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Moody's
MCO
#242
Rank
$92.73 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$517.05
Share price
0.29%
Change (1 day)
4.73%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Moody's
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q1

Moody's - 10-Q quarterly report FY2024 Q1


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form10-Q
(Mark one)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-14037
____________________
Moody’s Corporation
(Exact name of registrant as specified in its charter)
Delaware
13-3998945
(State of Incorporation)(I.R.S. Employer Identification No.)
7 World Trade Center at 250 Greenwich Street, New York, New York 10007
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code:
(212) 553-0300
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareMCONew York Stock Exchange
1.75% Senior Notes Due 2027MCO 27New York Stock Exchange
0.950% Senior Notes Due 2030MCO 30New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer☑
Accelerated filer
☐
Non-accelerated filer☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Shares Outstanding at March 31, 2024
182.6 million
1
MOODY’S CORPORATION
INDEX TO FORM 10-Q
Page(s)
3
PART I. FINANCIAL INFORMATION
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PART II. OTHER INFORMATION

57
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2
GLOSSARY OF TERMS AND ABBREVIATIONS
The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:
TERM
DEFINITION
ABS
Asset backed securities; a component of SFG
Acquisition-Related Intangible Amortization Expense
Amortization of definite-lived intangible assets acquired by the Company from all business combination transactions
Adjusted Diluted EPS
Diluted EPS excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Net Income
Net Income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Income
Operating income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Margin
Adjusted Operating Income divided by revenue
Americas
Represents countries within North and South America, excluding the U.S.
ARR
Annualized Recurring Revenue; a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time, excluding the impact of FX and contracts related to acquisitions
ASC
The FASB Accounting Standards Codification; the sole source of authoritative GAAP as of July 1, 2009 except for rules and interpretive releases of the SEC, which are also sources of authoritative GAAP for SEC registrants
Asia-Pacific
Represents Australia and countries in Asia including but not limited to: China, India, Indonesia, Japan, Republic of South Korea, Malaysia, Singapore, Sri Lanka and Thailand
ASU
The FASB Accounting Standards Update to the ASC. Provides background information for accounting guidance and the bases for conclusions on the changes in the ASC. ASUs are not considered authoritative until codified into the ASC
AUD
Australian dollar
BitSightA provider that helps global market participants understand cyber risk through ratings, analytics, and performance management tools
Board
The board of directors of the Company
BPS
Basis points
CAD
Canadian dollar
CCXIChina Cheng Xin International Credit Rating Co. Ltd.; China’s first and largest domestic credit rating agency approved by the People’s Bank of China; currently Moody’s owns 30% of CCXI
CDP
Carbon Disclosure Project; an international nonprofit organization that helps companies, cities, states and regions manage their environmental impact through a global disclosure system
CFG
Corporate finance group; an LOB of MIS
CMBS
Commercial mortgage-backed securities; an asset class within SFG
COLICorporate-Owned Life Insurance
Common Stock
The Company’s common stock
Company
Moody’s Corporation and its subsidiaries; MCO; Moody’s
CODM
Chief Operating Decision Maker
COVID-19An outbreak of a novel strain of coronavirus resulting in an international public health crisis and a global pandemic
CP
Commercial Paper
CP Program
A program entered into on August 3, 2016 allowing the Company to privately place CP up to a maximum of $1 billion for which the maturity may not exceed 397 days from the date of issue, and which is backstopped by the 2021 Facility
CRAs
Credit rating agencies
CreditView
A product offering from MA that incorporates credit ratings, research and data from MIS plus research, data and content from MA
Data and Information (D&I)
LOB within MA which provides vast data sets on companies and securities via data feeds and data applications products
3
TERM
DEFINITION
Decision Solutions (DS)
LOB within MA that provides SaaS solutions supporting banking, insurance, and KYC workflows. This LOB utilizes components from the Data & Information and Research & Insights LOBs to provide risk assessment solutions
EMEA
Represents countries within Europe, the Middle East and Africa
EPS
Earnings per share
ESG
Environmental, Social and Governance
ESTREuro Short-Term Rate
ETR
Effective tax rate
EU
European Union
EUR
euros
Excess Tax Benefits
The difference between the tax benefit realized at exercise of an option or delivery of a restricted share and the tax benefit recorded at the time the option or restricted share is expensed under GAAP
Exchange Act
The Securities Exchange Act of 1934, as amended
External Revenue
Revenue excluding any intersegment amounts
FASB
Financial Accounting Standards Board
FIG
Financial institutions group; an LOB of MIS
Free Cash Flow
Net cash provided by operating activities less cash paid for capital additions
FX
Foreign exchange
GAAP
U.S. Generally Accepted Accounting Principles
GBP
British pounds
GDPGross domestic product
GLoBE
Global Anti-Base Erosion, also known as "Pillar Two"; tax model issued by the OECD in 2023
ICRA
ICRA Limited; a provider of credit ratings and research in India
INRIndian rupee
JPY
Japanese yen
KYCKnow-your-customer
LOB
Line of business
MA
Moody’s Analytics - a reportable segment of MCO; a global provider of: i) data and information; ii) research and insights; and iii) decision solutions, which help companies make better and faster decisions. MA leverages its industry expertise across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business leaders to identify, measure and manage the implications of interrelated risks and opportunities
MAKS
Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provided offshore research and analytic services to the global financial and corporate sectors; business was divested in the fourth quarter of 2019 and was formerly a reporting unit within the MA reportable segment
MCO
Moody’s Corporation and its subsidiaries; the Company; Moody’s
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
M&A
Mergers and acquisitions
MIS
Moody’s Investors Service - a reportable segment of MCO; MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities; consists of five LOBs - SFG; CFG; FIG; PPIF; and MIS Other
MIS Other
Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue, and revenue from professional services. These businesses are components of MIS; MIS Other is an LOB of MIS
Moody’s
Moody’s Corporation and its subsidiaries; MCO; the Company
MSSMoody's Shared Services; primarily consists of information technology and support staff such as finance, human resources and legal that support both MA and MIS
4
TERM
DEFINITION
Net Income
Net income attributable to Moody’s Corporation, which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder
NM
Percentage change is not meaningful
Non-GAAP
A financial measure not in accordance with GAAP; these measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and to provide greater transparency to investors of supplemental information used by management in its financial and operational decision making
NRSRO
Nationally Recognized Statistical Rating Organization, which is a credit rating agency registered with the SEC
OECD
Organization for Economic Co-operation and Development; an international organization that promotes policies that improve economic and social well-being around the world
Operating segment
Term defined in the ASC relating to segment reporting; the ASC defines an operating segment as a component of a business entity that has each of the three following characteristics: i) the component engages in business activities from which it may recognize revenue and incur expenses; ii) the operating results of the component are regularly reviewed by the entity’s CODM; and iii) discrete financial information about the component is available
Pillar Two
Tax model issued by the OECD in 2023; also referred to as the "Global Anti-Base Erosion" or "GLoBE" rules
PPIF
Public, project and infrastructure finance; an LOB of MIS
Recurring Revenue
For MA, represents subscription-based revenue and software maintenance revenue. For MIS, represents recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. For MIS Other, represents subscription-based revenue
Reporting unit
The level at which Moody’s evaluates its goodwill for impairment under GAAP; defined as an operating segment or one level below an operating segment
Research and Insights (R&I)
LOB within MA that provides models, scores, expert insights and commentary. This LOB includes credit research; credit models and analytics; economics data and models; and structured finance solutions
RMBS
Residential mortgage-backed securities; an asset class within SFG
RMS
Risk Management Solutions, Inc., a global provider of climate and natural disaster risk modeling and analytics; acquired by the Company in September 2021
SaaS
Software-as-a-Service
SEC
U.S. Securities and Exchange Commission
SFG
Structured finance group; an LOB of MIS
SG&A
Selling, general and administrative expenses
SGD
Singapore dollar
SOFRSecured Overnight Financing Rate
Tax Act
The “Tax Cuts and Jobs Act” enacted into U.S. law on December 22, 2017 which significantly amends the tax code in the U.S.
Total Debt
All indebtedness of the Company as reflected on the consolidated balance sheets
Transaction Revenue
For MA, represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, and training and certification services. For MIS (excluding MIS Other), represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services.
U.K.
United Kingdom
U.S.
United States
USD
U.S. dollar
UTPs
Uncertain tax positions
2022 - 2023 Geolocation Restructuring Program
Restructuring program approved by the chief executive officer of Moody’s on June 30, 2022 relating to the Company's post-COVID-19 geolocation strategy

5
PART I. FINANCIAL INFORMATION
Item 1.         Financial Statements
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share data)

Three Months Ended
March 31,
20242023
Revenue$1,786 $1,470 
Expenses
Operating467 428 
Selling, general, and administrative413 386 
Depreciation and amortization100 88 
Restructuring5 14 
Total expenses985 916 
Operating income801 554 
Non-operating (expense) income, net
Interest expense, net(62)(48)
Other non-operating income, net13 — 
Total non-operating (expense) income, net(49)(48)
Income before provision for income taxes752 506 
Provision for income taxes175 5 
Net income attributable to Moody's$577 $501 
Earnings per share attributable to Moody's common shareholders
Basic$3.16 $2.73 
Diluted$3.15 $2.72 
Weighted average number of shares outstanding
Basic182.6 183.3 
Diluted183.4 184.1 
The accompanying notes are an integral part of the consolidated financial statements.
6
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in millions)
Three Months Ended
March 31, 2024		Three Months Ended
March 31, 2023
Pre-tax
amounts		Tax
amounts		After-tax
amounts		Pre-tax
amounts		Tax
amounts		After-tax
amounts
Net Income$577 $501 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$(115)$— (115)$109 $(2)107 
Net gains (losses) on net investment hedges
101 (27)74 (76)19 (57)
Cash Flow Hedges:
Reclassification of losses included in net income1 — 1 1 — 1 
Pension and Other Retirement Benefits:
Net actuarial losses
(1)— (1)— — — 
Total other comprehensive (loss) income
$(14)$(27)$(41)$34 $17 $51 
Comprehensive income536 552 
Less: comprehensive loss attributable to noncontrolling interests— (3)
Comprehensive Income Attributable to Moody's$536 $555 
The accompanying notes are an integral part of the consolidated financial statements.

