S&P GLOBAL INC., 10-K filed on 2/8/2022
Annual Report
v3.22.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2021
Feb. 04, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-1023    
Entity Registrant Name S&P Global Inc.    
Entity Incorporation, State or Country Code NY    
Entity Tax Identification Number 13-1026995    
Entity Address, Address Line One 55 Water Street    
Entity Address, City or Town New York    
Entity Address, State or Province NY    
Entity Address, Postal Zip Code 10041    
City Area Code 212    
Local Phone Number 438-1000    
Title of 12(b) Security Common Stock — $1 par value    
Trading Symbol SPGI    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 98.9
Entity Common Stock, Share outstanding   241,100,000  
Documents Incorporated by Reference Part III incorporates information by reference from the definitive proxy statement for the 2022 annual meeting of shareholders.    
Entity Central Index Key 0000064040    
Amendment Flag false    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2021
Auditor Information [Abstract]  
Auditor Name ERNST & YOUNG LLP
Auditor Location New York, New York
Auditor Firm ID 42
v3.22.0.1
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement [Abstract]      
Revenue $ 8,297 $ 7,442 $ 6,699
Expenses:      
Operating-related expenses 2,195 2,094 1,976
Selling and general expenses 1,714 1,541 1,342
Depreciation 82 83 82
Amortization of intangibles 96 123 122
Total expenses 4,087 3,841 3,522
Gain on dispositions (11) (16) (49)
Operating profit 4,221 3,617 3,226
Other (income) expense, net (62) (31) 98
Interest expense, net 119 141 141
Loss on extinguishment of debt 0 279 57
Income before taxes on income 4,164 3,228 2,930
Provision for taxes on income 901 694 627
Net income 3,263 2,534 2,303
Less: net income attributable to noncontrolling interests (239) (195) (180)
Net income attributable to S&P Global Inc. $ 3,024 $ 2,339 $ 2,123
Net income:      
Basic (USD per share) $ 12.56 $ 9.71 $ 8.65
Diluted (USD per share) $ 12.51 $ 9.66 $ 8.60
Weighted-average number of common shares outstanding:      
Basic (shares) 240.8 241.0 245.4
Diluted (shares) 241.8 242.1 246.9
Actual shares outstanding at year end (shares) 241.0 240.6 244.0
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net income $ 3,263 $ 2,534 $ 2,303
Other comprehensive income:      
Foreign currency translation adjustments 11 (24) 10
Income tax effect (24) 22 8
Foreign currency translation adjustment, net of income tax effect (13) (2) 18
Pension and other postretirement benefit plans 33 (31) 141
Income tax effect (10) 8 (39)
Pension and other postretirement benefit plans, net of income tax effect 23 (23) 102
Unrealized (loss) gain on cash flow hedges (282) 17 (2)
Income tax effect 68 (5) 0
Unrealized loss on investment and forward exchange contracts, net of income tax effect (214) 12 (2)
Comprehensive income 3,059 2,521 2,421
Less: comprehensive income attributable to nonredeemable noncontrolling interests (24) (14) (10)
Less: comprehensive income attributable to redeemable noncontrolling interests (215) (181) (170)
Comprehensive income attributable to S&P Global Inc. $ 2,820 $ 2,326 $ 2,241
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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 6,497 $ 4,108
Restricted cash 8 14
Short-term investments 11 9
Accounts receivable, net of allowance for doubtful accounts: 2021- $26 ; 2020 - $30 1,650 1,593
Assets held for sale   0
Prepaid and other current assets 323 264
Total current assets 8,810 5,988
Property and equipment:    
Buildings and leasehold improvements 346 364
Equipment and furniture 515 507
Total property and equipment 861 871
Less: accumulated depreciation (620) (587)
Property and equipment, net 241 284
Right of use assets 426 494
Goodwill 3,506 3,735
Other intangible assets, net 1,285 1,352
Asset for pension benefits 359 297
Other non-current assets 399 387
Total assets 15,026 12,537
Current liabilities:    
Accounts payable 205 233
Accrued compensation and contributions to retirement plans 607 551
Income taxes currently payable 90 84
Unearned revenue 2,217 2,168
Liabilities held for sale 149 0
Other current liabilities 547 551
Total current liabilities 3,815 3,587
Long-term debt 4,114 4,110
Lease liabilities – non-current 492 544
Pension and other postretirement benefits 262 291
Other non-current liabilities 807 653
Total liabilities 9,490 9,185
Redeemable noncontrolling interest 3,429 2,781
Commitments and contingencies (Note 13)
Equity:    
Common stock, $1 par value: authorized - 600 million shares; issued: 294 million shares in 2021 and 2020 294 294
Additional paid-in capital 1,031 946
Retained income 15,017 13,367
Accumulated other comprehensive loss (841) (637)
Less: common stock in treasury - at cost: 53 million shares in 2021 and 2020 (13,469) (13,461)
Total equity – controlling interests 2,032 509
Total equity – noncontrolling interests 75 62
Total equity 2,107 571
Total liabilities and equity $ 15,026 $ 12,537
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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 26 $ 30
Common stock, par value (USD per share) $ 1 $ 1
Common stock authorized (shares) 600,000,000 600,000,000
Common stock issued (shares) 294,000,000 294,000,000
Treasury stock (shares) 53,000,000 53,000,000
v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities:      
Net income $ 3,263 $ 2,534 $ 2,303
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 82 83 82
Amortization of intangibles 96 123 122
Provision for losses on accounts receivable 14 17 18
Deferred income taxes 13 (31) 46
Stock-based compensation 122 90 78
Gain on dispositions (11) (16) (49)
Accrued legal settlements 0 9 0
Pension settlement charge, net of taxes 0 2 85
Loss on extinguishment of debt 0 279 57
Lease impairment charges 31 120 11
Other 58 110 25
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:      
Accounts receivable (144) 18 (135)
Prepaid and other current assets (86) (85) (81)
Accounts payable and accrued expenses 38 132 73
Unearned revenue 198 220 256
Other current liabilities (45) (15) (57)
Net change in prepaid/accrued income taxes (36) (2) (41)
Net change in other assets and liabilities 5 (21) (17)
Cash provided by operating activities 3,598 3,567 2,776
Investing Activities:      
Capital expenditures (35) (76) (115)
Acquisitions, net of cash acquired (99) (201) (91)
Proceeds from dispositions 16 18 85
Changes in short-term investments (2) 19 (10)
Cash used for investing activities (120) (240) (131)
Financing Activities:      
Proceeds from issuance of senior notes, net 0 1,276 1,086
Payments on senior notes 0 (1,394) (868)
Dividends paid to shareholders (743) (645) (560)
Distributions to noncontrolling interest holders, net (227) (194) (143)
Repurchase of treasury shares 0 (1,164) (1,240)
Exercise of stock options 13 16 40
Employee withholding tax on share-based payments and other (56) (61) (66)
Cash used for financing activities (1,013) (2,166) (1,751)
Effect of exchange rate changes on cash (82) 75 34
Net change in cash, cash equivalents, and restricted cash 2,383 1,236 928
Cash, cash equivalents, and restricted cash at beginning of year 4,122 2,886 1,958
Cash, cash equivalents, and restricted cash at end of year 6,505 4,122 2,886
Cash paid during the year for:      
Interest 130 159 162
Income taxes $ 883 $ 683 $ 659
v3.22.0.1
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Total SPGI Equity
Common Stock $1 par
Additional Paid-in Capital
Retained Income
Accumulated Other Comprehensive Loss
Less: Treasury Stock
Noncontrolling Interests
Beginning Balance at Dec. 31, 2018 $ 684 $ 628 $ 294 $ 833 $ 11,284 $ (742) $ (11,041) $ 56
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income [1] 2,251 2,241     2,123 118   10
Dividends (Dividend declared per common share) (570) (560)     (560)     (10)
Share repurchases (1,240) (1,240)   75     1,315
Employee stock plans 52 52   (5)     (57)
Capital contribution from noncontrolling interest (36) (36)     (36)      
Change in redemption value of redeemable noncontrolling interest (608) (608)     (608)      
Other 3 2     2   1
Ending Balance at Dec. 31, 2019 536 479 294 903 12,205 (624) (12,299) 57
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income [1] 2,340 2,326     2,339 (13)   14
Dividends (Dividend declared per common share) (656) (645)     (645)     (11)
Share repurchases (1,164) (1,164)       1,164  
Employee stock plans 45 45   43     (2)  
Change in redemption value of redeemable noncontrolling interest (532) (532)     (532)      
Other 2 0       2
Ending Balance at Dec. 31, 2020 571 509 294 946 13,367 (637) (13,461) 62
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income [1] 2,844 2,820     3,024 (204)   24
Dividends (Dividend declared per common share) (756) (743)     (743)     (13)
Employee stock plans 77 77   85     8  
Change in redemption value of redeemable noncontrolling interest (631) (631)     (631)      
Other 2 0           2
Ending Balance at Dec. 31, 2021 $ 2,107 $ 2,032 $ 294 $ 1,031 $ 15,017 $ (841) $ (13,469) $ 75
[1] Excludes $215 million, $181 million and $170 million in 2021, 2020 and 2019, respectively, attributable to redeemable noncontrolling interest.
v3.22.0.1
Consolidated Statements of Equity (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]      
Dividends declared per share (USD per share) $ 3.08 $ 2.68 $ 2.28
Comprehensive income attributable to redeemable noncontrolling interests $ 215 $ 181 $ 170
v3.22.0.1
Accounting Policies
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Accounting Policies Accounting Policies
Nature of operations
S&P Global Inc. (together with its consolidated subsidiaries, the “Company,” the “Registrant,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; and the commodity markets include producers, traders and intermediaries within energy, petrochemicals, metals and agriculture.

Our operations consist of four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") and S&P Dow Jones Indices ("Indices").
•Ratings is an independent provider of credit ratings, research and analytics, offering investors and other market participants information, ratings and benchmarks.
•Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services.
•Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets.
•Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

Revenue Recognition
Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services.

Subscription revenue
Subscription revenue at Market Intelligence is primarily derived from distribution of data, analytics, third party research, and credit ratings-related information primarily through web-based channels including Market Intelligence Desktop, RatingsDirect®, RatingsXpress®, and Credit Analytics. Subscription revenue at Platts is generated by providing customers access to commodity and energy-related price assessments, market data, and real-time news, along with other information services. Subscription revenue at Indices is derived from the contracts for underlying data of our indexes to support our customers' management of index funds, portfolio analytics, and research.

For subscription products and services, we generally provide continuous access to dynamic data sets and analytics for a defined period, with revenue recognized ratably as our performance obligation to provide access to our data and analytics is progressively fulfilled over the stated term of the contract.
Non-transaction revenue
Non-transaction revenue at Ratings is primarily related to 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 revenue elimination of $146 million, $137 million and $128 million for the years ended December 31, 2021, 2020, and 2019 respectively, mainly consisting of the royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

For non-transaction revenue related to Rating’s surveillance services, we continuously monitor factors that impact the creditworthiness of an issuer over the contractual term with revenue recognized to the extent that our performance obligation is progressively fulfilled over the term contract. Because surveillance services are continuously provided throughout the term of the contract, our measure of progress towards fulfillment of our obligation to monitor a rating is a time-based output measure with revenue recognized ratably over the term of the contract.

Non-subscription / Transaction revenue
Transaction revenue at our Ratings segment primarily includes fees associated with:

•ratings related to new issuance of corporate and government debt instruments; as well as structured finance instruments; and
•bank loan ratings.

Transaction revenue is recognized at the point in time when our performance obligation is satisfied by issuing a rating on our customer's instruments and when we have a right to payment and the customer can benefit from the significant risks and rewards of ownership.

Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing and analytical services. Non-subscription revenue at Platts is primarily related to conference sponsorship, consulting engagements and events.

Asset-linked fees
Asset-linked fees at Indices and Market Intelligence are primarily related to royalties payments based on the value of assets under management in our customers exchange-traded funds and mutual funds.

For asset-linked products and services, we provide licenses conveying continuous access to our index and benchmark-related intellectual property during a specified contract term. Revenue is recognized when the extent that our customers have used our licensed intellectual property can be quantified. Recognition of revenue for our asset-linked fee arrangements is subject to the "recognition constraint" for usage-based royalty payments because we cannot reasonably predict the value of the assets that will be invested in index funds structured using our intellectual property until it is either publicly available or when we are notified by our customers. Revenue derived from an asset-linked fee arrangement is measured and recognized when the certainty of the extent of its utilization of our index products by our customers is known.

Sales usage-based royalties
Sales usage-based royalty revenue at our Indices segment is primarily related to trading based fees from exchange-traded derivatives. Sales and usage-based royalty revenue at our Platts segment is primarily related to licensing of its proprietary market price data and price assessments to commodity exchanges.

For sales usage-based royalty products and services, we provide licenses conveying the right to continuous access to our intellectual property over the contract term, with revenue recognized when the extent of our license’s utilization can be quantified, or more specifically, when trading volumes are known and publicly available to us or when we are notified by our customers. Recognition of revenue of fees tied to trading volumes is subject to the recognition constraint for a usage-based royalty promised by our customers in exchange for the license of our intellectual property, with revenue recognized when trading volumes are known.

Arrangements with Multiple Performance Obligations
Our contracts with customers may include multiple performance obligations. Revenue relating to agreements that provide for more than one performance obligation is recognized based upon the relative fair value to the customer of each service component as each component is earned. The fair value of the service components are determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. If the fair value to the customer for each service is not objectively determinable, we make our best estimate of the services’ stand-alone selling price and record revenue as it is earned over the service period.

Receivables
We record a receivable when a customer is billed or when revenue is recognized prior to billing a customer. For multi-year agreements, we generally invoice customers annually at the beginning of each annual period.

Contract Assets
Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of December 31, 2021 and 2020, contract assets were $9 million and $7 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue
We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance for the year ended December 31, 2021 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $2.1 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations
Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $2.7
billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract
We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $137 million and $129 million as of December 31, 2021 and December 31, 2020, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets.The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period would have been one year or less. These costs are recorded within selling and general expenses.

Other (Income) Expense, net
The components of other (income) expense, net for the year ended December 31 are as follows:
 
(in millions)202120202019
Other components of net periodic benefit cost 1
$(45)$(32)$79 
Net (income) loss from investments(17)1 19 
Other (income) expense, net$(62)$(31)$98 

1 The net periodic benefit cost for our retirement and post retirement plans for the year ended December 31, 2020 includes a non-cash pre-tax settlement charge of $3 million. During the year ended December 31, 2019, the Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The net periodic benefit cost for our retirement and post retirement plans for the year ended December 31, 2019 includes a non-cash pre-tax settlement charge of $113 million reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan.

Assets and Liabilities Held for Sale and Discontinued Operations
Assets and Liabilities Held for Sale
We classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal group; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale.

The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group as held for sale in the current period in our consolidated balance sheets.
Discontinued Operations
In determining whether a disposal of a component of an entity or a group of components of an entity is required to be presented as a discontinued operation, we make a determination whether the disposal represents a strategic shift that had, or will have, a major effect on our operations and financial results. A component of an entity comprises operations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes. If we conclude that the disposal represents a strategic shift, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements.

Principles of consolidation
The consolidated financial statements include the accounts of all subsidiaries and our share of earnings or losses of joint ventures and affiliated companies under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated.

Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and cash equivalents
Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily liquidity and fixed term time deposits. Such investments and bank deposits are stated at cost, which approximates market value, and were $6.5 billion and $4.1 billion as of December 31, 2021 and 2020, respectively. These investments are not subject to significant market risk.

Restricted cash
Cash that is subject to legal restrictions or is unavailable for general operating purposes is classified as restricted cash. Restricted cash included in our consolidated balance sheets was $8 million and $14 million as of December 31, 2021 and December 31, 2020, respectively. Restricted cash primarily consisted of cash required to be on deposit under contractual agreements in connection with certain acquisitions and dispositions.

Short-term investments
Short-term investments are securities with original maturities greater than 90 days that are available for use in our operations in the next twelve months. The short-term investments, primarily consisting of certificates of deposit and mutual funds, are classified as held-to-maturity and therefore are carried at cost. Interest and dividends are recorded in income when earned.
Accounts receivable
Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable, which include billings consistent with terms of contractual arrangements, are recorded at net realizable value.

Allowance for doubtful accounts
The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions, and by incorporating data points that provide indicators of future economic conditions including forecasted industry default rates and industry index benchmarks. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators.

Capitalized technology costs
We capitalize certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Incremental costs are expenditures that are out-of-pocket to us and are not part of an allocation or existing expense base. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the year the software is ready for its intended use over its estimated useful life, three to seven years, using the straight-line method. Periodically, we evaluate the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in other non-current assets and are presented net of accumulated amortization. Gross capitalized technology costs were $216 million and $209 million as of December 31,
2021 and 2020, respectively. Accumulated amortization of capitalized technology costs was $173 million and $150 million as of December 31, 2021 and 2020, respectively.

Fair Value
Certain assets and liabilities are required to be recorded at fair value and classified within a fair value hierarchy based on inputs used when measuring fair value. We have foreign exchange forward contracts, cross currency and interest rate swaps that are adjusted to fair value on a recurring basis.

Other financial instruments, including cash and cash equivalents and short-term investments, are recorded at cost, which approximates fair value because of the short-term maturity and highly liquid nature of these instruments. The fair value of our long-term debt borrowings were $4.4 billion and $4.6 billion as of December 31, 2021 and 2020, respectively, and was estimated based on quoted market prices.

Accounting for the impairment of long-lived assets (including other intangible assets)
We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets.

Leases
We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. We consider these options in determining the lease term used to establish our right-of use ("ROU") assets and associated lease liabilities. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.
Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.
Goodwill and other indefinite-lived intangible assets
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill and other intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually during the fourth quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We have four reporting units with goodwill that are evaluated for impairment.

We initially perform a qualitative analysis evaluating whether any events and circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. If, based on our evaluation we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than their respective carrying amounts we perform a quantitative impairment test.

When conducting our impairment test to evaluate the recoverability of goodwill at the reporting unit level, the estimated fair value of the reporting unit is compared to its carrying value including goodwill. Fair value of the reporting units are estimated using the income approach, which incorporates the use of the discounted free cash flow (“DCF”) analyses and are corroborated using the market approach, which incorporates the use of revenue and earnings multiples based on market data. The DCF analyses are based on the current operating budgets and estimated long-term growth projections for each reporting unit. Future cash flows are discounted based on a market comparable weighted average cost of capital rate for each reporting unit, adjusted for market and other risks where appropriate. In addition, we analyze any difference between the sum of the fair values of the
reporting units and our total market capitalization for reasonableness, taking into account certain factors including control premiums. If the fair value of the reporting unit is less than the carrying value, the difference is recognized as an impairment charge.

We evaluate the recoverability of indefinite-lived intangible assets by first performing a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived asset is impaired. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the indefinite-lived asset is impaired, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the indefinite-lived asset is impaired, a quantitative impairment test is performed. If necessary, an impairment analysis is performed using the income approach to estimate the fair value of the indefinite-lived intangible asset. If the intangible asset carrying value exceeds its fair value, an impairment charge is recognized in an amount equal to that excess.

Significant judgments inherent in these analyses include estimating the amount and timing of future cash flows and the selection of appropriate discount rates, royalty rates and long-term growth rate assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit and indefinite-lived intangible asset and could result in an impairment charge, which could be material to our financial position and results of operations.

We performed our impairment assessment of goodwill and indefinite-lived intangible assets and concluded that no impairment existed for the years ended December 31, 2021, 2020 and 2019.

Foreign currency translation
We have operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the parent company, the United States ("U.S.") dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end of period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Foreign currency translation adjustments are accumulated in a separate component of equity.

Depreciation
The costs of property and equipment are depreciated using the straight-line method based upon the following estimated useful lives: buildings and improvements from 15 to 40 years and equipment and furniture from 2 to 10 years. The costs of leasehold improvements are amortized over the lesser of the useful lives or the terms of the respective leases.

Advertising expense
The cost of advertising is expensed as incurred. We incurred $39 million, $29 million and $34 million in advertising costs for the years ended December 31, 2021, 2020 and 2019, respectively.

Stock-based compensation
Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in the consolidated statements of income. There were no stock options granted in 2021, 2020 and 2019.

Income taxes
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating expense, respectively.

Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information.

We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on an assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that tax examinations will be
settled prior to December 31, 2022. If any of these tax audit settlements do occur within that period we would make any necessary adjustments to the accrual for unrecognized tax benefits.

As of December 31, 2021, we have approximately $2.9 billion of undistributed earnings of our foreign subsidiaries, of which $0.8 billion is reinvested indefinitely in our foreign operations.

Redeemable Noncontrolling Interest
The agreement with the minority partners of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by our minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Since redemption of the noncontrolling interest is outside of our control, this interest is presented on our consolidated balance sheets under the caption “Redeemable noncontrolling interest.” If the interest were to be redeemed, we would generally be required to purchase the interest at fair value on the date of redemption. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income. See Note 9 – Equity for further detail.

Contingencies
We accrue for loss contingencies when both (a) information available prior to issuance of the consolidated financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record our best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may be incurred.
Recent Accounting Standards

In October of 2021, the Financial Accounting Standards Board ("FASB") issued guidance that amends the acquirer's accounting for contract assets and contract liabilities from contracts with customers in a business combination in accordance with Topic 606. The guidance is effective for reporting periods beginning after December 15, 2022; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In August of 2020, the FASB issued guidance that amends the accounting for convertible instruments and the derivatives scope exception for contracts in an entity's own equity. The guidance was effective on January 1, 2021, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In March of 2020, the FASB issued accounting guidance to provide temporary optional expedients and exceptions to the current contract modifications and hedge accounting guidance in light of the expected market transition from London Interbank Offered Rate ("LIBOR") to alternative rates. The new guidance provides optional expedients and exceptions to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include (1) contract modifications, (2) hedging relationships, and (3) sale or transfer of debt securities classified as held-to-maturity. The amendments were effective immediately upon issuance of the update. The Company may elect to adopt the amendments prospectively to transactions existing as of or entered into from the date of adoption through December 31, 2022. The FASB further issued guidance in January of 2021, to clarify the scope of Topic 848. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In January of 2020, the FASB intended to clarify the interaction of the accounting for equity securities under Accounting Standards Codification ("ASC") 321, investments accounted for under the equity method of accounting under ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. The guidance clarifies how to account for the transition into and out of the equity method of accounting when considering observable transactions under the measurement alternative. The guidance was effective on January 1, 2021, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In December of 2019, the FASB issued guidance to simplify the accounting for income taxes, which eliminates certain exceptions to the general principles of Topic 740. The guidance is effective for reporting periods after December 15, 2020. Our adoption of this guidance on January 1, 2021 did not have a significant impact on our consolidated financial statements.

Reclassification
Certain prior year amounts have been reclassified for comparability purposes.
v3.22.0.1
Acquisitions and Divestitures
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Divestitures Acquisitions and Divestitures
Acquisitions

Merger Agreement

In November of 2020, S&P Global and IHS Markit Ltd ("IHS Markit") entered into a merger agreement, pursuant to which, among other things, a subsidiary of S&P Global will merge with and into IHS Markit, with IHS Markit surviving the merger as a wholly owned subsidiary of S&P Global. Under the terms of the merger agreement, each share of IHS Markit issued and outstanding (other than excluded shares and dissenting shares) will be converted into the right to receive 0.2838 fully paid and nonassessable shares of S&P Global common stock (and, if applicable, cash in lieu of fractional shares, without interest), less any applicable withholding taxes. On March 11, 2021, S&P Global and IHS Markit shareholders voted to approve the merger agreement. As of December 31, 2021, IHS Markit had approximately 399.1 million shares outstanding. Subject to certain closing conditions, the merger is expected to be completed in the first quarter of 2022.

