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REVENUES
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Year Ended December 31,
202020192018
MIS:
Corporate finance (CFG)
Investment-grade$636 $379 $271 
High-yield352 258 175 
Bank loans287 313 379 
Other accounts (CFG) (1)
582 547 554 
Total CFG1,857 1,497 1,379 
Structured finance (SFG)
Asset-backed securities98 99 107 
RMBS96 95 98 
CMBS61 81 78 
Structured credit105 148 196 
Other accounts (SFG)2 4 2 
Total SFG362 427 481 
Financial institutions (FIG)
Banking355 320 290 
Insurance137 119 114 
Managed investments28 25 25 
Other accounts (FIG)10 12 13 
Total FIG530 476 442 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign250 222 185 
Project and infrastructure246 224 206 
Total PPIF496 446 391 
Total ratings revenue3,245 2,846 2,693 
MIS Other47 29 19 
Total external revenue3,292 2,875 2,712 
Intersegment royalty148 134 124 
Total MIS3,440 3,009 2,836 
MA:
Research, data and analytics (RD&A)1,514 1,273 1,121 
Enterprise risk solutions (ERS)565 522 451 
Professional services (PS)(2)
— 159 159 
Total external revenue2,079 1,954 1,731 
Intersegment revenue7 9 12 
Total MA2,086 1,963 1,743 
Eliminations(155)(143)(136)
Total MCO$5,371 $4,829 $4,443 
(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, is now 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:
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
MIS:
Corporate finance$1,291 $566 $1,857 $968 $529 $1,497 $894 $485 $1,379 
Structured finance214 148 362 270 157 427 301 180 481 
Financial institutions250 280 530 200 276 476 194 248 442 
Public, project and infrastructure finance311 185 496 282 164 446 229 162 391 
Total ratings revenue2,066 1,179 3,245 1,720 1,126 2,846 1,618 1,075 2,693 
MIS Other2 45 47 1 28 29 1 18 19 
Total MIS2,068 1,224 3,292 1,721 1,154 2,875 1,619 1,093 2,712 
MA:
Research, data and analytics668 846 1,514 558 715 1,273 481 640 1,121 
Enterprise risk solutions219 346 565 201 321 522 170 281 451 
Professional services (PS)(1)
— — — 64 95 159 60 99 159 
Total MA887 1,192 2,079 823 1,131 1,954 711 1,020 1,731 
Total MCO$2,955 $2,416 $5,371 $2,544 $2,285 $4,829 $2,330 $2,113 $4,443 
(1)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.

The following table presents the Company's reportable segment revenues disaggregated by segment and geographic region:
Year Ended December 31,
2020
2019
2018
MIS:
  U.S.$2,068 $1,721 $1,619 
  Non-U.S.:
   EMEA727 686 669 
   Asia-Pacific345 320 300 
   Americas152 148 124 
   Total Non-U.S.1,224 1,154 1,093 
  Total MIS3,292 2,875 2,712 
MA:
  U.S.887 823 711 
  Non-U.S.:
   EMEA818 760 708 
   Asia-Pacific226 231 193 
   Americas148 140 119 
   Total Non-U.S.1,192 1,131 1,020 
  Total MA2,079 1,954 1,731 
Total MCO$5,371 $4,829 $4,443 
The tables below 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, and training and certification services.
Year Ended December 31,
20202019
2018
TransactionRelationshipTotalTransactionRelationshipTotalTransactionRelationshipTotal
Corporate Finance$1,401 $456 $1,857 $1,057 $440 $1,497 $949 $430 $1,379 
75 %25 %100 %71 %29 %100 %69 %31 %100 %
Structured Finance$175 $187 $362 $246 $181 $427 $310 $171 $481 
48 %52 %100 %58 %42 %100 %64 %36 %100 %
Financial Institutions$265 $265 $530 $212 $264 $476 $187 $255 $442 
50 %50 %100 %45 %55 %100 %42 %58 %100 %
Public, Project and Infrastructure Finance$337 $159 $496 $292 $154 $446 $238 $153 $391 
68 %32 %100 %65 %35 %100 %61 %39 %100 %
MIS Other$4 $43 $47 $2 $27 $29 $2 $17 $19 
9 %91 %100 %7 %93 %100 %11 %89 %100 %
Total MIS$2,182 $1,110 $3,292 $1,809 $1,066 $2,875 $1,686 $1,026 $2,712 
66 %34 %100 %63 %37 %100 %62 %38 %100 %
Research, data and analytics$74 $1,440 $1,514 $16 $1,257 $1,273 $18 $1,103 $1,121 
5 %95 %100 %1 %99 %100 %2 %98 %100 %
Enterprise risk solutions$118 $447 $565 $118 $404 $522 $99 $352 $451 
21 %79 %100 %23 %77 %100 %22 %78 %100 %
Professional services(1)
$— $— $— $159 $— $159 $159 $— $159 
— %— %— %100 %— %100 %100 %— %100 %
Total MA$192 $1,887 $2,079 $293 $1,661 $1,954 $276 $1,455 $1,731 
9 %91 %100 %15 %85 %100 %16 %84 %100 %
Total Moody’s Corporation$2,374 $2,997 $5,371 $2,102 $2,727 $4,829 $1,962 $2,481 $4,443 
44 %56 %100 %44 %56 %100 %44 %56 %100 %
(1) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from 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 table presents the timing of revenue recognition:
Year Ended December 31, 2020Year Ended December 31, 2019Year Ended December 31, 2018
MISMATotalMISMATotalMISMATotal
Revenue recognized at a point in time$2,182 $121 $2,303 $1,809 $132 $1,941 $1,686 $99 $1,785 
