0001157523-21-000516.txt : 20210428 0001157523-21-000516.hdr.sgml : 20210428 20210428073032 ACCESSION NUMBER: 0001157523-21-000516 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210428 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210428 DATE AS OF CHANGE: 20210428 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOODYS CORP /DE/ CENTRAL INDEX KEY: 0001059556 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320] IRS NUMBER: 133998945 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14037 FILM NUMBER: 21861349 BUSINESS ADDRESS: STREET 1: 7 WORLD TRADE CENTER STREET 2: AT 250 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10007 BUSINESS PHONE: 2125530300 MAIL ADDRESS: STREET 1: 7 WORLD TRADE CENTER STREET 2: AT 250 GREENWICH STREET CITY: NEW YORK STATE: NY ZIP: 10007 FORMER COMPANY: FORMER CONFORMED NAME: DUN & BRADSTREET CORP /DE/ DATE OF NAME CHANGE: 19980728 FORMER COMPANY: FORMER CONFORMED NAME: NEW DUN & BRADSTREET CORP DATE OF NAME CHANGE: 19980728 8-K 1 a52419301.htm MOODY'S CORPORATION 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
__________
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):  April 28, 2021
 
MOODY’S CORPORATION
(Exact Name of Registrant as Specified in Charter)
 
Delaware
1-14037
13-3998945
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
 
7 World Trade Center at 250 Greenwich Street
New York, New York 10007
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code:  (212) 553-0300
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
 Trading Symbol(s)
 
 Name of each exchange on which registered
Common Stock, par value $0.01 per share
 
 MCO
 
 New York Stock Exchange
1.75% Senior Notes Due 2027
   MCO 27
   New York Stock Exchange
0.950% Senior Notes Due 2030   MCO 30   New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


TABLE OF CONTENTS
ITEM 2.02
  
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
3
       
ITEM 7.01
  
REGULATION FD DISCLOSURE
3
       
ITEM 9.01
  
FINANCIAL STATEMENTS AND EXHIBITS
3
       
SIGNATURES
    
4
       
EXHIBIT 99.1
      


Item 2.02, "Results of Operations and Financial Condition"
On April 28, 2021, Moody's Corporation (the "Registrant") announced its financial results for the quarter ended March 31, 2021, as well as its outlook for 2021.  A copy of the press release containing the announcement is included as Exhibit 99.1.
The information contained in this Current Report, including the exhibit hereto, is being furnished and shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section.  The information in this Current Report shall not be incorporated by reference into future filings under the Securities Act of 1933, as amended, or the Exchange Act, unless it is specifically incorporated by reference therein.
Item 7.01, "Regulation FD Disclosure"
The information set forth under Item 2.02, "Results of Operations and Financial Condition" is incorporated herein by reference.

Item 9.01, "Financial Statements and Exhibits"

(d)  Exhibits


 99.1


104
The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


  MOODY’S CORPORATION  
     
     
       

By:
/s/ Elizabeth M. McCarroll
  
    Elizabeth M. McCarroll
  
    Corporate Secretary and Associate  
    General Counsel  
Date:  April 28, 2021

 EX-99.1 2 a52419301ex99_1.htm EXHIBIT 99.1
 
 Exhibit 99.1



Moody's Corporation Reports Results for First Quarter 2021

  • Moody's Corporation 1Q 2021 revenue of $1.6 billion, up 24% from 1Q 2020
  • Moody's Investors Service revenue of $1.0 billion, up 30%; Moody’s Analytics revenue of $564 million, up 14%, excluding acquisitions up 10%
  • 1Q 2021 diluted EPS of $3.90, up 52% from 1Q 2020; adjusted diluted EPS of $4.06, up 49%1
  • FY 2021 diluted EPS and adjusted diluted EPS guidance ranges raised to $10.40 to $10.70 and $11.00 to $11.301, respectively

NEW YORK--(BUSINESS WIRE)--April 28, 2021--Moody's Corporation (NYSE: MCO) today announced results for the first quarter of 2021, as well as updated its outlook for full year 2021.

"Moody’s performance this quarter demonstrates the increased demand for our integrated risk assessment solutions and insights,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “Strong execution and robust activity, particularly in the leveraged loan and speculative grade bond markets, drove Moody’s Investors Service’s top-line growth. Moody’s Analytics’ performance reflects its strong position in high-growth risk markets, further supported by elevated retention rates, renewable products and an expanding solutions suite. Following our strong results in the first quarter, we are increasing our revenue outlook to high-single-digit percent growth, and raising and narrowing our full year 2021 adjusted diluted EPS guidance range to $11.00 to $11.30."

FIRST QUARTER REVENUE UP 24%

Moody's Corporation reported revenue of $1.6 billion for the three months ended March 31, 2021, up 24% from the prior-year period. Foreign currency translation favorably impacted Moody's revenue by 3%.

Moody's Investors Service (MIS) First Quarter Revenue Up 30%

Revenue for MIS for the first quarter of 2021 was $1.0 billion, up 30% from the prior-year period. Foreign currency translation favorably impacted MIS revenue by 3%. The MIS adjusted operating margin was 67.7%.

Corporate finance revenue was $605 million, up 34% from the prior-year period, largely driven by heightened leveraged loan and speculative grade bond activity in the U.S. and EMEA as issuers refinanced existing debt and funded M&A activity.

Financial institutions revenue was $162 million, up 30% from the prior-year period. This reflected a favorable mix of infrequent U.S. securities firms and insurance companies continuing to opportunistically issue debt given the attractive rate and spread environment.

Public, project and infrastructure finance revenue was $143 million, up 31% from the prior-year period, primarily due to refinancing in the utilities sector.

Structured finance revenue was $116 million, up 21% from the prior-year period. Improved market conditions, specifically tightened spreads, led to a significant increase in collateralized loan obligation (CLO) refinancing activity and commercial mortgage-backed securities (CMBS) issuance.

