XML 142 R28.htm IDEA: XBRL DOCUMENT v3.24.3
REVENUES (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
MA:
Decision Solutions (DS)
Banking$140 $136 $405 $390 
Insurance148 138 439 404 
KYC95 80 270 228 
Total DS383 354 1,114 1,022 
Research and Insights (R&I)235 222 683 654 
Data and Information (D&I)213 200 635 584 
Total external revenue831 776 2,432 2,260 
Intersegment revenue3 3 10 10 
Total MA834 779 2,442 2,270 
MIS:
Corporate Finance (CFG)
Investment-grade149 63 416 272 
High-yield80 38 232 116 
Bank loans120 82 422 209 
Other accounts (1)
166 163 499 470 
Total CFG515 346 1,569 1,067 
Structured Finance (SFG)
Asset-backed securities34 30 101 89 
RMBS24 22 73 72 
CMBS27 17 66 45 
Structured credit49 32 138 95 
Other accounts1 1 2 2 
Total SFG135 102 380 303 
Financial Institutions (FIG)
Banking108 92 344 289 
Insurance46 24 166 92 
Managed investments13 7 40 23 
Other accounts3 3 10 9 
Total FIG170 126 560 413 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign61 49 187 155 
Project and infrastructure93 66 262 216 
Total PPIF154 115 449 371 
Total ratings revenue974 689 2,958 2,154 
MIS Other8 7 26 22 
Total external revenue982 696 2,984 2,176 
Intersegment revenue48 47 144 138 
Total MIS1,030 743 3,128 2,314 
Eliminations(51)(50)(154)(148)
Total MCO$1,813 $1,472 $5,416 $4,436 
(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 September 30, 2024Three Months Ended September 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$144 $239 $383 $141 $213 $354 
Research and Insights128 107 235 124 98 222 
Data and Information74 139 213 69 131 200 
Total MA346 485 831 334 442 776 
MIS:
Corporate Finance364 151 515 242 104 346 
Structured Finance98 37 135 65 37 102 
Financial Institutions90 80 170 52 74 126 
Public, Project and Infrastructure Finance100 54 154 69 46 115 
Total ratings revenue652 322 974 428 261 689 
MIS Other1 7 8 — 7 7 
Total MIS653 329 982 428 268 696 
Total MCO$999 $814 $1,813 $762 $710 $1,472 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$420 $694 $1,114 $406 $616 $1,022 
Research and Insights374 309 683 361 293 654 
Data and Information227 408 635 204 380 584 
Total MA1,021 1,411 2,432 971 1,289 2,260 
MIS:
Corporate Finance1,078 491 1,569 727 340 1,067 
Structured Finance266 114 380 186 117 303 
Financial Institutions292 268 560 188 225 413 
Public, Project and Infrastructure Finance284 165 449 228 143 371 
Total ratings revenue1,920 1,038 2,958 1,329 825 2,154 
MIS Other1 25 26 — 22 22 
Total MIS1,921 1,063 2,984 1,329 847 2,176 
Total MCO$2,942 $2,474 $5,416 $2,300 $2,136 $4,436 
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended September 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$33 $350 $383 $43 $311 $354 
9 %91 %100 %12 %88 %100 %
Research and Insights$4 $231 $235 $4 $218 $222 
2 %98 %100 %2 %98 %100 %
Data and Information$1 $212 $213 $1 $199 $200 
— %100 %100 %1 %99 %100 %
Total MA (1)
$38 $793 $831 $48 $728 $776 
5 %95 %100 %6 %94 %100 %
Corporate Finance$382 $133 $515 $216 $130 $346 
74 %26 %100 %62 %38 %100 %
Structured Finance$78 $57 $135 $49 $53 $102 
58 %42 %100 %48 %52 %100 %
Financial Institutions$92 $78 $170 $52 $74 $126 
54 %46 %100 %41 %59 %100 %
Public, Project and Infrastructure Finance$109 $45 $154 $70 $45 $115 
71 %29 %100 %61 %39 %100 %
MIS Other$2 $6 $8 $2 $5 $7 
25 %75 %100 %29 %71 %100 %
Total MIS$663 $319 $982 $389 $307 $696 
68 %32 %100 %56 %44 %100 %
Total Moody's Corporation$701 $1,112 $1,813 $437 $1,035 $1,472 
39 %61 %100 %30 %70 %100 %
Nine Months Ended September 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$105 $1,009 $1,114 $126 $896 $1,022 
9 %91 %100 %12 %88 %100 %
Research and Insights$11 $672 $683 $12 $642 $654 
2 %98 %100 %2 %98 %100 %
Data and Information$3 $632 $635 $2 $582 $584 
— %100 %100 %— %100 %100 %
Total MA (1)
$119 $2,313 $2,432 $140 $2,120 $2,260 
5 %95 %100 %6 %94 %100 %
Corporate Finance$1,169 $400 $1,569 $682 $385 $1,067 
75 %25 %100 %64 %36 %100 %
Structured Finance$213 $167 $380 $142 $161 $303 
56 %44 %100 %47 %53 %100 %
Financial Institutions$329 $231 $560 $195 $218 $413 
59 %41 %100 %47 %53 %100 %
Public, Project and Infrastructure Finance$315 $134 $449 $240 $131 $371 
70 %30 %100 %65 %35 %100 %
MIS Other$6 $20 $26 $4 $18 $22 
23 %77 %100 %18 %82 %100 %
Total MIS$2,032 $952 $2,984 $1,263 $913 $2,176 
68 %32 %100 %58 %42 %100 %
Total Moody's Corporation$2,151 $3,265 $5,416 $1,403 $3,033 $4,436 
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.
