2,799.1 | $ 2,743.1 | ||
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounts receivable, net | 29.8 | |||
Other current assets | 4.2 | |||
Other | 9.5 | |||
Deferred revenue | (28.8) | |||
Deferred income taxes | 16.3 | |||
Retained earnings | $ 56 |
Significant Accounting Polici_5
Significant Accounting Policies Useful Life (Details) | 12 Months Ended |
Nov. 30, 2020 | |
Information databases | Minimum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 5 years |
Information databases | Maximum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 15 years |
Customer relationships | Minimum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 5 years |
Customer relationships | Maximum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 25 years |
Developed technology | Minimum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 5 years |
Developed technology | Maximum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 15 years |
Developed computer software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 9 years |
Developed computer software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 10 years |
Trademarks | Minimum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 3 years |
Trademarks | Maximum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 15 years |
Other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 3 years |
Other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Finite-Lived Intangible Assets, Useful Life | 5 years |
Land, buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 7 years |
Land, buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 30 years |
Capitalized software | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 3 years |
Capitalized software | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 7 years |
Computers and office equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 4 years |
Computers and office equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 10 years |
Significant Accounting Polici_6
Significant Accounting Policies Textuals (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Accounting Policies [Abstract] | |||
Advertising expense | $ 59.5 | $ 64.9 | $ 59.7 |
Significant Accounting Polici_7
Significant Accounting Policies Lease 842 (Details) - USD ($) $ in Millions | Nov. 30, 2020 | Dec. 01, 2019 | Nov. 30, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other current assets | $ 131.7 | $ 118.2 | |
Operating lease right-of-use assets, net | 296.8 | 0 | |
Other accrued expenses | 477.6 | 479.1 | |
Operating lease liabilities | 63.5 | 0 | |
Operating lease liabilities | $ 297.7 | 0 | |
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other current assets | $ 0 | 3.4 | |
Operating lease right-of-use assets, net | 380.7 | 0 | |
Other accrued expenses | 0 | (9.6) | |
Operating lease liabilities | (63.9) | 0 | |
Operating lease liabilities | (350.6) | 0 | |
Other Liabilities | 0 | $ (27.6) | |
Accounting Standards Update 2016-02 [Member] | Difference Between Lease Guidance In Effect Before And After Topic 842 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Other current assets | (3.4) | ||
Operating lease right-of-use assets, net | 380.7 | ||
Other accrued expenses | 9.6 | ||
Operating lease liabilities | (63.9) | ||
Operating lease liabilities | (350.6) | ||
Other Liabilities | $ 27.6 |
Business Combinations 2020 (Det
Business Combinations 2020 (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Feb. 29, 2020 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Gain (Loss) on Disposition of Assets | $ 377 | $ 377.3 | $ 115.3 | $ 0 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable Fair Value Method | 0.2838 | |||
Aerospace & Defense | ||||
Business Acquisition [Line Items] | ||||
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 | $ 377 | |||
Disposal Group, Including Discontinued Operation, Consideration | $ 470 |
Business Combinations 2019 (Det
Business Combinations 2019 (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2019 | Jun. 30, 2019 | Feb. 29, 2020 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Aug. 01, 2019 | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 9,908.7 | $ 9,836.3 | |||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||
Gain (Loss) on Disposition of Assets | $ 377 | $ 377.3 | 115.3 | $ 0 | |||
TMT - Technology Media Telecom | |||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 150 | ||||||
Gain (Loss) on Disposition of Assets | $ 112 | ||||||
Current assets | 10.3 | ||||||
Property and equipment | 0.9 | ||||||
Intangible assets | 14.1 | ||||||
Goodwill | 33.4 | ||||||
Current liabilities | (0.8) | ||||||
Deferred revenue | $ (21.5) | ||||||
Agribusiness Intelligence | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred | $ 128 | ||||||