Moody's Analytics (MA) First Quarter Revenue Up 14%

Revenue for MA for the first quarter of 2021 was $564 million, up 14% from the prior-year period. Organic MA revenue1 was $545 million, up 10% and excluded the impact of acquisitions completed in the past twelve months. Foreign currency translation favorably impacted total MA revenue by 4%. The MA adjusted operating margin was 32.9%.

Research, Data and Analytics (RD&A) revenue was $419 million, up 17% from the prior-year period. Organic RD&A revenue1 was $402 million, up 12%, and excluded revenue from the acquisitions of Regulatory DataCorp, Acquire Media and Catylist. RD&A’s robust growth reflected strong demand for compliance solutions amidst increased customer and supplier risk data usage and new data feed sales. Results were further bolstered by high customer retention and renewal rates for research products.

Enterprise Risk Solutions (ERS) revenue was $145 million, up 5% from the prior-year period. Organic ERS revenue1 was $143 million, up 4%, which excluded revenue from the acquisition of ZM Financial Systems. This result was driven by subscription growth from IFRS 17 products, as well as credit assessment and loan origination solutions.

FIRST QUARTER OPERATING EXPENSES AND OPERATING INCOME

First quarter 2021 operating expenses for Moody's Corporation totaled $747 million, up 7% from the prior-year period. Ongoing cost efficiency initiatives held expenses approximately flat, excluding incremental incentive and stock compensation accruals, higher operating costs from recent acquisitions and a 3% unfavorable impact from foreign currency translation.

Operating income of $853 million was up 44% from the first quarter of 2020. Adjusted operating income of $914 million was up 41% from the prior-year period, and excluded depreciation and amortization and restructuring charges. Foreign currency translation favorably impacted both operating income and adjusted operating income by 4%. Moody's operating margin was 53.3% and the adjusted operating margin1 was 57.1%.

EFFECTIVE TAX RATE AND OTHER NON-OPERATING EXPENSES

The effective tax rate for the first three months of 2021 was 14.6%, compared to 13.7% in the prior-year period. During the first quarter of 2021, the Company recorded a $61 million tax benefit relating to the resolution of uncertain tax positions, along with an additional $40 million reversal of accrued interest in connection with these matters. Moody’s does not expect similar discrete benefits to reoccur to the same extent in future periods. Furthermore, both first quarter 2021 and first quarter 2020 included tax benefits related to employee share-based compensation, accounting for a 2.3 and 7.0 percentage point favorable impact to the effective tax rate, respectively.

CAPITAL ALLOCATION AND LIQUIDITY

Capital Returned to Stockholders

During the first quarter of 2021, Moody's repurchased approximately 0.5 million shares at a total cost of $132 million, or an average cost of $289.92 per share, and issued net 0.6 million shares as part of its employee stock-based compensation programs. The net amount includes shares withheld for employee payroll taxes. Moody's returned $116 million to its stockholders via dividend payments during the first quarter of 2021.

On April 27, 2021, the Board of Directors declared a regular quarterly dividend of $0.62 per share of MCO Common Stock. The dividend will be payable on June 10, 2021 to stockholders of record at the close of business on May 20, 2021.

Outstanding shares as of March 31, 2021 totaled 187.2 million, approximately flat as compared to March 31, 2020. As of March 31, 2021, Moody's had approximately $1.7 billion of share repurchase authority remaining.

Sources of Capital and Cash Flow Generation

At quarter-end, Moody's had $6.3 billion of outstanding debt and an undrawn $1.0 billion revolving credit facility. Total cash, cash equivalents and short-term investments at quarter-end were $2.9 billion, up from $2.7 billion on December 31, 2020.

Cash flow from operations for the first three months of 2021 was $676 million and free cash flow was $662 million1.

ASSUMPTIONS AND OUTLOOK FOR FULL YEAR 2021

Moody’s updated outlook for 2021 reflects numerous assumptions about many factors that could affect its business based on information reviewed by management through and as of today’s date, including observations and assumptions regarding the impact of COVID-19, the responses to the pandemic by governments, regulators, businesses and individuals, as well as the effects on interest rates, foreign currency exchange rates, capital markets’ liquidity and activity in different sectors of the debt markets. The outlook also reflects assumptions about both general economic conditions and GDP growth in the U.S. and Euro area, and the company’s own operations and personnel.

The outlook as of April 28, 2021 incorporates numerous macroeconomic assumptions including: (a) full year 2021 U.S. and Euro area GDPs expanding approximately 6% - 7% and 3.5% - 4.5%, respectively; (b) U.S. high yield interest rate spreads below an average of approximately 450 bps; (c) U.S. unemployment to decline to approximately 5% - 6%; and (d) the global high yield default rate falling to a range of 3% - 4% by the end of 2021.

Moody's ratings revenue guidance assumes MIS's full year global rated issuance decreases in the low-single-digit percent range.

While the duration and severity of the COVID-19 crisis are unknown, the company has operated effectively to date and Moody’s outlook assumes that the company continues to not experience any material negative impact on its ability to conduct its operations as a result of COVID-19. The implications of COVID-19, or other situations or developments, could affect these and many other factors that also could cause actual results to differ materially from Moody’s outlook.

These assumptions are subject to uncertainty, and actual full year results for 2021 could differ materially from Moody’s current outlook. In addition, Moody’s guidance assumes foreign currency translation at end-of-quarter exchange rates. Specifically, our forecast reflects exchange rates for the British pound (£) of $1.38 to £1 and for the euro (€) of $1.18 to €1.

Full year 2021 guidance includes share repurchases of approximately $1.5 billion, subject to available cash, market conditions and other ongoing capital allocation decisions.

Full year 2021 diluted EPS is projected to be $10.40 to $10.70. The company expects full year 2021 adjusted diluted EPS to be $11.00 to $11.30.

A full summary of Moody's guidance as of April 28, 2021, is included in Table 12 - 2021 Outlook at the end of this press release.

