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Revenues (Tables)
 3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
March 31,
20202019
MIS:
Corporate finance (CFG)
Investment-grade
$144  $97  
High-yield
75  57  
Bank loans
89  73  
Other accounts (1)
145  128  
Total CFG
453  355  
Structured finance (SFG)
Asset-backed securities
22  23  
RMBS
27  24  
CMBS
17  18  
Structured credit
29  35  
Other accounts
1  1  
Total SFG
96  101  
Financial institutions (FIG)
Banking
86  80  
Insurance
30  29  
Managed investments
6  4  
Other accounts
3  3  
Total FIG
125  116  
Public, project and infrastructure finance (PPIF)
Public finance / sovereign
57  46  
Project and infrastructure
52  47  
Total PPIF
109  93  
Total ratings revenue
783  665  
MIS Other
11  5  
Total external revenue
794  670  
Intersegment royalty
37  32  
Total MIS
831  702  
MA:
Research, data and analytics (RD&A) 358  308  
Enterprise risk solutions (ERS)
138  122  
Professional services (PS) (2)
—  42  
Total external revenue
496  472  
Intersegment revenue
2  2  
Total MA
498  474  
Eliminations
(39) (34) 
Total MCO
$1,290  $1,142  
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
(2) Subsequent to the divestiture of MAKS in 2019, revenue from the MALS reporting unit, which previous to 2020 was reported in the PS LOB, will now be reported as part of the RD&A LOB. Prior periods have not been reclassified as the amounts were not material.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:

Three Months Ended March 31, 2020Three Months Ended March 31, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$314  $139  $453  $243  $112  $355  
Structured finance (SFG) 61  35  96  62  39  101  
Financial institutions (FIG)
60  65  125  46  70  116  
Public, project and infrastructure finance (PPIF)
68  41  109  60  33  93  
Total ratings revenue
503  280  783  411  254  665  
MIS Other—  11  11  —  5  5  
Total MIS
503  291  794  411  259  670  
MA:
Research, data and analytics (RD&A) 158  200  358  135  173  308  
Enterprise risk solutions (ERS)
53  85  138  48  74  122  
Professional services (PS) (1)
—  —  —  18  24  42  
Total MA
211  285  496  201  271  472  
Total MCO
$714  $576  $1,290  $612  $530  $1,142  
(1) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from Moody's Analytics Learning Solutions (MALS) beginning in the first quarter of 2020. MALS revenue was previously reported as part of the PS LOB and prior year revenue by LOB has not been reclassified as the amounts were not material.
The following tables summarize the split between transaction and relationship revenue. In the MIS segment, excluding MIS Other, transaction revenue represents the initial rating of a new debt issuance as well as other one-time fees while relationship revenue represents the 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. In MIS Other, transaction revenue represents revenue from professional services and outsourcing engagements and relationship revenue represents subscription-based revenues. In the MA segment, relationship revenue represents subscription-based revenues and software maintenance revenue. Transaction revenue in MA represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and outsourced research and analytical engagements.

Three Months Ended March 31,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$338  $115  $453  $249  $106  $355  
75 %25 %100 %70 %30 %100 %
Structured Finance
$50  $46  $96  $57  $44  $101  
52 %48 %100 %56 %44 %100 %
Financial Institutions
$60  $65  $125  $48  $68  $116  
48 %52 %100 %41 %59 %100 %
Public, Project and Infrastructure Finance
$69  $40  $109  $55  $38  $93  
63 %37 %100 %59 %41 %100 %
MIS Other
$2  $9  $11  $1  $4  $5  
18 %82 %100 %20 %80 %100 %
Total MIS
$519  $275  $794  $410  $260  $670  
65 %35 %100 %61 %39 %100 %
Research, data and analytics$18  $340  $358  $5  $303  $308  
5 %95 %100 %2 %98 %100 %
Enterprise risk solutions$32  $106  $138  $24  $98  $122  
23 %77 %100 %20 %80 %100 %
Professional services$—  $—  $—  $42  $—  $42  
— %— %— %100 %— %100 %
Total MA$50  
(1)
$446  $496  $71  
(1)
$401  $472  
10 %90 %100 %15 %85 %100 %
Total Moody's Corporation$569  $721  $1,290  $481  $661  $1,142  
44 %56 %100 %42 %58 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the New Revenue Accounting Standard (please also refer to the following table).

The following table presents the timing of revenue recognition:
Three Months Ended March 31, 2020
MIS
MA
Total
Revenue recognized at a point in time
$519  $39  $558  
Revenue recognized over time
275  457  732  
Total
$794  $496  $1,290  

Three Months Ended March 31, 2019
MIS
MA
Total
Revenue recognized at a point in time
$410  $30  $440  
Revenue recognized over time
260  442  702  
Total
$670  $472  $1,142  
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20202019
MIS:
U.S.
$503  $411  
Non-U.S.:
EMEA
171  149  
Asia-Pacific
81  79  
Americas
39  31  
Total Non-U.S.
291  259  
Total MIS
794  670  
MA:
U.S.
211  201  
Non-U.S.:
EMEA
192  184  
Asia-Pacific
55  53  
Americas
38  34  
Total Non-U.S.
285  271  
Total MA
496  472  
Total MCO
$1,290  $1,142  
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three months ended March 31, 2020 are as follows:

Three Months Ended March 31, 2020
MIS
MA
Total
Balance at January 1, 2020  $322  $840  $1,162  
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(99) (336) (435) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
161  343  504  
Increases due to RDC acquisition during the period—  20  20  
Effect of exchange rate changes
(5) (24) (29) 
Total changes in deferred revenue
57  3  60  
Balance at March 31, 2020$379  $843  $1,222  
Deferred revenue - current
$275  $838  $1,113  
Deferred revenue - noncurrent
$104  $5  $109  


Three Months Ended March 31, 2019
MIS
MA
Total
Balance at January 1, 2019
$326  $750  $1,076  
Changes in deferred revenue

Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(93) (307) (400) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
155  347  502  
Effect of exchange rate changes
—  5  5  
Total changes in deferred revenue
62  45  107  
Balance at March 31, 2019$388  $795  $1,183  
Deferred revenue - current
$271  $791  1,062  
Deferred revenue - noncurrent
$117  $4  121