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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
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 York 10007
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code:
(212) 553-0300
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareMCONew York Stock Exchange
1.75% Senior Notes Due 2027MCO 27New York Stock Exchange
0.950% Senior Notes Due 2030MCO 30New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months, or for such shorter period that the registrant was required to submit such files. Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Shares Outstanding at June 30, 2022
183.5 million
1

MOODY’S CORPORATION
INDEX TO FORM 10-Q
Page(s)
3-6
11-14
15-44
46-76
76-82
84-85


2

GLOSSARY OF TERMS AND ABBREVIATIONS
The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:
TERM
DEFINITION
Acquisition-Related Intangible Amortization Expense
Amortization of definite-lived intangible assets acquired by the Company from all business combination transactions
Adjusted Diluted EPS
Diluted EPS excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Net Income
Net Income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Income
Operating income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Margin
Adjusted Operating Income divided by revenue
Americas
Represents countries within North and South America, excluding the U.S.
AOCI(L)
Accumulated other comprehensive income/loss; a separate component of shareholders’ equity
Annualized Recurring Revenue (ARR)
A supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time
ASC
The FASB Accounting Standards Codification; the sole source of authoritative GAAP as of July 1, 2009 except for rules and interpretive releases of the SEC, which are also sources of authoritative GAAP for SEC registrants
Asia-Pacific
Represents Australia and countries in Asia including but not limited to: China, India, Indonesia, Japan, Korea, Malaysia, Singapore, Sri Lanka and Thailand
ASR
Accelerated Share Repurchase
ASU
The FASB Accounting Standards Update to the ASC. Provides background information for accounting guidance and the bases for conclusions on the changes in the ASC. ASUs are not considered authoritative until codified into the ASC
Board
The board of directors of the Company
BPS
Basis points
CCXIChina Cheng Xin International Credit Rating Co. Ltd.; China’s first and largest domestic credit rating agency approved by the People’s Bank of China; the Company acquired a 49% interest in 2006; currently Moody’s owns 30% of CCXI
CDP
An international nonprofit organization that helps companies, cities, states and regions manage their environmental impact through a global disclosure system
CFG
Corporate finance group; an LOB of MIS
CMBS
Commercial mortgage-backed securities; an asset class within SFG
COLICorporate-Owned Life Insurance
CommissionEuropean Commission
Common Stock
The Company’s common stock
Company
Moody’s Corporation and its subsidiaries; MCO; Moody’s
CorteraA provider of North American credit data and workflow solutions; the Company acquired Cortera in March 2021
COVID-19An outbreak of a novel strain of coronavirus resulting in an international public health crisis and a global pandemic
CP
Commercial Paper
CP Program
A program entered into on August 3, 2016 allowing the Company to privately place CP up to a maximum of $1 billion for which the maturity may not exceed 397 days from the date of issue, and which is backstopped by the 2021 Facility
CRAs
Credit rating agencies
Data and Information (D&I)
LOB within MA which provides vast data sets on companies and securities via data feeds and data applications products
Decision Solutions (DS)
LOB within MA that provides software and workflow tools for specific use cases (banking, insurance, KYC/KYS, CRE and structured finance solutions). This LOB utilizes components from the Data & Information and Research & Insights LOBs to provide integrated risk solutions
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
3

