Cover Page
Cover Page - shares shares in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jul. 23, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-1023 | |
Entity Registrant Name | S&P Global Inc. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-1026995 | |
Entity Address, Address Line One | 55 Water Street | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10041 | |
City Area Code | 212 | |
Local Phone Number | 438-1000 | |
Title of 12(b) Security | Common stock (par value $1.00 per share) | |
Trading Symbol | SPGI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 241 | |
Entity Central Index Key | 0000064040 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,106 | $ 1,943 | $ 4,122 | $ 3,729 |
Expenses: | ||||
Operating-related expenses | 533 | 493 | 1,060 | 1,011 |
Selling and general expenses | 374 | 295 | 735 | 609 |
Depreciation | 23 | 19 | 42 | 39 |
Amortization of intangibles | 22 | 32 | 53 | 61 |
Total expenses | 952 | 839 | 1,890 | 1,720 |
Gain on dispositions | 0 | (1) | (2) | (8) |
Operating profit | 1,154 | 1,105 | 2,234 | 2,017 |
Other income, net | (22) | (10) | (29) | (9) |
Interest expense, net | 32 | 40 | 63 | 74 |
Income before taxes on income | 1,144 | 1,075 | 2,200 | 1,952 |
Provision for taxes on income | 287 | 233 | 534 | 421 |
Net income | 857 | 842 | 1,666 | 1,531 |
Less: net income attributable to noncontrolling interests | $ (59) | (50) | (113) | (100) |
Net income attributable to S&P Global Inc. | $ 792 | $ 1,553 | $ 1,431 | |
Net income: | ||||
Basic (USD per share) | $ 3.31 | $ 3.29 | $ 6.45 | $ 5.92 |
Diluted (USD per share) | $ 3.30 | $ 3.28 | $ 6.42 | $ 5.90 |
Weighted-average number of common shares outstanding: | ||||
Basic (shares) | 240.8 | 240.9 | 240.7 | 241.5 |
Diluted (shares) | 241.8 | 241.9 | 241.7 | 242.6 |
Actual shares outstanding at period end (shares) | 241 | 241 | 241 | 241 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 857 | $ 842 | $ 1,666 | $ 1,531 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 38 | (17) | 13 | (54) |
Income tax effect | 7 | (4) | 2 | 2 |
Foreign currency translation adjustment, net of income tax effect | 45 | (21) | 15 | (52) |
Pension and other postretirement benefit plans | (1) | (37) | 20 | (34) |
Income tax effect | 0 | 10 | (4) | 9 |
Pension and other postretirement benefit plans, net of income tax effect | (1) | (27) | 16 | (25) |
Unrealized (loss) gain on cash flow hedges | (216) | 5 | (214) | (4) |
Income tax effect | 56 | (1) | 56 | 1 |
Unrealized gain on investment and forward exchange contracts, net of income tax effect | (160) | 4 | (158) | (3) |
Comprehensive income | 741 | 798 | 1,539 | 1,451 |
Less: comprehensive income attributable to nonredeemable noncontrolling interests | (8) | (4) | (10) | (5) |
Less: comprehensive income attributable to redeemable noncontrolling interests | (51) | (46) | (103) | (95) |
Comprehensive income attributable to S&P Global Inc. | $ 682 | $ 748 | $ 1,426 | $ 1,351 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 5,213 | $ 4,108 |
Restricted cash | 8 | 14 |
Accounts receivable, net of allowance for doubtful accounts: 2021 - $32; 2020 - $30 | 1,421 | 1,593 |
Prepaid and other current assets | 290 | 273 |
Total current assets | 6,932 | 5,988 |
Property and equipment, net of accumulated depreciation: 2021 - $615; 2020 - $587 | 268 | 284 |
Right of use assets | 446 | 494 |
Goodwill | 3,719 | 3,735 |
Other intangible assets, net | 1,311 | 1,352 |
Other non-current assets | 722 | 684 |
Total assets | 13,398 | 12,537 |
Current liabilities: | ||
Accounts payable | 210 | 233 |
Accrued compensation and contributions to retirement plans | 338 | 551 |
Income taxes currently payable | 168 | 84 |
Unearned revenue | 2,099 | 2,168 |
Other current liabilities | 500 | 551 |
Total current liabilities | 3,315 | 3,587 |
Long-term debt | 4,112 | 4,110 |
Lease liabilities — non-current | 496 | 544 |
Pension and other postretirement benefits | 290 | 291 |
Other non-current liabilities | 749 | 653 |
Total liabilities | 8,962 | 9,185 |
Redeemable noncontrolling interest (Note 8) | 3,105 | 2,781 |
Commitments and contingencies (Note 12) | ||
Equity: | ||
Common stock | 294 | 294 |
Additional paid-in capital | 963 | 946 |
Retained income | 14,237 | 13,367 |
Accumulated other comprehensive loss | (764) | (637) |
Less: common stock in treasury | (13,465) | (13,461) |
Total equity — controlling interests | 1,265 | 509 |
Total equity — noncontrolling interests | 66 | 62 |
Total equity | 1,331 | 571 |
Total liabilities and equity | $ 13,398 | $ 12,537 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 32 | $ 30 |
Accumulated depreciation | $ 615 | $ 587 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities: | ||
Net income | $ 1,666 | $ 1,531 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 42 | 39 |
Amortization of intangibles | 53 | 61 |
Provision for losses on accounts receivable | 13 | 14 |
Deferred income taxes | (47) | 3 |
Stock-based compensation | 50 | 22 |
Gain on dispositions | (2) | (8) |
Pension settlement charges, net of taxes | 0 | 2 |
Other | 22 | 27 |
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: | ||
Accounts receivable | 153 | 30 |
Prepaid and other current assets | (71) | (48) |
Accounts payable and accrued expenses | (199) | (192) |
Unearned revenue | (76) | (56) |
Other current liabilities | (26) | (16) |
Net change in prepaid/accrued income taxes | 100 | 247 |
Net change in other assets and liabilities | 13 | (39) |
Cash provided by operating activities | 1,691 | 1,617 |
Investing Activities: | ||
Capital expenditures | (25) | (18) |
Acquisitions, net of cash acquired | (10) | (185) |
Proceeds from dispositions | 2 | 2 |
Changes in short-term investments | 0 | 15 |
Cash used for investing activities | (33) | (186) |
Financing Activities: | ||
Dividends paid to shareholders | (371) | (323) |
Distributions to noncontrolling interest holders, net | (118) | (92) |
Repurchase of treasury shares | 0 | (1,153) |
Exercise of stock options | 7 | 12 |
Employee withholding tax on share-based payments | (44) | (54) |
Cash used for financing activities | (526) | (1,610) |
Effect of exchange rate changes on cash | (33) | (23) |
Net change in cash, cash equivalents, and restricted cash | 1,099 | (202) |
Cash, cash equivalents, and restricted cash at beginning of period | 4,122 | 2,886 |
Cash, cash equivalents, and restricted cash at end of period | $ 5,221 | $ 2,684 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions | Total | Total SPGI Equity | Common Stock $1 par | Additional Paid-in Capital | Retained Income | Accumulated Other Comprehensive Loss | Less: Treasury Stock | Noncontrolling Interests | |||
Beginning Balance at Dec. 31, 2019 | $ 536 | $ 479 | $ 294 | $ 903 | $ 12,205 | $ (624) | $ (12,299) | $ 57 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income | 1,356 | 1,351 | 1,431 | (80) | 5 | ||||||
Dividends | (325) | (323) | (323) | (2) | |||||||
Share repurchase | 1,153 | 1,153 | 120 | (1,033) | |||||||
Employee stock plans | (20) | (20) | (21) | (1) | |||||||
Change in redemption value of redeemable noncontrolling interest | (124) | (124) | (124) | ||||||||
Other | (2) | (2) | |||||||||
Ending Balance at Jun. 30, 2020 | 268 | 210 | 294 | 762 | 13,189 | (704) | (13,331) | 58 | |||
Beginning Balance at Mar. 31, 2020 | (194) | (250) | 294 | 754 | 12,691 | (660) | (13,329) | 56 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income | [1] | 752 | 748 | 792 | (44) | 4 | |||||
Dividends | (164) | (162) | (162) | (2) | |||||||
Employee stock plans | 6 | 6 | 8 | 2 | |||||||
Change in redemption value of redeemable noncontrolling interest | (135) | (135) | (135) | ||||||||
Other | 3 | 3 | 3 | ||||||||
Ending Balance at Jun. 30, 2020 | 268 | 210 | 294 | 762 | 13,189 | (704) | (13,331) | 58 | |||
Beginning Balance at Dec. 31, 2020 | 571 | 509 | 294 | 946 | 13,367 | (637) | (13,461) | 62 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income | 1,436 | 1,426 | 1,553 | (127) | 10 | ||||||
Dividends | (378) | (371) | (371) | (7) | |||||||
Employee stock plans | 13 | 13 | 17 | 4 | |||||||
Change in redemption value of redeemable noncontrolling interest | (312) | (312) | (312) | ||||||||
Other | 1 | 1 | |||||||||
Ending Balance at Jun. 30, 2021 | 1,331 | 1,265 | 294 | 963 | 14,237 | (764) | (13,465) | 66 | |||
Beginning Balance at Mar. 31, 2021 | 1,098 | 1,032 | 294 | 935 | 13,920 | (648) | (13,469) | 66 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Comprehensive income | 690 | [1] | 682 | [1] | 798 | (116) | 8 | ||||
Dividends | (192) | (185) | (185) | (7) | |||||||
Employee stock plans | 32 | 32 | 28 | (4) | |||||||
Change in redemption value of redeemable noncontrolling interest | (296) | (296) | (296) | ||||||||
Other | (1) | 0 | (1) | ||||||||
Ending Balance at Jun. 30, 2021 | $ 1,331 | $ 1,265 | $ 294 | $ 963 | $ 14,237 | $ (764) | $ (13,465) | $ 66 | |||
[1] | Excludes comprehensive income of $51 million and $46 million three months ended June 30, 2021 and 2020, respectively, and $103 million and $95 million for the six months ended June 30, 2021 and 2020, respectively, attributable to our redeemable noncontrolling interest. |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per common share (USD per share) | $ 0.77 | $ 0.67 | $ 1.54 | $ 1.34 |
Net income (loss) attributable to noncontrolling interest | $ 51 | $ 46 | $ 103 | $ 95 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | Nature of Operations and Basis of Presentation S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the “Company,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. Our operations consist of four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") and S&P Dow Jones Indices ("Indices"). • Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks. • Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services. • Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets. • Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2020 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation. In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year. On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates. Restricted Cash Restricted cash included in our consolidated balance sheets was $8 million and $14 million as of June 30, 2021 and December 31, 2020, respectively. Restricted cash primarily consisted of cash required to be on deposit under contractual agreements in connection with certain acquisitions and dispositions. Contract Assets Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2021 and December 31, 2020, contract assets were $16 million and $7 million, respectively, and are included in accounts receivable in our consolidated balance sheets. Unearned Revenue We record unearned revenue when cash payments are received in advance of our performance. The decrease in the unearned revenue balance at June 30, 2021 compared to December 31, 2020 is primarily driven by $1.5 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period, offset by cash payments received in advance of satisfying our performance obligations. Remaining Performance Obligations Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $2.5 billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter. We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property. Costs to Obtain a Contract We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $128 million and $129 million as of June 30, 2021 and December 31, 2020, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses. We expense sales commissions when incurred if the amortization period is one year or less. These costs are recorded within selling and general expenses. Other Income, net The components of other income, net for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Other components of net periodic benefit cost 1 $ (11) $ (5) $ (22) $ (15) Net (gain) loss from investments (11) (5) (7) 6 Other income, net $ (22) $ (10) $ (29) $ (9) 1 The net periodic benefit cost for our retirement and post retirement plans for the three and six months ended June 30, 2020 includes a non-cash pre-tax settlement charge of $3 million. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisitions Merger Agreement In November of 2020, S&P Global and IHS Markit Ltd ("IHS Markit") entered into a merger agreement, pursuant to which, among other things, a subsidiary of S&P Global will merge with and into IHS Markit, with IHS Markit surviving the merger as a wholly owned subsidiary of S&P Global. Under the terms of the merger agreement, each share of IHS Markit issued and outstanding (other than excluded shares and dissenting shares) 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), less any applicable withholding taxes. On March 11, 2021, S&P Global and IHS Markit shareholders voted to approve the merger agreement. As of May 31, 2021, IHS Markit had approximately 398.6 million shares outstanding. Subject to certain closing conditions, the merger is expected to be completed in the fourth quarter of 2021. 2021 During the six months ended June 30, 2021, we did not complete any material acquisitions. 2020 In February of 2020, CRISIL, included within our Ratings segment, completed the acquisition of Greenwich Associates LLC ("Greenwich"), a leading provider of proprietary benchmarking data, analytics and qualitative, actionable insights that helps financial services firms worldwide measure and improve business performance. The acquisition will complement CRISIL's existing portfolio of products and expand offerings to new segments across financial services including commercial banks and asset and wealth managers. The acquisition of Greenwich is not material to our consolidated financial statements. In January of 2020, we completed the acquisition of the ESG Ratings Business from RobecoSAM, which includes the widely followed SAM* Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices. The acquisition will bolster our position as the premier resource for essential environmental, social, and governance ("ESG") insights and product solutions for our customers. Through this acquisition, we will be able to offer our customers even more transparent, robust and comprehensive ESG solutions. The acquisition of the ESG Ratings Business is not material to our consolidated financial statements. Divestitures 2021 During the six months ended June 30, 2021, we did not complete any dispositions. During the six months ended June 30, 2021, we recorded a pre-tax gain of $2 million ($2 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Standard & Poor's Investment Advisory Services LLC ("SPIAS"), a business within our Market Intelligence segment, in July of 2019. 2020 In January of 2020, Market Intelligence entered into a strategic alliance to transition S&P Global Market Intelligence's Investor Relations ("IR") webhosting business to Q4 Inc. ("Q4"), a third party provider of investor relations related services. This alliance integrated Market Intelligence's proprietary data into Q4's portfolio of solutions, enabling further opportunities for commercial collaboration. In connection with transitioning its IR webhosting business to Q4, Market Intelligence made a minority investment in Q4. During the three and six months ended June 30, 2020, we recorded a pre-tax gain of $1 million ($1 million after-tax) and $8 million ($8 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of IR. The operating profit of our businesses that were disposed of for the periods ended June 30 is as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Operating profit 1 $ — $ 1 $ 1 $ 1 1 The six months ended June 30, 2021 excludes a pre-tax gain related to the sale of the SPIAS of $2 million. The three and six months ended June 30, 2020 excludes a pre-tax gain on the sale of the IR webhosting business of $1 million and $8 million, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate was 25.1% and 24.3% for the three and six months ended June 30, 2021, respectively, and 21.7% and 21.6% for the three and six months ended June 30, 2020, respectively. The increase in 2021 was primarily due to an increase in taxes on foreign operations, including the re-valuation of deferred tax liabilities related to a UK income tax rate change, certain non-deductible IHS Markit merger costs and the successful resolution of tax examinations in the prior year. At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs. The Company is continuously subject to tax examinations in various jurisdictions. As of June 30, 2021 and December 31, 2020, the total amount of federal, state and local, and foreign unrecognized tax benefits was $132 million and $121 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of June 30, 2021 and December 31, 2020, we had $26 million and $24 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $19 million in the next twelve months as a result of the resolution of local tax examinations. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt A summary of long-term debt outstanding is as follows: (in millions) June 30, December 31, 4.0% Senior Notes, due 2025 1 695 695 2.95% Senior Notes, due 2027 2 495 495 2.5% Senior Notes, due 2029 3 496 495 1.25% Senior Notes, due 2030 4 593 592 6.55% Senior Notes, due 2037 5 290 290 4.5% Senior Notes, due 2048 6 273 273 3.25% Senior Notes, due 2049 7 589 589 2.3% Senior Notes, due 2060 8 681 681 Long-term debt 4,112 4,110 1 Interest payments are due semiannually on June 15 and December 15, and as of June 30, 2021, the unamortized debt discount and issuance costs total $5 million. 2 Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2021, the unamortized debt discount and issuance costs total $5 million. 3 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2021, the unamortized debt discount and issuance costs total $4 million. 4 Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2021, and as of June 30, 2021, the unamortized debt discount and issuance costs total $7 million. 5 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2021, the unamortized debt discount and issuance costs total $3 million. 6 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2021, the unamortized debt discount and issuance costs total $10 million. 7 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2021, the unamortized debt discount and issuance costs total $11 million. 8 Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2021, and as of June 30, 2021, the unamortized debt discount and issuance costs total $19 million. The fair value of our total debt borrowings was $4.4 billion and $4.6 billion as of June 30, 2021 and December 31, 2020, respectively, and was estimated based on quoted market prices. On April 26, 2021, we entered into a revolving $1.5 billion five-year credit agreement (our "credit facility") that will terminate on April 26, 2026. This credit facility replaced our revolving $1.2 billion five-year credit facility (our "previous credit facility") that was scheduled to terminate on June 30, 2022. The previous credit facility was canceled immediately after the new credit facility became effective. There were no outstanding borrowings under the previous credit facility when it was replaced. We have the ability to borrow a total of $1.5 billion through our commercial paper program, which is supported by our credit facility. As of June 30, 2021 and December 31, 2020, there was no commercial paper issued or outstanding, and we similarly did not draw or have any borrowings outstanding from the credit facility or previous credit facility during the three and six months ended June 30, 2021 and 2020. Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 9 basis points. The credit facility also includes an accordion feature which allows the Company to increase the total commitments thereunder by up to an additional $500 million, subject to certain customary terms and conditions. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2021 and December 31, 2020, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates and cross currency swap contracts to hedge a portion of our net investment in a foreign subsidiary against volatility in foreign exchange rates. During the six months ended June 30, 2021, we entered into a series of interest rate swaps to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing. These contracts are recorded at fair value that is based on foreign currency exchange rates and interest rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes. Undesignated Derivative Instruments During the six months ended June 30, 2021 and twelve months ended December 31, 2020, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts do not qualify for hedge accounting. As of June 30, 2021 and December 31, 2020, the aggregate notional value of these outstanding forward contracts was $276 million and $460 million, respectively. The changes in fair value of these forward contracts are recorded in prepaid and other assets or other current liabilities in the consolidated balance sheet with their corresponding change in fair value recognized in selling and general expenses in the consolidated statement of income. The amount recorded in other current liabilities as of June 30, 2021 and December 31, 2020 was $6 million and $2 million, respectively. The amount recorded in selling and general expense related to these contracts was a net gain of $3 million and a net loss of $3 million for three and six months ended June 30, 2021, respectively, and a net gain of $7 million and a net loss of $4 million for the three and six months ended June 30, 2020, respectively. Net Investment Hedges During the six months ended June 30, 2021 and twelve months ended December 31, 2020, we entered into cross currency swaps to hedge a portion of our net investment in one of our European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. These swaps are designated and qualify as a hedge of a net investment in a foreign subsidiary and are scheduled to mature in 2024, 2029, 2030. As of June 30, 2021 and December 31, 2020, the notional value of our outstanding cross currency swaps designated as a net investment hedge was $1 billion. The changes in the fair value of swaps are recognized in foreign currency translation adjustments, a component of other comprehensive income (loss), and reported in accumulated other comprehensive loss in our consolidated balance sheet. The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. We have elected to assess the effectiveness of our net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to the cross currency swaps recognized directly in net income for the three and six months ended June 30, 2021 represent net periodic interest settlements and accruals, which are recognized in interest expense, net. We recognized net interest income of $5 million and $9 million for the three and six months ended June 30, 2021, respectively, and $2 million and $5 million for the three and six months ended June 30, 2020, respectively. Cash Flow Hedges Foreign Exchange Forward Contracts During the six months ended June 30, 2021 and twelve months ended December 31, 2020, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the second quarter of 2023 and the fourth quarter of 2022, respectively. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twenty-four months. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings. As of June 30, 2021, we estimate that $13 million of pre-tax gain related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months. As of June 30, 2021 and December 31, 2020, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $480 million and $489 million, respectively. Interest Rate Swaps During the six months ended June 30, 2021, we entered into a series of interest rate swaps. These contracts are intended to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing and are scheduled to mature beginning in the first quarter of 2027. These interest rate swaps are designated as cash flow hedges. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and will be subsequently reclassified into Interest expense, net in the same period that the hedged transaction affects earnings. As of June 30, 2021, the aggregate notional value of our outstanding interest rate swaps designated as cash flow hedges was $2.3 billion. The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2021 and December 31, 2020: (in millions) June 30, December 31, Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Prepaid and other current assets Foreign exchange forward contracts $ 14 $ 23 Other current liabilities Foreign exchange forward contracts $ — $ 2 Other non-current liabilities Interest rate swap contracts $ 206 $ — Derivatives designated as net investment hedges: Other non-current liabilities Cross currency swaps $ 77 $ 107 The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30: Three Months (in millions) Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) 2021 2020 2021 2020 Cash flow hedges - designated as hedging instruments Foreign exchange forward contracts $ (6) $ 4 Revenue, Selling and general expenses $ 5 $ (2) Interest rate swap contracts $ (208) $ — Interest expense, net $ — $ — Net investment hedges - designated as hedging instruments Cross currency swaps $ 11 $ (22) Interest expense, net $ (3) $ — Six Months (in millions) Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) 2021 2020 2021 2020 Cash flow hedges - designated as hedging instruments Foreign exchange forward contracts $ (6) $ (3) Revenue, Selling and general expenses $ 10 $ (4) Interest rate swap contracts $ (206) $ — Interest expense, net $ — $ — Net investment hedges - designated as hedging instruments Cross currency swaps $ 26 $ 9 Interest expense, net $ (3) $ — The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30: (in millions) Three Months Six Months 2021 2020 2021 2020 Cash Flow Hedges Foreign exchange forward contracts Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period $ 14 $ (5) $ 14 $ 2 Change in fair value, net of tax 3 2 8 (7) Reclassification into earnings, net of tax (5) 2 (10) 4 Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period $ 12 $ (1) $ 12 $ (1) Interest rate swap contracts Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period $ 2 $ — $ — $ — Change in fair value, net of tax (157) — (155) — Reclassification into earnings, net of tax — — — — Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period $ (155) $ — $ (155) $ — Net Investment Hedges Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period $ (70) $ 16 $ (81) $ (8) Change in fair value, net of tax 8 (16) 19 8 Reclassification into earnings, net of tax 3 — 3 — Net unrealized gains (losses) on net investment hedges, net of taxes, end of period $ (59) $ — $ (59) $ — |