7
MOODY’S CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in millions, except share and per share data)
March 31, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$2,476 $2,130 
Short-term investments58 63 
Accounts receivable, net of allowance for credit losses of $35 in 2024 and $35 in 2023
1,835 1,659 
Other current assets437 489 
Total current assets4,806 4,341 
Property and equipment, net of accumulated depreciation of $1,320 in 2024 and $1,272 in 2023
613 603 
Operating lease right-of-use assets260 277 
Goodwill5,909 5,956 
Intangible assets, net1,983 2,049 
Deferred tax assets, net270 258 
Other assets1,170 1,138 
Total assets$15,011 $14,622 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$976 $1,076 
Current portion of operating lease liabilities109 108 
Current portion of long-term debt685 — 
Deferred revenue1,612 1,316 
Total current liabilities3,382 2,500 
Non-current portion of deferred revenue61 65 
Long-term debt6,259 7,001 
Deferred tax liabilities, net458 402 
Uncertain tax positions201 196 
Operating lease liabilities280 306 
Other liabilities635 676 
Total liabilities11,276 11,146 
Contingencies (Note 15)
Shareholders' equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding
— — 
Series common stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding
— — 
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 342,902,272 shares issued at March 31, 2024 and December 31, 2023, respectively
3 3 
Capital surplus1,252 1,228 
Retained earnings15,081 14,659 
Treasury stock, at cost; 160,292,910 and 160,430,754 shares of common stock at March 31, 2024 and December 31, 2023, respectively
(12,153)(12,005)
Accumulated other comprehensive loss(608)(567)
Total Moody's shareholders' equity3,575 3,318 
Noncontrolling interests160 158 
Total shareholders' equity3,735 3,476 
Total liabilities, noncontrolling interests, and shareholders' equity$15,011 $14,622 
The accompanying notes are an integral part of the consolidated financial statements.
8
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in millions)
Three Months Ended March 31,
20242023
Cash flows from operating activities
Net income$577 $501 
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization100 88 
Stock-based compensation53 47 
Deferred income taxes25 — 
Provision for credit losses on accounts receivable4 3 
Changes in assets and liabilities:
Accounts receivable(197)(54)
Other current assets49 74 
Other assets(19)(21)
Lease obligations (7)(5)
Accounts payable and accrued liabilities(110)(178)
Deferred revenue308 296 
Uncertain tax positions and other non-current tax liabilities
6 (119)
Other liabilities(14)(24)
Net cash provided by operating activities775 608 
Cash flows from investing activities
Capital additions(78)(73)
Purchases of investments(50)(45)
Sales and maturities of investments46 55 
Purchases of investments in non-consolidated affiliates(2)— 
Cash paid for acquisitions, net of cash acquired(12)— 
Net cash used in investing activities(96)(63)
Cash flows from financing activities
Proceeds from stock-based compensation plans20 11 
Treasury shares(120)(41)
Repurchase of shares related to stock-based compensation(53)(45)
Dividends(155)(141)
Net cash used in financing activities(308)(216)
Effect of exchange rate changes on cash and cash equivalents(25)21 
Increase in cash and cash equivalents346 350 
Cash and cash equivalents, beginning of period2,130 1,769 
Cash and cash equivalents, end of period$2,476 $2,119 
The accompanying notes are an integral part of the consolidated financial statements.
9
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common StockCapital SurplusRetained EarningsTreasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at December 31, 2022
342.9 $3 $1,054 $13,618 (159.7)$(11,513)$(643)$2,519 $170 $2,689 
Net income501 501 — 501 
Dividends ($0.77 per share)
(140)(140)— (140)
Stock-based compensation47 47 47 
Shares issued for stock-based compensation plans at average cost, net(33)0.4 (15)(48)(48)
Treasury shares repurchased, inclusive of excise tax
— (0.1)(42)(42)(42)
Currency translation adjustment, net of net investment hedge activity (net of tax of $17 million)
53 53 (3)50 
Amortization of losses on cash flow hedges
1 1 1 
Balance at March 31, 2023
342.9 $3 $1,068 $13,979 (159.4)$(11,570)$(589)$2,891 $167 $3,058 
The accompanying notes are an integral part of the consolidated financial statements.
10
MOODY'S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at December 31, 2023342.9 $3 $1,228 $14,659 (160.4)$(12,005)$(567)$3,318 $158 $3,476 
Net income577 577 — 577 
Dividends ($0.85 per share)
(155)(155)— (155)
Stock-based compensation54 54 54 
Shares issued for stock-based compensation plans at average cost, net(30)0.4 (29)(59)(59)
Purchase of noncontrolling interest— 2 2 
Treasury shares repurchased, inclusive of excise tax
— (0.3)(119)(119)(119)
Currency translation adjustment, net of net investment hedge activity (net of tax of $27 million)
(41)(41)— (41)
Net actuarial losses
(1)(1)(1)
Amortization of losses on cash flow hedges
1 1 1 
Balance at March 31, 2024342.9 $3 $1,252 $15,081 (160.3)$(12,153)$(608)$3,575 $160 $3,735 
The accompanying notes are an integral part of the consolidated financial statements.
11
MOODY’S CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(tabular dollar and share amounts in millions, except per share data)
NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Moody’s is a global integrated risk assessment firm that empowers organizations to anticipate, adapt and thrive in a new era of exponential risk. Our data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. Moody’s reports in two reportable segments: MA and MIS.
MA is a global provider of: i) data and information; ii) research and insights; and iii) decision solutions, which help companies make better and faster decisions. MA leverages its industry expertise across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business leaders to identify, measure and manage the implications of interrelated risks and opportunities.
MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities.
These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and related notes in the Company’s 2023 annual report on Form 10-K filed with the SEC on February 14, 2024. The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Recently Issued Accounting Standards
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU No. 2023-07"), which expands segment disclosure requirements for public entities. ASU No. 2023-07 will require entities to disclose significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss. In addition, this ASU permits entities to disclose more than one measure of segment profit or loss used by the CODM. Additionally, disclosure of the CODM’s title and position will be required on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Furthermore, all existing annual disclosures about segment profit or loss and assets must be provided on an interim basis in addition to disclosure of significant segment expenses and other segment items. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU No. 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU No. 2023-09 require entities to disclose additional income tax information, primarily related to greater disaggregation of the entity's ETR reconciliation and income taxes paid by jurisdiction disclosures. This ASU is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
Reclassification of Previously Reported Revenue by LOB
In the second quarter of 2023, the Company expanded its disaggregation of revenue disclosures for MA's Decision Solutions LOB to enhance insight and transparency into this business. In conjunction with this new presentation, the Company reclassified certain revenue relating to structured finance solutions from the Decision Solutions LOB to the Research & Insights LOB. Additionally, in the first quarter of 2024, pursuant to the integration of RMS into the Company's order-to-cash systems, the Company reclassified certain prior year revenue by geography disclosures. The impact of the aforementioned reclassifications was not material and prior year revenue disclosures have been reclassified to conform to this new presentation, which is disclosed in Note 2.

12
NOTE 2. REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
March 31,
20242023
MA:
Decision Solutions (DS)
Banking$134 $131 
Insurance144 133 
KYC87 70 
Total DS365 334 
Research and Insights (R&I)222 215 
Data and Information (D&I)212 188 
Total external revenue799 737 
Intersegment revenue3 3 
Total MA802 740 
MIS:
Corporate Finance (CFG)
Investment-grade147 115 
High-yield67 32 
Bank loans155 59 
Other accounts (1)
160 150 
Total CFG529 356 
Structured Finance (SFG)
Asset-backed securities33 27 
RMBS24 25 
CMBS17 14 
Structured credit39 32 
Other accounts1 1 
Total SFG114 99 
Financial Institutions (FIG)
Banking121 100 
Insurance59 33 
Managed investments12 6 
Other accounts3 3 
Total FIG195 142 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign59 52 
Project and infrastructure82 77 
Total PPIF141 129 
Total ratings revenue979 726 
MIS Other8 7 
Total external revenue987 733 
Intersegment revenue47 45 
Total MIS1,034 778 
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.
13
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$138 $227 $365 $132 $202 $334 
Research and Insights122 100 222 118 97 215 
Data and Information77 135 212 67 121 188 
Total MA337 462 799 317 420 737 
MIS:
Corporate Finance372 157 529 246 110 356 
Structured Finance76 38 114 61 38 99 
Financial Institutions98 97 195 63 79 142 
Public, Project and Infrastructure Finance86 55 141 76 53 129 
Total ratings revenue632 347 979 446 280 726 
MIS Other— 8 8 — 7 7 
Total MIS632 355 987 446 287 733 
Total MCO$969 $817 $1,786 $763 $707 $1,470 
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20242023
MA:
U.S.$337 $317 
Non-U.S.:
EMEA316 287 
Asia-Pacific85 78 
Americas61 55 
Total Non-U.S.462 420 
Total MA799 737 
MIS:
U.S.632 446 
Non-U.S.:
EMEA226 173 
Asia-Pacific70 71 
Americas59 43 
Total Non-U.S.355 287 
Total MIS987 733 
Total MCO$1,786 $1,470 
    
14
The following table summarizes the split between Transaction Revenue and Recurring Revenue.
Three Months Ended March 31,
20242023
TransactionRecurringTotalTransactionRecurringTotal
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
MAMISTotalMAMISTotal
Revenue recognized at a point in time$21 $677 $698 $27 $431 $458 
Revenue recognized over time778 310 1,088 710 302 1,012 
Total$799 $987 $1,786 $737 $733 $1,470 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
For certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. In addition, certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
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
MAMISMAMIS
Unbilled Receivables$133 $461 $119 $415 
15
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue related to that contract is recognized. This deferred revenue is relieved when the Company satisfies the related performance obligation and revenue is recognized.
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, 2024Three Months Ended March 31, 2023
MAMISTotalMAMISTotal
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 period652 187 839 688 179 867 
Effect of exchange rate changes(14)(2)(16)16 1 17 
Total changes in deferred revenue201 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 
The increase in deferred revenue during both the three months ended March 31, 2024 and 2023 is primarily due to the significant portion of contract renewals that occur during the first quarter within both segments.

Remaining performance obligations
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of March 31, 2024 as well as amounts not yet invoiced to customers as of March 31, 2024, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.9 billion. The Company expects to recognize into revenue approximately 60% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $91 million. The Company expects to recognize into revenue approximately 25% of this balance within one year, approximately 50% of this balance between one to five years and the remaining amount thereafter. With respect to the remaining performance obligations for the MIS segment, the Company has applied a practical expedient set forth in ASC Topic 606 permitting the omission of unsatisfied performance obligations relating to contracts with an original expected length of one year or less.

NOTE 3. STOCK-BASED COMPENSATION
Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:
Three Months Ended March 31,
20242023
Stock-based compensation cost$53 $47 
Tax benefit$12 $10 
During the first quarter of 2024, the Company granted 0.2 million employee stock options, which had a weighted average grant date fair value of $120.28 per share. The Company also granted 0.5 million shares of restricted stock in the first quarter of 2024, which had a weighted average grant date fair value of $372.18 per share. Both the employee stock options and restricted stock generally vest ratably over four years. Additionally, the Company granted 0.2 million shares of performance-based awards whereby the number of shares that ultimately vest are based on the achievement of certain non-market-based performance metrics of the Company over a period of two to four years. The weighted average grant date fair value of these awards was $361.44 per share.
16
The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2024:
Expected dividend yield0.91 %
Expected stock volatility28 %
Risk-free interest rate4.34 %
Expected holding period5.9 years
Unrecognized stock-based compensation expense at March 31, 2024 was $26 million and $375 million for unvested stock options and restricted stock, respectively, which is expected to be recognized over a weighted average period of 1.9 years and 2.8 years, respectively. Additionally, there was $67 million of unrecognized stock-based compensation expense relating to the aforementioned non-market-based performance-based awards, which is expected to be recognized over a weighted average period of 2.7 years.
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Three Months Ended
March 31,
2024
2023
Exercise of stock options:
Proceeds from stock option exercises$16 $7 
Aggregate intrinsic value$21 $15 
Tax benefit realized upon exercise$3 $4 
Number of shares exercised
0.1 0.1 
Vesting of restricted stock:
Fair value of shares vested$169 $140 
Tax benefit realized upon vesting$41 $33 
Number of shares vested0.4 0.5 
Vesting of performance-based restricted stock:
Fair value of shares vested$40 $24 
Tax benefit realized upon vesting$9 $3 
Number of shares vested0.1 0.1 

NOTE 4. INCOME TAXES
Moody’s ETR was 23.3% and 1.0% for the three months ended March 31, 2024 and 2023, respectively. The increase in the ETR for the three months ended March 31, 2024 compared to the same period in the prior year was primarily due to tax benefits recognized in the first quarter of 2023, which reflect the resolution of uncertain tax positions in various U.S. and non-U.S. tax jurisdictions and will not recur in 2024. The Company’s year-to-date provision for income taxes differs from the tax computed by applying its estimated annual ETR to the pre-tax earnings primarily due to the following items recognized in 2024: i) net increase of $3 million related to the establishment of UTPs; and ii) Excess Tax Benefits from stock-based compensation of $14 million.

