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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 Q2

Moody's - 10-Q quarterly report FY2024 Q2


Text size:
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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 June 30, 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 June 30, 2024
182.1 million
1
MOODY’S CORPORATION
INDEX TO FORM 10-Q
Page(s)
3
PART I. FINANCIAL INFORMATION
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72
73
74
74
PART II. OTHER INFORMATION

75
75
75
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76
77

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
CLO
Collateralized loan obligation
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 2024 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 unique assets and specialized industry knowledge 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
June 30,
Six Months Ended
June 30,
2024202320242023
Revenue$1,817 $1,494 $3,603 $2,964 
Expenses
Operating469 426 936 854 
Selling, general, and administrative446 415 859 801 
Depreciation and amortization110 93 210 181 
Restructuring2 10 7 24 
Charges related to asset abandonment
15 — 15 — 
Total expenses1,042 944 2,027 1,860 
Operating income775 550 1,576 1,104 
Non-operating (expense) income, net
Interest expense, net(63)(71)(125)(119)
Other non-operating income, net7 13 20 13 
Total non-operating (expense) income, net(56)(58)(105)(106)
Income before provision for income taxes719 492 1,471 998 
Provision for income taxes166 115 341 120 
Net income553 377 1,130 878 
Less: Net income attributable to noncontrolling interests
1 — 1 — 
Net income attributable to Moody's$552 $377 $1,129 $878 
Earnings per share attributable to Moody's common shareholders
Basic$3.03 $2.05 $6.19 $4.79 
Diluted$3.02 $2.05 $6.16 $4.77 
Weighted average number of shares outstanding
Basic182.3 183.5 

182.5 183.4 
Diluted183.0 184.1 

183.2 184.1 
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
June 30, 2024
Three Months Ended
June 30, 2023
Pre-tax
amounts		Tax
amounts		After-tax
amounts		Pre-tax
amounts		Tax
amounts		After-tax
amounts
Net Income$553 $377 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$(39)$— (39)$51 $— 51 
Net gains (losses) on net investment hedges
43 (11)32 (37)9 (28)
Cash Flow Hedges:
Reclassification of gains (losses) included in net income
— — — — (1)(1)
Pension and Other Retirement Benefits:
Amortization of actuarial gains and prior service credits included in net income
(1)— (1)(2)1 (1)
Net actuarial losses
(2)1 (1)— — — 
Total other comprehensive (loss) income
$1 $(10)$(9)$12 $9 $21 
Comprehensive income544 398 
Less: comprehensive income attributable to noncontrolling interests
— 2 
Comprehensive Income Attributable to Moody's$544 $396 
Six Months Ended
June 30, 2024		Six Months Ended
June 30, 2023
Pre-tax
amounts		Tax
amounts		After-tax
amounts		Pre-tax
amounts		Tax
amounts		After-tax
amounts
Net Income$1,130 $878 
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net$(154)$— (154)$160 $(2)158 
Net gains (losses) on net investment hedges
144 (38)106 (113)28 (85)
Cash Flow Hedges:
Reclassification of losses included in net income1 — 1 1 (1)— 
Pension and Other Retirement Benefits:
Amortization of actuarial gains and prior service credits included in net income
(1)— (1)(2)1 (1)
Net actuarial losses
(3)1 (2)— — — 
Total other comprehensive (loss) income
$(13)$(37)$(50)$46 $26 $72 
Comprehensive income1,080 950 
Less: comprehensive loss attributable to noncontrolling interests— (1)
Comprehensive Income Attributable to Moody's$1,080 $951 
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)
June 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$2,635 $2,130 
Short-term investments63 63 
Accounts receivable, net of allowance for credit losses of $35 in 2024 and $35 in 2023
1,694 1,659 
Other current assets489 489 
Total current assets4,881 4,341 
Property and equipment, net of accumulated depreciation of $1,378 in 2024 and $1,272 in 2023
652 603 
Operating lease right-of-use assets242 277 
Goodwill5,891 5,956 
Intangible assets, net1,930 2,049 
Deferred tax assets, net267 258 
Other assets1,150 1,138 
Total assets$15,013 $14,622 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$1,000 $1,076 
Current portion of operating lease liabilities108 108 
Current portion of long-term debt688 — 
Deferred revenue1,423 1,316 
Total current liabilities3,219 2,500 
Non-current portion of deferred revenue59 65 
Long-term debt6,253 7,001 
Deferred tax liabilities, net465 402 
Uncertain tax positions207 196 
Operating lease liabilities254 306 
Other liabilities618 676 
Total liabilities11,075 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 June 30, 2024 and December 31, 2023, respectively
3 3 
Capital surplus1,324 1,228 
Retained earnings15,478 14,659 
Treasury stock, at cost; 160,818,154 and 160,430,754 shares of common stock at June 30, 2024 and December 31, 2023, respectively
(12,410)(12,005)
Accumulated other comprehensive loss(617)(567)
Total Moody's shareholders' equity3,778 3,318 
Noncontrolling interests160 158 
Total shareholders' equity3,938 3,476 
Total liabilities, noncontrolling interests, and shareholders' equity$15,013 $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)
Six Months Ended June 30,
20242023
Cash flows from operating activities
Net income$1,130 $878 
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization210 181 
Stock-based compensation109 97 
Deferred income taxes25 21 
Provision for credit losses on accounts receivable10 9 
Changes in assets and liabilities:
Accounts receivable(64)112 
Other current assets(6)78 
Other assets(1)(24)
Lease obligations (15)(9)
Accounts payable and accrued liabilities(82)(86)
Deferred revenue120 97 
Uncertain tax positions and other non-current tax liabilities
12 (120)
Other liabilities13 (22)
Net cash provided by operating activities1,461 1,212 
Cash flows from investing activities
Capital additions(171)(127)
Purchases of investments(87)(53)
Sales and maturities of investments81 81 
Purchases of investments in non-consolidated affiliates(2)(2)
Sales of investments in non-consolidated affiliates— 1 
Cash paid for acquisitions, net of cash acquired(12)(3)
Net cash used in investing activities(191)(103)
Cash flows from financing activities
Repayment of notes— (200)
Proceeds from stock-based compensation plans45 31 
Treasury shares(384)(108)
Repurchase of shares related to stock-based compensation(82)(64)
Dividends(309)(283)
Dividends to noncontrolling interests
(1)— 
Net cash used in financing activities(731)(624)
Effect of exchange rate changes on cash and cash equivalents(34)24 
Increase in cash and cash equivalents505 509 
Cash and cash equivalents, beginning of period2,130 1,769 
Cash and cash equivalents, end of period$2,635 $2,278 
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 March 31, 2023
342.9 $3 $1,068 $13,979 (159.4)$(11,570)$(589)$2,891 $167 $3,058 
Net income377 377 — 377 
Dividends ($0.77 per share)
(143)(143)(1)(144)
Stock-based compensation50 50 50 
Shares issued for stock-based compensation plans at average cost, net6 0.3 11 17 17 
Treasury shares repurchased, inclusive of excise tax
— (0.3)(67)(67)(67)
Currency translation adjustment, net of net investment hedge activity (net of tax of $9 million)
21 21 2 23 
Amortization of actuarial gains and prior service credits (net of tax of $1 million)
(1)(1)(1)
Net realized and unrealized gain on cash flow hedges (net of tax of $1 million)
(1)(1)(1)
Balance at June 30, 2023
342.9 $3 $1,124 $14,213 (159.4)$(11,626)$(570)$3,144 $168 $3,312 
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, 2022
342.9 $3 $1,054 $13,618 (159.7)$(11,513)$(643)$2,519 $170 $2,689 
Net income878 878 — 878 
Dividends ($1.54 per share)
(283)(283)(1)(284)
Stock-based compensation97 97 97 
Shares issued for stock-based compensation plans at average cost, net(27)0.7 (4)(31)(31)
Treasury shares repurchased, inclusive of excise tax— (0.4)(109)(109)(109)
Currency translation adjustment, net of net investment hedge activity (net of tax of $26 million)
74 74 (1)73 
Amortization of actuarial gains and prior service credits (net of tax of $1 million)
(1)(1)(1)
Balance at June 30, 2023342.9 $3 $1,124 $14,213 (159.4)$(11,626)$(570)$3,144 $168 $3,312 
The accompanying notes are an integral part of the consolidated financial statements.
11
MOODY'S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common Stock Capital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		 Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at March 31, 2024
342.9 $3 $1,252 $15,081 (160.3)$(12,153)$(608)$3,575 $160 $3,735 
Net income552 552 1 553 
Dividends ($0.85 per share)
(155)(155)(1)(156)
Stock-based compensation57 57 57 
Shares issued for stock-based compensation plans at average cost, net15 0.2 7 22 22 
Treasury shares repurchased, inclusive of excise tax
(0.7)(264)(264)(264)
Currency translation adjustment, net of net investment hedge activity (net of tax of $11 million)
(7)(7)— (7)
Net actuarial losses (net of tax of $1 million)
(1)(1)(1)
Amortization of actuarial gains and prior service credits
(1)(1)(1)
Balance at June 30, 2024
342.9 $3 $1,324 $15,478 (160.8)$(12,410)$(617)$3,778 $160 $3,938 
    
The accompanying notes are an integral part of the consolidated financial statements.

