falsedesktopMCO2020-09-30000105955620000025{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Title of each class\tTrading Symbol(s)\tName of each exchange on which registered\nCommon Stock par value $0.01 per share\tMCO\tNew York Stock Exchange\n1.75% Senior Notes Due 2027\tMCO 27\tNew York Stock Exchange\n0.950% Senior Notes Due 2030\tMCO 30\tNew York Stock Exchange\n", "q10k_tbl_1": "Large Accelerated Filer\t☑\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\nEmerging growth company\t☐\t\t\n", "q10k_tbl_2": "\tMOODY'S CORPORATION INDEX TO FORM 10-Q\t\n\tPage(s)\nGlossary of Terms and Abbreviations\t3-7\n\tPART I. FINANCIAL INFORMATION\t\nItem 1.\tFinancial Statements\t\n\tConsolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30 2020 and 2019\t8\n\tConsolidated Statements of Comprehensive Income (Unaudited) for the Three and Nine Months Ended September 30 2020 and 2019\t9\n\tConsolidated Balance Sheets (Unaudited) at September 30 2020 and December 31 2019\t10\n\tConsolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30 2020 and 2019\t11\n\tConsolidated Statements of Shareholders' Equity (Unaudited) for the Three and Nine Months Ended September 30 2020 and 2019\t12-15\n\tNotes to Condensed Consolidated Financial Statements (Unaudited)\t16-49\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t\n\tThe Company\t50\n\tCorporate Social Responsibility and Sustainability\t50-51\n\tCritical Accounting Estimates\t51-54\n\tReportable Segments\t54\n\tResults of Operations\t55-83\n\tLiquidity and Capital Resources\t83-90\n\tRecently Issued Accounting Standards\t91\n\tContingencies\t91\n\tRegulation\t91-92\n\tForward-Looking Statements\t93\nItem 3.\tQuantitative and Qualitative Disclosures about Market Risk\t94\nItem 4.\tControls and Procedures\t94\n\tPART II. OTHER INFORMATION\t\nItem 1.\tLegal Proceedings\t95\nItem 1A.\tRisk Factors\t95\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t95\nItem 5.\tOther Information\t95\nItem 6.\tExhibits\t96\nSIGNATURES\t\t\n\tExhibits Filed Herewith\t\n31.1\tChief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\t\n31.2\tChief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\t\n32.1\tChief Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\t\n32.2\tChief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\t\n101.INS\tInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)\t\n101.SCH\tInline XBRL Taxonomy Extension Schema Document\t\n101.CAL\tInline XBRL Taxonomy Extension Calculation Linkbase Document\t\n101.DEF\tInline XBRL Definitions Linkbase Document\t\n101.LAB\tInline XBRL Taxonomy Extension Labels Linkbase Document\t\n101.PRE\tInline XBRL Taxonomy Extension Presentation Linkbase Document\t\n104\tCover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)\t\n", "q10k_tbl_3": "TERM\tDEFINITION\nABS Suite\tBusiness acquired by the Company in October 2019 which includes a software platform used by issuers and trustees for administration of asset-backed and mortgage-backed securities programs\nAcquisition-Related Amortization\tAmortization of definite-lived intangible assets acquired by the Company from all business combination transactions\nAcquire Media (AM)\tBusiness acquired by the Company in October 2020; an aggregator and distributor of curated real-time news multimedia data and alerts.\nAcquisition-Related Expenses\tConsists of expenses incurred to complete and integrate the acquisition of Bureau van Dijk for which the integration will be a multi-year effort\nAdjusted Diluted EPS\tDiluted EPS excluding the impact of certain items as detailed in the section entitled \"Non-GAAP Financial Measures\"\nAdjusted Net Income\tNet Income excluding the impact of certain items as detailed in the section entitled \"Non-GAAP Financial Measures\"\nAdjusted Operating Income\tOperating income excluding the impact of certain items as detailed in the section entitled \"Non-GAAP Financial Measures\"\nAdjusted Operating Margin\tAdjusted Operating Income divided by revenue\nAmericas\tRepresents countries within North and South America excluding the U.S.\nAOCL\tAccumulated other comprehensive loss; a separate component of shareholders' equity\nASC\tThe 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\nAsia-Pacific\tRepresents Australia and countries in Asia including but not limited to: China India Indonesia Japan Korea Malaysia Singapore Sri Lanka and Thailand\nASR\tAccelerated Share Repurchase\nASU\tThe 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\nBoard\tThe board of directors of the Company\nBPS\tBasis points\nBureau van Dijk\tBureau 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\nCFG\tCorporate finance group; an LOB of MIS\nCLO\tCollateralized loan obligation\nCMBS\tCommercial mortgage-backed securities; an asset class within SFG\nCOLI\tCorporate-Owned Life Insurance\nCommon Stock\tThe Company's common stock\nCompany\tMoody's Corporation and its subsidiaries; MCO; Moody's\nContent\tA 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\nCOVID-19\tAn outbreak of a novel strain of coronavirus resulting in an international public health crisis and a global pandemic\nCP\tCommercial Paper\n", "q10k_tbl_4": "TERM\tDEFINITION\nCP Program\tA 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\nCRAs\tCredit rating agencies\nDBPP\tDefined benefit pension plans\nDodd-Frank Act\tDodd-Frank Wall Street Reform and Consumer Protection Act\nEMEA\tRepresents countries within Europe the Middle East and Africa\nEPS\tEarnings per share\nERS\tThe Enterprise Risk Solutions LOB within MA which offers risk management software solutions as well as related risk management advisory engagements services\nESG\tEnvironmental Social and Governance\nESMA\tEuropean Securities and Markets Authority\nETR\tEffective tax rate\nEU\tEuropean Union\nEUR\tEuros\nEURIBOR\tThe Euro Interbank Offered Rate\nExcess Tax Benefits\tThe 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\nExchange Act\tThe Securities Exchange Act of 1934 as amended\nExternal Revenue\tRevenue excluding any intersegment amounts\nFASB\tFinancial Accounting Standards Board\nFIG\tFinancial institutions group; an LOB of MIS\nFour Twenty Seven\tA provider of data intelligence and analysis related to physical climate risks; acquired by the Company in July 2019\nFree Cash Flow\tNet cash provided by operating activities less cash paid for capital additions\nFX\tForeign exchange\nGAAP\tU.S. Generally Accepted Accounting Principles\nGBP\tBritish pounds\nICRA\tICRA 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\nIRS\tInternal Revenue Service\nIT\tInformation technology\nKIS Pricing\tKorea Investors Service Pricing Inc; a Korean provider of fixed income securities pricing and consolidated subsidiary of the Company\nKIS Research\tKorea Investors Service Research; a Korean provider of financial research and consolidated subsidiary of the Company\nKorea\tRepublic of South Korea\nLIBOR\tLondon Interbank Offered Rate\nLOB\tLine of business\nMA\tMoody'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 two LOBs - RD&A and ERS\nMake Whole Amount\tThe prepayment penalty amount relating to the 2017 Senior Notes due 2021 and 2018 Senior Notes due 2021 which is a premium based on the excess if any of the discounted value of the remaining scheduled payments over the prepaid principal\n", "q10k_tbl_5": "TERM\tDEFINITION\nMAKS\tMoody's Analytics Knowledge Services; formerly known as Copal Amba; provided offshore research and analytic services to the global financial and corporate sectors; business was divested in the fourth quarter of 2019 and was formerly part of the PS LOB and a reporting unit within the MA reportable segment\nMALS\tMoody'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\nMCO\tMoody's Corporation and its subsidiaries; the Company; Moody's\nMD&A\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\nMIS\tMoody's Investors Service - a reportable segment of MCO; consists of five LOBs - SFG CFG FIG PPIF and MIS Other\nMIS Other\tConsists of non-ratings revenue from ICRA KIS Pricing KIS Research and revenue from providing ESG research data and assessments. These businesses are components of MIS; MIS Other is an LOB of MIS\nMoody's\tMoody's Corporation and its subsidiaries; MCO; the Company\nNet Income\tNet income attributable to Moody's Corporation which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder\nNew Credit Losses Accounting Standard\tUpdates to the ASC pursuant to ASU No. 2016-13 \"Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments\". This new accounting guidance requires the use of an \"expected credit loss\" impairment model for most financial assets reported at amortized cost which will require entities to estimate expected credit losses over the lifetime of the instrument.\nNew Internal Use Software Accounting Standard\tUpdates to the ASC pursuant to ASU No. 2018-15 \"Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract\". This new accounting guidance requires implementation costs incurred by customers in cloud computing arrangements (i.e. hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software.\nNM\tPercentage change is not meaningful\nNon-GAAP\tA 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\nNRSRO\tNationally Recognized Statistical Rating Organization which is a credit rating agency registered with the SEC.\nOCI\tOther 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\nOperating segment\tTerm 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\nOther Retirement Plan\tThe U.S. retirement healthcare and U.S. retirement life insurance plans\nPPIF\tPublic project and infrastructure finance; an LOB of MIS\nProfit Participation Plan\tDefined contribution profit participation plan that covers substantially all U.S. employees of the Company\n", "q10k_tbl_6": "TERM\tDEFINITION\nPS\tProfessional Services a former LOB within MA which consisted of MAKS and MALS that provided offshore analytical and research services as well as learning solutions and certification programs. Subsequent to the divestiture of MAKS in 2019 revenue from the MALS reporting unit which previous to 2020 was reported in the PS LOB is now reported as part of the RD&A LOB. Prior periods have not been reclassified as the amounts were not material.\nRBA International (RBA)\tA provider of online retail bank training and certifications; the Company acquired RBA in March 2020\nRD&A\tAn 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\nRedeemable Noncontrolling Interest\tRepresents minority shareholders' interest in entities which are controlled but not wholly-owned by Moody's and for which Moody's obligation to redeem the minority shareholders' interest is represented by a put/call relationship\nReform Act\tCredit Rating Agency Reform Act of 2006\nRegulatory DataCorp Inc. (RDC)\tA global leader in risk and compliance intelligence; the Company acquired RDC in February 2020\nReis Inc. (Reis)\tA provider of U.S. commercial real estate data; acquired by the Company in October 2018\nRelationship Revenue\tFor 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\nReporting unit\tThe 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\nRetirement Plans\tMoody's funded and unfunded pension plans the healthcare plans and life insurance plans\nRevenue Accounting Standard\tUpdates 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\nRiskFirst\tA company providing risk analytic solutions for the asset management and pension fund communities; acquired by the Company in July 2019\nRMBS\tResidential mortgage-backed securities; an asset class within SFG\nROU Asset\tAssets 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\nSEC\tU.S. Securities and Exchange Commission\nSFG\tStructured finance group; an LOB of MIS\nSG&A\tSelling general and administrative expenses\nTax Act\tThe \"Tax Cuts and Jobs Act\" enacted into U.S. law on December 22 2017 which significantly amends the tax code in the U.S.