0000064040FALSE2024Q312/31http://fasb.org/us-gaap/2024#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OtherLiabilitiesCurrent153xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesspgi:segmentxbrli:purespgi:performance_indicatorspgi:transactionspgi:positionspgi:plaintiff00000640402024-01-012024-09-3000000640402024-10-1800000640402024-07-012024-09-3000000640402023-07-012023-09-3000000640402023-01-012023-09-3000000640402024-09-3000000640402023-09-3000000640402023-12-3100000640402022-12-310000064040us-gaap:CommonStockMember2024-06-300000064040us-gaap:AdditionalPaidInCapitalMember2024-06-300000064040us-gaap:RetainedEarningsMember2024-06-300000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000064040us-gaap:TreasuryStockCommonMember2024-06-300000064040us-gaap:ParentMember2024-06-300000064040us-gaap:NoncontrollingInterestMember2024-06-3000000640402024-06-300000064040us-gaap:RetainedEarningsMember2024-07-012024-09-300000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300000064040us-gaap:ParentMember2024-07-012024-09-300000064040us-gaap:NoncontrollingInterestMember2024-07-012024-09-300000064040us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000064040us-gaap:TreasuryStockCommonMember2024-07-012024-09-300000064040us-gaap:CommonStockMember2024-09-300000064040us-gaap:AdditionalPaidInCapitalMember2024-09-300000064040us-gaap:RetainedEarningsMember2024-09-300000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000064040us-gaap:TreasuryStockCommonMember2024-09-300000064040us-gaap:ParentMember2024-09-300000064040us-gaap:NoncontrollingInterestMember2024-09-300000064040us-gaap:CommonStockMember2023-06-300000064040us-gaap:AdditionalPaidInCapitalMember2023-06-300000064040us-gaap:RetainedEarningsMember2023-06-300000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000064040us-gaap:TreasuryStockCommonMember2023-06-300000064040us-gaap:ParentMember2023-06-300000064040us-gaap:NoncontrollingInterestMember2023-06-3000000640402023-06-300000064040us-gaap:RetainedEarningsMember2023-07-012023-09-300000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000064040us-gaap:ParentMember2023-07-012023-09-300000064040us-gaap:NoncontrollingInterestMember2023-07-012023-09-300000064040us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000064040us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000064040us-gaap:CommonStockMember2023-09-300000064040us-gaap:AdditionalPaidInCapitalMember2023-09-300000064040us-gaap:RetainedEarningsMember2023-09-300000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000064040us-gaap:TreasuryStockCommonMember2023-09-300000064040us-gaap:ParentMember2023-09-300000064040us-gaap:NoncontrollingInterestMember2023-09-300000064040us-gaap:CommonStockMember2023-12-310000064040us-gaap:AdditionalPaidInCapitalMember2023-12-310000064040us-gaap:RetainedEarningsMember2023-12-310000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000064040us-gaap:TreasuryStockCommonMember2023-12-310000064040us-gaap:ParentMember2023-12-310000064040us-gaap:NoncontrollingInterestMember2023-12-310000064040us-gaap:RetainedEarningsMember2024-01-012024-09-300000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-300000064040us-gaap:ParentMember2024-01-012024-09-300000064040us-gaap:NoncontrollingInterestMember2024-01-012024-09-300000064040us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300000064040us-gaap:TreasuryStockCommonMember2024-01-012024-09-300000064040us-gaap:CommonStockMember2022-12-310000064040us-gaap:AdditionalPaidInCapitalMember2022-12-310000064040us-gaap:RetainedEarningsMember2022-12-310000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000064040us-gaap:TreasuryStockCommonMember2022-12-310000064040us-gaap:ParentMember2022-12-310000064040us-gaap:NoncontrollingInterestMember2022-12-310000064040us-gaap:RetainedEarningsMember2023-01-012023-09-300000064040us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000064040us-gaap:ParentMember2023-01-012023-09-300000064040us-gaap:NoncontrollingInterestMember2023-01-012023-09-300000064040us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000064040us-gaap:TreasuryStockCommonMember2023-01-012023-09-3000000640402024-10-01spgi:OneYearMember2024-09-3000000640402024-10-01spgi:TwoYearsMember2024-09-300000064040spgi:OSTTRAMemberus-gaap:CorporateJointVentureMember2024-09-300000064040us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberspgi:FincentricMember2024-07-012024-09-300000064040us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberspgi:FincentricMember2024-01-012024-09-300000064040us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberspgi:EngineeringSolutionsBusinessMember2023-05-020000064040us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberspgi:EngineeringSolutionsBusinessMember2023-05-022023-05-020000064040us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberspgi:EngineeringSolutionsBusinessMember2023-01-012023-09-300000064040spgi:LeveragedCommentaryAndDataMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberspgi:MarketIntelligenceSegmentMember2023-04-012023-06-300000064040spgi:LeveragedCommentaryAndDataMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040spgi:LeveragedCommentaryAndDataMemberus-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:DiscontinuedOperationsHeldforsaleMember2024-09-300000064040us-gaap:DiscontinuedOperationsHeldforsaleMember2023-12-310000064040us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-07-012024-09-300000064040us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-07-012023-09-300000064040us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2024-01-012024-09-300000064040us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMember2023-01-012023-09-300000064040spgi:A3625SeniorNotesDueMay12024Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:A3625SeniorNotesDueMay12024Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:A475SeniorNotesDueFebruary152025Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:A475SeniorNotesDueFebruary152025Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:A400SeniorNotesDueMarch12026Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:A400SeniorNotesDueMarch12026Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes295Due2027Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes295Due2027Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes245Due2027Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes245Due2027Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:A475SeniorNotesDueAugust12028Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:A475SeniorNotesDueAugust12028Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:A425SeniorNotesDueMay12029Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:A425SeniorNotesDueMay12029Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes25Due2029Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes25Due2029Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SustainabilityLinkedSeniorNotes270Due2029Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SustainabilityLinkedSeniorNotes270Due2029Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes125Due2030Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes125Due2030Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes290Due2032Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes290Due2032Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes525Due2033Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes525Due2033Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes655Due2037Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes655Due2037Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes45Due2048Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes45Due2048Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes325Due2049Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes325Due2049Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes370Due2052Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes370Due2052Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes23Due2060Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes23Due2060Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:SeniorNotes39Due2062Memberus-gaap:SeniorNotesMember2024-09-300000064040spgi:SeniorNotes39Due2062Memberus-gaap:SeniorNotesMember2023-12-310000064040spgi:A3625SeniorNotesDueMay12024Memberus-gaap:SeniorNotesMember2024-04-012024-06-300000064040spgi:A3625SeniorNotesDueMay12024Memberus-gaap:SeniorNotesMember2024-06-300000064040spgi:FiveYearFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-09-300000064040spgi:FiveYearFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300000064040us-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMember2024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMember2023-12-310000064040us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-12-310000064040us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:FairValueHedgingMemberus-gaap:NondesignatedMemberus-gaap:OtherCurrentLiabilitiesMember2023-12-310000064040us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeForwardMember2024-07-012024-09-300000064040us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeForwardMember2024-01-012024-09-300000064040us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeForwardMember2023-07-012023-09-300000064040us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:ForeignExchangeForwardMember2023-01-012023-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2024-07-012024-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2024-01-012024-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2023-07-012023-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-12-310000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-03-310000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-03-310000064040us-gaap:InterestRateSwapMember2023-01-012023-03-310000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2023-12-310000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentLiabilitiesMember2023-12-310000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2024-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2023-12-310000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2024-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentAssetsMember2023-12-310000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2024-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2023-12-310000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2024-07-012024-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2023-07-012023-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-07-012024-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-07-012023-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000064040us-gaap:ForeignExchangeForwardMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2024-01-012024-09-300000064040us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2023-01-012023-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2024-01-012024-09-300000064040us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:NetInvestmentHedgingMemberus-gaap:DesignatedAsHedgingInstrumentMember2023-01-012023-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2024-06-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2023-06-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2023-12-310000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2022-12-310000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2024-07-012024-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2023-07-012023-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2024-01-012024-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2023-01-012023-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2024-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:CashFlowHedgingMember2023-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2024-06-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2023-06-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2023-12-310000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2022-12-310000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2024-07-012024-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2023-07-012023-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2024-01-012024-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2023-01-012023-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2024-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:InterestRateSwapMember2023-09-300000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2024-06-300000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2023-06-300000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2023-12-310000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2022-12-310000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2024-07-012024-09-300000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2023-07-012023-09-300000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2024-01-012024-09-300000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2023-01-012023-09-300000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2024-09-300000064040us-gaap:AccumulatedTranslationAdjustmentMemberus-gaap:NetInvestmentHedgingMember2023-09-300000064040spgi:RestrictedStockAndUnitAwardsMember2024-01-012024-09-300000064040spgi:RestrictedStockAndUnitAwardsMember2023-01-012023-09-300000064040spgi:RestrictedStockAndUnitAwardsMember2024-09-300000064040spgi:TwoThousandTwentyTwoRepurchaseProgramMember2022-06-220000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedJuly312024Memberspgi:InitialAwardMember2024-07-312024-07-310000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedJuly312024Memberspgi:AdditionalAwardMember2024-07-012024-09-300000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedJuly312024Memberspgi:CompletedAwardMember2024-07-012024-09-300000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedJuly312024Member2024-07-012024-09-300000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary122024Memberspgi:InitialAwardMember2024-02-122024-02-120000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary122024Memberspgi:AdditionalAwardMember2024-04-122024-04-120000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary122024Memberspgi:CompletedAwardMember2024-02-122024-04-120000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary122024Member2024-02-122024-04-120000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedAugust72023Memberspgi:InitialAwardMember2023-08-072023-08-070000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedAugust72023Memberspgi:AdditionalAwardMember2023-09-082023-09-080000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedAugust72023Memberspgi:CompletedAwardMember2023-08-072023-09-080000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedAugust72023Member2023-08-072023-09-080000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedMay82023Memberspgi:InitialAwardMember2023-05-082023-05-080000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedMay82023Memberspgi:AdditionalAwardMember2023-08-042023-08-040000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedMay82023Memberspgi:CompletedAwardMember2023-05-082023-08-040000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedMay82023Member2023-05-082023-08-040000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary132023Memberspgi:InitialAwardMember2023-02-132023-02-130000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary132023Memberspgi:AdditionalAwardMember2023-05-052023-05-050000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary132023Memberspgi:CompletedAwardMember2023-02-132023-05-050000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary132023Member2023-02-132023-05-050000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedJuly312024Memberus-gaap:SubsequentEventMember2024-07-312024-10-220000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedJuly312024Member2024-07-312024-07-310000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedJuly312024Memberus-gaap:SubsequentEventMemberspgi:AdditionalAwardMember2024-10-222024-10-220000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedJuly312024Memberus-gaap:SubsequentEventMemberspgi:CompletedAwardMember2024-07-312024-10-220000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary122024Member2024-02-122024-02-120000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedAugust72023Member2023-08-072023-08-070000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedMay82023Member2023-05-082023-05-080000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedFebruary132023Member2023-02-132023-02-130000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedNovember132023Member2024-02-012024-02-290000064040spgi:StockRepurchasesMember2024-01-012024-09-300000064040spgi:UncappedAcceleratedShareRepurchasesInitiatedDecember22022Member2023-02-012023-02-280000064040spgi:StockRepurchasesMember2023-01-012023-09-300000064040spgi:CmeGroupMember2024-09-300000064040us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000064040us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000064040us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-09-300000064040us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-09-300000064040us-gaap:AccumulatedTranslationAdjustmentMember2024-09-300000064040us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-09-300000064040us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-09-300000064040us-gaap:EmployeeStockOptionMember2023-07-012023-09-300000064040us-gaap:EmployeeStockOptionMember2024-07-012024-09-300000064040us-gaap:EmployeeStockOptionMember2024-01-012024-09-300000064040us-gaap:EmployeeStockOptionMember2023-01-012023-09-300000064040spgi:RestrictedStockAndUnitAwardsMember2024-01-012024-09-300000064040spgi:RestrictedStockAndUnitAwardsMember2023-01-012023-09-300000064040spgi:RestructuringPlan2024Member2024-01-012024-09-300000064040spgi:RestructuringPlan2023Member2024-01-012024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:RatingsSegmentMember2024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:RatingsSegmentMember2024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:MobilityMember2024-01-012024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:MobilityMember2024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:MobilityMember2024-01-012024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:MobilityMember2024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040spgi:RestructuringPlan2024Memberus-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040spgi:RestructuringPlan2023Memberus-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2024-09-300000064040us-gaap:CorporateNonSegmentMemberspgi:RestructuringPlan2024Member2024-01-012024-09-300000064040us-gaap:CorporateNonSegmentMemberspgi:RestructuringPlan2024Member2024-09-300000064040us-gaap:CorporateNonSegmentMemberspgi:RestructuringPlan2023Member2024-01-012024-09-300000064040us-gaap:CorporateNonSegmentMemberspgi:RestructuringPlan2023Member2024-09-300000064040spgi:RestructuringPlan2024Member2024-09-300000064040spgi:RestructuringPlan2023Member2024-09-300000064040spgi:RestructuringPlan2023Member2023-12-310000064040us-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RatingsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RatingsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RatingsSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:MobilityMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:MobilityMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:MobilityMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:MobilityMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:EngineeringSolutionsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:EngineeringSolutionsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:EngineeringSolutionsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:EngineeringSolutionsSegmentMember2023-01-012023-09-300000064040us-gaap:IntersegmentEliminationMember2024-07-012024-09-300000064040us-gaap:IntersegmentEliminationMember2023-07-012023-09-300000064040us-gaap:IntersegmentEliminationMember2024-01-012024-09-300000064040us-gaap:IntersegmentEliminationMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMember2023-01-012023-09-300000064040us-gaap:CorporateNonSegmentMember2024-07-012024-09-300000064040us-gaap:CorporateNonSegmentMember2023-07-012023-09-300000064040us-gaap:CorporateNonSegmentMember2024-01-012024-09-300000064040us-gaap:CorporateNonSegmentMember2023-01-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:MobilityMember2024-07-012024-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:MobilityMember2024-01-012024-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:MobilityMember2023-07-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:MobilityMember2023-01-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:OperatingSegmentsMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:CorporateNonSegmentMember2024-07-012024-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:CorporateNonSegmentMember2024-01-012024-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:CorporateNonSegmentMember2023-07-012023-09-300000064040spgi:IHSMarkitLtdMemberus-gaap:CorporateNonSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:RatingsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:CommodityInsightsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:MobilityMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:EngineeringSolutionsSegmentMember2024-07-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:SubscriptionMember2024-07-012024-09-300000064040spgi:SubscriptionMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:RatingsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:CommodityInsightsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:MobilityMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:EngineeringSolutionsSegmentMember2024-07-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:NonSubscriptionTransactionMember2024-07-012024-09-300000064040spgi:NonSubscriptionTransactionMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:RatingsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:CommodityInsightsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:MobilityMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:EngineeringSolutionsSegmentMember2024-07-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:NonTransactionMember2024-07-012024-09-300000064040spgi:NonTransactionMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:RatingsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:CommodityInsightsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:MobilityMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:EngineeringSolutionsSegmentMember2024-07-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:AssetLinkedFeesMember2024-07-012024-09-300000064040spgi:AssetLinkedFeesMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:RatingsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:CommodityInsightsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:MobilityMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:EngineeringSolutionsSegmentMember2024-07-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:SalesUsageBasedRoyaltiesMember2024-07-012024-09-300000064040spgi:SalesUsageBasedRoyaltiesMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:RatingsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:CommodityInsightsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:MobilityMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:EngineeringSolutionsSegmentMember2024-07-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:RecurringVariableRevenueMember2024-07-012024-09-300000064040spgi:RecurringVariableRevenueMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:RatingsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:CommodityInsightsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:MobilityMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:EngineeringSolutionsSegmentMember2024-07-012024-09-300000064040us-gaap:IntersegmentEliminationMemberus-gaap:TransferredAtPointInTimeMember2024-07-012024-09-300000064040us-gaap:TransferredAtPointInTimeMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:MarketIntelligenceSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:RatingsSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:CommodityInsightsMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:MobilityMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:IndicesSegmentMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:EngineeringSolutionsSegmentMember2024-07-012024-09-300000064040us-gaap:IntersegmentEliminationMemberus-gaap:TransferredOverTimeMember2024-07-012024-09-300000064040us-gaap:TransferredOverTimeMember2024-07-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:MobilityMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:EngineeringSolutionsSegmentMember2024-01-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:SubscriptionMember2024-01-012024-09-300000064040spgi:SubscriptionMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:MobilityMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:EngineeringSolutionsSegmentMember2024-01-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:NonSubscriptionTransactionMember2024-01-012024-09-300000064040spgi:NonSubscriptionTransactionMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:MobilityMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:EngineeringSolutionsSegmentMember2024-01-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:NonTransactionMember2024-01-012024-09-300000064040spgi:NonTransactionMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:MobilityMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:EngineeringSolutionsSegmentMember2024-01-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:AssetLinkedFeesMember2024-01-012024-09-300000064040spgi:AssetLinkedFeesMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:MobilityMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:EngineeringSolutionsSegmentMember2024-01-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:SalesUsageBasedRoyaltiesMember2024-01-012024-09-300000064040spgi:SalesUsageBasedRoyaltiesMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:MobilityMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:EngineeringSolutionsSegmentMember2024-01-012024-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:RecurringVariableRevenueMember2024-01-012024-09-300000064040spgi:RecurringVariableRevenueMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:MobilityMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:EngineeringSolutionsSegmentMember2024-01-012024-09-300000064040us-gaap:IntersegmentEliminationMemberus-gaap:TransferredAtPointInTimeMember2024-01-012024-09-300000064040us-gaap:TransferredAtPointInTimeMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:MarketIntelligenceSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:RatingsSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:CommodityInsightsMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:MobilityMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:IndicesSegmentMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:EngineeringSolutionsSegmentMember2024-01-012024-09-300000064040us-gaap:IntersegmentEliminationMemberus-gaap:TransferredOverTimeMember2024-01-012024-09-300000064040us-gaap:TransferredOverTimeMember2024-01-012024-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:RatingsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:MobilityMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:EngineeringSolutionsSegmentMember2023-07-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:SubscriptionMember2023-07-012023-09-300000064040spgi:SubscriptionMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:RatingsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:MobilityMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:EngineeringSolutionsSegmentMember2023-07-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:NonSubscriptionTransactionMember2023-07-012023-09-300000064040spgi:NonSubscriptionTransactionMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:RatingsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:MobilityMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:EngineeringSolutionsSegmentMember2023-07-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:NonTransactionMember2023-07-012023-09-300000064040spgi:NonTransactionMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:RatingsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:MobilityMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:EngineeringSolutionsSegmentMember2023-07-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:AssetLinkedFeesMember2023-07-012023-09-300000064040spgi:AssetLinkedFeesMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:RatingsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:MobilityMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:EngineeringSolutionsSegmentMember2023-07-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:SalesUsageBasedRoyaltiesMember2023-07-012023-09-300000064040spgi:SalesUsageBasedRoyaltiesMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:RatingsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:MobilityMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:EngineeringSolutionsSegmentMember2023-07-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:RecurringVariableRevenueMember2023-07-012023-09-300000064040spgi:RecurringVariableRevenueMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:RatingsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:MobilityMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:EngineeringSolutionsSegmentMember2023-07-012023-09-300000064040us-gaap:IntersegmentEliminationMemberus-gaap:TransferredAtPointInTimeMember2023-07-012023-09-300000064040us-gaap:TransferredAtPointInTimeMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:MarketIntelligenceSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:RatingsSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:CommodityInsightsMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:MobilityMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:IndicesSegmentMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:EngineeringSolutionsSegmentMember2023-07-012023-09-300000064040us-gaap:IntersegmentEliminationMemberus-gaap:TransferredOverTimeMember2023-07-012023-09-300000064040us-gaap:TransferredOverTimeMember2023-07-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:RatingsSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:MobilityMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SubscriptionMemberspgi:EngineeringSolutionsSegmentMember2023-01-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:SubscriptionMember2023-01-012023-09-300000064040spgi:SubscriptionMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:RatingsSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:MobilityMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonSubscriptionTransactionMemberspgi:EngineeringSolutionsSegmentMember2023-01-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:NonSubscriptionTransactionMember2023-01-012023-09-300000064040spgi:NonSubscriptionTransactionMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:RatingsSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:MobilityMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:NonTransactionMemberspgi:EngineeringSolutionsSegmentMember2023-01-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:NonTransactionMember2023-01-012023-09-300000064040spgi:NonTransactionMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:RatingsSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:MobilityMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:AssetLinkedFeesMemberspgi:EngineeringSolutionsSegmentMember2023-01-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:AssetLinkedFeesMember2023-01-012023-09-300000064040spgi:AssetLinkedFeesMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:RatingsSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:MobilityMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:SalesUsageBasedRoyaltiesMemberspgi:EngineeringSolutionsSegmentMember2023-01-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:SalesUsageBasedRoyaltiesMember2023-01-012023-09-300000064040spgi:SalesUsageBasedRoyaltiesMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:RatingsSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:MobilityMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberspgi:RecurringVariableRevenueMemberspgi:EngineeringSolutionsSegmentMember2023-01-012023-09-300000064040us-gaap:IntersegmentEliminationMemberspgi:RecurringVariableRevenueMember2023-01-012023-09-300000064040spgi:RecurringVariableRevenueMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:RatingsSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:MobilityMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredAtPointInTimeMemberspgi:EngineeringSolutionsSegmentMember2023-01-012023-09-300000064040us-gaap:IntersegmentEliminationMemberus-gaap:TransferredAtPointInTimeMember2023-01-012023-09-300000064040us-gaap:TransferredAtPointInTimeMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:MarketIntelligenceSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:RatingsSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:CommodityInsightsMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:MobilityMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:IndicesSegmentMember2023-01-012023-09-300000064040us-gaap:OperatingSegmentsMemberus-gaap:TransferredOverTimeMemberspgi:EngineeringSolutionsSegmentMember2023-01-012023-09-300000064040us-gaap:IntersegmentEliminationMemberus-gaap:TransferredOverTimeMember2023-01-012023-09-300000064040us-gaap:TransferredOverTimeMember2023-01-012023-09-300000064040country:US2024-07-012024-09-300000064040country:US2023-07-012023-09-300000064040country:US2024-01-012024-09-300000064040country:US2023-01-012023-09-300000064040srt:EuropeMember2024-07-012024-09-300000064040srt:EuropeMember2023-07-012023-09-300000064040srt:EuropeMember2024-01-012024-09-300000064040srt:EuropeMember2023-01-012023-09-300000064040srt:AsiaMember2024-07-012024-09-300000064040srt:AsiaMember2023-07-012023-09-300000064040srt:AsiaMember2024-01-012024-09-300000064040srt:AsiaMember2023-01-012023-09-300000064040spgi:RestOfWorldMember2024-07-012024-09-300000064040spgi:RestOfWorldMember2023-07-012023-09-300000064040spgi:RestOfWorldMember2024-01-012024-09-300000064040spgi:RestOfWorldMember2023-01-012023-09-300000064040srt:MinimumMember2024-09-300000064040srt:MaximumMember2024-09-300000064040us-gaap:RelatedPartyMemberspgi:SpdjIndicesMember2024-07-012024-09-300000064040us-gaap:RelatedPartyMemberspgi:SpdjIndicesMember2024-01-012024-09-300000064040us-gaap:RelatedPartyMemberspgi:SpdjIndicesMember2023-07-012023-09-300000064040us-gaap:RelatedPartyMemberspgi:SpdjIndicesMember2023-01-012023-09-300000064040spgi:CmeGroupMemberspgi:SpdjIndicesMember2024-09-300000064040spgi:BasisCapitalInvestmentGroupInvestmentLossesOnCollateralizedDebtObligationsMember2021-02-022021-02-0200000640402024-09-032024-09-030000064040spgi:SaugataSahaMember2024-01-012024-09-300000064040spgi:SaugataSahaMember2024-07-012024-09-300000064040spgi:SaugataSahaMember2024-09-30


