MOODYS CORP /DE/, 10-Q filed on 10/23/2024
Quarterly Report
v3.24.3
Cover Page
shares in Millions
 9 Months Ended
Sep. 30, 2024
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2024
Document Transition Report false
Entity File Number 1-14037
Entity Registrant Name Moody’s Corporation
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 13-3998945
Entity Address, Address Line One 7 World Trade Center at 250 Greenwich Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10007
City Area Code (212)
Local Phone Number 553-0300
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding (in shares) 181.2
Entity Central Index Key 0001059556
Document Fiscal Period Focus Q3
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
Common Stock, par value $0.01 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MCO
Security Exchange Name NYSE
1.75% Senior Notes Due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.75% Senior Notes Due 2027
Trading Symbol MCO 27
Security Exchange Name NYSE
0.950% Senior Notes Due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 0.950% Senior Notes Due 2030
Trading Symbol MCO 30
Security Exchange Name NYSE
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenue $ 1,813 $ 1,472 $ 5,416 $ 4,436
Expenses        
Operating 512 412 1,448 1,266
Selling, general, and administrative 434 403 1,293 1,204
Depreciation and amortization 108 95 318 276
Restructuring 6 27 13 51
Charges related to asset abandonment 15 0 30 0
Total expenses 1,075 937 3,102 2,797
Operating income 738 535 2,314 1,639
Non-operating (expense) income, net        
Interest expense, net (60) (66) (185) (185)
Other non-operating income, net 25 18 45 31
Total non-operating (expense) income, net (35) (48) (140) (154)
Income before provision for income taxes 703 487 2,174 1,485
Provision for income taxes 169 97 510 217
Net Income 534 390 1,664 1,268
Less: Net income attributable to noncontrolling interests 0 1 1 1
Net income attributable to Moody's $ 534 $ 389 $ 1,663 $ 1,267
Earnings per share attributable to Moody's common shareholders        
Basic (in usd per share) $ 2.94 $ 2.12 $ 9.13 $ 6.91
Diluted (in usd per share) $ 2.93 $ 2.11 $ 9.09 $ 6.88
Weighted average number of shares outstanding        
Basic (in shares) 181.7 183.3 182.2 183.4
Diluted (in shares) 182.5 184.0 183.0 184.1
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net Income $ 534 $ 390 $ 1,664 $ 1,268
Foreign Currency Adjustments:        
Foreign currency translation adjustments - Pre Tax 252 (174) 98 (14)
Foreign currency translation adjustments - Tax (3) (2) (3) (4)
Foreign currency translation adjustments - Net of Tax 249 (176) 95 (18)
Net (losses) gains on net investment hedges - Pre Tax (184) 124 (40) 11
Net (losses) gains on net investment hedges - Tax 48 (31) 10 (3)
Net (losses) gains on net investment hedges - Net of Tax (136) 93 (30) 8
Cash Flow Hedges:        
Reclassification of (gains) losses included in net income - Pre Tax 1 1 2 2
Reclassification of (gains) losses included in net income - Tax 0 0 0 (1)
Reclassification of (gains) losses included in net income - Net of Tax 1 1 2 1
Pension and Other Retirement Benefits:        
Amortization of actuarial gains and prior service credits included in net income - Pre Tax 0 (1) (1) (3)
Amortization of actuarial gains and prior service credits included in net income, tax expense (benefit) 0 0 0 1
Amortization of actuarial gains and prior service credits included in net income 0 (1) (1) (2)
Net actuarial (losses) gains - Pre Tax 0 2 (3) 2
Net actuarial (losses) gains - Tax 0 (1) 1 (1)
Net actuarial (losses) gains - Net of Tax 0 1 (2) 1
Total other comprehensive income (loss) - Pre Tax 69 (48) 56 (2)
Total other comprehensive income (loss) - Tax 45 (34) 8 (8)
Total other comprehensive (loss) income - Net of Tax 114 (82) 64 (10)
Comprehensive income     1,728 1,258
Less: comprehensive income attributable to noncontrolling interests     0 (1)
Comprehensive Income Attributable to Moody's $ 648 $ 308 $ 1,728 $ 1,259
v3.24.3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 2,642 $ 2,130
Short-term investments 573 63
Accounts receivable, net of allowance for credit losses of $35 in 2024 and $35 in 2023 1,708 1,659
Other current assets 470 489
Total current assets 5,393 4,341
Property and equipment, net of accumulated depreciation of $1,442 in 2024 and $1,272 in 2023 662 603
Operating lease right-of-use assets 242 277
Goodwill 6,148 5,956
Intangible assets, net 1,970 2,049
Deferred tax assets, net 268 258
Other assets 1,086 1,138
Total assets 15,769 14,622
Current liabilities:    
Accounts payable and accrued liabilities 1,133 1,076
Current portion of operating lease liabilities 109 108
Current portion of long-term debt 693 0
Deferred revenue 1,300 1,316
Total current liabilities 3,235 2,500
Non-current portion of deferred revenue 59 65
Long-term debt 6,876 7,001
Deferred tax liabilities, net 416 402
Uncertain tax positions 209 196
Operating lease liabilities 245 306
Other liabilities 661 676
Total liabilities 11,701 11,146
Contingencies
Shareholders' equity:    
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Capital surplus 1,390 1,228
Retained earnings 15,855 14,659
Treasury stock, at cost; 161,671,601 and 160,430,754 shares of common stock at September 30, 2024 and December 31, 2023, respectively (12,840) (12,005)
Accumulated other comprehensive loss (503) (567)
Total Moody's shareholders' equity 3,905 3,318
Noncontrolling interests 163 158
Total shareholders' equity 4,068 3,476
Total liabilities, noncontrolling interests and shareholders' equity 15,769 14,622
Series Common Stock    
Shareholders' equity:    
Common stock 0 0
Non Series Common Stock    
Shareholders' equity:    
Common stock $ 3 $ 3
v3.24.3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Accounts receivable, allowances $ 35 $ 35
Accumulated depreciation, property and equipment $ 1,442 $ 1,272
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock, shares (in shares) 161,671,601 160,430,754
Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
Non Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 342,902,272 342,902,272
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net Income $ 1,664 $ 1,268
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 318 276
Stock-based compensation 166 143
Deferred income taxes 9 (10)
Asset impairment and abandonment-related charges 15 12
Provision for credit losses on accounts receivable 14 15
Gain on previously held equity method investments (7) 0
Changes in assets and liabilities:    
Accounts receivable (43) 112
Other current assets 25 151
Other assets (1) (31)
Lease obligations (24) (16)
Accounts payable and accrued liabilities 45 (61)
Deferred revenue (51) (35)
Uncertain tax positions and other non-current tax liabilities 12 (114)
Other liabilities 22 (36)
Net cash provided by operating activities 2,164 1,674
Cash flows from investing activities    
Capital additions (243) (198)
Purchases of investments (623) (105)
Sales and maturities of investments 105 115
Purchases of investments in non-consolidated affiliates (4) (3)
Sales of investments in non-consolidated affiliates 0 1
Cash paid for acquisitions, net of cash acquired (110) (3)
Net cash used in investing activities (875) (193)
Cash flows from financing activities    
Repayment of notes 0 (500)
Issuance of notes 496 0
Proceeds from stock-based compensation plans 60 40
Treasury shares (812) (278)
Repurchase of shares related to stock-based compensation (85) (67)
Dividends (465) (424)
Dividends to noncontrolling interests (1) (2)
Debt issuance costs and related fees (5) 0
Net cash used in financing activities (812) (1,231)
Effect of exchange rate changes on cash and cash equivalents 35 (13)
Increase in cash and cash equivalents 512 237
Cash and cash equivalents, beginning of period 2,130 1,769
Cash and cash equivalents, end of period $ 2,642 $ 2,006
v3.24.3
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Total Moody's Shareholders' Equity
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Non- Controlling Interests
Common stock, shares issued beginning balance (in shares) at Dec. 31, 2022     342,900,000          
Treasury stock, common, beginning balance (shares) at Dec. 31, 2022           (159,700,000)    
Beginning Balance at Dec. 31, 2022 $ 2,689 $ 2,519 $ 3 $ 1,054 $ 13,618 $ (11,513) $ (643) $ 170
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 1,268 1,267     1,267     1
Dividends (434) (425)     (425)     (9)
Stock-based compensation 143 143   143        
Shares issued for stock-based compensation plans at average cost, net (24) (24)   (22)   $ (2)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           700,000    
Treasury shares repurchased, inclusive of excise tax (280) (280)   0   $ (280)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (900,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) (10) (9)         (9) (1)
Net actuarial gains (losses) and prior service costs (net of tax) 1 1         1  
Amortization of actuarial gains and prior service credits (2) (2)         (2)  
Amortization of losses on cash flow hedges 1 1         1  
Common stock, shares issued ending balance (in shares) at Sep. 30, 2023     342,900,000          
Treasury stock, common, ending balance (shares) at Sep. 30, 2023           (159,900,000)    
Ending Balance at Sep. 30, 2023 3,352 3,191 $ 3 1,175 14,460 $ (11,795) (652) 161
Common stock, shares issued beginning balance (in shares) at Jun. 30, 2023     342,900,000          
Treasury stock, common, beginning balance (shares) at Jun. 30, 2023           (159,400,000)    
Beginning Balance at Jun. 30, 2023 3,312 3,144 $ 3 1,124 14,213 $ (11,626) (570) 168
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 390 389     389     1
Dividends (150) (142)     (142)     (8)
Stock-based compensation 46 46   46        
Shares issued for stock-based compensation plans at average cost, net 7 7   5   $ 2    
Shares issued for stock-based compensation plans at average cost, net (in shares)           0    
Treasury shares repurchased, inclusive of excise tax (171) (171)   0   $ (171)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (500,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) (83) (83)         (83) 0
Net actuarial gains (losses) and prior service costs (net of tax) 1 1         1  
Amortization of actuarial gains and prior service credits (1) (1)         (1)  
Amortization of losses on cash flow hedges 1 1         1  
Common stock, shares issued ending balance (in shares) at Sep. 30, 2023     342,900,000          
Treasury stock, common, ending balance (shares) at Sep. 30, 2023           (159,900,000)    
Ending Balance at Sep. 30, 2023 $ 3,352 3,191 $ 3 1,175 14,460 $ (11,795) (652) 161
Common stock, shares issued beginning balance (in shares) at Dec. 31, 2023     342,900,000          
Treasury stock, common, beginning balance (shares) at Dec. 31, 2023 (160,430,754)         (160,400,000)    
Beginning Balance at Dec. 31, 2023 $ 3,476 3,318 $ 3 1,228 14,659 $ (12,005) (567) 158
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 1,664 1,663     1,663     1
Dividends (473) (467)     (467)     (6)
Stock-based compensation 169 169   169        
Shares issued for stock-based compensation plans at average cost, net (25) (25)   (7)   $ (18)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           600,000    
Noncontrolling interest resulting from majority acquisition 10 0           10
Treasury shares repurchased, inclusive of excise tax (817) (817)   0   $ (817)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (1,900,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) 65 65         65 0
Net actuarial gains (losses) and prior service costs (net of tax) (2) (2)         (2)  
Amortization of actuarial gains and prior service credits (1) (1)         (1)  
Amortization of losses on cash flow hedges $ 2 2         2  
Common stock, shares issued ending balance (in shares) at Sep. 30, 2024     342,900,000          
Treasury stock, common, ending balance (shares) at Sep. 30, 2024 (161,671,601)         (161,700,000)    
Ending Balance at Sep. 30, 2024 $ 4,068 3,905 $ 3 1,390 15,855 $ (12,840) (503) 163
Common stock, shares issued beginning balance (in shares) at Jun. 30, 2024     342,900,000          
Treasury stock, common, beginning balance (shares) at Jun. 30, 2024           (160,800,000)    
Beginning Balance at Jun. 30, 2024 3,938 3,778 $ 3 1,324 15,478 $ (12,410) (617) 160
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 534 534     534     0
Dividends (162) (157)     (157)     (5)
Stock-based compensation 58 58   58        
Shares issued for stock-based compensation plans at average cost, net 12 12   8   $ 4    
Shares issued for stock-based compensation plans at average cost, net (in shares)           0    
Noncontrolling interest resulting from majority acquisition 8 0           8
Treasury shares repurchased, inclusive of excise tax (434) (434)       $ (434)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (900,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) 113 113         113 0
Net actuarial gains (losses) and prior service costs (net of tax) 0              
Amortization of actuarial gains and prior service credits 0              
Amortization of losses on cash flow hedges $ 1 1         1  
Common stock, shares issued ending balance (in shares) at Sep. 30, 2024     342,900,000          
Treasury stock, common, ending balance (shares) at Sep. 30, 2024 (161,671,601)         (161,700,000)    
Ending Balance at Sep. 30, 2024 $ 4,068 $ 3,905 $ 3 $ 1,390 $ 15,855 $ (12,840) $ (503) $ 163
v3.24.3
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends (in usd per share) $ 0.85 $ 0.77 $ 2.55 $ 2.31
Currency translation adjustment, net of net investment hedge activity, tax expense (benefit) $ (45) $ 33 $ (7) $ 7
Net actuarial gains and prior service cost, tax expense (benefit) 0 (1) 1 (1)
Amortization of actuarial gains and prior service credits included in net income, tax expense (benefit) $ 0 $ 0 $ 0 (1)
Amortization of losses on cash flow hedges - Tax       $ 1
v3.24.3
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION 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 will adopt this ASU in its Form 10-K for the year ended December 31, 2024 and will provide the aforementioned new required disclosures, including further disaggregation of each segment's operating and SG&A expenses.