\nTransaction Revenue\tFor 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\nU.K.\tUnited Kingdom\nU.S.\tUnited States\nUSD\tU.S. dollar\nUTPs\tUncertain tax positions\n", "q10k_tbl_7": "TERM\tDEFINITION\nVigeo Eiris\tA provider of in ESG research data and assessments; acquired by the Company on April 12 2019\n2018 Restructuring Program\tRestructuring program approved by the chief executive officer of Moody's on October 26 2018. This program included relocation of certain functions from high-cost to lower-cost jurisdictions a reduction of staff including from acquisitions and pursuant to a review of the business criticality of certain positions and the rationalization and exit of certain real estate leases due to consolidation of various business activities.\n2020 Restructuring Program\tRestructuring program approved by the chief executive officer of Moody's on July 29 2020 primarily in response to the COVID-19 pandemic which revolves around the rationalization and exit of certain real estate leases.\n2012 Senior Notes\tPrincipal amount of $500 million 4.50% senior unsecured notes due in September 2022\n2013 Senior Notes\tPrincipal amount of the $500 million 4.875% senior unsecured notes due in February 2024\n2014 Senior Notes (30-Year)\tPrincipal amount of $600 million 5.25% senior unsecured notes due in July 2044\n2015 Senior Notes\tPrincipal amount of €500 million 1.75% senior unsecured notes due in March 2027\n2017 Senior Notes Due 2023\tPrincipal amount of $500 million 2.625% senior unsecured notes due January 15 2023\n2017 Senior Notes Due 2028\tPrincipal amount of $500 million 3.250% senior unsecured notes due January 15 2028\n2017 Senior Notes Due 2021\tPrincipal amount of $500 million 2.75% senior unsecured notes originally due in December 2021 but early repaid by the Company in 2020.\n2018 Facility\tFive-year unsecured revolving credit facility with capacity to borrow up to $1 billion; backstops CP issued under the CP Program\n2018 Senior Notes\tPrincipal amount of $300 million 3.25% senior unsecured notes originally due in June 2021 but early repaid by the Company in 2020.\n2018 Senior Notes (10-year)\tPrincipal amount of $400 million 4.25% senior unsecured notes due February 1 2029\n2018 Senior Notes (30-year)\tPrincipal amount of $400 million 4.875% senior unsecured notes due December 17 2048\n2019 Senior Notes\tPrincipal amount of €750 million 0.950% senior unsecured notes due February 25 2030\n2020 Senior Notes Due 2025\tPrincipal amount of $700 million 3.75% senior unsecured notes due March 24 2025\n2020 Senior Notes Due 2050\tPrincipal amount of $300 million 3.25% senior unsecured notes due May 20 2050\n2020 Senior Notes Due 2060\tPrincipal amount of $500 million 2.55% senior unsecured notes due August 18 2060\n", "q10k_tbl_8": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue\t1356\t1240\t4081\t3596\nExpenses\t\t\t\t\nOperating\t364\t350\t1066\t1032\nSelling general and administrative\t271\t292\t879\t848\nRestructuring\t23\t(1)\t20\t58\nDepreciation and amortization\t56\t48\t163\t150\nAcquisition-Related Expenses\t0\t0\t0\t3\nLoss pursuant to the divestiture of MAKS\t0\t2\t9\t11\nTotal expenses\t714\t691\t2137\t2102\nOperating income\t642\t549\t1944\t1494\nNon-operating (expense) income net\t\t\t\t\nInterest expense net\t(53)\t(46)\t(153)\t(149)\nOther non-operating income net\t10\t10\t38\t12\nTotal non-operating expense net\t(43)\t(36)\t(115)\t(137)\nIncome before provisions for income taxes\t599\t513\t1829\t1357\nProvision for income taxes\t132\t130\t366\t290\nNet income\t467\t383\t1463\t1067\nLess: Net (loss) income attributable to noncontrolling interests\t0\t3\t(1)\t5\nNet income attributable to Moody's\t467\t380\t1464\t1062\nEarnings per share attributable to Moody's common shareholders\t\t\t\t\nBasic\t2.49\t2.01\t7.80\t5.60\nDiluted\t2.47\t1.99\t7.73\t5.54\nWeighted average number of shares outstanding\t\t\t\t\nBasic\t187.8\t189.0\t187.6\t189.6\nDiluted\t189.3\t191.1\t189.3\t191.8\n", "q10k_tbl_9": "\tThree Months Ended September 30 2020\t\t\tThree Months Ended September 30 2019\t\t\n\tPre-tax amounts\tTax amounts\tAfter-tax amounts\tPre-tax amounts\tTax amounts\tAfter-tax amounts\nNet Income\t\t\t467\t\t\t383\nOther Comprehensive Income (loss):\t\t\t\t\t\t\nForeign Currency Adjustments:\t\t\t\t\t\t\nForeign currency translation adjustments net\t204\t(17)\t187\t(194)\t0\t(194)\nNet (losses) gains on net investment hedges\t(191)\t48\t(143)\t136\t(34)\t102\nNet investment hedges - reclassification of gains included in net income\t0\t0\t0\t(1)\t0\t(1)\nPension and Other Retirement Benefits:\t\t\t\t\t\t\nAmortization of actuarial losses and prior service costs included in net income\t2\t0\t2\t1\t0\t1\nNet actuarial (losses) gains and prior service costs\t(9)\t2\t(7)\t0\t0\t0\nTotal other comprehensive income (loss)\t6\t33\t39\t(58)\t(34)\t(92)\nComprehensive income\t\t\t506\t\t\t291\nLess: comprehensive income attributable to noncontrolling interests\t\t\t1\t\t\t3\nComprehensive Income Attributable to Moody's\t\t\t505\t\t\t288\n", "q10k_tbl_10": "\tNine Months Ended September 30 2020\t\t\tNine Months Ended September 30 2019\t\t\n\tPre-tax amounts\tTax amounts\tAfter-tax amounts\tPre-tax amounts\tTax amounts\tAfter-tax amounts\nNet Income\t\t\t1463\t\t\t1067\nOther Comprehensive Income (loss):\t\t\t\t\t\t\nForeign Currency Adjustments:\t\t\t\t\t\t\nForeign currency translation adjustments net\t107\t(11)\t96\t(179)\t0\t(179)\nNet (losses) gains on net investment hedges\t(169)\t42\t(127)\t130\t(33)\t97\nNet investment hedges - reclassification of gains included in net income\t0\t0\t0\t(1)\t0\t(1)\nCash Flow Hedges:\t\t\t\t\t\t\nNet losses on cash flow hedges\t(68)\t18\t(50)\t0\t0\t0\nReclassification of losses included in net income\t1\t0\t1\t0\t0\t0\nPension and Other Retirement Benefits:\t\t\t\t\t\t\nAmortization of actuarial losses and prior service costs included in net income\t5\t(1)\t4\t3\t(1)\t2\nNet actuarial gains (losses) and prior service costs\t(1)\t0\t(1)\t(2)\t1\t(1)\nTotal other comprehensive (loss) income\t(125)\t48\t(77)\t(49)\t(33)\t(82)\nComprehensive income\t\t\t1386\t\t\t985\nLess: comprehensive (loss) income attributable to noncontrolling interests\t\t\t(12)\t\t\t15\nComprehensive Income Attributable to Moody's\t\t\t1398\t\t\t970\n", "q10k_tbl_11": "\tSeptember 30 2020\tDecember 31 2019\nASSETS\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t2492\t1832\nShort-term investments\t96\t98\nAccounts receivable net of allowance for credit losses of $41 in 2020 and $20 in 2019\t1360\t1419\nOther current assets\t333\t330\nTotal current assets\t4281\t3679\nProperty and equipment net of accumulated depreciation of $907 in 2020 and $839 in 2019\t282\t292\nOperating lease right-of-use assets\t410\t456\nGoodwill\t4282\t3722\nIntangible assets net\t1717\t1498\nDeferred tax assets net\t232\t229\nOther assets\t468\t389\nTotal assets\t11672\t10265\nLIABILITIES REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY\t\t\nCurrent liabilities:\t\t\nAccounts payable and accrued liabilities\t712\t773\nCurrent portion of operating lease liabilities\t91\t89\nDeferred revenue\t918\t1050\nTotal current liabilities\t1721\t1912\nNon-current portion of deferred revenue\t102\t112\nLong-term debt\t6363\t5581\nDeferred tax liabilities net\t385\t357\nUncertain tax positions\t471\t477\nOperating lease liabilities\t439\t485\nOther liabilities\t498\t504\nTotal liabilities\t9979\t9428\nContingencies (Note 19)\t\t\nRedeemable noncontrolling interest\t5\t6\nShareholders' equity:\t\t\nPreferred stock par value $0.01 per share; 10000000 shares authorized; no shares issued and outstanding\t0\t0\nSeries Common Stock par value $0.01 per share; 10000000 shares authorized; no shares issued and outstanding\t0\t0\nCommon stock par value $0.01 per share; 1000000000 shares authorized; 342902272 shares issued at September 30 2020 and December 31 2019 respectively.\t3\t3\nCapital surplus\t699\t642\nRetained earnings\t10804\t9656\nTreasury stock at cost; 155064080 and 155215143 shares of common stock at September 30 2020 and December 31 2019\t(9505)\t(9250)\nAccumulated other comprehensive loss\t(504)\t(439)\nTotal Moody's shareholders' equity\t1497\t612\nNoncontrolling interests\t191\t219\nTotal shareholders' equity\t1688\t831\nTotal liabilities noncontrolling interests and shareholders' equity\t11672\t10265\n", "q10k_tbl_12": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash flows from operating activities\t\t\nNet income\t1463\t1067\nReconciliation of net income to net cash provided by operating activities:\t\t\nDepreciation and amortization\t163\t150\nStock-based compensation\t110\t103\nDeferred income taxes\t(1)\t(22)\nROU Asset impairment & other non-cash restructuring/impairment charges\t23\t38\nLoss pursuant to the divestiture of MAKS\t9\t11\nSettlement of treasury rate lock\t(68)\t0\nPrepayment penalty relating to early redemption of debt\t24\t0\nChanges in assets and liabilities:\t\t\nAccounts receivable\t73\t36\nOther current assets\t(8)\t(8)\nOther assets\t(89)\t(32)\nAccounts payable and accrued liabilities\t(28)\t(100)\nDeferred revenue\t(171)\t(96)\nUnrecognized tax benefits and other non-current tax liabilities\t(9)\t(17)\nOther liabilities\t(3)\t66\nNet cash provided by operating activities\t1488\t1196\nCash flows from investing activities\t\t\nCapital additions\t(83)\t(61)\nPurchases of investments\t(130)\t(111)\nSales and maturities of investments\t57\t139\nCash paid for acquisitions net of cash acquired\t(699)\t(121)\nReceipts from settlements of net investment hedges\t2\t4\nNet cash used in investing activities\t(853)\t(150)\nCash flows from financing activities\t\t\nIssuance of notes\t1491\t0\nRepayment of notes\t(800)\t(450)\nIssuance of commercial paper\t789\t1307\nRepayment of commercial paper\t(792)\t(1310)\nProceeds from stock-based compensation plans\t41\t37\nRepurchase of shares related to stock-based compensation\t(101)\t(76)\nTreasury shares\t(253)\t(728)\nDividends\t(315)\t(284)\nDebt issuance costs extinguishment costs and related fees\t(39)\t0\nDividends to noncontrolling interest\t(1)\t(1)\nPayment to acquire noncontrolling interests\t(17)\t(12)\nNet cash provided by (used in) financing activities\t3\t(1517)\nReclassification of cash to assets held for sale\t0\t(11)\nEffect of exchange rate changes on cash and cash equivalents\t22\t(25)\nIncrease (decrease) in cash and cash equivalents\t660\t(507)\nCash and cash equivalents