The Company classifies interest related to UTPs in interest expense, net in its consolidated statements of operations. Penalties, if incurred, would be recognized in other non-operating income, net. The Company had a net increase in its UTP reserves of $6 million ($5 million, net of federal tax) during the first quarter of 2024.

Moody’s is subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company’s U.S. federal income tax returns for 2019 through 2020 are currently under examination and 2021 through 2022 remain open to examination. The Company’s New York City tax returns for 2018 through 2020 are currently under examination. The Company’s U.K. tax returns for 2017 through 2022 remain open to examination.
17
For ongoing audits, it is possible the balance of UTPs could decrease in the next twelve months as a result of the settlement of such audits, which might involve the payment of additional taxes, the adjustment of certain deferred taxes and/or the recognition of tax benefits. It is also possible that new issues will be raised by tax authorities which could necessitate increases to the balance of UTPs. As the Company is unable to predict the timing or outcome of these audits, it is unable to estimate the amount of changes to the balance of UTPs at this time. However, the Company believes that it has adequately provided for its financial exposure relating to all open tax years, by tax jurisdiction, in accordance with the applicable provisions of ASC Topic 740 regarding UTPs.
The following table shows the amount the Company paid for income taxes:
Three Months Ended March 31,
20242023
Income taxes paid $87 $66 
In August 2022, the U.S. Congress passed the Inflation Reduction Act, which included a corporate minimum tax on book earnings of 15%, an excise tax on corporate share repurchases of 1%, and certain climate change and energy tax credit incentives. The adoption of a corporate minimum tax of 15% is not expected to impact Moody’s ETR. The excise tax of 1% on corporate share buybacks will not have an impact on the Company’s ETR for 2024.
Multiple foreign jurisdictions in which the Company operates have enacted legislation to adopt a minimum tax rate described in the Global Anti-Base Erosion tax model rules (referred to as GloBE or Pillar Two) issued by the OECD. A minimum ETR of 15% would apply to multinational companies with consolidated revenue above €750 million, with an effective date beginning in 2024. Under the GloBE rules, a company would be required to determine a combined ETR for all entities located in a jurisdiction. If the jurisdictional tax rate is less than 15%, an additional tax generally will be due to bring the jurisdictional ETR up to 15%. We have evaluated the potential impact of the Pillar Two global minimum tax proposals on our consolidated financial statements and related disclosures. As of March 31, 2024, the Pillar Two minimum tax requirement is not expected to have a material impact on our full-year 2024 results of operations or financial position.

NOTE 5. RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended March 31,
20242023
Basic182.6 183.3 
Dilutive effect of shares issuable under stock-based compensation plans0.8 0.8 
Diluted183.4 184.1 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.4 0.7 
The calculation of basic shares outstanding is based on the weighted average number of shares of common stock outstanding during the reporting period. The calculation of diluted EPS requires certain assumptions regarding the use of both cash proceeds and assumed proceeds that would be received upon the exercise of stock options and vesting of restricted stock outstanding as of March 31, 2024 and 2023.

18
NOTE 6. CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of March 31, 2024
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,360 $— $1,360 $1,297 $58 $5 
Mutual funds$96 $9 $105 $— $— $105 
As of December 31, 2023
Balance sheet location

Cost		Gains/(Losses)
Fair Value		Cash and cash
equivalents		Short-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,178 $— $1,178 $1,112 $63 $3 
Mutual funds$91 $6 $97 $— $— $97 
(1) Consists of time deposits, money market deposit accounts and money market funds. The remaining contractual maturities for the certificates of deposits classified as short-term investments are one month to 12 months at both March 31, 2024 and December 31, 2023. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 14 months at March 31, 2024 and 14 months at December 31, 2023. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
In addition, the Company invested in Corporate-Owned Life Insurance (COLI). As of March 31, 2024 and December 31, 2023, the contract value of the COLI was $48 million and $47 million, respectively.

NOTE 7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to global market risks, including risks from changes in FX rates and changes in interest rates. Accordingly, the Company uses derivatives in certain instances to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for speculative purposes.
Derivatives and non-derivative instruments designated as accounting hedges:
Fair Value Hedges
Interest Rate Swaps
The Company has entered into interest rate swaps to convert the fixed interest rate on certain of its long-term debt to a floating interest rate based on the SOFR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statements of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
March 31, 2024
As of December 31, 2023
Floating Interest Rate
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500 $500 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed300 300 SOFR
2014 Senior Notes due 2044Pay Floating/Receive Fixed300 300 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$2,550 $2,550 
Refer to Note 13 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
19
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20242023
Interest expense, net$(62)$(48)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(25)$(18)
Fair value changes on interest rate swapsInterest expense, net$(29)$46 
Fair value changes on hedged debtInterest expense, net$29 $(46)
Net investment hedges
Debt designated as net investment hedges
The Company has designated €500 million of the 2015 Senior Notes Due 2027 and €750 million of the 2019 Senior Notes due 2030 as net investment hedges to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. These hedges are designated as accounting hedges under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027 and 2030, respectively, unless terminated early at the discretion of the Company.
Cross currency swaps designated as net investment hedges
The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
March 31, 2024
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€765 3.67%$800 5.25%
Pay Floating/Receive Floating2,138 Based on ESTR2,250 Based on SOFR
Total€2,903 $3,050 
December 31, 2023
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€765 3.67%$800 5.25%
Pay Floating/Receive Floating2,138 Based on ESTR2,250 Based on SOFR
Total€2,903 $3,050 
20
As of March 31, 2024 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
Years Ending December 31,
Notional Amount (Pay)
Notional Amount (Receive)
2026€450 $500 
2027531 550 
2028588 600 
2029373 400 
2031481 500 
2032480 500 
Total€2,903 $3,050 
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
202420232024202320242023
Cross currency swaps$51 $(39)$— $— $11 $16 
Long-term debt23 (18)— — — — 
Total net investment hedges$74 $(57)$— $— $11 $16 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts$— $— $(1)$(1)$— $— 
Total cash flow hedges$— $— $(1)$(1)$— $— 
Total$74 $(57)$(1)$(1)$11 $16 
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains/(Losses), net of tax
March 31, 2024December 31, 2023
Net investment hedges
Cross currency swaps$72 $21 
FX forwards29 29 
Long-term debt26 3 
Total net investment hedges$127 $53 
Cash flow hedges
Interest rate contracts$(44)$(45)
Cross currency swaps1 1 
Total cash flow hedges(43)(44)
Total net gain in AOCL$84 $9 
Derivatives not designated as accounting hedges:
Foreign exchange forwards
The Company also enters into foreign exchange forward contracts to mitigate the change in fair value on certain assets and liabilities denominated in currencies other than a subsidiary’s functional currency. These forward contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating income, net, in the Company’s consolidated statements of operations along with the FX gain or loss recognized on the assets and liabilities denominated in a currency other than the subsidiary’s functional currency. These contracts have expiration dates at various times through August 2024.
21
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
March 31, 2024December 31, 2023
Notional amount of currency pair(1):
SellBuySellBuy
Contracts to sell USD for GBP$460 £362 $513 £407 
Contracts to sell USD for JPY
$17 ¥2,500 $14 ¥2,000 
Contracts to sell USD for CAD
$48 C$65 $147 C$200 
Contracts to sell USD for SGD
$52 S$70 $50 S$67 
Contracts to sell USD for EUR
$22 €20 $60 €55 
Contracts to sell USD for INR
$23 ₹1,900 $23 ₹1,900 
Contracts to sell USD for AUD
$5 
A$
8$5 A$8 
Contracts to sell CAD for USD
C$— 
$
— C$25 
$
19 
(1) € = euro, £ = British pound, S$ = Singapore dollar, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, ₹= Indian Rupee, A$ = Australian dollar
Total Return Swaps
The Company has entered into total return swaps to mitigate market-driven changes in the value of certain liabilities associated with the Company's deferred compensation plans. The fair value of these swaps at March 31, 2024 and related gains in the three months ended March 31, 2024 were not material. The notional amount of the total return swaps as of March 31, 2024 was $62 million.
The following table summarizes the impact to the consolidated statements of operations relating to the net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended March 31,
20242023
FX forwardsOther non-operating income, net$(13)$5 
Total return swaps
Operating expense
$3 $— 
Total return swaps
SG&A expense
$1 $— 
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationMarch 31, 2024December 31, 2023
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$14 $3 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets— 13 
Total assets$14 $16 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$14 $— 
Cross-currency swaps designated as net investment hedgesOther liabilities125 183 
Interest rate swaps designated as fair value hedgesOther liabilities197 183 
Total derivatives designated as accounting hedges336 366 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,350 1,381 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities4 — 
Total liabilities$1,690 $1,747 
22


NOTE 8. GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following table summarizes the activity in goodwill for the periods indicated:
Three Months Ended March 31, 2024
MAMISConsolidated
Gross goodwillAccumulated
impairment
charge		Net
goodwill		Gross goodwillAccumulated impairment
charge		Net
goodwill		Gross goodwillAccumulated
impairment
charge		Net
goodwill
Balance at beginning
of year		$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
Additions/
adjustments (1)
13 — 13 2 — 2 15 — 15 
Foreign currency translation adjustments(61)— (61)(1)— (1)(62)— (62)
Ending balance$5,633 $(12)$5,621 $288 $— $288 $5,921 $(12)$5,909 
Year Ended December 31, 2023
MAMISConsolidated
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year		$5,474 $(12)$5,462 $377 $— $377 $5,851 $(12)$5,839 
Additions/
adjustments (2)
90 — 90 (87)— (87)3 — 3 
Foreign currency translation
adjustments		117 — 117 (3)— (3)114 — 114 
Ending balance$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
(1) The 2024 additions/adjustments primarily relate to certain immaterial acquisitions which were completed in the first quarter of 2024.
(2) The 2023 additions/adjustments primarily relate to a reallocation of goodwill pursuant to a realignment of certain components of the Company's ESG business in the first quarter of 2023.
23
Acquired intangible assets and related amortization consisted of:
March 31,
2024		December 31,
2023
Customer relationships$2,045 $2,065 
Accumulated amortization(573)(556)
Net customer relationships1,472 1,509 
Software/product technology667 674 
Accumulated amortization(377)(364)
Net software/product technology290 310 
Database178 179 
Accumulated amortization(86)(82)
Net database92 97 
Trade names198 199 
Accumulated amortization(75)(72)
Net trade names123 127 
Other (1)
52 52 
Accumulated amortization(46)(46)
Net other6 6 
Total acquired intangible assets, net$1,983 $2,049 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
March 31,
20242023
Amortization expense
$49 $51 

NOTE 9. RESTRUCTURING
On June 30, 2022, the chief executive officer of Moody’s approved the 2022 - 2023 Geolocation Restructuring Program. The Company estimates that the program will result in annualized savings of $145 million to $165 million per year. This program related to the Company's post-COVID-19 geolocation strategy and other strategic initiatives and included the rationalization and exit of certain leased office spaces and a reduction in staff, including the relocation of certain job functions. Cumulative charges related to this program are shown in the table below. The savings generated from the 2022 - 2023 Geolocation Restructuring Program are expected to strengthen the Company's operating margin, with a portion being deployed to support strategic investments, including the Company's workplace of the future program and employee retention initiatives. The 2022 - 2023 Geolocation Restructuring Program was substantially completed at the end of 2023. Cash outlays associated with this program, which primarily relate to personnel-related costs, are expected to be $130 million to $140 million, substantially all of which are expected to be paid by the end of 2024.
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended March 31,
Cumulative expense incurred
2022 - 2023 Geolocation Restructuring Program
20242023
Employee Termination Costs
$5 $13 $141 
Real Estate Related Costs
— 1 63 
Other Costs
— — 1 
Total Restructuring
$5 $14 $205 

24
Changes to the restructuring liability during the first quarter of 2024 were as follows:
Balance as of December 31, 2023
$36 
2022 - 2023 Geolocation Restructuring Program:
Cost incurred and adjustments5 
Cash payments
(17)
Balance as of March 31, 2024
$24 
The restructuring liability is primarily comprised of employee termination costs, with an immaterial amount of real estate-related and other costs. As of March 31, 2024, substantially all of the remaining $24 million restructuring liability is expected to be paid out in 2024.

