Company Quick10K Filing
Quick10K
Moodys
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$216.36 190 $41,022
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-14 Other Events, Other Events, Exhibits
8-K 2019-10-30 Earnings, Regulation FD, Exhibits, Earnings, Regulation FD, Exhibits
8-K 2019-10-21 Officers, Exhibits
8-K 2019-09-24 Officers, Regulation FD, Exhibits
8-K 2019-07-31 Earnings, Regulation FD, Exhibits
8-K 2019-04-24 Earnings, Regulation FD, Exhibits
8-K 2019-04-16 Shareholder Vote
8-K 2019-02-15 Earnings, Regulation FD, Exhibits
8-K 2019-02-11 Officers, Officers, Regulation FD, Exhibits
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-12-03 Other Events, Other Events, Exhibits
8-K 2018-11-14 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-08 Officers, Exhibits
8-K 2018-10-26 Earnings, Regulation FD, Exhibits
8-K 2018-07-31 Officers, Exhibits
8-K 2018-07-27 Earnings, Regulation FD, Exhibits
8-K 2018-06-01 Other Events, Exhibits
8-K 2018-06-01 Other Events, Other Events, Exhibits
8-K 2018-05-03 Officers, Officers
8-K 2018-04-27 Earnings, Regulation FD, Exhibits
8-K 2018-04-24 Shareholder Vote, Shareholder Vote
8-K 2018-04-19 Regulation FD, Regulation FD
8-K 2018-03-30 Officers
8-K 2018-02-12 Officers, Regulation FD
8-K 2018-02-09 Earnings, Regulation FD, Exhibits
8-K 2018-01-26 Officers, Exhibits
TRU Transunion 15,484
PPDF Ppdai Group 6,062
WD Walker & Dunlop 1,666
YRD Yirendai 1,186
BCOR Blucora 1,048
RM Regional Management 311
ONDK On Deck Capital 255
DNJR Golden Bull 9
LMFA LM Funding America 1
COOP Cooperative Bankshares 0
MCO 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Description of Business and Basis of Presentation
Note 2. Summary of Significant Accounting Policies
Note 3. Revenues
Note 4. Stock-Based Compensation
Note 5. Income Taxes
Note 6. Weighted Average Shares Outstanding
Note 7. Accelerated Share Repurchase Program
Note 8. Cash Equivalents and Investments
Note 9. Acquisitions and Other Strategic Initiatives
Note 10. Assets and Liabilities Held for Sale
Note 11. Derivative Instruments and Hedging Activities
Note 12. Goodwill and Other Acquired Intangible Assets
Note 13. Restructuring
Note 14. Fair Value
Note 15. Other Balance Sheet and Statement of Operations Information
Note 16. Comprehensive Income and Accumulated Other Comprehensive Income
Note 17. Pension and Other Retirement Benefits
Note 18. Indebtedness
Note 19. Leases
Note 20. Contingencies
Note 21. Segment Information
Note 22. Recently Issued Accounting Standards
Note 23. Subsequent Events
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-20190930xexx311.htm
EX-31.2 mco-20190930xexx312.htm
EX-32.1 mco-20190930xexx321.htm
EX-32.2 mco-20190930xexx322.htm

Moodys Earnings 2019-09-30

MCO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
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
 
10007
250 Greenwich Street
,
New York
,
NY
 
(Zip Code)
(Address of Principal Executive Offices)
 
 
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
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months, or for such shorter period that the registrant was required to submit such files. Yes No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
Emerging growth company
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Shares Outstanding at September 30, 2019
188.8 million


Table of Contents

 
MOODY’S CORPORATION
INDEX TO FORM 10-Q
 
 
Page(s)
3-7
 
 
 
 
 
 
 
 
12-15
 
16-50
 
 
 
 
 
 
54-68
 
69-74
 
 
 
 
 

 
 
 
 
 
Exhibits Filed Herewith
 
31.1
Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
 
31.2
Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
 
32.1
Chief Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
32.2
Chief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
101.INS
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
 