Employee Benefits
Employee Benefits | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Employee Benefits We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued. We also have supplemental benefit plans providing senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts. We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans. We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts. Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income. The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 10 13 21 26 Expected return on assets (26) (25) (52) (51) Amortization of prior service credit / actuarial loss 5 4 9 7 Net periodic benefit cost $ (10) $ (7) $ (20) $ (16) Settlement charge 1 — 3 3 Net benefit cost $ (10) $ (4) $ (20) $ (13) 1 During the three and six months ended June 30, 2020, lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our UK pension plan, triggering the recognition of a non-cash pre-tax settlement charge of $3 million. Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and six months ended June 30, 2021 and 2020. As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans and our expected return on assets assumption for our retirement plans which became effective on January 1, 2021. The effect of the assumption changes on retirement and postretirement expense for the three and six months ended June 30, 2021 did not have a material impact to our financial position, results of operations or cash flows. In the first six months of 2021, we contributed $5 million to our retirement plans and expect to make additional required contributions of approximately $6 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in the second half of 2021. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We issue stock-based incentive awards to our eligible employees under the 2019 Stock Incentive Plan ("2019 Plan") and to our eligible non-employee Directors under a Director Deferred Stock Ownership Plan. The 2019 Plan permits the granting of incentive stock options, nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards. Total stock-based compensation expense primarily related to restricted stock and unit awards was $31 million and $50 million for the three and six months ended June 30, 2021, respectively, and $11 million and $22 million, for the three and six months |
Equity
Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Equity | Equity Stock Repurchases On January 29, 2020, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the "2020 Repurchase Program"), which was approximately 12% of the total shares of our outstanding common stock at that time. On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of 50 million shares (the "2013 Repurchase Program"), which was approximately 18% of the total shares of our outstanding common stock at that time. Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of June 30, 2021, 30 million shares remained available under the 2020 Repurchase Program and 0.8 million shares remained available under the 2013 repurchase program. Our 2020 Repurchase Program and 2013 Repurchase Program have no expiration date and purchases under these programs may be made from time to time on the open market and in private transactions, depending on market conditions. We entered into accelerated share repurchase (“ASR”) agreements with financial institutions to initiate share repurchases of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares. This initial delivery of shares represents the minimum number of shares that we may receive under the agreement. Upon settlement of the ASR agreement, the financial institution delivers additional shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount. We account for our ASR agreements as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreements resulted in a reduction of outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The repurchased shares are held in Treasury. The forward stock purchase contracts were classified as equity instruments. The ASR agreements were executed under our 2013 Repurchase Program, approved on December 4, 2013. The terms of each ASR agreement entered for the six months ended June 30, 2020, structured as outlined above, are as follows: (in millions, except average price) ASR Agreement Initiation Date ASR Agreement Completion Date Initial Shares Delivered Additional Shares Delivered Total Number of Shares Average Price Paid Per Share Total Cash Utilized February 11, 2020 1 July 27, 2020 1.3 0.4 1.7 $ 292.13 $ 500 February 11, 2020 2 July 27, 2020 1.4 0.3 1.7 $ 292.13 $ 500 1 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.3 million shares and an additional amount of 0.2 million during the month of February, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on July 27, 2020 and received an additional 0.2 million shares. 2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 1.4 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. We completed the ASR agreement on July 27, 2020 and received an additional 0.3 million shares. Additionally, we purchased shares of our common stock in the open market for the six months ended June 30, 2020 as follows: (in millions, except average price) Total Number of Shares Average Price Paid Per Share Total Cash Utilized June 30, 2020 0.5 $ 291.99 $ 150 During the six months ended June 30, 2021, we did not use cash to repurchase shares. During the six months ended June 30, 2020, we purchased a total of 3.4 million shares for $1,150 million of cash. During the fourth quarter of 2019, we repurchased shares for $3 million, which settled in the first quarter of 2020, resulting in $1,153 million of cash used to repurchase shares. Redeemable Noncontrolling Interests The agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC ("CGIS") has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group's and CGIS' minority interest. If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interest” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 fair value measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income. Noncontrolling interests that do not contain such redemption features are presented in equity. Changes to redeemable noncontrolling interest during the six months ended June 30, 2021 were as follows: (in millions) Balance as of December 31, 2020 $ 2,781 Net income attributable to redeemable noncontrolling interest 103 Distributions payable to redeemable noncontrolling interest (91) Redemption value adjustment 312 Balance as of June 30, 2021 $ 3,105 Accumulated Other Comprehensive Loss The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2021: (in millions) Foreign Currency Translation Adjustments Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance as of December 31, 2020 $ (323) $ (328) $ 14 $ (637) Other comprehensive (loss) income before reclassifications 15 1 9 (148) (124) Reclassifications from accumulated other comprehensive income (loss) to net earnings — 7 2 (10) 3 (3) Net other comprehensive (loss) income 15 16 (158) (127) Balance as of June 30, 2021 $ (308) $ (312) $ (144) $ (764) 1 Includes an unrealized gain related to our cross currency swaps. See note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss. 2 Reflects amortization of net actuarial losses and is net of a tax benefit of $2 million for the six months ended June 30, 2021. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings. 3 See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options and restricted performance shares calculated using the treasury stock method. The calculation of basic and diluted EPS for the periods ended June 30 is as follows: (in millions, except per share amounts) Three Months Six Months 2021 2020 2021 2020 Amounts attributable to S&P Global Inc. common shareholders: Net income $ 798 $ 792 $ 1,553 $ 1,431 Basic weighted-average number of common shares outstanding 240.8 240.9 240.7 241.5 Effect of stock options and other dilutive securities 1.0 1.0 1.0 1.1 Diluted weighted-average number of common shares outstanding 241.8 241.9 241.7 242.6 Earnings per share attributable to S&P Global Inc. common shareholders: Net income: Basic $ 3.31 $ 3.29 $ 6.45 $ 5.92 Diluted $ 3.30 $ 3.28 $ 6.42 $ 5.90 We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three and six months ended June 30, 2021 and 2020, there were no stock options excluded. Restricted performance shares outstanding of 0.5 million and 0.6 million as of June 30, 2021 and 2020, respectively, were excluded. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2020 restructuring plan consisted of a company-wide workforce reduction of approximately 830 positions, and are further detailed below. The charges for the restructuring plans are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets. In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed. The initial restructuring charge recorded and the ending reserve balance as of June 30, 2021 by segment is as follows: 2020 Restructuring Plan (in millions) Initial Charge Recorded Ending Reserve Balance Ratings $ 4 $ 2 Market Intelligence 27 10 Platts 10 6 Indices 5 1 Corporate 19 9 Total $ 65 $ 28 The ending reserve balance for the 2020 restructuring plan was $58 million as of December 31, 2020. For the six months ended June 30, 2021, we have reduced the reserve for the 2020 restructuring plan by $30 million. The reductions primarily related to cash payments for employee severance charges. |
Segment and Related Information
