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REVENUES (Tables)
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2021202020212020
MIS:
Corporate finance (CFG)
Investment-grade$105 $141 $341 $576 
High-yield82 101 347 275 
Bank loans145 73 482 205 
Other accounts (1)
156 146 473 430 
Total CFG488 461 1,643 1,486 
Financial institutions (FIG)
Banking105 95 315 269 
Insurance38 31 114 105 
Managed investments8 6 29 20 
Other accounts2 2 7 7 
Total FIG153 134 465 401 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign61 71 191 192 
Project and infrastructure69 62 212 183 
Total PPIF130 133 403 375 
Structured finance (SFG)
Asset-backed securities29 25 88 70 
RMBS31 24 89 74 
CMBS26 15 73 45 
Structured credit57 24 148 74 
Other accounts— — 1 2 
Total SFG143 88 399 265 
Total ratings revenue914 816 2,910 2,527 
MIS Other11 9 31 30 
Total external revenue925 825 2,941 2,557 
Intersegment revenue42 38 124 110 
Total MIS967 863 3,065 2,667 
MA:
Research, data and analytics (RD&A) 445 386 1,299 1,110 
Enterprise risk solutions (ERS)
156 145 439 414 
Total external revenue601 531 1,738 1,524 
Intersegment revenue2 1 6 5 
Total MA603 532 1,744 1,529 
Eliminations(44)(39)(130)(115)
Total MCO$1,526 $1,356 $4,679 $4,081 
(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 September 30, 2021Three Months Ended September 30, 2020
U.S.Non-U.STotalU.S.Non-U.STotal
MIS:
Corporate finance$334 $154 $488 $311 $150 $461 
Financial institutions71 82 153 59 75 134 
Public, project and infrastructure finance76 54 130 82 51 133 
Structured finance98 45 143 54 34 88 
Total ratings revenue579 335 914 506 310 816 
MIS Other1 10 11 — 9 9 
Total MIS580 345 925 506 319 825 
MA:
Research, data and analytics203 242 445 167 219 386 
Enterprise risk solutions
61 95 156 56 89 145 
Total MA264 337 601 223 308 531 
Total MCO$844 $682 $1,526 $729 $627 $1,356 
Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
U.S.Non-U.STotalU.S.Non-U.STotal
MIS:
Corporate finance$1,093 $550 $1,643 $1,038 $448 $1,486 
Financial institutions226 239 465 189 212 401 
Public, project and infrastructure finance233 170 403 237 138 375 
Structured finance254 145 399 160 105 265 
Total ratings revenue1,806 1,104 2,910 1,624 903 2,527 
MIS Other3 28 31 1 29 30 
Total MIS1,809 1,132 2,941 1,625 932 2,557 
MA:
Research, data and analytics576 723 1,299 492 618 1,110 
Enterprise risk solutions
175 264 439 163 251 414 
Total MA751 987 1,738 655 869 1,524 
Total MCO$2,560 $2,119 $4,679 $2,280 $1,801 $4,081 
The following tables summarize the split between transaction and recurring 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 recurring 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 recurring revenue represents subscription-based revenues. In the MA segment, recurring 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 September 30,
20212020
TransactionRecurringTotalTransactionRecurringTotal
Corporate Finance$366 $122 $488 $347 $114 $461 
75 %25 %100 %75 %25 %100 %
Financial Institutions$83 $70 $153 $67 $67 $134 
54 %46 %100 %50 %50 %100 %
Public, Project and Infrastructure Finance$88 $42 $130 $92 $41 $133 
68 %32 %100 %69 %31 %100 %
Structured Finance$93 $50 $143 $41 $47 $88 
65 %35 %100 %47 %53 %100 %
MIS Other$1 $10 $11 $1 $8 $9 
9 %91 %100 %11 %89 %100 %
Total MIS$631 $294 $925 $548 $277 $825 
68 %32 %100 %66 %34 %100 %
Research, data and analytics$21 $424 $445 $19 $367 $386 
5 %95 %100 %5 %95 %100 %
Enterprise risk solutions$15 $141 $156 $32 $113 $145 