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.
v3.24.3
REVENUES
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
MA:
Decision Solutions (DS)
Banking$140 $136 $405 $390 
Insurance148 138 439 404 
KYC95 80 270 228 
Total DS383 354 1,114 1,022 
Research and Insights (R&I)235 222 683 654 
Data and Information (D&I)213 200 635 584 
Total external revenue831 776 2,432 2,260 
Intersegment revenue3 3 10 10 
Total MA834 779 2,442 2,270 
MIS:
Corporate Finance (CFG)
Investment-grade149 63 416 272 
High-yield80 38 232 116 
Bank loans120 82 422 209 
Other accounts (1)
166 163 499 470 
Total CFG515 346 1,569 1,067 
Structured Finance (SFG)
Asset-backed securities34 30 101 89 
RMBS24 22 73 72 
CMBS27 17 66 45 
Structured credit49 32 138 95 
Other accounts1 1 2 2 
Total SFG135 102 380 303 
Financial Institutions (FIG)
Banking108 92 344 289 
Insurance46 24 166 92 
Managed investments13 7 40 23 
Other accounts3 3 10 9 
Total FIG170 126 560 413 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign61 49 187 155 
Project and infrastructure93 66 262 216 
Total PPIF154 115 449 371 
Total ratings revenue974 689 2,958 2,154 
MIS Other8 7 26 22 
Total external revenue982 696 2,984 2,176 
Intersegment revenue48 47 144 138 
Total MIS1,030 743 3,128 2,314 
Eliminations(51)(50)(154)(148)
Total MCO$1,813 $1,472 $5,416 $4,436 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$144 $239 $383 $141 $213 $354 
Research and Insights128 107 235 124 98 222 
Data and Information74 139 213 69 131 200 
Total MA346 485 831 334 442 776 
MIS:
Corporate Finance364 151 515 242 104 346 
Structured Finance98 37 135 65 37 102 
Financial Institutions90 80 170 52 74 126 
Public, Project and Infrastructure Finance100 54 154 69 46 115 
Total ratings revenue652 322 974 428 261 689 
MIS Other1 7 8 — 7 7 
Total MIS653 329 982 428 268 696 
Total MCO$999 $814 $1,813 $762 $710 $1,472 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$420 $694 $1,114 $406 $616 $1,022 
Research and Insights374 309 683 361 293 654 
Data and Information227 408 635 204 380 584 
Total MA1,021 1,411 2,432 971 1,289 2,260 
MIS:
Corporate Finance1,078 491 1,569 727 340 1,067 
Structured Finance266 114 380 186 117 303 
Financial Institutions292 268 560 188 225 413 
Public, Project and Infrastructure Finance284 165 449 228 143 371 
Total ratings revenue1,920 1,038 2,958 1,329 825 2,154 
MIS Other1 25 26 — 22 22 
Total MIS1,921 1,063 2,984 1,329 847 2,176 
Total MCO$2,942 $2,474 $5,416 $2,300 $2,136 $4,436 
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
MA:
U.S.$346 $334 $1,021 $971 
Non-U.S.:
EMEA334 310 969 895 
Asia-Pacific84 76 251 224 
Americas67 56 191 170 
Total Non-U.S.485 442 1,411 1,289 
Total MA831 776 2,432 2,260 
MIS:
U.S.653 428 1,921 1,329 
Non-U.S.:
EMEA212 155 685 509 
Asia-Pacific73 67 225 213 
Americas44 46 153 125 
Total Non-U.S.329 268 1,063 847 
Total MIS982 696 2,984 2,176 
Total MCO$1,813 $1,472 $5,416 $4,436 
    
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended September 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$33 $350 $383 $43 $311 $354 
9 %91 %100 %12 %88 %100 %
Research and Insights$4 $231 $235 $4 $218 $222 
2 %98 %100 %2 %98 %100 %
Data and Information$1 $212 $213 $1 $199 $200 
— %100 %100 %1 %99 %100 %
Total MA (1)
$38 $793 $831 $48 $728 $776 
5 %95 %100 %6 %94 %100 %
Corporate Finance$382 $133 $515 $216 $130 $346 
74 %26 %100 %62 %38 %100 %
Structured Finance$78 $57 $135 $49 $53 $102 
58 %42 %100 %48 %52 %100 %
Financial Institutions$92 $78 $170 $52 $74 $126 
54 %46 %100 %41 %59 %100 %
Public, Project and Infrastructure Finance$109 $45 $154 $70 $45 $115 
71 %29 %100 %61 %39 %100 %
MIS Other$2 $6 $8 $2 $5 $7 
25 %75 %100 %29 %71 %100 %
Total MIS$663 $319 $982 $389 $307 $696 
68 %32 %100 %56 %44 %100 %
Total Moody's Corporation$701 $1,112 $1,813 $437 $1,035 $1,472 
39 %61 %100 %30 %70 %100 %
Nine Months Ended September 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$105 $1,009 $1,114 $126 $896 $1,022 
9 %91 %100 %12 %88 %100 %
Research and Insights$11 $672 $683 $12 $642 $654 
2 %98 %100 %2 %98 %100 %
Data and Information$3 $632 $635 $2 $582 $584 
— %100 %100 %— %100 %100 %
Total MA (1)
$119 $2,313 $2,432 $140 $2,120 $2,260 
5 %95 %100 %6 %94 %100 %
Corporate Finance$1,169 $400 $1,569 $682 $385 $1,067 
75 %25 %100 %64 %36 %100 %
Structured Finance$213 $167 $380 $142 $161 $303 
56 %44 %100 %47 %53 %100 %
Financial Institutions$329 $231 $560 $195 $218 $413 
59 %41 %100 %47 %53 %100 %
Public, Project and Infrastructure Finance$315 $134 $449 $240 $131 $371 
70 %30 %100 %65 %35 %100 %
MIS Other$6 $20 $26 $4 $18 $22 
23 %77 %100 %18 %82 %100 %
Total MIS$2,032 $952 $2,984 $1,263 $913 $2,176 
68 %32 %100 %58 %42 %100 %
Total Moody's Corporation$2,151 $3,265 $5,416 $1,403 $3,033 $4,436 
40 %60 %100 %32 %68 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP.
The following table presents the timing of revenue recognition:
Three Months Ended September 30, 2024
Nine Months Ended September 30, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$26 $663 $689 $65 $2,032 $2,097 
Revenue recognized over time805 319 1,124 2,367 952 3,319 
Total$831 $982 $1,813 $2,432 $2,984 $5,416 
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
MAMISTotalMAMISTotal
Revenue recognized at a point in time$24 $389 $413 $73 $1,263 $1,336 
Revenue recognized over time752 307 1,059 2,187 913 3,100 
Total$776 $696 $1,472 $2,260 $2,176 $4,436 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
For certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. In addition, certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at September 30, 2024 and December 31, 2023:
As of September 30, 2024
As of December 31, 2023
MAMISMAMIS
Unbilled Receivables$119 $470 $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 nine months ended September 30, 2024 and 2023 are as follows:
Three Months Ended September 30, 2024
Three Months Ended September 30, 2023
MAMISTotalMAMISTotal
Balance at June 30,
$1,146 $336 $1,482 $1,116 $336 $1,452 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(551)(120)(671)(513)(113)(626)
Increases due to amounts billable excluding amounts recognized as revenue during the period410 92 502 410 82 492 
Increases due to acquisitions during the period5 — 5 — — — 
Effect of exchange rate changes37 4 41 (25)(2)(27)
Total changes in deferred revenue(99)(24)(123)(128)(33)(161)
Balance at September 30,
$1,047 $312 $1,359 $988 $303 $1,291 
Nine Months Ended September 30, 2024Nine Months Ended September 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(950)(197)(1,147)(969)(192)(1,161)
Increases due to amounts billable excluding amounts recognized as revenue during the period860 238 1,098 908 218 1,126 
Increases due to acquisitions during the period5 — 5 — — — 
Effect of exchange rate changes21 1 22 (6)(1)(7)
Total changes in deferred revenue(64)42 (22)(67)25 (42)
Balance at September 30,
$1,047 $312 $1,359 $988 $303 $1,291 
Deferred revenue - current$1,047 $253 $1,300 $986 $240 $1,226 
Deferred revenue - non-current$— $59 $59 $2 $63 $65 
For the MA segment, the decrease in deferred revenue for the three months ended September 30, 2024 and 2023 was primarily due to the recognition of annual subscription and maintenance billings from December and January. For the nine months ended September 30, 2024 and 2023, the decrease in the deferred revenue balance is attributable to recognition of revenues related to the aforementioned December billings being mostly offset by the impact of 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.
Remaining performance obligation
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of September 30, 2024 as well as amounts not yet invoiced to customers as of September 30, 2024, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of September 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.5 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 September 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $97 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.
v3.24.3
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION 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 September 30,
Nine Months Ended September 30,
2024202320242023
Stock-based compensation cost$57 $46 $166 $143 
Tax benefit$12 $10 $36 $32 
During the first nine months 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 nine months of 2024, which had a weighted average grant date fair value of $372.64 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 September 30, 2024 was $16 million and $279 million for unvested stock options and restricted stock, respectively, which is expected to be recognized over a weighted average period of 1.8 years and 2.5 years, respectively. Additionally, there was $67 million of unrecognized stock-based compensation expense relating to the aforementioned non-market-based performance-based awards, which is expected to be recognized over a weighted average period of 2.3 years.
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Nine Months Ended
September 30,
2024
2023
Exercise of stock options:
Proceeds from stock option exercises$44 $26 
Aggregate intrinsic value$60 $48 
Tax benefit realized upon exercise$10 $11 
Number of shares exercised
0.3 0.2 
Vesting of restricted stock:
Fair value of shares vested$183 $154 
Tax benefit realized upon vesting$45 $36 
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 
v3.24.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Moody’s ETR was 24.0% and 19.9% for the three months ended September 30, 2024 and 2023, respectively. Moody’s ETR for the nine months ended September 30, 2024 and 2023 was 23.5% and 14.6%, respectively. The increase in the ETR for the nine months ended September 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 $23 million and a change in tax rate of a non-U.S. tax jurisdiction of $7 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 $2 million, net of federal tax, during the third quarter of 2024 and an increase in its UTPs of $13 million, net of federal tax, during the first nine 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 tax years 2021 through 2023 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:
Nine Months Ended September 30,
20242023
Income taxes paid $391 $213 
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 September 30, 2024, the Pillar II minimum tax requirement is not expected to have a material impact on our full-year results of operations or financial position.
v3.24.3
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Basic181.7 183.3 182.2 183.4 
Dilutive effect of shares issuable under stock-based compensation plans0.8 0.7 0.8 0.7 
Diluted182.5 184.0 183.0 184.1 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.3 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 September 30, 2024 and 2023.
v3.24.3
CASH EQUIVALENTS AND INVESTMENTS
 9 Months Ended
Sep. 30, 2024
Cash and Cash Equivalents [Abstract]  
CASH EQUIVALENTS AND INVESTMENTS CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of September 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)
$1,691 $— $1,691 $1,117 $573 $1 
Mutual funds$101 $11 $112 $— $— $112 
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 September 30, 2024 and December 31, 2023. The remaining contractual maturities for the certificates of deposits classified in other assets are 14 months to 15 months at September 30, 2024 and 14 months at December 31, 2023. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
In addition, the Company invested in COLI. As of September 30, 2024 and December 31, 2023, the contract value of the COLI was $49 million and $47 million, respectively.
v3.24.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 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
September 30, 2024
As of December 31, 2023
Floating Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed500 500 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed300 300 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$2,550 $2,550 
Refer to Note 13 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Interest expense, net$(60)$(66)$(185)$(185)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(25)$(25)$(74)$(64)
Fair value changes on interest rate swapsInterest expense, net$79 $(35)$57 $(35)
Fair value changes on hedged debtInterest expense, net$(79)$35 $(57)$35 
Net investment hedges
Debt designated as net investment hedges
The Company has designated €500 million of the 2015 Senior Notes Due 2027 and €750 million of the 2019 Senior Notes due 2030 as net investment hedges to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. These hedges are designated as accounting hedges under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027 and 2030, respectively, unless terminated early at the discretion of the Company.
Cross currency swaps designated as net investment hedges
The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
September 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 September 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 $3,264 
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
September 30,
Three Months Ended
September 30,
Three Months Ended
September 30,
202420232024202320242023
Cross currency swaps$(95)$63 $— $— $12 $13 
Long-term debt(41)30 — — — — 
Total net investment hedges$(136)$93 $— $— $12 $13 
Derivatives in Cash Flow Hedging Relationships
Cross currency swap$— $— $— $— $— $— 
Interest rate contracts— — (1)(1)— — 
Total cash flow hedges$— $— $(1)$(1)$— $— 
Total$(136)$93 $(1)$(1)$12 $13 
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Nine Months Ended
September 30,
Nine Months Ended
September 30,
Nine Months Ended
September 30,
202420232024202320242023
Cross currency swaps$(20)$— $— $— $34 $43 
Long-term debt(10)8 — — — — 
Total net investment hedges$(30)$8 $— $— $34 $43 
Derivatives in Cash Flow Hedging Relationships
Cross currency swaps
$— $— $— $1 $— $— 
Interest rate contracts— — (2)(2)— — 
Total cash flow hedges$— $— $(2)$(1)$— $— 
Total$(30)$8 $(2)$(1)$34 $43 
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
September 30, 2024December 31, 2023
Net investment hedges
Cross currency swaps$1 $21 
FX forwards29 29 
Long-term debt(7)3 
Total net investment hedges$23 $53 
Cash flow hedges
Interest rate contracts$(43)$(45)
Cross currency swaps1 1 
Total cash flow hedges(42)(44)
Total net gain in AOCL$(19)$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 July 2025.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
September 30, 2024December 31, 2023
Notional amount of currency pair(1):
SellBuySellBuy
Contracts to sell USD for GBP$567 £435 $513 £407 
Contracts to sell USD for JPY
$29 ¥4,000 $14 ¥2,000 
Contracts to sell USD for CAD
$52 C$70 $147 C$200 
Contracts to sell USD for SGD
$69 S$90 $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 EUR for USD
€15 $17 €— $— 
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
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 September 30, 2024 and related gains in the three and nine months ended September 30, 2024 were not material. The notional amount of the total return swaps as of September 30, 2024 and December 31, 2023 was $65 million and $58 million, respectively.
The following table summarizes the impact to the consolidated statements of operations relating to the gains (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 September 30,
Nine Months Ended
September 30,
2024202320242023
FX forwardsOther non-operating income, net$39 $(25)$21 $(10)
Total return swaps
Operating expense
$1 $(2)$5 $(2)
Total return swaps
SG&A expense
$1 $(1)$2 $(1)
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationSeptember 30, 2024December 31, 2023
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$— $3 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets17 13 
Total assets$17 $16 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$6 $— 
Cross-currency swaps designated as net investment hedgesOther liabilities207 183 
Interest rate swaps designated as fair value hedgesOther liabilities120 183 
Total derivatives designated as accounting hedges333 366 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,395 1,381 
Total liabilities$1,728 $1,747 
v3.24.3
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following table summarizes the activity in goodwill for the periods indicated:
Nine Months Ended September 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)
39 — 39 98 — 98 137 — 137 
Foreign currency translation adjustments54 — 54 1 — 1 55 — 55 
Ending balance$5,774 $(12)$5,762 $386 $— $386 $6,160 $(12)$6,148 
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 in 2024 (most notably GCR and Praedicat in the third 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.
