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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MA and MIS and accordingly, the Company reports in two reportable segments: MA and MIS.
Revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. Additionally, revenue for MIS and expenses for MA include intersegment fees charged to MA for the rights to use and distribute content, data and products developed by MIS. These intersegment fees are generally based on the market value of the products and services being transferred between the segments.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are allocated to each segment based on the segment’s share of full-year 2018 actual revenue which comprises a “Baseline Pool” established in 2019, which will remain fixed over time. In subsequent periods, incremental overhead costs (or reductions thereof) will be allocated to each segment based on the prevailing shares of total revenue represented by each segment.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the CODM to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s CODM to assess the profitability of each reportable segment. Refer to Note 2 for further details on the components of the Company’s revenue.
Three Months Ended September 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$831 $982 $— $1,813 $776 $696 $— $1,472 
Intersegment revenue3 48 (51)— 3 47 (50)— 
Revenue834 1,030 (51)1,813 779 743 (50)1,472 
Operating, SG&A581 416 (51)946 517 348 (50)815 
Adjusted Operating Income$253 $614 $— $867 $262 $395 $— $657 
Add:

Depreciation and
amortization		88 20 — 108 76 19 — 95 
Restructuring4 2 — 6 22 5 — 27 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$738 $535 
Nine Months Ended September 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$2,432 $2,984 $— $5,416 $2,260 $2,176 $— $4,436 
Intersegment revenue10 144 (154)— 10 138 (148)— 
Revenue2,442 3,128 (154)5,416 2,270 2,314 (148)4,436 
Operating, SG&A1,721 1,174 (154)2,741 1,584 1,034 (148)2,470 
Adjusted Operating Income$721 $1,954 $— $2,675 $686 $1,280 $— $1,966 
Add:
Depreciation and amortization260 58 — 318 220 56 — 276 
Restructuring7 6 — 13 38 13 — 51 
Charges related to asset abandonment30 — — 30 — — — — 
Operating Income$2,314 $1,639 
The table below shows cumulative restructuring expense incurred through September 30, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$115 $98 $213 
The 2022 - 2023 Geolocation Restructuring Program is more fully discussed in Note 9.
Consolidated Revenue Information by Geographic Area
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
United States$999 $762 $2,942 $2,300 
Non-U.S.:
EMEA546 465 1,654 1,404 
Asia-Pacific157 143 476 437 
Americas111 102 344 295 
Total Non-U.S.814 710 2,474 2,136 
Total$1,813 $1,472 $5,416 $4,436