falsedesktopMCO2020-12-31000105955621000010{"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": "\t\tPage(s)\n\tGlossary of Terms and Abbreviations\t4-9\nPART I.\t\t\nItem 1.\tBUSINESS\t10\n\tBackground\t10\n\tThe Company\t10-15\n\tHuman Capital\t16-19\n\tMoody's Strategy\t20-21\n\tProspects for Growth\t22-24\n\tCompetition\t24\n\tRegulation\t24-25\n\tIntellectual Property\t26\n\tAvailable Information\t26\n\tExecutive Officers of the Registrant\t27-28\nItem 1A.\tRISK FACTORS\t29-39\nItem 1B.\tUNRESOLVED STAFF COMMENTS\t40\nItem 2.\tPROPERTIES\t40\nItem 3.\tLEGAL PROCEEDINGS\t40\nItem 4.\tMINE SAFETY DISCLOSURES\t40\nPART II.\t\t\nItem 5.\tMARKET FOR THE REGISTRANT'S COMMON EQUITY RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\t41\n\tMoody's Purchases of Equity Securities\t41\n\tCommon Stock Information\t41\n\tEquity Compensation Plan Information\t41\n\tPerformance Graph\t42\nItem 7.\tMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\t43\n\tThe Company\t43\n\tCritical Accounting Estimates\t44-49\n\tReportable Segments\t49\n\tResults of Operations\t50-63\n\tMarket Risk\t63-64\n\tLiquidity and Capital Resources\t65-70\n\tRecently Issued Accounting Pronouncements\t71\n\tContingencies\t71\n\tForward-Looking Statements\t71\nItem 7A.\tQUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\t72\nItem 8.\tFINANCIAL STATEMENTS\t73-130\nItem 9.\tCHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE\t131\nItem 9A.\tCONTROLS AND PROCEDURES\t131\n", "q10k_tbl_2": "\t\tPage(s)\nItem 9B.\tOTHER INFORMATION\t131\nPART III.\t\t\nItem 10.\tDIRECTORS EXECUTIVE OFFICERS AND CORPORATION GOVERNANCE\t132\nItem 11.\tEXECUTIVE COMPENSATION\t132\nItem 12.\tSECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS\t132\nItem 13.\tCERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE\t132\nItem 14.\tPRINCIPAL ACCOUNTING FEES AND SERVICES\t132\nPART IV.\t\t\nItem 15.\tEXHIBITS AND FINANCIAL STATEMENT SCHEDULES\t133\nINDEX TO EXHIBITS\t\t133-137\nItem 16.\tFORM 10-K SUMMARY\t137\nSIGNATURES\t\t138\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\nAcquire Media (AM)\tAn aggregator and distributor of curated real-time news multimedia data and alerts; acquired by the Company on October 21 2020\nAcquisition-Related Amortization\tAmortization of definite-lived intangible assets acquired by the Company from all business combination transactions\nAcquisition-Related Expenses\tConsists of expenses incurred over a multi-year period to complete and integrate the acquisition of Bureau van Dijk\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.\nAML\tAnti-money laundering\nAOCI\tAccumulated other comprehensive income (loss); a separate component of shareholders' equity (deficit)\nAPI\tApplication Programming Interface\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\nB&H\tBarrie & Hibbert Limited an acquisition completed in December 2011; part of the MA segment a leading provider of risk management modeling tools for insurance companies worldwide\nBoard\tThe board of directors of the Company\nBPS\tBasis points\nBrexit\tThe withdrawal of the United Kingdom from the European Union\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; part of the RD&A LOB and a reporting unit within the MA reportable segment\nCatylist\tA provider of commercial real estate (CRE) solutions for brokers; acquired by the Company on December 30 2020\nCCXI\tChina 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.\n", "q10k_tbl_4": "TERM\tDEFINITION\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\nCommission\tEuropean Commission\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\nCOVID-19\tAn outbreak of a novel strain of coronavirus resulting in an international public health crisis and a global pandemic\nCP\tCommercial Paper\nCP Notes\tUnsecured commercial paper issued under the CP Program\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\nDBPPs\tDefined benefit pension plans\nDodd-Frank Act\tDodd-Frank Wall Street Reform and Consumer Protection Act\nEBITDA\tEarnings before interest taxes depreciation and amortization\nEMEA\tRepresents countries within Europe the Middle East and Africa\nEPS\tEarnings per share\nERS\tEnterprise Risk Solutions; an LOB within MA which offers risk management software solutions as well as related risk management advisory engagements services\nESA\tEconomics and Structured Analytics; part of the RD&A line of business within MA\nESG\tEnvironmental Social and Governance\nESMA\tEuropean Securities and Markets Authority\nESPP\tEmployee stock purchase plan\nETR\tEffective tax rate\nEU\tEuropean Union\nEUR\tEuros\nEURIBOR\tThe Euro Interbank Offered Rate\nEurozone\tMonetary union of the EU member states which have adopted the euro as their common currency\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\nFermat\tFermat International; an acquisition completed in October 2008; part of the MA segment; a provider of risk and performance management software to the global banking industry\n", "q10k_tbl_5": "TERM\tDEFINITION\nMSS\tMoody's Shared Services; primarily consists of information technology and support staff such as finance human resources and legal that support both MIS and MA.\nNAV\tNet asset value\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 Lease Accounting Standard\tUpdates to the ASC pursuant to ASU No. 2016-02 \"Leases (ASC Topic 842)\". This new accounting guidance requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with terms of more than 12 months. Recognition measurement and presentation of expenses and cash flows depend on classification as either a finance or operating lease\nN/A\tNot applicable\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 certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments\nOmega Performance\tA provider of online credit training; acquired by the Company in August 2018\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 Plans\tThe U.S. retirement healthcare and U.S. retirement life insurance plans\nPCS\tPost-Contract Customer Support\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\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.\nRD&A\tResearch Data and Analytics; 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; commercial real estate data and analytical tools; and on-line and classroom-based training services as well as credentialing and certification services\nRedeemable Non-controlling 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\n", "q10k_tbl_6": "TERM\tDEFINITION\nReform Act\tCredit Rating Agency Reform Act of 2006\nRegulatory Data Corporation (RDC)\tA provider of anti-money laundering (AML) and know-your-customer (KYC) data and due diligence services; the Company acquired RDC in February 2020\nREIT\tReal Estate Investment Trust\nReis Inc. (Reis)\tA provider of U.S. commercial real estate (CRE) data; acquired by the Company in October 2018; part of the RD&A LOB and a reporting unit within the MA reportable segment.\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\nSaaS\tSoftware-as-a-Service\nSEC\tU.S. Securities and Exchange Commission\nSecurities Act\tSecurities Act of 1933 as amended\nSFG\tStructured finance group; an LOB of MIS\nSG&A\tSelling general and administrative expenses\nSSP\tStandalone selling price\nT&M\tTime-and-Material\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.\nTotal Debt\tAll indebtedness of the Company as reflected on the consolidated balance sheets\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\nVigeo Eiris (VE)\tA provider of Environmental Social and Governance (ESG) research data and assessments; acquired by the Company in April 2019\nWACC\tWeighted Average Cost of Capital\n", "q10k_tbl_7": "TERM\tDEFINITION\nZM Financial Systems (ZMFS)\tA provider of risk and financial management software for the U.S. banking sector; acquired by the Company in December 2020\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 MA Strategic Reorganization Restructuring Program\tRestructuring program approved by the chief executive officer of Moody's on December 22 2020 relating to a strategic reorganization in the MA reportable segment.\n2020 Real Estate Rationalization 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 $500 million 4.875% senior unsecured notes due in February 2024\n2014 Senior Notes\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 3.25% 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 Due 2029\tPrincipal amount of $400 million 4.25% senior unsecured notes due February 1 2029\n2018 Senior Notes Due 2048\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 in 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\n7WTC\tThe Company's corporate headquarters located at 7 World Trade Center in New York NY\n", "q10k_tbl_8": "\tIndependent provider of credit rating opinions and related information for over 100 years\t\tA global integrated risk assessment firm that empowers organizations to make better decisions\t\tGlobal provider of data and analytic solutions which help companies make better and faster decisions.\n59.7%\t2020 Adjusted Operating Margin\tTotal 2020 Revenue of $5.4 billion\t\t29.4%\t2020 Adjusted Operating Margin\n57.1%\t2020 Operating Margin\t\t\t20.3%\t2020 Operating Margin\n\t\t44.5%\t2020 Operating Margin\t\t\n\t\t49.7%\t2020 Adjusted Operating Margin\t\t\n", "q10k_tbl_9": "\t2007 - 2016\nExpanded beyond ratings agency\t\n\t-Established Moody's Analytics -Built the ERS business (e.g. Fermat B&H) -Expanded ratings to China (i.e. CCXI)\n\t2017 - 2020\nBuilt out substantial data and analytics capabilities\t\n\t-Complemented ERS business with private company information (i.e. BvD) -Accelerated capability expansion (e.g. company database CRE data ESG data)\n\t2021 and Beyond\nPositioned to serve a wide range of risk assessment markets\t\n\t-Competitive differentiator: integration of data and analytics combined with expertise and technology enablement -Further investment in data and analytics capabilities such as private company CRE and ESG to serve high growth risk assessment use cases (e.g. KYC and compliance)\n", "q10k_tbl_10": "MIS by the Numbers\t\t\t\t\n\t\t5000+\t\t16000+\n\tRated Non-Financial Corporates\t\tRated Public Finance Issuers\n\t\t3600+\t\t9100+\n\tRated Financial Institutions\t\tRated Structured Finance Deals\n\t\t145\t\t1000+\n\tRated Sovereigns\t\tRated Infrastructure & Public Finance Issuers\n\t\t47\t\t202\n\tRated Supranational Institutions\t\tRating Methodologies\n\t\t459\t\t140+\n\tRated Sub-Sovereigns\t\tCountries where MIS provides ratings\n", "q10k_tbl_11": "MA Customers by the Numbers\t\t\t\t\n\t\t1500+\t\t2900+\n\tAsset Managers\t\tCommercial Banks\n\t\t3100+\t\t225+\n\tCorporations\t\tSecurities Dealers and Investment Banks\n\t\t675+\t\t4000+\n\tInsurance Companies\t\tGovernment & Other Entities\n\t\t300+\t\t337000+\n\tReal Estate Entities\t\tIndividuals accessed the Moody's research website\n\t\t155+\t\t31000+\n\tCountries where MA customers operate\t\tCustomer users accessed the Moody's research website in 2020\n", "q10k_tbl_12": "Global Headcount\t\t\t\n\t\tDecember 31\t\t\t\t\tChange\t\t\n\t\t2020\t2019\t\t\t\t%\t\t\nMIS\t\t\t\t\t\t\t\t\t\n\tU.S.\t1512\t1453\t\t\t\t4%\t\t\n\tNon-U.S.\t3564\t3358\t\t\t\t6%\t\t\n\tTotal\t5076\t4811\t\t\t\t6%\t\t\nMA\t\t\t\t\t\t\t\t\t\n\tU.S.\t2004\t1810\t\t\t\t11%\t\t\n\tNon-U.S.\t2963\t3023\t\t\t\t(2)%\t\t\n\tTotal\t4967\t4833\t\t\t\t3%\t\t\nMSS\t\t\t\n\tU.S.\t709\t645\t\t\t\t10%\t\t\n\tNon-U.S.\t738\t792\t\t\t\t(7)%\t\t\n\tTotal\t1447\t1437\t\t\t\t1%\t\t\nTotal MCO\t\t\t\t\t\t\t\t\t\n\tU.S.\t4225\t3908\t\t\t\t8%\t\t\n\tNon-U.S.\t7265\t7173\t\t\t\t1%\t\t\n\tTotal\t11490\t11081\t\t\t\t4%\t\t\n", "q10k_tbl_13": "Date\tBusiness\tCompany\tStake\tStrategic Commentary\nDecember 2020\tCommercial Real Estate\tCatylist Inc\t100%\tA U.S. based provider of commercial real estate (CRE) solutions for brokers. The acquisition advances Moody's Analytics CRE platform substantially enhancing its coverage of property-level data and expanding its range of analytical solutions to the broker market.\nDecember 2020\tRisk Solutions\tZM Financial Systems\t100%\tA U.S. based provider of risk and financial management software for the U.S. banking sector. The acquisition advances Moody's position in integrated risk assessment by broadening Moody's Analytics' suite of enterprise risk solutions which help financial institutions make better decisions.\nNovember 2020\tESG & KYC\tMioTech\tMinority\tProvider of ESG and KYC alternative data and insights serving the Greater China market. The investment reflects Moody's commitment to providing China's evolving financial markets with innovative and technology enabled ESG and KYC solutions.\nOctober 2020\tData\tAcquire Media\t100%\tA U.S. based aggregator and distributor of curated real-time news multimedia data and alerts. The acquisition serves to advance MA's solutions by strengthening its ability to provide early warning signals and real-time insight to market participants.\nAugust 2020\tCredit Ratings\tMalaysian Rating Corporation Berhad (MARC)\tMinority\tCredit rating agency serving the Malaysian domestic bond and sukuk markets. The investment strengthens Moody's presence in Southeast Asia and across domestic bond markets globally and advances its position as a leader in Islamic finance.\nMarch 2020\tFinancial Training & Certifications\tRBA International\t100%\tA U.K. based provider of online retail bank training and certifications. The acquisition deepens the capabilities of MA's financial training and certifications business.