Company Quick10K Filing
Quick10K
Moodys
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$188.88 190 $35,810
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-31 Earnings, Regulation FD, Exhibits
8-K 2019-04-24 Earnings, Regulation FD, Exhibits
8-K 2019-04-16 Shareholder Vote
8-K 2019-02-15 Earnings, Regulation FD, Exhibits
8-K 2019-02-11 Officers, Officers, Regulation FD, Exhibits
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-12-03 Other Events, Other Events, Exhibits
8-K 2018-11-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-08 Officers, Exhibits
8-K 2018-10-26 Earnings, Regulation FD, Exhibits
8-K 2018-07-31 Officers, Exhibits
8-K 2018-07-27 Earnings, Regulation FD, Exhibits
8-K 2018-06-01 Other Events, Other Events, Exhibits
8-K 2018-06-01 Other Events, Exhibits
8-K 2018-05-03 Officers, Officers
8-K 2018-04-27 Earnings, Regulation FD, Exhibits
8-K 2018-04-24 Shareholder Vote, Shareholder Vote
8-K 2018-04-19 Regulation FD, Regulation FD
8-K 2018-03-30 Officers
8-K 2018-02-12 Officers, Regulation FD
8-K 2018-02-09 Earnings, Regulation FD, Exhibits
8-K 2018-01-26 Officers, Exhibits
TXT Textron 11,830
BPL Buckeye Partners 5,230
MERC Mercer 1,110
CBTX CBTX 727
UAN CVR Partners 415
LAWS Lawson Products 300
FXNC First National 102
PADR Asia Pacific Boiler 0
HPTO Hopto 0
LIVC Live Current Media 0
MCO 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Description of Business and Basis of Presentation
Note 2. Summary of Significant Accounting Policies
Note 3. Revenues
Note 4. Stock-Based Compensation
Note 5. Income Taxes
Note 6. Weighted Average Shares Outstanding
Note 7. Accelerated Share Repurchase Program
Note 8. Cash Equivalents and Investments
Note 9. Acquisitions and Other Strategic Initiatives
Note 10. Assets and Liabilities Held for Sale
Note 11. Derivative Instruments and Hedging Activities
Note 12. Goodwill and Other Acquired Intangible Assets
Note 13. Restructuring
Note 14. Fair Value
Note 15. Other Balance Sheet and Statement of Operations Information
Note 16. Comprehensive Income and Accumulated Other Comprehensive Income
Note 17. Pension and Other Retirement Benefits
Note 18. Indebtedness
Note 19. Leases
Note 20. Contingencies
Note 21. Segment Information
Note 22. Recently Issued Accounting Standards
Note 23. Subsequent Events
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6.Exhibits Exhibit No. Description
EX-31.1 d734583dex311.htm
EX-31.2 d734583dex312.htm
EX-32.1 d734583dex321.htm
EX-32.2 d734583dex322.htm

Moodys Earnings 2019-06-30

MCO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

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iso4217:USD xbrli:shares

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 10-Q

 

(Mark one)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

 

Or 

 

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-14037 

 

Moody’s Corporation

(Exact name of registrant as specified in its charter)

  

 

 

 

Delaware

 

13-3998945

(State of Incorporation)

 

(I.R.S. Employer Identification No.)

 

 

7 World Trade Center at

250 Greenwich Street, New York, NY

 

10007

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:

(212)553-0300 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

MCO

New York Stock Exchange LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months, or for such shorter period that the registrant was required to submit such files. Yes No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): 

 

Large Accelerated Filer

 


 

Accelerated filer

 


Non-accelerated filer

 

 

 

Smaller reporting company

 


Emerging growth company

 


 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

Shares Outstanding at June 30, 2019

 

 

189.2 million

 

 

 

 


Table of Contents

MOODY’S CORPORATION

INDEX TO FORM 10-Q

 

 

Page(s)

 

Glossary of Terms and Abbreviations

3-7

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

 

 

Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2019 and 2018

8

 

Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2019 and 2018

9

 

Consolidated Balance Sheets (Unaudited) at June 30, 2019 and December 31, 2018

10

 

Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2019 and 2018

11

 

Consolidated Statements of Shareholders’ Equity (Unaudited) for the Three and Six Months Ended June 30, 2019 and 2018

12-15

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

16-49

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

 

The Company

50

 

Critical Accounting Estimates

50

 

Reportable Segments

51

 

Results of Operations

51-65

 

Liquidity and Capital Resources

65-70

 

Recently Issued Accounting Standards

70

 

Contingencies

70

 

Regulation

70-71

 

Forward-Looking Statements

72

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

73

Item 4.

