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OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION | 6 Months Ended
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Jun. 30, 2024
Other Balance Sheet And Statement Of Operations Information [Abstract] |
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION | OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION The following tables contain additional detail related to certain balance sheet captions:
| June 30, 2024 |  | December 31, 2023
Other current assets: |  |  |
Prepaid taxes | $ | 83 |  |  | $ | 115 |
Prepaid expenses | 162 |  |  | 133 |
Capitalized costs to obtain and fulfill sales contracts | 119 |  |  | 116 |
Foreign exchange forwards on certain assets and liabilities | — |  |  | 13 |
Interest receivable on interest rate and cross currency swaps | 79 |  |  | 79 |
Other | 46 |  |  | 33 |
Total other current assets | $ | 489 |  |  | $ | 489 |
Other assets: |  |  |
Investments in non-consolidated affiliates | $ | 523 |  |  | $ | 521 |
Deposits for real-estate leases | 15 |  |  | 16 |
Indemnification assets related to acquisitions | 115 |  |  | 111 |
Mutual funds, certificates of deposit and money market deposit accounts/funds | 108 |  |  | 100 |
Company owned life insurance (at contract value) | 48 |  |  | 47 |
Capitalized costs to obtain sales contracts | 198 |  |  | 196 |
Derivative instruments designated as accounting hedges | 18 |  |  | 3 |
Pension and other retirement employee benefits | 40 |  |  | 41 |
Other | 85 |  |  | 103 |
Total other assets | $ | 1,150 |  |  | $ | 1,138 |
Accounts payable and accrued liabilities: |  |  |
Salaries and benefits | $ | 140 |  |  | $ | 130 |
Incentive compensation | 196 |  |  | 345 |
Customer credits, advanced payments and advanced billings | 137 |  |  | 105 |
Dividends | 6 |  |  | 7 |
Professional service fees | 77 |  |  | 46 |
Interest accrued on debt | 74 |  |  | 83 |
Accounts payable | 57 |  |  | 23 |
Income taxes | 104 |  |  | 108 |
Pension and other retirement employee benefits | 15 |  |  | 15 |
Accrued royalties | 20 |  |  | 24 |
Foreign exchange forwards on certain assets and liabilities | 5 |  |  | — |
Restructuring liability | 14 |  |  | 35 |
Derivative instruments designated as accounting hedges | 11 |  |  | — |
Interest payable on interest rate and cross currency swaps | 66 |  |  | 67 |
Other | 78 |  |  | 88 |
Total accounts payable and accrued liabilities | $ | 1,000 |  |  | $ | 1,076 |
| June 30, 2024 |  | December 31, 2023
Other liabilities: |  |  |
Pension and other retirement employee benefits | $ | 191 |  |  | $ | 190 |
Interest accrued on UTPs | 42 |  |  | 36 |
MAKS indemnification provisions | 19 |  |  | 19 |
Income tax liability - non-current portion | 12 |  |  | 15 |
Derivative instruments designated as accounting hedges | 291 |  |  | 366 |
Other | 63 |  |  | 50 |
Total other liabilities | $ | 618 |  |  | $ | 676 |
Investments in non-consolidated affiliates: The following table provides additional detail regarding Moody's investments in non-consolidated affiliates, as included in other assets in the consolidated balance sheets:
| June 30, 2024 |  | December 31, 2023
Equity method investments (1) | $ | 187 |  |  | $ | 186 |
Investments measured using the measurement alternative (2) | 327 |  |  | 327 |
Other | 9 |  |  | 8 |
Total investments in non-consolidated affiliates | $ | 523 |  |  | $ | 521 |
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Moody's holds various investments accounted for under the equity method, the most significant of which is the Company's minority investment in CCXI. Moody's also holds various investments measured using the measurement alternative, the most significant of which is the Company's minority interest in BitSight. Earnings from non-consolidated affiliates, which are included within other non-operating income, net, are disclosed within the table below. Other non-operating income, net: The following table summarizes the components of other non-operating income, net:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
FX loss (1) | $ | (4) |  |  | $ | (5) |  |  | $ | (7) |  |  | $ | (31) |
Net periodic pension income - non-service and non-interest cost components | 8 |  |  | 9 |  |  | 16 |  |  | 18 |
Income from investments in non-consolidated affiliates | 2 |  |  | 1 |  |  | 2 |  |  | 3 |
Gain on investments | 5 |  |  | 5 |  |  | 8 |  |  | 11 |
Other (2) | (4) |  |  | 3 |  |  | 1 |  |  | 12 |
Total | $ | 7 |  |  | $ | 13 |  |  | $ | 20 |  |  | $ | 13 |
(1) The amount for the six months ended June 30, 2023 includes a $23 million loss recorded pursuant to an immaterial out-of-period adjustment relating to the 2022 fiscal year. (2) The amount for the six months ended June 30, 2023 reflects a benefit of $9 million related to the favorable resolutions of various tax matters. Charges related to asset abandonment: Costs of $15 million recorded in the second quarter of 2024 relate to severance incurred pursuant to a reduction in staff due to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings. Additionally, the Company has reduced the estimated useful lives of certain internally developed software and amortizable intangible assets that are associated with the sustainability content offerings for which production is being outsourced. The Company expects to incur approximately $30 million in incremental amortization expense related to the change in estimated useful lives of these assets in the second half of 2024.

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