Enhanced Investments - Financial Portal

Published: 2022-02-28 00:00:00 ET

HTTP/1.1 200 OK HTTP/1.1 200 OK X-Crawlera-Slave: 104.144.231.92:3128 X-Crawlera-Version: 1.60.1 accept-ranges: bytes content-type: text/html last-modified: Mon, 28 Feb 2022 21:14:29 GMT server: AmazonS3 x-amz-id-2: JdjEeQK/2NEQz3VM9bfA9t0XRu9+OXNN8i1D+2ni4B3pTcZZugZ5yEY/WGmn0aH5z2/e/639jOM= x-amz-meta-mode: 33188 x-amz-meta-s3cmd-attrs: uid:504/gname:fitrprnt/uname:fitrprnt/gid:504/mode:33184/mtime:1646082864/atime:1646082864/md5:094f65a75e387dfdcd190431845f4a0c/ctime:1646082865 x-amz-replication-status: COMPLETED x-amz-request-id: M92THMGJJ6NKA3RN x-amz-version-id: 0wnC2CjQwGbbDkqQhiePc65M_bG3xlxM x-content-type-options: nosniff x-frame-options: SAMEORIGIN x-xss-protection: 1; mode=block x-akamai-transformed: 9 62476 0 pmb=mTOE,2 expires: Thu, 06 Apr 2023 15:13:50 GMT cache-control: max-age=0, no-cache, no-store pragma: no-cache date: Thu, 06 Apr 2023 15:13:50 GMT vary: Accept-Encoding akamai-x-true-ttl: -1 strict-transport-security: max-age=31536000 ; includeSubDomains ; preload set-cookie: ak_bmsc=120DCCCB97D2556D6A53D736F3A4C6BC~000000000000000000000000000000~YAAQDPzDF3qdFRKHAQAAOJIhVxP8L0LJxXVYaP7h+UEQVcYz1uSWtXOqi2P6Zh5IGk/oKXyK2elMZcYYW2qmx6EGjlyqOosXo7ivAqH2/f9R/ViXg/sE2iUi71L/9ovAmpIoetb9j1SBZLOy4zD4IvcjV0iDJaoPl4NTc9Cs2TSf8wnjSc9+eq1hpUJzXnNGIVKKuvk1nxrXYrtoi474m7BrNZuHn2kLQLadnvHNePA22AfQ31ir8RCRcysTkrb3XVF4krx2fDp5F3dSLGA6WKDsCPPB9QihXy02JRRN9PfTbyV1WwjiIvv5vQtnrrDhAo391Uc/QUh9wNkyfLPKpQKk0XLmj2SG9Kk231qm9xctMML3EpViRHbOaXEvUmQvf5VkojbMWuw=; Domain=.sec.gov; Path=/; Expires=Thu, 06 Apr 2023 17:13:50 GMT; Max-Age=7200; HttpOnly set-cookie: bm_mi=2A41EA27E4721857B65FAE98CD1B98EB~YAAQDPzDF3udFRKHAQAAOJIhVxP8cMtBit7jnfcGUe23gG8IFQ8Oecg39EzCYS65NEV9zEYyXKn0wsH7AJFeqVAUkZ3zfTYkIV44+dOZNttMl+A33llQ8gWC47/qlksszBeXeV6IKX4ETbeYZ9x/7Lxs4RIYCbS0ZYFnSufEhLo2T+xTovpK0Ev5MxBsSHarZ6ixH0z2rUMfemKQlG6Bot1RJICv7oMZUeeo1JTholEyHy8fDMa46KxlGV7N6HCdjEJER0wMW6JDoNjRMQd0/Cy2PunR1Bf363XZ5QgzEY0VTsjrNl7fzEV3f7iNDt/Xg9wW3AM9K3s9uvchyU41nJv4BDNvQVn7s+82r5qRUv6j4pMFSRZm+DyfrROWAkcYcvz8XpiN0Y3n8u1wobgjg2QVDf8=~1; Domain=.sec.gov; Path=/; Expires=Thu, 06 Apr 2023 15:13:50 GMT; Max-Age=0; Secure Transfer-Encoding: chunked Proxy-Connection: close Connection: close EX-99 2 spgiform8-kfebruary2022xex.htm EX-99 Document

Exhibit 1

S&P Global

S&P Global and IHS Markit Proforma Combined Company

Operating Results by Segment

Periods Ended December 31, 2021

(dollars in millions, except per share data)


(unaudited)
	Q1		Q2		Q3		Q4		Full Year
	Reported	Adjusted	Reported	Adjusted	Reported	Adjusted	Reported	Adjusted	Reported	Adjusted
Market Intelligence
Revenue
Previously Reported Market Intelligence Revenue	$539	$539	$555	$555	$570	$570	$583	$583	$2,247	$2,247
Adjustments
IHS Markit Financial Services Revenue (a)	454	454	445	445	448	448	471	471	1,818	1,818
Transfers from Mobility and Engineering Solutions (b)	55	55	55	55	57	57	57	57	224	224
Transfers to Indices and Commodity Solutions (c)	(40)	(40)	(39)	(39)	(39)	(39)	(41)	(41)	(159)	(159)
Divestitures (d)	(58)	(58)	(59)	(59)	(62)	(62)	(61)	(61)	(240)	(240)
Proforma Revenue	$950	$950	$957	$957	$974	$974	$1,009	$1,009	$3,890	$3,890

Operating Profit
Previously Reported Market Intelligence Operating Profit (e)	$166	$181	$180	$196	$187	$203	$170	$191	$703	$771
Adjustments
IHS Markit Financial Services Operating Profit (a)	85	160	105	168	588	164	58	157	836	649
Transfers from Mobility and Engineering Solutions (b)	25	27	29	31	29	32	29	31	112	121
Transfers to Indices and Commodity Insights (c)	(19)	(20)	(19)	(20)	(21)	(22)	(23)	(24)	(82)	(86)
Reallocations (f)	(4)	(4)	(4)	(4)	(21)	(21)	(26)	(26)	(55)	(55)
Divestitures (d)	(42)	(42)	(43)	(43)	(45)	(45)	(45)	(46)	(175)	(176)
Proforma Operating Profit	$211	$302	$248	$328	$717	$311	$163	$283	$1,339	$1,224



Ratings
Revenue
Previously Reported Ratings Revenue	$1,017	$1,017	$1,073	$1,073	$1,017	$1,017	$990	$990	$4,097	$4,097

Operating Profit
Previously Reported Ratings Operating Profit (g)	$681	$686	$729	$731	$644	$646	$575	$569	$2,629	$2,632
Adjustments
Reallocations (f)	(1)	(1)	(2)	(2)	(2)	(2)	(4)	(4)	(9)	(9)
Proforma Operating Profit	$680	$685	$727	$729	$642	$644	$571	$565	$2,620	$2,623



Commodity Insights
Revenue
Previously Reported Platts Revenue	$225	$225	$236	$236	$239	$239	$250	$250	$950	$950
Adjustments
IHS Markit Resources Revenue (a)	217	217	208	208	207	207	216	216	848	848
Transfers from Market Intelligence (h)	16	16	17	17	17	17	17	17	67	67
Divestitures (i)	(48)	(48)	(48)	(48)	(50)	(50)	(50)	(50)	(196)	(196)
Proforma Revenue	$410	$410	$413	$413	$413	$413	$433	$433	$1,669	$1,669

Exhibit 1


	Q1				Q2				Q3				Q4				Full Year
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Operating Profit
Previously Reported Platts Operating Profit (j)	$129		$131		$135		$136		$128		$130		$125		$126		$517		$523
Adjustments
IHS Markit Resources Operating Profit (a)	59		72		58		70		56		69		61		67		234		278
Transfers from Market Intelligence (h)	5		5		6		6		8		8		8		8		27		27
Reallocations (f)	7		7		5		5		4		4		1		1		17		17
Divestitures (i)	(21)		(24)		(21)		(27)		(21)		(27)		(18)		(24)		(81)		(102)
Proforma Operating Profit	$179		$191		$183		$190		$175		$184		$177		$178		$714		$743



Mobility
Revenue
Previously Reported Transportation Revenue (a)	$325		$325		$344		$344		$349		$349		$347		$347		$1,365		$1,365
Adjustments
Transfers to Market Intelligence and Engineering Solutions (k)	(29)		(29)		(29)		(29)		(30)		(30)		(31)		(31)		(119)		(119)
Proforma Revenue	$	296	$	296	$	315	$	315	$	319	$	319	$	316	$	316	$	1,246	$	1,246
Operating Profit
Previously Reported Transportation Operating Profit (a)	$121		$146		$136		$160		$133		$156		$125		$144		$515		$606
Adjustments
Transfers to Market Intelligence and Engineering Solutions (k)	(12)		(14)		(18)		(20)		(17)		(19)		(18)		(20)		(65)		(73)
Reallocations (f)	(14)		(14)		(9)		(9)		(8)		(8)		(7)		(7)		(38)		(38)
Proforma Operating Profit	$95		$118		$109		$131		$108		$129		$100		$117		$412		$495



