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REVENUES
 3 Months Ended
Mar. 31, 2024
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,
20242023
MA:
Decision Solutions (DS)
Banking$134 $131 
Insurance144 133 
KYC87 70 
Total DS365 334 
Research and Insights (R&I)222 215 
Data and Information (D&I)212 188 
Total external revenue799 737 
Intersegment revenue3 3 
Total MA802 740 
MIS:
Corporate Finance (CFG)
Investment-grade147 115 
High-yield67 32 
Bank loans155 59 
Other accounts (1)
160 150 
Total CFG529 356 
Structured Finance (SFG)
Asset-backed securities33 27 
RMBS24 25 
CMBS17 14 
Structured credit39 32 
Other accounts1 1 
Total SFG114 99 
Financial Institutions (FIG)
Banking121 100 
Insurance59 33 
Managed investments12 6 
Other accounts3 3 
Total FIG195 142 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign59 52 
Project and infrastructure82 77 
Total PPIF141 129 
Total ratings revenue979 726 
MIS Other8 7 
Total external revenue987 733 
Intersegment revenue47 45 
Total MIS1,034 778 
Eliminations(50)(48)
Total MCO$1,786 $1,470 
(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, 2024Three Months Ended March 31, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$138 $227 $365 $132 $202 $334 
Research and Insights122 100 222 118 97 215 
Data and Information77 135 212 67 121 188 
Total MA337 462 799 317 420 737 
MIS:
Corporate Finance372 157 529 246 110 356 
Structured Finance76 38 114 61 38 99 
Financial Institutions98 97 195 63 79 142 
Public, Project and Infrastructure Finance86 55 141 76 53 129 
Total ratings revenue632 347 979 446 280 726 
MIS Other— 8 8 — 7 7 
Total MIS632 355 987 446 287 733 
Total MCO$969 $817 $1,786 $763 $707 $1,470 
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20242023
MA:
U.S.$337 $317 
Non-U.S.:
EMEA316 287 
Asia-Pacific85 78 
Americas61 55 
Total Non-U.S.462 420 
Total MA799 737 
MIS:
U.S.632 446 
Non-U.S.:
EMEA226 173 
Asia-Pacific70 71 
Americas59 43 
Total Non-U.S.355 287 
Total MIS987 733 
Total MCO$1,786 $1,470 
    
The following table summarizes the split between Transaction Revenue and Recurring Revenue.
Three Months Ended March 31,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$37 $328 $365 $40 $294 $334 
10 %90 %100 %12 %88 %100 %
Research and Insights$4 $218 $222 $5 $210 $215 
2 %98 %100 %2 %98 %100 %
Data and Information$1 $211 $212 $— $188 $188 
— %100 %100 %— %100 %100 %
Total MA (1)
$42 $757 $799 $45 $692 $737 
5 %95 %100 %6 %94 %100 %
Corporate Finance$399 $130 $529 $230 $126 $356 
75 %25 %100 %65 %35 %100 %
Structured Finance$59 $55 $114 $45 $54 $99 
52 %48 %100 %45 %55 %100 %
Financial Institutions$122 $73 $195 $70 $72 $142 
63 %37 %100 %49 %51 %100 %
Public, Project and Infrastructure Finance$96 $45 $141 $86 $43 $129 
68 %32 %100 %67 %33 %100 %
MIS Other$1 $7 $8 $— $7 $7 
12 %88 %100 %— %100 %100 %
Total MIS$677 $310 $987 $431 $302 $733 
69 %31 %100 %59 %41 %100 %
Total Moody's Corporation$719 $1,067 $1,786 $476 $994 $1,470 
40 %60 %100 %32 %68 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP (please also refer to the following table).
The following table presents the timing of revenue recognition:
Three Months Ended March 31, 2024
Three Months Ended March 31, 2023
MAMISTotalMAMISTotal
Revenue recognized at a point in time$21 $677 $698 $27 $431 $458 
Revenue recognized over time778 310 1,088 710 302 1,012 
Total$799 $987 $1,786 $737 $733 $1,470 
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, 2024 and December 31, 2023:
As of March 31, 2024
As of December 31, 2023
MAMISMAMIS
Unbilled Receivables$133 $461 $119 $415 
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, 2024 and 2023 are as follows:
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
MAMISTotalMAMISTotal
Balance at December 31,$1,111 $270 $1,381 $1,055 $278 $1,333 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(437)(94)(531)(471)(98)(569)
Increases due to amounts billable excluding amounts recognized as revenue during the period652 187 839 688 179 867 
Effect of exchange rate changes(14)(2)(16)16 1 17 
Total changes in deferred revenue201 91 292 233 82 315 
Balance at March 31,
$1,312 $361 $1,673 $1,288 $360 $1,648 
Deferred revenue - current$1,310 $302 $1,612 $1,287 $291 $1,578 
Deferred revenue - non-current$2 $59 $61 $1 $69 $70 
The increase in deferred revenue during both the three months ended March 31, 2024 and 2023 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, 2024 as well as amounts not yet invoiced to customers as of March 31, 2024, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.9 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.
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, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $91 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 of unsatisfied performance obligations relating to contracts with an original expected length of one year or less.