\nFebruary 2020\tKYC\tRegulatory DataCorp\t100%\tA U.S. based provider of KYC data and due diligence services. The acquisition complements Moody's 2017 acquisition of company data provider Bureau van Dijk (BvD) creating a global leader in compliance solutions BvD's fastest-growing business segment.\n", "q10k_tbl_14": "Name Age Position and Biographical Data\nRobert Fauber 50 President and Chief Executive Officer Mr. Fauber has served as the Company's President and Chief Executive Officer since January 2021. Mr. Fauber joined the Board of Directors in October 2020 and he currently serves on the Executive Committee of the Board of Directors. Prior to serving as CEO Mr. Fauber served as Chief Operating Officer from November 2019 to December 2020 as President of Moody's Investors Service Inc. from June 2016 to October 2019 as Senior Vice President-Corporate & Commercial Development of Moody's Corporation from April 2014 to May 2016 and was Head of the MIS Commercial Group from January 2013 to May 2016. From April 2009 through April 2014 he served as Senior Vice President-Corporate Development of Moody's Corporation. Mr. Fauber served as Vice President-Corporate Development from September 2005 to April 2009. Prior to joining Moody's Mr. Fauber served in several roles at Citigroup and its investment banking subsidiary Salomon Smith Barney from 1999 to 2005. From 1992 to 1996 Mr. Fauber worked at NationsBank (now Bank of America) in the middle market commercial banking group.\nJohn J. Goggins 60 Executive Vice President and General Counsel Mr. Goggins has served as the Company's Executive Vice President and General Counsel since April 2011 and the Company's Senior Vice President and General Counsel from October 2000 until April 2011. Mr. Goggins joined Moody's Investors Service Inc. in February 1999 as Vice President and Associate General Counsel.\nMelanie Hughes 58 Senior Vice President and Chief Human Resources Officer Ms. Hughes has served as the Company's Senior Vice President-Chief Human Resources Officer since September 2017. Prior to joining the Company Ms. Hughes was Chief Human Resource Officer and Executive Vice President Human Resources at American Eagle Outfitters from July 2016 to September 2017 and served as Executive Vice President Human Resources at Tribune Media from May 2013 to June 2016. She has held several senior management roles for many different companies such as Coach Gilt Group DoubleClick and UBS Warburg.\nMark Kaye 41 Senior Vice President and Chief Financial Officer Mr. Kaye has served as the Company's Senior Vice President-Chief Financial Officer since August 2018. Prior to joining the Company Mr. Kaye was Senior Vice President and Head of Financial Planning and Analysis at Massachusetts Mutual Life Insurance Company (MassMutual) since February 2016 and Chief Financial Officer of MassMutual U.S. since July 2015. Prior to that Mr. Kaye served as Chief Financial Officer and Senior Vice President Retirement Solutions at Voya Financial from 2011 to 2015. Mr. Kaye previously held various senior financial and risk reporting positions at ING U.S. and ING Group and was in the investment banking division of Credit Suisse First Boston.\n", "q10k_tbl_15": "Name Age Position and Biographical Data\nCaroline Sullivan 52 Senior Vice President and Corporate Controller Ms. Sullivan has served as the Company's Senior Vice President-Corporate Controller since December 2018. Prior to joining the Company Ms. Sullivan served in several roles at Bank of America from 2011 to 2018 where her last position held was Managing Director and Global Banking Controller. Prior to that role Ms. Sullivan supported the Global Wealth & Investment Management business from 2015 to 2017 in a variety of positions including Controller. Ms. Sullivan a CPA previously held various senior positions at several banks and a major accounting firm and is a member of the Board of Directors of Financial Executives International.\nStephen Tulenko 53 President Moody's Analytics Mr. Tulenko has served as President of Moody's Analytics since November 2019. Mr. Tulenko served as Executive Director of Enterprise Risk Solutions from 2013 to October 2019 and as Executive Director of Global Sales Customer Service and Marketing from 2008 to 2013. Prior to the formation of Moody's Analytics he held various sales product development and product strategy roles at Moody's Investors Service Inc. Mr. Tulenko joined Moody's in 1990.\nMichael West 52 President Moody's Investors Service Mr. West has served as President of Moody's Investors Service Inc. since November 2019. Mr. West served as Managing Director-Head of MIS Ratings and Research from June 2016 to October 2019. Previously Mr. West served as Managing Director-Head of Global Structured Finance from February 2014 to May 2016 and Managing Director-Head of Global Corporate Finance from January 2010 to January 2014. Earlier in his career he was also responsible for the research strategy for the ratings businesses and before that led Corporate Finance for the EMEA Region European Corporates and the EMEA leveraged finance business. Prior to joining Moody's in 1998 Mr. West worked at Bank of America and HSBC in various credit roles.\n", "q10k_tbl_16": "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)\nOctober 1- 31\t2306\t0\t0\t1081 million\nNovember 1- 30\t396164\t277.73\t395735\t971 million\nDecember 1- 31\t511332\t278.92\t502196\t831 million\nTotal\t909802\t278.40\t897931\t\n", "q10k_tbl_17": "Plan Category\t\tNumber of Securities to be Issued Upon Exercise of Outstanding Options Warrants and Rights\t\t\tWeighted-Average Exercise Price of Outstanding Options Warrants and Rights (2)\t\tNumber of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding Securities Reflected in Column (a))\t\n\t(a)\t\t\t(b)\t\t(c)\t\nEquity compensation plans approved by security holders\t\t3167939\t(1)\t\t133.95\t\t17620777\t(3)\nEquity compensation plans not approved by security holders\t\t0\t\t\t0\t\t0\t\nTotal\t\t3167939\t\t\t133.95\t\t17620777\t\n", "q10k_tbl_18": "\tYear Ended December 31\t\t\t\t\t\n\t2015\t2016\t2017\t2018\t2019\t2020\nMoody's Corporation\t100.00\t95.41\t151.24\t145.03\t248.37\t306.18\nS&P 500 Composite Index\t100.00\t111.96\t136.40\t130.42\t171.49\t203.04\nRussell 3000-Financial Services Index\t100.00\t117.96\t141.49\t129.67\t172.37\t183.75\n", "q10k_tbl_19": "\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\t99\t0\t0\t0\t0\nContent\t381\t0\t0\t0\t0\nERS\t800\t0\t0\t0\t0\nMALS\t127\t0\t0\t(12)\t(37)\nICRA\t212\t0\t(2)\t(44)\t(85)\nBureau van Dijk\t2746\t0\t0\t0\t(266)\nReis\t191\t0\t(22)\t(48)\t(74)\nTotals\t4556\t0\t(24)\t(104)\t(462)\n", "q10k_tbl_20": "(dollars in millions)\tAssumptions Used for 2021\tEstimated Impact on 2021 Income before Provision for Income Taxes (Decrease)/Increase\nWeighted Average Discount Rates (1)\t2.24%/2.30%\t(11)\nWeighted Average Assumed Compensation Growth Rate\t3.62%\t2\nAssumed Long-Term Rate of Return on Pension Assets\t5.45%\t(5)\n", "q10k_tbl_21": "-Vigeo Eiris on April 12 2019;\t-Regulatory DataCorp on February 13 2020;\n-Four Twenty Seven on July 22 2019;\t-Acquire Media on October 21 2020;\n-RiskFirst on July 25 2019;\t\n-ABS Suite on October 1 2019;\t\n", "q10k_tbl_22": "\tYear Ended December 31\t\t\t\nFinancial measure:\t2020\t2019\t% Change Favorable / (Unfavorable)\tInsight and Key Drivers of Change Compared to Prior Year\nMoody's total revenue\t5371\t4829\t11%\t- reflects strong growth in both segments\nMIS External Revenue\t3292\t2875\t15%\t- primary driver of growth reflects higher corporate debt issuance (both investment-grade and high-yield) as issuers bolstered liquidity positions in response to COVID-19 uncertainties and issued opportunistically for refinancing needs\nMA External Revenue\t2079\t1954\t6%\t- strong renewals and new sales of credit research and data feeds as well as demand for KYC and compliance solutions; - 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\t2704\t2554\t(6\t%) - 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 strategic initiatives 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 coupled with benefits from the 2018 Restructuring Program\nRestructuring\t50\t60\t17%\t- charges are pursuant to the Company's restructuring programs more fully discussed in Note 11 to the consolidated financial statements\nOperating Margin\t44.5%\t41.4%\t310BPS\t- margin expansion reflects strong revenue growth partially offset by growth in operating expenses\nAdjusted Operating Margin\t49.7%\t47.4%\t230BPS\t\nETR\t20.3%\t21.0%\t70BPS\t- decrease primarily due to a deferred tax benefit in 2020 resulting from a non-U.S. corporate reorganization\nDiluted EPS\t9.39\t7.42\t27%\t- increase reflects strong operating income/Adjusted Operating Income growth as described above\nAdjusted Diluted EPS\t10.15\t8.29\t22%\t\n", "q10k_tbl_23": "\tYear Ended December 31\t\t% Change Favorable (Unfavorable)\t\n\t2020\t2019\nRevenue:\t\t\t\t\nUnited States\t2955\t2544\t16%\t\nNon-U.S.:\t\t\t\t\nEMEA\t1545\t1446\t7%\t\nAsia-Pacific\t571\t551\t4%\t\nAmericas\t300\t288\t4%\t\nTotal Non-U.S.\t2416\t2285\t6%\t\nTotal\t5371\t4829\t11%\t\nExpenses:\t\t\t\t\nOperating\t1475\t1387\t(6\t%)\nSG&A\t1229\t1167\t(5\t%)\nRestructuring\t50\t60\t17%\t\nDepreciation and amortization\t220\t200\t(10\t%)\nAcquisition-Related Expenses\t0\t3\t100%\t\nLoss pursuant to the divestiture of MAKS\t9\t14\t36%\t\nTotal\t2983\t2831\t(5\t%)\nOperating income\t2388\t1998\t20%\t\nAdjusted Operating Income (1)\t2667\t2291\t16%\t\nInterest expense net\t(205)\t(208)\t1%\t\nOther non-operating income net\t46\t20\t130%\t\nNon-operating (expense) income net\t(159)\t(188)\t15%\t\nNet income attributable to Moody's\t1778\t1422\t25%\t\nDiluted weighted average shares outstanding\t189.3\t191.6\t1%\t\nDiluted EPS attributable to Moody's common shareholders\t9.39\t7.42\t27%\t\nAdjusted Diluted EPS (1)\t10.15\t8.29\t22%\t\nOperating margin\t44.5%\t41.4%\t\t\nAdjusted Operating Margin (1)\t49.7%\t47.4%\t\t\nEffective tax rate\t20.3%\t21.0%\t\t\n", "q10k_tbl_24": "Compensation expenses increased $69 million reflecting:\tCompensation expenses increased $43 million reflecting:\n- hiring activity and salary increases; and\t- hiring activity and salary increases partially offset by benefits from the 2018 Restructuring Program; and\n- higher incentive compensation accruals aligned with financial and operating performance.\t- an increase in incentive compensation aligned with financial and operating performance.\nNon-compensation expenses increased $19 million reflecting:\tNon-compensation expenses increased $19 million reflecting:\n- higher costs to support strategic initiatives to enhance technology infrastructure to enable automation innovation and efficiency as well as to support business growth;\t- higher costs to support the Company's initiative to enhance technology infrastructure to enable automation innovation and efficiency; and\npartially offset by:\t- higher estimates for credit losses of approximately $18 million primarily resulting from the anticipated impact of the COVID-19 crisis on the Company's customers;\n- lower travel costs and disciplined expense management in light of the COVID-19 crisis.\npartially offset by:\n\t- lower travel costs and disciplined expense management in light of the COVID-19 crisis; and\n\t- a $16 million captive insurance company settlement in 2019.\n", "q10k_tbl_25": "Primarily reflects:\tThe increase was primarily due to:\n- a $17 million benefit from a fair value hedge settled in connection with the early redemption of the 2017 Senior Notes;\t- FX gains of approximately $2 million in 2020 compared to $18 million in FX losses in the same period of the prior year.