NOTE 10. FAIR VALUE    
The tables below present information about items that are carried at fair value at March 31, 2024 and December 31, 2023:
Fair Value Measurement as of March 31, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$14 $— $14 
Money market funds/mutual funds
115 115 — 
Total$129 $115 $14 
Liabilities:
Derivatives (1)
$340 $— $340 
Total$340 $— $340 
Fair Value Measurement as of December 31, 2023
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$16 $— $16 
Money market funds/mutual funds
107 107 — 
Total$123 $107 $16 
Liabilities:
Derivatives (1)
$366 $— $366 
Total$366 $— $366 
(1) Represents fair value of certain derivative contracts as more fully described in Note 7 to the consolidated financial statements.
The following are descriptions of the methodologies utilized by the Company to estimate the fair value of its derivative contracts, money market mutual funds and mutual funds:
Derivatives:
In determining the fair value of the derivative contracts in the table above, the Company utilizes industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using spot rates, forward points, currency volatilities, interest rates as well as the risk of non-performance of the Company and the counterparties with whom it has derivative contracts. The Company established strict counterparty credit guidelines and only enters into transactions with financial institutions that adhere to these guidelines. Accordingly, the risk of counterparty default is deemed to be minimal.
Money market funds and mutual funds:
The mutual funds in the table above are deemed to be equity securities with readily determinable fair values with changes in the fair value recognized through net income under ASC Topic 321. The fair value of these instruments is determined using Level 1 inputs as defined in the ASC Topic 820.

25
NOTE 11. OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
March 31, 2024December 31, 2023
Other current assets:
Prepaid taxes$87 $115 
Prepaid expenses147 133 
Capitalized costs to obtain and fulfill sales contracts121 116 
Foreign exchange forwards on certain assets and liabilities— 13 
Interest receivable on interest rate and cross currency swaps49 79 
Other33 33 
Total other current assets$437 $489 
Other assets:
Investments in non-consolidated affiliates$522 $521 
Deposits for real-estate leases16 16 
Indemnification assets related to acquisitions113 111 
Mutual funds, certificates of deposit and money market deposit accounts/funds
110 100 
Company owned life insurance (at contract value)48 47 
Capitalized costs to obtain sales contracts
202 196 
Derivative instruments designated as accounting hedges14 3 
Pension and other retirement employee benefits41 41 
Other104 103 
Total other assets$1,170 $1,138 
Accounts payable and accrued liabilities:
Salaries and benefits$154 $130 
Incentive compensation96 345 
Customer credits, advanced payments and advanced billings141 105 
Dividends5 7 
Professional service fees61 46 
Interest accrued on debt
39 83 
Accounts payable88 23 
Income taxes147 108 
Pension and other retirement employee benefits15 15 
Accrued royalties28 24 
Foreign exchange forwards on certain assets and liabilities4 — 
Restructuring liability23 35 
Derivative instruments designated as accounting hedges14 — 
Interest payable on interest rate and cross currency swaps51 67 
Other110 88 
Total accounts payable and accrued liabilities$976 $1,076 
26
March 31, 2024December 31, 2023
Other liabilities:
Pension and other retirement employee benefits$193 $190 
Interest accrued on UTPs38 36 
MAKS indemnification provisions19 19 
Income tax liability - non-current portion12 15 
Derivative instruments designated as accounting hedges322 366 
Other51 50 
Total other liabilities$635 $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:
March 31, 2024December 31, 2023
Equity method investments (1)
$187 $186 
Investments measured using the measurement alternative (2)
327 327 
Other8 8 
Total investments in non-consolidated affiliates$522 $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 March 31,
20242023
FX loss (1)
$(3)$(26)
Net periodic pension income - non-service and non-interest cost components
8 9 
Income from investments in non-consolidated affiliates— 2 
Gain on investments
3 5 
Other (2)
5 10 
Total$13 $— 
(1) The amount for the three months ended March 31, 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 three months ended March 31, 2023 reflects a benefit of $9 million related to the favorable resolutions of various tax matters.

27
NOTE 12. COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables show changes in AOCL by component (net of tax):
Three Months Ended March 31,
20242023
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(56)$(44)$(520)$53 $(567)$(47)$(45)$(736)$185 $(643)
Other comprehensive (loss)/income before reclassifications
(1)— (115)74 (42)— — 110 (57)53 
Amounts reclassified from AOCL— 1 — — 1 — 1 — — 1 
Other comprehensive (loss)/income
(1)1 (115)74 (41)— 1 110 (57)54 
Balance at March 31,
$(57)$(43)$(635)$127 $(608)$(47)$(44)$(626)$128 $(589)

28
NOTE 13. INDEBTEDNESS
The Company’s debt is recorded at its carrying amount, which represents the issuance amount plus or minus any issuance premium or discount, except for certain debt as depicted in the table below, which is recorded at the carrying amount adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
March 31, 2024
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(38)$3 $(4)$561 
1.75% 2015 Senior Notes, due 2027
540 — — (1)539 
3.25% 2017 Senior Notes, due 2028
500 (27)(2)(1)470 
4.25% 2018 Senior Notes, due 2029
400 (40)(1)(2)357 
4.875% 2018 Senior Notes, due 2048
400 (40)(6)(3)351 
0.950% 2019 Senior Notes, due 2030
810 — (2)(4)804 
3.75% 2020 Senior Notes, due 2025
700 (14)— (1)685 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (41)(8)(5)446 
4.25% 2022 Senior Notes, due 2032
500 (12)(2)(4)482 
Total debt
$7,250 $(212)$(49)$(45)$6,944 
Current portion(685)
Total long-term debt$6,259 
December 31, 2023
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(34)$3 $(4)$565 
1.75% 2015 Senior Notes, due 2027
552 — — (1)551 
3.25% 2017 Senior Notes, due 2028
500 (26)(2)(2)470 
4.25% 2018 Senior Notes, due 2029
400 (34)(2)(2)362 
4.875% 2018 Senior Notes, due 2048
400 (36)(6)(3)355 
0.950% 2019 Senior Notes, due 2030
829 — (2)(4)823 
3.75% 2020 Senior Notes, due 2025
700 (16)(1)(1)682 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (29)(8)(5)458 
4.25% 2022 Senior Notes, due 2032
500 (8)(2)(4)486 
Total long-term debt$7,281 $(183)$(51)$(46)$7,001 
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.
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Notes Payable
At March 31, 2024, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of March 31, 2024, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2024 (After March 31,)
$— 
2025700 
2026— 
2027540 
2028500 
Thereafter5,510 
Total$7,250 
Interest expense, net
The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
Three Months Ended
March 31,
20242023
Income$22 $10 
Expense on borrowings(1)
(74)(70)
(Expense) income on UTPs and other tax related liabilities(2)
(4)18 
Net periodic pension costs - interest component(6)(6)
Interest expense, net$(62)$(48)
Interest paid(3)
$100 $96 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate swaps and cross currency swaps, which are more fully discussed in Note 7.
(2) The amount for the three months ended March 31, 2023 reflects a $22 million reduction of tax-related interest expense primarily related to the resolutions of tax matters.
(3) Interest paid includes net settlements on interest rate swaps, which are more fully discussed in Note 7.

The fair value and carrying value of the Company’s debt as of March 31, 2024 and December 31, 2023 are as follows:
March 31, 2024December 31, 2023
Carrying AmountEstimated Fair ValueCarrying AmountEstimated Fair Value
Total debt$6,944 $6,240 $7,001 $6,402 
The fair value of the Company’s debt is estimated based on quoted prices in active markets as of the reporting date, which are considered Level 1 inputs within the fair value hierarchy.

NOTE 14. LEASES
The Company has operating leases, substantially all of which relate to the lease of office space. The Company’s leases which are classified as finance leases are not material to the consolidated financial statements. Certain of the Company’s leases include options to renew, with renewal terms that can extend the lease term from one year to 20 years at the Company’s discretion.
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The following table presents the components of the Company’s lease cost:
Three Months Ended March 31,
20242023
Operating lease cost$22 $24 
Sublease income(2)(2)
Variable lease cost5 5 
Total lease cost$25 $27 
The following tables present other information related to the Company’s operating leases:
Three Months Ended March 31,
20242023
Cash paid for amounts included in the measurement of operating lease liabilities$30 $30 
Right-of-use assets obtained in exchange for new operating lease liabilities
$4 $5 
March 31, 2024March 31, 2023
Weighted-average remaining lease term
4.2 years4.8 years
Weighted-average discount rate applied to operating leases
3.2 %3.1 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2024:
Year Ending December 31,Operating Leases
2024 (After March 31,)
$91 
2025108 
202689 
202771 
202820 
After 202836 
Total lease payments (undiscounted)415 
Less: Interest26 
Present value of lease liabilities:$389 
Lease liabilities - current$109 
Lease liabilities - noncurrent$280 