Acquisitions 2019 | |||||||
Business Acquisition [Line Items] | |||||||
Current assets | 6.1 | ||||||
Property and equipment | 0.6 | ||||||
Intangible assets | 61.5 | ||||||
Goodwill | 90.4 | ||||||
Total assets | 158.6 | ||||||
Current liabilities | 2.1 | ||||||
Deferred revenue | 12.2 | ||||||
Total liabilities | 14.3 | ||||||
Purchase price | 144.3 | ||||||
Expected tax deductible amount of goodwill | $ 8.6 |
Business Combinations 2018 (Det
Business Combinations 2018 (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Aug. 31, 2018 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 9,908.7 | $ 9,836.3 | ||
iPreo | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Consideration Transferred | $ 1,860 | |||
Acquisitions 2018 | ||||
Business Acquisition [Line Items] | ||||
Current assets | $ 98.8 | |||
Property and equipment | 11.8 | |||
Intangible assets | 745.3 | |||
Goodwill | 1,184.9 | |||
Other assets | 5.2 | |||
Total assets | 2,046 | |||
Current liabilities | 35.6 | |||
Deferred revenue | 79.9 | |||
Deferred taxes | 53.4 | |||
Total liabilities | 168.9 | |||
Purchase price | 1,877.1 | |||
Expected tax deductible amount of goodwill | $ 636.3 |
Business Combinations 2017 (Det
Business Combinations 2017 (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Sep. 30, 2017 | Nov. 30, 2020 | Dec. 01, 2019 | |
Business Acquisition [Line Items] | |||
Unrecognized compensation cost | $ 207.6 | ||
automotiveMastermind | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 432 | ||
Minority Interest Ownership Percentage By Noncontrolling Owners Percentage Exercised Amount | $ 75.9 | ||
Minority Interest Ownership Percentage By Noncontrolling Owners Percentage Exercised | 62.50% | ||
Acquisition Related Cost Reserve - Long term portion | 36.8 | ||
automotiveMastermind | Minimum | |||
Business Acquisition [Line Items] | |||
Unrecognized compensation cost | 60 | ||
automotiveMastermind | Maximum | |||
Business Acquisition [Line Items] | |||
Unrecognized compensation cost | $ 65 | ||
automotiveMastermind | Ihs Markit | |||
Business Acquisition [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 78.00% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 22.00% | 22.00% |
Revenue By Transaction (Details
Revenue By Transaction (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 1,107.2 | $ 1,073.2 | $ 1,026.6 | $ 1,080.8 | $ 1,120.4 | $ 1,112.3 | $ 1,135.5 | $ 1,046.4 | $ 4,287.8 | $ 4,414.6 | $ 4,009.2 |
Recurring Fixed Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 3,165.2 | 3,162.4 | 2,861.5 | ||||||||
Recurring Variable Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | 616.3 | 572.9 | 506.3 | ||||||||
Non-recurring Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue | $ 506.3 | $ 679.3 | $ 641.4 |
Revenue Contracts (Details)
Revenue Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred Revenue, Current | $ 879.7 | |
Billings | 3,268.1 | $ 3,470.6 |
Revenue recognized | (3,261.6) | (3,414.9) |
Acquisition and divestiture activity | (34) | |
Deferred Revenue, Current | 886.2 | 879.7 |
Contract Asset | $ 19.3 | $ 39.8 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2017 |
Accounts Receivable Additional Disclosures [Abstract] | ||||
Accounts receivable | $ 922.5 | $ 916.3 | ||
Less: Accounts receivable allowance | (30.8) | (25.6) | $ (30.4) | $ (23.2) |
Accounts receivable, net | $ 891.7 | $ 890.7 |
Accounts Receivable Bad Debt Ro
Accounts Receivable Bad Debt Rollforward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Balance at beginning of year | $ 25.6 | $ 30.4 | $ 23.2 |
Provision for bad debts | 17.1 | 14.9 | 15.6 |
Other additions | 5.2 | 4.6 | 7.9 |
Write-offs and other deductions | (17.1) | (24.3) | (16.3) |
Balance at end of year | $ 30.8 | $ 25.6 | $ 30.4 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 1,813.1 | $ 1,579 | |
Less: Accumulated depreciation | (1,088.3) | (920.8) | |
Property and equipment, net | 724.8 | 658.2 | |
Depreciation | 217.5 | 196.1 | $ 175.1 |
Land, buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 171.1 | 181.1 | |
Capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | 1,253.3 | 1,019.5 | |
Computers and office equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, gross | $ 388.7 | $ 378.4 |
Leases Liabilities (Details)
Leases Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Leases [Abstract] | |||
Operating lease cost | $ 68.3 | ||
Variable lease cost | 6.7 | ||
Operating cash outflows from operating leases | $ 66.6 | ||
Weighted-average remaining lease term | 7 years 10 months 24 days | ||
Weighted-average discount rate | 1.90% | ||
Operating Leases, Rent Expense | $ 66.1 | $ 65 |
Leases Maturities (Details)
Leases Maturities (Details) $ in Millions | Nov. 30, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 69.7 |