Acquired intangible assets and related amortization consisted of:
September 30,
2024		December 31,
2023
Customer relationships$2,109 $2,065 
Accumulated amortization(634)(556)
Net customer relationships1,475 1,509 
Software/product technology691 674 
Accumulated amortization(420)(364)
Net software/product technology271 310 
Database179 179 
Accumulated amortization(97)(82)
Net database82 97 
Trade names207 199 
Accumulated amortization(83)(72)
Net trade names124 127 
Other (1)
66 52 
Accumulated amortization(48)(46)
Net other18 6 
Total acquired intangible assets, net$1,970 $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
September 30,
Nine Months Ended
September 30,
2024202320242023
Amortization expense
$51 $49 $148 $150 
v3.24.3
RESTRUCTURING
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING 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 will 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 $145 million to $155 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 September 30,Nine months ended September 30,
Cumulative expense incurred
2024202320242023
Employee Termination Costs
$6 $17 $13 $39 $149 
Real Estate Related Costs
— 10 — 12 63 
Other Costs
— — — — 1 
Total Restructuring
$6 $27 $13 $51 $213 
The restructuring liability for the aforementioned plan was not material at September 30, 2024.
v3.24.3
FAIR VALUE
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE    
The tables below present information about items that are carried at fair value at September 30, 2024 and December 31, 2023:
Fair Value Measurement as of September 30, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$17 $— $17 
Money market funds/mutual funds
122 122 — 
Total$139 $122 $17 
Liabilities:
Derivatives (1)
$333 $— $333 
Total$333 $— $333 
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.
v3.24.3
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
 9 Months Ended
Sep. 30, 2024
Other Balance Sheet And Statement Of Operations Information [Abstract]  
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
September 30, 2024December 31, 2023
Other current assets:
Prepaid taxes$73 $115 
Prepaid expenses168 133 
Capitalized costs to obtain and fulfill sales contracts118 116 
Foreign exchange forwards on certain assets and liabilities17 13 
Interest receivable on interest rate and cross currency swaps51 79 
Other43 33 
Total other current assets$470 $489 
Other assets:
Investments in non-consolidated affiliates$467 $521 
Deposits for real-estate leases16 16 
Indemnification assets related to acquisitions112 111 
Mutual funds, certificates of deposit and money market deposit accounts/funds
113 100 
Company owned life insurance (at contract value)49 47 
Capitalized costs to obtain sales contracts
202 196 
Derivative instruments designated as accounting hedges— 3 
Pension and other retirement employee benefits41 41 
Other86 103 
Total other assets$1,086 $1,138 
Accounts payable and accrued liabilities:
Salaries and benefits$130 $130 
Incentive compensation321 345 
Customer credits, advanced payments and advanced billings136 105 
Dividends17 7 
Professional service fees56 46 
Interest accrued on debt
52 83 
Accounts payable50 23 
Income taxes156 108 
Pension and other retirement employee benefits15 15 
Accrued royalties18 24 
Restructuring liability12 35 
Derivative instruments designated as accounting hedges6 — 
Interest payable on interest rate and cross currency swaps52 67 
Other112 88 
Total accounts payable and accrued liabilities$1,133 $1,076 
September 30, 2024December 31, 2023
Other liabilities:
Pension and other retirement employee benefits$199 $190 
Interest accrued on UTPs45 36 
MAKS indemnification provisions19 19 
Income tax liability - non-current portion12 15 
Derivative instruments designated as accounting hedges327 366 
Other59 50 
Total other liabilities$661 $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:
September 30, 2024December 31, 2023
Equity method investments (1)
$131 $186 
Investments measured using the measurement alternative (2)
327 327 
Other9 8 
Total investments in non-consolidated affiliates$467 $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 September 30,
Nine Months Ended September 30,
2024202320242023
FX (loss) gain (1)
$— $2 $(7)$(29)
Net periodic pension income - non-service and non-interest cost components
9 8 25 26 
Income from investments in non-consolidated affiliates8 9 10 12 
Gain on previously held equity method investments (2)
7 — 7 — 
Gain on investments
4 — 12 11 
Other (3)
(3)(1)(2)11 
Total$25 $18 $45 $31 
(1) The amount for the nine months ended September 30, 2023 includes a $23 million loss recorded pursuant to an immaterial out-of-period adjustment relating to the 2022 fiscal year.
(2) The amounts for the three and nine months ended September 30, 2024 reflect non-cash gains relating to the step-acquisitions of Praedicat and GCR.
(3) The amount for the nine months ended September 30, 2023 includes a benefit of $9 million related to the favorable resolutions of various tax matters.
Charges related to asset abandonment:
During the nine months ended September 30, 2024, the Company recorded charges related to asset abandonment of $30 million. Costs of $15 million were recorded in the second quarter of 2024 related 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. During the third quarter of 2024,
the Company incurred $15 million in incremental amortization expense related to the change in estimated useful lives of these assets and expects to incur an additional $15 million of incremental amortization expense in the fourth quarter of 2024.
v3.24.3
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables show changes in AOCL by component (net of tax):
Three Months Ended September 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 June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
Other comprehensive income/(loss) before reclassifications— — 249 (136)113 1 — (176)93 (82)
Amounts reclassified from AOCL— 1 — — 1 (1)1 — — — 
Other comprehensive income/(loss)— 1 249 (136)114 — 1 (176)93 (82)
Balance at September 30,
$(59)$(42)$(425)$23 $(503)$(48)$(44)$(753)$193 $(652)
Nine Months Ended September 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)— 95 (30)63 1 — (17)8 (8)
Amounts reclassified from AOCL(1)2 — — 1 (2)1 — — (1)
Other comprehensive (loss)/income
(3)2 95 (30)64 (1)1 (17)8 (9)
Balance at September 30,
$(59)$(42)$(425)$23 $(503)$(48)$(44)$(753)$193 $(652)
v3.24.3
INDEBTEDNESS
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
INDEBTEDNESS 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:
September 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 $(26)$3 $(4)$573 
1.75% 2015 Senior Notes, due 2027
558 — — (1)557 
3.25% 2017 Senior Notes, due 2028
500 (14)(2)(1)483 
4.25% 2018 Senior Notes, due 2029
400 (25)(1)(1)373 
4.875% 2018 Senior Notes, due 2048
400 (29)(6)(3)362 
0.950% 2019 Senior Notes, due 2030
837 — (2)(3)832 
3.75% 2020 Senior Notes, due 2025
700 (6)— (1)693 
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 (21)(8)(5)466 
4.25% 2022 Senior Notes, due 2032
500 (5)(2)(3)490 
5.00% 2024 Senior Notes, due 2034
500 — (4)(5)491 
Total debt
$7,795 $(126)$(53)$(47)$7,569 
Current portion(693)
Total long-term debt$6,876 
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.
Notes Payable
At September 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 September 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 September 30,)
$— 
2025700 
2026— 
2027558 
2028500 
Thereafter6,037 
Total$7,795 
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
September 30,
Nine Months Ended September 30,
2024202320242023
Income$28 $19 $73 $44 
Expense on borrowings(1)
(79)(75)(227)(220)
(Expense) income on UTPs and other tax related liabilities(2)
(3)(4)(12)10 
Net periodic pension costs - interest component(6)(6)(19)(19)
Interest expense, net$(60)$(66)$(185)$(185)
Interest paid(3)
$83 $87 $234 $230 
(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 nine months ended September 30, 2023 includes a $22 million reduction of tax-related interest expense primarily related to the resolutions of tax matters.
(3) Interest paid includes net settlements on interest rate swaps, which are more fully discussed in Note 7.

The fair value and carrying value of the Company’s debt as of September 30, 2024 and December 31, 2023 are as follows:
September 30, 2024December 31, 2023
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$7,569 $7,066 $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.
v3.24.3
LEASES
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
LEASES 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 September 30,
Nine Months Ended September 30,
2024202320242023
Operating lease cost$23 $23 $66 $70 
Sublease income(1)(1)(5)(5)
Variable lease cost5 6 16 16 
Total lease cost$27 $28 $77 $81 
The following tables present other information related to the Company’s operating leases:
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Cash paid for amounts included in the measurement of operating lease liabilities$31 $30 $90 $90 
Right-of-use assets obtained in exchange for new operating lease liabilities
$15 $1 $20 $25 
September 30, 2024September 30, 2023
Weighted-average remaining lease term
4.0 years4.6 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 September 30, 2024:
Year Ending December 31,Operating Leases
2024 (After September 30,)
$30 
2025113 
202693 
202775 
202824 
After 202841 
Total lease payments (undiscounted)376 
Less: Interest22 
Present value of lease liabilities:$354 
Lease liabilities - current$109 
Lease liabilities - noncurrent$245 
v3.24.3
CONTINGENCIES
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES 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. On September 3, 2024, MIS settled charges by the SEC for failure to comply with record preservation requirements applicable to MIS. The settlement followed an investigation relating to certain business communications sent over electronic messaging channels that had not been approved by MIS. The SEC has settled similar charges with other NRSROs and other registrants subject to record preservation requirements. The terms of MIS's settlement included the payment of a $20 million civil monetary penalty. As previously disclosed in the Company's Form 10-Q's this year, the Company had accrued that amount in its consolidated financial statements in prior periods. 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.
v3.24.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MA and MIS and accordingly, the Company reports in two reportable segments: MA and MIS.
Revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. Additionally, revenue for MIS and expenses for MA include intersegment fees charged to MA for the rights to use and distribute content, data and products developed by MIS. These intersegment fees are generally based on the market value of the products and services being transferred between the segments.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are allocated to each segment based on the segment’s share of full-year 2018 actual revenue which comprises a “Baseline Pool” established in 2019, which will remain fixed over time. In subsequent periods, incremental overhead costs (or reductions thereof) will be allocated to each segment based on the prevailing shares of total revenue represented by each segment.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the CODM to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s CODM to assess the profitability of each reportable segment. Refer to Note 2 for further details on the components of the Company’s revenue.
Three Months Ended September 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$831 $982 $— $1,813 $776 $696 $— $1,472 
Intersegment revenue3 48 (51)— 3 47 (50)— 
Revenue834 1,030 (51)1,813 779 743 (50)1,472 
Operating, SG&A581 416 (51)946 517 348 (50)815 
Adjusted Operating Income$253 $614 $— $867 $262 $395 $— $657 
Add:

Depreciation and
amortization		88 20 — 108 76 19 — 95 
Restructuring4 2 — 6 22 5 — 27 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$738 $535 
Nine Months Ended September 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$2,432 $2,984 $— $5,416 $2,260 $2,176 $— $4,436 
Intersegment revenue10 144 (154)— 10 138 (148)— 
Revenue2,442 3,128 (154)5,416 2,270 2,314 (148)4,436 
Operating, SG&A1,721 1,174 (154)2,741 1,584 1,034 (148)2,470 
Adjusted Operating Income$721 $1,954 $— $2,675 $686 $1,280 $— $1,966 
Add:
Depreciation and amortization260 58 — 318 220 56 — 276 
Restructuring7 6 — 13 38 13 — 51 
Charges related to asset abandonment30 — — 30 — — — — 
Operating Income$2,314 $1,639 
The table below shows cumulative restructuring expense incurred through September 30, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$115 $98 $213 
The 2022 - 2023 Geolocation Restructuring Program is more fully discussed in Note 9.
Consolidated Revenue Information by Geographic Area
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
United States$999 $762 $2,942 $2,300 
Non-U.S.:
EMEA546 465 1,654 1,404 
Asia-Pacific157 143 476 437 
Americas111 102 344 295 
Total Non-U.S.814 710 2,474 2,136 
Total$1,813 $1,472 $5,416 $4,436 
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure        
Net Income (Loss) $ 534 $ 389 $ 1,663 $ 1,267
v3.24.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2024
shares
Sep. 30, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Robert Fauber [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On July 30, 2024, Robert Fauber, the Company's Chief Executive Officer, adopted a trading plan intended to satisfy Rule 10b5-1(c). The plan relates to the sale of up to 17,191 shares of Moody’s Corporation common stock between November 1, 2024 and October 27, 2025. The shares include: i) shares which will be acquired upon the exercise of employee stock options; and ii) vested restricted stock units.
Name Robert Fauber  
Title Chief Executive Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date July 30, 2024  
Expiration Date October 27, 2025  
Arrangement Duration 360 days  
Aggregate Available 17,191 17,191
v3.24.3
Description of Business and Basis of Presentation - (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Recently Issued Accounting Standards
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 will adopt this ASU in its Form 10-K for the year ended December 31, 2024 and will provide the aforementioned new required disclosures, including further disaggregation of each segment's operating and SG&A expenses.