TERM
DEFINITION
EMEA
Represents countries within Europe, the Middle East and Africa
EPS
Earnings per share
ERS
Enterprise Risk Solutions; former LOB within MA, which offered risk management software solutions as well as related risk management advisory engagements services. As of January 1, 2022, the MA LOBs have been realigned from RD&A and ERS to Decision Solutions, Research and Insights, and Data and Information
ESG
Environmental, Social, and Governance
ESMA
European Securities and Markets Authority
ESTREuro Short-Term Rate
ETR
Effective tax rate
EU
European Union
EURIBOR
The Euro Interbank Offered Rate
Excess Tax Benefits
The difference between the tax benefit realized at exercise of an option or delivery of a restricted share and the tax benefit recorded at the time the option or restricted share is expensed under GAAP
Exchange Act
The Securities Exchange Act of 1934, as amended
External Revenue
Revenue excluding any intersegment amounts
FASB
Financial Accounting Standards Board
FIG
Financial institutions group; an LOB of MIS
Free Cash Flow
Net cash provided by operating activities less cash paid for capital additions
FX
Foreign exchange
GAAP
U.S. Generally Accepted Accounting Principles
GBP
British pounds
GDPGross domestic product
GRIGlobal Reporting Initiative, an international independent standards organization that helps organizations understand and disclose their impact on climate change, human rights and corruption
ICRA
ICRA Limited; a provider of credit ratings and research in India
kompany360kompany AG (kompany); a Vienna, Austria-based platform for business verification and Know Your Customer (KYC) technology solutions, acquired by the Company in February 2022
Korea
Republic of South Korea
KYCKnow-your-customer
LIBOR
London Interbank Offered Rate
LOB
Line of business
MA
Moody’s Analytics - a reportable segment of MCO which provides a wide range of products and services that support financial analysis and risk management activities of institutional participants in global financial markets; consists of three LOBs - Decision Solutions; Research and Insights; and Data and Information
MAKS
Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provided offshore research and analytic services to the global financial and corporate sectors; business was divested in the fourth quarter of 2019 and was formerly part of the PS LOB and a reporting unit within the MA reportable segment
MCO
Moody’s Corporation and its subsidiaries; the Company; Moody’s
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
MIS
Moody’s Investors Service - a reportable segment of MCO; consists of five LOBs - SFG; CFG; FIG; PPIF; and MIS Other
MIS Other
Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue and revenue from providing ESG research, data and assessments. These businesses are components of MIS; MIS Other is an LOB of MIS
Moody’s
Moody’s Corporation and its subsidiaries; MCO; the Company
MSSMoody's Shared Services; primarily consists of information technology and support staff such as finance, human resources and legal that support both MIS and MA
4

TERM
DEFINITION
Net Income
Net income attributable to Moody’s Corporation, which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder
NM
Percentage change is not meaningful
Non-GAAP
A financial measure not in accordance with GAAP; these measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and to provide greater transparency to investors of supplemental information used by management in its financial and operational decision making
NRSRO
Nationally Recognized Statistical Rating Organization, which is a credit rating agency registered with the SEC
OCI
Other comprehensive income (loss); includes gains and losses on cash flow and net investment hedges, certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments
Operating segment
Term defined in the ASC relating to segment reporting; the ASC defines an operating segment as a component of a business entity that has each of the three following characteristics: i) the component engages in business activities from which it may recognize revenue and incur expenses; ii) the operating results of the component are regularly reviewed by the entity’s chief operating decision maker; and iii) discrete financial information about the component is available
PassFortA U.K. SaaS-based workflow platform for identity verification, customer onboarding, and risk analysis; acquired by the Company in November 2021
PPIF
Public, project and infrastructure finance; an LOB of MIS
Q2
Second Quarter
RD&A
Research, Data and Analytics; former LOB within MA that offered subscription-based research, data and analytical products, including: credit ratings produced by MIS; credit research; quantitative credit scores and other analytical tools; economic research and forecasts; business intelligence and company information products; commercial real estate data and analytical tools; and learning solutions. As of January 1, 2022, the MA LOBs have been realigned from RD&A and ERS to Decision Solutions, Research and Insights, and Data and Information
RealXDataA provider of CRE lease-level portfolio management with benchmarking and rent forecasting capabilities; acquired by the Company in September 2021
Recurring Revenue
For MIS, represents recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. For MIS Other, represents subscription-based revenue. For MA, represents subscription-based revenue and software maintenance revenue
Reform Act
Credit Rating Agency Reform Act of 2006
Reporting unit
The level at which Moody’s evaluates its goodwill for impairment under U.S. GAAP; defined as an operating segment or one level below an operating segment
Research and Insights (R&I)
LOB within MA that provides models, scores, expert insights and commentary. This LOB includes credit research; credit models and analytics; and economics data and models
Revenue Accounting Standard
Updates to the ASC pursuant to ASU No. 2014-09, “Revenue from Contracts with Customers (ASC Topic 606).” This accounting guidance significantly changed the accounting framework under U.S. GAAP relating to revenue recognition and to the accounting for the deferral of incremental costs of obtaining or fulfilling a contract with a customer
RMBS
Residential mortgage-backed securities; an asset class within SFG
RMSA global provider of climate and natural disaster risk modeling and analytics; acquired by the Company in September 2021
SaaS
Software-as-a-Service
SASB
Sustainability Accounting Standards Board
SBTi
Science Based Targets initiative; a partnership between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature created to encourage the private sector to take the lead on urgent climate action
SEC
U.S. Securities and Exchange Commission
Securities Act
Securities Act of 1933, as amended
SFG
Structured finance group; an LOB of MIS
5