The following table presents the timing of revenue recognition:
Three Months Ended September 30, 2024
Nine Months Ended September 30, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$26 $663 $689 $65 $2,032 $2,097 
Revenue recognized over time805 319 1,124 2,367 952 3,319 
Total$831 $982 $1,813 $2,432 $2,984 $5,416 
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
MAMISTotalMAMISTotal
Revenue recognized at a point in time$24 $389 $413 $73 $1,263 $1,336 
Revenue recognized over time752 307 1,059 2,187 913 3,100 
Total$776 $696 $1,472 $2,260 $2,176 $4,436 
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
MA:
U.S.$346 $334 $1,021 $971 
Non-U.S.:
EMEA334 310 969 895 
Asia-Pacific84 76 251 224 
Americas67 56 191 170 
Total Non-U.S.485 442 1,411 1,289 
Total MA831 776 2,432 2,260 
MIS:
U.S.653 428 1,921 1,329 
Non-U.S.:
EMEA212 155 685 509 
Asia-Pacific73 67 225 213 
Americas44 46 153 125 
Total Non-U.S.329 268 1,063 847 
Total MIS982 696 2,984 2,176 
Total MCO$1,813 $1,472 $5,416 $4,436 
    
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
United States$999 $762 $2,942 $2,300 
Non-U.S.:
EMEA546 465 1,654 1,404 
Asia-Pacific157 143 476 437 
Americas111 102 344 295 
Total Non-U.S.814 710 2,474 2,136 
Total$1,813 $1,472 $5,416 $4,436 
Schedule of Unbilled Receivables
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at September 30, 2024 and December 31, 2023:
As of September 30, 2024
As of December 31, 2023
MAMISMAMIS
Unbilled Receivables$119 $470 $119 $415 
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three and nine months ended September 30, 2024 and 2023 are as follows:
Three Months Ended September 30, 2024
Three Months Ended September 30, 2023
MAMISTotalMAMISTotal
Balance at June 30,
$1,146 $336 $1,482 $1,116 $336 $1,452 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(551)(120)(671)(513)(113)(626)
Increases due to amounts billable excluding amounts recognized as revenue during the period410 92 502 410 82 492 
Increases due to acquisitions during the period5 — 5 — — — 
Effect of exchange rate changes37 4 41 (25)(2)(27)
Total changes in deferred revenue(99)(24)(123)(128)(33)(161)
Balance at September 30,
$1,047 $312 $1,359 $988 $303 $1,291 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 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(950)(197)(1,147)(969)(192)(1,161)
Increases due to amounts billable excluding amounts recognized as revenue during the period860 238 1,098 908 218 1,126 
Increases due to acquisitions during the period5 — 5 — — — 
Effect of exchange rate changes21 1 22 (6)(1)(7)
Total changes in deferred revenue(64)42 (22)(67)25 (42)
Balance at September 30,
$1,047 $312 $1,359 $988 $303 $1,291 
Deferred revenue - current$1,047 $253 $1,300 $986 $240 $1,226 
Deferred revenue - non-current$— $59 $59 $2 $63 $65