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.
v3.24.3
REVENUES (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
MA:
Decision Solutions (DS)
Banking$140 $136 $405 $390 
Insurance148 138 439 404 
KYC95 80 270 228 
Total DS383 354 1,114 1,022 
Research and Insights (R&I)235 222 683 654 
Data and Information (D&I)213 200 635 584 
Total external revenue831 776 2,432 2,260 
Intersegment revenue3 3 10 10 
Total MA834 779 2,442 2,270 
MIS:
Corporate Finance (CFG)
Investment-grade149 63 416 272 
High-yield80 38 232 116 
Bank loans120 82 422 209 
Other accounts (1)
166 163 499 470 
Total CFG515 346 1,569 1,067 
Structured Finance (SFG)
Asset-backed securities34 30 101 89 
RMBS24 22 73 72 
CMBS27 17 66 45 
Structured credit49 32 138 95 
Other accounts1 1 2 2 
Total SFG135 102 380 303 
Financial Institutions (FIG)
Banking108 92 344 289 
Insurance46 24 166 92 
Managed investments13 7 40 23 
Other accounts3 3 10 9 
Total FIG170 126 560 413 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign61 49 187 155 
Project and infrastructure93 66 262 216 
Total PPIF154 115 449 371 
Total ratings revenue974 689 2,958 2,154 
MIS Other8 7 26 22 
Total external revenue982 696 2,984 2,176 
Intersegment revenue48 47 144 138 
Total MIS1,030 743 3,128 2,314 
Eliminations(51)(50)(154)(148)
Total MCO$1,813 $1,472 $5,416 $4,436 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended September 30, 2024Three Months Ended September 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$144 $239 $383 $141 $213 $354 
Research and Insights128 107 235 124 98 222 
Data and Information74 139 213 69 131 200 
Total MA346 485 831 334 442 776 
MIS:
Corporate Finance364 151 515 242 104 346 
Structured Finance98 37 135 65 37 102 
Financial Institutions90 80 170 52 74 126 
Public, Project and Infrastructure Finance100 54 154 69 46 115 
Total ratings revenue652 322 974 428 261 689 
MIS Other1 7 8 — 7 7 
Total MIS653 329 982 428 268 696 
Total MCO$999 $814 $1,813 $762 $710 $1,472 
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$420 $694 $1,114 $406 $616 $1,022 
Research and Insights374 309 683 361 293 654 
Data and Information227 408 635 204 380 584 
Total MA1,021 1,411 2,432 971 1,289 2,260 
MIS:
Corporate Finance1,078 491 1,569 727 340 1,067 
Structured Finance266 114 380 186 117 303 
Financial Institutions292 268 560 188 225 413 
Public, Project and Infrastructure Finance284 165 449 228 143 371 
Total ratings revenue1,920 1,038 2,958 1,329 825 2,154 
MIS Other1 25 26 — 22 22 
Total MIS1,921 1,063 2,984 1,329 847 2,176 
Total MCO$2,942 $2,474 $5,416 $2,300 $2,136 $4,436 
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended September 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$33 $350 $383 $43 $311 $354 
9 %91 %100 %12 %88 %100 %
Research and Insights$4 $231 $235 $4 $218 $222 
2 %98 %100 %2 %98 %100 %
Data and Information$1 $212 $213 $1 $199 $200 
— %100 %100 %1 %99 %100 %
Total MA (1)
$38 $793 $831 $48 $728 $776 
5 %95 %100 %6 %94 %100 %
Corporate Finance$382 $133 $515 $216 $130 $346 
74 %26 %100 %62 %38 %100 %
Structured Finance$78 $57 $135 $49 $53 $102 
58 %42 %100 %48 %52 %100 %
Financial Institutions$92 $78 $170 $52 $74 $126 
54 %46 %100 %41 %59 %100 %
Public, Project and Infrastructure Finance$109 $45 $154 $70 $45 $115 
71 %29 %100 %61 %39 %100 %
MIS Other$2 $6 $8 $2 $5 $7 
25 %75 %100 %29 %71 %100 %
Total MIS$663 $319 $982 $389 $307 $696 
68 %32 %100 %56 %44 %100 %
Total Moody's Corporation$701 $1,112 $1,813 $437 $1,035 $1,472 
39 %61 %100 %30 %70 %100 %
Nine Months Ended September 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$105 $1,009 $1,114 $126 $896 $1,022 
9 %91 %100 %12 %88 %100 %
Research and Insights$11 $672 $683 $12 $642 $654 
2 %98 %100 %2 %98 %100 %
Data and Information$3 $632 $635 $2 $582 $584 
— %100 %100 %— %100 %100 %
Total MA (1)
$119 $2,313 $2,432 $140 $2,120 $2,260 
5 %95 %100 %6 %94 %100 %
Corporate Finance$1,169 $400 $1,569 $682 $385 $1,067 
75 %25 %100 %64 %36 %100 %
Structured Finance$213 $167 $380 $142 $161 $303 
56 %44 %100 %47 %53 %100 %
Financial Institutions$329 $231 $560 $195 $218 $413 
59 %41 %100 %47 %53 %100 %
Public, Project and Infrastructure Finance$315 $134 $449 $240 $131 $371 
70 %30 %100 %65 %35 %100 %
MIS Other$6 $20 $26 $4 $18 $22 
23 %77 %100 %18 %82 %100 %
Total MIS$2,032 $952 $2,984 $1,263 $913 $2,176 
68 %32 %100 %58 %42 %100 %
Total Moody's Corporation$2,151 $3,265 $5,416 $1,403 $3,033 $4,436 
40 %60 %100 %32 %68 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP.
The following table presents the timing of revenue recognition:
Three Months Ended September 30, 2024
Nine Months Ended September 30, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$26 $663 $689 $65 $2,032 $2,097 
Revenue recognized over time805 319 1,124 2,367 952 3,319 
Total$831 $982 $1,813 $2,432 $2,984 $5,416 
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
MAMISTotalMAMISTotal
Revenue recognized at a point in time$24 $389 $413 $73 $1,263 $1,336 
Revenue recognized over time752 307 1,059 2,187 913 3,100 
Total$776 $696 $1,472 $2,260 $2,176 $4,436 
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
MA:
U.S.$346 $334 $1,021 $971 
Non-U.S.:
EMEA334 310 969 895 
Asia-Pacific84 76 251 224 
Americas67 56 191 170 
Total Non-U.S.485 442 1,411 1,289 
Total MA831 776 2,432 2,260 
MIS:
U.S.653 428 1,921 1,329 
Non-U.S.:
EMEA212 155 685 509 
Asia-Pacific73 67 225 213 
Americas44 46 153 125 
Total Non-U.S.329 268 1,063 847 
Total MIS982 696 2,984 2,176 
Total MCO$1,813 $1,472 $5,416 $4,436 
    
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
United States$999 $762 $2,942 $2,300 
Non-U.S.:
EMEA546 465 1,654 1,404 
Asia-Pacific157 143 476 437 
Americas111 102 344 295 
Total Non-U.S.814 710 2,474 2,136 
Total$1,813 $1,472 $5,416 $4,436 
Schedule of Unbilled Receivables
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at September 30, 2024 and December 31, 2023:
As of September 30, 2024
As of December 31, 2023
MAMISMAMIS
Unbilled Receivables$119 $470 $119 $415 
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three and nine months ended September 30, 2024 and 2023 are as follows:
Three Months Ended September 30, 2024
Three Months Ended September 30, 2023
MAMISTotalMAMISTotal
Balance at June 30,
$1,146 $336 $1,482 $1,116 $336 $1,452 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(551)(120)(671)(513)(113)(626)
Increases due to amounts billable excluding amounts recognized as revenue during the period410 92 502 410 82 492 
Increases due to acquisitions during the period5 — 5 — — — 
Effect of exchange rate changes37 4 41 (25)(2)(27)
Total changes in deferred revenue(99)(24)(123)(128)(33)(161)
Balance at September 30,
$1,047 $312 $1,359 $988 $303 $1,291 
Nine Months Ended September 30, 2024Nine Months Ended September 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(950)(197)(1,147)(969)(192)(1,161)
Increases due to amounts billable excluding amounts recognized as revenue during the period860 238 1,098 908 218 1,126 
Increases due to acquisitions during the period5 — 5 — — — 
Effect of exchange rate changes21 1 22 (6)(1)(7)
Total changes in deferred revenue(64)42 (22)(67)25 (42)
Balance at September 30,
$1,047 $312 $1,359 $988 $303 $1,291 
Deferred revenue - current$1,047 $253 $1,300 $986 $240 $1,226 
Deferred revenue - non-current$— $59 $59 $2 $63 $65 
v3.24.3
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation Cost and Associated Tax Benefit
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 September 30,
Nine Months Ended September 30,
2024202320242023
Stock-based compensation cost$57 $46 $166 $143 
Tax benefit$12 $10 $36 $32 
Weighted Average Assumptions used in Determining Fair Value for Options Granted
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
Stock Option Exercises and Restricted Stock Vesting
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Nine Months Ended
September 30,
2024
2023
Exercise of stock options:
Proceeds from stock option exercises$44 $26 
Aggregate intrinsic value$60 $48 
Tax benefit realized upon exercise$10 $11 
Number of shares exercised
0.3 0.2 
Vesting of restricted stock:
Fair value of shares vested$183 $154 
Tax benefit realized upon vesting$45 $36 
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 
v3.24.3
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Paid
The following table shows the amount the Company paid for income taxes:
Nine Months Ended September 30,
20242023
Income taxes paid $391 $213 
v3.24.3
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Reconciliation of Basic to Diluted Shares Outstanding
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Basic181.7 183.3 182.2 183.4 
Dilutive effect of shares issuable under stock-based compensation plans0.8 0.7 0.8 0.7 
Diluted182.5 184.0 183.0 184.1 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.3 0.4 0.4 0.5 
v3.24.3
CASH EQUIVALENTS AND INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents and Investments
The table below provides additional information on the Company’s cash equivalents and investments:
As of September 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)
$1,691 $— $1,691 $1,117 $573 $1 
Mutual funds$101 $11 $112 $— $— $112 
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 September 30, 2024 and December 31, 2023. The remaining contractual maturities for the certificates of deposits classified in other assets are 14 months to 15 months at September 30, 2024 and 14 months at December 31, 2023. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
v3.24.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
September 30, 2024
As of December 31, 2023
Floating Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed500 500 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed300 300 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 
The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
September 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 $3,050 
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Interest expense, net$(60)$(66)$(185)$(185)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(25)$(25)$(74)$(64)
Fair value changes on interest rate swapsInterest expense, net$79 $(35)$57 $(35)
Fair value changes on hedged debtInterest expense, net$(79)$35 $(57)$35 
Schedule of Net Investment Hedges, Notional Amount That Will Be Settled At Expiry
As of September 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 $3,264 
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
September 30,
Three Months Ended
September 30,
Three Months Ended
September 30,
202420232024202320242023
Cross currency swaps$(95)$63 $— $— $12 $13 
Long-term debt(41)30 — — — — 
Total net investment hedges$(136)$93 $— $— $12 $13 
Derivatives in Cash Flow Hedging Relationships
Cross currency swap$— $— $— $— $— $— 
Interest rate contracts— — (1)(1)— — 
Total cash flow hedges$— $— $(1)$(1)$— $— 
Total$(136)$93 $(1)$(1)$12 $13 
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Nine Months Ended
September 30,
Nine Months Ended
September 30,
Nine Months Ended
September 30,
202420232024202320242023
Cross currency swaps$(20)$— $— $— $34 $43 
Long-term debt(10)8 — — — — 
Total net investment hedges$(30)$8 $— $— $34 $43 
Derivatives in Cash Flow Hedging Relationships
Cross currency swaps
$— $— $— $1 $— $— 
Interest rate contracts— — (2)(2)— — 
Total cash flow hedges$— $— $(2)$(1)$— $— 
Total$(30)$8 $(2)$(1)$34 $43 
Components of Accumulated Other Comprehensive Income 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
September 30, 2024December 31, 2023
Net investment hedges
Cross currency swaps$1 $21 
FX forwards29 29 
Long-term debt(7)3 
Total net investment hedges$23 $53 
Cash flow hedges
Interest rate contracts$(43)$(45)
Cross currency swaps1 1 
Total cash flow hedges(42)(44)
Total net gain in AOCL$(19)$9 
The following tables show changes in AOCL by component (net of tax):
Three Months Ended September 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 June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
Other comprehensive income/(loss) before reclassifications— — 249 (136)113 1 — (176)93 (82)
Amounts reclassified from AOCL— 1 — — 1 (1)1 — — — 
Other comprehensive income/(loss)— 1 249 (136)114 — 1 (176)93 (82)
Balance at September 30,
$(59)$(42)$(425)$23 $(503)$(48)$(44)$(753)$193 $(652)
Nine Months Ended September 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)— 95 (30)63 1 — (17)8 (8)
Amounts reclassified from AOCL(1)2 — — 1 (2)1 — — (1)
Other comprehensive (loss)/income
(3)2 95 (30)64 (1)1 (17)8 (9)
Balance at September 30,
$(59)$(42)$(425)$23 $(503)$(48)$(44)$(753)$193 $(652)
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
September 30, 2024December 31, 2023
Notional amount of currency pair(1):
SellBuySellBuy
Contracts to sell USD for GBP$567 £435 $513 £407 
Contracts to sell USD for JPY
$29 ¥4,000 $14 ¥2,000 
Contracts to sell USD for CAD
$52 C$70 $147 C$200 
Contracts to sell USD for SGD
$69 S$90 $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 EUR for USD
€15 $17 €— $— 
Contracts to sell USD for AUD
$— 
A$
— $5 A$8 
Contracts to sell CAD for USD
C$— 
$
— C$25 
$
19 
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
The following table summarizes the impact to the consolidated statements of operations relating to the gains (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 September 30,
Nine Months Ended
September 30,
2024202320242023
FX forwardsOther non-operating income, net$39 $(25)$21 $(10)
Total return swaps
Operating expense
$1 $(2)$5 $(2)
Total return swaps
SG&A expense
$1 $(1)$2 $(1)
Fair Value of Derivative Instruments
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationSeptember 30, 2024December 31, 2023
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$— $3 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets17 13 
Total assets$17 $16 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$6 $— 
Cross-currency swaps designated as net investment hedgesOther liabilities207 183 
Interest rate swaps designated as fair value hedgesOther liabilities120 183 
Total derivatives designated as accounting hedges333 366 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,395 1,381 
Total liabilities$1,728 $1,747 
v3.24.3
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Activity in Goodwill
The following table summarizes the activity in goodwill for the periods indicated:
Nine Months Ended September 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)
39 — 39 98 — 98 137 — 137 
Foreign currency translation adjustments54 — 54 1 — 1 55 — 55 
Ending balance$5,774 $(12)$5,762 $386 $— $386 $6,160 $(12)$6,148 
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 in 2024 (most notably GCR and Praedicat in the third 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.