Controls and Procedures

73

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

73

Item 1A.

Risk Factors

73

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

74

Item 5.

Other Information

74

Item 6.

Exhibits

75

 

 

 

SIGNATURES

76

Exhibits Filed Herewith

 

31.1

Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

31.2

Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

32.1

Chief Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

32.2

Chief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

101.DEF

XBRL Definitions Linkbase Document

 

101.INS

XBRL Instance Document

 

101.SCH

XBRL Taxonomy Extension Schema Document

 

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

 

101.LAB

XBRL Taxonomy Extension Labels Linkbase Document

 

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

 

 

 

 


Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS

 

The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:

 

TERM

DEFINITION

Acquisition-Related Amortization

Amortization of definite-lived intangible assets acquired by the Company from all business combination transactions

Acquisition-Related Expenses

Consists of expenses incurred to complete and integrate the acquisition of Bureau van Dijk for which the integration will be a multi-year effort

Adjusted Diluted EPS

Diluted EPS excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”

Adjusted Net Income

Net Income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”

Adjusted Operating Income

Operating income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”

Adjusted Operating Margin

Adjusted Operating Income divided by revenue

Americas

Represents countries within North and South America, excluding the U.S.

AOCI

Accumulated other comprehensive income (loss); a separate component of shareholders’ equity (deficit)

ASC

The FASB Accounting Standards Codification; the sole source of authoritative GAAP as of July 1, 2009 except for rules and interpretive releases of the SEC, which are also sources of authoritative GAAP for SEC registrants

Asia-Pacific

Represents Australia and countries in Asia including but not limited to: China, India, Indonesia, Japan, Korea, Malaysia, Singapore, Sri Lanka and Thailand

ASR

Accelerated Share Repurchase

ASU

The FASB Accounting Standards Update to the ASC. It also provides background information for accounting guidance and the bases for conclusions on the changes in the ASC. ASUs are not considered authoritative until codified into the ASC

Board

The board of directors of the Company

BPS

Basis points

Brexit

The withdrawal of the United Kingdom from the European Union

Bureau van Dijk

Bureau van Dijk Electronic Publishing, B.V., a global provider of business intelligence and company information; acquired by the Company on August 10, 2017 via the acquisition of Yellow Maple I B.V., an indirect parent of Bureau van Dijk.

CECL

Current expected credit losses

CFG

Corporate finance group; an LOB of MIS

CLO

Collateralized loan obligation

CMBS

Commercial mortgage-backed securities; an asset class within SFG

Common Stock

The Company’s common stock

Company

Moody’s Corporation and its subsidiaries; MCO; Moody’s

 

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Table of Contents

Content

A reporting unit within the MA segment that offers subscription based research, data and analytical products, including credit ratings produced by MIS, credit research, quantitative credit scores and other analytical tools, economic research and forecasts, business intelligence and company information products, and commercial real estate data and analytical tools

CP

Commercial Paper

CP Program

A program entered into on August 3, 2016 allowing the Company to privately place CP up to a maximum of $1 billion for which the maturity may not exceed 397 days from the date of issue and which is backstopped by the 2018 facility.