Segment and Related Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment and Related Information | Segment and Related Information We have four reportable segments: Ratings, Market Intelligence, Platts and Indices. Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include Corporate Unallocated expense, other (income) expense, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments. A summary of operating results for the periods ended June 30 is as follows: Revenue Three Months Six Months (in millions) 2021 2020 2021 2020 Ratings $ 1,073 $ 1,006 $ 2,090 $ 1,831 Market Intelligence 555 516 1,094 1,034 Platts 236 217 461 433 Indices 278 240 548 499 Intersegment elimination 1 (36) (36) (71) (68) Total revenue $ 2,106 $ 1,943 $ 4,122 $ 3,729 Operating Profit Three Months Six Months (in millions) 2021 2020 2021 2020 Ratings 2 $ 729 $ 693 $ 1,410 $ 1,213 Market Intelligence 3 180 159 347 306 Platts 4 135 124 263 236 Indices 5 196 171 387 353 Total reportable segments 1,240 1,147 2,407 2,108 Corporate Unallocated expense 6 (86) (42) (173) (91) Total operating profit $ 1,154 $ 1,105 $ 2,234 $ 2,017 1 Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 Operating profit for three and six months ended June 30, 2021 includes amortization of intangibles from acquisitions of $2 million and $7 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $2 million for the three and six months ended June 30, 2020. 3 Operating profit for six months ended June 30, 2021 includes a gain on disposition of $2 million, and operating profit for three and six months ended June 30, 2020 includes a gain on disposition of $1 million and $8 million, respectively. Operating profit for six months ended June 30, 2020 includes employee severance charges of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $16 million and $20 million for three months ended June 30, 2021 and 2020, respectively, and $33 million and $39 million for six months ended June 30, 2021 and 2020, respectively. 4 Operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2021 and 2020, respectively, and $4 million for the six months ended June 30, 2021 and 2020. 5 Operating profit includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2021 and 2020, and $3 million for the six months ended June 30, 2021 and 2020. 6 Corporate Unallocated expense for the three and six months ended June 30, 2021 includes IHS Markit merger costs of $50 million and $99 million, respectively, a lease impairment of $3 million, and for six months ended June 30, 2021 includes Kensho retention related expense of $2 million. Corporate Unallocated expense for the three and six months ended June 30, 2020 includes employee severance charges of $3 million and $10 million, respectively, and Kensho retention related expense of $2 million and $7 million, respectively. Corporate Unallocated expense also includes amortization of intangibles from acquisitions of $7 million for the six months ended June 30, 2021, and $7 million and $13 million for the three and six months ended June 30, 2020, respectively. The following table presents our revenue disaggregated by revenue type for the periods ended June 30: (in millions) Ratings Market Intelligence Platts Indices Intersegment Elimination 1 Total Three Months Ended June 30, 2021 Subscription $ — $ 540 $ 217 $ 48 $ — $ 805 Non-subscription / Transaction 615 15 3 — — 633 Non-transaction 458 — — — (36) 422 Asset-linked fees — — — 195 — 195 Sales usage-based royalties — — 16 35 — 51 Total revenue $ 1,073 $ 555 $ 236 $ 278 $ (36) $ 2,106 Timing of revenue recognition Services transferred at a point in time $ 615 $ 15 $ 3 $ — $ — $ 633 Services transferred over time 458 540 233 278 (36) 1,473 Total revenue $ 1,073 $ 555 $ 236 $ 278 $ (36) $ 2,106 Six Months Ended June 30, 2021 Subscription $ — $ 1,067 $ 425 $ 94 $ — $ 1,586 Non-subscription / Transaction 1,197 27 4 — — 1,228 Non-transaction 893 — — — (71) 822 Asset-linked fees — — — 378 — 378 Sales usage-based royalties — — 32 76 — 108 Other revenue — — — — — — Total revenue $ 2,090 $ 1,094 $ 461 $ 548 $ (71) $ 4,122 Timing of revenue recognition Services transferred at a point in time $ 1,197 $ 27 $ 4 $ — $ — $ 1,228 Services transferred over time 893 1,067 457 548 (71) 2,894 Total revenue $ 2,090 $ 1,094 $ 461 $ 548 $ (71) $ 4,122 (in millions) Ratings Market Intelligence Platts Indices Intersegment Elimination 1 Total Three Months Ended June 30, 2020 2 Subscription $ — $ 503 $ 201 $ 43 $ — $ 747 Non-subscription / Transaction 622 13 1 — — 636 Non-transaction 384 — — — (36) 348 Asset-linked fees — — — 153 — 153 Sales usage-based royalties — — 15 44 — 59 Total revenue $ 1,006 $ 516 $ 217 $ 240 $ (36) $ 1,943 Timing of revenue recognition Services transferred at a point in time $ 622 $ 13 $ 1 $ — $ — $ 636 Services transferred over time 384 503 216 240 (36) 1,307 Total revenue $ 1,006 $ 516 $ 217 $ 240 $ (36) $ 1,943 Six Months Ended June 30, 2020 2 Subscription $ — $ 1,007 $ 398 $ 89 $ — $ 1,494 Non-subscription / Transaction 1,052 26 3 — — 1,081 Non-transaction 779 — — — (68) 711 Asset-linked fees — 1 — 312 — 313 Sales usage-based royalties — — 32 98 — 130 Other revenue — — — — — — Total revenue $ 1,831 $ 1,034 $ 433 $ 499 $ (68) $ 3,729 Timing of revenue recognition Services transferred at a point in time $ 1,052 $ 26 $ 3 $ — $ — $ 1,081 Services transferred over time 779 1,008 430 499 (68) 2,648 Total revenue $ 1,831 $ 1,034 $ 433 $ 499 $ (68) $ 3,729 1 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 In the first quarter of 2021, we reevaluated our transaction and non-transaction presentation for Ratings which resulted in a reclassification from transaction revenue to non-transaction revenue of $2 million and $4 million for the three and six months ended June 30, 2020, respectively. The following provides revenue by geographic region for the periods ended June 30: (in millions) Three Months Six Months 2021 2020 2021 2020 U.S. $ 1,262 $ 1,200 $ 2,500 $ 2,308 European region 524 450 998 855 Asia 214 187 422 371 Rest of the world 106 106 202 195 Total $ 2,106 $ 1,943 $ 4,122 $ 3,729 See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. We consider these options in determining the lease term used to establish our right of use ("ROU") assets and associated lease liabilities. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. During the three and six months ending June 30, 2021, we recorded a pre-tax impairment charge of $3 million related to the impairment and abandonment of operating lease related ROU assets. The impairment charges are included in selling and general expenses within the consolidated statements of income. The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of June 30, 2021 and December 31, 2020: (in millions) June 30, December 31, Balance Sheet Location 2021 2020 Assets Right of use assets Lease right of use assets $ 446 $ 494 Liabilities Other current liabilities Current lease liabilities 95 100 Lease liabilities — non-current Non-current lease liabilities 496 544 The components of lease expense for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Operating lease cost $ 33 $ 39 $ 65 $ 75 Sublease income (1) (1) (1) (5) Total lease cost $ 32 $ 38 $ 64 $ 70 Supplemental information related to leases for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Cash paid for amounts included in the measurement for operating lease liabilities Operating cash flows for operating leases $ 33 $ 33 65 72 Right of use assets obtained in exchange for lease obligations Operating leases 3 — 3 6 Weighted-average remaining lease term and discount rate for our operating leases are as follows: June 30, December 31, 2021 2020 Weighted-average remaining lease term (years) 8.4 8.5 Weighted-average discount rate 3.73 % 3.78 % Maturities of lease liabilities for our operating leases are as follows: (in millions) 2021 (Excluding the six months ended June 30, 2021) $ 60 2022 106 2023 87 2024 70 2025 62 2026 and beyond 303 Total undiscounted lease payments $ 688 Less: Imputed interest 97 Present value of lease liabilities $ 591 Related Party Agreements In June of 2012, we entered into a license agreement (the "License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, replacing the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the three and six months ended June 30, 2021, S&P Dow Jones Indices LLC earned $31 million and $67 million, respectively, of revenue under the terms of the License Agreement. During the three and six months ended June 30, 2020, S&P Dow Jones Indices LLC earned $40 million and $87 million, respectively, of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests. Legal and Regulatory Matters In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often the subject of government and regulatory proceedings, investigations and inquiries. On May 17, 2021, Indices reached a settlement with the SEC relating to the operation of a then undisclosed quality assurance mechanism and its impact on certain real-time values of the S&P 500 VIX Short-Term Futures Index ER on a single business day, February 5, 2018 (the “VIX Matter”), which was the subject of a previously disclosed Wells Notice. Indices neither admitted nor denied the SEC's allegations. The SEC found that Indices acted negligently in violation of Section 17(a)(3) of the Securities Act of 1933 with respect to the VIX Matter. The SEC acknowledged Indices’ cooperation with the SEC staff. The Company agreed to pay a penalty of $9 million that was previously reserved for in 2020 and to cease and desist from committing or causing any violations and any future violations of Section 17(a)(3) of the Securities Act of 1933. A class action lawsuit was filed in Australia on August 7, 2020 against the Company and a subsidiary of the Company. A separate lawsuit was filed against the Company and a subsidiary of the Company in Australia on February 2, 2021 by two entities within the Basis Capital investment group. The lawsuits both relate to alleged investment losses in collateralized debt obligations rated by Ratings prior to the financial crisis. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve these matters on terms deemed acceptable. From time to time, the Company receives customer complaints, particularly, though not exclusively, in its Ratings and Indices segments. The Company believes it has strong contractual protections in the terms and conditions included in its arrangements with customers. Nonetheless, in the interest of managing customer relationships, the Company from time to time engages in dialogue with such customers in an effort to resolve such complaints, and if such complaints cannot be resolved through dialogue, may face litigation regarding such complaints. The Company does not expect to incur material losses as a result of these matters. Moreover, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to ratings activities and antitrust matters. For example, as a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Exchange Act, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global seeks to promptly address any compliance issues that it detects or that the staff of the SEC or another regulator raises, there can be no assurance that the SEC or another regulator will not seek remedies against S&P Global for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position. In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods. |
Recently Issued or Adopted Acco
Recently Issued or Adopted Accounting Standards | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued or Adopted Accounting Standards | Recently Issued or Adopted Accounting Standards In August of 2020, the Financial Accounting Standards Board ("FASB") issued guidance that amends the accounting for convertible instruments and the derivatives scope exception for contracts in an entity's own equity. The guidance was effective on January 1, 2021, and the adoption of this guidance did not have a significant impact on our consolidated financial statements. In January of 2020, the FASB intended to clarify the interaction of the accounting for equity securities under Accounting Standards Codification ("ASC") 321, investments accounted for under the equity method of accounting under ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. The guidance clarifies how to account for the transition into and out of the equity method of accounting when considering observable transactions under the measurement alternative. The guidance was effective on January 1, 2021, and the adoption of this guidance did not have a significant impact on our consolidated financial statements. In December of 2019, the FASB issued guidance to simplify the accounting for income taxes, which eliminates certain exceptions to the general principles of Topic 740. The guidance is effective for reporting periods after December 15, 2020. Our adoption of this guidance on January 1, 2021 did not have a significant impact on our consolidated financial statements. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the “Company,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. Our operations consist of four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") and S&P Dow Jones Indices ("Indices"). • Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks. • Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services. • Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets. • Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. |
Basis of Presentation | The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2020 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation. In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for the full year. |