12
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 income1,129 1,129 1 1,130 
Dividends ($1.70 per share)
(310)(310)(1)(311)
Stock-based compensation111 111 111 
Shares issued for stock-based compensation plans at average cost, net(15)0.6 (22)(37)(37)
Noncontrolling interest resulting from majority acquisition
— 2 2 
Treasury shares repurchased, inclusive of excise tax
— (1.0)(383)(383)(383)
Currency translation adjustment, net of net investment hedge activity (net of tax of $38 million)
(48)(48)— (48)
Net actuarial losses (net of tax of $1 million)
(2)(2)(2)
Amortization of actuarial gains and prior service credits
(1)(1)(1)
Amortization of losses on cash flow hedges
1 1 1 
Balance at June 30, 2024342.9 $3 $1,324 $15,478 (160.8)$(12,410)$(617)$3,778 $160 $3,938 
The accompanying notes are an integral part of the consolidated financial statements.
13
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) decision solutions; ii) research and insights; and iii) data and information, which help companies make better and faster decisions. MA leverages its unique assets and specialized industry knowledge 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 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 reclassification was not material and prior year revenue disclosures have been reclassified to conform to this new presentation, which is disclosed in Note 2.

14
NOTE 2. REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
MA:
Decision Solutions (DS)
Banking$131 $123 $265 $254 
Insurance147 133 291 266 
KYC88 78 175 148 
Total DS366 334 731 668 
Research and Insights (R&I)226 217 448 432 
Data and Information (D&I)210 196 422 384 
Total external revenue802 747 1,601 1,484 
Intersegment revenue4 4 7 7 
Total MA806 751 1,608 1,491 
MIS:
Corporate Finance (CFG)
Investment-grade120 94 267 209 
High-yield85 46 152 78 
Bank loans147 68 302 127 
Other accounts (1)
173 157 333 307 
Total CFG525 365 1,054 721 
Structured Finance (SFG)
Asset-backed securities34 32 67 59 
RMBS25 25 49 50 
CMBS22 14 39 28 
Structured credit50 31 89 63 
Other accounts— — 1 1 
Total SFG131 102 245 201 
Financial Institutions (FIG)
Banking115 97 236 197 
Insurance61 35 120 68 
Managed investments15 10 27 16 
Other accounts4 3 7 6 
Total FIG195 145 390 287 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign67 54 126 106 
Project and infrastructure87 73 169 150 
Total PPIF154 127 295 256 
Total ratings revenue1,005 739 1,984 1,465 
MIS Other10 8 18 15 
Total external revenue1,015 747 2,002 1,480 
Intersegment revenue49 46 96 91 
Total MIS1,064 793 2,098 1,571 
Eliminations(53)(50)(103)(98)
Total MCO$1,817 $1,494 $3,603 $2,964 
(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.
15
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$138 $228 $366 $133 $201 $334 
Research and Insights124 102 226 119 98 217 
Data and Information76 134 210 68 128 196 
Total MA338 464 802 320 427 747 
MIS:
Corporate Finance342 183 525 239 126 365 
Structured Finance92 39 131 60 42 102 
Financial Institutions104 91 195 73 72 145 
Public, Project and Infrastructure Finance98 56 154 83 44 127 
Total ratings revenue636 369 1,005 455 284 739 
MIS Other— 10 10 — 8 8 
Total MIS636 379 1,015 455 292 747 
Total MCO$974 $843 $1,817 $775 $719 $1,494 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$276 $455 $731 $265 $403 $668 
Research and Insights246 202 448 237 195 432 
Data and Information153 269 422 135 249 384 
Total MA675 926 1,601 637 847 1,484 
MIS:
Corporate Finance714 340 1,054 485 236 721 
Structured Finance168 77 245 121 80 201 
Financial Institutions202 188 390 136 151 287 
Public, Project and Infrastructure Finance184 111 295 159 97 256 
Total ratings revenue1,268 716 1,984 901 564 1,465 
MIS Other— 18 18 — 15 15 
Total MIS1,268 734 2,002 901 579 1,480 
Total MCO$1,943 $1,660 $3,603 $1,538 $1,426 $2,964 

16
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
MA:
U.S.$338 $320 $675 $637 
Non-U.S.:
EMEA319 298 635 585 
Asia-Pacific82 70 167 148 
Americas63 59 124 114 
Total Non-U.S.464 427 926 847 
Total MA802 747 1,601 1,484 
MIS:
U.S.636 455 1,268 901 
Non-U.S.:
EMEA247 181 473 354 
Asia-Pacific82 75 152 146 
Americas50 36 109 79 
Total Non-U.S.379 292 734 579 
Total MIS1,015 747 2,002 1,480 
Total MCO$1,817 $1,494 $3,603 $2,964 
    
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended June 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$35 $331 $366 $43 $291 $334 
10 %90 %100 %13 %87 %100 %
Research and Insights$3 $223 $226 $3 $214 $217 
1 %99 %100 %1 %99 %100 %
Data and Information$1 $209 $210 $1 $195 $196 
— %100 %100 %1 %99 %100 %
Total MA (1)
$39 $763 $802 $47 $700 $747 
5 %95 %100 %6 %94 %100 %
Corporate Finance$388 $137 $525 $236 $129 $365 
74 %26 %100 %65 %35 %100 %
Structured Finance$76 $55 $131 $48 $54 $102 
58 %42 %100 %47 %53 %100 %
Financial Institutions$115 $80 $195 $73 $72 $145 
59 %41 %100 %50 %50 %100 %
Public, Project and Infrastructure Finance$110 $44 $154 $84 $43 $127 
71 %29 %100 %66 %34 %100 %
MIS Other$3 $7 $10 $2 $6 $8 
30 %70 %100 %25 %75 %100 %
Total MIS$692 $323 $1,015 $443 $304 $747 
68 %32 %100 %59 %41 %100 %
Total Moody's Corporation$731 $1,086 $1,817 $490 $1,004 $1,494 
40 %60 %100 %33 %67 %100 %
17
Six Months Ended June 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$72 $659 $731 $83 $585 $668 
10 %90 %100 %12 %88 %100 %
Research and Insights$7 $441 $448 $8 $424 $432 
2 %98 %100 %2 %98 %100 %
Data and Information$2 $420 $422 $1 $383 $384 
— %100 %100 %— %100 %100 %
Total MA (1)
$81 $1,520 $1,601 $92 $1,392 $1,484 
5 %95 %100 %6 %94 %100 %
Corporate Finance$787 $267 $1,054 $466 $255 $721 
75 %25 %100 %65 %35 %100 %
Structured Finance$135 $110 $245 $94 $107 $201 
55 %45 %100 %47 %53 %100 %
Financial Institutions$237 $153 $390 $143 $144 $287 
61 %39 %100 %50 %50 %100 %
Public, Project and Infrastructure Finance$206 $89 $295 $169 $87 $256 
70 %30 %100 %66 %34 %100 %
MIS Other$4 $14 $18 $3 $12 $15 
22 %78 %100 %20 %80 %100 %
Total MIS$1,369 $633 $2,002 $875 $605 $1,480 
68 %32 %100 %59 %41 %100 %
Total Moody's Corporation$1,450 $2,153 $3,603 $967 $1,997 $2,964 
40 %60 %100 %33 %67 %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 June 30, 2024
Six Months Ended June 30, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$18 $692 $710 $39 $1,369 $1,408 
Revenue recognized over time784 323 1,107 1,562 633 2,195 
Total$802 $1,015 $1,817 $1,601 $2,002 $3,603 
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
MAMISTotalMAMISTotal
Revenue recognized at a point in time$22 $443 $465 $49 $875 $924 
Revenue recognized over time725 304 1,029 1,435 605 2,040 
Total$747 $747 $1,494 $1,484 $1,480 $2,964 
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.
18
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at June 30, 2024 and December 31, 2023:
As of June 30, 2024
As of December 31, 2023
MAMISMAMIS
Unbilled Receivables$139 $466 $119 $415 
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 and six months ended June 30, 2024 and 2023 are as follows:
Three Months Ended June 30, 2024
Three Months Ended June 30, 2023
MAMISTotalMAMISTotal
Balance at March 31,
$1,312 $361 $1,673 $1,288 $360 $1,648 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(529)(117)(646)(592)(116)(708)
Increases due to amounts billable excluding amounts recognized as revenue during the period365 93 458 417 91 508 
Effect of exchange rate changes(2)(1)(3)3 1 4 
Total changes in deferred revenue(166)(25)(191)(172)(24)(196)
Balance at June 30,
$1,146 $336 $1,482 $1,116 $336 $1,452 
Six Months Ended June 30, 2024Six Months Ended June 30, 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(752)(155)(907)(788)(160)(948)
Increases due to amounts billable excluding amounts recognized as revenue during the period803 224 1,027 830 216 1,046 
Effect of exchange rate changes(16)(3)(19)19 2 21 
Total changes in deferred revenue35 66 101 61 58 119 
Balance at June 30,
$1,146 $336 $1,482 $1,116 $336 $1,452 
Deferred revenue - current$1,145 $278 $1,423 $1,115 $270 $1,385 
Deferred revenue - non-current$1 $58 $59 $1 $66 $67 
For the MA segment, the decrease in deferred revenue for the three months ended June 30, 2024 and 2023 was primarily due to the recognition of annual subscription and maintenance billings from December and January. For the six months ended June 30, 2024 and 2023, the increase in deferred revenue is primarily attributable to the high concentration of billings in the first quarter.
For the MIS segment, the change in the deferred revenue balance for all periods presented was primarily related to the significant portion of contract renewals that occur during the first quarter and are generally recognized over a one year period.