Revenue recognized over time1,110 1,958 3,068 1,066 1,822 2,888 1,026 1,632 2,658 
Total$3,292 $2,079 $5,371 $2,875 $1,954 $4,829 $2,712 $1,731 $4,443 
Unbilled Receivables, Deferred Revenue and Remaining Performance Obligations
Unbilled receivables
At December 31, 2020 and December 31, 2019, accounts receivable included approximately $361 million and $346 million, respectively, of unbilled receivables related to the MIS segment. Certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services and rating fees, requiring revenue to be accrued as an unbilled receivable as such services are provided.
In addition, for certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. Consequently, at December 31, 2020 and December 31, 2019, accounts receivable included approximately $98 million and $53 million, respectively, of unbilled receivables related to the MA segment.
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue is recognized. This deferred revenue is relieved when the Company satisfies the related performance obligation and revenue is recognized.
Significant changes in the deferred revenue balances during the year ended December 31, 2020 are as follows:
Year Ended December 31, 2020
MISMATotal
Balance at December 31, 2019$322 $840 $1,162 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(229)(800)(1,029)
Increases due to amounts billable excluding amounts recognized as revenue during the period215 792 1,007 
Increases due to acquisitions during the period— 24 24 
Effect of exchange rate changes5 18 23 
Total changes in deferred revenue(9)34 25 
Balance at December 31, 2020$313 $874 $1,187 
Deferred revenue - current$216 $873 $1,089 
Deferred revenue - noncurrent$97 $1 $98 
For the MA segment, for the year ended December 31, 2020, the increase in the deferred revenue balance was primarily due to acquisitions (RDC, Acquire Media, ZMFS, and Catylist) and changes in FX translation rates.
Significant changes in the deferred revenue balances during the year ended December 31, 2019 are as follows:
Year Ended December 31, 2019
MISMATotal
Balance at December 31, 2018$325 $750 $1,075 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(209)(714)(923)
Increases due to amounts billable excluding amounts recognized as revenue during the period202 789 991 
Increases due to acquisitions during the period3 6 9 
Effect of exchange rate changes1 9 10 
Total changes in deferred revenue(3)90 87 
Balance at December 31, 2019$322 $840 $1,162 
Deferred revenue—current$214 $836 $1,050 
Deferred revenue—noncurrent$108 $4 $112 
For the MA segment, for the year ended December 31, 2019, the increase in the deferred revenue balance was primarily due to organic growth.
Significant changes in the deferred revenue balances during the year ended December 31, 2018 are as follows:
Year Ended December 31, 2018
MISMATotal
Balance at January 1, 2018 (after New Revenue Accounting Standard transition adjustment)$334 $612 $946 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(218)(590)(808)
Increases due to amounts billable excluding amounts recognized as revenue during the period216 730 946 
Increases due to acquisitions during the period— 16 16 
Effect of exchange rate changes(7)(18)(25)
Total changes in deferred revenue(9)138 129 
Balance at December 31, 2018$325 $750 $1,075 
Deferred revenue—current$207 $746 $953 
Deferred revenue—noncurrent$118 $4 $122 
For the MA segment, for the year ended December 31, 2018, the increase in the deferred revenue balance was primarily due to organic growth and the Reis acquisition in the fourth quarter of 2018.
Remaining performance obligations
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $130 million. The Company expects to recognize into revenue approximately 20% of this balance within one year, approximately 50% of this balance between one to five years and the remaining amount thereafter. With respect to the remaining performance obligations for the MIS segment, the Company has applied a practical expedient set forth in ASC Topic 606 permitting the omission of unsatisfied performance obligations relating to contracts with an original expected length of one year or less.
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of December 31, 2020 as well as amounts not yet invoiced to customers as of December 31, 2020 largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $2.2 billion. The Company expects to recognize into revenue approximately 65% of this balance within one year, approximately 20% of this balance between one to two years and the remaining amount thereafter.