MOODYS CORP /DE/, 10-Q filed on 11/1/2019
Quarterly Report
v3.19.3
Cover Page
shares in Millions
9 Months Ended
Sep. 30, 2019
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2019
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
Entity Address, Address Line Two 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) 188.8
Entity Central Index Key 0001059556
Document Fiscal Period Focus Q3
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2019
Common Stock, par value $0.01 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MCO
Security Exchange Name NYSE
1.75% Senior Notes Due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.75% Senior Notes Due 2027
Trading Symbol MCO 27
Security Exchange Name NYSE
v3.19.3
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Revenue $ 1,240.5 $ 1,080.8 $ 3,596.2 $ 3,382.6
Expenses        
Operating 350.2 306.3 1,031.8 941.4
Selling, general and administrative 291.9 260.3 848.1 801.9
Restructuring (1.0) 0.0 58.3 0.0
Depreciation and amortization 48.6 46.1 149.9 143.6
Acquisition-Related Expenses 0.0 1.3 3.4 4.1
Impairment pursuant to the planned divestiture of MAKS 2.0 0.0 10.7 0.0
Total expenses 691.7 614.0 2,102.2 1,891.0
Operating income 548.8 466.8 1,494.0 1,491.6
Non-operating (expense) income, net        
Interest expense, net (45.9) (56.4) (149.0) (160.5)
Other non-operating income, net 9.9 2.4 12.6 18.3
Total non-operating expense, net (36.0) (54.0) (136.4) (142.2)
Income before provisions for income taxes 512.8 412.8 1,357.6 1,349.4
Provision for income taxes 130.4 100.8 289.6 282.7
Net income 382.4 312.0 1,068.0 1,066.7
Less: Net income attributable to noncontrolling interests 3.0 1.8 5.4 7.4
Net income attributable to Moody's $ 379.4 $ 310.2 $ 1,062.6 $ 1,059.3
Earnings per share attributable to Moody's common shareholders        
Basic (in usd per share) $ 2.01 $ 1.62 $ 5.60 $ 5.53
Diluted (in usd per share) $ 1.99 $ 1.59 $ 5.54 $ 5.45
Weighted average number of shares outstanding        
Basic (in shares) 189.0 191.8 189.6 191.7
Diluted (in shares) 191.1 194.5 191.8 194.4
v3.19.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Statement of Comprehensive Income [Abstract]        
Net Income $ 382.4 $ 312.0 $ 1,068.0 $ 1,066.7
Foreign Currency Adjustments:        
Foreign currency translation adjustments - Pre Tax (193.6) (52.4) (178.7) (203.2)
Foreign currency translation adjustment - Tax 0.0 0.0 0.0 0.0
Foreign currency translation adjustments - Net of Tax (193.6) (52.4) (178.7) (203.2)
Net gains on net investment hedges - Pre Tax 136.7 5.9 130.1 28.0
Net gains on net investment hedges, Tax (34.0) (1.8) (33.1) (7.4)
Net gains on net investment hedges, Net of Tax 102.7 4.1 97.0 20.6
Net investment hedges - reclassification of gains included in net income - Pre Tax (1.0) 0.0 (1.0) 0.0
Net investment hedges - reclassification of gains included in net income - Tax 0.2 0.0 0.2 0.0
Net investment hedges - reclassification of gains included in net income - Net of Tax (0.8) 0.0 (0.8) 0.0
Cash Flow Hedges:        
Net realized and unrealized gain (loss) on cash flow hedges - Pre Tax     0.0 1.9
Net realized and unrealized gain (loss) on cash flow hedges - Tax     0.0 (0.4)
Net realized and unrealized gain (loss) on cash flow hedges - Net of Tax     0.0 1.5
Reclassification of (losses) gains included in net income - Pre Tax 0.1 (0.1) 0.2 (0.3)
Reclassification of (losses) gains included in net income - Tax 0.1 0.0 0.1 0.0
Reclassification of (losses) gains included in net income - Net of Tax 0.0 (0.1) 0.1 (0.3)
Pension and Other Retirement Benefits:        
Amortization of actuarial losses and prior service costs included in net income - Pre Tax 0.8 1.1 2.4 3.5
Amortization of actuarial losses and prior service costs included in net income - Tax (0.2) (0.3) (0.6) (1.0)
Amortization of actuarial losses and prior service costs included in net income - Net of Tax 0.6 0.8 1.8 2.5
Net actuarial (losses) gains and prior service costs - Pre Tax     (1.7) 1.6
Net actuarial (losses) gains and prior service costs - Tax     0.4 (0.4)
Net actuarial (losses) gains and prior service costs - Net of Tax     (1.3) 1.2
Total other comprehensive (loss) income - Pre Tax (57.0) (45.5) (48.7) (168.5)
Total other comprehensive (loss)income - Tax 34.1 2.1 33.2 9.2
Other comprehensive income/(loss) (91.1) (47.6) (81.9) (177.7)
Comprehensive income 291.3 264.4 986.1 889.0
Less: comprehensive income (loss) attributable to noncontrolling interests 3.1 (8.4) 14.7 (2.7)
Comprehensive Income Attributable to Moody's $ 288.2 $ 272.8 $ 971.4 $ 891.7
v3.19.3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,178.0 $ 1,685.0
Short-term investments 95.8 132.5
Accounts receivable, net of allowances of $45.2 in 2019 and $43.5 in 2018 1,228.4 1,287.1
Other current assets 286.1 282.3
Assets held for sale 254.0 0.0
Total current assets 3,042.3 3,386.9
Property and equipment, net of accumulated depreciation of $816.8 in 2019 and $790.2 in 2018 292.1 320.4
Operating lease right-of-use assets 464.6  
Goodwill 3,610.0 3,781.3
Intangible assets, net 1,454.1 1,566.1
Deferred tax assets, net 189.4 197.2
Other assets 425.3 274.3
Total assets 9,477.8 9,526.2
Current liabilities:    
Accounts payable and accrued liabilities 607.2 695.2
Current portion of operating lease liabilities 89.5  
Current portion of long-term debt 501.5 449.9
Deferred revenue 855.7 953.4
Liabilities held for sale 84.1 0.0
Total current liabilities 2,138.0 2,098.5
Non-current portion of deferred revenue 115.0 122.3
Long-term debt 4,736.5 5,226.1
Deferred tax liabilities, net 355.7 351.7
Uncertain tax positions 442.0 494.6
Operating lease liabilities 495.0  
Other liabilities 492.5 576.5
Total liabilities 8,774.7 8,869.7
Contingencies (Note 20) 0.0  
Redeemable noncontrolling interest 5.8 0.0
Shareholders' equity:    
Preferred stock, par value $0.01 per share and, 10,000,000 shares authorized; no shares issued and outstanding 0.0 0.0
Common stock 3.4 3.4
Capital surplus 607.9 600.9
Retained earnings 9,391.6 8,594.4
Treasury stock, at cost; 154,151,437 and 151,598,695 shares of common stock at September 30, 2019 and December 31, 2018, respectively (8,993.0) (8,312.5)
Accumulated other comprehensive loss (537.3) (426.3)
Total Moody's shareholders' equity 472.6 459.9
Noncontrolling interests 224.7 196.6
Total shareholders' equity 697.3 656.5
Total liabilities, noncontrolling interests and shareholders' equity 9,477.8 9,526.2
Series Common Stock    
Shareholders' equity:    
Common stock $ 0.0 $ 0.0
v3.19.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) (UNAUDITED) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Accounts receivable, allowances $ 45.2 $ 43.5
Property and equipment, accumulated depreciation $ 816.8 $ 790.2
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
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
Treasury stock, shares (in shares) 154,151,437 151,598,695
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
