Revenue for MIS and expenses for MA include an intersegment royalty charged to MA for the rights to use and distribute content, data and products developed by MIS. Also, revenue for MA and expenses for MIS include an intersegment license fee charged to MIS from MA for certain MA products and services utilized in MIS's ratings process. Overhead charges and corporate expenses which exclusively benefit only one segment, are fully charged to that segment. Additionally, overhead costs and corporate expenses of the Company which benefit both segments are allocated to each segment based on a revenue-split methodology. Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resource, information technology and legal. Beginning on January 1, 2011, the Company refined its methodology for allocating the aforementioned overhead and corporate costs to its segments. The refined methodology is reflected in the segment results for the three and nine months ended September 30, 2011 and accordingly, the segment results for the three and nine months ended September 30, 2010 have been reclassified to conform to the new presentation. "Eliminations" in the table below represent intersegment royalty/license revenue/expense.

Below is financial information by segment, MIS and MA revenue by line of business and consolidated revenue information by geographic area, each of which is for the three and nine month periods ended September 30, 2011 and 2010, and total assets by segment as of September 30, 2011 and December 31, 2010.


	Three Months Ended September 30,
	2011									2010
	MIS		MA		Eliminations			Consolidated		MIS		MA		Eliminations			Consolidated
Revenue	$	368.2	$	182.5	$	(19.4	)	$	531.3	$	373.7	$	157.4	$	(17.8	)	$	513.3
Expenses:
Operating, SG&A		200.0		135.4		(19.4	)		316.0		204.3		119.4		(17.8	)		305.9
Restructuring		0.1		0.1		—			0.2		0.3		0.1		—			0.4
Depreciation and amortization		9.8		9.2		—			19.0		10.3		7.8		—			18.1

Total		209.9		144.7		(19.4	)		335.2		214.9		127.3		(17.8	)		324.4

Operating income	$	158.3	$	37.8	$	—		$	196.1	$	158.8	$	30.1	$	—		$	188.9



		Nine Months Ended September 30,
		2011									2010
		MIS		MA		Eliminations			Consolidated		MIS		MA		Eliminations			Consolidated
Revenue	$	1,251.0	$	519.4	$	(56.8	)	$	1,713.6	$	1,068.6	$	452.4	$	(53.3	)	$	1,467.7
Expenses:
Operating, SG&A		604.2		391.3		(56.8	)		938.7		562.0		333.7		(53.3	)		842.4
Restructuring		—		0.1		—			0.1		—		—		—			—
Depreciation and amortization		30.8		27.7		—			58.5		26.3		22.8		—			49.1

Total		635.0		419.1		(56.8	)		997.3		588.3		356.5		(53.3	)		891.5

Operating income	$	616.0	$	100.3	$	—		$	716.3	$	480.3	$	95.9	$	—		$	576.2


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
MIS:
Corporate finance (CFG)	$	129.0		$	144.9		$	510.9		$	399.2
Structured finance (SFG)		82.0			70.1			257.7			214.7
Financial institutions (FIG)		72.1			73.6			228.1			213.0
Public, project and infrastructure finance (PPIF)		68.3			69.6			205.3			195.4

Total external revenue		351.4			358.2			1,202.0			1,022.3
Intersegment royalty		16.8			15.5			49.0			46.3

Total		368.2			373.7			1,251.0			1,068.6

MA:
Research, data and analytics (RD&A)		115.3			106.0			335.9			315.8
Risk management software (RMS)		47.9			42.8			127.5			115.3
Professional services		16.7			6.3			48.2			14.3

Total external revenue		179.9			155.1			511.6			445.4
Intersegment license fee		2.6			2.3			7.8			7.0

Total		182.5			157.4			519.4			452.4

Eliminations		(19.4	)		(17.8	)		(56.8	)		(53.3	)

Total MCO	$	531.3		$	513.3		$	1,713.6		$	1,467.7



	September 30, 2011								December 31, 2010
	MIS		MA		Corporate Assets (a)		Consolidated		MIS		MA		Corporate Assets (a)		Consolidated
Total Assets	$	591.3		821.2		1,108.8	$	2,521.3	$	639.0		910.0		991.3	$	2,540.3

(a)	Represents common assets that are shared between each segment or utilized by the corporate entity. Such assets primarily include cash and cash equivalents, short-term investments, unallocated property and equipment and deferred taxes.