CONFERENCE CALL

Moody's will hold a conference call to discuss first quarter 2021 results, as well as its 2021 outlook on April 28, 2021, at 11:30 a.m. Eastern Time ("ET"). Individuals within the U.S. and Canada can access the call by dialing +1-877-400-0505. Other callers should dial +1-720-452-9084. Please dial in to the call by 11:20 a.m. ET. The passcode for the call is 8834896.

The teleconference will also be webcast with an accompanying slide presentation which can be accessed through Moody's Investor Relations website, ir.moodys.com under "Featured and Upcoming" within "Events & Presentations". The webcast will be available until 3:30 p.m. ET on May 27, 2021.

A replay of the teleconference will be available from 3:30 p.m. ET, April 28, 2021 until 3:30 p.m. ET, May 27, 2021. The replay can be accessed from within the United States and Canada by dialing +1-888-203-1112. Other callers can access the replay at +1-719-457-0820. The replay confirmation code is 8834896.

*****

ABOUT MOODY'S CORPORATION

Moody’s (NYSE: MCO) is a global risk assessment firm that empowers organizations to make better decisions. Its data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions, and fair access to information open the door to shared progress. With over 11,500 employees in more than 40 countries, Moody’s combines international presence with local expertise and over a century of experience in financial markets. Learn more at moodys.com/about.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for the business and operations of Moody’s Corporation (the “Company”) that involve a number of risks and uncertainties. Such statements may include, among other words, “believe”, “expect”, “anticipate”, “intend”, “plan”, “will”, “predict”, “potential”, “continue”, “strategy”, “aspire”, “target”, “forecast”, “project”, “estimate”, “should”, “could”, “may” and similar expressions or words and variations thereof that convey the prospective nature of events or outcomes generally indicative of forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward looking statements. The forward-looking statements and other information in this release are made as of the date hereof and the Company undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying examples of factors, risks and uncertainties that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to, the impact of COVID-19 on volatility in the U.S. and world financial markets, on general economic conditions and GDP in the U.S. and worldwide, and on the Company’s own operations and personnel. Many other factors could cause actual results to differ from Moody’s outlook, including credit market disruptions or economic slowdowns, which could affect the volume of debt and other securities issued in domestic and/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, credit quality concerns, changes in interest rates and other volatility in the financial markets such as that due to Brexit and uncertainty as companies transition away from LIBOR; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs and trade barriers; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to Moody’s Investors Service’s rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which the Company may be subject from time to time; U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; the possible loss of key employees; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of the Company’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if the Company fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which the Company operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions or other business combinations and the ability of the Company to successfully integrate such acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are currently, or in the future could be, amplified by the COVID-19 outbreak, and are described in greater detail under “Risk Factors” in Part I, Item 1A of the Company’s annual report on Form 10-K for the year ended December 31, 2020, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it.

1 Refer to tables at the end of this press release for a reconciliation to U.S. GAAP of all adjusted and organic measures.

 

Table 1 - Consolidated Statements of Operations (Unaudited)


 

 

Three Months Ended

March 31,

Amounts in millions, except per share amounts

2021

 

2020

 

 

 

 

Revenue

$

1,600

 

 

$

1,290

 

 

 

 

 

Expenses:

 

 

 

Operating

393

 

 

340

 

Selling, general and administrative

293

 

 

301

 

Depreciation and amortization

59

 

 

49

 

Restructuring

2

 

 

(1)

 

Loss pursuant to the divestiture of MAKS

—

 

 

9

 

Total expenses

747

 

 

698

 

 

 

 

 

Operating income

853

 

 

592

 

Non-operating (expense) income, net

 

 

 

Interest expense, net

(7)

 

 

(40)

 

Other non-operating income (expense), net

16

 

 

12

 

Total non-operating income (expense), net

9

 

 

(28)

 

Income before provision for income taxes

862

 

 

564

 

Provision for income taxes

126

 

 

77

 

Net income

736

 

 

487

 

Less: net income (loss) attributable to noncontrolling interests

—

 

 

(1)

 

Net income attributable to Moody's Corporation

$

736

 

 

$

488

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share attributable to Moody's common shareholders

Basic

$

3.93

 

 

$

2.60

 

Diluted

$

3.90

 

 

$

2.57

 

 

 

 

 

Weighted average number of shares outstanding

Basic

187.2

 

 

187.5

 

Diluted

188.6

 

 

189.6

 

Table 2 - Supplemental Revenue Information (Unaudited)


 

 

Three Months Ended

March 31,

Amounts in millions

2021

 

2020

 

 

 

 

Moody's Investors Service

 

 

 

Corporate Finance

$

605

 

 

$

453

 

Financial Institutions

162

 

 

125

 

Public, Project and Infrastructure Finance

143

 

 

109

 

Structured Finance

116

 

 

96

 

MIS Other

10

 

 

11

 

Intersegment revenue

40

 

 

37

 

Sub-total MIS

1,076

 

 

831

 

Eliminations

(40)

 

 

(37)

 

Total MIS revenue - external

1,036

 

 

794

 

 

 

 

 

Moody's Analytics

 

 

 

Research, Data and Analytics

419

 

 

358

 

Enterprise Risk Solutions

145

 

 

138

 

Intersegment revenue

2

 

 

2

 

Sub-total MA

566

 

 

498

 

Eliminations

(2)

 

 

(2)

 

Total MA revenue - external

564

 

 

496

 

 

 

 

 

Total Moody's Corporation revenue

$

1,600

 

 

$

1,290

 

 

 

 

 

 

 

 

 

 

 

 

 

Moody's Corporation revenue by geographic area

 

 

 

United States

$

885

 

 

$

714

 

Non-U.S.