v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net Income $ 1,068.0 $ 1,066.7
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 149.9 143.6
Stock-based compensation 103.2 100.0
Deferred income taxes (22.2) (75.3)
ROU Asset impairment & other non-cash restructuring/impairment charges 37.6  
Impairment pursuant to the planned divestiture of MAKS 10.7 0.0
Changes in assets and liabilities:    
Accounts receivable 35.9 22.5
Other current assets (8.2) 36.6
Other assets (25.6) (7.4)
Lease obligations (6.5)  
Accounts payable and accrued liabilities (99.8) (176.5)
Deferred revenue (96.4) (35.3)
Unrecognized tax benefits and other non-current tax liabilities (17.2) 42.8
Other liabilities 66.1 (33.1)
Net cash provided by operating activities 1,195.5 1,084.6
Cash flows from investing activities    
Capital additions (60.9) (62.9)
Purchases of investments (110.6) (142.5)
Sales and maturities of investments 138.9 120.9
Cash received upon disposal of a subsidiary, net of cash transferred to purchaser 0.0 5.7
Cash paid for acquisitions, net of cash acquired (121.0) (35.0)
Receipts from settlements of net investment hedges 4.1 0.0
Net cash used in investing activities (149.5) (113.8)
Cash flows from financing activities    
Issuance of notes 0.0 299.6
Repayment of notes (450.0) (750.0)
Issuance of commercial paper 1,307.2 434.4
Repayment of commercial paper (1,310.0) (539.2)
Proceeds from stock-based compensation plans 36.4 42.9
Repurchase of shares related to stock-based compensation (75.9) (62.0)
Treasury shares (728.0) (147.2)
Dividends (283.6) (252.9)
Dividends to noncontrolling interests (0.8) (4.0)
Payment for noncontrolling interest (12.3) 0.0
Debt issuance costs and related fees 0.0 (1.8)
Net cash used in financing activities (1,517.0) (980.2)
Reclassification of cash to assets held for sale (11.1) 0.0
Effect of exchange rate changes on cash and cash equivalents (24.9) (27.3)
Decrease in cash and cash equivalents (507.0) (36.7)
Cash and cash equivalents, beginning of period 1,685.0 1,071.5
Cash and cash equivalents, end of period $ 1,178.0 $ 1,034.8
v3.19.3
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Total Moody's Shareholders' Equity
Non- Controlling Interests
Beginning Balance (in shares) at Dec. 31, 2017   342.9     151.9      
Beginning Balance at Dec. 31, 2017 $ (114.9) $ 3.4 $ 528.6 $ 7,465.4 $ (8,152.9) $ (172.2) $ (327.7) $ 212.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 1,066.7     1,059.3     1,059.3 7.4
Dividends (258.0)     (254.0)     (254.0) (4.0)
Stock-based compensation 100.2   100.2       100.2  
Shares issued for stock-based compensation plans at average cost, net (19.1)   (59.1)   $ 40.0   (19.1)  
Shares issued for stock-based compensation plans at average cost, net (in shares)         1.5      
Treasury shares repurchased (147.2)       $ (147.2)   (147.2)  
Treasury shares repurchased (in shares)         (0.9)      
Currency translation adjustment and net gain on net investment hedges (182.6)         (172.4) (172.4) (10.2)
Net actuarial gains (losses) and prior service costs 1.2         1.2 1.2  
Amortization of prior service costs and actuarial losses 2.5         2.5 2.5  
Net realized gain (loss) on cash flow hedges 1.2         1.2 1.2  
Ending Balance (in shares) at Sep. 30, 2018   342.9     151.3      
Ending Balance at Sep. 30, 2018 606.1 $ 3.4 569.7 8,429.1 $ (8,260.1) (342.0) 400.1 206.0
Beginning Balance (in shares) at Jun. 30, 2018   342.9     151.0      
Beginning Balance at Jun. 30, 2018 460.1 $ 3.4 538.6 8,204.6 $ (8,198.9) (304.8) 242.9 217.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 312.0     310.2     310.2 1.8
Dividends (88.3)     (85.7)     (85.7) (2.6)
Stock-based compensation 30.7   30.7       30.7  
Shares issued for stock-based compensation plans at average cost, net 5.4   0.4   $ 5.0   5.4  
Shares issued for stock-based compensation plans at average cost, net (in shares)         0.1      
Treasury shares repurchased (66.2)       $ (66.2)   (66.2)  
Treasury shares repurchased (in shares)         (0.4)      
Currency translation adjustment and net gain on net investment hedges (48.3)         (37.9) (37.9) (10.4)
Amortization of prior service costs and actuarial losses 0.8         0.8 0.8  
Net realized gain (loss) on cash flow hedges (0.1)         (0.1) (0.1)  
Ending Balance (in shares) at Sep. 30, 2018   342.9     151.3      
Ending Balance at Sep. 30, 2018 606.1 $ 3.4 569.7 8,429.1 $ (8,260.1) (342.0) 400.1 206.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Adoption of new ASU | New Revenue Accounting Standard 156.1     156.1     156.1  
Adoption of new ASU | Financial Instruments - Overall (ASU 2016-01) 0.0     2.3   (2.3) 0.0  
Beginning Balance (in shares) at Dec. 31, 2018   342.9     151.6      
Beginning Balance at Dec. 31, 2018 656.5 $ 3.4 600.9 8,594.4 $ (8,312.5) (426.3) 459.9 196.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 1,068.0     1,062.6     1,062.6 5.4
Dividends (286.3)     (285.2)     (285.2) (1.1)
Stock-based compensation 103.5   103.5       103.5  
Shares issued for stock-based compensation plans at average cost, net (39.6)   (71.4)   $ 31.8   (39.6)  
Shares issued for stock-based compensation plans at average cost, net (in shares)         1.5      
Purchase of noncontrolling interest (12.3)   (9.4)       (9.4) (2.9)
Non-controlling interest resulting from majority acquisition of Vigeo Eiris 17.4             17.4
Treasury shares repurchased (728.0)   (15.7)   $ (712.3)   (728.0)  
Treasury shares repurchased (in shares)         (4.1)      
Currency translation adjustment and net gain on net investment hedges (82.5)         (91.8) (91.8) 9.3
Net actuarial gains (losses) and prior service costs (1.3)         (1.3) (1.3)  
Amortization of prior service costs and actuarial losses 1.8         1.8 1.8  
Net realized gain (loss) on cash flow hedges 0.1         0.1 0.1  
Ending Balance (in shares) at Sep. 30, 2019   342.9     154.2      
Ending Balance at Sep. 30, 2019 697.3 $ 3.4 607.9 9,391.6 $ (8,993.0) (537.3) 472.6 224.7
Beginning Balance (in shares) at Jun. 30, 2019   342.9     153.7      
Beginning Balance at Jun. 30, 2019 574.7 $ 3.4 574.5 9,107.7 $ (8,886.7) (446.1) 352.8 221.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 382.4     379.4     379.4 3.0
Dividends (95.8)     (95.5)     (95.5) (0.3)
Stock-based compensation 33.4   33.4       33.4  
Shares issued for stock-based compensation plans at average cost, net 6.5   0.0   $ 6.5   6.5  
Shares issued for stock-based compensation plans at average cost, net (in shares)         0.2      
Treasury shares repurchased (112.8)   0.0   $ (112.8)   (112.8)  
Treasury shares repurchased (in shares)         (0.7)      
Currency translation adjustment and net gain on net investment hedges (91.7)         (91.8) (91.8) 0.1
Amortization of prior service costs and actuarial losses 0.6         0.6 0.6  
Ending Balance (in shares) at Sep. 30, 2019   342.9     154.2      