19
Remaining performance obligations
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of June 30, 2024 as well as amounts not yet invoiced to customers as of June 30, 2024, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of June 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.6 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 June 30, 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 June 30,
Six Months Ended June 30,
2024202320242023
Stock-based compensation cost$56 $50 $109 $97 
Tax benefit$12 $12 $24 $22 
During the first half of 2024, the Company granted 0.2 million employee stock options, which had a weighted average grant date fair value of $120.42 per share. The Company also granted 0.5 million shares of restricted stock in the first half of 2024, which had a weighted average grant date fair value of $372.33 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 $361.83 per share.
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 June 30, 2024 was $21 million and $328 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 2.7 years, respectively. Additionally, there was $66 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 2.5 years.
20
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Six Months Ended
June 30,
2024
2023
Exercise of stock options:
Proceeds from stock option exercises$34 $21 
Aggregate intrinsic value$43 $44 
Tax benefit realized upon exercise$7 $10 
Number of shares exercised
0.2 0.2 
Vesting of restricted stock:
Fair value of shares vested$176 $147 
Tax benefit realized upon vesting$43 $34 
Number of shares vested0.5 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 23.1% and 23.4% for the three months ended June 30, 2024 and 2023, respectively. Moody’s ETR for the six months ended June 30, 2024 and 2023 was 23.2% and 12.0%, respectively. The increase in the ETR for the six months ended June 30, 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 excess tax benefits from stock-based compensation of $19 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 $5 million, net of federal tax, during the second quarter of 2024 and an increase in its UTPs of $11 million, net of federal tax, during the first six months 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 2022 are currently under examination. The Company’s U.K. tax returns for 2017 through 2022 remain open to examination.
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 future 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:
Six Months Ended June 30,
20242023
Income taxes paid $276 $122 
Effective in 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 II) issued by the OECD. A minimum ETR of 15% applies to multinational companies with consolidated revenue above €750 million. Under the GloBE rules, a company is required to determine a combined ETR for all entities located in a jurisdiction. If the jurisdictional effective 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 impact of the Pillar II global minimum tax rules on our consolidated financial statements and related disclosures. As of June 30, 2024, the Pillar II minimum tax requirement is not expected to have a material impact upon our full-year results of operations or financial position.

21
NOTE 5. RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Basic182.3 183.5 182.5 183.4 
Dilutive effect of shares issuable under stock-based compensation plans0.7 0.6 0.7 0.7 
Diluted183.0 184.1 183.2 184.1 
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 0.4 0.4 0.5 
    
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 June 30, 2024 and 2023.

NOTE 6. CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of June 30, 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)
$1,597 $— $1,597 $1,533 $63 $1 
Mutual funds$97 $10 $107 $— $— $107 
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 June 30, 2024 and December 31, 2023. The remaining contractual maturities for the certificates of deposits classified in other assets are 14 months at both June 30, 2024 and 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 COLI. As of June 30, 2024 and December 31, 2023, the contract value of the COLI was $48 million and $47 million, respectively.

22
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
June 30, 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 $2,550 
Refer to Note 13 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Interest expense, net$(63)$(71)$(125)$(119)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(24)$(21)$(49)$(39)
Fair value changes on interest rate swapsInterest expense, net$7 $(46)$(22)$— 
Fair value changes on hedged debtInterest expense, net$(7)$46 $22 $— 
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.

23
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:
June 30, 2024
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€965 2.91%$1,014 4.41%
Pay Floating/Receive Floating2,138 Based on ESTR2,250 Based on SOFR
Total€3,103 $3,264 
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 
As of June 30, 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 
2029573 614 
2031481 500 
2032480 500 
Total€3,103 $3,264 
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
June 30,
Three Months Ended
June 30,
Three Months Ended
June 30,
202420232024202320242023
Cross currency swaps$24 $(24)$— $— $11 $14 
Long-term debt8 (4)— — — — 
Total net investment hedges$32 $(28)$— $— $11 $14 
Derivatives in Cash Flow Hedging Relationships
Cross currency swap$— $— $— $1 $— $— 
Interest rate contracts— — — — — — 
Total cash flow hedges$— $— $— $1 $— $— 
Total$32 $(28)$— $1 $11 $14 
24
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)
Six Months Ended
June 30,
Six Months Ended
June 30,
Six Months Ended
June 30,
202420232024202320242023
Cross currency swaps$75 $(63)$— $— $22 $30 
Long-term debt31 (22)— — — — 
Total net investment hedges$106 $(85)$— $— $22 $30 
Derivatives in Cash Flow Hedging Relationships
Cross currency swaps
$— $— $— $1 $— $— 
Interest rate contracts— — (1)(1)— — 
Total cash flow hedges$— $— $(1)$— $— $— 
Total$106 $(85)$(1)$— $22 $30 
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
June 30, 2024December 31, 2023
Net investment hedges
Cross currency swaps$96 $21 
FX forwards29 29 
Long-term debt34 3 
Total net investment hedges$159 $53 
Cash flow hedges
Interest rate contracts$(44)$(45)
Cross currency swaps1 1 
Total cash flow hedges(43)(44)
Total net gain in AOCL$116 $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 October 2024.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
June 30, 2024December 31, 2023
Notional amount of currency pair(1):
SellBuySellBuy
Contracts to sell USD for GBP$544 £428 $513 £407 
Contracts to sell USD for JPY
$25 ¥4,000 $14 ¥2,000 
Contracts to sell USD for CAD
$48 C$65 $147 C$200 
Contracts to sell USD for SGD
$82 S$110 $50 S$67 
Contracts to sell USD for EUR
$— €— $60 €55 
Contracts to sell USD for INR
$23 ₹1,900 $23 ₹1,900 
Contracts to sell USD for AUD
$— 
A$
— $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
25
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 June 30, 2024 and related gains in the three and six months ended June 30, 2024 were not material. The notional amount of the total return swaps as of June 30, 2024 and December 31, 2023 was $62 million and $58 million, respectively.
The following table summarizes the impact to the consolidated statements of operations relating to the gains and losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended June 30,
Six Months Ended
June 30,
2024202320242023
FX forwardsOther non-operating income, net$(5)$10 $(18)$15 
Total return swaps
Operating expense
$1 $— $4 $— 
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 LocationJune 30, 2024December 31, 2023
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$18 $3 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets— 13 
Total assets$18 $16 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$11 $— 
Cross-currency swaps designated as net investment hedgesOther liabilities97 183 
Interest rate swaps designated as fair value hedgesOther liabilities194 183 
Total derivatives designated as accounting hedges302 366 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,339 1,381 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities5 — 
Total liabilities$1,646 $1,747 

26
NOTE 8. GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following table summarizes the activity in goodwill for the periods indicated:
Six Months Ended June 30, 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)
14 — 14 2 — 2 16 — 16 
Foreign currency translation adjustments(79)— (79)(2)— (2)(81)— (81)
Ending balance$5,616 $(12)$5,604 $287 $— $287 $5,903 $(12)$5,891 
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.
27
Acquired intangible assets and related amortization consisted of:
June 30,
2024		December 31,
2023
Customer relationships$2,038 $2,065 
Accumulated amortization(594)(556)
Net customer relationships1,444 1,509 
Software/product technology665 674 
Accumulated amortization(392)(364)
Net software/product technology273 310 
Database178 179 
Accumulated amortization(90)(82)
Net database88 97 
Trade names197 199 
Accumulated amortization(78)(72)
Net trade names119 127 
Other (1)
52 52 
Accumulated amortization(46)(46)
Net other6 6 
Total acquired intangible assets, net$1,930 $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
June 30,
Six Months Ended
June 30,
2024202320242023
Amortization expense
$48 $50 $97 $101 

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:
2022 - 2023 Geolocation Restructuring Program
Three months ended June 30,Six months ended June 30,
Cumulative expense incurred
2024202320242023
Employee Termination Costs
$2 $9 $7 $22 $143 
Real Estate Related Costs
— 1 — 2 63 
Other Costs
— — — — 1 
Total Restructuring
$2 $10 $7 $24 $207 

28
Changes to the restructuring liability during the first half of 2024 were as follows:
Balance as of December 31, 2023
$36 
2022 - 2023 Geolocation Restructuring Program:
Cost incurred and adjustments7 
Cash payments
(29)
Balance as of June 30, 2024
$14 
The restructuring liability is primarily comprised of employee termination costs, with an immaterial amount of real estate-related and other costs. As of June 30, 2024, substantially all of the remaining $14 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 June 30, 2024 and December 31, 2023:
Fair Value Measurement as of June 30, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$18 $— $18 
Money market funds/mutual funds
117 117 — 
Total$135 $117 $18 
Liabilities:
Derivatives (1)
$307 $— $307 
Total$307 $— $307 
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.