2022 | 58.5 |
2023 | 49 |
2024 | 43.8 |
2025 | 37.4 |
Thereafter | 131.1 |
Total future minimum operating lease payments | 389.5 |
Imputed interest | (28.3) |
Total operating lease liability | $ 361.2 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Millions | Nov. 30, 2020 | Nov. 30, 2019 |
Acquired Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ (1,787.1) | $ (1,415.7) |
Intangible Assets, Gross (Excluding Goodwill) | 5,633.2 | 5,584.7 |
Intangible Assets, Net (Excluding Goodwill) | 3,846.1 | 4,169 |
Customer relationships | ||
Acquired Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 3,507 | 3,476.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | (805.1) | (628.7) |
Finite-Lived Intangible Assets, Net | 2,701.9 | 2,847.4 |
Developed technology | ||
Acquired Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 965.9 | 949.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | (290.1) | (208.9) |
Finite-Lived Intangible Assets, Net | 675.8 | 740.7 |
Information databases | ||
Acquired Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 597.1 | 591.6 |
Finite-Lived Intangible Assets, Accumulated Amortization | (368.2) | (310.9) |
Finite-Lived Intangible Assets, Net | 228.9 | 280.7 |
Trademarks | ||
Acquired Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 490.2 | 487 |
Finite-Lived Intangible Assets, Accumulated Amortization | (258.6) | (203) |
Finite-Lived Intangible Assets, Net | 231.6 | 284 |
Developed computer software | ||
Acquired Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 68.9 | 76.3 |
Finite-Lived Intangible Assets, Accumulated Amortization | (62.9) | (62.9) |
Finite-Lived Intangible Assets, Net | 6 | 13.4 |
Other | ||
Acquired Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 4.1 | 4.1 |
Finite-Lived Intangible Assets, Accumulated Amortization | (2.2) | (1.3) |
Finite-Lived Intangible Assets, Net | $ 1.9 | $ 2.8 |
Intangible Assets Schedule of F
Intangible Assets Schedule of Future Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Intangible asset amortization expense | $ 374.1 | $ 377 | $ 366.1 |
2021 | 373.8 | ||
2022 | 357.5 | ||
2023 | 344.9 | ||
2024 | 325.7 | ||
2025 | 296.1 | ||
Thereafter | $ 2,148.1 |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 2.5 | $ 3.5 | |
Derivative Liability, Fair Value, Gross Liability | 0.4 | 3.9 | |
Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | (22.1) | (13.3) | $ 8.5 |
Derivative, Notional Amount | $ 342.3 | $ 695 |
Debt Table (Details)
Debt Table (Details) - USD ($) $ in Millions | Nov. 30, 2020 | Nov. 30, 2019 | Sep. 30, 2019 |
Debt Instrument [Line Items] | |||
Debt issuance costs | $ (38.5) | $ (47.7) | |
Finance leases | 5.6 | 6.6 | |
Total debt | 4,909.8 | 5,125.5 | |
Short-term debt | (268.1) | (251.1) | |
Long-term debt, net | 4,641.7 | 4,874.4 | |
5.00% Senior Notes due 2022 | |||
Debt Instrument [Line Items] | |||
Senior Notes | 748.2 | 748.2 | |
Debt Instrument, Fair Value Disclosure | $ 802.6 | 798.2 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.00% | ||
4.125% Senior Notes Due 2023 | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 499.2 | 498.9 | |
Debt Instrument, Fair Value Disclosure | $ 545.2 | 528.8 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.125% | ||
3.625% Senior Notes Due 2024 | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 399.3 | 398.9 | |
Debt Instrument, Fair Value Disclosure | $ 436.8 | 416.4 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.625% | ||
4.75% Senior Notes Due 2025 | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 809.7 | 811.8 | |
Debt Instrument, Fair Value Disclosure | $ 916.2 | 873.6 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | ||
4.00% Senior Notes Due 2026 | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 500 | 500 | |
Debt Instrument, Fair Value Disclosure | $ 573.9 | 530.2 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.00% | ||
4.75% Senior Notes Due 2028 | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 747.9 | 747.6 | |
Debt Instrument, Fair Value Disclosure | $ 906.8 | 838.4 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.75% | ||
4.25% Senior Notes Due 2029 | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 971.4 | 974.2 | |
Debt Instrument, Fair Value Disclosure | $ 1,135.5 | 1,026.7 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.25% | ||
2019 credit agreement | |||
Debt Instrument [Line Items] | |||
Short-term Debt | $ 250 | 250 | $ 250 |
Debt Instrument, Fair Value Disclosure | 250 | 250 | |
2019 revolving credit facility | |||
Debt Instrument [Line Items] | |||
Credit facility amount outstanding | 17 | 237 | |
Debt Instrument, Fair Value Disclosure | $ 17 | $ 237 |
Debt Credit Facility Term Loan