美國證券交易所(SEC)
華盛頓特區20549
形式10-Q
☑根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書
過渡期從                    至                    
委託文件編號：001-398661-1023  
spgbarrgbposa16.jpg
標普環球資訊公司
(根據其章程規定的註冊人準確名稱)
紐約13-1026995
（設立或組織的其他管轄區域）
（納稅人識別號碼）
紐約市，NY 10041,紐約,紐約10041
，（主要行政辦公地址）(郵政編碼)
公司電話，包括區號：212-438-1000
在法案第12(b)條的規定下注冊的證券：
班級交易代碼註冊的交易所名稱
普通股（每股1.00美元）SPGI請使用moomoo賬號登錄查看New York Stock Exchange

請打勾表示，公司（1）在過去的12個月內已經按照1934年證券交易法第13或15（d）條的規定提交了所有要求提交的報告（或者在註冊公司被要求提交這些報告的更短時期內提交了這些報告），以及（2）在過去90天內一直受到這些提交要求的約束。是 ☑否☐
請用複選標記表示：在過去的12個月內（或註冊人要求提交此類文件的更短週期），是否按照S-t規則405條款（本章第232.405條）的要求提交了每個互動式日期文件。 是 ☑否☐
請用複選標記表示註冊管理人是大型加速文件提交者、加速文件提交者、非加速文件提交者、較小報告公司還是新興增長公司。請參閱《交易所法》第120億.2條中「大型加速文件提交者」，「加速文件提交者」，「較小報告公司」和「新興增長公司」的定義。
☑大型加速報告人☐加速文件申報人☐非加速文件提交人☐
更小的報告公司
☐
E合併增長公司
如果是新興成長型公司，請勾選√，以表明註冊公司已選擇不使用根據《證券交易法》第13(a)條規定提供的任何新的或修訂後的會計準則的延長過渡期。 ☐
請勾選表示註冊人是否爲殼公司（根據《交易所法》第120億.2條規定）。 是 ☐ 不 ☑

截至2024年10月18日（最新可行日期）， 310.3 該發行人的普通股（每股面值1.00美元）的流通股除了Markit Group Holdings Limited員工福利信託持有的720萬流通普通股外，還有百萬流通股。

1

標普環球資訊公司
指數
 
 頁碼
項目 6. 陳列品和契約款項(第6頁)

2

獨立註冊會計師事務所報告


致S&P Global Inc.的股東和董事會

中期財務報表審查結果

我們已審核了截至2024年9月30日標普全球公司及其子公司（以下簡稱「公司」）的附註基本報表，截至2024年9月30日和2023年9月30日結束的三個月和九個月的相關收入、綜合收益及權益基本報表，截至2024年9月30日和2023年9月30日結束的九個月的相關現金流量基本報表，以及相關附註（統稱爲「合併中期財務報表」）。根據我們的審核，我們沒有發現需要對合並中期財務報表做任何實質修改以符合美國通用會計原則。

根據美國公共公司會計監督委員會（PCAOB）的標準，我們已經對公司截至2023年12月31日的合併資產負債表及當年相關的合併損益表、綜合損益表、股東權益表和現金流量表進行了審計，以及相關附註和附表（未在此處呈現）；在我們於2024年2月8日的報告中，我們對這些合併基本報表發表了無保留的審計意見。在我們看來，附表中截至2023年12月31日的合併資產負債表的信息，在所有重大方面，與其來源的合併資產負債表關係相關的。

審查結果的基礎

這些財務報表是公司管理層的責任。我們是註冊在PCAOB的會計師事務所，在美國聯邦證券法和SEC和PCAOB的適用規定下，我們對公司必須保持獨立性。我們按照PCAOB的標準進行了審查。對於中期財務報表的審查主要由應用分析程序和對負責財務與會計事務的人員進行詢問組成。其範圍比按照PCAOB標準進行的審計要小得多，其目的是對整個財務報表的表達意見。因此，我們不表達這樣的意見。


/s/ ERNST & YOUNG LLP

紐約州紐約市
2024年10月24日



3

第一部分 — 財務信息
項目1。 基本報表

標普環球資訊公司
綜合收益表
(未經審計)
(單位：百萬美元，每股金額爲美元)三個月之內結束九個月結束
截至2023年9月30日年 度報告截至2023年9月30日年 度報告
2024202320242023
營業收入$3,575 $3,084 $10,616 $9,345 
費用：
與營運相關的費用1,072 995 3,277 3,109 
銷售和一般性費用808 741 2,247 2,217 
折舊費用22 22 70 71 
無形資產攤銷271 260 803 782 
總支出2,173 2,018 6,397 6,179 
處置(獲利)損失，淨額(21)— (21)69 
未合併附屬公司的所得權益(11)(8)(31)(33)
營業利潤1,434 1,074 4,271 3,130 
其他損益(收入)，淨額2 (5)(10)(5)
利息費用，淨額72 84 227 258 
稅前收入1,360 995 4,054 2,877 
所得稅費用313 181 854 628 
淨收入1,047 814 3,200 2,249 
減：歸屬於非控制股權的淨利潤
(76)(72)(228)(202)
淨利潤歸屬於S&P Global Inc.$971 $742 $2,972 $2,047 
歸屬於S&P Global Inc.普通股股東的每股收益：
淨利潤：
基本$3.12 $2.34 $9.51 $6.41 
稀釋的$3.11 $2.33 $9.50 $6.40 
普通股股份加權平均數：
基本311.2 317.5 312.6 319.4 
稀釋的311.5 318.0 312.9 319.9 
期末實際已發行股數310.3 316.8 
請見未經審計的合併財務報表附註。
4

標普環球資訊公司
綜合收益的合併報表
(未經審計)
 
（單位百萬）三個月之內結束九個月結束
截至2023年9月30日年 度報告截至2023年9月30日年 度報告
2024202320242023
淨收入$1,047 $814 $3,200 $2,249 
其他綜合收益:
外幣翻譯調整
98 (113)20 (40)
所得稅影響
26 (6)15 2 
124 (119)35 (38)
養老金及其他退休福利計劃
1 — (4)(12)
所得稅影響
— — 2 4 
1 — (2)(8)
未實現的現金流量套期損益— 115 19 115 
所得稅影響
— (29)(3)(29)
— 86 16 86 
綜合收益1,172 781 3,249 2,289 
減：歸屬於不可贖回非控股權益的綜合收益
(7)(7)(20)(19)
減：歸屬於可贖回非控股權益的綜合收益
(69)(65)(208)(183)
歸屬於標普全球公司的綜合收益
$1,096 $709 $3,021 $2,087 


請見未經審計的合併財務報表附註。
5

S&P Global Inc.
Consolidated Balance Sheets
 
（單位百萬）2020年9月30日
2024		12月31日
2023
(未經審計) 
資產
流動資產：
現金及現金等價物$1,696 $1,290 
受限現金1 1 
應收賬款、扣除壞賬準備：2024年 - $46; 2023 - $54
2,635 2,826 
預付和其他流動資產832 1,026 
業務資產待售38 — 
總流動資產5,202 5,143 
物業和設備淨值，減去累計折舊額：2024年- $820; 2023 - $794
252 258 
使用權資產390 379 
商譽34,991 34,850 
其他無形資產，淨額16,848 17,398 
在未納入合併範圍的子公司的股權投資1,800 1,787 
其他非流動資產885 774 
總資產$60,368 $60,589 
負債和股東權益
流動負債:
應付賬款$475 $557 
應計工資和養老金計劃的繳納823 906 
短期債務4 47 
目前應付所得稅188 121 
未實現營業收入3,288 3,461 
其他流動負債720 1,033 
待出售業務的負債7 — 
流動負債合計5,505 6,125 
長期負債11,398 11,412 
租賃負債 - 非流動資產527 541 
養老金及其他退休福利199 199 
遞延所得稅負債 — 非流動3,415 3,690 
其他非流動負債933 522 
負債合計21,977 22,489 
可贖回的非控制權益（注8）4,305 3,800 
100億股認可，分別於2024年5月3日和2024年2月2日擁有發行並流通的股份數量
股東權益：
普通股，每股面值爲 $0.0001；1 面值：授權 - 600 百萬股; 發行-2024年和2023年 415百萬股未流通股票
415 415 
額外實收資本44,273 44,231 
未分配利潤20,364 18,728 
累計其他綜合損失(714)(763)
減: 儲備中的普通股(30,346)(28,411)
權益合計 — 控股權益33,992 34,200 
權益合計 — 非控股權益94 100 
總股本 34,086 34,300 
負債和所有者權益總額$60,368 $60,589 
    

請見未經審計的合併財務報表附註。
6

標普環球資訊公司
合併現金流量表
(未經審計)
 
（單位百萬）九個月結束
截至2023年9月30日年 度報告
20242023
經營活動：
淨收入$3,200 $2,249 
調整淨收益以使其與經營活動提供的現金流量相一致：
折舊費用70 71 
無形資產攤銷803 782 
應收賬款損失準備36 19 
延遲所得稅(271)(430)
以股票爲基礎的報酬計劃177 143 
處置(獲利)損失，淨額(21)69 
其他(15)151 
運營資產和負債的變動，除併購和處置的影響外：
應收賬款188 (64)
預付和其他流動資產(14)(128)
應付賬款及應計費用(131)(120)
未實現營業收入(209)(71)
其他流動負債(399)(313)
預付/應計所得稅的淨變動314 62 
其他資產和負債的淨變化221 (44)
經營活動產生的現金流量3,949 2,376 
投資活動：
資本支出(91)(95)
收購，淨現金收購(264)(293)
處置資產淨收益94 1,004 
短期投資變動(1)(9)
投資活動提供的現金(使用)淨額(262)607 
籌資活動：
短期債務淨支付— (188)
發行高級票據淨額收入— 744 
償還優先票據(47)— 
分紅派息給股東的現金(854)(864)
向非控股權益持有人的分紅，淨額(213)(211)
有條件的對價支付(107)(8)
購回庫藏股(2,001)(2,001)
員工股權激勵支付的預扣稅和其他(58)(74)
籌集融資活動所用現金(3,280)(2,602)
匯率變動對現金的影響(1)(22)
現金、現金等價物和受限制的現金的淨變化量406 359 
期初現金、現金等價物和受限制的現金餘額1,291 1,287 
期末現金、現金等價物和受限制的現金餘額$1,697 $1,646 

See accompanying notes to the unaudited consolidated financial statements.
7

S&P Global Inc.
Consolidated Statements of Equity
(Unaudited)
Three Months Ended September 30, 2024
 (in millions)
Common Stock $1 par
Additional Paid-in CapitalRetained IncomeAccumulated Other Comprehensive LossLess: Treasury StockTotal SPGI EquityNoncontrolling InterestsTotal Equity
Balance as of June 30, 2024$415 $44,407 $19,957 $(839)$29,059 $34,881 $89 $34,970 
Comprehensive income 1
971 125 1,096 7 1,103 
Dividends (Dividend declared per common share — $0.91 per share)
(283)(283)(2)(285)
Share repurchases(225)1,276 (1,501)(1,501)
Employee stock plans91 11 80 80 
Change in redemption value of redeemable noncontrolling interests(281)(281)(281)
Balance as of September 30, 2024
$415 $44,273 $20,364 $(714)$30,346 $33,992 $94 $34,086 

2023年9月30日結束的九個月中，我們的業務收入爲605.39億美元，比2022年9月30日結束的九個月的577.94億美元增加了2.745億美元，增長了4.8%。按恒定匯率計算，營業收入增長了4.8%。2023年9月30日結束的九個月中，我們約有41.7%，47.5%和10.8%的營業收入來自於美國，歐洲和其他地區。在2023年9月30日結束的九個月中，我們的營業收入中有26.7%或527.3億美元來自於前五大客戶。不斷有新的客戶帳戶加入我們的大型製藥客戶、中型製藥客戶和生物技術客戶組合中。
(以百萬爲單位)
普通股 $1 每股面值
股本外溢價留存收益累計其他綜合損失減：庫存股總SPGI股本非控制權益總股本
截至2023年6月30日的餘額$415 $44,293 $18,279 $(813)$26,706 $35,468 $91 $35,559 
綜合收益1
742 (33)709 7 716 
分紅（每股普通股宣佈的股息 — $0.90每股)
(286)(286)(2)(288)
股份回購125 625 (500)(500)
員工股票計劃21 (17)38 38 
贖回不受控制股權的贖回價值變動(10)(10)(10)
其他— (1)(1)
截至2023年9月30日的餘額
$415 $44,439 $18,725 $(846)$27,314 $35,419 $95 $35,514 

8


2024年9月30日結束的九個月
(以百萬爲單位)
普通股 $1 面值
股本外溢價留存收益累計其他綜合損失減：庫存股總計SPGI股權非控制權益總股本
2023年12月31日期初餘額
$415 $44,231 $18,728 $(763)$28,411 $34,200 $100 $34,300 
綜合收益1
2,972 49 3,021 20 3,041 
分紅（每普通股宣佈的股息金額 — $2.73每股)
(854)(854)(14)(868)
股份回購(30)1,971 (2,001)(2,001)
員工股票計劃72 (36)108 108 
贖回不受控制股權的贖回價值變動(482)(482)(482)
其他— (12)(12)
2024年9月30日的餘額
$415 $44,273 $20,364 $(714)$30,346 $33,992 $94 $34,086 
2023年9月30日結束的三個月中，我們的營業收入爲205.51億美元，比2022年9月30日結束的三個月的194.24億美元增加了1.127億美元，增長了5.8%。按恒定匯率計算，營業收入增長了4.8%。2023年9月30日結束的三個月中，我們約有41.7%，47.5%和10.8%的營業收入來自於美國，歐洲和其他地區。在2023年9月30日結束的三個月中，我們的營業收入中有26.7%或527.3億美元來自於前五大客戶。不斷有新的客戶帳戶加入我們的大型製藥客戶、中型製藥客戶和生物技術客戶組合中。這次營業收入增長是由於公司市場的持續有機增長所致。
(以百萬爲單位)
普通股 $1 面值
股本外溢價留存收益累計其他綜合損失減：庫存股SPGI股權總額非控制權益總股本
截至2022年12月31日的餘額
$415 $44,422 $17,784 $(886)$25,347 $36,388 $89 $36,477 
綜合收益1
2,047 40 2,087 19 2,106 
分紅派息（每股普通股宣佈的股息 - $2.70每股)
(864)(864)(11)(875)
股份回購125 2,126 (2,001)(2,001)
員工股票計劃(106)(159)53 53 
贖回不受控制股權的贖回價值變動(247)(247)(247)
非控制權益調整(2)(2)(2)
其他5 5 (2)3 
截至2023年9月30日的餘額
$415 $44,439 $18,725 $(846)$27,314 $35,419 $95 $35,514 
1不包括綜合收益爲$69萬美元和65 分別爲截至2024年和2023年9月30日的三個月的百萬美元，以及分別爲截至2024年和2023年9月30日的九個月的$208萬美元和183 分別歸屬於我們可贖回的非控股權益，截至2024年和2023年九個月分別爲百萬美元。

請見未經審計的合併財務報表附註。

9

標普環球資訊公司
合併財務報表附註
(未經審計)
 
1.    業務性質和做法的呈現

標普全球公司（及其合併子公司，「標普全球」，「公司」，「我們」，「我們」或「我們」）是全球資本、商品和汽車市場中信用評級、基準、分析和工作流解決方案的提供商。

我們的運營包括1個可報告板塊，因爲我們所有的鑽井操作都位於美國，具有相似的經濟特徵。公司管理層將所有資產作爲整體而不是作爲單獨的營運部門進行管理。投入資本資源的分配是在我們整個資產庫的基礎上以項目爲基礎進行的，以在不考慮個別地理區域的前提下最大化盈利。 五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 可報告的業務部門：標準普爾全球市場情報（"市場情報"）、標準普爾全球評級（"評級"）、標準普爾全球商品洞察（"商品洞察"）、標準普爾全球移動性（"移動性"）和標準普爾道瓊斯指數（"指數"）。
•Market Intelligence是一家提供跨多種資產類別數據和分析的全球供應商，與專爲工作流解決方案而構建的集成。
•Ratings是提供信用評級、研究和分析的獨立機構，爲投資者和其他市場參與者提供信息、評級和基準。
•商品洞察是商品和能源市場的領先獨立信息和基準價格提供者。
•Mobility是一家領先的解決方案提供商，爲整個汽車價值鏈提供服務，包括汽車製造商（原始設備製造商或OEMs）、汽車供應商、移動服務提供商、零售商、消費者以及金融和保險公司。
•指數是一家全球指數提供商，爲投資顧問、财富管理人員和機構投資者維護着各種估值和指數基準。
截至2023年5月2日，我們完成了對S&P Global Engineering Solutions（「工程解決方案」）的出售，這家公司是一家工程標準及相關技術知識提供商，相關結果包括該日期。.
公司的附註未經審計的基本報表已根據美利堅合衆國一般公認會計原則（"U.S. GAAP"）編制，用於中期財務信息，遵循Form 10-Q和《S-X法規第10條》的指示。因此，這些報表不包括完整基本報表所需的所有信息和附註。因此，本附表中包含的基本報表應結合我們截至2023年12月31日的10-K表格中包含的基本報表和附註一起閱讀（我們的"10-K表格"）。

根據管理層意見，已包括所有必要的正常和經常的調整，以便公平地反映中期期間的結果。截至2024年9月30日結束的三個月和九個月的營運結果不能必然地代表可能預期的全年結果。

我們會定期評估我們的估計和假設，包括與營業收入確認、業務組合、應收賬款準備、長期資產評估、商譽和其他無形資產、養老金計劃、激勵報酬和股權報酬、所得稅、風險和可贖回的非控制權益相關的內容。 自我們的10-k表格日期以來，我們的關鍵會計政策和估計沒有發生重大變化。

限制性現金

在我們的綜合資產負債表中包括限制性現金爲$1百萬美元。

合同資產

合同資產包括公司將服務轉移給客戶但客戶尚未支付或付款未到期的未開票金額。截至2024年9月30日和2023年12月31日，合同資產分別爲$82萬美元和75 百萬美元，幷包含在我們的合併資產負債表中的應收賬款中。

10

合同資產

我們在現金預付款收到時記錄未賺取的營業收入。2024年9月30日的未賺取營業收入餘額較2023年12月31日減少主要是由於我們確認的包含在期初未賺取營業收入餘額中的收入減少，抵消了提前收到現金支付以滿足我們履行義務的情況。$3.0億美元的營業收入。

剩餘績效承諾

未完成業績義務代表尚未執行的合同的交易價格。截至2024年9月30日，分配給未完成業績義務的交易價格總額爲$4.1億。我們預計將在未來約 60％，截至2023年7月31日的三個月內；八十五 的剩餘業績義務中確認營業收入，其餘部分隨後確認。 12和頁面。24 個月分別。

我們不會披露未履行績效義務的價值（i）預期長度爲一年或更短的合同；和（ii）收入爲基於使用的版稅，用以交換知識產權許可證。

若干原因導致網絡監控公司預付款和未付款的遞延收入從一個季度變化到另一個季度，包括大客戶支持和服務協議的特定時間、持續時間和規模、此類協議的不同計費週期、客戶續訂的具體時間以及外幣波動。2024年6月30日結束三個月內，公司沒有任何重要的融資成分，或變量考慮或在先前期間內滿足的履約義務。

如果我們預計獲利期大於一年，我們會認可資產爲與顧客簽訂合同的增量成本。我們已經確定，與 certain 銷售佣金計劃相關的成本是與獲取客戶合同的成本是增量的，並因此符合資本化的標準。資本化的獲取合同成本總額爲$2741百萬美元和234百萬美元，截至2024年9月30日和2023年12月31日，並列在我們的資產負債表中的預付款和其他流動資產以及其他非流動資產中。資本化的資產將在一段與向客戶轉讓相關貨物或服務的期間內攤銷，根據客戶期限和產品及服務的平均壽命進行計算，已確定爲約 5 年。費用記錄在銷售和一般費用中。

我們在發生銷售佣金時支出，如果這些成本的效益爲一年或更短。這些成本記錄在銷售和一般費用中。

非合併子公司的投資收益

該公司持有一筆投資 50/50 與芝加哥商品交易所集團共享控制權的合資協議，將兩家公司的交易後服務合併爲合資企業OSTTRA。該合資企業提供貿易處理和風險緩解業務，並整合了芝加哥商品交易所集團的優化業務（Traiana、TriOptima和Reset）和該公司的MarkitServ業務。此次合併旨在提高公司兩項業務的運營效率，通過增強的利率、外匯、股票和信貸資產類別的場外交易市場平台和服務，更有效地爲客戶提供服務。我們的收益或虧損份額在合併損益表中記入未合併子公司的收益權益。

