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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MA and MIS and accordingly, the Company reports in two reportable segments: MA and MIS.
Revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. Additionally, revenue for MIS and expenses for MA include intersegment fees charged to MA for the rights to use and distribute content, data and products developed by MIS. These intersegment fees are generally based on the market value of the products and services being transferred between the segments.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are allocated to each segment based on the segment’s share of full-year 2018 actual revenue which comprises a “Baseline Pool” established in 2019, which will remain fixed over time. In subsequent periods, incremental overhead costs (or reductions thereof) will be allocated to each segment based on the prevailing shares of total revenue represented by each segment.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the CODM to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s CODM to assess the profitability of each reportable segment. Refer to Note 2 for further details on the components of the Company’s revenue.
Three Months Ended June 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$802 $1,015 $— $1,817 $747 $747 $— $1,494 
Intersegment revenue4 49 (53)— 4 46 (50)— 
Revenue806 1,064 (53)1,817 751 793 (50)1,494 
Operating, SG&A576 392 (53)915 541 350 (50)841 
Adjusted Operating Income$230 $672 $— $902 $210 $443 $— $653 
Add:

Depreciation and
amortization		90 20 — 110 74 19 — 93 
Restructuring1 1 — 2 8 2 — 10 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$775 $550 
Six Months Ended June 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$1,601 $2,002 $— $3,603 $1,484 $1,480 $— $2,964 
Intersegment revenue7 96 (103)— 7 91 (98)— 
Revenue1,608 2,098 (103)3,603 1,491 1,571 (98)2,964 
Operating, SG&A1,140 758 (103)1,795 1,067 686 (98)1,655 
Adjusted Operating Income$468 $1,340 $— $1,808 $424 $885 $— $1,309 
Add:
Depreciation and amortization172 38 — 210 144 37 — 181 
Restructuring3 4 — 7 16 8 — 24 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$1,576 $1,104 
The table below shows cumulative restructuring expense incurred through June 30, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$111 $96 $207 
The 2022 - 2023 Geolocation Restructuring Program is more fully discussed in Note 9.
Consolidated Revenue Information by Geographic Area
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
United States$974 $775 $1,943 $1,538 
Non-U.S.:
EMEA566 479 1,108 939 
Asia-Pacific164 145 319 294 
Americas113 95 233 193 
Total Non-U.S.843 719 1,660 1,426 
Total$1,817 $1,494 $3,603 $2,964