Debt Credit Facility Term Loan (Details) - USD ($) $ in Millions | Nov. 29, 2019 | Sep. 30, 2019 | Nov. 30, 2020 | Nov. 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 | 1.14% | |||
2019 revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250 | |||
Line of Credit Facility Additional Borrowing Capacity | $ 750 | |||
Letters of Credit Outstanding under Credit Facility | $ 1.3 | |||
Long-term Line of Credit | $ 17 | $ 237 | ||
Line of Credit Facility, Interest Rate at Period End | 1.40% | |||
2019 revolving credit facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.10% | |||
2019 revolving credit facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||
2019 revolving credit facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 1.00% | |||
2019 revolving credit facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Interest Rate During Period | 1.625% |
Debt Maturities (Details)
Debt Maturities (Details) $ in Millions | Nov. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 250 |
2022 | 748 |
2023 | 500 |
2024 | 417 |
2025 | 800 |
Thereafter | 2,200 |
Total | $ 4,915 |
Restructuring and Impairment _3
Restructuring and Impairment Charges (Details) $ in Millions | 12 Months Ended |
Nov. 30, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Balance at November 30, 2019 | $ 3.7 |
Add: Restructuring costs incurred | 127.3 |
Less: Amount paid | (65.9) |
Balance at November 30, 2020 | 65.1 |
Employee Severance | |
Restructuring Cost and Reserve [Line Items] | |
Balance at November 30, 2019 | 2.9 |
Add: Restructuring costs incurred | 103 |
Less: Amount paid | (51.6) |
Balance at November 30, 2020 | 54.3 |
Contract Termination | |
Restructuring Cost and Reserve [Line Items] | |
Balance at November 30, 2019 | 0.8 |
Add: Restructuring costs incurred | 24.3 |
Less: Amount paid | (14.3) |
Balance at November 30, 2020 | $ 10.8 |
Restructuring and Impairment _4
Restructuring and Impairment Charges Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 127.3 | ||
Restructuring Reserve | 65.1 | $ 3.7 | |
Impairment of assets | 33.8 | $ 0 | $ 0 |
Resources Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 30.3 | ||
Restructuring Reserve | 18 | ||
Transportation Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 21 | ||
Restructuring Reserve | 10 | ||
Shared Services | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 45.2 | ||
Restructuring Reserve | 22.5 | ||
Financial Services Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 22.2 | ||
Restructuring Reserve | 10.4 | ||
CMS Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 4.2 |
Acquisition-related Costs Recon
Acquisition-related Costs Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Acquisition Related Cost Reserve [Roll Forward] | |||
Balance | $ 120.8 | $ 88 | $ 55.2 |
Add: Costs incurred | 45 | 72.7 | 133.3 |
Revision to prior estimates | 0.3 | (2.4) | 1.5 |
Less: ASC Topic 842 adjustment | (4.4) | ||
Less: Amount paid | (93.4) | (37.5) | (102) |
Balance | 68.3 | 120.8 | 88 |
Employee Severance and Other Termination Benefits | |||
Acquisition Related Cost Reserve [Roll Forward] | |||
Balance | 0 | 2.5 | 13.9 |
Add: Costs incurred | 0 | 4.3 | 25.2 |
Revision to prior estimates | 0 | 0 | 0 |
Less: ASC Topic 842 adjustment | 0 | ||
Less: Amount paid | 0 | (6.8) | (36.6) |
Balance | 0 | 0 | 2.5 |
Contract Termination Costs | |||
Acquisition Related Cost Reserve [Roll Forward] | |||
Balance | 6.2 | 16.8 | 17.6 |
Add: Costs incurred | 0.3 | 0.4 | 19.8 |
Revision to prior estimates | 0.5 | (0.1) | 2.1 |
Less: ASC Topic 842 adjustment | (4.4) | ||
Less: Amount paid | (1.3) | (10.9) | (22.7) |
Balance | 1.3 | 6.2 | 16.8 |
Performance Compensation and Other | |||
Acquisition Related Cost Reserve [Roll Forward] | |||
Balance | 114.6 | 68.7 | 23.7 |
Add: Costs incurred | 44.7 | 68 | 88.3 |
Revision to prior estimates | (0.2) | (2.3) | (0.6) |
Less: ASC Topic 842 adjustment | 0 | ||
Less: Amount paid | (92.1) | (19.8) | (42.7) |
Balance | $ 67 | $ 114.6 | $ 68.7 |
Acquisition-related Costs (Deta
Acquisition-related Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2017 | |
Business Acquisition [Line Items] | ||||
Acquisition-related costs | $ 45.3 | $ 70.3 | $ 134.8 | |
Acquisition Related Cost Reserve | 68.3 | 120.8 | 88 | $ 55.2 |
automotiveMastermind | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related costs | 6.9 | 41.5 | 54.1 | |
Acquisition Related Cost Reserve | 36.8 | |||
Financial Services Segment | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related costs | 11 | 11.8 | 49.2 | |
Transportation Segment | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related costs | 7.1 | 48.4 | 59 | |
Resources Segment | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related costs | 4.5 | 3.5 | ||
CMS Segment | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related costs | 3.7 | |||