beginning of period\t1832\t1685\nCash and cash equivalents end of period\t2492\t1178\n", "q10k_tbl_13": "Shareholders of Moody's Corporation\t\t\t\t\t\t\t\t\t\t\t\t\n\tCommon Stock\t\tCapital Surplus\t\tRetained Earnings\t\tTreasury Stock\t\tAccumulated Other Comprehensive Loss\tTotal Moody's Shareholders' Equity\tNon- Controlling Interests\tTotal Shareholders' Equity\n\tShares\tAmount\t\tShares\t\tAmount\t\nBalance at June 30 2019\t342.9\t3\t575\t\t9108\t\t(153.7)\t(8887)\t(446)\t353\t222\t575\nNet income\t\t\t\t\t380\t\t\t\t\t380\t3\t383\nDividends ($0.50 per share)\t\t\t\t\t(97)\t\t\t\t\t(97)\t0\t(97)\nStock-based compensation\t\t\t33\t\t\t\t\t\t\t33\t\t33\nShares issued for stock-based compensation plans at average cost net\t\t\t0\t\t\t\t0.2\t7\t\t7\t\t7\nTreasury shares repurchased\t\t\t0\t\t\t\t(0.7)\t(113)\t\t(113)\t\t(113)\nCurrency translation adjustment net of net investment hedge activity (net of tax of $34 million)\t\t\t\t\t\t\t\t\t(92)\t(92)\t0\t(92)\nAmortization of prior service costs and actuarial losses\t\t\t\t\t\t\t\t\t1\t1\t\t1\nBalance at September 30 2019\t342.9\t3\t608\t\t9391\t\t(154.2)\t(8993)\t(537)\t472\t225\t697\n", "q10k_tbl_14": "Shareholders of Moody's Corporation\t\t\t\t\t\t\t\t\t\t\t\t\n\tCommon Stock\t\tCapital Surplus\t\tRetained Earnings\t\tTreasury Stock\t\tAccumulated Other Comprehensive Loss\tTotal Moody's Shareholders' Equity\tNon- Controlling Interests\tTotal Shareholders' Equity\n\tShares\tAmount\t\tShares\t\tAmount\t\t\nBalance at December 31 2018\t342.9\t3\t601\t\t8594\t\t(151.6)\t(8313)\t(426)\t459\t197\t656\nNet income\t\t\t\t\t1062\t\t\t\t\t1062\t5\t1067\nDividends ($1.50 per share)\t\t\t\t\t(285)\t\t\t\t\t(285)\t(1)\t(286)\nAdoption of ASU 2018-02 relating to the Tax Act\t\t\t\t\t20\t\t\t\t(20)\t0\t\t0\nStock-based compensation\t\t\t103\t\t\t\t\t\t\t103\t\t103\nShares issued for stock-based compensation plans at average cost net\t\t\t(71)\t\t\t\t1.5\t32\t\t(39)\t\t(39)\nPurchase of noncontrolling interest\t\t\t(9)\t\t\t\t\t\t\t(9)\t(3)\t(12)\nNon-controlling interest resulting from majority acquisition of Vigeo Eiris\t\t\t\t\t\t\t\t\t\t0\t17\t17\nTreasury shares repurchased\t\t\t(16)\t\t\t\t(4.1)\t(712)\t\t(728)\t\t(728)\nCurrency translation adjustment net of net investment hedge activity (net of tax of $33 million)\t\t\t\t\t\t\t\t\t(92)\t(92)\t10\t(82)\nNet actuarial gains and prior service cost\t\t\t\t\t\t\t\t\t(1)\t(1)\t\t(1)\nAmortization of prior service costs and actuarial losses (net of tax of $1 million)\t\t\t\t\t\t\t\t\t2\t2\t\t2\nBalance at September 30 2019\t342.9\t3\t608\t\t9391\t\t(154.2)\t(8993)\t(537)\t472\t225\t697\n", "q10k_tbl_15": "Shareholders of Moody's Corporation\t\t\t\t\t\t\t\t\t\t\t\t\n\tCommon Stock\t\tCapital Surplus\t\tRetained Earnings\t\tTreasury Stock\t\tAccumulated Other Comprehensive Loss\tTotal Moody's Shareholders' Equity\tNon- Controlling Interests\tTotal Shareholders' Equity\n\tShares\tAmount\t\tShares\t\tAmount\t\nBalance at June 30 2020\t342.9\t3\t651\t\t10442\t\t(155.2)\t(9513)\t(542)\t1041\t191\t1232\nNet income\t\t\t\t\t467\t\t\t\t\t467\t0\t467\nDividends ($0.56 per share)\t\t\t\t\t(105)\t\t\t\t\t(105)\t(1)\t(106)\nStock-based compensation\t\t\t38\t\t\t\t\t\t\t38\t\t38\nShares issued for stock-based compensation plans at average cost net\t\t\t10\t\t\t\t0.1\t8\t\t18\t\t18\nCurrency translation adjustment net of net investment hedge activity (net of tax of $31 million)\t\t\t\t\t\t\t\t\t43\t43\t1\t44\nNet actuarial gains and prior service cost (net of tax of $2 million)\t\t\t\t\t\t\t\t\t(7)\t(7)\t\t(7)\nAmortization of prior service costs and actuarial losses\t\t\t\t\t\t\t\t\t2\t2\t\t2\nBalance at September 30 2020\t342.9\t3\t699\t\t10804\t\t(155.1)\t(9505)\t(504)\t1497\t191\t1688\n", "q10k_tbl_16": "Shareholders of Moody's Corporation\t\t\t\t\t\t\t\t\t\t\t\t\n\tCommon Stock\t\tCapital Surplus\t\tRetained Earnings\t\tTreasury Stock\t\tAccumulated Other Comprehensive Loss\tTotal Moody's Shareholders' Equity\tNon- Controlling Interests\tTotal Shareholders' Equity\n\tShares\tAmount\t\tShares\t\tAmount\t\nBalance at December 31 2019\t342.9\t3\t642\t\t9656\t\t(155.2)\t(9250)\t(439)\t612\t219\t831\nNet income\t\t\t\t\t1464\t\t\t\t\t1464\t0\t1464\nDividends ($1.68 per share)\t\t\t\t\t(314)\t\t\t\t\t(314)\t(1)\t(315)\nAdoption of New Credit Losses Accounting Standard\t\t\t\t\t(2)\t\t\t\t\t(2)\t\t(2)\nStock-based compensation\t\t\t110\t\t\t\t\t\t\t110\t\t110\nShares issued for stock-based compensation plans at average cost net\t\t\t(51)\t\t\t\t1.2\t(2)\t\t(53)\t\t(53)\nPurchase of noncontrolling interest\t\t\t(2)\t\t\t\t\t\t\t(2)\t(15)\t(17)\nTreasury shares repurchased\t\t\t\t\t\t\t(1.1)\t(253)\t\t(253)\t\t(253)\nCurrency translation adjustment net of net investment hedge activity (net of tax of $31 million)\t\t\t\t\t\t\t\t\t(19)\t(19)\t(12)\t(31)\nNet actuarial losses and prior service cost\t\t\t\t\t\t\t\t\t(1)\t(1)\t\t(1)\nAmortization of prior service costs and actuarial losses (net of tax of $1 million)\t\t\t\t\t\t\t\t\t4\t4\t\t4\nNet realized and unrealized gain on cash flow hedges (net of tax of $18 million)\t\t\t\t\t\t\t\t\t(49)\t(49)\t\t(49)\nBalance at September 30 2020\t342.9\t3\t699\t\t10804\t\t(155.1)\t(9505)\t(504)\t1497\t191\t1688\n", "q10k_tbl_17": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nMIS:\t\t\t\t\nCorporate finance (CFG)\t\t\t\t\nInvestment-grade\t141\t106\t576\t299\nHigh-yield\t101\t56\t275\t182\nBank loans\t73\t90\t205\t246\nOther accounts (1)\t146\t140\t430\t408\nTotal CFG\t461\t392\t1486\t1135\nStructured finance (SFG)\t\t\t\t\nAsset-backed securities\t25\t25\t70\t74\nRMBS\t24\t21\t74\t69\nCMBS\t15\t18\t45\t56\nStructured credit\t24\t40\t74\t116\nOther accounts\t0\t1\t2\t3\nTotal SFG\t88\t105\t265\t318\nFinancial institutions (FIG)\t\t\t\t\nBanking\t95\t80\t269\t244\nInsurance\t31\t31\t105\t88\nManaged investments\t6\t6\t20\t20\nOther accounts\t2\t3\t7\t9\nTotal FIG\t134\t120\t401\t361\nPublic project and infrastructure finance (PPIF)\t\t\t\t\nPublic finance / sovereign\t71\t58\t192\t157\nProject and infrastructure\t62\t62\t183\t164\nTotal PPIF\t133\t120\t375\t321\nTotal ratings revenue\t816\t737\t2527\t2135\nMIS Other\t9\t9\t30\t20\nTotal external revenue\t825\t746\t2557\t2155\nIntersegment royalty\t38\t35\t110\t100\nTotal MIS\t863\t781\t2667\t2255\nMA:\t\t\t\t\nResearch data and analytics (RD&A)\t386\t317\t1110\t940\nEnterprise risk solutions (ERS)\t145\t134\t414\t373\nProfessional services (PS) (2)\t0\t43\t0\t128\nTotal external revenue\t531\t494\t1524\t1441\nIntersegment revenue\t1\t2\t5\t7\nTotal MA\t532\t496\t1529\t1448\nEliminations\t(39)\t(37)\t(115)\t(107)\nTotal MCO\t1356\t1240\t4081\t3596\n", "q10k_tbl_18": "\tThree Months Ended September 30 2020\t\t\tThree Months Ended September 30 2019\t\t\n\tU.S.\tNon-U.S\tTotal\tU.S.\tNon-U.S\tTotal\nMIS:\t\t\t\t\t\t\nCorporate finance (CFG)\t311\t150\t461\t259\t133\t392\nStructured finance (SFG)\t54\t34\t88\t68\t37\t105\nFinancial institutions (FIG)\t59\t75\t134\t54\t66\t120\nPublic project and infrastructure finance (PPIF)\t82\t51\t133\t73\t47\t120\nTotal ratings revenue\t506\t310\t816\t454\t283\t737\nMIS Other\t0\t9\t9\t0\t9\t9\nTotal MIS\t506\t319\t825\t454\t292\t746\nMA:\t\t\t\t\t\t\nResearch data and analytics (RD&A)\t167\t219\t386\t139\t178\t317\nEnterprise risk solutions (ERS)\t56\t89\t145\t49\t85\t134\nProfessional services (PS) (1)\t0\t0\t0\t18\t25\t43\nTotal MA\t223\t308\t531\t206\t288\t494\nTotal MCO\t729\t627\t1356\t660\t580\t1240\n", "q10k_tbl_19": "\tNine Months Ended September 30 2020\t\t\tNine Months Ended September 30 2019\t\t\n\tU.S.\tNon-U.S\tTotal\tU.S.\tNon-U.S\tTotal\nMIS:\t\t\t\t\t\t\nCorporate finance (CFG)\t1038\t448\t1486\t744\t391\t1135\nStructured finance (SFG)\t160\t105\t265\t202\t116\t318\nFinancial institutions (FIG)\t189\t212\t401\t152\t209\t361\nPublic project and infrastructure finance (PPIF)\t237\t138\t375\t202\t119\t321\nTotal ratings revenue\t1624\t903\t2527\t1300\t835\t2135\nMIS Other\t1\t29\t30\t1\t19\t20\nTotal MIS\t1625\t932\t2557\t1301\t854\t2155\nMA:\t\t\t\t\t\t\nResearch data and analytics (RD&A)\t492\t618\t1110\t412\t528\t940\nEnterprise risk solutions (ERS)\t163\t251\t414\t143\t230\t373\nProfessional services (PS) (1)\t0\t0\t0\t54\t74\t128\nTotal MA\t655\t869\t1524\t609\t832\t1441\nTotal MCO\t2280\t1801\t4081\t1910\t1686\t3596\n", "q10k_tbl_20": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nMIS:\t\t\t\t\nU.S.\t506\t454\t1625\t1301\nNon-U.S.:\t\t\t\t\nEMEA\t188\t175\t542\t502\nAsia-Pacific\t99\t78\t270\t241\nAmericas\t32\t39\t120\t111\nTotal Non-U.S.\t319\t292\t932\t854\nTotal MIS\t825\t746\t2557\t2155\nMA:\t\t\t\t\nU.S.\t223\t206\t655\t609\nNon-U.S.:\t\t\t\t\nEMEA\t213\t187\t595\t555\nAsia-Pacific\t57\t64\t166\t174\nAmericas\t38\t37\t108\t103\nTotal Non-U.S.\t308\t288\t869\t832\nTotal MA\t531\t494\t1524\t1441\nTotal MCO\t1356\t1240\t4081\t3596\n", "q10k_tbl_21": "\tThree Months Ended September 30\t\t\t\t\t\n\t2020\t\t\t2019\t\t\n\tTransaction\tRelationship\tTotal\tTransaction\tRelationship\tTotal\nCorporate Finance\t347\t114\t461\t282\t110\t392\n\t75%\t25%\t100%\t72%\t28%\t100%\nStructured Finance\t41\t47\t88\t58\t47\t105\n\t47%\t53%\t100%\t55%\t45%\t100%\nFinancial Institutions\t67\t67\t134\t56\t64\t120\n\t50%\t50%\t100%\t47%\t53%\t100%\nPublic Project and Infrastructure Finance\t92\t41\t133\t82\t38\t120\n\t69%\t31%\t100%\t68%\t32%\t100%\nMIS Other\t1\t8\t9\t0\t9\t9\n\t11%\t89%\t100%\t-%\t100%\t100%\nTotal MIS\t548\t277\t825\t478\t268\t746\n\t66%\t34%\t100%\t64%\t36%\t100%\nResearch data and analytics\t19\t367\t386\t3\t314\t317\n\t5%\t95%\t100%\t1%\t99%\t100%\nEnterprise risk solutions\t32\t113\t145\t32\t102\t134\n\t22%\t78%\t100%\t24%\t76%\t100%\nProfessional services(2)\t0\t0\t0\t43\t0\t43\n\t-%\t-%\t-%\t100%\t-%\t100%\nTotal MA\t51\t480\t531\t78\t416\t494\n\t10%\t90%\t100%\t16%\t84%\t100%\nTotal Moody's Corporation\t599\t757\t1356\t556\t684\t1240\n\t44%\t56%\t100%\t45%\t55%\t100%\n", "q10k_tbl_22": "\tNine Months Ended September 30\t\t\t\t\t\t\t\n\t2020\t\t\t\t2019\t\t\t\n\tTransaction\t\tRelationship\tTotal\tTransaction\t\tRelationship\tTotal\nCorporate Finance\t1142\t\t344\t1486\t808\t\t327\t1135\n\t77%\t\t23%\t100%\t71%\t\t29%\t100%\nStructured Finance\t126\t\t139\t265\t184\t\t134\t318\n\t48%\t\t52%\t100%\t58%\t\t42%\t100%\nFinancial Institutions\t203\t\t198\t401\t165\t\t196\t361\n\t51%\t\t49%\t100%\t46%\t\t54%\t100%\nPublic Project and Infrastructure Finance\t257\t\t118\t375\t208\t\t113\t321\n\t69%\t\t31%\t100%\t65%\t\t35%\t100%\nMIS Other\t3\t\t27\t30\t1\t\t19\t20\n\t10%\t\t90%\t100%\t5%\t\t95%\t100%\nTotal MIS\t1731\t\t826\t2557\t1366\t\t789\t2155\n\t68%\t\t32%\t100%\t63%\t\t37%\t100%\nResearch data and analytics\t53\t\t1057\t1110\t12\t\t928\t940\n\t5%\t\t95%\t100%\t1%\t\t99%\t100%\nEnterprise risk solutions\t90\t\t324\t414\t79\t\t294\t373\n\t22%\t\t78%\t100%\t21%\t\t79%\t100%\nProfessional services(2)\t0\t\t0\t0\t128\t\t0\t128\n\t-%\t\t-%\t-%\t100%\t\t-%\t100%\nTotal MA\t143\t(1)\t1381\t1524\t219\t(1)\t1222\t1441\n\t9%\t\t91%\t100%\t15%\t\t85%\t100%\nTotal Moody's Corporation\t1874\t\t2207\t4081\t1585\t\t2011\t3596\n\t46%\t\t54%\t100%\t44%\t\t56%\t100%\n", "q10k_tbl_23": "\tThree Months Ended September 30 2020\t\t\tNine Months Ended September 30 