Use of Estimates | On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. |
Recently Issued or Adopted Accounting Standards | In August of 2020, the Financial Accounting Standards Board ("FASB") issued guidance that amends the accounting for convertible instruments and the derivatives scope exception for contracts in an entity's own equity. The guidance was effective on January 1, 2021, and the adoption of this guidance did not have a significant impact on our consolidated financial statements. In January of 2020, the FASB intended to clarify the interaction of the accounting for equity securities under Accounting Standards Codification ("ASC") 321, investments accounted for under the equity method of accounting under ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. The guidance clarifies how to account for the transition into and out of the equity method of accounting when considering observable transactions under the measurement alternative. The guidance was effective on January 1, 2021, and the adoption of this guidance did not have a significant impact on our consolidated financial statements. In December of 2019, the FASB issued guidance to simplify the accounting for income taxes, which eliminates certain exceptions to the general principles of Topic 740. The guidance is effective for reporting periods after December 15, 2020. Our adoption of this guidance on January 1, 2021 did not have a significant impact on our consolidated financial statements. |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Components of Other Income, Net | The components of other income, net for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Other components of net periodic benefit cost 1 $ (11) $ (5) $ (22) $ (15) Net (gain) loss from investments (11) (5) (7) 6 Other income, net $ (22) $ (10) $ (29) $ (9) 1 The net periodic benefit cost for our retirement and post retirement plans for the three and six months ended June 30, 2020 includes a non-cash pre-tax settlement charge of $3 million. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Operating Profit of Business Held-for-Sale | The operating profit of our businesses that were disposed of for the periods ended June 30 is as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Operating profit 1 $ — $ 1 $ 1 $ 1 1 The six months ended June 30, 2021 excludes a pre-tax gain related to the sale of the SPIAS of $2 million. The three and six months ended June 30, 2020 excludes a pre-tax gain on the sale of the IR webhosting business of $1 million and $8 million, respectively. |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Short-term and Long-term Debt Outstanding | A summary of long-term debt outstanding is as follows: (in millions) June 30, December 31, 4.0% Senior Notes, due 2025 1 695 695 2.95% Senior Notes, due 2027 2 495 495 2.5% Senior Notes, due 2029 3 496 495 1.25% Senior Notes, due 2030 4 593 592 6.55% Senior Notes, due 2037 5 290 290 4.5% Senior Notes, due 2048 6 273 273 3.25% Senior Notes, due 2049 7 589 589 2.3% Senior Notes, due 2060 8 681 681 Long-term debt 4,112 4,110 1 Interest payments are due semiannually on June 15 and December 15, and as of June 30, 2021, the unamortized debt discount and issuance costs total $5 million. 2 Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2021, the unamortized debt discount and issuance costs total $5 million. 3 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2021, the unamortized debt discount and issuance costs total $4 million. 4 Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2021, and as of June 30, 2021, the unamortized debt discount and issuance costs total $7 million. 5 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2021, the unamortized debt discount and issuance costs total $3 million. 6 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2021, the unamortized debt discount and issuance costs total $10 million. 7 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2021, the unamortized debt discount and issuance costs total $11 million. 8 Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2021, and as of June 30, 2021, the unamortized debt discount and issuance costs total $19 million. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Location and Fair Value Amounts of Cash Flow Hedges | The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2021 and December 31, 2020: (in millions) June 30, December 31, Balance Sheet Location 2021 2020 Derivatives designated as cash flow hedges: Prepaid and other current assets Foreign exchange forward contracts $ 14 $ 23 Other current liabilities Foreign exchange forward contracts $ — $ 2 Other non-current liabilities Interest rate swap contracts $ 206 $ — Derivatives designated as net investment hedges: Other non-current liabilities Cross currency swaps $ 77 $ 107 |
Schedule of Pre-tax Gains (Losses) on Cash Flow Hedges | The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30: Three Months (in millions) Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) 2021 2020 2021 2020 Cash flow hedges - designated as hedging instruments Foreign exchange forward contracts $ (6) $ 4 Revenue, Selling and general expenses $ 5 $ (2) Interest rate swap contracts $ (208) $ — Interest expense, net $ — $ — Net investment hedges - designated as hedging instruments Cross currency swaps $ 11 $ (22) Interest expense, net $ (3) $ — Six Months (in millions) Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) 2021 2020 2021 2020 Cash flow hedges - designated as hedging instruments Foreign exchange forward contracts $ (6) $ (3) Revenue, Selling and general expenses $ 10 $ (4) Interest rate swap contracts $ (206) $ — Interest expense, net $ — $ — Net investment hedges - designated as hedging instruments Cross currency swaps $ 26 $ 9 Interest expense, net $ (3) $ — |
Schedule of Cash Flow Hedges included in AOCI | The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30: (in millions) Three Months Six Months 2021 2020 2021 2020 Cash Flow Hedges Foreign exchange forward contracts Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period $ 14 $ (5) $ 14 $ 2 Change in fair value, net of tax 3 2 8 (7) Reclassification into earnings, net of tax (5) 2 (10) 4 Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period $ 12 $ (1) $ 12 $ (1) Interest rate swap contracts Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period $ 2 $ — $ — $ — Change in fair value, net of tax (157) — (155) — Reclassification into earnings, net of tax — — — — Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period $ (155) $ — $ (155) $ — Net Investment Hedges Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period $ (70) $ 16 $ (81) $ (8) Change in fair value, net of tax 8 (16) 19 8 Reclassification into earnings, net of tax 3 — 3 — Net unrealized gains (losses) on net investment hedges, net of taxes, end of period $ (59) $ — $ (59) $ — |
Employee Benefits (Tables)
Employee Benefits (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Cost | The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 10 13 21 26 Expected return on assets (26) (25) (52) (51) Amortization of prior service credit / actuarial loss 5 4 9 7 Net periodic benefit cost $ (10) $ (7) $ (20) $ (16) Settlement charge 1 — 3 3 Net benefit cost $ (10) $ (4) $ (20) $ (13) 1 During the three and six months ended June 30, 2020, lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our UK pension plan, triggering the recognition of a non-cash pre-tax settlement charge of $3 million. |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accelerated Share Repurchase Agreements | The terms of each ASR agreement entered for the six months ended June 30, 2020, structured as outlined above, are as follows: (in millions, except average price) ASR Agreement Initiation Date ASR Agreement Completion Date Initial Shares Delivered Additional Shares Delivered Total Number of Shares Average Price Paid Per Share Total Cash Utilized February 11, 2020 1 July 27, 2020 1.3 0.4 1.7 $ 292.13 $ 500 February 11, 2020 2 July 27, 2020 1.4 0.3 1.7 $ 292.13 $ 500 1 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.3 million shares and an additional amount of 0.2 million during the month of February, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on July 27, 2020 and received an additional 0.2 million shares. 2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 1.4 million shares, representing 85% of the $500 million at a price equal to the then market price of the Company. We completed the ASR agreement on July 27, 2020 and received an additional 0.3 million shares. |
Schedule of Share Repurchases | Additionally, we purchased shares of our common stock in the open market for the six months ended June 30, 2020 as follows: (in millions, except average price) Total Number of Shares Average Price Paid Per Share Total Cash Utilized June 30, 2020 0.5 $ 291.99 $ 150 |
Schedule of Redeemable Noncontrolling Interest Rollforward | Changes to redeemable noncontrolling interest during the six months ended June 30, 2021 were as follows: (in millions) Balance as of December 31, 2020 $ 2,781 Net income attributable to redeemable noncontrolling interest 103 Distributions payable to redeemable noncontrolling interest (91) Redemption value adjustment 312 Balance as of June 30, 2021 $ 3,105 |
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss | The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30, 2021: (in millions) Foreign Currency Translation Adjustments Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Cash Flow Hedges Accumulated Other Comprehensive Loss Balance as of December 31, 2020 $ (323) $ (328) $ 14 $ (637) Other comprehensive (loss) income before reclassifications 15 1 9 (148) (124) Reclassifications from accumulated other comprehensive income (loss) to net earnings — 7 2 (10) 3 (3) Net other comprehensive (loss) income 15 16 (158) (127) Balance as of June 30, 2021 $ (308) $ (312) $ (144) $ (764) 1 Includes an unrealized gain related to our cross currency swaps. See note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss. 2 Reflects amortization of net actuarial losses and is net of a tax benefit of $2 million for the six months ended June 30, 2021. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings. 3 See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation for Basic and Diluted Earnings Per Share | The calculation of basic and diluted EPS for the periods ended June 30 is as follows: (in millions, except per share amounts) Three Months Six Months 2021 2020 2021 2020 Amounts attributable to S&P Global Inc. common shareholders: Net income $ 798 $ 792 $ 1,553 $ 1,431 Basic weighted-average number of common shares outstanding 240.8 240.9 240.7 241.5 Effect of stock options and other dilutive securities 1.0 1.0 1.0 1.1 Diluted weighted-average number of common shares outstanding 241.8 241.9 241.7 242.6 Earnings per share attributable to S&P Global Inc. common shareholders: Net income: Basic $ 3.31 $ 3.29 $ 6.45 $ 5.92 Diluted $ 3.30 $ 3.28 $ 6.42 $ 5.90 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Initial Restructuring Charge Recorded and the Ending Reserve Balance | The initial restructuring charge recorded and the ending reserve balance as of June 30, 2021 by segment is as follows: 2020 Restructuring Plan (in millions) Initial Charge Recorded Ending Reserve Balance Ratings $ 4 $ 2 Market Intelligence 27 10 Platts 10 6 Indices 5 1 Corporate 19 9 Total $ 65 $ 28 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | A summary of operating results for the periods ended June 30 is as follows: Revenue Three Months Six Months (in millions) 2021 2020 2021 2020 Ratings $ 1,073 $ 1,006 $ 2,090 $ 1,831 Market Intelligence 555 516 1,094 1,034 Platts 236 217 461 433 Indices 278 240 548 499 Intersegment elimination 1 (36) (36) (71) (68) Total revenue $ 2,106 $ 1,943 $ 4,122 $ 3,729 Operating Profit Three Months Six Months (in millions) 2021 2020 2021 2020 Ratings 2 $ 729 $ 693 $ 1,410 $ 1,213 Market Intelligence 3 180 159 347 306 Platts 4 135 124 263 236 Indices 5 196 171 387 353 Total reportable segments 1,240 1,147 2,407 2,108 Corporate Unallocated expense 6 (86) (42) (173) (91) Total operating profit $ 1,154 $ 1,105 $ 2,234 $ 2,017 1 Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 Operating profit for three and six months ended June 30, 2021 includes amortization of intangibles from acquisitions of $2 million and $7 million, respectively. Operating profit includes amortization of intangibles from acquisitions of $2 million for the three and six months ended June 30, 2020. 