\n- a $16 million higher benefit from fair value swaps (more fully discussed in Note 7 to the consolidated financial statements);\t\npartially offset by:\t\n- a combined $24 million prepayment penalty in 2020 on the early redemption of the 2018 Senior Notes and 2017 Senior Notes\t\n", "q10k_tbl_26": "\tYear Ended December 31\t\t% Change Favorable (Unfavorable)\t\n\t2020\t2019\nRevenue:\t\t\t\t\nCorporate finance (CFG)\t1857\t1497\t24%\t\nStructured finance (SFG)\t362\t427\t(15\t%)\nFinancial institutions (FIG)\t530\t476\t11%\t\nPublic project and infrastructure finance (PPIF)\t496\t446\t11%\t\nTotal ratings revenue\t3245\t2846\t14%\t\nMIS Other\t47\t29\t62%\t\nTotal external revenue\t3292\t2875\t15%\t\nIntersegment royalty\t148\t134\t10%\t\nTotal\t3440\t3009\t14%\t\nExpenses:\t\t\t\t\nOperating and SG&A (external)\t1380\t1265\t(9\t%)\nOperating and SG&A (intersegment)\t7\t9\t22%\t\nRestructuring\t19\t31\t39%\t\nDepreciation and amortization\t70\t71\t1%\t\nTotal expense\t1476\t1376\t(7\t%)\nOperating income\t1964\t1633\t20%\t\nRestructuring\t19\t31\t39%\t\nDepreciation and amortization\t70\t71\t1%\t\nCaptive insurance company settlement\t0\t10\t100%\t\nAdjusted Operating Income\t2053\t1745\t18%\t\nOperating margin\t57.1%\t54.3%\t\t\nAdjusted Operating Margin\t59.7%\t58.0%\t\t\n", "q10k_tbl_27": "\tYear Ended December 31\t\t% Change Favorable (Unfavorable)\t\n\t2020\t2019\nRevenue:\t\t\t\t\nResearch data and analytics (RD&A)\t1514\t1273\t19%\t\nEnterprise risk solutions (ERS)\t565\t522\t8%\t\nProfessional services (PS)\t0\t159\t(100\t%)\nTotal external revenue\t2079\t1954\t6%\t\nIntersegment revenue\t7\t9\t(22\t%)\nTotal MA Revenue\t2086\t1963\t6%\t\nExpenses:\t\t\t\t\nOperating and SG&A (external)\t1324\t1289\t(3\t%)\nOperating and SG&A (intersegment)\t148\t134\t(10\t%)\nRestructuring\t31\t29\t(7\t%)\nDepreciation and amortization\t150\t129\t(16\t%)\nAcquisition-Related Expenses\t0\t3\t100%\t\nLoss pursuant to the divestiture of MAKS\t9\t14\t36%\t\nTotal expense\t1662\t1598\t(4\t%)\nOperating income\t424\t365\t16%\t\nRestructuring\t31\t29\t(7\t%)\nDepreciation and amortization\t150\t129\t(16\t%)\nAcquisition-Related Expenses\t0\t3\t100%\t\nLoss pursuant to the divestiture of MAKS\t9\t14\t36%\t\nCaptive insurance company settlement\t0\t6\t100%\t\nAdjusted Operating Income\t614\t546\t12%\t\nOperating margin\t20.3%\t18.6%\t\t\nAdjusted Operating Margin\t29.4%\t27.8%\t\t\n", "q10k_tbl_28": "\tYear Ended December 31\t\t Change Favorable (unfavorable)\n\t2020\t2019\t\nNet cash provided by operating activities\t2146\t1675\t471\nNet cash (used in) provided by investing activities\t(1077)\t36\t(1113)\nNet cash used in financing activities\t(351)\t(1563)\t1212\nFree Cash Flow (1)\t2043\t1606\t437\n", "q10k_tbl_29": "\t\tPayments Due by Period\t\t\t\n(in millions)\tTotal\tLess Than 1 Year\t1-3 Years\t3-5 Years\tOver 5 Years\nIndebtedness (1)\t9167\t192\t1373\t1492\t6110\nOperating lease obligations\t579\t110\t192\t160\t117\nPurchase obligations\t224\t108\t107\t9\t0\nPension obligations (2)\t149\t46\t22\t21\t60\nTotal (3)\t10119\t456\t1694\t1682\t6287\n", "q10k_tbl_30": "\tYear ended December 31\t\n\t2020\t2019\t\t\t\t\t\t\nOperating income\t2388\t1998\t\t\t\t\t\t\nAdjustments:\t\t\t\t\t\t\t\t\nRestructuring\t50\t60\t\t\t\t\t\t\nDepreciation and amortization\t220\t200\t\t\t\t\t\t\nAcquisition-Related Expenses\t0\t3\t\t\t\t\t\t\nLoss pursuant to the divestiture of MAKS\t9\t14\t\t\t\t\t\t\nCaptive insurance company settlement\t0\t16\t\t\t\t\t\t\nAdjusted Operating Income\t2667\t2291\t\t\t\t\t\t\nOperating margin\t44.5%\t41.4%\t\t\t\t\t\t\nAdjusted Operating Margin\t49.7%\t47.4%\t\t\t\t\t\t\n", "q10k_tbl_31": "\tYear ended December 31\t\t\t\nAmounts in millions\t2020\t\t2019\t\nNet income attributable to Moody's common shareholders\t\t1778\t\t1422\nPre-Tax Acquisition-Related Expenses\t0\t\t3\t\nTax on Acquisition-Related Expenses\t0\t\t0\t\nNet Acquisition-Related Expenses\t\t0\t\t3\nPre-Tax Acquisition-Related Intangible Amortization Expenses\t124\t\t103\t\nTax on Acquisition-Related Intangible Amortization Expenses\t(28)\t\t(24)\t\nNet Acquisition-Related Intangible Amortization Expenses\t\t96\t\t79\nPre-Tax Restructuring\t50\t\t60\t\nTax on Restructuring\t(12)\t\t(15)\t\nNet Restructuring\t\t38\t\t45\nPre-tax captive insurance company settlement\t0\t\t16\t\nTax on captive insurance company settlement\t0\t\t(4)\t\nNet captive insurance company settlement\t\t0\t\t12\nTax charge pursuant to the divestiture of MAKS\t\t0\t\t13\nLoss pursuant to the divestiture of MAKS\t\t9\t\t14\nAdjusted Net Income\t\t1921\t\t1588\n", "q10k_tbl_32": "\tYear ended December 31\t\t\t\n\t2020\t\t2019\t\t\t\t\t\t\t\nDiluted earnings per share attributable to Moody's common shareholders\t\t9.39\t\t7.42\t\t\t\t\t\t\t\t\t\t\t\t\nPre-Tax Acquisition-Related Expenses\t0\t\t0.02\t\t\t\t\t\t\t\t\t\t\t\t\t\nTax on Acquisition-Related Expenses\t0\t\t0\t\t\t\t\t\t\t\t\t\t\t\t\t\nNet Acquisition-Related Expenses\t\t0\t\t0.02\t\t\t\t\t\t\t\t\t\t\t\t\nPre-Tax Acquisition-Related Intangible Amortization Expenses\t0.66\t\t0.54\t\t\t\t\t\t\t\t\t\t\t\t\t\nTax on Acquisition-Related Intangible Amortization Expenses\t(0.15)\t\t(0.12)\t\t\t\t\t\t\t\t\t\t\t\t\t\nNet Acquisition-Related Intangible Amortization Expenses\t\t0.51\t\t0.42\t\t\t\t\t\t\t\t\t\t\t\t\nPre-Tax Restructuring\t0.26\t\t0.31\t\t\t\t\t\t\t\t\t\t\t\t\t\nTax on Restructuring\t(0.06)\t\t(0.08)\t\t\t\t\t\t\t\t\t\t\t\t\t\nNet Restructuring\t\t0.20\t\t0.23\t\t\t\t\t\t\t\t\t\t\t\t\nPre-tax captive insurance company settlement\t0\t\t0.08\t\t\t\t\t\t\t\t\t\t\t\t\t\nTax on captive insurance company settlement\t0\t\t(0.02)\t\t\t\t\t\t\t\t\t\t\t\t\t\nNet captive insurance company settlement\t\t0\t\t0.06\t\t\t\t\t\t\t\t\t\t\t\t\nTax charge pursuant to the divestiture of MAKS\t\t0\t\t0.07\t\t\t\t\t\t\t\t\t\t\t\t\nLoss pursuant to the divestiture of MAKS\t\t0.05\t\t0.07\t\t\t\t\t\t\t\t\t\t\t\t\nAdjusted Diluted EPS\t\t10.15\t\t8.29\t\t\t\t\t\t\t\t\t\t\t\t\n", "q10k_tbl_33": "\tYear ended December 31\t\n\t2020\t2019\t\t\t\t\t\t\nNet cash provided by operating activities\t2146\t1675\t\t\t\t\t\t\nCapital additions\t(103)\t(69)\t\t\t\t\t\t\nFree Cash Flow\t2043\t1606\t\t\t\t\t\t\nNet cash (used in) provided by investing activities\t(1077)\t36\t\t\t\t\t\t\nNet cash used in financing activities\t(351)\t(1563)\t\t\t\t\t\t\n", "q10k_tbl_34": "Acquisition\tAcquisition Date\tPeriod excluded to determine organic revenue growth\nRiskFirst\tJuly 25 2019\tJanuary 1 2020 - July 24 2020\nABS Suite\tOctober 1 2019\tJanuary 1 2020 - September 30 2020\nRegulatory DataCorp\tFebruary 13 2020\tFebruary 13 2020 - December 31 2020\nAcquire Media\tOctober 21 2020\tOctober 21 2020 - December 31 2020\nDivestiture\tDivestiture Date\t\nMAKS\tNovember 7 2019\tJanuary 1 2019 - November 7 2019\n", "q10k_tbl_35": "\tYear Ended December 31\t\t\t\nAmounts in millions\t2020\t2019\tChange\tGrowth\nMA revenue\t2079\t1954\t125\t6%\nRiskFirst\t(12)\t0\t(12)\t\nABS Suite\t(6)\t0\t(6)\t\nRegulatory Data Corp\t(52)\t0\t(52)\t\nAcquire Media\t(2)\t0\t(2)\t\nMAKS\t0\t(94)\t94\t\nOrganic MA revenue\t2007\t1860\t147\t8%\n\tYear Ended December 31\t\t\t\nAmounts in millions\t2020\t2019\tChange\tGrowth\nRD&A revenue\t1514\t1273\t241\t19%\nABS Suite\t(6)\t0\t(6)\t\nRegulatory Data Corp\t(52)\t0\t(52)\t\nAcquire Media\t(2)\t0\t(2)\t\nMALS\t(56)\t0\t(56)\t\nOrganic RD&A revenue\t1398\t1273\t125\t10%\n\tYear Ended December 31\t\t\t\nAmounts in millions\t2020\t2019\tChange\tGrowth\nERS revenue\t565\t522\t43\t8%\nRiskFirst revenue\t(12)\t0\t(12)\t\nOrganic ERS revenue\t553\t522\t31\t6%\n", "q10k_tbl_36": "\tPage(s)\nManagement's Report on Internal Control Over Financial Reporting\t74\nReport of Independent Registered Public Accounting Firm\t75-76\nConsolidated Financial Statements:\t\nConsolidated Statements of Operations\t77\nConsolidated Statements of Comprehensive Income\t78\nConsolidated Balance Sheets\t79\nConsolidated Statements of Cash Flows\t80\nConsolidated Statements of Shareholders' Equity (Deficit)\t81-83\nNotes to Consolidated Financial Statements\t84-130\n", "q10k_tbl_37": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nRevenue\t5371\t4829\t4443\nExpenses\t\t\t\nOperating\t1475\t1387\t1246\nSelling general and administrative\t1229\t1167\t1080\nRestructuring\t50\t60\t49\nDepreciation and amortization\t220\t200\t192\nAcquisition-Related Expenses\t0\t3\t8\nLoss pursuant to the divestiture of MAKS\t9\t14\t0\nTotal expenses\t2983\t2831\t2575\nOperating income\t2388\t1998\t1868\nNon-operating (expense) income net\t\t\t\nInterest expense net\t(205)\t(208)\t(215)\nOther non-operating income net\t46\t20\t19\nNon-operating (expense) income net\t(159)\t(188)\t(196)\nIncome before provision for income taxes\t2229\t1810\t1672\nProvision for income taxes\t452\t381\t352\nNet income\t1777\t1429\t1320\nLess: Net (loss) income attributable to noncontrolling interests\t(1)\t7\t10\nNet income attributable to Moody's\t1778\t1422\t1310\nEarnings per share\t\t\t\nBasic\t9.48\t7.51\t6.84\nDiluted\t9.39\t7.42\t6.74\nWeighted average shares outstanding\t\t\t\nBasic\t187.6\t189.3\t191.6\nDiluted\t189.3\t191.6\t194.4\n", "q10k_tbl_38": "\tYear Ended December 31 2020\t\t\tYear Ended December 31 2019\t\t\tYear Ended December 31 2018\t\t\n\tPre-tax amounts\tTax amounts\tAfter-tax amounts\tPre-tax amounts\tTax amounts\tAfter-tax amounts\tPre-tax amounts\tTax amounts\tAfter-tax amounts\nNet Income\t\t\t1777\t\t\t1429\t\t\t1320\nOther Comprehensive Income (Loss):\t\t\t\t\t\t\t\t\t\nForeign Currency Adjustments:\t\t\t\t\t\t\t\t\t\nForeign currency translation adjustments net\t361\t(13)\t348\t(22)\t(1)\t(23)\t(315)\t0\t(315)\nForeign currency translation adjustments - reclassification of losses included in net income\t0\t0\t0\t32\t0\t32\t0\t0\t0\nNet (losses) gains on net investment hedges\t(364)\t91\t(273)\t35\t(9)\t26\t41\t(7)\t34\nNet investment hedges - reclassification of gains included in net income\t(1)\t0\t(1)\t(3)\t1\t(2)\t0\t0\t0\nCash Flow Hedges:\t\t\t\t\t\t\t\t\t\nNet losses on cash flow hedges\t(68)\t17\t(51)\t0\t0\t0\t(1)\t0\t(1)\nReclassification of losses included in net income\t3\t(1)\t2\t0\t0\t0\t0\t0\t0\nPension and Other Retirement Benefits:\t\t\t\t\t\t\t\t\t\nAmortization of actuarial losses/prior service costs and settlement charge included in net income\t8\t(2)\t6\t3\t(1)\t2\t5\t(1)\t4\nNet actuarial (losses) gains and prior service costs\t(42)\t10\t(32)\t(32)\t8\t(24)\t6\t(2)\t4\nTotal Other Comprehensive (Loss) Income\t(103)\t102\t(1)\t13\t(2)\t11\t(264)\t(10)\t(274)\nComprehensive Income\t\t\t1776\t\t\t1440\t\t\t1046\nLess: comprehensive (loss) income attributable to noncontrolling interests\t\t\t(8)\t\t\t11\t\t\t(12)\nComprehensive Income Attributable to Moody's\t\t\t1784\t\t\t1429\t\t\t1058\n", "q10k_tbl_39": "\tDecember 31\t\n\t2020\t2019\nASSETS\t\t\nCurrent assets:\t\t\nCash and cash equivalents\t2597\t1832\nShort-term investments\t99\t98\nAccounts receivable net of allowances for credit losses of $34 in 2020 and $20 in 2019\t1430\t1419\nOther current assets\t383\t330\nTotal current assets\t4509\t3679\nProperty and equipment net\t278\t292\nOperating lease right-of-use assets\t393\t456\nGoodwill\t4556\t3722\nIntangible assets net\t1824\t1498\nDeferred tax assets net\t334\t229\nOther assets\t515\t389\nTotal assets\t12409\t10265\nLIABILITIES REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS' EQUITY\t\t\nCurrent liabilities:\t\t\nAccounts payable and accrued liabilities\t1039\t773\nCurrent portion of operating lease liabilities\t94\t89\nDeferred revenue\t1089\t1050\nTotal current liabilities\t2222\t1912\nNon-current portion of deferred revenue\t98\t112\nLong-term debt\t6422\t5581\nDeferred tax liabilities net\t404\t357\nUncertain tax positions\t483\t477\nOperating lease liabilities\t427\t485\nOther liabilities\t590\t504\nTotal liabilities\t10646\t9428\nContingencies (Note 21)\t\t\nRedeemable noncontrolling interest\t0\t6\nShareholders' equity:\t\t\nPreferred stock par value $.01 per share; 10000000 shares authorized; no shares issued and outstanding\t0\t0\nSeries common stock par value $.01 per share; 10000000 shares authorized; no shares issued and outstanding\t0\t0\nCommon stock par value $.01 per share; 1000000000 shares authorized; 342902272 shares issued at December 31 2020 and December 31 2019 respectively.\t3\t3\nCapital surplus\t735\t642\nRetained earnings\t11011\t9656\nTreasury stock at cost; 155808563 and 155215143 shares of common stock at December 31 2020 and December 31 2019 respectively\t(9748)\t(9250)\nAccumulated other comprehensive loss\t(432)\t(439)\nTotal Moody's shareholders' equity\t1569\t612\nNoncontrolling interests\t194\t219\nTotal shareholders' equity\t1763\t831\nTotal liabilities redeemable noncontrolling interest and shareholders' equity\t12409\t10265\n", "q10k_tbl_40": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nCash flows from operating activities\t\t\t\nNet income\t1777\t1429\t1320\nReconciliation of net income to net cash provided by operating activities:\t\t\t\nDepreciation and amortization\t220\t200\t192\nStock-based compensation\t154\t136\t130\nDeferred income taxes\t(44)\t(38)\t(99)\nPrepayment penalty relating to early redemption of debt\t24\t12\t0\nSettlement of treasury rate lock\t(68)\t0\t0\nROU Asset impairment & other non-cash restructuring/impairment charges\t36\t38\t0\nLoss pursuant to the divestiture of MAKS\t9\t14\t0\nChanges in assets and liabilities:\t\t\t\nAccounts receivable\t31\t(134)\t(136)\nOther current assets\t(38)\t(88)\t(9)\nOther assets\t(49)\t(69)\t(17)\nLease obligations\t(10)\t(16)\t0\nAccounts payable and accrued liabilities\t247\t65\t(99)\nDeferred revenue\t(29)\t76\t139\nUnrecognized tax positions and other non-current tax liabilities\t(12)\t8\t59\nOther liabilities\t(102)\t42\t(19)\nNet cash provided by operating activities\t2146\t1675\t1461\nCash flows from investing activities\t\t\t\nCapital additions\t(103)\t(69)\t(91)\nPurchases of investments\t(181)\t(138)\t(193)\nSales and maturities of investments\t104\t174\t161\nCash received upon disposal of a business net of cash transferred to purchaser\t0\t226\t6\nCash paid for acquisitions net of cash acquired\t(897)\t(162)\t(289)\nReceipts from settlements of net investment hedges\t2\t12\t0\nPayments for settlements of net investment hedges\t(2)\t(7)\t0\nNet cash (used in) provided by investing activities\t(1077)\t36\t(406)\nCash flows from financing activities\t\t\t\nIssuance of notes\t1491\t824\t1090\nRepayment of notes\t(800)\t(950)\t(800)\nIssuance of commercial paper\t789\t1317\t989\nRepayment of commercial paper\t(792)\t(1320)\t(1120)\nProceeds from stock-based compensation plans\t51\t45\t47\nRepurchase of shares related to stock-based compensation\t(104)\t(77)\t(62)\nTreasury shares\t(503)\t(991)\t(203)\nDividends\t(420)\t(378)\t(337)\nDividends to noncontrolling interests\t(1)\t(3)\t(5)\nPayment for noncontrolling interest\t(23)\t(12)\t0\nDebt issuance costs extinguishment costs and related fees\t(39)\t(18)\t(11)\nNet cash used in financing activities\t(351)\t(1563)\t(412)\nEffect of exchange rate changes on cash and cash equivalents\t47\t(1)\t(30)\nIncrease in cash and cash equivalents\t765\t147\t613\nCash and cash equivalents beginning of period\t1832\t1685\t1072\nCash and cash equivalents