S&P Global Inc.

12. Segment and Geographic Information

As discussed in Note 1 –Accounting Policies, we havesix reportable segments: Market Intelligence, Ratings, Commodity Insights, Mobility, Indices, and Engineering Solutions.

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, equity in income on unconsolidated subsidiaries, other expense (income), net, interest expense, net, or loss on extinguishment of debt as these are amounts that do not affect the operating results of our reportable segments. We use the same accounting policies for our segments as those described in Note 1 –Accounting Policies.

A summary of operating results for the years ended December 31 is as follows:

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 the year ended December 31, 2023 includes employee severance charges of $90 million, acquisition-related costs of $69 million, IHS Markit merger costs of $49 million, a gain on disposition of $46 million, an asset impairment of $5 million and an asset write-off of $1 million. Operating profit for the year ended December 31, 2022 includes a gain on dispositions of $1.8 billion, employee severance charges of $90 million, IHS Markit merger costs of $35 million and acquisition-related costs of $2 million. Operating profit for the year ended December 31, 2021 includes employee severance charges of $3 million, a gain on disposition of $3 million, acquisition-related costs of $2 million and lease-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $561 million, $474 million and $65 million for the years ended December 31, 2023, 2022 and 2021, respectively.

3 Operating profit for the year ended December 31, 2023 includes employee severance charges of $10 million and an asset impairment of $1 million. Operating profit for the year ended December 31, 2022 includes employee severance charges of $24 million, legal costs of $5 million and an asset write-off of $1 million. Operating profit for the year ended December 31, 2021 includes a gain on disposition of $6 million, recovery of lease-related costs of $4 million and employee severance charges of $3 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $8 million, $7 million and $10 million for the years ended December 31, 2023, 2022 and 2021, respectively.

4 Operating profit for the year ended December 31, 2023 includes IHS Markit merger costs of $35 million, employee severance charges of $26 million and acquisition-related costs of $2 million. Operating profit for the year ended December 31, 2022 includes employee severance charges of $45 million and IHS Markit merger costs of $26 million. Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $131 million, $111 million and $8 million for the years ended December 31, 2023, 2022 and 2021, respectively.

5 Operating profit for the year ended December 31, 2023 includes employee severance charges of $9 million, IHS Markit merger costs of $3 million and acquisition-related costs of $2 million. Operating profit for the year ended December 31, 2022 includes an acquisition-related benefit of $14 million, employee severance charges of $4 million and IHS Markit merger costs of $3 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $301 million and $241 million for the years ended December 31, 2023 and 2022, respectively.

6 Operating profit for the year ended December 31, 2023 includes employee severance charges of $5 million, a gain on disposition of $4 million and IHS Markit merger costs of $4 million. Operating profit for the year ended December 31, 2022 includes a gain on disposition of $52 million, employee severance charges of $14 million and IHS Markit merger costs of $2 million. Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $36 million, $31 million and $6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

7 As of May 2, 2023, we completed the sale of Engineering Solutions and the results are included through that date. Operating profit for the year ended December 31, 2023 includes amortization of intangibles from acquisitions of $1 million. Operating profit for the year ended December 31, 2022 includes employee severance charges of $4 million and amortization of intangibles from acquisitions of $35 million.

8 Corporate Unallocated expense for the year ended December 31, 2023 includes IHS Markit merger costs of $147 million, a loss on disposition of $120 million, employee severance charges of $43 million, disposition-related costs of $24 million, lease impairments of $14 million and acquisition-related costs of $4 million. Corporate Unallocated expense for the year ended December 31, 2022 includes IHS Markit merger costs of $553 million, a S&P Foundation grant of $200 million, employee severance charges of $107 million, disposition-related costs of $24 million, a gain on acquisition of $10 million, an asset impairment of $9 million, acquisition-related costs of $8 million, lease impairments of $5 million and an asset write-off of $3 million. Corporate Unallocated expense for the year ended December 31, 2021 includes IHS Markit merger costs of $249 million, employee severance charges of $13 million, lease-related costs of $4 million, a lease impairment of $3 million, Kensho retention related expenses of $2 million, acquisition-related costs of $2 million and a gain on disposition of $2 million. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $3 million, $4 million, and $7 million for the years ended December 31, 2023, 2022 and 2021, respectively.

9 Equity in Income on Unconsolidated Subsidiaries for the year ended December 31, 2023 includes an asset impairment of $2 million. Equity in Income on Unconsolidated Subsidiaries includes amortization of intangibles from acquisitions of $56 million and $55 million for the years ended December 31, 2023 and 2022, respectively.

The following table presents our revenue disaggregated by revenue type for the years ended December 31:

1 Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Segment information for the years ended December 31 is as follows:

Segment information as of December 31 is as follows:

1 Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.

2 Includes Engineering Solutions as of December 31, 2022. See Note 2 –Acquisitions and Divestitures for further discussion.

We do not have operations in any foreign country that represent more than 8% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue.

The following provides revenue and long-lived assets by geographic region:

See Note 2 –Acquisitions and Divestituresand Note 11 –Restructuring, for actions that impacted the segment operating results.