Indices
Revenue
Previously Reported Indices Revenue	$270		$270		$278		$278		$298		$298		$303		$303		$1,149		$1,149
Adjustments
Transfers from Market Intelligence (l)	28		28		27		27		26		26		29		29		110		110
Divestitures (m)	(1)		(1)		(2)		(2)		(1)		(1)		(2)		(2)		(6)		(6)
Proforma Revenue	$297		$297		$303		$303		$323		$323		$330		$330		$1,253		$1,253

Operating Profit
Previously Reported Indices Operating Profit (n)	$191		$192		$196		$198		$213		$214		$199		$199		$799		$803
Adjustments
Transfers from Market Intelligence (l)	14		15		13		14		13		14		15		16		55		59
Reallocations (f)	(3)		(3)		(3)		(3)		(3)		(3)		(4)		(4)		(13)		(13)
Divestitures (m)	(1)		(1)		—		—		(1)		(1)		(1)		(1)		(3)		(3)
Proforma Operating Profit	$201		$203		$206		$209		$222		$224		$209		$210		$838		$846



Engineering Solutions
Revenue
Previously Reported CMS Revenue (a)	$122		$122		$125		$125		$136		$136		$134		$134		$517		$517
Adjustments
Transfers from Mobility (o)	2		2		3		3		3		3		3		3		11		11
Transfers to Market Intelligence (p)	(28)		(28)		(29)		(29)		(30)		(30)		(29)		(29)		(116)		(116)
Divestitures (q)	(5)		(5)		(6)		(6)		(5)		(5)		(5)		(5)		(21)		(21)
Proforma Revenue	$91		$91		$93		$93		$104		$104		$103		$103		$391		$391

Operating Profit
Previously Reported CMS Operating Profit (a)	$21		$23		$27		$29		$31		$32		$59		$28		$138		$112
Adjustments
Transfers from Mobility (o)	2		2		3		3		2		2		2		2		9		9
Transfers to Market Intelligence (p)	(15)		(15)		(14)		(14)		(14)		(15)		(13)		(13)		(56)		(57)
Reallocations (f)	5		5		4		4		4		4		4		4		17		17

Exhibit 1


	Q1		Q2		Q3		Q4		Full Year
	Reported	Adjusted	Reported	Adjusted	Reported	Adjusted	Reported	Adjusted	Reported	Adjusted

Divestitures (q)	(1)	(2)	(1)	(2)	(1)	(2)	(1)	(2)	(4)	(8)
Proforma Operating Profit	$12	$13	$19	$20	$22	$21	$51	$19	$104	$73



Intersegment Elimination
Previously Reported Intersegment Elimination	$(35)	$(35)	$(36)	$(36)	$(37)	$(37)	$(38)	$(38)	$(146)	$(146)
Adjustments
Transfers from Market Intelligence to Indices (r)	(4)	(4)	(5)	(5)	(4)	(4)	(5)	(5)	$(18)	$(18)
Proforma Intersegment Elimination	$(39)	$(39)	$(41)	$(41)	$(41)	$(41)	$(43)	$(43)	$(164)	$(164)


Equity in net (earnings) loss of unconsolidated subsidiaries, net of taxes
IHS Markit equity in (profit) loss on equity-method investees, net of tax	$(15)	$(20)	$(13)	$(13)	$(13)	$(24)	$2	$(22)	$(39)	$(79)

Corporate Unallocated Expense
Previously Reported Corporate Unallocated Expense (s)	$(86)	$(28)	$(86)	$(33)	$(89)	$(38)	$(165)	$(49)	$(426)	$(148)
Adjustments
IHS Markit Shared Services (a)	(42)	(25)	(35)	(16)	(42)	(24)	(75)	(45)	(194)	(110)
Reallocations (f)	14	14	13	13	26	26	36	36	$89	$89
Proforma Corporate Unallocated Expense	$(114)	$(39)	$(108)	$(36)	$(105)	$(36)	$(204)	$(58)	$(531)	$(169)


S&P Global
Previously Reported S&P Global Revenue	$2,016	$2,016	$2,106	$2,106	$2,087	$2,087	$2,088	$2,088	$8,297	$8,297
Adjustments
IHS Markit Revenue (a)	1,118	1,118	1,122	1,122	1,140	1,140	1,168	1,168	4,548	4,548
Divestitures (d) (i) (m) (q)	(112)	(112)	(115)	(115)	(118)	(118)	(118)	(118)	(463)	(463)
Proforma S&P Global Revenue	$3,022	$3,022	$3,113	$3,113	$3,109	$3,109	$3,138	$3,138	$12,382	$12,382

Operating Profit
Previously Reported S&P Global Operating Profit	$1,081	$1,162	$1,154	$1,228	$1,083	$1,155	$904	$1,036	$4,222	$4,581
Adjustments
IHS Markit Operating Profit (a)	244	376	291	411	766	397	228	351	1,529	1,535
IHS Markit equity in (profit) loss on equity-method investees, net of tax	(15)	(20)	(13)	(13)	(13)	(24)	2	(22)	(39)	(79)
Reallocations (f)	4	4	4	4	—	—	—	—	8	8
Divestitures (d) (i) (m) (q)	(65)	(69)	(65)	(72)	(68)	(75)	(65)	(73)	(263)	(289)
Proforma S&P Global Operating Profit	$1,279	$1,493	$1,397	$1,584	$1,794	$1,501	$1,065	$1,336	$5,535	$5,914

Net Income
Proforma S&P Global Operating Profit	$1,279	$1,493	$1,397	$1,584	$1,794	$1,501	$1,065	$1,336	$5,535	$5,914
Other income, net (t)	(7)	(7)	(22)	(22)	(22)	(22)	(11)	(11)	(62)	(62)
Interest expense, net (u)	32	32	32	32	31	31	24	24	119	119
IHS Markit interest expense, net	55	55	55	55	55	55	54	54	219	219
Proforma income before taxes on income	1,199	1,413	1,332	1,519	1,730	1,437	998	1,269	5,259	5,638
Provision for taxes on income (v)	237	253	276	274	202	217	142	186	857	930
IHS Markit provision for taxes on income	20	72	58	96	90	73	30	84	198	325
IHS Markit tax on divestitures	(5)	(7)	(5)	(7)	(6)	(8)	(5)	(7)	(21)	(29)
Divestitures - equity method investment	(1)	(1)	1	1	—	—	—	—	—	—
Proforma Net Income	948	1,095	1,002	1,156	1,444	1,155	831	1,006	4,225	4,412
Less: net income attributable to noncontrolling interests	(54)	(54)	(59)	(59)	(64)	(64)	(62)	(62)	(239)	(239)

Exhibit 1


	Q1				Q2				Q3				Q4				Full Year
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted

Less: IHS Markit net income attributable to noncontrolling interests	1		1		—		—		—		—		—		—		1		1
Proforma Net Income attributable to S&P Global Inc.	$895		$1,042		$943		$1,097		$1,380		$1,091		$769		$944		$3,987		$4,174

Proforma Diluted Weighted Average Shares Outstanding and Adjusted Diluted Earnings Per Share
Previously Reported S&P Global Diluted Weighted Average Shares Outstanding	241.6		241.6		241.8		241.8		241.7		241.7		242.1		242.1		241.8		241.8
IHS Markit Diluted Weighted Average Shares Outstanding (w)	400.7		400.7		400.9		400.9		401.5		401.5		402.7		402.7		401.5		401.5
Adjustments
Conversion Ratio (x)	0.2838		0.2838		0.2838		0.2838		0.2838		0.2838		0.2838		0.2838		0.2838		0.2838
Proforma Diluted Weighted Average Shares Outstanding	355.3		355.3		355.6		355.6		355.6		355.6		356.4		356.4		355.7		355.7





Proforma Adjusted Diluted Earnings Per Share	$	2.52	$	2.93	$	2.65	$	3.09	$	3.88	$	3.07	$	2.16	$	2.65	$	11.21	$	11.73

Note - Totals may not sum due to rounding

Exhibit 1

S&P Global

S&P Global and IHS Markit Proforma Combined Company

Operating Results by Segment

Periods Ended December 31, 2020

(dollars in millions, except per share data)


(unaudited)
	Q1				Q2				Q3				Q4				Full Year
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Market Intelligence
Revenue
Previously Reported Market Intelligence Revenue	$	519	$	519	$	516	$	516	$	530	$	530	$	541	$	541	$	2,106	$	2,106
Adjustments
IHS Markit Financial Services Revenue (a)	403		403		408		408		406		406		423		423		1,640		1,640
Transfers from Mobility and Engineering Solutions (b)	51		51		49		49		51		51		55		55		206		206
Transfers to Indices and Commodity Solutions (c)	(39)		(39)		(41)		(41)		(38)		(38)		(40)		(40)		(158)		(158)
Divestitures (d)	(56)		(56)		(55)		(55)		(57)		(57)		(58)		(58)		(226)		(226)
Proforma Revenue	$878		$878		$877		$877		$892		$892		$921		$921		$3,568		$3,568