Shared Services | ||||
Business Acquisition [Line Items] | ||||
Acquisition-related costs | $ 22 | $ 4.4 | $ 19.4 |
Income Taxes Table (Details)
Income Taxes Table (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Tax Credit Carryforward [Line Items] | |||
Income from continuing operations before income taxes and equity in loss of equity method investees | $ 883.3 | $ 742.9 | $ 424.3 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total current | 147.9 | 292.2 | 96.3 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total deferred | (134.6) | (49.6) | (211.7) |
Provision (benefit) for income taxes | 13.3 | 242.6 | (115.4) |
United Kingdom | |||
Tax Credit Carryforward [Line Items] | |||
Income from continuing operations before income taxes and equity in loss of equity method investees | 179.4 | (33.7) | 75.8 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total current | (14.1) | 52.1 | 12.1 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total deferred | (44.7) | (70.6) | (21.1) |
U.S. | |||
Tax Credit Carryforward [Line Items] | |||
Income from continuing operations before income taxes and equity in loss of equity method investees | 109.1 | 206.1 | (167.5) |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total current | 102.7 | 185.8 | 24.4 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total deferred | (76.8) | 21.5 | (155.9) |
Foreign Tax Authority | |||
Tax Credit Carryforward [Line Items] | |||
Income from continuing operations before income taxes and equity in loss of equity method investees | 594.8 | 570.5 | 516 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total current | 59.3 | 54.3 | 59.8 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total deferred | $ (13.1) | $ (0.5) | $ (34.7) |
Income Taxes Reconciliation (De
Income Taxes Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Income Tax Disclosure [Abstract] | |||
Statutory tax at U.K. rate (19%) | $ 167.8 | $ 141.1 | $ 80.6 |
Foreign rate differential | (4.2) | (53.8) | (38.9) |
Stock-based compensation | (94.8) | (43.7) | (39.2) |
Tax law change | 22 | 179.6 | (178.3) |
Tax-exempt gain | (63.4) | 0 | 0 |
Deferred tax | (14.1) | 0 | 0 |
Transition tax | 0 | 0 | 31.4 |
Valuation allowance | 1.7 | 4.2 | 5.5 |
Transaction costs | 4.2 | 8.7 | 13 |
Uncertain tax positions | (4.8) | 5.4 | 1.1 |
Other | (1.1) | 1.1 | 9.4 |
Provision (benefit) for income taxes | $ 13.3 | $ 242.6 | $ (115.4) |
Effective tax rate expressed as a percentage of pre-tax earnings | 1.50% | 32.70% | (27.20%) |
Income Taxes Deferred Taxes (De
Income Taxes Deferred Taxes (Details) - USD ($) $ in Millions | Nov. 30, 2020 | Nov. 30, 2019 |
Deferred tax assets: | ||
Deferred stock-based compensation | $ 43.9 | $ 59.7 |
Interest carryforward | 211.5 | 116.8 |
Loss and other carryforwards | 62.3 | 57.3 |
Lease liabilities | 67.9 | 0 |
Other | 88.5 | 80.2 |
Gross deferred tax assets | 474.1 | 314 |
Valuation allowance | (18) | (16.3) |
Realizable deferred tax assets | 456.1 | 297.7 |
Deferred tax liabilities: | ||
Property and equipment | (56.7) | (63.8) |
Intangible assets | (829.2) | (850.8) |
Lease right-of-use assets | 55.9 | 0 |
Other | (30.6) | (32.5) |
Gross deferred tax liabilities | (972.4) | (947.1) |
Net deferred tax liability | $ (516.3) | $ (649.4) |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Unrecognize tax benefit | ||
Balance | $ 21.8 | $ 11.5 |
Current year tax positions | 0 | 8.6 |
Prior year tax positions | 3.8 | 2.5 |
Lapse of statute of limitations | (1.7) | (0.6) |
Prior year tax positions | 9.4 | 0.2 |
Balance | 14.5 | 21.8 |
Interest and penalties | ||
Balance | 3.3 | 1.8 |
Current year tax positions | 0 | 0.7 |
Prior year tax positions | 1.6 | 1 |
Lapse of statute of limitations | (0.4) | 0 |
Prior year tax positions | 0.9 | 0.2 |
Balance | $ 3.6 | $ 3.3 |
Income Taxes Textual (Details)
Income Taxes Textual (Details) $ in Millions | 12 Months Ended |
Nov. 30, 2020USD ($) | |
Deferred Tax Liability Not Recognized, Outside Basis Difference of Foreign Subsidiaries | $ 4,900 |
Undistributed Earnings of Domestic Subsidiaries | 3,000 |
Undistributed Earnings of Foreign Subsidiaries | 1,900 |
Loss carryforwards gross | 289 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1.7 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 1.6 |
U.S. | |
Operating Loss Carryforwards | 69.3 |
United Kingdom | |
Operating Loss Carryforwards | 95.3 |
Foreign Tax Authority | |
Operating Loss Carryforwards | $ 124.4 |
Textuals (Details)
Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2018 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ (7.1) | |||
Net periodic pension and postretirement expense (income) | $ 31.6 | $ 2.8 | $ (5.6) | |
Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Cost | 30.5 | 26.8 | 21.1 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic pension and postretirement expense (income) | $ 31.6 | $ 2.8 | $ 1.5 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Unrecognized compensation cost | $ 207.6 | ||
Unrecognized compensation cost, period for recognition | 1 year 4 months 24 days | ||
Stock-based compensation expense | $ 265.7 | $ 223.8 | $ 241.7 |
Income tax benefits | 163.1 | 96.2 | 106.2 |
Capitalized stock-based compensation amount | $ 0 | 0 | 0 |
Minimum | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
RSU vesting period | 1 year | ||
Maximum | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
RSU vesting period | 3 years | ||
Cost of Revenue [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 79.3 | 64.9 | 70 |
Selling general and administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense | $ 186.4 | $ 158.9 | $ 171.7 |
2014 Equity Plan | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Shares authorized | 38.2 | ||
Shares available for grant | 15.7 |
Stock-based Compensation RSU (D
Stock-based Compensation RSU (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU vesting period | 1 year | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU vesting period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of awards vested | $ 340.2 | $ 211.2 | $ 259.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Balance, shares | 8.2 | ||
Balance, grant date fair value | $ 47.41 | ||
Granted shares | 3.3 | ||
Granted, grant date fair value | $ 75.92 | $ 52.60 | $ 48.24 |
Vested shares | (4.3) | ||
Vested, grant date fair value | $ 45.71 | ||
Forfeited shares | (0.4) | ||
Forfeited, grant date fair value | $ 62.22 | ||
Balance, shares | 6.8 | 8.2 | |
Balance, grant date fair value | $ 61.57 | $ 47.41 |
Stock-based Compensation Option
Stock-based Compensation Options (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Balance, options | 9 | ||
Balance, weighted average exercise price | $ 26.81 | ||
Option exercises, shares | (8.6) | ||
Option exercises, weighted average exercise price | $ 26.77 | ||
Balance, options | 0.4 | 9 | |
Balance, weighted average exercise price | $ 27.69 | $ 26.81 | |
Options outstanding, weighted average remaining contractual term | 1 year 9 months 18 days | ||
Options outstanding, intrinsic value | $ 32.1 | ||
Options outstanding, exercisable, shares | 0.4 | ||
Options outstanding, exercisable, weighted average exercise price | $ 27.71 | ||
Options outstanding, exercisable, weighted average remaining contractual term | 1 year 8 months 12 days | ||
Options outstanding, exercisable, intrinsic value | $ 28.5 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 426.6 | $ 238.6 | $ 248.2 |
Weighted Average Share (Details
Weighted Average Share (Details) - shares shares in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Earnings Per Share [Abstract] | |||
Weighted average shares used in computing basic earnings per share | 396.8 | 399.5 | 394.4 |
RSUs/RSAs | 2.7 | 2.9 | 3.4 |
Stock options | 2 | 6.8 | 9.1 |
Shares used in diluted EPS calculation | 401.5 | 409.2 | 406.9 |
Share Repurchase (Details)
Share Repurchase (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | Oct. 31, 2019 | |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||||
Treasury Stock, Shares, Acquired | 13 | 7.6 | 10.3 | |
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 950 | $ 500 | $ 500 | |
Shares held in employee trust, shares | 25.2 | |||
Stock repurchase program October 2019 | ||||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||||
Stock Repurchase Program, Authorized Amount | $ 2,500 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1,600 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (261.6) | ||
Foreign currency translation adjustment | 134.4 | $ 46.2 | $ (220.4) |
Amount of gain (loss) recognized in AOCI on derivative: | 3.7 | (3.2) | 7.6 |
Ending balance | (107.9) | (261.6) | |
Foreign currency translation | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (242.3) | (288.5) | (68.1) |
Foreign currency translation adjustment | 134.4 | 46.2 | (220.4) |
Reclassifications from AOCI to income, foreign currency translation | 0 | 0 | 0 |
Reclassifications from AOCI to retained earnings | 0 | ||
Ending balance | (107.9) | (242.3) | (288.5) |
Net pension and postretirement liability | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (15.6) | (9.9) | (13) |
Other comprehensive income (loss) before reclassifications, net pension and OPEB liability | 0.8 | (7.1) | 3.6 |
Reclassifications from AOCI to income, net pension and OPEB liability | 14.8 | 1.4 | 1.2 |
Reclassifications from AOCI to retained earnings | (1.7) | ||
Ending balance | 0 | (15.6) | (9.9) |
Unrealized losses on hedging activities | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (3.7) | (0.5) | (3.9) |