29
NOTE 11. OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
June 30, 2024December 31, 2023
Other current assets:
Prepaid taxes$83 $115 
Prepaid expenses162 133 
Capitalized costs to obtain and fulfill sales contracts119 116 
Foreign exchange forwards on certain assets and liabilities— 13 
Interest receivable on interest rate and cross currency swaps79 79 
Other46 33 
Total other current assets$489 $489 
Other assets:
Investments in non-consolidated affiliates$523 $521 
Deposits for real-estate leases15 16 
Indemnification assets related to acquisitions115 111 
Mutual funds, certificates of deposit and money market deposit accounts/funds
108 100 
Company owned life insurance (at contract value)48 47 
Capitalized costs to obtain sales contracts
198 196 
Derivative instruments designated as accounting hedges18 3 
Pension and other retirement employee benefits40 41 
Other85 103 
Total other assets$1,150 $1,138 
Accounts payable and accrued liabilities:
Salaries and benefits$140 $130 
Incentive compensation196 345 
Customer credits, advanced payments and advanced billings137 105 
Dividends6 7 
Professional service fees77 46 
Interest accrued on debt
74 83 
Accounts payable57 23 
Income taxes104 108 
Pension and other retirement employee benefits15 15 
Accrued royalties20 24 
Foreign exchange forwards on certain assets and liabilities5 — 
Restructuring liability14 35 
Derivative instruments designated as accounting hedges11 — 
Interest payable on interest rate and cross currency swaps66 67 
Other78 88 
Total accounts payable and accrued liabilities$1,000 $1,076 
30
June 30, 2024December 31, 2023
Other liabilities:
Pension and other retirement employee benefits$191 $190 
Interest accrued on UTPs42 36 
MAKS indemnification provisions19 19 
Income tax liability - non-current portion12 15 
Derivative instruments designated as accounting hedges291 366 
Other63 50 
Total other liabilities$618 $676 
Investments in non-consolidated affiliates:
The following table provides additional detail regarding Moody's investments in non-consolidated affiliates, as included in other assets in the consolidated balance sheets:
June 30, 2024December 31, 2023
Equity method investments (1)
$187 $186 
Investments measured using the measurement alternative (2)
327 327 
Other9 8 
Total investments in non-consolidated affiliates$523 $521 
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Moody's holds various investments accounted for under the equity method, the most significant of which is the Company's minority investment in CCXI. Moody's also holds various investments measured using the measurement alternative, the most significant of which is the Company's minority interest in BitSight.
Earnings from non-consolidated affiliates, which are included within other non-operating income, net, are disclosed within the table below.
Other non-operating income, net:
The following table summarizes the components of other non-operating income, net:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
FX loss (1)
$(4)$(5)$(7)$(31)
Net periodic pension income - non-service and non-interest cost components
8 9 16 18 
Income from investments in non-consolidated affiliates2 1 2 3 
Gain on investments
5 5 8 11 
Other (2)
(4)3 1 12 
Total$7 $13 $20 $13 
(1) The amount for the six months ended June 30, 2023 includes a $23 million loss recorded pursuant to an immaterial out-of-period adjustment relating to the 2022 fiscal year.
(2) The amount for the six months ended June 30, 2023 reflects a benefit of $9 million related to the favorable resolutions of various tax matters.
Charges related to asset abandonment:
Costs of $15 million recorded in the second quarter of 2024 relate to severance incurred pursuant to a reduction in staff due to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings. Additionally, the Company has reduced the estimated useful lives of certain internally developed software and amortizable intangible assets that are associated with the sustainability content offerings for which production is being outsourced. The Company expects to incur approximately $30 million in incremental amortization expense related to the change in estimated useful lives of these assets in the second half of 2024.
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NOTE 12. COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS

The following tables show changes in AOCL by component (net of tax):
Three Months Ended June 30,
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 March 31,
$(57)$(43)$(635)$127 $(608)$(47)$(44)$(626)$128 $(589)
Other comprehensive income/(loss) before reclassifications(1)— (39)32 (8)— — 49 (28)21 
Amounts reclassified from AOCL(1)— — — (1)(1)(1)— — (2)
Other comprehensive income/(loss)(2)— (39)32 (9)(1)(1)49 (28)19 
Balance at June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
Six Months Ended June 30,
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
(2)— (154)106 (50)— — 159 (85)74 
Amounts reclassified from AOCL(1)1 — — — (1)— — — (1)
Other comprehensive (loss)/income
(3)1 (154)106 (50)(1)— 159 (85)73 
Balance at June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)

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NOTE 13. INDEBTEDNESS
The Company’s debt is recorded at its carrying value, 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 value 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:
June 30, 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 $(37)$3 $(4)$562 
1.75% 2015 Senior Notes, due 2027
536 — — (1)535 
3.25% 2017 Senior Notes, due 2028
500 (25)(2)(1)472 
4.25% 2018 Senior Notes, due 2029
400 (39)(1)(2)358 
4.875% 2018 Senior Notes, due 2048
400 (39)(6)(3)352 
0.950% 2019 Senior Notes, due 2030
803 — (2)(3)798 
3.75% 2020 Senior Notes, due 2025
700 (11)— (1)688 
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 (42)(8)(5)445 
4.25% 2022 Senior Notes, due 2032
500 (12)(2)(4)482 
Total debt
$7,239 $(205)$(49)$(44)$6,941 
Current portion(688)
Total long-term debt$6,253 
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 value of the hedged debt.
33
Credit Facility
On May 6, 2024, the Company entered into a five-year senior, unsecured revolving credit facility with the capacity to borrow up to $1.25 billion, which expires in May 2029. The 2024 Credit Facility replaces the Company's $1.25 billion 2021 Credit Facility that was scheduled to mature in December 2026. Further information on the key terms of these revolving credit facilities is below:
June 30, 2024December 31, 2023
Issue DateCapacityMaturityDrawnUndrawnDrawnUndrawn
2021 Credit FacilityDecember 17, 2021$1,250 
December 17, 2026 (Terminated in 2024)
$— $— $— $1,250 
2024 Credit Facility
May 6, 2024$1,250 May 6, 2029$— $1,250 $— $— 
Interest on borrowings under the 2024 Credit Facility is payable at rates that are based on an adjusted term SOFR Rate plus a premium that can range from 80.5 BPS to 122.5 BPS, depending on the Company’s index debt ratings, as set forth in the 2024 Credit Facility. The Company also has the option to choose other rates, such as those based on adjusted Daily Simple SOFR or an alternate base rate, as set forth in the 2024 Credit Facility. Regardless of borrowing activity under the 2024 Credit Facility, the Company pays quarterly fees for the 2024 Credit Facility that can range from 7 BPS of the 2024 Credit Facility amount to 15 BPS, depending on the Company’s index debt ratings. The 2024 Credit Facility contains certain customary covenants and also contains a financial covenant that requires the Company to maintain a total debt to EBITDA Ratio of (i) not more than 4 to 1 at the end of any fiscal quarter or (ii) not more than 4.5 to 1 as of the end of the first three consecutive quarters immediately following any acquisition with consideration in excess of $500 million, subject to certain conditions as set forth in the 2024 Credit Facility.
Notes Payable
At June 30, 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 June 30, 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 June 30,)
$— 
2025700 
2026— 
2027536 
2028500 
Thereafter5,503 
Total$7,239 
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
June 30,
Six Months Ended June 30,
2024202320242023
Income$23 $15 $45 $25 
Expense on borrowings(1)
(74)(75)(148)(145)
(Expense) income on UTPs and other tax related liabilities(2)
(5)(4)(9)14 
Net periodic pension costs - interest component(7)(7)(13)(13)
Interest expense, net$(63)$(71)$(125)$(119)
Interest paid(3)
$51 $47 $151 $143 
(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 six months ended June 30, 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.

34
The fair value and carrying value of the Company’s debt as of June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024December 31, 2023
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,941 $6,121 $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.
The following table presents the components of the Company’s lease cost:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Operating lease cost$21 $23 $43 $47 
Sublease income(2)(2)(4)(4)
Variable lease cost6 5 11 10 
Total lease cost$25 $26 $50 $53 
The following tables present other information related to the Company’s operating leases:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Cash paid for amounts included in the measurement of operating lease liabilities$29 $30 $59 $60 
Right-of-use assets obtained in exchange for new operating lease liabilities
$1 $19 $5 $24 
June 30, 2024June 30, 2023
Weighted-average remaining lease term
4.1 years4.8 years
Weighted-average discount rate applied to operating leases
3.2 %3.2 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at June 30, 2024:
Year Ending December 31,Operating Leases
2024 (After June 30,)
$60 
2025108 
202689 
202771 
202820 
After 202836 
Total lease payments (undiscounted)384 
Less: Interest22 
Present value of lease liabilities:$362 
Lease liabilities - current$108 
Lease liabilities - noncurrent$254 

35
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 has been conducting similar investigations of the record preservation practices of other NRSROs and other registrants subject to record preservation requirements. MIS has reached an agreement in principle with the SEC Division of Enforcement to resolve the investigation. The agreement, which remains subject to final SEC approval, includes the payment of a $20 million civil monetary penalty. The Company has accrued that amount in its consolidated financial statements. 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 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.
36
Three Months Ended June 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$802 $1,015 $— $1,817 $747 $747 $— $1,494 
Intersegment revenue4 49 (53)— 4 46 (50)— 
Revenue806 1,064 (53)1,817 751 793 (50)1,494 
Operating, SG&A576 392 (53)915 541 350 (50)841 
Adjusted Operating Income$230 $672 $— $902 $210 $443 $— $653 
Add:

Depreciation and
amortization		90 20 — 110 74 19 — 93 
Restructuring1 1 — 2 8 2 — 10 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$775 $550 
Six Months Ended June 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$1,601 $2,002 $— $3,603 $1,484 $1,480 $— $2,964 
Intersegment revenue7 96 (103)— 7 91 (98)— 
Revenue1,608 2,098 (103)3,603 1,491 1,571 (98)2,964 
Operating, SG&A1,140 758 (103)1,795 1,067 686 (98)1,655 
Adjusted Operating Income$468 $1,340 $— $1,808 $424 $885 $— $1,309 
Add:
Depreciation and amortization172 38 — 210 144 37 — 181 
Restructuring3 4 — 7 16 8 — 24 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$1,576 $1,104 
The table below shows cumulative restructuring expense incurred through June 30, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$111 $96 $207 
The 2022 - 2023 Geolocation Restructuring Program is more fully discussed in Note 9.
Consolidated Revenue Information by Geographic Area
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
United States$974 $775 $1,943 $1,538 
Non-U.S.:
EMEA566 479 1,108 939 
Asia-Pacific164 145 319 294 
Americas113 95 233 193 
Total Non-U.S.843 719 1,660 1,426 
Total$1,817 $1,494 $3,603 $2,964 

37
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 73 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) three cloud-based SaaS businesses serving banking, insurance and KYC workflows (Decision Solutions); ii) a premier fixed income and economic research business (Research & Insights); and iii) a data business powered by the world’s largest database on companies and credit (Data & Information).
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. We use our specialized knowledge 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 half 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;
•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;
•Recognized as a 2023 CDP Supplier Engagement leader for the fourth consecutive year, ranking among the top 4% companies assessed for supplier engagement on climate change; and
•Ranked #4 overall and #1 in diversified financial companies on the Forbes 2024 Net Zero Leaders list.
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
38
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 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

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, 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 June 30, 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.