2020\t\t\n\tMIS\tMA\tTotal\tMIS\tMA\tTotal\nRevenue recognized at a point in time\t548\t30\t578\t1731\t89\t1820\nRevenue recognized over time\t277\t501\t778\t826\t1435\t2261\nTotal\t825\t531\t1356\t2557\t1524\t4081\n", "q10k_tbl_24": "\tThree Months Ended September 30 2019\t\t\tNine Months Ended September 30 2019\t\t\n\tMIS\tMA\tTotal\tMIS\tMA\tTotal\nRevenue recognized at a point in time\t478\t31\t509\t1366\t83\t1449\nRevenue recognized over time\t268\t463\t731\t789\t1358\t2147\nTotal\t746\t494\t1240\t2155\t1441\t3596\n", "q10k_tbl_25": "\tThree Months Ended September 30 2020\t\t\n\tMIS\tMA\tTotal\nBalance at June 30 2020\t365\t740\t1105\nChanges in deferred revenue\t\t\t\nRevenue recognized that was included in the deferred revenue balance at the beginning of the period\t(118)\t(347)\t(465)\nIncreases due to amounts billable excluding amounts recognized as revenue during the period\t83\t273\t356\nEffect of exchange rate changes\t5\t19\t24\nTotal changes in deferred revenue\t(30)\t(55)\t(85)\nBalance at September 30 2020\t335\t685\t1020\n", "q10k_tbl_26": "\tNine Months Ended September 30 2020\t\t\n\tMIS\tMA\tTotal\nBalance at January 1 2020\t322\t840\t1162\nChanges in deferred revenue\t\t\t\nRevenue recognized that was included in the deferred revenue balance at the beginning of the period\t(207)\t(781)\t(988)\nIncreases due to amounts billable excluding amounts recognized as revenue during the period\t219\t607\t826\nIncreases due to RDC acquisition during the period\t0\t20\t20\nEffect of exchange rate changes\t1\t(1)\t0\nTotal changes in deferred revenue\t13\t(155)\t(142)\nBalance at September 30 2020\t335\t685\t1020\nDeferred revenue - current\t237\t681\t918\nDeferred revenue - noncurrent\t98\t4\t102\n", "q10k_tbl_27": "\tThree Months Ended September 30 2019\t\t\n\tMIS\tMA\tTotal\nBalance at June 30 2019\t376\t695\t1071\nChanges in deferred revenue\t\t\t\nRevenue recognized that was included in the deferred revenue balance at the beginning of the period\t(111)\t(344)\t(455)\nIncreases due to amounts billable excluding amounts recognized as revenue during the period\t82\t290\t372\nEffect of exchange rate changes\t(3)\t(14)\t(17)\nTotal changes in deferred revenue\t(32)\t(68)\t(100)\nBalance at September 30 2019\t344\t627\t971\n", "q10k_tbl_28": "\tNine Months Ended September 30 2019\t\t\n\tMIS\tMA\tTotal\nBalance at January 1 2019\t326\t750\t1076\nChanges in deferred revenue\t\t\t\nRevenue recognized that was included in the deferred revenue balance at the beginning of the period\t(191)\t(687)\t(878)\nIncreases due to amounts billable excluding amounts recognized as revenue during the period\t212\t576\t788\nAmount included in liabilities reclassified as held for sale\t0\t(3)\t(3)\nEffect of exchange rate changes\t(3)\t(9)\t(12)\nTotal changes in deferred revenue\t18\t(123)\t(105)\nBalance at September 30 2019\t344\t627\t971\nDeferred revenue - current\t234\t622\t856\nDeferred revenue - noncurrent\t110\t5\t115\n", "q10k_tbl_29": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nStock-based compensation cost\t38\t33\t110\t103\nTax benefit\t8\t7\t22\t22\n", "q10k_tbl_30": "\tNine Months Ended September 30\t\n\t2020\t2019\nExercise of stock options:\t\t\nProceeds from stock option exercises\t32\t29\nAggregate intrinsic value\t102\t99\nTax benefit realized upon exercise\t24\t24\nNumber of shares exercised\t0.5\t0.7\nVesting of restricted stock:\t\t\nFair value of shares vested\t195\t153\nTax benefit realized upon vesting\t45\t36\nNumber of shares vested\t0.8\t0.8\nVesting of performance-based restricted stock:\t\t\nFair value of shares vested\t70\t48\nTax benefit realized upon vesting\t17\t12\nNumber of shares vested\t0.3\t0.3\n", "q10k_tbl_31": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nBasic\t187.8\t189.0\t187.6\t189.6\nDilutive effect of shares issuable under stock-based compensation plans\t1.5\t2.1\t1.7\t2.2\nDiluted\t189.3\t191.1\t189.3\t191.8\nAnti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above\t0.3\t0.2\t0.3\t0.3\n", "q10k_tbl_32": "\tAs of September 30 2020\t\t\t\t\t\n\t\t\t\tBalance sheet location\t\t\n\tCost\tGains/(Losses)\tFair Value\tCash and cash equivalents\tShort-term investments\tOther assets\nCertificates of deposit and money market deposit accounts (1)\t1387\t0\t1387\t1284\t96\t7\nMutual funds\t47\t3\t50\t0\t0\t50\n", "q10k_tbl_33": "\tAs of December 31 2019\t\t\t\t\t\n\t\t\t\tBalance sheet location\t\t\n\tCost\tGains/(Losses)\tFair Value\tCash and cash equivalents\tShort-term investments\tOther assets\nCertificates of deposit and money market deposit accounts (1)\t971\t0\t971\t866\t95\t10\nMutual funds\t3\t0\t3\t0\t3\t0\n", "q10k_tbl_34": "(Amounts in millions)\t\t\nCurrent assets\t\t24\nIntangible assets:\t\t\nCustomer relationships (25 year weighted average life)\t174\t\nDatabase (10 year weighted average life)\t86\t\nProduct technology (4 year weighted average life)\t17\t\nTrade name (3 year weighted average life)\t3\t\nTotal intangible assets (19 year weighted average life)\t\t280\nGoodwill\t\t494\nOther assets\t\t2\nLiabilities:\t\t\nAccounts payable and accrued liabilities\t(5)\t\nDeferred revenue\t(20)\t\nDeferred tax liabilities\t(71)\t\nOther liabilities\t(2)\t\nTotal liabilities\t\t(98)\nNet assets acquired\t\t702\n", "q10k_tbl_35": "\t\tNotional Amount\t\t\nHedged Item\tNature of Swap\tAs of September 30 2020\tAs of December 31 2019\tFloating Interest Rate\n2012 Senior Notes due 2022\tPay Floating/Receive Fixed\t330\t330\t3-month USD LIBOR\n2017 Senior Notes due 2021(1)\tPay Floating/Receive Fixed\t0\t500\t3-month USD LIBOR\n2017 Senior Notes due 2023\tPay Floating/Receive Fixed\t250\t250\t3-month USD LIBOR\n2017 Senior Notes due 2028\tPay Floating/Receive Fixed\t500\t0\t3-month USD LIBOR\n2020 Senior Notes due 2025 (2)\tPay Floating/Receive Fixed\t300\t0\t6-month USD LIBOR\nTotal\t\t1380\t1080\t\n", "q10k_tbl_36": "Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recorded\t\t\t\tAmount of income/(loss) recognized in the consolidated statements of operations\t\t\t\t\t\n\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\n\t2020\t\t2019\t\t2020\t\t2019\nInterest expense net\t\t\t\t(53)\t\t(46)\t\t(153)\t(149)\nDescriptions\t\tLocation on Consolidated Statements of Operations\t\t\t\t\t\t\t\nNet interest settlements and accruals on interest rate swaps\t\tInterest expense net\t\t6\t\t1\t\t14\t1\nFair value changes on interest rate swaps\t\tInterest expense net\t\t(7)\t\t2\t\t53\t33\nFair value changes on hedged debt\t\tInterest expense net\t\t7\t\t(2)\t\t(53)\t(33)\n", "q10k_tbl_37": "September 30 2020\t\t\t\t\t\n\tPay\t\t\tReceive\t\nNature of Swap\tNotional Amount\t\tWeighted Average Interest Rate\tNotional Amount\tWeighted Average Interest Rate\nPay Fixed/Receive Fixed\t€\t1079\t1.43%\t1220\t3.96%\nPay Floating/Receive Floating\t959\t\tBased on 3-month EURIBOR\t1080\tBased on 3-month USD LIBOR\nTotal\t€\t2038\t\t2300\t\n", "q10k_tbl_38": "December 31 2019\t\t\t\t\t\n\tPay\t\t\tReceive\t\nNature of Swap\tNotional Amount\t\tWeighted Average Interest Rate\tNotional Amount\tWeighted Average Interest Rate\nPay Fixed/Receive Fixed\t€\t1079\t1.43%\t1220\t3.96%\nPay Floating/Receive Floating\t931\t\tBased on 3-month EURIBOR\t1080\tBased on 3-month USD LIBOR\nTotal\t€\t2010\t\t2300\t\n", "q10k_tbl_39": "\tSeptember 30 2020\t\t\tDecember 31 2019\t\nNotional amount of net investment hedges\tSell\t\tBuy\tSell\tBuy\nContract to sell EUR for USD\t€\t247\t292\t0\t0\n", "q10k_tbl_40": "Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships\t\tAmount of Gain/(Loss) Recognized in AOCL on Derivative net of Tax\t\t\tAmount of Gain/(Loss) Reclassified from AOCL into Income net of Tax\t\t\tGain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)\t\n\tThree Months Ended September 30\t\t\tThree Months Ended September 30\t\t\tThree Months Ended September 30\t\n\t\t2020\t2019\t\t2020\t2019\t\t2020\t2019\nFX forward contracts\t\t1\t5\t\t0\t1\t\t0\t0\nCross currency swaps\t\t(98)\t79\t\t0\t0\t\t10\t15\nLong-term debt\t\t(46)\t18\t\t0\t0\t\t0\t0\nTotal net investment hedges\t\t(143)\t102\t\t0\t1\t\t10\t15\nDerivatives in Cash Flow Hedging Relationships\t\t\t\t\t\t\t\t\t\nInterest rate contracts\t\t(1)\t0\t\t(1)\t0\t\t0\t0\nTotal cash flow hedges\t\t(1)\t0\t\t(1)\t0\t\t0\t0\nTotal\t\t(144)\t102\t\t(1)\t1\t\t10\t15\n", "q10k_tbl_41": "Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships\t\tAmount of Gain/(Loss) Recognized in AOCL on Derivative net of Tax\t\t\tAmount of Gain/(Loss) Reclassified from AOCL into Income net of Tax\t\t\tGain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)\t\n\tNine Months Ended September 30\t\t\tNine Months Ended September 30\t\t\tNine Months Ended September 30\t\n\t\t2020\t2019\t\t2020\t2019\t\t2020\t2019\nFX forward contracts\t\t1\t5\t\t0\t1\t\t0\t0\nCross currency swaps\t\t(81)\t75\t\t0\t0\t\t40\t37\nLong-term debt\t\t(47)\t17\t\t0\t0\t\t0\t0\nTotal net investment hedges\t\t(127)\t97\t\t0\t1\t\t40\t37\nDerivatives in Cash Flow Hedging Relationships\t\t\t\t\t\t\t\t\t\nInterest rate contracts\t\t(51)\t0\t\t(2)\t0\t\t0\t0\nTotal cash flow hedges\t\t(51)\t0\t\t(2)\t0\t\t0\t0\nTotal\t\t(178)\t97\t\t(2)\t1\t\t40\t37\n", "q10k_tbl_42": "\tCumulative Gains/(Losses) net of tax\t\n\tSeptember 30 2020\tDecember 31 2019\nNet investment hedges\t\t\nCross currency swaps\t(40)\t41\nFX forwards\t27\t26\nLong-term debt\t(60)\t(13)\nTotal net investment hedges\t(73)\t54\nCash flow hedges\t\t\nInterest rate contracts\t(51)\t(2)\nCross currency swaps\t2\t2\nTotal cash flow hedges\t(49)\t0\nTotal net (loss) gain in AOCL\t(122)\t54\n", "q10k_tbl_43": "\tSeptember 30 2020\t\t\t\tDecember 31 2019\t\t\t\nNotional amount of currency pair:\tSell\t\tBuy\t\tSell\t\tBuy\t\nContracts to sell USD for GBP\t320\t\t£\t254\t235\t\t£\t178\nContracts to sell USD for Japanese Yen\t10\t\t¥\t1000\t29\t\t¥\t3200\nContracts to sell USD for Canadian dollars\t105\t\tC$\t140\t83\t\tC$\t110\nContracts to sell USD for Singapore dollars\t58\t\tS$\t79\t41\t\tS$\t56\nContracts to sell USD for Euros\t530\t\t€\t452\t421\t\t€\t378\nContracts to sell Euros for GBP\t€\t53\t£\t48\t€\t25\t£\t21\nContracts to sell USD for Russian Ruble\t9\t\t₽\t670\t0\t\t₽\t0\nContracts to sell USD for Indian Rupee\t18\t\t₹\t1350\t0\t\t₹\t0\n", "q10k_tbl_44": "Derivatives not designated as accounting hedges\tLocation on Statement of Operations\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nForeign exchange forwards\tOther non-operating income net\t36\t(26)\t1\t(35)\n", "q10k_tbl_45": "\tDerivative and Non-Derivative Instruments\t\t\n\tBalance Sheet Location\tSeptember 30 2020\tDecember 31 2019\nAssets:\t\t\t\nDerivatives designated as accounting hedges:\t\t\t\nCross-currency swaps designated as net investment hedges\tOther assets\t9\t56\nInterest rate swaps designated as fair value hedges\tOther assets\t63\t27\nFX forwards designated as net investment hedges\tOther current assets\t2\t0\nTotal derivatives designated as accounting hedges\t\t74\t83\nDerivatives not designated as accounting hedges:\t\t\t\nFX forwards on certain assets and liabilities\tOther current assets\t5\t9\nTotal assets\t\t79\t92\nLiabilities:\t\t\t\nDerivatives designated as accounting hedges:\t\t\t\nCross-currency swaps