Operating Profit
Previously Reported Market Intelligence Operating Profit (e)	$	147	$	160	$	159	$	177	$	164	$	179	$	119	$	167	$589		$683
Adjustments
IHS Markit Financial Services Operating Profit (b)	66		123		94		163		89		148		88		150		337		584
Transfers from Mobility and Engineering Solutions (c)	30		33		25		32		32		34		29		34		116		133
Transfers to Indices and Commodity Insights (d)	(18)		(19)		(20)		(22)		(18)		(19)		(23)		(24)		(79)		(84)
Reallocations (f)	(51)		(51)		(31)		(31)		(13)		(13)		(15)		(15)		(110)		(110)
Divestitures (d)	(40)		(40)		(40)		(40)		(42)		(42)		(43)		(43)		(165)		(165)
Proforma Operating Profit	$134		$206		$187		$279		$212		$287		$155		$269		$688		$1,041



Ratings
Revenue
Previously Reported Ratings Revenue	$825		$825		$1,006		$1,006		$894		$894		$881		$881		$3,606		$3,606

Operating Profit
Previously Reported Ratings Operating Profit (g)	$	520	$	521	$	693	$	695	$	544	$	552	$	466	$	481	$2,223		$2,249
Adjustments
Reallocations (f)	(6)		(6)		(6)		(6)		(6)		(6)		(3)		(3)		(21)		(21)
Proforma Operating Profit	$514		$515		$687		$689		$538		$546		$463		$478		$2,202		$2,228



Commodity Insights
Revenue
Previously Reported Platts Revenue	$	215	$	215	$	217	$	217	$	222	$	222	$	224	$	224	$	878	$	878
Adjustments
IHS Markit Resources Revenue (a)	224		224		216		216		205		205		209		209		854		854
Transfers from Market Intelligence (h)	15		15		16		16		16		16		17		17		64		64
Divestitures (i)	(46)		(46)		(45)		(45)		(45)		(45)		(47)		(47)		(183)		(183)
Proforma Revenue	$	408	$	408	$	404	$	404	$	398	$	398	$	403	$	403	$	1,613	$	1,613

Exhibit 1


	Q1				Q2				Q3				Q4				Full Year
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted
Operating Profit
Previously Reported Platts Operating Profit (j)	$	112	$	114	$	124	$	127	$	121	$	124	$	101	$	115	$458		$480
Adjustments
IHS Markit Resources Operating Profit (a)	49		63		61		90		52		66		49		71		211		290
Transfers from Market Intelligence (i)	4		4		5		5		5		5		6		6		20		20
Reallocations (f)	9		9		(1)		(1)		7		7		6		6		21		21
Divestitures (i)	(18)		(22)		(16)		(23)		(20)		(24)		(22)		(26)		(76)		(95)
Proforma Operating Profit	$156		$168		$173		$198		$165		$178		$140		$172		$634		$716



Mobility
Revenue
Previously Reported Transportation Revenue (a)	$	299	$	299	$	241	$	241	$	308	$	308	$	310	$	310	$	1,158	$	1,158
Adjustments
Transfers to Market Intelligence and Engineering Solutions (k)	(25)		(25)		(25)		(25)		(27)		(27)		(29)		(29)		(106)		(106)
Proforma Revenue	$	274	$	274	$	216	$	216	$	281	$	281	$	281	$	281	$	1,052	$	1,052
Operating Profit
Previously Reported Transportation Operating Profit (a)	$	72	$	102	$	61	$	100	$	114	$	139	$	112	$	126	$	359	$	467
Adjustments
Transfers to Market Intelligence and Engineering Solutions (k)	(19)		(21)		(15)		(21)		(21)		(23)		(18)		(21)		(73)		(86)
Reallocations (f)	(17)		(17)		(19)		(19)		(11)		(11)		(8)		(8)		(55)		(55)
Proforma Operating Profit	$36		$64		$27		$60		$82		$105		$86		$97		$231		$326



Indices
Revenue
Previously Reported Indices Revenue	$	259	$	259	$	240	$	240	$	234	$	234	$	256	$	256	$	989	$	989
Adjustments
Transfers from Market Intelligence (l)	28		28		29		29		26		26		27		27		110		110
Divestitures (m)	(2)		(2)		(1)		(1)		(1)		(1)		(1)		(1)		(5)		(5)
Proforma Revenue	$285		$285		$268		$268		$259		$259		$282		$282		$1,094		$1,094

Operating Profit
Previously Reported Indices Operating Profit (n)	$	182	$	183	$	171	$	172	$	151	$	153	$	162	$	176	$	666	$	684
Adjustments
Transfers from Market Intelligence (l)	14		15		15		17		13		14		17		18		59		64
Reallocations (f)	(9)		(9)		(1)		(1)		(1)		(1)		(1)		(1)		(12)		(12)
Divestitures (m)	(1)		(1)		—		—		—		—		—		—		(1)		(1)
Proforma Operating Profit	$186		$188		$185		$188		$163		$166		$178		$193		$712		$735



Engineering Solutions
Revenue
Previously Reported CMS Revenue (a)	$123		$123		$119		$119		$121		$121		$125		$125		$488		$488
Adjustments
Transfers from Mobility (o)	2		2		2		2		3		3		3		3		10		10
Transfers to Market Intelligence (p)	(28)		(28)		(26)		(26)		(27)		(27)		(29)		(29)		(110)		(110)
Divestitures (q)	(5)		(5)		(5)		(5)		(5)		(5)		(6)		(6)		(21)		(21)
Proforma Revenue	$92		$92		$90		$90		$92		$92		$93		$93		$367		$367

Operating Profit
Previously Reported CMS Operating Profit (a)	$21		$24		$21		$29		$23		$26		$17		$27		$82		$106
Adjustments
Transfers from Mobility (o)	2		2		2		2		3		3		2		2		9		9
Transfers to Market Intelligence (p)	(13)		(14)		(12)		(13)		(14)		(14)		(13)		(15)		(52)		(56)
Reallocations (f)	5		5		4		4		7		7		9		9		25		25

Exhibit 1


	Q1				Q2				Q3				Q4				Full Year
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted

Divestitures (q)	—		(1)		(1)		(2)		(1)		(2)		—		(1)		(2)		(6)
Proforma Operating Profit	$15		$16		$14		$20		$18		$20		$15		$22		$62		$78



Intersegment Elimination
Previously Reported Intersegment Elimination	$	(32)	$	(32)	$	(36)	$	(36)	$	(34)	$	(34)	$	(35)	$	(35)	$	(137)	$	(137)
Adjustments
Transfers from Market Intelligence to Indices (r)	(4)		(4)		(4)		(4)		(4)		(4)		(4)		(4)		(16)		(16)
Proforma Intersegment Elimination	$(36)		$(36)		$(40)		$(40)		$(38)		$(38)		$(39)		$(39)		$(153)		$(153)


Equity in net (earnings) loss of unconsolidated subsidiaries, net of taxes
IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	(16)	$	(21)	$	(14)	$	(18)	$	(9)	$	(14)	$	(6)	$	(17)	$	(45)	$	(70)

Corporate Unallocated Expense
Previously Reported Corporate Unallocated Expense (s)	$	(49)	$	(30)	$	(42)	$	(30)	$	(36)	$	(32)	$	(192)	$	(36)	$	(319)	$	(128)
Adjustments
IHS Markit Shared Services (a)	(61)		(61)		(72)		(40)		(42)		(37)		(81)		(35)		(256)		(173)
Reallocations (f)	73		73		58		58		21		21		16		16		168		168
Proforma Corporate Unallocated Expense	$(37)		$(18)		$(56)		$(12)		$(57)		$(48)		$(257)		$(55)		$(407)		$(133)


S&P Global
Previously Reported S&P Global Revenue	$	1,786	$	1,786	$	1,943	$	1,943	$	1,846	$	1,846	$	1,867	$	1,867	$	7,442	$	7,442
Adjustments
IHS Markit Revenue (a)	1,049		1,049		984		984		1,040		1,040		1,067		1,067		4,140		4,140
Divestitures (d) (i) (m) (q)	(109)		(109)		(106)		(106)		(108)		(108)		(112)		(112)		(435)		(435)
Proforma S&P Global Revenue	$2,726		$2,726		$2,821		$2,821		$2,778		$2,778		$2,822		$2,822		$11,147		$11,147

Operating Profit
Previously Reported S&P Global Operating Profit	$	912	$	948	$	1,105	$	1,141	$	944	$	976	$	656	$	903	$3,617		$3,968
Adjustments
IHS Markit Operating Profit (a)	147		251		165		342		236		342		185		339		733		1,274
IHS Markit equity in (profit) loss on equity-method investees, net of tax	(16)		(21)		(14)		(18)		(9)		(14)		(6)		(17)		(45)		(70)
Reallocations (f)	4		4		4		4		4		4		4		4		16		16
Divestitures (d) (i) (m) (q)	(59)		(64)		(57)		(65)		(63)		(68)		(65)		(70)		(244)		(267)
Proforma S&P Global Operating Profit	$1,020		$1,160		$1,231		$1,440		$1,130		$1,268		$786		$1,193		$4,167		$5,061