715

 

 

576

 

 

 

 

 

 

$

1,600

 

 

$

1,290

 

Table 3 - Selected Consolidated Balance Sheet Data (Unaudited)




 

 

March 31,

2021

 

December 31,

2020

Amounts in millions

 

 

 

 

 

 

 

Cash and cash equivalents

$

2,769

 

 

$

2,597

 

Short-term investments

96

 

 

99

 

Total current assets

4,695

 

 

4,509

 

Operating lease right-of-use assets

375

 

 

393

 

Non-current assets

7,805

 

 

7,900

 

Total assets

12,500

 

 

12,409

 

Total current liabilities

2,154

 

 

2,222

 

Total debt

6,340

 

 

6,422

 

Total operating lease liabilities (1)

500

 

 

521

 

Other long-term liabilities

1,375

 

 

1,575

 

Total shareholders' equity

2,225

 

 

1,763

 

 

 

 

 

Total liabilities and shareholders' equity

12,500

 

 

12,409

 

 

 

 

 

Actual number of shares outstanding

187.2

 

 

187.1

 

(1) The March 31, 2021 and December 31, 2020 amounts both include $94 million of current operating lease liabilities.

Table 4 - Selected Consolidated Balance Sheet Data (Unaudited) Continued


 

Total debt consists of the following:

March 31, 2021

Amounts in millions

Principal Amount

 

Fair Value of

Interest Rate

Swaps (1)

 

Unamortized

(Discount)

Premium

 

Unamortized

Debt Issuance

Costs

 

Carrying Value

Notes Payable:

 

 

 

 

 

 

 

 

 

4.50% 2012 Senior Notes, due 2022

$

500

 

 

$

12

 

 

$

(1)

 

 

$

(1)

 

 

$

510

 

4.875% 2013 Senior Notes, due 2024

500

 

 

—

 

 

(1)

 

 

(1)

 

 

498

 

5.25% 2014 Senior Notes, due 2044

600

 

 

—

 

 

3

 

 

(5)

 

 

598

 

1.75% 2015 Senior Notes, due 2027

588

 

 

—

 

 

—

 

 

(2)

 

 

586

 

2.625% 2017 Senior Notes, due 2023

500

 

 

10

 

 

—

 

 

(1)

 

 

509

 

3.25% 2017 Senior Notes, due 2028

500

 

 

16

 

 

(4)

 

 

(3)

 

 

509

 

4.25% 2018 Senior Notes, due 2029

400

 

 

—

 

 

(2)

 

 

(3)

 

 

395

 

4.875% 2018 Senior Notes, due 2048

400

 

 

—

 

 

(6)

 

 

(4)

 

 

390

 

0.950% 2019 Senior Notes, due 2030

881

 

 

—

 

 

(3)

 

 

(6)

 

 

872

 

3.75% 2020 Senior Notes, due 2025

700

 

 

(6)

 

 

(1)

 

 

(4)

 

 

689

 

3.25% 2020 Senior Notes, due 2050

300

 

 

—

 

 

(4)

 

 

(3)

 

 

293

 

2.55% 2020 Senior Notes, due 2060

500

 

 

—

 

 

(4)

 

 

(5)

 

 

491

 

Total long-term debt

$

6,369

 

 

$

32

 

 

$

(23)

 

 

$

(38)

 

 

$

6,340

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

Principal Amount

 

Fair Value of

Interest Rate

Swaps (1)

 

Unamortized

(Discount)

Premium

 

Unamortized

Debt Issuance

Costs

 

Carrying Value

Notes Payable:

 

 

 

 

 

 

 

 

 

4.50% 2012 Senior Notes, due 2022

$

500

 

 

$

14

 

 

$

(1)

 

 

$

(1)

 

 

$

512

 

4.875% 2013 Senior Notes, due 2024

500

 

 

—

 

 

(1)

 

 

(1)

 

 

498

 

5.25% 2014 Senior Notes, due 2044

600

 

 

—

 

 

3

 

 

(5)

 

 

598

 

1.75% 2015 Senior Notes, due 2027

612

 

 

—

 

 

—

 

 

(2)

 

 

610

 

2.625% 2017 Senior Notes, due 2023

500

 

 

12

 

 

—

 

 

(2)

 

 

510

 

3.25% 2017 Senior Notes, due 2028

500

 

 

31

 

 

(4)

 

 

(3)

 

 

524

 

4.25% 2018 Senior Notes, due 2029

400

 

 

—

 

 

(3)

 

 

(3)

 

 

394

 

4.875% 2018 Senior Notes, due 2048

400

 

 

—

 

 

(6)

 

 

(4)

 

 

390

 

0.950% 2019 Senior Notes, due 2030

918

 

 

—

 

 

(3)

 

 

(6)

 

 

909

 

3.75% 2020 Senior Note, due 2025

700

 

 

(1)

 

 

(1)

 

 

(5)

 

 

693

 

3.25% 2020 Senior Note, due 2050

300

 

 

—

 

 

(4)

 

 

(3)

 

 

293

 

2.55% 2020 Senior Note, due 2060

500

 

 

—

 

 

(4)

 

 

(5)

 

 

491

 

Total long-term debt

$

6,430

 

 

$

56

 

 

$

(24)

 

 

$

(40)

 

 

$

6,422

 

(1) The Company has entered into fixed-to-floating interest rate swaps on certain of its fixed rate debt. These amounts represent the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.

Table 5 - Non-Operating (Expense) Income, Net (Unaudited)


 

 

Three Months Ended

March 31,

 

2021

 

2020

Amounts in millions

 

 

 

 

 

 

 

Interest:

 

 

 

Expense on borrowings

$

(41)

 

 

$

(31)

 

Income

3

 

 

4

 

UTPs and other tax related liabilities (1)

35

 

 

(8)

 

Net periodic pension costs - interest component

(4)

 

 

(5)

 

Total interest expense, net

$

(7)

 

 

$

(40)

 

Other non-operating income (expense), net:

 

 

 

FX (loss) gain

$

(2)

 

 

$

13

 

Net periodic pension costs - other components

4

 

 

3

 

Income from investments in non-consolidated affiliates

8

 

 

(3)

 

Other

6

 

 

(1)

 

Other non-operating income (expense), net

16

 

 

12

 

Total non-operating (expense) income, net

$

9

 

 

$

(28)

 

 

 

 

 

(1) The amount in the first quarter of 2021 includes a $40 million benefit pursuant to the resolution of tax matters.