其他損失（收入），淨額

截至9月30日的其他損益元件如下：
（單位百萬）三個月九個月
2024202320242023
其他元件的淨週期效益成本$(5)$(6)$(17)$(18)
投資的淨損失7 1 7 13 
其他損益(收入)，淨額$2 $(5)$(10)$(5)

11

2.    收購和剝離

收購

2024

2024年5月1日，我們完成了對Visible Alpha的收購，Visible Alpha是深度行業和細分共識數據的金融科技提供商，在Market Intelligence的Capital IQ Pro平台上創造了基本投資研究能力的高級服務。這項收購是我們市場情報板塊的一部分，進一步增強了Visible Alpha和S&P Capital IQ Pro整體服務的深度和廣度。對Visible Alpha的收購對我們的基本報表沒有實質影響。

2024年5月14日，我們完成了對全球認可的氫相關會議和活動、數字培訓和市場情報組合World Hydrogen Leaders的收購。該收購是我們商品見識業務部門的一部分，以及補充了商品洞察全球會議業務，爲客戶提供了完整的氫及其衍生價值鏈覆蓋，同時還提供了能源轉型和可持續解決方案，包括氫價格評估、排放因子和市場研究。對World Hydrogen Leaders的收購對我們的綜合基本報表沒有實質影響。

2023

2023年2月16日，我們完成了對Market Scan Information Systems, Inc.（「Market Scan」）的收購，該公司是汽車定價和激勵情報領域的領先提供商，包括汽車付款作爲服務此款超便攜式投影儀使用了最新的 Android TV 界面，而且遙控器還內置了 Google AssistantTM 功能，用戶可以非常方便地使用它。 及其強大的付款計算引擎。將Market Scan添加到Mobility使得能夠在現有服務對經銷商、OEM製造商、貸款機構和其他市場參與者產生互補的領域內融合詳細的交易情報。收購Market Scan對我們的綜合財務報表並不構成實質性影響。

2023年1月3日，我們完成了對ChartIQ的收購，這是金融服務行業的領先圖表供應商。 ChartIQ是一個專業級的圖表解決方案，可以讓用戶使用完全交互式的基於網絡的庫來可視化數據，可以在網絡、移動和桌面上無縫工作。它提供高級功能，包括交易可視化、期權分析、技術面分析等等。此外，ChartIQ還允許客戶將供應商提供的數據與其自有內容、替代數據集或分析相結合。這次收購是我們市場情報部門的一部分，進一步增強了我們的S&P Capital IQ Pro平台和其他工作流解決方案，爲行業提供領先的可視化功能。收購ChartIQ對我們的合併基本財務報表沒有實質影響。

2023年1月4日，我們完成了對TruSight Solutions LLC（「TruSight」）的收購，TruSight是第三方供應商風險評估服務提供商。此次收購已整合到我們的市場情報部門，並通過爲客戶提供高質量的驗證評估數據，進一步擴展了標普全球公司向金融服務行業提供高質量第三方供應商風險管理解決方案的廣度和深度，旨在進一步減少金融服務行業服務提供商的供應商盡職調查負擔。TruSight的收購對我們的綜合財務報表沒有實質性影響。

出售

2024

2024年10月7日，我們達成協議，出售PrimeOne業務，即爲全球主要金融業務提供外包技術平台服務。PrimeOne業務屬於我們的市場情報部門。截止到2024年9月30日，PrimeOne業務的資產和負債已被列爲待售狀態，出現在我們的合併資產負債表中。該交易預計將在2024年第四季度完成。預計出售PrimeOne業務不會對我們的合併財務報表造成重大影響。

2024年8月15日，我們完成了Fincentric的出售，該公司原名Markit Digital。這次出售是在2024年2月宣佈我們擬探討Fincentric戰略機會之後進行的。Fincentric是S&P Global的主要數字解決方案提供商，專注於爲零售券商和其他金融機構開發移動應用程序和網站。Fincentric專注於設計尖端的金融數據可視化、界面和投資者體驗。Fincentric通過與IHS Markit合併被S&P Global收購，併成爲我們市場情報部門的一部分。在2024年9月30日結束的三個月和九個月內，我們在與Fincentric出售相關的綜合利潤表的(出售價值)虧損中記錄了稅前收益$213000萬歐元12百萬的稅後)(收益)損失)。

12

2023

2023年5月2日，我們將工程解決方案出售給Allium Buyer LLC，這是一家特拉華州有限責任公司，由科爾伯格·克拉維斯·羅伯茨&有關基金控制。我們獲得了出售價全額款項，爲$975百萬現金，經過購買價格調整，大約獲得了750百萬稅後收益。截至2023年9月30日的九個月內，我們記錄了$120百萬稅前損失，淨處分損益，以及與處分相關的成本爲$16百萬在聯合利潤表中的銷售和一般開支中（稅後$182百萬，減少遞延稅項責任$157百萬）與工程解決方案出售相關。此交易是我們2022年11月宣佈剝離業務意向的後續步驟。工程解決方案在我們併購IHS Markit後成爲公司的一部分。

於2023年第一季度，在2022年6月售出樂觀評論和數據（「LCD」）及相關一系列的槓槓白條指數後，我們收到了一筆應付的計件支付。 六個月 在2023年9月30日結束的九個月內，與LCD客戶關係過渡相關條件的完成後，計件支付導致了$的稅前收益463000萬歐元34百萬美元（稅後）涉及到我們市場情報部門中LCD出售的部分，以及百萬美元（稅後）涉及到我們指數部門中一系列槓槓白條指數出售的（獲利）損失。43000萬歐元3百萬美元（稅後）類（獲利）處置的（虧損），淨涉及到我們指數部門中一系列槓槓白條指數出售。

當滿足以下所有標準時，公司將待售的長期資產或減值組劃分爲待售的資產：（1）有權批准該行動的管理層批准了銷售資產或減值組的計劃；（2）資產或減值組在滿足通常和習慣銷售此類資產或減值組的條件的前提下，可以立即按其現狀出售；（3）已啓動定位買方以及完成銷售資產或減值組所需的其他行動的活動計劃；（4）出售資產或減值組是有可能的，且預計在一年內將作爲一項已完成的銷售給予確認，除非發生了本公司無法控制的事件或情況，使得出售資產或減值組所需的時間超過一年；（5）該資產或減值組正在以與其當前公允價值相當的價格積極營銷；以及（6）完成該計劃所需的行動表明不太可能出現重大的計劃變更或計劃被撤回。

資產負債表中按持有待售的資產和負債的元件包括以下內容:

（單位：百萬）九月三十日十二月三十一日
2024 1
2023
應收賬款，淨額 $4 $— 
善意34 — 
其他資產— — 
遞延所得稅資產— 
待售企業的資產$38 $— 
應付賬款和應計費用$(2)$— 
未賺取的收入(5)— 
待售企業的負債$(7)$— 
1 資產和負債待售資產和負債截至 2024年9月30日 相關 與PrimeOne業務的預期剝離有關。

截至9月30日的期間，我們待售或處置的業務的營業利潤（虧損）如下：
（單位百萬）三個月九個月
2024202320242023
營業利潤（虧損） 2
$— $1 $(2)$22 
2 T呈現的營業利潤（虧損）包括已出售或待售企業相關的營業收入和經常性直接費用。 公司開始租賃空間的第一階段之後的 結束 2024年9月30日 不包括與Fincentric出售相關的稅前收益$21 萬美元。截至2023年9月30日的九個月不包括與Engineering Solutions出售相關的稅前損失$120股票回購活動以及因員工基於股票的補償目的而重新發行國庫股的情況如下：

3.    所得稅

2024年第二季度的有效所得稅率爲23.0%和21.1對2024年9月30日結束的三個月和九個月分別爲%， 18.2%和21.8對2023年9月30日結束的三個月和九個月分別爲%，2023年9月30日結束的三個月率較低，主要是由於離散調整和利潤結構變化的組合。截至2023年9月30日止九個月稅率的增加主要是由於剝離帶來的稅收費用。

在每個中間期結束時，我們估計年度有效稅率，並將該稅率應用於我們的季度常規收益。與將單獨報告或報告淨相關稅項相關的重要飛凡或不經常發生的項目的稅費或利益，以及單獨計算的項目，在中間期間中得到認可，當中
13

這些項目發生。此外，制定稅法或稅率變更或稅收狀況變更的影響應在變更發生的中間期間得以確認。

公司受到各個司法管轄區的稅務審查。截至2024年9月30日和2023年12月31日，聯邦、州和本地政府以及外國未確認的稅收福利總額爲美元274萬美元和230 分別爲美元，不含利息和罰款。我們確認與未確認的稅收福利相關的應計利息和罰款分別計入利息費用和運營相關費用。截至2024年9月30日和2013年12月31日，我們分別擁有美元的應計利息和罰款，涉及未確認的稅收福利。根據當前所得稅審計的現狀，我們認爲未確認的稅收福利總額可能在未來十二個月內減少約64萬美元和50 美元，因當地稅務審查解決而可能下降。12 百萬元

經合組織在"支柱二"下引入了一項國際稅收框架，其中包括全球最低稅率爲15%。這一框架已被多個司法管轄區採納，包括我們所在的司法管轄區，自2024年1月1日起生效，並且還有許多其他司法管轄區，包括我們所在的司法管轄區，正在實施該框架。已生效的支柱二稅收影響已包含在披露的結果中，並沒有對我們的合併財務報表產生重大影響。公司將繼續監控預計將來實施支柱二的司法管轄區，正在評估這些司法管轄區實施支柱二法案可能對其合併財務報表造成的潛在影響。


4.    債務 

短期和長期未償債務的摘要如下：
（單位百萬）2020年9月30日
2024		12月31日
2023
3.6252024年到期的高級票據百分比 1
— 47 
4.752025年到期的高級票據百分比 2
4 4 
4.02026年到期的高級票據百分比 3
3 3 
2.952027年到期的高級票據百分比 4
498 497 
2.45到期日爲2027年的優先票據 5
1,242 1,240 
4.75到期日爲2028年的優先票據 6
801 810 
4.25到期日爲2029年的優先票據 7
1,007 1,016 
2.5到期日爲2029年的優先票據 8
497 497 
2.70到期日爲2029年的環保關聯優先票據 9
1,238 1,236 
1.25到期日爲2030年的優先票據 10
595 595 
2.90到期日爲2032年的優先票據 11
1,476 1,474 
5.25到期日爲2033年的優先票據 12
743 743 
6.552037年到期的高級債券 13
291 291 
4.52048年到期的高級債券 14
273 272 
3.252049年到期的高級債券 15
590 590 
3.702052年到期的高級債券 16
975 975 
2.32060年到期的高級債券 17
683 683 
3.92062年到期的高級債券 18
486 486 
總債務11,402 11,459 
減：包括當前到期債務的短期債務4 47 
長期債務$11,398 $11,412 
1 我們在2024年第二季度還了$百萬47我們在2024年第二季度償還了我們的%優先票據。 3.625我們在2024年第二季度還清了我們的%優先票據。
2 利息付款應在每年2月15日和8月15日半年付一次。
3 利息支付日期爲每年3月1日和9月1日。
4    利息付款應在每年1月22日和7月22日進行，截至2024年9月30日，未攤銷的債務貼現和發行成本總額爲$2百萬美元。
14

5    利息支付應在每年3月1日和9月1日分期支付，截至2024年9月30日，未攤銷的債務折讓和發行成本總額爲$8百萬美元。
6 利息支付日期爲每年2月1日和8月1日。
7 利息支付日期分別爲5月1日和11月1日，每半年一次。
8    利息支付日期爲每年6月1日和12月1日，截至2024年9月30日，未攤銷負債折讓和發行成本總計$。3百萬美元。
9    利息付款應在每年3月1日和9月1日按半年支付，並截至2024年9月30日，未攤銷的債務折讓和發行成本總計$12百萬美元。
10利息支付應於每年2月15日和8月15日支付，截至2024年9月30日，未攤銷的債務折扣和發行成本總計 $5百萬美元。
11 利息支付日期分別爲3月1日和9月1日，截至2024年9月30日，未攤銷的債務折讓和發行成本共計$24百萬美元。
12 利息支付期爲每年3月15日和9月15日，從2024年3月15日開始，截至2024年9月30日，未攤銷債務折扣和發行成本總額爲$。7百萬美元。
13    利息支付應於5月15日和11月15日半年結算一次，截至2024年9月30日，未攤銷的債務折讓和發行成本總額爲$2百萬美元。
14    利息支付日期分別爲5月15日和11月15日，在2024年9月30日，未攤銷的債務折讓和發行費用總額爲$10百萬美元。
15 利息支付日期爲每年6月1日和12月1日，並截至2024年9月30日，未攤銷的債務折扣和發行成本總計$10百萬美元。
16利息支付按照半年支付一次和發行費用總計爲$，截至2024年9月30日25百萬美元。
17利息支付日期分別爲2月15日和8月1日，每半年一次。，截至2024年9月30日，未攤銷的債務折讓和發行成本總額爲$5。17百萬美元。
18    利息支付將於2024年3月1日和9月1日半年支付一次，截至2024年9月30日，未攤銷的債務折扣和發行成本總計$14百萬美元。
我們的債務借款總額的公允價值 哇s $10.4 十億人d $10.3 截至2024年9月30日和2023年12月31日，分別爲10億美元，是根據市場報價估算的。

我們有能力通過我們的商業票據計劃借入總共$2.0億美元，我們的信用協議（即「信貸協議」）將於2026年4月26日到期。截至2.0 億美元。 五年 年和2023年12月31日，我們有 2024年9月30日 否 優秀的商業票據。

信貸工具下未使用的承諾費和相應的借款按金與公司實現的環保可持續性績效因子相關聯 三 與排放相關的環境可持續性績效指標，每年進行測試。我們目前支付承諾費16.6%8 點子的基礎點。信貸工具包含慣常的肯定和否定承諾，以及慣常的違約事件。一旦發生違約事件可能導致對信貸工具項下債務的加速清償。

T我們唯一需要履行的財務契約是，按照我們信貸安排定義的負債與現金流比率不得高於 4 ，而此契約水平 從未被超越。

5.    衍生金融工具

我們對市場風險的敞口包括外匯匯率和利率的變化。 我們在外國開展業務，其中的功能貨幣主要是本地貨幣。 對於被確定爲母公司延伸的國際業務，美元是功能貨幣。 從當地貨幣的角度來看，我們在大多數國家通常都有自然套期保值頭寸，並有相應的資產和負債進行抵消。 截至2024年9月30日和2023年12月31日，我們已簽訂了外匯遠期合同，以減輕或對沖外匯匯率的不利波動。 截至2024年9月30日和2023年12月31日，我們持有跨貨幣利率互換合同，對沖我們在外國子公司的淨投資部分，以應對外匯匯率波動。 截至2023年12月31日，我們持有一系列利率互換合同，以減輕或對沖未來債務再融資的利率不利波動。 這些合同的記錄價值是基於外匯匯率和利率在活躍市場中的定價； 因此，我們將這些衍生合同分類爲公允價值等級層次中的第2級。 我們不會爲投機目的而進行任何衍生金融工具交易。
15


未指定的衍生工具

在2024年9月30日結束的九個月以及在2023年12月31日結束的十二個月內，我們進行了外匯遠期合同，以減少合併資產負債表中特定資產和負債的公允價值變動。這些遠期合同不符合避險會計要求。截至2024年9月30日和2023年12月31日，這些未結遠期合同的名義價值合計爲$2.6十億。這些遠期合同的公允價值變動記錄在合併資產負債表中的預付款和其他流動資產或其他流動負債中，相應的公允價值變動記入合併利潤表中銷售和一般費用。截至2024年9月30日和2023年12月31日，預付款和其他流動資產中記錄的金額分別爲$371百萬美元和69百萬。截至2024年9月30日和2023年12月31日，其他流動負債中記錄的金額分別爲$71百萬美元和1百萬。與這些合同相關的銷售和一般費用中記錄的金額分別爲2024年9月30日結束的三個月和九個月的淨收益爲$1001百萬美元和54百萬，2024年9月30日結束的分別爲淨損失$821百萬美元和24截至2023年9月30日，分別爲300萬美元和900萬美元。

淨投資套期保值

在2024年9月30日結束的九個月內，我們進行了跨貨幣互換交易，以對沖我們在某些歐洲子公司的淨投資部分對歐元/美元匯率波動的風險。截至2023年12月31日，我們持有跨貨幣互換交易，以對沖我們在一個歐洲子公司的淨投資部分對歐元/美元匯率波動的風險。這些互換交易被指定並符合作爲外國子公司淨投資的對沖，並計劃於2024年、2029年、2030年和2032年到期。我們未做爲淨投資對沖指定的跨貨幣互換交易名義價值爲$3.5億美元和1.5，截至2024年9月30日和2023年12月31日分別達到了十億美元。這些交易的公平價值變動被確認爲外幣翻譯調整，在我們的資產負債表中作爲其他綜合收益（損失）的組成部分，報告在累積其他綜合損失中。當對沖淨投資被出售、清算或實質性清算時，盈利或損失將隨後重新分類爲淨收益。我們選擇根據現匯匯率變動評估我們的淨投資對沖的有效性。因此，與直接計入2024年9月30日結束的三個月和九個月的淨利潤的跨貨幣互換交易相關的金額代表淨週期利息結算和應計，計入利息費用、淨。我們分別公佈了2024年9月30日結束的三個月和九個月的淨利息收入爲$111百萬美元和27百萬美元，分別公佈了2024年9月30日結束的三個月和九個月的淨利息收入爲$61百萬美元和18百萬美元，分別公佈了2023年9月30日結束的三個月和九個月的淨利息收入爲$

現金流套期保值

匯率期貨遠期合約

在截至2024年9月30日的九個月以及截至2023年12月31日的十二個月內，我們參與了一系列外匯遠期合同，以對沖2026年第三季度和2025年第四季度之前的部分印度盧比、英鎊和歐元風險敞口。 這些合同旨在抵消匯率波動對未來營業收入和運營成本的影響，並計劃在相應期限內到期。 二十四個月這些合同的公允價值變動最初在我們的合併資產負債表中累積其他綜合損失中報告，隨後重新分類爲收入、銷售和一般費用，並在保值交易影響收益的同一期間內重新分類。

截至2024年9月30日，我們估計$1 百萬美元的與現金流量套期保值有關的匯率遠期合約稅前收益記錄在其他全面收益中，預計在接下來的十二個月內將重新分類爲收益。

截至2024年9月30日和2023年12月31日，我們未成交的被指定爲現金流量套期保值的外匯遠期合約名義金額總值爲$563萬美元和5292024年4月30日和2023年4月30日的六個月內的外匯重新計量淨收益分別爲$百萬。

利率掉期

在2023年第一季度，我們終止了名義價值爲$的利率互換合約813百萬美元，並在終止時獲得淨收益$155百萬。這些合約被指定爲現金流量套期交易，並計劃在2027年第一季度開始到期。我們在終止每筆互換交易時進行了最終有效性測試，$獲益的有效部分百萬記錄在我們的累計其他綜合損失中155。
16

合併資產負債表。收益將被確認爲利息費用，在未來預期進行再融資時將根據相關利息支付的期限進行支付。

以下表格提供了截至2024年9月30日和2023年12月31日的現金流量套期交易和淨投資套期交易的地點和公平價值金額信息：

（單位百萬）截至2023年9月30日年 度報告十二月三十一日
資產負債表上的位置20242023
指定爲現金流量套期保值工具的衍生工具：
預付和其他流動資產 外匯遠期合約$8 $9 
其他流動負債外匯遠期合約$2 $2 
其他非流動資產利率掉期合同$— $134 
作爲淨投資套期交易指定的衍生工具：
其他非流動資產跨貨幣掉期$117 $— 
其他非流動負債跨貨幣掉期$187 $14 
下表提供了截至9月30日止各期間現金流量套期工具和淨投資套期工具的稅前收益（損失）金額及位置信息。
三個月
（單位百萬）累積其他全面收益中確認的利潤（損失）（有效部分）利潤（損失）從累積其他全面收益重新分類爲收益（有效部分）利潤（損失）從累積其他全面收益重新分類爲收益（有效部分）
2024202320242023
現金流量套期工具 - 指定爲套期工具
外匯遠期合約$— $(5)營業收入、銷售和一般性費用$3 $2 
利率掉期合同$— $120 利息費用，淨額$— $(1)
淨投資套期保值 - 指定爲套期工具
跨貨幣掉期$(104)$22 利息費用，淨額$(1)$(1)
九個月
（單位百萬）認可積累其他全面收益中確認的利潤（有效部分）從積累其他全面收益重新分類到收入（有效部分）的利潤（損失）位置從積累其他全面收益重新分類到收入（有效部分）的利潤（損失）
2024202320242023
預期用作套期工具的現金流量套期交易
外匯遠期合約$(1)$4 營業收入、銷售和一般性費用$8 $4 
利率掉期合同$20 $111 利息費用，淨額$— $(4)
淨投資套期保值-指定爲套期工具
跨貨幣掉期$(58)$(9)利息費用，淨額$(3)$(3)
17

截至9月30日止的期間，未實現收益（損失）在累計其他全面損失中的變化與以下活動相關：
（單位百萬）三個月九個月
2024202320242023
。
外匯遠期合約
稅後，期初現金流量套期匯率期貨的未實現收益$5 $7 $5 $— 
公允價值變動，稅後淨額3 (2)8 7 
稅後，重分類至收益(3)(2)(8)(4)
匯率期貨的未實現收益，稅後，期末$5 $3 $5 $3 
利率掉期合同
匯率期貨的未實現收益，稅後，期初$100 $41 $84 $48 
公允價值變動，稅後淨額— 89 16 79 
再分類至收益，稅後— 1 — 4 
匯率期貨的未實現收益，稅後，期末$100 $131 $100 $131 
淨投資套期保值
淨投資套期保值的未實現收益（損失），稅後，期初$14 $32 $(21)$56 
公允價值變動，稅後淨額(79)16 (46)(10)
重新分類入收益，稅後1 1 3 3 
淨投資對沖未實現收益（損失），稅後，期末$(64)$49 $(64)$49 
6. 員工福利
我們爲員工維持了一些活躍的個人繳費養老計劃。我們的絕大多數福利計劃已凍結。因此，不會允許新員工加入這些計劃，凍結計劃當前參與者也不會再獲得額外福利。

我們還有爲高級管理人員提供補充養老、殘疾和身故福利計劃的計劃。某些補充養老福利以最終月工資爲基礎。此外，我們贊助一個自願的401(k)計劃，根據該計劃我們可能匹配員工的貢獻達到一定補償水平，以及根據利潤分享計劃，我們向符合條件的員工的帳戶捐贈一定比例的員工薪酬。

我們還爲在職員工及其合格受撫養人提供某些醫療、牙科和人壽保險福利。醫療和牙科計劃以及補充壽險計劃需要員工共同承擔費用，而基本壽險計劃則由公司全額承擔。目前，我們沒有爲這些計劃提前設立資金。

我們承認在綜合資產負債表中養老金和離退休計劃的資金狀況，並相應地調整累積其他全面損失減去稅款。累積其他全面損失中的金額代表淨未承認的精算損失和未承認的前期服務成本。根據我們的會計政策攤銷這些金額後，這些金額將隨後被確認爲淨週期性養老金成本。

除服務成本組成部分以外，我們養老金福利計劃和離職福利計劃的淨週期性福利成本包括在我們的綜合收益表中的其他損益中。

18

截至9月30日的期間，我們養老計劃和離退休計劃的淨週期福利成本元件如下：

（單位百萬）三個月九個月
2024202320242023
服務成本$— $— $1 $1 
利息費用18 19 53 56 
預期資產回報率(24)(26)(73)(76)
先前服役信貸/精算損失攤銷1 1 3 2 
淨週期福利費用$(5)$(6)$(16)$(17)

表格中反映的與我們的退休後福利計劃相關的淨週期性費用在截至2024年9月30日和2023年9月30日的三個月和九個月中均不具有重要性。

如我們在10-k表中討論的，我們調整了養老和退休計劃的某些折現率假設，該調整於2024年1月1日生效。對2024年9月30日結束的三個月和九個月內退休和養老費用的假設變動對我們的財務狀況、經營業績或現金流沒有實質影響。

2024年前九個月，我們爲我們的養老計劃捐款$7 百萬，並預計在今年餘下時間繼續爲我們的養老計劃額外必需的捐款約$4 百萬。根據投資表現或者在2024年第四季度我們的養老金計劃狀況可能出現潛在惡化，我們可能選擇進行額外的非必需捐款。

7.    以股票爲基礎的補償

根據2019年員工股權激勵計劃，我們向符合條件的員工發放股權激勵獎勵，並根據董事延期股票所有權計劃向符合條件的非僱員董事會成員發放股權激勵獎勵。

截至2024年9月30日的九個月，有關受限制股票和其他股權獎勵的總股權補償費用爲$177萬美元和143 百萬，分別爲2024年9月30日結束的九個月。在2024年9月30日結束的九個月期間，公司發放了 0.4 百萬股受限股票和其他股權獎勵，加權平均授予日公允價值爲$423.79 每股。截至2024年9月30日，未實現的股權獎勵相關的總未確認補償費用爲$235加權平均期限。1.2年。

8.    股權

股息

2024年1月23日，董事會批准將2024年的分紅派息提高至每季度普通股股息$0.91每股.