Net Income
Proforma S&P Global Operating Profit	$1,020		$1,160		$1,231		$1,440		$1,130		$1,268		$786		$1,193		$4,167		$5,061
Other income, net (t)	32		1		(11)		(13)		(7)		(7)		(14)		(15)		—		(34)
Interest expense, net (u)	34		34		40		40		314		35		32		32		420		141
IHS Markit interest expense, net	60		60		59		59		57		57		58		58		234		234
Proforma income before taxes on income	894		1,065		1,143		1,354		766		1,183		710		1,118		3,513		4,720
Provision for taxes on income (v)	179		189		223		232		128		204		124		166		654		791
IHS Markit provision for taxes on income	(39)		32		36		79		98		77		20		76		115		264
IHS Markit tax on divestitures	(5)		(8)		(5)		(8)		(6)		(9)		(6)		(9)		(22)		(34)
Proforma Net Income	759		852		889		1,051		546		910		572		885		2,766		3,698
Less: net income attributable to noncontrolling interests	(50)		(50)		(50)		(50)		(44)		(44)		(51)		(56)		(195)		(200)

Exhibit 1


	Q1				Q2				Q3				Q4				Full Year
	Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted		Reported		Adjusted

Less: IHS Markit net income attributable to noncontrolling interests	1		1		1		1		(1)		(1)		—		—		1		1
Proforma Net Income attributable to S&P Global Inc.	$710		$803		$840		$1,002		$501		$865		$521		$829		$2,572		$3,499

Proforma Diluted Weighted Average Shares Outstanding and Adjusted Diluted Earnings Per Share
Previously Reported S&P Global Diluted Weighted Average Shares Outstanding	243.3		243.3		241.9		241.9		241.6		241.6		241.7		241.7		242.1		242.1
IHS Markit Diluted Weighted Average Shares Outstanding (w)	402.9		402.9		400.3		400.3		400.8		400.8		400.7		400.7		401.2		401.2
Adjustments
Conversion Ratio (x)	0.2838		0.2838		0.2838		0.2838		0.2838		0.2838		0.2838		0.2838		0.2838		0.2838
Proforma Diluted Weighted Average Shares Outstanding	357.6		357.6		355.5		355.5		355.3		355.3		355.4		355.4		356.0		356.0





Proforma Adjusted Diluted Earnings Per Share	$	1.99	$	2.24	$	2.36	$	2.82	$	1.41	$	2.43	$	1.46	$	2.33	$	7.22	$	9.83

Note - Totals may not sum due to rounding

(a) Refer to Exhibit 2 for a reconciliation of IHS Markit's previously reported results conformed to S&P Global's presentation of adjusted

operating results.

(b) To reflect the transfer of IHS Markit’s Maritime & Trade business to the Market Intelligence segment from the Mobility segment and

the transfer of the Economics and Country Risk business to the Market Intelligence segment from the Engineering Solutions segment.

(c) To reflect the transfer of both the Market Intelligence Commodities business and IHS Markit’s Environmental Solutions business to

the Commodity Insights segment from the Market Intelligence segment and the transfer of IHS Markit’s index services business,

Equity Custom Baskets (“ECB”), Halifax House Price Index to the Indices segment from the Market Intelligence segment.

(d) Proforma adjustment to eliminate S&P Global and IHS Markit’s divested businesses from the historical segment financial information.

S&P Global’s divestitures include CUSIP Global Services and its Leveraged Commentary and Data (“LCD”) business while the IHS

Markit’s divestiture includes the Life Sciences business.

(e) Q4 2021 and full year 2021 adjustments include employee severance charges of $3 million, acquisition-related costs of $2

million and lease-related costs of $1 million. Q4 2021 and full year 2021 are adjusted for a gain on disposition of $1 million

and $3 million, respectively. Q1, Q4 and full year 2020 include adjustments for employee severance charges of $2 million, $26

million and $27 million, respectively. Q1, Q2, Q3 and full year 2020 include adjustments for gains on dispositions of $7 million, $2

million, $4 million and $12 million, respectively. Q4 and full year 2020 include adjustments for lease-related costs of $3 million.

2021 quarterly and full year are adjusted for amortization of intangibles from acquisitions of $16 million and $65 million, respectively.

2020 quarterly and full year are adjusted for amortization of intangibles from acquisitions were $19 million, $20 million, $19 million,

$17 million and $76 million, respectively.

(f) Adjustment to reallocate the combined central support costs of S&P Global and IHS Markit, which primarily include shared services

costs, IT costs and certain corporate costs using S&P Global’s historic allocation methodology to reflect a consistent approach to

allocate shared costs to the segments.

(g) Q4 2021 and full year 2021 adjustments include a gain on disposition of $6 million, recovery of lease-related costs of $4 million and

employee severance charges of $3 million. Q3, Q4 and full year 2020 adjustments include technology-related impairment charge of $5

million, $5 million and $11 million, respectively. Q4 2020 and full year 2020 adjustments include lease-related costs of $5 million and

employee severance charges of $4 million. 2021 quarterly and full year are adjusted for amortization of intangibles from acquisitions

of $5 million, $2 million, $2 million, $2 million, and $10 million, respectively. 2020 Q2, Q3, Q4 and full year are adjusted for

amortization of intangibles from acquisitions of $2 million, $3 million, $2 million and $7 million, respectively.

(h) To reflect the transfer of both the Market Intelligence Commodities business and IHS Markit’s Environmental Solutions business to

the Commodity Insights segment from the Market Intelligence segment.

(i) Proforma adjustment to eliminate IHS Markit’s divested businesses from the historical segment financial information. IHS Markit’s

divestitures include PetroChem Wire businesses (“OPIS”) and its base chemicals business.

(j) Q4 2021 and full year 2021 adjustments include recovery of lease-related costs of $2 million. Q4 2020 and full year 2020 adjustments

include employee severance charges of $11 million and lease-related costs of $2 million. 2021 quarterly and full year are

Exhibit 1

adjusted for amortization of intangibles from acquisitions of $2 million and $8 million, respectively. 2020 quarterly and full year are

adjusted for amortization of intangibles from acquisitions of $2 million and $9 million, respectively.

(k) To reflect the transfer of IHS Markit’s Maritime & Trade business to the Market Intelligence segment from the Mobility segment and

the transfer of IHS Markit’s Haystack business to the Engineering Solutions segment from the Mobility segment.

(l) To reflect the transfer of IHS Markit’s index services business, ECB, Halifax House Price Index, and other expenses to the Indices

segment from the Market Intelligence segment.

(m) Proforma adjustment to eliminate S&P Global’s divested businesses from the historical segment financial information. S&P Global’s

divestiture includes a family of leveraged loan indices.

(n) Q4 2021 and full year 2021 adjustments include recovery of lease-related costs of $1 million. Q4 2020 and full year 2020 adjustments

include employee severance charges of $5 million, a lease impairment charge of $4 million, a technology-related impairment of $2

million and lease-related costs of $1 million. 2021 quarterly and full year are adjusted for amortization of intangibles from acquisitions

of $1 million and $6 million, respectively. 2020 quarterly and full year are adjusted for amortization of intangibles from acquisitions

of $1 million and $6 million, respectively.

(o) To reflect the transfer of IHS Markit’s Haystack business to the Engineering Solutions segment from the Mobility segment.

(p) To reflect the transfer of Economics and Country Risk business to the Market Intelligence segment from the Engineering Solutions

segment.

(q) Proforma adjustment to eliminate IHS Markit’s divested businesses from the historical segment financial information IHS Markit’s

divestitures include its RootMetrics business.

(r) To reflect the transfer of IHS Markit’s Environmental Solutions business to the Commodity Insights segment from the Market

Intelligence segment and the transfer of IHS Markit’s index services business, ECB, Halifax House Price Index, and associated

expenses to the Indices segment from the Market Intelligence segment.

(s) Q1 2021 and full year 2021 adjustments include Kensho retention related costs of $2 million. Q2 and full year 2021 adjustments

include a lease impairment charge of $3 million. Q3 2021 and full year 2021 adjustments include a gain on disposition of $3 million

and $2 million, respectively. Q1, Q2, Q3, Q4 and full year 2021 adjustments include IHS Markit merger costs of $49 million, $50

million, $54 million, $96 million and $249 million, respectively. Q4 2021 and full year 2021 adjustments include employee severance

charges of $13 million, lease-related costs of $4 million and acquisition-related costs of $2 million. 2020 quarterly and full year

adjustments include Kensho retention-related costs of $5 million, $2 million, $2 million, $2 million and $12 million, respectively. Q1,

Q2, Q4, and full year 2020 adjustments include employee severance charges of $7 million, $3 million, $9 million and $19 million,

respectively. Q3 2020 and full year 2020 includes an adjustment for a gain on disposition of $4 million. Q4 2020 and full year 2020

include adjustments for lease impairment charges of $116 million. 2021 full year is adjusted for amortization of intangibles from

acquisitions were $7 million. 2020 quarterly and full year are adjusted for amortization of intangibles from acquisitions were $7

million and $26 million, respectively.

