Company Quick10K Filing
Moody's
Price205.88 EPS7
Shares192 P/E30
MCap39,488 P/FCF33
Net Debt4,060 EBIT1,745
TEV43,548 TEV/EBIT25
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-29
10-K 2020-12-31 Filed 2021-02-22
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10-K 2012-12-31 Filed 2013-02-26
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8-K 2020-10-29
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8-K 2019-11-25
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8-K 2019-04-16
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8-K 2018-12-17
8-K 2018-12-03
8-K 2018-12-03
8-K 2018-11-14
8-K 2018-11-08
8-K 2018-10-26
8-K 2018-07-31
8-K 2018-07-27
8-K 2018-06-01
8-K 2018-06-01
8-K 2018-05-03
8-K 2018-04-27
8-K 2018-04-24
8-K 2018-04-19
8-K 2018-03-30
8-K 2018-02-12
8-K 2018-02-09
8-K 2018-01-26

MCO 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Description of Business and Basis of Presentation
Note 2. Revenues
Note 3. Stock - Based Compensation
Note 4. Income Taxes
Note 5. Weighted Average Shares Outstanding
Note 6. Cash Equivalents and Investments
Note 7. Acquisitions
Note 8. Derivative Instruments and Hedging Activities
Note 9. Goodwill and Other Acquired Intangible Assets
Note 10. Restructuring
Note 11. Fair Value
Note 12. Other Balance Sheet and Statement of Operations Information
Note 13. Comprehensive Income and Accumulated Other Comprehensive Loss
Note 14. Pension and Other Retirement Benefits
Note 15. Indebtedness
Note 16. Leases
Note 17. Contingencies
Note 18. Segment Information
Note 19. Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 6. Exhibits
EX-31.1 mco-20210331xexx31110xq.htm
EX-31.2 mco-20210331xexx31210xq.htm
EX-32.1 mco-20210331xexx32110xq.htm
EX-32.2 mco-20210331xexx32210xq.htm

Moody's Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
10.07.75.53.21.0-1.32012201420172020
Assets, Equity
1.30.90.60.2-0.1-0.52012201420172020
Rev, G Profit, Net Income
0.8-0.1-0.9-1.8-2.6-3.52012201420172020
Ops, Inv, Fin

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Table of Contents

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 March 31, 2021
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 March 31, 2021
187.2 million

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MOODY’S CORPORATION
INDEX TO FORM 10-Q
Page(s)
3-6
11-12
13-37
39-53
53-58


