SPGI S&P Global Inc

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FORM 10-Q

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 1-1023  

(Exact name of registrant as specified in its charter)

New York

13-1026995

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

55 Water Street

,

New York

,

New York

10041

(Address of principal executive offices)

(Zip Code)

Securities registered pursuant to Section 12(b) of the Act:

Class

Trading Symbol

Name of Exchange on which registered

Common stock (par value $1.00 per share)

SPGI

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                            Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                         Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.

☑

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES ☐ NO ☑

As of April 21, 2023 (latest practicable date), 320.8 million shares of the issuer's classes of common stock (par value $1.00 per share) were outstanding excluding 7.2 million outstanding common shares held by the Markit Group Holdings Limited Employee Benefit Trust.

 

			Page Number
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)
Report of Independent Registered Public Accounting Firm			3
Consolidated Statements of Income for the three months ended March 31, 2023 and 2022			4
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2023 and 2022			5
Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022			6
Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022			7
Consolidated Statements of Equity for the three months ended March 31, 2023 and 2022			8
Notes to the Consolidated Financial Statements			9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			29
Item 3. Quantitative and Qualitative Disclosures About Market Risk			53
Item 4. Controls and Procedures			53
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			54
Item 1A. Risk Factors			54
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			54
Item 5. Other Information			54
Item 6. Exhibits			56
Signatures			57

Item 1. Financial Statements

(Unaudited)

(in millions, except per share amounts)			Three Months Ended
			March 31,
			2023						2022
Revenue			$	3,160					$	2,389
Expenses:
Operating-related expenses			1,088						749
Selling and general expenses			705						958
Depreciation			25						26
Amortization of intangibles			262						111
Total expenses			2,080						1,844
Gain on dispositions			(50)						(1,344)
Equity in income on unconsolidated subsidiaries			(14)						(3)
Operating profit			1,144						1,892
Other expense (income), net			11						(49)
Interest expense, net			85						57
Loss on extinguishment of debt, net			—						17
Income before taxes on income			1,048						1,867
Provision for taxes on income			188						568
Net income			860						1,299
Less: net income attributable to noncontrolling interests			(65)						(64)
Net income attributable to S&P Global Inc.			$	795					$	1,235
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic			$	2.47					$	4.49
Diluted			$	2.47					$	4.47
Weighted-average number of common shares outstanding:
Basic			321.3						275.2
Diluted			322.1						276.3
Actual shares outstanding at period end			320.8						339.9

 

(in millions)			Three Months Ended
			March 31,
			2023						2022
Net income			$	860					$	1,299
Other comprehensive income:
Foreign currency translation adjustments			42						(21)
Income tax effect			3						(5)
			45						(26)
Pension and other postretirement benefit plans			1						5
Income tax effect			—						(1)
			1						4
Unrealized (loss) gain on cash flow hedges			(27)						107
Income tax effect			6						(26)
			(21)						81
Comprehensive income			885						1,358
Less: comprehensive income attributable to nonredeemable noncontrolling interests			(4)						(5)
Less: comprehensive income attributable to redeemable noncontrolling interests			(61)						(59)
Comprehensive income attributable to S&P Global Inc.			$	820					$	1,294

 

(in millions)			March 31, 2023						December 31, 2022
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	1,402					$	1,286
Restricted cash			3						1
Accounts receivable, net of allowance for doubtful accounts: 2023 - $50; 2022 - $48			2,478						2,494
Prepaid and other current assets			626						588
Assets of a business held for sale			1,313						1,298
Total current assets			5,822						5,667
Property and equipment, net of accumulated depreciation: 2023 - $836; 2022 - $859			281						297
Right of use assets			422						423
Goodwill			34,817						34,545
Other intangible assets, net			18,168						18,306
Equity investments in unconsolidated subsidiaries			1,750						1,752
Other non-current assets			764						794
Total assets			$	62,024					$	61,784
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable			$	456					$	450
Accrued compensation and contributions to retirement plans			385						753
Short-term debt			936						226
Income taxes currently payable			219						116
Unearned revenue			3,175						3,126
Other current liabilities			971						1,094
Liabilities of a business held for sale			252						234
Total current liabilities			6,394						5,999
Long-term debt			10,727						10,730
Lease liabilities — non-current			566						577
Pension and other postretirement benefits			183						180
Deferred tax liability — non-current			3,906						4,065
Other non-current liabilities			476						489
Total liabilities			22,252						22,040
Redeemable noncontrolling interest (Note 8)			3,402						3,267
Commitments and contingencies (Note 12)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued: 2023 and 2022 415 million shares			415						415
Additional paid-in capital			44,329						44,422
Retained income			18,171						17,784
Accumulated other comprehensive loss			(861)						(886)
Less: common stock in treasury			(25,779)						(25,347)
Total equity — controlling interests			36,275						36,388
Total equity — noncontrolling interests			95						89
Total equity			36,370						36,477
Total liabilities and equity			$	62,024					$	61,784

