REVENUES (Tables)

3 Months Ended

Mar. 31, 2018

		Three Months Ended March 31,
		2018		2017 ⁽¹⁾
MIS:
Corporate finance (CFG)
	Investment-grade	$	81.1	$	72.1
	High-yield		57.9		64.2
	Bank loans		108.1		101.4
	Other accounts ⁽²⁾		130.6		115.1
Total CFG			377.7		352.8
Structured finance (SFG)
	Asset-backed securities		28.2		22.7
	Residential mortgage backed securities		24.3		20.4
	Commercial real estate finance		33.2		29.3
	Structured credit		43.4		27.4
	Other accounts		0.6		0.4
Total SFG			129.7		100.2
Financial institutions (FIG)
	Banking		77.0		79.1
	Insurance		28.3		25.1
	Managed investments		5.7		5.1
	Other accounts		3.3		3.0
Total FIG			114.3		112.3
Public, project and infrastructure finance (PPIF)
	Public finance / sovereign		46.9		53.0
	Project and infrastructure		46.3		45.1
Total PPIF			93.2		98.1
	Total ratings revenue		714.9		663.4
MIS Other			5.0		4.8
	Total external revenue		719.9		668.2
Intersegment royalty			29.8		26.0
	Total MIS		749.7		694.2
MA:
Research, data and analytics (RD&A)			269.2		175.4
Enterprise risk solutions (ERS)			100.1		95.9
Professional services (PS)			37.5		35.7
	Total external revenue		406.8		307.0
Intersegment revenue			5.0		3.7
	Total MA		411.8		310.7
Eliminations			(34.8)		(29.7)
Total MCO		$	1,126.7	$	975.2

(1) Prior period amounts have not been adjusted under the modified retrospective method of adoption for the New Revenue Accounting Standard.
(2) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.

		Three Months Ended March 31, 2018
		United States		International		Total
MIS:
Corporate finance (CFG)		$	246.7	$	131.0	$	377.7
Structured finance (SFG)			84.6		45.1		129.7
Financial institutions (FIG)			48.5		65.8		114.3
Public, project and infrastructure finance (PPIF)			53.4		39.8		93.2
	Total ratings revenue		433.2		281.7		714.9
MIS Other			0.2		4.8		5.0
	Total		433.4		286.5		719.9
MA:
Research, data and analytics (RD&A)			112.6		156.6		269.2
Enterprise risk solutions (ERS)			38.5		61.6		100.1
Professional services (PS)			13.2		24.3		37.5
	Total		164.3		242.5		406.8
Total MCO		$	597.7	$	529.0	$	1,126.7

		Three Months Ended March 31, 2017 ⁽¹⁾
		United States		International		Total
MIS:
Corporate finance (CFG)		$	243.8	$	109.0	$	352.8
Structured finance (SFG)			65.0		35.2		100.2
Financial institutions (FIG)			50.6		61.7		112.3
Public, project and infrastructure finance (PPIF)			63.0		35.1		98.1
	Total ratings revenue		422.4		241.0		663.4
MIS Other			0.1		4.7		4.8
	Total		422.5		245.7		668.2
MA:
Research, data and analytics (RD&A)			101.4		74.0		175.4
Enterprise risk solutions (ERS)			40.2		55.7		95.9
Professional services (PS)			13.7		22.0		35.7
	Total		155.3		151.7		307.0
Total MCO		$	577.8	$	397.4	$	975.2
(1) Prior period amounts have not been adjusted under the modified retrospective method of adoption for the New Revenue Accounting Standard.

	Three Months Ended March 31,
	2018							2017 ⁽²⁾
	Transaction			Relationship		Total		Transaction		Relationship		Total
Corporate Finance	$	274.9		$	102.8	$	377.7	$	260.6	$	92.2	$	352.8
		73%			27%		100%		74%		26%		100%
Structured Finance	$	83.1		$	46.6	$	129.7	$	57.5	$	42.7	$	100.2
		64%			36%		100%		57%		43%		100%
Financial Institutions	$	50.0		$	64.3	$	114.3	$	53.4	$	58.9	$	112.3
		44%			56%		100%		48%		52%		100%
Public, Project and Infrastructure Finance	$	54.4		$	38.8	$	93.2	$	59.2	$	38.9	$	98.1
		58%			42%		100%		60%		40%		100%
MIS Other	$	0.6		$	4.4	$	5.0	$	0.3	$	4.5	$	4.8
		12%			88%		100%		6%		94%		100%
Total MIS	$	463.0		$	256.9	$	719.9	$	431.0	$	237.2	$	668.2
		64%			36%		100%		65%		35%		100%
Moody's Analytics	$	60.8	⁽¹⁾	$	346.0	$	406.8	$	64.6	$	242.4	$	307.0
		15%			85%		100%		21%		79%		100%
Total Moody's Corporation	$	523.8		$	602.9	$	1,126.7	$	495.6	$	479.6	$	975.2
		46%			54%		100%		51%		49%		100%
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the New Revenue Accounting Standard (please also refer to the table below).
(2) Prior period amounts have not been adjusted under the modified retrospective method of adoption for the New Revenue Accounting Standard.

	Three Months Ended March 31,
	2018
	MIS		MA			Total
Revenue recognized at a point in time	$	463.0	$	15.5	$	478.5
Revenue recognized over time		256.9		391.3		648.2
Total	$	719.9	$	406.8	$	1,126.7

	Three Months Ended March 31, 2018
	MIS		MA		Total
Balance at January 1, 2018 (after New Revenue Accounting Standard transition adjustment)	$	334.7	$	611.6	$	946.3
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period		(93.4)		(173.9)		(267.3)
Increases due to amounts billable excluding amounts recognized as revenue during the period		154.9		279.8		434.7
Effect of exchange rate changes		1.3		11.5		12.8
Total Changes in deferred revenue		62.8		117.4		180.2
Balance at March 31, 2018	$	397.5	$	729.0	$	1,126.5
Deferred revenue - current	$	273.4	$	725.3	$	998.7
Deferred revenue - noncurrent	$	124.1	$	3.7	$	127.8