CRAs

Credit rating agencies

DBPP

Defined benefit pension plans

EMEA

Represents countries within Europe, the Middle East and Africa

EPS

Earnings per share

ERS

The Enterprise Risk Solutions LOB within MA, which offers risk management software solutions as well as related risk management advisory engagements services

ESG

Environmental, Social, and Governance

ESMA

European Securities and Markets Authority

ETR

Effective tax rate

EU

European Union

EUR

Euros

EURIBOR

The Euro Interbank Offered Rate

Excess Tax Benefits

The difference between the tax benefit realized at exercise of an option or delivery of a restricted share and the tax benefit recorded at the time the option or restricted share is expensed under GAAP

Exchange Act

The Securities Exchange Act of 1934, as amended

External Revenue

Revenue excluding any intersegment amounts

FASB

Financial Accounting Standards Board

FIG

Financial institutions group; an LOB of MIS

Financial Reform Act

Dodd-Frank Wall Street Reform and Consumer Protection Act

Free Cash Flow

Net cash provided by operating activities less cash paid for capital additions

FX

Foreign exchange

GAAP

U.S. Generally Accepted Accounting Principles

GBP

British pounds

ICRA

ICRA Limited; a provider of credit ratings and research in India. ICRA is a public company with its shares listed on the Bombay Stock Exchange and the National Stock Exchange of India. The Company previously held 28.5% equity ownership and in June 2014, increased that ownership stake to over 50% through the acquisition of additional shares

IRS

Internal Revenue Service

 

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Table of Contents

IT

Information technology

KIS

Korea Investors Service, Inc; a Korean rating agency and consolidated subsidiary of the Company

KIS Pricing

Korea Investors Service Pricing, Inc; a Korean provider of fixed income securities pricing and consolidated subsidiary of the Company

KIS Research

Korea Investors Service Research; a Korean provider of financial research and consolidated subsidiary of the Company

Korea

Republic of South Korea

LIBOR

London Interbank Offered Rate

LOB

Line of business

M&A

Mergers and acquisitions

MA

Moody’s Analytics – a reportable segment of MCO which provides a wide range of products and services that support financial analysis and risk management activities of institutional participants in global financial markets; consists of three LOBs – RD&A, ERS and PS

MAKS

Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provides offshore research and analytic services to the global financial and corporate sectors; part of the PS LOB and a reporting unit within the MA reportable segment

MALS

Moody’s Analytics Learning Solutions; a reporting unit within the MA segment that includes on-line and classroom-based training services as well as credentialing and certification services

MCO

Moody’s Corporation and its subsidiaries; the Company; Moody’s

MD&A

Management’s Discussion and Analysis of Financial Condition and Results of Operations

MIS

Moody’s Investors Service – a reportable segment of MCO; consists of five LOBs – SFG, CFG, FIG, PPIF and MIS Other

MIS Other

Consists of non-ratings revenue from ICRA, KIS Pricing and KIS Research. These businesses are components of MIS; MIS Other is an LOB of MIS

Moody’s

Moody’s Corporation and its subsidiaries; MCO; the Company

Net Income

Net income attributable to Moody’s Corporation, which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder

New Lease Accounting Standard

Updates to the ASC pursuant to ASU No. 2016-02, “Leases (ASC Topic 842)”. This new accounting guidance requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses and cash flows depend on classification as either a finance or operating lease

New Revenue Accounting Standard

Updates to the ASC pursuant to ASU No. 2014-09, “Revenue from Contracts with Customers (ASC Topic 606)”. This new accounting guidance significantly changes the accounting framework under U.S. GAAP relating to revenue recognition and to the accounting for the deferral of incremental costs of obtaining or fulfilling a contract with a customer

NM

Percentage change is not meaningful

 

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Table of Contents

Non-GAAP

A financial measure not in accordance with GAAP; these measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and to provide greater transparency to investors of supplemental information used by management in its financial and operational decision making

NRSRO

Nationally Recognized Statistical Rating Organization, which is a credit rating agency registered with the SEC.

OCI

Other comprehensive income (loss); includes gains and losses on cash flow and net investment hedges, unrealized gains and losses on available for sale securities (in periods prior to January 1, 2018), certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments

Omega Performance

A leading provider of online credit training, acquired by the Company in August 2018

Operating segment

Term defined in the ASC relating to segment reporting; the ASC defines an operating segment as a component of a business entity that has each of the three following characteristics: i) the component engages in business activities from which it may recognize revenue and incur expenses; ii) the operating results of the component are regularly reviewed by the entity’s chief operating decision maker; and iii) discrete financial information about the component is available.