end of period\t2597\t1832\t1685\n", "q10k_tbl_41": "\tShareholders of Moody's Corporation\t\t\t\t\t\t\t\t\t\n\tCommon Stock\t\t\t\tTreasury Stock\t\tAccumulated Other Comprehensive Loss\tTotal Moody's Shareholders' (Deficit) Equity\tNon- Controlling Interests\tTotal Shareholders' (Deficit) Equity\n\tShares\tAmount\tCapital Surplus\tRetained Earnings\tShares\tAmount\t\t\nBalance at December 31 2017\t342.9\t3\t529\t7465\t(151.9)\t(8153)\t(172)\t(328)\t213\t(115)\nNet income\t\t\t\t1310\t\t\t\t1310\t10\t1320\nDividends ($1.76 per share)\t\t\t\t(339)\t\t\t\t(339)\t(4)\t(343)\nAdoption of Revenue Accounting Standard\t\t\t\t156\t\t\t\t156\t\t156\nAdoption of ASU 2016-01\t\t\t\t2\t\t\t(2)\t0\t\t0\nStock-based compensation\t\t\t131\t\t\t\t\t131\t\t131\nShares issued for stock-based compensation plans at average cost net\t\t\t(59)\t\t1.5\t43\t\t(16)\t\t(16)\nTreasury shares repurchased\t\t\t\t\t(1.2)\t(203)\t\t(203)\t\t(203)\nCurrency translation adjustment net of net investment hedge activity (net of tax of $7 million)\t\t\t\t\t\t\t(259)\t(259)\t(22)\t(281)\nNet actuarial gains and prior service cost (net of tax of $2 million)\t\t\t\t\t\t\t4\t4\t\t4\nAmortization of prior service costs and actuarial losses (net of tax of $1 million)\t\t\t\t\t\t\t4\t4\t\t4\nNet realized and unrealized gain on cash flow hedges (net of tax of $1 million)\t\t\t\t\t\t\t(1)\t(1)\t\t(1)\nBalance at December 31 2018\t342.9\t3\t601\t8594\t(151.6)\t(8313)\t(426)\t459\t197\t656\n", "q10k_tbl_42": "\tShareholders of Moody's Corporation\t\t\t\t\t\t\t\t\t\n\tCommon Stock\t\t\t\tTreasury Stock\t\tAccumulated Other Comprehensive Loss\tTotal Moody's Shareholders' Equity\tNon- Controlling Interests\tTotal Shareholders' Equity\n\tShares\tAmount\tCapital Surplus\tRetained Earnings\tShares\tAmount\t\t\nBalance at December 31 2018\t342.9\t3\t601\t8594\t(151.6)\t(8313)\t(426)\t459\t197\t656\nNet income\t\t\t\t1422\t\t\t\t1422\t7\t1429\nDividends ($2.00 per share)\t\t\t\t(380)\t\t\t\t(380)\t(3)\t(383)\nAdoption of ASU 2018-02 relating to the Tax Act\t\t\t\t20\t\t\t(20)\t0\t\t0\nStock-based compensation\t\t\t136\t\t\t\t\t136\t\t136\nShares issued for stock-based compensation plans at average cost net\t\t\t(70)\t\t1.6\t38\t\t(32)\t\t(32)\nPurchase of noncontrolling interest\t\t\t(9)\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\t0\t17\t17\nTreasury shares repurchased\t\t\t(16)\t\t(5.2)\t(975)\t\t(991)\t\t(991)\nCurrency translation adjustment net of net investment hedge activity (net of tax of $9 million)\t\t\t\t\t\t\t29\t29\t4\t33\nNet actuarial losses and prior service cost (net of tax of $8 million)\t\t\t\t\t\t\t(24)\t(24)\t\t(24)\nAmortization of prior service costs and actuarial losses (net of tax of $1 million)\t\t\t\t\t\t\t2\t2\t\t2\nBalance at December 31 2019\t342.9\t3\t642\t9656\t(155.2)\t(9250)\t(439)\t612\t219\t831\n", "q10k_tbl_43": "\tShareholders of Moody's Corporation\t\t\t\t\t\t\t\t\t\n\tCommon Stock\t\t\t\tTreasury Stock\t\tAccumulated Other Comprehensive Loss\tTotal Moody's Shareholders' Equity\tNon- Controlling Interests\tTotal Shareholders' Equity\n\tShares\tAmount\tCapital Surplus\tRetained Earnings\tShares\tAmount\t\t\nBalance at December 31 2019\t342.9\t3\t642\t9656\t(155.2)\t(9250)\t(439)\t612\t219\t831\nNet income\t\t\t\t1778\t\t\t\t1778\t0\t1778\nDividends ($2.24 per share)\t\t\t\t(421)\t\t\t\t(421)\t(3)\t(424)\nAdoption of New Credit Losses Accounting Standard\t\t\t\t(2)\t\t\t\t(2)\t\t(2)\nStock-based compensation\t\t\t154\t\t\t\t\t154\t\t154\nShares issued for stock-based compensation plans at average cost net\t\t\t(58)\t\t1.4\t5\t\t(53)\t\t(53)\nPurchase of noncontrolling interest\t\t\t(3)\t\t\t\t\t(3)\t(14)\t(17)\nTreasury shares repurchased\t\t\t0\t\t(2.0)\t(503)\t\t(503)\t\t(503)\nCurrency translation adjustment net of net investment hedge activity (net of tax of $78 million)\t\t\t\t\t\t\t82\t82\t(8)\t74\nNet actuarial losses and prior service cost (net of tax of $10 million)\t\t\t\t\t\t\t(32)\t(32)\t\t(32)\nAmortization of prior service costs and actuarial losses (net of tax of $2 million)\t\t\t\t\t\t\t6\t6\t\t6\nNet realized and unrealized loss on cash flow hedges (net of tax of $16 million)\t\t\t\t\t\t\t(49)\t(49)\t\t(49)\nBalance at December 31 2020\t342.9\t3\t735\t11011\t(155.8)\t(9748)\t(432)\t1569\t194\t1763\n", "q10k_tbl_44": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nMIS:\t\t\t\nCorporate finance (CFG)\t\t\t\nInvestment-grade\t636\t379\t271\nHigh-yield\t352\t258\t175\nBank loans\t287\t313\t379\nOther accounts (CFG) (1)\t582\t547\t554\nTotal CFG\t1857\t1497\t1379\nStructured finance (SFG)\t\t\t\nAsset-backed securities\t98\t99\t107\nRMBS\t96\t95\t98\nCMBS\t61\t81\t78\nStructured credit\t105\t148\t196\nOther accounts (SFG)\t2\t4\t2\nTotal SFG\t362\t427\t481\nFinancial institutions (FIG)\t\t\t\nBanking\t355\t320\t290\nInsurance\t137\t119\t114\nManaged investments\t28\t25\t25\nOther accounts (FIG)\t10\t12\t13\nTotal FIG\t530\t476\t442\nPublic project and infrastructure finance (PPIF)\t\t\t\nPublic finance / sovereign\t250\t222\t185\nProject and infrastructure\t246\t224\t206\nTotal PPIF\t496\t446\t391\nTotal ratings revenue\t3245\t2846\t2693\nMIS Other\t47\t29\t19\nTotal external revenue\t3292\t2875\t2712\nIntersegment royalty\t148\t134\t124\nTotal MIS\t3440\t3009\t2836\nMA:\t\t\t\nResearch data and analytics (RD&A)\t1514\t1273\t1121\nEnterprise risk solutions (ERS)\t565\t522\t451\nProfessional services (PS)(2)\t0\t159\t159\nTotal external revenue\t2079\t1954\t1731\nIntersegment revenue\t7\t9\t12\nTotal MA\t2086\t1963\t1743\nEliminations\t(155)\t(143)\t(136)\nTotal MCO\t5371\t4829\t4443\n", "q10k_tbl_45": "\tYear Ended December 31 2020\t\t\tYear Ended December 31 2019\t\t\tYear Ended December 31 2018\t\t\n\tU.S.\tNon-U.S.\tTotal\tU.S.\tNon-U.S.\tTotal\tU.S.\tNon-U.S.\tTotal\nMIS:\t\t\t\t\t\t\t\t\t\nCorporate finance\t1291\t566\t1857\t968\t529\t1497\t894\t485\t1379\nStructured finance\t214\t148\t362\t270\t157\t427\t301\t180\t481\nFinancial institutions\t250\t280\t530\t200\t276\t476\t194\t248\t442\nPublic project and infrastructure finance\t311\t185\t496\t282\t164\t446\t229\t162\t391\nTotal ratings revenue\t2066\t1179\t3245\t1720\t1126\t2846\t1618\t1075\t2693\nMIS Other\t2\t45\t47\t1\t28\t29\t1\t18\t19\nTotal MIS\t2068\t1224\t3292\t1721\t1154\t2875\t1619\t1093\t2712\nMA:\t\t\t\t\t\t\t\t\t\nResearch data and analytics\t668\t846\t1514\t558\t715\t1273\t481\t640\t1121\nEnterprise risk solutions\t219\t346\t565\t201\t321\t522\t170\t281\t451\nProfessional services (PS)(1)\t0\t0\t0\t64\t95\t159\t60\t99\t159\nTotal MA\t887\t1192\t2079\t823\t1131\t1954\t711\t1020\t1731\nTotal MCO\t2955\t2416\t5371\t2544\t2285\t4829\t2330\t2113\t4443\n", "q10k_tbl_46": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nMIS:\t\t\t\nU.S.\t2068\t1721\t1619\nNon-U.S.:\t\t\t\nEMEA\t727\t686\t669\nAsia-Pacific\t345\t320\t300\nAmericas\t152\t148\t124\nTotal Non-U.S.\t1224\t1154\t1093\nTotal MIS\t3292\t2875\t2712\nMA:\t\t\t\nU.S.\t887\t823\t711\nNon-U.S.:\t\t\t\nEMEA\t818\t760\t708\nAsia-Pacific\t226\t231\t193\nAmericas\t148\t140\t119\nTotal Non-U.S.\t1192\t1131\t1020\nTotal MA\t2079\t1954\t1731\nTotal MCO\t5371\t4829\t4443\n", "q10k_tbl_47": "\tYear Ended December 31\t\t\t\t\t\t\t\t\n\t2020\t\t\t2019\t\t\t2018\t\t\n\tTransaction\tRelationship\tTotal\tTransaction\tRelationship\tTotal\tTransaction\tRelationship\tTotal\nCorporate Finance\t1401\t456\t1857\t1057\t440\t1497\t949\t430\t1379\n\t75%\t25%\t100%\t71%\t29%\t100%\t69%\t31%\t100%\nStructured Finance\t175\t187\t362\t246\t181\t427\t310\t171\t481\n\t48%\t52%\t100%\t58%\t42%\t100%\t64%\t36%\t100%\nFinancial Institutions\t265\t265\t530\t212\t264\t476\t187\t255\t442\n\t50%\t50%\t100%\t45%\t55%\t100%\t42%\t58%\t100%\nPublic Project and Infrastructure Finance\t337\t159\t496\t292\t154\t446\t238\t153\t391\n\t68%\t32%\t100%\t65%\t35%\t100%\t61%\t39%\t100%\nMIS Other\t4\t43\t47\t2\t27\t29\t2\t17\t19\n\t9%\t91%\t100%\t7%\t93%\t100%\t11%\t89%\t100%\nTotal MIS\t2182\t1110\t3292\t1809\t1066\t2875\t1686\t1026\t2712\n\t66%\t34%\t100%\t63%\t37%\t100%\t62%\t38%\t100%\nResearch data and analytics\t74\t1440\t1514\t16\t1257\t1273\t18\t1103\t1121\n\t5%\t95%\t100%\t1%\t99%\t100%\t2%\t98%\t100%\nEnterprise risk solutions\t118\t447\t565\t118\t404\t522\t99\t352\t451\n\t21%\t79%\t100%\t23%\t77%\t100%\t22%\t78%\t100%\nProfessional services(1)\t0\t0\t0\t159\t0\t159\t159\t0\t159\n\t-%\t-%\t-%\t100%\t-%\t100%\t100%\t-%\t100%\nTotal MA\t192\t1887\t2079\t293\t1661\t1954\t276\t1455\t1731\n\t9%\t91%\t100%\t15%\t85%\t100%\t16%\t84%\t100%\nTotal Moody's Corporation\t2374\t2997\t5371\t2102\t2727\t4829\t1962\t2481\t4443\n\t44%\t56%\t100%\t44%\t56%\t100%\t44%\t56%\t100%\n", "q10k_tbl_48": "\tYear Ended December 31 2020\t\t\tYear Ended December 31 2019\t\t\tYear Ended December 31 2018\t\t\n\tMIS\tMA\tTotal\tMIS\tMA\tTotal\tMIS\tMA\tTotal\nRevenue recognized at a point in time\t2182\t121\t2303\t1809\t132\t1941\t1686\t99\t1785\nRevenue recognized over time\t1110\t1958\t3068\t1066\t1822\t2888\t1026\t1632\t2658\nTotal\t3292\t2079\t5371\t2875\t1954\t4829\t2712\t1731\t4443\n", "q10k_tbl_49": "\tYear Ended December 31 2020\t\t\n\tMIS\tMA\tTotal\nBalance at December 31 2019\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(229)\t(800)\t(1029)\nIncreases due to amounts billable excluding amounts recognized as revenue during the period\t215\t792\t1007\nIncreases due to acquisitions during the period\t0\t24\t24\nEffect of exchange rate changes\t5\t18\t23\nTotal changes in deferred revenue\t(9)\t34\t25\nBalance at December 31 2020\t313\t874\t1187\nDeferred revenue - current\t216\t873\t1089\nDeferred revenue - noncurrent\t97\t1\t98\n", "q10k_tbl_50": "\tYear Ended December 31 2019\t\t\n\tMIS\tMA\tTotal\nBalance at December 31 2018\t325\t750\t1075\nChanges in deferred revenue\t\t\t\nRevenue recognized that was included in the deferred revenue balance at the beginning of the period\t(209)\t(714)\t(923)\nIncreases due to amounts billable excluding amounts recognized as revenue during the period\t202\t789\t991\nIncreases due to acquisitions during the period\t3\t6\t9\nEffect of exchange rate changes\t1\t9\t10\nTotal changes in deferred revenue\t(3)\t90\t87\nBalance at December 31 2019\t322\t840\t1162\nDeferred revenue-current\t214\t836\t1050\nDeferred revenue-noncurrent\t108\t4\t112\n", "q10k_tbl_51": "\tYear Ended December 31 2018\t\t\n\tMIS\tMA\tTotal\nBalance at January 1 2018 (after New Revenue Accounting Standard transition adjustment)\t334\t612\t946\nChanges in deferred revenue\t\t\t\nRevenue recognized that was included in the deferred revenue balance at the beginning of the period\t(218)\t(590)\t(808)\nIncreases due to amounts billable excluding amounts recognized as revenue during the period\t216\t730\t946\nIncreases due to acquisitions during the period\t0\t16\t16\nEffect of exchange rate changes\t(7)\t(18)\t(25)\nTotal changes in deferred revenue\t(9)\t138\t129\nBalance at December 31 2018\t325\t750\t1075\nDeferred revenue-current\t207\t746\t953\nDeferred revenue-noncurrent\t118\t4\t122\n", "q10k_tbl_52": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nBasic\t187.6\t189.3\t191.6\nDilutive effect of shares issuable under stock-based compensation plans\t1.7\t2.3\t2.8\nDiluted\t189.3\t191.6\t194.4\nAntidilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above\t0.2\t0.2\t0.4\n", "q10k_tbl_53": "\tAs of December 31 2020\t\t\t\t\t\n\tCost\tGross Unrealized Gains\tFair Value\tBalance sheet location\t\t\n\tCash and cash equivalents\tShort-term investments\tOther assets\nCertificates of deposit and money market deposit accounts (1)\t1430\t0\t1430\t1325\t99\t6\nMutual funds\t54\t6\t60\t0\t0\t60\n", "q10k_tbl_54": "\tAs of December 31 2019\t\t\t\t\t\n\tCost\tGross Unrealized Gains\tFair Value\tBalance sheet location\t\t\n\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_55": "\tNature of Swap\tNotional Amount As of December 31\t\tFloating Interest Rate\nHedged Item\t2020\t2019\n2012 Senior Notes due 2022\tPay Floating/Receive Fixed\t330\t330\t3-month LIBOR\n2017 Senior Notes due 2021 (1)\tPay Floating/Receive Fixed\t0\t500\t3-month LIBOR\n2017 Senior Notes due 2023\tPay Floating/Receive Fixed\t250\t250\t3-month LIBOR\n2017 Senior Notes due 2028 (2)\tPay Floating/Receive Fixed\t500\t0\t3-month LIBOR\n2020 Senior Notes due 2025 (3)\tPay Floating/Receive Fixed\t300\t0\t6-month LIBOR\nTotal\t\t1380\t1080\t\n", "q10k_tbl_56": "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 Recognized in the Consolidated Statements of Operations\t\t\t\n\tYear Ended December 31\t\t\t\t\n\t2020\t\t2019\t\t2018\nInterest expense net\t\t\t\t(205)\t\t(208)\t(215)\nDescriptions\t\tLocation on Consolidated Statements of Operations\t\t\t\t\t\nNet interest settlements and accruals on interest rate swaps\t\tInterest expense net\t\t19\t\t3\t(2)\nFair value changes on interest rate swaps\t\tInterest expense net\t\t47\t\t25\t2\nFair value changes on hedged debt\t\tInterest expense net\t\t(47)\t\t(25)\t(2)\n", "q10k_tbl_57": "December 31 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_58": "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_59": "Year Ending December 31\t\t\n2021\t€\t265\n2022\t€\t438\n2023\t€\t442\n2024\t€\t443\n2026\t€\t450\nTotal\t€\t2038\n", "q10k_tbl_60": "\tDecember 31 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€\t524\t627\t0\t0\nContract to sell GBP for EUR\t£\t134\t€ 148\t0\t0\n", "q10k_tbl_61": "\tAmount of Gain/(Loss) Recognized in AOCI on Derivative net of Tax\t\t\t\t\t\tAmount of Gain/(Loss) Reclassified from AOCI into Income net of