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REVENUES
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
March 31,
20222021
MIS:
Corporate Finance (CFG)
Investment-grade$114 $134 
High-yield39 141 
Bank loans113 180 
Other accounts (1)
151 150 
Total CFG417 605 
Structured Finance (SFG)
Asset-backed securities32 26 
RMBS35 27 
CMBS38 24 
Structured credit39 38 
Other accounts— 1 
Total SFG144 116 
Financial Institutions (FIG)
Banking89 109 
Insurance34 43 
Managed investments5 8 
Other accounts3 2 
Total FIG131 162 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign58 67 
Project and infrastructure65 76 
Total PPIF123 143 
Total ratings revenue815 1,026 
MIS Other12 10 
Total external revenue827 1,036 
Intersegment revenue43 40 
Total MIS870 1,076 
MA:
Decision Solutions334 225 
Research and Insights183 171 
Data and Information178 168 
Total external revenue695 564 
Intersegment revenue2 2 
Total MA697 566 
Eliminations(45)(42)
Total MCO$1,522 $1,600 
(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, 2022Three Months Ended March 31, 2021
U.S.Non-U.STotalU.S.Non-U.STotal
MIS:
Corporate Finance$275 $142 $417 $414 $191 $605 
Structured Finance97 47 144 68 48 116 
Financial Institutions65 66 131 86 76 162 
Public, Project and Infrastructure Finance75 48 123 78 65 143 
Total ratings revenue512 303 815 646 380 1,026 
MIS Other1 11 12 1 9 10 
Total MIS513 314 827 647 389 1,036 
MA:
Decision Solutions188 146 334 91 134 225 
Research and Insights101 82 183 92 79 171 
Data and Information60 118 178 55 113 168 
Total MA349 346 695 238 326 564 
Total MCO$862 $660 $1,522 $885 $715 $1,600 
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20222021
MIS:
U.S.$513 $647 
Non-U.S.:
EMEA193 248 
Asia-Pacific74 97 
Americas47 44 
Total Non-U.S.314 389 
Total MIS827 1,036 
MA:
U.S.349 238 
Non-U.S.:
EMEA241 230 
Asia-Pacific61 59 
Americas44 37 
Total Non-U.S.346 326 
Total MA695 564 
Total MCO$1,522 $1,600 
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 March 31,
20222021
TransactionRecurringTotalTransactionRecurringTotal
Corporate Finance$293 $124 $417 $487 $118 $605 
70 %30 %100 %80 %20 %100 %
Structured Finance$93 $51 $144 $66 $50 $116 
65 %35 %100 %57 %43 %100 %
Financial Institutions$61 $70 $131 $90 $72 $162 
47 %53 %100 %56 %44 %100 %
Public, Project and Infrastructure Finance$79 $44 $123 $100 $43 $143 
64 %36 %100 %70 %30 %100 %
MIS Other$3 $9 $12 $2 $8 $10 
25 %75 %100 %20 %80 %100 %
Total MIS$529 $298 $827 $745 $291 $1,036 
64 %36 %100 %72 %28 %100 %
Decision Solutions$43 $291 $334 $41 $184 $225 
13 %87 %100 %18 %82 %100 %
Research and Insights$1 $182 $183 $1 $170 $171 
1 %99 %100 %1 %99 %100 %
Data and Information$— $178 $178 $1 $167 $168 
— %100 %100 %1 %99 %100 %
Total MA$44 
(1)
$651 $695 $43 $521 $564 
6 %94 %100 %8 %92 %100 %
Total Moody's Corporation$573 $949 $1,522 $788 $812 $1,600 
38 %62 %100 %49 %51 %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, 2022Three Months Ended March 31, 2021
MISMATotalMISMATotal
Revenue recognized at a point in time$529 $41 $570 $745 $29 $774 
Revenue recognized over time298 654 952 291 535 826 
Total$827 $695 $1,522 $1,036 $564 $1,600 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
Certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, 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.
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2022 and December 31, 2021:
As at March 31, 2022As at December 31, 2021
MISMAMISMA
Unbilled Receivables$416 $223 $386 $152 
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue related to that contract 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 three months ended March 31, 2022 and 2021 are as follows:
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
MISMATotalMISMATotal
Balance at December 31,$296 $1,039 $1,335 $313 $874 $1,187 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(95)(431)(526)(96)(386)(482)
Increases due to amounts billable excluding amounts recognized as revenue during the period178 636 814 174 452 626 
Increases due to acquisitions during the period— 1 1 — 4 4 
Effect of exchange rate changes(2)(11)(13)(3)(4)(7)
Total changes in deferred revenue81 195 276 75 66 141 
Balance at March 31,
$377 $1,234 $1,611 $388 $940 $1,328 
Deferred revenue - current$294 $1,231 $1,525 $295 $937 1,232 
Deferred revenue - non-current$83 $3 $86 $93 $3 96 
The increase in deferred revenue during both the three months ended March 31, 2022 and 2021 is primarily due to the significant portion of contract renewals that occur during the first quarter within both segments.
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 March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $110 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 from the amounts stated above relating to unsatisfied performance obligations for 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 March 31, 2022 as well as amounts not yet invoiced to customers as of March 31, 2022, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of March 31, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.1 billion. The Company expects to recognize into revenue approximately 60% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.