NOTE 15. CONTINGENCIES
Given the nature of the Company's activities, Moody’s and its subsidiaries are subject to legal and tax proceedings, governmental, regulatory and legislative investigations, subpoenas and other inquiries, and claims and litigation by governmental and private parties that are based on ratings assigned by MIS or that are otherwise incidental to the Company’s business. Moody’s and MIS also are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties or restrictions on business activities. MIS is responding to SEC requests for documents and information in connection with an investigation of MIS’s compliance with record preservation requirements relating to certain business communications sent over electronic messaging channels that have not been approved by MIS. The SEC is conducting similar investigations of the record preservation practices of other NRSROs and other registrants subject to record preservation requirements. Moody’s also is subject to ongoing tax audits as addressed in Note 4 to the consolidated financial statements.
Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For claims, litigation and proceedings and governmental investigations and inquiries not related to income taxes, the Company records liabilities in the consolidated financial statements when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated and periodically adjusts these as appropriate. When the reasonable estimate of the loss is within a range of amounts, the minimum amount of the range is accrued unless some higher amount within the range is a better estimate than another amount within the range. In instances when a loss is reasonably possible but uncertainties exist related to the probable outcome and/or the amount or range of loss, management does not record a liability but discloses the contingency if material. As additional information becomes available, the Company adjusts its assessments and
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estimates of such matters accordingly. Moody’s also discloses material pending legal proceedings pursuant to SEC rules and other pending matters as it may determine to be appropriate.
In view of the inherent difficulty of assessing the potential outcome of legal proceedings, governmental, regulatory and legislative investigations and inquiries, claims and litigation and similar matters and contingencies, particularly when the claimants seek large or indeterminate damages or assert novel legal theories or the matters involve a large number of parties, the Company often cannot predict what the eventual outcome of the pending matters will be or the timing of any resolution of such matters. The Company also may be unable to predict the impact (if any) that any such matters may have on how its business is conducted, on its competitive position or on its financial position, results of operations or cash flows. As the process to resolve any pending matters progresses, management will continue to review the latest information available and assess its ability to predict the outcome of such matters and the effects, if any, on its operations and financial condition and to accrue for and disclose such matters as and when required. However, because such matters are inherently unpredictable and unfavorable developments or resolutions can occur, the ultimate outcome of such matters, including the amount of any loss, may differ from those estimates.
NOTE 16. 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 March 31,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$799 $987 $— $1,786 $737 $733 $— $1,470 
Intersegment revenue3 47 (50)— 3 45 (48)— 
Revenue802 1,034 (50)1,786 740 778 (48)1,470 
Operating, SG&A564 366 (50)880 526 336 (48)814 
Adjusted Operating Income$238 $668 $— $906 $214 $442 $— $656 
Add:

Depreciation and
amortization		82 18 — 100 70 18 — 88 
Restructuring2 3 — 5 8 6 — 14 
Operating Income$801 $554 
The table below shows cumulative restructuring expense incurred through March 31, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$110 $95 $205 
The 2022 - 2023 Geolocation Restructuring Program is more fully discussed in Note 9.
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Consolidated Revenue Information by Geographic Area
Three Months Ended March 31,
20242023
United States$969 $763 
Non-U.S.:
EMEA542 460 
Asia-Pacific155 149 
Americas120 98 
Total Non-U.S.817 707 
Total$1,786 $1,470 

NOTE 17. SUBSEQUENT EVENT
On April 26, 2024, the Board approved the declaration of a quarterly dividend of $0.85 per share of Moody’s common stock, payable on June 7, 2024 to shareholders of record at the close of business on May 17, 2024.
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Item 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations
This discussion and analysis of financial condition and results of operations should be read in conjunction with the Moody’s Corporation consolidated financial statements and notes thereto included elsewhere in this quarterly report on Form 10–Q.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations contains Forward-Looking Statements. See “Forward-Looking Statements” commencing on page 55 for a discussion of uncertainties, risks and other factors associated with these statements.
THE COMPANY
In a world shaped by increasingly interconnected risks, Moody's data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 15,000 across more than 40 countries, Moody's gives customers the comprehensive perspective needed to act with confidence and thrive. Moody’s has two reportable segments: MA and MIS.
Moody's Analytics
mdy_logo_rgb_MoodysBlue.jpg
Moody's Investors Service
MA provides data, intelligence and analytical tools to help business and financial leaders make confident decisions.
Global risk assessment firm that empowers organizations to anticipate, adapt and thrive in a new era of exponential risk. Our data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others.
For more than 115 years, MIS has been a leading provider of credit ratings, research, and risk analysis helping businesses, governments, and other entities around the globe to anticipate, adapt and thrive in this era of exponential risk.
MA is comprised of: i) a premier fixed income and economic research business (Research & Insights); ii) a data business powered by the world’s largest database on companies and credit (Data & Information); and iii) three cloud-based SaaS businesses serving banking, insurance and KYC workflows (Decision Solutions).
MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities.
Sustainability
Moody’s manages its business with the goal of delivering value to all of its stakeholders, including its customers, employees, business partners, local communities and stockholders. As part of this effort, Moody’s advances its commitment to sustainability by considering ESG factors in its operations, value chain, products and services. It uses its expertise and assets to make a positive difference through technology tools, research and analytical services that help other organizations and the investor community better understand the links between sustainability considerations and the global markets. During the first quarter of 2024, Moody's received the following awards and recognition for its sustainability-related efforts:
•Recognized among America’s 100 Most JUST Companies by JUST Capital and CNBC for its commitment to serving its workforce, customers, communities, the environment, and stockholders for its sustainability-related efforts;
•Made CDP's 2023 Climate Change 'A' List, in recognition of Moody's leadership in corporate transparency and actions taken to mitigate climate change; and
•Named to the 2023 Dow Jones Sustainability Indices (DJSI) - World and North America, an annual listing of publicly traded companies, recognizing Moody's for its strong corporate sustainability practices.
The Board oversees sustainability matters via the Audit, Governance & Nominating and Compensation & Human Resources Committees, as part of its oversight of management and the Company’s overall strategy. The Audit Committee oversees financial, risk and other disclosures made in the Company’s annual and quarterly reports related to sustainability and has overseen the expanded voluntary disclosures the Company has made in its periodic filings. The Governance & Nominating Committee oversees sustainability matters, including significant issues of corporate social and environmental responsibility, as they pertain to the Company’s business and to long-term value creation for the Company and its stockholders, and makes recommendations to the Board regarding these issues. This has helped to develop the Company’s robust ESG strategy. Finally, the Compensation & Human Resources Committee oversees inclusion of sustainability-related performance goals for determining compensation of all senior executives. This oversight has resulted in the Company more fully integrating sustainability-related performance metrics into the strategic & operational compensation metric of all senior executives. The Board also oversees Moody’s policies for assessing and managing the Company's exposure to risk, including climate-related risks such as business continuity disruption and reputational or credibility concerns stemming from incorporation of climate-related risks into the credit methodologies and credit ratings of MIS, or analysis of such risks within MA's products and services. The Board maintains its collective knowledge of
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sustainability topics through ongoing education, such as regular presentations from management on various ESG issues, including climate and the integration of ESG factors into Moody’s products and solutions.
Three Pillars of Moody's Sustainability Strategy
sustainabilityhand.jpg
Our influence.jpg
shakinghands.jpg
Our Actions
Our Influence
Our Support
the decisions and actions we can take related to impacts under our direct control
the actions that we can demand or request from entities providing us with products and services
the steps we take to support or enable direct action by other organizations or communities

Current Matters Impacting Moody's Business
Current Macroeconomic Uncertainties/Market Volatility
The Company continues to monitor current macroeconomic and geopolitical uncertainties that had contributed to volatility in rated issuance volumes in 2022 and 2023. These uncertainties include, but are not limited to: i) inflation levels; ii) higher interest rates; and iii) volatility in the global capital markets partly resulting from the ongoing military conflicts further discussed below. A substantial portion of MIS’s revenue is impacted by the level of issuance activity in the fixed income capital markets, both in the U.S. and internationally. Due to various uncertainties, Moody's is unable to predict the severity and duration of current macroeconomic and geopolitical uncertainties and their potential impact on future rated issuance volumes. Refer to Item 1A. “Risk Factors” contained in the Company’s annual report on Form 10-K for the year ended December 31, 2023 for further disclosure relating to these risks.
Military Conflicts
The Company continues to closely monitor the impact of the ongoing Russia-Ukraine military conflict and the military conflict in Israel and surrounding areas on all aspects of its business. In response to the Russia-Ukraine military conflict, the Company is no longer conducting commercial operations in Russia for both MA and MIS and is complying with all applicable regulatory restrictions set forth by authorities in the jurisdictions in which Moody's operates. Furthermore, the Company has withdrawn MIS credit ratings on Russian entities.
While Moody's operations and net assets in Russia, Israel and the surrounding areas are not material, broader global market volatility, which partially relates to uncertainties surrounding these military conflicts, may contribute to volatility in rated issuance volumes in the future. The Company is unable to predict either the near-term or longer-term impact that these military conflicts may have on its financial position and operating results due to numerous uncertainties regarding the severity and duration of military conflicts and their broader potential macroeconomic impact.
Critical Accounting Estimates
Moody’s discussion and analysis of its financial condition and results of operations are based on the Company’s consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires Moody’s to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities at the dates of the financial statements and revenue and expenses during the reporting periods. These estimates are based on historical experience and on other assumptions that are believed to be reasonable under the circumstances. On an ongoing basis, Moody’s evaluates its estimates, including those related to revenue recognition, accounts receivable allowances, contingencies, goodwill and acquired intangible assets, pension and other retirement benefits, investments in non-consolidated affiliates, and income taxes. Actual results may differ from these estimates under different assumptions or conditions. Item 7, MD&A, in the Company’s annual report on Form 10-K for the year ended December 31, 2023, includes descriptions of some of the judgments that Moody’s makes in applying its accounting estimates in these areas. Since the date of the annual report on Form 10-K, there have been no material changes to the Company’s critical accounting estimates disclosures.
Reportable Segments
The Company is organized into two reportable segments as of March 31, 2024: MA and MIS, which are more fully described in the section entitled “The Company” above and in Note 16 to the consolidated financial statements.
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RESULTS OF OPERATIONS
The following footnotes are applicable throughout the discussion of the Company's results of operations:
(1) Refer to the section entitled "Non-GAAP Financial Measures" of this MD&A for the definition and methodology that the Company utilizes to calculate this metric.
(2) Refer to the section entitled "Key Performance Metrics" of this MD&A for the definition and methodology that the Company utilizes to calculate this metric.