(t) Q2 2020 and full year 2020 adjustments include a pension related charge of $3 million.

(u) Q3 2020 and full year 2020 adjustments include a loss on the extinguishment of debt of $279 million.

(v) Q2, Q4 and full year 2021 adjustments include $5 million, $2 million and $7 million, respectively, of tax expense associated with the

re-valuation of deferred tax liabilities related to a UK income tax rate change. Q3 2021 and full year 2021 adjustments include $7

million of tax benefit on a loss on the extinguishment of debt in the prior year. Q4 2021 and full year 2021 adjustments include $1

million of tax benefit related to prior year divestitures. Q4 2020 and full year 2020 adjustments include $4 million of tax benefit

related to prior year divestitures.

(w) Adjusted to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(x) Under the terms of the merger agreement, at the effective time of the merger each share of IHS Markit issued and outstanding (other

than excluded shares and dissenting shares) was 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. The adjustment reflects (i) the elimination of IHS Markit’s basic and diluted shares outstanding and (ii) the assumed issuance of

basic and diluted common shares as a result of the merger calculated by multiplying IHS Markit’s basic and diluted common shares

outstanding by the 0.2838 exchange ratio.

Exhibit 2

Q1 2021 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	484	$	15	$	(45)	$	454	$	—	$	454
Transportation	312		13		—		325		—		325
Resources	203		14		—		217		—		217
CMS	121		1		—		122		—		122
Total Revenue	$	1,120	$	43	$	(45)	$	1,118	$	—	$	1,118

	Operating Profit
Financial Services	$	233	$	12	$	(160)	$	85	$	75	$	160
Transportation	147		10		(36)		121		25		146
Resources	74		11		(26)		59		13		72
CMS	26		—		(5)		21		2		23
Total Segment Operating Profit	$	480	$	33	$	(227)	$	286	$	115	$	401

Shared Services	$	(13)	$	(6)	$	(23)	(42)		$	17	$	(25)

Operating Profit	$	467	$	27	$	(250)	$	244	$	132	$	376

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(56)	$	(4)	$	60	$	—	$	—	$	—
Amortization related to acquired intangible assets	(96)		2		94		—		—		—
Stock-based compensation expense	(66)		—		66		—		—		—
Restructuring and impairment charges	(1)		(6)		7		—		—		—
Acquisition-related costs & performance compensation	(15)		(21)		36		—		—		—

Operating Profit	$	233	$	(2)	$	13	$	244	$	132	$	376

Other income	$	—	$	—	$	—	—		$	—	$	—

Interest expense, net	$	56	$	(1)	$	—	55		$	—	$	55

Income before taxes on income	$	177	$	(1)	$	13	$	189	$	132	$	321

Exhibit 2


Provision for taxes on income	$	30	$	12	$	(22)	20		$	52	$	72

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	(1)	$	2	$	(19)	(18)		$	(5)	$	(23)



Net income	$	148	$	(15)	$	54	187		$	85	$	272

Less: NCI net income	$	1	$	—	$	—	1		$	—	$	1

Net income attributable to IHS Markit	$	149	$	(15)	$	54	$	188	$	85	$	273

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) a proforma adjustment reclassifying the $45 million of revenue and $26 million of operating profit associated with IHS Markit’s MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation including depreciation expense of $60 million, stock-based compensation of $66 million, amortization of intangible assets of $94 million, restructuring and impairment charges of $7 million and other acquisition-related costs of $36 million.

(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $92 million, restructuring and impairment charges of $7 million, other acquisition-related costs of $33 million and the related provision for taxes on income of $52 million. Adjustments made to present IHS Markit’s MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $2 million and other acquisition-related costs of $3 million.

Exhibit 2

Q2 2021 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	493	$	(8)	$	(40)	$	445	$	—	$	445
Transportation	344		—		—		344		—		344
Resources	221		(13)		—		208		—		208
CMS	123		2		—		125		—		125
Total Revenue	$	1,181	$	(19)	$	(40)	$	1,122	$	—	$	1,122

	Operating Profit
Financial Services	$	238	$	(6)	$	(127)	$	105	$	63	$	168
Transportation	171		(1)		(34)		136		24		160
Resources	91		(10)		(23)		58		12		70
CMS	28		3		(4)		27		2		29
Total Segment Operating Profit	$	528	$	(14)	$	(188)	$	326	$	101	$	427

Shared Services	$	(11)	$	(1)	$	(23)	(35)		$	19	$	(16)

Operating Profit	$	517	$	(15)	$	(211)	$	291	$	120	$	411

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(59)	$	4	$	55	$	—	$	—	$	—
Amortization related to acquired intangible assets	(91)		—		91		—		—		—
Stock-based compensation expense	(50)		2		48		—		—		—
Restructuring and impairment charges	(8)		6		2		—		—		—
Acquisition-related costs & performance compensation	(33)		6		27		—		—		—

Operating Profit	$	276	$	3	$	12	$	291	$	120	$	411

Other income	$	—	$	—	$	—	—		$	—	$	—

Interest expense, net	$	55	$	—	$	—	55		$	—	$	55

Income before taxes on income	$	221	$	3	$	12	$	236	$	120	$	356

Exhibit 2


Provision for taxes on income	$	58	$	10	$	(10)	58		$	38	$	96

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	4	$	—	$	(20)	(16)		$	—	$	(16)



Net income	$	159	$	(7)	$	42	194		$	82	$	276

Less: NCI net income	$	—	$	—	$	—	—		$	—	$	—

Net income attributable to IHS Markit	$	159	$	(7)	$	42	$	194	$	82	$	276

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) a proforma adjustment reclassifying the $40 million revenue and $24 million of operating profit associated with IHS Markit’s MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation by including depreciation expense of $55 million, stock-based compensation of $48 million, amortization of intangible assets of $91 million, restructuring and impairment charges of $2 million and other acquisition-related costs of $27 million.

Exhibit 2

Q3 2021 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	490	$	(17)	$	(25)	$	448	$	—	$	448
Transportation	347		2		—		349		—		349
Resources	208		(1)		—		207		—		207
CMS	136		—		—		136		—		136
Total Revenue	$	1,181	$	(16)	$	(25)	$	1,140	$	—	$	1,140

	Operating Profit
Financial Services	$	241	$	(15)	$	362	$	588	$	(424)	$	164
Transportation	167		(1)		(33)		133		23		156
Resources	84		(1)		(27)		56		13		69
CMS	37		(2)		(4)		31		1		32
Total Segment Operating Profit	$	529	$	(19)	$	298	$	808	$	(387)	$	421

Shared Services	$	(13)	$	15	$	(44)	(42)		$	18	$	(24)

Operating Profit	$	516	$	(4)	$	254	$	766	$	(369)	$	397

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(55)	$	1	$	54	$	—	$	—	$	—
Amortization related to acquired intangible assets	(90)		3		87		—		—		—
Stock-based compensation expense	(53)		—		53		—		—		—
Restructuring and impairment charges	(3)		(9)		12		—		—		—
Acquisition-related costs & performance compensation	(24)		3		21		—		—		—
Gain / Loss on Sale of Assets	—		485		(485)		—		—		—
Operating Profit	$	291	$	479	$	(4)	$	766	$	(369)	$	397

Other income	$	—	$	—	$	—	—		$	—	$	—

Interest expense, net	$	55	$	—	$	—	55		$	—	$	55

Income before taxes on income	$	236	$	479	$	(4)	$	711	$	(369)	$	342

Exhibit 2


Provision for taxes on income	$	72	$	(58)	$	76	90		$	(17)	$	73

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	3	$	1	$	(17)	(13)		$	(11)	$	(24)



Net income	$	161	$	536	$	(63)	634		$	(341)	$	293

Less: NCI net income	$	—	$	—	$	—	—		$	—	$	—

Net income attributable to IHS Markit	$	161	$	536	$	(63)	$	634	$	(341)	$	293

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) a proforma adjustment reclassifying the $25 million revenue and $20 million of operating profit associated with IHS Markit’s MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation by including depreciation expense of $54 million, stock-based compensation of $53 million, amortization of intangible assets of $87 million, restructuring and impairment charges of $12 million, other acquisition-related costs of $21 million and gains on disposals of $485 million.

(c) Adjustments to present IHS Markit on an adjusted basis by adjusting for amortization of intangible assets, restructuring and impairment charges, and other acquisition-related costs. Adjustments include amortization of intangible assets of $87 million, restructuring and impairment charges of $10 million, other acquisition-related costs of $19 million, gains on disposals of $485 million and the related provision for taxes on income of $17 million. Adjustments to present IHS Markit’s MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $12 million, other acquisition-related costs of $2 million and the related provision for taxes on income of $3 million.