Ending Balance at Sep. 30, 2019 $ 697.3 $ 3.4 $ 607.9 $ 9,391.6 $ (8,993.0) $ (537.3) $ 472.6 $ 224.7
v3.19.3
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]        
Dividends declared per share attributable to Moody's common shareholders $ 0.50 $ 0.44 $ 1.5 $ 1.32
Currency translation adjustment, tax $ (33.8) $ 1.8 $ (32.9) $ 7.4
Net actuarial losses and prior service costs, tax     (0.4) 0.4
Amortization of actuarial losses and prior service costs included in net income, tax $ 0.2 $ 0.3 0.6 1.0
Net unrealized gain on cash flow hedges, tax     $ 0.1 $ 0.4
v3.19.3
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
9 Months Ended
Sep. 30, 2019
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 provider of (i) credit ratings; (ii) credit, capital markets and economic research, data and analytical tools; (iii) software solutions that support financial risk management activities; (iv) quantitatively derived credit scores; (v) learning solutions and certification services; (vi) offshore financial research and analytical services; and (vii) company information and business intelligence products. Moody’s reports in two reportable segments: MIS and MA.
MIS, the credit rating agency, publishes credit ratings and provides assessment services on a wide range of debt obligations and the entities that issue such obligations in markets worldwide. Revenue is primarily derived from the originators and issuers of such transactions who use MIS ratings in the distribution of their debt issues to investors. Additionally, MIS earns revenue from certain non-ratings-related operations which consist primarily of financial instrument pricing services in the Asia-Pacific region as well as revenue from ICRA’s non-ratings operations. The revenue from these operations is included in the MIS Other LOB and is not material to the results of the MIS segment.
MA provides financial intelligence and analytical tools to assist businesses in making decisions. MA’s portfolio of solutions consists of specialized research, data, software, and professional services, which are assembled to support the financial analysis and risk management activities of institutional customers worldwide.
Following a strategic review of its business portfolio, the Company initiated a plan to sell MAKS and determined that all of the criteria had been met to classify the assets and liabilities of MAKS as held for sale as of June 30, 2019. On July 16, 2019, the Company entered into an agreement to sell the MAKS business to Equistone Partners Europe Limited, a European private equity firm. The operating results of MAKS will continue to be reported within the MA segment (and PS LOB) until the closing of the transaction, which is expected to occur in the fourth quarter of 2019.
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 2018 annual report on Form 10-K filed with the SEC on February 25, 2019. 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 accounting principles generally accepted in the United States of America.
Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Adoption of New Accounting Standards
On January 1, 2019, the Company adopted ASU No. 2016-2, “Leases (Topic 842)” and has elected to apply the provisions of the New Lease Accounting Standard on the date of adoption with adjustments to the assets and liabilities on its opening balance sheet, with no cumulative-effect adjustment to the opening balance of retained earnings required. Accordingly, the Company did not restate prior year comparative periods for the impact of the New Lease Accounting Standard. The New Lease Accounting Standard requires lessees to recognize an ROU Asset and lease liability for all leases with terms of more than 12 months. The Company has elected the package of practical expedients permitted under the transition guidance within the New Lease Accounting Standard, which permits the Company not to reassess the following for any expired or existing contracts: i) whether any contracts contain leases; ii) lease classification (i.e. operating lease or finance/capital lease); and iii) initial direct costs.
The adoption of the New Lease Accounting Standard resulted in the recognition of an ROU Assets and lease liabilities of approximately $518 million and $622 million, respectively, at January 1, 2019, consisting primarily of operating leases relating to office space. Pursuant to this transition adjustment, the Company also recognized approximately $150 million and approximately $125 million in additional deferred tax assets and liabilities, respectively. Compared to previous guidance, the New Lease Accounting Standard does not significantly change the method by which a lessee should recognize, measure and present expenses and cash flows arising from a lease. Refer to Note 2 for a more fulsome description of the Company’s accounting policy relating to the New Lease Accounting Standard, which includes a discussion relating to the pattern of operating lease expense recognition (both prior to and subsequent to an impairment of a ROU Asset).
In the first quarter of 2019, the Company adopted ASU No. 2018-2, “Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income”. Under current GAAP, adjustments to deferred tax assets and liabilities related to a change in tax laws or rates are included in income from continuing operations, even in situations where the related items were originally recognized in OCI (commonly referred to as a “stranded tax effect”). The provisions of this ASU permit the reclassification of the stranded tax effect related to the Tax Act from AOCI to retained earnings. In the first quarter of 2019, the Company reclassified $19.8 million of tax benefits from AOCI to retained earnings relating to the aforementioned stranded tax effect of the Tax Act.
On January 1, 2019, the Company adopted ASU No. 2018-16, “Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”. The amendments in this ASU permit the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under ASC 815, in addition to the currently permissible benchmark interest rates. This ASU provides the Company the ability to utilize the OIS rate based on SOFR as the benchmark interest rate on certain hedges of interest rate risk. The adoption of this ASU had no impact on the Company’s financial statements upon adoption.
Reclassification of Previously Reported Revenue by LOB
There were certain organizational/product realignments in both MIS and MA in the first quarter of 2019. Accordingly, in MIS, revenue from REITs, which was previously classified in the SFG LOB, is now classified in the CFG LOB. In MA, revenue relating to the Bureau van Dijk FACT product (a credit assessment and origination solution), which was previously classified in RD&A, is now classified in the ERS LOB. Accordingly, 2018 revenue by LOB was reclassified to conform with this new presentation, as follows:
MIS
 