2021
For the year ended December 31, 2021, we paid cash for acquisitions of $99 million, net of cash acquired, funded with cash from operations. None of our acquisitions were material either individually or in the aggregate, including the pro forma impact on earnings. Acquisitions completed during the year ended December 31, 2021 included:

•In December of 2021, as part of our Sustainable1 investments, we completed the acquisition of The Climate Service, Inc. ("TCS"), which has developed a climate risk analytics platform assisting corporates, investors and governments with assessing physical climate risks. Sustainable1 is S&P Global's single source of essential sustainability intelligence, bringing together S&P Global's resources and full product suite of data, benchmarking, analytics,
evaluations and indices that provide customers with a 360-degree view to help achieve their sustainability goals. The acquisition will add capabilities to S&P Global's leading portfolio of essential environmental, social, and governance ("ESG") insights and solutions for its customers. Through this acquisition, S&P Global will be able to offer its clients even more transparent, robust and comprehensive climate data, models and analytics. We accounted for the acquisition using the purchase method of accounting. The acquisition of The Climate Service, Inc. is not material to our consolidated financial statements.

For acquisitions during 2021 that were accounted for using the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. The goodwill recognized on our acquisitions is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition. The intangible assets, excluding goodwill and indefinite-lived intangibles, will be amortized over their anticipated useful lives between 3 and 5 years which will be determined when we finalize our purchase price allocations.

2020
For the year ended December 31, 2020, we paid cash for acquisitions of $201 million, net of cash acquired, funded with cash from operations. None of our acquisitions were material either individually or in the aggregate, including the pro forma impact on earnings. Acquisitions completed during the year ended December 31, 2020 included:

•In February of 2020, CRISIL, included within our Ratings segment, completed the acquisition of Greenwich Associates LLC ("Greenwich"), a leading provider of proprietary benchmarking data, analytics and qualitative, actionable insights that helps financial services firms worldwide measure and improve business performance. The acquisition will complement CRISIL's existing portfolio of products and expand offerings to new segments across financial services including commercial banks and asset and wealth managers. We accounted for this acquisition using the purchase method of accounting. The acquisition of Greenwich is not material to our consolidated financial statements.

•In January of 2020, we completed the acquisition of the ESG Ratings Business from RobecoSAM, which includes the widely followed SAM* Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices. The acquisition will bolster our position as the premier resource for ESG insights and product solutions for our customers. Through this acquisition, we will be able to offer our customers even more transparent, robust and comprehensive ESG solutions. We accounted for this acquisition using the purchase method of accounting. The acquisition of the ESG Ratings Business is not material to our consolidated financial statements.

For acquisitions during 2020 that were accounted for using the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. The goodwill recognized on our acquisitions is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition. The intangible assets, excluding goodwill and indefinite-lived intangibles, are being amortized over their anticipated useful lives between 3 and 10 years. The goodwill for Greenwich and ESG Ratings Business is deductible for tax purposes.

2019
For the year ended December 31, 2019, we paid cash for acquisitions of $91 million, net of cash acquired, funded with cash from operations. None of our acquisitions were material either individually or in aggregate, including the pro forma impact on earnings. Acquisitions completed during the year ended December 31, 2019 included:

•In December of 2019, Market Intelligence acquired 451 Research, LLC ("451 Research"), a privately-held research and advisory firm that provides intelligence, expertise and data covering high-growth emerging technology segments. This acquisition will expand and strengthen Market Intelligence's research coverage, adding differentiated expertise and intelligence with comprehensive offerings in technologies. We accounted for this acquisition using the purchase method of accounting. The acquisition of 451 Research is not material to our consolidated financial statements.

•In September of 2019, Platts acquired Canadian Enerdata Ltd. ("Enerdata"), an independent provider of energy data and information in Canada, to further enhance Platts' North American natural gas offering. We accounted for the acquisition using the purchase method of accounting. The acquisition of Enerdata is not material to our consolidated financial statements.

•In August of 2019, Platts acquired Live Rice Index ("LRI"), a global provider of information and benchmark price assessments for the rice industry. The purchase expands Platts portfolio of agricultural price assessments while extending its data and news coverage in key export regions for international grains. We accounted for the acquisition
using the purchase method of accounting. The acquisition of LRI is not material to our consolidated financial statements.
•In July of 2019, we completed the acquisition of the Orion technology center from Ness Technologies. Orion was developed to become our center of excellence for technology talent to focus on innovation by providing employees with access to the latest technologies and global communications infrastructure, as well as physical spaces that enable highly-collaborative teams. We accounted for the acquisition using the purchase method of accounting. The acquisition of Orion is not material to our consolidated financial statements.
For acquisitions during 2019 that were accounted for using the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. The goodwill recognized on our acquisitions is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition. The intangible assets, excluding goodwill and indefinite-lived intangibles, are being amortized over their anticipated useful lives between 3 and 10 years. The goodwill for 451 Research and Orion is deductible for tax purposes.

Non-cash investing activities
Liabilities assumed in conjunction with our acquisitions are as follows:
(in millions)Year ended December 31,
 202120202019
Fair value of assets acquired$110 $219 $110 
Cash paid (net of cash acquired)99 201 91 
Liabilities assumed$11 $18 $19 

Divestitures

2021
In December of 2021, S&P Global entered into an agreement to sell CUSIP Global Services ("CGS") business, included in our Market Intelligence segment, to FactSet Research Systems for $1.925 billion, with the agreement subject to customary purchase price adjustments. The agreement represents continued progress toward completing the pending merger of S&P Global and IHS Markit, and the divestiture is dependent on expected closing of the merger with IHS Markit and other customary conditions. We have also pledged to divest our Leveraged Commentary and Data (“LCD”) business, included in our Market Intelligence segment, along with a related family of leveraged loan indices as a condition for regulatory approval. Under the European Commission's conditional approval of the merger of S&P Global and IHS Markit, execution of an agreement to sell the LCD business can occur after the closing of the merger. The divestitures remain subject to further review and approval by antitrust regulators. Subject to certain closing conditions, the merger is expected to be completed in the first quarter of 2022.
During the year ended December 31, 2021, we completed the following dispositions that resulted in a pre-tax gain of $11 million, which was included in Gain on dispositions in the consolidated statement of income:

•During the year ended December 31, 2021, we recorded a pre-tax gain of $8 million ($6 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of office facilities in India.
•During the year ended December 31, 2021, we recorded a pre-tax gain of $3 million ($3 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Standard & Poor's Investment Advisory Services LLC ("SPIAS"), a business within our Market Intelligence segment, that occurred in July of 2019.
2020
During the year ended December 31, 2020, we completed the following dispositions that resulted in a pre-tax gain of $16 million, which was included in Gain on dispositions in the consolidated statement of income:

•In January of 2020, Market Intelligence entered into a strategic alliance to transition S&P Global Market Intelligence's Investor Relations ("IR") webhosting business to Q4 Inc. ("Q4"). This alliance integrated Market Intelligence's proprietary data into Q4's portfolio of solutions, enabling further opportunities for commercial collaboration. In connection with transitioning its IR webhosting business to Q4, Market Intelligence received a minority investment in Q4. During the year ended December 31, 2020, we recorded a pre-tax gain of $11 million ($6 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of IR.
•In September of 2020, we sold our facility at East Windsor, New Jersey. During the year ended December 31, 2020, we recorded a pre-tax gain of $4 million ($3 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of East Windsor.

•During the year ended December 31, 2020, we recorded a pre-tax gain of $1 million ($1 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Standard & Poor's Investment Advisory Services LLC ("SPIAS"), a business within our Market Intelligence segment, in July of 2019.
2019
During the year ended December 31, 2019, we completed the following dispositions that resulted in a pre-tax gain of $49 million, which was included in Gain on dispositions in the consolidated statement of income:

•On July 31, 2019, we completed the sale of RigData, a business within our Platts segment, to Drilling Info, Inc. RigData is a provider of daily information on rig activity for the natural gas and oil markets across North America. During the year ended December 31, 2019, we recorded a pre-tax gain of $27 million ($26 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of RigData.

•In March of 2019, we entered into an agreement to sell SPIAS to Goldman Sachs Asset Management ("GSAM"). SPIAS provides non-discretionary investment advice across institutional sub-advisory and intermediary distribution channels globally. On July 1, 2019, we completed the sale of SPIAS to GSAM. During the year ended December 31, 2019, we recorded a pre-tax gain of $22 million ($12 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of SPIAS.

The components of assets and liabilities held for sale in the consolidated balance sheet consist of the following:
(in millions)December 31,
2021 1
Accounts Receivable, net$59 
Goodwill255 
Other assets7 
   Assets of businesses held for sale$321 
Accounts payable and accrued expenses$11 
Unearned revenue138 
   Liabilities of businesses held for sale$149 
1 Assets and liabilities held for sale as of December 31, 2021 relate to CGS and LCD.

The operating profit of our businesses that were held for sale or disposed of for the years ending December 31, 2021, 2020, and 2019 is as follows:
(in millions)Year ended December 31,
202120202019
Operating profit 1
$172 $162 $162 
1 The operating profit presented includes the revenue and recurring direct expenses associated with businesses held for sale. The year ended December 31, 2021 excludes a pre-tax gain on the sale of SPIAS of $3 million. The year ended December 31, 2020 excludes a pre-tax gain on the sale of the IR webhosting business of $11 million. The year ended December 31, 2019 excludes a pre-tax gain on the sale of RigData and SPIAS of $27 million and $22 million, respectively.
v3.22.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill

Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired.

The change in the carrying amount of goodwill by segment is shown below:
(in millions)RatingsMarket IntelligencePlattsIndicesCorporateTotal
Balance as of December 31, 2019$115 $2,062 $521 $376 $501 $3,575 
Acquisitions138 — — — — 138 
Dispositions— (2)— — — (2)
Other 1
10 11 6 — (3)24 
Balance as of December 31, 2020263 2,071 527 376 498 3,735 
Acquisitions— — — — 54 54 
  Reclassifications 2
— (255)— — — (255)
Other 1
(18)(8)(2)— — (28)
Balance as of December 31, 2021$245 $1,808 $525 $376 $552 $3,506 
1Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2021 includes adjustments related to RobecoSAM and 2020 includes adjustments related to Investor Relations.
2Relates to CGS and LCD, which are classified as assets held for sale in our consolidated balance sheet as of December 31, 2021

Goodwill additions and dispositions in the table above relate to transactions discussed in Note 2 – Acquisitions and Divestitures.

Other Intangible Assets

Other intangible assets include both indefinite-lived assets not subject to amortization and definite-lived assets subject to amortization. We have indefinite-lived assets with a carrying value of $846 million as of December 31, 2021 and 2020.
•2021 and 2020 both include $380 million and $90 million for Dow Jones Indices intellectual property and the Dow Jones tradename, respectively, that we recorded as part of the transaction to form S&P Dow Jones Indices LLC in 2012.
•2021 and 2020 both include $185 million within our Market Intelligence segment for the SNL tradename.
•2021 and 2020 both include $132 million within our Indices segment for the balance of the IP rights in a family of indices derived from the S&P 500, solidifying Indices IP in and to the S&P 500 index family.
•2021 and 2020 both include $59 million within our Indices segment for the Goldman Sachs Commodity Index intellectual property and the Broad Market Indices intellectual property.
The following table summarizes our definite-lived intangible assets:
(in millions) 
CostDatabases and softwareContentCustomer relationshipsTradenamesOther intangiblesTotal
Balance as of December 31, 2019$629 $139 $355 $54 $130 $1,307 
   Acquisitions14 — — — 40 54 
     Other (primarily Fx) 1
2 — 1 1 7 11 
Balance as of December 31, 2020645 139 356 55 177 1,372 
   Acquisitions— — — — 18 18 
     Other 1
— — (1)— 11 10 
Balance as of December 31, 2021$645 $139 $355 $55 $206 $1,400 
Accumulated amortization
Balance as of December 31, 2019$331 $129 $153 $48 $68 $729 
Current year amortization73 10 21 2 17 123 
Acquisitions— — — — 10 10 
     Other (primarily Fx) 1
2 — 1 — 1 4 
Balance as of December 31, 2020406 139 175 50 96 866 
Current year amortization52 — 21 2 21 96 
     Reclassifications 2
8 — — — (8)— 
     Other 1
1 — — — (2)(1)
Balance as of December 31, 2021$467 $139 $196 $52 $107 $961 
Net definite-lived intangibles:
December 31, 2020$239 $— $181 $5 $81 $506 
December 31, 2021$178 $— $159 $3 $99 $439 
1Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2021 includes adjustments related to RobecoSAM and 2020 includes adjustments related to 451 Research.
2The reclassification in 2021 is related to RobecoSAM.

Definite-lived intangible assets are being amortized on a straight-line basis over periods of up to 21 years. The weighted-average life of the intangible assets as of December 31, 2021 is approximately 12 years.

Amortization expense was $96 million, $123 million and $122 million for the years ended December 31, 2021, 2020 and 2019, respectively. Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows:
(in millions)20222023202420252026
Amortization expense 1
$91 $85 $82 $65 $34 
1 Amortization expense does not include the expected merger with IHS Markit which is expected to be completed in the first quarter of 2022.
v3.22.0.1
Taxes on Income
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Taxes on Income Taxes on Income
Income before taxes on income resulting from domestic and foreign operations is as follows:
(in millions)Year Ended December 31,
 202120202019
Domestic operations$2,874 $2,226 $2,068 
Foreign operations1,290 1,002 862 
Total income before taxes$4,164 $3,228 $2,930 

The provision for taxes on income consists of the following:
(in millions)Year Ended December 31,
 202120202019
Federal:
Current$438 $349 $303 
Deferred(9)1 13 
Total federal429 350 316 
Foreign:
Current295 246 201 
Deferred23 (9)14 
Total foreign318 237 215 
State and local:
Current153 111 93 
Deferred1 (4)3 
Total state and local154 107 96 
Total provision for taxes $901 $694 $627 

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes is as follows:
 
Year Ended December 31,
 202120202019
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %
State and local income taxes3.3 3.0 2.6 
Foreign operations(0.2)(0.3)(0.3)
Stock-based compensation(0.8)(0.7)(1.4)
S&P Dow Jones Indices LLC joint venture(1.1)(1.2)(1.2)
Tax credits and incentives(2.3)(2.2)(1.7)
Other, net1.7 1.9 2.4 
Effective income tax rate 21.6 %21.5 %21.4 %

The increase in the effective income tax rate in 2021 was primarily due to a change in the mix of income by jurisdiction. The increase in the effective income tax rate in 2020 was primarily due to a decrease in the recognition of excess tax benefits associated with share-based payments in the statement of income.

We have elected to recognize the tax on Global Intangible Low Taxed Income (“GILTI”) as a period expense in the year the tax is incurred. GILTI expense is included in Other, net above.
The principal temporary differences between the accounting for income and expenses for financial reporting and income tax purposes are as follows: 
(in millions)December 31,
20212020
Deferred tax assets:
Employee compensation$57 $64 
Accrued expenses54 41 
Postretirement benefits28 12 
Unearned revenue74 28 
Forward exchange contracts 71 — 
Loss carryforwards204 217 
Lease liabilities142 186 
Other32 53 
Total deferred tax assets662 601 
Deferred tax liabilities:
Goodwill and intangible assets(394)(347)
Right of use asset(101)(138)
Postretirement benefits(46)— 
Fixed assets(6)(7)
Total deferred tax liabilities(547)(492)
Net deferred income tax asset before valuation allowance115 109 
Valuation allowance(206)(219)
Net deferred income tax liability$(91)$(110)
Reported as:
Non-current deferred tax assets$56 $67 
Non-current deferred tax liabilities(147)(177)
Net deferred income tax liability$(91)$(110)

We record valuation allowances against deferred income tax assets when we determine that it is more likely than not that such deferred income tax assets will not be realized based upon all the available evidence. The valuation allowance is primarily related to operating losses.

As of December 31, 2021, we have approximately $2.9 billion of undistributed earnings of our foreign subsidiaries, of which $0.8 billion is reinvested indefinitely in our foreign operations. We have not recorded deferred income taxes applicable to undistributed earnings of foreign subsidiaries that are indefinitely reinvested in foreign operations. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested earnings is not practicable.

We made net income tax payments totaling $883 million in 2021, $683 million in 2020, and $659 million in 2019. As of December 31, 2021, we had net operating loss carryforwards of $761 million, of which a significant portion has an unlimited carryover period under current law.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions)Year ended December 31,
 202120202019
Balance at beginning of year$121 $124 $147 
Additions based on tax positions related to the current year35 24 21 
Additions for tax positions of prior years9 1 11 
Reduction for tax positions of prior years— (13)(15)
Reduction for settlements(8)(4)(33)
Expiration of applicable statutes of limitations(10)(11)(7)
Balance at end of year$147 $121 $124 

The total amount of federal, state and local, and foreign unrecognized tax benefits as of December 31, 2021, 2020 and 2019 was $147 million, $121 million and $124 million, respectively, exclusive of interest and penalties. During the year ended December 31, 2021, the change in unrecognized tax benefits resulted in a net increase of tax expense of $31 million.

We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits on the balance sheet may be reduced by up to approximately $16 million in the next twelve months as a result of the resolution of local tax examinations. In addition to the unrecognized tax benefits, we had $24 million as of both December 31, 2021 and 2020 of accrued interest and penalties associated with unrecognized tax benefits.

The U.S. federal income tax audits for 2017 through 2021 are in process. During 2021, we completed state and foreign tax audits and, with few exceptions, we are no longer subject to federal, state, or foreign income tax examinations by tax authorities for the years before 2013. The impact to tax expense in 2021, 2020 and 2019 was not material.
We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on an assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that tax examinations will be settled prior to December 31, 2022. If any of these tax audit settlements do occur within that period, we would make any necessary adjustments to the accrual for unrecognized tax benefits.
v3.22.0.1
Debt
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt Debt
A summary of long-term debt outstanding is as follows:
(in millions)December 31,
 20212020
4.0% Senior Notes, due 2025 1
$696 $695 
2.95% Senior Notes, due 2027 2
496 495 
2.5% Senior Notes, due 2029 3
496 495 
1.25% Senior Notes, due 2030 4
593 592 
6.55% Senior Notes, due 2037 5
290 290 
4.5% Senior Notes, due 2048 6
273 273 
3.25% Senior Notes, due 2049 7
589 589 
2.3% Senior Notes, due 2060 8
681 681 
Long-term debt$4,114 $4,110 

1Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $4 million.
2Interest payments are due semiannually on January 22 and July 22, and as of December 31, 2021, the unamortized debt discount and issuance costs total $4 million.
3Interest payments are due semiannually on June 1 and December 1, and as of December 31, 2021, the unamortized debt discount and issuance costs total $4 million.
4Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $7 million.
5Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $3 million.
6Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $10 million.
7Interest payments are due semiannually on June 1 and December 1, and as of December 31, 2021, the unamortized debt discount and issuance costs total $11 million.
8Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $19 million.

Annual debt maturities are scheduled as follows based on book values as of December 31, 2021: no amounts due in 2022, 2023, or 2024; $696 million due in 2025; no amounts due in 2026; and $3.4 billion due thereafter.

On April 26, 2021, we entered into a revolving $1.5 billion five-year credit agreement (our "credit facility") that will terminate on April 26, 2026. This credit facility replaced our revolving $1.2 billion five-year credit facility (our "previous credit facility") that was scheduled to terminate on June 30, 2022. The previous credit facility was canceled immediately after the new credit facility became effective. There were no outstanding borrowings under the previous credit facility when it was replaced.

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. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. In the third quarter of 2020, we used the net proceeds to fund the redemption and extinguishment of the $900 million outstanding principal amount of our 4.4% senior notes due in 2026 and a portion of the outstanding principal amount of our 6.55% senior notes due in 2037 and our 4.5% senior notes due in 2048.

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. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. In the fourth quarter of 2019, we used the net proceeds to fund the redemption of the $700 million outstanding principal amount of our 3.3% senior notes due in August of 2020 and a portion of the $400 million outstanding principal amount of our 6.55% senior notes due in October of 2037.

We have the ability to borrow a total of $1.5 billion through our commercial paper program, which is supported by our credit facility. As of December 31, 2021 and 2020, there was no commercial paper issued or outstanding, and we similarly did not draw or have any borrowings outstanding from the credit facility or the previous credit facility during the years ended December 31, 2021 and 2020.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 9 basis points. The credit facility also includes an accordion feature which allows the Company to increase the total commitments thereunder by up to an additional $500 million, subject to certain customary terms and conditions. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant required under our credit facility 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.
v3.22.0.1
Derivative Instruments
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of December 31, 2021 and December 31, 2020, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates and cross currency swap contracts to hedge a portion of our net investment in a foreign subsidiary against volatility in foreign exchange rates. During the twelve months ended December 31, 2021, we entered into a series of interest rate swaps to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing. These contracts are recorded at fair value that is based on foreign currency exchange rates and interest rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes.

Undesignated Derivative Instruments

During the twelve months ended December 31, 2021, 2020 and 2019 we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts do not qualify for hedge accounting. As of December 31, 2021 and 2020, the aggregate notional value of these outstanding forward contracts was $376 million and $460 million, respectively. The changes in fair value of these forward contracts are recorded in prepaid and other assets or other current liabilities in the consolidated balance sheet with their corresponding change in fair value recognized in selling and general expenses in the consolidated statement of income. The amount recorded in prepaid and other current assets as of December 31, 2021 and 2020 was $5 million and $2 million, respectively. The amount recorded in other current liabilities was less than $1 million as of December 31, 2021 and $2 million as of December 31, 2020. The amount recorded in selling and general expense for the twelve months ended December 31, 2021 and 2020 related to these contracts was a net loss $9 million and a net gain of $9 million, respectively.


Net Investment Hedges

During the twelve months ended December 31, 2021 and 2020, we entered into cross currency swaps to hedge a portion of our net investment in one of our European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. These swaps are designated and qualify as a hedge of a net investment in a foreign subsidiary and are scheduled to mature in 2024, 2029, 2030. The notional value of our outstanding cross currency swaps designated as a net investment hedge was $1 billion as of December 31, 2021 and 2020, respectively. The changes in the fair value of swaps are recognized in foreign currency translation adjustments, a component of other comprehensive income (loss), and reported in accumulated other comprehensive loss in our consolidated balance sheet. The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold or substantially liquidated. We have elected to assess the effectiveness of our net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to the cross currency swaps recognized directly in net income represent net periodic interest settlements and accruals, which are recognized in interest expense, net. We recognized net interest income of $20 million and $10 million during the twelve months ended December 31, 2021 and 2020, respectively.

Cash Flow Hedges
Foreign Exchange Forward Contracts

During the twelve months ended December 31, 2021, 2020 and 2019, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the fourth quarter of 2023, 2022 and 2020 respectively. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twenty-four months. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of December 31, 2021, we estimate that $6 million of pre-tax gain related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.

As of December 31, 2021 and December 31, 2020, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $498 million and $489 million, respectively.
Interest Rate Swaps

During the twelve months ended December 31, 2021, we entered into a series of interest rate swaps. These contracts are intended to mitigate or hedge the adverse fluctuations in interest rates on our future debt refinancing and are scheduled to mature beginning in the first quarter of 2027. These interest rate swaps are designated as cash flow hedges. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and will be subsequently reclassified into interest expense, net in the same period that the hedged transaction affects earnings.

As of December 31, 2021, the aggregate notional value of our outstanding interest rate swaps designated as cash flow hedges was $2.3 billion.
The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of December 31, 2021 and December 31, 2020:
(in millions)December 31,December 31,
Balance Sheet Location20212020
Derivatives designated as cash flow hedges:
Prepaid and other current assets Foreign exchange forward contracts$7 $23 
Other current liabilitiesForeign exchange forward contracts$— $2 
Other non-current liabilitiesInterest rate swap contracts$270 $— 
Derivative designated as net investment hedges:
Other non-current liabilitiesCross currency swaps$17 $107 
The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the years ended December 31:
(in millions)Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
202120202019202120202019
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts$(11)$17 $(2)Revenue, Selling and general expenses$19 $2 $5 
Interest rate swap contracts$(270)$— $— Interest expense, net$— $— $— 
Net investment hedges- designated as hedging instruments
Cross currency swaps$84 $(97)$(10)Interest expense, net$(5)$— $— 
The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the years ended December 31:
(in millions)Year ended December 31,
202120202019
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period$14 $2 $4 
Change in fair value, net of tax11 14 3 
Reclassification into earnings, net of tax(19)(2)(5)
Net unrealized gains on cash flow hedges, net of taxes, end of period$6 $14 $2 
Interest rate swap contracts
Net unrealized losses on cash flow hedges, net of taxes, beginning of period$— $— $— 
Change in fair value, net of tax(203)— — 
Reclassification into earnings, net of tax— — — 
Net unrealized losses on cash flow hedges, net of taxes, end of period$(203)$— $— 
Net Investment Hedges
Net unrealized losses on net investment hedges, net of taxes, beginning of period$(81)$(8)$— 
Change in fair value, net of tax59 (73)(8)
Reclassification into earnings, net of tax5 — — 
Net unrealized losses on net investment hedges, net of taxes, end of period$(17)$(81)$(8)
v3.22.0.1
Employee Benefits
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We also have supplemental benefit plans that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts.

