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REVENUES (Tables) | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following table presents the Company’s revenues disaggregated by LOB:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
MA: |  |  |  |  |  |  |
Decision Solutions (DS) |  |  |  |  |  |  |
Banking | $ | 134 |  |  | $ | 131 |  |  |  |  |
Insurance | 144 |  |  | 133 |  |  |  |  |
KYC | 87 |  |  | 70 |  |  |  |  |
Total DS | 365 |  |  | 334 |  |  |  |  |
Research and Insights (R&I) | 222 |  |  | 215 |  |  |  |  |
Data and Information (D&I) | 212 |  |  | 188 |  |  |  |  |
Total external revenue | 799 |  |  | 737 |  |  |  |  |
Intersegment revenue | 3 |  |  | 3 |  |  |  |  |
Total MA | 802 |  |  | 740 |  |  |  |  |
MIS: |  |  |  |  |  |  |
Corporate Finance (CFG) |  |  |  |  |  |  |
Investment-grade | 147 |  |  | 115 |  |  |  |  |
High-yield | 67 |  |  | 32 |  |  |  |  |
Bank loans | 155 |  |  | 59 |  |  |  |  |
Other accounts (1) | 160 |  |  | 150 |  |  |  |  |
Total CFG | 529 |  |  | 356 |  |  |  |  |
Structured Finance (SFG) |  |  |  |  |  |  |
Asset-backed securities | 33 |  |  | 27 |  |  |  |  |
RMBS | 24 |  |  | 25 |  |  |  |  |
CMBS | 17 |  |  | 14 |  |  |  |  |
Structured credit | 39 |  |  | 32 |  |  |  |  |
Other accounts | 1 |  |  | 1 |  |  |  |  |
Total SFG | 114 |  |  | 99 |  |  |  |  |
Financial Institutions (FIG) |  |  |  |  |  |  |
Banking | 121 |  |  | 100 |  |  |  |  |
Insurance | 59 |  |  | 33 |  |  |  |  |
Managed investments | 12 |  |  | 6 |  |  |  |  |
Other accounts | 3 |  |  | 3 |  |  |  |  |
Total FIG | 195 |  |  | 142 |  |  |  |  |
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign | 59 |  |  | 52 |  |  |  |  |
Project and infrastructure | 82 |  |  | 77 |  |  |  |  |
Total PPIF | 141 |  |  | 129 |  |  |  |  |
Total ratings revenue | 979 |  |  | 726 |  |  |  |  |
MIS Other | 8 |  |  | 7 |  |  |  |  |
Total external revenue | 987 |  |  | 733 |  |  |  |  |
Intersegment revenue | 47 |  |  | 45 |  |  |  |  |
Total MIS | 1,034 |  |  | 778 |  |  |  |  |
Eliminations | (50) |  |  | (48) |  |  |  |  |
Total MCO | $ | 1,786 |  |  | $ | 1,470 |  |  |  |  |
(1) 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. The following table presents the Company’s revenues disaggregated by LOB and geographic area:
| Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
| U.S. |  | Non-U.S |  | Total |  | U.S. |  | Non-U.S |  | Total
MA:
Decision Solutions | $ | 138 |  |  | $ | 227 |  |  | $ | 365 |  |  | $ | 132 |  |  | $ | 202 |  |  | $ | 334 |
Research and Insights | 122 |  |  | 100 |  |  | 222 |  |  | 118 |  |  | 97 |  |  | 215 |
Data and Information | 77 |  |  | 135 |  |  | 212 |  |  | 67 |  |  | 121 |  |  | 188 |
Total MA | 337 |  |  | 462 |  |  | 799 |  |  | 317 |  |  | 420 |  |  | 737 |
MIS:
Corporate Finance | 372 |  |  | 157 |  |  | 529 |  |  | 246 |  |  | 110 |  |  | 356 |
Structured Finance | 76 |  |  | 38 |  |  | 114 |  |  | 61 |  |  | 38 |  |  | 99 |
Financial Institutions | 98 |  |  | 97 |  |  | 195 |  |  | 63 |  |  | 79 |  |  | 142 |
Public, Project and Infrastructure Finance | 86 |  |  | 55 |  |  | 141 |  |  | 76 |  |  | 53 |  |  | 129 |
Total ratings revenue | 632 |  |  | 347 |  |  | 979 |  |  | 446 |  |  | 280 |  |  | 726 |
MIS Other | — |  |  | 8 |  |  | 8 |  |  | — |  |  | 7 |  |  | 7 |
Total MIS | 632 |  |  | 355 |  |  | 987 |  |  | 446 |  |  | 287 |  |  | 733 |
Total MCO | $ | 969 |  |  | $ | 817 |  |  | $ | 1,786 |  |  | $ | 763 |  |  | $ | 707 |  |  | $ | 1,470 |
The following table summarizes the split between Transaction Revenue and Recurring Revenue.