Acquired Intangible Assets and Related Amortization
Acquired intangible assets and related amortization consisted of:
September 30,
2024		December 31,
2023
Customer relationships$2,109 $2,065 
Accumulated amortization(634)(556)
Net customer relationships1,475 1,509 
Software/product technology691 674 
Accumulated amortization(420)(364)
Net software/product technology271 310 
Database179 179 
Accumulated amortization(97)(82)
Net database82 97 
Trade names207 199 
Accumulated amortization(83)(72)
Net trade names124 127 
Other (1)
66 52 
Accumulated amortization(48)(46)
Net other18 6 
Total acquired intangible assets, net$1,970 $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
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Amortization expense
$51 $49 $148 $150 
v3.24.3
RESTRUCTURING (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Expenses Included in Consolidated Statements of Operations
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 September 30,Nine months ended September 30,
Cumulative expense incurred
2024202320242023
Employee Termination Costs
$6 $17 $13 $39 $149 
Real Estate Related Costs
— 10 — 12 63 
Other Costs
— — — — 1 
Total Restructuring
$6 $27 $13 $51 $213 
The table below shows cumulative restructuring expense incurred through September 30, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$115 $98 $213 
v3.24.3
FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments Carried at Fair Value on Recurring Basis
The tables below present information about items that are carried at fair value at September 30, 2024 and December 31, 2023:
Fair Value Measurement as of September 30, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$17 $— $17 
Money market funds/mutual funds
122 122 — 
Total$139 $122 $17 
Liabilities:
Derivatives (1)
$333 $— $333 
Total$333 $— $333 
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.
v3.24.3
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2024
Other Balance Sheet And Statement Of Operations Information [Abstract]  
Additional Details Related to Certain Balance Sheet Captions
The following tables contain additional detail related to certain balance sheet captions:
September 30, 2024December 31, 2023
Other current assets:
Prepaid taxes$73 $115 
Prepaid expenses168 133 
Capitalized costs to obtain and fulfill sales contracts118 116 
Foreign exchange forwards on certain assets and liabilities17 13 
Interest receivable on interest rate and cross currency swaps51 79 
Other43 33 
Total other current assets$470 $489 
Other assets:
Investments in non-consolidated affiliates$467 $521 
Deposits for real-estate leases16 16 
Indemnification assets related to acquisitions112 111 
Mutual funds, certificates of deposit and money market deposit accounts/funds
113 100 
Company owned life insurance (at contract value)49 47 
Capitalized costs to obtain sales contracts
202 196 
Derivative instruments designated as accounting hedges— 3 
Pension and other retirement employee benefits41 41 
Other86 103 
Total other assets$1,086 $1,138 
Accounts payable and accrued liabilities:
Salaries and benefits$130 $130 
Incentive compensation321 345 
Customer credits, advanced payments and advanced billings136 105 
Dividends17 7 
Professional service fees56 46 
Interest accrued on debt
52 83 
Accounts payable50 23 
Income taxes156 108 
Pension and other retirement employee benefits15 15 
Accrued royalties18 24 
Restructuring liability12 35 
Derivative instruments designated as accounting hedges6 — 
Interest payable on interest rate and cross currency swaps52 67 
Other112 88 
Total accounts payable and accrued liabilities$1,133 $1,076 
September 30, 2024December 31, 2023
Other liabilities:
Pension and other retirement employee benefits$199 $190 
Interest accrued on UTPs45 36 
MAKS indemnification provisions19 19 
Income tax liability - non-current portion12 15 
Derivative instruments designated as accounting hedges327 366 
Other59 50 
Total other liabilities$661 $676 
Investments in and Advances to 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:
September 30, 2024December 31, 2023
Equity method investments (1)
$131 $186 
Investments measured using the measurement alternative (2)
327 327 
Other9 8 
Total investments in non-consolidated affiliates$467 $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.
Other Non-Operating
The following table summarizes the components of other non-operating income, net:
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
FX (loss) gain (1)
$— $2 $(7)$(29)
Net periodic pension income - non-service and non-interest cost components
9 8 25 26 
Income from investments in non-consolidated affiliates8 9 10 12 
Gain on previously held equity method investments (2)
7 — 7 — 
Gain on investments
4 — 12 11 
Other (3)
(3)(1)(2)11 
Total$25 $18 $45 $31 
(1) The amount for the nine months ended September 30, 2023 includes a $23 million loss recorded pursuant to an immaterial out-of-period adjustment relating to the 2022 fiscal year.
(2) The amounts for the three and nine months ended September 30, 2024 reflect non-cash gains relating to the step-acquisitions of Praedicat and GCR.
(3) The amount for the nine months ended September 30, 2023 includes a benefit of $9 million related to the favorable resolutions of various tax matters.
v3.24.3
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income 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
September 30, 2024December 31, 2023
Net investment hedges
Cross currency swaps$1 $21 
FX forwards29 29 
Long-term debt(7)3 
Total net investment hedges$23 $53 
Cash flow hedges
Interest rate contracts$(43)$(45)
Cross currency swaps1 1 
Total cash flow hedges(42)(44)
Total net gain in AOCL$(19)$9 
The following tables show changes in AOCL by component (net of tax):
Three Months Ended September 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 June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
Other comprehensive income/(loss) before reclassifications— — 249 (136)113 1 — (176)93 (82)
Amounts reclassified from AOCL— 1 — — 1 (1)1 — — — 
Other comprehensive income/(loss)— 1 249 (136)114 — 1 (176)93 (82)
Balance at September 30,
$(59)$(42)$(425)$23 $(503)$(48)$(44)$(753)$193 $(652)
Nine Months Ended September 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)— 95 (30)63 1 — (17)8 (8)
Amounts reclassified from AOCL(1)2 — — 1 (2)1 — — (1)
Other comprehensive (loss)/income
(3)2 95 (30)64 (1)1 (17)8 (9)
Balance at September 30,
$(59)$(42)$(425)$23 $(503)$(48)$(44)$(753)$193 $(652)
v3.24.3
INDEBTEDNESS (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
September 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 $(26)$3 $(4)$573 
1.75% 2015 Senior Notes, due 2027
558 — — (1)557 
3.25% 2017 Senior Notes, due 2028
500 (14)(2)(1)483 
4.25% 2018 Senior Notes, due 2029
400 (25)(1)(1)373 
4.875% 2018 Senior Notes, due 2048
400 (29)(6)(3)362 
0.950% 2019 Senior Notes, due 2030
837 — (2)(3)832 
3.75% 2020 Senior Notes, due 2025
700 (6)— (1)693 
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 (21)(8)(5)466 
4.25% 2022 Senior Notes, due 2032
500 (5)(2)(3)490 
5.00% 2024 Senior Notes, due 2034
500 — (4)(5)491 
Total debt
$7,795 $(126)$(53)$(47)$7,569 
Current portion(693)
Total long-term debt$6,876 
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.
Principal Payments Due on Long-Term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2024 (After September 30,)
$— 
2025700 
2026— 
2027558 
2028500 
Thereafter6,037 
Total$7,795 
Summary of Components of Interest as Presented in Consolidated Statements of Operations
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
September 30,
Nine Months Ended September 30,
2024202320242023
Income$28 $19 $73 $44 
Expense on borrowings(1)
(79)(75)(227)(220)
(Expense) income on UTPs and other tax related liabilities(2)
(3)(4)(12)10 
Net periodic pension costs - interest component(6)(6)(19)(19)
Interest expense, net$(60)$(66)$(185)$(185)
Interest paid(3)
$83 $87 $234 $230 
(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 nine months ended September 30, 2023 includes 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.
Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of September 30, 2024 and December 31, 2023 are as follows:
September 30, 2024December 31, 2023
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$7,569 $7,066 $7,001 $6,402 
v3.24.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Components of Lease Cost
The following table presents the components of the Company’s lease cost:
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Operating lease cost$23 $23 $66 $70 
Sublease income(1)(1)(5)(5)
Variable lease cost5 6 16 16 
Total lease cost$27 $28 $77 $81 
Schedule of Operating Leases Information
The following tables present other information related to the Company’s operating leases:
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
Cash paid for amounts included in the measurement of operating lease liabilities$31 $30 $90 $90 
Right-of-use assets obtained in exchange for new operating lease liabilities
$15 $1 $20 $25 
September 30, 2024September 30, 2023
Weighted-average remaining lease term
4.0 years4.6 years
Weighted-average discount rate applied to operating leases
3.2 %3.2 %
Lessee, Operating Lease, Liability, Maturity
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at September 30, 2024:
Year Ending December 31,Operating Leases
2024 (After September 30,)
$30 
2025113 
202693 
202775 
202824 
After 202841 
Total lease payments (undiscounted)376 
Less: Interest22 
Present value of lease liabilities:$354 
Lease liabilities - current$109 
Lease liabilities - noncurrent$245 
v3.24.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Financial Information by Segment
The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s CODM to assess the profitability of each reportable segment. Refer to Note 2 for further details on the components of the Company’s revenue.
Three Months Ended September 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$831 $982 $— $1,813 $776 $696 $— $1,472 
Intersegment revenue3 48 (51)— 3 47 (50)— 
Revenue834 1,030 (51)1,813 779 743 (50)1,472 
Operating, SG&A581 416 (51)946 517 348 (50)815 
Adjusted Operating Income$253 $614 $— $867 $262 $395 $— $657 
Add:

Depreciation and
amortization		88 20 — 108 76 19 — 95 
Restructuring4 2 — 6 22 5 — 27 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$738 $535 
Nine Months Ended September 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$2,432 $2,984 $— $5,416 $2,260 $2,176 $— $4,436 
Intersegment revenue10 144 (154)— 10 138 (148)— 
Revenue2,442 3,128 (154)5,416 2,270 2,314 (148)4,436 
Operating, SG&A1,721 1,174 (154)2,741 1,584 1,034 (148)2,470 
Adjusted Operating Income$721 $1,954 $— $2,675 $686 $1,280 $— $1,966 
Add:
Depreciation and amortization260 58 — 318 220 56 — 276 
Restructuring7 6 — 13 38 13 — 51 
Charges related to asset abandonment30 — — 30 — — — — 
Operating Income$2,314 $1,639 
Restructuring Expenses Included in Consolidated Statements of Operations
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 September 30,Nine months ended September 30,
Cumulative expense incurred
2024202320242023
Employee Termination Costs
$6 $17 $13 $39 $149 
Real Estate Related Costs
— 10 — 12 63 
Other Costs
— — — — 1 
Total Restructuring
$6 $27 $13 $51 $213 
The table below shows cumulative restructuring expense incurred through September 30, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$115 $98 $213 
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
MA:
U.S.$346 $334 $1,021 $971 
Non-U.S.:
EMEA334 310 969 895 
Asia-Pacific84 76 251 224 
Americas67 56 191 170 
Total Non-U.S.485 442 1,411 1,289 
Total MA831 776 2,432 2,260 
MIS:
U.S.653 428 1,921 1,329 
Non-U.S.:
EMEA212 155 685 509 
Asia-Pacific73 67 225 213 
Americas44 46 153 125 
Total Non-U.S.329 268 1,063 847 
Total MIS982 696 2,984 2,176 
Total MCO$1,813 $1,472 $5,416 $4,436 
    
Three Months Ended September 30,
Nine Months Ended September 30,
2024202320242023
United States$999 $762 $2,942 $2,300 
Non-U.S.:
EMEA546 465 1,654 1,404 
Asia-Pacific157 143 476 437 
Americas111 102 344 295 
Total Non-U.S.814 710 2,474 2,136 
Total$1,813 $1,472 $5,416 $4,436 
v3.24.3
Description of Business and Basis of Presentation - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 2
v3.24.3
Revenues - Revenue by Category (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 1,813 $ 1,472 $ 5,416 $ 4,436
Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue (51) (50) (154) (148)
Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue (51) (50) (154) (148)
MA        
Disaggregation of Revenue [Line Items]        
Revenue 831 776 2,432 2,260
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 834 779 2,442 2,270
MA | Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue 3 3 10 10
MA | Decision Solutions (DS)        
Disaggregation of Revenue [Line Items]        
Revenue 383 354    
MA | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 383 354 1,114 1,022
MA | Decision Solutions (DS) | DS Banking Product and Service | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 140 136 405 390
MA | Decision Solutions (DS) | Insurance | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 148 138 439 404
MA | Decision Solutions (DS) | KYC | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 95 80 270 228
MA | Research and Insights (R&I)        
Disaggregation of Revenue [Line Items]        
Revenue 235 222    
MA | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 235 222 683 654
MA | Data and Information (D&I)        
Disaggregation of Revenue [Line Items]        
Revenue 213 200    
MA | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 213 200 635 584
MIS        
Disaggregation of Revenue [Line Items]        
Revenue 982 696 2,984 2,176
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 1,030 743 3,128 2,314
MIS | Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue 48 47 144 138
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue 515 346    
MIS | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 515 346 1,569 1,067
MIS | Corporate Finance (CFG) | Investment-grade | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 149 63 416 272
MIS | Corporate Finance (CFG) | High-yield | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 80 38 232 116
MIS | Corporate Finance (CFG) | Bank loans | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 120 82 422 209
MIS | Corporate Finance (CFG) | Other accounts | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 166 163 499 470
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue 135 102    
MIS | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 135 102 380 303
MIS | Structured Finance (SFG) | Other accounts | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 1 1 2 2
MIS | Structured Finance (SFG) | Asset-backed securities | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 34 30 101 89
MIS | Structured Finance (SFG) | RMBS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 24 22 73 72
MIS | Structured Finance (SFG) | CMBS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 27 17 66 45
MIS | Structured Finance (SFG) | Structured credit | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 49 32 138 95
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue 170 126    
MIS | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 170 126 560 413
MIS | Financial Institutions (FIG) | Insurance | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 46 24 166 92
MIS | Financial Institutions (FIG) | Other accounts | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 3 3 10 9
MIS | Financial Institutions (FIG) | Banking | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 108 92 344 289
MIS | Financial Institutions (FIG) | Managed investments | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 13 7 40 23
MIS | Public, Project and Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue 154 115    
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 154 115 449 371
MIS | Public, Project and Infrastructure Finance (PPIF) | Public finance / sovereign | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 61 49 187 155
MIS | Public, Project and Infrastructure Finance (PPIF) | Project and infrastructure | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 93 66 262 216
MIS | Total ratings revenue        
Disaggregation of Revenue [Line Items]        
Revenue 974 689    
MIS | Total ratings revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 974 689 2,958 2,154
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue 8 7    
MIS | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 8 $ 7 $ 26 $ 22
v3.24.3
Revenues - Revenues Disaggregated by Line of Business and Geographical Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 1,813 $ 1,472 $ 5,416 $ 4,436
United States        
Disaggregation of Revenue [Line Items]        
Revenue 999 762 2,942 2,300
Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 814 710 2,474 2,136
MA        
Disaggregation of Revenue [Line Items]        
Revenue 831 776 2,432 2,260
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 834 779 2,442 2,270
MA | United States        
Disaggregation of Revenue [Line Items]        
Revenue 346 334 1,021 971
MA | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 346 334 1,021 971
MA | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 485 442 1,411 1,289
MA | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 485 442 1,411 1,289
MA | Decision Solutions (DS)        
Disaggregation of Revenue [Line Items]        
Revenue 383 354    
MA | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 383 354 1,114 1,022
MA | Decision Solutions (DS) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 144 141    
MA | Decision Solutions (DS) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     420 406
MA | Decision Solutions (DS) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 239 213    
MA | Decision Solutions (DS) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     694 616
MA | Research and Insights (R&I)        
Disaggregation of Revenue [Line Items]        
Revenue 235 222    
MA | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 235 222 683 654
MA | Research and Insights (R&I) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 128 124    
MA | Research and Insights (R&I) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     374 361
MA | Research and Insights (R&I) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 107 98    