39
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 June 30, 2024 compared with three months ended June 30, 2023
Executive Summary
The following table provides an executive summary of key operating results for the quarter ended June 30, 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.
Three Months Ended
June 30,
Financial measure:20242023% Change Favorable
(Unfavorable)
Insight and Key Drivers of Change Compared to Prior Year
Moody's total revenue$1,817 $1,494 22 %
— reflects revenue growth in both segments
MA external revenue$802 $747 7 %
— sustained demand for insurance and KYC offerings coupled with continued growth from SaaS-based banking solutions; and
— ongoing strong retention and new sales for ratings data feeds and company data applications
MIS external revenue$1,015 $747 36 %
— reflects issuance growth across all LOBs resulting from tightening credit spreads and issuance ahead of potential market volatility later in the year
Total operating and SG&A expenses$915 $841 (9 %)
— higher salaries and benefits reflecting an increase in headcount and annual salary increases in both segments; and
— higher incentive and stock-based compensation aligned with headcount growth and actual/projected financial and operating performance
Depreciation and amortization$110 $93 (18 %)— higher amortization of internally developed software, primarily related to the development of MA SaaS solutions
Restructuring$2 $10 80 %
— relates to the Company's 2022 - 2023 Geolocation Restructuring Program, more fully discussed in Note 9 to the consolidated financial statements
Charges related to asset abandonment
$15 $— NM
— costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, which is more fully discussed in Note 11 to the consolidated financial statements
Total non-operating (expense) income, net$(56)$(58)3 %
— in line with the prior year
Operating margin42.7 %36.8 %590 BPS
— operating margin and Adjusted Operating Margin(1) expansion reflects strong revenue growth, particularly within MIS, outpacing an increase in operating and SG&A expenses
Adjusted Operating Margin(1)
49.6 %43.7 %590 BPS
ETR23.1 %23.4 %30 BPS
— in line with the prior year
Diluted EPS$3.02 $2.05 47 %
— increase reflects growth in operating income and Adjusted Operating Income(1) driven mainly by strong MIS revenue growth
Adjusted Diluted EPS(1)
$3.28 $2.30 43 %
40
Moody's Corporation
Three Months Ended June 30,
% Change Favorable
(Unfavorable)
20242023
Revenue:
United States$974 $775 26 %
Non-U.S.:
EMEA566 479 18 %
Asia-Pacific164 145 13 %
Americas113 95 19 %
Total Non-U.S.843 719 17 %
Total1,817 1,494 22 %
Expenses:
Operating469 426 (10 %)
SG&A446 415 (7 %)
Depreciation and amortization110 93 (18 %)
Restructuring2 10 80 %
Charges related to asset abandonment
15 — NM
Total1,042 944 (10 %)
Operating income$775 $550 41 %
Adjusted Operating Income(1)
$902 $653 38 %
Interest expense, net$(63)$(71)11 %
Other non-operating income, net7 13 (46 %)
Non-operating (expense) income, net$(56)$(58)3 %
Net income attributable to Moody's$552 $377 46 %
Diluted weighted average shares outstanding183.0 184.1 1 %
Diluted EPS attributable to Moody's common shareholders$3.02 $2.05 47 %
Adjusted Diluted EPS(1)
$3.28 $2.30 43 %
Operating margin42.7 %36.8 %
Adjusted Operating Margin(1)
49.6 %43.7 %
ETR
23.1 %23.4 %
The table below shows Moody’s global staffing by geographic area:
June 30,Change
2024
2023(a)
%
MAU.S.2,881 2,963 (3 %)
Non-U.S.5,032 4,673 8 %
Total7,913 7,636 4 %
MISU.S. 1,513 1,427 6 %
Non-U.S. 4,126 3,756 10 %
Total 5,639 5,183 9 %
MSSU.S.727 730 — %
Non-U.S.1,226 1,085 13 %
Total1,953 1,815 8 %
Total MCOU.S.5,121 5,120 — %
Non-U.S.10,384 9,514 9 %
Total15,505 14,634 6 %
(a) Certain reclassifications have been made to 2023 amounts to reflect certain departmental reorganizations and M&A integrations
41
GLOBAL REVENUE
Three months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
1250 1255 1264 1269
Global revenue ⇑ $323 million
U.S. Revenue ⇑ $199 million
Non-U.S. Revenue ⇑ $124 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.
Second Quarter Operating Expense ⇑ $43 million
1511
Compensation expenses of $346 million increased $40 million reflecting:
Non-compensation expenses were generally in line with the prior year
— higher salaries and benefits that reflects hiring and salary increases to support continued growth in the business; and
— higher incentive and stock-based compensation aligned with headcount growth and actual/projected financial and operating performance
42
Second Quarter SG&A Expense ⇑ $31 million
1516
Compensation expenses of $267 million increased $11 million, with the most notable driver reflecting:
Non-compensation expenses of $179 million increased $20 million, with the most notable drivers reflecting:
— higher incentive and stock-based compensation aligned with headcount growth and actual/projected financial and operating performance
— an increase in reserves relating to a regulatory investigation, which is more fully discussed in Note 15 to the consolidated financial statements; and
 — costs to support operating growth
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.
Charges related to asset abandonment
Reflects costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, which is more fully discussed in Note 11 to the consolidated financial statements.
Operating margin 42.7%, ⇑ 590 BPS
Adjusted Operating Margin(1) 49.6%, ⇑ 590 BPS
Operating margin and Adjusted Operating Margin(1) expansion reflects strong revenue growth, particularly in MIS, outpacing an increase in operating and SG&A expenses.
Interest Expense, net ⇓ $8 million
Other non-operating income ⇓ $6 million
Decrease in expense is due to:
Decrease in income is primarily due to:
— higher interest income of $8 million reflecting higher cash balances and interest yields
— an increase of $6 million in certain non-income-based taxes
ETR ⇓ 30 BPS
The ETR was generally in line with the prior year.
Diluted EPS ⇑ $0.97
Adjusted Diluted EPS(1) ⇑ $0.98
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.
43
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 June 30,
% Change Favorable
(Unfavorable)
20242023
Revenue:
Decision Solutions (DS)$366 $334 10 %
Research and Insights (R&I)226 217 4 %
Data and Information (D&I)210 196 7 %
Total external revenue802 747 7 %
Intersegment revenue4 4 — %
Total MA revenue806 751 7 %
Expenses:
Operating and SG&A (external)527 495 (6 %)
Operating and SG&A (intersegment)49 46 (7 %)
Total operating and SG&A576 541 (6 %)
Adjusted Operating Income
$230 $210 10 %
Adjusted Operating Margin
28.5 %28.0 %
Depreciation and amortization90 74 (22 %)
Restructuring1 8 88 %
Charges related to asset abandonment
15 — NM

MOODY'S ANALYTICS REVENUE
Three months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
358 360 369 371
MA: Global revenue ⇑ $55 million
U.S. Revenue ⇑ $18 million
Non-U.S. Revenue ⇑ $37 million
The 7% increase in global MA revenue reflects growth both in the U.S. (6%) and internationally (9%).
–ARR(2) increased 10% reflecting growth across all LOBs.
44
DECISION SOLUTIONS REVENUE
Three months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
748     752753 755
 DS: Global revenue ⇑ $32 million
U.S. Revenue ⇑ $5 million
Non-U.S. Revenue ⇑ $27 million
Global DS revenue for the three months ended June 30, 2024 and 2023 was comprised as follows:
840
Global DS revenue grew 10% compared to the second quarter of 2023 and reflects increases in the U.S. (4%) and internationally (13%).
The most notable drivers of the growth are as follows:
–strong demand resulted in new sales and higher price realization for subscription-based catastrophe and actuarial models, driving the increase in insurance revenue and ARR(2) of 11% and 14%, respectively;
–sustained demand for KYC solutions reflecting increased customer and supplier risk data usage, which drove revenue and ARR(2) growth of 13% and 18%, respectively, for these solutions; and
–growth in SaaS-based banking solutions which enable customers' lending, risk management and finance workflows, resulting in revenue and ARR(2) growth of 7% and 9%, respectively.
The aforementioned factors contributed to overall ARR(2) growth for DS of 13%.
45
RESEARCH AND INSIGHTS REVENUE
Three months ended June 30,
2024-----------------------------------------------------------------------------------2023
___________________________________________________ ________________________________________________
176117621763 1765
R&I: Global revenue ⇑ $9 million
U.S. Revenue ⇑ $5 million
Non-U.S. Revenue ⇑ $4 million
Global R&I revenue increased 4% compared to the second quarter of 2023 and reflects growth in both the U.S. (4%) and internationally (4%). This increase was driven by sales growth from credit and economic research product offerings, which contributed to R&I ARR(2) growth of 6%.