We also provide certain medical, dental and life insurance benefits for active and retired employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other (income) expense, net in our consolidated statements of income.
Benefit Obligation
A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, 2021 and 2020, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets): 
(in millions)Retirement PlansPostretirement Plans
 2021202020212020
Net benefit obligation at beginning of year$2,220 $1,945 $36 $38 
Service cost4 4 — — 
Interest cost40 52 1 1 
Plan participants’ contributions— — 2 2 
Actuarial (gain) loss 1
(55)269 (2)1 
Gross benefits paid(77)(76)(5)(6)
Foreign currency effect(10)26 — — 
Other adjustments 2
— — (4)— 
Net benefit obligation at end of year2,122 2,220 28 36 
Fair value of plan assets at beginning of year2,243 1,960 9 13 
Actual return on plan assets58 327 — — 
Employer contributions11 12 — — 
Plan participants’ contributions— — 2 2 
Gross benefits paid(77)(76)(5)(6)
Foreign currency effect(4)20 — — 
Fair value of plan assets at end of year2,231 2,243 6 9 
Funded status$109 $23 $(22)$(27)
Amounts recognized in consolidated balance sheets:
Non-current assets$359 $297 $— $— 
Current liabilities(10)(10)— — 
Non-current liabilities(240)(264)(22)(27)
$109 $23 $(22)$(27)
Accumulated benefit obligation$2,110 $2,204 
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation$250 $274 
Accumulated benefit obligation$238 $258 
Fair value of plan assets$— $— 
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)$350 $373 $(36)$(37)
Prior service credit2 2 (14)(12)
Total recognized$352 $375 $(50)$(49)
1The actuarial gain in 2021 compared to the actuarial loss in 2020 was primarily due to an increase in the discount rate.
2Relates to the impact of a plan amendment in 2021.

Net Periodic Benefit Cost

For purposes of determining annual pension cost, prior service costs are being amortized straight-line over the average expected remaining lifetime of plan participants expected to receive benefits.
A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows: 
(in millions)Retirement PlansPostretirement Plans
 202120202019202120202019
Service cost$4 $4 $3 $— $— $— 
Interest cost40 52 64 1 1 1 
Expected return on assets(104)(102)(108)— — — 
Amortization of:
Actuarial loss (gain)21 17 12 (2)(2)(2)
Prior service credit— — — (1)(1)(1)
Net periodic benefit cost (39)(29)(29)(2)(2)(2)
Settlement charge 3 
1
3 
1
113 2— — — 
Total net periodic benefit cost$(36)$(26)$84 $(2)$(2)$(2)
1During the years ended December 31, 2021 and 2020, lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.K. pension plan, triggering the recognition of non-cash pre-tax settlement charges of $3 million.
2Relates to the impact of a retiree annuity purchase in 2019. The Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pretax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.

Our U.K. retirement plan accounted for a benefit of $22 million in 2021, $17 million in 2020 and $14 million in 2019 of the net periodic benefit cost attributable to the funded plans.

Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:
(in millions)Retirement PlansPostretirement Plans
 202120202019202120202019
Net actuarial loss (gain) $(6)$28 $(10)$(1)$1 $— 
Recognized actuarial (gain) loss(15)(9)(10)1 2 1 
Prior service cost— — — (1)1 1 
Settlement charge(2)
1
(2)
1
(85)2— — — 
Total recognized$(23)$17 $(105)$(1)$4 $2 
1During the years ended December 31, 2021 and 2020, lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.K. pension plan, triggering the recognition of non-cash pre-tax settlement charges of $3 million.
2Relates to the impact of a retiree annuity purchase in 2019. The Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash after tax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.

The total cost for our retirement plans was $93 million for 2021, $91 million for 2020 and $187 million for 2019. The total cost for our retirement plans in 2019 includes the $113 million settlement charge related to the retiree annuity purchase in 2019. Included in the total retirement plans cost are defined contribution plans cost of $86 million for 2021, $80 million for 2020 and $73 million for 2019.
Assumptions
 Retirement PlansPostretirement Plans
 202120202019202120202019
Benefit obligation:
Discount rate 2
3.05 %2.75 %3.45 %2.72 %2.20 %3.08 %
Net periodic cost:
Weighted-average healthcare cost rate 1
N/A6.00 %6.50 %
Discount rate - U.S. plan 2
2.75 %3.45 %4.40 %2.20 %3.08 %4.15 %
Discount rate - U.K. plan 2
1.36 %1.92 %2.72 %
Return on assets 3
5.00 %5.50 %6.00 %
1The health care cost trend rate no longer applies since all subsidized benefits subject to trend were eliminated in 2021.
2Effective January 1, 2021, we changed our discount rate assumption on our U.S. retirement plans to 2.75% from 3.45% in 2020 and changed our discount rate assumption on our U.K. plan to 1.36% from 1.92% in 2020.
3The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2022, our return on assets assumption for the U.S. plan was reduced to 4.00% from 5.00% and the U.K. plan was reduced to 5.00% from 5.50%.

Cash Flows

In December of 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (the “Act”) was enacted. The Act established a prescription drug benefit under Medicare, known as “Medicare Part D”, and a federal subsidy to sponsors of retiree healthcare benefit plans that provide a benefit that is at least actuarially equivalent to Medicare Part D. Our benefits provided to certain participants are at least actuarially equivalent to Medicare Part D, and, accordingly, we are entitled to a subsidy. Effective January 1, 2021, we elected to no longer file for Medicare Part D subsidy.

Expected employer contributions in 2022 are $11 million and $3 million for our retirement and postretirement plans, respectively.

In 2022, we may elect to make non-required contributions depending on investment performance and the pension plan status. Information about the expected cash flows for our retirement and postretirement plans is as follows: 
(in millions)
Retirement
Plans 1
Postretirement Plans 2
2022$70 3 
202373 3 
202475 3 
202579 3 
202682 2 
2027-2031447 8 
1Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost.
2Reflects the total benefits expected to be paid from our assets.
Fair Value of Plan Assets

In accordance with authoritative guidance for fair value measurements certain assets and liabilities are required to be recorded at fair value. Fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value hierarchy has been established which requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs used to measure fair value are as follows:
•Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
•Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The fair value of our defined benefit plans assets as of December 31, 2021 and 2020, by asset class is as follows:
(in millions)December 31, 2021
 TotalLevel 1Level 2Level 3
Cash and short-term investments$6 $6 $— $— 
Equities:
U.S. indexes 1
6 6 — — 
Fixed income:
Long duration strategy 2
1,376 — 1,376 — 
Intermediate duration securities59 — 59 — 
Real Estate:
U.K. 3
44 — — 44 
Infrastructure:
U.K. 4
81 — 81 
Total$1,572 $12 $1,516 $44 
Common collective trust funds measured at net asset value as a practical expedient:
Collective investment funds 5
$659 
Total$2,231 
(in millions)December 31, 2020
 TotalLevel 1Level 2Level 3
Cash and short-term investments$4 $4 $— $— 
Equities:
U.S. indexes 1
9 9 — — 
U.S. growth and value41 41 — — 
Fixed income:
Long duration strategy 2
1,339 — 1,339 — 
Intermediate duration securities57 — 57 — 
Real Estate:
U.K. 3
38 — — 38 
Infrastructure:
U.K. 4
$78 $— $78 $— 
Total$1,566 $54 $1,474 $38 
Common collective trust funds measured at net asset value as a practical expedient:
Collective investment funds 5
$677 
Total$2,243 
1Includes securities that are tracked in the S&P Smallcap 600 index.
2Includes securities that are mainly investment grade obligations of issuers in the U.S.
3Includes a fund which holds real estate properties in the U.K.
4Includes funds that invest in global infrastructure for the UK Pension.
5Includes the Standard & Poor's 500 Composite Stock Index, the Standard & Poor's MidCap 400 Composite Stock Index, a short-term investment fund which is a common collective trust vehicle, and other various asset classes.
For securities that are quoted in active markets, the trustee/custodian determines fair value by applying securities’ prices obtained from its pricing vendors. For commingled funds that are not actively traded, the trustee applies pricing information provided by investment management firms to the unit quantities of such funds. Investment management firms employ their own pricing vendors to value the securities underlying each commingled fund. Underlying securities that are not actively traded derive their prices from investment managers, which in turn, employ vendors that use pricing models (e.g., discounted cash flow, comparables). The domestic defined benefit plans have no investment in our stock, except through the S&P 500 commingled trust index fund.

The trustee obtains estimated prices from vendors for securities that are not easily quotable and they are categorized accordingly as Level 3. The following table details further information on our plan assets where we have used significant unobservable inputs:
(in millions)Level 3
Balance as of December 31, 2020
$38 
       Distributions(2)
       Gain (loss) 8 
Balance as of December 31, 2021
$44 

Pension Trusts’ Asset Allocations

There are two pension trusts, one in the U.S. and one in the U.K.
•The U.S. pension trust had assets of $1,600 million and $1,630 million as of December 31, 2021 and 2020 respectively, and the target allocations in 2021 include 92% fixed income, 4% domestic equities, 2% international equities and 2% cash and cash equivalents.
•The U.K. pension trust had assets of $631 million and $613 million as of December 31, 2021 and 2020, respectively, and the target allocations in 2021 include 55% fixed income, 15% diversified growth funds, 15% infrastructure, 8% equities and 7% real estate.
The pension assets are invested with the goal of producing a combination of capital growth, income and a liability hedge. The mix of assets is established after consideration of the long-term performance and risk characteristics of asset classes. Investments are selected based on their potential to enhance returns, preserve capital and reduce overall volatility. Holdings are diversified within each asset class. The portfolios employ a mix of index and actively managed equity strategies by market capitalization, style, geographic regions and economic sectors. The fixed income strategies include U.S. long duration securities, opportunistic fixed income securities and U.K. debt instruments. The short-term portfolio, whose primary goal is capital preservation for liquidity purposes, is composed of government and government-agency securities, uninvested cash, receivables and payables. The portfolios do not employ any financial leverage.

U.S. Defined Contribution Plan

Assets of the defined contribution plan in the U.S. consist primarily of investment options, which include actively managed equity, indexed equity, actively managed equity/bond funds, target date funds, S&P Global Inc. common stock, stable value and money market strategies. There is also a self-directed mutual fund investment option. The plan purchased 107,651 shares and sold 160,415 shares of S&P Global Inc. common stock in 2021 and purchased 296,921 shares and sold 331,088 shares of S&P Global Inc. common stock in 2020. The plan held approximately 1.2 million and 1.3 million shares of S&P Global Inc. common stock as of December 31, 2021 and 2020, respectively, with market values of $567 million and $414 million, respectively. The plan received dividends on S&P Global Inc. common stock of $3.8 million and $3 million during the years ended December 31, 2021 and December 31, 2020, respectively.
v3.22.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
We issue stock-based incentive awards to our eligible employees under the 2019 Employee Stock Incentive Plan and to our eligible non-employee Directors under a Director Deferred Stock Ownership Plan. No further awards may be granted under the 2002 Employee Stock Incentive Plan (the “2002 Plan”), although awards granted under the 2002 Plan prior to the adoption of the new 2019 Plan in June of 2019 remain outstanding in accordance with their terms.
•2019 Employee Stock Incentive Plan (the “2019 Plan”) – The 2019 Plan permits the granting of incentive stock options, nonqualified stock options, stock appreciation rights, performance stock, restricted stock and other stock-based awards.
•Director Deferred Stock Ownership Plan – Under this plan, common stock reserved may be credited to deferred stock accounts for eligible Directors. In general, the plan requires that 50% of eligible Directors’ annual compensation plus dividend equivalents be credited to deferred stock accounts. Each Director may also elect to defer all or a portion of the remaining compensation and have an equivalent number of shares credited to the deferred stock account. Recipients under this plan are not required to provide consideration to us other than rendering service. Shares will be delivered as of the date a recipient ceases to be a member of the Board of Directors or within five years thereafter, if so elected. The plan will remain in effect until terminated by the Board of Directors or until no shares of stock remain available under the plan.

The number of common shares reserved for issuance are as follows: 
(in millions)December 31,
20212020
Shares available for granting 1
19.519.7
Options outstanding0.30.5
Total shares reserved for issuance 2
19.820.2
1     Shares available for granting at December 31, 2021 and 2020 are under the 2019 Plan.
2     Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are less than 1.0 million at both December 31, 2021 and 2020.

We issue treasury shares upon exercise of stock options and the issuance of restricted stock and unit awards. To offset the dilutive effect of the exercise of employee stock options, we periodically repurchase shares. See Note 9 – Equity for further discussion.
Stock-based compensation expense and the corresponding tax benefit are as follows: 
(in millions)Year Ended December 31,
 202120202019
Stock option expense$— $— $1 
Restricted stock and unit awards expense 122 90 77 
Total stock-based compensation expense$122 $90 $78 
Tax benefit$20 $15 $13 

Stock Options

Stock options may not be granted at a price less than the fair market value of our common stock on the date of grant. Stock options granted vest over a four year service period and have a maximum term of 10 years. Stock option compensation costs are recognized from the date of grant, utilizing a four-year graded vesting method. Under this method, more than half of the costs are recognized over the first twelve months, approximately one-quarter of the costs are recognized over a twenty-four month period starting from the date of grant, approximately one-tenth of the costs are recognized over a thirty-six month period starting from the date of grant, and the remaining costs recognized over a forty-eight month period starting from the date of grant.

There were no stock options granted in 2021, 2020, and 2019.

Stock option activity is as follows: 
(in millions, except per award amounts)SharesWeighted average exercise priceWeighted-average remaining years of contractual termAggregate intrinsic value
Options outstanding as of December 31, 2020
0.5 $60.46 
Exercised(0.2)$283.56 
Forfeited and expired 1
— $39.94 
Options outstanding as of December 31, 2021
0.3 $67.14 1.99$113 
Options exercisable as of December 31, 2021
0.3 $67.14 1.99$113 
1 There are less than 0.1 million shares forfeited and expired.

(in millions, except per award amounts)SharesWeighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2020
— $111.96 
Vested 1
— $111.96 
Nonvested options outstanding as of December 31, 2021 2
— $— 
Total unrecognized compensation expense related to nonvested options$— 
Weighted-average years to be recognized over0.0
1There are less than 0.1 million shares vested.
2There are no nonvested options outstanding as of December 31, 2021.

The total fair value of our stock options that vested during the years ended December 31, 2021, 2020 and 2019 was less than $1 million, $2 million and $3 million, respectively.
Information regarding our stock option exercises is as follows: 
(in millions)Year Ended December 31,
 202120202019
Net cash proceeds from the exercise of stock options$13 $16 $40 
Total intrinsic value of stock option exercises$41 $60 $110 
Income tax benefit realized from stock option exercises$11 $13 $33 

Restricted Stock and Unit Awards

Restricted stock and unit awards (performance and non-performance) have been granted under the 2002 Plan and 2019 Plan. Performance unit awards will vest only if we achieve certain financial goals over the performance period. Restricted stock non-performance awards have various vesting periods (generally three years), with vesting beginning on the first anniversary of the awards. Recipients of restricted stock and unit awards are not required to provide consideration to us other than rendering service.

The stock-based compensation expense for restricted stock and unit awards is determined based on the market price of our stock at the grant date of the award applied to the total number of awards that are anticipated to fully vest. For performance unit awards, adjustments are made to expense dependent upon financial goals achieved.

Restricted stock and unit activity for performance and non-performance awards is as follows: 
(in millions, except per award amounts)SharesWeighted-average grant-date fair value
Nonvested shares as of December 31, 2020
0.6 $227.67 
Granted 0.4 $296.49 
Vested(0.5)$219.85 
Forfeited— $263.18 
Nonvested shares as of December 31, 2021
0.5 $299.28 
Total unrecognized compensation expense related to nonvested awards$101 
Weighted-average years to be recognized over1.7

 Year Ended December 31,
 202120202019
Weighted-average grant-date fair value per award$296.49 $232.92 $187.40 
Total fair value of restricted stock and unit awards vested$243 $134 $153 
Tax benefit relating to restricted stock activity$48 $26 $29 
v3.22.0.1
Equity
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Equity Equity
Capital Stock
Two million shares of preferred stock, par value $1 per share, are authorized; none have been issued.
On January 26, 2022, the Board of Directors approved a quarterly common stock dividend of $0.77 per share. Following the expected closing of the merger with IHS Markit, the Board of Directors will revisit the dividend policy of the combined Company.
 Year Ended December 31,
 202120202019
Quarterly dividend rate$0.77 $0.67 $0.57 
Annualized dividend rate$3.08 $2.68 $2.28 
Dividends paid (in millions)$743 $645 $560 

Stock Repurchases
On January 29, 2020, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the "2020 Repurchase Program"), which was approximately 12% of the total shares of our outstanding common stock at that time. On December 4, 2013, the Board of Directors approved a share repurchase program authorizing the purchase of 50 million shares (the "2013 Repurchase Program"), which was approximately 18% of the total shares of our outstanding common stock at that time.
Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of December 31, 2021, 30 million shares remained available under the 2020 Repurchase Program and 0.8 million shares remained available under the 2013 repurchase program. Our 2020 Repurchase Program and 2013 Repurchase Program have no expiration date and purchases under these programs may be made from time to time on the open market and in private transactions, depending on market conditions.
We have entered into accelerated share repurchase (“ASR”) agreements with financial institutions to initiate share repurchases of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares. This initial delivery of shares represents the minimum number of shares that we may receive under the agreement. Upon settlement of the ASR agreement, the financial institution delivers additional shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount. We account for our ASR agreements as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreements resulted in a reduction of outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The repurchased shares are held in Treasury. The forward stock purchase contracts were classified as equity instruments. The ASR agreements were executed under our 2013 Repurchase Program, approved on December 4, 2013.

The terms of each ASR agreement entered into for the years ended December 31, 2021, 2020 and 2019, structured as outlined above, are as follows:
(in millions, except average price)
ASR Agreement Initiation DateASR Agreement Completion DateInitial Shares DeliveredAdditional Shares DeliveredTotal Number of Shares
Purchased		Average Price Paid Per ShareTotal Cash Utilized
February 11, 2020 1
July 27, 20201.3 0.4 1.7 $292.13 $500 
February 11, 2020 2
July 27, 20201.4 0.3 1.7 $292.13 $500 
August 5, 2019 3
October 1, 20191.7 0.3 2.0 $253.36 $500 
February 11, 2019 4
July 31, 20192.2 0.1 2.3 $214.65 $500 
1 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.3 million shares and an additional amount of 0.2 million in February 2020, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on July 27, 2020 and received an additional 0.2 million shares.
2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 1.4 million shares, representing 85% of the $500 at a price equal to the then market price of the Company. We completed the ASR agreement on July 27, 2020 and received an additional 0.3 million shares.
3 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.7 million shares, and an additional amount of 0.2 million in August 2019, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on October 1, 2019 and received an additional 0.1 million shares.
4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 2.2 million shares, representing 85% of the $500 at a price equal to the then market price of the Company. We completed the ASR agreement on July 31, 2019 and received an additional 0.1 million shares.

Additionally, we purchased shares of our common stock in the open market as follows:
(in millions, except average price)
Year EndedTotal number of shares purchased Average price paid per share Total cash utilized
December 31, 20200.5 $295.40 $161 
December 31, 20191.2 $208.83 $240 
During the year ended December 31, 2021, we did not use cash to purchase any shares. During the year ended December 31, 2020, we purchased a total of 4.0 million shares for $1,161 million of cash. During the fourth quarter of 2019, we repurchased shares for $3 million, which settled in the first quarter of 2020, resulting in $1,164 million of cash used to repurchase shares. During the year ended December 31, 2019, we received 5.9 million shares, including 0.4 million shares received in January of 2019 related to our October 29, 2018 ASR agreement, resulting in $1,240 million of cash used to repurchase shares.

Redeemable Noncontrolling Interests

The agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC ("CGIS") has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group's and CGIS' minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interest” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches may incorporate Level 3 fair value measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.

Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interest during the year ended December 31, 2021 were as follows:
(in millions)
Balance as of December 31, 2020$2,781 
Net income attributable to redeemable noncontrolling interest215 
Distributions to noncontrolling interest(198)
Redemption value adjustment631 
Balance as of December 31, 2021$3,429 
Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2021:
(in millions)
Foreign Currency Translation Adjustments 1,3
Pension and Postretirement Benefit Plans 2
Unrealized Gain (Loss)
on Cash Flow Hedges 3
Accumulated Other Comprehensive Loss
Balance as of December 31, 2020$(323)$(328)$14 $(637)
Other comprehensive (loss) income before reclassifications(18)8 (195)(205)
Reclassifications from accumulated other comprehensive income (loss) to net earnings5 15 (19)1 
Net other comprehensive gain (loss) income
(13)23 (214)(204)
Balance as of December 31, 2021$(336)$(305)$(200)$(841)
1Includes an unrealized gain related to our cross currency swaps. See note 6 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.
2Reflects amortization of net actuarial losses and is net of a tax benefit of $3 million for the year ended December 31, 2021. See Note 7 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
3See Note 6 – Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.
v3.22.0.1
Earnings per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
Basic earnings per common share ("EPS") is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of stock options and restricted performance shares calculated using the treasury stock method.

The calculation for basic and diluted EPS is as follows:
(in millions, except per share data)Year Ended December 31,
 202120202019
Amount attributable to S&P Global Inc. common shareholders:
Net income$3,024 $2,339 $2,123 
Basic weighted-average number of common shares outstanding240.8 241.0 245.4 
Effect of stock options and other dilutive securities1.0 1.1 1.5 
Diluted weighted-average number of common shares outstanding241.8 242.1 246.9 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$12.56 $9.71 $8.65 
Diluted$12.51 $9.66 $8.60 

We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. As of December 31, 2021, 2020 and 2019, there were no stock options excluded. Restricted
performance shares outstanding of 0.5 million as of December 31, 2021 and 0.4 million as of December 31, 2020 and 2019, respectively, were excluded.
v3.22.0.1
Restructuring
 12 Months Ended
Dec. 31, 2021
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2021 and 2020 restructuring plans consisted of company-wide workforce reductions of approximately 30 and 830 positions, respectively, and are further detailed below. The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed. There were approximately $8 million of reserves from the 2020 restructuring plan that we have reversed in 2021, which offset the initial charge of $65 million recorded for the 2020 restructuring plan. There were approximately $7 million of reserves from the 2019 restructuring plan that we reversed in 2020, which offset the initial charge of $25 million recorded for the 2019 restructuring plan.

The initial restructuring charge recorded and the ending reserve balance as of December 31, 2021 by segment is as follows:
2021 Restructuring Plan2020 Restructuring Plan
(in millions)Initial Charge RecordedEnding Reserve BalanceInitial Charge RecordedEnding Reserve Balance
Ratings$3 $3 $4 $1 
Market Intelligence3 3 27 4 
Platts— — 10 4 
Indices— — 5 — 
Corporate13 13 19 4 
Total$19 $19 $65 $13 

For the year ended December 31, 2021, we have made no reductions to the reserve for the 2021 restructuring plan. For the years ended December 31, 2021 and 2020, we have reduced the reserve for the 2020 restructuring plan by $45 million and $7 million, respectively. The reductions primarily related to cash payments for employee severance charges.
v3.22.0.1
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
As discussed in Note 1 – Accounting Policies, we have four reportable segments: Ratings, Market Intelligence, Platts and Indices.

