MOODYS CORP /DE/ [MCO] Filings

10-Q 1 mco-20220930.htm 10-Q mco-20220930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


Form			10-Q

(Mark one)


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

For the quarterly period ended September 30, 2022


☐			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 York 10007

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code:

(212) 553-0300

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

MCO

New York Stock Exchange

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:


Shares Outstanding at September 30, 2022
183.2 million

Table of Contents


	MOODY’S CORPORATION INDEX TO FORM 10-Q
		Page(s)
	Glossary of Terms and Abbreviations	3-6
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Operations (Unaudited) for the Three Months Ended and Nine Months Ended September 30, 2022 and 2021	7
	Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended and Nine Months Ended September 30, 2022 and 2021	8
	Consolidated Balance Sheets (Unaudited) at September 30, 2022 and December 31, 2021	9
	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2022 and 2021	10
	Consolidated Statements of Shareholders’ Equity (Unaudited) for the Three Months Ended and Nine Months Ended September 30, 2022 and 2021	11-14
	Notes to Condensed Consolidated Financial Statements (Unaudited)	15-42
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations
	The Company	43
	Sustainability	43
	Current Matters Impacting Moody's Business	43-44
	Critical Accounting Estimates	44-45
	Reportable Segments	45
	Results of Operations	45-73
	Liquidity and Capital Resources	73-78
	Recently Issued Accounting Standards	78
	Contingencies	78
	Regulation	78-79
	Forward-Looking Statements	79-80
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	80-81
Item 4.	Controls and Procedures	81
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	82
Item 1A.	Risk Factors	82
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	82
Item 5.	Other Information	82
Item 6.	Exhibits	83

SIGNATURES

Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS

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


TERM			DEFINITION


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

Adjusted Diluted EPS			Diluted EPS excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Net Income			Net Income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Income			Operating income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Margin			Adjusted Operating Income divided by revenue
Americas			Represents countries within North and South America, excluding the U.S.

AOCI(L)			Accumulated other comprehensive income/loss; a separate component of shareholders’ equity
Annualized Recurring Revenue (ARR)			A supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time, excluding the impact of FX and contracts related to acquisitions
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. 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
BitSight			A provider that helps global market participants understand cyber risk through ratings, analytics, and performance management tools
Board			The board of directors of the Company
BPS			Basis points



CCXI			China Cheng Xin International Credit Rating Co. Ltd.; China’s first and largest domestic credit rating agency approved by the People’s Bank of China; the Company acquired a 49% interest in 2006; currently Moody’s owns 30% of CCXI
CDP			An international nonprofit organization that helps companies, cities, states and regions manage their environmental impact through a global disclosure system
CFG			Corporate finance group; an LOB of MIS

CMBS			Commercial mortgage-backed securities; an asset class within SFG
COLI			Corporate-Owned Life Insurance
Commission			European Commission
Common Stock			The Company’s common stock
Company			Moody’s Corporation and its subsidiaries; MCO; Moody’s

Cortera			A provider of North American credit data and workflow solutions; the Company acquired Cortera in March 2021
COVID-19			An outbreak of a novel strain of coronavirus resulting in an international public health crisis and a global pandemic
CP			Commercial Paper
CP Program			A program entered into on August 3, 2016 allowing the Company to privately place CP up to a maximum of $1 billion for which the maturity may not exceed 397 days from the date of issue, and which is backstopped by the 2021 Facility
CRAs			Credit rating agencies

Data and Information (D&I)			LOB within MA which provides vast data sets on companies and securities via data feeds and data applications products

Table of Contents


TERM			DEFINITION
Decision Solutions (DS)			LOB within MA that provides software and workflow tools for specific use cases (banking, insurance, KYC/KYS, CRE and structured finance solutions). This LOB utilizes components from the Data & Information and Research & Insights LOBs to provide integrated risk solutions
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			Enterprise Risk Solutions; former LOB within MA, which offered risk management software solutions as well as related risk management advisory engagements services. As of January 1, 2022, the MA LOBs have been realigned from RD&A and ERS to Decision Solutions, Research and Insights, and Data and Information
ESG			Environmental, Social, and Governance
ESMA			European Securities and Markets Authority