As previously
reported
 
Reclassification
 
As Reclassified
 
MA
 
As previously
reported
 
Reclassification
 
As
Reclassified
CFG
 
 
 
 
 
 
 
RD&A
 
 
 
 
 
 
Q1
 
$
377.7


$
11.9


$
389.6

 
Q1
 
$
269.2


$
(2.1
)

$
267.1

Q2
 
377.6


13.4


391.0

 
Q2
 
279.9


(4.0
)

275.9

Q3
 
296.1


11.2


307.3

 
Q3
 
282.6


(2.3
)

280.3

Q4
 
282.7


8.6


291.3

 
Q4
 
302.4


(5.3
)

297.1

Full year 2018
 
$
1,334.1


$
45.1


$
1,379.2

 
Full year 2018
 
$
1,134.1


$
(13.7
)

$
1,120.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SFG
 
 
 
 
 
 
 
ERS
 
 
 
 
 
 
Q1
 
$
129.7


$
(11.9
)

$
117.8

 
Q1
 
$
100.1


$
2.1


$
102.2

Q2
 
141.6


(13.4
)

128.2

 
Q2
 
105.5


4.0


109.5

Q3
 
125.4


(11.2
)

114.2

 
Q3
 
113.0


2.3


115.3

Q4
 
129.8


(8.6
)

121.2

 
Q4
 
118.8


5.3


124.1

Full year 2018
 
$
526.5


$
(45.1
)

$
481.4

 
Full year 2018
 
$
437.4


$
13.7


$
451.1


v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
On January 1, 2019, the Company adopted the New Lease Accounting Standard as more fully discussed in Note 1. Accordingly, the Company revised its lease accounting policy to reflect the provisions of the new standard, which is discussed below. All other significant accounting policies described in the Form 10-K for the year ended December 31, 2018 remain unchanged. Additionally, refer to Note 19 for additional disclosures relating to the Company’s lease obligations.
Leases
The Company has operating leases, of which substantially all relate to the lease of office space. The Company’s leases which are classified as finance leases are not material to the condensed consolidated financial statements.
The Company determines if an arrangement meets the definition of a lease at contract inception. The Company recognizes in its consolidated balance sheet a lease liability and an ROU Asset for all leases with a lease term greater than 12 months. In determining the length of the lease term, the Company utilizes judgment in assessing the likelihood of whether it is reasonably certain that it will exercise an option to extend or early-terminate a lease, if such options are provided in the lease agreement.
ROU Assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU Assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As substantially all of the Company’s leases do not provide an implicit interest rate, the Company uses its estimated secured incremental borrowing rates at the lease commencement date in determining the present value of lease payments. These secured incremental borrowing rates are attributable to the currency in which the lease is denominated.
At commencement, the Company’s initial measurement of the ROU Asset is calculated as the present value of the remaining lease payments (i.e., lease liability), with additive adjustments reflecting: initial direct costs (e.g., broker commissions) and prepaid lease payments (if any); and reduced by any lease incentives provided by the lessor if: (i) received before lease commencement or (ii) receipt of the lease incentive is contingent upon future events for which the occurrence is both probable and within the Company’s control.
Lease expense for minimum operating lease payments is recognized on a straight-line basis over the lease term. This straight-line lease expense represents a single lease cost which is comprised of both an interest accretion component relating to the lease liability and amortization of the ROU Assets. The Company records this single lease cost in operating and SG&A expenses. However, in situations where an operating lease ROU Asset has been impaired, the subsequent amortization of the ROU Asset is then recorded on a straight-line basis over the remaining lease term and is combined with accretion expense on the lease liability to result in single operating lease cost (which subsequent to impairment will no longer follow a straight-line recognition pattern).
The Company has lease agreements which include lease and non-lease components. For the Company’s office space leases, the lease components (e.g., fixed rent payments) and non-lease components (e.g., fixed common-area maintenance costs) are combined and accounted for as a single lease component.
Variable lease payments (e.g., variable common-area-maintenance costs) are only included in the initial measurement of the lease liability to the extent those payments depend on an index or a rate. Variable lease payments not included in the lease liability are recognized in net income in the period in which the obligation for those payments is incurred.
v3.19.3
REVENUES
9 Months Ended
Sep. 30, 2019
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,
 
2019
 
2018
 
2019
 
2018
MIS:
 
 
 
 
 
 
 
Corporate finance (CFG) (1)
 
 
 
 
 
 
 
Investment-grade
$
105.8

 
$
54.7

 
$
299.0

 
$
214.3

High-yield
56.9

 
39.1

 
182.4

 
155.7

Bank loans
89.3

 
78.4

 
245.4

 
309.8

Other accounts (2)
140.0

 
135.1

 
408.0

 
408.1

Total CFG
392.0

 
307.3

 
1,134.8

 
1,087.9

Structured finance (SFG) (1)
 
 
 
 
 
 
 
Asset-backed securities
25.0

 
24.6

 
73.8

 
80.7

RMBS
22.1

 
23.7

 
69.7

 
74.8

CMBS
17.5

 
14.7

 
55.6

 
54.2

Structured credit
40.0

 
50.7

 
116.2

 
148.6

Other accounts
0.8

 
0.5

 
2.9

 
1.9

Total SFG
105.4

 
114.2

 
318.2

 
360.2

Financial institutions (FIG)
Banking
79.9

 
72.9

 
244.1

 
227.2

Insurance
31.3

 
37.7

 
88.4

 
98.9

Managed investments
6.5

 
5.5

 
20.0

 
18.4

Other accounts
2.8

 
3.4

 
9.0

 
9.9

Total FIG
120.5

 
119.5

 
361.5

 
354.4

Public, project and infrastructure finance (PPIF)
Public finance / sovereign
57.9