designated as net investment hedges\tOther liabilities\t63\t0\nInterest rate swaps designated as fair value hedges\tOther liabilities\t1\t0\nTotal derivatives designated as accounting hedges\t\t64\t0\nNon-derivatives designated as accounting hedges:\t\t\t\nLong-term debt designated as net investment hedge\tLong-term debt\t1465\t1403\nDerivatives not designated as accounting hedges:\t\t\t\nFX forwards on certain assets and liabilities\tAccounts payable and accrued liabilities\t5\t0\nTotal liabilities\t\t1534\t1403\n", "q10k_tbl_46": "\tNine Months Ended September 30 2020\t\t\t\t\t\t\t\t\n\tMIS\t\t\tMA\t\t\tConsolidated\t\t\n\tGross goodwill\tAccumulated impairment charge\tNet goodwill\tGross goodwill\tAccumulated impairment charge\tNet goodwill\tGross goodwill\tAccumulated impairment charge\tNet goodwill\nBalance at beginning of year\t315\t0\t315\t3419\t(12)\t3407\t3734\t(12)\t3722\nAdditions/ adjustments (1)\t(2)\t0\t(2)\t497\t0\t497\t495\t0\t495\nForeign currency translation adjustments\t(11)\t0\t(11)\t76\t0\t76\t65\t0\t65\nEnding balance\t302\t0\t302\t3992\t(12)\t3980\t4294\t(12)\t4282\n", "q10k_tbl_47": "\tYear Ended December 31 2019\t\t\t\t\t\t\t\t\n\tMIS\t\t\tMA\t\t\tConsolidated\t\t\n\tGross goodwill\tAccumulated impairment charge\tNet goodwill\tGross goodwill\tAccumulated impairment charge\tNet goodwill\tGross goodwill\tAccumulated impairment charge\tNet goodwill\nBalance at beginning of year\t258\t0\t258\t3535\t(12)\t3523\t3793\t(12)\t3781\nAdditions/ adjustments (2)\t53\t0\t53\t61\t0\t61\t114\t0\t114\nForeign currency translation adjustments\t4\t0\t4\t(14)\t0\t(14)\t(10)\t0\t(10)\nDivestiture of MAKS\t0\t0\t0\t(163)\t0\t(163)\t(163)\t0\t(163)\nEnding balance\t315\t0\t315\t3419\t(12)\t3407\t3734\t(12)\t3722\n", "q10k_tbl_48": "\tSeptember 30 2020\tDecember 31 2019\nCustomer relationships\t1524\t1325\nAccumulated amortization\t(287)\t(235)\nNet customer relationships\t1237\t1090\nTrade secrets\t30\t30\nAccumulated amortization\t(29)\t(29)\nNet trade secrets\t1\t1\nSoftware/product technology\t378\t372\nAccumulated amortization\t(152)\t(131)\nNet software/product technology\t226\t241\nTrade names\t152\t150\nAccumulated amortization\t(35)\t(30)\nNet trade names\t117\t120\nOther (1)\t182\t80\nAccumulated amortization\t(46)\t(34)\nNet other\t136\t46\nTotal acquired intangible assets net\t1717\t1498\n", "q10k_tbl_49": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nAmortization expense\t31\t24\t90\t77\n", "q10k_tbl_50": "Year Ending December 31\t\n2020 (After September 30)\t31\n2021\t121\n2022\t120\n2023\t116\n2024\t108\nThereafter\t1221\nTotal estimated future amortization\t1717\n", "q10k_tbl_51": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\n2018 Restructuring Program\t0\t(1)\t(3)\t58\n2020 Restructuring Program (1)\t23\t0\t23\t0\nTotal Restructuring\t23\t(1)\t20\t58\n", "q10k_tbl_52": "\tFair value Measurement as of September 30 2020\t\t\nDescription\tBalance\tLevel 1\tLevel 2\nAssets:\t\t\t\nDerivatives (1)\t79\t0\t79\nMutual funds\t50\t50\t0\nTotal\t129\t50\t79\nLiabilities:\t\t\t\nDerivatives (1)\t69\t0\t69\nTotal\t69\t0\t69\n", "q10k_tbl_53": "\tFair value Measurement as of December 31 2019\t\t\nDescription\tBalance\tLevel 1\tLevel 2\nAssets:\t\t\t\nDerivatives (1)\t92\t0\t92\nMutual funds\t3\t3\t0\nTotal\t95\t3\t92\n", "q10k_tbl_54": "\tSeptember 30 2020\tDecember 31 2019\nOther current assets:\t\t\nPrepaid taxes\t121\t79\nPrepaid expenses\t77\t71\nCapitalized costs to obtain and fulfill sales contracts\t80\t91\nOther\t55\t89\nTotal other current assets\t333\t330\nOther assets:\t\t\nInvestments in non-consolidated affiliates\t123\t117\nDeposits for real-estate leases\t16\t13\nIndemnification assets related to acquisitions\t16\t16\nMutual funds and fixed deposits\t54\t10\nCompany owned life insurance (at contract value)\t14\t0\nCosts to obtain sales contracts\t118\t119\nCross currency and interest rate swaps\t72\t83\nOther\t55\t31\nTotal other assets\t468\t389\nAccounts payable and accrued liabilities:\t\t\nSalaries and benefits\t131\t152\nIncentive compensation\t160\t208\nCustomer credits advanced payments and advanced billings\t44\t28\nDividends\t7\t7\nProfessional service fees\t51\t43\nInterest accrued on debt\t43\t63\nAccounts payable\t26\t38\nIncome taxes\t97\t73\nPension and other retirement employee benefits\t7\t7\nAccrued royalties\t13\t25\nForeign exchange forwards on certain assets and liabilities\t5\t0\nRestructuring liability\t4\t21\nOther\t124\t108\nTotal accounts payable and accrued liabilities\t712\t773\n", "q10k_tbl_55": "\tSeptember 30 2020\tDecember 31 2019\nOther liabilities:\t\t\nPension and other retirement employee benefits\t214\t299\nInterest accrued on UTPs\t107\t82\nMAKS indemnification provisions\t33\t43\nIncome tax liability - non-current portion\t51\t51\nCross currency and interest rate swaps\t64\t0\nRestructuring liability\t2\t3\nOther\t27\t26\nTotal other liabilities\t498\t504\n", "q10k_tbl_56": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nFX gain (loss)\t2\t1\t7\t(15)\nNet periodic pension costs - other components\t3\t4\t10\t13\nIncome from investments in non-consolidated affiliates\t4\t4\t4\t11\nOther\t1\t1\t17\t3\nTotal\t10\t10\t38\t12\n", "q10k_tbl_57": "Losses on cash flow hedges\tThree Months Ended September 30 2020\tNine Months Ended September 30 2020\tLocation in the consolidated statement of operations\nInterest rate contract\t0\t(1)\tOther non-operating expense net\nIncome tax effect of items above\t0\t0\tProvision for income taxes\nTotal net losses on cash flow hedges\t0\t(1)\t\nPension and other retirement benefits\t\t\t\nAmortization of actuarial losses and prior service costs included in net income\t(1)\t(3)\tOperating expense\nAmortization of actuarial losses and prior service costs included in net income\t(1)\t(2)\tSG&A expense\nTotal before income taxes\t(2)\t(5)\t\nIncome tax effect of item above\t0\t1\tProvision for income taxes\nTotal pension and other retirement benefits\t(2)\t(4)\t\nTotal net losses included in Net Income attributable to reclassifications out of AOCL\t(2)\t(5)\t\n", "q10k_tbl_58": "\t\t\tLocation in the consolidated statement of operations\nGains (losses) on cash flow hedges\tThree Months Ended September 30 2019\tNine Months Ended September 30 2019\nCross-currency swap\t0\t0\tOther non-operating income net\nInterest rate contract\t0\t0\tInterest expense net\nTotal before income taxes\t0\t0\t\nIncome tax effect of items above\t0\t0\tProvision for income taxes\nTotal net gains (losses) on cash flow hedges\t0\t0\t\nGains on net investment hedges\t\t\t\nFX forwards\t1\t1\tOther non-operating income net\nIncome tax effect of item above\t0\t0\tProvision for income taxes\nTotal net gains on net investment hedges\t1\t1\t\nPension and other retirement benefits\t\t\t\nAmortization of actuarial losses and prior service costs included in net income\t(1)\t(2)\tOperating expense\nAmortization of actuarial losses and prior service costs included in net income\t0\t(1)\tSG&A expense\nTotal before income taxes\t(1)\t(3)\t\nIncome tax effect of item above\t0\t1\tProvision for income taxes\nTotal pension and other retirement benefits\t(1)\t(2)\t\nTotal net losses included in Net Income attributable to reclassifications out of AOCL\t0\t(1)\t\n", "q10k_tbl_59": "\tThree Months Ended\t\t\t\t\t\t\t\t\n\tSeptember 30 2020\t\t\t\t\tSeptember 30 2019\t\t\t\nGains/(Losses)\tPension and Other Retirement Benefits\tCash Flow Hedges\tForeign Currency Translation Adjustments\tNet Investment Hedges\tTotal\tPension and Other Retirement Benefits\tCash Flow Hedges\tForeign Currency Translation Adjustments\tNet Investment Hedges\tTotal\t\t\nBalance June 30\t(84)\t(49)\t(479)\t70\t(542)\t(70)\t0\t(401)\t25\t(446)\t\t\nOther comprehensive income/(loss) before reclassifications\t(7)\t0\t186\t(143)\t36\t0\t0\t(193)\t102\t(91)\t\t\nAmounts reclassified from AOCL\t2\t0\t0\t0\t2\t1\t0\t0\t(1)\t0\t\t\nOther comprehensive income/(loss)\t(5)\t0\t186\t(143)\t38\t1\t0\t(193)\t101\t(91)\t\t\nBalance September 30\t(89)\t(49)\t(293)\t(73)\t(504)\t(69)\t0\t(594)\t126\t(537)\t\t\n", "q10k_tbl_60": "\tNine Months Ended\t\t\t\t\t\t\t\t\t\n\tSeptember 30 2020\t\t\t\t\tSeptember 30 2019\t\t\t\t\nGains/(Losses)\tPension and Other Retirement Benefits\tCash Flow Hedges\tForeign Currency Translation Adjustments\tNet Investment Hedges\tTotal\tPension and Other Retirement Benefits\tCash Flow Hedges\tForeign Currency Translation Adjustments\tNet Investment Hedges\tTotal\nBalance December 31\t(92)\t0\t(401)\t54\t(439)\t(53)\t0\t(406)\t33\t(426)\nOther comprehensive income/(loss) before reclassifications\t(1)\t(50)\t108\t(127)\t(70)\t(1)\t0\t(188)\t97\t(92)\nAmounts reclassified from AOCL\t4\t1\t0\t0\t5\t2\t0\t0\t(1)\t1\nAdoption of ASU 2018-02\t0\t0\t0\t0\t0\t(17)\t0\t0\t(3)\t(20)\nOther comprehensive income/(loss)\t3\t(49)\t108\t(127)\t(65)\t(16)\t0\t(188)\t93\t(111)\nBalance September 30\t(89)\t(49)\t(293)\t(73)\t(504)\t(69)\t0\t(594)\t126\t(537)\n", "q10k_tbl_61": "\tThree Months Ended September 30\t\t\t\n\tPension Plans\t\tOther Retirement Plans\t\n\t2020\t2019\t2020\t2019\nComponents of net periodic expense\t\t\t\t\nService cost\t5\t4\t0\t1\nInterest cost\t4\t5\t1\t0\nExpected return on plan assets\t(5)\t(5)\t0\t0\nAmortization of net actuarial loss from earlier periods\t2\t1\t0\t0\nNet periodic expense\t6\t5\t1\t1\n", "q10k_tbl_62": "\tNine Months Ended September 30\t\t\t\n\tPension Plans\t\tOther Retirement Plans\t\n\t2020\t2019\t2020\t2019\nComponents of net periodic expense\t\t\t\t\nService cost\t13\t12\t2\t2\nInterest cost\t13\t15\t1\t1\nExpected return on plan assets\t(15)\t(15)\t0\t0\nAmortization of net actuarial loss from earlier periods\t5\t3\t0\t0\nNet periodic expense\t16\t15\t3\t3\n", "q10k_tbl_63": "September 30 2020\t\t\t\t\t\nNotes Payable:\tPrincipal Amount\tFair Value of Interest Rate Swaps (1)\tUnamortized (Discount) Premium\tUnamortized Debt Issuance Costs\tCarrying Value\n4.50% 2012 Senior Notes due 2022\t500\t16\t(1)\t(1)\t514\n4.875% 2013 Senior Notes due 2024\t500\t0\t(1)\t(1)\t498\n5.25% 2014 Senior Notes (30-Year) due 2044\t600\t0\t4\t(5)\t599\n1.75% 2015 Senior Notes due 2027\t586\t0\t0\t(2)\t584\n2.625% 2017 Senior Notes due 2023\t500\t13\t(1)\t(2)\t510\n3.25% 2017 Senior Notes due 2028\t500\t34\t(4)\t(3)\t527\n4.25% 2018 Senior Notes due 2029\t400\t0\t(2)\t(3)\t395\n4.875% 2018 Senior Notes due 2048\t400\t0\t(7)\t(4)\t389\n0.950% 2019 Senior Notes due 2030\t879\t0\t(3)\t(6)\t870\n3.75% 2020 Senior Notes due 2025\t700\t(1)\t(1)\t(5)\t693\n3.25% 2020 Senior Notes due 2050\t300\t0\t(4)\t(3)\t293\n2.55% 2020 Senior Notes due 2060\t500\t0\t(4)\t(5)\t491\nTotal long-term debt\t6365\t62\t(24)\t(40)\t6363\n", "q10k_tbl_64": "December 31 2019\t\t\t\t\t\nNotes Payable:\tPrincipal Amount\tFair Value of Interest Rate Swaps (1)\tUnamortized (Discount) Premium\tUnamortized Debt Issuance Costs\tCarrying Value\n4.50% 2012 Senior Notes due 2022\t500\t9\t(1)\t(1)\t507\n4.875% 2013 Senior Notes due 2024\t500\t0\t(1)\t(2)\t497\n5.25% 2014 Senior Notes (30-Year) due 2044\t600\t0\t4\t(5)\t599\n1.75% 2015 Senior Notes due 2027\t561\t0\t0\t(3)\t558\n2.75% 2017 Senior Notes due 2021\t500\t11\t(1)\t(2)\t508\n2.625% 2017 Senior Notes due 