Table 6 - Financial Information by Segment (Unaudited)

The table below presents revenue, operating income and adjusted operating income by reportable segment. The Company defines adjusted operating income as operating income excluding: i) depreciation and amortization; ii) restructuring; and iii) a loss pursuant to the divestiture of MAKS.

 

Three Months Ended March 31,

 

2021

 

2020

Amounts in millions

MIS

 

MA

 

Eliminations

 

Consolidated

 

MIS

 

MA

 

Eliminations

 

Consolidated

Revenue

$

1,076

 

 

$

566

 

 

$

(42)

 

 

$

1,600

 

 

$

831

 

 

$

498

 

 

$

(39)

 

 

$

1,290

 

Total expense

366

 

 

423

 

 

(42)

 

 

747

 

 

343

 

 

394

 

 

(39)

 

 

698

 

Operating income

$

710

 

 

$

143

 

 

$

—

 

 

$

853

 

 

$

488

 

 

$

104

 

 

$

—

 

 

$

592

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

18

 

 

41

 

 

—

 

 

59

 

 

16

 

 

33

 

 

—

 

 

49

 

Restructuring

—

 

 

2

 

 

—

 

 

2

 

 

(1)

 

 

—

 

 

—

 

 

(1)

 

Loss pursuant to the divestiture of MAKS

—

 

 

—

 

 

—

 

 

—

 

 

—

 

 

9

 

 

—

 

 

9

 

Adjusted Operating Income

$

728

 

 

$

186

 

 

$

—

 

 

$

914

 

 

$

503

 

 

$

146

 

 

$

—

 

 

$

649

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating margin

66.0

%

 

25.3

%

 

 

 

53.3

%

 

58.7

%

 

20.9

%

 

 

 

45.9

%

Adjusted Operating Margin

67.7

%

 

32.9

%

 

 

 

57.1

%

 

60.5

%

 

29.3

%

 

 

 

50.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table 7 - Transaction and Relationship Revenue (Unaudited)

The tables below summarize the split between transaction and relationship 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 relationship revenue represents the recurring monitoring 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 relationship revenue represents subscription-based revenues. In the MA segment, transaction revenue represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and research and analytical engagements. Relationship revenue in MA represents subscription-based revenues and software maintenance revenue.

 

Three Months Ended March 31,

Amounts in millions

2021

 

2020

 

Transaction

 

Relationship

 

Total

 

Transaction

 

Relationship

 

Total

Corporate Finance

$

487

 

 

$

118

 

 

$

605

 

 

$

338

 

 

$

115

 

 

$

453

 

 

80

%

 

20

%

 

100

%

 

75

%

 

25

%

 

100

%

Financial Institutions

$

90

 

 

$

72

 

 

$

162

 

 

$

60

 

 

$

65

 

 

$

125

 

 

56

%

 

44

%

 

100

%

 

48

%

 

52

%

 

100

%

Public, Project and Infrastructure Finance

$

100

 

 

$

43

 

 

$

143

 

 

$

69

 

 

$

40

 

 

$

109

 

 

70

%

 

30

%

 

100

%

 

63

%

 

37

%

 

100

%

Structured Finance

$

66

 

 

$

50

 

 

$

116

 

 

$

50

 

 

$

46

 

 

$

96

 

 

57

%

 

43

%

 

100

%

 

52

%

 

48

%

 

100

%

MIS Other

$

2

 

 

$

8

 

 

$

10

 

 

$

2

 

 

$

9

 

 

$

11

 

 

20

%

 

80

%

 

100

%

 

18

%

 

82

%

 

100

%

Total MIS

$

745

 

 

$

291

 

 

$

1,036

 

 

$

519

 

 

$

275

 

 

$

794

 

 

72

%

 

28

%

 

100

%

 

65

%

 

35

%

 

100

%

Research, Data and Analytics

$

20

 

 

$

399

 

 

$

419

 

 

$

18

 

 

$

340

 

 

$

358

 

 

5

%

 

95

%

 

100

%

 

5

%

 

95

%

 

100

%

Enterprise Risk Solutions

$

23

 

 

$

122

 

 

$

145

 

 

$

32

 

 

$

106

 

 

$

138

 

 

16

%

 

84

%

 

100

%

 

23

%

 

77

%

 

100

%

Total MA

$

43

 

 

$

521

 

 

$

564

 

 

$

50

 

 

$

446

 

 

$

496

 

 

8

%

 

92

%

 

100

%

 

10

%

 

90

%

 

100

%

Total Moody's Corporation

$

788

 

 

$

812

 

 

$

1,600

 

 

$

569

 

 

$

721

 

 

$

1,290

 

 

49

%

 

51

%

 

100

%

 

44

%

 

56

%

 

100

%

Table 8 - Adjusted Operating Income and Adjusted Operating Margin (Unaudited)

The Company presents Adjusted Operating Income and Adjusted Operating Margin because management deems these metrics to be useful measures to provide additional perspective on the operating performance of Moody’s. Adjusted Operating Income excludes the impact of: i) depreciation and amortization; ii) restructuring; and iii) loss pursuant to the divestiture of MAKS. Depreciation and amortization are excluded because companies utilize productive assets of different estimated useful lives and use different methods of acquiring and depreciating productive assets. Restructuring charges are excluded as the frequency and magnitude of these charges may vary widely across periods and companies. The loss pursuant to the divestiture of MAKS is excluded as the frequency and magnitude of divestiture activity may vary widely from period to period and across companies.

Management believes that the exclusion of the aforementioned items, as detailed in the reconciliation below, allows for an additional perspective on the Company’s operating results from period to period and across companies. The Company defines Adjusted Operating Margin as Adjusted Operating Income divided by revenue.