2021年3月，公司董事會授權回購其普通股最高達數億美元，無到期日期。股份回購可以通過符合《交易所法》第10b-18條規定的公開市場回購方式進行，包括通過旨在滿足交易所法第10b5-1條規定的交易計劃、通過私下協商的交易、加速股票回購計劃、大宗買賣或其他類似的購買技術進行，並以管理層認爲適當的數量進行。公司沒有義務回購任何特定數量的股份，回購的時間和實際數量將取決於多種因素，包括公司的股票價格、一般經濟、業務和市場條件以及替代投資機會。公司可以隨時在事先通知的情況下停止購買其普通股。截至2021年9月30日的三個月和九個月，公司分別回購了180,845和1,182,410股，總計金額分別爲$71,484,000和$780,451,000。截至2021年9月30日，可用於回購的金額爲$211,888,000，直接用於收購股票的成本包含在股票總成本中。未結算的股份回購的數量爲0，截至2021年9月30日。

2022年6月22日，董事會批准了一項授權購買〈這邊需要翻譯方括號內的內容〉的股份的回購計劃。 30百萬股（「2022回購計劃」），約爲 9% ）

我們購買的股票可用於一般企業用途，包括髮行股份以用於股票薪酬計劃，並抵消員工期權行使的稀釋效應。截至2024年9月30日， 14.6百萬股股數尚未在2022回購計劃下使用。我們的2022回購計劃沒有到期日期，根據市場狀況，可以不時在公開市場和私下交易中進行回購。

我們與金融機構簽訂加速股份回購（"ASR"）協議，以啓動我們普通股的股份回購。根據ASR協議，我們支付指定金額給金融機構並收到股份的首次交付。這次股份的首次交付代表了我們在協議下可能收到的最低數量的股份。
19

在ASR協議結算後，金融機構通常會提供額外的股份。最終交付的股票總數，因此每股平均價格，將根據每個ASR協議的適用購買期結束時基於成交量加權平均股價，再減去折扣來判斷。我們將我們的ASR協議視爲帳戶。 兩個 交易：一筆股票購買交易和一份股票遠期購買合同。在ASR協議下交付的股票導致用於計算基本和稀釋每股收益的加權平均流通股減少。已回購的股票被持有在庫房。股票遠期購買合同被分類爲股本工具。

截至2024年和2023年9月30日結束的每份ASR協議的條款如上所述，具體如下：

(以百萬爲單位，每股平均購買價格除外)
ASR 協議啓動日期ASR 協議完成日期初始交付股份額外交付股份股票總數
已購買		每股平均價格總現金使用
2024年10月15日1
2.6— 2.6$— $1,500 
2024年2月12日 2
2024年4月12日1.00.2 1.2$421.05 $500 
2023年8月7日 3
2023年9月8日1.10.2 1.3$387.36 $500 
2023年5月8日 4
2023年8月4日2.50.1 2.6$384.75 $1,000 
2023年2月13日 5
2023年5月5日1.10.3 1.4$341.95 $500 
1 ASR 協議的結構是無上限的 ASR 協議，我們在協議中支付了 $1.5十億美元，最初收到的股票價值爲 85$的百分比1.5十億美元，價格等於公司的市場價格’s 於 2024 年 7 月 31 日發行的普通股。該公司收到了初始交付的 2.62024 年 8 月 1 日獲得 ASR 計劃的百萬股股票。我們於 2024 年 10 月 22 日完成了 ASR 協議，並收到了額外的 0.3百萬股。我們總共回購了 3.0根據ASR協議，按平均收購價格計算的百萬股股票505.19 每股。ASR協議是在我們的2022年回購計劃下執行的。
2 ASR協議被設計爲無上限的ASR協議，我們支付了$500百萬美元，並最初收到了價值 8541,648500百萬美元的股票，價格與2024年2月12日公司的普通股市場價格相等，當公司從ASR計劃中首次收到’百萬股股份。我們於2024年4月12日完成了ASR協議，並另外收到了 1.0百萬股股份。ASR協議是在我們的2022回購計劃下執行的。 0.2
3 ASR協議被構建爲無上限的ASR協議，我們支付了$500百萬美元，並最初獲得了價值 8541,648500百萬美元的股票，價格等於2023年8月7日公司普通股的市價，當時公司從ASR計劃中獲得了初次交付的百萬股股份。我們於2023年9月8日完成了ASR協議，並額外收到了 1.1百萬股。該ASR協議是根據我們的2022回購計劃執行的。 0.2百萬股。該ASR協議是根據我們的2022回購計劃執行的。
4 ASR協議被構建爲一項無上限的ASR協議，根據協議，我們支付了$1十億美元，並最初以 87.541,6481十億美元的價值收到股票，價格等於2023年5月8日公司的普通股市場價，當時公司從ASR計劃收到首批 2.5百萬股。我們於2023年8月4日完成了ASR協議，並額外收到了 0.1百萬股。該ASR協議是在我們的2022年回購計劃下執行的。
5 ASR協議被構建爲未設上限的ASR協議，我們支付了$500百萬美元，並最初收到了價值 8541,648500百萬美元的股票，價格等於2023年2月13日公司普通股的市場價，當時公司從ASR計劃中獲得了初始交付的 1.1百萬股。我們於2023年5月5日完成了ASR協議並額外收到了 0.3百萬股。ASR協議是在我們的2022年回購計劃下執行的。

在2024年9月30日結束的九個月內，我們收到 4.1百萬股，包括 0.2百萬股是與我們於2023年11月13日簽訂的ASR協議相關的且於2024年2月收到的。在2024年9月30日結束的九個月內，我們總共購買了 3.8百萬股，總價值爲$2十億現金。在2023年9月30日結束的九個月內，我們收到 5.8百萬股，包括 0.4百萬股是與我們於2022年12月2日簽訂的ASR協議相關的且於2023年2月收到的。在2023年9月30日結束的九個月內，我們總共購買了 5.4百萬股，總價值爲$2數十億現金。

可贖回的非控股權益

我們可贖回的非控股權益包括與擁有的少數合作伙伴的協議 27％我司S＆P道瓊斯指數有限責任公司合資企業中的可贖回特徵，少數合作伙伴持有的權益可以在以下情況中贖回：（i）持有人選擇贖回，（ii）發生一種不僅僅由我們控制的事件。具體來說，在S＆P道瓊斯指數有限責任公司的經營協議下，芝加哥商品交易所和芝加哥商品交易所指數服務有限責任公司（「CGIS」）有權隨時出售，我們有義務買入至少 20％ S＆P道瓊斯指數有限責任公司中的他們股份。此外，如果公司發生控制權變更，在公司控制權變更後的 15 天內，芝加哥商品交易所
20

CGIS將有權以當時的芝加哥商品交易所和CGIS少數股權的公平價值向我們看跌。

根據協議，如果利益按照協議要求贖回，我們通常必須在贖回日按公允價值購買利益。這部分利益在綜合資產負債表中以本金之外的"可贖回非控股權益"的形式呈現，其初始價值根據我們收購的淨資產所佔比例的公允價值和我們的標準普爾指數業務所佔比例的歷史成本確定。我們每個報告期調整一次可贖回非控股權益至其估計的贖回價值，但絕不低於其初始公允價值，採用收入和市場估值方法。我們的收入和市場估值方法在觀察到的輸入不可用時採用3級公允價值衡量標準。用於估計標普道瓊斯指數有限責任公司合資企業價值的最重要的判斷性假設包括估計的折現率、構成預期未來淨現金流的基礎的一系列假設（例如，營業收入增長率和營業利潤率）、以及公司特定的貝塔值。其中採用市場數據的重要的判斷性假設，包括市場可觀察信息的相對權重和該信息在我們估值模型中的可比性，均具有前瞻性，並可能受到未來經濟和市場狀況的影響。對於贖回價值的任何調整將會影響保留收益。
不包含贖回條款的非控股權益列示在股東權益中。
2024年9月30日止九個月期間，可贖回非控股權益的變動如下：
（單位百萬）
2023年12月31日期初餘額
$3,800 
歸屬可贖回非控制權益的淨收益208 
可贖回非控制權益應支付的分配(196)
贖回價值調整482 
其他 1
11 
2024年9月30日的餘額
$4,305 
1 包括外幣翻譯調整

累計其他綜合損失

以下表格總結了截至2024年9月30日爲止的九個月中其他綜合損失元件的變化。
（單位百萬）外幣翻譯調整養老金和離退休福利計劃現金流量套期利益（損失）未實現收益累計其他綜合損失
2023年12月31日期初餘額
$(487)$(362)$86 $(763)
其他綜合收益（損失）在再分類之前32 1(5)24 51 
從累計其他綜合收益（損失）重新分類至淨收益
3 3 2(8)3(2)
其他綜合收益（虧損）35 (2)16 49 
2024年9月30日的餘額
$(452)$(364)$102 $(714)
1包括與我們的貨幣掉期相關的未實現收益。請參閱附註5 - 衍生金融工具 有關在累計其他綜合損失中確認的項目的更多詳細信息，請參見附註。
2反映淨覈算損失的攤銷，並減稅收益少於$1百萬美元，截至2024年9月30日止九個月。請參閱註釋6 ——員工福利，有關將項重新分類從累計其他綜合損失轉入淨收益的其他詳細信息。 ——員工福利，有關將項重新分類從累計其他綜合損失轉入淨收益的其他詳細信息。
3請查看備註 5 — 導出 實驗室 有關將從累積其他綜合損益重新分類爲淨收益的項目的詳細信息，請參閱。

21

9.    每股收益

基本每股收益（「EPS」）是通過將歸屬於公司普通股股東的淨利潤除以普通股的加權平均股份數來計算的。攤薄後每股收益是以與基本EPS相同的方式計算的，只是股份數增加以包括如果具有攤薄效應的潛在普通股已經發行的額外普通股。潛在普通股主要包括使用庫存法計算的限制性績效股和期權。

截至9月30日的基本和攤薄後每股收益計算如下：
(單位：百萬美元，每股金額爲美元)三個月九個月
2024202320242023
歸屬標普全球公司普通股股東的金額：
淨收入$971 $742 $2,972 $2,047 
基本加權平均流通股本
311.2 317.5 312.6 319.4 
稀釋證券的影響0.3 0.5 0.3 0.5 
稀釋後平均流通普通股數目
311.5 318.0 312.9 319.9 
歸屬於S&P Global Inc.普通股股東的每股收益：
淨利潤：
基本$3.12 $2.34 $9.51 $6.41 
稀釋的$3.11 $2.33 $9.50 $6.40 

我們有某些股票期權和限制性績效股票，可能不包括在攤薄後每股收益的計算範圍內。當我們普通股的平均市場價格低於相關期權的行使價格時，或者由於影響本來會產生反稀釋性而存在淨虧損時，則不包括可能行使股票期權的影響。此外，當必要的歸屬條件未滿足或存在淨虧損時，限制性績效股票不包括在內。在截至2024年9月30日和2023年9月30日的三個月和九個月中， 不 不包括股票期權。已發行的限制性績效股票 0.9 百萬和 0.8 百萬 截至2024年9月30日和2023年9月30日，分別被排除在外。

10.    重組

我們不斷評估我們的成本結構，以確定與簡化我們的管理結構相關的節約成本。我們的2024年和2023年重組計劃分別包括對全公司範圍內的工作人員減少約 415和頁面。1,050 個職位的安排，並以下面更詳細說明。每個重組計劃的費用被歸類爲營銷和一般性費用，在合併利潤表中，並且儲備金包含在合併資產負債表中其他流動負債項中。

在某些情況下，不再需要儲備，因爲先前確定要分離的員工已從公司辭職，未獲得遣散費，或者由於最初制定計劃時未預見的情況而被重新分配。在這些情況下，當確定不再需要時，我們通過綜合利潤表調整儲備。

22

按部門分類記錄的初始重組費用和截至2024年9月30日的儲備餘額如下:
2024年重組計劃2023年重組計劃
（單位百萬）記錄的初始費用最終儲備餘額記錄的初始費用最終儲備餘額
市場情報$35 $11 $90 $21 
評級1 — 10 1 
商品見解 4 4 26 4 
出行服務6 4 9 1 
指數1 1 5 1 
公司2 1 43 9 
總 $49 $21 $183 $37 

我們記錄了2024年截至2024年9月30日的九個月期間與員工裁員費用相關的主要前稅重組費用爲$49百萬，我們已將儲備減少了$28百萬。 2023年重組計劃的期末儲備餘額爲$152 百萬。 截至2023年12月31日，2023年重組計劃的九個月期間已將儲備減少了$115 百萬。 這些減少主要是與員工裁員費用的現金支付相關的。

11. 我們的業務由高級主管管理，他們向我們的首席執行官、首席運營決策者報告。每個部門都有自己的財務信息，我們的首席執行官使用每個經營部門的經營結果來進行績效評估和資源分配。
我們有五個營運部門：獵鷹創意集團、PDP、Sierra Parima、目的地運營和Falcon's Beyond Brands，所有這些板塊均爲可報告板塊。公司的首席營運決策者是執行主席和首席執行官，他們評估財務信息以做出營運決策、評估財務表現和分配資源。營運板塊基於產品線組織，對於我們的基於位置的娛樂板塊，根據地理位置組織。營運板塊的結果包括直接歸屬於板塊的成本，包括項目成本、工資和與工資有關的開支以及與業務板塊運營直接相關的間接費用。未分配的企業費用，包括高管、會計、財務、市場營銷、人力資源、法律和信息技術支持服務、審計、稅收企業法律開支的工資和相關福利，作爲未分配的企業開銷呈現，成爲報告板塊的總收入（虧損）和公司未經審計的彙總財務報表結果之間的調節項。 報告的業務部門包括：市場情報、評級、商品洞察、移動性和指數。我們的首席執行官是我們的首席經營決策者，根據營業利潤評估我們的業務部門的表現，並根據營業利潤主要進行資源分配。業務部門營業利潤不包括企業未分配費用、非合併子公司股權收益、其他損益淨額或利息費用淨額，因爲這些金額不會影響我們報告的業務部門的運營結果。截至2023年5月2日，我們完成了對工程解決方案的出售，其業績也包含在了該日期之前。


截至9月30日的經營業績摘要如下： 
營業收入三個月九個月
（單位百萬）2024202320242023
市場情報 $1,162 $1,099 $3,459 $3,249 
評級 1,110 819 3,307 2,494 
商品洞察 522 479 1,597 1,450 
在這種合作伙伴關係下，電動汽車充電是一個新方面。 Stellantis的移動品牌Free2Move將使用由TotalEnergies運營的充電站網絡進行其在巴黎的汽車共享活動。未來還會考慮與更簡單的電動移動有關的其他建議。412 379 1,198 1,107 
指數 416 354 1,193 1,042 
工程解決方案— — — 133 
內部消除 1
(47)(46)(138)(130)
總收入$3,575 $3,084 $10,616 $9,345 

營業利潤三個月九個月
（單位百萬）2024202320242023
市場情報 2
$230 $195 $649 $599 
評級 3
676 459 2,080 1,422 
商品見解 4
211 184 643 527 
出行服務5
97 80 247 213 
指數 6
282 235 816 699 
工程解決方案 7
— — — 19 
總報告段落1,496 1,153 4,435 3,479 
公司未分配費用 8
(73)(87)(195)(382)
在未納入合併財務報表的子公司投資收益 9
11 8 31 33 
營業利潤總額$1,434$1,074$4,271$3,130
23

1評級業務的營業收入和市場情報的費用包括對市場情報收取的分部間版稅，用於使用和分發評級開發的內容和數據。並分發評級開發的內容和數據。
22024年9月30日結束的三個月和九個月的營業利潤包括處置收益$21百萬美元和IHS Markit併購成本$101百萬美元和30百萬美元。2024年9月30日結束的九個月的營業利潤包括員工裁員費$35百萬美元和淨收購相關利益$8百萬美元。2023年9月30日結束的三個月和九個月的營業利潤包括員工裁員費$191百萬美元和41百萬美元，IHS Markit併購成本$111百萬美元和36分別爲1,000萬美元，1,000萬美元，以及資產減值損失4,000萬美元。12023年9月30日結束的九個月營業利潤包括處置收益1,000萬美元和資產減值損失1,000萬美元。464,000萬美元以及資產減值損失1,000萬美元。另外，營業利潤包括因2024年和2023年結束的三個月而收購無形資產的攤銷費1,000萬美元。5分別爲1,000萬美元，1,000萬美元，並且1,000萬美元。1511百萬美元和1402024年和2023年結束的三個月，分別爲1,000萬美元。4391百萬美元和421百萬美元。
32024年9月30日結束的三個月和九個月的營業利潤中包括了一個法定要求的$獎金預提調整62024年9月30日結束的九個月的營業利潤中包括了$法律成本20百萬和僱員離職費用$3000萬。2023年9月30日結束的三個月和九個月的營業利潤中分別包括$員工離職費用2在2024年9月30日結束的三個月和2023年9月30日結束的九個月，營業利潤還包括對收購無形資產的攤銷21百萬美元和8分別爲2024年9月30日結束的三個月和2023年9月30日結束的$由於收購而產生的無形資產攤銷23000萬美元111百萬美元和6百萬美元。
4截至2024年9月30日的三個月和九個月的營業利潤包括員工裁員費用$4百萬美元和IHS Markit合併成本$21百萬美元和12百萬美元。截至2024年9月30日的九個月的營業利潤包括資產減值$1百萬美元和處置相關成本$1截至2023年9月30日的三個月和九個月的營業利潤分別包括IHS Markit合併成本$81百萬美元和28百萬美元，員工裁員費用$71百萬美元和23百萬美元。此外，營業利潤包括從收購中的無形資產攤銷，分別爲2024年和2023年9月30日結束的三個月分別爲美元321百萬美元和33百萬美元971百萬美元和99百萬美元。
52024年9月30日結束的三個月和九個月的營業利潤包括IHS Markit合併成本 $11百萬美元和2百萬美元，2024年9月30日結束的九個月的營業利潤包括員工裁員費用 $7百萬美元和收購相關費用 $1百萬美元。2023年9月30日結束的三個月和九個月的營業利潤包括員工裁員費用 $31百萬美元和6百萬美元，分別爲IHS Markit合併成本 $11百萬美元和2分別爲1,200萬美元和1,700萬美元，並且相關的收購成本爲$1萬美元和2分別爲500萬美元和800萬美元。此外，營業利潤中包括來自併購的無形資產攤銷$76分別爲2024年和2023年9月30日三個月的1000萬美元2271百萬美元和226百萬美元。
62024年9月30日結束的三個月和九個月的營業利潤包括IHS Markit合併成本$11百萬美元和4美元，分別。2024年9月30日結束的九個月的營業利潤包括處置損失$1美元和員工離職費用$1美元。2023年9月30日結束的三個月和九個月的營業利潤包括員工離職費用$11百萬美元和4美元，分別，和IHS Markit合併成本$11百萬美元和3截至2023年9月30日的九個月中，營業利潤分別爲$百萬。2023年9月30日之前的九個月的營業利潤包括處置收益$百萬。4此外，營業利潤中包括2024年9月30日結束的三個月以及2024年和2023年9月30日結束的九個月的收購無形資產的攤銷$百萬。92024年9月30日和2023年9月30日結束的三個月的營業利潤分別爲$百萬。272024年9月30日和2023年9月30日結束的九個月的營業利潤分別爲$百萬。
7截至2023年5月2日，我們完成了工程解決方案的銷售，並將結果包括在該日期之前。截至2023年9月30日的九個月營業利潤中，包括來自收購的無形資產攤銷$1股票回購活動以及因員工基於股票的補償目的而重新發行國庫股的情況如下：
8截至2024年9月30日的三個月和九個月的公司未分配支出包括IHS Markit的合併成本（美元）16百萬和美元54與收購相關的成本分別爲百萬美元2百萬和美元10分別爲百萬美元，資產註銷美元1百萬。截至2024年9月30日的九個月的公司未分配支出包括與處置相關的成本（美元）3百萬，員工遣散費 $2百萬，處置美元的收益2百萬美元和收回與租賃相關的費用 $1百萬。截至2023年9月30日的三個月和九個月的公司未分配支出包括IHS Markit的合併成本爲美元37百萬和美元104分別爲百萬美元的員工遣散費6百萬和美元20與處置相關的成本分別爲百萬美元3百萬和美元19分別爲百萬美元，與收購相關的成本爲美元1百萬和美元3分別爲百萬。截至2023年9月30日的九個月的公司未分配支出包括處置虧損美元120百萬美元和租賃減值美元15百萬。此外，公司未分配支出包括收購美元所得無形資產的攤銷1截至2024年9月30日的三個月，爲百萬美元，以及美元2截至2024年9月30日和2023年9月30日的九個月中爲百萬美元。
9未合併子公司的利潤中包括對收購的無形資產的攤銷金額$14 百萬，截至2024年和2023年9月30日三個月研究，並且$42百萬，截至2024年和2023年9月30日九個月研究。