2023\t500\t7\t(1)\t(2)\t504\n3.25% 2017 Senior Notes due 2028\t500\t0\t(4)\t(3)\t493\n3.25% 2018 Senior Notes due 2021\t300\t0\t0\t(1)\t299\n4.25% 2018 Senior Notes due 2029\t400\t0\t(3)\t(3)\t394\n4.875% 2018 Senior Notes due 2048\t400\t0\t(7)\t(4)\t389\n0.950% 2019 Senior Notes due 2030\t842\t0\t(3)\t(6)\t833\nTotal long-term debt\t5603\t27\t(17)\t(32)\t5581\n", "q10k_tbl_65": "Year Ending December 31\t2012 Senior Notes due 2022\t2013 Senior Notes due 2024\t2014 Senior Notes (30-Year) due 2044\t2015 Senior Notes due 2027\t2017 Senior Notes due 2023\t2017 Senior Notes due 2028\t2018 Senior Notes due 2029\t2018 Senior Notes due 2048\t2019 Senior Notes due 2030\t2020 Senior Notes due 2025\t2020 Senior Notes due 2050\t2020 Senior Notes due 2060\tTotal\n2020 (After September 30)\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\n2021\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\n2022\t500\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t500\n2023\t0\t0\t0\t0\t500\t0\t0\t0\t0\t0\t0\t0\t500\n2024\t0\t500\t0\t0\t0\t0\t0\t0\t0\t0\t0\t0\t500\nThereafter\t0\t0\t600\t586\t0\t500\t400\t400\t879\t700\t300\t500\t4865\nTotal\t500\t500\t600\t586\t500\t500\t400\t400\t879\t700\t300\t500\t6365\n", "q10k_tbl_66": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nIncome\t2\t3\t9\t12\nExpense on borrowings\t(42)\t(37)\t(121)\t(125)\nUTPs and other tax related liabilities\t(9)\t(7)\t(27)\t(20)\nNet periodic pension costs - interest component\t(4)\t(6)\t(14)\t(17)\nCapitalized\t0\t1\t0\t1\nTotal\t(53)\t(46)\t(153)\t(149)\n", "q10k_tbl_67": "\tSeptember 30 2020\t\tDecember 31 2019\t\n\tCarrying Amount\tEstimated Fair Value\tCarrying Amount\tEstimated Fair Value\n4.50% 2012 Senior Notes due 2022\t514\t535\t507\t531\n4.875% 2013 Senior Notes due 2024\t498\t565\t497\t551\n5.25% 2014 Senior Notes (30-Year) due 2044\t599\t822\t599\t757\n1.75% 2015 Senior Notes due 2027\t584\t643\t558\t604\n2.75% 2017 Senior Notes due 2021\t0\t0\t508\t507\n2.625% 2017 Senior Notes due 2023\t510\t523\t504\t507\n3.25% 2017 Senior Notes due 2028\t527\t566\t493\t523\n3.25% 2018 Senior Notes due 2021\t0\t0\t299\t306\n4.25% 2018 Senior Notes due 2029\t395\t479\t394\t453\n4.875% 2018 Senior Notes due 2048\t389\t540\t389\t492\n0.950% 2019 Senior Notes due 2030\t870\t923\t833\t847\n3.75% 2020 Senior Notes due 2025\t693\t789\t0\t0\n3.25% 2020 Senior Notes due 2050\t293\t320\t0\t0\n2.55% 2020 Senior Notes due 2060\t491\t458\t0\t0\nTotal\t6363\t7163\t5581\t6078\n", "q10k_tbl_68": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nOperating lease cost\t24\t24\t72\t73\nSublease income\t(1)\t0\t(3)\t0\nVariable lease cost\t4\t5\t14\t13\nTotal lease cost\t27\t29\t83\t86\n", "q10k_tbl_69": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nCash paid for amounts included in the measurement of operating lease liabilities\t27\t27\t80\t80\nRight-of-use assets obtained in exchange for new operating lease liabilities\t7\t12\t26\t28\n", "q10k_tbl_70": "\tSeptember 30 2020\tSeptember 30 2019\nWeighted-average remaining lease term\t6.3 years\t6.9 years\nWeighted-average discount rate applied to operating leases\t3.6%\t3.6%\n", "q10k_tbl_71": "Year Ending December 31\tOperating Leases\n2020 (After September 30)\t27\n2021\t107\n2022\t96\n2023\t90\n2024\t81\nAfter 2024\t191\nTotal lease payments (undiscounted)\t592\nLess: Interest\t62\nPresent value of lease liabilities:\t530\nLease liabilities - current\t91\nLease liabilities - noncurrent\t439\n", "q10k_tbl_72": "\tThree Months Ended September 30\t\t\t\t\t\t\t\n\t2020\t\t\t\t2019\t\t\t\n\tMIS\tMA\tEliminations\tConsolidated\tMIS\tMA\tEliminations\tConsolidated\nRevenue\t863\t532\t(39)\t1356\t781\t496\t(37)\t1240\nTotal Expense\t339\t414\t(39)\t714\t340\t388\t(37)\t691\nOperating income\t524\t118\t0\t642\t441\t108\t0\t549\nAdd:\t\t\t\t\t\t\t\t\nRestructuring\t13\t10\t0\t23\t0\t(1)\t0\t(1)\nDepreciation and amortization\t17\t39\t0\t56\t18\t30\t0\t48\nLoss pursuant to the divestiture of MAKS\t0\t0\t0\t0\t0\t2\t0\t2\nCaptive insurance company settlement\t0\t0\t0\t0\t10\t6\t0\t16\nAdjusted Operating Income\t554\t167\t0\t721\t469\t145\t0\t614\n", "q10k_tbl_73": "\tNine Months Ended September 30\t\t\t\t\t\t\t\n\t2020\t\t\t\t2019\t\t\t\n\tMIS\tMA\tEliminations\tConsolidated\tMIS\tMA\tEliminations\tConsolidated\nRevenue\t2667\t1529\t(115)\t4081\t2255\t1448\t(107)\t3596\nTotal Expenses\t1051\t1201\t(115)\t2137\t1028\t1181\t(107)\t2102\nOperating income\t1616\t328\t0\t1944\t1227\t267\t0\t1494\nAdd:\t\t\t\t\t\t\t\t\nRestructuring\t12\t8\t0\t20\t29\t29\t0\t58\nDepreciation and amortization\t52\t111\t0\t163\t53\t97\t0\t150\nAcquisition-Related Expenses\t0\t0\t0\t0\t0\t3\t0\t3\nLoss pursuant to the divestiture of MAKS\t0\t9\t0\t9\t0\t11\t0\t11\nCaptive insurance company settlement\t0\t0\t0\t0\t10\t6\t0\t16\nAdjusted Operating Income\t1680\t456\t0\t2136\t1319\t413\t0\t1732\n", "q10k_tbl_74": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nUnited States\t729\t660\t2280\t1910\nNon-U.S.:\t\t\t\t\nEMEA\t401\t362\t1137\t1057\nAsia-Pacific\t156\t142\t436\t415\nAmericas\t70\t76\t228\t214\nTotal Non-U.S.\t627\t580\t1801\t1686\nTotal\t1356\t1240\t4081\t3596\n", "q10k_tbl_75": "\t\tSensitivity Analysis\t\t\t\n\t\tDeficit Caused by a Hypothetical Reduction to Fair Value\t\t\t\n\tGoodwill\t10%\t20%\t30%\t40%\nMIS\t95\t0\t0\t0\t0\nContent\t371\t0\t0\t0\t0\nERS\t745\t0\t0\t0\t0\nMALS\t123\t0\t0\t(12)\t(37)\nICRA\t207\t0\t(2)\t(44)\t(85)\nBureau van Dijk\t2594\t0\t0\t0\t(266)\nReis\t147\t0\t(22)\t(48)\t(74)\nTotals\t4282\t0\t(24)\t(104)\t(462)\n", "q10k_tbl_76": "\tThree Months Ended September 30\t\t\t\nFinancial measure:\t2020\t2019\t% Change\tInsight and Key Drivers of Change Compared to Prior Year\nMoody's total revenue\t1356\t1240\t9%\t- reflects strong growth in both segments\nMIS External Revenue\t825\t746\t11%\t- growth driven by higher corporate debt issuance (both investment-grade and speculative-grade) as issuers took advantage of low borrowing costs for refinancing purposes and M&A activity\nMA External Revenue\t531\t494\t7%\t- growth in know-your-customer (KYC) and compliance solutions as well as research and data feeds; - demand for insurance compliance products along with credit assessment and loan origination solutions in ERS; and - inorganic growth from acquisitions.\nTotal operating and SG&A expenses\t635\t642\t(1)%\tIn line with prior year with key offsetting drivers being: - additional compensation expense resulting from hiring activity and merit increases coupled with higher incentive compensation aligned with financial and operating performance; - higher costs to support the Company's initiative to enhance technology infrastructure to enable automation innovation and efficiency as well as to support business growth; offset by - lower travel costs and disciplined cost management in light of the COVID-19 crisis; - lower legal accruals\nRestructuring\t23\t(1)\tNM\t- charge in 2020 is pursuant to the Company's restructuring program revolving around the rationalization and exit of certain real estate leases in response to the COVID-19 pandemic\nOperating Margin\t47.3%\t44.3%\t300BPS\t- margin expansion reflects strong revenue growth coupled with operating expenses in line with prior year\nAdjusted Operating Margin\t53.2%\t49.5%\t370BPS\nETR\t22.0%\t25.3%\t(330BPS)\t- decrease primarily due to a deferred tax benefit in 2020 resulting from a non-U.S. corporate reorganization\nDiluted EPS\t2.47\t1.99\t24%\t- increase reflects strong operating income/Adjusted Operating Income growth as described above\nAdjusted Diluted EPS\t2.69\t2.15\t25%\n", "q10k_tbl_77": "\tThree Months Ended September 30\t\t% Change Favorable (Unfavorable)\t\n\t2020\t2019\nRevenue:\t\t\t\t\nUnited States\t729\t660\t10%\t\nNon-U.S.:\t\t\t\t\nEMEA\t401\t362\t11%\t\nAsia-Pacific\t156\t142\t10%\t\nAmericas\t70\t76\t(8\t%)\nTotal Non-U.S.\t627\t580\t8%\t\nTotal\t1356\t1240\t9%\t\nExpenses:\t\t\t\t\nOperating\t364\t350\t(4\t%)\nSG&A\t271\t292\t7%\t\nRestructuring\t23\t(1)\tNM\t\nDepreciation and amortization\t56\t48\t(17\t%)\nLoss pursuant to the divestiture of MAKS\t0\t2\t100%\t\nTotal\t714\t691\t(3\t%)\nOperating income\t642\t549\t17%\t\nAdjusted Operating Income (1)\t721\t614\t17%\t\nInterest expense net\t(53)\t(46)\t(15\t%)\nOther non-operating income net\t10\t10\t-%\t\nNon-operating (expense) income net\t(43)\t(36)\t(19\t%)\nNet income attributable to Moody's\t467\t380\t23%\t\nDiluted weighted average shares outstanding\t189.3\t191.1\t1%\t\nDiluted EPS attributable to Moody's common shareholders\t2.47\t1.99\t24%\t\nAdjusted Diluted EPS (1)\t2.69\t2.15\t25%\t\nOperating margin\t47.3%\t44.3%\t\t\nAdjusted Operating Margin(1)\t53.2%\t49.5%\t\t\nEffective tax rate\t22.0%\t25.3%\t\t\n", "q10k_tbl_78": "\tSeptember 30\t\t\t% Change\t\n\t2020\t\t2019\nUnited States\t4087\t\t3875\t5%\t\nNon-U.S.\t7310\t\t9850\t(26\t%)\nTotal\t11397\t(1)\t13725\t(17\t%)\n", "q10k_tbl_79": "Increase is primarily due to:\tOverall in line with the prior year\n- a $16 million prepayment penalty on the early redemption of the 2017 Senior Notes due 2021\t\n- higher interest expense reflecting an additional $700 million of long-term borrowings in 2020 (further discussion in \"Liquidity and Capital Resources\" below); partially offset by:\t\n- a $17 million benefit from a fair value hedge settled in connection with the early redemption of the 2017 Senior Notes\t\n", "q10k_tbl_80": "\tThree Months Ended September 30\t\t% Change Favorable (Unfavorable)\t\n\t2020\t2019\nRevenue:\t\t\t\t\nCorporate finance (CFG)\t461\t392\t18%\t\nStructured finance (SFG)\t88\t105\t(16\t%)\nFinancial institutions (FIG)\t134\t120\t12%\t\nPublic project and infrastructure finance (PPIF)\t133\t120\t11%\t\nTotal ratings revenue\t816\t737\t11%\t\nMIS Other\t9\t9\t-%\t\nTotal external revenue\t825\t746\t11%\t\nIntersegment royalty\t38\t35\t9%\t\nTotal MIS revenue\t863\t781\t10%\t\nExpenses:\t\t\t\t\nOperating and SG&A (external)\t308\t320\t4%\t\nOperating and SG&A (intersegment)\t1\t2\t50%\t\nRestructuring\t13\t0\tNM\t\nDepreciation and amortization\t17\t18\t6%\t\nTotal expense\t339\t340\t-%\t\nOperating Income\t524\t441\t19%\t\nRestructuring\t13\t0\tNM\t\nDepreciation and amortization\t17\t18\t6%\t\nCaptive insurance company settlement\t0\t10\t100%\t\nAdjusted Operating Income\t554\t469\t18%\t\nOperating margin\t60.7%\t56.5%\t\t\nAdjusted Operating Margin\t64.2%\t60.1%\t\t\n", "q10k_tbl_81": "\tThree Months Ended September 30\t\t% Change Favorable (Unfavorable)\t\n\t2020\t2019\nRevenue:\t\t\t\t\nResearch data and analytics (RD&A)\t386\t317\t22%\t\nEnterprise risk solutions (ERS)\t145\t134\t8%\t\nProfessional services (PS)\t0\t43\t(100\t%)\nTotal external revenue\t531\t494\t7%\t\nIntersegment revenue\t1\t2\t(50\t%)\nTotal MA revenue\t532\t496\t7%\t\nExpenses:\t\t\t\t\nOperating and SG&A (external)\t327\t322\t(2\t%)\nOperating and SG&A (intersegment)\t38\t35\t(9\t%)\nRestructuring\t10\t(1)\tNM\t\nDepreciation and amortization\t39\t30\t(30\t%)\nLoss pursuant to the divestiture of MAKS\t0\t2\t100%\t\nTotal expense\t414\t388\t(7\t%)\nOperating income\t118\t108\t9%\t\nRestructuring\t10\t(1)\tNM\t\nDepreciation and amortization\t39\t30\t(30\t%)\nLoss pursuant to the divestiture of MAKS\t0\t2\t100%\t\nCaptive