DATA AND INFORMATION REVENUE
Three months ended June 30,
2024-----------------------------------------------------------------------------------2023
________________________________________________________________________________________________________
225122522253 2255
D&I: Global revenue ⇑ $14 million
U.S. Revenue ⇑ $8 million
Non-U.S. Revenue ⇑ $6 million
Global D&I revenue increased 7% compared to the second quarter of 2023 and reflects growth in both the U.S. (12%) and internationally (5%), mainly driven by:
•improved customer retention;
•continued growth in new sales and higher price realization for company data applications; and
•continued strong demand for ratings data feeds.
The aforementioned revenue growth factors also contributed to ARR(2) growth of 10% for D&I.
46
MA: Second Quarter Operating and SG&A Expense ⇑ $32 million
2659
Compensation expenses of $336 million increased $25 million:
Non-compensation expenses of $191 million increased $7 million:
— the growth in salaries and benefits reflects higher headcount and annual salary increases to support business growth; and
— the 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 actual/projected financial and operating performance
MA: Adjusted Operating Margin 28.5% ⇑ 50 BPS
Adjusted Operating Margin expansion for MA is due to the 7% increase in global MA revenue outpacing increases in operating and SG&A expenses of 6%.
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.
Charges related to asset abandonment
Reflects costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, which is more fully discussed in Note 11 to the consolidated financial statements.
47
Moody’s Investors Service
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Three Months Ended
June 30,
% Change Favorable
(Unfavorable)
20242023
Revenue:
Corporate finance (CFG)$525 $365 44 %
Structured finance (SFG)131 102 28 %
Financial institutions (FIG)195 145 34 %
Public, project and infrastructure finance (PPIF)154 127 21 %
Total ratings revenue1,005 739 36 %
MIS Other10 8 25 %
Total external revenue1,015 747 36 %
Intersegment revenue49 46 7 %
Total MIS revenue1,064 793 34 %
Expenses:
Operating and SG&A (external)388 346 (12 %)
Operating and SG&A (intersegment)4 4 — %
Total operating and SG&A392 350 (12 %)
Adjusted Operating Income
$672 $443 52 %
Adjusted Operating Margin
63.2 %55.9 %
Depreciation and amortization20 19 (5 %)
Restructuring1 2 50 %
The following chart presents changes in rated issuance volumes compared to the second 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

48
MOODY'S INVESTORS SERVICE REVENUE
Three months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
620 622 630 632
MIS: Global revenue ⇑ $268 million
U.S. Revenue ⇑ $181 million
Non-U.S. Revenue ⇑ $87 million
The increase in global MIS revenue reflects strong growth across all ratings LOBs.

CFG REVENUE
Three months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
927 929 937 939
CFG: Global revenue ⇑ $160 million
U.S. Revenue ⇑ $103 million
Non-U.S. Revenue ⇑ $57 million
49
Global CFG revenue for the three months ended June 30, 2024 and 2023 was comprised as follows:
1025
* 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 44% reflects growth in both the U.S. (43%) and internationally (45%).
Transaction revenue increased $152 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 (which includes bank loans and speculative-grade bonds), primarily due to refinancing activity, which was supported by tightening credit spreads and opportunistic issuance ahead of potential market volatility later in the year; and
–higher investment grade rated issuance activity supported by several large M&A-related deals.
SFG REVENUE
Three months ended June 30,
2024---------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
1968 1973 1982 1987
SFG: Global revenue ⇑ $29 million
U.S. Revenue ⇑ $32 million
Non-U.S. Revenue ⇓ $3 million

50
Global SFG revenue for the three months ended June 30, 2024 and 2023 was comprised as follows:
2074
The increase in SFG revenue of 28% reflects growth in the U.S. (53%), slightly offset by a decline in international revenue (7%).
Transaction revenue increased $28 million compared to the second quarter of 2023, mainly attributable to:
–new deal formation, supported by strong bank loan issuance, coupled with refinancing activity from CLOs; and
–strong issuance activity in CMBS, supported by tighter spreads and strong investor demand.

FIG REVENUE
Three months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
2658 2663 2672 2677
FIG: Global revenue ⇑ $50 million
U.S. Revenue ⇑ $31 million
Non-U.S. Revenue ⇑ $19 million
Global FIG revenue for the three months ended June 30, 2024 and 2023 was comprised as follows:
2763
51
The increase in FIG revenue of 34% reflects growth in both the U.S. (42%) and internationally (26%).
Transaction revenue increased $42 million compared to the second quarter of 2023, mainly due to growth in the insurance and banking sectors, which was primarily attributable to a favorable issuance mix from infrequent issuer activity.

PPIF REVENUE
Three months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
3317 3322 3330 3335
PPIF: Global revenue ⇑ $27 million
U.S. Revenue ⇑ $15 million
Non-U.S. Revenue ⇑ 12 million
Global PPIF revenue for the three months ended June 30, 2024 and 2023 was comprised as follows:
3422

The increase in PPIF revenue of 21% reflects growth in both the U.S. (18%) and internationally (27%).
Transaction revenue increased $26 million compared to the second quarter of 2023 primarily due to:
–increased issuance from U.S. Public Finance issuers, reflecting refunding activity in the state and local government and healthcare and higher education sectors; and
–higher Project Finance issuance in the U.S. and Canada supported by continued market improvement, tightening spreads and opportunistic issuance.
52
MIS: Second Quarter Operating and SG&A Expense ⇑ $42 million
3734
Compensation expenses of $277 million increased $27 million:
Non-compensation expenses of $111 million increased $15 million:
— the increase in incentive and stock-based compensation is driven by higher headcount and actual/projected financial and operating performance; and
— the increase is mostly attributable to an increase in reserves relating to a regulatory investigation, which is more fully discussed in Note 15 to the consolidated financial statements
— the growth in salaries and benefits reflects higher headcount and annual salary increases
MIS: Adjusted Operating Margin 63.2% ⇑ 730 BPS
The MIS Adjusted Operating Margin expansion primarily reflects the aforementioned 36% 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.
53
Six months ended June 30, 2024 compared with six months ended June 30, 2023
Executive Summary
The following table provides an executive summary of key operating results for the six months ended June 30, 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.
Six Months Ended June 30,
Financial measure:20242023% Change Favorable (Unfavorable)Insight and Key Drivers of Change Compared to Prior Year
Moody's total revenue$3,603 $2,964 22 %
— reflects revenue growth in both segments
MA external revenue$1,601 $1,484 8 %
— sustained demand for KYC solutions coupled with continued growth from insurance offerings and SaaS-based banking solutions; and
— ongoing strong retention and new sales for ratings data feeds and company data applications
MIS external revenue$2,002 $1,480 35 %
— reflects issuance growth across all LOBs resulting from tightening credit spreads and issuance ahead of potential market volatility later in the year
Total operating and SG&A expenses$1,795 $1,655 (8 %)
— higher salaries and benefits reflecting an increase in headcount and annual salary increases in both segments; and
— higher incentive and stock-based compensation aligned with headcount growth and actual/projected financial and operating performance
Depreciation and amortization$210 $181 (16 %)— higher amortization of internally developed software, primarily related to the development of MA SaaS solutions
Restructuring$7 $24 71 %
— relates to the Company's 2022 - 2023 Geolocation Restructuring Program, more fully discussed in Note 9 to the consolidated financial statements
Charges related to asset abandonment
$15 $— NM
— costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, which is more fully discussed in Note 11 to the consolidated financial statements
Total non-operating (expense) income, net$(105)$(106)1 %
In line with the prior year with the following key offsetting drivers:
— a net decrease of $24 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:
— an increase in tax-related interest expense of $23 million mainly due to a reduction in tax-related interest accruals in the prior year related to the favorable resolution of tax matters
Operating margin43.7 %37.2 %650 BPS
— operating margin and Adjusted Operating Margin(1) expansion reflects strong revenue growth, particularly in MIS, outpacing operating and SG&A expense growth
Adjusted Operating Margin(1)
50.2 %44.2 %600 BPS
ETR23.2 %12.0 %(1120 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$6.16 $4.77 29 %
— increase reflects growth in operating income/Adjusted Operating Income(1) driven mainly by increases in MIS revenue, 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)
$6.65 $5.29 26 %
54
Moody’s Corporation
Six Months Ended June 30,% Change Favorable
(Unfavorable)
20242023
Revenue:
United States$1,943 $1,538 26 %
Non-U.S.:
EMEA1,108 939 18 %
Asia-Pacific319 294 9 %
Americas233 193 21 %
Total Non-U.S.1,660 1,426 16 %
Total3,603 2,964 22 %
Expenses:
Operating936 854 (10 %)
SG&A859 801 (7 %)
Depreciation and amortization210 181 (16 %)
Restructuring7 24 71 %
Charges related to asset abandonment
15 — NM
Total2,027 1,860 (9 %)
Operating income1,576 1,104 43 %
Adjusted Operating Income (1)
1,808 1,309 38 %
Interest expense, net(125)(119)(5 %)
Other non-operating income, net20 13 54 %
Non-operating (expense) income, net(105)(106)1 %
Net income attributable to Moody’s$1,129 $878 29 %
Diluted weighted average shares outstanding183.2 184.1 — %
Diluted EPS attributable to Moody’s common shareholders$6.16 $4.77 29 %
Adjusted Diluted EPS (1)
$6.65 $5.29 26 %
Operating margin43.7 %37.2 %
Adjusted Operating Margin (1)
50.2 %44.2 %
Effective tax rate23.2 %12.0 %
GLOBAL REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
563 568 577 579
55
Global revenue ⇑ $639 million
U.S. Revenue ⇑ $405 million
Non-U.S. Revenue ⇑ $234 million
Growth in global revenue reflected increases 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.
YTD Operating Expense ⇑ $82 million
1099511630035
Compensation expenses of $692 million increased $73 million, with the most notable drivers reflecting:
Non-compensation expenses of $244 million increased $9 million, with the most notable driver reflecting:
— higher salaries and benefits reflecting hiring and salary increases to support continued growth in the business; and
— costs to support operating growth, including investments to support technology, innovation and product development
— higher incentive and stock-based compensation aligned with headcount growth and actual/projected financial and operating performance
YTD SG&A Expense ⇑ $58 million
1099511630085
Compensation expenses of $530 million increased $27 million, with the most notable drivers reflecting:
Non-compensation expenses of $329 million increased $31 million, with the most notable drivers reflecting:
— higher salaries and benefits reflecting an increase in headcount and annual salary increases; and
— an increase in reserves relating to a regulatory investigation, which is more fully discussed in Note 15 to the consolidated financial statements; and
— higher incentive and stock-based compensation aligned with headcount growth and actual/projected financial and operating performance
— increases in costs to support operating growth

