SPGI · 10-Q · 2026Q1 · Full report

Redeemable Noncontrolling Interests

S&P Global Inc. · 2026-04-28 · Importance 60 · Surprise 24

Redeemable noncontrolling interests totaled $4,917 million as of March 31, 2026, the majority of which ($4,914 million) relates to the company’s S&P Dow Jones Indices LLC joint venture. The minority partners (CME Group and CGIS) have contractual redemption features allowing them to sell interests at fair value (including put rights following certain events and in connection with a change of control), which could require S&P Global to purchase those interests. The company adjusts the redeemable noncontrolling interest each period to its estimated redemption value using income and market valuation approaches and may apply Level 3 inputs where observable data are not available; valuation adjustments impact retained income. Given the multibillion-dollar size and put/call features, this liability is a material balance-sheet item with potential cash purchase implications.

Key facts

• $4,914 million of the redeemable noncontrolling interest as of March 31, 2026 relates to the company's redeemable noncontrolling interest in the Indices business.
• Redeemable noncontrolling interests balance as of March 31, 2026: $4,917 million (unchanged from December 31, 2025).

Impact estimates