24

以下表格顯示了截至9月30日的各種營業收入類型的收入細分情況：
（單位百萬）市場情報評級商品洞察出行服務指數
工程解決方案 1
內部覈銷 2
總費用
2024年9月30日止三個月
認購$981 $— $478 $331 $74 $— $— $1,864 
非訂閱/交易39 597 18 81 — — — 735 
非交易— 513 — — — — (47)466 
資產關聯費— — — — 266 — — 266 
銷售使用量基礎的版稅— — 26 — 76 — — 102 
循環變量營業收入142 — — — — — — 142 
總收入$1,162 $1,110 $522 $412 $416 $— $(47)$3,575 
營業收入確認的時間
服務在某一時間點轉移$39 $597 $18 $81 $— $— $— $735 
逐年轉移的服務
1,123 513 504 331 416 — (47)2,840 
總收入$1,162 $1,110 $522 $412 $416 $— $(47)$3,575 
（單位百萬）市場情報評級商品洞察出行服務指數
工程解決方案 1
分部間消除 2
總費用
2024年9月30日結束的九個月
認購$2,893 $— $1,387 $966 $218 $— $— $5,464 
非訂閱/交易136 1,804 133 232 — — — 2,305 
非交易— 1,503 — — — — (138)1,365 
與資產掛鉤的費用— — — — 756 — — 756 
銷售使用量基礎的版稅— — 77 — 219 — — 296 
可變營業收入430 — — — — — — 430 
總收入$3,459 $3,307 $1,597 $1,198 $1,193 $— $(138)$10,616 
營業收入確認的時間
服務在某一時間點轉移$136 $1,804 $133 $232 $— $— $— $2,305 
逐年轉移的服務
3,323 1,503 1,464 966 1,193 — (138)8,311 
總收入$3,459 $3,307 $1,597 $1,198 $1,193 $— $(138)$10,616 

25

（單位百萬）市場情報評級商品洞察在這種合作伙伴關係下，電動汽車充電是一個新方面。 Stellantis的移動品牌Free2Move將使用由TotalEnergies運營的充電站網絡進行其在巴黎的汽車共享活動。未來還會考慮與更簡單的電動移動有關的其他建議。指數
工程解決方案 1
跨部門消除 2
總費用
2023年9月30日結束的九個月中，我們的業務收入爲605.39億美元，比2022年9月30日結束的九個月的577.94億美元增加了2.745億美元，增長了4.8%。按恒定匯率計算，營業收入增長了4.8%。2023年9月30日結束的九個月中，我們約有41.7%，47.5%和10.8%的營業收入來自於美國，歐洲和其他地區。在2023年9月30日結束的九個月中，我們的營業收入中有26.7%或527.3億美元來自於前五大客戶。不斷有新的客戶帳戶加入我們的大型製藥客戶、中型製藥客戶和生物技術客戶組合中。
認購$932 $— $432 $296 $70 $— $— $1,730 
非訂閱/交易42 326 26 83 — — — 477 
非交易— 493 — — — — (46)447 
與資產相關的費用— — — — 218 — — 218 
銷售和使用基礎的版稅— — 21 — 66 — — 87 
循環變量營業收入125 — — — 125 
總收入$1,099 $819 $479 $379 $354 $— $(46)$3,084 
營業收入確認的時間
服務在某一時間點轉移$42 $326 $26 $83 $— $— $— $477 
逐年轉移的服務1,057 493 453 296 354 — (46)2,607 
總收入$1,099 $819 $479 $379 $354 $— $(46)$3,084 

（單位百萬）市場情報評級商品見解在這種合作伙伴關係下，電動汽車充電是一個新方面。 Stellantis的移動品牌Free2Move將使用由TotalEnergies運營的充電站網絡進行其在巴黎的汽車共享活動。未來還會考慮與更簡單的電動移動有關的其他建議。指數
工程解決方案 1
跨部門消除 2
總費用
2023年9月30日結束的三個月中，我們的營業收入爲205.51億美元，比2022年9月30日結束的三個月的194.24億美元增加了1.127億美元，增長了5.8%。按恒定匯率計算，營業收入增長了4.8%。2023年9月30日結束的三個月中，我們約有41.7%，47.5%和10.8%的營業收入來自於美國，歐洲和其他地區。在2023年9月30日結束的三個月中，我們的營業收入中有26.7%或527.3億美元來自於前五大客戶。不斷有新的客戶帳戶加入我們的大型製藥客戶、中型製藥客戶和生物技術客戶組合中。這次營業收入增長是由於公司市場的持續有機增長所致。
認購$2,732 $— $1,261 $870 $206 $125 $— $5,194 
非訂閱/交易137 1,088 130 237 — 8 — 1,600 
非交易— 1,406 — — — — (130)1,276 
資產關聯費用— — — — 638 — — 638 
銷售使用費用— — 59 — 198 — — 257 
重複變量營業收入380 — — — — — — 380 
總收入$3,249 $2,494 $1,450 $1,107 $1,042 $133 $(130)$9,345 
營業收入確認的時間
服務在某一時間點轉移$137 $1,088 $130 $237 $— $8 $— $1,600 
逐年轉移的服務3,112 1,406 1,320 870 1,042 125 (130)7,745 
總收入$3,249 $2,494 $1,450 $1,107 $1,042 $133 $(130)$9,345 
1 截至2023年5月2日，我們完成了工程解決方案的銷售，並將結果包括在該日期之前。
2 跨部門消除主要包括向市場情報部收取的版權費，以獲得使用和分發評級部開發的內容和數據的權利。

以下爲截至9月30日止的地域板塊營業收入情況：
（單位：百萬）三個月九個月
2024202320242023
美國$2,176 $1,853 $6,478 $5,644 
歐洲地區802 693 2,407 2,108 
亞洲388 344 1,111 1,023 
世界其他地區209 194 620 570 
總計$3,575 $3,084 $10,616 $9,345 

查看註釋2 — 收購和剝離 和註釋10 — 重組 以及影響分部運營結果的額外行動。
26

12. 承諾和事後約定
租約
我們在安排的開始確定安排是否符合經營租賃或融資租賃標準。我們租用辦公空間和設備。我們的租約剩餘租期爲 11年內的租賃費用爲11 年，其中一些包括將租約延長至 15 年，部分租賃包括在 1 年。我們將某些房地產租約轉租給第三方，這些主要是我們辦公室內的經營租約。

具有不超過12個月初始期限的租約不會列入資產負債表；我們在營運相關費用以及銷售和一般費用中，根據租約期限按直線方式確認這些租約的租賃費用。
根據起始日的承租時間內未來最低租賃支付的現值確認經營租賃的租賃資產和經營租賃負債。 用於判斷租賃負債的未來最低支付包括最低基礎租金支付和遞增費用。 由於我們的大多數租賃不提供內含利率，因此我們根據起始日可獲得的信息使用我們估計的增量借款利率來確定租賃支付的現值。
以下表格提供了截至2024年9月30日和2023年12月31日的我們合併資產負債表上租賃位置和金額信息：
（單位百萬）截至2023年9月30日年 度報告截至12月31日公允價值
資產負債表上的位置20242023
資產
使用權資產租賃資產$390 $379 
短期借款：
其他流動負債當前租賃負債 111 105 
租賃負債 - 非流動資產非流動租賃負債527 541 
截至9月30日結束的租賃費用元件如下： 
（單位：百萬）三個月九個月
2024202320242023
運營租賃成本$32 $32 $97 $98 
轉租收入(3)(4)(10)(12)
總租賃成本$29 $28 $87 $86 

截至9月30日的租賃相關補充信息如下：
（單位百萬）三個月九個月
2024202320242023
在運營租賃負債的計量中包含的金額現金支付
經營租約的經營現金流量$36 $36 $105 $113 
以租賃債務獲取的租賃權益資產
經營租賃18 5 60 6 
27


我們經營租約的加權平均剩餘租約期限和折現率如下所示：
截至2023年9月30日年 度報告截至12月31日公允價值
20242023
剩餘平均租賃期限（年）5.66.0
加權平均折扣率3.82 %3.46 %

我們經營租賃的租賃負債到期情況如下：
（單位百萬）
2024年（不包括2024年9月30日結束的九個月）
$35 
2025127 
2026120 
2027112 
202889 
2029年及以後234 
總未貼現租賃付款$717 
少：推定利息79 
租賃負債的現值$638 

相關方協議

2012年6月，我們與S&P道瓊斯指數有限責任公司的非控股權持有人芝加哥商品交易所簽訂了許可協議（"許可協議"），取代了指數與芝加哥商品交易所之間的2005年許可協議。根據許可協議的條款，S&P道瓊斯指數有限責任公司從芝加哥商品交易所的股指期貨產品的交易和結算中獲得收入份額。截至2024年9月30日的三個月和九個月，S&P道瓊斯指數有限責任公司分別根據許可協議賺取了$501百萬美元和146 百萬美元的營業收入。截至2023年9月30日的三個月和九個月，S&P道瓊斯指數有限責任公司根據許可協議分別賺取了$431百萬美元和132 百萬美元的營業收入。這筆收入的全部金額已包含在我們的綜合利潤表中，並且與佔非控股權益的部分相關的金額已在歸屬於非控股權益的淨利潤中剔除。 27

應付賬款、應計費用及其他 以下是應付賬款、應計費用和其他細節（以千爲單位）：

在美國和國外的正常業務過程中，公司及其子公司是許多法律訴訟的被告，並經常接受政府和監管機構的訴訟、調查和詢問。

2020年8月7日，一家代表公司和公司子公司提起集體訴訟。2021年2月2日，Basis Capital投資集團內的實體對該公司及其子公司提起了另一宗訴訟。這兩起訴訟均涉及據Ratings評定的抵押債務債券在金融危機前的投資損失。我們無法保證不會被迫支付巨額款項以解決這些問題，並達成可接受的條款。 兩個 Basis Capital投資集團內的實體提起訴訟，指控公司及其子公司在金融危機前與Ratings評定的抵押債務債券相關的投資損失。我們無法保證不會被要求支付大額款項以解決這些問題，並達成可以接受的條款。

公司不時收到客戶投訴。公司相信其與客戶達成的安排中包括強有力的合同保護條款。儘管如此，在管理客戶關係的利益下，公司不時與這些客戶對話，努力解決投訴，並且如果對話無法解決投訴，可能會面臨有關投訴的訴訟。公司預計不會因此事項而承擔重大損失。

此外，各級政府和自律機構經常對我們遵守適用法律法規情況進行詢問和調查，包括與評級活動、反壟斷事項和其他事項（如 esg）相關的事宜。例如，作爲根據《證券交易法》第15E條款在SEC註冊的全國公認的統計評級組織（"NRSRO"），標普環球評級部正在與SEC工作人員就依據聯邦證券法律的廣泛義務方面的合規事宜進行持續溝通。2024年9月3日，作爲SEC對證券行業全面調查的一部分，標普全球評級部及其他某些NRSRO達成了一項和解協議，以解決違反記錄規則的問題。這一事項此前已由標普環球披露。SEC的
28

在解決方案的一部分，標準普爾全球評級機構付款了一筆罰款$20百萬。標準普爾全球此前已在其2024年第二季度的合併財務報表中計提了這筆金額。儘管標準普爾全球試圖迅速解決其發現的任何合規問題，或者SEC工作人員或其他監管機構提出的問題，但無法保證SEC或其他監管機構不會針對標準普爾全球的一個或多個合規缺陷尋求補救措施。這些任何訴訟、調查或詢問最終可能導致不利的判決、損害、罰款、制裁或活動限制，從而可能對我們的合併財務狀況、現金流、業務或競爭地位產生不利影響。

鑑於訴訟、政府和監管執法事項固有的不確定性，我們無法預測這些事項的最終結果或解決時間，或者在大多數情況下合理估計最終判決、損害賠償、罰款、處罰或活動（如有）限制可能造成的影響。因此，我們無法保證這些結果不會對我們的合併財務狀況、現金流、業務或競爭地位產生重大不利影響。隨着訴訟或解決未決事項的進展，我們將繼續審查最新可獲得的信息，並評估我們預測這些事項的結果以及可能對合並財務狀況、現金流、業務或競爭地位造成的影響，這可能需要我們在未來時期在合併財務報表中記錄負債。

13. 最近發佈或採納的會計準則

2023年12月，財務會計準則委員會（"FASB"）發佈了一項會計準則，擴大了企業所得稅率協調錶和有關美國和外國司法管轄區繳納現金稅款的披露。該指引自2024年12月15日之後的年度期間生效，允許提前採納，並應進行前瞻性或回顧性應用。我們目前正在評估該指引對公司披露的影響。

2023年11月，FASB發佈了一項會計指導，通過增強對重要板塊費用的披露，擴大了可報告板塊披露要求。修訂案於2023年12月15日後開始的財政年度生效，並於2024年12月15日後開始的財政年度內的中期期間生效，允許提前採納。修訂案應追溯地應用於基本報表中呈現的所有以往期間。我們目前正在評估該指導對公司披露的影響。

2020年3月，FASB發佈了會計指導，以提供針對目前合同修改和套期會計指導的臨時可選便利和例外，以應對預期的市場過渡，從倫敦銀行同業拆借利率（「LIBOR」）轉向替代利率。新的指導爲受基準利率改革影響的交易提供了臨時可選便利和例外，前提是滿足一定的標準。這些交易主要包括（1）合同修改，（2）套期關係和（3）作爲持有至到期的債務證券出售或轉讓。2022年12月，FASB修訂了其指導，將日落日期從2022年12月31日推遲至2024年12月31日。公司可以選擇根據自2024年12月31日之前採用的日期作爲臨時基準採納修訂事項。我們預計這項指導不會對我們的基本報表產生重大影響。




29

項目2。 財務狀況和經營成果管理層討論和分析（未經審計）

以下的經營管理討論與分析 ("MD&A") 描述了標準普爾全球有限責任公司 (與其合併的子公司一起，"標準普爾全球"、"公司"、"我們"、"我們" 或 "我們的") 截至2024年9月30日三個和九個月的運營結果和財務狀況。MD&A 應與我們截至2023年12月31日年度報表中包含的基本報表、附註和 MD&A 一併閱讀 (我們的 "10-K 表格")，這些報表是根據美國通用會計準則 ("U.S. GAAP") 編制的。MD&A 包括以下部分:
•概述
•經營業績結果 — 比較2024年和2023年9月30日三個月和九個月的業績
•流動性和資本資源
•非通用會計準則財務信息的調和
•重要會計估計
•最近發佈或採納的會計準則
•前瞻性聲明
概述
我們是全球資本、商品和汽車領域信用評級、基準、分析和工作流解決方案的提供者。 資本市場包括資產管理公司、投資銀行、商業銀行、保險公司、交易所、交易公司和發行人；商品市場包括能源、石油與天然氣、金屬和鋼鐵以及農業領域內的生產商、交易商和中介機構；汽車市場包括製造商、供應商、經銷商、服務商和客戶。

我們的業務包括五個可報告部門：標普全球市場情報（「市場情報」），標普全球評級（「評級」），標普全球商品洞察（「商品洞察」），標普全球流動性（「流動性」）和道瓊斯指數（「指數」）。
•Market Intelligence是多資產類別數據和分析的全球提供商，該數據和分析與專門構建的工作流程解決方案相集成。
•Ratings是提供信用評級、研究和分析的獨立機構，爲投資者和其他市場參與者提供信息、評級和基準。
•商品洞察是商品和能源市場的領先獨立信息和基準價格提供者。
•Mobility是一家領先的解決方案提供商，爲整個汽車價值鏈提供服務，包括汽車製造商（原始設備製造商或OEMs）、汽車供應商、移動服務提供商、零售商、消費者以及金融和保險公司。
•指數是一家全球指數提供商，爲投資顧問、财富管理人員和機構投資者維護着各種估值和指數基準。
截至2023年5月2日，我們完成了對S&P Global Engineering Solutions（「工程解決方案」）的出售，這家公司是一家工程標準及相關技術知識提供商，相關結果包括該日期。.
截至9月30日結束的期間的關鍵結果如下：
(單位：百萬美元，每股金額爲美元)三個月九個月
20242023
%變動 1
20242023
%變動 1
營業收入$3,575 $3,084 16%$10,616 $9,345 14%
營業利潤2
$1,434 $1,074 33%$4,271 $3,130 36%
營業利潤率%40 %35 %40 %33 %
每股攤薄淨利潤$3.11 $2.33 33%$9.50 $6.40 48%
1     MD&A中表格中的百分比變化是根據實際數字計算的，而不是呈現的四捨五入數字。
30


2 2024年9月30日結束的三個和九個月的營業利潤包括IHS Markit合併成本分別爲3100萬美元和10200萬美元，處置收益爲2100萬美元，按法律要求的獎金應計調整爲700萬美元，員工離職費用分別爲400萬美元和5000萬美元，相關收購成本分別爲300萬美元和淨收購相關成本爲400萬美元，資產減記分別爲100萬美元和200萬美元。2024年9月30日結束的九個月的營業利潤包括2000萬美元的法律成本，300萬美元的處置相關費用和100萬美元的租賃相關成本回收。2023年9月30日結束的三個月的營業利潤包括5800萬美元的IHS Markit合併成本，3800萬美元的員工離職費用，300萬美元的處置相關費用，200萬美元的相關收購成本和100萬美元的資產減記。2023年9月30日結束的九個月的營業利潤包括17300萬美元的IHS Markit合併成本，10100萬美元的員工離職費用，7000萬美元的處置損失，1900萬美元的處置相關費用，1500萬美元的租賃減值，500萬美元的資產減值，500萬美元的相關收購成本和100萬美元的資產減記。營業利潤還包括對2024年9月30日和2023年9月30日結束的三個月分別爲28500萬美元和27400萬美元，九個月分別爲84500萬美元和82400萬美元的收購無形資產攤銷。

三個月

營業收入增長了16%，主要受到所有可報告部門的增長推動。評級業務的增長主要來自交易收入和非交易收入的增長。交易收入主要由於企業債券評級收入和銀行貸款評級收入的增長，這是由於再融資活動增加而帶來的發行量增加所致。非交易收入增長主要是由於監控收入和新實體信用評級收入的增加，部分抵消了2023年第三季度客戶未報告的商業票據發行的累計補錄的不利影響。市場情報業務的增長主要是由於企業解決方案的工作流解決方案、數據和諮詢解決方案中的數據訂閱產品、RatingsXpress®、RatingsDirect®和信用分析以及信用風險解決方案中的市場情報桌面產品的訂閱收入增長。商品洞察業務的營收增長主要是由於市場數據和市場洞察產品的持續需求。指數業務的增長主要是由於資產關聯費收入的增加、數據訂閱收入的增加以及交易所衍生品收入的增加。移動業務的增長主要是由於經銷商業務的新業務增長和金融業務中強勁的承保量。市場情報業務的營收受到2024年5月Visible Alpha收購的有利影響，受到2024年8月Fincentric出售的不利影響。商品洞察業務的營收受到2024年5月World Hydrogen Leaders收購的有利影響。外匯匯率不利影響不到1個百分點。

Operating profit increased 33%. Excluding the impact of higher employee severance charges in 2023 of 7 percentage points, higher IHS Markit merger costs in 2023 of 5 percentage points and the impact of a gain on disposition in 2024 of 4 percentage points, partially offset by higher amortization of intangibles from acquisitions in 2024 of 2 percentage points and a statutorily required bonus accrual adjustment in 2024 of 1 percentage point, operating profit increased 20%. The increase was primarily due to revenue growth, partially offset by increased incentives as a result of financial performance, higher compensation costs driven by annual merit increases and investments in strategic initiatives, and higher technology costs. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Nine Months

Revenue increased 14% driven by increases at all of our reportable segments, partially offset by a decrease at Engineering Solutions due to its sale on May 2, 2023. The increase at Ratings was driven by growth in both transaction revenue and non-transaction revenue. Transaction revenue increased primarily due to growth in corporate bond ratings revenue and bank loan ratings revenue driven by increased issuance volumes due to higher refinancing activity. Non-transaction revenue increased due to an increase in surveillance revenue and an increase in new entity credit ratings revenue, partially offset by the unfavorable impact of a cumulative catch-up for customers’ unreported commercial paper issuance in the nine months ended September 30, 2023. The increase at Market Intelligence was primarily due to subscription revenue growth for work flow solutions at Enterprise Solutions, data feed products within Data and Advisory Solutions, RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions and Market Intelligence Desktop products. Revenue growth at Commodity Insights was primarily due to continued demand for market data and market insights products. The increase at Indices was primarily due to higher asset-linked fees revenue, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Mobility was primarily due to new business growth within the Dealer business and strong underwriting volumes within the Financial business. Revenue at Market Intelligence was favorably impacted by the acquisition of Visible Alpha in May of 2024 and unfavorably impacted by the sale of Fincentric in August of 2024. Revenue at Commodity Insights was favorably impacted by the acquisition of World Hydrogen Leaders in May of 2024. Revenue at Mobility was favorably impacted by the acquisition of Market Scan in February of 2023. Foreign exchange rates had a favorable impact of less than 1 percentage point.
31


Operating profit increased 36%. Excluding the impact of a gain on dispositions in 2024 compared to a loss on dispositions, net in 2023 of 7 percentage points, higher IHS Markit merger costs in 2023 of 5 percentage points, higher employee severance charges in 2023 of 4 percentage points, higher disposition-related costs in 2023 of 1 percentage point and higher lease impairments in 2023 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2024 of 2 percentage points, legal costs in 2024 of 1 percentage point and a statutorily required bonus accrual adjustment in 2024 of 1 percentage point, operating profit increased 22%. The increase was primarily due to revenue growth, partially offset by increased incentives as a result of financial performance, higher compensation costs driven by annual merit increases and investments in strategic initiatives, and higher technology costs. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Our Strategy

We are a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. Our purpose is to accelerate progress. We seek to deliver on this purpose in line with our core values of integrity, discovery and partnership.