| Three Months Ended March 31,
| 2024 |  | 2023
| Transaction |  | Recurring |  | Total |  | Transaction |  | Recurring |  | Total
Decision Solutions | $ | 37 |  |  | $ | 328 |  |  | $ | 365 |  |  | $ | 40 |  |  | $ | 294 |  |  | $ | 334 |
| 10 | % |  | 90 | % |  | 100 | % |  | 12 | % |  | 88 | % |  | 100 | %
Research and Insights | $ | 4 |  |  | $ | 218 |  |  | $ | 222 |  |  | $ | 5 |  |  | $ | 210 |  |  | $ | 215 |
| 2 | % |  | 98 | % |  | 100 | % |  | 2 | % |  | 98 | % |  | 100 | %
Data and Information | $ | 1 |  |  | $ | 211 |  |  | $ | 212 |  |  | $ | — |  |  | $ | 188 |  |  | $ | 188 |
| — | % |  | 100 | % |  | 100 | % |  | — | % |  | 100 | % |  | 100 | %
Total MA (1) | $ | 42 |  |  | $ | 757 |  |  | $ | 799 |  |  | $ | 45 |  |  | $ | 692 |  |  | $ | 737 |
| 5 | % |  | 95 | % |  | 100 | % |  | 6 | % |  | 94 | % |  | 100 | %
Corporate Finance | $ | 399 |  |  | $ | 130 |  |  | $ | 529 |  |  | $ | 230 |  |  | $ | 126 |  |  | $ | 356 |
| 75 | % |  | 25 | % |  | 100 | % |  | 65 | % |  | 35 | % |  | 100 | %
Structured Finance | $ | 59 |  |  | $ | 55 |  |  | $ | 114 |  |  | $ | 45 |  |  | $ | 54 |  |  | $ | 99 |
| 52 | % |  | 48 | % |  | 100 | % |  | 45 | % |  | 55 | % |  | 100 | %
Financial Institutions | $ | 122 |  |  | $ | 73 |  |  | $ | 195 |  |  | $ | 70 |  |  | $ | 72 |  |  | $ | 142 |
| 63 | % |  | 37 | % |  | 100 | % |  | 49 | % |  | 51 | % |  | 100 | %
Public, Project and Infrastructure Finance | $ | 96 |  |  | $ | 45 |  |  | $ | 141 |  |  | $ | 86 |  |  | $ | 43 |  |  | $ | 129 |
| 68 | % |  | 32 | % |  | 100 | % |  | 67 | % |  | 33 | % |  | 100 | %
MIS Other | $ | 1 |  |  | $ | 7 |  |  | $ | 8 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 7 |
| 12 | % |  | 88 | % |  | 100 | % |  | — | % |  | 100 | % |  | 100 | %
Total MIS | $ | 677 |  |  | $ | 310 |  |  | $ | 987 |  |  | $ | 431 |  |  | $ | 302 |  |  | $ | 733 |
| 69 | % |  | 31 | % |  | 100 | % |  | 59 | % |  | 41 | % |  | 100 | %
Total Moody's Corporation | $ | 719 |  |  | $ | 1,067 |  |  | $ | 1,786 |  |  | $ | 476 |  |  | $ | 994 |  |  | $ | 1,470 |
| 40 | % |  | 60 | % |  | 100 | % |  | 32 | % |  | 68 | % |  | 100 | %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP (please also refer to the following table). The following table presents the timing of revenue recognition:
| Three Months Ended March 31, 2024 |  |  |  | Three Months Ended March 31, 2023
| MA |  | MIS |  | Total |  |  |  |  |  |  |  | MA |  | MIS |  | Total
Revenue recognized at a point in time | $ | 21 |  |  | $ | 677 |  |  | $ | 698 |  |  |  |  |  |  |  |  | $ | 27 |  |  | $ | 431 |  |  | $ | 458 |
Revenue recognized over time | 778 |  |  | 310 |  |  | 1,088 |  |  |  |  |  |  |  |  | 710 |  |  | 302 |  |  | 1,012 |
Total | $ | 799 |  |  | $ | 987 |  |  | $ | 1,786 |  |  |  |  |  |  |  |  | $ | 737 |  |  | $ | 733 |  |  | $ | 1,470 |