TERM
DEFINITION
SG&A
Selling, general and administrative expenses
SOFRSecured Overnight Financing Rate
Tax Act
The “Tax Cuts and Jobs Act” enacted into U.S. law on December 22, 2017 which significantly amends the tax code in the U.S.
TCFDTask Force on Climate-Related Financial Disclosures
Total Debt
All indebtedness of the Company as reflected on the consolidated balance sheets
Transaction Revenue
For MIS, represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services as well as data services, research and analytical engagements. For MA, represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, and training and certification services
U.K.
United Kingdom
U.S.
United States
USD
U.S. dollar
UTPs
Uncertain tax positions
WEFWorld Economic Forum
YTDYear-to-date
2020 MA Strategic Reorganization Restructuring ProgramRestructuring program approved by the chief executive officer of Moody’s on December 22, 2020, relating to a strategic reorganization in the MA reportable segment
2022 - 2023 Geolocation Restructuring Program
Restructuring program approved by the chief executive officer of Moody’s on June 30, 2022, relating to the Company's post-COVID-19 geolocation strategy
2013 Senior Notes due 2024
Principal amount of $500 million, 4.875% senior unsecured notes due in February 2024
2014 Senior Notes due 2044
Principal amount of $600 million, 5.25% senior unsecured notes due in July 2044
2015 Senior Notes due 2027
Principal amount of €500 million, 1.75% senior unsecured notes due in March 2027
2017 Senior Notes due 2023
Principal amount of $500 million, 2.625% senior unsecured notes due January 15, 2023
2017 Senior Notes due 2028
Principal amount of $500 million, 3.250% senior unsecured notes due January 15, 2028
2018 Senior Notes due 2029
Principal amount of $400 million, 4.25% senior unsecured notes due February 1, 2029
2018 Senior Notes due 2048
Principal amount of $400 million, 4.875% senior unsecured notes due December 17, 2048
2019 Senior Notes due 2030Principal amount of €750 million, 0.950% senior unsecured notes due February 25, 2030
2020 Senior Notes due 2025Principal amount of $700 million, 3.75% senior unsecured notes due March 24, 2025
2020 Senior Notes due 2050Principal amount of $300 million, 3.25% senior unsecured notes due May 20, 2050
2020 Senior Notes due 2060Principal amount of $500 million, 2.55% senior unsecured notes due August 18, 2060
2021 FacilityFive-year unsecured revolving credit facility, with capacity to borrow up to $1.25 billion; backstops CP issued under the CP Program
2021 Senior Notes due 2031Principal amount of $600 million, 2.00% senior unsecured notes due August 19, 2031
2021 Senior Notes due 2041Principal amount of $600 million, 2.75% senior unsecured notes due August 19, 2041
2021 Senior Notes due 2061Principal amount of $500 million, 3.10% senior unsecured notes due November 15, 2061
2022 Senior Notes due 2052Principal amount of $500 million, 3.75% senior unsecured notes due February 25, 2052

6

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2022202120222021
Revenue$1,381 $1,553 $2,903 $3,153 
Expenses
Operating393 365 810 758 
Selling, general and administrative368 327 739 620 
Depreciation and amortization81 60 159 119 
Restructuring31  31 2 
Total expenses873 752 1,739 1,499 
Operating income508 801 1,164 1,654 
Non-operating (expense) income, net
Interest expense, net(55)(49)(108)(56)
Other non-operating (expense) income, net(10)6 (4)22 
Total non-operating (expense) income, net(65)(43)(112)(34)
Income before provision for income taxes443 758 1,052 1,620 
Provision for income taxes116 181 227 307 
Net income attributable to Moody's$327 $577 $825 $1,313 
Earnings per share attributable to Moody's common shareholders
Basic$1.78 $3.09 $4.47 $7.02 
Diluted$1.77 $3.07 $4.45 $6.98 
Weighted average number of shares outstanding
Basic184.1 186.7 

184.6 187.0 
Diluted184.9 187.9 

185.4 188.2 
The accompanying notes are an integral part of the condensed consolidated financial statements.
7

MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in millions)
Three Months Ended
June 30, 2022
Three Months Ended
June 30, 2021
Pre-tax
amounts
Tax
amounts
After-tax
amounts
Pre-tax
amounts
Tax
amounts
After-tax
amounts
Net Income$327 $577 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$(340)$3 (337)$37 $(2)35 
Foreign currency translation adjustments - reclassification of losses included in net income20  20    
Net gains (losses) on net investment hedges241 (60)181 (41)12 (29)
Net investment hedges - reclassification of gains included in net income   (1)1  
Pension and Other Retirement Benefits:
Amortization of actuarial losses/prior service costs and settlement charge included in net income1  1 10 (2)8 
Net actuarial gains and prior service costs6 (2)4    
Total other comprehensive (loss) income$(72)$(59)$(131)$5 $9 $14 
Comprehensive income196 591 
Less: comprehensive (loss) income attributable to noncontrolling interests(3)(1)
Comprehensive Income Attributable to Moody's$199 $592 