3 Operating profit for six months ended June 30, 2021 includes a gain on disposition of $2 million, and operating profit for three and six months ended June 30, 2020 includes a gain on disposition of $1 million and $8 million, respectively. Operating profit for six months ended June 30, 2020 includes employee severance charges of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $16 million and $20 million for three months ended June 30, 2021 and 2020, respectively, and $33 million and $39 million for six months ended June 30, 2021 and 2020, respectively. 4 Operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2021 and 2020, respectively, and $4 million for the six months ended June 30, 2021 and 2020. 5 Operating profit includes amortization of intangibles from acquisitions of $1 million for the three months ended June 30, 2021 and 2020, and $3 million for the six months ended June 30, 2021 and 2020. 6 Corporate Unallocated expense for the three and six months ended June 30, 2021 includes IHS Markit merger costs of $50 million and $99 million, respectively, a lease impairment of $3 million, and for six months ended June 30, 2021 includes Kensho retention related expense of $2 million. Corporate Unallocated expense for the three and six months ended June 30, 2020 includes employee severance charges of $3 million and $10 million, respectively, and Kensho retention related expense of $2 million and $7 million, respectively. Corporate Unallocated expense also includes amortization of intangibles from acquisitions of $7 million for the six months ended June 30, 2021, and $7 million and $13 million for the three and six months ended June 30, 2020, respectively. The following table presents our revenue disaggregated by revenue type for the periods ended June 30: (in millions) Ratings Market Intelligence Platts Indices Intersegment Elimination 1 Total Three Months Ended June 30, 2021 Subscription $ — $ 540 $ 217 $ 48 $ — $ 805 Non-subscription / Transaction 615 15 3 — — 633 Non-transaction 458 — — — (36) 422 Asset-linked fees — — — 195 — 195 Sales usage-based royalties — — 16 35 — 51 Total revenue $ 1,073 $ 555 $ 236 $ 278 $ (36) $ 2,106 Timing of revenue recognition Services transferred at a point in time $ 615 $ 15 $ 3 $ — $ — $ 633 Services transferred over time 458 540 233 278 (36) 1,473 Total revenue $ 1,073 $ 555 $ 236 $ 278 $ (36) $ 2,106 Six Months Ended June 30, 2021 Subscription $ — $ 1,067 $ 425 $ 94 $ — $ 1,586 Non-subscription / Transaction 1,197 27 4 — — 1,228 Non-transaction 893 — — — (71) 822 Asset-linked fees — — — 378 — 378 Sales usage-based royalties — — 32 76 — 108 Other revenue — — — — — — Total revenue $ 2,090 $ 1,094 $ 461 $ 548 $ (71) $ 4,122 Timing of revenue recognition Services transferred at a point in time $ 1,197 $ 27 $ 4 $ — $ — $ 1,228 Services transferred over time 893 1,067 457 548 (71) 2,894 Total revenue $ 2,090 $ 1,094 $ 461 $ 548 $ (71) $ 4,122 (in millions) Ratings Market Intelligence Platts Indices Intersegment Elimination 1 Total Three Months Ended June 30, 2020 2 Subscription $ — $ 503 $ 201 $ 43 $ — $ 747 Non-subscription / Transaction 622 13 1 — — 636 Non-transaction 384 — — — (36) 348 Asset-linked fees — — — 153 — 153 Sales usage-based royalties — — 15 44 — 59 Total revenue $ 1,006 $ 516 $ 217 $ 240 $ (36) $ 1,943 Timing of revenue recognition Services transferred at a point in time $ 622 $ 13 $ 1 $ — $ — $ 636 Services transferred over time 384 503 216 240 (36) 1,307 Total revenue $ 1,006 $ 516 $ 217 $ 240 $ (36) $ 1,943 Six Months Ended June 30, 2020 2 Subscription $ — $ 1,007 $ 398 $ 89 $ — $ 1,494 Non-subscription / Transaction 1,052 26 3 — — 1,081 Non-transaction 779 — — — (68) 711 Asset-linked fees — 1 — 312 — 313 Sales usage-based royalties — — 32 98 — 130 Other revenue — — — — — — Total revenue $ 1,831 $ 1,034 $ 433 $ 499 $ (68) $ 3,729 Timing of revenue recognition Services transferred at a point in time $ 1,052 $ 26 $ 3 $ — $ — $ 1,081 Services transferred over time 779 1,008 430 499 (68) 2,648 Total revenue $ 1,831 $ 1,034 $ 433 $ 499 $ (68) $ 3,729 1 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2 In the first quarter of 2021, we reevaluated our transaction and non-transaction presentation for Ratings which resulted in a reclassification from transaction revenue to non-transaction revenue of $2 million and $4 million for the three and six months ended June 30, 2020, respectively. |
Schedule of Revenue by Geographic Region | The following provides revenue by geographic region for the periods ended June 30: (in millions) Three Months Six Months 2021 2020 2021 2020 U.S. $ 1,262 $ 1,200 $ 2,500 $ 2,308 European region 524 450 998 855 Asia 214 187 422 371 Rest of the world 106 106 202 195 Total $ 2,106 $ 1,943 $ 4,122 $ 3,729 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Location and Amounts of Leases | The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of June 30, 2021 and December 31, 2020: (in millions) June 30, December 31, Balance Sheet Location 2021 2020 Assets Right of use assets Lease right of use assets $ 446 $ 494 Liabilities Other current liabilities Current lease liabilities 95 100 Lease liabilities — non-current Non-current lease liabilities 496 544 |
Schedule of Components of Lease Expense and Supplemental Cash Flow Information | The components of lease expense for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Operating lease cost $ 33 $ 39 $ 65 $ 75 Sublease income (1) (1) (1) (5) Total lease cost $ 32 $ 38 $ 64 $ 70 Supplemental information related to leases for the periods ended June 30 are as follows: (in millions) Three Months Six Months 2021 2020 2021 2020 Cash paid for amounts included in the measurement for operating lease liabilities Operating cash flows for operating leases $ 33 $ 33 65 72 Right of use assets obtained in exchange for lease obligations Operating leases 3 — 3 6 |
Schedule of Lease Term and Discount Rate | Weighted-average remaining lease term and discount rate for our operating leases are as follows: June 30, December 31, 2021 2020 Weighted-average remaining lease term (years) 8.4 8.5 Weighted-average discount rate 3.73 % 3.78 % |
Schedule of Maturities of Operating Lease Liabilities | Maturities of lease liabilities for our operating leases are as follows: (in millions) 2021 (Excluding the six months ended June 30, 2021) $ 60 2022 106 2023 87 2024 70 2025 62 2026 and beyond 303 Total undiscounted lease payments $ 688 Less: Imputed interest 97 Present value of lease liabilities $ 591 |
Nature of Operations and Basi_4
Nature of Operations and Basis of Presentation - Narrative (Details) $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)Segment | Dec. 31, 2020USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of reportable segments | Segment | 4 | |
Restricted cash | $ 8 | $ 14 |
Contract asset | 16 | 7 |
Unearned revenue | 1,500 | |
Revenue expected to be recognized as of period end | 2,500 | |
Capitalized contract costs | $ 128 | $ 129 |
Amortization period of capitalized contract cost | 5 years |
Nature of Operations and Basi_5
Nature of Operations and Basis of Presentation - Narrative Remaining Performance Obligations (Details) $ in Billions | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue expected to be recognized as of period end | $ 2.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | One Year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Period of recognition for remaining performance obligation | 12 months |
Remaining performance obligation (as a percent) | 50.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | Two Years | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Period of recognition for remaining performance obligation | 24 months |
Remaining performance obligation (as a percent) | 75.00% |
Nature of Operations and Basi_6
Nature of Operations and Basis of Presentation - Schedule of Components of Other Income, Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Other components of net periodic benefit cost1 | $ (11) | $ (5) | $ (22) | $ (15) |
Net (gain) loss from investments | (11) | (5) | (7) | 6 |
Other income, net | (22) | (10) | (29) | (9) |
Settlement charge | $ 0 | $ 3 | $ 3 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Nov. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | May 31, 2021 | |
Business Acquisition [Line Items] | ||||||
Gain on disposition | $ 0 | $ 1 | $ 2 | $ 8 | ||
Sale | SPIAS | ||||||
Business Acquisition [Line Items] | ||||||
Gain on disposition | 2 | |||||
Gain on disposition after tax | $ 2 | |||||
Sale | IR webhosting business | ||||||
Business Acquisition [Line Items] | ||||||
Gain on disposition | 1 | 8 | ||||
Gain on disposition after tax | $ 1 | $ 8 | ||||
IHS Markit | ||||||
Business Acquisition [Line Items] | ||||||
Shares outstanding (shares) | 398,600,000 | |||||
IHS Markit | ||||||
Business Acquisition [Line Items] | ||||||
Shares to be received (shares) | 0.2838 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Operating Profit of Business Held-for-Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposition | $ 0 | $ 1 | $ 2 | $ 8 |
Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating profit | $ 0 | 1 | 1 | 1 |
Sale | SPIAS | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposition | $ 2 | |||
Sale | IR webhosting business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposition | $ 1 | $ 8 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate (as a percent) | 25.10% | 24.30% | 21.70% | 21.60% | |
Unrecognized tax benefits | $ 132 | $ 132 | $ 121 | ||
Accrued interest and penalties associated with unrecognized tax benefits | 26 | 26 | $ 24 | ||
Reduction of unrecognized tax benefits is reasonably possible | $ 19 | $ 19 |
Debt - Summary (Details)
Debt - Summary (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,112 | $ 4,110 |
Senior Notes | 4.0% Senior Notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 4.00% | |
Long-term debt | $ 695 | 695 |
Unamortized debt discount and issuance costs | $ 5 | |
Senior Notes | 2.95% Senior Notes due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 2.95% | |
Long-term debt | $ 495 | 495 |
Unamortized debt discount and issuance costs | $ 5 | |
Senior Notes | 2.5% Senior Notes due 2029 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 2.50% | |
Long-term debt | $ 496 | 495 |
Unamortized debt discount and issuance costs | $ 4 | |
Senior Notes | 1.25% Senior Notes due 2030 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 1.25% | |
Long-term debt | $ 593 | 592 |
Unamortized debt discount and issuance costs | $ 7 | |
Senior Notes | 6.55% Senior Notes due 2037 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 6.55% | |
Long-term debt | $ 290 | 290 |
Unamortized debt discount and issuance costs | $ 3 | |
Senior Notes | 4.5% Senior Notes due 2048 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 4.50% | |
Long-term debt | $ 273 | 273 |
Unamortized debt discount and issuance costs | $ 10 | |
Senior Notes | 3.25% Senior Notes due 2049 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 3.25% | |
Long-term debt | $ 589 | 589 |
Unamortized debt discount and issuance costs | $ 11 | |
Senior Notes | 2.3% Senior Notes due 2060 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 2.30% | |
Long-term debt | $ 681 | $ 681 |
Unamortized debt discount and issuance costs | $ 19 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Apr. 26, 2021 | Apr. 25, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Long-term debt, fair value | $ 4,400,000,000 | $ 4,600,000,000 | ||
Indebtedness to cash flow (not greater than) | 4 | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Additional commitments increase for accordion feature | $ 500,000,000 | |||
Five-Year Credit Agreement | Commercial paper | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,500,000,000 | |||
Short-term debt | $ 0 | |||
Five-Year Credit Agreement | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,500,000,000 | |||
Credit facility, term (in years) | 5 years | |||
Commitment fee | 0.09% | |||
Previous Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,200,000,000 | |||
Credit facility, term (in years) | 5 years | |||
Short-term debt | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||||
Net interest income (expense) | $ (32) | $ (40) | $ (63) | $ (74) | |
Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts | |||||
Derivative [Line Items] | |||||
