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REVENUES
 3 Months Ended
Mar. 31, 2023
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,
20232022
MA:
Decision Solutions$354 $334 
Research and Insights195 183 
Data and Information188 178 
Total external revenue737 695 
Intersegment revenue3 2 
Total MA740 697 
MIS:
Corporate Finance (CFG)
Investment-grade115 114 
High-yield32 39 
Bank loans59 113 
Other accounts (1)
150 151 
Total CFG356 417 
Structured Finance (SFG)
Asset-backed securities27 32 
RMBS25 35 
CMBS14 38 
Structured credit32 39 
Other accounts1 — 
Total SFG99 144 
Financial Institutions (FIG)
Banking100 89 
Insurance33 34 
Managed investments6 5 
Other accounts3 3 
Total FIG142 131 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign52 58 
Project and infrastructure77 65 
Total PPIF129 123 
Total ratings revenue726 815 
MIS Other7 12 
Total external revenue733 827 
Intersegment revenue45 43 
Total MIS778 870 
Eliminations(48)(45)
Total MCO$1,470 $1,522 
(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, 2023Three Months Ended March 31, 2022
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$152 $202 $354 $147 $187 $334 
Research and Insights105 90 195 103 80 183 
Data and Information67 121 188 60 118 178 
Total MA324 413 737 310 385 695 
MIS:
Corporate Finance246 110 356 275 142 417 
Structured Finance61 38 99 97 47 144 
Financial Institutions63 79 142 65 66 131 
Public, Project and Infrastructure Finance76 53 129 75 48 123 
Total ratings revenue446 280 726 512 303 815 
MIS Other— 7 7 1 11 12 
Total MIS446 287 733 513 314 827 
Total MCO$770 $700 $1,470 $823 $699 $1,522 
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20232022
MA:
U.S.$324 $310 
Non-U.S.:
EMEA278 264 
Asia-Pacific80 67 
Americas55 54 
Total Non-U.S.413 385 
Total MA737 695 
MIS:
U.S.446 513 
Non-U.S.:
EMEA173 193 
Asia-Pacific71 74 
Americas43 47 
Total Non-U.S.287 314 
Total MIS733 827 
Total MCO$1,470 $1,522 
The following tables summarize the split between Transaction Revenue and Recurring Revenue.
Three Months Ended March 31,
20232022
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$43 $311 $354 $43 $291 $334 
12 %88 %100 %13 %87 %100 %
Research and Insights$2 $193 $195 $1 $182 $183 
1 %99 %100 %1 %99 %100 %
Data and Information$— $188 $188 $— $178 $178 
— %100 %100 %— %100 %100 %
Total MA$45 
(1)
$692 $737 $44 $651 $695 
6 %94 %100 %6 %94 %100 %
Corporate Finance$230 $126 $356 $293 $124 $417 
65 %35 %100 %70 %30 %100 %
Structured Finance$45 $54 $99 $93 $51 $144 
45 %55 %100 %65 %35 %100 %
Financial Institutions$70 $72 $142 $61 $70 $131 
49 %51 %100 %47 %53 %100 %
Public, Project and Infrastructure Finance$86 $43 $129 $79 $44 $123 
67 %33 %100 %64 %36 %100 %
MIS Other$— $7 $7 $3 $9 $12 
— %100 %100 %25 %75 %100 %
Total MIS$431 $302 $733 $529 $298 $827 
59 %41 %100 %64 %36 %100 %
Total Moody's Corporation$476 $994 $1,470 $573 $949 $1,522 
32 %68 %100 %38 %62 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under U.S. GAAP (please also refer to the following table).
The following table presents the timing of revenue recognition:
Three Months Ended March 31, 2023
Three Months Ended March 31, 2022
MAMISTotalMAMISTotal
Revenue recognized at a point in time$27 $431 $458 $41 $529 $570 
Revenue recognized over time710 302 1,012 654 298 952 
Total$737 $733 $1,470 $695 $827 $1,522 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
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. In addition, 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.
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2023 and December 31, 2022:
As of March 31, 2023
As of December 31, 2022
MAMISMAMIS
Unbilled Receivables$114 $439 $148 $385 
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, 2023 and 2022 are as follows:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
MAMISTotalMAMISTotal
Balance at December 31,$1,055 $278 $1,333 $1,039 $296 $1,335 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(471)(98)(569)(431)(95)(526)
Increases due to amounts billable excluding amounts recognized as revenue during the period688 179 867 636 178 814 
Increases due to acquisitions during the period— — — 1 — 1 
Effect of exchange rate changes16 1 17 (11)(2)(13)
Total changes in deferred revenue233 82 315 195 81 276 
Balance at March 31,
$1,288 $360 $1,648 $1,234 $377 $1,611 
Deferred revenue - current$1,287 $291 $1,578 $1,231 $294 $1,525 
Deferred revenue - non-current$1 $69 $70 $3 $83 $86 
The increase in deferred revenue during both the three months ended March 31, 2023 and 2022 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 MA segment include both amounts recorded as deferred revenue on the balance sheet as of March 31, 2023 as well as amounts not yet invoiced to customers as of March 31, 2023, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of March 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.3 billion. The Company expects to recognize into revenue approximately 65% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.
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, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $98 million. The Company expects to recognize into revenue approximately 25% 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.