101.SCH
Inline XBRL Taxonomy Extension Schema Document
 
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
 
101.DEF
Inline XBRL Definitions Linkbase Document
 
101.LAB
Inline XBRL Taxonomy Extension Labels Linkbase Document
 
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
 
104
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
 


Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS
The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:
TERM
DEFINITION
ABS Suite
Business acquired by the Company in October 2019 which includes a software platform used by issuers and trustees for administration of asset-backed and mortgage-backed securities programs
Acquisition-Related Amortization
Amortization of definite-lived intangible assets acquired by the Company from all business combination transactions
Acquisition-Related Expenses
Consists of expenses incurred to complete and integrate the acquisition of Bureau van Dijk for which the integration will be a multi-year effort
Adjusted Diluted EPS
Diluted EPS excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Net Income
Net Income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Income
Operating income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Margin
Adjusted Operating Income divided by revenue
Americas
Represents countries within North and South America, excluding the U.S.
AOCI
Accumulated other comprehensive income (loss); a separate component of shareholders’ equity
ASC
The FASB Accounting Standards Codification; the sole source of authoritative GAAP as of July 1, 2009 except for rules and interpretive releases of the SEC, which are also sources of authoritative GAAP for SEC registrants
Asia-Pacific
Represents Australia and countries in Asia including but not limited to: China, India, Indonesia, Japan, Korea, Malaysia, Singapore, Sri Lanka and Thailand
ASR
Accelerated Share Repurchase
ASU
The FASB Accounting Standards Update to the ASC. It also provides background information for accounting guidance and the bases for conclusions on the changes in the ASC. ASUs are not considered authoritative until codified into the ASC
Board
The board of directors of the Company
BPS
Basis points
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
CECL
Current expected credit losses
CFG
Corporate finance group; an LOB of MIS
CLO
Collateralized loan obligation
CMBS
Commercial mortgage-backed securities; an asset class within SFG
Common Stock
The Company’s common stock
Company
Moody’s Corporation and its subsidiaries; MCO; Moody’s
Content
A reporting unit within the MA segment that offers subscription based research, data and analytical products, including credit ratings produced by MIS, credit research, quantitative credit scores and other analytical tools, economic research and forecasts, business intelligence and company information products, and commercial real estate data and analytical tools
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

3

Table of Contents

TERM
DEFINITION
CRAs
Credit rating agencies
DBPP
Defined benefit pension plans
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
EMEA
Represents countries within Europe, the Middle East and Africa
EPS
Earnings per share
ERS
The Enterprise Risk Solutions LOB within MA, which offers risk management software solutions as well as related risk management advisory engagements services
ESG
Environmental, Social, and Governance
ESMA
European Securities and Markets Authority
ETR
Effective tax rate
EU
European Union
EUR
Euros
EURIBOR
The Euro Interbank Offered Rate
Excess Tax Benefits
The difference between the tax benefit realized at exercise of an option or delivery of a restricted share and the tax benefit recorded at the time the option or restricted share is expensed under GAAP
Exchange Act
The Securities Exchange Act of 1934, as amended
External Revenue
Revenue excluding any intersegment amounts
FASB
Financial Accounting Standards Board
FIG
Financial institutions group; an LOB of MIS
Four Twenty Seven
A provider of data, intelligence, and analysis related to physical climate risks; acquired by the Company in July 2019
Free Cash Flow
Net cash provided by operating activities less cash paid for capital additions
FX
Foreign exchange
GAAP
U.S. Generally Accepted Accounting Principles
GBP
British pounds
ICRA
ICRA Limited; a provider of credit ratings and research in India. ICRA is a public company with its shares listed on the Bombay Stock Exchange and the National Stock Exchange of India. The Company previously held 28.5% equity ownership and in June 2014, increased that ownership stake to over 50% through the acquisition of additional shares
IRS
Internal Revenue Service
IT
Information technology
KIS
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
M&A
Mergers and acquisitions
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 - RD&A, ERS and PS
MAKS
Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provides offshore research and analytic services to the global financial and corporate sectors; part of the PS LOB and a reporting unit within the MA reportable segment