ESTR			Euro Short-Term Rate
ETR			Effective tax rate
EU			European Union

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

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
GDP			Gross domestic product
GRI			Global Reporting Initiative, an international independent standards organization that helps organizations understand and disclose their impact on climate change, human rights and corruption
ICRA			ICRA Limited; a provider of credit ratings and research in India






kompany			360kompany AG (kompany); a Vienna, Austria-based platform for business verification and Know Your Customer (KYC) technology solutions, acquired by the Company in February 2022
Korea			Republic of South Korea
KYC			Know-your-customer
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 three LOBs - Decision Solutions; Research and Insights; and Data and Information

MAKS			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

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 financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue and revenue from providing ESG research, data and assessments. These businesses are components of MIS; MIS Other is an LOB of MIS

Table of Contents


TERM			DEFINITION
Moody’s			Moody’s Corporation and its subsidiaries; MCO; the Company
MSS			Moody's Shared Services; primarily consists of information technology and support staff such as finance, human resources and legal that support both MIS and MA


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


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, 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

PassFort			A U.K. SaaS-based workflow platform for identity verification, customer onboarding, and risk analysis; acquired by the Company in November 2021
PPIF			Public, project and infrastructure finance; an LOB of MIS


Q3			Third Quarter
RD&A			Research, Data and Analytics; former LOB within MA that offered 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; commercial real estate data and analytical tools; and learning solutions. As of January 1, 2022, the MA LOBs have been realigned from RD&A and ERS to Decision Solutions, Research and Insights, and Data and Information
RealXData			A provider of CRE lease-level portfolio management with benchmarking and rent forecasting capabilities; acquired by the Company in September 2021


Recurring 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
Reform Act			Credit Rating Agency Reform Act of 2006



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
Research and Insights (R&I)			LOB within MA that provides models, scores, expert insights and commentary. This LOB includes credit research; credit models and analytics; and economics data and models
Revenue Accounting Standard			Updates to the ASC pursuant to ASU No. 2014-09, “Revenue from Contracts with Customers (ASC Topic 606).” This accounting guidance significantly changed 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

RMBS			Residential mortgage-backed securities; an asset class within SFG

RMS			A global provider of climate and natural disaster risk modeling and analytics; acquired by the Company in September 2021
SaaS			Software-as-a-Service
SASB			Sustainability Accounting Standards Board
SBTi			Science Based Targets initiative; a partnership between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature created to encourage the private sector to take the lead on urgent climate action

Table of Contents


TERM			DEFINITION
SEC			U.S. Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended
SFG			Structured finance group; an LOB of MIS
SG&A			Selling, general and administrative expenses
SOFR			Secured Overnight Financing Rate
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.
TCFD			Task Force on Climate-Related Financial Disclosures
Total Debt			All indebtedness of the Company as reflected on the consolidated balance sheets
Transaction Revenue			For MIS, represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services as well as data services, research and analytical engagements. For MA, represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, and training and certification services
U.K.			United Kingdom
U.S.			United States
USD			U.S. dollar
UTPs			Uncertain tax positions

WEF			World Economic Forum






YTD			Year-to-date
2020 MA Strategic Reorganization Restructuring Program			Restructuring program approved by the chief executive officer of Moody’s on December 22, 2020, relating to a strategic reorganization in the MA reportable segment
2022 - 2023 Geolocation Restructuring Program			Restructuring program approved by the chief executive officer of Moody’s on June 30, 2022 and expanded on October 24, 2022, relating to the Company's post-COVID-19 geolocation strategy
2013 Senior Notes due 2024			Principal amount of $500 million, 4.875% senior unsecured notes due in February 2024
2014 Senior Notes due 2044			Principal amount of $600 million, 5.25% senior unsecured notes due in July 2044
2015 Senior Notes due 2027			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
2018 Senior Notes due 2029			Principal amount of $400 million, 4.25% senior unsecured notes due February 1, 2029
2018 Senior Notes due 2048			Principal amount of $400 million, 4.875% senior unsecured notes due December 17, 2048
2019 Senior Notes due 2030			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
2021 Facility			Five-year unsecured revolving credit facility, with capacity to borrow up to $1.25 billion; backstops CP issued under the CP Program
2021 Senior Notes due 2031			Principal amount of $600 million, 2.00% senior unsecured notes due August 19, 2031
2021 Senior Notes due 2041			Principal amount of $600 million, 2.75% senior unsecured notes due August 19, 2041
2021 Senior Notes due 2061			Principal amount of $500 million, 3.10% senior unsecured notes due November 15, 2061
2022 Senior Notes due 2052			Principal amount of $500 million, 3.75% senior unsecured notes due February 25, 2052
2022 Senior Notes due 2032			Principal amount of $500 million, 4.25% senior unsecured notes due January 15, 2032