Three months ended March 31, 2024 compared with three months ended March 31, 2023
Executive Summary
The following table provides an executive summary of key operating results for the quarter ended March 31, 2024. Following this executive summary is a more detailed discussion of the Company’s operating results as well as a discussion of the operating results of the Company’s reportable segments.
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Three Months Ended
March 31,
Financial measure:20242023% Change Favorable
(Unfavorable)
Insight and Key Drivers of Change Compared to Prior Year
Moody's total revenue$1,786 $1,470 21 %
— reflects strong growth in both segments
MA external revenue$799 $737 8 %
— sustained demand for KYC solutions, as well as continued growth from SaaS-based banking and insurance offerings; and
— ongoing strong retention for ratings data feeds and company data applications
MIS external revenue$987 $733 35 %
— reflects growth across all LOBs, as opportunistic issuers took advantage of tight credit spreads and strong investor demand ahead of potential macroeconomic and geopolitical-related volatility later in the year
Total operating and SG&A expenses$880 $814 (8 %)
— higher salaries and benefits reflecting an increase in headcount and annual salary increases within both segments; and
— higher incentive and stock-based compensation aligned with headcount growth and projected financial and operating performance
Depreciation and amortization$100 $88 (14 %)— higher amortization of internally developed software, primarily related to the development of MA SaaS solutions
Restructuring$5 $14 64 %
— relates to the Company's 2022 - 2023 Geolocation Restructuring Program, more fully discussed in Note 9 to the consolidated financial statements
Total non-operating (expense) income, net$(49)$(48)(2 %)
In line with the prior year with key offsetting drivers being:
— a net decrease of $23 million in foreign exchange losses recorded during the year mainly attributable to an immaterial out-of-period adjustment relating to the 2022 fiscal year recorded in the first quarter of 2023, mostly offset by:
— higher tax-related interest expense of $22 million due to a reduction in tax-related interest accruals in the prior year related to the favorable resolution of tax matters
Operating margin44.8 %37.7 %710 BPS
— operating margin and Adjusted Operating Margin(1) expansion reflects strong revenue growth outpacing operating and SG&A expense growth
Adjusted Operating Margin(1)
50.7 %44.6 %610 BPS
ETR23.3 %1.0 %(2,230 BPS)
— higher ETR primarily reflects tax benefits recognized in the first quarter of 2023, which resulted from the resolutions of UTPs in various U.S. and non-U.S. tax jurisdictions
Diluted EPS$3.15 $2.72 16 %
— increase reflects growth in operating income/Adjusted Operating Income(1), partially offset by:
— a $0.75 per share benefit in the prior year resulting from the resolutions of tax matters in the first quarter of 2023
Adjusted Diluted EPS(1)
$3.37 $2.99 13 %
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Moody's Corporation
Three Months Ended March 31,
% Change Favorable
(Unfavorable)
20242023
Revenue:
United States$969 $763 27 %
Non-U.S.:
EMEA542 460 18 %
Asia-Pacific155 149 4 %
Americas120 98 22 %
Total Non-U.S.817 707 16 %
Total1,786 1,470 21 %
Expenses:
Operating467 428 (9 %)
SG&A413 386 (7 %)
Depreciation and amortization100 88 (14 %)
Restructuring5 14 64 %
Total985 916 (8 %)
Operating income$801 $554 45 %
Adjusted Operating Income(1)
$906 $656 38 %
Interest expense, net$(62)$(48)(29 %)
Other non-operating income, net13 — NM
Non-operating (expense) income, net$(49)$(48)(2 %)
Net income attributable to Moody's$577 $501 15 %
Diluted weighted average shares outstanding183.4 184.1 — %
Diluted EPS attributable to Moody's common shareholders$3.15 $2.72 16 %
Adjusted Diluted EPS(1)
$3.37 $2.99 13 %
Operating margin44.8 %37.7 %
Adjusted Operating Margin(1)
50.7 %44.6 %
ETR
23.3 %1.0 %
The table below shows Moody’s global staffing by geographic area:
March 31,Change
2024
2023(a)
%
MAU.S.2,983 2,876 4 %
Non-U.S.4,922 4,621 7 %
Total7,905 7,497 5 %
MISU.S. 1,512 1,462 3 %
Non-U.S. 4,083 3,690 11 %
Total 5,595 5,152 9 %
MSSU.S.725 708 2 %
Non-U.S.1,214 1,061 14 %
Total1,939 1,769 10 %
Total MCOU.S.5,220 5,046 3 %
Non-U.S.10,219 9,372 9 %
Total15,439 14,418 7 %
(a) Certain reclassifications have been made to 2023 amounts to reflect certain departmental reorganizations and M&A integrations

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GLOBAL REVENUE
Three months ended March 31,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
1119 1124 1133 1138
Global revenue ⇑ $316 million
U.S. Revenue ⇑ $206 million
Non-U.S. Revenue ⇑ $110 million
The increase in global revenue reflects growth in both MA and MIS, both in the U.S. and internationally. Refer to the section entitled “Segment Results” of this MD&A for a more comprehensive discussion of the Company’s segment revenue.
First Quarter Operating Expense ⇑ $39 million
1649267444316
Compensation expenses of $346 million increased $34 million reflecting:
Non-compensation expenses of $121 million increased $5 million:
— higher salaries and benefits that reflects hiring and salary increases, primarily in MA, to support continued growth in the business; and
— the increase is mostly attributable to operating growth, including investments to support technology, innovation and product development; partially offset by:
— higher incentive and stock-based compensation aligned with headcount growth and projected financial and operating performance
 — disciplined expense management
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First Quarter SG&A Expense ⇑ $27 million
1649267444325
Compensation expenses of $262 million increased $16 million reflecting:
Non-compensation expenses of $151 million increased $11 million:
— higher salaries and benefits reflecting an increase in headcount and annual salary increases; and
— increase reflects costs to support operating growth; partially offset by
— higher incentive and stock-based compensation aligned with headcount growth and projected financial and operating performance
 — disciplined expense management
Depreciation and amortization
The increase is driven by amortization of internally developed software, which is primarily related to the development of MA SaaS solutions.
Restructuring
The amounts in both periods reflect charges/adjustments related to the Company's 2022 - 2023 Geolocation Restructuring Program as more fully discussed in Note 9 to the consolidated financial statements.
Operating margin 44.8%, ⇑ 710 BPS
Adjusted Operating Margin(1) 50.7%, ⇑ 610 BPS
Operating margin and Adjusted Operating Margin(1) expansion reflects strong revenue growth partially offset by an increase in operating and SG&A expenses.
Interest Expense, net ⇑ $14 million
Other non-operating income ⇑ $13 million
Increase in expense is primarily due to:
Increase in income is primarily due to:
— a $22 million reduction in tax-related interest reflecting the favorable resolution of tax matters in the prior year; partially offset by
— a $23 million net decrease in foreign currency losses mainly attributable to an immaterial out-of-period adjustment relating to the 2022 fiscal year recorded in the first quarter of 2023; partially offset by
— higher interest income of $12 million reflecting higher cash balances and interest yields
— a benefit of $9 million in the prior year related to the favorable resolution of various tax matters
ETR ⇑ 2,230 BPS
The increase in the ETR primarily reflects $113 million in tax benefits recognized in the first quarter of 2023, which resulted from the resolutions of UTPs in various U.S. and non-U.S. tax jurisdictions.
Diluted EPS ⇑ $0.43
Adjusted Diluted EPS(1) ⇑ $0.38
Both diluted EPS and Adjusted Diluted EPS(1) growth is mostly attributable to higher operating income and Adjusted Operating Income(1), the components of which are more fully described above. This was partially offset by a $0.75 per share benefit in the prior year related to the resolution of tax matters in the first quarter of 2023.
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Segment Results
Moody’s Analytics
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Three Months Ended March 31,
% Change Favorable
(Unfavorable)
20242023
Revenue:
Decision Solutions (DS)$365 $334 9 %
Research and Insights (R&I)222 215 3 %
Data and Information (D&I)212 188 13 %
Total external revenue799 737 8 %
Intersegment revenue3 3 — %
Total MA revenue802 740 8 %
Expenses:
Operating and SG&A (external)517 481 (7 %)
Operating and SG&A (intersegment)47 45 (4 %)
Total operating and SG&A564 526 (7 %)
Adjusted Operating Income
$238 $214 11 %
Adjusted Operating Margin
29.7 %28.9 %
Depreciation and amortization82 70 (17 %)
Restructuring2 8 75 %

MOODY'S ANALYTICS REVENUE
Three months ended March 31,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
357 359 368 370
MA: Global revenue ⇑ $62 million
U.S. Revenue ⇑ $20 million
Non-U.S. Revenue ⇑ $42 million
The 8% increase in global MA revenue reflects growth both in the U.S. (6%) and internationally (10%).
–ARR(2) increased 10% reflecting growth across all LOBs.
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DECISION SOLUTIONS REVENUE
Three months ended March 31,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
837     841842 844
 DS: Global revenue ⇑ $31 million
U.S. Revenue ⇑ $6 million
Non-U.S. Revenue ⇑ $25 million
Global DS revenue for the three months ended March 31, 2024 and 2023 was comprised as follows:
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Global DS revenue grew 9% compared to the first quarter of 2023 and reflects increases in the U.S. (5%) and internationally (12%).
The most notable drivers of the growth reflect:
–sustained demand for KYC solutions reflecting increased customer and supplier risk data usage, which drove ARR(2) growth of 18% for these solutions;
–higher demand for subscription-based actuarial and catastrophe models supported insurance growth which resulted in ARR(2) growth of 10%; and
–growth across Moody's SaaS-based banking solutions which enable customers' lending, risk management and finance workflows, resulting in ARR(2) growth of 9%.
The aforementioned factors contributed to overall ARR(2) growth for DS of 12%.
42
RESEARCH AND INSIGHTS REVENUE
Three months ended March 31,
2024-----------------------------------------------------------------------------------2023
___________________________________________________ ________________________________________________
204120422043 2045
R&I: Global revenue ⇑ $7 million
U.S. Revenue ⇑ $4 million
Non-U.S. Revenue ⇑ $3 million
Global R&I revenue increased 3% compared to the first quarter of 2023 and reflects growth in both the U.S. (3%) and internationally (3%). This increase was mainly driven by sales growth from the CreditView product offering, which contributed to R&I ARR(2) growth of 6%.

DATA AND INFORMATION REVENUE
Three months ended March 31,
2024-----------------------------------------------------------------------------------2023
________________________________________________________________________________________________________
253225332534 2536
D&I: Global revenue ⇑ $24 million
U.S. Revenue ⇑ $10 million
Non-U.S. Revenue ⇑ $14 million
Global D&I revenue increased 13% compared to the first quarter of 2023 and reflects growth in both the U.S. (15%) and internationally (12%), mainly driven by improved customer retention, coupled with continued growth in new sales and higher price realization, supported by strong demand for company data and ratings feeds.
The aforementioned revenue growth factors also contributed to ARR(2) growth of 11% for D&I.
43
MA: First Quarter Operating and SG&A Expense ⇑ $36 million
1649267445694
Compensation expenses of $337 million increased $31 million:
Non-compensation expenses of $180 million increased $5 million:
— the growth in salaries and benefits reflects higher headcount and annual salary increases to support business growth; and
— the modest increase is mostly attributable to costs to support operating growth, including investments to support technology, innovation and product development
— the increase in incentive and stock-based compensation is driven by higher headcount and projected financial and operating performance
MA: Adjusted Operating Margin 29.7% ⇑ 80 BPS
The Adjusted Operating Margin expansion for MA is primarily due to the 8% increase in global MA revenue, mostly offset by increases in operating and SG&A expenses of 7%.
Depreciation and amortization
The increase in depreciation and amortization expense primarily reflects higher amortization of internally developed software relating to the development of SaaS-based solutions.
Restructuring
The amounts in both periods reflect charges/adjustments related to the Company's 2022 - 2023 Geolocation Restructuring Program as more fully discussed in Note 9 to the consolidated financial statements.
44
Moody’s Investors Service
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Three Months Ended
March 31,
% Change Favorable
(Unfavorable)
20242023
Revenue:
Corporate finance (CFG)$529 $356 49 %
Structured finance (SFG)114 99 15 %
Financial institutions (FIG)195 142 37 %
Public, project and infrastructure finance (PPIF)141 129 9 %
Total ratings revenue979 726 35 %
MIS Other8 7 14 %
Total external revenue987 733 35 %
Intersegment revenue47 45 4 %
Total MIS revenue1,034 778 33 %
Expenses:
Operating and SG&A (external)363 333 (9 %)
Operating and SG&A (intersegment)3 3 — %
Total operating and SG&A366 336 (9 %)
Adjusted Operating Income
$668 $442 51 %
Adjusted Operating Margin
64.6 %56.8 %
Depreciation and amortization18 18 — %
Restructuring3 6 50 %
The following chart presents changes in rated issuance volumes compared to the first quarter of 2023. To the extent that changes in rated issuance volumes had a material impact to MIS's revenue compared to the prior year, those impacts are discussed below.
388

45
MOODY'S INVESTORS SERVICE REVENUE
Three months ended March 31,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
620 622 630 632
MIS: Global revenue ⇑ $254 million
U.S. Revenue ⇑ $186 million
Non-U.S. Revenue ⇑ $68 million
The increase in global MIS revenue reflects strong growth across all ratings LOBs.