tax\t\t\t\t\t\tGain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)\t\t\t\t\nDerivative and Non-Derivative Instruments in Net Investment Hedging Relationships\tYear Ended December 31\t\t\t\t\t\tYear Ended December 31\t\t\t\t\t\tYear Ended December 31\t\t\t\t\n2020\t\t2019\t\t2018\t\t2020\t\t2019\t\t2018\t\t2020\t\t2019\t\t2018\t\nFX forward contracts\t(14)\t\t4\t\t0\t\t0\t\t2\t\t0\t\t0\t\t0\t\t0\nCross currency swaps\t(165)\t\t29\t\t12\t\t0\t\t0\t\t0\t\t50\t\t52\t\t11\nLong-term debt\t(95)\t\t(7)\t(1)\t22\t\t0\t\t0\t\t0\t\t0\t\t0\t\t0\nTotal net investment hedges\t(274)\t\t26\t\t34\t\t0\t\t2\t\t0\t\t50\t\t52\t\t11\nDerivatives in Cash Flow Hedging Relationships\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\nCross currency swap\t0\t\t0\t\t2\t\t0\t\t0\t\t0\t\t0\t\t0\t\t0\nInterest rate contracts\t(51)\t\t0\t\t(2)\t\t(2)\t\t0\t\t0\t\t0\t\t0\t\t0\nTotal cash flow hedges\t(51)\t\t0\t\t0\t\t(2)\t\t0\t\t0\t\t0\t\t0\t\t0\nTotal\t(325)\t\t26\t\t34\t\t(2)\t\t2\t\t0\t\t50\t\t52\t\t11\n", "q10k_tbl_62": "\tCumulative Gains/(Losses) net of tax\t\n\tDecember 31 2020\tDecember 31 2019\nNet investment hedges\t\t\nCross currency swaps\t(124)\t41\nFX forwards\t12\t26\nLong-term debt\t(108)\t(13)\nTotal net investment hedges\t(220)\t54\nCash flow hedges\t\t\nInterest Rate Contract\t(51)\t(2)\nCross-currency swap\t2\t2\nTotal cash flow hedges\t(49)\t0\nTotal net (loss) gain in AOCI\t(269)\t54\n", "q10k_tbl_63": "\tDecember 31 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\t295\t\t£\t222\t235\t\t£\t178\nContracts to sell USD for Japanese Yen\t15\t\t¥\t1600\t29\t\t¥\t3200\nContracts to sell USD for Canadian dollars\t107\t\tC$\t140\t83\t\tC$\t110\nContracts to sell USD for Singapore dollars\t59\t\tS$\t79\t41\t\tS$\t56\nContracts to sell USD for Euros\t447\t\t€\t376\t421\t\t€\t378\nContracts to sell Euros for GBP\t€\t135\t£\t121\t€\t25\t£\t21\nContracts to sell USD for Russian Ruble\t13\t\t₽\t1000\t0\t\t₽\t0\nContracts to sell USD for Indian Rupee\t18\t\t₹\t1350\t0\t\t₹\t0\n", "q10k_tbl_64": "\t\tYear Ended December 31\t\t\nDerivatives Not Designated as Accounting Hedges\tLocation on Statement of Operations\t2020\t2019\t2018\nFX forwards\tOther non-operating expense net\t41\t(11)\t(52)\n", "q10k_tbl_65": "\tDerivative and Non-derivative Instruments\t\t\n\tBalance Sheet Location\tDecember 31 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\t0\t56\nInterest rate swaps designated as fair value hedges\tOther assets\t57\t27\nTotal derivatives designated as accounting hedges\t\t57\t83\nDerivatives not designated as accounting hedges:\t\t\t\nFX forwards on certain assets and liabilities\tOther current assets\t31\t9\nTotal assets\t\t88\t92\nLiabilities:\t\t\t\nDerivatives designated as accounting hedges:\t\t\t\nFX forwards designated as net investment hedges\tAccounts payable and accrued liabilities\t16\t0\nCross-currency swaps designated as net investment hedges\tAccounts payable and accrued liabilities\t23\t0\nCross-currency swaps designated as net investment hedges\tOther liabilities\t144\t0\nInterest rate swaps\tOther liabilities\t1\t0\nTotal derivatives designated as accounting hedges\t\t184\t0\nNon-derivative instrument designated as accounting hedge:\t\t\t\nLong-term debt designated as net investment hedge\tLong-term debt\t1530\t1403\nDerivatives not designated as accounting hedges:\t\t\t\nFX forwards on certain assets and liabilities\tAccounts payable and accrued liabilities\t2\t0\nTotal liabilities\t\t1716\t1403\n", "q10k_tbl_66": "\tDecember 31\n\t2020\t2019\t\t\nOffice and computer equipment (3 - 10 year estimated useful life)\t260\t221\t\t\nOffice furniture and fixtures (3 - 10 year estimated useful life)\t49\t51\t\t\nInternal-use computer software (1 - 10 year estimated useful life)\t666\t619\t\t\nLeasehold improvements and building (1 - 21 year estimated useful life)\t231\t240\t\t\nTotal property and equipment at cost\t1206\t1131\t\t\nLess: accumulated depreciation and amortization\t(928)\t(839)\t\t\nTotal property and equipment net\t278\t292\t\t\n", "q10k_tbl_67": "(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_68": "(Amounts in millions)\t\t\nCurrent assets\t\t32\nProperty and equipment\t\t4\nIntangible assets:\t\t\nCustomer relationships (14 year weighted average life)\t77\t\nDatabase (5 year weighted average life)\t13\t\nProduct technology (7 year weighted average life)\t10\t\nTrade name (10 year weighted average life)\t4\t\nTotal intangible assets (12 year weighted average life)\t\t104\nGoodwill\t\t183\nDeferred tax assets\t\t13\nLiabilities:\t\t\nDeferred revenue\t(14)\t\nAccounts payable and accrued liabilities\t(20)\t\nDeferred tax liabilities\t(24)\t\nTotal liabilities\t\t(58)\nNet assets acquired\t\t278\n", "q10k_tbl_69": "(Amounts in millions)\t\t\nCurrent assets\t\t5\nIntangible assets:\t\t\nCustomer relationships (18 year weighted average life)\t47\t\nProduct technology (8 year weighted average life)\t23\t\nDatabase (10 year weighted average life)\t8\t\nTrade name (14 year weighted average life)\t4\t\nTotal intangible assets (14 year weighted average life)\t\t82\nGoodwill\t\t131\nOther assets\t\t3\nTotal assets acquired\t\t221\nCurrent liabilities\t\t8\nLong-term liabilities\t\t8\nTotal liabilities assumed\t\t16\nNet assets acquired\t\t205\n", "q10k_tbl_70": "\tYear Ended December 31 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)\t628\t0\t628\t626\t0\t626\nForeign currency translation adjustments\t(2)\t0\t(2)\t210\t0\t210\t208\t0\t208\nEnding Balance\t311\t0\t311\t4257\t(12)\t4245\t4568\t(12)\t4556\n", "q10k_tbl_71": "\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\t\t\t\t(163)\t\t(163)\t(163)\t0\t(163)\nEnding balance\t315\t0\t315\t3419\t(12)\t3407\t3734\t(12)\t3722\n", "q10k_tbl_72": "\tDecember 31\t\n\t2020\t2019\nCustomer relationships\t1623\t1325\nAccumulated amortization\t(313)\t(235)\nNet customer relationships\t1310\t1090\nTrade secrets\t30\t30\nAccumulated amortization\t(29)\t(29)\nNet trade secrets\t1\t1\nSoftware/product technology\t417\t372\nAccumulated amortization\t(166)\t(131)\nNet software/product technology\t251\t241\nTrade names\t161\t150\nAccumulated amortization\t(38)\t(30)\nNet trade names\t123\t120\nOther (1)\t192\t80\nAccumulated amortization\t(53)\t(34)\nNet other\t139\t46\nTotal\t1824\t1498\n", "q10k_tbl_73": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nAmortization expense\t124\t103\t102\n", "q10k_tbl_74": "Year Ending December 31\t\n2021\t131\n2022\t131\n2023\t126\n2024\t119\n2025\t117\nThereafter\t1200\nTotal estimated future amortization\t1824\n", "q10k_tbl_75": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\n2018 Restructuring Program\t(4)\t60\t49\n2020 Real Estate Rationalization Restructuring Program\t36\t0\t0\n2020 MA Strategic Reorganization Restructuring Program\t18\t0\t0\nTotal Restructuring\t50\t60\t49\n", "q10k_tbl_76": "\tEmployee Termination Costs\tContract Termination Costs\tTotal Restructuring Liability\nBalance as of December 31 2018\t30\t12\t42\n2018 Restructuring Program (1):\t\t\t\nAdoption of New Lease Accounting Standard (2)\t0\t(11)\t(11)\nCost incurred and adjustments\t26\t5\t31\nCash payments and adjustments\t(35)\t(3)\t(38)\nBalance as of December 31 2019\t21\t3\t24\n2018 Restructuring Program:\t\t\t\nCost incurred and adjustments\t(4)\t0\t(4)\nCash payments and adjustments\t(17)\t(1)\t(18)\n2020 Real Estate Rationalization Restructuring Program (3):\t\t\t\nCost incurred and adjustments\t0\t1\t1\n2020 MA Strategic Reorganization Restructuring Program:\t\t\t\nCost incurred and adjustments\t18\t0\t18\nBalance as of December 31 2020\t18\t3\t21\nCumulative expense incurred to date\t\t\t\n2018 Restructuring Program\t55\t50\t\n2020 Real Estate Rationalization Restructuring Program:\t0\t36\t\n2020 MA Strategic Reorganization Restructuring Program:\t18\t0\t\n", "q10k_tbl_77": "\t\tFair value Measurement as of December 31 2020\t\t\n\tDescription\tBalance\tLevel 1\tLevel 2\nAssets:\t\t\t\t\n\tDerivatives (1)\t88\t0\t88\n\tMutual funds\t60\t60\t0\n\tTotal\t148\t60\t88\nLiabilities:\t\t\t\t\n\tDerivatives (1)\t186\t0\t186\n\tTotal\t186\t0\t186\n", "q10k_tbl_78": "\t\tFair Value Measurement as of December 31 2019\t\t\n\tDescription\tBalance\tLevel 1\tLevel 2\nAssets:\t\t\t\t\n\tDerivatives (1)\t92\t0\t92\n\tMutual funds\t3\t3\t0\n\tTotal\t95\t3\t92\n", "q10k_tbl_79": "\tDecember 31\t\n\t2020\t2019\nOther current assets:\t\t\nPrepaid taxes\t94\t79\nPrepaid expenses\t91\t71\nCapitalized costs to obtain and fulfill sales contracts\t93\t91\nForeign exchange forwards on certain assets and liabilities\t31\t9\nOther\t74\t80\nTotal other current assets\t383\t330\n", "q10k_tbl_80": "\tDecember 31\t\n\t2020\t2019\nOther assets:\t\t\nInvestments in non-consolidated affiliates\t135\t117\nDeposits for real-estate leases\t19\t13\nIndemnification assets related to acquisitions\t15\t16\nMutual funds and fixed deposits\t66\t10\nCompany owned life insurance (at contract value)\t17\t0\nCosts to obtain sales contracts\t134\t119\nDerivative instruments designated as accounting hedges\t57\t83\nPension and other retirement employee benefits\t21\t0\nOther\t51\t31\nTotal other assets\t515\t389\n", "q10k_tbl_81": "\tDecember 31\t\n\t2020\t2019\nAccounts payable and accrued liabilities:\t\t\nSalaries and benefits\t197\t152\nIncentive compensation\t226\t208\nCustomer credits advanced payments and advanced billings\t42\t28\nDividends\t11\t7\nProfessional service fees\t53\t43\nInterest accrued on debt\t82\t63\nAccounts payable\t39\t38\nIncome taxes\t128\t73\nPension and other retirement employee benefits\t45\t7\nAccrued royalties\t19\t25\nForeign exchange forwards on certain assets and liabilities\t2\t0\nRestructuring liability\t18\t21\nDerivative instruments designated as accounting hedges\t39\t0\nOther\t138\t108\nTotal accounts payable and accrued liabilities\t1039\t773\n", "q10k_tbl_82": "\tDecember 31\t\n\t2020\t2019\nOther liabilities:\t\t\nPension and other retirement employee benefits\t244\t299\nInterest accrued on UTPs\t113\t82\nMAKS indemnification provisions\t33\t43\nIncome tax liability - non-current portion\t18\t51\nDerivative instruments designated as accounting hedges\t145\t0\nRestructuring liability\t3\t3\nOther\t34\t26\nTotal other liabilities\t590\t504\n", "q10k_tbl_83": "\tYear Ended December 31\t\t\tLocation in the consolidated statement of operations\n\t2020\t2019\t2018\nCurrency translation adjustment losses\t\t\t\t\nSale of foreign subsidiaries\t0\t(32)\t0\tLoss pursuant to the divestiture of MAKS\nTotal currency translation adjustment losses\t0\t(32)\t0\t\nLosses on cash flow hedges\t\t\t\t\nInterest rate contract\t(3)\t0\t0\tOther non-operating income (expense) net\nIncome tax effect of item above\t1\t0\t0\tProvision for income taxes\nTotal net losses on cash flow hedges\t(2)\t0\t0\t\nGains on net investment hedges\t\t\t\t\nCross currency swaps\t1\t0\t0\tOther non-operating income (expense) net\nFX forwards\t0\t3\t0\tOther non-operating income (expense) net\nTotal before income taxes\t1\t3\t0\t\nIncome tax effect of item above\t0\t(1)\t0\tProvision for income taxes\nTotal net gains on net investment hedges\t1\t2\t0\t\nPension and other retirement benefits\t\t\t\t\nAmortization of actuarial losses and prior service costs included in net income\t(6)\t(3)\t(5)\tOther non-operating income (expense) net\nAccelerated recognition of loss due to settlement\t(2)\t0\t0\tOther non-operating income (expense) net\nTotal before income taxes\t(8)\t(3)\t(5)\t\nIncome tax effect of item above\t2\t1\t1\tProvision for income taxes\nTotal pension and other retirement benefits\t(6)\t(2)\t(4)\t\nTotal losses included in Net Income attributable to reclassifications out of AOCI\t(7)\t(32)\t(4)\t\n", "q10k_tbl_84": "\tYear Ended December 31 2020\t\t\t\n\tPension and Other Retirement Benefits\tGains / (Losses) on Cash Flow Hedges\tForeign Currency Translation Adjustments\tNet Investment Hedges\t\t\t\t\t\t\tTotal\t\t\nBalance December 31 2019\t(92)\t0\t(401)\t54\t\t\t\t\t\t\t(439)\t\t\nOther comprehensive income/(loss) before reclassifications\t(32)\t(51)\t356\t(273)\t\t\t\t\t\t\t0\t\t\nAmounts reclassified from AOCI\t6\t2\t0\t(1)\t\t\t\t\t\t\t7\t\t\nOther comprehensive income/(loss)\t(26)\t(49)\t356\t(274)\t\t\t\t\t\t\t7\t\t\nBalance December 31 2020\t(118)\t(49)\t(45)\t(220)\t\t\t\t\t\t\t(432)\t\t\n", "q10k_tbl_85": "\tYear Ended December 31 2019\t\t\t\n\tPension and Other Retirement Benefits\tGains / (Losses) on Cash Flow Hedges\tForeign Currency Translation Adjustments\tNet Investment Hedges\t\t\t\tTotal\t\t\nBalance December 31 2018\t(53)\t0\t(406)\t33\t\t\t\t(426)\t\t\nAdoption of ASU 2018-02\t(17)\t0\t0\t(3)\t\t\t\t(20)\t\t\nOther comprehensive income/(loss) before reclassifications\t(24)\t0\t(27)\t26\t\t\t\t(25)\t\t\nAmounts reclassified from AOCI\t2\t0\t32\t(2)\t\t\t\t32\t\t\nOther comprehensive income/(loss)\t(39)\t0\t5\t21\t\t\t\t(13)\t\t\nBalance December 31 2019\t(92)\t0\t(401)\t54\t\t\t\t(439)\t\t\n", "q10k_tbl_86": "\tYear Ended December 31 2018\t\t\t\t\t\n\tPension and Other Retirement Benefits\tGains / (Losses) on Cash Flow Hedges\tForeign Currency Translation Adjustments\tNet Investment Hedges\tGains on Available for Sale Securities\tTotal\nBalance December 31 2017\t(61)\t1\t(113)\t(1)\t2\t(172)\nAdoption of ASU 2016-01\t0\t0\t0\t0\t(2)\t(2)\nOther comprehensive income/(loss) before reclassifications\t4\t(1)\t(293)\t34\t0\t(256)\nAmounts reclassified from AOCI\t4\t0\t0\t0\t0\t4\nOther comprehensive income/(loss)\t8\t(1)\t(293)\t34\t(2)\t(254)\nBalance December 31 2018\t(53)\t0\t(406)\t33\t0\t(426)\n", "q10k_tbl_87": "\tPension