Powering Global Markets is the framework for our forward-looking business strategy. Through this framework, we seek to deliver an exceptional, differentiated customer experience by enhancing our foundational capabilities, evolving and growing our core businesses, and pursuing growth via adjacencies. In 2024, we are striving to deliver on our strategic priorities in the following key areas:

Financial

•Meeting or exceeding our organic revenue growth and EBITA margin targets;

•Realizing our merger/integration commitments - cost and revenue synergy targets; and

•Driving growth and superior shareholder returns through effective execution, active portfolio management and prudent capital allocation.

Customer at the Core

•Enhancing customer support and seamless user experience with a focus on ease of discoverability, distribution, and delivery of our products and services and integrated capabilities;

•Continuing to invest in customer facing solutions and processes; and

•Prioritizing key strategic relationships to drive enterprise alignment and account/relationship development.
Grow and Innovate

•Continuing to fund and accelerate key growth areas and transformational adjacencies;

•Exercising disciplined organic capital allocation, inorganic and partnership strategies; and

•Growing the value of S&P Global’s brand through an integrated marketing and communication strategy; driving awareness and consideration across the product offering.

Data and Technology

•Strengthening data management capabilities for cross-enterprise value creation, ensuring data quality through governance, enhanced architecture, and policy codification. Utilizing advanced technologies to enhance data processing efficiency, precision, and drive new insights, prioritizing optimized data management and analysis;

•Adopting efficient modern native cloud technologies and data services; implementing technologies that align with customer needs and unlock new opportunities; and

32


•Formulating and executing on an enterprise-wide AI strategy that accelerates innovation in our product offerings and drives the productivity of our people with common AI capabilities.

Lead and Inspire

•Continuing to improve diverse representation through hiring, advancement and retention, while continuing to raise awareness through Diversity, Equity, and Inclusion education; and

•Ensuring our people are engaged with a particular focus on learning, development and career opportunities, and continue to embed our purpose and values throughout the Company.

Execute and Deliver

•Driving continuous commitment to risk management, compliance, and control across S&P Global;

•Strengthening the security and resiliency of business-critical systems through the elimination of known risk areas vulnerable to threat actor exploitation; and

•Creating a more sustainable impact.

There can be no assurance that we will achieve success in implementing any one or more of these strategies as a variety of factors could unfavorably impact operating results, including prolonged difficulties in the global credit markets and a change in the regulatory environment affecting our businesses. See Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.
33

RESULTS OF OPERATIONS — COMPARING THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
Consolidated Review
(in millions)Three MonthsNine Months
20242023% Change20242023% Change
Revenue$3,575 $3,084 16%$10,616 $9,345 14%
Total Expenses:
Operating-related expenses 1,072 995 8%3,277 3,109 5%
Selling and general expenses808 741 9%2,247 2,217 1%
Depreciation and amortization293 282 4%873 853 2%
Total expenses2,173 2,018 8%6,397 6,179 4%
(Gain) loss on dispositions, net(21)— N/M(21)69 N/M
Equity in income on unconsolidated subsidiaries (11)(8)47%(31)(33)(7)%
Operating profit1,434 1,074 33%4,271 3,130 36%
Other loss (income), net2 (5)N/M(10)(5)N/M
Interest expense, net72 84 (14)%227 258 (12)%
Provision for taxes on income313 181 73%854 628 36%
Net income1,047 814 29%3,200 2,249 42%
Less: net income attributable to noncontrolling interests(76)(72)(6)%(228)(202)(13)%
Net income attributable to S&P Global Inc.$971 $742 31%$2,972 $2,047 45%
N/M – Represents a change equal to or in excess of 100% or not meaningful






























34



Revenue

The following table provides consolidated revenue information for the periods ended September 30:
(in millions)Three MonthsNine Months
20242023% Change20242023% Change
Revenue$3,575 $3,084 16%$10,616 $9,345 14%
Subscription revenue1,864 1,730 8%5,464 5,194 5%
Non-subscription / transaction revenue735 477 54%2,305 1,600 44%
Non-transaction revenue466 447 4%1,365 1,276 7%
Asset-linked fees266 218 22%756 638 18%
Sales usage-based royalties102 87 17%296 257 15%
Recurring variable142 125 14%430 380 13%
% of total revenue:
     Subscription revenue52 %56 %51 %55 %
     Non-subscription / transaction revenue21 %16 %22 %17 %
     Non-transaction revenue13 %14 %13 %14 %
     Asset-linked fees7 %7 %7 %7 %
     Sales usage-based royalties3 %3 %3 %3 %
     Recurring variable4 %4 %4 %4 %
U.S. revenue$2,176 $1,853 17%$6,478 $5,644 15%
International revenue:
     European region802 693 16%2,407 2,108 14%
     Asia388 344 13%1,111 1,023 9%
     Rest of the world209 194 7%620 570 8%
Total international revenue$1,399 $1,231 14%$4,138 $3,701 12%
% of total revenue:
     U.S. revenue61 %60 %61 %60 %
     International revenue39 %40 %39 %40 %
330 336
35

Three Months

Revenue increased 16% as compared to the three months ended September 30, 2023. Subscription revenue increased in the three month period primarily due to growth in work flow solutions at Enterprise Solutions, data feed products within Data and Advisory Solutions, RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions and Market Intelligence Desktop products at Market Intelligence, continued demand for Commodity Insights market data and market insights products and new business growth within the Dealer business and strong underwriting volumes within the Financial business at Mobility. Subscription revenue at Market Intelligence was favorably impacted by the acquisition of Visible Alpha in May of 2024 and unfavorably impacted by the sale of Fincentric in August of 2024. Non-subscription / transaction revenue increased primarily due to growth in corporate bond ratings revenue and bank loan ratings revenue driven by increased issuance volumes due to higher refinancing activity. Non-transaction revenue increased due to an increase in surveillance revenue and an increase in new entity credit ratings revenue, partially offset by the unfavorable impact of a cumulative catch-up for customers’ unreported commercial paper issuance in the third quarter of 2023. Asset linked fees increased at Indices primarily due to higher levels of assets under management (“AUM”) for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Commodity Insights. Recurring variable revenue at Market Intelligence increased due to increased volumes. See “Segment Review” below for further information.
The favorable impact of foreign exchange rates increased revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

Nine Months

Revenue increased 14% as compared to the nine months ended September 30, 2023. Subscription revenue increased in the nine month period primarily due to growth in work flow solutions at Enterprise Solutions, data feed products within Data and Advisory Solutions, RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions and Market Intelligence Desktop products at Market Intelligence, continued demand for Commodity Insights market data and market insights products and new business growth within the Dealer business and strong underwriting volumes within the Financial business at Mobility, partially offset by a decrease at Engineering Solutions due to its sale on May 2, 2023. Subscription revenue at Market Intelligence was favorably impacted by the acquisition of Visible Alpha in May of 2024 and unfavorably impacted by the sale of Fincentric in August of 2024. Subscription revenue at Mobility was favorably impacted by the acquisition of Market Scan in February of 2023. Non-subscription / transaction revenue increased primarily due to growth in corporate bond ratings revenue and bank loan ratings revenue driven by increased issuance volumes due to higher refinancing activity. Non-transaction revenue increased due to an increase in surveillance revenue and an increase in new entity credit ratings revenue, partially offset by the unfavorable impact of a cumulative catch-up for customers’ unreported commercial paper issuance in the nine months ended September 30, 2023. Asset linked fees increased at Indices primarily due to higher levels of AUM for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Commodity Insights. Recurring variable revenue at Market Intelligence increased due to increased volumes. See “Segment Review” below for further information.
The favorable impact of foreign exchange rates increased revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.
Total Expenses
The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the periods ended September 30:

36


Three Months
(in millions)20242023% Change
Operating-
related expenses		Selling and
general expenses		Operating-
related expenses		Selling and
general expenses		Operating-
related expenses		Selling and
general expenses
Market Intelligence 1
$508 $286 $486 $271 5%5%
Ratings 2
260 166 239 111 9%49%
Commodity Insights 3
162 116 148 113 9%3%
Mobility 4
113 123 99 121 14%2%
Indices 5
62 62 55 55 13%14%
Engineering Solutions— — — — N/MN/M
Intersegment eliminations 6
(48)— (46)— (2)%N/M
Total segments1,057 753 981 671 8%12%
Corporate Unallocated expense 7
15 55 14 70 6%(21)%
Total$1,072 $808 $995 $741 8%9%
N/M – Represents a change equal to or in excess of 100% or not meaningful
1 In 2024, selling and general expenses include IHS Markit merger costs of $10 million. In 2023, selling and general expenses include employee severance charges of $19 million, IHS Markit merger costs of $11 million and an asset write-off of $1 million.
2 In 2024, selling and general expenses include a statutorily required bonus accrual adjustment of $6 million. In 2023, selling and general expenses include employee severance charges of $2 million.
3 In 2024, selling and general expenses include employee severance charges of $4 million and IHS Markit merger costs of $2 million. In 2023, selling and general expenses include IHS Markit merger costs of $8 million and employee severance charges of $7 million.
4 In 2024, selling and general expenses include IHS Markit merger costs of $1 million. In 2023, selling and general expenses include employee severance charges of $3 million, IHS Markit merger costs of $1 million and acquisition-related costs of $1 million.
5 In 2024, selling and general expenses include IHS Markit merger costs of $1 million. In 2023, selling and general expenses include employee severance charges of $1 million and IHS Markit merger costs of $1 million.
6 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
7 In 2024, selling and general expenses include IHS Markit merger costs of $16 million, acquisition-related costs of $2 million and an asset write-off of $1 million. In 2023, selling and general expenses include IHS Markit merger costs of $37 million, employee severance charges of $6 million, disposition-related costs of $3 million and acquisition-related costs of $1 million.
Operating-Related Expenses

Operating-related expenses increased 8% primarily driven by higher compensation costs, increased incentives and higher technology costs.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Selling and General Expenses

Selling and general expenses increased 9%. Excluding the impact of higher employee severance charges in 2023 of 6 percentage points, higher IHS Markit merger costs in 2023 of 5 percentage points, partially offset by a statutorily required bonus accrual adjustment in 2024 of 1 percentage point, selling and general expenses increased 19%. The increase was primarily driven by increased incentives, higher compensation costs and higher technology costs.

Depreciation and Amortization

Depreciation and amortization increased 4% to $293 million primarily due to higher intangible asset amortization driven by the acquisition of Visible Alpha in May of 2024.

37

Nine Months
(in millions)20242023% Change
Operating-
related expenses		Selling and
general expenses		Operating-
related expenses		Selling and
general expenses		Operating-
related expenses		Selling and
general expenses
Market Intelligence 1
$1,548 $818 $1,460 $791 6%4%
Ratings 2
772 425 708 337 9%26%
Commodity Insights 3
521 333 485 334 7%(1)%
Mobility 4
348 365 299 360 17%1%
Indices 5
176 167 166 152 7%9%
Engineering Solutions— — 85 27 N/MN/M
Intersegment eliminations 6
(138)— (130)— (7)%N/M
Total segments3,227 2,108 3,073 2,001 5%5%
Corporate Unallocated expense 7
50 139 36 216 37%(36)%
Total$3,277 $2,247 $3,109 $2,217 5%1%
N/M – Represents a change equal to or in excess of 100% or not meaningful

1 In 2024, selling and general expenses include IHS Markit merger costs of $30 million, employee severance charges of $35 million and a net acquisition-related benefit of $8 million. In 2023, selling and general expenses include employee severance charges of $41 million, IHS Markit merger costs of $36 million, an asset impairment of $5 million and an asset write-off of $1 million.
2 In 2024, selling and general expenses include legal costs of $20 million, a statutorily required bonus accrual adjustment of $6 million and employee severance charges of $2 million. In 2023, selling and general expenses include employee severance charges of $8 million.
3 In 2024, selling and general expenses include IHS Markit merger costs of $12 million, employee severance charges of $4 million, an asset write-off of $1 million and disposition-related costs of $1 million. In 2023, selling and general expenses include IHS Markit merger costs of $28 million and employee severance charges of $23 million.
4 In 2024, selling and general expenses include employee severance charges of $7 million, IHS Markit merger costs of $2 million and acquisition-related costs of $1 million. In 2023, selling and general expenses include employee severance charges of $6 million, IHS Markit merger costs of $2 million and acquisition-related costs of $2 million.
5 In 2024, selling and general expenses include IHS Markit merger costs of $4 million and employee severance charges of $1 million. In 2023, selling and general expenses include employee severance charges of $4 million and IHS Markit merger costs of $3 million.
6 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
7 In 2024, selling and general expenses include IHS Markit merger costs of $54 million, acquisition-related costs of $10 million, disposition-related costs of $3 million, employee severance charges of $2 million, recovery of lease-related costs of $1 million and an asset write-off of $1 million. In 2023, selling and general expenses include IHS Markit merger costs of $104 million, employee severance charges of $20 million, disposition-related costs of $19 million, lease impairments of $15 million and acquisition-related costs of $3 million.
Operating-Related Expenses

Operating-related expenses increased 5% primarily driven by higher compensation costs, increased incentives and higher technology costs, partially offset by a decrease at Engineering Solutions due to its sale on May 2, 2023.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Selling and General Expenses

Selling and general expenses increased 1%. Excluding the impact of higher IHS Markit merger costs in 2023 of 4 percentage points, higher employee severance charges in 2023 of 3 percentage points, lease impairments in 2023 of 1 percentage point, higher disposition-related costs in 2023 of 1 percentage point, partially offset by legal costs in 2024 of 1 percentage point, selling and general expenses increased 9%. The increase was primarily driven by increased incentives, higher compensation costs and higher technology costs, partially offset by a decrease at Engineering Solutions due to its sale on May 2, 2023.

38


Depreciation and Amortization

Depreciation and amortization increased 2% to $873 million primarily due to higher intangible asset amortization driven by the acquisition of Visible Alpha in May of 2024.

(Gain) Loss on Dispositions, net

During the three and nine months ended September 30, 2024, we completed the following disposition that was included in (Gain) loss on dispositions, net in the consolidated statement of income:

•During the three and nine months ended September 30, 2024, we recorded a pre-tax gain of $21 million ($12 million after-tax) in (Gain) loss on dispositions, net in the consolidated statement of income related to the sale of Fincentric in our Market Intelligence segment.

During the nine months ended September 30, 2023, we completed the following disposition and received a contingent payment that were included in (Gain) loss on dispositions, net in the consolidated statement of income:

•During the nine months ended September 30, 2023, we recorded a pre-tax loss of $120 million in (Gain) loss on dispositions, net and disposition-related costs of $16 million in selling and general expenses in the consolidated statement of income ($182 million after-tax, net of a release of a deferred tax liability of $157 million) related to the sale of Engineering Solutions.

•In the first quarter of 2023, we received a contingent payment following the sale of Leveraged Commentary and Data (“LCD”) along with a related family of leveraged loan indices in June of 2022. The contingent payment was payable six months following the closing upon the achievement of certain conditions related to the transition of LCD customer relationships. During the nine months ended September 30, 2023, the contingent payment resulted in a pre-tax gain of $46 million ($34 million after-tax) related to the sale of LCD in our Market Intelligence segment and $4 million ($3 million after-tax) related to the sale of a family of leveraged loan indices in our Indices segment.

Operating Profit

We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate.
We internally manage our operations by reference to operating profit with economic resources allocated primarily based on each segment's contribution to operating profit. Segment operating profit is defined as operating profit before Corporate Unallocated expense and Equity in Income on Unconsolidated Subsidiaries. Segment operating profit is not, however, a measure of financial performance under U.S. GAAP, and may not be defined and calculated by other companies in the same manner.
The tables below reconcile segment operating profit to total operating profit for the periods ended September 30:

Three Months

(in millions)20242023% Change
Market Intelligence 1
$230 $195 18%
Ratings 2
676 459 47%
Commodity Insights 3
211 184 14%
Mobility 4
97 80 20%
Indices 5
282 235 20%
Engineering Solutions
— — N/M
Total segment operating profit1,496 1,153 30%
Corporate Unallocated expense 6
(73)(87)16%
Equity in income on unconsolidated subsidiaries 7
11 8 47%
Total operating profit$1,434 $1,074 33%
N/M – Represents a change equal to or in excess of 100% or not meaningful
39

1 2024 includes a gain on disposition of $21 million and IHS Markit merger costs of $10 million. 2023 includes employee severance charges of $19 million, IHS Markit merger costs of $11 million, and an asset write-off of $1 million. 2024 and 2023 include amortization of intangibles from acquisitions of $151 million and $140 million, respectively.
2    2024 includes a statutorily required bonus accrual adjustment of $6 million. 2023 includes employee severance charges of $2 million. 2024 and 2023 include amortization of intangibles from acquisitions of $2 million.
3 2024 includes employee severance charges of $4 million and IHS Markit merger costs of $2 million. 2023 includes IHS Markit merger costs of $8 million and employee severance charges of $7 million. 2024 and 2023 include amortization of intangibles from acquisitions of $32 million and $33 million, respectively.
4    2024 includes IHS Markit merger costs of $1 million. 2023 includes employee severance charges of $3 million, IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. 2024 and 2023 include amortization of intangibles from acquisitions of $76 million.
5    2024 includes IHS Markit merger costs of $1 million. 2023 includes employee severance charges of $1 million and IHS Markit merger costs of $1 million. 2024 and 2023 include amortization of intangibles from acquisitions of $9 million.
6    2024 includes IHS Markit merger costs of $16 million, acquisition-related costs of $2 million and an asset write-off of $1 million. 2023 includes IHS Markit merger costs of $37 million, employee severance charges of $6 million, disposition-related costs of $3 million and acquisition-related costs of $1 million. 2024 includes amortization of intangibles from acquisitions of $1 million.
7    2024 and 2023 include amortization of intangibles from acquisitions of $14 million.

Segment Operating Profit — Segment operating profit increased 30% as compared to 2023. Excluding the impact of higher employee severance charges in 2023 of 7 percentage points, a gain on disposition in 2024 of 5 percentage points, higher IHS Markit merger costs in 2023 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2024 of 3 percentage points and a statutorily required bonus accrual adjustment adjustment in 2024 of 1 percentage point, segment operating profit increased 21%. The increase was primarily due to revenue growth, partially offset by increased incentives as a result of financial performance, higher compensation costs driven by annual merit increases and higher technology costs. See “Segment Review” below for further information.
Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense decreased 16% compared to 2023. Excluding the impact of higher IHS Markit merger costs in 2023 of 39 percentage points, higher employee severance costs in 2023 of 11 percentage points and higher disposition-related costs in 2023 of 5 percentage points, partially offset by higher acquisition-related costs in 2024 of 2 percentage points, an asset write-off in 2024 of 1 percentage point and a statutorily required bonus accrual adjustment in 2024 of 1 percentage point, Corporate Unallocated expense increased 34% primarily due to higher incentives and compensation costs.

Equity in Income on Unconsolidated Subsidiaries — The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combines each company’s post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business. The combination is intended to increase operating efficiencies of both businesses to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. Equity in Income on Unconsolidated Subsidiaries includes the OSTTRA joint venture. Equity in Income on Unconsolidated Subsidiaries was $11 million for the three months ended September 30, 2024 compared to $8 million for the three months ended September 30, 2023.

Foreign exchange rates had an unfavorable impact on operating profit of 1 percentage point. This impact refers to constant currency comparisons and the remeasurement of monetary assets and liabilities. Constant currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency.

40


Nine Months

(in millions)20242023% Change
Market Intelligence 1
$649 $599 8%
Ratings 2
2,080 1,422 46%
Commodity Insights 3
643 527 22%
Mobility 4
247 213 16%
Indices 5
816 699 17%
Engineering Solutions 6
— 19 N/M
Total segment operating profit4,435 3,479 28%
Corporate Unallocated expense 7
(195)(382)49%
Equity in income on unconsolidated subsidiaries 8
31 33 (7)%
Total operating profit$4,271 $3,130 36%
N/M – Represents a change equal to or in excess of 100% or not meaningful
1 2024 includes a gain on disposition of $21 million, employee severance charges of $35 million, IHS Markit merger costs of $30 million and net acquisition-related benefit of $8 million. 2023 includes a gain on disposition of $46 million, employee severance charges of $41 million, IHS Markit merger costs of $36 million, an asset impairment of $5 million and an asset write-off of $1 million. 2024 and 2023 include amortization of intangibles from acquisitions of $439 million and $421 million, respectively.
2    2024 includes legal costs of $20 million, a statutorily required bonus accrual adjustment of $6 million and employee severance charges of $2 million. 2023 include employee severance charges of $8 million. 2024 and 2023 include amortization of intangibles from acquisitions of $11 million and $6 million, respectively.
3 2024 includes IHS Markit merger costs of $12 million, employee severance charges of $4 million, an asset write-off of $1 million and disposition-related costs of $1 million. 2023 includes IHS Markit merger costs of $28 million and employee severance charges of $23 million. 2024 and 2023 include amortization of intangibles from acquisitions of $97 million and $99 million, respectively.
4    2024 includes employee severance charges of $7 million, IHS Markit merger costs of $2 million and acquisition-related costs of $1 million. 2023 includes employee severance charges of $6 million, IHS Markit merger costs of $2 million and acquisition-related costs of $2 million. 2024 and 2023 include amortization of intangibles from acquisitions of $227 million and $226 million, respectively.
5    2024 includes IHS Markit merger costs of $4 million, a loss on disposition of $1 million and employee severance charges of $1 million. 2023 includes a gain on disposition of $4 million, employee severance charges of $4 million and IHS Markit merger costs of $3 million. 2024 and 2023 include amortization of intangibles from acquisitions of $27 million.
6    2023 includes amortization of intangibles from acquisitions of $1 million.
7    2024 includes IHS Markit merger costs of $54 million, acquisition-related costs of $10 million, disposition-related costs of $3 million, employee severance charges of $2 million, a gain on disposition of $2 million, recovery of lease-related costs of $1 million and an asset write-off of $1 million. 2023 includes a loss on disposition of $120 million, IHS Markit merger costs of $104 million, employee severance charges of $20 million, disposition-related costs of $19 million, lease impairments of $15 million and acquisition-related costs of $3 million. 2024 and 2023 include amortization of intangibles from acquisitions of $2 million.
8    2024 and 2023 include amortization of intangibles from acquisitions of $42 million.