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MOODY’S CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(Amounts in millions, except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue	$	1,275	$	1,526	$	4,178	$	4,679
Expenses
Operating	393		394		1,203		1,152
Selling, general and administrative	385		395		1,124		1,015
Depreciation and amortization	83		61		242		180
Restructuring	1		—		32		2


Total expenses	862		850		2,601		2,349
Operating income	413		676		1,577		2,330
Non-operating (expense) income, net
Interest expense, net	(58)		(53)		(166)		(109)
Other non-operating income (expense), net	26		(4)		22		18
Total non-operating (expense) income, net	(32)		(57)		(144)		(91)
Income before provision for income taxes	381		619		1,433		2,239
Provision for income taxes	78		145		305		452


Net income attributable to Moody's	$	303	$	474	$	1,128	$	1,787
Earnings per share attributable to Moody's common shareholders
Basic	$	1.65	$	2.55	$	6.13	$	9.58
Diluted	$	1.65	$	2.53	$	6.10	$	9.51
Weighted average number of shares outstanding
Basic	183.2		186.0		184.1		186.6
Diluted	183.9		187.3		184.9		188.0

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

Table of Contents

MOODY’S CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Amounts in millions)


	Three Months Ended September 30, 2022						Three Months Ended September 30, 2021

	Pre-tax amounts		Tax amounts		After-tax amounts		Pre-tax amounts		Tax amounts		After-tax amounts
Net Income					$	303					$	474
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net	$	(358)	$	6	(352)		$	(124)	$	5	(119)

Net gains on net investment hedges	256		(63)		193		99		(26)		73

Cash Flow Hedges:

Reclassification of losses included in net income	1		(1)		—		1		—		1
Pension and Other Retirement Benefits:
Amortization of actuarial losses/prior service costs and settlement charge included in net income	1		—		1		3		(1)		2
Net actuarial gains and prior service costs	—		—		—		4		(1)		3
Total other comprehensive (loss) income	$	(100)	$	(58)	$	(158)	$	(17)	$	(23)	$	(40)
Comprehensive income					145						434
Less: comprehensive (loss) income attributable to noncontrolling interests					(9)						(3)
Comprehensive Income Attributable to Moody's					$	154					$	437


	Nine Months Ended September 30, 2022						Nine Months Ended September 30, 2021

	Pre-tax amounts		Tax amounts		After-tax amounts		Pre-tax amounts		Tax amounts		After-tax amounts
Net Income					$	1,128					$	1,787
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net	$	(806)	$	10	(796)		$	(234)	$	9	(225)
Foreign currency translation adjustments - reclassification of losses included in net income	20		—		20		—		—		—
Net gains on net investment hedges	561		(140)		421		233		(56)		177
Net investment hedges - reclassification of gains included in net income	—		—		—		(2)		1		(1)
Cash Flow Hedges:

Reclassification of losses included in net income	2		(1)		1		2		—		2
Pension and Other Retirement Benefits:
Amortization of actuarial losses/prior service costs and settlement charge included in net income	2		—		2		16		(4)		12
Net actuarial gains and prior service costs	3		(1)		2		4		(1)		3
Total other comprehensive (loss) income	$	(218)	$	(132)	$	(350)	$	19	$	(51)	$	(32)
Comprehensive income					778						1,755
Less: comprehensive (loss) income attributable to noncontrolling interests					(12)						(2)
Comprehensive Income Attributable to Moody's					$	790					$	1,757

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

Table of Contents

MOODY’S CORPORATION

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(Amounts in millions, except share and per share data)


	September 30, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	1,656	$	1,811
Short-term investments	89		91
Accounts receivable, net of allowance for credit losses of $42 in 2022 and $32 in 2021	1,518		1,720
Other current assets	463		389