insurance company settlement\t0\t6\t100%\t\nAdjusted Operating Income\t167\t145\t15%\t\nOperating margin\t22.2%\t21.8%\t\t\nAdjusted Operating Margin\t31.4%\t29.2%\t\t\n", "q10k_tbl_82": "\tNine Months Ended September 30\t\t\t\nFinancial measure:\t2020\t2019\t% Change\tInsight and Key Drivers of Change Compared to Prior Year\nMoody's total revenue\t4081\t3596\t13%\t- reflects strong growth in both segments\nMIS External Revenue\t2557\t2155\t19%\t- higher corporate debt rated issuance volumes (both investment-grade and speculative-grade) as corporate issuers bolstered liquidity positions in response to COVID-19 uncertainties and issued opportunistically for refinancing and M&A needs; partially offset by - declines in U.S. bank loan revenue and declines across key asset classes in SFG\nMA External Revenue\t1524\t1441\t6%\t- strong renewals and new sales of credit research and data feeds as well as demand for know-your-customer (KYC) and compliance solutions; and\n- strong demand for credit assessment and loan origination solutions along with insurance compliance products in ERS;\t\n- inorganic growth from acquisitions\t\nTotal operating and SG&A expenses\t1945\t1880\t(3\t%) - higher costs to enhance technology infrastructure to enable automation innovation and efficiency as well as to support business growth;\n- additional compensation expense resulting from hiring activity and merit increases;\t\n- higher estimates for bad debt reserves resulting from the COVID-19 crisis; partially offset by\t\n- lower travel costs and disciplined expense management in light of the COVID-19 crisis coupled with benefits from the 2018 Restructuring Program\t\nRestructuring\t20\t58\t66%\t- charges pursuant to the Company's 2020 Restructuring Program and 2018 Restructuring Program more fully discussed in Note 12 to the condensed consolidated financial statements\nOperating Margin\t47.6%\t41.5%\t610 BPS\t- margin expansion reflects strong revenue growth partially offset by modest increases in operating expenses\nAdjusted Operating Margin\t52.3%\t48.2%\t410 BPS\t\nETR\t20.0%\t21.4%\t(140BPS)\t- decrease primarily due to a deferred tax benefit in 2020 resulting from a non-U.S. corporate reorganization\nDiluted EPS\t7.73\t5.54\t40%\t- growth reflects higher operating income/Adjusted Operating Income\nAdjusted Diluted EPS\t8.24\t6.29\t31%\t\n", "q10k_tbl_83": "\tNine Months Ended September 30\t\t% Change Favorable (Unfavorable)\t\n\t2020\t2019\nRevenue:\t\t\t\t\nUnited States\t2280\t1910\t19%\t\nNon-U.S.:\t\t\t\t\nEMEA\t1137\t1057\t8%\t\nAsia-Pacific\t436\t415\t5%\t\nAmericas\t228\t214\t7%\t\nTotal Non-U.S.\t1801\t1686\t7%\t\nTotal\t4081\t3596\t13%\t\nExpenses:\t\t\t\t\nOperating\t1066\t1032\t(3\t%)\nSG&A\t879\t848\t(4\t%)\nRestructuring\t20\t58\t66%\t\nDepreciation and amortization\t163\t150\t(9\t%)\nAcquisition-Related Expenses\t0\t3\t100%\t\nLoss pursuant to the divestiture of MAKS\t9\t11\t18%\t\nTotal\t2137\t2102\t(2\t%)\nOperating income\t1944\t1494\t30%\t\nAdjusted Operating Income (1)\t2136\t1732\t23%\t\nInterest expense net\t(153)\t(149)\t(3\t%)\nOther non-operating income net\t38\t12\t217%\t\nNon-operating (expense) income net\t(115)\t(137)\t16%\t\nNet income attributable to Moody's\t1464\t1062\t38%\t\nDiluted weighted average shares outstanding\t189.3\t191.8\t1%\t\nDiluted EPS attributable to Moody's common shareholders\t7.73\t5.54\t40%\t\nAdjusted Diluted EPS (1)\t8.24\t6.29\t31%\t\nOperating margin\t47.6%\t41.5%\t\t\nAdjusted Operating Margin (1)\t52.3%\t48.2%\t\t\nEffective tax rate\t20.0%\t21.4%\t\t\n", "q10k_tbl_84": "Compensation expenses increased $31 million and reflected:\t\tCompensation expenses increased $17 million reflecting:\n- hiring activity and salary increases coupled with higher incentive compensation accruals partially offset by benefits from the 2018 Restructuring Program.\t\t- hiring activity and salary increases partially offset by benefits from the 2018 Restructuring Program.\nNon-compensation expenses increased $3 million reflecting:\t\tNon-compensation expenses increased $14 million reflecting:\n- higher costs to support the Company's initiative to enhance technology infrastructure to enable automation innovation and efficiency as well as to support business growth; partially offset by: - lower travel costs and disciplined expense management in light of the COVID-19 crisis.\t\t- higher estimates for bad debt reserves of approximately $20 million primarily resulting from the anticipated impact of the COVID-19 crisis on the Company's customers; and\n\t- higher costs to support the Company's initiative to enhance technology infrastructure to enable automation innovation and efficiency as well as to support business growth; partially offset by:\n\t\t- lower travel costs and disciplined expense management in light of the COVID-19 crisis;\n\t\t- a $16 million captive insurance company settlement in 2019.\n", "q10k_tbl_85": "Primarily reflects:\tThe increase is primarily due to:\n- a combined $24 million prepayment penalty in the first nine months of 2020 on the early redemption of the 2018 Senior Notes and 2017 Senior Notes; partially offset by\t- FX gains of $7 million in the first nine months of 2020 compared to $15 million in FX losses in the same period of the prior year.\n- a $17 million benefit from a fair value hedge settled in connection with the early redemption of the 2017 Senior Notes\t\n", "q10k_tbl_86": "\tNine Months Ended September 30\t\t% Change Favorable (Unfavorable)\t\n\t2020\t2019\nRevenue:\t\t\t\t\nCorporate finance (CFG)\t1486\t1135\t31%\t\nStructured finance (SFG)\t265\t318\t(17\t%)\nFinancial institutions (FIG)\t401\t361\t11%\t\nPublic project and infrastructure finance (PPIF)\t375\t321\t17%\t\nTotal ratings revenue\t2527\t2135\t18%\t\nMIS Other\t30\t20\t50%\t\nTotal external revenue\t2557\t2155\t19%\t\nIntersegment royalty\t110\t100\t10%\t\nTotal\t2667\t2255\t18%\t\nExpenses:\t\t\t\t\nOperating and SG&A (external)\t982\t939\t(5\t%)\nOperating and SG&A (intersegment)\t5\t7\t29%\t\nRestructuring\t12\t29\t59%\t\nDepreciation and amortization\t52\t53\t2%\t\nTotal expense\t1051\t1028\t(2\t%)\nOperating income\t1616\t1227\t32%\t\nRestructuring\t12\t29\t59%\t\nDepreciation and amortization\t52\t53\t2%\t\nCaptive insurance company settlement\t0\t10\t100%\t\nAdjusted Operating Income\t1680\t1319\t27%\t\nOperating margin\t60.6%\t54.4%\t\t\nAdjusted Operating Margin\t63.0%\t58.5%\t\t\n", "q10k_tbl_87": "\tNine Months Ended September 30\t\t% Change Favorable (Unfavorable)\t\n\t2020\t2019\nRevenue:\t\t\t\t\nResearch data and analytics (RD&A) (1)\t1110\t940\t18%\t\nEnterprise risk solutions (ERS)\t414\t373\t11%\t\nProfessional services (PS) (1)\t0\t128\t(100\t%)\nTotal external revenue\t1524\t1441\t6%\t\nIntersegment revenue\t5\t7\t(29\t%)\nTotal MA Revenue\t1529\t1448\t6%\t\nExpenses:\t\t\t\t\nOperating and SG&A (external)\t963\t941\t(2\t%)\nOperating and SG&A (intersegment)\t110\t100\t(10\t%)\nRestructuring\t8\t29\t72%\t\nDepreciation and amortization\t111\t97\t(14\t%)\nAcquisition-Related Expenses\t0\t3\t100%\t\nLoss pursuant to the divestiture of MAKS\t9\t11\t18%\t\nTotal expense\t1201\t1181\t(2\t%)\nOperating income\t328\t267\t23%\t\nRestructuring\t8\t29\t72%\t\nDepreciation and amortization\t111\t97\t(14\t%)\nAcquisition-Related Expenses\t0\t3\t100%\t\nLoss pursuant to the divestiture of MAKS\t9\t11\t18\t\nCaptive insurance company settlement\t0\t6\t100\t\nAdjusted Operating Income\t456\t413\t10%\t\nOperating margin\t21.5%\t18.4%\t\t\nAdjusted Operating Margin\t29.8%\t28.5%\t\t\n", "q10k_tbl_88": "\tNine Months Ended September 30\t\t Change Favorable (Unfavorable)\n\t2020\t2019\nNet cash provided by operating activities\t1488\t1196\t292\nNet cash used in investing activities\t(853)\t(150)\t(703)\nNet cash provided by (used in) financing activities\t3\t(1517)\t1520\nFree Cash Flow (1)\t1405\t1135\t270\n", "q10k_tbl_89": "\tPayments Due by Period\t\t\t\t\n(in millions)\tTotal\tLess Than 1 Year\t1 - 3 Years\t3 - 5 Years\tOver 5 Years\nIndebtedness (1)\t9127\t197\t1382\t1497\t6051\nOperating lease obligations\t592\t27\t203\t171\t191\nPurchase obligations\t208\t91\t106\t11\t0\nPension obligations (2)\t151\t2\t45\t28\t76\nTotal (3)\t10078\t317\t1736\t1707\t6318\n", "q10k_tbl_90": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nOperating income\t642\t549\t1944\t1494\nAdjustments:\t\t\t\t\nRestructuring\t23\t(1)\t20\t58\nDepreciation and amortization\t56\t48\t163\t150\nAcquisition-Related Expenses\t0\t0\t0\t3\nLoss pursuant to the divestiture of MAKS\t0\t2\t9\t11\nCaptive insurance company settlement\t0\t16\t0\t16\nAdjusted Operating Income\t721\t614\t2136\t1732\nOperating margin\t47.3%\t44.3%\t47.6%\t41.5%\nAdjusted Operating Margin\t53.2%\t49.5%\t52.3%\t48.2%\n", "q10k_tbl_91": "\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\nAmounts in millions\t2020\t\t2019\t\t2020\t\t2019\t\nNet income attributable to Moody's common shareholders\t\t467\t\t380\t\t1464\t\t1062\nPre-Tax Acquisition-Related Expenses\t0\t\t0\t\t0\t\t3\t\nTax on Acquisition-Related Expenses\t0\t\t0\t\t0\t\t0\t\nNet Acquisition-Related Expenses\t\t0\t\t0\t\t0\t\t3\nPre-Tax Acquisition-Related Intangible Amortization Expenses\t31\t\t24\t\t90\t\t77\t\nTax on Acquisition-Related Intangible Amortization Expenses\t(7)\t\t(6)\t\t(20)\t\t(18)\t\nNet Acquisition-Related Intangible Amortization Expenses\t\t24\t\t18\t\t70\t\t59\nPre-Tax Restructuring\t23\t\t(1)\t\t20\t\t58\t\nTax on Restructuring\t(5)\t\t0\t\t(4)\t\t(14)\t\nNet Restructuring\t\t18\t\t(1)\t\t16\t\t44\nPre-Tax captive insurance company settlement\t0\t\t16\t\t0\t\t16\t\nTax on captive insurance company settlement\t0\t\t(4)\t\t0\t\t(4)\t\nNet captive insurance company settlement\t\t0\t\t12\t\t0\t\t12\nTax charge pursuant to the divestiture of MAKS\t\t0\t\t0\t\t0\t\t15\nLoss pursuant to the divestiture of MAKS\t\t0\t\t2\t\t9\t\t11\nAdjusted Net Income\t\t509\t\t411\t\t1559\t\t1206\n", "q10k_tbl_92": "\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\n\t2020\t\t2019\t\t2020\t\t2019\t\nDiluted earnings per share attributable to Moody's common shareholders\t\t2.47\t\t1.99\t\t7.73\t\t5.54\nPre-Tax Acquisition-Related Expenses\t0\t\t0\t\t0\t\t0.02\t\nTax on Acquisition-Related Expenses\t0\t\t0\t\t0\t\t(0.01)\t\nNet Acquisition-Related Expenses\t\t0\t\t0\t\t0\t\t0.01\nPre-Tax Acquisition-Related Intangible Amortization Expenses\t0.16\t\t0.13\t\t0.47\t\t0.40\t\nTax on Acquisition-Related Intangible Amortization Expenses\t(0.04)\t\t(0.04)\t\t(0.09)\t\t(0.09)\t\nNet Acquisition-Related Intangible Amortization Expenses\t\t0.12\t\t0.09\t\t0.38\t\t0.31\nPre-Tax Restructuring\t0.12\t\t(0.01)\t\t0.10\t\t0.30\t\nTax on Restructuring\t(0.02)\t\t0.01\t\t(0.02)\t\t(0.07)\t\nNet Restructuring\t\t0.10\t\t0\t\t0.08\t\t0.23\nPre-Tax captive insurance company settlement\t0\t\t0.08\t\t0\t\t0.08\t\nTax on captive insurance company settlement\t0\t\t(0.02)\t\t0\t\t(0.02)\t\nNet captive insurance company settlement\t\t0\t\t0.06\t\t0\t\t0.06\nTax charge pursuant to the divestiture of MAKS\t\t0\t\t0\t\t0\t\t0.08\nLoss pursuant to the divestiture of MAKS\t\t0\t\t0.01\t\t0.05\t\t0.06\nAdjusted Diluted EPS\t\t2.69\t\t2.15\t\t8.24\t\t6.29\n", "q10k_tbl_93": "\tNine Months