 

Three Months Ended March 31,

Amounts in millions

2021

 

2020

Operating income

$

853

 

 

$

592

 

Depreciation and amortization

59

 

 

49

 

Restructuring

2

 

 

(1)

 

Loss pursuant to the divestiture of MAKS

—

 

 

9

 

Adjusted Operating Income

$

914

 

 

$

649

 

Operating margin

53.3

%

 

45.9

%

Adjusted Operating Margin

57.1

%

 

50.3

%

Table 9 - Free Cash Flow (Unaudited)

The table below reflects a reconciliation of the Company's net cash flows from operating activities to free cash flow. The Company defines free cash flow as net cash provided by operating activities minus payments for capital additions. Management deems capital expenditures essential to the Company's product and service innovations and maintenance of Moody's operational capabilities. Accordingly, capital expenditures are deemed to be a recurring use of Moody's cash flow. Management believes that free cash flow is a useful metric in assessing the Company's cash flows to service debt, pay dividends and to fund acquisitions and share repurchases.

 

Three Months Ended March 31,

Amounts in millions

2021

 

2020

Net cash provided by operating activities

$

676

 

 

$

345

 

Capital additions

(14)

 

 

(21)

 

Free Cash Flow

$

662

 

 

$

324

 

Net cash used in investing activities

$

(194)

 

 

$

(772)

 

Net cash (used in) provided by financing activities

$

(290)

 

 

$

765

 

Table 10 - Organic Revenue and Growth Measures (Unaudited)

The Company presents organic revenue and organic revenue growth because management deems this metric to be a useful measure which provides additional perspective in assessing the revenue growth excluding the inorganic revenue impacts from certain acquisition activity. The following table details the period of operations excluded from each acquisition to determine organic revenue.

Acquisition

 

Acquisition Date

 

Period excluded to determine organic revenue growth

Regulatory DataCorp

 

February 13, 2020

 

January 1, 2021 - February 12, 2021

Acquire Media

 

October 21, 2020

 

January 1, 2021 - March 31, 2021

ZM Financial Systems

 

December 7, 2020

 

January 1, 2021 - March 31, 2021

Catylist

 

December 30, 2020

 

January 1, 2021 - March 31, 2021

Below is a reconciliation of MA's reported revenue and growth rates to its organic revenue and organic growth rates:

 

Three Months Ended March 31,

Amounts in millions

2021

 

2020

 

Change

 

Growth

MA revenue

$

564

 

 

$

496

 

 

$

68

 

 

14%

Regulatory DataCorp

(8)

 

 

—

 

 

(8)

 

 

 

Acquire Media

(7)

 

 

—

 

 

(7)

 

 

 

ZM Financial Systems

(2)

 

 

—

 

 

(2)

 

 

 

Catylist

(2)

 

 

—

 

 

(2)

 

 

 

Organic MA revenue

$

545

 

 

$

496

 

 

$

49

 

 

10%

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

Amounts in millions

2021

 

2020

 

Change

 

Growth

RD&A revenue

$

419

 

 

$

358

 

 

$

61

 

 

17%

Regulatory DataCorp

(8)

 

 

—

 

 

(8)

 

 

 

Acquire Media

(7)

 

 

—

 

 

(7)

 

 

 

Catylist

(2)

 

 

—

 

 

(2)

 

 

 

Organic RD&A revenue

$

402

 

 

$

358

 

 

$

44

 

 

12%

 

 

 

 

 

 

 

 

 

Three Months Ended March 31,

Amounts in millions

2021

 

2020

 

Change

 

Growth

ERS revenue

$

145

 

 

$

138

 

 

$

7

 

 

5%

ZM Financial Systems

(2)

 

 

—

 

 

(2)

 

 

 

Organic ERS revenue

$

143

 

 

$

138

 

 

$

5

 

 

4%

Table 11 - Adjusted Net Income and Adjusted Diluted EPS Attributable to Moody's Common Shareholders (Unaudited)

The Company presents Adjusted Net Income and Adjusted Diluted EPS because management deems these metrics to be useful measures to provide additional perspective on the operating performance of Moody’s. Adjusted Net Income and Adjusted Diluted EPS exclude the impact of: i) amortization of acquired intangible assets; ii) restructuring charges; and iii) loss pursuant to the divestiture of MAKS.

The Company excludes the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of acquiring and amortizing intangible assets. These intangible assets were recorded as part of acquisition accounting and contribute to revenue generation. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. Furthermore, the timing and magnitude of business combination transactions are not predictable and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition and can vary significantly from period to period and across companies. Restructuring charges are excluded as the frequency and magnitude of these charges may vary widely across periods and companies. The loss pursuant to the divestiture of MAKS is excluded as the frequency and magnitude of divestiture activity may vary widely from period to period and across companies.

The Company excludes the aforementioned items to provide additional perspective when comparing net income and diluted EPS from period to period and across companies as the frequency and magnitude of similar transactions may vary widely across periods.

Below is a reconciliation of this measure to its most directly comparable U.S. GAAP amount:

 

Three Months Ended March 31,

Amounts in millions

2021

 

2020

Net income attributable to Moody's common shareholders

 

$

736

 

 

 

$

488

 

Pre-tax Acquisition-Related Intangible Amortization Expenses

$

35

 

 

 

$

28

 

 

Tax on Acquisition-Related Intangible Amortization Expenses

(8)

 

 

 

(6)

 

 

Net Acquisition-Related Intangible Amortization Expenses

 

27

 

 

 

22

 

Pre-tax restructuring

$

2

 

 

 

$

(1)

 

 

Tax on restructuring

—

 

 

 

—

 

 

Net restructuring

 

2

 

 

 

(1)

 

Loss pursuant to the divestiture of MAKS

 

—

 

 

 

9

 

Adjusted Net Income

 

$

765

 

 

 

$

518

 

Table 11 - Adjusted Net Income and Adjusted Diluted EPS Attributable to Moody's Common Shareholders (Unaudited) Continued