Our Chief Executive Officer is our chief operating decision-maker and evaluates performance of our segments and allocates resources based primarily on operating profit. Segment operating profit does not include Corporate Unallocated expense, other (income) expense, net, interest expense, net, or loss on extinguishment of debt as these are amounts that do not affect the operating results of our reportable segments. We use the same accounting policies for our segments as those described in Note 1 – Accounting Policies.
A summary of operating results for the years ended December 31 is as follows:
Revenue
(in millions)202120202019
Ratings
$4,097 $3,606 $3,106 
Market Intelligence
2,247 2,106 1,959 
Platts950 878 844 
Indices 1,149 989 918 
Intersegment elimination 1
(146)(137)(128)
Total revenue$8,297 $7,442 $6,699 
 
Operating Profit
(in millions)202120202019
Ratings 2
$2,629 $2,223 $1,783 
Market Intelligence 3
703 589 566 
Platts 4
517 458 457 
Indices 5
798 666 632 
Total reportable segments4,647 3,936 3,438 
Corporate Unallocated expense 6
(426)(319)(212)
Total operating profit$4,221 $3,617 $3,226 

1Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2Operating profit for the year ended December 31, 2021 includes a gain on disposition of $6 million, recovery of lease-related costs of $4 million and employee severance charges of $3 million. Operating profit for the year ended December 31, 2020 includes a technology-related impairment charge of $11 million, lease-related costs of $5 million and employee severance charges of $4 million. Operating profit or the year ended December 31, 2019 includes employee severance charges of $11 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $10 million, $7 million and $2 million for the years ended December 31, 2021, 2020 and 2019, respectively.
3Operating profit for the year ended December 31, 2021 includes employee severance charges of $3 million, a gain on disposition of $3 million, acquisition-related costs of $2 million and lease-related costs of $1 million. Operating profit for the year ended December 31, 2020 includes employee severance charges of $27 million, a gain on dispositions of $12 million and lease-related costs of $3 million. As of July 1, 2019, we completed the sale of SPIAS and the results are included in Market Intelligence results through that date. Operating profit for the year ended December 31, 2019 includes a gain on the sale of SPIAS of $22 million, employee severance charges of $6 million and acquisition-related costs of $4 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $65 million, $76 million, and $75 million for the years ended December 31, 2021, 2020, and 2019, respectively.
4Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $2 million. Operating profit for the year ended December 31, 2020 includes severance charges of $11 million and lease-related costs of $2 million. As of July 31, 2019, we completed the sale of RigData and the results are included in Platts results through that date. Operating profit for the year ended December 31, 2019 includes a gain on the sale of RigData of $27 million and employee severance charges of $1 million. Additionally, Operating profit includes amortization of intangibles from acquisitions of $8 million, $9 million, and $12 million for the years ended December 31, 2021, 2020, and 2019, respectively.
5Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $1 million. Operating profit for the year ended December 31, 2020 includes employee severance charges of $5 million, a lease impairment charge of $4 million, a technology-related impairment charge of $2 million and lease-related costs of $1 million. Operating profit includes amortization of intangibles from acquisitions of $6 million for the years ended December 31, 2021, 2020, and 2019.
6Corporate Unallocated expense for the year ended December 31, 2021 includes IHS Markit merger costs of $249 million, employee severance charges of $13 million, lease-related costs of $4 million, a lease impairment of $3 million, Kensho retention related expenses of $2 million, acquisition-related costs of $2 million and a gain on disposition of $2 million. Corporate Unallocated expense for the year ended December 31, 2020 includes lease impairments of $116 million, IHS Markit merger costs of $24 million, employee severance charges of $19 million, Kensho retention related expense of $12 million and a gain related to an acquisition of $1 million. Corporate Unallocated expense for the year ended December 31, 2019 includes Kensho retention related expenses of $21 million, lease impairments of $11 million and employee severance charges of $7 million. Additionally, Corporate Unallocated expense includes
amortization of intangibles from acquisitions of $7 million, $26 million, and $28 million for the years ended December 31, 2021, 2020, and 2019, respectively.

The following table presents our revenue disaggregated by revenue type for the years ended December 31:
(in millions)RatingsMarket IntelligencePlattsIndices
Intersegment Elimination 1
Total
2021
Subscription$— $2,191 $871 $191 $— $3,253 
Non-subscription / Transaction
2,253 56 13 — — 2,322 
Non-transaction
1,844 — — — (146)1,698 
Asset-linked fees— — — 800 — 800 
Sales usage-based royalties— — 66 158 — 224 
Total revenue$4,097 $2,247 $950 $1,149 $(146)$8,297 
Timing of revenue recognition
Services transferred at a point in time
$2,253 $56 $13 $— $— $2,322 
Services transferred over time
1,844 2,191 937 1,149 (146)5,975 
Total revenue$4,097 $2,247 $950 $1,149 $(146)$8,297 
(in millions)RatingsMarket IntelligencePlattsIndices
Intersegment Elimination 1
Total
20202
Subscription$— $2,050 $809 $177 $— $3,036 
Non-subscription / Transaction1,969 55 7 — — 2,031 
Non-transaction1,637 — — — (137)1,500 
Asset-linked fees— 1 — 647 — 648 
Sales usage-based royalties— — 62 165 — 227 
Total revenue$3,606 $2,106 $878 $989 $(137)$7,442 
Timing of revenue recognition
Services transferred at a point in time
$1,969 $55 $7 $— $— $2,031 
Services transferred over time1,637 2,051 871 989 (137)5,411 
Total revenue$3,606 $2,106 $878 $989 $(137)$7,442 
(in millions)RatingsMarket IntelligencePlattsIndices
Intersegment Elimination 1
Total
20192
Subscription$— $1,904 $774 $165 $— $2,843 
Non-subscription / Transaction
1,570 45 10 — — 1,625 
Non-transaction
1,536 — — — (128)1,408 
Asset-linked fees— 10 — 613 — 623 
Sales usage-based royalties— — 60 140 — 200 
Total revenue$3,106 $1,959 $844 $918 $(128)$6,699 
Timing of revenue recognition
Services transferred at a point in time
$1,570 $45 $10 $— $— $1,625 
Services transferred over time
1,536 1,914 834 918 (128)5,074 
Total revenue$3,106 $1,959 $844 $918 $(128)$6,699 
1    Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2 In the first quarter of 2021, we reevaluated our transaction and non-transaction presentation for Ratings which resulted in a reclassification from transaction revenue to non-transaction revenue of $8 million and $7 million for the years ended December 31, 2020 and 2019, respectively.

Segment information for the years ended December 31 is as follows:
(in millions)Depreciation & AmortizationCapital Expenditures
 202120202019202120202019
Ratings$46 $40 $34 $18 $33 $41 
Market Intelligence91 101 99 12 28 44 
Platts12 17 21 2 7 13 
Indices10 9 8 2 4 5 
Total reportable segments159 167 162 34 72 103 
Corporate19 39 42 1 4 12 
Total$178 $206 $204 $35 $76 $115 

Segment information as of December 31 is as follows:
(in millions)Total Assets
 20212020
Ratings$1,248 $1,088 
Market Intelligence3,368 3,762 
Platts891 913 
Indices1,501 1,443 
Total reportable segments7,008 7,206 
Corporate 1
7,697 5,331 
Assets of businesses held for sale 2
321 — 
Total$15,026 $12,537 
1Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.
2Includes CGS and LCD as of December 31, 2021. See Note 2 – Acquisitions and Divestitures for further discussion.
We do not have operations in any foreign country that represent more than 7% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue.

The following provides revenue and long-lived assets by geographic region:
(in millions)RevenueLong-lived Assets
 Year ended December 31,December 31,
 20212020201920212020
U.S.$5,012 $4,504 $3,976 $4,733 $4,787 
European region1,995 1,769 1,659 463 496 
Asia874 782 710 85 102 
Rest of the world416 387 354 42 44 
Total$8,297 $7,442 $6,699 $5,323 $5,429 
RevenueLong-lived Assets
Year ended December 31,December 31,
 20212020201920212020
U.S.60 %61 %59 %89 %88 %
European region24 24 25 9 9 
Asia11 10 11 2 2 
Rest of the world5 5 5 — 1 
Total100 %100 %100 %100 %100 %

See Note 2 – Acquisitions and Divestitures and Note 11 – Restructuring, for actions that impacted the segment operating results.
v3.22.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Leases

During the years ended December 31, 2021 and 2020, we recorded a pre-tax impairment charge of $31 million and $120 million, respectively, related to the impairment and abandonment of operating lease related ROU assets. The pre-tax impairment charge recorded during the year ended December 31, 2021 is associated with consolidating our real estate facilities following the expected merger with IHS Markit. The impairment charges are included in selling and general expenses within the consolidated statements of income.
The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of December 31, 2021 and 2020:
(in millions)20212020
Balance Sheet Location
Assets
Right of use assetsLease right-of-use assets$426 $494 
Liabilities
Other current liabilitiesCurrent lease liabilities 96 100 
Lease liabilities — non-currentNon-current lease liabilities492 544 

The components of lease expense for the years ended December 31 are as follows: 
(in millions)20212020
Operating lease cost$124 $144 
Sublease income(2)(6)
Total lease cost$122 $138 
Supplemental information related to leases for the years ended December 31 are as follows:
(in millions)20212020
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows for operating leases127 137 
Right of use assets obtained in exchange for lease obligations
Operating leases29 8 

Weighted-average remaining lease term and discount rate for our operating leases as of December 31 are as follows:
20212020
Weighted-average remaining lease term (years)8.38.5
Weighted-average discount rate 3.59 %3.78 %

Maturities of lease liabilities for our operating leases are as follows:
(in millions)
2022$114 
202394 
202475 
202567 
202663 
2027 and beyond269 
Total undiscounted lease payments $682 
Less: Imputed interest94 
Present value of lease liabilities$588 

Related Party Agreement

In June of 2012, we entered into a license agreement (the "License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, which replaced the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the years ended December 31, 2021, 2020 and 2019, S&P Dow Jones Indices LLC earned $139 million, $149 million and $114 million of revenue under the terms of the License Agreement, respectively. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

Legal & Regulatory Matters
In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often subjected to government and regulatory proceedings, investigations and inquiries.

S&P Global Ratings has been cooperating with an SEC investigation into possible violations of Section 15E of the Exchange Act and Rule 17g-5(c)(8) thereunder in connection with a 2017 credit rating analysis by S&P Global Ratings. S&P Global Ratings is currently in active discussions to resolve the SEC’s inquiry. S&P Global Ratings has not yet reached a definitive settlement agreement with the SEC on this matter but in the fourth quarter of 2021, accrued for potential monetary penalties based on discussions to date. While we cannot predict with certainty whether we will reach agreement, or the terms of any such agreement, at this time, we do not believe that the resolution of this matter will have a material adverse effect on our business, financial condition or results of operations.

On May 17, 2021, Indices reached a settlement with the SEC relating to the operation of a then undisclosed quality assurance mechanism and its impact on certain real-time values of the S&P 500 VIX Short-Term Futures Index ER on a single business day, February 5, 2018 (the “VIX Matter”), which was the subject of a previously disclosed Wells Notice. Indices neither
admitted nor denied the SEC's allegations. The SEC found that Indices acted negligently in violation of Section 17(a)(3) of the Securities Act of 1933 with respect to the VIX Matter. The SEC acknowledged Indices’ cooperation with the SEC staff. The Company agreed to pay a penalty of $9 million that was previously reserved for in 2020 and to cease and desist from committing or causing any violations and any future violations of Section 17(a)(3) of the Securities Act of 1933.

A class action lawsuit was filed in Australia on August 7, 2020 against the Company and a subsidiary of the Company. A separate lawsuit was filed against the Company and a subsidiary of the Company in Australia on February 2, 2021 by two entities within the Basis Capital investment group. The lawsuits both relate to alleged investment losses in collateralized debt obligations rated by Ratings prior to the financial crisis. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve these matters on terms deemed acceptable.

From time to time, the Company receives customer complaints, particularly, though not exclusively, in its Ratings and Indices segments. The Company believes it has strong contractual protections in the terms and conditions included in its arrangements with customers. Nonetheless, in the interest of managing customer relationships, the Company from time to time engages in dialogue with such customers in an effort to resolve such complaints, and if such complaints cannot be resolved through dialogue, may face litigation regarding such complaints. The Company does not expect to incur material losses as a result of these matters.

Moreover, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to ratings activities and antitrust matters. For example, as a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Exchange Act, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global seeks to promptly address any compliance issues that it detects or that the staff of the SEC or another regulator raises, there can be no assurance that the SEC or another regulator will not seek remedies against S&P Global for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.
v3.22.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
Schedule II – Valuation and Qualifying Accounts
(in millions)
 
Additions/(deductions)Balance at
beginning of
year		Net charges
to income
Deductions and other 1
Balance at end
of year
Year ended December 31, 2021
Allowance for doubtful accounts$30 $14 $(18)$26 
Year ended December 31, 2020
Allowance for doubtful accounts$34 $24 $(28)$30 
Year ended December 31, 2019
Allowance for doubtful accounts$34 $17 $(17)$34 
1Primarily includes uncollectible accounts written off, net of recoveries, impact of acquisitions and divestitures and adjustments for foreign currency translation.
v3.22.0.1
Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Nature of operations
Nature of operations
S&P Global Inc. (together with its consolidated subsidiaries, the “Company,” the “Registrant,” “we,” “us” or “our”) is a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; and the commodity markets include producers, traders and intermediaries within energy, petrochemicals, metals and agriculture.

Our operations consist of four reportable segments: S&P Global Ratings ("Ratings"), S&P Global Market Intelligence ("Market Intelligence"), S&P Global Platts ("Platts") and S&P Dow Jones Indices ("Indices").
•Ratings is an independent provider of credit ratings, research and analytics, offering investors and other market participants information, ratings and benchmarks.
•Market Intelligence is a global provider of multi-asset-class data, research and analytical capabilities, which integrate cross-asset analytics and desktop services.
•Platts is the leading independent provider of information and benchmark prices for the commodity and energy markets.
•Indices is a global index provider that maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
Revenue Recognition
Revenue Recognition
Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services.

Subscription revenue
Subscription revenue at Market Intelligence is primarily derived from distribution of data, analytics, third party research, and credit ratings-related information primarily through web-based channels including Market Intelligence Desktop, RatingsDirect®, RatingsXpress®, and Credit Analytics. Subscription revenue at Platts is generated by providing customers access to commodity and energy-related price assessments, market data, and real-time news, along with other information services. Subscription revenue at Indices is derived from the contracts for underlying data of our indexes to support our customers' management of index funds, portfolio analytics, and research.

For subscription products and services, we generally provide continuous access to dynamic data sets and analytics for a defined period, with revenue recognized ratably as our performance obligation to provide access to our data and analytics is progressively fulfilled over the stated term of the contract.
Non-transaction revenue
Non-transaction revenue at Ratings is primarily related to 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 revenue elimination of $146 million, $137 million and $128 million for the years ended December 31, 2021, 2020, and 2019 respectively, mainly consisting of the royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

For non-transaction revenue related to Rating’s surveillance services, we continuously monitor factors that impact the creditworthiness of an issuer over the contractual term with revenue recognized to the extent that our performance obligation is progressively fulfilled over the term contract. Because surveillance services are continuously provided throughout the term of the contract, our measure of progress towards fulfillment of our obligation to monitor a rating is a time-based output measure with revenue recognized ratably over the term of the contract.

Non-subscription / Transaction revenue
Transaction revenue at our Ratings segment primarily includes fees associated with:

•ratings related to new issuance of corporate and government debt instruments; as well as structured finance instruments; and
•bank loan ratings.

Transaction revenue is recognized at the point in time when our performance obligation is satisfied by issuing a rating on our customer's instruments and when we have a right to payment and the customer can benefit from the significant risks and rewards of ownership.

Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing and analytical services. Non-subscription revenue at Platts is primarily related to conference sponsorship, consulting engagements and events.

Asset-linked fees
Asset-linked fees at Indices and Market Intelligence are primarily related to royalties payments based on the value of assets under management in our customers exchange-traded funds and mutual funds.

For asset-linked products and services, we provide licenses conveying continuous access to our index and benchmark-related intellectual property during a specified contract term. Revenue is recognized when the extent that our customers have used our licensed intellectual property can be quantified. Recognition of revenue for our asset-linked fee arrangements is subject to the "recognition constraint" for usage-based royalty payments because we cannot reasonably predict the value of the assets that will be invested in index funds structured using our intellectual property until it is either publicly available or when we are notified by our customers. Revenue derived from an asset-linked fee arrangement is measured and recognized when the certainty of the extent of its utilization of our index products by our customers is known.

Sales usage-based royalties
Sales usage-based royalty revenue at our Indices segment is primarily related to trading based fees from exchange-traded derivatives. Sales and usage-based royalty revenue at our Platts segment is primarily related to licensing of its proprietary market price data and price assessments to commodity exchanges.

For sales usage-based royalty products and services, we provide licenses conveying the right to continuous access to our intellectual property over the contract term, with revenue recognized when the extent of our license’s utilization can be quantified, or more specifically, when trading volumes are known and publicly available to us or when we are notified by our customers. Recognition of revenue of fees tied to trading volumes is subject to the recognition constraint for a usage-based royalty promised by our customers in exchange for the license of our intellectual property, with revenue recognized when trading volumes are known.

Arrangements with Multiple Performance Obligations
Our contracts with customers may include multiple performance obligations. Revenue relating to agreements that provide for more than one performance obligation is recognized based upon the relative fair value to the customer of each service component as each component is earned. The fair value of the service components are determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. If the fair value to the customer for each service is not objectively determinable, we make our best estimate of the services’ stand-alone selling price and record revenue as it is earned over the service period.

Receivables
We record a receivable when a customer is billed or when revenue is recognized prior to billing a customer. For multi-year agreements, we generally invoice customers annually at the beginning of each annual period.

Contract Assets
Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of December 31, 2021 and 2020, contract assets were $9 million and $7 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue
We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance for the year ended December 31, 2021 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $2.1 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations
Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of December 31, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $2.7
billion. We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain a Contract
We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain a contract were $137 million and $129 million as of December 31, 2021 and December 31, 2020, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets.The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the amortization period would have been one year or less. These costs are recorded within selling and general expenses.
Assets and Liabilities Held for Sale and Discontinued Operations
Assets and Liabilities Held for Sale and Discontinued Operations
Assets and Liabilities Held for Sale
We classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management, having the authority to approve the action, commits to a plan to sell the disposal group; the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such disposal group; an active program to locate a buyer and other actions required to complete the plan to sell the disposal group have been initiated; the sale of the disposal group is probable, and transfer of the disposal group is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond our control extend the period of time required to sell the disposal group beyond one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not recognized on the sale of a disposal group until the date of sale.

The fair value of a disposal group less any costs to sell is assessed each reporting period it remains classified as held for sale and any subsequent changes are reported as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the carrying value of the disposal group at the time it was initially classified as held for sale. Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group as held for sale in the current period in our consolidated balance sheets.
Discontinued OperationsIn determining whether a disposal of a component of an entity or a group of components of an entity is required to be presented as a discontinued operation, we make a determination whether the disposal represents a strategic shift that had, or will have, a major effect on our operations and financial results. A component of an entity comprises operations and cash flows that can be clearly distinguished both operationally and for financial reporting purposes. If we conclude that the disposal represents a strategic shift, then the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from our continuing operating results in the consolidated financial statements.
Principles of consolidation
Principles of consolidation
The consolidated financial statements include the accounts of all subsidiaries and our share of earnings or losses of joint ventures and affiliated companies under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated.
Use of estimates
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and cash equivalents
Cash and cash equivalents
Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily liquidity and fixed term time deposits. Such investments and bank deposits are stated at cost, which approximates market value, and were $6.5 billion and $4.1 billion as of December 31, 2021 and 2020, respectively. These investments are not subject to significant market risk.
Restricted cash Restricted cashCash that is subject to legal restrictions or is unavailable for general operating purposes is classified as restricted cash.
Short-term investments
Short-term investments
Short-term investments are securities with original maturities greater than 90 days that are available for use in our operations in the next twelve months. The short-term investments, primarily consisting of certificates of deposit and mutual funds, are classified as held-to-maturity and therefore are carried at cost. Interest and dividends are recorded in income when earned.
Accounts receivable
Accounts receivable
Credit is extended to customers based upon an evaluation of the customer’s financial condition. Accounts receivable, which include billings consistent with terms of contractual arrangements, are recorded at net realizable value.
Allowance for doubtful accounts
Allowance for doubtful accounts
The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions, and by incorporating data points that provide indicators of future economic conditions including forecasted industry default rates and industry index benchmarks. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators.
Capitalized technology costs Capitalized technology costsWe capitalize certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Incremental costs are expenditures that are out-of-pocket to us and are not part of an allocation or existing expense base. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the year the software is ready for its intended use over its estimated useful life, three to seven years, using the straight-line method. Periodically, we evaluate the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in other non-current assets and are presented net of accumulated amortization.
Fair Value
Fair Value
Certain assets and liabilities are required to be recorded at fair value and classified within a fair value hierarchy based on inputs used when measuring fair value. We have foreign exchange forward contracts, cross currency and interest rate swaps that are adjusted to fair value on a recurring basis.
Other financial instruments, including cash and cash equivalents and short-term investments, are recorded at cost, which approximates fair value because of the short-term maturity and highly liquid nature of these instruments.
Accounting for the impairment of long-lived assets (including other intangible assets) Accounting for the impairment of long-lived assets (including other intangible assets)We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management’s estimates, depending upon the nature of the assets.
Leases
Leases
We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases within 1 year. We consider these options in determining the lease term used to establish our right-of use ("ROU") assets and associated lease liabilities. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.
Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.
Goodwill and other indefinite-lived intangible assets
Goodwill and other indefinite-lived intangible assets
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill and other intangible assets with indefinite lives are not amortized, but instead are tested for impairment annually during the fourth quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We have four reporting units with goodwill that are evaluated for impairment.

We initially perform a qualitative analysis evaluating whether any events and circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. If, based on our evaluation we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than their respective carrying amounts we perform a quantitative impairment test.

When conducting our impairment test to evaluate the recoverability of goodwill at the reporting unit level, the estimated fair value of the reporting unit is compared to its carrying value including goodwill. Fair value of the reporting units are estimated using the income approach, which incorporates the use of the discounted free cash flow (“DCF”) analyses and are corroborated using the market approach, which incorporates the use of revenue and earnings multiples based on market data. The DCF analyses are based on the current operating budgets and estimated long-term growth projections for each reporting unit. Future cash flows are discounted based on a market comparable weighted average cost of capital rate for each reporting unit, adjusted for market and other risks where appropriate. In addition, we analyze any difference between the sum of the fair values of the
reporting units and our total market capitalization for reasonableness, taking into account certain factors including control premiums. If the fair value of the reporting unit is less than the carrying value, the difference is recognized as an impairment charge.

We evaluate the recoverability of indefinite-lived intangible assets by first performing a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the indefinite-lived asset is impaired. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the indefinite-lived asset is impaired, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the indefinite-lived asset is impaired, a quantitative impairment test is performed. If necessary, an impairment analysis is performed using the income approach to estimate the fair value of the indefinite-lived intangible asset. If the intangible asset carrying value exceeds its fair value, an impairment charge is recognized in an amount equal to that excess.

Significant judgments inherent in these analyses include estimating the amount and timing of future cash flows and the selection of appropriate discount rates, royalty rates and long-term growth rate assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit and indefinite-lived intangible asset and could result in an impairment charge, which could be material to our financial position and results of operations.
Foreign currency translation
Foreign currency translation
We have operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the parent company, the United States ("U.S.") dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end of period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Foreign currency translation adjustments are accumulated in a separate component of equity.
Depreciation
Depreciation
The costs of property and equipment are depreciated using the straight-line method based upon the following estimated useful lives: buildings and improvements from 15 to 40 years and equipment and furniture from 2 to 10 years. The costs of leasehold improvements are amortized over the lesser of the useful lives or the terms of the respective leases.
Advertising expense Advertising expenseThe cost of advertising is expensed as incurred.
Stock-based compensation Stock-based compensationStock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in the consolidated statements of income.
Income taxes
Income taxes
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating expense, respectively.

Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information.

We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on an assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that tax examinations will be
settled prior to December 31, 2022. If any of these tax audit settlements do occur within that period we would make any necessary adjustments to the accrual for unrecognized tax benefits.
Redeemable Noncontrolling Interest Redeemable Noncontrolling InterestThe agreement with the minority partners of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by our minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Since redemption of the noncontrolling interest is outside of our control, this interest is presented on our consolidated balance sheets under the caption “Redeemable noncontrolling interest.” If the interest were to be redeemed, we would generally be required to purchase the interest at fair value on the date of redemption. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.
Contingencies
Contingencies
We accrue for loss contingencies when both (a) information available prior to issuance of the consolidated financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record our best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may be incurred.
Recent Accounting Standards
Recent Accounting Standards

In October of 2021, the Financial Accounting Standards Board ("FASB") issued guidance that amends the acquirer's accounting for contract assets and contract liabilities from contracts with customers in a business combination in accordance with Topic 606. The guidance is effective for reporting periods beginning after December 15, 2022; however, early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In August of 2020, the FASB issued guidance that amends the accounting for convertible instruments and the derivatives scope exception for contracts in an entity's own equity. The guidance was effective on January 1, 2021, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In March of 2020, the FASB issued accounting guidance to provide temporary optional expedients and exceptions to the current contract modifications and hedge accounting guidance in light of the expected market transition from London Interbank Offered Rate ("LIBOR") to alternative rates. The new guidance provides optional expedients and exceptions to transactions affected by reference rate reform if certain criteria are met. The transactions primarily include (1) contract modifications, (2) hedging relationships, and (3) sale or transfer of debt securities classified as held-to-maturity. The amendments were effective immediately upon issuance of the update. The Company may elect to adopt the amendments prospectively to transactions existing as of or entered into from the date of adoption through December 31, 2022. The FASB further issued guidance in January of 2021, to clarify the scope of Topic 848. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In January of 2020, the FASB intended to clarify the interaction of the accounting for equity securities under Accounting Standards Codification ("ASC") 321, investments accounted for under the equity method of accounting under ASC 323, and the accounting for certain forward contracts and purchased options accounted for under ASC 815. The guidance clarifies how to account for the transition into and out of the equity method of accounting when considering observable transactions under the measurement alternative. The guidance was effective on January 1, 2021, and the adoption of this guidance did not have a significant impact on our consolidated financial statements.

In December of 2019, the FASB issued guidance to simplify the accounting for income taxes, which eliminates certain exceptions to the general principles of Topic 740. The guidance is effective for reporting periods after December 15, 2020. Our adoption of this guidance on January 1, 2021 did not have a significant impact on our consolidated financial statements.
Reclassification
Reclassification
Certain prior year amounts have been reclassified for comparability purposes.
v3.22.0.1
Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Schedule of Other (Income) Expense, net
The components of other (income) expense, net for the year ended December 31 are as follows:
 
(in millions)202120202019
Other components of net periodic benefit cost 1
$(45)$(32)$79 
Net (income) loss from investments(17)1 19 
Other (income) expense, net$(62)$(31)$98 

1 The net periodic benefit cost for our retirement and post retirement plans for the year ended December 31, 2020 includes a non-cash pre-tax settlement charge of $3 million. During the year ended December 31, 2019, the Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The net periodic benefit cost for our retirement and post retirement plans for the year ended December 31, 2019 includes a non-cash pre-tax settlement charge of $113 million reflecting the accelerated recognition of a portion of unamortized actuarial losses in the plan.
v3.22.0.1
Acquisitions and Divestitures (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Liabilities Assumed In Conjunction With Acquisitions Businesses
Liabilities assumed in conjunction with our acquisitions are as follows:
(in millions)Year ended December 31,
 202120202019
Fair value of assets acquired$110 $219 $110 
Cash paid (net of cash acquired)99 201 91 
Liabilities assumed$11 $18 $19 
Schedule of Key Components of Assets and Liabilities Held for Sale
The components of assets and liabilities held for sale in the consolidated balance sheet consist of the following:
(in millions)December 31,
2021 1
Accounts Receivable, net$59 
Goodwill255 
Other assets7 
   Assets of businesses held for sale$321 
Accounts payable and accrued expenses$11 
Unearned revenue138 
   Liabilities of businesses held for sale$149 
1 Assets and liabilities held for sale as of December 31, 2021 relate to CGS and LCD.

The operating profit of our businesses that were held for sale or disposed of for the years ending December 31, 2021, 2020, and 2019 is as follows:
(in millions)Year ended December 31,
202120202019
Operating profit 1
$172 $162 $162 
1 The operating profit presented includes the revenue and recurring direct expenses associated with businesses held for sale. The year ended December 31, 2021 excludes a pre-tax gain on the sale of SPIAS of $3 million. The year ended December 31, 2020 excludes a pre-tax gain on the sale of the IR webhosting business of $11 million. The year ended December 31, 2019 excludes a pre-tax gain on the sale of RigData and SPIAS of $27 million and $22 million, respectively.
v3.22.0.1
Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Change in Carrying Amount of Goodwill
The change in the carrying amount of goodwill by segment is shown below:
(in millions)RatingsMarket IntelligencePlattsIndicesCorporateTotal
Balance as of December 31, 2019$115 $2,062 $521 $376 $501 $3,575 
Acquisitions138 — — — — 138 
Dispositions— (2)— — — (2)
Other 1
10 11 6 — (3)24 
Balance as of December 31, 2020263 2,071 527 376 498 3,735 
Acquisitions— — — — 54 54 
  Reclassifications 2
— (255)— — — (255)
Other 1
(18)(8)(2)— — (28)
Balance as of December 31, 2021$245 $1,808 $525 $376 $552 $3,506 
1Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2021 includes adjustments related to RobecoSAM and 2020 includes adjustments related to Investor Relations.
2Relates to CGS and LCD, which are classified as assets held for sale in our consolidated balance sheet as of December 31, 2021
Schedule of Other Intangible Assets
The following table summarizes our definite-lived intangible assets:
(in millions) 
CostDatabases and softwareContentCustomer relationshipsTradenamesOther intangiblesTotal
Balance as of December 31, 2019$629 $139 $355 $54 $130 $1,307 
   Acquisitions14 — — — 40 54 
     Other (primarily Fx) 1
2 — 1 1 7 11 
Balance as of December 31, 2020645 139 356 55 177 1,372 
   Acquisitions— — — — 18 18 
     Other 1
— — (1)— 11 10 
Balance as of December 31, 2021$645 $139 $355 $55 $206 $1,400 
Accumulated amortization
Balance as of December 31, 2019$331 $129 $153 $48 $68 $729 
Current year amortization73 10 21 2 17 123 
Acquisitions— — — — 10 10 
     Other (primarily Fx) 1
2 — 1 — 1 4 
Balance as of December 31, 2020406 139 175 50 96 866 
Current year amortization52 — 21 2 21 96 
     Reclassifications 2
8 — — — (8)— 
     Other 1
1 — — — (2)(1)
Balance as of December 31, 2021$467 $139 $196 $52 $107 $961 
Net definite-lived intangibles:
December 31, 2020$239 $— $181 $5 $81 $506 
December 31, 2021$178 $— $159 $3 $99 $439 
1Primarily relates to the impact of foreign exchange and valuation adjustments for prior period acquisitions. 2021 includes adjustments related to RobecoSAM and 2020 includes adjustments related to 451 Research.
2The reclassification in 2021 is related to RobecoSAM.
Schedule of Projected Amortization Expense for Intangible Assets Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows:
(in millions)20222023202420252026
Amortization expense 1
$91 $85 $82 $65 $34 
1 Amortization expense does not include the expected merger with IHS Markit which is expected to be completed in the first quarter of 2022.
v3.22.0.1
Taxes on Income (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income Before Taxes from Domestic and Foreign Operations
Income before taxes on income resulting from domestic and foreign operations is as follows:
(in millions)Year Ended December 31,
 202120202019
Domestic operations$2,874 $2,226 $2,068 
Foreign operations1,290 1,002 862 
Total income before taxes$4,164 $3,228 $2,930 
Schedule of Provision for Taxes on Income
The provision for taxes on income consists of the following:
(in millions)Year Ended December 31,
 202120202019
Federal:
Current$438 $349 $303 
Deferred(9)1 13 
Total federal429 350 316 
Foreign:
Current295 246 201 
Deferred23 (9)14 
Total foreign318 237 215 
State and local:
Current153 111 93 
Deferred1 (4)3 
Total state and local154 107 96 
Total provision for taxes $901 $694 $627 
Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate
A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes is as follows:
 
Year Ended December 31,
 202120202019
U.S. federal statutory income tax rate21.0 %21.0 %21.0 %
State and local income taxes3.3 3.0 2.6 
Foreign operations(0.2)(0.3)(0.3)
Stock-based compensation(0.8)(0.7)(1.4)
S&P Dow Jones Indices LLC joint venture(1.1)(1.2)(1.2)
Tax credits and incentives(2.3)(2.2)(1.7)
Other, net1.7 1.9 2.4 
Effective income tax rate 21.6 %21.5 %21.4 %
Schedule of Differences Between the Accounting for Income and Expenses for Financial Reporting and Income Tax
The principal temporary differences between the accounting for income and expenses for financial reporting and income tax purposes are as follows: 
(in millions)December 31,
20212020
Deferred tax assets:
Employee compensation$57 $64 
Accrued expenses54 41 
Postretirement benefits28 12 
Unearned revenue74 28 
Forward exchange contracts 71 — 
Loss carryforwards204 217 
Lease liabilities142 186 
Other32 53 
Total deferred tax assets662 601 
Deferred tax liabilities:
Goodwill and intangible assets(394)(347)
Right of use asset(101)(138)
Postretirement benefits(46)— 
Fixed assets(6)(7)
Total deferred tax liabilities(547)(492)
Net deferred income tax asset before valuation allowance115 109 
Valuation allowance(206)(219)
Net deferred income tax liability$(91)$(110)
Reported as:
Non-current deferred tax assets$56 $67 
Non-current deferred tax liabilities(147)(177)
Net deferred income tax liability$(91)$(110)
Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions)Year ended December 31,
 202120202019
Balance at beginning of year$121 $124 $147 
Additions based on tax positions related to the current year35 24 21 
Additions for tax positions of prior years9 1 11 
Reduction for tax positions of prior years— (13)(15)
Reduction for settlements(8)(4)(33)
Expiration of applicable statutes of limitations(10)(11)(7)
Balance at end of year$147 $121 $124 
v3.22.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Short-term and Long-term Debt Outstanding
A summary of long-term debt outstanding is as follows:
(in millions)December 31,
 20212020
4.0% Senior Notes, due 2025 1
$696 $695 
2.95% Senior Notes, due 2027 2
496 495 
2.5% Senior Notes, due 2029 3
496 495 
1.25% Senior Notes, due 2030 4
593 592 
6.55% Senior Notes, due 2037 5
290 290 
4.5% Senior Notes, due 2048 6
273 273 
3.25% Senior Notes, due 2049 7
589 589 
2.3% Senior Notes, due 2060 8
681 681 
Long-term debt$4,114 $4,110 

1Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $4 million.
2Interest payments are due semiannually on January 22 and July 22, and as of December 31, 2021, the unamortized debt discount and issuance costs total $4 million.
3Interest payments are due semiannually on June 1 and December 1, and as of December 31, 2021, the unamortized debt discount and issuance costs total $4 million.
4Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $7 million.
5Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $3 million.
6Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $10 million.
7Interest payments are due semiannually on June 1 and December 1, and as of December 31, 2021, the unamortized debt discount and issuance costs total $11 million.
8Interest payments are due semiannually on February 15 and August 15, and as of December 31, 2021, the unamortized debt discount and issuance costs total $19 million.
v3.22.0.1
Derivative Instruments (Tables)
 12 Months Ended
Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Location and Fair Value Amounts of Cash Flow Hedges
The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of December 31, 2021 and December 31, 2020:
(in millions)December 31,December 31,
Balance Sheet Location20212020
Derivatives designated as cash flow hedges:
Prepaid and other current assets Foreign exchange forward contracts$7 $23 
Other current liabilitiesForeign exchange forward contracts$— $2 
Other non-current liabilitiesInterest rate swap contracts$270 $— 
Derivative designated as net investment hedges:
Other non-current liabilitiesCross currency swaps$17 $107 
Schedule of Pre-tax Gains (Losses) on Cash Flow Hedges
The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the years ended December 31:
(in millions)Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
202120202019202120202019
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts$(11)$17 $(2)Revenue, Selling and general expenses$19 $2 $5 
Interest rate swap contracts$(270)$— $— Interest expense, net$— $— $— 
Net investment hedges- designated as hedging instruments
Cross currency swaps$84 $(97)$(10)Interest expense, net$(5)$— $— 
Schedule of Cash Flow Hedges included in AOCI
The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the years ended December 31:
(in millions)Year ended December 31,
202120202019
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period$14 $2 $4 
Change in fair value, net of tax11 14 3 
Reclassification into earnings, net of tax(19)(2)(5)
Net unrealized gains on cash flow hedges, net of taxes, end of period$6 $14 $2 
Interest rate swap contracts
Net unrealized losses on cash flow hedges, net of taxes, beginning of period$— $— $— 
Change in fair value, net of tax(203)— — 
Reclassification into earnings, net of tax— — — 
Net unrealized losses on cash flow hedges, net of taxes, end of period$(203)$— $— 
Net Investment Hedges
Net unrealized losses on net investment hedges, net of taxes, beginning of period$(81)$(8)$— 
Change in fair value, net of tax59 (73)(8)
Reclassification into earnings, net of tax5 — — 
Net unrealized losses on net investment hedges, net of taxes, end of period$(17)$(81)$(8)
v3.22.0.1
Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of the Benefit Obligation, the Fair Value of Plan Assets, and the Funded Status
A summary of the benefit obligation and the fair value of plan assets, as well as the funded status for the retirement and postretirement plans as of December 31, 2021 and 2020, is as follows (benefits paid in the table below include only those amounts contributed directly to or paid directly from plan assets): 
(in millions)Retirement PlansPostretirement Plans
 2021202020212020
Net benefit obligation at beginning of year$2,220 $1,945 $36 $38 
Service cost4 4 — — 
Interest cost40 52 1 1 
Plan participants’ contributions— — 2 2 
Actuarial (gain) loss 1
(55)269 (2)1 
Gross benefits paid(77)(76)(5)(6)
Foreign currency effect(10)26 — — 
Other adjustments 2
— — (4)— 
Net benefit obligation at end of year2,122 2,220 28 36 
Fair value of plan assets at beginning of year2,243 1,960 9 13 
Actual return on plan assets58 327 — — 
Employer contributions11 12 — — 
Plan participants’ contributions— — 2 2 
Gross benefits paid(77)(76)(5)(6)
Foreign currency effect(4)20 — — 
Fair value of plan assets at end of year2,231 2,243 6 9 
Funded status$109 $23 $(22)$(27)
Amounts recognized in consolidated balance sheets:
Non-current assets$359 $297 $— $— 
Current liabilities(10)(10)— — 
Non-current liabilities(240)(264)(22)(27)
$109 $23 $(22)$(27)
Accumulated benefit obligation$2,110 $2,204 
Plans with accumulated benefit obligation in excess of the fair value of plan assets:
Projected benefit obligation$250 $274 
Accumulated benefit obligation$238 $258 
Fair value of plan assets$— $— 
Amounts recognized in accumulated other comprehensive loss, net of tax:
Net actuarial loss (gain)$350 $373 $(36)$(37)
Prior service credit2 2 (14)(12)
Total recognized$352 $375 $(50)$(49)
1The actuarial gain in 2021 compared to the actuarial loss in 2020 was primarily due to an increase in the discount rate.
2Relates to the impact of a plan amendment in 2021.
Schedule of Net Periodic Benefit Cost
A summary of net periodic benefit cost for our retirement and postretirement plans for the years ended December 31, is as follows: 
(in millions)Retirement PlansPostretirement Plans
 202120202019202120202019
Service cost$4 $4 $3 $— $— $— 
Interest cost40 52 64 1 1 1 
Expected return on assets(104)(102)(108)— — — 
Amortization of:
Actuarial loss (gain)21 17 12 (2)(2)(2)
Prior service credit— — — (1)(1)(1)
Net periodic benefit cost (39)(29)(29)(2)(2)(2)
Settlement charge 3 
1
3 
1
113 2— — — 
Total net periodic benefit cost$(36)$(26)$84 $(2)$(2)$(2)
1During the years ended December 31, 2021 and 2020, lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.K. pension plan, triggering the recognition of non-cash pre-tax settlement charges of $3 million.
2Relates to the impact of a retiree annuity purchase in 2019. The Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash pretax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.
Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income, Net of Tax
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax for the years ended December 31, are as follows:
(in millions)Retirement PlansPostretirement Plans
 202120202019202120202019
Net actuarial loss (gain) $(6)$28 $(10)$(1)$1 $— 
Recognized actuarial (gain) loss(15)(9)(10)1 2 1 
Prior service cost— — — (1)1 1 
Settlement charge(2)
1
(2)
1
(85)2— — — 
Total recognized$(23)$17 $(105)$(1)$4 $2 
1During the years ended December 31, 2021 and 2020, lump sum withdrawals exceeded the combined total anticipated annual service and interest cost of our U.K. pension plan, triggering the recognition of non-cash pre-tax settlement charges of $3 million.
2Relates to the impact of a retiree annuity purchase in 2019. The Company purchased a group annuity contract under which an insurance company assumed a portion of the Company's obligation to pay pension benefits to the plan's beneficiaries. The purchase of this group annuity contract was funded by pension plan assets. The non-cash after tax settlement charge reflects the accelerated recognition of a portion of unamortized actuarial losses in the plan.
Schedule of Assumptions Used
Assumptions
 Retirement PlansPostretirement Plans
 202120202019202120202019
Benefit obligation:
Discount rate 2
3.05 %2.75 %3.45 %2.72 %2.20 %3.08 %
Net periodic cost:
Weighted-average healthcare cost rate 1
N/A6.00 %6.50 %
Discount rate - U.S. plan 2
2.75 %3.45 %4.40 %2.20 %3.08 %4.15 %
Discount rate - U.K. plan 2
1.36 %1.92 %2.72 %
Return on assets 3
5.00 %5.50 %6.00 %
1The health care cost trend rate no longer applies since all subsidized benefits subject to trend were eliminated in 2021.
2Effective January 1, 2021, we changed our discount rate assumption on our U.S. retirement plans to 2.75% from 3.45% in 2020 and changed our discount rate assumption on our U.K. plan to 1.36% from 1.92% in 2020.
3The expected return on assets assumption is calculated based on the plan’s asset allocation strategy and projected market returns over the long-term. Effective January 1, 2022, our return on assets assumption for the U.S. plan was reduced to 4.00% from 5.00% and the U.K. plan was reduced to 5.00% from 5.50%.
Schedule of Information about the Expected Cash Flows for Retirement and Post-Retirement Plans and Impact of the Medicare Subsidy Information about the expected cash flows for our retirement and postretirement plans is as follows: 
(in millions)
Retirement
Plans 1
Postretirement Plans 2
2022$70 3 
202373 3 
202475 3 
202579 3 
202682 2 
2027-2031447 8 
1Reflects the total benefits expected to be paid from the plans or from our assets including both our share of the benefit cost and the participants’ share of the cost.
2Reflects the total benefits expected to be paid from our assets.
Schedule of Fair Value of Defined Benefit Plan Assets by Asset Class The fair value of our defined benefit plans assets as of December 31, 2021 and 2020, by asset class is as follows:
(in millions)December 31, 2021
 TotalLevel 1Level 2Level 3
Cash and short-term investments$6 $6 $— $— 
Equities:
U.S. indexes 1
6 6 — — 
Fixed income:
Long duration strategy 2
1,376 — 1,376 — 
Intermediate duration securities59 — 59 — 
Real Estate:
U.K. 3
44 — — 44 
Infrastructure:
U.K. 4
81 — 81 
Total$1,572 $12 $1,516 $44 
Common collective trust funds measured at net asset value as a practical expedient:
Collective investment funds 5
$659 
Total$2,231 
(in millions)December 31, 2020
 TotalLevel 1Level 2Level 3
Cash and short-term investments$4 $4 $— $— 
Equities:
U.S. indexes 1
9 9 — — 
U.S. growth and value41 41 — — 
Fixed income:
Long duration strategy 2
1,339 — 1,339 — 
Intermediate duration securities57 — 57 — 
Real Estate:
U.K. 3
38 — — 38 
Infrastructure:
U.K. 4
$78 $— $78 $— 
Total$1,566 $54 $1,474 $38 
Common collective trust funds measured at net asset value as a practical expedient:
Collective investment funds 5
$677 
Total$2,243 
1Includes securities that are tracked in the S&P Smallcap 600 index.
2Includes securities that are mainly investment grade obligations of issuers in the U.S.
3Includes a fund which holds real estate properties in the U.K.
4Includes funds that invest in global infrastructure for the UK Pension.
5Includes the Standard & Poor's 500 Composite Stock Index, the Standard & Poor's MidCap 400 Composite Stock Index, a short-term investment fund which is a common collective trust vehicle, and other various asset classes.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets The following table details further information on our plan assets where we have used significant unobservable inputs:
(in millions)Level 3
Balance as of December 31, 2020
$38 
       Distributions(2)
       Gain (loss) 8 
Balance as of December 31, 2021
$44 
v3.22.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Number of Common Shares Reserved for Issuance
The number of common shares reserved for issuance are as follows: 
(in millions)December 31,
20212020
Shares available for granting 1
19.519.7
Options outstanding0.30.5
Total shares reserved for issuance 2
19.820.2
1     Shares available for granting at December 31, 2021 and 2020 are under the 2019 Plan.
2     Shares reserved for issuance under the Director Deferred Stock Ownership Plan are not included in the total, but are less than 1.0 million at both December 31, 2021 and 2020.
Schedule of Stock-based Compensation Expense
Stock-based compensation expense and the corresponding tax benefit are as follows: 
(in millions)Year Ended December 31,
 202120202019
Stock option expense$— $— $1 
Restricted stock and unit awards expense 122 90 77 
Total stock-based compensation expense$122 $90 $78 
Tax benefit$20 $15 $13 
Schedule of Stock Option Activity
Stock option activity is as follows: 
(in millions, except per award amounts)SharesWeighted average exercise priceWeighted-average remaining years of contractual termAggregate intrinsic value
Options outstanding as of December 31, 2020
0.5 $60.46 
Exercised(0.2)$283.56 
Forfeited and expired 1
— $39.94 
Options outstanding as of December 31, 2021
0.3 $67.14 1.99$113 
Options exercisable as of December 31, 2021
0.3 $67.14 1.99$113 
1 There are less than 0.1 million shares forfeited and expired.

