GLOSSARY OF TERMS AND ABBREVIATIONS
		The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:
TERM		DEFINITION
Adjusted Operating Income		Operating income excluding depreciation and amortization
Adjusted Operating Margin		Operating margin excluding depreciation and amortization
Amba		Amba Investment Services; a provider of outsourced investment research and quantitative analytics for global financial institutions; a majority owned subsidiary of the Company acquired 100% of Amba in December 2013
Americas		Represents countries within North and South America, excluding the U.S.
AOCI		Accumulated other comprehensive income (loss); a separate component of shareholders’ equity
ASC		The FASB Accounting Standards Codification; the sole source of authoritative GAAP as of July 1, 2009 except for rules and interpretive releases of the SEC, which are also sources of authoritative GAAP for SEC registrants
Asia-Pacific		Represents countries in Asia including but not limited to: Australia, China, India, Indonesia, Japan, Korea, Malaysia, Singapore, Sri Lanka and Thailand
ASU		The FASB Accounting Standards Update to the ASC. It also provides background information for accounting guidance and the bases for conclusions on the changes in the ASC. ASUs are not considered authoritative until codified into the ASC
BlackBox		BlackBox Logic; a leading provider of Residential Mortgage-Backed securities loan level data. The Company acquired the customer base and products of BlackBox Logic in December 2015
Board		The board of directors of the Company
BPS		Basis points
Brexit		Abbreviation of "British exit", which refers to the June 23, 2016 referendum by British voters to exit the European Union
Canary Wharf Lease		Operating lease agreement entered into on February 6, 2008 for office space in London, England, occupied by the Company in the second half of 2009
CFG		Corporate finance group; an LOB of MIS
CLO		Collateralized loan obligation
CMBS		Commercial mortgage-backed securities; part of the CREF asset class within SFG
Commission		European Commission
Common Stock		The Company’s common stock
Company		Moody’s Corporation and its subsidiaries; MCO; Moody’s
Copal		Copal Partners; an acquisition completed in November 2011; part of the MA segment; leading provider of outsourced research and analytical services to institutional investors
Copal Amba		Operating segment and reporting unit created in January 2014 that consists of all operations from Copal as well as the operations of Amba. The Copal Amba operating segment provides outsourced research and analytical services to the global financial and corporate sectors
Council		Council of the European Union
CRAs		Credit rating agencies
CRA3		Regulation (EU) No 462/2013 of the European Parliament and of the Council, which updated the regulatory regimes imposing additional procedural requirements on CRAs
CREF		Commercial real estate finance which includes REITs, commercial real estate CDOs and mortgage-backed securities; part of SFG
CSI		CSI Global Education, Inc.; an acquisition completed in November 2010; part of the MA segment; a provider of financial learning, credentials, and certification services primarily in Canada
D&A		Depreciation and amortization
D&B Business		Old D&B’s Dun & Bradstreet operating company
DBPP		Defined benefit pension plans
Debt/EBITDA		Ratio of Total Debt to EBITDA
EBITDA		Earnings before interest, taxes, depreciation and amortization
ECCA		Economics and Consumer Credit Analytics; a business within the RD&A LOB which provides economic and consumer credit trend analytics
EMEA		Represents countries within Europe, the Middle East and Africa
EPS		Earnings per share
Equilibrium		A leading provider of credit rating and research services in Peru and Panama; acquired by Moody’s in May 2015
ERS		The enterprise risk solutions LOB within MA, which offers risk management software products as well as software implementation services and related risk management advisory engagements
ESMA		European Securities and Markets Authority
ETR		Effective tax rate
EU		European Union
EUR		Euros
European Ratings Platform		Central credit ratings website administered by ESMA
Excess Tax Benefits		The difference between the tax benefit realized at exercise of an option or delivery of a restricted share and the tax benefit recorded at the time the option or restricted share is expensed under GAAP
Exchange Act		The Securities Exchange Act of 1934, as amended
FASB		Financial Accounting Standards Board
FIG		Financial institutions group; an LOB of MIS
Financial Reform Act		Dodd-Frank Wall Street Reform and Consumer Protection Act
Free Cash Flow		Net cash provided by operating activities less cash paid for capital additions
FSTC		Financial Services Training and Certifications; a reporting unit within the MA segment that includes on-line and classroom-based training services and CSI
FX		Foreign exchange
GAAP		U.S. Generally Accepted Accounting Principles
GBP		British pounds
GGY		Gilliland Gold Young; a leading provider of advanced actuarial software for the global insurance industry. The Company acquired GGY on March 1, 2016
ICRA		ICRA Limited; a leading provider of credit ratings and research in India. The Company previously held 28.5% equity ownership and in June 2014, increased that ownership stake to just over 50% through the acquisition of additional shares
IRS		Internal Revenue Service
IT		Information technology
KIS		Korea Investors Service, Inc; a leading Korean rating agency and consolidated subsidiary of the Company
KIS Pricing		Korea Investors Service Pricing, Inc; a leading Korean provider of fixed income securities pricing and consolidated subsidiary of the Company
Lewtan		Lewtan Technologies; a leading provider of analytical tools and data for the global structured finance market; part of the RD&A LOB within MA; an acquisition completed in October 2014
LIBOR		London Interbank Offered Rate
LOB		Line of business
MA		Moody’s Analytics – a reportable segment of MCO formed in January 2008 which provides a wide range of products and services that support financial analysis and risk management activities of institutional participants in global financial markets; consists of three LOBs – RD&A, ERS and PS