Aggregate notional value | 276 | 276 | $ 460 | ||
Net gain (loss) | 3 | 7 | (3) | (4) | |
Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts | Other current liabilities | |||||
Derivative [Line Items] | |||||
Aggregate notional value | 6 | 6 | 2 | ||
Net Investment Hedges | Designated as Hedging Instrument | Cross currency swaps | |||||
Derivative [Line Items] | |||||
Aggregate notional value | 1,000 | 1,000 | 1,000 | ||
Net interest income (expense) | 5 | $ 2 | 9 | $ 5 | |
Cash Flow Hedges | Designated as Hedging Instrument | Foreign exchange forward contracts | |||||
Derivative [Line Items] | |||||
Aggregate notional value | 480 | $ 480 | $ 489 | ||
Maturity of derivatives | 24 months | ||||
Net losses related to cash flow hedges expected to be reclassified into earnings in the next twelve months | $ 13 | ||||
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swap contracts | |||||
Derivative [Line Items] | |||||
Aggregate notional value | $ 2,300 | $ 2,300 |
Derivative Instruments - Locati
Derivative Instruments - Location and Fair Values of Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Cash Flow Hedges | Foreign exchange forward contracts | Prepaid and other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value | $ 14 | $ 23 |
Cash Flow Hedges | Foreign exchange forward contracts | Other current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value | 0 | 2 |
Cash Flow Hedges | Interest rate swap contracts | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value | 206 | 0 |
Net Investment Hedges | Cross currency swaps | Other non-current liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, fair value | $ 77 | $ 107 |
Derivative Instruments - Loca_2
Derivative Instruments - Location and Amounts of Pre-Tax Gains (Losses) on Cash Flow Hedges (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) | $ (160) | $ 4 | $ (158) | $ (3) |
Designated as Hedging Instrument | Foreign exchange forward contracts | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) | (6) | 4 | (6) | (3) |
Designated as Hedging Instrument | Foreign exchange forward contracts | Cash Flow Hedges | Revenue, Selling and general expenses | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) | 5 | (2) | 10 | (4) |
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) | (208) | 0 | (206) | 0 |
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedges | Interest expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) | 0 | 0 | 0 | 0 |
Designated as Hedging Instrument | Cross currency swaps | Net Investment Hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) | 11 | (22) | 26 | 9 |
Designated as Hedging Instrument | Cross currency swaps | Net Investment Hedges | Interest expense, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) | $ (3) | $ 0 | $ (3) | $ 0 |
Derivative Instruments - Change
Derivative Instruments - Change in Unrealized Gains (Losses) in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,098 | $ (194) | $ 571 | $ 536 |
Change in fair value, net of tax | (124) | |||
Reclassification into earnings, net of tax | (3) | |||
Ending Balance | 1,331 | 268 | 1,331 | 268 |
Cash Flow Hedges | Foreign exchange forward contracts | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | 14 | (5) | 14 | 2 |
Change in fair value, net of tax | 3 | 2 | 8 | (7) |
Reclassification into earnings, net of tax | (5) | 2 | (10) | 4 |
Ending Balance | 12 | (1) | 12 | (1) |
Cash Flow Hedges | Interest rate swap contracts | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | 2 | 0 | 0 | 0 |
Change in fair value, net of tax | (157) | 0 | (155) | 0 |
Reclassification into earnings, net of tax | 0 | 0 | 0 | 0 |
Ending Balance | (155) | 0 | (155) | 0 |
Net Investment Hedges | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (70) | 16 | (81) | (8) |
Change in fair value, net of tax | 8 | (16) | 19 | 8 |
Reclassification into earnings, net of tax | 3 | 0 | 3 | 0 |
Ending Balance | $ (59) | $ 0 | $ (59) | $ 0 |
Employee Benefits - Narrative (
Employee Benefits - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Retirement Benefits [Abstract] | |
Contribution towards retirement plans | $ 5 |
Expected contributions towards retirement plans, remainder of the year | $ 6 |
Employee Benefits - Components
Employee Benefits - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Retirement Benefits [Abstract] | ||||
Service cost | $ 1 | $ 1 | $ 2 | $ 2 |
Interest cost | 10 | 13 | 21 | 26 |
Expected return on assets | (26) | (25) | (52) | (51) |
Amortization of prior service credit / actuarial loss | 5 | 4 | 9 | 7 |
Net periodic benefit cost | (10) | (7) | (20) | (16) |
Settlement charge | 0 | 3 | 3 | |
Net benefit cost | $ (10) | (4) | $ (20) | (13) |
Non-cash pre-tax settlement charge | $ 3 | $ 3 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - Restricted stock and unit awards - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 31 | $ 11 | $ 50 | $ 22 |
Unrecognized compensation expense | $ 135 | $ 135 | ||
Unrecognized compensation expense, period for recognition | 2 years |
Equity - Stock Repurchases (Det
Equity - Stock Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 29, 2020 | Dec. 04, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Payments for repurchase of stock | $ 0 | $ 1,153 | ||||
2020 Repurchase Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized for repurchase (shares) | 30,000,000 | |||||
Shares authorized for repurchase, compared to total common stock outstanding (as a percent) | 12.00% | |||||
Remaining shares available under repurchase program (shares) | 30,000,000 | |||||
2013 Repurchase Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized for repurchase (shares) | 50,000,000 | |||||
Shares authorized for repurchase, compared to total common stock outstanding (as a percent) | 18.00% | |||||
Remaining shares available under repurchase program (shares) | 800,000 | |||||
Stock Repurchases | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock repurchased during period (shares) | 3,400,000 | |||||
Payments for repurchase of stock | $ 3 | $ 1,150 | $ 1,153 |
Equity - Accelerated Share Repu
Equity - Accelerated Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jul. 27, 2020 | Feb. 29, 2020 | Jun. 30, 2021 | Jul. 27, 2020 | Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total Cash Utilized | $ 0 | $ 1,153 | |||
Open market purchases | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Delivered and Purchased (shares) | 0.5 | ||||
Average Price Paid Per Share (USD per share) | $ 291.99 | ||||
Total Cash Utilized | $ 150 | ||||
Capped ASR, February 2020 | 2020 Repurchase Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Price Paid Per Share (USD per share) | $ 292.13 | ||||
Total Cash Utilized | $ 500 | ||||
Capped ASR, February 2020 | Initial Shares Delivered | 2020 Repurchase Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Delivered and Purchased (shares) | 1.3 | ||||
Capped ASR, February 2020 | Additional Shares Delivered | 2020 Repurchase Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Delivered and Purchased (shares) | 0.2 | 0.2 | 0.4 | ||
Capped ASR, February 2020 | Total Number of Shares Purchased | 2020 Repurchase Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Delivered and Purchased (shares) | 1.7 | ||||
Uncapped ASR, February 2020 | 2020 Repurchase Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Average Price Paid Per Share (USD per share) | $ 292.13 | ||||
Total Cash Utilized | $ 500 | ||||
Accelerated share repurchases initial delivery percentage (as a percent) | 85.00% | ||||
Uncapped ASR, February 2020 | Initial Shares Delivered | 2020 Repurchase Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Delivered and Purchased (shares) | 1.4 | ||||
Uncapped ASR, February 2020 | Additional Shares Delivered | 2020 Repurchase Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Delivered and Purchased (shares) | 0.3 | ||||
Uncapped ASR, February 2020 | Total Number of Shares Purchased | 2020 Repurchase Program | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Delivered and Purchased (shares) | 1.7 |
Equity - Redeemable Noncontroll
Equity - Redeemable Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Noncontrolling Interest [Line Items] | ||||
Minimum interest in joint venture (as a percent) | 20.00% | |||
Agreement terms, change of control, put option for minority interest ownership, effective period | 15 days | |||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at beginning of period | $ 2,781 | |||
Net income attributable to redeemable noncontrolling interest | $ 51 | $ 46 | 103 | $ 95 |
Distributions payable to redeemable noncontrolling interest | (91) | |||
Redemption value adjustment | 312 | |||
Balance at end of period | $ 3,105 | $ 3,105 | ||
CME Group | ||||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling interest ownership by noncontrolling owners (as a percent) | 27.00% | 27.00% |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 1,098 | $ (194) | $ 571 | $ 536 |
Other comprehensive (loss) income before reclassifications | (124) | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | (3) | |||
Net other comprehensive (loss) income | (127) | |||
Ending Balance | 1,331 | 268 | 1,331 | 268 |
Pension and other postretirement benefit plans, tax | 0 | 10 | (4) | 9 |
Accumulated Other Comprehensive Loss | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (648) | (660) | (637) | (624) |
Ending Balance | (764) | $ (704) | (764) | $ (704) |
Foreign Currency Translation Adjustments | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (323) | |||
Other comprehensive (loss) income before reclassifications | 15 | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 0 | |||
Net other comprehensive (loss) income | 15 | |||
Ending Balance | (308) | (308) | ||
Pension and Postretirement Benefit Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (328) | |||
Other comprehensive (loss) income before reclassifications | 9 | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | 7 | |||
Net other comprehensive (loss) income | 16 | |||
Ending Balance | (312) | (312) | ||
Pension and other postretirement benefit plans, tax | 2 | |||
Unrealized Gain (Loss) on Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 14 | |||
Other comprehensive (loss) income before reclassifications | (148) | |||
Reclassifications from accumulated other comprehensive income (loss) to net earnings | (10) | |||
Net other comprehensive (loss) income | (158) | |||
Ending Balance | $ (144) | $ (144) |
Earnings Per Share - Summary (D
Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amounts attributable to S&P Global Inc. common shareholders: | ||||
Net income | $ 792 | $ 1,553 | $ 1,431 | |
Basic weighted-average number of common shares outstanding (shares) | 240,800,000 | 240,900,000 | 240,700,000 | 241,500,000 |
Effect of stock options and other dilutive securities (shares) | 1,000,000 | 1,000,000 | 1,000,000 | 1,100,000 |
Diluted weighted-average number of common shares outstanding (shares) | 241,800,000 | 241,900,000 | 241,700,000 | 242,600,000 |
Earnings per share attributable to S&P Global Inc. common shareholders: | ||||
Basic (USD per share) | $ 3.31 | $ 3.29 | $ 6.45 | $ 5.92 |
Diluted (USD per share) | $ 3.30 | $ 3.28 | $ 6.42 | $ 5.90 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computation of diluted earnings (shares) | 0 | 0 | 0 | 0 |
Restricted performance shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive shares excluded from computation of diluted earnings (shares) | 500,000 | 600,000 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - 2020 Restructuring Plan $ in Millions | 6 Months Ended | |
Jun. 30, 2021USD ($)position | Dec. 31, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Workforce reduction | position | 830 | |
Restructuring reserve balance | $ 28 | $ 58 |
Restructuring charges paid | $ 30 |
Restructuring - Summary (Detail
Restructuring - Summary (Details) - 2020 Restructuring Plan - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Initial Charge Recorded | $ 65 | |
Ending Reserve Balance | 28 | $ 58 |
Operating Segments | Ratings | ||
Restructuring Cost and Reserve [Line Items] | ||
Initial Charge Recorded | 4 | |
Ending Reserve Balance | 2 | |
Operating Segments | Market Intelligence | ||
Restructuring Cost and Reserve [Line Items] | ||
Initial Charge Recorded | 27 | |
Ending Reserve Balance | 10 | |
Operating Segments | Platts | ||
Restructuring Cost and Reserve [Line Items] | ||