(in millions, except per award amounts)SharesWeighted-average grant-date fair value
Nonvested options outstanding as of December 31, 2020
— $111.96 
Vested 1
— $111.96 
Nonvested options outstanding as of December 31, 2021 2
— $— 
Total unrecognized compensation expense related to nonvested options$— 
Weighted-average years to be recognized over0.0
1There are less than 0.1 million shares vested.
2There are no nonvested options outstanding as of December 31, 2021.
Schedule of Stock Option Exercises
Information regarding our stock option exercises is as follows: 
(in millions)Year Ended December 31,
 202120202019
Net cash proceeds from the exercise of stock options$13 $16 $40 
Total intrinsic value of stock option exercises$41 $60 $110 
Income tax benefit realized from stock option exercises$11 $13 $33 
Schedule of Restricted Stock and Unit Activity
Restricted stock and unit activity for performance and non-performance awards is as follows: 
(in millions, except per award amounts)SharesWeighted-average grant-date fair value
Nonvested shares as of December 31, 2020
0.6 $227.67 
Granted 0.4 $296.49 
Vested(0.5)$219.85 
Forfeited— $263.18 
Nonvested shares as of December 31, 2021
0.5 $299.28 
Total unrecognized compensation expense related to nonvested awards$101 
Weighted-average years to be recognized over1.7

 Year Ended December 31,
 202120202019
Weighted-average grant-date fair value per award$296.49 $232.92 $187.40 
Total fair value of restricted stock and unit awards vested$243 $134 $153 
Tax benefit relating to restricted stock activity$48 $26 $29 
v3.22.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Schedule of Dividend History
 Year Ended December 31,
 202120202019
Quarterly dividend rate$0.77 $0.67 $0.57 
Annualized dividend rate$3.08 $2.68 $2.28 
Dividends paid (in millions)$743 $645 $560 
Schedule of Accelerated Share Repurchase Agreements
The terms of each ASR agreement entered into for the years ended December 31, 2021, 2020 and 2019, structured as outlined above, are as follows:
(in millions, except average price)
ASR Agreement Initiation DateASR Agreement Completion DateInitial Shares DeliveredAdditional Shares DeliveredTotal Number of Shares
Purchased		Average Price Paid Per ShareTotal Cash Utilized
February 11, 2020 1
July 27, 20201.3 0.4 1.7 $292.13 $500 
February 11, 2020 2
July 27, 20201.4 0.3 1.7 $292.13 $500 
August 5, 2019 3
October 1, 20191.7 0.3 2.0 $253.36 $500 
February 11, 2019 4
July 31, 20192.2 0.1 2.3 $214.65 $500 
1 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.3 million shares and an additional amount of 0.2 million in February 2020, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on July 27, 2020 and received an additional 0.2 million shares.
2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 1.4 million shares, representing 85% of the $500 at a price equal to the then market price of the Company. We completed the ASR agreement on July 27, 2020 and received an additional 0.3 million shares.
3 The ASR agreement was structured as a capped ASR agreement in which we paid $500 million and received an initial delivery of 1.7 million shares, and an additional amount of 0.2 million in August 2019, representing a minimum number of shares of our common stock to be repurchased based on a calculation using a specified capped price per share. We completed the ASR agreement on October 1, 2019 and received an additional 0.1 million shares.
4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and received an initial delivery of 2.2 million shares, representing 85% of the $500 at a price equal to the then market price of the Company. We completed the ASR agreement on July 31, 2019 and received an additional 0.1 million shares.
Schedule of Share Repurchases
Additionally, we purchased shares of our common stock in the open market as follows:
(in millions, except average price)
Year EndedTotal number of shares purchased Average price paid per share Total cash utilized
December 31, 20200.5 $295.40 $161 
December 31, 20191.2 $208.83 $240 
Schedule of Redeemable Noncontrolling Interest Rollforward
Changes to redeemable noncontrolling interest during the year ended December 31, 2021 were as follows:
(in millions)
Balance as of December 31, 2020$2,781 
Net income attributable to redeemable noncontrolling interest215 
Distributions to noncontrolling interest(198)
Redemption value adjustment631 
Balance as of December 31, 2021$3,429 
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss
The following table summarizes the changes in the components of accumulated other comprehensive loss for the year ended December 31, 2021:
(in millions)
Foreign Currency Translation Adjustments 1,3
Pension and Postretirement Benefit Plans 2
Unrealized Gain (Loss)
on Cash Flow Hedges 3
Accumulated Other Comprehensive Loss
Balance as of December 31, 2020$(323)$(328)$14 $(637)
Other comprehensive (loss) income before reclassifications(18)8 (195)(205)
Reclassifications from accumulated other comprehensive income (loss) to net earnings5 15 (19)1 
Net other comprehensive gain (loss) income
(13)23 (214)(204)
Balance as of December 31, 2021$(336)$(305)$(200)$(841)
1Includes an unrealized gain related to our cross currency swaps. See note 6 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.
2Reflects amortization of net actuarial losses and is net of a tax benefit of $3 million for the year ended December 31, 2021. See Note 7 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
3See Note 6 – Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.
v3.22.0.1
Earnings per Share (Tables)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Schedule of Calculation for Basic and Diluted Earnings per Share
The calculation for basic and diluted EPS is as follows:
(in millions, except per share data)Year Ended December 31,
 202120202019
Amount attributable to S&P Global Inc. common shareholders:
Net income$3,024 $2,339 $2,123 
Basic weighted-average number of common shares outstanding240.8 241.0 245.4 
Effect of stock options and other dilutive securities1.0 1.1 1.5 
Diluted weighted-average number of common shares outstanding241.8 242.1 246.9 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$12.56 $9.71 $8.65 
Diluted$12.51 $9.66 $8.60 
v3.22.0.1
Restructuring (Tables)
 12 Months Ended
Dec. 31, 2021
Restructuring and Related Activities [Abstract]  
Schedule of Initial Restructuring Charge Recorded and the Ending Reserve Balance The initial restructuring charge recorded and the ending reserve balance as of December 31, 2021 by segment is as follows:
2021 Restructuring Plan2020 Restructuring Plan
(in millions)Initial Charge RecordedEnding Reserve BalanceInitial Charge RecordedEnding Reserve Balance
Ratings$3 $3 $4 $1 
Market Intelligence3 3 27 4 
Platts— — 10 4 
Indices— — 5 — 
Corporate13 13 19 4 
Total$19 $19 $65 $13 
v3.22.0.1
Segment and Geographic Information (Tables)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Schedule of Segment Information
A summary of operating results for the years ended December 31 is as follows:
Revenue
(in millions)202120202019
Ratings
$4,097 $3,606 $3,106 
Market Intelligence
2,247 2,106 1,959 
Platts950 878 844 
Indices 1,149 989 918 
Intersegment elimination 1
(146)(137)(128)
Total revenue$8,297 $7,442 $6,699 
 
Operating Profit
(in millions)202120202019
Ratings 2
$2,629 $2,223 $1,783 
Market Intelligence 3
703 589 566 
Platts 4
517 458 457 
Indices 5
798 666 632 
Total reportable segments4,647 3,936 3,438 
Corporate Unallocated expense 6
(426)(319)(212)
Total operating profit$4,221 $3,617 $3,226 

1Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2Operating profit for the year ended December 31, 2021 includes a gain on disposition of $6 million, recovery of lease-related costs of $4 million and employee severance charges of $3 million. Operating profit for the year ended December 31, 2020 includes a technology-related impairment charge of $11 million, lease-related costs of $5 million and employee severance charges of $4 million. Operating profit or the year ended December 31, 2019 includes employee severance charges of $11 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $10 million, $7 million and $2 million for the years ended December 31, 2021, 2020 and 2019, respectively.
3Operating profit for the year ended December 31, 2021 includes employee severance charges of $3 million, a gain on disposition of $3 million, acquisition-related costs of $2 million and lease-related costs of $1 million. Operating profit for the year ended December 31, 2020 includes employee severance charges of $27 million, a gain on dispositions of $12 million and lease-related costs of $3 million. As of July 1, 2019, we completed the sale of SPIAS and the results are included in Market Intelligence results through that date. Operating profit for the year ended December 31, 2019 includes a gain on the sale of SPIAS of $22 million, employee severance charges of $6 million and acquisition-related costs of $4 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $65 million, $76 million, and $75 million for the years ended December 31, 2021, 2020, and 2019, respectively.
4Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $2 million. Operating profit for the year ended December 31, 2020 includes severance charges of $11 million and lease-related costs of $2 million. As of July 31, 2019, we completed the sale of RigData and the results are included in Platts results through that date. Operating profit for the year ended December 31, 2019 includes a gain on the sale of RigData of $27 million and employee severance charges of $1 million. Additionally, Operating profit includes amortization of intangibles from acquisitions of $8 million, $9 million, and $12 million for the years ended December 31, 2021, 2020, and 2019, respectively.
5Operating profit for the year ended December 31, 2021 includes recovery of lease-related costs of $1 million. Operating profit for the year ended December 31, 2020 includes employee severance charges of $5 million, a lease impairment charge of $4 million, a technology-related impairment charge of $2 million and lease-related costs of $1 million. Operating profit includes amortization of intangibles from acquisitions of $6 million for the years ended December 31, 2021, 2020, and 2019.
6Corporate Unallocated expense for the year ended December 31, 2021 includes IHS Markit merger costs of $249 million, employee severance charges of $13 million, lease-related costs of $4 million, a lease impairment of $3 million, Kensho retention related expenses of $2 million, acquisition-related costs of $2 million and a gain on disposition of $2 million. Corporate Unallocated expense for the year ended December 31, 2020 includes lease impairments of $116 million, IHS Markit merger costs of $24 million, employee severance charges of $19 million, Kensho retention related expense of $12 million and a gain related to an acquisition of $1 million. Corporate Unallocated expense for the year ended December 31, 2019 includes Kensho retention related expenses of $21 million, lease impairments of $11 million and employee severance charges of $7 million. Additionally, Corporate Unallocated expense includes
amortization of intangibles from acquisitions of $7 million, $26 million, and $28 million for the years ended December 31, 2021, 2020, and 2019, respectively.

The following table presents our revenue disaggregated by revenue type for the years ended December 31:
(in millions)RatingsMarket IntelligencePlattsIndices
Intersegment Elimination 1
Total
2021
Subscription$— $2,191 $871 $191 $— $3,253 
Non-subscription / Transaction
2,253 56 13 — — 2,322 
Non-transaction
1,844 — — — (146)1,698 
Asset-linked fees— — — 800 — 800 
Sales usage-based royalties— — 66 158 — 224 
Total revenue$4,097 $2,247 $950 $1,149 $(146)$8,297 
Timing of revenue recognition
Services transferred at a point in time
$2,253 $56 $13 $— $— $2,322 
Services transferred over time
1,844 2,191 937 1,149 (146)5,975 
Total revenue$4,097 $2,247 $950 $1,149 $(146)$8,297 
(in millions)RatingsMarket IntelligencePlattsIndices
Intersegment Elimination 1
Total
20202
Subscription$— $2,050 $809 $177 $— $3,036 
Non-subscription / Transaction1,969 55 7 — — 2,031 
Non-transaction1,637 — — — (137)1,500 
Asset-linked fees— 1 — 647 — 648 
Sales usage-based royalties— — 62 165 — 227 
Total revenue$3,606 $2,106 $878 $989 $(137)$7,442 
Timing of revenue recognition
Services transferred at a point in time
$1,969 $55 $7 $— $— $2,031 
Services transferred over time1,637 2,051 871 989 (137)5,411 
Total revenue$3,606 $2,106 $878 $989 $(137)$7,442 
(in millions)RatingsMarket IntelligencePlattsIndices
Intersegment Elimination 1
Total
20192
Subscription$— $1,904 $774 $165 $— $2,843 
Non-subscription / Transaction
1,570 45 10 — — 1,625 
Non-transaction
1,536 — — — (128)1,408 
Asset-linked fees— 10 — 613 — 623 
Sales usage-based royalties— — 60 140 — 200 
Total revenue$3,106 $1,959 $844 $918 $(128)$6,699 
Timing of revenue recognition
Services transferred at a point in time
$1,570 $45 $10 $— $— $1,625 
Services transferred over time
1,536 1,914 834 918 (128)5,074 
Total revenue$3,106 $1,959 $844 $918 $(128)$6,699 
1    Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2 In the first quarter of 2021, we reevaluated our transaction and non-transaction presentation for Ratings which resulted in a reclassification from transaction revenue to non-transaction revenue of $8 million and $7 million for the years ended December 31, 2020 and 2019, respectively.

Segment information for the years ended December 31 is as follows:
(in millions)Depreciation & AmortizationCapital Expenditures
 202120202019202120202019
Ratings$46 $40 $34 $18 $33 $41 
Market Intelligence91 101 99 12 28 44 
Platts12 17 21 2 7 13 
Indices10 9 8 2 4 5 
Total reportable segments159 167 162 34 72 103 
Corporate19 39 42 1 4 12 
Total$178 $206 $204 $35 $76 $115 