 

(in millions)			Three Months Ended
			March 31,
			2023						2022
Operating Activities:
Net income			$	860					$	1,299
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation			25						26
Amortization of intangibles			262						111
Provision for losses on accounts receivable			8						(7)
Deferred income taxes			(167)						(53)
Stock-based compensation			46						94
Gain on dispositions			(50)						(1,344)
Loss on extinguishment of debt, net			—						17
Other			10						24
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable			23						187
Prepaid and other current assets			(98)						5
Accounts payable and accrued expenses			(343)						(318)
Unearned revenue			61						(100)
Other current liabilities			(158)						(239)
Net change in prepaid/accrued income taxes			169						432
Net change in other assets and liabilities			(54)						88
Cash provided by operating activities			594						222
Investing Activities:
Capital expenditures			(28)						(16)
Acquisitions, net of cash acquired			(272)						295
Proceeds from dispositions			50						2,618
Changes in short-term investments			(3)						4
Cash (used for) provided by investing activities			(253)						2,901
Financing Activities:
Additions to (payments on) short-term debt, net			710						(219)
Proceeds from issuance of senior notes, net			—						5,395
Payments on senior notes			—						(3,074)
Dividends paid to shareholders			(290)						(186)
Distributions to noncontrolling interest holders, net			(78)						(55)
Repurchase of treasury shares			(500)						(7,003)
Exercise of stock options and other			3						3
Employee withholding tax on share-based payments			(75)						(66)
Cash used for financing activities			(230)						(5,205)
Effect of exchange rate changes on cash			7						(16)
Net change in cash, cash equivalents, and restricted cash			118						(2,098)
Cash, cash equivalents, and restricted cash at beginning of period			1,287						6,505
Cash, cash equivalents, and restricted cash at end of period			$	1,405					$	4,407

Three Months Ended March 31, 2023
(in millions)			Common Stock $1 par						Additional Paid-in Capital						Retained Income						Accumulated Other Comprehensive Loss						Less: Treasury Stock						Total SPGI Equity						Noncontrolling Interests						Total Equity
Balance as of December 31, 2022			$	415					$	44,422					$	17,784					$	(886)					$	25,347					$	36,388					$	89					$	36,477
Comprehensive income 1															795						25												820						4						824
Dividends (Dividend declared per common share — $0.90 per share)															(287)																		(287)												(287)
Share repurchases									50																		550						(500)												(500)
Employee stock plans									(143)																		(118)						(25)												(25)
Change in redemption value of redeemable noncontrolling interest															(120)																		(120)												(120)
Other															(1)																		(1)						2						1
Balance as of March 31, 2023			$	415					$	44,329					$	18,171					$	(861)					$	25,779					$	36,275					$	95					$	36,370

Three Months Ended March 31, 2022
(in millions)			Common Stock $1 par						Additional Paid-in Capital						Retained Income						Accumulated Other Comprehensive Loss						Less: Treasury Stock						Total SPGI Equity						Noncontrolling Interests						Total Equity
Balance as of December 31, 2021			$	294					$	1,031					$	15,017					$	(841)					$	13,469					$	2,032					$	75					$	2,107
Comprehensive income 1															1,235						59												1,294						5						1,299
Dividends (Dividend declared per common share — $0.77 per share)															(186)																		(186)												(186)
Acquisition of IHS Markit			121						43,415																								43,536												43,536
Share repurchases									(1,050)																		5,953						(7,003)												(7,003)
Employee stock plans									49																		19						30												30
Change in redemption value of redeemable noncontrolling interest															(1)																		(1)												(1)
Other																																	—						(1)						(1)
Balance as of March 31, 2022			$	415					$	43,445					$	16,065					$	(782)					$	19,441					$	39,702					$	79					$	39,781

1.    Nature of Operations and Basis of Presentation

•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

•Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

•Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets.