Exhibit 2

Q4 2021 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	474	$	(3)	$	—	$	471	$	—	$	471
Transportation	351		(4)		—		347		—		347
Resources	215		1		—		216		—		216
CMS	136		(2)		—		134		—		134
Total Revenue	$	1,176	$	(8)	$	—	$	1,168	$	—	$	1,168

	Operating Profit
Financial Services	$	250	$	(8)	$	(184)	$	58	$	99	$	157
Transportation	160		(3)		(32)		125		19		144
Resources	90		(1)		(28)		61		6		67
CMS	40		(2)		21		59		(31)		28
Total Segment Operating Profit	$	540	$	(14)	$	(223)	$	303	$	93	$	396

Shared Services	$	(10)	$	(12)	$	(53)	(75)		$	30	$	(45)

Operating Profit	$	530	$	(26)	$	(276)	$	228	$	123	$	351

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(55)	$	(1)	$	56	$	—	$	—	$	—
Amortization related to acquired intangible assets	(85)		—		85		—		—		—
Stock-based compensation expense	(58)		(6)		64		—		—		—
Restructuring and impairment charges	(19)		8		11		—		—		—
Acquisition-related costs & performance compensation	(54)		(10)		64		—		—		—
Gain / Loss on Sale of Assets	535		(498)		(37)
Equity method investment	(33)		—		33		—		—		—
Operating Profit	$	761	$	(533)	$	—	$	228	$	123	$	351

Other income	$	—	$	—	$	(6)	(6)		$	—	$	(6)

Interest expense, net	$	54	$	—	$	—	54		$	—	$	54

Income before taxes on income	$	707	$	(533)	$	6	$	180	$	123	$	303

Exhibit 2


Provision for taxes on income	$	(25)	$	87	$	(32)	30		$	54	$	84

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	(6)	$	10	$	(2)	2		$	(24)	$	(22)



Net income	$	738	$	(630)	$	40	148		$	93	$	241

Less: NCI net income	$	—	$	—	$	—	—		$	—	$	—

Net income attributable to IHS Markit	$	738	$	(630)	$	40	$	148	$	93	$	241

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) an adjustment reclassifying the $2 million of equity income from the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation including depreciation expense of $56 million, stock-based compensation of $64 million, amortization of intangible assets of $85 million, restructuring and impairment charges of $11 million, other acquisition-related costs of $64 million and gains on disposals of $37 million.

(c) Adjustments to present IHS Markit on an adjusted basis by adjusting for amortization of intangible assets, restructuring and impairment charges, and other acquisition-related costs. Adjustments include amortization of intangible assets of $85 million, restructuring and impairment charges of $11 million, other acquisition-related costs of $64 million, gains on disposals of $37 million and the related provision for taxes on income of $54 million. Adjustments made to present equity earnings from the OSTTRA joint venture included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $31 million and the related provision for taxes on income of $7 million.

Exhibit 2

FY 2021 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	1,941	$	(13)	$	(110)	$	1,818	$	—	$	1,818
Transportation	1,354		11		—		1,365		—		1,365
Resources	847		1		—		848		—		848
CMS	516		1		—		517		—		517
Total Revenue	$	4,658	$	—	$	(110)	$	4,548	$	—	$	4,548

	Operating Profit
Financial Services	$	962	$	(17)	$	(109)	$	836	$	(187)	$	649
Transportation	645		5		(135)		515		91		606
Resources	339		(1)		(104)		234		44		278
CMS	131		(1)		8		138		(26)		112
Total Segment Operating Profit	$	2,077	$	(14)	$	(340)	$	1,723	$	(78)	$	1,645

Shared Services	$	(47)	$	(4)	$	(143)	(194)		$	84	$	(110)

Operating Profit	$	2,030	$	(18)	$	(483)	$	1,529	$	6	$	1,535

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(225)	$	—	$	225	$	—	$	—	$	—
Amortization related to acquired intangible assets	(362)		5		357		—		—		—
Stock-based compensation expense	(227)		(4)		231		—		—		—
Restructuring and impairment charges	(31)		(1)		32		—		—		—
Acquisition-related costs & performance compensation	(126)		(22)		148		—		—		—
Gain / Loss on Sale of Assets	535		(13)		(522)
Equity method investment	(33)		(8)		41		—		—		—
Operating Profit	$	1,561	$	(61)	$	29	$	1,529	$	6	$	1,535

Other income	$	—	$	—	$	(6)	(6)		$	—	$	(6)

Interest expense, net	$	220	$	(1)	$	—	219		$	—	$	219

Income before taxes on income	$	1,341	$	(60)	$	35	$	1,316	$	6	$	1,322

Exhibit 2


Provision for taxes on income	$	135	$	51	$	12	198		$	127	$	325

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	—	$	2	$	(47)	(45)		$	(40)	$	(85)



Net income	$	1,206	$	(113)	$	70	1,163		$	(81)	$	1,082

Less: NCI net income	$	1	$	—	$	—	1		$	—	$	1

Net income attributable to IHS Markit	$	1,207	$	(113)	$	70	$	1,164	$	(81)	$	1,083

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) a proforma adjustment reclassifying the $110 million revenue and $59 million of operating profit associated with IHS Markit’s MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation by including depreciation expense of $225 million, stock-based compensation of $231 million, amortization of intangible assets of $357 million, restructuring and impairment charges of $32 million, other acquisition-related costs of $148 million and gains on disposals of $522 million.

(c) Adjustments to present IHS Markit on an adjusted basis by adjusting for amortization of intangible assets, restructuring and impairment charges, and other acquisition-related costs. Adjustments include amortization of intangible assets of $355 million, restructuring and impairment charges of $30 million, other acquisition-related costs of $143 million, gains on disposals of $522 million and the related provision for taxes on income of $127 million. Adjustments made to present equity earnings from the OSTTRA joint venture included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $43 million, restructuring and impairment charges of $2 million, other acquisition-related costs of $5 million and the related provision for taxes on income of $10 million.

Exhibit 2

Q1 2020 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	436	$	14	$	(47)	$	403	$	—	$	403
Transportation	297		2		—		299		—		299
Resources	226		(2)		—		224		—		224
CMS	122		1		—		123		—		123
Total Revenue	$	1,081	$	15	$	(47)	$	1,049	$	—	$	1,049

	Operating Profit
Financial Services	$	205	$	10	$	(149)	$	66	$	57	$	123
Transportation	118		(3)		(43)		72		30		102
Resources	90		(8)		(33)		49		14		63
CMS	30		—		(9)		21		3		24
Total Segment Operating Profit	$	443	$	(1)	$	(234)	$	208	$	104	$	312

Shared Services	$	(11)	$	(7)	$	(43)	(61)		$	—	$	(61)

Operating Profit	$	432	$	(8)	$	(277)	$	147	$	104	$	251

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(51)	$	(4)	$	55	$	—	$	—	$	—
Amortization related to acquired intangible assets	(94)		—		94		—		—		—
Stock-based compensation expense	(83)		(4)		87		—		—		—
Restructuring and impairment charges	(4)		(2)		6		—		—		—
Acquisition-related costs & performance compensation	(1)		—		1		—		—		—
Gain / Loss on Sale of Assets	372		(382)		10		—		—		—
Operating Profit	$	571	$	(400)	$	(24)	$	147	$	104	$	251

Interest expense, net	$	61	$	(1)	$	—	60		$	—	$	60

Pension mark-to-market and settlement expense	$	22	$	9	$	—	31		$	(31)	$	—

Income before taxes on income	$	488	$	(408)	$	(24)	$	56	$	135	$	191

Exhibit 2


Provision for taxes on income	$	4	$	(7)	$	(36)	(39)		$	71	$	32

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	—	$	—	$	(19)	(19)		$	(5)	$	(24)



Net income	$	484	$	(401)	$	31	114		$	69	$	183

Less: NCI net income	$	1	$	—	$	—	1		$	—	$	1

Net income attributable to IHS Markit	$	485	$	(401)	$	31	$	115	$	69	$	184

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) a proforma adjustment reclassifying the $47 million of revenue and $24 million of operating profit associated with IHS Markit’s MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation including depreciation expense of $55 million, stock-based compensation of $87 million, amortization of intangible assets of $94 million, restructuring and impairment charges of $6 million, other acquisition-related costs of $1 million and losses on disposals of $10 million.

(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $87 million, restructuring and impairment charges of $6 million, other acquisition-related costs of $1 million, losses on disposals of $10 million, pension settlement of $31 million and the related provision for taxes on income of $71 million. Adjustments made to present IHS Markit’s MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $7 million and and the related provision for taxes on income of $2 million.