4

Table of Contents

TERM
DEFINITION
MALS
Moody’s Analytics Learning Solutions; a reporting unit within the MA segment that includes on-line and classroom-based training services as well as credentialing and certification services
MCO
Moody’s Corporation and its subsidiaries; the Company; Moody’s
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
MIS
Moody’s Investors Service - a reportable segment of MCO; consists of five LOBs - SFG, CFG, FIG, PPIF and MIS Other
MIS Other
Consists of non-ratings revenue from ICRA, KIS Pricing and KIS Research. These businesses are components of MIS; MIS Other is an LOB of MIS
Moody’s
Moody’s Corporation and its subsidiaries; MCO; the Company
Net Income
Net income attributable to Moody’s Corporation, which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder
New 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
New 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
NM
Percentage change is not meaningful
Non-GAAP
A financial measure not in accordance with GAAP; these measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and to provide greater transparency to investors of supplemental information used by management in its financial and operational decision making
NRSRO
Nationally Recognized Statistical Rating Organization, which is a credit rating agency registered with the SEC.
OCI
Other comprehensive income (loss); includes gains and losses on cash flow and net investment hedges, unrealized gains and losses on available for sale securities (in periods prior to January 1, 2018), certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments
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 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
PS
Professional Services, an LOB within MA consisting of MAKS and MALS that provides offshore analytical and research services as well as learning solutions and certification programs

5

Table of Contents

TERM
DEFINITION
RD&A
An LOB within MA that offers subscription based research, data and analytical products, including credit ratings produced by MIS, credit research, quantitative credit scores and other analytical tools, economic research and forecasts, business intelligence and company information products, and commercial real estate data and analytical tools
Redeemable 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
Reform Act
Credit Rating Agency Reform Act of 2006
REIT
Real Estate Investment Trust
Reis, Inc. (Reis)
A provider of U.S. commercial real estate data; acquired by the Company in October 2018
Relationship Revenue
For MIS, represents recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. For MIS Other, represents subscription-based revenue. For MA, represents subscription-based revenue and software maintenance revenue
Reporting unit
The level at which Moody’s evaluates its goodwill for impairment under U.S. GAAP; defined as an operating segment or one level below an operating segment
Retirement Plans
Moody’s funded and unfunded pension plans, the healthcare plans and life insurance plans
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
SynTao Green Finance (STGF)
A provider of environmental, social and governance data and analytics based in and serving China; a minority stake was acquired by the Company in October 2019
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
A provider of in ESG research, data and assessments; acquired by the Company on April 12, 2019
2010 Senior Notes
Principal amount of $500 million, 5.50% senior unsecured notes due in September 2020
2012 Senior Notes
Principal amount of $500 million, 4.50% senior unsecured notes due in September 2022
2013 Senior Notes
Principal amount of the $500 million, 4.875% senior unsecured notes due in February 2024
2014 Senior Notes (5-Year)
Principal amount of $450 million, 2.75% senior unsecured notes due in July 2019, repaid in 2019
2014 Senior Notes (30-Year)
Principal amount of $600 million, 5.25% senior unsecured notes due in July 2044

6

Table of Contents

TERM
DEFINITION
2015 Senior Notes
Principal amount of €500 million, 1.75% senior unsecured notes due in March 2027
2017 Senior Notes Due 2023
Principal amount of $500 million, 2.625% senior unsecured notes due January 15, 2023
2017 Senior Notes Due 2028
Principal amount of $500 million, 3.250% senior unsecured notes due January 15, 2028
2017 Senior Notes Due 2021
Principal amount of $500 million, 2.75% senior unsecured notes due in December 2021
2018 Facility
Five-year unsecured revolving credit facility, with capacity to borrow up to $1 billion; backstops CP issued under the CP Program
2018 Senior Notes
Principal amount of $300 million, 3.25% senior unsecured notes due June 7, 2021
2018 Senior Notes (10-year)
Principal amount of $400 million, 4.25% senior unsecured notes due February 1, 2029
2018 Senior Notes (30-year)
Principal amount of $400 million, 4.875% senior unsecured notes due December 17, 2048