 
45.3

 
157.1

 
143.9

Project and infrastructure
61.9

 
53.7

 
164.0

 
156.4

Total PPIF
119.8

 
99.0

 
321.1

 
300.3

Total ratings revenue
737.7

 
640.0

 
2,135.6

 
2,102.8

MIS Other
8.9

 
4.8

 
19.5

 
14.2

Total external revenue
746.6

 
644.8

 
2,155.1

 
2,117.0

Intersegment royalty
34.3

 
31.6

 
99.6

 
92.0

Total MIS
780.9

 
676.4

 
2,254.7

 
2,209.0

MA:
 
 
 
 
 
 
 
Research, data and analytics (RD&A) (3)
317.5

 
280.3

 
940.5

 
823.3

Enterprise risk solutions (ERS) (3)
133.3

 
115.3

 
372.9

 
327.0

Professional services (PS)
43.1

 
40.4

 
127.7

 
115.3

Total external revenue
493.9

 
436.0

 
1,441.1

 
1,265.6

Intersegment revenue
2.1

 
2.6

 
6.7

 
10.0

Total MA
496.0

 
438.6

 
1,447.8

 
1,275.6

Eliminations
(36.4
)
 
(34.2
)
 
(106.3
)
 
(102.0
)
Total MCO
$
1,240.5

 
$
1,080.8

 
$
3,596.2

 
$
3,382.6

(1) Pursuant to certain organizational realignments in 2019, MIS now reports revenue from REITs, which was previously classified in the SFG LOB, as a component of the CFG LOB. The amounts reclassified were not material and prior year revenue by LOB has been reclassified to conform to this new presentation.
(2) 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.
(3) Pursuant to organizational/product realignments in 2019, revenue relating to the Bureau van Dijk FACT product, a credit assessment and origination software solution, is now reported in the ERS LOB. This revenue was previously reported in the RD&A LOB. Prior year revenue by LOB has been reclassified to conform to this new presentation, and the amounts reclassified were not material.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
 
Three Months Ended September 30, 2019
 
Three Months Ended September 30, 2018
 
U.S.
 
Non-U.S
 
Total
 
U.S.
 
Non-U.S
 
Total
MIS:
Corporate finance (CFG) (1)
$
258.9

 
$
133.1

 
$
392.0

 
$
194.7

 
$
112.6

 
$
307.3

Structured finance (SFG) (1)
67.8

 
37.6

 
105.4

 
70.6

 
43.6

 
114.2

Financial institutions (FIG)
53.7

 
66.8

 
120.5

 
59.8

 
59.7

 
119.5

Public, project and infrastructure finance (PPIF)
72.8

 
47.0

 
119.8

 
59.4

 
39.6

 
99.0

Total ratings revenue
453.2

 
284.5

 
737.7

 
384.5

 
255.5

 
640.0

MIS Other
0.2

 
8.7

 
8.9

 
0.2

 
4.6

 
4.8

Total MIS
453.4

 
293.2

 
746.6

 
384.7

 
260.1

 
644.8

MA:
Research, data and analytics (RD&A) (2)
139.8

 
177.7

 
317.5

 
116.7

 
163.6

 
280.3

Enterprise risk solutions (ERS) (2)
48.2

 
85.1

 
133.3

 
43.0

 
72.3

 
115.3

Professional services (PS)
18.2

 
24.9

 
43.1

 
15.2

 
25.2

 
40.4

Total MA
206.2

 
287.7

 
493.9

 
174.9

 
261.1

 
436.0

Total MCO
$
659.6

 
$
580.9

 
$
1,240.5

 
$
559.6

 
$
521.2

 
$
1,080.8

 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 30, 2018
 
U.S.
 
Non-U.S
 
Total
 
U.S.
 
Non-U.S
 
Total
MIS:
Corporate finance (CFG) (1)
$
744.1

 
$
390.7

 
$
1,134.8

 
$
707.2

 
$
380.7

 
$
1,087.9

Structured finance (SFG) (1)
201.9

 
116.3

 
318.2

 
225.0

 
135.2

 
360.2

Financial institutions (FIG)
151.9

 
209.6

 
361.5

 
162.7

 
191.7

 
354.4

Public, project and infrastructure finance (PPIF)
202.4

 
118.7

 
321.1

 
173.9

 
126.4

 
300.3

Total ratings revenue
1,300.3

 
835.3

 
2,135.6

 
1,268.8

 
834.0

 
2,102.8

MIS Other
0.5

 
19.0

 
19.5

 
0.5

 
13.7

 
14.2

Total MIS
1,300.8

 
854.3

 
2,155.1

 
1,269.3

 
847.7

 
2,117.0

MA:
Research, data and analytics (RD&A) (2)
412.4

 
528.1

 
940.5

 
347.5

 
475.8

 
823.3

Enterprise risk solutions (ERS) (2)
142.7

 
230.2

 
372.9

 
124.1

 
202.9

 
327.0

Professional services (PS)
53.7

 
74.0

 
127.7

 
41.8

 
73.5

 
115.3

Total MA
608.8

 
832.3

 
1,441.1

 
513.4

 
752.2

 
1,265.6

Total MCO
$
1,909.6

 
$
1,686.6

 
$
3,596.2

 
$
1,782.7

 
$
1,599.9

 
$
3,382.6

(1) Pursuant to certain organizational realignments in 2019, MIS now reports revenue from REITs, which was previously classified in the SFG LOB, as a component of the CFG LOB. The amounts reclassified were not material and prior year revenue by LOB has been reclassified to conform to this new presentation.
(2) Pursuant to organizational/product realignments in 2019, revenue relating to the Bureau van Dijk FACT product, a credit assessment and origination software solution, is now reported in the ERS LOB. This revenue was previously reported in the RD&A LOB. Prior year revenue by LOB has been reclassified to conform to this new presentation, and the amounts reclassified were not material.
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,
 
2019
 
2018
 
2019
 
2018
MIS:
 
U.S.
$
453.4

 
$
384.7

 
$
1,300.8

 
$
1,269.3

Non-U.S.:
 
 
 
 
 
 
 
EMEA
174.9

 
165.3

 
501.7

 
527.5

Asia-Pacific
78.9

 
72.7

 
241.7

 
224.9

Americas
39.4

 
22.1

 
110.9

 
95.3

Total Non-U.S.
293.2

 
260.1

 
854.3

 
847.7

Total MIS
746.6

 
644.8

 
2,155.1

 
2,117.0

MA:
 