Amount of gain (loss) recognized in AOCI on derivative: | (0.5) | (4.4) | 4.8 |
Amount of loss reclassified from AOCI into income | 4.2 | 1.2 | 2.8 |
Reclassifications from AOCI to retained earnings | (4.2) | ||
Ending balance | 0 | (3.7) | (0.5) |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (261.6) | (298.9) | (85) |
Other comprehensive income (loss) before reclassifications | 134.7 | 34.7 | (212) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 19 | 2.6 | 4 |
Reclassifications from AOCI to retained earnings | (5.9) | ||
Ending balance | $ (107.9) | $ (261.6) | $ (298.9) |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ 225.1 | $ 244.4 | $ 188.5 |
Income tax payments, net | 192.2 | 191.2 | $ 64.1 |
Cash and cash equivalents | $ 125.6 | $ 111.5 |
Segment Information Textuals (D
Segment Information Textuals (Details) | 12 Months Ended | ||
Nov. 30, 2020USD ($)MajorCustomers | Nov. 30, 2019USD ($)MajorCustomers | Nov. 30, 2018USD ($)MajorCustomers | |
Revenue, Major Customer [Line Items] | |||
Number of Major Customers Accounting for more than 10% Revenue | MajorCustomers | 0 | 0 | 0 |
Segment Reconciling Items | |||
Revenue, Major Customer [Line Items] | |||
Inter-segment Revenue | $ | $ 0 | $ 0 | $ 0 |
Segment Information Operating P
Segment Information Operating Performance (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenue | $ 1,107.2 | $ 1,073.2 | $ 1,026.6 | $ 1,080.8 | $ 1,120.4 | $ 1,112.3 | $ 1,135.5 | $ 1,046.4 | $ 4,287.8 | $ 4,414.6 | $ 4,009.2 |
Adjusted EBITDA | 1,836.7 | 1,778.9 | 1,564.9 | ||||||||
Interest income | 1 | 1.9 | 3.1 | ||||||||
Interest expense | (236.6) | (259.7) | (225.7) | ||||||||
(Provision) benefit for income taxes | (13.3) | (242.6) | 115.4 | ||||||||
Depreciation | (217.5) | (196.1) | (175.1) | ||||||||
Amortization related to acquired intangible assets | (374.1) | (377) | (366.1) | ||||||||
Stock-based compensation expense | (265.7) | (223.8) | (241.7) | ||||||||
Restructuring Charges | (127.3) | ||||||||||
Net income attributable to IHS Markit Ltd. | $ 151.1 | $ 162.9 | $ 71.7 | $ 485 | $ 203.1 | $ 40.1 | $ 149.8 | $ 109.7 | 870.7 | 502.7 | 542.3 |
Financial Services Segment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 1,784 | 1,701.5 | 1,419.7 | ||||||||
Adjusted EBITDA | 886.1 | 786.2 | 636.9 | ||||||||
Restructuring Charges | (22.2) | ||||||||||
Transportation Segment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 1,151.6 | 1,246.1 | 1,160.2 | ||||||||
Adjusted EBITDA | 514.7 | 520.9 | 479.3 | ||||||||
Restructuring Charges | (21) | ||||||||||
Resources Segment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 863.1 | 933.8 | 876.5 | ||||||||
Adjusted EBITDA | 357.3 | 403.5 | 369.4 | ||||||||
Restructuring Charges | (30.3) | ||||||||||
CMS Segment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenue | 489.1 | 533.2 | 552.8 | ||||||||
Adjusted EBITDA | 126.5 | 121.1 | 127.4 | ||||||||
Corporate, Non-Segment | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Adjusted EBITDA | (47.9) | (52.8) | (48.1) | ||||||||
Segment Reconciling Items | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Interest income | 1 | 1.9 | 3.1 | ||||||||
Interest expense | (236.6) | (259.7) | (225.7) | ||||||||
(Provision) benefit for income taxes | (13.3) | (242.6) | 115.4 | ||||||||
Depreciation | (217.5) | (196.1) | (175.1) | ||||||||
Amortization related to acquired intangible assets | (374.1) | (377) | (366.1) | ||||||||
Stock-based compensation expense | (265.7) | (223.8) | (241.7) | ||||||||
Restructuring Charges | (161.1) | (17.3) | (1.7) | ||||||||
Acquisition Related Costs - Non Performance Related | (38.4) | (28.8) | (80.7) | ||||||||
Acquisition Related Performance Compensation | (6.9) | (41.5) | (54.1) | ||||||||
Gain (Loss) on Extinguishment of Debt | 0 | (7) | (4.7) | ||||||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | 377.3 | 115.3 | 0 | ||||||||
Pension Mark to Market and Settlement Expense | (31.2) | (1.8) | 6.5 | ||||||||
Share of joint venture results not attributable to Adjusted EBITDA | (0.6) | (0.9) | (0.5) | ||||||||
Adjusted EBITDA attributable to noncontrolling interest | 1.1 | 3.1 | 2.7 | ||||||||
Net income attributable to IHS Markit Ltd. | $ 870.7 | $ 502.7 | $ 542.3 |
Segment Information Assets (Det
Segment Information Assets (Details) - USD ($) $ in Millions | Nov. 30, 2020 | Nov. 30, 2019 |
Segment Reporting Information [Line Items] | ||
Assets | $ 16,135.2 | $ 16,087.2 |
Financial Services Segment | ||
Segment Reporting Information [Line Items] | ||
Assets | 9,685.5 | 9,435.6 |
Transportation Segment | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,000.3 | 3,018.2 |
Resources Segment | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,786 | 2,831.3 |
