SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2017

SEGMENT INFORMATION

NOTE 20 SEGMENT INFORMATION

		Year Ended December 31,
		2017								2016
		MIS		MA		Eliminations		Consolidated		MIS		MA		Eliminations		Consolidated
Revenue		$	2,885.5	$	1,446.3	$	(127.7)	$	4,204.1	$	2,471.0	$	1,246.9	$	(113.7)	$	3,604.2
Operating, SG&A			1,246.9		1,095.0		(127.7)		2,214.2		1,115.6		961.1		(113.7)		1,963.0
	Adjusted Operating Income		1,638.6		351.3		-		1,989.9		1,355.4		285.8		-		1,641.2
	Less:Depreciation and amortization
			74.7		83.6		-		158.3		73.8		52.9		-		126.7
	Restructuring		-		-		-		-		10.2		1.8		-		12.0
	Acquisition-Related Expenses		-		22.5		-		22.5		-		-		-		-
	Settlement Charge		-		-		-		-		863.8		-		-		863.8
Operating income		$	1,563.9	$	245.2	$	-	$	1,809.1	$	407.6	$	231.1	$	-	$	638.7
										Year Ended December 31,
										2015
										MIS		MA		Eliminations		Consolidated
Revenue										$	2,427.7	$	1,163.4	$	(106.6)	$	3,484.5
Operating, SG&A											1,120.3		883.9		(106.6)		1,897.6
	Adjusted Operating Income										1,307.4		279.5		-		1,586.9
	Less:Depreciation and amortization										66.0		47.5		-		113.5
Operating income										$	1,241.4	$	232.0	$	-	$	1,473.4

The cumulative restructuring charges related to actions taken in 2016 as more fully discussed in Note 9 for the MIS and MA reportable segments are $10.2 and $1.8 million, respectively. The charge in MA reflects cost management initiatives in certain corporate overhead functions of which portion is allocated to MA based on a revenue-split methodology.

MIS AND MA REVENUE BY LINE OF BUSINESS

The tables below present revenue by LOB:

		Year Ended December 31,
		2017		2016		2015
MIS:
Corporate finance (CFG)		$	1,392.7	$	1,122.3	$	1,112.7
Structured finance (SFG)			495.5		436.8		449.1
Financial institutions (FIG)			435.8		368.9		365.6
Public, project and infrastructure finance (PPIF)			431.3		412.2		376.4
	Total ratings revenue		2,755.3		2,340.2		2,303.8
MIS Other			18.5		30.6		30.4
	Total external revenue		2,773.8		2,370.8		2,334.2
Intersegment royalty			111.7		100.2		93.5
	Total		2,885.5		2,471.0		2,427.7
MA:
Research, data and analytics (RD&A)			832.7		667.6		626.4
Enterprise risk solutions (ERS)			448.6		418.8		374.0
Professional services (PS)			149.0		147.0		149.9
	Total external revenue		1,430.3		1,233.4		1,150.3
Intersegment revenue			16.0		13.5		13.1
	Total		1,446.3		1,246.9		1,163.4
Eliminations			(127.7)		(113.7)		(106.6)
	Total MCO	$	4,204.1	$	3,604.2	$	3,484.5

CONSOLIDATED REVENUE AND LONG-LIVED ASSETS INFORMATION BY GEOGRAPHIC AREA

		Year Ended December 31,
		2017		2016		2015
Revenue:
U.S.		$	2,348.4	$	2,105.5	$	2,009.0
International:
	EMEA		1,131.7		904.4		882.3
	Asia-Pacific		471.4		373.2		364.2
	Americas		252.6		221.1		229.0
	Total International		1,855.7		1,498.7		1,475.5
Total		$	4,204.1	$	3,604.2	$	3,484.5
Long-lived assets at December 31:
United States		$	672.5	$	681.9	$	657.5
International			5,037.4		964.0		924.3
Total		$	5,709.9	$	1,645.9	$	1,581.8