 

 

Three Months Ended March 31,

 

2021

 

2020

Diluted earnings per share attributable to Moody's common shareholders

 

$

3.90

 

 

 

$

2.57

 

Pre-tax Acquisition-Related Intangible Amortization Expenses

$

0.19

 

 

 

$

0.15

 

 

Tax on Acquisition-Related Intangible Amortization Expenses

(0.04)

 

 

 

(0.03)

 

 

Net Acquisition-Related Intangible Amortization Expenses

 

0.15

 

 

 

0.12

 

Pre-tax restructuring

$

0.01

 

 

 

$

(0.01)

 

 

Tax on restructuring

—

 

 

 

—

 

 

Net restructuring

 

0.01

 

 

 

(0.01)

 

Loss pursuant to the divestiture of MAKS

 

—

 

 

 

0.05

 

Adjusted Diluted EPS

 

$

4.06

 

 

 

$

2.73

 

 

 

 

 

 

 

Note: The tax impacts in the table above were calculated using tax rates in effect in the jurisdiction for which the item relates.

Table 12 - 2021 Outlook

Moody’s updated outlook for 2021 reflects numerous assumptions about many factors that could affect its business based on information reviewed by management through and as of today’s date, including observations and assumptions regarding the impact of COVID-19, the responses to the pandemic by governments, regulators, businesses and individuals, as well as the effects on interest rates, foreign currency exchange rates, capital markets’ liquidity and activity in different sectors of the debt markets. The outlook also reflects assumptions about both general economic conditions and GDP growth in the U.S. and Euro area, and the company’s own operations and personnel. The outlook as of April 28, 2021 incorporates numerous macroeconomic assumptions including: (a) full year 2021 U.S. and Euro area GDPs expanding approximately 6% - 7% and 3.5% - 4.5%, respectively; (b) U.S. high yield interest rate spreads below an average of approximately 450 bps; (c) U.S. unemployment to decline to approximately 5% - 6%; and (d) the global high yield default rate falling to a range of 3% - 4% by the end of 2021. Moody's ratings revenue guidance assumes MIS's full year global rated issuance decreases in the low-single-digit percent range. While the duration and severity of the COVID-19 crisis are unknown, the company has operated effectively to date and Moody’s outlook assumes that the company continues to not experience any material negative impact on its ability to conduct its operations as a result of COVID-19. The implications of COVID-19 or other situations or developments could affect these and many other factors that also could cause actual results to differ materially from Moody’s outlook. These assumptions are subject to uncertainty, and actual full year results for 2021 could differ materially from Moody’s current outlook. In addition, Moody’s guidance assumes foreign currency translation at end-of-quarter exchange rates. Specifically, our forecast reflects exchange rates for the British pound (£) of $1.38 to £1 and for the euro (€) of $1.18 to €1.

Full Year 2021 Moody's Corporation Guidance as of April 28, 2021

MOODY'S CORPORATION

Current guidance

Last publicly disclosed guidance

Revenue

increase in the high-single-digit percent range

increase in the mid-single-digit percent range

Operating expenses

increase in the mid-single-digit percent range

NC

Operating margin

approximately 46%

approximately 45%

Adjusted Operating Margin(1)

approximately 50%

49% - 50%

Interest expense, net

$160 - $180 million

$190 - $210 million

Effective tax rate

20.0% - 22.0%

NC

Diluted EPS

$10.40 to $10.70

$9.70 to $10.10

Adjusted Diluted EPS(1)

$11.00 to $11.30

$10.30 to $10.70

Operating cash flow

$2.2 to $2.3 billion

$2.0 to $2.2 billion

Free Cash Flow(1)

$2.1 to $2.2 billion

$1.9 to $2.1 billion

Share repurchases

approximately $1.5 billion (subject to available cash, market conditions and other ongoing capital allocation decisions)

NC

Moody's Investors Service (MIS)

Current guidance

Last publicly disclosed guidance

MIS global revenue

increase in the mid-single-digit percent range

approximately flat

MIS Adjusted Operating Margin(1)

approximately 61%

approximately 60%

Moody's Analytics (MA)

Current guidance

Last publicly disclosed guidance

MA global revenue

increase in the low-double-digit percent range

NC

MA Adjusted Operating Margin(1)

approximately 30%

NC

NC - There is no difference between the Company’s current guidance and the last publicly disclosed guidance for this item.

Note: All current guidance as of April 28, 2021. All last publicly disclosed guidance is as of February 12, 2021.

(1) These metrics are adjusted measures. See below for reconciliation of these measures to their comparable U.S. GAAP measure.

Table 12 - 2021 Outlook Continued

The following are reconciliations of the Company's adjusted forward looking measures to their comparable U.S. GAAP measure:

 

Projected for the Year Ended

December 31, 2021

Operating margin guidance

Approximately 46%

Depreciation and amortization

Approximately 4%

Restructuring

Negligible

Adjusted Operating Margin guidance

Approximately 50%

 

 

 

 

 

Projected for the Year Ended

December 31, 2021

Operating cash flow guidance

$2.2 to $2.3 billion

Less: Capital expenditures

Approximately $100 million

Free Cash Flow guidance

$2.1 to $2.2 billion

 

 

 

 

 

Projected for the Year Ended

December 31, 2021

Diluted EPS guidance

$10.40 to $10.70

Acquisition-Related Intangible Amortization

Approximately $0.58

Restructuring

Approximately $0.02

Adjusted Diluted EPS guidance

$11.00 to $11.30

 

 

 