 
 
 
 
 
 
U.S.
206.2

 
174.9

 
608.8

 
513.4

Non-U.S.:
 
 
 
 
 
 
 
EMEA
186.6

 
179.2

 
555.1

 
520.4

Asia-Pacific
63.5

 
50.3

 
173.7

 
142.0

Americas
37.6

 
31.6

 
103.5

 
89.8

Total Non-U.S.
287.7

 
261.1

 
832.3

 
752.2

Total MA
493.9

 
436.0

 
1,441.1

 
1,265.6

Total MCO
$
1,240.5

 
$
1,080.8

 
$
3,596.2

 
$
3,382.6



    
The following tables summarize the split between transaction and relationship revenue. In the MIS segment, excluding MIS Other, transaction revenue represents the initial rating of a new debt issuance as well as other one-time fees while relationship revenue represents the recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. In MIS Other, transaction revenue represents revenue from professional services and outsourcing engagements and relationship revenue represents subscription-based revenues. In the MA segment, relationship revenue represents subscription-based revenues and software maintenance revenue. Transaction revenue in MA represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and outsourced research and analytical engagements.
 
Three Months Ended September 30,
 
2019
 
2018
 
Transaction
 
Relationship
 
Total
 
Transaction
 
Relationship
 
Total
Corporate Finance
$
281.8

 
$
110.2

 
$
392.0

 
$
199.4

 
$
107.9

 
$
307.3

 
72
%
 
28
%
 
100
%
 
65
%
 
35
%
 
100
%
Structured Finance
$
58.4

 
$
47.0

 
$
105.4

 
$
73.5

 
$
40.7

 
$
114.2

 
55
%
 
45
%
 
100
%
 
64
%
 
36
%
 
100
%
Financial Institutions
$
55.7

 
$
64.8

 
$
120.5

 
$
56.2

 
$
63.3

 
$
119.5

 
46
%
 
54
%
 
100
%
 
47
%
 
53
%
 
100
%
Public, Project and Infrastructure Finance
$
82.1

 
$
37.7

 
$
119.8

 
$
60.9

 
$
38.1

 
$
99.0

 
69
%
 
31
%
 
100
%
 
62
%
 
38
%
 
100
%
MIS Other
$
0.6

 
$
8.3

 
$
8.9

 
$
0.5

 
$
4.3

 
$
4.8

 
7
%
 
93
%
 
100
%
 
10
%
 
90
%
 
100
%
Total MIS
$
478.6

 
$
268.0

 
$
746.6

 
$
390.5

 
$
254.3

 
$
644.8

 
64
%
 
36
%
 
100
%
 
61
%
 
39
%
 
100
%
Moody's Analytics
$
78.5

(1) 
$
415.4

 
$
493.9

 
$
70.6

(1) 
$
365.4

 
$
436.0

 
16
%
 
84
%
 
100
%
 
16
%
 
84
%
 
100
%
Total Moody's Corporation
$
557.1

 
$
683.4

 
$
1,240.5

 
$
461.1

 
$
619.7

 
$
1,080.8

 
45
%
 
55
%
 
100
%
 
43
%
 
57
%
 
100
%
 
Nine Months Ended September 30,
 
2019
 
2018
 
Transaction
 
Relationship
 
Total
 
Transaction
 
Relationship
 
Total
Corporate Finance
$
807.7

 
$
327.1

 
$
1,134.8

 
$
767.3

 
$
320.6

 
$
1,087.9

 
71
%
 
29
%
 
100
%
 
71
%
 
29
%
 
100
%
Structured Finance
$
183.9

 
$
134.3

 
$
318.2

 
$
233.3

 
$
126.9

 
$
360.2

 
58
%
 
42
%
 
100
%
 
65
%
 
35
%
 
100
%
Financial Institutions
$
164.8

 
$
196.7

 
$
361.5

 
$
162.4

 
$
192.0

 
$
354.4

 
46
%
 
54
%
 
100
%
 
46
%
 
54
%
 
100
%
Public, Project and Infrastructure Finance
$
208.2

 
$
112.9

 
$
321.1

 
$
184.9

 
$
115.4

 
$
300.3

 
65
%
 
35
%
 
100
%
 
62
%
 
38
%
 
100
%
MIS Other
$
1.5

 
$
18.0

 
$
19.5

 
$
1.5

 
$
12.7

 
$
14.2

 
8
%
 
92
%
 
100
%
 
11
%
 
89
%
 
100
%
Total MIS
$
1,366.1

 
$
789.0

 
$
2,155.1

 
$
1,349.4

 
$
767.6

 
$
2,117.0

 
63
%
 
37
%
 
100
%
 
64
%
 
36
%
 
100
%
Moody's Analytics
$
219.2

(1) 
$
1,221.9

 
$
1,441.1

 
$
198.3

(1) 
$
1,067.3

 
$
1,265.6

 
15
%
 
85
%
 
100
%
 
16
%
 
84
%
 
100
%
Total Moody's Corporation
$
1,585.3

 
$
2,010.9

 
$
3,596.2

 
$
1,547.7

 
$
1,834.9

 
$
3,382.6

 
44
%
 
56
%
 
100
%
 
46
%
 
54
%
 
100
%
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the New Revenue Accounting Standard (please also refer to the following table).

The following table presents the timing of revenue recognition:
 
Three Months Ended September 30, 2019
 
Nine Months Ended September 30, 2019
 
MIS
 
MA
 
Total
 
MIS
 
MA
 
Total
Revenue recognized at a point in time
$
478.6

 
$
30.7

 
$
509.3

 
$
1,366.1

 
$
82.8

 
$
1,448.9

Revenue recognized over time
268.0

 
463.2

 
731.2

 
789.0

 
1,358.3

 
2,147.3

Total
$
746.6

 
$
493.9

 
$
1,240.5

 
$
2,155.1

 
$
1,441.1

 
$
3,596.2

 
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
 
MIS
 
MA
 
Total
 
MIS
 
MA
 
Total
Revenue recognized at a point in time
$
390.5

 
$
19.5

 
$
410.0

 
$
1,349.4

 
$
49.0

 
$
1,398.4

Revenue recognized over time
254.3

 
416.5

 
670.8

 
767.6

 
1,216.6

 
1,984.2

Total
$
644.8

 
$
436.0

 
$
1,080.8

 
$
2,117.0

 
$
1,265.6

 
$
3,382.6


Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
At September 30, 2019 and December 31, 2018, accounts receivable included $399.3 million and $311.8 million, respectively, of unbilled receivables related to the MIS segment. 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.
In addition, 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. Consequently, at September 30, 2019 and December 31, 2018, accounts receivable included $56.0 million and $59.5 million, respectively, of unbilled receivables related to the MA segment.
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, 2019 are as follows:
 