Segment information as of December 31 is as follows:
(in millions)Total Assets
 20212020
Ratings$1,248 $1,088 
Market Intelligence3,368 3,762 
Platts891 913 
Indices1,501 1,443 
Total reportable segments7,008 7,206 
Corporate 1
7,697 5,331 
Assets of businesses held for sale 2
321 — 
Total$15,026 $12,537 
1Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.
2Includes CGS and LCD as of December 31, 2021. See Note 2 – Acquisitions and Divestitures for further discussion.
Schedule of Revenue and Long-lived Assets by Geographic Region
The following provides revenue and long-lived assets by geographic region:
(in millions)RevenueLong-lived Assets
 Year ended December 31,December 31,
 20212020201920212020
U.S.$5,012 $4,504 $3,976 $4,733 $4,787 
European region1,995 1,769 1,659 463 496 
Asia874 782 710 85 102 
Rest of the world416 387 354 42 44 
Total$8,297 $7,442 $6,699 $5,323 $5,429 
RevenueLong-lived Assets
Year ended December 31,December 31,
 20212020201920212020
U.S.60 %61 %59 %89 %88 %
European region24 24 25 9 9 
Asia11 10 11 2 2 
Rest of the world5 5 5 — 1 
Total100 %100 %100 %100 %100 %
v3.22.0.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Location and Amounts of Leases
The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of December 31, 2021 and 2020:
(in millions)20212020
Balance Sheet Location
Assets
Right of use assetsLease right-of-use assets$426 $494 
Liabilities
Other current liabilitiesCurrent lease liabilities 96 100 
Lease liabilities — non-currentNon-current lease liabilities492 544 
Schedule of Components of Lease Expense and Supplemental Cash Flow Information
The components of lease expense for the years ended December 31 are as follows: 
(in millions)20212020
Operating lease cost$124 $144 
Sublease income(2)(6)
Total lease cost$122 $138 
Supplemental information related to leases for the years ended December 31 are as follows:
(in millions)20212020
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows for operating leases127 137 
Right of use assets obtained in exchange for lease obligations
Operating leases29 8 
Schedule of Lease Terms and Discount Rates Weighted-average remaining lease term and discount rate for our operating leases as of December 31 are as follows:
20212020
Weighted-average remaining lease term (years)8.38.5
Weighted-average discount rate 3.59 %3.78 %
Schedule of Maturities of Operating Lease Liabilities Maturities of lease liabilities for our operating leases are as follows:
(in millions)
2022$114 
202394 
202475 
202567 
202663 
2027 and beyond269 
Total undiscounted lease payments $682 
Less: Imputed interest94 
Present value of lease liabilities$588 
v3.22.0.1
Accounting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2021
USD ($)
segment
reporting_unit
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Property, Plant and Equipment [Line Items]      
Number of reportable segments | segment 4    
Total revenue $ (8,297,000,000) $ (7,442,000,000) $ (6,699,000,000)
Contract assets 9,000,000 7,000,000  
Revenues recognized 2,100,000,000    
Remaining performance obligations 2,700,000,000    
Capitalized contract costs $ 137,000,000 129,000,000  
Capitalized contract cost amortization period 5 years    
Market value of cash and cash equivalents $ 6,497,000,000 4,108,000,000  
Restricted cash 8,000,000 14,000,000  
Gross deferred technology costs 216,000,000 209,000,000  
Accumulated amortization of deferred technology costs 173,000,000 150,000,000  
Fair value of our long-term debt borrowings $ 4,400,000,000 4,600,000,000  
Option to extend lease period 12 years    
Period of options to terminate lease 1 year    
Number of reporting units | reporting_unit 4    
Goodwill impairment loss $ 0 0 0
Impairment of intangible assets 0 0 0
Cost of advertisement 39,000,000 29,000,000 34,000,000
Undistributed accumulated earnings of foreign subsidiary 2,900,000,000    
Undistributed earnings of foreign subsidiaries reinvested indefinitely $ 800,000,000    
Minimum      
Property, Plant and Equipment [Line Items]      
Remaining lease terms 1 year    
Minimum | Software and Software Development Costs      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 3 years    
Minimum | Building and Improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 15 years    
Minimum | Equipment and Furniture      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 2 years    
Maximum      
Property, Plant and Equipment [Line Items]      
Remaining lease terms 12 years    
Maximum | Software and Software Development Costs      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 7 years    
Maximum | Building and Improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 40 years    
Maximum | Equipment and Furniture      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 10 years    
Non-transaction      
Property, Plant and Equipment [Line Items]      
Total revenue $ (1,698,000,000) (1,500,000,000) (1,408,000,000)
Elimination      
Property, Plant and Equipment [Line Items]      
Total revenue 146,000,000 137,000,000 128,000,000
Elimination | Non-transaction      
Property, Plant and Equipment [Line Items]      
Total revenue $ 146,000,000 $ 137,000,000 $ 128,000,000
v3.22.0.1
Accounting Policies - Narrative Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Dec. 31, 2021
12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected period of satisfaction, percentage 50.00%
Expected period of satisfaction 12 months
24 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Expected period of satisfaction, percentage 75.00%
Expected period of satisfaction 24 months
v3.22.0.1
Accounting Policies - Schedule of Other (Income) Expense, net (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]      
Other components of net periodic benefit cost $ (45) $ (32) $ 79
Net (income) loss from investments (17) 1 19
Other (income) expense, net (62) (31) 98
Settlement charge $ 3 $ 3 $ 113
v3.22.0.1
Acquisitions and Divestitures - Acquisitions Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2020
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Business Acquisition [Line Items]        
Actual shares outstanding at year end (shares)   241,000,000.0 240,600,000 244,000,000.0
Cash paid for acquisitions, net of cash acquired   $ 99 $ 201 $ 91
Minimum        
Business Acquisition [Line Items]        
Amortization period of acquired intangible assets (in years)   3 years 3 years 3 years
Maximum        
Business Acquisition [Line Items]        
Amortization period of acquired intangible assets (in years)   5 years 10 years 10 years
IHS Markit Ltd        
Business Acquisition [Line Items]        
Actual shares outstanding at year end (shares)   399,100,000    
IHS Markit Ltd        
Business Acquisition [Line Items]        
Shares to be received (shares) 0.2838      
v3.22.0.1
Acquisitions and Divestitures - Schedule of Liabilities Assumed In Conjunction With Acquisitions Businesses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Business Combination and Asset Acquisition [Abstract]      
Fair value of assets acquired $ 110 $ 219 $ 110
Cash paid (net of cash acquired) 99 201 91
Liabilities assumed $ 11 $ 18 $ 19
v3.22.0.1
Acquisitions and Divestitures - Divestitures Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Pre-tax gain (loss) on dispositions $ 11 $ 16 $ 49
Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Pre-tax gain (loss) on dispositions 11 16 49
Sale | S&P Global's CUSIP Global Services      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Divestiture consideration 1,925    
Sale | Office facility in India      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Pre-tax gain (loss) on dispositions 8    
Gain on disposition after tax 6    
Sale | SPIAS      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Pre-tax gain (loss) on dispositions 3 1 22
Gain on disposition after tax $ 3 1 12
Sale | IR webhosting business      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Pre-tax gain (loss) on dispositions   11  
Gain on disposition after tax   6  
Sale | Facility at East Windsor, New Jersey      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Pre-tax gain (loss) on dispositions   4  
Gain on disposition after tax   $ 3  
Sale | RigData      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Pre-tax gain (loss) on dispositions     27
Gain on disposition after tax     $ 26
v3.22.0.1
Acquisitions and Divestitures - Schedule of Key Components of Assets and Liabilities Held for Sale (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]      
Liabilities of businesses held for sale $ 149 $ 0  
Pre-tax gain (loss) on dispositions 11 16 $ 49
Held for sale | CGS and LCD      
Disposal Group, Including Discontinued Operation, Assets [Abstract]      
Accounts Receivable, net 59    
Goodwill 255    
Other assets 7    
Total assets 321    
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]      
Accounts payable and accrued expenses 11    
Unearned revenue 138    
Liabilities of businesses held for sale 149    
Held for sale or disposed      
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]      
Operating profit 172 162 162
Sale      
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]      
Pre-tax gain (loss) on dispositions 11 16 49
Sale | SPIAS      
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]      
Pre-tax gain (loss) on dispositions $ 3 1 22
Sale | IR webhosting business      
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]      
Pre-tax gain (loss) on dispositions   $ 11  
Sale | RigData      
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]      
Pre-tax gain (loss) on dispositions     $ 27
v3.22.0.1
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 3,735 $ 3,575
Acquisitions 54 138
Dispositions   (2)
Reclassifications (255)  
Other (28) 24
Goodwill, ending balance 3,506 3,735
Operating Segments | Ratings    
Goodwill [Roll Forward]    
Goodwill, beginning balance 263 115
Acquisitions 0 138
Dispositions   0
Reclassifications 0  
Other (18) 10
Goodwill, ending balance 245 263
Operating Segments | Market Intelligence    
Goodwill [Roll Forward]    
Goodwill, beginning balance 2,071 2,062
Acquisitions 0 0
Dispositions   (2)
Reclassifications (255)  
Other (8) 11
Goodwill, ending balance 1,808 2,071
Operating Segments | Platts    
Goodwill [Roll Forward]    
Goodwill, beginning balance 527 521
Acquisitions 0 0
Dispositions   0
Reclassifications 0  
Other (2) 6
Goodwill, ending balance 525 527
Operating Segments | Indices    
Goodwill [Roll Forward]    
Goodwill, beginning balance 376 376
Acquisitions 0 0
Dispositions   0
Reclassifications 0  
Other 0 0
Goodwill, ending balance 376 376
Corporate    
Goodwill [Roll Forward]    
Goodwill, beginning balance 498 501
Acquisitions 54 0
Dispositions   0
Reclassifications 0  
Other 0 (3)
Goodwill, ending balance $ 552 $ 498
v3.22.0.1
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Indefinite-lived Intangible Assets by Major Class [Line Items]      
Other intangible assets $ 846 $ 846  
Amortization period 12 years    
Amortization of intangibles $ 96 123 $ 122
Maximum      
Indefinite-lived Intangible Assets by Major Class [Line Items]      
Amortization period 21 years    
Intellectual Property      
Indefinite-lived Intangible Assets by Major Class [Line Items]      
Carrying value of trade name and licenses $ 380 380  
Intellectual Property | Indices      
Indefinite-lived Intangible Assets by Major Class [Line Items]      
Carrying value of trade name and licenses 132 132  
Tradenames      
Indefinite-lived Intangible Assets by Major Class [Line Items]      
Carrying value of trade name and licenses 90 90  
Tradenames | Market Intelligence      
Indefinite-lived Intangible Assets by Major Class [Line Items]      
Carrying value of trade name and licenses 185 185  
Goldman Sachs Commodity and Broad Market Intellectual Property | Indices      
Indefinite-lived Intangible Assets by Major Class [Line Items]      
Carrying value of trade name and licenses $ 59 $ 59  
v3.22.0.1
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance $ 1,372 $ 1,307  
Acquisitions 18 54  
Other 10 11  
Ending balance 1,400 1,372 $ 1,307
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]      
Accumulated amortization, beginning balance 866 729  
Current year amortization 96 123 122
Acquisitions   10  
Reclassifications 0    
Other (primarily Fx) (1) 4  
Accumulated amortization, ending balance 961 866 729
Net definite-lived intangibles 439 506  
Databases and software      
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance 645 629  
Acquisitions 0 14  
Other 0 2  
Ending balance 645 645 629
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]      
Accumulated amortization, beginning balance 406 331  
Current year amortization 52 73  
Acquisitions   0  
Reclassifications 8    
Other (primarily Fx) 1 2  
Accumulated amortization, ending balance 467 406 331
Net definite-lived intangibles 178 239  
Content      
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance 139 139  
Acquisitions 0 0  
Other 0 0  
Ending balance 139 139 139
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]      
Accumulated amortization, beginning balance 139 129  
Current year amortization 0 10  
Acquisitions   0  
Reclassifications 0    
Other (primarily Fx) 0 0  
Accumulated amortization, ending balance 139 139 129
Net definite-lived intangibles 0 0  
Customer relationships      
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance 356 355  
Acquisitions 0 0  
Other (1) 1  
Ending balance 355 356 355
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]      
Accumulated amortization, beginning balance 175 153  
Current year amortization 21 21  
Acquisitions   0  
Reclassifications 0    
Other (primarily Fx) 0 1  
Accumulated amortization, ending balance 196 175 153
Net definite-lived intangibles 159 181  
Tradenames      
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance 55 54  
Acquisitions 0 0  
Other 0 1  
Ending balance 55 55 54
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]      
Accumulated amortization, beginning balance 50 48  
Current year amortization 2 2  
Acquisitions   0  
Reclassifications 0    
Other (primarily Fx) 0 0  
Accumulated amortization, ending balance 52 50 48
Net definite-lived intangibles 3 5  
Other intangibles      
Finite-lived Intangible Assets [Roll Forward]      
Beginning balance 177 130  
Acquisitions 18 40  
Other 11 7  
Ending balance 206 177 130
Finite-lived Intangible Assets, Accumulated Amortization [Roll Forward]      
Accumulated amortization, beginning balance 96 68  
Current year amortization 21 17  
Acquisitions   10  
Reclassifications (8)    
Other (primarily Fx) (2) 1  
Accumulated amortization, ending balance 107 96 $ 68
Net definite-lived intangibles $ 99 $ 81  
v3.22.0.1
Goodwill and Other Intangible Assets - Projected Amortization Expense (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Projected amortization expense for intangible assets  
2022 $ 91
2023 85
2024 82
2025 65
2026 $ 34
v3.22.0.1
Taxes on Income - Schedule of Income Before Taxes from Domestic and Foreign Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income before taxes domestic and foreign operations      
Domestic operations $ 2,874 $ 2,226 $ 2,068
Foreign operations 1,290 1,002 862
Income before taxes on income $ 4,164 $ 3,228 $ 2,930
v3.22.0.1
Taxes on Income - Schedule of Provision for Taxes on Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Federal:      
Current $ 438 $ 349 $ 303
Deferred (9) 1 13
Total federal 429 350 316
Foreign:      
Current 295 246 201
Deferred 23 (9) 14
Total foreign 318 237 215
State and local:      
Current 153 111 93
Deferred 1 (4) 3
Total state and local 154 107 96
Total provision for taxes $ 901 $ 694 $ 627
v3.22.0.1
Taxes on Income - Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate (Details)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of federal statutory income tax rate      
U.S. federal statutory income tax rate 21.00% 21.00% 21.00%
State and local income taxes 3.30% 3.00% 2.60%
Foreign operations (0.20%) (0.30%) (0.30%)
Stock-based compensation (0.80%) (0.70%) (1.40%)
S&P Dow Jones Indices LLC joint venture (1.10%) (1.20%) (1.20%)
Tax credits and incentives (2.30%) (2.20%) (1.70%)
Other, net 1.70% 1.90% 2.40%
Effective income tax rate 21.60% 21.50% 21.40%
v3.22.0.1
Taxes on Income - Schedule of Differences Between the Accounting for Income and Expenses for Financial Reporting and Income Tax (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Employee compensation $ 57 $ 64
Accrued expenses 54 41
Postretirement benefits 28 12
Unearned revenue 74 28
Forward exchange contracts 71 0
Loss carryforwards 204 217
Lease liabilities 142 186
Other 32 53
Total deferred tax assets 662 601
Deferred tax liabilities:    
Goodwill and intangible assets (394) (347)
Right of use asset (101) (138)
Postretirement benefits (46) 0
Fixed assets (6) (7)
Total deferred tax liabilities (547) (492)
Net deferred income tax asset before valuation allowance 115 109
Valuation allowance (206) (219)
Net deferred income tax liability (91) (110)
Reported as:    
Non-current deferred tax assets 56 67
Non-current deferred tax liabilities (147) (177)
Net deferred income tax liability $ (91) $ (110)
v3.22.0.1
Taxes on Income - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]        
Undistributed earnings of foreign subsidiaries for income tax purposes $ 2,900      
Undistributed earnings of foreign subsidiaries reinvested indefinitely 800      
Net income tax payments 883 $ 683 $ 659  
Operating loss carryforwards 761      
Unrecognized tax benefits 147 121 $ 124 $ 147
Increase in tax expense from change in unrecognized tax benefits 31      
Decrease in unrecognized tax benefits reasonably possible 16      
Accrued interest and penalties associated with uncertain tax positions $ 24 $ 24    
v3.22.0.1
Taxes on Income - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of beginning and ending amount of unrecognized tax benefits      
Balance at beginning of year $ 121 $ 124 $ 147
Additions based on tax positions related to the current year 35 24 21
Additions for tax positions of prior years 9 1 11
Reduction for tax positions of prior years 0 (13) (15)
Reduction for settlements (8) (4) (33)
Expiration of applicable statutes of limitations (10) (11) (7)
Balance at end of year $ 147 $ 121 $ 124
v3.22.0.1
Debt - Summary (Details) - USD ($)
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Aug. 13, 2020
Nov. 26, 2019
Debt Instrument [Line Items]          
Long-term debt $ 4,114,000,000   $ 4,110,000,000    
Annual long term debt maturity year 2026 0        
Senior Notes | 4.0% Senior Notes, due 2025          
Debt Instrument [Line Items]          
Total debt 696,000,000   695,000,000    
Unamortized debt discount and issuance costs $ 4,000,000        
Interest rate (as a percent) 4.00%        
Senior Notes | 2.95% Senior Notes, due 2027          
Debt Instrument [Line Items]          
Total debt     495,000,000    
Unamortized debt discount and issuance costs $ 4,000,000        
Interest rate (as a percent) 2.95%        
Annual long term debt maturity year 2026 $ 496,000,000        
Senior Notes | 2.5% Senior Notes, due 2029          
Debt Instrument [Line Items]          
Total debt 496,000,000   495,000,000    
Unamortized debt discount and issuance costs $ 4,000,000        
Interest rate (as a percent) 2.50%       2.50%
Senior Notes | 1.25% Senior Notes, due 2030          
Debt Instrument [Line Items]          
Total debt $ 593,000,000   592,000,000    
Unamortized debt discount and issuance costs $ 7,000,000        
Interest rate (as a percent) 1.25%     1.25%  
Senior Notes | 6.55% Senior Notes, due 2037          
Debt Instrument [Line Items]          
Total debt $ 290,000,000   $ 290,000,000    
Unamortized debt discount and issuance costs $ 3,000,000        
Interest rate (as a percent) 6.55% 6.55% 6.55%    
Senior Notes | 4.5% Senior Notes, due 2048          
Debt Instrument [Line Items]          
Total debt $ 273,000,000   $ 273,000,000    
Unamortized debt discount and issuance costs $ 10,000,000        
Interest rate (as a percent) 4.50% 4.50%      
Senior Notes | 3.25% Senior Notes, due 2049          
Debt Instrument [Line Items]          
Total debt $ 589,000,000   589,000,000    
Unamortized debt discount and issuance costs $ 11,000,000        
Interest rate (as a percent) 3.25%       3.25%
Senior Notes | 2.3% Senior Notes, due 2060          
Debt Instrument [Line Items]          
Total debt $ 681,000,000   $ 681,000,000    
Unamortized debt discount and issuance costs $ 19,000,000        
Interest rate (as a percent) 2.30%     2.30%  
v3.22.0.1
Debt - Narrative (Details) - USD ($)
 12 Months Ended
Apr. 26, 2021
Apr. 25, 2021
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Aug. 13, 2020
Nov. 26, 2019
Jun. 30, 2018
Debt Instrument [Line Items]                
Annual long term debt maturity year 2022     $ 0          
Annual long term debt maturity year 2023     0          
Annual long term debt maturity year 2024     0          
Annual long term debt maturity year 2025     696,000,000          
Annual long term debt maturity year 2026     0          
Annual long term debt maturity thereafter     $ 3,400,000,000          
Ratio of indebtedness to cash flow     4          
Revolving Credit Facility                
Debt Instrument [Line Items]                
Additional borrowing capacity     $ 500,000,000          
Five-year Revolving Credit Facility | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity $ 1,500,000,000              
Credit facility term 5 years              
Commitment fee ratio     0.09%          
Five-year Revolving Credit Facility | Revolving Credit Facility Due 2022                
Debt Instrument [Line Items]                
Maximum borrowing capacity               $ 1,500,000,000
Previous Credit Facility | Revolving Credit Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity   $ 1,200,000,000            
Credit facility term   5 years            
Short-term debt   $ 0            
1.25% Senior Notes, due 2030 | Senior Notes                
Debt Instrument [Line Items]                
Debt face amount           $ 600,000,000    
Interest rate (as a percent)     1.25%     1.25%    
2.3% Senior Notes, due 2060 | Senior Notes                
Debt Instrument [Line Items]                
Debt face amount           $ 700,000,000    
Interest rate (as a percent)     2.30%     2.30%    
4.4% Senior Notes, due 2026 | Senior Notes                
Debt Instrument [Line Items]                
Debt face amount       $ 900,000,000        
Interest rate (as a percent)       4.40%        
6.55% Senior Notes, due 2037 | Senior Notes                
Debt Instrument [Line Items]                
Debt face amount         $ 400,000,000      
Interest rate (as a percent)     6.55% 6.55% 6.55%      
4.5% Senior Notes, due 2048 | Senior Notes                
Debt Instrument [Line Items]                
Interest rate (as a percent)     4.50% 4.50%        
2.5% Senior Notes, due 2029 | Senior Notes                
Debt Instrument [Line Items]                
Debt face amount             $ 500,000,000  
Interest rate (as a percent)     2.50%       2.50%  
3.25% Senior Notes, due 2049 | Senior Notes                
Debt Instrument [Line Items]                
Debt face amount             $ 600,000,000  
Interest rate (as a percent)     3.25%       3.25%  
3.3% Senior Notes, due 2020 | Senior Notes                
Debt Instrument [Line Items]                
Debt face amount         $ 700,000,000      
Interest rate (as a percent)         3.30%      
v3.22.0.1
Derivative Instruments - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Foreign exchange forward contracts | Revenue, Selling and general expenses    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Loss on undesignated derivative instruments $ 9  
Gain on undesignated derivative instruments 9  
Foreign exchange forward contracts | Not designated as hedging instrument | Fair Value Hedging    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount of derivative 376 $ 460
Foreign exchange forward contracts | Not designated as hedging instrument | Fair Value Hedging | Prepaid and other current assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount of derivative 5 2
Foreign exchange forward contracts | Not designated as hedging instrument | Fair Value Hedging | Other current liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount of derivative 1 2
Foreign exchange forward contracts | Designated as hedging instrument | Cash Flow Hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount of derivative $ 498 489
Derivative maturity 24 months  
Pre -tax gain expected to be reclassified within 12 months $ 6  
Cross currency swap | Net Investment Hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Interest income, net 20 $ 10
Cross currency swap | Designated as hedging instrument | Net Investment Hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount of derivative 1,000  
Interest rate swap contracts | Designated as hedging instrument | Cash Flow Hedges    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Notional amount of derivative $ 2,300  
v3.22.0.1
Derivative Instruments - Fair Value Amounts of Cash Flow Hedges (Details) - Designated as hedging instrument - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Foreign exchange forward contracts | Cash Flow Hedges | Prepaid and other current assets    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, fair value, net $ 7 $ 23
Foreign exchange forward contracts | Cash Flow Hedges | Other current liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, fair value, net 0 2
Interest rate swap contracts | Cash Flow Hedges | Other non-current liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, fair value, net 270 0
Cross currency swap | Net Investment Hedges | Other non-current liabilities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Derivative, fair value, net $ 17 $ 107
v3.22.0.1
Derivative Instruments - Pre-tax Gains (Losses) on Cash Flow Hedges (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) $ (214) $ 12 $ (2)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax (68) 5 0
Designated as hedging instrument | Foreign exchange forward contracts | Cash Flow Hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) (11) 17 (2)
Designated as hedging instrument | Foreign exchange forward contracts | Cash Flow Hedges | Revenue, Selling and general expenses      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) 19 2 5
Designated as hedging instrument | Interest rate swap contracts | Cash Flow Hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) (270) 0 0
Designated as hedging instrument | Interest rate swap contracts | Cash Flow Hedges | Interest expense, net      
Derivative Instruments, Gain (Loss) [Line Items]      
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax 0 0 0
Designated as hedging instrument | Cross currency swap | Net Investment Hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) 84 (97) (10)
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) $ (5) $ 0 $ 0
v3.22.0.1
Derivative Instruments - Change in Unrealized Gains (Losses) in AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance $ 571 $ 536 $ 684
Change in fair value, net of tax (205)    
Reclassification into earnings, net of tax 1    
Ending Balance 2,107 571 536
Cash Flow Hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance 14 2 4
Change in fair value, net of tax 11 14 3
Reclassification into earnings, net of tax (19) (2) (5)
Ending Balance 6 14 2
Net Investment Hedges      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance (81) (8) 0
Change in fair value, net of tax 59 (73) (8)
Reclassification into earnings, net of tax 5 0 0
Ending Balance (17) (81) (8)
Interest rate swap contracts      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Beginning Balance 0 0 0
Change in fair value, net of tax (203) 0 0
Reclassification into earnings, net of tax 0 0 0
Ending Balance $ (203) $ 0 $ 0
v3.22.0.1
Employee Benefits - Benefit Obligation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of year $ 2,243    
Fair value of plan assets at end of year 2,231 $ 2,243  
Amounts recognized in consolidated balance sheets:      
Non-current assets 359 297  
Non-current liabilities (262) (291)  
Retirement Plans      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Net benefit obligation at beginning of year 2,220 1,945  
Service cost 4 4 $ 3
Interest cost 40 52 64
Plan participants’ contributions 0 0  
Actuarial loss (55) 269  
Gross benefits paid (77) (76)  
Foreign currency effect (10) 26  
Other adjustments 0 0  
Net benefit obligation at end of year 2,122 2,220 1,945
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of year 2,243 1,960  
Actual return on plan assets 58 327  
Employer contributions 11 12  
Plan participants’ contributions 0 0  
Gross benefits paid (77) (76)  
Foreign currency effect (4) 20  
Fair value of plan assets at end of year 2,231 2,243 1,960
Funded status 109 23  
Amounts recognized in consolidated balance sheets:      
Non-current assets 359 297  
Current liabilities (10) (10)  
Non-current liabilities (240) (264)  
Total amounts recognized in consolidated balance sheets 109 23  
Accumulated benefit obligation 2,110 2,204  
Plans with accumulated benefit obligation in excess of the fair value of plan assets:      
Projected benefit obligation 250 274  
Accumulated benefit obligation 238 258  
Fair value of plan assets 0 0  
Amounts recognized in accumulated other comprehensive loss, net of tax:      
Net actuarial loss (gain) 350 373  
Prior service credit 2 2  
Total recognized 352 375  
Postretirement Plans      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Net benefit obligation at beginning of year 36 38  
Service cost 0 0 0
Interest cost 1 1 1
Plan participants’ contributions 2 2  
Actuarial loss (2) 1  
Gross benefits paid (5) (6)  
Foreign currency effect 0 0  
Other adjustments (4) 0  
Net benefit obligation at end of year 28 36 38
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Fair value of plan assets at beginning of year 9 13  
Actual return on plan assets 0 0  
Employer contributions 0 0  
Plan participants’ contributions 2 2  
Gross benefits paid (5) (6)  
Foreign currency effect 0 0  
Fair value of plan assets at end of year 6 9 $ 13
Funded status (22) (27)  
Amounts recognized in consolidated balance sheets:      
Non-current assets 0 0  
Current liabilities 0 0  
Non-current liabilities (22) (27)  
Total amounts recognized in consolidated balance sheets (22) (27)  
Amounts recognized in accumulated other comprehensive loss, net of tax:      
Net actuarial loss (gain) (36) (37)  
Prior service credit (14) (12)  
Total recognized $ (50) $ (49)  
v3.22.0.1
Employee Benefits - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
trust
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Total cost for retirement plans $ 93.0 $ 91.0 $ 187.0
Settlement charge     113.0
Defined contribution plan cost 86.0 80.0 73.0
Pension trust assets $ 2,231.0 2,243.0  
U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension trust accounts | trust 1    
Pension trust assets $ 1,600.0 $ 1,630.0  
Stock purchased by US plan under defined contribution plan (shares) | shares 107,651 296,921  
Stock sold by US plan under defined contribution plan (shares) | shares 160,415 331,088  
Stock held by the US plan under defined contribution plan (shares) | shares 1,200,000 1,300,000  
Market value of stock held by the US plan under defined contribution plan $ 567.0 $ 414.0  
S&P Global Inc. dividends received $ 3.8 3.0  
U.S. | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 92.00%    
U.S. | Domestic equities      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 4.00%    
U.S. | International equities      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 2.00%    
U.S. | Cash and cash equivalents      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 2.00%    
U.K.      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension trust accounts | trust 1    
Pension trust assets $ 631.0 613.0  
U.K. | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 55.00%    
U.K. | Diversified growth funds      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 15.00%    
U.K. | Infrastructure      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 15.00%    
U.K. | Equities      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 8.00%    
U.K. | Real estate      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 7.00%    
Retirement Plans      
Defined Benefit Plan Disclosure [Line Items]      
Other components of net periodic benefit cost $ (36.0) (26.0) 84.0
Settlement charge (2.0) (2.0) (85.0)
Expected required employer contribution $ 11.0    
Number of pension trust accounts | trust 2    
Pension trust assets $ 2,231.0 2,243.0 1,960.0
Retirement Plans | U.K.      
Defined Benefit Plan Disclosure [Line Items]      
Other components of net periodic benefit cost (22.0) (17.0) (14.0)
Postretirement Plans      
Defined Benefit Plan Disclosure [Line Items]      
Other components of net periodic benefit cost (2.0) (2.0) (2.0)
Settlement charge 0.0 0.0 0.0
Expected required employer contribution 3.0    
Pension trust assets $ 6.0 $ 9.0 $ 13.0
v3.22.0.1
Employee Benefits - Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Components of net periodic cost for retirement plans and post-retirement plans      
Settlement charge $ (3) $ (3) $ (113)
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax      
Settlement charge     113
Total recognized (23) 23 (102)
Non-Cash settlement charge of unamortized actuarial loss, before tax 3 3  
Retirement Plans      
Components of net periodic cost for retirement plans and post-retirement plans      
Service cost 4 4 3
Interest cost 40 52 64
Expected return on assets (104) (102) (108)
Actuarial loss (gain) 21 17 12
Prior service credit 0 0 0
Net periodic benefit cost (39) (29) (29)
Settlement charge 3 3 113
Net periodic benefit cost (36) (26) 84
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax      
Net actuarial loss (gain) (6) 28 (10)
Recognized actuarial (gain) loss (15) (9) (10)
Prior service cost 0 0 0
Settlement charge (2) (2) (85)
Total recognized (23) 17 (105)
Postretirement Plans      
Components of net periodic cost for retirement plans and post-retirement plans      
Service cost 0 0 0
Interest cost 1 1 1
Expected return on assets 0 0 0
Actuarial loss (gain) (2) (2) (2)
Prior service credit (1) (1) (1)
Net periodic benefit cost (2) (2) (2)
Settlement charge 0 0 0
Net periodic benefit cost (2) (2) (2)
Other changes in plan assets and benefit obligations recognized in other comprehensive income, net of tax      
Net actuarial loss (gain) (1) 1 0
Recognized actuarial (gain) loss 1 2 1
Prior service cost (1) 1 1
Settlement charge 0 0 0
Total recognized $ (1) $ 4 $ 2
v3.22.0.1
Employee Benefits - Assumptions (Details)
 12 Months Ended
Jan. 01, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Retirement Plans        
Benefit obligation:        
Discount rate (as a percent)   3.05% 2.75% 3.45%
Net periodic cost:        
Return on assets (as a percent)   5.00% 5.50% 6.00%
Retirement Plans | U.S.        
Net periodic cost:        
Discount rate (as a percent)   2.75% 3.45% 4.40%