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GLOSSARY OF TERMS AND ABBREVIATIONS
The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:
TERM
DEFINITION
Acquire Media (AM)
Business acquired by the Company in October 2020; an aggregator and distributor of curated real-time news, multimedia, data, and alerts.
Acquisition-Related 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.
AOCL
Accumulated other comprehensive loss; a separate component of shareholders’ equity
ASC
The FASB Accounting Standards Codification; the sole source of authoritative GAAP as of July 1, 2009 except for rules and interpretive releases of the SEC, which are also sources of authoritative GAAP for SEC registrants
Asia-Pacific
Represents Australia and countries in Asia including but not limited to: China, India, Indonesia, Japan, Korea, Malaysia, Singapore, Sri Lanka and Thailand
ASU
The FASB Accounting Standards Update to the ASC. It also provides background information for accounting guidance and the bases for conclusions on the changes in the ASC. ASUs are not considered authoritative until codified into the ASC
Board
The board of directors of the Company
BPS
Basis points
Bureau van Dijk
Bureau van Dijk Electronic Publishing, B.V., a global provider of business intelligence and company information; acquired by the Company on August 10, 2017 via the acquisition of Yellow Maple I B.V., an indirect parent of Bureau van Dijk
CatylistA provider of commercial real estate (CRE) solutions for brokers; acquired by the Company on December 30, 2020
CFG
Corporate finance group; an LOB of MIS
CLO
Collateralized loan obligation
CMBS
Commercial mortgage-backed securities; an asset class within SFG
COLICorporate-Owned Life Insurance
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 2018 Facility
CRAs
Credit rating agencies
DBPPs
Defined benefit pension plans
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
EMEA
Represents countries within Europe, the Middle East and Africa
EPS
Earnings per share
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TERM
DEFINITION
ERS
The Enterprise Risk Solutions LOB within MA, which offers risk management software solutions as well as related risk management advisory engagements services
ESG
Environmental, Social, and Governance
ESMA
European Securities and Markets Authority
ETR
Effective tax rate
EU
European Union
EUR
Euros
EURIBOR
The Euro Interbank Offered Rate
Excess Tax Benefits
The difference between the tax benefit realized at exercise of an option or delivery of a restricted share and the tax benefit recorded at the time the option or restricted share is expensed under GAAP
Exchange Act
The Securities Exchange Act of 1934, as amended
External Revenue
Revenue excluding any intersegment amounts
FASB
Financial Accounting Standards Board
FIG
Financial institutions group; an LOB of MIS
Free Cash Flow
Net cash provided by operating activities less cash paid for capital additions
FX
Foreign exchange
GAAP
U.S. Generally Accepted Accounting Principles
GBP
British pounds
ICRA
ICRA Limited; a provider of credit ratings and research in India. ICRA is a public company with its shares listed on the Bombay Stock Exchange and the National Stock Exchange of India. The Company previously held 28.5% equity ownership and in June 2014, increased that ownership stake to over 50% through the acquisition of additional shares
KIS
Korea Investors Service, Inc; a Korean rating agency and consolidated subsidiary of the Company
KIS Pricing
Korea Investors Service Pricing, Inc; a Korean provider of fixed income securities pricing and consolidated subsidiary of the Company
KIS Research
Korea Investors Service Research; a Korean provider of financial research and consolidated subsidiary of the Company
Korea
Republic of South Korea
LIBOR
London Interbank Offered Rate
LOB
Line of business
MA
Moody’s Analytics - a reportable segment of MCO which provides a wide range of products and services that support financial analysis and risk management activities of institutional participants in global financial markets; consists of two LOBs - RD&A and ERS
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 non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from providing ESG research, data and assessments. These businesses are components of MIS; MIS Other is an LOB of MIS
Moody’s
Moody’s Corporation and its subsidiaries; MCO; the Company
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.
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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
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.
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
Other Retirement Plan
The U.S. retirement healthcare and U.S. retirement life insurance plans
PPIF
Public, project and infrastructure finance; an LOB of MIS
Profit Participation Plan
Defined contribution profit participation plan that covers substantially all U.S. employees of the Company
RD&A
An LOB within MA that offers subscription-based research, data and analytical products, including: credit ratings produced by MIS; credit research; quantitative credit scores and other analytical tools; economic research and forecasts; business intelligence and company information products; commercial real estate data and analytical tools; learning solutions
Reform Act
Credit Rating Agency Reform Act of 2006
Regulatory DataCorp Inc. (RDC)A global leader in risk and compliance intelligence; the Company acquired RDC in February 2020
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 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
RMBS
Residential mortgage-backed securities; an asset class within SFG
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
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TERM
DEFINITION
Tax Act
The “Tax Cuts and Jobs Act” enacted into U.S. law on December 22, 2017 which significantly amends the tax code in the U.S.
Transaction Revenue
For MIS, represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services as well as data services, research and analytical engagements. For MA, represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and research and analytical engagements
U.K.
United Kingdom
U.S.
United States
USD
U.S. dollar
UTPs
Uncertain tax positions
ZM Financial Systems (ZMFS)A provider of risk and financial management software for the U.S. banking sector; acquired by the Company in December 2020.
2020 MA Strategic Reorganization Restructuring Program
Restructuring program approved by the chief executive officer of Moody’s on December 22, 2020, relating to a strategic reorganization in the MA reportable segment.
2012 Senior Notes due 2022
Principal amount of $500 million, 4.50% senior unsecured notes due in September 2022
2013 Senior Notes due 2024
Principal amount of the $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 Facility
Five-year unsecured revolving credit facility, with capacity to borrow up to $1 billion; backstops CP issued under the CP Program
2018 Senior Notes 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


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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
March 31,
20212020
Revenue$1,600 $1,290 
Expenses
Operating393 340 
Selling, general and administrative293 301 
Depreciation and amortization59 49 
Restructuring2 (1)
Loss pursuant to the divestiture of MAKS 9 
Total expenses747 698 
Operating income853 592 
Non-operating (expense) income, net
Interest expense, net(7)(40)
Other non-operating income, net16 12 
Total non-operating (expense) income, net9 (28)
Income before provisions for income taxes862 564 
Provision for income taxes126 77 
Net income736 487 
Less: Net income (loss) attributable to noncontrolling interests (1)
Net income attributable to Moody's$736 $488 
Earnings per share attributable to Moody's common shareholders
Basic$3.93 $2.60 
Diluted$3.90 $2.57 
Weighted average number of shares outstanding
Basic187.2 187.5 
Diluted188.6 189.6 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in millions)

Three Months Ended
March 31, 2021
Three Months Ended
March 31, 2020
Pre-tax
amounts
Tax
amounts
After-tax
amounts
Pre-tax
amounts
Tax
amounts
After-tax
amounts
Net Income$736 $487 
Other Comprehensive Income (loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$(147)$6 (141)$(175)$5 (170)
Net gains on net investment hedges175 (42)133 119 (30)89 
Net investment hedges - reclassification of gains included in net income(1) (1)   
Cash Flow Hedges:
Net losses on cash flow hedges   (48)12 (36)
Reclassification of losses included in net income1  1 1  1 
Pension and Other Retirement Benefits:
Amortization of actuarial losses and prior service costs included in net income3 (1)2 2 (1)1 
Net actuarial losses and prior service costs   (1) (1)
Total other comprehensive (loss) income$31 $(37)(6)$(102)$(14)(116)
Comprehensive income730 371 
Less: comprehensive income (loss) attributable to noncontrolling interests2 (2)
Comprehensive Income Attributable to Moody's$728 $373 
The accompanying notes are an integral part of the condensed consolidated financial statements.