Segment Operating Profit — Segment operating profit increased 28% as compared to 2023. Excluding the impact of a higher gain on disposition in 2023 of 33 percentage points, higher amortization of intangibles from acquisitions in 2024 of 23 percentage points, legal costs in 2024 of 21 percentage points, higher asset write-offs in 2024 of 1 percentage point and disposition-related costs in 2024 of 1 percentage point, partially offset by higher employee severance costs in 2023 of 36 percentage points, higher IHS Markit merger costs in 2023 of 23 percentage points, a net acquisition-related benefit in 2024 of 8 percentage points and an asset impairment in 2023 of 6 percentage points, segment operating profit increased 22%. The increase was primarily due to revenue growth, partially offset by increased incentives as a result of financial performance, higher compensation costs driven by annual merit increases and higher technology costs. See “Segment Review” below for further information.
Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense decreased 49% compared to 2023. Excluding the impact of loss on dispositions, net in 2023 of 43 percentage points, higher IHS Markit merger costs in 2023 of 18 percentage points, an asset impairment in 2023 of 7 percentage points, higher employee severance costs in 2023 of 6 percentage points and lease impairments in 2023 of 5 percentage points, partially offset by higher acquisition-related
41

costs in 2024 of 2 percentage points and higher disposition-related costs in 2024 of 1 percentage point, Corporate Unallocated expense increased 27% primarily due to higher incentives and compensation costs.

Equity in Income on Unconsolidated Subsidiaries — The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combines each company’s post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business. The combination is intended to increase operating efficiencies of both businesses to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. Equity in Income on Unconsolidated Subsidiaries includes the OSTTRA joint venture acquired in connection with the merger with IHS Markit. Equity in Income on Unconsolidated Subsidiaries was $31 million for the nine months ended September 30, 2024 compared to $33 million for the nine months ended September 30, 2023.

Foreign exchange rates had a favorable impact on operating profit of less than 1 percentage point. This impact refers to constant currency comparisons and the remeasurement of monetary assets and liabilities. Constant currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency.

Other Loss (Income), net

Other loss (income), net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans. Other loss, net was $2 million for the three months ended September 30, 2024 compared to other income, net of $5 million for the three months ended September 30, 2023 primarily due to higher losses on our mark-to-market investments in 2024 compared to 2023. Other income, net increased to $10 million for the nine months ended September 30, 2024 compared to $5 million for the nine months ended September 30, 2023 primarily due to higher losses on our mark-to-market investments in 2023.

Interest Expense, net

Interest expense, net decreased $12 million or 14% compared to the three months ended September 30, 2023 and $31 million or 12% compared to the nine months ended September 30, 2023 primarily due to higher interest income from invested cash due to a more favorable interest rate environment combined with a benefit from our net investment hedge program.

Provision for Income Taxes

The effective income tax rate was 23.0% and 21.1% for the three and nine months ended September 30, 2024, respectively, and 18.2% and 21.8% for the three and nine months ended September 30, 2023, respectively. The lower rate for the three months ended September 30, 2023 was primarily due to a combination of discrete adjustments and change in the profit mix. The higher rate for the nine months ended September 30, 2023 was primarily due to the tax charge on divestitures.

The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two which includes a global minimum tax of 15%. This framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the results disclosed and did not have a significant impact on our consolidated financial statements. The Company continues to monitor jurisdictions that are expected to implement Pillar Two in the future, and it is in the process of evaluating the potential impact of the enactment of Pillar Two by such jurisdictions on its consolidated financial statements.


Segment Review

Market Intelligence
Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. Market Intelligence's portfolio of capabilities are designed to help trading and investment professionals, government agencies, corporations and universities track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations and manage credit risk.
42


On October 7, 2024, we entered into an agreement to sell the PrimeOne business, our outsourced technology platform servicing the global prime finance business. The PrimeOne business is part of our Market Intelligence segment. The assets and liabilities of the PrimeOne business were classified as held for sale in our consolidated balance sheet as of September 30, 2024. This transaction is expected to close in the fourth quarter of 2024. The anticipated divestiture of the PrimeOne business is not expected to be material to our consolidated financial statements.
On August 15, 2024, we completed the sale of Fincentric, formerly known as Markit Digital. This sale followed our announced intent to explore strategic opportunities for Fincentric in February of 2024. Fincentric was S&P Global’s premier digital solutions provider focused on developing mobile applications and websites for retail brokerages and other financial institutions. Fincentric specializes in designing cutting-edge financial data visualizations, interfaces and investor experiences. Fincentric was acquired by S&P Global through the merger with IHS Markit and was part of our Market Intelligence segment. During the three and nine months ended September 30, 2024, we recorded a pre-tax gain of $21 million ($12 million after-tax) in (Gain) loss on dispositions, net in the consolidated statement of income related to the sale of Fincentric in our Market Intelligence segment.
On May 1, 2024, we completed the acquisition of Visible Alpha, the financial technology provider of deep industry and segment consensus data creating a premium offering of fundamental investment research capabilities on Market Intelligence’s Capital IQ Pro platform. The acquisition is part of our Market Intelligence segment and further enhances the depth and breadth of the overall Visible Alpha and S&P Capital IQ Pro offering. The acquisition of Visible Alpha is not material to our consolidated financial statements.
In the first quarter of 2023, we received a contingent payment following the sale of Leveraged Commentary and Data (“LCD”) that resulted in a pre-tax gain of $46 million ($34 million after-tax) which was included in (Gain) loss on dispositions, net in the consolidated statements of income.

Market Intelligence includes the following business lines:

•Desktop — a product suite that provides data, analytics and third-party research for global finance and corporate professionals, which includes the Capital IQ platforms (which are inclusive of S&P Capital IQ Pro, Capital IQ, Office and Mobile products);
•Data & Advisory Solutions — a broad range of research, reference data, market data, derived analytics and valuation services covering both the public and private capital markets, delivered through flexible feed-based or API delivery mechanisms. This also includes issuer solutions for public companies, a range of products for the maritime & trade market, data and insight into Financial Institutions, the telecoms, technology and media space as well as ESG and supply chain data analytics;
•Enterprise Solutions — software and workflow solutions that help our customers manage and analyze data; identify risk; reduce costs; and meet global regulatory requirements. The portfolio includes industry leading financial technology solutions like Wall Street Office, Enterprise Data Manager, Information Mosaic, and iLevel. Our Global Markets Group offering delivers bookbuilding platforms across multiple assets including municipal bonds, equities and fixed income; and
•Credit & Risk Solutions — commercial arm that sells Ratings' credit ratings and related data and research, advanced analytics, and financial risk solutions which includes subscription-based offerings, RatingsXpress®, RatingsDirect® and Credit Analytics.
Subscription revenue at Market Intelligence is primarily derived from distribution of data, valuation services, analytics, third party research, and credit ratings-related information through both feed and web-based channels. Subscription revenue also includes software and hosted product offerings which provide maintenance and continuous access to our platforms over the contract term. Recurring variable revenue at Market Intelligence represents revenue from contracts for services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued. Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing conferences and events, and analytical services.

43

The following table provides revenue and segment operating profit information for the periods ended September 30:

(in millions)Three MonthsNine Months
20242023% Change20242023% Change
Revenue$1,162 $1,099 6%$3,459 $3,249 6%
Subscription revenue$981 $932 5%$2,893 $2,732 6%
Recurring variable revenue$142 $125 14%$430 $380 13%
Non-subscription revenue$39 $42 (9)%$136 $137 (1)%
% of total revenue:
     Subscription revenue85 %85 %84 %84 %
     Recurring variable revenue12 %11 %12 %12 %
     Non-subscription revenue3 %4 %4 %4 %
U.S. revenue$691 $653 6%$2,068 $1,927 7%
International revenue$471 $446 6%$1,391 $1,322 5%
% of total revenue:
     U.S. revenue59 %59 %60 %59 %
     International revenue41 %41 %40 %41 %
Operating profit 1
$230 $195 18%$649 $599 8%
Operating margin %20 %18 %19 %18 %

1 Operating profit for the three and nine months ended September 30, 2024 includes a gain on disposition of $21 million and IHS Markit merger costs of $10 million and $30 million, respectively. Operating profit for the nine months ended September 30, 2024 includes employee severance charges of $35 million and a net acquisition-related benefit of $8 million. Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $19 million and $41 million, respectively, IHS Markit merger costs of $11 million and $36 million, respectively, and an asset write-off of $1 million. Operating profit for the nine months ended September 30, 2023 includes a gain on disposition of $46 million and an asset impairment of $5 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $151 million and $140 million for the three months ended September 30, 2024 and 2023, respectively, and $439 million and $421 million for the nine months ended September 30, 2024 and 2023, respectively.

Three Months
Revenue increased 6% primarily due to subscription revenue growth for work flow solutions at Enterprise Solutions, data feed products within Data and Advisory Solutions, RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions and Market Intelligence Desktop products, partially offset by increased cancellations in the quarter. Subscription revenue growth was favorably impacted by the acquisition of Visible Alpha in May of 2024 and unfavorably impacted by the sale of Fincentric in August of 2024. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 18%. Excluding the impact of a gain on disposition in 2024 of 12 percentage points, higher employee severance charges in 2023 of 10 percentage points and higher IHS merger costs in 2023 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2024 of 7 percentage points, operating profit increased 2% primarily due to revenue growth and lower outside services expenses, partially offset by increased incentives, higher compensation costs driven by annual merit increases and increased technology costs. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Nine Months

Revenue increased 6% primarily due to subscription revenue growth for work flow solutions at Enterprise Solutions, data feed products within Data and Advisory Solutions, RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions and Market Intelligence Desktop products, partially offset by increased cancellations in the nine months ended September 30, 2024. Subscription revenue growth was favorably impacted by the acquisition of Visible Alpha in May of 2024
44


and unfavorably impacted by the sale of Fincentric in August of 2024. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 8%. Excluding the impact of a higher gain on disposition in 2023 of 3 percentage points and higher amortization of intangibles from acquisitions in 2024 of 2 percentage points, partially offset by a net acquisition-related benefit in 2024 of 1 percentage point, higher IHS Markit merger costs in 2023 of 1 percentage point and higher employee severance charges in 2023 of 1 percentage point, operating profit increased 6% primarily due to revenue growth and lower outside services expenses, partially offset by increased incentives, higher compensation costs driven by annual merit increases and increased technology costs. Foreign exchange rates had a favorable impact of 2 percentage points.

For a further discussion of competitive and other risks inherent in our Market Intelligence business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Ratings
Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks. Credit ratings are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments. They are opinions about credit risk and our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the issue may default.

Ratings disaggregates its revenue between transaction and non-transaction. Transaction revenue primarily includes fees associated with:
•ratings related to new issuance of corporate and government debt instruments, as well as structured finance debt instruments; and
•bank loan ratings.
Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at CRISIL. Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Royalty revenue was $41 million and $120 million for the three and nine months ended September 30, 2024, respectively, and $38 million and $113 million for the three and nine months ended September 30, 2023, respectively.

45

The following table provides revenue and segment operating profit information for the periods ended September 30:

(in millions)Three MonthsNine Months
20242023% Change20242023% Change
Revenue$1,110 $819 36%$3,307 $2,494 33%
Transaction revenue$597 $326 83%$1,804 $1,088 66%
Non-transaction revenue$513 $493 4%$1,503 $1,406 7%
% of total revenue:
     Transaction revenue
54 %40 %55 %44 %
     Non-transaction revenue
46 %60 %45 %56 %
U.S. revenue$644 $444 45%$1,900 $1,370 39%
International revenue$466 $375 24%$1,407 $1,124 25%
% of total revenue:
     U.S. revenue58 %54 %57 %55 %
     International revenue42 %46 %43 %45 %
Operating profit 1
$676 $459 47%$2,080 $1,422 46%
Operating margin %61 %56 %63 %57 %
1Operating profit for the three and nine months ended September 30, 2024 includes a statutorily required bonus accrual adjustment of $6 million. Operating profit for the nine months ended September 30, 2024 includes legal costs of $20 million and employee severance charges of $2 million. Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $2 million and $8 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended September 30, 2024 and 2023, and $11 million and $6 million for the nine months ended September 30, 2024 and 2023, respectively.

Three Months

Revenue increased 36%, with a favorable impact from foreign exchange rates of 1 percentage point. Transaction revenue increased primarily due to growth in corporate bond ratings revenue and bank loan ratings revenue driven by increased issuance volumes due to higher refinancing activity. An increase in structured finance revenue driven by increased collateralized loan obligations (“CLOs”) issuance also contributed to transaction revenue growth. Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in new entity credit ratings revenue, partially offset by the unfavorable impact of a cumulative catch-up for customers’ unreported commercial paper issuance in the third quarter of 2023. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.
Operating profit increased 47%. Excluding the impact of a statutorily required bonus accrual adjustment in 2024 of 1 percentage point, operating profit increased 48% due to revenue growth. This growth was partially offset by increased incentives as a result of financial performance and higher compensation costs driven by annual merit increases and additional headcount. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Nine Months

Revenue increased 33%, with a favorable impact from foreign exchange rates of less than 1 percentage point. Transaction revenue increased primarily due to growth in corporate bond ratings revenue and bank loan ratings revenue driven by increased issuance volumes due to higher refinancing activity. An increase in structured finance revenue driven by increased CLOs issuance also contributed to transaction revenue growth. Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in new entity credit ratings revenue, partially offset by the unfavorable impact of a cumulative catch-up for customers’ unreported commercial paper issuance in the nine months ended September 30, 2023. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.
Operating profit increased 46%. Excluding the impact of legal costs in 2024 of 1 percentage point the impact of a statutorily required bonus accrual adjustment in 2024 of 1 percentage point, operating profit increased 48% due to revenue growth, partially offset by increased incentives as a result of financial performance and higher compensation costs driven by annual merit increases and additional headcount. Foreign exchange rates had a favorable impact of 1 percentage point.

46


Billed Issuance Volumes

We monitor billed issuance volumes regularly within Ratings. Billed issuance excludes items that do not impact transaction revenue, such as issuance from frequent issuer programs, unrated debt, and most international public finance to more effectively correlate issuance activity to movements in transaction revenue.

The following table provides billed issuance levels based on Ratings’ internal data feeds for the periods ended September 30:
Three MonthsNine Months
(in billions)20242023% Change20242023% Change
Investment-grade billed issuance*
$395 $211 88%$1,242 $877 42%
High-yield billed issuance *
$129 $65 98%$383 $200 91%
Other billed issuance **
$481 $294 63%$1,435 $866 66%
Total billed issuance$1,004 $570 76%$3,060 $1,943 57%
Note - Totals presented may not sum due to rounding.
*     Includes Corporates, Financial Services and Infrastructure.
** Includes Bank Loans, Structured Finance and Government.
Third quarter billed issuance was up as continued favorable market conditions drove issuers to capitalize on tightening borrowing spreads. Refinancing continued to drive high-yield, while M&A and other non-refinancing activity drove billed issuance increases in investment grade and bank loans. Structured finance billed issuance increases were driven primarily by new CLO issuance.

For a further discussion of competitive and other risks inherent in our Ratings business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Commodity Insights

Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets. Commodity Insights provides essential price data, analytics, industry insights and software & services, enabling the commodity and energy markets to perform with greater transparency and efficiency.

On May 14, 2024, we completed the acquisition of World Hydrogen Leaders, a globally-recognized portfolio of hydrogen-related conferences and events, digital training and market intelligence. The acquisition is part of our Commodity Insight’s segment and complements Commodity Insights global conference business and provides customers with full coverage of the hydrogen and derivative value chain alongside Energy Transition and Sustainability solutions, including hydrogen price assessments, emission factors and market research. The acquisition of World Hydrogen Leaders is not material to our consolidated financial statements.

Commodity Insights includes the following business lines:

•Energy & Resources Data & Insights — includes data, news, insights, and analytics for petroleum, gas, power & renewables, petrochemicals, metals & steel, agriculture, and other commodities;
•Price Assessments — includes price assessments and benchmarks, and forward curves;
•Upstream Data & Insights — includes exploration & production data and insights, software and analytics; and
•Advisory & Transactional Services — includes consulting services, conferences, events and global trading services.

Commodity Insights’ revenue is generated primarily through the following sources:

•Subscription revenue — primarily from subscriptions to our market data and market insights (price assessments, market reports and commentary and analytics) along with other information products and software term licenses;
•Sales usage-based royalties — primarily from licensing our proprietary market price data and price assessments to commodity exchanges; and
47

•Non-subscription revenue — conference sponsorship, consulting engagements, events, and perpetual software licenses.
The following table provides revenue and segment operating profit information for the periods ended September 30: 

(in millions)Three MonthsNine Months
20242023% Change20242023% Change
Revenue$522 $479 9%$1,597 $1,450 10%
Subscription revenue$478 $432 11%$1,387 $1,261 10%
Sales usage-based royalties$26 $21 20%$77 $59 31%
Non-subscription revenue$18 $26 (31)%$133 $130 2%
% of total revenue:
     Subscription revenue92 %90 %87 %87 %
     Sales usage-based royalties5 %5 %5 %4 %
     Non-subscription revenue3 %5 %8 %9 %
U.S. revenue$192 $180 6%$634 $587 8%
International revenue$330 $299 11%$963 $863 12%
% of total revenue:
     U.S. revenue37 %38 %40 %40 %
     International revenue63 %62 %60 %60 %
Operating profit 1
$211 $184 14%$643 $527 22%
Operating margin %40 %38 %40 %36 %

1Operating profit for the three and nine months ended September 30, 2024 includes employee severance charges of $4 million and IHS Markit merger costs of $2 million and $12 million, respectively. Operating profit for the nine months ended September 30, 2024 includes an asset write-off of $1 million and disposition-related costs of $1 million. Operating profit for the three and nine months ended September 30, 2023 includes IHS Markit merger costs of $8 million and $28 million, respectively, and employee severance charges of $7 million and $23 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $32 million and $33 million for the three months ended September 30, 2024 and 2023, respectively, and $97 million and $99 million for the nine months ended September 30, 2024 and 2023, respectively.

Three Months
Revenue increased 9% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. An increase in sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to increased trading volumes for Platts based contracts across all commodity sectors also contributed to revenue growth. Revenue was favorably impacted by the acquisition of World Hydrogen Leaders in May of 2024. All four business lines contributed to revenue growth in the third quarter of 2024 with the Price Assessments and Energy & Resources Data & Insights businesses being the most significant drivers, followed by the Upstream Data & Insights and Advisory & Transactional Services businesses. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 14%. Excluding the impact of higher employee severance charges in 2023 of 4 percentage points and higher IHS Markit merger costs in 2023 of 2 percentage points, operating profit increased 8%. The increase was primarily due to revenue growth partially offset by higher compensation costs driven by annual merit increases, higher incentives, investment in strategic initiatives and expenses associated with the acquisition of World Hydrogen Leaders. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Nine Months
Revenue increased 10% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. An increase in sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to increased trading volumes for Platts based contracts across all commodity sectors and higher consulting revenue also contributed to revenue growth. Revenue was favorably
48

impacted by the acquisition of World Hydrogen Leaders in May of 2024. All four business lines contributed to revenue growth in the first nine months of 2024 with the Price Assessments, Energy & Resources Data & Insights and Advisory & Transactional Services businesses being the most significant drivers, followed by the Upstream Data & Insights business. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 22%. Excluding the impact of higher employee severance charges in 2023 of 5 percentage points and higher IHS Markit merger costs in 2023 of 5 percentage points, operating profit increased 12%. The increase was primarily due to revenue growth partially offset by higher compensation costs driven by annual merit increases, higher incentives, investment in strategic initiatives and expenses associated with the acquisition of World Hydrogen Leaders. Foreign exchange rates had a favorable impact of less than 1 percentage point.
For a further discussion of competitive and other risks inherent in our Commodity Insights business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

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

Mobility includes the following business lines:

•Dealer — includes analytics to predict future buyers, targeted marketing, and vehicle history data to allow people to shop, buy, service and sell used cars;

•Manufacturing — includes insights, forecasts and advisory services spanning the entire automotive value chain, from product planning to marketing, sales and the aftermarket; and

•Financial — includes reports and data feeds to support lenders and insurance companies.