Exhibit 2

Q2 2020 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	444	$	4	$	(40)	$	408	$	—	$	408
Transportation	243		(2)		—		241		—		241
Resources	219		(3)		—		216		—		216
CMS	121		(2)		—		119		—		119
Total Revenue	$	1,027	$	(3)	$	(40)	$	984	$	—	$	984

	Operating Profit
Financial Services	$	231	$	12	$	(149)	$	94	$	69	$	163
Transportation	102		12		(53)		61		39		100
Resources	96		9		(44)		61		29		90
CMS	35		(1)		(13)		21		8		29
Total Segment Operating Profit	$	464	$	32	$	(259)	$	237	$	145	$	382

Shared Services	$	(10)	$	2	$	(64)	(72)		$	32	$	(40)

Operating Profit	$	454	$	34	$	(323)	$	165	$	177	$	342

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(57)	$	3	$	54	$	—	$	—	$	—
Amortization related to acquired intangible assets	(93)		—		93		—		—		—
Stock-based compensation expense	(71)		6		65		—		—		—
Restructuring and impairment charges	(81)		(1)		82		—		—		—
Acquisition-related costs & performance compensation	(7)		1		6		—		—		—
Gain / Loss on Sale of Assets	(1)		(1)		2		—		—		—
Operating Profit	$	144	$	42	$	(21)	$	165	$	177	$	342

Interest expense, net	$	60	$	(1)	$	—	59		$	—	$	59

Pension mark-to-market and settlement expense	$	8	$	(9)	$	—	(1)		$	1	$	—

Income before taxes on income	$	76	$	52	$	(21)	$	107	$	176	$	283

Exhibit 2


Provision for taxes on income	$	5	$	(10)	$	41	36		$	43	$	79

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	—	$	—	$	(17)	(17)		$	(4)	$	(21)



Net income	$	71	$	62	$	(45)	88		$	137	$	225

Less: NCI net income	$	1	$	—	$	—	1		$	—	$	1

Net income attributable to IHS Markit	$	72	$	62	$	(45)	$	89	$	137	$	226

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) a proforma adjustment reclassifying the $40 million of revenue and $21 million of operating profit associated with IHS Markit’s MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation including depreciation expense of $54 million, stock-based compensation of $65 million, amortization of intangible assets of $93 million, restructuring and impairment charges of $82 million, other acquisition-related costs of $6 million and losses on disposals of $2 million.

(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $87 million, restructuring and impairment charges of $82 million, other acquisition-related costs of $6 million, losses on disposals of $2 million, pension settlement of $1 million and the related provision for taxes on income of $43 million. Adjustments made to present IHS Markit’s MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $6 million and the related provision for taxes on income of $2 million.

Exhibit 2

Q3 2020 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	446	$	(2)	$	(38)	$	406	$	—	$	406
Transportation	299		9		—		308		—		308
Resources	208		(3)		—		205		—		205
CMS	120		1		—		121		—		121
Total Revenue	$	1,073	$	5	$	(38)	$	1,040	$	—	$	1,040

	Operating Profit
Financial Services	$	226	$	(4)	$	(133)	$	89	$	59	$	148
Transportation	154		—		(40)		114		25		139
Resources	86		(5)		(29)		52		14		66
CMS	31		(1)		(7)		23		3		26
Total Segment Operating Profit	$	497	$	(10)	$	(209)	$	278	$	101	$	379

Shared Services	$	(11)	$	(4)	$	(27)	(42)		$	5	$	(37)

Operating Profit	$	486	$	(14)	$	(236)	$	236	$	106	$	342

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(55)	$	2	$	53	$	—	$	—	$	—
Amortization related to acquired intangible assets	(93)		(1)		94		—		—		—
Stock-based compensation expense	(56)		1		55		—		—		—
Restructuring and impairment charges	(12)		2		10		—		—		—
Acquisition-related costs & performance compensation	(9)		—		9		—		—		—
Gain / Loss on Sale of Assets	—		1		(1)		—		—		—
Operating Profit	$	261	$	(9)	$	(16)	$	236	$	106	$	342

Interest expense, net	$	57	$	—	$	—	57		$	—	$	57

Pension mark-to-market and settlement expense	$	—			$	—	—		$	—	$	—

Income before taxes on income	$	204	$	(9)	$	(16)	$	179	$	106	$	285

Exhibit 2


Provision for taxes on income	$	40	$	10	$	48	98		$	(21)	$	77

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	—	$	—	$	(12)	(12)		$	(5)	$	(17)



Net income	$	164	$	(19)	$	(52)	93		$	132	$	225

Less: NCI net income	$	(1)	$	—	$	—	(1)		$	—	$	(1)

Net income attributable to IHS Markit	$	163	$	(19)	$	(52)	$	92	$	132	$	224

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) a proforma adjustment reclassifying the $38 million of revenue and $21 million of operating profit associated with IHS Markit’s MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation including depreciation expense of $53 million, stock-based compensation of $55 million, amortization of intangible assets of $94 million, restructuring and impairment charges of $10 million, other acquisition-related costs of $9 million and gains on disposals of $1 million.

(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $88 million, restructuring and impairment charges of $10 million, other acquisition-related costs of $9 million, gains on disposals of $1 million and the related provision for taxes on income of $21 million. Adjustments made to present IHS Markit’s MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $6 million and the related provision for taxes on income of $1 million.

Exhibit 2

Q4 2020 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	458	$	6	$	(41)	$	423	$	—	$	423
Transportation	313		(3)		—		310		—		310
Resources	210		(1)		—		209		—		209
CMS	126		(1)		—		125		—		125
Total Revenue	$	1,107	$	1	$	(41)	$	1,067	$	—	$	1,067

	Operating Profit
Financial Services	$	224	$	2	$	(138)	$	88	$	62	$	150
Transportation	141		—		(29)		112		14		126
Resources	85		(2)		(34)		49		22		71
CMS	31		1		(15)		17		10		27
Total Segment Operating Profit	$	481	$	1	$	(216)	$	266	$	108	$	374

Shared Services	$	(16)	$	12	$	(77)	(81)		$	46	$	(35)

Operating Profit	$	465	$	13	$	(293)	$	185	$	154	$	339

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(54)	$	(2)	$	56	$	—	$	—	$	—
Amortization related to acquired intangible assets	(94)		1		93		—		—		—
Stock-based compensation expense	(56)		(2)		58		—		—		—
Restructuring and impairment charges	(64)		1		63		—		—		—
Acquisition-related costs & performance compensation	(28)		12		16		—		—		—
Gain / Loss on Sale of Assets	6		—		(6)		—		—		—
Operating Profit	$	175	$	23	$	(13)	$	185	$	154	$	339

Interest expense, net	$	58	$	—	$	—	58		$	—	$	58

Pension mark-to-market and settlement expense	$	1	$	—	$	—	1		$	(1)	$	—

Income before taxes on income	$	116	$	23	$	(13)	$	126	$	155	$	281

Exhibit 2


Provision for taxes on income	$	(36)	$	121	$	(64)	21		$	55	$	76

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	1	$	—	$	(10)	(9)		$	(11)	$	(20)



Net income	$	151	$	(98)	$	61	$	114	$	111	$	225

Less: NCI net income	$	—	$	—	$	—	—		$	—	$	—

Net income attributable to IHS Markit	$	151	$	(98)	$	61	$	114	$	111	$	225

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) a proforma adjustment reclassifying the $41 million of revenue and $14 million of operating profit associated with IHS Markit’s MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation including depreciation expense of $56 million, stock-based compensation of $58 million, amortization of intangible assets of $93 million, restructuring and impairment charges of $63 million, other acquisition-related costs of $16 million and gains on disposals of $6 million.

(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $87 million, restructuring and impairment charges of $63 million, other acquisition-related costs of $10 million, gains on disposals of $6 million, pension settlement of $1 million and the related provision for taxes on income of $55 million. Adjustments made to present IHS Markit’s MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $6 million, acquisition-related costs of $6 million and the related provision for taxes on income of $1 million.

Exhibit 2

FY 2020 Reconciliation of IHS Markit Operating Results by Segment

(dollars in millions)


(unaudited)	IHS Markit Segment Information		Adjustments to Calendar Quarter (a)		Adjustments to Align to S&P Segment Presentation (b)		IHS Markit Proforma Segment Information		Non-GAAP Adjustments (c)		IHS Markit Proforma Segment Adjusted Information

	Revenue
Financial Services	$	1,784	$	22	$	(166)	$	1,640	$	—	$	1,640
Transportation	1,152		6		—		1,158		—		1,158
Resources	863		(9)		—		854		—		854
CMS	489		(1)		—		488		—		488
Total Revenue	$	4,288	$	18	$	(166)	$	4,140	$	—	$	4,140

	Operating Profit
Financial Services	$	886	$	20	$	(569)	$	337	$	247	$	584
Transportation	515		9		(165)		359		108		467
Resources	357		(6)		(140)		211		79		290
CMS	127		(1)		(44)		82		24		106
Total Segment Operating Profit	$	1,885	$	22	$	(918)	$	989	$	458	$	1,447

Shared Services	$	(48)	$	3	$	(211)	(256)		$	83	$	(173)

Operating Profit	$	1,837	$	25	$	(1,129)	$	733	$	541	$	1,274

Costs to reconcile adjusted EBITDA to operating profit
Depreciation	$	(218)	$	—	$	218	$	—	$	—	$	—
Amortization related to acquired intangible assets	(374)		—		374		—		—		—
Stock-based compensation expense	(266)		1		265		—		—		—
Restructuring and impairment charges	(161)		—		161		—		—		—
Acquisition-related costs & performance compensation	(45)		13		32		—		—		—
Gain / Loss on Sale of Assets	377		(382)		5		—		—		—
Operating Profit	$	1,150	$	(343)	$	(74)	$	733	$	541	$	1,274

Interest expense, net	$	236	$	(2)	$	—	234		$	—	$	234

Pension mark-to-market and settlement expense	$	31	$	—	$	—	31		$	(31)	$	—

Income before taxes on income	$	883	$	(341)	$	(74)	$	468	$	572	$	1,040

Exhibit 2


Provision for taxes on income	$	13	$	114	$	(11)	116		$	148	$	264

IHS Markit equity in (profit) loss on equity-method investees, net of tax	$	1	$	—	$	(58)	(57)		$	(25)	$	(82)



Net income	$	869	$	(455)	$	(5)	$	409	$	449	$	858

Less: NCI net income	$	1	$	—	$	—	1		$	—	$	1

Net income attributable to IHS Markit	$	870	$	(455)	$	(5)	$	410	$	449	$	859

Note - Totals may not sum due to rounding

(a) Adjustments to align IHS Markit's reported off-calendar quarters to S&P Global’s fiscal year presentation that contain calendar quarters.

