GLOSSARY OF TERMS AND ABBREVIATIONS
		The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:
TERM		DEFINITION
Acquistion-Related Expenses		Consists of expenses incurred to complete and integrate the pending acquisition of Bureau van Dijk
Adjusted Diluted EPS		Diluted EPS excluding the impact of the CCXI Gain, Acquisition-Related Expenses and the purchase price hedge gain related to the acquisition of Bureau van Dijk
Adjusted Operating Income		Operating income excluding depreciation and amortization and significant non-recurring acquisition-related expenses
Adjusted Operating Margin		Adjusted Operating Income divided by revenue
Americas		Represents countries within North and South America, excluding the U.S.
AOCI		Accumulated other comprehensive income (loss); a separate component of shareholders’ (deficit) 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
Board		The board of directors of the Company
BPS		Basis points
Bureau van Dijk		A global provider of business intelligence and company information; in May 2017, a subsidiary of the Company entered into a definitive agreement to acquire the parent of Bureau van Dijk which is subject to regulatory approval in the EU.
CCXI		China Cheng Xin International Credit Rating Co. Ltd.; China’s first and largest domestic credit rating agency approved by the People's Bank of China; the Company acquired a 49% interest in 2006; currently Moody’s owns 30% of CCXI.
CCXI Gain		In the first quarter of 2017 CCXI, as part of a strategic business realignment, issued additional capital to its majority shareholder in exchange for a ratings business wholly-owned by the majority shareholder and which has the right to rate a different class of debt instrument in the Chinese market. The capital issuance by CCXI in exchange for this ratings business diluted Moody’s ownership interest in CCXI to 30% of a larger business and resulted in a $59.7 million non-cash, non-taxable gain.
CLO		Collateralized loan obligation
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 research and analytical services to institutional investors
Copal Amba		Operating segment (rebranded as MAKS in 2016) created in January 2014 that consists of all operations from Copal and Amba. Part of the PS LOB within the MA reportable segment. Also a reporting unit.
Council		Council of the European Union
CP		Commercial Paper
CP Notes		Unsecured commercial paper issued under the CP Program
CP Program		A program entered into on August 3, 2016 allowing the Company to privately place CP up to a maximum of $1 billion for which the maturity may not exceed 397 days from the date of issue
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
D&A		Depreciation and amortization
DBPP		Defined benefit pension plans
Debt/EBITDA		Ratio of Total Debt to EBITDA
EBITDA		Earnings before interest, taxes, depreciation and amortization
EMEA		Represents countries within Europe, the Middle East and Africa
EPS		Earnings per share
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
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; part of the PS LOB and a reporting unit within the MA reportable segment; consists of online and classroom-based training services and CSI Global Education, Inc.
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; part of the ERS LOB and reporting unit within the MA reportable segment
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
ICTEAS		ICRA Techno Analytics; formerly a wholly-owned subsidiary of ICRA; divested by ICRA in the fourth quarter of 2016
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
LIBOR		London Interbank Offered Rate
LOB		Line of business
M&A		Mergers and acquisitions
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
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), 2015 Senior Notes, 2017 Senior Notes, 2017 Private Placement Notes Due 2023 and 2017 Private Placement Notes Due 2028 which is a premium based on the excess, if any, of the discounted value of the remaining scheduled payments over the prepaid principal
MAKS		Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provides offshore research and analytic services to the global financial and corporate sectors; part of the PS LOB and a reporting unit within the MA reportable segment
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
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 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 consisting of MAKS and FSTC that provides research and analytical services as well as financial training and certification programs
Purachase Price Hedge Gain		Unrealized gain on a foreign currency collar to economically hedge the Bureau vsn Dijk euro denominated purchase price
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		For MIS represents 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 license and maintenance revenue
Retirement Plans		Moody’s funded and unfunded pension plans, the healthcare plans and life insurance plans
SCDM		SCDM Financial, a leading provider of analytical tools for participants in securitization markets. Moody’s acquired SCDM’s structured finance data and analytics business in February 2017
		U.S. Securities and Exchange Commission
SEC
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; prepaid in March 2017
Settlement Charge		Charge of $863.8 million recorded in the fourth quarter of 2016 related to an agreement entered into on January 13, 2017 with the U.S. Department of Justice and the attorneys general of 21 U.S states and the District of Columbia to resolve pending and potential civil claims related to the credit ratings that MIS assigned to certain structured finance instruments in the financial crisis era
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 as well as data services, research and analytical engagements. For MA, represents software license fees and revenue from risk management advisory projects, training and certification services, and 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
2000 Distribution		The distribution by Old D&B to its shareholders of all the outstanding shares of New D&B common stock on September 30, 2000
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
2017 Indenture		Collectively the Supplemental indenture and related agreements dated March 2, 2017, relating to the 2017 Floating Rate Senior Notes and 2017 Senior Notes and the Supplemental indenture and related agreements dated June 12, 2017, relating to the 2017 Private Placement Notes Due 2023 and 2017 Private Placement Notes Due 2028
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
2017 Bridge Credit Facility		Bridge Credit Agreement entered into in May 2017 pursuant to the definitive agreement to acquire Bureau van Dijk; this facility was terminated in June 2017 upon issuance of the 2017 Private Placement Notes Due 2023 and the 2017 Private Placement Notes Due 2028
2017 Floating Rate Senior Notes		Principal amount of $300 million, floating rate senior unsecured notes due in September 2018
2017 Private Placement Notes Due 2023		Principal amount $500 million, 2.625% senior unsecured notes due January 15, 2023
2017 Private Placement Notes Due 2028		Principal amount $500 million, 3.250% senior unsecured notes due January 15, 2028
2017 Senior Notes		Principal amount of $500 million, 2.75% senior unsecured notes due in December 2021
2017 Term Loan Facility		Three-year unsecured revolving credit facility, with capacity to borrow up to $500 million.