Three Months Ended September 30, 2019
 
MIS
 
MA
 
Total
Balance at June 30, 2019
$
376.0

 
$
694.8

 
$
1,070.8

Changes in deferred revenue
 
 
 
 
 
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(110.8
)
 
(343.8
)
 
(454.6
)
Increases due to amounts billable excluding amounts recognized as revenue during the period
82.0

 
290.1

 
372.1

Effect of exchange rate changes
(3.7
)
 
(13.9
)
 
(17.6
)
Total changes in deferred revenue
(32.5
)
 
(67.6
)
 
(100.1
)
Balance at September 30, 2019
$
343.5

 
$
627.2

 
$
970.7

 
Nine Months Ended September 30, 2019
 
MIS
 
MA
 
Total
Balance at January 1, 2019
$
325.4

 
$
750.3

 
$
1,075.7

Changes in deferred revenue
 
 
 
 
 
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(190.8
)
 
(687.4
)
 
(878.2
)
Increases due to amounts billable excluding amounts recognized as revenue during the period
211.6

 
576.6

 
788.2

Amount included in liabilities reclassified as held for sale

 
(2.7
)
 
(2.7
)
Effect of exchange rate changes
(2.7
)
 
(9.6
)
 
(12.3
)
Total changes in deferred revenue
18.1

 
(123.1
)
 
(105.0
)
Balance at September 30, 2019
$
343.5

 
$
627.2

 
$
970.7

Deferred revenue - current
$
233.2

 
$
622.5

 
$
855.7

Deferred revenue - noncurrent
$
110.3

 
$
4.7

 
$
115.0


For the MIS segment, the changes in the deferred revenue balance during the three and nine months ended September 30, 2019 were primarily related to the significant portion of contract renewals that occur during the first quarter of 2019 and are generally recognized over a one year period.
For the MA segment, the decrease in deferred revenue for the three months ended September 30, 2019 was primarily due to the recognition of annual subscription and maintenance billings from December 2018 and January 2019. For the nine months ended September 30, 2019, the decrease in the deferred revenue balance was attributable to recognition of revenues related to the aforementioned December 2018 billings, partially offset by the impact of the high concentration of January 2019 billings.
 
Three Months Ended September 30, 2018
 
MIS
 
MA
 
Total
Balance at June 30, 2018
$
377.5

 
$
609.0

 
$
986.5

Changes in deferred revenue
 
 
 
 


Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(127.4
)
 
(317.0
)
 
(444.4
)
Increases due to amounts billable excluding amounts recognized as revenue during the period
101.6

 
251.9

 
353.5

Effect of exchange rate changes
1.1

 
(1.3
)
 
(0.2
)
Total changes in deferred revenue
(24.7
)
 
(66.4
)
 
(91.1
)
Balance at September 30, 2018
$
352.8

 
$
542.6

 
$
895.4

 
Nine Months Ended September 30, 2018
 
MIS
 
MA
 
Total
Balance at January 1, 2018 (after New Revenue Accounting Standard transition adjustment)
$
334.7

 
$
611.6

 
$
946.3

Changes in deferred revenue
 
 
 
 


Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(196.2
)
 
(608.5
)
 
(804.7
)
Increases due to amounts billable excluding amounts recognized as revenue during the period
217.6

 
551.3

 
768.9

Effect of exchange rate changes
(3.3
)
 
(11.8
)
 
(15.1
)
Total changes in deferred revenue
18.1

 
(69.0
)
 
(50.9
)
Balance at September 30, 2018
$
352.8

 
$
542.6

 
$
895.4

Deferred revenue - current
$
233.9

 
$
537.6

 
771.5

Deferred revenue - noncurrent
$
118.9

 
$
5.0

 
123.9


For the MIS segment, the changes in the deferred revenue balance during the three and nine months ended September 30, 2018 were primarily related to the significant portion of contract renewals that occur during the first quarter of 2018 and are generally recognized over a one year period.
For the MA segment, the decrease in deferred revenue for the three months ended September 30, 2018 was primarily due to the recognition of annual subscription and maintenance billings in December 2017 and January 2018. For the nine months ended September 30, 2018, the decrease in the deferred revenue balance was attributable to recognition of revenues related to the aforementioned December 2017 billings, partially offset by the impact of the high concentration of January 2018 billings.
Remaining performance obligations
The following tables include the expected recognition period for the remaining performance obligations for each reportable segment as of September 30, 2019:
MIS
Total
 
Less than 1 year
 
1 - 5 years
 
6 - 10 Years
 
11 - 15 years
 
16-20 years
 
Over 20 Years
$
146.8

 
$
24.3

 
$
69.9

 
$
37.9

 
$
5.8

 
$
4.0

 
$
4.9


The balances in the MIS table above 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. 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 from the table above for unsatisfied performance obligations relating to contracts with an original expected length of one year or less.
MA
Total
 
Less than 1 Year
 
1 - 2 Years
 
Over 2 Years
$
1,582.8

 
$
1,125.6

 
$
325.4

 
$
131.8


The balances in the MA table above include both amounts recorded as deferred revenue on the balance sheet as of September 30, 2019 as well as amounts not yet invoiced to customers as of September 30, 2019 under non-cancelable multi-year arrangements for hosted and installed subscription based products.
v3.19.3
STOCK-BASED COMPENSATION
9 Months Ended
Sep. 30, 2019
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,
 
2019
 
2018
 
2019
 
2018
Stock-based compensation cost
$
33.3

 
$
30.5

 
$
103.2

 
$
100.0

Tax benefit
$
6.9

 
$
11.5

 
$
22.0

 
$
26.0


During the first nine months of 2019, the Company granted 0.2 million employee stock options, which had a weighted average grant date fair value of $43.10 per share based on the Black-Scholes option-pricing model. The Company also granted 0.8 million shares of restricted stock in the first nine months of 2019, which had a weighted average grant date fair value of $173.71 per share. Both the employee stock options and restricted stock generally vest ratably over four years. Additionally, the Company granted 0.1 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 three years. The weighted average grant date fair value of these awards was $168.04 per share.
The following weighted average assumptions were used in determining the fair value for options granted in 2019:
Expected dividend yield
1.15
%
Expected stock volatility
23.61
%
Risk-free interest rate
2.59
%
Expected holding period
6.2 years


