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REVENUES (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the Company’s revenues disaggregated by LOB:

			Year Ended December 31,
			2024						2023						2022
MA:
Decision Solutions (DS)
Banking			$	551					$	521					$	481
Insurance			598						550						504
KYC			367						312						260
Total DS			1,516						1,383						1,245
Research and Insights (R&I)			926						884						812
Data and Information (D&I)			853						789						712
Total external revenue			3,295						3,056						2,769
Intersegment revenue			13						13						8
Total MA			3,308						3,069						2,777
MIS:
Corporate finance (CFG)
Investment-grade			488						335						294
High-yield			285						150						108
Bank loans			527						292						275
Other accounts (1)			650						627						592
Total CFG			1,950						1,404						1,269
Structured finance (SFG)
Asset-backed securities			130						121						116
RMBS			98						92						106
CMBS			94						60						98
Structured credit			193						129						140
Other accounts (SFG)			3						3						2
Total SFG			518						405						462
Financial institutions (FIG)
Banking			450						378						337
Insurance			214						123						113
Managed investments			49						32						28
Other accounts (FIG)			14						12						13
Total FIG			727						545						491
Public, project and infrastructure finance (PPIF)
Public finance / sovereign			240						205						197
Project and infrastructure			324						271						234
Total PPIF			564						476						431
Total ratings revenue			3,759						2,830						2,653
MIS Other			34						30						46
Total external revenue			3,793						2,860						2,699
Intersegment royalty			193						186						174
Total MIS			3,986						3,046						2,873
Eliminations			(206)						(199)						(182)
Total MCO			$	7,088					$	5,916					$	5,468

(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:

			Year Ended December 31, 2024																		Year Ended December 31, 2023																		Year Ended December 31, 2022
			U.S.						Non-U.S.						Total						U.S.						Non-U.S.						Total						U.S.						Non-U.S.						Total
MA:
Decision Solutions			$	570					$	946					$	1,516					$	550					$	833					$	1,383					$	511					$	734					$	1,245
Research and Insights			514						412						926						490						394						884						470						342						812
Data and Information			306						547						853						281						508						789						250						462						712
Total MA			1,390						1,905						3,295						1,321						1,735						3,056						1,231						1,538						2,769
MIS:
Corporate finance			1,333						617						1,950						952						452						1,404						832						437						1,269
Structured finance			368						150						518						252						153						405						308						154						462
Financial institutions			386						341						727						253						292						545						223						268						491
Public, project and infrastructure finance			359						205						564						292						184						476						266						165						431
Total ratings revenue			2,446						1,313						3,759						1,749						1,081						2,830						1,629						1,024						2,653
MIS Other			—						34						34						1						29						30						5						41						46
Total MIS			2,446						1,347						3,793						1,750						1,110						2,860						1,634						1,065						2,699
Total MCO			$	3,836					$	3,252					$	7,088					$	3,071					$	2,845					$	5,916					$	2,865					$	2,603					$	5,468

The following table presents the Company's reportable segment revenues disaggregated by segment and geographic region:

						Year Ended December 31,
						2024						2023						2022
MA:
U.S.						$	1,390					$	1,321					$	1,231
Non-U.S.:
EMEA						1,306						1,207						1,060
Asia-Pacific						345						299						268
Americas						254						229						210
Total Non-U.S.						1,905						1,735						1,538
Total MA						3,295						3,056						2,769
MIS:
U.S.						2,446						1,750						1,634
Non-U.S.:
EMEA						868						679						648
Asia-Pacific						284						271						271
Americas						195						160						146
Total Non-U.S.						1,347						1,110						1,065
Total MIS						3,793						2,860						2,699
Total MCO						$	7,088					$	5,916					$	5,468

The following table summarizes the split between transaction and recurring revenue:

			Year Ended December 31,
			2024																		2023																		2022
			Transaction						Recurring						Total						Transaction						Recurring						Total						Transaction						Recurring						Total
Decision Solutions
Banking			$	117					$	434					$	551					$	130					$	391					$	521					$	124					$	357					$	481
			21		%				79		%				100		%				25		%				75		%				100		%				26		%				74		%				100		%
Insurance			$	23					$	575					$	598					$	38					$	512					$	550					$	28					$	476					$	504
			4		%				96		%				100		%				7		%				93		%				100		%				6		%				94		%				100		%
KYC			$	2					$	365					$	367					$	1					$	311					$	312					$	1					$	259					$	260
			1		%				99		%				100		%				—		%				100		%				100		%				—		%				100		%				100		%
Total Decision Solutions			$	142					$	1,374					$	1,516					$	169					$	1,214					$	1,383					$	153					$	1,092					$	1,245
			9		%				91		%				100		%				12		%				88		%				100		%				12		%				88		%				100		%
Research and Insights			$	15					$	911					$	926					$	16					$	868					$	884					$	17					$	795					$	812
			2		%				98		%				100		%				2		%				98		%				100		%				2		%				98		%				100		%
Data and Information			$	4					$	849					$	853					$	3					$	786					$	789					$	—					$	712					$	712
			—		%				100		%				100		%				—		%				100		%				100		%				—		%				100		%				100		%
Total MA (1)			$	161					$	3,134					$	3,295					$	188					$	2,868					$	3,056					$	170					$	2,599					$	2,769
			5		%				95		%				100		%				6		%				94		%				100		%				6		%				94		%				100		%
Corporate Finance			$	1,415					$	535					$	1,950					$	887					$	517					$	1,404					$	772					$	497					$	1,269
			73		%				27		%				100		%				63		%				37		%				100		%				61		%				39		%				100		%
Structured Finance			$	292					$	226					$	518					$	190					$	215					$	405					$	262					$	200					$	462
			56		%				44		%				100		%				47		%				53		%				100		%				57		%				43		%				100		%
Financial Institutions			$	418					$	309					$	727					$	254					$	291					$	545					$	211					$	280					$	491
			57		%				43		%				100		%				47		%				53		%				100		%				43		%				57		%				100		%
Public, Project and Infrastructure Finance			$	384					$	180					$	564					$	301					$	175					$	476					$	263					$	168					$	431
			68		%				32		%				100		%				63		%				37		%				100		%				61		%				39		%				100		%
MIS Other			$	8					$	26					$	34					$	6					$	24					$	30					$	4					$	42					$	46
			24		%				76		%				100		%				20		%				80		%				100		%				9		%				91		%				100		%
Total MIS			$	2,517					$	1,276					$	3,793					$	1,638					$	1,222					$	2,860					$	1,512					$	1,187					$	2,699
			66		%				34		%				100		%				57		%				43		%				100		%				56		%				44		%				100		%
Total Moody’s Corporation			$	2,678					$	4,410					$	7,088					$	1,826					$	4,090					$	5,916					$	1,682					$	3,786					$	5,468
			38		%				62		%				100		%				31		%				69		%				100		%				31		%				69		%				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.