M&A		Mergers and acquisitions
Make Whole Amount		The prepayment penalty amount relating to the Series 2007-1 Notes, 2010 Senior Notes, 2012 Senior Notes, 2013 Senior Notes, 2014 Senior Notes (5-year), 2014 Senior Notes (30-year) and 2015 Senior Notes which is a premium based on the excess, if any, of the discounted value of the remaining scheduled payments over the prepaid principal
MCO		Moody’s Corporation and its subsidiaries; the Company; Moody’s
MD&A		Management’s Discussion and Analysis of Financial Condition and Results of Operations
MIS		Moody’s Investors Service – a reportable segment of MCO; consists of five LOBs – SFG, CFG, FIG, PPIF and MIS Other
MIS Other		Consists of non-ratings revenue from ICRA, KIS Pricing and KIS Research. These businesses are components of MIS; MIS Other is an LOB of MIS
Moody’s		Moody’s Corporation and its subsidiaries; MCO; the Company
MSS		Moody’s Shared Services
Net Income		Net income attributable to Moody’s Corporation, which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder
NM		Percentage change is not meaningful
Non-GAAP		A financial measure not in accordance with GAAP; these measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and to provide greater transparency to investors of supplemental information used by management in its financial and operational decision making
NRSRO		Nationally Recognized Statistical Rating Organization
OCI		Other comprehensive income (loss); includes gains and losses on cash flow and net investment hedges, unrealized gains and losses on available for sale securities, certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments
Other Retirement Plan		The U.S. retirement healthcare and U.S. retirement life insurance plans
PPIF		Public, project and infrastructure finance; an LOB of MIS
Profit Participation Plan		Defined contribution profit participation plan that covers substantially all U.S. employees of the Company
PS		Professional Services, an LOB within MA that provides outsourced research and analytical services as well as financial training and certification programs
RD&A		Research, Data and Analytics; an LOB within MA that produces, sells and distributes research, data and related content. Includes products generated by MIS, such as analyses on major debt issuers, industry studies, and commentary on topical credit events, as well as economic research, data, quantitative risk scores, and other analytical tools that are produced within MA
Reform Act		Credit Rating Agency Reform Act of 2006
REIT		Real Estate Investment Trust
Relationship Revenue		Represents MIS 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. For MIS Other represents subscription-based revenue. For MA, represents subscription-based and maintenance revenue
Retirement Plans		Moody’s funded and unfunded pension plans, the healthcare plans and life insurance plans
SAV		Structured Analytics and Valuation; a business within the RD&A LOB which provides data and analytics for securitized assets
SEC		U.S. Securities and Exchange Commission
Securities Act		Securities Act of 1933, as amended
Series 2007-1 Notes		Principal amount of $300 million, 6.06% senior unsecured notes due in September 2017 pursuant to the 2007 Agreement
SFG		Structured finance group; an LOB of MIS
SG&A		Selling, general and administrative expenses
Total Debt		All indebtedness of the Company as reflected on the consolidated balance sheets
Transaction Revenue		For MIS, represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services and outsourcing engagements. For MA, represents software license fees and revenue from risk management advisory projects, training and certification services, and outsourced research and analytical engagements
U.K.		United Kingdom
U.S.		United States
USD		U.S. dollar
UTBs		Unrecognized tax benefits
UTPs		Uncertain tax positions
VSOE		Vendor specific objective evidence; as defined in the ASC, evidence of selling price limited to either of the following: the price charged for a deliverable when it is sold separately, or for a deliverable not yet being sold separately, the price established by management having the relevant authority
2007 Agreement		Note purchase agreement dated September 7, 2007, relating to the Series 2007-1 Notes
2010 Indenture		Supplemental indenture and related agreements dated August 19, 2010, relating to the 2010 Senior Notes
2010 Senior Notes		Principal amount of $500 million, 5.50% senior unsecured notes due in September 2020 pursuant to the 2010 Indenture
2012 Facility		Revolving credit facility of $1 billion entered into on April 18,2012; was replaced with the 2015 Facility
2012 Indenture		Supplemental indenture and related agreements dated August 18, 2012, relating to the 2012 Senior Notes
2012 Senior Notes		Principal amount of $500 million, 4.50% senior unsecured notes due in September 2022 pursuant to the 2012 Indenture
2013 Indenture		Supplemental indenture and related agreements dated August 12, 2013, relating to the 2013 Senior Notes
2013 Senior Notes		Principal amount of the $500 million, 4.875% senior unsecured notes due in February 2024 pursuant to the 2013 Indenture
2014 Indenture		Supplemental indenture and related agreements dated July 16, 2014, relating to the 2014 Senior Notes
2014 Senior Notes (5-Year)		Principal amount of $450 million, 2.75% senior unsecured notes due in July 2019
2014 Senior Notes (30-Year)		Principal amount of $600 million, 5.25% senior unsecured notes due in July 2044
2015 Facility		Five-year unsecured revolving credit facility, with capacity to borrow up to $1 billion; replaces the 2012 Facility
2015 Indenture		Supplemental indenture and related agreements dated March 9, 2015, relating to the 2015 Senior Notes
2015 Senior Notes		Principal amount €500 million, 1.75% senior unsecured notes issued March 9, 2015 and due in March 2027
7WTC		The Company’s corporate headquarters located at 7 World Trade Center in New York, NY
7WTC Lease		Operating lease agreement entered into on October 20, 2006