CFG REVENUE
Three months ended March 31,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
1029 1031 1039 1041
CFG: Global revenue ⇑ $173 million
U.S. Revenue ⇑ $126 million
Non-U.S. Revenue ⇑ $47 million
46
Global CFG revenue for the three months ended March 31, 2024 and 2023 was comprised as follows:
1127
* 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 increase in CFG revenue of 49% reflects growth in both the U.S. (51%) and internationally (43%).
Transaction revenue increased $169 million compared to the same period in the prior year, with the most notable drivers of the growth reflecting:
–higher rated issuance volumes in leveraged finance (speculative-grade bonds and bank loans) reflecting opportunistic refinancing activity that was supported by tightening credit spreads; and
–higher investment grade rated issuance activity supported by several large M&A-related deals.

SFG REVENUE
Three months ended March 31,
2024---------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
2209 2214 2223 2228
SFG: Global revenue ⇑ $15 million
U.S. Revenue ⇑ $15 million
Non-U.S. Revenue was in line with prior year

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Global SFG revenue for the three months ended March 31, 2024 and 2023 was comprised as follows:
2315
The increase in SFG of 15% reflects growth in the U.S. (25%), with international revenue remaining in line with the prior year.
Transaction revenue increased $14 million compared to the first quarter of 2023, mainly attributable to increased issuance activity from the ABS and Structured Credit asset classes, reflecting tightening credit spreads and strong investor demand, including from first time issuers.

FIG REVENUE
Three months ended March 31,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
2908 2913 2922 2927
FIG: Global revenue ⇑ $53 million
U.S. Revenue ⇑ $35 million
Non-U.S. Revenue ⇑ $18 million
Global FIG revenue for the three months ended March 31, 2024 and 2023 was comprised as follows:
3013
48
The increase in FIG revenue of 37% reflects revenue growth in both the U.S. (56%) and internationally (23%).
Transaction revenue increased $52 million compared to the first quarter of 2023, mainly due to growth in the insurance and banking sectors, which was attributable to improved issuance volumes coupled with a favorable issuance mix from infrequent issuer activity.

PPIF REVENUE
Three months ended March 31,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
3683 3688 3696 3701
PPIF: Global revenue ⇑ $12 million
U.S. Revenue ⇑ $10 million
Non-U.S. Revenue ⇑ 2 million
Global PPIF revenue for the three months ended March 31, 2024 and 2023 was comprised as follows:
3788

The increase in PPIF revenue of 9% reflects growth in both the U.S. (13%) and internationally (4%).
Transaction revenue increased $10 million compared to the first quarter of 2023 primarily due to increased issuance from U.S. Public Finance issuers, reflecting refunding activity in the healthcare and higher education sectors.
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MIS: First Quarter Operating and SG&A Expense ⇑ $30 million
1649267446531
Compensation expenses of $272 million increased $18 million:
Non-compensation expenses of $91 million increased $12 million:
— the growth in salaries and benefits reflects higher headcount and annual salary increases; and
— the increase is mostly attributable to costs to support operating growth, including investments to support technology and innovation
— the increase in incentive and stock-based compensation is driven by higher headcount and projected financial and operating performance
MIS: Adjusted Operating Margin 64.6% ⇑ 780 BPS
The MIS Adjusted Operating Margin expansion primarily reflects the aforementioned 35% increase in revenue.
Restructuring
The amounts in both periods reflect charges/adjustments related to the Company's 2022 - 2023 Geolocation Restructuring Program as more fully discussed in Note 9 to the consolidated financial statements.
LIQUIDITY AND CAPITAL RESOURCES
Moody's remains committed to using its cash flow to create value for shareholders by both investing in the Company's employees and growing the business through targeted organic initiatives and inorganic acquisitions aligned with strategic priorities. Additional excess capital is returned to the Company’s shareholders via a combination of dividends and share repurchases.
Cash Flow
The Company is currently financing its operations, capital expenditures and share repurchases from operating and financing cash flows.
The following is a summary of the changes in the Company’s cash flows followed by a brief discussion of these changes:
Three Months Ended March 31,$ Change
Favorable (Unfavorable)
20242023
Net cash provided by operating activities$775 $608 $167 
Net cash used in investing activities$(96)$(63)$(33)
Net cash used in financing activities$(308)$(216)$(92)
Free Cash Flow (1)
$697 $535 $162 
(1) Free Cash Flow is a non-GAAP measure and is defined by the Company as net cash provided by operating activities minus cash paid for capital expenditures. Refer to “Non-GAAP Financial Measures” of this MD&A for further information on this financial measure.
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Net cash provided by operating activities
Net cash flows from operating activities in the three months ended March 31, 2024 increased by $167 million compared to the same period in 2023, primarily due to higher cash flows correlated with operating income growth partly offset by various changes in working capital.
Net cash used in investing activities
The $33 million increase in cash used in investing activities in the three months ended March 31, 2024 compared to the same period in 2023 was primarily due to:
–higher net purchases of investments in 2024 of $14 million; and
–higher cash paid of $12 million in the current year for certain immaterial acquisitions completed in the first quarter of 2024.
Net cash used in financing activities
The $92 million increase in cash used in financing activities in the three months ended March 31, 2024 compared to the same period in the prior year was primarily attributed to higher cash paid in 2024 for treasury share repurchases of $79 million and dividends of $14 million.
Cash and cash equivalents and short-term investments
The Company’s aggregate cash and cash equivalents and short-term investments of $2.5 billion at March 31, 2024 included approximately $1.9 billion located outside of the U.S. Approximately 45% of the Company’s aggregate cash and cash equivalents and short-term investments is denominated in euros and GBP. The Company manages both its U.S. and non-U.S. cash flow to maintain sufficient liquidity in all regions to effectively meet its operating needs.
As a result of the Tax Act, all previously net undistributed foreign earnings have now been subject to U.S. tax. The Company continues to evaluate which entities it will indefinitely reinvest earnings outside the U.S. The Company has provided deferred taxes for those entities whose earnings are not considered indefinitely reinvested. Accordingly, the Company continues to repatriate a portion of its non-U.S. cash in these subsidiaries and will continue to repatriate certain of its offshore cash in a manner that addresses compliance with local statutory requirements, sufficient offshore working capital and any other factors that may be relevant in certain jurisdictions. Notwithstanding the Tax Act, which generally eliminated federal income tax on future cash repatriation to the U.S., cash repatriation may be subject to state and local taxes or withholding or similar taxes.
Material Cash Requirements
The Company's material cash requirements consist of the following contractual and other obligations:
Financing Arrangements
Indebtedness
At March 31, 2024, Moody’s had $6.9 billion of outstanding debt and approximately $1 billion of additional capacity available under the Company’s CP Program, which is backstopped by the $1.25 billion 2021 Facility.
The repayment schedule for the Company’s borrowings outstanding at March 31, 2024 is as follows:
435 
For additional information on the Company's outstanding debt, refer to Note 13 to the consolidated financial statements.
Future interest payments and fees associated with the Company's debt and credit facility are expected to be $4.8 billion, of which approximately $300 million is expected to be paid in each of the next five years, and the remaining amount expected to be paid thereafter.
Management may consider pursuing additional long-term financing when it is appropriate in light of cash requirements for operations, share repurchases and other strategic opportunities, which could result in higher financing costs.
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Purchase Obligations
Purchase obligations generally include multi-year agreements with vendors to purchase goods or services and mainly include data center/cloud hosting fees and fees for information technology licensing and maintenance. As of March 31, 2024, these purchase obligations totaled $722 million, of which approximately 50% is expected to be paid in the next twelve months and another approximate 40% expected to be paid over the next two subsequent years, with the remainder to be paid thereafter.
Leases
The Company has remaining payments relating to its operating leases of $415 million at March 31, 2024, primarily related to real estate leases, of which $119 million in payments are expected over the next twelve months. For more information on the expected cash flows relating to the Company's operating leases, refer to Note 14 to the consolidated financial statements.
Pension and Other Retirement Plan Obligations
The Company does not anticipate making significant contributions to its funded pension plan in the next twelve months. This plan is overfunded at March 31, 2024, and accordingly holds sufficient investments to fund future benefit obligations. Payments for the Company's unfunded plans are not expected to be material in either the short or long-term.
Dividends and share repurchases
On April 26, 2024, the Board approved the declaration of a quarterly dividend of $0.85 per share for Moody’s common stock, payable June 7, 2024 to shareholders of record at the close of business on May 17, 2024. The continued payment of dividends at this rate, or at all, is subject to the discretion of the Board.
On February 7, 2022, the Board approved $750 million in share repurchase authority, and on February 5, 2024, the Board approved an additional $1 billion in share repurchase authority. At March 31, 2024, the Company had approximately $1.2 billion of remaining authority. There is no established expiration date for the remaining authorizations.
Restructuring
As more fully discussed in Note 9 to the consolidated financial statements, the Company has substantially completed the 2022 - 2023 Geolocation Restructuring Program. Future cash outlays associated with this program, which will consist of personnel-related costs, are expected to be $24 million, substantially all of which are expected to be paid through 2024.
Sources of Funding to Satisfy Material Cash Requirements
The Company believes that it has the financial resources needed to meet its cash requirements and expects to have positive operating cash flow over the next twelve months. Cash requirements for periods beyond the next twelve months will depend, among other things, on the Company’s profitability and its ability to manage working capital requirements. The Company may also borrow from various sources as described above.
NON-GAAP FINANCIAL MEASURES
In addition to its reported results, Moody’s has included in this MD&A certain adjusted results that the SEC defines as “Non-GAAP financial measures.” Management believes that such adjusted financial measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and can provide greater transparency to investors of supplemental information used by management in its financial and operational decision-making. These adjusted measures, as defined by the Company, are not necessarily comparable to similarly defined measures of other companies. Furthermore, these adjusted measures should not be viewed in isolation or used as a substitute for other GAAP measures in assessing the operating performance or cash flows of the Company. Below are brief descriptions of the Company’s adjusted financial measures accompanied by a reconciliation of the adjusted measure to its most directly comparable GAAP measure:
Adjusted Operating Income and Adjusted Operating Margin:
The Company presents Adjusted Operating Income and Adjusted Operating Margin because management deems these metrics to be useful measures to provide additional perspective on Moody's operating performance. Adjusted Operating Income excludes the impact of: i) depreciation and amortization; and ii) restructuring charges/adjustments. Depreciation and amortization are excluded because companies utilize productive assets of different estimated useful lives and use different methods of acquiring and depreciating productive assets. Restructuring charges/adjustments are excluded as the frequency and magnitude of these charges may vary widely across periods and companies.
Management believes that the exclusion of the aforementioned items, as detailed in the reconciliation below, allows for an additional perspective on the Company’s operating results from period to period and across companies. The Company defines Adjusted Operating Margin as Adjusted Operating Income divided by revenue.
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Three Months Ended March 31,
20242023
Operating income$801 $554 
Adjustments:
Depreciation and amortization100 88 
Restructuring5 14 
Adjusted Operating Income$906 $656 
Operating margin44.8 %37.7 %
Adjusted Operating Margin50.7 %44.6 %
Adjusted Net Income and Adjusted Diluted EPS attributable to Moody's common shareholders:
The Company presents Adjusted Net Income and Adjusted Diluted EPS because management deems these metrics to be useful measures to provide additional perspective on Moody’s operating performance. Adjusted Net Income and Adjusted Diluted EPS exclude the impact of: i) amortization of acquired intangible assets; and ii) restructuring charges/adjustments.
The Company excludes the impact of amortization of acquired intangible assets as companies utilize intangible assets with different estimated useful lives and have different methods of acquiring and amortizing intangible assets. These intangible assets were recorded as part of acquisition accounting and contribute to revenue generation. The amortization of intangible assets related to acquisitions will recur in future periods until such intangible assets have been fully amortized. Furthermore, the timing and magnitude of business combination transactions are not predictable and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition and can vary significantly from period to period and across companies. Restructuring charges/adjustments are excluded as the frequency and magnitude of these items may vary widely across periods and companies.
The Company excludes the aforementioned items to provide additional perspective when comparing net income and diluted EPS from period to period and across companies as the frequency and magnitude of similar transactions may vary widely across periods.
Three Months Ended March 31,
Amounts in millions
20242023
Net Income attributable to Moody's common shareholders
$577 $501 
Pre-tax Acquisition-Related Intangible Amortization Expenses
$49 $51 
Tax on Acquisition-Related Intangible Amortization Expenses(12)(12)
Net Acquisition-Related Intangible Amortization Expenses