The following table presents the timing of revenue recognition:

						Year Ended December 31, 2024															Year Ended December 31, 2023																		Year Ended December 31, 2022
						MA			MIS						Total						MA						MIS						Total						MA						MIS												Total
Revenue recognized at a point in time						$	101		$	2,517					$	2,618					$	102					$	1,638					$	1,740					$	97					$	1,512											$	1,609
Revenue recognized over time						3,194			1,276						4,470						2,954						1,222						4,176						2,672						1,187												3,859
Total						$	3,295		$	3,793					$	7,088					$	3,056					$	2,860					$	5,916					$	2,769					$	2,699											$	5,468

Unbilled Receivables

The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at December 31, 2024 and December 31, 2023:

			As of December 31, 2024												As of December 31, 2023
			MA						MIS						MA						MIS
Unbilled Receivables			$	122					$	426					$	119					$	415

Schedule of Changes in the Deferred Revenue Balances

Significant changes in the deferred revenue balances during the year ended December 31, 2024 are as follows:

			Year Ended December 31, 2024
			MA						MIS						Total
Balance at December 31, 2023			$	1,111					$	270					$	1,381
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period			(1,044)						(209)						(1,253)
Increases due to amounts billable excluding amounts recognized as revenue during the period			1,200						211						1,411
Increases due to acquisitions during the period			9						—						9
Effect of exchange rate changes			(33)						(4)						(37)
Total changes in deferred revenue			132						(2)						130
Balance at December 31, 2024			$	1,243					$	268					$	1,511
Deferred revenue - current			$	1,243					$	211					$	1,454
Deferred revenue - non-current			$	—					$	57					$	57

Significant changes in the deferred revenue balances during the year ended December 31, 2023 are as follows:

			Year Ended December 31, 2023
			MA						MIS						Total
Balance at December 31, 2022			$	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			(980)						(211)						(1,191)
Increases due to amounts billable excluding amounts recognized as revenue during the period			1,015						200						1,215
Effect of exchange rate changes			21						3						24
Total changes in deferred revenue			56						(8)						48
Balance at December 31, 2023			$	1,111					$	270					$	1,381
Deferred revenue - current			$	1,109					$	207					$	1,316
Deferred revenue - non-current			$	2					$	63					$	65

Significant changes in the deferred revenue balances during the year ended December 31, 2022 are as follows:

			Year Ended December 31, 2022
			MA						MIS						Total
Balance at December 31, 2021			$	1,039					$	296					$	1,335
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period			(996)						(210)						(1,206)
Increases due to amounts billable excluding amounts recognized as revenue during the period			1,018						202						1,220
Increases due to acquisitions during the period			1						—						1
Effect of exchange rate changes			(7)						(10)						(17)
Total changes in deferred revenue			16						(18)						(2)
Balance at December 31, 2022			$	1,055					$	278					$	1,333
Deferred revenue—current			$	1,053					$	205					$	1,258
Deferred revenue—non-current			$	2					$	73					$	75

For the MA segment, for the year ended December 31, 2024, the increase in deferred revenue was primarily due to organic growth. The change in deferred revenue for both segments was not significant for the years ended December 31, 2023 and 2022.

Capitalized Contract Cost

MA Costs to Obtain a Contract with a Customer

			As of December 31,
			2024						2023
Capitalized costs to obtain sales contracts			$	294					$	268

			Year ended December 31,
			2024						2023						2022
Amortization of capitalized costs to obtain sales contracts			$	110					$	102					$	80

MA and MIS Costs to Fulfill a Contract with a Customer

			As of December 31, 2024																		As of December 31, 2023
			MA						MIS						Total						MA						MIS						Total
Capitalized costs to fulfill sales contracts			$	39					$	12					$	51					$	35					$	9					$	44

			Year Ended December 31, 2024																		Year Ended December 31, 2023																		Year Ended December 31, 2022
			MA						MIS						Total						MA						MIS						Total						MA						MIS						Total
Amortization of capitalized costs to fulfill sales contracts			$	77					$	43					$	120					$	70					$	44					$	114					$	69					$	54					$	123

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-Topic 340
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-Name Accounting Standards Codification
-Section 50
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
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