10 %90 %100 %22 %78 %100 %
Total MA$36 
(1)
$565 $601 $51 $480 $531 
6 %94 %100 %10 %90 %100 %
Total Moody's Corporation$667 $859 $1,526 $599 $757 $1,356 
44 %56 %100 %44 %56 %100 %
Nine Months Ended September 30,
20212020
TransactionRecurringTotalTransactionRecurringTotal
Corporate Finance$1,280 $363 $1,643 $1,142 $344 $1,486 
78 %22 %100 %77 %23 %100 %
Financial Institutions$252 $213 $465 $203 $198 $401 
54 %46 %100 %51 %49 %100 %
Public, Project and Infrastructure Finance$276 $127 $403 $257 $118 $375 
68 %32 %100 %69 %31 %100 %
Structured Finance$251 $148 $399 $126 $139 $265 
63 %37 %100 %48 %52 %100 %
MIS Other$3 $28 $31 $3 $27 $30 
10 %90 %100 %10 %90 %100 %
Total MIS$2,062 $879 $2,941 $1,731 $826 $2,557 
70 %30 %100 %68 %32 %100 %
Research, data and analytics$63 $1,236 $1,299 $53 $1,057 $1,110 
5 %95 %100 %5 %95 %100 %
Enterprise risk solutions$54 $385 $439 $90 $324 $414 
12 %88 %100 %22 %78 %100 %
Total MA$117 
(1)
$1,621 $1,738 $143 $1,381 $1,524 
7 %93 %100 %9 %91 %100 %
Total Moody's Corporation$2,179 $2,500 $4,679 $1,874 $2,207 $4,081 
47 %53 %100 %46 %54 %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 September 30, 2021Nine Months Ended September 30, 2021
MISMATotalMISMATotal
Revenue recognized at a point in time$631 $29 $660 $2,062 $78 $2,140 
Revenue recognized over time294 572 866 879 1,660 2,539 
Total$925 $601 $1,526 $2,941 $1,738 $4,679 
Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
MISMATotalMISMATotal
Revenue recognized at a point in time$548 $30 $578 $1,731 $89 $1,820 
Revenue recognized over time277 501 778 826 1,435 2,261 
Total$825 $531 $1,356 $2,557 $1,524 $4,081 
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
September 30,		Nine Months Ended
September 30,
2021202020212020
MIS:
U.S.$580 $506 $1,809 $1,625 
Non-U.S.:
EMEA211 188 707 542 
Asia-Pacific90 99 287 270 
Americas44 32 138 120 
Total Non-U.S.345 319 1,132 932 
Total MIS925 825 2,941 2,557 
MA:
U.S.264 223 751 655 
Non-U.S.:
EMEA228 213 691 595 
Asia-Pacific59 57 173 166 
Americas50 38 123 108 
Total Non-U.S.337 308 987 869 
Total MA601 531 1,738 1,524 
Total MCO$1,526 $1,356 $4,679 $4,081 
Schedule of Changes in the Deferred Revenue Balances Significant changes in the deferred revenue balances during the three and nine months ended September 30, 2021 and 2020 are as follows:
Three Months Ended September 30, 2021Three Months Ended September 30, 2020
MISMATotalMISMATotal
Balance at June 30,
$368 $867 $1,235 $365 $740 $1,105 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(118)(484)(602)(118)(347)(465)
Increases due to amounts billable excluding amounts recognized as revenue during the period85 393 478 83 273 356 
Increases due to acquisitions during the period— 89 89 — — — 
Effect of exchange rate changes(2)(12)(14)5 19 24 
Total changes in deferred revenue(35)(14)(49)(30)(55)(85)
Balance at September 30,
$333 $853 $1,186 $335 $685 $1,020 
Nine Months Ended September 30, 2021Nine Months Ended September 30, 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(200)(814)(1,014)(207)(781)(988)
Increases due to amounts billable excluding amounts recognized as revenue during the period224 713 937 219 607 826 
Increases due to acquisitions during the period— 93 93 — 20 20 
Effect of exchange rate changes(4)(13)(17)1 (1)— 
Total changes in deferred revenue20 (21)(1)13 (155)(142)
Balance at September 30,
$333 $853 $1,186 $335 $685 $1,020 
Deferred revenue - current$247 $852 $1,099 $237 $681 918 
Deferred revenue - non-current$86 $1 $87 $98 $4 102