37 

39 
Pre-tax restructuring
$5 $14 
Tax on restructuring
(1)(4)
Net restructuring
4 10 
Adjusted Net Income

$618 

$550 
Three Months Ended March 31,
20242023
Diluted earnings per share attributable to Moody's common shareholders$3.15 $2.72 
Pre-tax Acquisition-Related Intangible Amortization Expenses
$0.27 $0.28 
Tax on Acquisition-Related Intangible Amortization Expenses(0.07)(0.06)
Net Acquisition-Related Intangible Amortization Expenses0.20 0.22 
Pre-tax restructuring
$0.03 $0.08 
Tax on restructuring
(0.01)(0.03)
Net restructuring
0.02 0.05 
Adjusted Diluted EPS$3.37 $2.99 
    
Note: the tax impacts in the table above were calculated using tax rates in effect in the jurisdiction for which the item relates.
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Free Cash Flow:
The Company defines Free Cash Flow as net cash provided by operating activities minus cash paid for capital additions. Management believes that Free Cash Flow is a useful metric in assessing the Company’s cash flows to service debt, pay dividends and to fund acquisitions and share repurchases. Management deems capital expenditures essential to the Company’s product and service innovations and maintenance of Moody’s operational capabilities. Accordingly, capital expenditures are deemed to be a recurring use of Moody’s cash flow. Below is a reconciliation of the Company’s net cash flows from operating activities to Free Cash Flow:
Three Months Ended March 31,
20242023
Net cash provided by operating activities$775 $608 
Capital additions(78)(73)
Free Cash Flow$697 $535 
Net cash used in investing activities$(96)$(63)
Net cash used in financing activities$(308)$(216)

Key Performance Metrics:
The Company presents Annualized Recurring Revenue (“ARR”) on a constant currency organic basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time. The Company uses ARR to manage and monitor performance of its MA operating segment and believes that this metric is a key indicator of the trajectory of MA's recurring revenue base.
The Company calculates ARR by taking the total recurring contract value for each active renewable contract as of the reporting date, divided by the number of days in the contract and multiplied by 365 days to create an annualized value. The Company defines renewable contracts as subscriptions, term licenses, maintenance and renewable services. ARR excludes transaction sales including training, one-time services and perpetual licenses. In order to compare period-over-period ARR excluding the effects of foreign currency translation, the Company bases the calculation on currency rates utilized in its current year operating budget and holds these FX rates constant for the duration of all current and prior periods being reported. Additionally, ARR excludes contracts related to acquisitions to provide additional perspective in assessing growth excluding the impacts from certain acquisition activity.
The Company’s definition of ARR may differ from definitions utilized by other companies reporting similarly named measures, and this metric should be viewed in addition to, and not as a substitute for, financial measures presented in accordance with GAAP.
Amounts in millionsMarch 31, 2024March 31, 2023ChangeGrowth
MA ARR
Decision Solutions
Banking$424 $389 $35 9%
Insurance552 500 52 10%
KYC344 291 53 18%
Total Decision Solutions
$1,320 $1,180 $140 12%
Research and Insights895 843 52 6%
Data and Information844 761 83 11%
Total MA ARR$3,059 $2,784 $275 10%
RECENTLY ISSUED ACCOUNTING STANDARDS
Refer to Note 1 to the consolidated financial statements located in Part I of this Form 10-Q for a discussion on the impact to the Company relating to recently issued accounting pronouncements.
CONTINGENCIES
Legal proceedings in which the Company is involved also may impact Moody’s liquidity or operating results. No assurance can be provided as to the outcome of such proceedings. In addition, litigation inherently involves significant costs. For information regarding legal proceedings, see Item 1 - "Financial Statements," Note 15 "Contingencies” in this Form 10-Q.
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FORWARD-LOOKING STATEMENTS
Certain statements contained in this quarterly report on Form 10-Q are forward-looking statements and are based on future expectations, plans and prospects for the Company's business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Those statements appear at various places throughout this quarterly report on Form 10-Q, including in the sections entitled “Contingencies” under Item 2, “MD&A,” commencing on page 34 of this quarterly report on Form 10-Q, under “Legal Proceedings” in Part II, Item 1, of this Form 10-Q, and elsewhere in the context of statements containing the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “will,” “predict,” “potential,” “continue,” “strategy,” “aspire,” “target,” “forecast,” “project,” “estimate,” “should,” “could,” “may,” and similar expressions or words and variations thereof relating to the Company’s views on future events, trends and contingencies or otherwise convey the prospective nature of events or outcomes generally indicative of forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date of this quarterly report on Form 10-Q, and the Company undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements.
Those factors, risks and uncertainties include, but are not limited to:
•the impact of general economic conditions (including significant government debt and deficit levels and inflation and related monetary policy actions by governments in response to inflation) on worldwide credit markets and on economic activity, including on the volume of mergers and acquisitions, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets;
•the uncertain effectiveness and possible collateral consequences of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets;
•the global impacts of the Russia-Ukraine military conflict and the military conflict in Israel and the surrounding areas on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on the Company's own operations and personnel;
•other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties;
•the level of merger and acquisition activity in the U.S. and abroad;
•the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers;
•the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions;
•concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings;
•the introduction or development of competing and/or emerging technologies and products;
•pricing pressure from competitors and/or customers;
•the level of success of new product development and global expansion;
•the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations;
•the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU;
•exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time;
•provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards, applicable to CRAs in a manner adverse to CRAs;
•provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes;
•uncertainty regarding the future relationship between the U.S. and China;
•the possible loss of key employees and the impact of the global labor environment;
55
•failures or malfunctions of our operations and infrastructure;
•any vulnerabilities to cyber threats or other cybersecurity concerns;
•the timing and effectiveness of our restructuring programs, such as the 2022 - 2023 Geolocation Restructuring Program;
•currency and foreign exchange volatility;
•the outcome of any review by tax authorities of Moody’s global tax planning initiatives;
•exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials;
•the impact of mergers, acquisitions, such as our acquisition of RMS, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses;
•the level of future cash flows;
•the levels of capital investments; and
•a decline in the demand for credit risk management tools by financial institutions.
These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2023, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Item 3.         Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the Company's market risk during the three months ended March 31, 2024. For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of our Form 10-K for the year ended December 31, 2023.
Item 4.         Controls and Procedures
Evaluation of Disclosure Controls and Procedures: The Company carried out an evaluation, as required by Rule 13a-15(b) under the Exchange Act, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act, as of the end of the period covered by this report (the “Evaluation Date”). Based on such evaluation, such officers have concluded that, as of the Evaluation Date, the Company’s disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the communication to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
The Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, has determined that there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, these internal controls over financial reporting during the three-month period ended March 31, 2024.
The Company's disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives as specified above. The Company's management does not expect, however, that our disclosure controls and procedures will prevent or detect all instances of error and fraud. Any control system, regardless of how well designed and operated, is based upon certain assumptions, and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.
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PART II. OTHER INFORMATION
Item 1. Legal Proceedings
For information regarding legal proceedings, see Item 1 – “Financial Statements – Notes to Consolidated Financial Statements (Unaudited),” Note 15 “Contingencies” in this Form 10-Q.
Item 1A. Risk Factors
There have been no material changes from the significant risk factors and uncertainties previously disclosed under the heading "Risk Factors" in the Company's annual report on Form 10-K for the year ended December 31, 2023, that if they were to occur, could materially adversely affect the Company’s business, financial condition, operating results and/or cash flow. For a discussion of the Company’s risk factors, refer to Item 1A. “Risk Factors” contained in the Company’s annual report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
MOODY'S PURCHASES OF EQUITY SECURITIES
For the three months ended March 31, 2024
Period
Total Number of Shares Purchased (1)

Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program
Approximate Dollar Value of Shares That May Yet be Purchased Under the Program(2)
January 1- 312,843 $— — $359  million
February 1- 2981,438 $378.04 81,100 $1,328  million
March 1- 31435,413 $386.36 231,203 $1,239  million
Total519,694 $384.20 312,303 
(1) Includes surrender to the Company of 2,843; 338; and 204,210 shares of common stock in January, February, and March, respectively, to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees.
(2) As of the last day of each of the months. On February 7, 2022, the Board of Directors authorized $750 million in share repurchase authority, and on February 5, 2024, the Board authorized an additional $1 billion in share repurchase authority. At March 31, 2024 there was approximately $1.2 billion of share repurchase authority remaining. There is no established expiration date for the remaining authorizations.
During the first quarter of 2024, Moody’s issued a net 500,000 shares under employee stock-based compensation plans.

Item 5. Other Information
Not applicable.

57
Table of Contents
Item 6.    Exhibits
Exhibit No
Description
3
ARTICLES OF INCORPORATION AND BY-LAWS
.1
Restated Certificate of Incorporation of the Registrant, effective April 17, 2024 (incorporated by reference to Exhibit 3.3 to the Report on Form 8-K of the Registrant, file number 1-14037, filed April 19, 2024)
.2
Amended and Restated By-laws of Moody’s Corporation, effective April 17, 2024 (incorporated by reference to Exhibit 3.2 to the Report on Form 8-K of the Registrant, file number 1-14037, filed April 19, 2024)
10
Material Contracts
.1†*
.2†*
.3†*
4†*
5†*
31
CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
.1*
Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
.2*
Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
.1*
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. The Company has furnished this certification and does not intend for it to be considered filed under the Securities Exchange Act of 1934 or incorporated by reference into future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934
.2*
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. The Company has furnished this certification and does not intend for it to be considered filed under the Securities Exchange Act of 1934 or incorporated by reference into future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934
101.INS*Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH*Inline XBRL Taxonomy Extension Schema Document
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*Inline XBRL Definitions Linkbase Document
101.LAB*Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)
* Filed herewith
† Management contract of compensatory plan or arrangement
58
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
MOODY’S CORPORATION
By:/ S / NOÉMIE HEULAND
Noémie Heuland
Senior Vice President and Chief Financial Officer
(principal financial officer)
By:/ S / CAROLINE SULLIVAN
Caroline Sullivan
Chief Accounting Officer and Corporate Controller
(principal accounting officer)
Date: May 2, 2024
59

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