MA | Research and Insights (R&I) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     309 293
MA | Data and Information (D&I)        
Disaggregation of Revenue [Line Items]        
Revenue 213 200    
MA | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 213 200 635 584
MA | Data and Information (D&I) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 74 69    
MA | Data and Information (D&I) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     227 204
MA | Data and Information (D&I) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 139 131    
MA | Data and Information (D&I) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     408 380
MIS        
Disaggregation of Revenue [Line Items]        
Revenue 982 696 2,984 2,176
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 1,030 743 3,128 2,314
MIS | United States        
Disaggregation of Revenue [Line Items]        
Revenue 653 428 1,921 1,329
MIS | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 653 428 1,921 1,329
MIS | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 329 268 1,063 847
MIS | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 329 268 1,063 847
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue 515 346    
MIS | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 515 346 1,569 1,067
MIS | Corporate Finance (CFG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 364 242    
MIS | Corporate Finance (CFG) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     1,078 727
MIS | Corporate Finance (CFG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 151 104    
MIS | Corporate Finance (CFG) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     491 340
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue 135 102    
MIS | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 135 102 380 303
MIS | Structured Finance (SFG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 98 65    
MIS | Structured Finance (SFG) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     266 186
MIS | Structured Finance (SFG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 37 37    
MIS | Structured Finance (SFG) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     114 117
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue 170 126    
MIS | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 170 126 560 413
MIS | Financial Institutions (FIG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 90 52    
MIS | Financial Institutions (FIG) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     292 188
MIS | Financial Institutions (FIG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 80 74    
MIS | Financial Institutions (FIG) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     268 225
MIS | Public, Project and Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue 154 115    
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 154 115 449 371
MIS | Public, Project and Infrastructure Finance (PPIF) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 100 69    
MIS | Public, Project and Infrastructure Finance (PPIF) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     284 228
MIS | Public, Project and Infrastructure Finance (PPIF) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 54 46    
MIS | Public, Project and Infrastructure Finance (PPIF) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     165 143
MIS | Total ratings revenue        
Disaggregation of Revenue [Line Items]        
Revenue 974 689    
MIS | Total ratings revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 974 689 2,958 2,154
MIS | Total ratings revenue | United States        
Disaggregation of Revenue [Line Items]        
Revenue 652 428    
MIS | Total ratings revenue | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     1,920 1,329
MIS | Total ratings revenue | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 322 261    
MIS | Total ratings revenue | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     1,038 825
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue 8 7    
MIS | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 8 7 26 22
MIS | MIS Other | United States        
Disaggregation of Revenue [Line Items]        
Revenue 1 0    
MIS | MIS Other | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     1 0
MIS | MIS Other | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue $ 7 $ 7    
MIS | MIS Other | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     $ 25 $ 22
v3.24.3
Revenues - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Revenue $ 1,813 $ 1,472 $ 5,416 $ 4,436
MA        
Segment Reporting Information [Line Items]        
Revenue 831 776 2,432 2,260
MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 834 779 2,442 2,270
MIS        
Segment Reporting Information [Line Items]        
Revenue 982 696 2,984 2,176
MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 1,030 743 3,128 2,314
United States        
Segment Reporting Information [Line Items]        
Revenue 999 762 2,942 2,300
United States | MA        
Segment Reporting Information [Line Items]        
Revenue 346 334 1,021 971
United States | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 346 334 1,021 971
United States | MIS        
Segment Reporting Information [Line Items]        
Revenue 653 428 1,921 1,329
United States | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 653 428 1,921 1,329
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 814 710 2,474 2,136
Non-U.S. | MA        
Segment Reporting Information [Line Items]        
Revenue 485 442 1,411 1,289
Non-U.S. | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 485 442 1,411 1,289
Non-U.S. | MIS        
Segment Reporting Information [Line Items]        
Revenue 329 268 1,063 847
Non-U.S. | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 329 268 1,063 847
EMEA        
Segment Reporting Information [Line Items]        
Revenue 546 465 1,654 1,404
EMEA | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 334 310 969 895
EMEA | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 212 155 685 509
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 157 143 476 437
Asia-Pacific | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 84 76 251 224
Asia-Pacific | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 73 67 225 213
Americas        
Segment Reporting Information [Line Items]        
Revenue 111 102 344 295
Americas | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 67 56 191 170
Americas | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue $ 44 $ 46 $ 153 $ 125
v3.24.3
Revenues - Transaction and Relationship Revenue (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 1,813 $ 1,472 $ 5,416 $ 4,436
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
Transaction Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 701 $ 437 $ 2,151 $ 1,403
Percentage of revenues 39.00% 30.00% 40.00% 32.00%
Recurring Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,112 $ 1,035 $ 3,265 $ 3,033
Percentage of revenues 61.00% 70.00% 60.00% 68.00%
MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 831 $ 776 $ 2,432 $ 2,260
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 834 $ 779 $ 2,442 $ 2,270
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MA | Decision Solutions (DS)        
Disaggregation of Revenue [Line Items]        
Revenue $ 383 $ 354    
MA | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 383 $ 354 $ 1,114 $ 1,022
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MA | Research and Insights (R&I)        
Disaggregation of Revenue [Line Items]        
Revenue $ 235 $ 222    
MA | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 235 $ 222 $ 683 $ 654
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MA | Data and Information (D&I)        
Disaggregation of Revenue [Line Items]        
Revenue $ 213 $ 200    
MA | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 213 $ 200 $ 635 $ 584
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MA | Transaction Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 38 $ 48 $ 119 $ 140
MA | Transaction Revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Percentage of revenues 5.00% 6.00% 5.00% 6.00%
MA | Transaction Revenue | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 33 $ 43 $ 105 $ 126
Percentage of revenues 9.00% 12.00% 9.00% 12.00%
MA | Transaction Revenue | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 4 $ 4 $ 11 $ 12
Percentage of revenues 2.00% 2.00% 2.00% 2.00%
MA | Transaction Revenue | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 1 $ 1 $ 3 $ 2
Percentage of revenues 0.00% 1.00% 0.00% 0.00%
MA | Recurring Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 793 $ 728 $ 2,313 $ 2,120
MA | Recurring Revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Percentage of revenues 95.00% 94.00% 95.00% 94.00%
MA | Recurring Revenue | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 350 $ 311 $ 1,009 $ 896
Percentage of revenues 91.00% 88.00% 91.00% 88.00%
MA | Recurring Revenue | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 231 $ 218 $ 672 $ 642
Percentage of revenues 98.00% 98.00% 98.00% 98.00%
MA | Recurring Revenue | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 212 $ 199 $ 632 $ 582
Percentage of revenues 100.00% 99.00% 100.00% 100.00%
MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 982 $ 696 $ 2,984 $ 2,176
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,030 $ 743 $ 3,128 $ 2,314
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue $ 515 $ 346    
MIS | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 515 $ 346 $ 1,569 $ 1,067
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue $ 135 $ 102    
MIS | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 135 $ 102 $ 380 $ 303
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue $ 170 $ 126    
MIS | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 170 $ 126 $ 560 $ 413
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Public, Project and Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue $ 154 $ 115    
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 154 $ 115 $ 449 $ 371
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 8 $ 7    
MIS | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 8 $ 7 $ 26 $ 22
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Transaction Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 663 $ 389 $ 2,032 $ 1,263
MIS | Transaction Revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Percentage of revenues 68.00% 56.00% 68.00% 58.00%
MIS | Transaction Revenue | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 382 $ 216 $ 1,169 $ 682
Percentage of revenues 74.00% 62.00% 75.00% 64.00%
MIS | Transaction Revenue | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 78 $ 49 $ 213 $ 142
Percentage of revenues 58.00% 48.00% 56.00% 47.00%
MIS | Transaction Revenue | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 92 $ 52 $ 329 $ 195
Percentage of revenues 54.00% 41.00% 59.00% 47.00%
MIS | Transaction Revenue | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 109 $ 70 $ 315 $ 240
Percentage of revenues 71.00% 61.00% 70.00% 65.00%
MIS | Transaction Revenue | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 2 $ 2 $ 6 $ 4
Percentage of revenues 25.00% 29.00% 23.00% 18.00%
MIS | Recurring Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 319 $ 307 $ 952 $ 913
MIS | Recurring Revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Percentage of revenues 32.00% 44.00% 32.00% 42.00%
MIS | Recurring Revenue | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 133 $ 130 $ 400 $ 385
Percentage of revenues 26.00% 38.00% 25.00% 36.00%
MIS | Recurring Revenue | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 57 $ 53 $ 167 $ 161
Percentage of revenues 42.00% 52.00% 44.00% 53.00%
MIS | Recurring Revenue | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 78 $ 74 $ 231 $ 218
Percentage of revenues 46.00% 59.00% 41.00% 53.00%
MIS | Recurring Revenue | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 45 $ 45 $ 134 $ 131
Percentage of revenues 29.00% 39.00% 30.00% 35.00%
MIS | Recurring Revenue | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 6 $ 5 $ 20 $ 18
Percentage of revenues 75.00% 71.00% 77.00% 82.00%
v3.24.3
Revenues - Revenue Recognition Timing (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 1,813 $ 1,472 $ 5,416 $ 4,436
At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 689 413 2,097 1,336
Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 1,124 1,059 3,319 3,100
MA        
Disaggregation of Revenue [Line Items]        
Revenue recognized 831 776 2,432 2,260
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 834 779 2,442 2,270
MA | At Point in Time | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 26 24 65 73
MA | Over Time | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 805 752 2,367 2,187
MIS        
Disaggregation of Revenue [Line Items]        
Revenue recognized 982 696 2,984 2,176
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 1,030 743 3,128 2,314
MIS | At Point in Time | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 663 389 2,032 1,263
MIS | Over Time | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 319 $ 307 $ 952 $ 913
v3.24.3
Revenues - Unbilled Receivables (Detail) - Accounts Receivable - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
MA    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 119 $ 119
MIS    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 470 $ 415
v3.24.3
Revenues - Schedule of Changes in the Deferred Revenue Balances (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance $ 1,482 $ 1,452 $ 1,381 $ 1,333  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (671) (626) (1,147) (1,161)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 502 492 1,098 1,126  
Increases due to acquisitions during the period 5 0 5 0  
Effect of exchange rate changes 41 (27) 22 (7)  
Total changes in deferred revenue (123) (161) (22) (42)  
Ending Balance 1,359 1,291 1,359 1,291  
Deferred revenue 1,300 1,226 1,300 1,226 $ 1,316
Non-current portion of deferred revenue 59 65 59 65 $ 65
MA          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 1,146 1,116 1,111 1,055  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (551) (513) (950) (969)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 410 410 860 908  
Increases due to acquisitions during the period 5 0 5 0  
Effect of exchange rate changes 37 (25) 21 (6)  
Total changes in deferred revenue (99) (128) (64) (67)  
Ending Balance 1,047 988 1,047 988  
Deferred revenue 1,047 986 1,047 986  
Non-current portion of deferred revenue 0 2 0 2  
MIS          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 336 336 270 278  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (120) (113) (197) (192)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 92 82 238 218  
Increases due to acquisitions during the period 0 0 0 0  
Effect of exchange rate changes 4 (2) 1 (1)  
Total changes in deferred revenue (24) (33) 42 25  
Ending Balance 312 303 312 303  
Deferred revenue 253 240 253 240  
Non-current portion of deferred revenue $ 59 $ 63 $ 59 $ 63  
v3.24.3
Revenues - Expected Recognition Period for Remaining Performance Obligations (Detail)
$ in Millions
Sep. 30, 2024
USD ($)
MA  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 3,500
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 60.00%
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 2 years
MIS  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 97
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 50.00%
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 5 years
v3.24.3
Stock-Based Compensation - Stock-Based Compensation Cost and Associated Tax Benefit (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]        
Tax benefit $ 12 $ 10 $ 36 $ 32
Stock-based compensation cost $ 57 $ 46 $ 166 $ 143
v3.24.3
Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Employee stock options, granted (in shares) | shares 0.2
Employee stock options, weighted average grant date fair value (in usd per share) | $ / shares $ 120.42
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.5
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 372.64
Award vesting period 4 years
Unrecognized compensation expense | $ $ 279
Weighted average period to recognize expense 2 years 6 months
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
Unrecognized compensation expense | $ $ 16
Weighted average period to recognize expense 1 year 9 months 18 days
Performance Based Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.2
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 361.83
Unrecognized compensation expense | $ $ 67
Weighted average period to recognize expense 2 years 3 months 18 days
Performance Based Restricted Stock | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 2 years
Performance Based Restricted Stock | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
v3.24.3
Stock-Based Compensation - Weighted Average Assumptions used in Determining Fair Value for Options Granted (Detail) - Share-Based Payment Arrangement
 9 Months Ended
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected dividend yield 0.91%
Expected stock volatility 28.00%
Risk-free interest rate 4.34%
Expected holding period 5 years 10 months 24 days
v3.24.3
Stock-Based Compensation - Stock Option Exercises and Restricted Stock Vesting (Detail) - USD ($)
shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Proceeds from stock option exercises $ 44 $ 26
Aggregate intrinsic value 60 48
Tax benefit realized upon exercise $ 10 $ 11
Number of shares exercised (shares) 0.3 0.2
Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 183 $ 154
Tax benefit realized upon vesting $ 45 $ 36
Number of shares vested (shares) 0.5 0.5
Performance Based Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 40 $ 24
Tax benefit realized upon vesting $ 9 $ 3
Number of shares vested (shares) 0.1 0.1
v3.24.3
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]        
Effective tax rate (percent) 24.00% 19.90% 23.50% 14.60%
Excess tax benefits from stock compensation     $ 23  
Unrecognized tax benefits, period increase (decrease), net of federal tax $ 2   $ 13  
Income tax examination, description     Moody’s is subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The tax years 2021 through 2023 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.  
