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REVENUES (Tables)
 3 Months Ended
Mar. 31, 2021
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,
20212020
MIS:
Corporate finance (CFG)
Investment-grade$134 $144 
High-yield141 75 
Bank loans180 89 
Other accounts (1)
150 145 
Total CFG605 453 
Financial institutions (FIG)
Banking109 86 
Insurance43 30 
Managed investments8 6 
Other accounts2 3 
Total FIG162 125 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign67 57 
Project and infrastructure76 52 
Total PPIF143 109 
Structured finance (SFG)
Asset-backed securities26 22 
RMBS27 27 
CMBS24 17 
Structured credit38 29 
Other accounts1 1 
Total SFG116 96 
Total ratings revenue1,026 783 
MIS Other10 11 
Total external revenue1,036 794 
Intersegment revenue40 37 
Total MIS1,076 831 
MA:
Research, data and analytics (RD&A) 419 358 
Enterprise risk solutions (ERS)
145 138 
Total external revenue564 496 
Intersegment revenue2 2 
Total MA566 498 
Eliminations(42)(39)
Total MCO$1,600 $1,290 
(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.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:

Three Months Ended March 31, 2021Three Months Ended March 31, 2020
U.S.Non-U.STotalU.S.Non-U.STotal
MIS:
Corporate finance (CFG)
$414 $191 $605 $314 $139 $453 
Financial institutions (FIG)86 76 162 60 65 125 
Public, project and infrastructure finance (PPIF)78 65 143 68 41 109 
Structured finance (SFG) 68 48 116 61 35 96 
Total ratings revenue646 380 1,026 503 280 783 
MIS Other1 9 10 — 11 11 
Total MIS647 389 1,036 503 291 794 
MA:
Research, data and analytics (RD&A) 183 236 419 158 200 358 
Enterprise risk solutions (ERS)
55 90 145 53 85 138 
Total MA238 326 564 211 285 496 
Total MCO$885 $715 $1,600 $714 $576 $1,290 
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 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.

Three Months Ended March 31,
20212020
TransactionRelationshipTotalTransactionRelationshipTotal
Corporate Finance$487 $118 $605 $338 $115 $453 
80 %20 %100 %75 %25 %100 %
Financial Institutions$90 $72 $162 $60 $65 $125 
56 %44 %100 %48 %52 %100 %
Public, Project and Infrastructure Finance$100 $43 $143 $69 $40 $109 
70 %30 %100 %63 %37 %100 %
Structured Finance$66 $50 $116 $50 $46 $96 
57 %43 %100 %52 %48 %100 %
MIS Other$2 $8 $10 $2 $9 $11 
20 %80 %100 %18 %82 %100 %
Total MIS$745 $291 $1,036 $519 $275 $794 
72 %28 %100 %65 %35 %100 %
Research, data and analytics$20 $399 $419 $18 $340 $358 
5 %95 %100 %5 %95 %100 %
Enterprise risk solutions$23 $122 $145 $32 $106 $138 
16 %84 %100 %23 %77 %100 %
Total MA$43 
(1)
$521 $564 $50 
(1)
$446 $496 
8 %92 %100 %10 %90 %100 %
Total Moody's Corporation$788 $812 $1,600 $569 $721 $1,290 
49 %51 %100 %44 %56 %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 Revenue Accounting Standard (please also refer to the following table).
The following table presents the timing of revenue recognition:

Three Months Ended March 31, 2021Three Months Ended March 31, 2020
MISMATotalMISMATotal
Revenue recognized at a point in time$745 $29 $774 $519 $39 $558 
Revenue recognized over time291 535 826 275 457 732 
Total$1,036 $564 $1,600 $794 $496 $1,290 
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,
20212020
MIS:
U.S.$647 $503 
Non-U.S.:
EMEA248 171 
Asia-Pacific97 81 
Americas44 39 
Total Non-U.S.389 291 
Total MIS1,036 794 
MA:
U.S.238 211 
Non-U.S.:
EMEA230 192 
Asia-Pacific59 55 
Americas37 38 
Total Non-U.S.326 285 
Total MA564 496 
Total MCO$1,600 $1,290 
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three months ended March 31, 2021 and 2020 are as follows:

Three Months Ended March 31, 2021Three Months Ended March 31, 2020
MISMATotalMISMATotal
Balance at December 31,$313 $874 $1,187 $322 $840 $1,162 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(96)(386)(482)(99)(336)(435)
Increases due to amounts billable excluding amounts recognized as revenue during the period174 452 626 161 343 504 
Increases due to acquisitions during the period— 4 4 — 20 20 
Effect of exchange rate changes(3)(4)(7)(5)(24)(29)
Total changes in deferred revenue75 66 141 57 3 60 
Balance at March 31,$388 $940 $1,328 $379 $843 $1,222 
Deferred revenue - current$295 $937 $1,232 $275 $838 1,113 
Deferred revenue - noncurrent$93 $3 $96 $104 $5 109