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| 8-K - 8-K - S&P Global Inc. | spgiform8-kmarch2020.htm |
S&P Global
Recast of 2019 and 2018 Results to Reflect the Allocation Methodology Change to Technology-Related Expenses
Periods Ended December 31, 2019 and 2018
(unaudited, dollars in millions) | 2019 | |||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||
Ratings | Operating Profit as Previously Reported | $ | 363 | $ | 455 | $ | 472 | $ | 473 | $ | 1,763 | |||||||||||||
Net Impact from Allocation Methodology Change | 5 | 5 | 5 | 5 | 20 | |||||||||||||||||||
Operating Profit | 368 | 460 | 477 | 478 | 1,783 | |||||||||||||||||||
Non-GAAP Adjustments (a) | — | 11 | — | — | 11 | |||||||||||||||||||
Deal-Related Amortization | 1 | 1 | — | — | 2 | |||||||||||||||||||
Adjusted Operating Profit | $ | 369 | $ | 472 | $ | 477 | $ | 478 | $ | 1,796 | ||||||||||||||
Market Intelligence | Operating Profit as Previously Reported | $ | 145 | $ | 147 | $ | 171 | $ | 145 | $ | 607 | |||||||||||||
Net Impact from Allocation Methodology Change | (11 | ) | (10 | ) | (10 | ) | (10 | ) | (41 | ) | ||||||||||||||
Operating Profit | 134 | 137 | 161 | 135 | 566 | |||||||||||||||||||
Non-GAAP Adjustments (b) | — | 1 | (22 | ) | 8 | (13 | ) | |||||||||||||||||
Deal-Related Amortization | 18 | 19 | 19 | 19 | 75 | |||||||||||||||||||
Adjusted Operating Profit | $ | 153 | $ | 157 | $ | 157 | $ | 162 | $ | 629 | ||||||||||||||
Platts | Operating Profit as Previously Reported | $ | 94 | $ | 107 | $ | 132 | $ | 105 | $ | 438 | |||||||||||||
Net Impact from Allocation Methodology Change | 5 | 4 | 4 | 5 | 19 | |||||||||||||||||||
Operating Profit | 99 | 111 | 136 | 110 | 457 | |||||||||||||||||||
Non-GAAP Adjustments (c) | — | 1 | (27 | ) | — | (26 | ) | |||||||||||||||||
Deal-Related Amortization | 3 | 3 | 2 | 2 | 12 | |||||||||||||||||||
Adjusted Operating Profit | $ | 103 | $ | 116 | $ | 112 | $ | 112 | $ | 443 | ||||||||||||||
Indices | Operating Profit as Previously Reported | $ | 149 | $ | 162 | $ | 161 | $ | 157 | $ | 630 | |||||||||||||
Net Impact from Allocation Methodology Change | 1 | 1 | 1 | — | 2 | |||||||||||||||||||
Operating Profit | 150 | 163 | 162 | 157 | 632 | |||||||||||||||||||
Deal-Related Amortization | 1 | 1 | 1 | 1 | 6 | |||||||||||||||||||
Adjusted Operating Profit | $ | 151 | $ | 164 | $ | 163 | $ | 159 | $ | 637 | ||||||||||||||
(unaudited, dollars in millions) | 2018 | |||||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Full Year | ||||||||||||||||||||
Ratings | Operating Profit as Previously Reported | $ | 408 | $ | 369 | $ | 395 | $ | 357 | $ | 1,530 | |||||||||||||
Net Impact from Allocation Methodology Change | 6 | 6 | 6 | 6 | 24 | |||||||||||||||||||
Operating Profit | 414 | 375 | 401 | 363 | 1,554 | |||||||||||||||||||
Non-GAAP Adjustments (a) | — | 73 | — | 9 | 82 | |||||||||||||||||||
Deal-Related Amortization | — | 1 | 1 | 1 | 2 | |||||||||||||||||||
Adjusted Operating Profit | $ | 415 | $ | 449 | $ | 402 | $ | 373 | $ | 1,637 | ||||||||||||||
Market Intelligence | Operating Profit as Previously Reported | $ | 110 | $ | 127 | $ | 147 | $ | 161 | $ | 545 | |||||||||||||
Net Impact from Allocation Methodology Change | (11 | ) | (11 | ) | (12 | ) | (12 | ) | (46 | ) | ||||||||||||||
Operating Profit | 99 | 116 | 135 | 149 | 500 | |||||||||||||||||||
Non-GAAP Adjustments (b) | — | — | 2 | 5 | 7 | |||||||||||||||||||
Deal-Related Amortization | 18 | 18 | 19 | 18 | 73 | |||||||||||||||||||
Adjusted Operating Profit | $ | 117 | $ | 135 | $ | 156 | $ | 173 | $ | 580 | ||||||||||||||
Platts | Operating Profit as Previously Reported | $ | 90 | $ | 98 | $ | 98 | $ | 97 | $ | 383 | |||||||||||||
Net Impact from Allocation Methodology Change | 5 | 5 | 5 | 5 | 19 | |||||||||||||||||||
Operating Profit | 95 | 103 | 103 | 102 | 401 | |||||||||||||||||||
Deal-Related Amortization | 5 | 4 | 4 | 4 | 18 | |||||||||||||||||||
Adjusted Operating Profit | $ | 99 | $ | 107 | $ | 107 | $ | 106 | $ | 419 | ||||||||||||||
Indices | Operating Profit as Previously Reported | $ | 149 | $ | 137 | $ | 135 | $ | 143 | $ | 563 | |||||||||||||
Net Impact from Allocation Methodology Change | — | — | 1 | 1 | 3 | |||||||||||||||||||
Operating Profit | 149 | 137 | 136 | 144 | 566 | |||||||||||||||||||
Deal-Related Amortization | 1 | 1 | 1 | 1 | 6 | |||||||||||||||||||
Adjusted Operating Profit | $ | 150 | $ | 139 | $ | 137 | $ | 145 | $ | 571 | ||||||||||||||
Note - Totals presented may not sum due to rounding.
(a) Q2 2019 and full year 2019 includes employee severance charges of $11 million. Q2 2018 and full year 2018 includes legal settlement expenses of
$73 million. Q4 2018 and full year 2018 includes employee severance charges of $8 million and legal settlement expenses of $1 million.
(b) Q2 2019 and full year 2019 includes employee severance charges $1 million. Q3 2019 and full year 2019 includes a gain on a disposition of $22
million. Q4 2019 and full year 2019 includes employee severance charges of $4 million and acquisition-related costs of $4 million. Q3 2018 and full
year 2018 includes restructuring charges related to a business disposition and employee severance charges of $2 million. Q4 2018 and full year 2018
includes employee severance charges of $5 million.
(c) Q2 2019 and full year 2019 includes employee severance charges of $1 million. Q3 2019 and full year 2019 includes a gain on disposition of $27
million.