Plans\t\tOther Retirement Plans\t\n\t2020\t2019\t2020\t2019\nChange in benefit obligation:\t\t\t\t\nBenefit obligation beginning of the period\t(589)\t(508)\t(42)\t(32)\nService cost\t(17)\t(17)\t(3)\t(3)\nInterest cost\t(17)\t(21)\t(1)\t(1)\nPlan participants' contributions\t0\t0\t(1)\t(1)\nBenefits paid\t22\t21\t2\t1\nActuarial gain (loss)\t6\t(3)\t2\t0\nAssumption changes\t(68)\t(61)\t(5)\t(6)\nBenefit obligation end of the period\t(663)\t(589)\t(48)\t(42)\nChange in plan assets:\t\t\t\t\nFair value of plan assets beginning of the period\t395\t348\t0\t0\nActual return on plan assets\t45\t60\t0\t0\nBenefits paid\t(22)\t(21)\t(2)\t(1)\nEmployer contributions\t110\t8\t1\t0\nPlan participants' contributions\t0\t0\t1\t1\nFair value of plan assets end of the period\t528\t395\t0\t0\nFunded Status of the plans\t(135)\t(194)\t(48)\t(42)\nAmounts recorded on the consolidated balance sheets:\t\t\t\t\nPension and retirement benefits asset - non current\t21\t0\t0\t0\nPension and retirement benefits liability - current\t(44)\t(6)\t(1)\t(1)\nPension and retirement benefits liability - non current\t(112)\t(188)\t(47)\t(41)\nNet amount recognized\t(135)\t(194)\t(48)\t(42)\nAccumulated benefit obligation end of the period\t(601)\t(529)\t\t\n", "q10k_tbl_88": "\tDecember 31\t\n\t2020\t2019\nAggregate projected benefit obligation\t156\t589\nAggregate accumulated benefit obligation\t138\t529\nAggregate fair value of plan assets\t0\t395\n", "q10k_tbl_89": "\tPension Plans\t\tOther Retirement Plans\t\n\t2020\t2019\t2020\t2019\nNet actuarial losses\t(144)\t(116)\t(8)\t(6)\nNet prior service credits\t3\t4\t0\t0\nTotal recognized in AOCI - pretax\t(141)\t(112)\t(8)\t(6)\n", "q10k_tbl_90": "\tPension Plans\t\t\tOther Retirement Plans\t\t\n\t2020\t2019\t2018\t2020\t2019\t2018\nComponents of net periodic expense\t\t\t\t\t\t\nService cost\t17\t17\t19\t3\t3\t3\nInterest cost\t17\t21\t17\t1\t1\t1\nExpected return on plan assets\t(20)\t(20)\t(15)\t0\t0\t0\nAmortization of net actuarial loss and prior service credits from earlier periods\t7\t4\t6\t0\t0\t0\nNet periodic expense\t21\t22\t27\t4\t4\t4\n", "q10k_tbl_91": "\tPension Plans\t\t\tOther Retirement Plans\t\t\n\t2020\t2019\t2018\t2020\t2019\t2018\nAmortization of net actuarial losses and prior service credit\t7\t4\t6\t0\t0\t0\nSettlement loss\t2\t0\t0\t0\t0\t0\nNet actuarial (loss)/gain arising during the period\t(37)\t(24)\t2\t(3)\t(6)\t3\nTotal recognized in OCI - pre-tax\t(28)\t(20)\t8\t(3)\t(6)\t3\n", "q10k_tbl_92": "\tPension Plans\t\tOther Retirement Plans\t\n\t2020\t2019\t2020\t2019\nDiscount rate\t2.24%\t3.04%\t2.30%\t3.05%\nRate of compensation increase\t3.62%\t3.64%\t0\t0\n", "q10k_tbl_93": "\tPension Plans\t\t\t\t\t\tOther Retirement Plans\t\t\t\t\n2020\t\t2019\t\t2018\t\t2020\t\t2019\t\t2018\nDiscount rate\t3.04%\t\t4.07%\t\t3.46%\t\t3.05%\t\t4.10%\t\t3.45%\nExpected return on plan assets\t4.45%\t\t5.65%\t\t4.50%\t\t0\t\t0\t\t0\nRate of compensation increase\t3.64%\t\t3.69%\t\t3.71%\t\t0\t\t0\t\t0\nCash balance plan interest crediting rate\t4.50%\t\t4.50%\t\t4.50%\t\t0\t\t0\t\t0\n", "q10k_tbl_94": "\tFair Value Measurement as of December 31 2020\t\t\t\t\nAsset Category\tBalance\tLevel 1\tLevel 2\tMeasured using NAV practical expedient (1)\t% of total assets\nCash and cash equivalent\t4\t0\t4\t0\t1%\nCommon/collective trust funds-equity securities\t\t\t\t\t\nU.S. large-cap\t143\t0\t143\t0\t27%\nU.S. small and mid-cap\t28\t0\t28\t0\t5%\nEmerging markets\t32\t0\t32\t0\t6%\nTotal equity investments\t203\t0\t203\t0\t38%\nEmerging markets bond fund\t32\t0\t0\t32\t6%\nCommon/collective trust funds-fixed income securities\t\t\t\t\t\nIntermediate-term investment grade U.S. government/ corporate bonds\t214\t0\t214\t0\t41%\nMutual funds\t\t\t\t\t\nU.S. Treasury Inflation-Protected Securities (TIPs)\t23\t23\t0\t0\t4%\nConvertible securities\t16\t16\t0\t0\t3%\nPrivate investment fund-high yield securities\t12\t0\t0\t12\t2%\nTotal fixed-income investments\t297\t39\t214\t44\t56%\nOther investment-private real estate fund\t24\t0\t0\t24\t5%\nTotal Assets\t528\t39\t421\t68\t100%\n", "q10k_tbl_95": "\tFair Value Measurement as of December 31 2019\t\t\t\t\nAsset Category\tBalance\tLevel 1\tLevel 2\tMeasured using NAV practical expedient (1)\t% of total assets\nCash and cash equivalent\t2\t0\t2\t0\t1%\nCommon/collective trust funds-equity securities\t\t\t\t\t\nU.S. large-cap\t140\t0\t140\t0\t35%\nU.S. small and mid-cap\t21\t0\t21\t0\t5%\nEmerging markets\t29\t0\t29\t0\t7%\nTotal equity investments\t190\t0\t190\t0\t48%\nEmerging markets bond fund\t15\t0\t0\t15\t4%\nCommon/collective trust funds-fixed income securities\t\t\t\t\t\nIntermediate-term investment grade U.S. government/ corporate bonds\t119\t0\t119\t0\t30%\nU.S. Treasury Inflation-Protected Securities (TIPs)\t22\t22\t0\t0\t6%\nPrivate investment fund-convertible securities\t12\t12\t0\t0\t3%\nPrivate investment fund-high yield securities\t12\t0\t0\t12\t3%\nTotal fixed-income investments\t180\t34\t119\t27\t46%\nOther investment-private real estate debt fund\t23\t0\t0\t23\t6%\nTotal Assets\t395\t34\t311\t50\t100%\n", "q10k_tbl_96": "Year Ending December 31\tPension Plans\tOther Retirement Plans\n2021\t55\t1\n2022\t17\t1\n2023\t25\t2\n2024\t21\t2\n2025\t24\t2\n2026 - 2030\t139\t13\n", "q10k_tbl_97": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nStock-based compensation expense\t154\t136\t130\nTax benefit\t30\t29\t32\n", "q10k_tbl_98": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nExpected dividend yield\t0.80 %\t1.14 %\t1.05 %\nExpected stock volatility\t23%\t24%\t26%\nRisk-free interest rate\t1.43 %\t2.56 %\t2.82 %\nExpected holding period -in years\t5.7\t6.2\t6.2\nGrant date fair value\t60.66\t43.29\t45.73\n", "q10k_tbl_99": "Options\tShares\tWeighted Average Exercise Price Per Share\tWeighted Average Remaining Contractual Term\tAggregate Intrinsic Value\nOutstanding December 31 2019\t1.6\t93.51\t\t\nGranted\t0.1\t280.37\t\t\nExercised\t(0.7)\t59.57\t\t\nOutstanding December 31 2020\t1.0\t133.95\t5.6 years\t160\nVested and expected to vest December 31 2020\t1.0\t132.80\t5.6 years\t158\nExercisable December 31 2020\t0.7\t101.13\t4.6 years\t125\n", "q10k_tbl_100": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nProceeds from stock option exercises\t39\t36\t38\nAggregate intrinsic value\t132\t114\t99\nTax benefit realized upon exercise\t32\t27\t24\n", "q10k_tbl_101": "Nonvested Restricted Stock\tShares\tWeighted Average Grant Date Fair Value Per Share\nBalance December 31 2019\t1.8\t124.63\nGranted\t0.5\t279.00\nVested\t(0.8)\t132.50\nBalance December 31 2020\t1.5\t201.30\n", "q10k_tbl_102": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nFair value of shares vested\t202\t156\t151\nTax benefit realized upon vesting\t46\t36\t35\n", "q10k_tbl_103": "Performance-based restricted stock\tShares\tWeighted Average Grant Date Fair Value Per Share\nBalance December 31 2019\t0.5\t134.35\nGranted\t0.1\t273.81\nVested\t(0.3)\t109.43\nBalance December 31 2020\t0.3\t197.19\n", "q10k_tbl_104": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nFair value of shares vested\t70\t47\t23\nTax benefit realized upon vesting\t17\t11\t6\n", "q10k_tbl_105": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nCurrent:\t\t\t\nFederal\t213\t179\t168\nState and Local\t68\t59\t50\nNon-U.S.\t215\t181\t233\nTotal current\t496\t419\t451\nDeferred:\t\t\t\nFederal\t6\t(19)\t(59)\nState and Local\t0\t(3)\t(2)\nNon-U.S.\t(50)\t(16)\t(38)\nTotal deferred\t(44)\t(38)\t(99)\nTotal provision for income taxes\t452\t381\t352\n", "q10k_tbl_106": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nU.S. statutory tax rate\t21.0%\t21.0%\t21.0%\nState and local taxes net of federal tax benefit\t2.3%\t2.2%\t2.2%\nBenefit of foreign operations\t(1.5)%\t(0.1)%\t1.8%\nU.S. Tax Act impact\t-%\t-%\t(2.8)%\nOther\t(1.5)%\t(2.1)%\t(1.1)%\nEffective tax rate\t20.3%\t21.0%\t21.1%\nIncome tax paid\t514\t458\t442\n", "q10k_tbl_107": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nU.S.\t1349\t1039\t936\nNon-U.S.\t880\t771\t736\nIncome before provision for income taxes\t2229\t1810\t1672\n", "q10k_tbl_108": "\tDecember 31\t\n\t2020\t2019\nDeferred tax assets:\t\t\nAccount receivable allowances\t9\t6\nAccumulated depreciation and amortization\t2\t1\nStock-based compensation\t42\t46\nAccrued compensation and benefits\t99\t89\nCapitalized costs\t39\t0\nOperating lease liabilities\t122\t136\nDeferred revenue\t30\t37\nNet operating loss\t17\t13\nRestructuring\t3\t4\nUncertain tax positions\t98\t94\nSelf-insured related reserves\t10\t8\nLoss on net investment hedges - OCI\t93\t0\nOther\t10\t13\nTotal deferred tax assets\t574\t447\nDeferred tax liabilities:\t\t\nAccumulated depreciation and amortization of intangible assets and capitalized software\t(468)\t(389)\nROU Assets\t(90)\t(107)\nCapital Gains\t(23)\t(23)\nSelf-insured related income\t(10)\t(8)\nStock-based compensation\t0\t(2)\nRevenue Accounting Standard - ASC 606\t(10)\t(12)\nDeferred tax on unremitted foreign earnings\t(16)\t0\nGain on net investment hedges - OCI\t(8)\t(22)\nOther\t(4)\t(3)\nTotal deferred tax liabilities\t(629)\t(566)\nNet deferred tax liabilities\t(55)\t(119)\nValuation allowance\t(15)\t(9)\nTotal net deferred tax liabilities\t(70)\t(128)\n", "q10k_tbl_109": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nBalance as of January 1\t477\t495\t389\nAdditions for tax positions related to the current year\t37\t35\t80\nAdditions for tax positions of prior years\t17\t22\t89\nReductions for tax positions of prior years\t(2)\t(2)\t(13)\nSettlements with taxing authorities\t(5)\t(1)\t(2)\nLapse of statute of limitations\t(41)\t(44)\t(48)\nReclassification to indemnification liability related to MAKS divestiture\t0\t(28)\t0\nBalance as of December 31\t483\t477\t495\n", "q10k_tbl_110": "\tDecember 31 2020\t\t\t\t\n\tPrincipal Amount\tFair Value of Interest Rate Swaps(1)\tUnamortized (Discount) Premium\tUnamortized Debt Issuance Costs\tCarrying Value\nNotes Payable:\t\t\t\t\t\n4.50% 2012 Senior Notes due 2022\t500\t14\t(1)\t(1)\t512\n4.875% 2013 Senior Notes due 2024\t500\t0\t(1)\t(1)\t498\n5.25% 2014 Senior Notes due 2044\t600\t0\t3\t(5)\t598\n1.75% 2015 Senior Notes due 2027\t612\t0\t0\t(2)\t610\n2.625% 2017 Senior Notes due 2023\t500\t12\t0\t(2)\t510\n3.25% 2017 Senior Notes due 2028\t500\t31\t(4)\t(3)\t524\n4.25% 2018 Senior Notes due 2029\t400\t0\t(3)\t(3)\t394\n4.875% 2018 Senior Notes due 2048\t400\t0\t(6)\t(4)\t390\n0.950% 2019 Senior Notes due 2030\t918\t0\t(3)\t(6)\t909\n3.75% 2020 Senior Note due 2025\t700\t(1)\t(1)\t(5)\t693\n3.25% 2020 Senior Note due 2050\t300\t0\t(4)\t(3)\t293\n2.55% 2020 Senior Note due 2060\t500\t0\t(4)\t(5)\t491\nTotal long-term debt\t6430\t56\t(24)\t(40)\t6422\n", "q10k_tbl_111": "\tDecember 31 2019\t\t\t\t\n\tPrincipal Amount\tFair Value of Interest Rate Swaps (1)\tUnamortized (Discount) Premium\tUnamortized Debt Issuance Costs\tCarrying Value\nNotes Payable:\t\t\t\t\t\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 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_112": "\t\t\t\tDecember 31 2020\t\tDecember 31 2019\t\n\tIssue Date\tCapacity\tMaturity\tDrawn\tUndrawn\tDrawn\tUndrawn\n2018 Credit Facility\tNovember 14 2018\t1000\tNovember 13 2023\t0\t1000\t0\t1000\n", "q10k_tbl_113": "Year Ending December 31\t2012 Senior Notes due 2022\t2013 Senior Notes due 2024\t2014 Senior Notes 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\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\n2025\t0\t0\t0\t0\t0\t0\t0\t0\t0\t700\t0\t0\t700\nThereafter\t0\t0\t600\t612\t0\t500\t400\t400\t918\t0\t300\t500\t4230\nTotal\t500\t500\t600\t612\t500\t500\t400\t400\t918\t700\t300\t500\t6430\n", "q10k_tbl_114": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nIncome\t11\t17\t15\nExpense on borrowings\t(163)\t(176)\t(197)\nExpense on UTPs and other tax related liabilities\t(34)\t(28)\t(15)\nNet periodic pension costs-interest component\t(19)\t(22)\t(19)\nCapitalized\t0\t1\t1\nTotal\t(205)\t(208)\t(215)\nInterest paid (1)\t132\t167\t183\n", "q10k_tbl_115": "\tDecember 31 2020\t\tDecember 31 2019\t\n\tCarrying Amount\tEstimated Fair Value\tCarrying Amount\tEstimated Fair Value\n4.50% 2012 Senior Notes due 2022\t512\t530\t507\t531\n4.875% 2013 Senior Notes due 2024\t498\t562\t497\t551\n5.25% 2014 Senior Notes due 2044\t598\t828\t599\t757\n1.75% 2015 Senior Notes due 2027\t610\t674\t558\t604\n2.75% 2017 Senior Notes due 2021\t0\t0\t508\t507\n2.625% 2017 Senior Notes due 2023\t510\t522\t504\t507\n3.25% 2017 Senior Notes due 2028\t524\t561\t493\t523\n3.25% 2018 Senior Notes due 2021\t0\t0\t299\t306\n4.25% 2018 Senior Notes due 2029\t394\t480\t394\t453\n4.875% 2018 Senior Notes due 2048\t390\t544\t389\t492\n0.950% 2019 Senior Notes due 2030\t909\t974\t833\t847\n3.75% 2020 Senior Note due 2025\t693\t785\t0\t0\n3.25% 2020 Senior Note due 2050\t293\t329\t0\t0\n2.55% 2020 Senior Note due 2060\t491\t467\t0\t0\nTotal\t6422\t7256\t5581\t6078\n", "q10k_tbl_116": "\tDividends Per Share\t\t\t\t\t\n\tYear ended December 31\t\t\t\t\t\n\t2020\t\t2019\t\t2018\t\n\tDeclared\tPaid\tDeclared\tPaid\tDeclared\tPaid\nFirst quarter\t0.56\t0.56\t0.50\t0.50\t0.44\t0.44\nSecond quarter\t0.56\t0.56\t0.50\t0.50\t0.44\t0.44\nThird quarter\t0.56\t0.56\t0.50\t0.50\t0.44\t0.44\nFourth quarter\t0.56\t0.56\t0.50\t0.50\t0.44\t0.44\nTotal\t2.24\t2.24\t2.00\t2.00\t1.76\t1.76\n", "q10k_tbl_117": "\tYear Ended December 31\t\n\t2020\t2019\nOperating lease cost\t96\t97\nSublease income\t(5)\t(2)\nVariable lease cost\t19\t17\nTotal lease cost\t110\t112\n", "q10k_tbl_118": "\tYear Ended December 31\t\n\t2020\t2019\nCash paid for amounts included in the measurement of operating lease liabilities\t108\t106\nRight-of-use assets obtained in exchange for new operating lease liabilities\t36\t41\n", "q10k_tbl_119": "Year Ending December 31\tOperating Leases\n2021\t110\n2022\t99\n2023\t93\n2024\t84\n2025\t76\nThereafter\t117\nTotal lease payments (undiscounted)\t579\nLess: Interest\t58\nPresent value of lease liabilities:\t521\nLease liabilities - current\t94\nLease liabilities - noncurrent\t427\n", "q10k_tbl_120": "\tYear Ended December 31\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\t3440\t2086\t(155)\t5371\t3009\t1963\t(143)\t4829\nTotal Expense\t1476\t1662\t(155)\t2983\t1376\t1598\t(143)\t2831\nOperating income\t1964\t424\t0\t2388\t1633\t365\t0\t1998\nAdd:\t\t\t\t\t\t\t\t\nRestructuring\t19\t31\t0\t50\t31\t29\t0\t60\nDepreciation and amortization\t70\t150\t0\t220\t71\t129\t0\t200\nAcquisition-Related Expenses\t0\t0\t0\t0\t0\t3\t0\t3\nLoss pursuant to the divestiture of MAKS\t0\t9\t0\t9\t0\t14\t0\t14\nCaptive insurance company settlement\t0\t0\t0\t0\t10\t6\t0\t16\nAdjusted Operating Income\t2053\t614\t0\t2667\t1745\t546\t0\t2291\n", "q10k_tbl_121": "\tYear Ended December 31 2018\t\t\t\n\tMIS\tMA\tEliminations\tConsolidated\nRevenue\t2836\t1743\t(136)\t4443\nTotal Expense\t1276\t1435\t(136)\t2575\nOperating Income\t1560\t308\t0\t1868\nAdd:\t\t\t\t\nRestructuring\t32\t17\t0\t49\nDepreciation and amortization\t65\t127\t0\t192\nAcquisition-Related Expenses\t0\t8\t0\t8\nAdjusted Operating income\t1657\t460\t0\t2117\n", "q10k_tbl_122": "\tYear Ended December 31\t\t\n\t2020\t2019\t2018\nRevenue:\t\t\t\nU.S.