7

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share data)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Revenue
$
1,240.5

 
$
1,080.8

 
$
3,596.2

 
$
3,382.6

Expenses
 
 
 
 
 
 
 
Operating
350.2

 
306.3

 
1,031.8

 
941.4

Selling, general and administrative
291.9

 
260.3

 
848.1

 
801.9

Restructuring
(1.0
)
 

 
58.3

 

Depreciation and amortization
48.6

 
46.1

 
149.9

 
143.6

Acquisition-Related Expenses

 
1.3

 
3.4

 
4.1

Impairment pursuant to the planned divestiture of MAKS
2.0

 

 
10.7

 

Total expenses
691.7

 
614.0

 
2,102.2

 
1,891.0

Operating income
548.8

 
466.8

 
1,494.0

 
1,491.6

Non-operating (expense) income, net
 
 
 
 
 
 
 
Interest expense, net
(45.9
)

(56.4
)

(149.0
)

(160.5
)
Other non-operating income, net
9.9


2.4


12.6


18.3

Total non-operating expense, net
(36.0
)
 
(54.0
)
 
(136.4
)
 
(142.2
)
Income before provisions for income taxes
512.8

 
412.8

 
1,357.6

 
1,349.4

Provision for income taxes
130.4

 
100.8

 
289.6

 
282.7

Net income
382.4

 
312.0

 
1,068.0

 
1,066.7

Less: Net income attributable to noncontrolling interests
3.0

 
1.8

 
5.4

 
7.4

Net income attributable to Moody's
$
379.4

 
$
310.2

 
$
1,062.6

 
$
1,059.3

Earnings per share attributable to Moody's common shareholders
 
 
 
 
 
 
 
Basic
$
2.01


$
1.62


$
5.60


$
5.53

Diluted
$
1.99


$
1.59


$
5.54


$
5.45

Weighted average number of shares outstanding
 
 
 
 
 
 
 
Basic
189.0


191.8


189.6


191.7

Diluted
191.1


194.5


191.8


194.4

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

8

Table of Contents

MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in millions)
 
Three Months Ended
September 30, 2019
 
Three Months Ended
September 30, 2018
 
Pre-tax
amounts
 
Tax
amounts
 
After-tax
amounts
 
Pre-tax
amounts
 
Tax
amounts
 
After-tax
amounts
Net Income
 
 
 
 
$
382.4

 
 
 
 
 
$
312.0

Other Comprehensive Income (loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign Currency Adjustments:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments, net
$
(193.6
)
 
$

 
(193.6
)
 
$
(52.4
)
 
$

 
(52.4
)
Net gains on net investment hedges
136.7

 
(34.0
)
 
102.7

 
5.9

 
(1.8
)
 
4.1

Net investment hedges - reclassification of gains included in net income
(1.0
)
 
0.2

 
(0.8
)
 

 

 

Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
 
 
Reclassification of losses (gains) included in net income
0.1

 
(0.1
)
 

 
(0.1
)
 

 
(0.1
)
Pension and Other Retirement Benefits:
 
 
 
 
 
 
 
 
 
 
 
Amortization of actuarial losses and prior service costs included in net income
0.8

 
(0.2
)
 
0.6

 
1.1

 
(0.3
)
 
0.8

Total other comprehensive income (loss)
$
(57.0
)
 
$
(34.1
)
 
$
(91.1
)
 
$
(45.5
)
 
$
(2.1
)
 
$
(47.6
)
Comprehensive income
 
 
 
 
291.3

 
 
 
 
 
264.4