Other Retirement Plan

The U.S. retirement healthcare and U.S. retirement life insurance plans

PPIF

Public, project and infrastructure finance; an LOB of MIS

Profit Participation Plan

Defined contribution profit participation plan that covers substantially all U.S. employees of the Company

PS

Professional Services, an LOB within MA consisting of MAKS and MALS that provides offshore analytical and research services as well as learning solutions and certification programs

RD&A

an LOB within MA that offers subscription based research, data and analytical products, including credit ratings produced by MIS, credit research, quantitative credit scores and other analytical tools, economic research and forecasts, business intelligence and company information products, and commercial real estate data and analytical tools

Reform Act

Credit Rating Agency Reform Act of 2006

REIT

Real Estate Investment Trust

Reis, Inc. (Reis)

A provider of U.S. commercial real estate (CRE) data; acquired by the Company in October 2018

Relationship Revenue

For MIS, represents recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. For MIS Other represents subscription-based revenue. For MA, represents subscription-based revenue and software maintenance revenue

Reporting unit

The level at which Moody’s evaluates its goodwill for impairment under U.S. GAAP; defined as an operating segment or one level below an operating segment

Retirement Plans

Moody’s funded and unfunded pension plans, the healthcare plans and life insurance plans

RMBS

Residential mortgage-backed securities; an asset class within SFG

ROU Asset

Assets recorded pursuant to the New Lease Accounting Standard which represent the Company’s right to use an underlying asset for the term of a lease

SaaS

Software-as-a-Service

SEC

U.S. Securities and Exchange Commission

 

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Table of Contents

Securities Act

Securities Act of 1933, as amended

SFG

Structured finance group; an LOB of MIS

SG&A

Selling, general and administrative expenses

Tax Act

The “Tax Cuts and Jobs Act” enacted into U.S. law on December 22, 2017 which significantly amends the tax code in the U.S.

Total Debt

All indebtedness of the Company as reflected on the consolidated balance sheets

Transaction Revenue

For MIS, represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services as well as data services, research and analytical engagements. For MA, represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and research and analytical engagements

U.K.

United Kingdom

U.S.

United States

USD

U.S. dollar

UTPs

Uncertain tax positions

Vigeo Eiris

A provider of in ESG research, data and assessments, acquired by the Company on April 12, 2019.

2010 Senior Notes

Principal amount of $500 million, 5.50% senior unsecured notes due in September 2020

2012 Senior Notes

Principal amount of $500 million, 4.50% senior unsecured notes due in September 2022

2013 Senior Notes

Principal amount of the $500 million, 4.875% senior unsecured notes due in February 2024

2014 Senior Notes (5-Year)

Principal amount of $450 million, 2.75% senior unsecured notes due in July 2019, repaid in 2019

2014 Senior Notes (30-Year)

Principal amount of $600 million, 5.25% senior unsecured notes due in July 2044

2015 Senior Notes

Principal amount of €500 million, 1.75% senior unsecured notes issued March 9, 2015 pursuant to the 2015 Indenture; repaid in 2018

2017 Floating Rate Senior Notes

Principal amount of $300 million, floating rate senior unsecured notes due in September 2018

2017 Senior Notes Due 2023

Principal amount of $500 million, 2.625% senior unsecured notes due January 15, 2023

2017 Senior Notes Due 2028

Principal amount of $500 million, 3.250% senior unsecured notes due January 15, 2028

2017 Senior Notes Due 2021

Principal amount of $500 million, 2.75% senior unsecured notes due in December 2021

2018 Facility

Five-year unsecured revolving credit facility, with capacity to borrow up to $1 billion; backstops CP issued under the CP Program

2018 Senior Notes

Principal amount of $300 million, 3.25% senior unsecured notes due June 7, 2021

2018 Senior Notes (10-year)

Principal amount of $400 million, 4.25% senior unsecured notes due February 1, 2029

2018 Senior Notes (30-year)

Principal amount of $400 million, 4.875% senior unsecured notes due December 17, 2048