Initial Charge Recorded | 10 | |
Ending Reserve Balance | 6 | |
Operating Segments | Indices | ||
Restructuring Cost and Reserve [Line Items] | ||
Initial Charge Recorded | 5 | |
Ending Reserve Balance | 1 | |
Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Initial Charge Recorded | 19 | |
Ending Reserve Balance | $ 9 |
Segment and Related Informati_3
Segment and Related Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment and Related Informati_4
Segment and Related Information - Operating Results by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 2,106 | $ 1,943 | $ 4,122 | $ 3,729 |
Operating Profit | 1,154 | 1,105 | 2,234 | 2,017 |
Amortization of intangibles from acquisitions | 22 | 32 | 53 | 61 |
Gain on disposition | 0 | 1 | 2 | 8 |
Lease impairment | 3 | 3 | ||
Non-transaction | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 422 | 348 | 822 | 711 |
Other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | ||
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit | 1,240 | 1,147 | 2,407 | 2,108 |
Operating Segments | Non-transaction | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2 | 4 | ||
Operating Segments | Ratings | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,073 | 1,006 | 2,090 | 1,831 |
Operating Profit | 729 | 693 | 1,410 | 1,213 |
Amortization of intangibles from acquisitions | 2 | 2 | 7 | 2 |
Operating Segments | Ratings | Non-transaction | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 458 | 384 | 893 | 779 |
Operating Segments | Ratings | Other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | ||
Operating Segments | Market Intelligence | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 555 | 516 | 1,094 | 1,034 |
Operating Profit | 180 | 159 | 347 | 306 |
Amortization of intangibles from acquisitions | 16 | 20 | 33 | 39 |
Gain on disposition | 1 | 2 | 8 | |
Employee severance charges | 2 | |||
Operating Segments | Market Intelligence | Non-transaction | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Market Intelligence | Other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | ||
Operating Segments | Platts | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 236 | 217 | 461 | 433 |
Operating Profit | 135 | 124 | 263 | 236 |
Amortization of intangibles from acquisitions | 2 | 2 | 4 | 4 |
Operating Segments | Platts | Non-transaction | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Platts | Other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | ||
Operating Segments | Indices | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 278 | 240 | 548 | 499 |
Operating Profit | 196 | 171 | 387 | 353 |
Amortization of intangibles from acquisitions | 1 | 1 | 3 | 3 |
Operating Segments | Indices | Non-transaction | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Operating Segments | Indices | Other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | ||
Intersegment Elimination | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (36) | (36) | (71) | (68) |
Intersegment Elimination | Non-transaction | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | (36) | (36) | (71) | (68) |
Intersegment Elimination | Other revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | ||
Corporate Unallocated | ||||
Segment Reporting Information [Line Items] | ||||
Operating Profit | (86) | (42) | (173) | (91) |
Amortization of intangibles from acquisitions | 7 | 7 | 13 | |
Employee severance charges | 3 | 10 | ||
Retention related expenses | $ 2 | 2 | $ 7 | |
Lease impairment | 3 | |||
Corporate Unallocated | IHS Markit | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition-related costs | $ 50 | $ 99 |
Segment and Related Informati_5
Segment and Related Information - Revenue Disaggregated by Type (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,106 | $ 1,943 | $ 4,122 | $ 3,729 |
Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 633 | 636 | 1,228 | 1,081 |
Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,473 | 1,307 | 2,894 | 2,648 |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 805 | 747 | 1,586 | 1,494 |
Non-subscription / Transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 633 | 636 | 1,228 | 1,081 |
Non-transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 422 | 348 | 822 | 711 |
Asset-linked fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 195 | 153 | 378 | 313 |
Sales usage-based royalties | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 51 | 59 | 108 | 130 |
Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Operating Segments | Non-transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2 | 4 | ||
Operating Segments | Ratings | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,073 | 1,006 | 2,090 | 1,831 |
Operating Segments | Ratings | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 615 | 622 | 1,197 | 1,052 |
Operating Segments | Ratings | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 458 | 384 | 893 | 779 |
Operating Segments | Ratings | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Ratings | Non-subscription / Transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 615 | 622 | 1,197 | 1,052 |
Operating Segments | Ratings | Non-transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 458 | 384 | 893 | 779 |
Operating Segments | Ratings | Asset-linked fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Ratings | Sales usage-based royalties | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Ratings | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Operating Segments | Market Intelligence | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 555 | 516 | 1,094 | 1,034 |
Operating Segments | Market Intelligence | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 15 | 13 | 27 | 26 |
Operating Segments | Market Intelligence | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 540 | 503 | 1,067 | 1,008 |
Operating Segments | Market Intelligence | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 540 | 503 | 1,067 | 1,007 |
Operating Segments | Market Intelligence | Non-subscription / Transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 15 | 13 | 27 | 26 |
Operating Segments | Market Intelligence | Non-transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Market Intelligence | Asset-linked fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 1 |
Operating Segments | Market Intelligence | Sales usage-based royalties | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Market Intelligence | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Operating Segments | Platts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 236 | 217 | 461 | 433 |
Operating Segments | Platts | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3 | 1 | 4 | 3 |
Operating Segments | Platts | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 233 | 216 | 457 | 430 |
Operating Segments | Platts | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 217 | 201 | 425 | 398 |
Operating Segments | Platts | Non-subscription / Transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3 | 1 | 4 | 3 |
Operating Segments | Platts | Non-transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Platts | Asset-linked fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Platts | Sales usage-based royalties | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 16 | 15 | 32 | 32 |
Operating Segments | Platts | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Operating Segments | Indices | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 278 | 240 | 548 | 499 |
Operating Segments | Indices | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Indices | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 278 | 240 | 548 | 499 |
Operating Segments | Indices | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 48 | 43 | 94 | 89 |
Operating Segments | Indices | Non-subscription / Transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Indices | Non-transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Operating Segments | Indices | Asset-linked fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 195 | 153 | 378 | 312 |
Operating Segments | Indices | Sales usage-based royalties | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 35 | 44 | 76 | 98 |
Operating Segments | Indices | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Intersegment Elimination | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | (36) | (36) | (71) | (68) |
Intersegment Elimination | Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Intersegment Elimination | Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | (36) | (36) | (71) | (68) |
Intersegment Elimination | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Intersegment Elimination | Non-subscription / Transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Intersegment Elimination | Non-transaction | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | (36) | (36) | (71) | (68) |
Intersegment Elimination | Asset-linked fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | 0 | 0 |
Intersegment Elimination | Sales usage-based royalties | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 0 | $ 0 | 0 | 0 |
Intersegment Elimination | Other revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 0 | $ 0 |
Segment and Related Informati_6
Segment and Related Information - Revenue by Geographic Region (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 2,106 | $ 1,943 | $ 4,122 | $ 3,729 |
U.S. | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 1,262 | 1,200 | 2,500 | 2,308 |
European region | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 524 | 450 | 998 | 855 |
Asia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 214 | 187 | 422 | 371 |
Rest of the world | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 106 | $ 106 | $ 202 | $ 195 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | May 17, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Loss Contingencies [Line Items] | |||||
Period of lease extension options | 12 years | 12 years | |||
Period of options to terminate lease | 1 year | ||||
Lease impairment | $ 3 | $ 3 | |||
Legal settlement expenses | $ 9 | ||||
CME Group | |||||
Loss Contingencies [Line Items] | |||||
Noncontrolling interest ownership by noncontrolling owners (as a percent) | 27.00% | 27.00% | |||
S&P DJ Indices | CME Group | |||||
Loss Contingencies [Line Items] | |||||
Noncontrolling interest ownership by noncontrolling owners (as a percent) | 27.00% | 27.00% | |||
S&P DJ Indices | CME Group | |||||
Loss Contingencies [Line Items] | |||||
Revenues earned under license agreement | $ 31 | $ 40 | $ 67 | $ 87 | |
Minimum | |||||
Loss Contingencies [Line Items] | |||||
Remaining lease terms | 1 year | 1 year | |||
Maximum | |||||
Loss Contingencies [Line Items] | |||||
Remaining lease terms | 12 years | 12 years |
Commitments and Contingencies_2
Commitments and Contingencies - Location and Amounts of Leases (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Lease right of use assets | $ 446 | $ 494 |
Liabilities | ||
Current lease liabilities | 95 | 100 |
Non-current lease liabilities | $ 496 | $ 544 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
Commitments and Contingencies_3
Commitments and Contingencies - Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease cost | $ 33 | $ 39 | $ 65 | $ 75 |
Sublease income | (1) | (1) | (1) | (5) |
Total lease cost | $ 32 | $ 38 | $ 64 | $ 70 |
Commitments and Contingencies_4
Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement for operating lease liabilities | ||||
Operating cash flows for operating leases | $ 33 | $ 33 | $ 65 | $ 72 |
Right of use assets obtained in exchange for lease obligations | ||||
Operating leases | $ 3 | $ 0 | $ 3 | $ 6 |
Commitments and Contingencies_5
Commitments and Contingencies - Lease Term and Discount Rate (Details) | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Weighted-average remaining lease term (years) | 8 years 4 months 24 days | 8 years 6 months |
Weighted-average discount rate (as a percent) | 3.73% | 3.78% |
Commitments and Contingencies_6
Commitments and Contingencies - Maturities of Lease Liabilities (Details) $ in Millions | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 (Excluding the six months ended June 30, 2021) | $ 60 |
2022 | 106 |
2023 | 87 |
2024 | 70 |
2025 | 62 |
2026 and beyond | 303 |
Total undiscounted lease payments | 688 |
Less: Imputed interest | 97 |
Present value of lease liabilities | $ 591 |