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region | The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
MA: |  |  |  |  |  |  |
U.S. | $ | 337 |  |  | $ | 317 |  |  |  |  |
Non-U.S.: |  |  |  |  |  |  |
EMEA | 316 |  |  | 287 |  |  |  |  |
Asia-Pacific | 85 |  |  | 78 |  |  |  |  |
Americas | 61 |  |  | 55 |  |  |  |  |
Total Non-U.S. | 462 |  |  | 420 |  |  |  |  |
Total MA | 799 |  |  | 737 |  |  |  |  |
MIS: |
U.S. | 632 |  |  | 446 |  |  |  |  |
Non-U.S.: |  |  |  |  |  |  |
EMEA | 226 |  |  | 173 |  |  |  |  |
Asia-Pacific | 70 |  |  | 71 |  |  |  |  |
Americas | 59 |  |  | 43 |  |  |  |  |
Total Non-U.S. | 355 |  |  | 287 |  |  |  |  |
Total MIS | 987 |  |  | 733 |  |  |  |  |
Total MCO | $ | 1,786 |  |  | $ | 1,470 |  |  |  |  |
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
United States | $ | 969 |  |  | $ | 763 |  |  |  |  |
Non-U.S.: |  |  |  |  |  |  |
EMEA | 542 |  |  | 460 |  |  |  |  |
Asia-Pacific | 155 |  |  | 149 |  |  |  |  |
Americas | 120 |  |  | 98 |  |  |  |  |
Total Non-U.S. | 817 |  |  | 707 |  |  |  |  |
Total | $ | 1,786 |  |  | $ | 1,470 |  |  |  |  |
Schedule of Unbilled Receivables | The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2024 and December 31, 2023:
| As of March 31, 2024 |  | As of December 31, 2023
| MA |  | MIS |  | MA |  | MIS
Unbilled Receivables | $ | 133 |  |  | $ | 461 |  |  | $ | 119 |  |  | $ | 415 |
Schedule of Changes in the Deferred Revenue Balances | Significant changes in the deferred revenue balances during the three months ended March 31, 2024 and 2023 are as follows:
| Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
| MA |  | MIS |  | Total |  | MA |  | MIS |  | Total
Balance at December 31, | $ | 1,111 |  |  | $ | 270 |  |  | $ | 1,381 |  |  | $ | 1,055 |  |  | $ | 278 |  |  | $ | 1,333 |
Changes in deferred revenue |  |  |  |  |  |  |  |  |  |  |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (437) |  |  | (94) |  |  | (531) |  |  | (471) |  |  | (98) |  |  | (569) |
Increases due to amounts billable excluding amounts recognized as revenue during the period | 652 |  |  | 187 |  |  | 839 |  |  | 688 |  |  | 179 |  |  | 867 |
Effect of exchange rate changes | (14) |  |  | (2) |  |  | (16) |  |  | 16 |  |  | 1 |  |  | 17 |
Total changes in deferred revenue | 201 |  |  | 91 |  |  | 292 |  |  | 233 |  |  | 82 |  |  | 315 |
Balance at March 31, | $ | 1,312 |  |  | $ | 361 |  |  | $ | 1,673 |  |  | $ | 1,288 |  |  | $ | 360 |  |  | $ | 1,648 |
Deferred revenue - current | $ | 1,310 |  |  | $ | 302 |  |  | $ | 1,612 |  |  | $ | 1,287 |  |  | $ | 291 |  |  | $ | 1,578 |
Deferred revenue - non-current | $ | 2 |  |  | $ | 59 |  |  | $ | 61 |  |  | $ | 1 |  |  | $ | 69 |  |  | $ | 70 |

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