7


Table of Contents

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

 

MOODY’S CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Amounts in millions, except per share data)

 

 

Three Months Ended

 

Six Months Ended

 

 

 

 

June 30,

 

June 30,

 

 

 

 

2019

 

2018

 

2019

 

2018

Revenue

 

$

1,213.6

 

$

1,175.1

 

$

2,355.7

 

$

2,301.8

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

339.9

 

 

320.2

 

 

681.6

 

 

635.1

 

Selling, general and administrative

 

 

274.7

 

 

270.5

 

 

556.2

 

 

541.6

 

Restructuring

 

 

53.8

 

 

-

 

 

59.3

 

 

-

 

Depreciation and amortization

 

 

51.0

 

 

48.4

 

 

101.3

 

 

97.5

 

Acquisition-Related Expenses

 

 

2.0

 

 

2.0

 

 

3.4

 

 

2.8

 

Impairment pursuant to the planned divestiture of MAKS

 

 

8.7

 

 

-

 

 

8.7

 

 

-

 

 

Total expenses

 

 

730.1

 

 

641.1

 

 

1,410.5

 

 

1,277.0

Operating income

 

 

483.5

 

 

534.0

 

 

945.2

 

 

1,024.8

Non-operating (expense) income, net

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(50.6)

 

 

(53.4)

 

 

(103.1)

 

 

(104.1)

 

Other non-operating income, net

 

 

0.4

 

 

14.9

 

 

2.7

 

 

15.9

 

 

Total non-operating expense, net

 

 

(50.2)

 

 

(38.5)

 

 

(100.4)

 

 

(88.2)

Income before provisions for income taxes

 

 

433.3

 

 

495.5

 

 

844.8

 

 

936.6

 

Provision for income taxes

 

 

121.3

 

 

117.6

 

 

159.2

 

 

181.9

Net income

 

 

312.0

 

 

377.9

 

 

685.6

 

 

754.7

 

Less: Net income attributable to noncontrolling interests

 

 

1.7

 

 

1.7

 

 

2.4

 

 

5.6

Net income attributable to Moody's

 

$

310.3

 

$

376.2

 

$

683.2

 

$

749.1

Earnings per share attributable to Moody's common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.64

 

$

1.96

 

$

3.60

 

$

3.91

 

Diluted

 

$

1.62

 

$

1.94

 

$

3.56

 

$

3.85

Weighted average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

189.4

 

 

191.9

 

 

189.9

 

 

191.6

 

Diluted

 

 

191.3

 

 

194.4

 

 

192.1

 

 

194.5

The accompanying notes are an integral part of the condensed consolidated financial statements.

8


Table of Contents

MOODY’S CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Amounts in millions)

 

 

 

 

Three Months Ended

 

Three Months Ended

 

 

 

 

June 30, 2019

 

June 30, 2018

 

 

 

 

Pre-tax amounts

 

Tax amounts

 

After-tax amounts

 

Pre-tax amounts

 

Tax amounts

 

After-tax amounts

Net Income

 

 

 

 

 

 

 

$

312.0

 

 

 

 

 

 

 

$

377.9

Other Comprehensive Income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign Currency Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net

 

$

41.6

 

$

-

 

 

41.6

 

$

(286.9)

 

$

-

 

 

(286.9)

 

 

Net (losses) gains on net investment hedges

 

 

(37.0)

 

 

7.8

 

 

(29.2)

 

 

36.6

 

 

(9.2)

 

 

27.4

 

Cash Flow Hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification of losses (gains) included in net income

 

 

0.1

 

 

-

 

 

0.1

 

 

(0.1)

 

 

-

 

 

(0.1)

 

Pension and Other Retirement Benefits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of actuarial losses and prior service costs included in net income

 

 

0.8

 

 

(0.2)

 

 

0.6

 

 

1.0

 

 

(0.3)

 

 

0.7

 

 

Net actuarial gains and prior service costs

 

 

(2.8)

 

 

0.7

 

 

(2.1)

 

 

1.6

 

 

(0.4)

 

 

1.2

Total other comprehensive income (loss)

 

$

2.7