Total current assets	3,726		4,011
Property and equipment, net of accumulated depreciation of $1,078 in 2022 and $1,010 in 2021	472		347
Operating lease right-of-use assets	387		438
Goodwill	5,617		5,999
Intangible assets, net	2,182		2,467
Deferred tax assets, net	336		384
Other assets	1,219		1,034
Total assets	$	13,939	$	14,680
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	807	$	1,142
Current portion of operating lease liabilities	104		105


Deferred revenue	1,155		1,249

Total current liabilities	2,066		2,496
Non-current portion of deferred revenue	78		86
Long-term debt	7,476		7,413
Deferred tax liabilities, net	604		488
Uncertain tax positions	308		388
Operating lease liabilities	389		455
Other liabilities	588		438
Total liabilities	11,509		11,764
Contingencies (Note 17)
Shareholders' equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding	—		—
Series common stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding	—		—
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 342,902,272 shares issued at September 30, 2022 and December 31, 2021, respectively.	3		3
Capital surplus	1,013		885
Retained earnings	13,501		12,762
Treasury stock, at cost; 159,739,888 and 157,262,484 shares of common stock at September 30, 2022 and December 31, 2021	(11,514)		(10,513)
Accumulated other comprehensive loss	(748)		(410)
Total Moody's shareholders' equity	2,255		2,727
Noncontrolling interests	175		189
Total shareholders' equity	2,430		2,916
Total liabilities, noncontrolling interests and shareholders' equity	$	13,939	$	14,680

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

Table of Contents

MOODY’S CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in millions)


	Nine Months Ended September 30,
	2022		2021
Cash flows from operating activities
Net income	$	1,128	$	1,787
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	242		180
Stock-based compensation	130		127
Deferred income taxes	58		(79)



FX translation losses reclassified to net income	20		—
Changes in assets and liabilities:
Accounts receivable	123		(137)
Other current assets	(140)		64

Other assets	10		(7)
Lease obligations	(14)		(10)

Accounts payable and accrued liabilities	(358)		(10)
Deferred revenue	(20)		(75)
Uncertain tax positions	(41)		(79)
Other liabilities	(41)		(55)
Net cash provided by operating activities	1,097		1,706
Cash flows from investing activities
Capital additions	(204)		(77)
Purchases of investments	(244)		(137)
Sales and maturities of investments	153		102
Cash paid for acquisitions, net of cash acquired	(97)		(2,026)
Receipts from settlements of net investment hedges	220		26
Payments for settlements of net investment hedges	—		(49)
Net cash used in investing activities	(172)		(2,161)
Cash flows from financing activities
Issuance of notes	988		1,178
Repayment of notes	(500)		—


Proceeds from stock-based compensation plans	21		30
Repurchase of shares related to stock-based compensation	(85)		(82)
Treasury shares	(983)		(

MOODYS CORP /DE/ [MCO] Filings
10-Q	[2022-10-26]
10-Q	[2022-07-27]
10-Q	[2022-05-02]
10-K	[2022-02-22]
10-Q	[2021-10-29]
10-Q	[2021-07-30]
10-Q	[2021-04-29]
10-K	[2021-02-22]
10-Q	[2020-10-30]
10-Q	[2020-07-31]
10-Q	[2020-05-01]
10-K	[2020-02-24]
10-Q	[2019-11-01]
10-Q	[2019-08-02]
10-Q	[2019-05-02]
10-K	[2019-02-25]
10-Q	[2018-10-31]
10-Q	[2018-08-02]
10-Q	[2018-05-01]
10-K	[2018-02-27]
10-Q	[2017-11-09]
10-Q	[2017-07-27]
10-Q	[2017-05-09]
10-K	[2017-02-24]
10-Q	[2016-10-24]
10-Q	[2016-07-28]
10-Q	[2016-05-04]
10-K	[2016-02-25]
10-Q	[2015-11-04]
10-Q	[2015-07-30]
10-Q	[2015-05-04]
10-K	[2015-02-26]
10-Q	[2014-10-29]
10-Q	[2014-07-31]
10-Q	[2014-05-01]
10-K	[2014-02-27]
10-Q	[2013-10-31]
10-Q	[2013-07-31]
10-Q	[2013-05-03]
10-K	[2013-02-26]
10-Q	[2012-11-06]
10-Q	[2012-07-30]
10-Q	[2012-05-02]
10-K	[2012-02-27]