56

Depreciation and amortization
The increase in depreciation and amortization expense is driven by amortization of internally developed software, which is primarily related to the development of MA SaaS solutions.
Restructuring
The restructuring charge in both periods relates to the Company's 2022 - 2023 Geolocation Restructuring Program, as more fully discussed in Note 9 to the consolidated financial statements.
Charges related to asset abandonment
Reflects costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, which is more fully discussed in Note 11 to the consolidated financial statements.
Operating margin 43.7%, ⇑ 650 BPS
Adjusted Operating Margin(1) 50.2%, ⇑ 600 BPS
Increases in both Operating margin and Adjusted Operating Margin(1) is due to strong revenue growth, particularly within MIS, partially offset by an increase in operating and SG&A expenses.
Interest Expense, net ⇑ $6 million
Other non-operating income ⇑ $7 million
Increase in expense is primarily due to:Increase in income is primarily due to:
— an increase of $23 million in tax-related interest mainly reflecting the favorable resolution of tax matters in the prior year; partially offset by
— a $24 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 $20 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; and
— an increase of $6 million in certain non-income based taxes
ETR ⇑ 1,120 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 ⇑ $1.39
Adjusted Diluted EPS(1) ⇑ $1.36
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.
57
Moody’s Analytics
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Six Months Ended June 30,% Change Favorable
(Unfavorable)
20242023
Revenue:
Decision Solutions (DS)$731 $668 9 %
Research and Insights (R&I)448 432 4 %
Data and Information (D&I)422 384 10 %
Total external revenue1,601 1,484 8 %
Intersegment revenue7 7 — %
Total MA Revenue1,608 1,491 8 %
Expenses:
Operating and SG&A (external)1,044 976 (7 %)
Operating and SG&A (intersegment)96 91 (5 %)
Total operating and SG&A expense1,140 1,067 (7 %)
Adjusted Operating Income
$468 $424 10 %
Adjusted Operating Margin
29.1 %28.4 %
Depreciation and amortization172 144 (19 %)
Restructuring3 16 81 %
Charges related to asset abandonment
15 — NM
MOODY'S ANALYTICS REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
357 359 368 370
MA: Global revenue ⇑ $117 million
U.S. Revenue ⇑ $38 million
Non-U.S. Revenue ⇑ $79 million
The 8% increase in global MA revenue reflects growth both in the U.S. (6%) and internationally (9%) across all LOBs.
–ARR(2) grew 10% reflecting increases across all LOBs.
.
58
DECISION SOLUTIONS REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
774     778779 781
DS: Global revenue ⇑ $63 million
U.S. Revenue ⇑ $11 million
Non-U.S. Revenue ⇑ $52 million
Global DS revenue for the six months ended June 30, 2024 and 2023 was comprised as follows:
865
Global DS revenue grew 9% compared to the first half of 2023 and reflects increases in both the U.S. (4%) and internationally (13%).
The most notable drivers of the growth are as follows:
–sustained demand for KYC and compliance solutions reflecting increased customer and supplier risk data usage, which drove both revenue and ARR(2) growth of 18%;
–higher demand for subscription-based revenue for catastrophe and actuarial modeling tools supported insurance growth resulting in insurance revenue and ARR(2) growth of 9% and 14%, respectively; and
–growth across SaaS-based banking offerings which enable customers' lending, risk management, and finance workflows, resulting in revenue and ARR(2) growth of 4% and 9%, respectively.
The aforementioned factors also contributed to overall ARR(2) growth for DS of 13%.
59
RESEARCH AND INSIGHTS REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
203820392040 2042
R&I: Global revenue ⇑ $16 million
U.S. Revenue ⇑ $9 million
Non-U.S. Revenue ⇑ $7 million
Global R&I revenue increased 4% compared to the first half of 2023 and reflects growth in both the U.S. (4%) and internationally (4%). This increase was attributable to sales growth for credit and economic research product offerings, which contributed to ARR(2) growth of 6%.
DATA AND INFORMATION REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
254625472548 2550
D&I: Global revenue ⇑ $38 million
U.S. Revenue ⇑ $18 million
Non-U.S. Revenue ⇑ $20 million
Global D&I revenue increased 10% compared to the first half of 2023 and reflects growth in both the U.S. (13%) and internationally (8%), mainly driven by:
•improved customer retention;
•continued growth in new sales and higher price realization for company data applications; and
•continued strong demand for ratings data feeds.
The aforementioned factors also contributed to ARR(2) growth of 10% for D&I.
60
MA: YTD Operating and SG&A Expense ⇑ $68 million
1099511631622
Compensation expenses of $673 million increased $56 million:
Non-compensation expenses of $371 million increased $12 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 actual/projected financial and operating performance
MA: Adjusted Operating Margin 29.1% ⇑ 70 BPS
The Adjusted Operating Margin expansion for MA is primarily due to the 8% increase in global MA revenue outpacing operating and SG&A expense growth 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 restructuring charges in both periods relate to the Company's 2022 - 2023 Geolocation Restructuring Program as more fully discussed in Note 9 to the consolidated financial statements.
Charges related to asset abandonment
Reflects costs related to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings, which is more fully discussed in Note 11 to the consolidated financial statements.
61
Moody’s Investors Service
The table below provides a summary of revenue and operating results, followed by further insight and commentary:
Six Months Ended June 30,% Change Favorable
(Unfavorable)
20242023
Revenue:
Corporate finance (CFG)$1,054 $721 46 %
Structured finance (SFG)245 201 22 %
Financial institutions (FIG)390 287 36 %
Public, project and infrastructure finance (PPIF)295 256 15 %
Total ratings revenue1,984 1,465 35 %
MIS Other18 15 20 %
Total external revenue2,002 1,480 35 %
Intersegment royalty96 91 5 %
Total2,098 1,571 34 %
Expenses:
Operating and SG&A (external)751 679 (11 %)
Operating and SG&A (intersegment)7 7 — %
Total operating and SG&A expense758 686 (10 %)
Adjusted Operating Income
$1,340 $885 51 %
Adjusted Operating Margin
63.9 %56.3 %
Depreciation and amortization38 37 (3 %)
Restructuring4 8 50 %
The following chart presents changes in rated issuance volumes compared to the first half 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
62
MOODY'S INVESTORS SERVICE REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
619 621 629 631
MIS: Global revenue ⇑ $522 million
U.S. Revenue ⇑ $367 million
Non-U.S. Revenue ⇑ $155 million
The increase in global MIS revenue reflects strong growth across all LOBs.
CFG REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
1004 1006 1014 1016
CFG: Global revenue ⇑ $333 million
U.S. Revenue ⇑ 229 million
Non-U.S. Revenue ⇑ $104 million
Global CFG revenue for the six months ended June 30, 2024 and 2023 was comprised as follows:
1083
* 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.
63
The increase in CFG revenue of 46% reflects growth in both the U.S (47%) and internationally (44%).
Transaction revenue increased $321 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 (which includes bank loans and speculative-grade bonds), primarily due to refinancing activity, which was supported by tightening credit spreads and opportunistic issuance ahead of potential market volatility later in the year; and
–higher investment grade rated issuance activity supported by several large M&A-related deals.
SFG REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
2187 2189 21982199
SFG: Global revenue ⇑ $44 million
U.S. Revenue ⇑ $47 million
Non-U.S. Revenue ⇓ $3 million
Global SFG revenue for the six months ended June 30, 2024 and 2023 was comprised as follows:
2266
The increase in SFG revenue of 22% reflects growth in the U.S. (39%), partially offset by modest declines in international revenue (4%).
Transaction revenue increased $41 million compared to the first half of 2023, mainly attributable to:
–higher CLO issuance, with new deals supported by increased bank loan activity, coupled with refinancing activity; and
–increased issuance activity from the CMBS and ABS asset classes, reflecting tightening credit spreads and strong investor demand, including from first time issuers.