\t2955\t2544\t2330\nNon-U.S.:\t\t\t\nEMEA\t1545\t1446\t1377\nAsia-Pacific\t571\t551\t493\nAmericas\t300\t288\t243\nTotal Non-U.S.\t2416\t2285\t2113\nTotal\t5371\t4829\t4443\nLong-lived assets at December 31:\t\t\t\nU.S.\t2162\t1290\t982\nNon-U.S.\t4889\t4678\t4685\nTotal\t7051\t5968\t5667\n", "q10k_tbl_123": "Year Ended December 31\tBalance at Beginning of the Year\tAdoption of New Expected Credit Losses Accounting Standard\tCharged to costs and expenses\tDeductions (1)\tBalance at End of the Year\n2020\t\t\t\t\t\nAllowances for credit losses\t(20)\t(2)\t(26)\t14\t(34)\nDeferred tax assets-valuation allowance\t(9)\t0\t(6)\t0\t(15)\n2019\t\t\t\t\t\nAllowances for credit losses\t(20)\t0\t(10)\t10\t(20)\nDeferred tax assets-valuation allowance\t(5)\t0\t(4)\t0\t(9)\n2018\t\t\t\t\t\nAllowances for credit losses\t(14)\t0\t(15)\t9\t(20)\nDeferred tax assets-valuation allowance\t(6)\t0\t0\t1\t(5)\n", "q10k_tbl_124": "\tYear Ended December 31\t\n\t2020\t2019\t\t\t\t2018\t\t\nFX gain (loss)\t2\t(18)\t\t\t\t(11)\t\t\nNet periodic pension costs-other components\t13\t18\t\t\t\t10\t\t\nIncome from investments in non-consolidated affiliates\t6\t13\t\t\t\t14\t\t\nOther\t25\t7\t\t\t\t6\t\t\nTotal\t46\t20\t\t\t\t19\t\t\n", "q10k_tbl_125": "S-K EXHIBIT NUMBER\t\t\n3\tArticles Of Incorporation And By-laws\t\n\t.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\t.2\tAmended and Restated By-laws of Moody's Corporation effective December 14 2020 (incorporated by reference to Exhibit 3.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed December 18 2020)\n4\tInstruments Defining The Rights Of Security Holders Including Indentures\t\n\t.1*\tDescription of the Registrant's securities registered pursuant to Section 12 of the Securities Exchange Act of 1934\n\t.2\tSpecimen Common Stock certificate (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed October 4 2000)\n\t.3.1\tIndenture dated as of August 19 2010 between Moody's Corporation and Wells Fargo National Association as trustee (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed August 19 2010)\n\t.3.2\tSecond Supplemental Indenture dated as of August 20 2012 between Moody's Corporation and Wells Fargo National Association as trustee including the form of the 4.50% Senior Notes due 2022 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed August 20 2012)\n\t.3.3\tThird Supplemental Indenture dated as of August 12 2013 between Moody's Corporation and Wells Fargo National Association as trustee including the form of the 4.875% Senior Notes due 2024 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed August 12 2013)\n\t.3.4\tFourth Supplemental Indenture dated July 16 2014 between the Company and Wells Fargo Bank National Association as trustee including the form of 5.250% Senior Notes due 2044 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed July 16 2014)\n\t.3.5.1\tFifth Supplemental Indenture dated March 9 2015 between the Company Wells Fargo Bank National Association as trustee and Elavon Financial Services Limited UK Branch as paying agent and transfer agent and Elavon Financial Services Limited as registrar including the form or 1.75% Senior Notes due 2027 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed March 10 2015)\n", "q10k_tbl_126": "\t.3.5.2\tAgency Agreement dated March 9 2015 between the Company Wells Fargo Bank National Association as trustee and Elavon Financial Services Limited UK Branch as paying agent and transfer agent and Elavon Financial Services Limited as registrar ((incorporated by reference to Exhibit 4.3 to the Report on Form 8-K of the Registrant file number 1-14037 filed March 10 2015)\n\t.3.6\tSixth Supplemental Indenture dated as of March 2 2017 between the Company and Wells Fargo Bank National Association as trustee including the form of 2.750% Senior Notes due 2021 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed March 3 2017)\n\t.3.7\tSeventh Supplemental Indenture dated as of June 12 2017 between Moody's Corporation and Wells Fargo National Association as trustee including the form of 2.625% Senior Notes due 2023 and the form of 3.250% Senior Notes due 2028 (incorporated by reference to Exhibit 4.3 to the Report on Form 8-K of the Registrant file number 1-14037 filed June 12 2017)\n\t.3.8\tEighth Supplement Indenture dated as of June 7 2018 between the Company and Wells Fargo National Association as trustee including the form of 3.250% Senior Note due 2021 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed June 7 2018)\n\t.3.9\tNinth Supplemental Indenture dated as of December 17 2018 between the Company and Wells Fargo Bank National Association as trustee including the form of 4.250% Senior Note due 2029 and the form of 4.875% Senior Note due 2048 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed December 21 2018)\n\t.3.10.1\tTenth Supplemental Indenture dated as of November 25 2019 between the Company Wells Fargo Bank National Association as trustee Elavon Financial Services Limited UK Branch as paying agent and U.S. Bank National Association as registrar and transfer agent including the form of 0.950% Senior Note due 2030 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed November 25 2019)\n\t.3.10.2\tAgency Agreement dated November 25 2019 between the Company Wells Fargo Bank National Association as trustee Elavon Financial Services Limited UK Branch as paying agent and U.S. Bank National Association as registrar and transfer agent. (incorporated by reference to Exhibit 4.3 to the Report on Form 8-K of the Registrant file number 1-14037 filed November 25 2019)\n\t.3.11\tEleventh Supplement Indenture dated as of March 24 2020 between the Company and Wells Fargo Bank National Association as trustee including the form of 3.750% Senior Note due 2025 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed March 25 2020)\n\t.3.12\tTwelfth Supplemental Indenture dated as of May 20 2020 between the Company and Wells Fargo Bank National Association as trustee including the form of 3.250% Senior Note due 2050 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed May 20 2020)\n\t.3.13\tThirteenth Supplemental Indenture dated as of August 18 2020 between the Company and Wells Fargo Bank National Association as trustee including the form of 2.550% Senior Note due 2060 (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed August 18 2020)\n10\tMaterial Contracts\t\n\t.1.1†\t1998 Moody's Corporation Non-Employee Directors' Stock Incentive Plan (Adopted September 8 2000; Amended and Restated as of December 11 2012 October 20 2015 December 14 2015 and December 18 2017) (incorporated by reference to Exhibit 10.2.1 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 27 2018)\n\t.1.2†\tForm of Non-Employee Director Restricted Stock Unit Grant Agreement (for awards after 2017) for the 1998 Moody's Corporation Non-Employee Directors' Stock Incentive Plan (Adopted September 8 2000; Amended and Restated as of December 11 2012 October 20 2015 December 14 2015 and December 18 2017) (incorporated by reference to Exhibit 10.2.3 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 27 2018)\n", "q10k_tbl_127": ".2†\tMoody's Corporation 1999 Employee Stock Purchase Plan (as amended and restated December 15 2008) (formerly The Dun & Bradstreet Corporation 1999 Employee Stock Purchase Plan) (incorporated by reference to Exhibit 10.38 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed March 2 2009)\n.3.1.1†\tAmended and Restated 2001 Moody's Corporation Key Employees' Stock Incentive Plan (as amended December 18 2017) (incorporated by reference to Exhibit 10.4.1 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 27 2018)\n.3.1.2†\tFirst Amendment to the Amended and Restated 2001 Moody's Corporation Key Employees' Stock Incentive Plan (as amended December 18 2017) (incorporated by reference to Exhibit 10.1 to the Registrant's Quarterly Report on Form 10-Q file number file number 1-14037 filed May 2 2019)\n.3.1.3†\tSecond Amendment to the Amended and Restated 2001 Moody's Corporation Key Employees' Stock Incentive Plan (as amended December 18 2017 and April 15 2019) (incorporated by reference to Exhibit 10.3.1.3 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 24 2020)\n.3.2.1†\tForm of Employee Non-Qualified Stock Option Grant Agreement (for awards granted between 2017 and 2019) for the Amended and Restated 2001 Moody's Corporation Key Employees' Stock Incentive Plan (incorporated by reference to Exhibit 10.17 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 24 2017)\n.3.2.2†\tForm of Employee Non-Qualified Stock Option Grant Agreement (for awards granted in 2020 or later) for the Amended and Restated 2001 Moody's Corporation Key Employees' Stock Incentive Plan (incorporated by reference to Exhibit 10.3.3.2 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 24 2020)\n.3.3.1†\tForm of Performance Share Award Letter (for awards granted between 2018 and 2019) for the Amended and Restated 2001 Moody's Corporation Key Employees' Stock Incentive Plan (incorporated by reference to Exhibit 10.4.6 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 27 2018)\n.3.3.2†\tForm of Performance Share Award Letter (for awards granted in 2020 or later) for the Amended and Restated 2001 Moody's Corporation Key Employees' Stock Incentive Plan (incorporated by reference to Exhibit 10.3.4.3 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 24 2020)\n.3.4.1†\tForm of Restricted Stock Unit Grant Agreement (for awards granted prior to 2020) for the Amended and Restated 2001 Moody's Corporation Key Employees' Stock Incentive Plan (incorporated by reference to Exhibit 10.18 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 24 2017)\n.3.4.2†\tForm of Restricted Stock Unit Grant Agreement (for awards granted in 2020 or later) for the Amended and Restated 2001 Moody's Corporation Key Employees' Stock Incentive Plan (incorporated by reference to Exhibit 10.3.5.2 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 24 2020)\n.4†\t2004 Moody's Corporation Covered Employee Cash Incentive Plan (as amended on February 10 2015) (incorporated by reference to Exhibit 10.15 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 26 2015)\n.5†*\tMoody's Corporation Deferred Compensation Plan (amended and restated effective as of January 1 2020)\n.6†\tSupplemental Executive Benefit Plan of Moody's Corporation amended and restated as of January 1 2008 (incorporated by reference to Exhibit 10.38 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 29 2008)\n.7†\tPension Benefit Equalization Plan of Moody's Corporation amended and restated as of January 1 2008 (incorporated by reference to Exhibit 10.39 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 29 2008)\n.8.1†\tMoody's Corporation Cafeteria Plan effective January 1 2008 (incorporated by reference to Exhibit 10.46 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed March 2 2009)\n", "q10k_tbl_128": "\t.8.2†\tFirst Amendment to the Moody's Corporation Cafeteria Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on form 10-Q file number 1-14037 filed July 31 2014)\n\t.8.3†\tSecond Amendment to the Moody's Corporation Cafeteria Plan (incorporated by reference to Exhibit 10.33 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 26 2015)\n\t.9†\tMoody's Corporation Change in Control Severance Plan (as amended December 18 2017) (incorporated by reference to Exhibit 10.10 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 27 2018)\n\t.10†*\tMoody's Corporation Retirement Account (amended and restated as of January 1 2021)\n\t.11†*\tProfit Participation Plan of Moody's Corporation (amended and restated as of January 1 2020)\n\t.12†\tThe Moody's Corporation Nonfunded Deferred Compensation Plan for Non-Employee Directors (as amended and restated October 20 2015) (incorporated by reference to Exhibit 10.3 to the Registrant's Annual Report on Form 10-K file number 1-14037 filed February 25 2016)\n\t.13.1†\tAmended and Restated Moody's Corporation Career Transition Plan (incorporated by reference to Exhibit 10.33 to Registrant's Annual Report on Form 10-K file number 1-14037 filed February 24 2017)\n\t.13.2†\tForm of Separation Agreement and General Release used by the Registrant with its Career Transition Plan (incorporated by reference to Exhibit 99.