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REVENUES (Tables)
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Year Ended December 31,
202120202019
MIS:
Corporate finance (CFG)
Investment-grade$439 $636 $379 
High-yield411 352 258 
Bank loans606 287 313 
Other accounts (CFG) (1)
631 582 547 
Total CFG2,087 1,857 1,497 
Financial institutions (FIG)
Banking411 355 320 
Insurance145 137 119 
Managed investments36 28 25 
Other accounts (FIG)10 10 12 
Total FIG602 530 476 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign244 250 222 
Project and infrastructure277 246 224 
Total PPIF521 496 446 
Structured finance (SFG)
Asset-backed securities118 98 99 
RMBS123 96 95 
CMBS102 61 81 
Structured credit215 105 148 
Other accounts (SFG)2 2 4 
Total SFG560 362 427 
Total ratings revenue3,770 3,245 2,846 
MIS Other42 47 29 
Total external revenue3,812 3,292 2,875 
Intersegment royalty165 148 134 
Total MIS3,977 3,440 3,009 
MA:
Research, data and analytics (RD&A)1,745 1,514 1,273 
Enterprise risk solutions (ERS)661 565 522 
Professional services (PS)(2)
— — 159 
Total external revenue2,406 2,079 1,954 
Intersegment revenue7 7 9 
Total MA2,413 2,086 1,963 
Eliminations(172)(155)(143)
Total MCO$6,218 $5,371 $4,829 
(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, 2021Year Ended December 31, 2020Year Ended December 31, 2019
U.S.Non-U.S.TotalU.S.Non-U.S.TotalU.S.Non-U.S.Total
MIS:
Corporate finance$1,384 $703 $2,087 $1,291 $566 $1,857 $968 $529 $1,497 
Financial institutions289 313 602 250 280 530 200 276 476 
Public, project and infrastructure finance304 217 521 311 185 496 282 164 446 
Structured finance364 196 560 214 148 362 270 157 427 
Total ratings revenue2,341 1,429 3,770 2,066 1,179 3,245 1,720 1,126 2,846 
MIS Other3 39 42 2 45 47 1 28 29 
Total MIS2,344 1,468 3,812 2,068 1,224 3,292 1,721 1,154 2,875 
MA:
Research, data and analytics758 987 1,745 668 846 1,514 558 715 1,273 
Enterprise risk solutions314 347 661 219 346 565 201 321 522 
Professional services (PS)(1)
— — — — — — 64 95 159 
Total MA1,072 1,334 2,406 887 1,192 2,079 823 1,131 1,954 
Total MCO$3,416 $2,802 $6,218 $2,955 $2,416 $5,371 $2,544 $2,285 $4,829 
(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,
2021
2020
2019
MIS:
  U.S.$2,344 $2,068 $1,721 
  Non-U.S.:
   EMEA930 727 686 
   Asia-Pacific357 345 320 
   Americas181 152 148 
   Total Non-U.S.1,468 1,224 1,154 
  Total MIS3,812 3,292 2,875 
MA:
  U.S.1,072 887 823 
  Non-U.S.:
   EMEA936 818 760 
   Asia-Pacific239 226 231 
   Americas159 148 140 
   Total Non-U.S.1,334 1,192 1,131 
  Total MA2,406 2,079 1,954 
Total MCO$6,218 $5,371 $4,829 
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.
Year Ended December 31,
20212020
2019
TransactionRecurringTotalTransactionRecurringTotalTransactionRecurringTotal
Corporate Finance$1,600 $487 $2,087 $1,401 $456 $1,857 $1,057 $440 $1,497 
77 %23 %100 %75 %25 %100 %71 %29 %100 %
Financial Institutions$320 $282 $602 $265 $265 $530 $212 $264 $476 
53 %47 %100 %50 %50 %100 %45 %55 %100 %
Public, Project and Infrastructure Finance$354 $167 $521 $337 $159 $496 $292 $154 $446 
68 %32 %100 %68 %32 %100 %65 %35 %100 %
Structured Finance$362 $198 $560 $175 $187 $362 $246 $181 $427 
65 %35 %100 %48 %52 %100 %58 %42 %100 %
MIS Other$4 $38 $42 $4 $43 $47 $2 $27 $29 
10 %90 %100 %9 %91 %100 %7 %93 %100 %
Total MIS$2,640 $1,172 $3,812 $2,182 $1,110 $3,292 $1,809 $1,066 $2,875 
69 %31 %100 %66 %34 %100 %63 %37 %100 %
Research, data and analytics$91 $1,654 $1,745 $80 $1,434 $1,514 $16 $1,257 $1,273 
5 %95 %100 %5 %95 %100 %1 %99 %100 %
Enterprise risk solutions$79 $582 $661 $117 $448 $565 $118 $404 $522 
12 %88 %100 %21 %79 %100 %23 %77 %100 %
Professional services(1)
$— $— $— $— $— $— $159 $— $159 
— %— %— %— %— %— %100 %— %100 %
Total MA$170 $2,236 $2,406 $197 $1,882 $2,079 $293 $1,661 $1,954 
7 %93 %100 %9 %91 %100 %15 %85 %100 %
Total Moody’s Corporation$2,810 $3,408 $6,218 $2,379 $2,992 $5,371 $2,102 $2,727 $4,829 
45 %55 %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, 2021Year Ended December 31, 2020Year Ended December 31, 2019
MISMATotalMISMATotalMISMATotal
Revenue recognized at a point in time$2,640 $101 $2,741 $2,182 $121 $2,303 $1,809 $132 $1,941 
Revenue recognized over time1,172 2,305 3,477 1,110 1,958 3,068 1,066 1,822 2,888 
Total$3,812 $2,406 $6,218 $3,292 $2,079 $5,371 $2,875 $1,954 $4,829 
Schedule of Changes in the Deferred Revenue Balances Significant changes in the deferred revenue balances during the year ended December 31, 2021 are as follows:
Year Ended December 31, 2021
MISMATotal
Balance at December 31, 2020$313 $874 $1,187 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(220)(810)(1,030)
Increases due to amounts billable excluding amounts recognized as revenue during the period207 884 1,091 
Increases due to acquisitions during the period— 94 94 
Effect of exchange rate changes(4)(3)(7)
Total changes in deferred revenue(17)165 148 
Balance at December 31, 2021$296 $1,039 $1,335 
Deferred revenue - current$214 $1,035 $1,249 
Deferred revenue - noncurrent$82 $4 $86 
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 
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 
Capitalized Contract Cost
MA Costs to Obtain a Contract with a Customer
As of December 31,
20212020
Capitalized costs to obtain sales contracts$183 $180 
Year ended December 31,
202120202019
Amortization of capitalized costs to obtain sales contracts$60 $59 $53 
MIS and MA Costs to Fulfill a Contract with a Customer
As of December 31, 2021As of December 31, 2020
MISMATotalMISMATotal
Capitalized costs to fulfill sales contracts$14 $44 $58 $12 $35 $47 
Year Ended
December 31, 2021		Year Ended
December 31, 2020		Year Ended
December 31, 2019
MISMATotalMISMATotalMISMATotal
Amortization of capitalized costs to fulfill sales contracts$48 $76 $124 $47 $66 $113 $42 $56 $98