Contacts

SHIVANI KAK
Investor Relations
212.553.0298
shivani.kak@moodys.com

MICHAEL ADLER
Corporate Communications
212.553.4667
michael.adler@moodys.com

moodys.com
ir.moodys.com
moodys.com/csr
moodys.com/esg

EX-101.SCH 3 mco-20210428.xsd XBRL TAXONOMY EXTENSION SCHEMA 000100 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 4 mco-20210428_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 mco-20210428_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Amendment Flag City Area Code Entity Address, City or Town Entity Address, Country Document Period End Date Entity Incorporation, State or Country Code Entity Listings [Table] Local Phone Number Entity Address, Postal Zip Code Entity Address, State or Province Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Entity Listings [Line Items] Entity Registrant Name Entity Central Index Key Entity Tax Identification Number Document Fiscal Year Focus Document Fiscal Period Focus Document Type Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Entity File Number Entity Emerging Growth Company Class of Stock [Domain] Class of Stock [Axis] 0.950% Senior Notes Due 2030 [Member] 1.75% Senior Notes Due 2027 [Member] Common Stock, par value $0.01 per share [Member] EX-101.PRE 6 mco-20210428_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 7 a52419301_htm.xml IDEA: XBRL DOCUMENT 0001059556 2021-04-28 2021-04-28 0001059556 mco:Zero950SeniorNotesDue2030Member 2021-04-28 2021-04-28 0001059556 mco:One75SeniorNotesDue2027Member 2021-04-28 2021-04-28 0001059556 mco:CommonStockParValue001PerShareMember 2021-04-28 2021-04-28 false 0001059556 8-K 2021-04-28 MOODY’S CORPORATION DE 1-14037 13-3998945 7 World Trade Center at 250 Greenwich Street New York NY 10007 212 553-0300 false false false false Common Stock, par value $0.01 per share MCO NYSE 1.75% Senior Notes Due 2027 MCO 27 NYSE 0.950% Senior Notes Due 2030 MCO 30 NYSE false XML 8 R1.htm IDEA: XBRL DOCUMENT v3.21.1
Document and Entity Information
Apr. 28, 2021
Entity Listings [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Apr. 28, 2021
Entity Registrant Name MOODY’S CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 1-14037
Entity Tax Identification Number 13-3998945
Entity Address, Address Line One 7 World Trade Center at 250 Greenwich Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10007
City Area Code 212
Local Phone Number 553-0300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001059556
Common Stock, par value $0.01 per share [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MCO
Security Exchange Name NYSE
1.75% Senior Notes Due 2027 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 1.75% Senior Notes Due 2027
Trading Symbol MCO 27
Security Exchange Name NYSE
0.950% Senior Notes Due 2030 [Member]  
Entity Listings [Line Items]  
Title of 12(b) Security 0.950% Senior Notes Due 2030
Trading Symbol MCO 30
Security Exchange Name NYSE
EXCEL 9 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.21.1 html 4 95 1 false 3 0 false 0 false false R1.htm 000100 - Document - Document and Entity Information Sheet http://moodys.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports a52419301.htm a52419301ex99_1.htm mco-20210428.xsd mco-20210428_def.xml mco-20210428_lab.xml mco-20210428_pre.xml http://fasb.org/us-gaap/2019-01-31 http://xbrl.sec.gov/dei/2019-01-31 true false JSON 14 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "a52419301.htm": { "axisCustom": 0, "axisStandard": 1, "contextCount": 4, "dts": { "definitionLink": { "local": [ "mco-20210428_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "a52419301.htm" ] }, "labelLink": { "local": [ "mco-20210428_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "mco-20210428_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "mco-20210428.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd", "https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd", "https://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "https://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/2004/ref-2004-08-10.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 36, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 3, "memberStandard": 0, "nsprefix": "mco", "nsuri": "http://moodys.com/20210428", "report": { "R1": { "firstAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "a52419301.htm", "contextRef": "c20210428to20210428", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "000100 - Document - Document and Entity Information", "role": "http://moodys.com/role/DocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "div", "body", "html" ], "baseRef": "a52419301.htm", "contextRef": "c20210428to20210428", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 3, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "xbrltype": "stringItemType" }, "dei_DocumentFiscalPeriodFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.", "label": "Document Fiscal Period Focus" } } }, "localname": "DocumentFiscalPeriodFocus", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "fiscalPeriodItemType" }, "dei_DocumentFiscalYearFocus": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.", "label": "Document Fiscal Year Focus" } } }, "localname": "DocumentFiscalYearFocus", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "gYearItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine3": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 3 such as an Office Park", "label": "Entity Address, Address Line Three" } } }, "localname": "EntityAddressAddressLine3", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCountry": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "ISO 3166-1 alpha-2 country code.", "label": "Entity Address, Country" } } }, "localname": "EntityAddressCountry", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "countryCodeItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityListingsLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Entity Listings [Line Items]" } } }, "localname": "EntityListingsLineItems", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "stringItemType" }, "dei_EntityListingsTable": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Container for exchange listing information for an entity", "label": "Entity Listings [Table]" } } }, "localname": "EntityListingsTable", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "stringItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_NoTradingSymbolFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true only for a security having no trading symbol.", "label": "No Trading Symbol Flag" } } }, "localname": "NoTradingSymbolFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "mco_CommonStockParValue001PerShareMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Common Stock, par value $0.01 per share [Member]" } } }, "localname": "CommonStockParValue001PerShareMember", "nsuri": "http://moodys.com/20210428", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "mco_One75SeniorNotesDue2027Member": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "1.75% Senior Notes Due 2027 [Member]" } } }, "localname": "One75SeniorNotesDue2027Member", "nsuri": "http://moodys.com/20210428", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "mco_Zero950SeniorNotesDue2030Member": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "0.950% Senior Notes Due 2030 [Member]" } } }, "localname": "Zero950SeniorNotesDue2030Member", "nsuri": "http://moodys.com/20210428", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "us-gaap_ClassOfStockDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Domain]" } } }, "localname": "ClassOfStockDomain", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "domainItemType" }, "us-gaap_StatementClassOfStockAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Axis]" } } }, "localname": "StatementClassOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2019-01-31", "presentation": [ "http://moodys.com/role/DocumentAndEntityInformation" ], "xbrltype": "stringItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 15 0001157523-21-000516-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001157523-21-000516-xbrl.zip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end