Foreign Tax Jurisdiction        
Effective Income Tax Rate Reconciliation [Line Items]        
Effective income tax rate reconciliation, change in enacted tax rate, amount     $ 7  
v3.24.3
Income Taxes - Income Taxes Paid (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]    
Income taxes paid $ 391 $ 213
v3.24.3
Reconciliation of Weighted Average Shares Outstanding - Reconciliation of Basic to Diluted Shares Outstanding (Detail) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Earnings Per Share [Abstract]        
Basic (in shares) 181.7 183.3 182.2 183.4
Dilutive effect of shares issuable under stock-based compensation plans (in shares) 0.8 0.7 0.8 0.7
Diluted (in shares) 182.5 184.0 183.0 184.1
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above (in shares) 0.3 0.4 0.4 0.5
v3.24.3
Cash Equivalents and Investments (Detail) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]    
Cash and cash equivalents $ 2,642 $ 2,130
Short-term investments 573 63
Other assets 1,086 1,138
Certificates of deposit and money market deposit accounts/funds    
Cash and Cash Equivalents [Line Items]    
Cost 1,691 1,178
Gains/(Losses) 0 0
Fair Value 1,691 1,178
Cash and cash equivalents 1,117 1,112
Short-term investments 573 63
Other assets 1 3
Mutual funds    
Cash and Cash Equivalents [Line Items]    
Cost 101 91
Gains/(Losses) 11 6
Fair Value 112 97
Cash and cash equivalents 0 0
Short-term investments 0 0
Other assets $ 112 $ 97
v3.24.3
Cash Equivalents and Investments (Footnote) (Detail) - Certificates of deposit and money market deposit accounts/funds
Sep. 30, 2024
Dec. 31, 2023
Short-term Investments | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 1 month 1 month
Short-term Investments | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 12 months 12 months
Other assets    
Cash and Cash Equivalents [Line Items]    
Securities maturity period   14 months
Other assets | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 14 months  
Other assets | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 15 months  
Cash and Cash Equivalents | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 90 days  
v3.24.3
Cash Equivalents and Investments (Narrative) (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]    
Company owned life insurance (at contract value) $ 49 $ 47
v3.24.3
Derivative Instruments And Hedging Activities - Schedule of Interest Rate Swap (Details) - Fair Value Hedging - Interest Rate Swap - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional Amount $ 2,550 $ 2,550
2014 Senior Notes due 2044    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2017 Senior Notes due 2028    
Derivative [Line Items]    
Notional Amount $ 500 $ 500
Floating Interest Rate SOFR SOFR
2020 Senior Notes due 2025    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2018 Senior Notes due 2048    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2018 Senior Notes due 2029    
Derivative [Line Items]    
Notional Amount $ 400 $ 400
Floating Interest Rate SOFR SOFR
2022 Senior Notes due 2052    
Derivative [Line Items]    
Notional Amount $ 500 $ 500
Floating Interest Rate SOFR SOFR
2022 Senior Notes due 2032    
Derivative [Line Items]    
Notional Amount $ 250 $ 250
Floating Interest Rate SOFR SOFR
v3.24.3
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Interest Rate Swaps Designated in Fair Value Hedge (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Interest expense, net $ (60) $ (66) $ (185) $ (185)
Designated as Hedging Instrument | Interest Rate Swap | Net interest settlements and accruals on interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Net interest settlements and accruals on interest rate swaps (25) (25) (74) (64)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Fair value changes on interest rate swaps 79 (35) 57 (35)
Fair value changes on hedged debt $ (79) $ 35 $ (57) $ 35
v3.24.3
Derivative Instruments And Hedging Activities - Additional Information (Detail)
€ in Millions, $ in Millions
Sep. 30, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Not Designated as Accounting Hedges | Total return swaps      
Derivative [Line Items]      
Notional Amount | $ $ 65   $ 58
1.75% 2015 Senior Notes, due 2027 | Net Investment Hedging | Designated as Hedging Instrument | Cross currency swaps      
Derivative [Line Items]      
Notional Amount   € 500  
2019 Senior Notes Due 2030 | Net Investment Hedging | Designated as Hedging Instrument | Cross currency swaps      
Derivative [Line Items]      
Notional Amount   € 750  
v3.24.3
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Cross Currency Swap (Detail) - Cross currency swaps - Net Investment Hedging
€ in Millions, $ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
EUR (€)
Currency Paid        
Derivative [Line Items]        
Notional Amount | €     € 3,103 € 2,903
Currency Paid | 3.67%        
Derivative [Line Items]        
Notional Amount | €     € 965 € 765
Weighted Average Interest Rate 2.91% 3.67% 2.91% 3.67%
Currency Paid | Based on ESTR        
Derivative [Line Items]        
Notional Amount | €     € 2,138 € 2,138
Floating Interest Rate Based on ESTR Based on ESTR    
Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 3,264 $ 3,050    
Currency Received | 5.25%        
Derivative [Line Items]        
Notional Amount | $ $ 1,014 $ 800    
Weighted Average Interest Rate 4.41% 5.25% 4.41% 5.25%
Currency Received | Based on SOFR        
Derivative [Line Items]        
Notional Amount | $ $ 2,250 $ 2,250    
Floating Interest Rate Based on SOFR Based on SOFR    
v3.24.3
Derivative Instruments And Hedging Activities - Schedule of Notional Amount of Net Investment Hedges (Detail) - Cross currency swaps
€ in Millions, $ in Millions
Sep. 30, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Net Investment Hedging | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   € 3,103   € 2,903
Net Investment Hedging | Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 3,264   $ 3,050  
Net Investment Hedging | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   3,103    
Net Investment Hedging | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 3,264      
2026 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   450    
2026 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 500      
2027 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   531    
2027 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 550      
2028 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   588    
2028 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 600      
2029 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   573    
2029 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 614      
2031 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   481    
2031 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 500      
2032 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   € 480    
2032 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 500      
v3.24.3
Derivative Instruments And Hedging Activities - Gains (Losses) Recognized in AOCI and Reclassified from AOCI on Derivatives (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Total, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax $ (136) $ 93 $ (30) $ 8
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) (1) (2) (1)
Total, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) (1) (2) (1)
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 12 13 34 43
Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax (136) 93 (30) 8
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 12 13 34 43
Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) (1) (2) (1)
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Cross currency swaps | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax (95) 63 (20) 0
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 12 13 34 43
Cross currency swaps | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0 0 1
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Long-term debt | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax (41) 30 (10) 8
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Interest rate contracts | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) (1) (2) (2)
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) $ 0 $ 0 $ 0 $ 0
v3.24.3
Derivative Instruments And Hedging Activities - Cumulative Amount of Unrecognized Hedge Losses Recorded in AOCI (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax $ (503) $ (567)
Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax (19) 9
Net Investment Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 23 53
Net Investment Hedging | Cross currency swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 1 21
Net Investment Hedging | FX forwards | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 29 29
Net Investment Hedging | Long-term debt | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax (7) 3
Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax (42) (44)
Cash Flow Hedging | Cross currency swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 1 1
Cash Flow Hedging | Interest rate contracts | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax $ (43) $ (45)
v3.24.3
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Foreign Exchange Forwards (Detail) - Not Designated as Accounting Hedges
€ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions, $ in Millions
Sep. 30, 2024
USD ($)
Sep. 30, 2024
EUR (€)
Sep. 30, 2024
GBP (£)
Sep. 30, 2024
JPY (¥)
Sep. 30, 2024
CAD ($)
Sep. 30, 2024
SGD ($)
Sep. 30, 2024
INR (₨)
Sep. 30, 2024
AUD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2023
GBP (£)
Dec. 31, 2023
JPY (¥)
Dec. 31, 2023
CAD ($)
Dec. 31, 2023
SGD ($)
Dec. 31, 2023
INR (₨)
Dec. 31, 2023
AUD ($)
Contracts to sell USD for GBP                                
Derivative [Line Items]                                
Notional Amount $ 567   £ 435           $ 513   £ 407          
Contracts to sell USD for JPY                                
Derivative [Line Items]                                
Notional Amount 29     ¥ 4,000         14     ¥ 2,000        
Contracts to sell USD for CAD                                
Derivative [Line Items]                                
Notional Amount 52       $ 70       147       $ 200      
Contracts to sell USD for SGD                                
Derivative [Line Items]                                
Notional Amount 69         $ 90     50         $ 67    
Contracts to sell USD for EUR                                
Derivative [Line Items]                                
Notional Amount 0 € 0             60 € 55            
Contracts to sell USD for INR                                
Derivative [Line Items]                                
Notional Amount 23           ₨ 1,900   23           ₨ 1,900  
Contracts to sell EUR for USD                                
Derivative [Line Items]                                
Notional Amount 17 € 15             0 € 0            
Contracts to sell USD for AUD                                
Derivative [Line Items]                                
Notional Amount 0             $ 0 5             $ 8
Contracts to sell CAD for USD                                
Derivative [Line Items]                                
Notional Amount $ 0       $ 0       $ 19       $ 25      
v3.24.3
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Foreign Exchange Forwards Not Designated as Hedging Instruments (Detail) - Not Designated as Accounting Hedges - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Other non-operating income, net | FX forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange forwards amount of gain (loss) recognized in income $ 39 $ (25) $ 21 $ (10)
Operating expense | Total return swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange forwards amount of gain (loss) recognized in income 1 (2) 5 (2)
SG&A expense | Total return swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange forwards amount of gain (loss) recognized in income $ 1 $ (1) $ 2 $ (1)
v3.24.3
Derivative Instruments And Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Assets $ 17 $ 16
Liabilities 1,728 1,747
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Liabilities 333 366
Designated as Hedging Instrument | Long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 1,395 1,381
Designated as Hedging Instrument | Cross currency swaps | Other assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 0 3
Designated as Hedging Instrument | Cross currency swaps | Accounts payable and accrued liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 6 0
Designated as Hedging Instrument | Cross currency swaps | Other liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 207 183
Designated as Hedging Instrument | Interest Rate Swap | Other liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 120 183
Not Designated as Accounting Hedges | FX forwards | Other current assets    
Derivatives, Fair Value [Line Items]    
Assets $ 17 $ 13
v3.24.3
Goodwill And Other Acquired Intangible Assets - Activity in Goodwill (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Beginning balance, goodwill gross   $ 5,851
Beginning balance, Accumulated impairment charge   (12)
Beginning balance, goodwill net   5,839
Additions/ adjustments $ 137 3
Foreign currency translation adjustments 55 114
Ending balance, goodwill gross 6,160 5,968
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 6,148 5,956
MA    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross   5,474
Beginning balance, Accumulated impairment charge   (12)
Beginning balance, goodwill net   5,462
Additions/ adjustments 39 90
Foreign currency translation adjustments 54 117
Ending balance, goodwill gross 5,774 5,681
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 5,762 5,669
MIS    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross   377
Beginning balance, Accumulated impairment charge   0
Beginning balance, goodwill net   377
Additions/ adjustments 98 (87)
Foreign currency translation adjustments 1 (3)
Ending balance, goodwill gross 386 287
Ending balance, Accumulated impairment charge 0 0
Ending balance, goodwill net $ 386 $ 287
v3.24.3
Goodwill And Other Acquired Intangible Assets - Acquired Intangible Assets and Related Amortization (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, net $ 1,970 $ 2,049
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 2,109 2,065
Accumulated amortization (634) (556)
Acquired intangible assets, net 1,475 1,509
Software/product technology    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 691 674
Accumulated amortization (420) (364)
Acquired intangible assets, net 271 310
Database    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 179 179
Accumulated amortization (97) (82)
Acquired intangible assets, net 82 97
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 207 199
Accumulated amortization (83) (72)
Acquired intangible assets, net 124 127
Other    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 66 52
Accumulated amortization (48) (46)
Acquired intangible assets, net $ 18 $ 6
v3.24.3
Goodwill And Other Acquired Intangible Assets - Amortization Expense Relating to Acquired Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 51 $ 49 $ 148 $ 150
v3.24.3
Restructuring - Additional Information (Detail) - 2022-2023 Geolocation Restructuring Program - USD ($)
$ in Millions
 9 Months Ended 27 Months Ended
Sep. 30, 2024
Dec. 31, 2024
Minimum | Forecast    
Restructuring Cost and Reserve [Line Items]    
Payments for restructuring   $ 145
Minimum | Estimated Annual Savings    
Restructuring Cost and Reserve [Line Items]    
Effect on future earnings, amount $ 145  
Maximum | Forecast    
Restructuring Cost and Reserve [Line Items]    
Payments for restructuring   $ 155
Maximum | Estimated Annual Savings    
Restructuring Cost and Reserve [Line Items]    
Effect on future earnings, amount $ 165  
v3.24.3
Restructuring - Restructuring Expenses Included in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring $ 6 $ 27 $ 13 $ 51
2022-2023 Geolocation Restructuring Program        
Restructuring Cost and Reserve [Line Items]        
Restructuring 6 27 13 51
Cost incurred to date 213   213  
2022-2023 Geolocation Restructuring Program | Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring 6 17 13 39
Cost incurred to date 149   149  
2022-2023 Geolocation Restructuring Program | Real Estate        
Restructuring Cost and Reserve [Line Items]        
Restructuring 0 10 0 12
Cost incurred to date 63   63  
2022-2023 Geolocation Restructuring Program | Other Restructuring        
Restructuring Cost and Reserve [Line Items]        
Restructuring 0 $ 0 0 $ 0