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MOODY’S CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in millions, except per share data)
March 31, 2021December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents$2,769 $2,597 
Short-term investments96 99 
Accounts receivable, net of allowance for credit losses of $31 in 2021 and $34 in 2020
1,497 1,430 
Other current assets333 383 
Total current assets4,695 4,509 
Property and equipment, net of accumulated depreciation of $946 in 2021 and $928 in 2020
269 278 
Operating lease right-of-use assets375 393 
Goodwill4,566 4,556 
Intangible assets, net1,810 1,824 
Deferred tax assets, net240 334 
Other assets545 515 
Total assets$12,500 $12,409 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$828 $1,039 
Current portion of operating lease liabilities94 94 
Deferred revenue1,232 1,089 
Total current liabilities2,154 2,222 
Non-current portion of deferred revenue96 98 
Long-term debt6,340 6,422 
Deferred tax liabilities, net404 404 
Uncertain tax positions402 483 
Operating lease liabilities406 427 
Other liabilities473 590 
Total liabilities10,275 10,646 
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 March 31, 2021 and December 31, 2020, respectively.
3 3 
Capital surplus739 735 
Retained earnings11,632 11,011 
Treasury stock, at cost; 155,737,071 and 155,808,563 shares of common stock at March 31, 2021 and December 31, 2020
(9,904)(9,748)
Accumulated other comprehensive loss(440)(432)
Total Moody's shareholders' equity2,030 1,569 
Noncontrolling interests195 194 
Total shareholders' equity2,225 1,763 
Total liabilities, noncontrolling interests and shareholders' equity$12,500 $12,409 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in millions)
Three Months Ended March 31,
20212020
Cash flows from operating activities
Net income$736 $487 
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization59 49 
Stock-based compensation45 37 
Deferred income taxes44 57 
Loss pursuant to the divestiture of MAKS 9 
Changes in assets and liabilities:
Accounts receivable(71)(7)
Other current assets67 (38)
Other assets(30)2 
Accounts payable and accrued liabilities(206)(198)
Deferred revenue146 64 
Unrecognized tax benefits and other non-current tax liabilities(78)(18)
Other liabilities(36)(99)
Net cash provided by operating activities676 345 
Cash flows from investing activities
Capital additions(14)(21)
Purchases of investments(65)(78)
Sales and maturities of investments45 23 
Cash paid for acquisitions, net of cash acquired(138)(696)
Receipts from settlements of net investment hedges1  
Payments for settlements of net investment hedges(23) 
Net cash used in investing activities(194)(772)
Cash flows from financing activities
Issuance of notes 700 
Issuance of commercial paper 789 
Repayment of commercial paper (305)
Proceeds from stock-based compensation plans9 16 
Repurchase of shares related to stock-based compensation(51)(71)
Treasury shares(132)(253)
Dividends(116)(105)
Debt issuance costs, extinguishment costs and related fees (6)
Net cash (used in) provided by financing activities(290)765 
Effect of exchange rate changes on cash and cash equivalents(20)(29)
Increase in cash and cash equivalents172 309 
Cash and cash equivalents, beginning of period2,597 1,832 
Cash and cash equivalents, end of period$2,769 $2,141 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common StockCapital SurplusRetained EarningsTreasury StockAccumulated
Other
Comprehensive
Loss
Total Moody's
Shareholders'
Equity
Non- Controlling
Interests
Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at December 31, 2019342.9 $3 $642 $9,656 (155.2)$(9,250)$(439)$612 $219 $831 
Net income/ (loss)488 488 (1)487 
Dividends ($0.56 per share)
(101)(101) (101)
Adoption of
New Credit
Losses
Accounting
Standard
(2)(2)(2)
Stock-based compensation37 37 37 
Shares issued for stock-based compensation plans at average cost, net(63)0.9 (21)(84)(84)
Treasury shares repurchased(1.1)(253)(253)(253)
Currency translation adjustment, net of
net investment hedge activity (net of tax of $25 million)
(80)(80)(1)(81)
Net actuarial gains and prior service cost(1)(1)(1)
Amortization of prior service costs and actuarial losses (net of tax of $1 million)
1 1 1 
Net realized and unrealized
gain on cash
flow hedges
(net of tax of $12 million)
(35)(35)(35)
Balance at March 31, 2020342.9 $3 $616 $10,041 (155.4)$(9,524)$(554)$582 $217 $799 
The accompanying notes are an integral part of the condensed consolidated financial statements.
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MOODY'S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common Stock Capital
Surplus
Retained
Earnings
Treasury StockAccumulated
Other
Comprehensive
Loss