•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

•Engineering Solutions is a leading provider of engineering standards and related technical knowledge.

(in millions)			2023						2022
Other components of net periodic benefit cost			$	(6)					$	(4)
Net loss (gain) from investments			17						(45)
Other expense (income), net			$	11					$	(49)

2.    Acquisitions and Divestitures

On February 16, 2023, we completed the acquisition of Market Scan Information Systems, Inc. (“Market Scan”), a leading provider of automotive pricing and incentive intelligence, including Automotive Payments as a ServiceTM and its powerful payment calculation engine. The addition of Market Scan to Mobility will enable the integration of detailed transaction intelligence in areas that are complementary to existing services for dealers, OEMs, lenders, and other market participants. The acquisition of Market Scan is not material to our consolidated financial statements.

(in millions)			February 28, 2022
Assets acquired
Cash and cash equivalents			$	310
Accounts receivable, net			968
Prepaid and other current assets			224
Assets of a business held for sale			1,519
Property and equipment			118
Right of use assets			240
Goodwill			31,456
Other intangible assets			18,620
Equity investments in unconsolidated subsidiaries			1,644
Other non-current assets			54
Total assets acquired			$	55,153
Liabilities assumed
Account payable			$	174
Accrued compensation			90
Short-term debt			968
Unearned revenue			1,053
Other current liabilities			581
Liabilities of a business held for sale			72
Long-term debt			4,191
Lease liabilities - non-current			231
Deferred tax liability - non-current			4,200
Other non-current liabilities			57
Total liabilities assumed			$	11,617
Total consideration transferred			$	43,536

(in millions)			Fair Value			Weighted Average Useful Lives
Customer relationships			$	13,596		25 years
Trade names and trademarks			1,469			14 years
Developed technology			1,043			10 years
Databases			2,512			12 years
Total Identified Intangible Assets			$	18,620		21 years

On January 14, 2023, we entered into a securities and asset purchase agreement with Allium Buyer LLC, a Delaware limited liability company controlled by funds affiliated with Kohlberg Kravis Roberts & Co. L.P. (“KKR”) to sell our Engineering Solutions business for $975 million in cash, subject to customary purchase price adjustments. We currently anticipate the divestiture to result in after-tax proceeds of approximately $750 million, which proceeds are expected to be used for share repurchases. The agreement follows our announced intent in November of 2022 to divest the business. Engineering Solutions became part of the Company following our merger with IHS Markit. The transaction, which is subject to receipt of required regulatory approvals and satisfying other customary closing conditions, is expected to close in the second quarter of 2023.

In March of 2022, we completed the previously announced sale of CGS, a business within our Market Intelligence segment, to FactSet Research Systems Inc. for a purchase price of $1.925 billion in cash, subject to customary adjustments. During the three months ended March 31, 2022, we recorded a pre-tax gain of $1.344 billion ($999 million after tax) in Gain on dispositions in the consolidated statements of income related to the sale of CGS.

(in millions)			March 31,			December 31,
			2023 1			2022 1
Accounts Receivable, net			$	91		$	88
Goodwill			437			437
Other intangible assets, net			696			697
Other assets			89			76
Assets of a business held for sale			$	1,313		$	1,298
Accounts payable and accrued expenses			$	55		$	59
Deferred tax liability			26			27
Unearned revenue			171			148
Liabilities of a business held for sale			$	252		$	234

1 Assets and liabilities held for sale as of March 31, 2023 and December 31, 2022 relate to Engineering Solutions.

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

(in millions)			2023						2022
Operating profit 2			$	14					$	35

2 The operating profit presented includes the revenue and recurring direct expenses associated with businesses disposed of or held for sale. The three months ended March 31, 2023 excludes a pre-tax gain related to the sale of LCD and leveraged loan indices of $50 million. The three months ended March 31, 2022 exclude a pre-tax gain related to the sale of CGS of $1.3 billion.