Return on assets (as a percent)   5.00%    
Retirement Plans | U.S. | Subsequent event        
Net periodic cost:        
Return on assets (as a percent) 4.00%      
Retirement Plans | U.K.        
Net periodic cost:        
Discount rate (as a percent)   1.36% 1.92% 2.72%
Return on assets (as a percent)   5.50%    
Retirement Plans | U.K. | Subsequent event        
Net periodic cost:        
Return on assets (as a percent) 5.00%      
Postretirement Plans        
Benefit obligation:        
Discount rate (as a percent)   2.72% 2.20% 3.08%
Net periodic cost:        
Weighted-average healthcare cost rate (as a percent)     6.00% 6.50%
Postretirement Plans | U.S.        
Net periodic cost:        
Discount rate (as a percent)   2.20% 3.08% 4.15%
v3.22.0.1
Employee Benefits - Cash Flows (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Retirement Plans  
Information about the expected cash flows for retirement and post-retirement plans and impact of the Medicare subsidy  
2022 $ 70
2023 73
2024 75
2025 79
2026 82
2027-2031 447
Postretirement Plans  
Information about the expected cash flows for retirement and post-retirement plans and impact of the Medicare subsidy  
2022 3
2023 3
2024 3
2025 3
2026 2
2027-2031 $ 8
v3.22.0.1
Employee Benefits - Fair Value of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets $ 2,231 $ 2,243
Total    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 1,572 1,566
Level 1    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 12 54
Level 2    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 1,516 1,474
Level 3    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 44 38
Common collective trust funds measured at net asset value as a practical expedient    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 659 677
Cash and short-term investments | Total    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 6 4
Cash and short-term investments | Level 1    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 6 4
Cash and short-term investments | Level 2    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
Cash and short-term investments | Level 3    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
U.S. indexes | Total    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 6 9
U.S. indexes | Level 1    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 6 9
U.S. indexes | Level 2    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
U.S. indexes | Level 3    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
U.S. growth and value | Total    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets   41
U.S. growth and value | Level 1    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets   41
U.S. growth and value | Level 2    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets   0
U.S. growth and value | Level 3    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets   0
Long duration strategy | Total    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 1,376 1,339
Long duration strategy | Level 1    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
Long duration strategy | Level 2    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 1,376 1,339
Long duration strategy | Level 3    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
Intermediate duration securities | Total    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 59 57
Intermediate duration securities | Level 1    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
Intermediate duration securities | Level 2    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 59 57
Intermediate duration securities | Level 3    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
Real Estate: U.K. | Total    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 44 38
Real Estate: U.K. | Level 1    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
Real Estate: U.K. | Level 2    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
Real Estate: U.K. | Level 3    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 44 38
Infrastructure: U.K. | Total    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 81 78
Infrastructure: U.K. | Level 1    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 0 0
Infrastructure: U.K. | Level 2    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets 81 78
Infrastructure: U.K. | Level 3    
Fair value of defined benefit plans assets by asset class    
Fair value of plan assets $ 0
v3.22.0.1
Employee Benefits - Level 3 Roll Forward of Fair Value of Plan Assets (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]  
Fair value of plan assets at beginning of year $ 2,243
Fair value of plan assets at end of year 2,231
Level 3  
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]  
Fair value of plan assets at beginning of year 38
Distributions (2)
Gain (loss) 8
Fair value of plan assets at end of year $ 44
v3.22.0.1
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Director deferred stock ownership plan amount to be credited to deferred stock accounts (as a percent) 50.00%    
Share delivery term if elected 5 years    
Stock options granted (shares) 0 0 0
Total fair value of stock options vested (less than) $ 1 $ 2 $ 3
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Service period 4 years    
Award expiration period 10 years    
Award vesting period 4 years    
Stock Options | More than half      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award cost recognition period 12 months    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage 50.00%    
Stock Options | Approximately one-quarter      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award cost recognition period 24 months    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage 25.00%    
Stock Options | Approximately one-tenth      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award cost recognition period 36 months    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage 10.00%    
Stock Options | Remaining      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award cost recognition period 48 months    
Restricted Stock and Unit Awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting period 3 years    
v3.22.0.1
Stock-Based Compensation - Schedule of Number of Common Shares Reserved for Issuance (Details) - shares
shares in Millions
Dec. 31, 2021
Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Shares available for granting under the 2019 plan (in shares) 19.5 19.7
Options outstanding (shares) 0.3 0.5
Total shares reserved for issuance (in shares) 19.8 20.2
Total shares reserved for issuance (less than) (in shares) 19.8 20.2
Director Deferred Stock Ownership Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total shares reserved for issuance (in shares) 1.0 1.0
Total shares reserved for issuance (less than) (in shares) 1.0 1.0
v3.22.0.1
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Stock-Based Compensation      
Stock option expense $ 0 $ 0 $ 1
Restricted stock and unit awards expense 122 90 77
Total stock-based compensation expense 122 90 78
Tax benefit $ 20 $ 15 $ 13
v3.22.0.1
Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Options, Outstanding, Shares    
Beginning balance (shares) 500,000  
Exercised (shares) (200,000)  
Forfeited and expired (less than) (shares)   100,000
Ending balance (shares) 300,000 500,000
Options exercisable (shares) 300,000  
Weighted average exercise price    
Beginning balance (USD per share) $ 60.46  
Exercised (USD per share) 283.56  
Forfeited and expired (USD per share) 39.94  
Ending balance (USD per share) 67.14 $ 60.46
Weighted-average exercise price, options exercisable (USD per share) $ 67.14  
Weighted-average remaining years of contractual term, Options outstanding 1 year 11 months 26 days  
Weighted-average remaining years of contractual term, Options exercisable 1 year 11 months 26 days  
Aggregate intrinsic value, options outstanding $ 113.0  
Aggregate intrinsic value, options exercisable $ 113.0  
Nonvested Options Outstanding    
Beginning balance (shares) 0  
Vested (less than) (shares) 100,000  
Ending balance (less than) (shares) 0 0
Weighted-average years to be recognized over 0 years  
Weighted-average grant-date fair value    
Weighted-average grant-date fair value, Beginning balance (USD per share) $ 111.96  
Weighted-average grant-date fair value, vested (USD per share) 111.96  
Weighted-average grant-date fair value, Beginning balance (USD per share) $ 0 $ 111.96
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Total unrecognized compensation expense related to nonvested options $ 0.0  
v3.22.0.1
Stock-Based Compensation - Schedule of Stock Option Exercises (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]      
Net cash proceeds from the exercise of stock options $ 13 $ 16 $ 40
Total intrinsic value of stock option exercises 41 60 110
Income tax benefit realized from stock option exercises $ 11 $ 13 $ 33
v3.22.0.1
Stock-Based Compensation - Schedule of Restricted Stock and Unit Activity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Shares      
Total unrecognized compensation expense related to nonvested options $ 0.0    
Weighted-average years to be recognized over 0 years    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]      
Tax benefit relating to restricted stock activity $ 20.0 $ 15.0 $ 13.0
Restricted Stock and Unit Awards      
Shares      
Beginning Balance (in shares) 0.6    
Granted (in shares) 0.4    
Vested (in shares) (0.5)    
Forfeited (in shares) 0.0    
Ending Balance (in shares) 0.5 0.6  
Total unrecognized compensation expense related to nonvested options $ 101.0    
Weighted-average years to be recognized over 1 year 8 months 12 days    
Weighted-average grant-date fair value      
Beginning balance (in dollars per share) $ 227.67    
Granted (in dollars per share) 296.49 $ 232.92 $ 187.40
Vested (in dollars per share) 219.85    
Forfeited (in dollars per share) 263.18    
Ending balance (in dollars per share) 299.28 227.67  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]      
Weighted-average grant-date fair value per award (in dollars per share) $ 296.49 $ 232.92 $ 187.40
Total fair value of restricted stock and unit awards vested $ 243.0 $ 134.0 $ 153.0
Tax benefit relating to restricted stock activity $ 48.0 $ 26.0 $ 29.0
v3.22.0.1
Equity - Capital Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Jan. 26, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Noncontrolling Interest [Line Items]        
Preferred stock authorized (shares)   2,000,000    
Par value of preferred stock (USD per share)   $ 1    
Preferred stock issued (shares)   0    
Dividend history        
Quarterly dividend rate (USD per share)   $ 0.77 $ 0.67 $ 0.57
Annualized dividend rate (USD per share)   $ 3.08 $ 2.68 $ 2.28
Dividends paid   $ 743 $ 645 $ 560
Subsequent event        
Dividend history        
Quarterly dividend rate (USD per share) $ 0.77      
v3.22.0.1
Equity - Stock Repurchases (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2021
USD ($)
transaction
shares
Dec. 31, 2020
USD ($)
shares
Dec. 31, 2019
USD ($)
shares
Jan. 29, 2020
shares
Dec. 04, 2013
shares
Equity, Class of Treasury Stock [Line Items]              
ARS agreement transactions | transaction     2        
Total cash utilized | $     $ 0 $ 1,164 $ 1,240    
Accelerated Share Repurchases, October 2018, Received Subsequently              
Equity, Class of Treasury Stock [Line Items]              
Stock repurchased during period (shares)         400,000    
Accelerated Share Repurchases, October 2018              
Equity, Class of Treasury Stock [Line Items]              
Stock repurchased during period (shares)         5,900,000    
Total cash utilized | $         $ 1,240    
2020 Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Shares authorized to be repurchased (shares)           30,000,000  
Shares authorized to be repurchased as percentage of outstanding common stock           12.00%  
Remaining shares available under repurchase program (shares)     30,000,000        
2013 Repurchase Program              
Equity, Class of Treasury Stock [Line Items]              
Shares authorized to be repurchased (shares)             50,000,000
Shares authorized to be repurchased as percentage of outstanding common stock             18.00%
Remaining shares available under repurchase program (shares)     800,000        
Stock Repurchases              
Equity, Class of Treasury Stock [Line Items]              
Stock repurchased during period (shares)       4,000,000      
Total cash utilized | $   $ 3   $ 1,161      
Stock Repurchases, subsequently settled              
Equity, Class of Treasury Stock [Line Items]              
Total cash utilized | $ $ 1,164            
v3.22.0.1
Equity - Accelerated Share Repurchase Program (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Jul. 27, 2020
Oct. 01, 2019
Feb. 29, 2020
Aug. 31, 2019
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accelerated Share Repurchases [Line Items]                
Total cash utilized         $ 0 $ 1,164 $ 1,240  
Capped ASR, February 2020                
Accelerated Share Repurchases [Line Items]                
Average price paid per share (USD per share)             $ 292.13  
Total cash utilized             $ 500  
Uncapped ASR, February 2020                
Accelerated Share Repurchases [Line Items]                
Average price paid per share (USD per share)             $ 292.13  
Total cash utilized             $ 500  
Percentage of authorized amount repurchased             85.00%  
Capped ASR, August 2019                
Accelerated Share Repurchases [Line Items]                
Average price paid per share (USD per share)               $ 253.36
Total cash utilized               $ 500
Uncapped ASR, February 2019                
Accelerated Share Repurchases [Line Items]                
Average price paid per share (USD per share)               $ 214.65
Total cash utilized             $ 500 $ 500
Percentage of authorized amount repurchased             85.00%  
Initial Award | Capped ASR, February 2020                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares)             1.3  
Initial Award | Uncapped ASR, February 2020                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares)             1.4  
Initial Award | Capped ASR, August 2019                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares)               1.7
Initial Award | Uncapped ASR, February 2019                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares)               2.2
Additional Award | Capped ASR, February 2020                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares) 0.2   0.2       0.4  
Additional Award | Uncapped ASR, February 2020                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares) 0.3           0.3  
Additional Award | Capped ASR, August 2019                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares)   0.1   0.2       0.3
Additional Award | Uncapped ASR, February 2019                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares) 0.1             0.1
Completed Award | Capped ASR, February 2020                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares)             1.7  
Completed Award | Uncapped ASR, February 2020                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares)             1.7  
Completed Award | Capped ASR, August 2019                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares)               2.0
Completed Award | Uncapped ASR, February 2019                
Accelerated Share Repurchases [Line Items]                
Total number of shares purchased (shares)               2.3
v3.22.0.1
Equity - Schedule of Share Repurchases (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accelerated Share Repurchases [Line Items]      
Payments for Repurchase of Common Stock $ 0 $ 1,164 $ 1,240
Open market purchases      
Accelerated Share Repurchases [Line Items]      
Total number of shares purchased (shares)   0.5 1.2
Average price paid per share (USD per share)   $ 295.40 $ 208.83
Payments for Repurchase of Common Stock   $ 161 $ 240
v3.22.0.1
Equity - Redeemable Noncontrolling Interests (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Noncontrolling Interest [Line Items]  
Interest in joint venture minimum (as a percent) 20.00%
Change in control period 15 days
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]  
Balance as of December 31, 2020 $ 2,781
Net income attributable to redeemable noncontrolling interest 215
Distributions to noncontrolling interest (198)
Redemption value adjustment 631
Balance as of December 31, 2021 $ 3,429
CME Group  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership by noncontrolling owners (as a percent) 27.00%
v3.22.0.1
Equity - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]      
Beginning Balance $ 571 $ 536 $ 684
Other comprehensive (loss) income before reclassifications (205)    
Reclassifications from accumulated other comprehensive income (loss) to net earnings 1    
Net other comprehensive gain (loss) income (204)    
Ending Balance 2,107 571 536
Pension and other postretirement benefit plans, tax 10 (8) 39
Accumulated Other Comprehensive Loss      
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]      
Beginning Balance (637) (624) (742)
Ending Balance (841) (637) $ (624)
Foreign Currency Translation Adjustments      
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]      
Beginning Balance (323)    
Other comprehensive (loss) income before reclassifications (18)    
Reclassifications from accumulated other comprehensive income (loss) to net earnings 5    
Net other comprehensive gain (loss) income (13)    
Ending Balance (336) (323)  
Pension and Postretirement Benefit Plans      
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]      
Beginning Balance (328)    
Other comprehensive (loss) income before reclassifications 8    
Reclassifications from accumulated other comprehensive income (loss) to net earnings 15    
Net other comprehensive gain (loss) income 23    
Ending Balance (305) (328)  
Pension and other postretirement benefit plans, tax   3  
Unrealized Gain (Loss) on Cash Flow Hedges      
Accumulated Other Comprehensive Income, Net of Tax [Roll Forward]      
Beginning Balance 14    
Other comprehensive (loss) income before reclassifications (195)    
Reclassifications from accumulated other comprehensive income (loss) to net earnings (19)    
Net other comprehensive gain (loss) income (214)    
Ending Balance $ (200) $ 14  
v3.22.0.1
Earnings per Share - Summary (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Amount attributable to S&P Global Inc. common shareholders:      
Net income $ 3,024 $ 2,339 $ 2,123
Basic weighted-average number of common shares outstanding (shares) 240,800,000 241,000,000.0 245,400,000
Effect of stock options and other dilutive securities (shares) 1,000,000.0 1,100,000 1,500,000
Diluted weighted-average number of common shares outstanding (shares) 241,800,000 242,100,000 246,900,000
Net income:      
Basic (USD per share) $ 12.56 $ 9.71 $ 8.65
Diluted (USD per share) $ 12.51 $ 9.66 $ 8.60
Stock Options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares excluded from computation of diluted EPS (shares) 0 0 0
Restricted performance shares      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive shares excluded from computation of diluted EPS (shares) 500,000 400,000 400,000
v3.22.0.1
Restructuring - Narrative (Details)
 12 Months Ended
Dec. 31, 2021
USD ($)
position
Dec. 31, 2020
USD ($)
position
Dec. 31, 2019
USD ($)
2021 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Workforce reduction, positions | position 30    
Initial Charge Recorded $ 19,000,000    
Reductions to restructuring reserve 0    
2020 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Workforce reduction, positions | position   830  
Restructuring reserve reversed 8,000,000    
Initial Charge Recorded 65,000,000 $ 65,000,000  
Reductions to restructuring reserve $ 45,000,000 7,000,000  
2019 Restructuring Plan      
Restructuring Cost and Reserve [Line Items]      
Restructuring reserve reversed   $ 7,000,000  
Initial Charge Recorded     $ 25,000,000
v3.22.0.1
Restructuring - Schedule of Initial Restructuring Charge Recorded and the Ending Reserve Balance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
2021 Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded $ 19  
Ending Reserve Balance 19  
2021 Restructuring Plan | Operating segments | Ratings    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 3  
Ending Reserve Balance 3  
2021 Restructuring Plan | Operating segments | Market Intelligence    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 3  
Ending Reserve Balance 3  
2021 Restructuring Plan | Operating segments | Platts    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 0  
Ending Reserve Balance 0  
2021 Restructuring Plan | Operating segments | Indices    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 0  
Ending Reserve Balance 0  
2021 Restructuring Plan | Corporate    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 13  
Ending Reserve Balance 13  
2020 Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 65 $ 65
Ending Reserve Balance 13  
2020 Restructuring Plan | Operating segments | Ratings    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 4  
Ending Reserve Balance 1  
2020 Restructuring Plan | Operating segments | Market Intelligence    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 27  
Ending Reserve Balance 4  
2020 Restructuring Plan | Operating segments | Platts    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 10  
Ending Reserve Balance 4  
2020 Restructuring Plan | Operating segments | Indices    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 5  
Ending Reserve Balance 0  
2020 Restructuring Plan | Corporate    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 19  
Ending Reserve Balance $ 4  
v3.22.0.1
Segment and Geographic Information - Narrative (Details)
 12 Months Ended
Dec. 31, 2021
segment
Segment Reporting [Abstract]  
Number of reportable segments 4
Maximum percentage of consolidated revenue represented by foreign countries (more than) 7.00%
Maximum percentage of consolidated revenue represented by single customer (more than) 10.00%
v3.22.0.1
Segment and Geographic Information - Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment information      
Revenue $ 8,297 $ 7,442 $ 6,699
Operating Profit 4,221 3,617 3,226
Pre-tax gain (loss) on dispositions 11 16 49
Lease-related costs 124 144  
Amortization of intangibles 96 123 122
Acquisition-related costs 2    
Lease impairment charges 31 120 11
Ratings      
Segment information      
Lease-related costs   5  
Operating segments      
Segment information      
Operating Profit 4,647 3,936 3,438
Operating segments | Ratings      
Segment information      
Revenue 4,097 3,606 3,106
Operating Profit 2,629 2,223 1,783
Pre-tax gain (loss) on dispositions 6    
Severance charges 3 4 11
Recovery of lease-related costs 4    
Technology-related impairment charge   11  
Amortization of intangibles 10 7 2
Operating segments | Market Intelligence      
Segment information      
Revenue 2,247 2,106 1,959
Operating Profit 703 589 566
Pre-tax gain (loss) on dispositions 3 12  
Severance charges 3 27 6
Lease-related costs 1 3  
Amortization of intangibles 65 76 75
Pre-tax gain (loss) on dispositions     22
Acquisition-related costs 2   4
Operating segments | Platts      
Segment information      
Revenue 950 878 844
Operating Profit 517 458 457
Severance charges   11 1
Recovery of lease-related costs 2    
Lease-related costs   2  
Amortization of intangibles 8 9 12
Pre-tax gain (loss) on dispositions     27
Operating segments | Indices      
Segment information      
Revenue 1,149 989 918
Operating Profit 798 666 632
Severance charges   5  
Recovery of lease-related costs 1    
Technology-related impairment charge   2  
Lease-related costs   1  
Amortization of intangibles 6 6 6
Lease impairment charges   4  
Intersegment Elimination      
Segment information      
Revenue (146) (137) (128)
Corporate Unallocated expense      
Segment information      
Operating Profit (426) (319) (212)
Pre-tax gain (loss) on dispositions 2    
Severance charges 13 19 7
Lease-related costs 4    
Amortization of intangibles 7 26 28
Lease impairment charges 3 116 11
Gain related to an acquisition   1  
Non-cash acquisition and disposition-related costs/adjustments 2 12 $ 21
Corporate Unallocated expense | IHS Markit Ltd      
Segment information      
Acquisition-related costs $ 249 $ 24  
v3.22.0.1
Segment and Geographic Information - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Total revenue $ 8,297 $ 7,442 $ 6,699
Depreciation & Amortization 178 206 204
Capital Expenditures 35 76 115
Total Assets 15,026 12,537  
Held for sale      
Disaggregation of Revenue [Line Items]      
Total Assets 321 0  
Services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue 2,322 2,031 1,625
Services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 5,975 5,411 5,074
Subscription      
Disaggregation of Revenue [Line Items]      
Total revenue 3,253 3,036 2,843
Non-subscription / Transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 2,322 2,031 1,625
Non-transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 1,698 1,500 1,408
Asset-linked fees      
Disaggregation of Revenue [Line Items]      
Total revenue 800 648 623
Sales usage-based royalties      
Disaggregation of Revenue [Line Items]      
Total revenue 224 227 200
Operating Segments      
Disaggregation of Revenue [Line Items]      
Depreciation & Amortization 159 167 162
Capital Expenditures 34 72 103
Total Assets 7,008 7,206  
Operating Segments | Ratings      
Disaggregation of Revenue [Line Items]      
Total revenue 4,097 3,606 3,106
Depreciation & Amortization 46 40 34
Capital Expenditures 18 33 41
Total Assets 1,248 1,088  
Operating Segments | Ratings | Services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue 2,253 1,969 1,570
Operating Segments | Ratings | Services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 1,844 1,637 1,536
Operating Segments | Ratings | Subscription      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Ratings | Non-subscription / Transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 2,253 1,969 1,570
Operating Segments | Ratings | Non-subscription / Transaction | Reclassification      
Disaggregation of Revenue [Line Items]      
Total revenue   (8) (7)
Operating Segments | Ratings | Non-transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 1,844 1,637 1,536
Operating Segments | Ratings | Non-transaction | Reclassification      
Disaggregation of Revenue [Line Items]      
Total revenue   8 7
Operating Segments | Ratings | Asset-linked fees      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Ratings | Sales usage-based royalties      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Market Intelligence      
Disaggregation of Revenue [Line Items]      
Total revenue 2,247 2,106 1,959
Depreciation & Amortization 91 101 99
Capital Expenditures 12 28 44
Total Assets 3,368 3,762  
Operating Segments | Market Intelligence | Services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue 56 55 45
Operating Segments | Market Intelligence | Services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 2,191 2,051 1,914
Operating Segments | Market Intelligence | Subscription      
Disaggregation of Revenue [Line Items]      
Total revenue 2,191 2,050 1,904
Operating Segments | Market Intelligence | Non-subscription / Transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 56 55 45
Operating Segments | Market Intelligence | Non-transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Market Intelligence | Asset-linked fees      
Disaggregation of Revenue [Line Items]      
Total revenue 0 1 10
Operating Segments | Market Intelligence | Sales usage-based royalties      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Platts      
Disaggregation of Revenue [Line Items]      
Total revenue 950 878 844
Depreciation & Amortization 12 17 21
Capital Expenditures 2 7 13
Total Assets 891 913  
Operating Segments | Platts | Services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue 13 7 10
Operating Segments | Platts | Services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 937 871 834
Operating Segments | Platts | Subscription      
Disaggregation of Revenue [Line Items]      
Total revenue 871 809 774
Operating Segments | Platts | Non-subscription / Transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 13 7 10
Operating Segments | Platts | Non-transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Platts | Asset-linked fees      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Platts | Sales usage-based royalties      
Disaggregation of Revenue [Line Items]      
Total revenue 66 62 60
Operating Segments | Indices      
Disaggregation of Revenue [Line Items]      
Total revenue 1,149 989 918
Depreciation & Amortization 10 9 8
Capital Expenditures 2 4 5
Total Assets 1,501 1,443  
Operating Segments | Indices | Services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Indices | Services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue 1,149 989 918
Operating Segments | Indices | Subscription      
Disaggregation of Revenue [Line Items]      
Total revenue 191 177 165
Operating Segments | Indices | Non-subscription / Transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Indices | Non-transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Operating Segments | Indices | Asset-linked fees      
Disaggregation of Revenue [Line Items]      
Total revenue 800 647 613
Operating Segments | Indices | Sales usage-based royalties      
Disaggregation of Revenue [Line Items]      
Total revenue 158 165 140
Corporate      
Disaggregation of Revenue [Line Items]      
Depreciation & Amortization 19 39 42
Capital Expenditures 1 4 12
Total Assets 7,697 5,331  
Elimination      
Disaggregation of Revenue [Line Items]      
Total revenue (146) (137) (128)
Elimination | Services transferred at a point in time      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Elimination | Services transferred over time      
Disaggregation of Revenue [Line Items]      
Total revenue (146) (137) (128)
Elimination | Subscription      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Elimination | Non-subscription / Transaction      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Elimination | Non-transaction      
Disaggregation of Revenue [Line Items]      
Total revenue (146) (137) (128)
Elimination | Asset-linked fees      
Disaggregation of Revenue [Line Items]      
Total revenue 0 0 0
Elimination | Sales usage-based royalties      
Disaggregation of Revenue [Line Items]      
Total revenue $ 0 $ 0 $ 0
v3.22.0.1
Segment and Geographic Information - Geographic Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 8,297 $ 7,442 $ 6,699
Long-lived Assets $ 5,323 $ 5,429  
Geographic concentration | Revenue      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 100.00% 100.00% 100.00%
Geographic concentration | Long-lived Assets      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 100.00% 100.00%  
U.S.      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 5,012 $ 4,504 $ 3,976
Long-lived Assets $ 4,733 $ 4,787  
U.S. | Geographic concentration | Revenue      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 60.00% 61.00% 59.00%
U.S. | Geographic concentration | Long-lived Assets      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 89.00% 88.00%  
European region      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 1,995 $ 1,769 $ 1,659
Long-lived Assets $ 463 $ 496  
European region | Geographic concentration | Revenue      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 24.00% 24.00% 25.00%
European region | Geographic concentration | Long-lived Assets      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 9.00% 9.00%  
Asia      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 874 $ 782 $ 710
Long-lived Assets $ 85 $ 102  
Asia | Geographic concentration | Revenue      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 11.00% 10.00% 11.00%
Asia | Geographic concentration | Long-lived Assets      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 2.00% 2.00%  
Rest of the world      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Revenue $ 416 $ 387 $ 354
Long-lived Assets $ 42 $ 44  
Rest of the world | Geographic concentration | Revenue      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 5.00% 5.00% 5.00%
Rest of the world | Geographic concentration | Long-lived Assets      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Concentration risk (as a percent) 0.00% 1.00%  
v3.22.0.1
Commitments and Contingencies - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Loss Contingencies [Line Items]      
Lease impairment charges $ 31 $ 120 $ 11
VIX Matter      
Loss Contingencies [Line Items]      
Litigation settlement, amount awarded to other party   9  
CME Group      
Loss Contingencies [Line Items]      
Noncontrolling interest ownership by noncontrolling owners (as a percent) 27.00%    
S&P/DJ Indices | CME Group      
Loss Contingencies [Line Items]      
Noncontrolling interest ownership by noncontrolling owners (as a percent) 27.00%    
S&P/DJ Indices | CME Group      
Loss Contingencies [Line Items]      
Revenues earned under license agreement $ 139 $ 149 $ 114
v3.22.0.1
Commitments and Contingencies - Location and Amounts of Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Assets    
Right of use assets $ 426 $ 494
Liabilities    
Other current liabilities 96 100
Lease liabilities – non-current $ 492 $ 544
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other Liabilities, Current Other Liabilities, Current
v3.22.0.1
Commitments and Contingencies - Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Operating lease cost $ 124 $ 144
Sublease income (2) (6)
Total lease cost $ 122 $ 138
v3.22.0.1
Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash paid for amounts included in the measurement for operating lease liabilities    
Operating cash flows from finance leases $ 127 $ 137
Right of use assets obtained in exchange for lease obligations    
Operating leases $ 29 $ 8
v3.22.0.1
Commitments and Contingencies - Lease Term and Discount Rate (Details)
Dec. 31, 2021
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]    
Weighted-average remaining lease term (years) 8 years 3 months 18 days 8 years 6 months
Weighted-average discount rate 3.59% 3.78%
v3.22.0.1
Commitments and Contingencies - Maturities of Lease Liabilities (Details)
$ in Millions
Dec. 31, 2021
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2022 $ 114
2023 94
2024 75
2025 67
2026 63
2027 and beyond 269
Total undiscounted lease payments 682
Less: Imputed interest 94
Present value of lease liabilities $ 588
v3.22.0.1
Schedule II - Valuation and Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Valuation Allowances [Roll Forward]      
Balance at beginning of year $ 30 $ 34 $ 34
Net charges to income 14 24 17
Deductions and other (18) (28) (17)
Balance at end of year $ 26 $ 30 $ 34