CMS Segment | ||
Segment Reporting Information [Line Items] | ||
Assets | 663.4 | 686.8 |
Shared Services | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 0 | $ 115.3 |
Segment Information Revenue and
Segment Information Revenue and Long-Lived Assets (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | $ 1,107.2 | $ 1,073.2 | $ 1,026.6 | $ 1,080.8 | $ 1,120.4 | $ 1,112.3 | $ 1,135.5 | $ 1,046.4 | $ 4,287.8 | $ 4,414.6 | $ 4,009.2 |
Long-Lived Assets | 724.8 | 658.2 | 724.8 | 658.2 | 579.6 | ||||||
U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 2,642.4 | 2,804.6 | 2,406.1 | ||||||||
Long-Lived Assets | 568.3 | 494.2 | 568.3 | 494.2 | 415.4 | ||||||
United Kingdom | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 458.2 | 486.5 | 452.2 | ||||||||
Long-Lived Assets | 115.8 | 126.3 | 115.8 | 126.3 | 127.9 | ||||||
Rest of world | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenue | 1,187.2 | 1,123.5 | 1,150.9 | ||||||||
Long-Lived Assets | $ 40.7 | $ 37.7 | $ 40.7 | $ 37.7 | $ 36.3 |
Segment Information Goodwill Ac
Segment Information Goodwill Activity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Beginning balance | $ 9,836.3 | |
Ending balance | 9,908.7 | $ 9,836.3 |
Financial Services Segment | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Beginning balance | 5,450.1 | 5,431.3 |
Goodwill, Acquired During Period | 4.4 | 0 |
Goodwill, Allocation Adjustment | 0 | 7 |
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 |
Goodwill, Transfers | 0 | |
Goodwill, Translation Adjustments | 53.3 | 11.8 |
Ending balance | 5,507.8 | 5,450.1 |
Transportation Segment | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Beginning balance | 1,953.1 | 2,031.6 |
Goodwill, Acquired During Period | 0 | 9 |
Goodwill, Allocation Adjustment | 0 | 0 |
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 |
Goodwill, Transfers | (87.7) | |
Goodwill, Translation Adjustments | 8.1 | 0.2 |
Ending balance | 1,961.2 | 1,953.1 |
Resources Segment | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Beginning balance | 2,108.1 | 2,015 |
Goodwill, Acquired During Period | 0 | 87 |
Goodwill, Allocation Adjustment | (5.9) | 0.2 |
Goodwill, Written off Related to Sale of Business Unit | 0 | 0 |
Goodwill, Transfers | 0 | |
Goodwill, Translation Adjustments | 12.1 | 5.9 |
Ending balance | 2,114.3 | 2,108.1 |
CMS Segment | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Beginning balance | 325 | 358.1 |
Goodwill, Acquired During Period | 0 | 0 |
Goodwill, Allocation Adjustment | 0 | 0 |
Goodwill, Written off Related to Sale of Business Unit | (1) | (33.4) |
Goodwill, Transfers | 0 | |
Goodwill, Translation Adjustments | 1.4 | 0.3 |
Ending balance | 325.4 | 325 |
Consolidated Total | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Beginning balance | 9,836.3 | 9,836 |
Goodwill, Acquired During Period | 4.4 | 96 |
Goodwill, Allocation Adjustment | (5.9) | 7.2 |
Goodwill, Written off Related to Sale of Business Unit | (1) | (33.4) |
Goodwill, Transfers | (87.7) | |
Goodwill, Translation Adjustments | 74.9 | 18.2 |
Ending balance | $ 9,908.7 | $ 9,836.3 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | Aug. 31, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2018 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $ 1,107.2 | $ 1,073.2 | $ 1,026.6 | $ 1,080.8 | $ 1,120.4 | $ 1,112.3 | $ 1,135.5 | $ 1,046.4 | $ 4,287.8 | $ 4,414.6 | $ 4,009.2 |
Net income attributable to IHS Markit Ltd. | $ 151.1 | $ 162.9 | $ 71.7 | $ 485 | $ 203.1 | $ 40.1 | $ 149.8 | $ 109.7 | $ 870.7 | $ 502.7 | $ 542.3 |
Earnings per share: | |||||||||||
Basic earnings per share attributable to IHS Markit Ltd. | $ 0.38 | $ 0.41 | $ 0.18 | $ 1.23 | $ 0.51 | $ 0.10 | $ 0.37 | $ 0.28 | $ 2.19 | $ 1.26 | $ 1.38 |
Diluted earnings per share attributable to IHS Markit Ltd. | $ 0.38 | $ 0.41 | $ 0.18 | $ 1.20 | $ 0.50 | $ 0.10 | $ 0.37 | $ 0.27 | $ 2.17 | $ 1.23 | $ 1.33 |
Tax Cuts and Jobs Act Income Tax Expense (Benefit), additional amount | $ 50 | $ (200) | |||||||||
Gain (Loss) on Disposition of Assets | $ 377 | $ 377.3 | $ 115.3 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Millions | 1 Months Ended |
Dec. 31, 2020USD ($) | |
GEN II Fund Services | |
Subsequent Events [Abstract] | |
Business Acquisition, Percentage of Voting Interests Acquired | 13.00% |
Subsequent Event [Line Items] | |
Business Acquisition, Percentage of Voting Interests Acquired | 13.00% |
Business Combination, Consideration Transferred | $ 150 |
Cappitech Regulation Ltd | |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred | 50 |
Cappitech Regulation Ltd | Minimum | |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred | 50 |
Cappitech Regulation Ltd | Maximum | |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred | $ 75 |