(b) Adjustments include (1) a proforma adjustment reclassifying the $166 million of revenue and $74 million of operating profit associated with IHS Markit’s MarketServ business contributed to the OSTTRA joint venture formed September 2021 to Equity in net (earnings) of unconsolidated subsidiaries, net of taxes where the results of OSTTRA will prospectively be reflected, and (2) reclassification adjustments aligning IHS Markit's EBITDA segment presentation to S&P Global’s operating profit presentation including depreciation expense of $218 million, stock-based compensation of $265 million, amortization of intangible assets of $374 million, restructuring and impairment charges of $161 million, other acquisition-related costs of $32 million and losses on disposals of $5 million.

(c) Adjustments to present IHS Markit results on an adjusted EBITA performance basis by adjusting for amortization of intangible assets of $349 million, restructuring and impairment charges of $161 million, other acquisition-related costs of $26 million, losses on disposals of $5 million, pension settlement of $31 million and the related provision for taxes on income of $148 million. Adjustments made to present IHS Markit’s MarkitServ operating profit included in Equity in net (earnings) of unconsolidated subsidiaries, net of taxes on a performance basis include amortization of intangible assets of $25 million, acquisition-related costs of $6 million and the related provision for taxes on income of $6 million.

Exhibit 3

S&P Global

S&P Global and IHS Markit Proforma Combined Company

Operating Results by Segment

Periods ended December 31, 2021

(dollars in millions, except per share data)



(unaudited)	Proforma Revenue

	Q1		Q2		Q3		Q4		Full Year

Market Intelligence	$	950	$	957	$	974	$	1,009	$	3,890
Ratings	1,017		1,073		1,017		990		4,097
Commodity Insights	410		413		413		433		1,669
Mobility	296		315		319		316		1,246
Indices	297		303		323		330		1,253
Engineering Solutions	91		93		104		103		391
Intersegment Elimination	(39)		(41)		(41)		(43)		(164)
Total proforma revenue	$	3,022	$	3,113	$	3,109	$	3,138	$	12,382


	Proforma Adjusted Expenses

	Q1		Q2		Q3		Q4		Full Year

Market Intelligence	$	648	$	629	$	663	$	726	$	2,666
Ratings	332		344		373		425		1,474
Commodity Insights	219		223		229		255		926
Mobility	178		184		190		199		751
Indices	94		94		99		120		407
Engineering Solutions	78		73		83		84		318
Intersegment Elimination	(39)		(41)		(41)		(43)		(164)
Total proforma adjusted expenses	$	1,510	$	1,506	$	1,596	$	1,766	$	6,378


	Proforma Adjusted Segment Operating Profit

	Q1		Q2		Q3		Q4		Full Year

Market Intelligence	$	302	$	328	$	311	$	283	$	1,224

Ratings	685		729		644		565		2,623

Commodity Insights	191		190		184		178		743

Mobility	118		131		129		117		495

Indices	203		209		224		210		846

Engineering Solutions	13		20		21		19		73

Proforma adjusted segment operating profit	$	1,512	$	1,607	$	1,513	$	1,372	$	6,004

Exhibit 3


	Proforma Adjusted Operating Profit

	Q1		Q2		Q3		Q4		Full Year

Proforma adjusted segment operating profit	$	1,512	$	1,607	$	1,513	$	1,372	$	6,004
Equity in net (earnings) loss of unconsolidated subsidiaries, net of taxes	(20)		(13)		(24)		(22)		(79)
Corporate Unallocated expense	39		36		36		58		169
Proforma adjusted operating profit	$	1,493	$	1,584	$	1,501	$	1,336	$	5,914



	Proforma Adjusted Net Income & Diluted EPS

	Q1		Q2		Q3		Q4		Full Year

Proforma adjusted operating profit	$	1,493	$	1,584	$	1,501	$	1,336	$	5,914
Other income, net	(7)		(22)		(22)		(11)		(62)
Interest expense, net	87		87		86		78		338
Proforma income before taxes on income	1,413		1,519		1,437		1,269		5,638
Provision for taxes on income	318		363		282		263		1,226
Proforma adjusted net income	$	1,095	$	1,156	$	1,155	$	1,006	$	4,412
Less: net income attributable to noncontrolling interests	(53)		(59)		(64)		(62)		(238)
Proforma adjusted net income attributable to S&P Global	$	1,042	$	1,097	$	1,091	$	944	$	4,174

Diluted weighted-average number of common shares outstanding	355.3		355.6		355.6		356.4		355.7
Proforma adjusted diluted EPS	$	2.93	$	3.09	$	3.07	$	2.65	$	11.73

Note - Totals may not sum due to rounding

Exhibit 3

S&P Global

S&P Global and IHS Markit Proforma Combined Company

Operating Results by Segment

Periods ended December 31, 2020

(dollars in millions, except per share data)



(unaudited)	Proforma Revenue

	Q1		Q2		Q3		Q4		Full Year

Market Intelligence	$	878	$	877	$	892	$	921	$	3,568
Ratings	825		1,006		894		881		3,606
Commodity Insights	408		404		398		403		1,613
Mobility	274		216		281		281		1,052
Indices	285		268		259		282		1,094
Engineering Solutions	92		90		92		93		367
Intersegment Elimination	(36)		(40)		(38)		(39)		(153)
Total proforma revenue	$	2,726	$	2,821	$	2,778	$	2,822	$	11,147


	Proforma Adjusted Expenses

	Q1		Q2		Q3		Q4		Full Year

Market Intelligence	$	672	$	598	$	605	$	652	$	2,527
Ratings	310		317		348		403		1,378
Commodity Insights	240		206		220		231		897
Mobility	210		156		176		184		726
Indices	97		80		93		89		359
Engineering Solutions	76		70		72		71		289
Intersegment Elimination	(36)		(40)		(38)		(39)		(153)
Total proforma adjusted expenses	$	1,569	$	1,387	$	1,476	$	1,591	$	6,023


	Proforma Adjusted Segment Operating Profit

	Q1		Q2		Q3		Q4		Full Year

Market Intelligence	$	206	$	279	$	287	$	269	$	1,041

Ratings	515		689		546		478		2,228

Commodity Insights	168		198		178		172		716

Mobility	64		60		105		97		326

Indices	188		188		166		193		735

Engineering Solutions	16		20		20		22		78

Proforma adjusted segment operating profit	$	1,157	$	1,434	$	1,302	$	1,231	$	5,124

Exhibit 3


	Proforma Adjusted Operating Profit

	Q1		Q2		Q3		Q4		Full Year

Proforma adjusted segment operating profit	$	1,157	$	1,434	$	1,302	$	1,231	$	5,124
Equity in net (earnings) loss of unconsolidated subsidiaries, net of taxes	(21)		(18)		(14)		(17)		(70)
Corporate Unallocated expense	18		12		48		55		133
Proforma adjusted operating profit	$	1,160	$	1,440	$	1,268	$	1,193	$	5,061



	Proforma Adjusted Net Income & Diluted EPS

	Q1		Q2		Q3		Q4		Full Year

Proforma adjusted operating profit	$	1,160	$	1,440	$	1,268	$	1,193	$	5,061
Other income, net	1		(13)		(7)		(15)		(34)
Interest expense, net	94		99		92		90		375
Proforma income before taxes on income	1,065		1,354		1,183		1,118		4,720
Provision for taxes on income	213		303		273		233		1,022
Proforma adjusted net income	$	852	$	1,051	$	910	$	885	$	3,698
Less: net income attributable to noncontrolling interests	(49)		(49)		(45)		(56)		(199)
Proforma adjusted net income attributable to S&P Global	$	803	$	1,002	$	865	$	829	$	3,499

Diluted weighted-average number of common shares outstanding	357.6		355.5		355.3		355.4		356.0
Proforma adjusted diluted EPS	$	2.24	$	2.82	$	2.43	$	2.33	$	9.83

Note - Totals may not sum due to rounding