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

(in millions)			March 31, 2023						December 31, 2022
4.125% Senior Notes, due 2023 1			$	38					$	38
3.625% Senior Notes, due 2024 2			48						48
4.75% Senior Notes, due 2025 3			4						4
4.0% Senior Notes, due 2026 4			3						3
2.95% Senior Notes, due 2027 5			497						496
2.45% Senior Notes, due 2027 6			1,237						1,237
4.75% Senior Notes, due 2028 7			821						823
4.25% Senior Notes, due 2029 8			1,026						1,029
2.5% Senior Notes, due 2029 9			497						497
2.70% Sustainability-Linked Senior Notes, due 2029 10			1,234						1,233
1.25% Senior Notes, due 2030 11			594						594
2.90% Senior Notes, due 2032 12			1,472						1,472
6.55% Senior Notes, due 2037 13			290						290
4.5% Senior Notes, due 2048 14			272						272
3.25% Senior Notes, due 2049 15			590						590
3.70% Senior Notes, due 2052 16			974						974
2.3% Senior Notes, due 2060 17			682						682
3.9% Senior Notes, due 2062 18			486						486
Commercial paper			898						188
Total debt			11,663						10,956
Less: short-term debt including current maturities			936						226
Long-term debt			$	10,727					$	10,730

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

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

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

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

5    Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2023, the unamortized debt discount and issuance costs total $3 million.

6    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $13 million.

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

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

9    Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2023, the unamortized debt discount and issuance costs total $3 million.

10    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $16 million.

11    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2023, the unamortized debt discount and issuance costs total $6 million.

12 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $28 million.

13    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2023, the unamortized debt discount and issuance costs total $3 million.

14    Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2023, the unamortized debt discount and issuance costs total $11 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2023, the unamortized debt discount and issuance costs total $10 million.

16    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $26 million.

17    Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2023, the unamortized debt discount and issuance costs total $18 million.

18    Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2023, the unamortized debt discount and issuance costs total $14 million.

The fair value of our total debt borrowings was $9.5 billion and $9.3 billion as of March 31, 2023 and December 31, 2022, respectively, and was estimated based on quoted market prices.

On February 28, 2022, we completed the merger with IHS Markit in an all-stock transaction. In the transaction, we assumed IHS Markit's publicly traded debt, with an outstanding principal balance of $4.6 billion, which was recorded at fair value of $4.9 billion on the acquisition date. The adjustment to fair value of the Senior Notes of approximately $292 million on the acquisition date is being amortized as an adjustment to interest expense over the remaining contractual terms of the Senior Notes.

During the three months ended March 31, 2022, we recognized a $17 million loss on extinguishment of debt which includes a $118 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, offset by a $101 million non-cash write-off related to the fair market value step up premium on extinguished debt.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on April 26, 2026. As of March 31, 2023 and December 31, 2022, respectively, there was $898 million and $188 million of commercial paper outstanding.

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 8 basis points. 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.

The only financial covenant required is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of March 31, 2023 and December 31, 2022:

(in millions)						March 31,						December 31,
Balance Sheet Location						2023						2022
Derivatives designated as cash flow hedges:
Prepaid and other current assets			Foreign exchange forward contracts			$	6					$	3
Other current liabilities			Foreign exchange forward contracts			$	4					$	7
Other non-current assets			Interest rate swap contracts			$	110					$	145
Derivatives designated as net investment hedges:
Other non-current assets			Cross currency swaps			$	75					$	84

(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)
			2023						2022												2023						2022
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts			$	6					$	(7)					Revenue, Selling and general expenses						$	—					$	2
Interest rate swap contracts			$	(34)					$	113					Interest expense, net						$	(1)					$	—
Net investment hedges - designated as hedging instruments
Cross currency swaps			$	(9)					$	21					Interest expense, net						$	(1)					$	(1)