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed November 20 2007)\n\t.14†\tSupplemental Executive Disability Benefit Plan of Moody's Corporation effective as of January 1 2019 (incorporated by reference to Exhibit 10.22 to Registrant's Annual Report on Form 10-K file number 1-14037 filed February 25 2019)\n\t.15\tForm Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed December 22 2017)\n\t.16†\tEmployment Offer Letter between Moody's Corporation and Mark Kaye dated July 18 2018 (incorporated by reference to Exhibit 10.1 to the Quarterly Report on Form 10-Q of the Registrant file number 1-14037 filed on October 31 2018)\n\t.17\tSettlement Agreement dated January 13 2017 between (1) Moody's Corporation Moody's Investors Service Inc. and Moody's Analytics Inc. and (2) the United States acting through the United States Department of Justice and the United States Attorney's Office for the District of New Jersey along with various States and the District of Columbia acting through their respective Attorneys General (incorporated by reference to the Report on Form 8-K of the Registrant file number 1-14037 filed January 17 2017)\n\t.18\tForm Commercial Paper Dealer Agreement between Moody's Corporation as Issuer and the Dealer party thereto (incorporated by reference to Exhibit 10.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed August 3 2016)\n\t.19\tFive-Year Credit Agreement dated as of November 14 2018 among Moody's Corporation the Borrowing Subsidiaries Party Thereto the Lenders Party Thereto JPMorgan Chase Bank N.A. as Administrative Agent Bank of America N.A. and Citibank N.A. as Co-Syndication Agents and Barclays Bank plc MUFG Bank Ltd. and TD Bank N.A. as Co-Documentation Agents (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed November 20 2018)\n\t.20\tLoan Agreement dated as of June 6 2017 among Moody's Corporation the Lenders party thereto and JPMorgan Chase Bank N.A. as Administrative Agent (incorporated by reference to Exhibit 4.1 to the Report on Form 8-K of the Registrant file number 1-14037 filed June 12 2017)\n21*\t\tSubsidiaries of the Registrant List of Active Subsidiaries as of December 31 2020\n", "q10k_tbl_129": "23\tConsent of Independent Registered Public Accounting Firm\t\n\t.1*\tConsent of KPMG LLP\n31\tCertifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\t\n\t.1*\tChief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\n\t.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\t\n\t.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\t.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\tInline XBRL\t\n\t.INS*\tInline XBRL Instance Document\n\t.SCH*\tInline XBRL Taxonomy Extension Schema Document\n\t.CAL*\tInline XBRL Taxonomy Extension Calculation Linkbase Document\n\t.DEF*\tInline XBRL Definitions Linkbase Document\n\t.LAB*\tInline XBRL Taxonomy Extension Labels Linkbase Document\n\t.PRE*\tInline XBRL Taxonomy Extension Presentation Linkbase Document\n104\t\tThe cover page from this Annual Report on Form 10-K (formatted in Inline XBRL and contained in Exhibit 101)\n"}{"bs": "q10k_tbl_39", "is": "q10k_tbl_37", "cf": "q10k_tbl_40"}None
☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED December 31, 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
SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:
NONE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 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 (§232.405 of this chapter) 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, a smaller reporting company, or 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.
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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
The aggregate market value of Moody’s Corporation Common Stock held by nonaffiliates* on June 30, 2020 (based upon its closing transaction price on the New York Stock Exchange on such date) was approximately $51 billion.
As of January 31, 2021, 187.1 million shares of Common Stock of Moody’s Corporation were outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive proxy statement for use in connection with its annual meeting of stockholders scheduled to be held on April 20, 2021, are incorporated by reference into Part III of this Form 10-K.
The Index to Exhibits is included as Part IV, Item 15(3) of this Form 10-K.
*Calculated by excluding all shares held by executive officers and directors of the Registrant without conceding that all such persons are “affiliates” of the Registrant for purposes of federal securities laws.
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
Acquire Media (AM)
An aggregator and distributor of curated real-time news, multimedia, data, and alerts; acquired by the Company on October 21, 2020
Acquisition-Related Amortization
Amortization of definite-lived intangible assets acquired by the Company from all business combination transactions
Acquisition-Related Expenses
Consists of expenses incurred over a multi-year period to complete and integrate the acquisition of Bureau van Dijk
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.
AML
Anti-money laundering
AOCI
Accumulated other comprehensive income (loss); a separate component of shareholders’ equity (deficit)
API
Application Programming Interface
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
B&H
Barrie & Hibbert Limited, an acquisition completed in December 2011; part of the MA segment, a leading provider of risk management modeling tools for insurance companies worldwide
Board
The board of directors of the Company
BPS
Basis points
Brexit
The withdrawal of the United Kingdom from the European Union
Bureau van Dijk
Bureau van Dijk Electronic Publishing, B.V.; a global provider of business intelligence and company information; acquired by the Company on August 10, 2017 via the acquisition of Yellow Maple I B.V., an indirect parent of Bureau van Dijk; part of the RD&A LOB and a reporting unit within the MA reportable segment
Catylist
A provider of commercial real estate (CRE) solutions for brokers; acquired by the Company on December 30, 2020
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.
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
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
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 Notes
Unsecured commercial paper issued under the CP Program
CP Program
A program entered into on August 3, 2016 allowing the Company to privately place CP up to a maximum of $1 billion for which the maturity may not exceed 397 days from the date of issue and which is backstopped by the 2018 Facility.
CRAs
Credit rating agencies
DBPPs
Defined benefit pension plans
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
EBITDA
Earnings before interest, taxes, depreciation and amortization
EMEA
Represents countries within Europe, the Middle East and Africa
EPS
Earnings per share
ERS
Enterprise Risk Solutions; an LOB within MA, which offers risk management software solutions as well as related risk management advisory engagements services
ESA
Economics and Structured Analytics; part of the RD&A line of business within MA
ESG
Environmental, Social and Governance
ESMA
European Securities and Markets Authority
ESPP
Employee stock purchase plan
ETR
Effective tax rate
EU
European Union
EUR
Euros
EURIBOR
The Euro Interbank Offered Rate
Eurozone
Monetary union of the EU member states which have adopted the euro as their common currency
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
Fermat
Fermat International; an acquisition completed in October 2008; part of the MA segment; a provider of risk and performance management software to the global banking industry
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
FTSE
Financial Times Stock Exchange
FX
Foreign exchange
GAAP
U.S. Generally Accepted Accounting Principles
GBP
British pounds
GDP
Gross domestic product
GDPR
European Union’s General Data Protection Regulation
ICRA
ICRA Limited; a provider of credit ratings and research in India.
INR
Indian Rupee
IRS
Internal Revenue Service
IT
Information technology
KIS
Korea Investors Service, Inc.; a Korean rating agency and consolidated subsidiary of the Company
KIS Pricing
Korea Investors Service Pricing, Inc.; a Korean provider of fixed income securities pricing and consolidated subsidiary of the Company
KIS Research
Korea Investors Service Research; a Korean provider of financial research and consolidated subsidiary of the Company
Korea
Republic of South Korea
KYC
Know-your-customer
LIBOR
London Interbank Offered Rate
LOB
Line of business
MA
Moody’s Analytics—a reportable segment of MCO; a global provider of data and analytic solutions which help companies make better and faster decisions; consists of two LOBs—RD&A and ERS
Make Whole Amount
The prepayment penalty amount relating to certain Senior Notes, which is a premium based on the excess, if any, of the discounted value of the remaining scheduled payments over the prepaid principal
MAKS
Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provides offshore research and analytic services to the global financial and corporate sectors; formerly part of the PS LOB within the MA reportable segment; this business was divested in November 2019
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; Moody’s Corporation and its subsidiaries; the Company
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
MESG
Moody's ESG Solutions Group
MIS
Moody’s Investors Service—a reportable segment of MCO; consists of five LOBs—SFG, CFG, FIG, PPIF and MIS Other
MIS Other
Consists of non-ratings revenue from ICRA, KIS Pricing and KIS Research revenue as well as 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
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.
NAV
Net asset value
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 Lease Accounting Standard
Updates to the ASC pursuant to ASU No. 2016-02, “Leases (ASC Topic 842)”. This new accounting guidance requires lessees to recognize a right-of-use asset and lease liability on the balance sheet for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses and cash flows depend on classification as either a finance or operating lease
N/A
Not applicable
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
Omega Performance
A provider of online credit training; acquired by the Company in August 2018
Operating segment
Term defined in the ASC relating to segment reporting; the ASC defines an operating segment as a component of a business entity that has each of the three following characteristics: i) the component engages in business activities from which it may recognize revenue and incur expenses; ii) the operating results of the component are regularly reviewed by the entity’s chief operating decision maker; and iii) discrete financial information about the component is available.
Other Retirement Plans
The U.S. retirement healthcare and U.S. retirement life insurance plans
PCS
Post-Contract Customer Support
PPIF
Public, project and infrastructure finance; an LOB of MIS
Profit Participation Plan
Defined contribution profit participation plan that covers substantially all U.S. employees of the Company
PS
Professional Services, 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.
RD&A
Research, Data and Analytics; 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; commercial real estate data and analytical tools; and on-line and classroom-based training services as well as credentialing and certification services
Redeemable Non-controlling 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
A provider of anti-money laundering (AML) and know-your-customer (KYC) data and due diligence services; the Company acquired RDC in February 2020
REIT
Real Estate Investment Trust
Reis, Inc. (Reis)
A provider of U.S. commercial real estate (CRE) data; acquired by the Company in October 2018; part of the RD&A LOB and a reporting unit within the MA reportable segment.
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
SaaS
Software-as-a-Service
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
SSP
Standalone selling price
T&M
Time-and-Material
Tax Act
The “Tax Cuts and Jobs Act” enacted into U.S. law on December 22, 2017, which significantly amends the tax code in the U.S.
Total Debt
All indebtedness of the Company as reflected on the consolidated balance sheets
Transaction Revenue
For MIS, represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services as well as data services, research and analytical engagements. For MA, represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and research and analytical engagements
U.K.
United Kingdom
U.S.
United States
USD
U.S. dollar
UTPs
Uncertain tax positions
Vigeo Eiris (VE)
A provider of Environmental, Social and Governance (ESG) research, data and assessments; acquired by the Company in April 2019
A provider of risk and financial management software for the U.S. banking sector; acquired by the Company in December 2020
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.