Six Months Ended
June 30, 2022
Six Months Ended
June 30, 2021
Pre-tax
amounts
Tax
amounts
After-tax
amounts
Pre-tax
amounts
Tax
amounts
After-tax
amounts
Net Income$825 $1,313 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$(448)$4 (444)$(110)$4 (106)
Foreign currency translation adjustments - reclassification of losses included in net income20  20    
Net gains on net investment hedges305 (77)228 134 (30)104 
Net investment hedges - reclassification of gains included in net income   (2)1 (1)
Cash Flow Hedges:
Reclassification of losses included in net income1  1 1  1 
Pension and Other Retirement Benefits:
Amortization of actuarial losses/prior service costs and settlement charge included in net income1  1 13 (3)10 
Net actuarial gains and prior service costs3 (1)2    
Total other comprehensive (loss) income$(118)$(74)$(192)$36 $(28)$8 
Comprehensive income633 1,321 
Less: comprehensive (loss) income attributable to noncontrolling interests(3)1 
Comprehensive Income Attributable to Moody's$636 $1,320 
The accompanying notes are an integral part of the condensed consolidated financial statements.

8

MOODY’S CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in millions, except share and per share data)
June 30, 2022December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents$1,617 $1,811 
Short-term investments86 91 
Accounts receivable, net of allowance for credit losses of $46 in 2022 and $32 in 2021
1,602 1,720 
Other current assets515 389 
Total current assets3,820 4,011 
Property and equipment, net of accumulated depreciation of $1,058 in 2022 and $1,010 in 2021
433 347 
Operating lease right-of-use assets413 438 
Goodwill5,841 5,999 
Intangible assets, net2,300 2,467 
Deferred tax assets, net341 384 
Other assets1,167 1,034 
Total assets$14,315 $14,680 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$866 $1,142 
Current portion of operating lease liabilities105 105 
Current portion of long-term debt499  
Deferred revenue1,285 1,249 
Total current liabilities2,755 2,496 
Non-current portion of deferred revenue81 86 
Long-term debt7,158 7,413 
Deferred tax liabilities, net572 488 
Uncertain tax positions336 388 
Operating lease liabilities421 455 
Other liabilities513 438 
Total liabilities11,836 11,764 
Contingencies (Note 17)
Shareholders' equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding
  
Series common stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding
  
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 342,902,272 shares issued at June 30, 2022 and December 31, 2021, respectively.
3 3 
Capital surplus965 885 
Retained earnings13,328 12,762 
Treasury stock, at cost; 159,355,829 and 157,262,484 shares of common stock at June 30, 2022 and December 31, 2021
(11,403)(10,513)
Accumulated other comprehensive loss(599)(410)
Total Moody's shareholders' equity2,294 2,727 
Noncontrolling interests185 189 
Total shareholders' equity2,479 2,916 
Total liabilities, noncontrolling interests and shareholders' equity$14,315 $14,680 
The accompanying notes are an integral part of the condensed consolidated financial statements.
9

MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in millions)
Six Months Ended June 30,
20222021
Cash flows from operating activities
Net income$825 $1,313 
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization159 119 
Stock-based compensation84 86 
Deferred income taxes65 59 
FX translation losses reclassified to net income20  
Changes in assets and liabilities:
Accounts receivable63 (29)
Other current assets(172)17 
Other assets(12)(23)
Lease obligations (7)(7)
Accounts payable and accrued liabilities(276)(175)
Deferred revenue92 49 
Unrecognized tax benefits and other non-current tax liabilities(44)(75)
Other liabilities(36)(64)
Net cash provided by operating activities761 1,270 
Cash flows from investing activities
Capital additions(133)(44)
Purchases of investments(182)(109)
Sales and maturities of investments99 85 
Cash paid for acquisitions, net of cash acquired(92)(138)
Receipts from settlements of net investment hedges136 2 
Payments for settlements of net investment hedges (47)
Net cash used in investing activities(172)(251)
Cash flows from financing activities
Issuance of notes491  
Proceeds from stock-based compensation plans16 23 
Repurchase of shares related to stock-based compensation(83)(79)
Treasury shares(871)(503)
Dividends(259)(232)
Debt issuance costs and related fees(5) 
Dividends to noncontrolling interest(1)