(in millions)			2023						2022
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period			$	—					$	6
Change in fair value, net of tax			4						(3)
Reclassification into earnings, net of tax			—						(2)
Net unrealized gains on cash flow hedges, net of taxes, end of period			$	4					$	1
Interest rate swap contracts
Net unrealized gains (losses) on cash flow hedges, net of taxes, beginning of period			$	48					$	(203)
Change in fair value, net of tax			(26)						85
Reclassification into earnings, net of tax			1						—
Net unrealized gains (losses) on cash flow hedges, net of taxes, end of period			$	23					$	(118)
Net Investment Hedges
Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period			$	56					$	(17)
Change in fair value, net of tax			(8)						14
Reclassification into earnings, net of tax			1						1
Net unrealized gains (losses) on net investment hedges, net of taxes, end of period			$	49					$	(2)

(in millions)			2023						2022
Service cost			$	—					$	1
Interest cost			18						12
Expected return on assets			(25)						(22)
Amortization of prior service credit / actuarial loss			1						3
Net periodic benefit cost			$	(6)					$	(6)

For the three months ended March 31, 2023 and 2022, total stock-based compensation expense related to restricted stock and other stock-based awards was $46 million and $94 million, respectively. Stock-based compensation expense for the three months ended March 31, 2022 primarily related to the early vesting of IHS Markit equity awards as a result of employee terminations and restructuring efforts. During the three months ended March 31, 2023, the Company granted 0.4 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $338.29 per share. Total unrecognized compensation expense related to unvested equity awards as of March 31, 2023 was $259 million, which is expected to be recognized over a weighted average period of 1.8 years.

(in millions, except average price paid per share)
ASR Agreement Initiation Date												Initial Shares Delivered						Additional Shares Delivered						Total Number of Shares Purchased						Average Price Paid Per Share						Total Cash Utilized
February 13, 2023 1												1.1						—						1.1						$	—					$	500
March 1, 2022 2												15.2						4.1						19.3						$	362.03					$	7,000

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company's common stock on February 13, 2023 when the Company received an initial delivery of 1.1 million shares from the ASR program. The final settlement of the transaction under the ASR is expected to be completed no later than the second quarter of 2023. The ASR agreement was executed under our 2022 Repurchase Program.

2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $7 billion and initially received shares valued at 85% of the $7 billion at a share equal to the then market price of the Company's common stock on March 1, 2022 when the company received an initial delivery of 15.2 million shares from the ASR program. We completed the ASR agreement on August 9, 2022 and received an additional 4.1 million shares. The ASR agreement was executed under our 2020 Repurchase Program.

(in millions)
Balance as of December 31, 2022			$	3,267
Net income attributable to redeemable noncontrolling interest			61
Distributions payable to redeemable noncontrolling interest			(52)
Redemption value adjustment			120
Other 1			6
Balance as of March 31, 2023			$	3,402

1 Relates to foreign currency translation adjustments.

(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, 2022			$	(582)					$	(349)					$	45											$	(886)
Other comprehensive income (loss) before reclassifications			45			1			1						(22)												24
Reclassifications from accumulated other comprehensive income (loss) to net earnings			—						—			2			1			3									1
Net other comprehensive income (loss)			45						1						(21)												25
Balance as of March 31, 2023			$	(537)					$	(348)					$	24											$	(861)

1Includes 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.

2Reflects amortization of net actuarial losses and is net of a tax benefit of less than $1 million for the three months ended March 31, 2023. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.

9.    Earnings Per Share

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

(in millions, except per share amounts)			2023						2022
Amounts attributable to S&P Global Inc. common shareholders:
Net income			$	795					$	1,235
Basic weighted-average number of common shares outstanding			321.3						275.2
Effect of stock options and other dilutive securities			0.8						1.1
Diluted weighted-average number of common shares outstanding			322.1						276.3
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic			$	2.47					$	4.49
Diluted			$	2.47					$	4.47

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 months ended March 31, 2023 and 2022, there were no stock options excluded. Restricted performance shares outstanding of 0.8 million and 0.7 million as of March 31, 2023 and 2022, respectively, were excluded.