Mobility’s revenue is generated primarily through the following sources:

•Subscription revenue — Mobility’s core information products provide critical information and insights to all global OEMs, most of the world’s leading suppliers, and the majority of North American dealerships. Mobility operates across both the new and used car markets. Mobility provides data and insight on future vehicles sales and production, including detailed forecasts on technology and vehicle components; supplies car makers and dealers with market reporting products, predictive analytics and marketing automation software; and supports dealers with vehicle history reports, used car listings and service retention services. Mobility also sells a range of services to financial institutions, to support their marketing, insurance underwriting and claims management activities; and
•Non-subscription revenue — One-time transactional sales of data that are non-cyclical in nature – and that are usually tied to underlying business metrics such as OEM marketing spend or safety recall activity – as well as consulting and advisory services.
49

The following table provides revenue and segment operating profit information for the periods ended September 30: 
(in millions)Three MonthsNine Months
20242023% Change20242023% Change
Revenue$412 $379 9%$1,198 $1,107 8%
Subscription revenue$331 $296 12%$966 $870 11%
Non-subscription revenue$81 $83 (2)%$232 $237 (2)%
% of total revenue:
     Subscription revenue80 %78 %81 %79 %
     Non-subscription revenue20 %22 %19 %21 %
U.S. revenue$338 $312 8%$986 $910 8%
International revenue$74 $67 11%$212 $197 8%
% of total revenue:
     U.S. revenue82 %82 %82 %82 %
     International revenue18 %18 %18 %18 %
Operating profit 1
$97 $80 20%$247 $213 16%
Operating margin %23 %21 %21 %19 %

1 Operating profit for the three and nine months ended September 30, 2024 includes IHS Markit merger costs of $1 million and $2 million, respectively. Operating profit for the nine months ended September 30, 2024 includes employee severance charges of $7 million and acquisition-related costs of $1 million. Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $3 million and $6 million, respectively, IHS Markit merger costs of $1 million and $2 million, respectively, and acquisition-related costs of $1 million and $2 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended September 30, 2024 and 2023, and $227 million and $226 million for the nine months ended September 30, 2024 and 2023, respectively.
Three Months
Revenue increased 9% primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business and strong underwriting volumes within the Financial business. These increases were partially offset by a decrease in non-subscription revenue primarily due to lower recall activity in the Manufacturing business. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 20%. Excluding the impact of higher employee severance charges in 2023 of 10 percentage points and acquisition-related costs in 2023 of 2 percentage points, operating profit increased 8% driven by revenue growth, partially offset by higher compensation costs driven by annual merit increases and an increase in strategic investments. Foreign exchange rates had an unfavorable impact of 6 percentage points.

Nine Months
Revenue increased 8% primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business and strong underwriting volumes within the Financial business. These increases were partially offset by a decrease in non-subscription revenue in the Manufacturing business due to lower recall activity and marketing services. Revenue at Mobility was favorably impacted by the acquisition of Market Scan in February of 2023. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 16%. Excluding the impact of higher amortization of intangibles in 2024 of 7 percentage points and higher IHS Markit merger costs in 2024 of 4 percentage points, partially offset by higher acquisition-related costs in 2023 of 3 percentage points, operating profit increased 8% driven by revenue growth, partially offset by higher compensation costs driven by annual merit increases, an increase in strategic investments and expenses associated with the acquisition of Market Scan. Foreign exchange rates had an unfavorable impact of 2 percentage points.
50

For a further discussion of competitive and other risks inherent in our Mobility business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Indices
Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. Indices’ mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products, and provide investors with tools to monitor world markets.

Indices derives revenue from asset-linked fees when investors direct funds into its proprietary designed or owned indexes, sales usage-based royalties of its indices, as well as data subscription arrangements. Specifically, Indices generates revenue from the following sources:
•Investment vehicles — asset-linked fees such as ETFs and mutual funds, that are based on the S&P Dow Jones Indices’ benchmarks that generate revenue through fees based on assets and underlying funds;
•Exchange traded derivatives — generate sales usage-based royalties based on trading volumes of derivatives contracts listed on various exchanges;
•Index-related licensing fees — fixed or variable annual and per-issue asset-linked fees for over-the-counter derivatives and retail-structured products; and
•Data and customized index subscription fees — fees from supporting index fund management, portfolio analytics and research.

The following table provides revenue and segment operating profit information for the periods ended September 30: 
(in millions)Three MonthsNine Months
20242023% Change20242023% Change
Revenue$416 $354 18%$1,193 $1,042 14%
Asset-linked fees$266 $218 22%$756 $638 18%
Subscription revenue$74 $70 5%$218 $206 6%
Sales usage-based royalties$76 $66 16%$219 $198 11%
% of total revenue:
     Asset-linked fees64 %62 %63 %61 %
     Subscription revenue18 %20 %18 %20 %
     Sales usage-based royalties18 %18 %19 %19 %
U.S. revenue$339 $290 17%$970 $849 14%
International revenue$77 $64 21%$223 $193 15%
% of total revenue:
     U.S. revenue81 %82 %81 %81 %
     International revenue19 %18 %19 %19 %
Operating profit 1
$282 $235 20%$816 $699 17%
Less: net operating profit attributable to noncontrolling interests70 65 208 183 
Net operating profit$212 $170 24%$608 $516 18%
Operating margin %68 %66 %68 %67 %
Net operating margin %51 %48 %51 %49 %

1 Operating profit for the three and nine months ended September 30, 2024 includes IHS Markit merger costs of $1 million and $4 million, respectively. Operating profit for the nine months ended September 30, 2024 includes and a loss on disposition of $1 million and
51

employee severance charges of $1 million. Operating profit for the three and nine months ended September 30, 2023 includes employee severance charges of $1 million and $4 million, respectively, and IHS Markit merger costs of $1 million and $3 million, respectively. Operating profit for the nine months ended September 30, 2023 includes a gain on disposition of $4 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended September 30, 2024 and 2023, and $27 million for the nine months ended September 30, 2024 and 2023.

Three Months
Revenue at Indices increased 18% primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management (“AUM”) for ETFs and mutual funds, higher data subscription revenue and higher exchange-traded derivative revenue driven by continued strength in trading volume. Ending AUM for ETFs increased 46% to $4.155 trillion compared to September 30, 2023 and average levels of AUM for ETFs increased 33% to $3.935 trillion compared to the three months ended September 30, 2023. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 20%. Excluding the impact of higher employee severance charges in 2023 of 2 percentage points, partially offset by higher IHS Markit merger costs in 2024 of 1 percentage point, operating profit increased 19% due to revenue growth partially offset by higher incentives, an increase in strategic investments and higher compensation costs driven by annual merit increases. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Nine Months
Revenue at Indices increased 14% primarily due to an increase in asset linked fees revenue driven by higher levels of AUM for ETFs and mutual funds, higher exchange-traded derivative revenue driven by continued strength in trading volume and higher data subscription revenue. Ending AUM for ETFs increased 46% to $4.155 trillion compared to September 30, 2023 and average levels of AUM for ETFs increased 31% to $3.674 trillion compared to the nine months ended September 30, 2023. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Operating profit increased 17% due to revenue growth partially offset by higher incentives, an increase in strategic investments and higher compensation costs driven by annual merit increases. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

For a further discussion of competitive and other risks inherent in our Indices business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

LIQUIDITY AND CAPITAL RESOURCES

We continue to maintain a strong financial position. Our primary source of funds for operations is cash from our businesses. Cash on hand, cash flows from operations and availability under our existing credit facility are expected to be sufficient to meet any additional operating and recurring cash needs into the foreseeable future. We use our cash for a variety of needs, including but not limited to: ongoing investments in our businesses, strategic acquisitions, share repurchases, dividends, repayment of debt, capital expenditures and investment in our infrastructure.

Cash Flow Overview

Cash, cash equivalents, and restricted cash were $1,697 million as of September 30, 2024, an increase of $406 million from December 31, 2023.

The following table provides cash flow information for the nine months ended September 30:
 
(in millions)20242023% Change
Net cash provided by (used for):
Operating activities$3,949 $2,376 66%
Investing activities$(262)$607 N/M
Financing activities$(3,280)$(2,602)26%
N/M – Represents a change equal to or in excess of 100% or not meaningful

In the first nine months of 2024, free cash flow increased $1,575 million to $3,645 million compared to $2,070 million in the first nine months of 2023. The increase is primarily due to an increase in cash provided by operating activities as discussed
52

below. Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders, net. Capital expenditures include purchases of property and equipment and additions to technology projects. See “Reconciliation of Non-GAAP Financial Information” below for a reconciliation of cash flow provided by operating activities, the most directly comparable U.S. GAAP financial measure, to free cash flow.

Operating activities

Cash provided by operating activities increased $1,573 million to $3,949 million for the first nine months of 2024. The increase is mainly due to higher operating results, higher cash collections and proceeds received from the termination of interest rate swaps in 2024.

Investing activities

Our cash outflows from investing activities are primarily for acquisitions and capital expenditures, while cash inflows are primarily proceeds from dispositions.

Cash used for investing activities was $262 million for the first nine months of 2024 compared to cash provided by investing activities of $607 million in the first nine months of 2023, primarily due to higher cash proceeds received in 2023 related to the disposition of Engineering Solutions. See Note 2 — Acquisitions and Divestitures to the consolidated financial statements of this Form 10-Q for further discussion.

Financing activities

Our cash outflows from financing activities consist primarily of share repurchases, dividends to shareholders and repayments of short-term and long-term debt, while cash inflows are primarily attributable to the borrowing of short-term and long-term debt.

Cash used for financing activities increased $678 million to $3,280 million for the first nine months of 2024. The increase is primarily attributable to proceeds received from the $750 million issuance of senior note in 2023.

During the nine months ended September 30, 2024, we purchased a total of 3.8 million shares for $2 billion of cash. During the nine months ended September 30, 2023, we purchased a total of 5.4 million shares for $2 billion of cash. See Note 8 — Equity to the consolidated financial statements of this Form 10-Q for further discussion.

Additional Financing

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 5-year credit agreement (our “credit facility”) that will terminate on April 26, 2026. As of September 30, 2024 and December 31, 2023, we had no 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.
Dividends

On January 23, 2024, the Board of Directors approved a quarterly common stock dividend of $0.91 per share.

Supplemental Guarantor Financial Information

The senior notes described below were issued by S&P Global Inc. and are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company.

53

•On August 22, 2024, S&P Global Inc. issued new senior notes that have been registered with the SEC and guaranteed by Standard & Poor’s Financial Services LLC in exchange for $746 million of 5.25% Senior Notes due 2033 that were originally issued on September 12, 2023.
•On March 1, 2023, S&P Global Inc. issued new senior notes that have been registered with the SEC and guaranteed by Standard & Poor’s Financial Services LLC in exchange for the following series of unregistered senior notes of like principal amount and terms:
•$700 million of 4.75% Senior Notes due 2028 that were originally issued on March 2, 2022;
•$921 million of 4.25% Senior Notes due 2029 that were originally issued on March 2, 2022;
•$1,237 million of 2.45% Senior Notes due 2027 that were originally issued on March 18, 2022;
•$1,227 million of 2.70% Sustainability-Linked Senior Notes due 2029 that were originally issued on March 18, 2022;
•$1,492 million of 2.90% Senior Notes due 2032 that were originally issued on March 18, 2022;
•$974 million of 3.70% Senior Notes due 2052 that were originally issued on March 18, 2022; and
•$500 million of 3.90% Senior Notes due 2062 that were originally issued on March 18, 2022.
•On August 13, 2020, we issued $600 million of 1.25% senior notes due in 2030 and $700 million of 2.3% senior notes due in 2060.
•On November 26, 2019, we issued $500 million of 2.5% senior notes due in 2029 and $600 million of 3.25% senior notes due in 2049.
•On May 17, 2018, we issued $500 million of 4.5% senior notes due in 2048.
•On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027.
•On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025.
•On November 2, 2007 we issued $400 million of 6.55% Senior Notes due 2037.

The notes above are unsecured and unsubordinated and rank equally and ratably with all of our existing and future unsecured and unsubordinated debt. The guarantees are the subsidiary guarantor’s unsecured and unsubordinated debt and rank equally and ratably with all of the subsidiary guarantor’s existing and future unsecured and unsubordinated debt.

The guarantees of the subsidiary guarantor may be released and discharged upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor or the sale or disposition of all or substantially all the assets of the subsidiary guarantor (in each case other than to the Company or a person who, prior to such sale or other disposition, is an affiliate of the Company); (ii) upon defeasance or discharge of any applicable series of the notes, as described above; or (iii) at such time as the subsidiary guarantor ceases to guarantee indebtedness for borrowed money, other than a discharge through payment thereon, under any Credit Facility of the Company, other than any such Credit Facility of the Company the guarantee of which by the subsidiary guarantor will be released concurrently with the release of the subsidiary guarantor’s guarantees of the notes.
Other subsidiaries of the Company do not guarantee the registered debt securities of either S&P Global Inc. or Standard & Poor's Financial Services LLC (the “Obligor Group”) which are referred to as the “Non-Obligor Group”.

The following tables set forth the summarized financial information of the Obligor Group on a combined basis. This summarized financial information excludes the Non-Obligor Group. Intercompany balances and transactions between members of the Obligor Group have been eliminated. This information is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP.
Summarized results of operations for the periods ended September 30, 2024 are as follows:
(in millions)Three MonthsNine Months
Revenue$1,016 $2,977 
Operating Profit 673 2,011 
Net Income 455 2,477 
Net income attributable to S&P Global Inc. 455 2,477 
54


Summarized balance sheet information as of September 30, 2024 and December 31, 2023 is as follows:
(in millions)September 30, December 31,
20242023
Current assets (excluding intercompany from Non-Obligor Group)$1,508 $1,303 
Non-current assets963 1,005 
Current liabilities (excluding intercompany to Non-Obligor Group)808 1,184 
Non-current liabilities 11,689 11,864 
Intercompany payables to Non-Obligor Group 15,538 14,185 

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders, net. Capital expenditures include purchases of property and equipment and additions to technology projects. Our cash flow provided by operating activities is the most directly comparable U.S. GAAP financial measure to free cash flow.

We believe the presentation of free cash flow allows our investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. We use free cash flow to conduct and evaluate our business because we believe it typically presents a more conservative measure of cash flows since capital expenditures and distributions to noncontrolling interest holders, net are considered a necessary component of ongoing operations. Free cash flow is useful for management and investors because it allows management and investors to evaluate the cash available to us to prepay debt, make strategic acquisitions and investments and repurchase stock.

The presentation of free cash flow is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow for the nine months ended September 30: 

(in millions)20242023% Change
Cash provided by operating activities$3,949 $2,376 66%
Capital expenditures(91)(95)
Distributions to noncontrolling interest holders, net(213)(211)
Free cash flow$3,645 $2,070 76%

(in millions)20242023% Change
Cash (used for) provided by investing activities(262)607 N/M
Cash used for financing activities(3,280)(2,602)26%
N/M – Represents a change equal to or in excess of 100% or not meaningful

55

CRITICAL ACCOUNTING ESTIMATES

Our accounting policies are described in Note 1 — Accounting Policies to the consolidated financial statements in our most recent Form 10-K. As discussed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our most recent Form 10-K, we consider an accounting estimate to be critical if it required assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate or different estimates could have a material effect on our results of operations. These critical estimates include those related to revenue recognition, business combinations, 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 non-controlling interests. We base our estimates on historical experience, current developments and on various other assumptions that we believe to be reasonable under these circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that cannot readily be determined from other sources. There can be no assurance that actual results will not differ from those estimates. Since the date of our most recent Form 10-K, there have been no material changes to our critical accounting estimates.

RECENTLY ISSUED OR ADOPTED ACCOUNTING STANDARDS

See Note 13 – Recently Issued or Adopted Accounting Standards to the consolidated financial statements of this Form 10-Q for further information.

56

FORWARD-LOOKING STATEMENTS

This report contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this report and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; and the Company’s cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

•worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), geopolitical uncertainty (including military conflict), and conditions that may result from legislative, regulatory, trade and policy changes;
•the volatility and health of debt, equity, commodities, energy and automotive markets, including credit quality and spreads, the level of liquidity and future debt issuances, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;
•the demand and market for credit ratings in and across the sectors and geographies where the Company operates;
•the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential for a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;
•the outcome of litigation, government and regulatory proceedings, investigations and inquiries;
•concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;
•our ability to attract, incentivize and retain key employees, especially in a competitive business environment;
•the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;
•the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;
•the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;
•consolidation of the Company’s customers, suppliers or competitors;
•the introduction of competing products or technologies by other companies;
•our ability to develop new products or technologies, to integrate our products with new technologies (e.g., artificial intelligence), or to compete with new products or technologies offered by new or existing competitors;
•the effect of competitive products and pricing, including the level of success of new product developments and global expansion;
•the impact of customer cost-cutting pressures;
•a decline in the demand for our products and services by our customers and other market participants;
•the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;
•the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;
•the level of merger and acquisition activity in the United States and abroad;
•the level of the Company’s future cash flows and capital investments;
•the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates; and
•the impact of changes in applicable tax or accounting requirements on the Company.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as
57

required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.
58

Item 3. Quantitative and Qualitative Disclosures About Market Risk

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 September 30, 2024 and December 31, 2023, we have 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 are not designated as hedges and do not qualify for hedge accounting. As of September 30, 2024 and December 31, 2023, we have entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign exchange rates. As of September 30, 2024 and December 31, 2023, we held cross currency swap contracts to hedge a portion of our net investment in foreign subsidiaries against volatility in foreign exchange rates. As of December 31, 2023, we held positions in a series of interest rate swaps to mitigate or hedge the adverse fluctuations in interest rates. We have not entered into any derivative financial instruments for speculative purposes. See Note 5 - Derivative Instruments to the consolidated financial statements of this Form 10-Q for further discussion.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed so that information required to be disclosed in our reports filed with the U.S. Securities and Exchange Commission (the “SEC”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer (“CEO”) and Interim Chief Financial Officer (“Interim CFO”), as appropriate, to allow timely decisions regarding required disclosure.

As of September 30, 2024, an evaluation was performed under the supervision and with the participation of management, including the CEO and Interim CFO, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, management, including the CEO and Interim CFO, concluded that our disclosure controls and procedures were effective as of September 30, 2024.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

59

PART II – OTHER INFORMATION
Item 1. Legal Proceedings

See Note 12 – Commitments and Contingencies - Legal & Regulatory Matters to the consolidated financial statements of this Form 10-Q for information on our legal proceedings.

Item 1A. Risk Factors

For a discussion of our risk factors please see Item 1A, Risk Factors in our most recent Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On June 22, 2022, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2022 Repurchase Program”), which was approximately 9% of the total shares of our outstanding common stock at that time. During the third quarter of 2024, we received 2.6 million shares from our accelerated share repurchase (“ASR”) agreement that we entered into on July 31, 2024. Further discussion relating to our ASR agreements can be found in Note 8 - Equity. As of September 30, 2024, 14.6 million shares remained under the 2022 Repurchase Program.

Repurchased 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. Our 2022 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

The following table provides information on our purchases of our outstanding common stock during the third quarter of 2024 pursuant to the 2022 Repurchase Program (column c). In addition to these purchases, the number of shares in column (a) include shares of common stock that are tendered to us to satisfy our employees’ tax withholding obligations in connection with the vesting of awards of restricted shares (we repurchase such shares based on their fair market value on the vesting date).

There were no other share repurchases during the quarter outside the repurchases noted below.
Period(a) Total Number of Shares Purchased(b) Average Price Paid per Share(c) Total Number of Shares Purchased as
Part of Publicly Announced Programs		(d) Maximum Number of Shares that may yet be Purchased Under the Programs
July 1— July 31, 2024 583 $446.32 — 17.2 million
August 1 — August 31, 2024 1
2,632,022 489.45 2,630,330 14.6 million
September 1 — September 30, 2024 3,994 520.00 — 14.6 million
Total — Quarter 1
2,636,599 $504.90 2,630,330 14.6 million

1 Includes 2.6 million shares received on August 1, 2024 from the initiation of our ASR agreement that we entered into on July 31, 2024.
Average price paid per share information does not include this accelerated share repurchase transaction.

Item 5. Other Information

IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT DISCLOSURE

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which amended the Securities Exchange Act of 1934, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether, during the reporting period, it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable laws and regulations.

During the third quarter of 2024, the Company engaged in limited transactions or dealings related to the purchase or sale of information and informational materials, which are generally exempt from U.S. economic sanctions, with persons that are owned or controlled, or appear to be owned or controlled, by the Government of Iran or are otherwise subject to disclosure pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012. Commodities Insights provided subscribers access to proprietary data, analytics, and industry information that enable commodities markets to perform with
60

greater transparency and efficiency. Market Intelligence sourced certain trade data from Iran. The Company will continue to monitor such activities closely. During the third quarter of 2024, the Company recorded no revenue or net profit attributable to the Commodities Insights transactions or dealings described above, which reflects the uncertainty of collection. The Company attributes a de minimis amount of gross revenues and net profits to the data sourced from Iran by Market Intelligence.

RULE 10b5-1 PLAN ELECTIONS

On July 31, 2024, Saugata Saha, President, S&P Global Commodity Insights, adopted a pre-arranged stock trading plan for the sale of up to 2,000 shares of the Company's common stock. Mr. Saha's plan will terminate on the earlier of (i) December 31, 2024 and (ii) the date on which all sales contemplated under the plan have been executed. Mr. Saha's plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended ("Exchange Act"). No other Rule 10b5-1 trading arrangements or “non-Rule 10b5-1 trading arrangements” (as defined by S-K Item 408(c)) were entered into or terminated by our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) during the third quarter of 2024.
61

Item 6. Exhibits
(3.1)
Amended and Restated Certificate of Incorporation of Registrant, as amended and restated on May 13, 2020, incorporated by reference from the Registrant's Form 8-K filed May 18, 2020
(3.2)
Amended and Restated By-Laws of Registrant, as amended and restated on September 27, 2023, incorporated by reference from the Registrant's Form 8-K filed October 2, 2023
(10.1)*
Special Advisor Agreement, by and between Douglas L. Peterson and S&P Global Inc., dated as of July 29, 2024, incorporated by reference from the Registrant's Form 10-Q filed July 30, 2024
(10.2)*
(15)
(31.1)
(31.2)
(32)
(101.INS)Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
(101.SCH)Inline XBRL Taxonomy Extension Schema
(101.CAL)Inline XBRL Taxonomy Extension Calculation Linkbase
(101.LAB)Inline XBRL Taxonomy Extension Label Linkbase
(101.PRE)Inline XBRL Taxonomy Extension Presentation Linkbase
(101.DEF)Inline XBRL Taxonomy Extension Definition Linkbase
(104)Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibit 101)

* These exhibits relate to management contracts or compensatory plan arrangements.


62

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.
 
S&P Global Inc.
Registrant
Date:October 24, 2024By:
/s/ Christopher F. Craig
Christopher F. Craig
Interim Chief Financial Officer and Senior Vice President, Controller and Chief Accounting Officer

63