Cost incurred to date $ 1   $ 1  
v3.24.3
Fair Value - Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets:    
Total $ 139 $ 123
Liabilities:    
Total 333 366
Derivatives    
Assets:    
Derivatives 17 16
Liabilities:    
Derivatives 333 366
Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 122 107
Level 1    
Assets:    
Total 122 107
Liabilities:    
Total 0 0
Level 1 | Derivatives    
Assets:    
Derivatives 0 0
Liabilities:    
Derivatives 0 0
Level 1 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 122 107
Level 2    
Assets:    
Total 17 16
Liabilities:    
Total 333 366
Level 2 | Derivatives    
Assets:    
Derivatives 17 16
Liabilities:    
Derivatives 333 366
Level 2 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds $ 0 $ 0
v3.24.3
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Additional Details Related to Certain Balance Sheet Captions (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Salaries and benefits $ 130 $ 130
Incentive compensation 321 345
Customer credits, advanced payments and advanced billings 136 105
Dividends 17 7
Professional service fees 56 46
Accounts payable 50 23
Income taxes 156 108
Pension and other retirement employee benefits 15 15
Accrued royalties 18 24
Restructuring liability 12 35
Derivative instruments designated as accounting hedges 6 0
Other 112 88
Accounts payable and accrued liabilities 1,133 1,076
Other current assets:    
Prepaid taxes 73 115
Prepaid expenses 168 133
Capitalized costs to obtain and fulfill sales contracts 118 116
Foreign exchange forwards on certain assets and liabilities 17 13
Interest receivable on interest rate and cross currency swaps 51 79
Other 43 33
Total other current assets 470 489
Other assets:    
Investments in non-consolidated affiliates 467 521
Deposits for real-estate leases 16 16
Indemnification assets related to acquisitions 112 111
Mutual funds and fixed deposits 113 100
Company owned life insurance (at contract value) 49 47
Costs to obtain sales contracts 202 196
Derivative instruments designated as accounting hedges 0 3
Pension and other retirement employee benefits 41 41
Other 86 103
Total other assets 1,086 1,138
Accounts payable and accrued liabilities:    
Salaries and benefits 130 130
Incentive compensation 321 345
Customer credits, advanced payments and advanced billings 136 105
Dividends 17 7
Professional service fees 56 46
Accounts payable 50 23
Income taxes 156 108
Pension and other retirement employee benefits 15 15
Accrued royalties 18 24
Restructuring liability 12 35
Derivative instruments designated as accounting hedges 6 0
Other 112 88
Total accounts payable and accrued liabilities 1,133 1,076
Other liabilities:    
Pension and other retirement employee benefits 199 190
Interest accrued on UTPs 45 36
MAKS indemnification provisions 19 19
Income tax liability - non-current portion 12 15
Derivative instruments designated as accounting hedges 327 366
Other 59 50
Total other liabilities 661 676
Swap    
Derivative [Line Items]    
Interest accrued on debt 52 67
Accounts payable and accrued liabilities:    
Interest accrued on debt 52 67
Debt    
Derivative [Line Items]    
Interest accrued on debt 52 83
Accounts payable and accrued liabilities:    
Interest accrued on debt $ 52 $ 83
v3.24.3
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Investments in Non-Consolidated Affiliates (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Other Balance Sheet And Statement Of Operations Information [Abstract]    
Equity method investments $ 131 $ 186
Investments measured using the measurement alternative 327 327
Other 9 8
Total investments in non-consolidated affiliates $ 467 $ 521
v3.24.3
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Other Non-Operating Interest (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Other Balance Sheet And Statement Of Operations Information [Abstract]        
FX loss $ 0 $ 2 $ (7) $ (29)
Net periodic pension income - non-service and non-interest cost components 9 8 25 26
Income from investments in non-consolidated affiliates 8 9 10 12
Gain on previously held equity method investments 7 0 7 0
Gain on investments 4 0 12 11
Other (3) (1) (2) 11
Total $ 25 $ 18 $ 45 31
Loss recorded pursuant to an immaterial out-of-period adjustment, net of tax       23
Other non operating income (expense) other, favorable resolutions of various tax matters       $ 9
v3.24.3
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]            
Charges related to asset abandonment   $ 15   $ 0 $ 30 $ 0
Employee Severance            
Finite-Lived Intangible Assets [Line Items]            
Charges related to asset abandonment     $ 15      
Accelerated Amortization Charges Of Capitalized Software Assets            
Finite-Lived Intangible Assets [Line Items]            
Charges related to asset abandonment   $ 15        
Accelerated Amortization Charges Of Capitalized Software Assets | Forecast            
Finite-Lived Intangible Assets [Line Items]            
Charges related to asset abandonment $ 15          
v3.24.3
Comprehensive Income And Accumulated Other Comprehensive Loss - Changes in Components of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance $ 3,938 $ 3,312 $ 3,476 $ 2,689
Ending Balance 4,068 3,352 4,068 3,352
Total        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (617) (570) (567) (643)
Other comprehensive income/(loss) before reclassifications 113 (82) 63 (8)
Amounts reclassified from AOCL 1 0 1 (1)
Other comprehensive income/(loss) 114 (82) 64 (9)
Ending Balance (503) (652) (503) (652)
Pension and Other Retirement Benefits        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (59) (48) (56) (47)
Other comprehensive income/(loss) before reclassifications 0 1 (2) 1
Amounts reclassified from AOCL 0 (1) (1) (2)
Other comprehensive income/(loss) 0 0 (3) (1)
Ending Balance (59) (48) (59) (48)
Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (43) (45) (44) (45)
Other comprehensive income/(loss) before reclassifications 0 0 0 0
Amounts reclassified from AOCL 1 1 2 1
Other comprehensive income/(loss) 1 1 2 1
Ending Balance (42) (44) (42) (44)
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (674) (577) (520) (736)
Other comprehensive income/(loss) before reclassifications 249 (176) 95 (17)
Amounts reclassified from AOCL 0 0 0 0
Other comprehensive income/(loss) 249 (176) 95 (17)
Ending Balance (425) (753) (425) (753)
Net Investment Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance 159 100 53 185
Other comprehensive income/(loss) before reclassifications (136) 93 (30) 8
Amounts reclassified from AOCL 0 0 0 0
Other comprehensive income/(loss) (136) 93 (30) 8
Ending Balance $ 23 $ 193 $ 23 $ 193
v3.24.3
Indebtedness - Summary of Total Indebtedness (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Principal Amount $ 7,795 $ 7,281
Fair Value of Interest Rate Swap (126) (183)
Unamortized (Discount) Premium (53) (51)
Unamortized Debt Issuance Costs (47) (46)
Carrying Value 7,569 7,001
Current portion (693) 0
Long-term debt $ 6,876 $ 7,001
5.25% 2014 Senior Notes, due 2044    
Debt Instrument [Line Items]    
Notes payable, interest rate 5.25% 5.25%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap (26) (34)
Unamortized (Discount) Premium 3 3
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 573 $ 565
1.75% 2015 Senior Notes, due 2027    
Debt Instrument [Line Items]    
Notes payable, interest rate 1.75% 1.75%
Principal Amount $ 558 $ 552
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium 0 0
Unamortized Debt Issuance Costs (1) (1)
Carrying Value $ 557 $ 551
3.25% 2017 Senior Notes, due 2028    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.25% 3.25%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (14) (26)
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (1) (2)
Carrying Value $ 483 $ 470
4.25% 2018 Senior Notes, due 2029    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.25% 4.25%
Principal Amount $ 400 $ 400
Fair Value of Interest Rate Swap (25) (34)
Unamortized (Discount) Premium (1) (2)
Unamortized Debt Issuance Costs (1) (2)
Carrying Value $ 373 $ 362
4.875% 2018 Senior Notes, due 2048    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.875% 4.875%
Principal Amount $ 400 $ 400
Fair Value of Interest Rate Swap (29) (36)
Unamortized (Discount) Premium (6) (6)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 362 $ 355
0.950% Senior Notes Due 2030    
Debt Instrument [Line Items]    
Notes payable, interest rate 0.95% 0.95%
Principal Amount $ 837 $ 829
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (3) (4)
Carrying Value $ 832 $ 823
3.75% 2020 Senior Notes, due 2025    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.75% 3.75%
Principal Amount $ 700 $ 700
Fair Value of Interest Rate Swap (6) (16)
Unamortized (Discount) Premium 0 (1)
Unamortized Debt Issuance Costs (1) (1)
Carrying Value $ 693 $ 682
3.25% 2020 Senior Notes, due 2050    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.25% 3.25%
Principal Amount $ 300 $ 300
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (4) (4)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 293 $ 293
2.55% 2020 Senior Notes, due 2060    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.55% 2.55%
Principal Amount $ 300 $ 300
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 295 $ 295
2.00% 2021 Senior Notes, due 2031    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.00% 2.00%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (6) (6)
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 590 $ 590
2.75% 2021 Senior Notes, due 2041    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.75% 2.75%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (12) (12)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 583 $ 583
3.10% 2021 Senior Notes, due 2061    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.10% 3.10%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (7) (7)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 488 $ 488
3.75% 2022 Senior Notes, due 2052    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.75% 3.75%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (21) (29)
Unamortized (Discount) Premium (8) (8)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 466 $ 458
4.25% 2022 Senior Notes, due 2032    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.25% 4.25%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (5) (8)
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (3) (4)
Carrying Value $ 490 $ 486
5.00% 2024 Senior Notes, due 2034    
Debt Instrument [Line Items]    
Notes payable, interest rate 5.00%  
Principal Amount $ 500  
Fair Value of Interest Rate Swap 0  
Unamortized (Discount) Premium (4)  
Unamortized Debt Issuance Costs (5)  
Carrying Value $ 491  
v3.24.3
Indebtedness - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt instrument, covenant compliance At September 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 September 30, 2024, there were no such cross defaults.
v3.24.3
Indebtedness - Principal Payments Due on Long-Term Borrowings (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2024 (After September 30,) $ 0  
2025 700  
2026 0  
2027 558  
2028 500  
Thereafter 6,037  
Total principal payment $ 7,795 $ 7,281
v3.24.3
Indebtedness - Summary of Components of Interest as Presented in Consolidated Statements of Operations (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Debt Disclosure [Abstract]        
Income $ 28 $ 19 $ 73 $ 44
Expense on borrowings (79) (75) (227) (220)
Income (expense) on UTPs and other tax related liabilities (3) (4) (12) 10
Net periodic pension costs - interest component (6) (6) (19) (19)
Interest expense, net (60) (66) (185) (185)
Interest paid $ 83 $ 87 $ 234 230
Unrecognized tax benefits, income tax penalties and interest expense, reduction of tax-related interest expense related to resolution of tax matters       $ 22
v3.24.3
Indebtedness - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Carrying Value $ 7,569 $ 7,001
Level 2    
Debt Instrument [Line Items]    
Estimated Fair Value $ 7,066 $ 6,402
v3.24.3
Leases - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Lessee, Lease, Description [Line Items]        
Restructuring charges $ 6 $ 27 $ 13 $ 51
2022-2023 Geolocation Restructuring Program        
Lessee, Lease, Description [Line Items]        
Restructuring charges 6 27 13 51
Real Estate | 2022-2023 Geolocation Restructuring Program        
Lessee, Lease, Description [Line Items]        
Restructuring charges $ 0 $ 10 $ 0 $ 12
Minimum        
Lessee, Lease, Description [Line Items]        
Lessee, operating lease, renewal term (years) 1 year   1 year  
Maximum        
Lessee, Lease, Description [Line Items]        
Lessee, operating lease, renewal term (years) 20 years   20 years  
v3.24.3
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Lease, Cost [Abstract]        
Operating lease cost $ 23 $ 23 $ 66 $ 70
Sublease income (1) (1) (5) (5)
Variable lease cost 5 6 16 16
Total lease cost $ 27 $ 28 $ 77 $ 81
v3.24.3
Leases - Operating Leases Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]        
Cash paid for amounts included in the measurement of operating lease liabilities $ 31 $ 30 $ 90 $ 90
Right-of-use assets obtained in exchange for new operating lease liabilities $ 15 $ 1 $ 20 $ 25
Weighted-average remaining lease term (years) 4 years 4 years 7 months 6 days 4 years 4 years 7 months 6 days
Weighted-average discount rate applied to operating leases (percent) 3.20% 3.20% 3.20% 3.20%
v3.24.3
Leases - Operating Leases, Future Minimum Payment (Detail) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Leases [Abstract]    
2024 (After September 30,) $ 30  
2025 113  
2026 93  
2027 75  
2028 24  
2028 41  
Total lease payments (undiscounted) 376  
Less: Interest 22  
Present value of lease liabilities: 354  
Lease liabilities - current 109 $ 108
Lease liabilities - noncurrent $ 245 $ 306
v3.24.3
Contingencies - Additional Information (Detail)
$ in Millions
Sep. 03, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Payments for legal settlements $ 20
v3.24.3
Segment Information - Additional Information (Detail)
 9 Months Ended
Sep. 30, 2024
segment
Segment Reporting Information [Line Items]  
Number of operating segments (segment) 2
Number of reportable segments 2
v3.24.3
Segment Information - Financial Information by Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue $ 1,813 $ 1,472 $ 5,416 $ 4,436
Operating, SG&A 946 815 2,741 2,470
Adjusted Operating Income 867 657 2,675 1,966
Depreciation and amortization 108 95 318 276
Restructuring 6 27 13 51
Charges related to asset abandonment 15 0 30 0
Operating income 738 535 2,314 1,639
Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue (51) (50) (154) (148)
Operating, SG&A (51) (50) (154) (148)
Adjusted Operating Income 0 0 0 0
Depreciation and amortization 0 0 0 0
Restructuring 0 0 0 0
Charges related to asset abandonment 0 0 0 0
MA        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 831 776 2,432 2,260
MA | Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 3 3 10 10
MA | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 834 779 2,442 2,270
Operating, SG&A 581 517 1,721 1,584
Adjusted Operating Income 253 262 721 686
Depreciation and amortization 88 76 260 220
Restructuring 4 22 7 38
Charges related to asset abandonment 15 0 30 0
MIS        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 982 696 2,984 2,176
MIS | Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 48 47 144 138
MIS | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 1,030 743 3,128 2,314
Operating, SG&A 416 348 1,174 1,034
Adjusted Operating Income 614 395 1,954 1,280
Depreciation and amortization 20 19 58 56
Restructuring 2 5 6 13
Charges related to asset abandonment $ 0 $ 0 $ 0 $ 0
v3.24.3
Segment Information - Cumulative Restructuring Expense (Details) - 2022-2023 Geolocation Restructuring Program
$ in Millions
Sep. 30, 2024
USD ($)
Segment Reporting Information [Line Items]  
Cost incurred to date $ 213
MA  
Segment Reporting Information [Line Items]  
Cost incurred to date 115
MIS  
Segment Reporting Information [Line Items]  
Cost incurred to date $ 98
v3.24.3
Segment Information - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Revenue $ 1,813 $ 1,472 $ 5,416 $ 4,436
United States        
Segment Reporting Information [Line Items]        
Revenue 999 762 2,942 2,300
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 814 710 2,474 2,136
EMEA        
Segment Reporting Information [Line Items]        
Revenue 546 465 1,654 1,404
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 157 143 476 437
Americas        
Segment Reporting Information [Line Items]        
Revenue $ 111 $ 102 $ 344 $ 295