The initial restructuring charge recorded and the ending reserve balance as of March 31, 2023 by segment is as follows:

			2023 Restructuring Plan												2022 Restructuring Plan
(in millions)			Initial Charge Recorded						Ending Reserve Balance						Initial Charge Recorded						Ending Reserve Balance
Market Intelligence			$	6					$	6					$	86					$	36
Ratings			1						1						26						10
Commodity Insights			2						2						45						17
Mobility			—						—						2						2
Indices			1						1						13						7
Engineering Solutions			—						—						2						1
Corporate			2						2						109						30
Total			$	12					$	12					$	283					$	103

Revenue
(in millions)			2023						2022
Market Intelligence			$	1,071					$	727
Ratings			824						868
Commodity Insights			508						363
Mobility			358						115
Indices			341						322
Engineering Solutions			100						33
Intersegment elimination 1			(42)						(39)
Total revenue			$	3,160					$	2,389

Operating Profit
(in millions)			2023						2022
Market Intelligence 2			$	229					$	1,489
Ratings 3			477						511
Commodity Insights 4			187						158
Mobility 5			64						18
Indices 6			238						224
Engineering Solutions 7			14						1
Total reportable segments			1,209						2,401
Corporate Unallocated expense 8			(79)						(512)
Equity in Income on Unconsolidated Subsidiaries 9			14						3
Total operating profit			$	1,144					$	1,892

1Revenue 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 2023 includes a gain on dispositions of $46 million, IHS Markit merger costs of $13 million, and employee severance charges of $6 million. Operating profit for 2022 includes a gain on disposition of $1.3 billion, employee severance charges of $18 million, and acquisition-related costs of $2 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $141 million and $64 million, respectively.

3     Operating profit for 2023 and 2022 includes employee severance charges of $1 million and $5 million, respectively. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $2 million.

4 Operating profit for 2023 includes IHS Markit merger costs of $13 million and employee severance charges of $2 million. Operating profit for 2022 includes employee severance costs of $7 million and acquisition-related costs of $2 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $33 million and $13 million, respectively.

5 Operating profit for 2023 includes IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. 2022 includes acquisition-related costs of $1 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $74 million and $24 million, respectively.

6 Operating profit for 2023 includes a gain on disposition of $4 million, employee severance charges of $1 million and IHS Markit merger costs of $1 million. Operating profit for 2022 includes employee severance charges of $2 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $9 million and $4 million, respectively.

7 Operating profit for 2022 includes employee severance charges of $1 million. Additionally, operating profit for 2023 and 2022 includes amortization of intangibles from acquisitions of $2 million and $4 million, respectively.

8 Corporate Unallocated expense for 2023 includes IHS Markit merger costs of $37 million, disposition-related costs of $13 million, employee severance charges of $1 million, and acquisition-related costs of $1 million. Corporate Unallocated expense for 2022 includes IHS Markit merger costs of $230 million, a S&P Foundation grant of $200 million, employee severance charges of $46 million, acquisition-related costs of $11 million and lease impairments of $5 million. Additionally, Corporate Unallocated expense for 2023 includes amortization of intangibles from acquisitions of $1 million.

9 Equity in Income on Unconsolidated Subsidiaries for 2023 and 2022 includes amortization of intangibles from acquisitions of $14 million.

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

(in millions)						Market Intelligence						Ratings						Commodity Insights						Mobility						Indices												Engineering Solutions						Intersegment Elimination 1						Total
			2023
Subscription						$	890					$	—					$	409					$	281					$	66											$	94					$	—					$	1,740
Non-subscription / Transaction						56						379						80						77						—												6						—						598
Non-transaction						—						445						—						—						—												—						(42)						403
Asset-linked fees						—						—						—						—						210												—						—						210
Sales usage-based royalties						—						—						19						—						65												—						—						84
Recurring variable revenue						125						—						—						—						—												—												125
Total revenue						$	1,071					$	824					$	508					$	358					$	341											$	100					$	(42)					$	3,160
Timing of revenue recognition
Services transferred at a point in time						$	56					$	379					$	80					$	77					$	—											$	6					$	—					$	598
Services transferred over time						1,015						445						428						281						341												94						(42)						2,562
Total revenue						$	1,071					$	824					$	508					$	358					$	341											$	100					$	(42)					$	3,160