64
FIG REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
_______________________________________________________________________________________________________
2877 2879 2888 2890
FIG: Global revenue ⇑ $103 million
U.S. Revenue ⇑ $66 million
Non-U.S. Revenue ⇑ $37 million
Global FIG revenue for the six months ended June 30, 2024 and 2023 was comprised as follows:
2957
The increase in FIG revenue of 36% reflects growth in both the U.S. (49%) and internationally (25%).
Transaction revenue increased $94 million compared to the same period in the prior year, primarily driven by growth in the insurance and banking sectors, which was mainly attributable to a favorable issuance mix from infrequent issuer activity.













65
PPIF REVENUE
Six months ended June 30,
2024-----------------------------------------------------------------------------------2023
______________________________________________________________________________________________________
3637 3639 3648 3650

PPIF: Global revenue ⇑ $39 million
U.S. Revenue ⇑ $25 million
Non-U.S. Revenue ⇑ $14 million
Global PPIF revenue for the six months ended June 30, 2024 and 2023 was comprised as follows:
3718
The 15% increase in PPIF revenue reflected increases in both the U.S. (16%) and internationally (14%).
Transaction revenue increased $37 million compared to the same period in the prior year, primarily due to:
–higher issuance from U.S. Public Finance issuers, reflecting increased activity in the state and local government and higher education and housing sectors; and
–higher Project Finance activity in the U.S. and Canada supported by continued market improvement.
66
MIS: YTD Operating and SG&A Expense ⇑ $72 million
1099511636324
Compensation expenses of $549 million increased $45 million with the most notable drivers of the growth reflecting:
Non-compensation expenses of $202 million increased $27 million with the most notable drivers of the growth reflecting:
— an increase in incentive and stock-based compensation driven by higher headcount and actual/projected financial and operating performance; and
— an increase in reserves relating to a regulatory investigation, which is more fully discussed in Note 15 to the consolidated financial statements; and
— growth in salaries and benefits reflecting higher headcount and annual salary increases
— an increase in costs to support operating growth, including investments to support technology and innovation
Adjusted Operating Margin of 63.9% ⇑ 760 BPS
The MIS Adjusted Operating Margin expansion primarily reflected the aforementioned 35% increase in revenue, partially offset by growth of 11% in operating and SG&A expenses.
Restructuring Charges
The amounts in both periods reflect charges/adjustments related to the Company's 2022 - 2023 Geolocation Restructuring Program as more fully discussed in Note 9 to the consolidated financial statements.
LIQUIDITY AND CAPITAL RESOURCES
Moody's remains committed to using its cash flow to create value for shareholders by both investing in the Company's employees and growing the business through targeted organic initiatives and inorganic acquisitions aligned with strategic priorities. Additional excess capital is returned to the Company’s shareholders via a combination of dividends and share repurchases.
Cash Flow
The Company is currently financing its operations, capital expenditures and share repurchases from operating and financing cash flows.
The following is a summary of the changes in the Company’s cash flows followed by a brief discussion of these changes:
Six Months Ended June 30,$ Change
Favorable (Unfavorable)
20242023
Net cash provided by operating activities$1,461 $1,212 $249 
Net cash used in investing activities$(191)$(103)$(88)
Net cash used in financing activities$(731)$(624)$(107)
Free Cash Flow (1)
$1,290 $1,085 $205 
(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.
67
Net cash provided by operating activities
Net cash flows from operating activities in the six months ended June 30, 2024 increased by $249 million compared to the same period in 2023, with the most notable drivers reflecting:
–growth in operating income of $472 million;
partially offset by:
–$154 million in higher income tax payments in the current year; and
–various changes in working capital.
Net cash used in investing activities
The $88 million increase in cash used in investing activities in the six months ended June 30, 2024 compared to the same period in 2023 was primarily due to:
–higher cash paid for capital additions of $44 million compared to the prior year reflecting both costs to support investments in company-wide technology infrastructure coupled with costs related to the development of SaaS-based solutions in MA; and
–higher net purchases of investments in 2024 of $34 million.
Net cash used in financing activities
The $107 million increase in cash used in financing activities in the six months ended June 30, 2024 compared to the same period in the prior year was primarily attributed to:
– higher cash paid in 2024 for treasury share repurchases of $276 million;
partially offset by:
– a $200 million repayment of notes payable in the second quarter of 2023.
Cash and cash equivalents and short-term investments
The Company’s aggregate cash and cash equivalents and short-term investments of $2.7 billion at June 30, 2024 included approximately $1.9 billion located outside of the U.S. Approximately 39% 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 June 30, 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 2024 Facility.
The repayment schedule for the Company’s borrowings outstanding at June 30, 2024 is as follows:
435 
68
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.
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 June 30, 2024, these purchase obligations totaled $683 million, of which approximately 40% 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 $384 million at June 30, 2024, primarily related to real estate leases, of which $117 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 June 30, 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 July 22, 2024, the Board approved the declaration of a quarterly dividend of $0.85 per share for Moody’s common stock, payable September 6, 2024 to shareholders of record at the close of business on August 16, 2024. The continued payment of dividends at this rate, or at all, is subject to the discretion of the Board.
On February 5, 2024, the Board approved an additional $1 billion in share repurchase authority. At June 30, 2024, the Company had approximately $975 million of remaining authority. There is no established expiration date for the remaining authorization.
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; ii) restructuring charges/adjustments; and iii) charges related to an asset abandonment. 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 and charges related to asset abandonment 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.
69
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Operating income$775 $550 $1,576 $1,104 
Adjustments:
Depreciation and amortization110 93 210 181 
Restructuring2 10 7 24 
Charges related to asset abandonment15 — 15 — 
Adjusted Operating Income$902 $653 $1,808 $1,309 
Operating margin42.7 %36.8 %43.7 %37.2 %
Adjusted Operating Margin49.6 %43.7 %50.2 %44.2 %
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; ii) restructuring charges/adjustments; and iii) charges related to asset abandonment.
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 and charges related to asset abandonment 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.
70
Three Months Ended June 30,
Six Months Ended June 30,
Amounts in millions
2024202320242023
Net Income attributable to Moody's common shareholders
$552 $377 $1,129 $878 
Pre-tax Acquisition-Related Intangible Amortization Expenses
$48 $50 $97 $101 
Tax on Acquisition-Related Intangible Amortization Expenses(12)(12)(24)(24)
Net Acquisition-Related Intangible Amortization Expenses

36 

38 

73 

77 
Pre-tax restructuring
$2 $10 $7 $24 
Tax on restructuring
(1)(2)(2)(6)
Net restructuring
1 8 5 18 
Pre-tax charges related to asset abandonment
$15 $— $15 $— 
Tax on charges related to asset abandonment
(4)— (4)— 
Net charges related to asset abandonment
11 — 11 — 
Adjusted Net Income

$600 

$423 

$1,218 

$973 
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Diluted earnings per share attributable to Moody's common shareholders$3.02 $2.05 $6.16 $4.77 
Pre-tax Acquisition-Related Intangible Amortization Expenses
$0.26 $0.27 $0.53 $0.55 
Tax on Acquisition-Related Intangible Amortization Expenses(0.07)(0.06)(0.13)(0.13)
Net Acquisition-Related Intangible Amortization Expenses0.19 0.21 0.40 0.42 
Pre-tax restructuring
$0.01 $0.05 $0.04 $0.13 
Tax on restructuring
— (0.01)(0.01)(0.03)
Net restructuring
0.01 0.04 0.03 0.10 
Pre-tax charges related to asset abandonment
$0.08 $— $0.08 $— 
Tax on charges related to asset abandonment
(0.02)— (0.02)— 
Net charges related to asset abandonment
0.06 — 0.06 — 
Adjusted Diluted EPS$3.28 $2.30 $6.65 $5.29 
    
Note: the tax impacts in the table above were calculated using tax rates in effect in the jurisdiction for which the item relates.
71
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:
Six Months Ended June 30,
20242023
Net cash provided by operating activities$1,461 $1,212 
Capital additions(171)(127)
Free Cash Flow$1,290 $1,085 
Net cash used in investing activities$(191)$(103)
Net cash used in financing activities$(731)$(624)

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 millionsJune 30, 2024June 30, 2023ChangeGrowth
MA ARR
Decision Solutions
Banking$428 $392 $36 9%
Insurance569 500 69 14%
KYC352 298 54 18%
Total Decision Solutions
$1,349 $1,190 $159 13%
Research and Insights902 850 52 6%
Data and Information854 773 81 10%
Total MA ARR$3,105 $2,813 $292 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 38 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;
73
•failures or malfunctions of our operations and infrastructure;
•any vulnerabilities to cyber threats or other cybersecurity concerns;
•the timing and effectiveness of any restructuring programs;
•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 significant changes to the Company's market risk during the six months ended June 30, 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 June 30, 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.
74
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 June 30, 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)
April 1- 30263,932 $384.68 261,485 $1,138  million
May 1- 31192,057 $394.81 188,051 $1,064  million
June 1- 30218,251 $410.84 218,200 $975  million
Total674,240 $396.08 667,736 
(1) Includes surrender to the Company of 2,447; 4,006; and 51 shares of common stock in April, May, and June, 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 5, 2024, the Board of Directors authorized $1 billion in share repurchase authority. At June 30, 2024 there was approximately $975 million of share repurchase authority remaining. There is no established expiration date for the remaining authorization.
During the second quarter of 2024, Moody’s issued a net 100,000 shares under employee stock-based compensation plans.
Item 5. Other Information
Not applicable.

75
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
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
76
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)
Date: July 24, 2024
77

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