Ended September 30\t\n\t2020\t2019\nNet cash flows provided by operating activities\t1488\t1196\nCapital additions\t(83)\t(61)\nFree Cash Flow\t1405\t1135\nNet cash flows used in investing activities\t(853)\t(150)\nNet cash flows provided by (used in) financing activities\t3\t(1517)\n", "q10k_tbl_94": "\t\tPeriod excluded to determine organic revenue growth\t\nAcquisition\tAcquisition Date\tThree Months Ended September 30\tNine Months Ended September 30\nRiskFirst\tJuly 25 2019\tJuly 1 2020 - July 24 2020\tJanuary 1 2020 - July 24 2020\nABS Suite\tOctober 1 2019\tJuly 1 2020 - September 30 2020\tJanuary 1 2020 - September 30 2020\nRegulatory DataCorp\tFebruary 13 2020\tJuly 1 2020 - September 30 2020\tFebruary 13 2020 - September 30 2020\nDivestiture\tDivestiture Date\t\t\nMAKS\tNovember 7 2019\tJuly 1 2019 - September 30 2019\tJanuary 1 2019 - September 30 2019\n", "q10k_tbl_95": "\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\nAmounts in millions\t2020\t2019\tChange\tGrowth\t2020\t2019\tChange\tGrowth\nMA revenue\t531\t494\t37\t7%\t1524\t1441\t83\t6%\nRiskFirst\t(2)\t0\t(2)\t\t(12)\t0\t(12)\t\nABS Suite\t(3)\t0\t(3)\t\t(6)\t0\t(6)\t\nRegulatory DataCorp\t(16)\t0\t(16)\t\t(37)\t0\t(37)\t\nMAKS\t0\t(28)\t28\t\t0\t(83)\t83\t\nOrganic MA revenue\t510\t466\t44\t9%\t1469\t1358\t111\t8%\n\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\nAmounts in millions\t2020\t2019\tChange\tGrowth\t2020\t2019\tChange\tGrowth\nRD&A revenue\t386\t317\t69\t22%\t1110\t940\t170\t18%\nABS Suite\t(3)\t0\t(3)\t\t(6)\t0\t(6)\t\nRegulatory DataCorp\t(16)\t0\t(16)\t\t(37)\t0\t(37)\t\nMALS\t(13)\t0\t(13)\t\t(40)\t0\t(40)\t\nOrganic RD&A revenue\t354\t317\t37\t12%\t1027\t940\t87\t9%\n\tThree Months Ended September 30\t\t\t\tNine Months Ended September 30\t\t\t\nAmounts in millions\t2020\t2019\tChange\tGrowth\t2020\t2019\tChange\tGrowth\nERS revenue\t145\t134\t11\t8%\t414\t373\t41\t11%\nRiskFirst\t(2)\t0\t(2)\t\t(12)\t0\t(12)\t\nOrganic ERS revenue\t143\t134\t9\t7%\t402\t373\t29\t8%\n", "q10k_tbl_96": "Period\tTotal Number of Shares Purchased (1)\tAverage Price Paid per Share\tTotal Number of Shares Purchased as Part of Publicly Announced Program\tApproximate Dollar Value of Shares That May Yet be Purchased Under the Program(2)\t\nJuly 1- 31\t789\t0\t0\t1081\tmillion\nAugust 1- 31\t493\t0\t0\t1081\tmillion\nSeptember 1- 30\t174\t0\t0\t1081\tmillion\nTotal\t1456\t0\t0\t\t\n", "q10k_tbl_97": "Exhibit No\tDescription\n3\tARTICLES OF INCORPORATION AND BY-LAWS\n.1\tRestated Certificate of Incorporation of the Registrant effective April 22 2020 (incorporated by reference to Exhibit 3.3 to the Report on Form 8-K of the Registrant file number 1-14037 filed April 27 2020)\n.2\tAmended and Restated By-laws of Moody's Corporation effective April 22 2020 (incorporated by reference to Exhibit 3.2 to the Report on Form 8-K of the Registrant file number 1-14037 filed April 27 2020)\n31\tCERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002\n.1*\tChief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n.2*\tChief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n32\tCERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002\n.1*\tCertification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. The Company has furnished this certification and does not intend for it to be considered filed under the Securities Exchange Act of 1934 or incorporated by reference into future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934.\n.2*\tCertification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. The Company has furnished this certification and does not intend for it to be considered filed under the Securities Exchange Act of 1934 or incorporated by reference into future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934.\n101.INS*\tInline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)\n101.SCH*\tInline XBRL Taxonomy Extension Schema Document\n101.CAL*\tInline XBRL Taxonomy Extension Calculation Linkbase Document\n101.DEF*\tInline XBRL Definitions Linkbase Document\n101.LAB*\tInline XBRL Taxonomy Extension Labels Linkbase Document\n101.PRE*\tInline XBRL Taxonomy Extension Presentation Linkbase Document\n104*\tCover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)\n* Filed herewith\t\n"}{"bs": "q10k_tbl_11", "is": "q10k_tbl_8", "cf": "q10k_tbl_12"}None
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
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, New York10007
(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
1.75% Senior Notes Due 2027
MCO 27
New York Stock Exchange
0.950% Senior Notes Due 2030
MCO 30
New York Stock Exchange
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:
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.INS
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:
TERM
DEFINITION
ABS Suite
Business acquired by the Company in October 2019 which includes a software platform used by issuers and trustees for administration of asset-backed and mortgage-backed securities programs
Acquisition-Related Amortization
Amortization of definite-lived intangible assets acquired by the Company from all business combination transactions
Acquire Media (AM)
Business acquired by the Company in October 2020; an aggregator and distributor of curated real-time news, multimedia, data, and alerts.
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.
AOCL
Accumulated other comprehensive loss; a separate component of shareholders’ equity
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
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
CFG
Corporate finance group; an LOB of MIS
CLO
Collateralized loan obligation
CMBS
Commercial mortgage-backed securities; an asset class within SFG
COLI
Corporate-Owned Life Insurance
Common Stock
The Company’s common stock
Company
Moody’s Corporation and its subsidiaries; MCO; Moody’s
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
COVID-19
An outbreak of a novel strain of coronavirus resulting in an international public health crisis and a global pandemic
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
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
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
Four Twenty Seven
A provider of data, intelligence, and analysis related to physical climate risks; acquired by the Company in July 2019
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
IT
Information technology
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
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 two LOBs - RD&A and ERS
Make Whole Amount
The prepayment penalty amount relating to the 2017 Senior Notes due 2021 and 2018 Senior Notes due 2021 which is a premium based on the excess, if any, of the discounted value of the remaining scheduled payments over the prepaid principal
Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provided offshore research and analytic services to the global financial and corporate sectors; business was divested in the fourth quarter of 2019 and was formerly 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, KIS Research and revenue from providing ESG research, data and assessments. 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 Credit Losses Accounting Standard
Updates to the ASC pursuant to ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. This new accounting guidance requires the use of an “expected credit loss” impairment model for most financial assets reported at amortized cost, which will require entities to estimate expected credit losses over the lifetime of the instrument.
New Internal Use Software Accounting Standard
Updates to the ASC pursuant to ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract”. This new accounting guidance requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software.
NM
Percentage change is not meaningful
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
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
Professional Services, a former LOB within MA which consisted of MAKS and MALS that provided offshore analytical and research services as well as learning solutions and certification programs. Subsequent to the divestiture of MAKS in 2019, revenue from the MALS reporting unit, which previous to 2020 was reported in the PS LOB, is now reported as part of the RD&A LOB. Prior periods have not been reclassified as the amounts were not material.
RBA International (RBA)
A provider of online retail bank training and certifications; the Company acquired RBA in March 2020
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
Redeemable Noncontrolling Interest
Represents minority shareholders' interest in entities which are controlled but not wholly-owned by Moody's and for which Moody's obligation to redeem the minority shareholders' interest is represented by a put/call relationship
Reform Act
Credit Rating Agency Reform Act of 2006
Regulatory DataCorp Inc. (RDC)
A global leader in risk and compliance intelligence; the Company acquired RDC in February 2020
Reis, Inc. (Reis)
A provider of U.S. commercial real estate 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
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
RiskFirst
A company providing risk analytic solutions for the asset management and pension fund communities; acquired by the Company in July 2019
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
SEC
U.S. Securities and Exchange Commission
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.
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
A provider of in ESG research, data and assessments; acquired by the Company on April 12, 2019
2018 Restructuring Program
Restructuring program approved by the chief executive officer of Moody’s on October 26, 2018. This program included relocation of certain functions from high-cost to lower-cost jurisdictions, a reduction of staff, including from acquisitions and pursuant to a review of the business criticality of certain positions, and the rationalization and exit of certain real estate leases due to consolidation of various business activities.
2020 Restructuring Program
Restructuring program approved by the chief executive officer of Moody’s on July 29, 2020, primarily in response to the COVID-19 pandemic which revolves around the rationalization and exit of certain real estate leases.
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 (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 due in March 2027
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 originally due in December 2021, but early repaid by the Company in 2020.
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 originally due in June 2021, but early repaid by the Company in 2020.
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
2019 Senior Notes
Principal amount of €750 million, 0.950% senior unsecured notes due February 25, 2030
2020 Senior Notes Due 2025
Principal amount of $700 million, 3.75% senior unsecured notes due March 24, 2025
2020 Senior Notes Due 2050
Principal amount of $300 million, 3.25% senior unsecured notes due May 20, 2050
2020 Senior Notes Due 2060
Principal amount of $500 million, 2.55% senior unsecured notes due August 18, 2060