Unrecognized stock-based compensation expense at September 30, 2019 was $7.5 million and $175.9 million for stock options and unvested restricted stock, respectively, which is expected to be recognized over a weighted average period of 2.1 years and 2.5 years, respectively. Additionally, there was $29.6 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 1.9 years.
The following tables summarize information relating to stock option exercises and restricted stock vesting:
 
Nine Months Ended
September 30,
 
2019
 
2018
Exercise of stock options:
 
 
 
Proceeds from stock option exercises
$
28.9

 
$
36.2

Aggregate intrinsic value
$
99.2

 
$
94.9

Tax benefit realized upon exercise
$
24.3

 
$
23.2

Number of shares exercised
0.7

 
0.8

Vesting of restricted stock:
 
 
 
Fair value of shares vested
$
152.7

 
$
150.0

Tax benefit realized upon vesting
$
36.2

 
$
34.7

Number of shares vested
0.8

 
0.9

Vesting of performance-based restricted stock:
 
 
 
Fair value of shares vested
$
47.5

 
$
23.0

Tax benefit realized upon vesting
$
11.5

 
$
5.6

Number of shares vested
0.3

 
0.1


v3.19.3
INCOME TAXES
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Moody’s effective tax rate was 25.4% and 24.4% for the three months ended September 30, 2019 and 2018, respectively and 21.3% and 21.0% for the nine months ended September 30, 2019 and 2018, respectively. The Company’s interim tax expense for the three months ended September 30, 2019 differs from the tax computed by applying its estimated annual effective tax rate to this quarter’s pre-tax earnings due to Excess Tax Benefits from stock compensation of $4.7 million and net increases to tax positions of $8.7 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 (expense) income, net. The Company had an increase in its UTPs of $8.8 million ($8.8 million, net of federal tax) during the third quarter of 2019 and a net decrease in its UTPs during the first nine months of 2019 of $23.9 million ($24.2 million net of federal tax).
Moody’s Corporation and subsidiaries are subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company’s U.S. federal income tax return for 2017 is currently under audit and 2016 remains open to examination. The Company’s New York State tax returns for 2011 through 2014 are currently under examination and the Company’s New York City tax return for 2014 is currently under examination. The Company’s U.K. tax return for 2012 is currently under examination and its returns for 2013 through 2017 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 these 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 might 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 therefore unable to estimate the amount of changes to the balance of UTPs at this time. However, the Company believes that it has adequately provided for its financial exposure relating to all open tax years by tax jurisdiction in accordance with the applicable provisions of Topic 740 of the ASC regarding UTPs.
The following table shows the amount the Company paid for income taxes:
 
Nine Months Ended September 30,
 
2019
 
2018
Income taxes paid
$
302.5

 
$
337.0


v3.19.3
WEIGHTED AVERAGE SHARES OUTSTANDING
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
WEIGHTED AVERAGE SHARES OUTSTANDING WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Basic
189.0

 
191.8

 
189.6

 
191.7

Dilutive effect of shares issuable under stock-based compensation plans
2.1

 
2.7

 
2.2

 
2.7

Diluted
191.1

 
194.5

 
191.8

 
194.4

Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above
0.2

 
0.3

 
0.3

 
0.4


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, 2019 and 2018.
v3.19.3
ACCELERATED SHARE REPURCHASE PROGRAM
9 Months Ended
Sep. 30, 2019
Other Liabilities Disclosure [Abstract]  
ACCELERATED SHARE REPURCHASE PROGRAM ACCELERATED SHARE REPURCHASE PROGRAM
On February 20, 2019, the Company entered into an ASR agreement with a financial institution counterparty to repurchase $500.0 million of its outstanding common stock. The Company paid $500.0 million to the counterparty and received an initial delivery of 2.2 million shares of its common stock. Final settlement of the ASR agreement was completed on April 26, 2019 and the Company received delivery of an additional 0.6 million shares of the Company’s common stock.
In total, the Company repurchased 2.8 million shares of the Company’s common stock during the term of the ASR Agreement, based on the volume-weighted average price (net of discount) of $180.33/share over the duration of the program. The initial share repurchase and final share settlement were recorded as a reduction to shareholders’ equity.
v3.19.3
CASH EQUIVALENTS AND INVESTMENTS
9 Months Ended
Sep. 30, 2019
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, 2019
 
 
 
 
 
 
 
Balance sheet location
 
Cost
 
Gross Unrealized
Gains
 
Fair Value
 
Cash and cash equivalents
 
Short-term
investments
 
Other
assets
Certificates of deposit and money market deposit accounts (1)
$
436.3

 
$

 
$
436.3

 
$
327.6

 
$
88.2

 
$
20.5

Open ended mutual funds
$
6.8

 
$
0.9

 
$
7.7

 
$

 
$
7.6

 
$
0.1

 
As of December 31, 2018
 
 
 
 
 
 
 
Balance sheet location
 

Cost
 
Gross Unrealized
Gains
 

Fair Value
 
Cash and cash
equivalents
 
Short-term
investments
 
Other
assets
Money market mutual funds
$
15.2

 
$

 
$
15.2

 
$
15.2

 
$

 
$

Certificates of deposit and money market deposit accounts (1)
$
1,022.4

 
$

 
$
1,022.4

 
$
904.3

 
$
115.8

 
$
2.3

Open ended mutual funds
$
29.5

 
$
3.8

 
$
33.3

 
$

 
$
16.7

 
$
16.6

(1) Consists of time deposits and money market deposit accounts. The remaining contractual maturities for the certificates of deposits classified as short-term investments were one month to 12 months at both September 30, 2019 and December 31, 2018. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 to 21 months at September 30, 2019 and 14 to 36 months at December 31, 2018. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
v3.19.3
ACQUISITIONS AND OTHER STRATEGIC INITIATIVES
9 Months Ended
Sep. 30, 2019
Business Combinations [Abstract]  
ACQUISITIONS AND OTHER STRATEGIC INITIATIVES ACQUISITIONS AND OTHER STRATEGIC INITIATIVES
Below is a discussion of acquisitions and other strategic initiatives executed by the Company. The purchase prices for the acquisitions were not material and the near term impact to the Company's financial statements is not expected to be material.
In April 2019, the Company acquired a majority stake in Vigeo Eiris, a provider of Environmental, Social and Governance (ESG) research, data and assessments. The acquisition furthers Moody’s objective of promoting global standards for ESG for use by market participants. Vigeo Eiris will operate in the MIS reportable segment and its revenue will be reported in the MIS Other LOB.
In June 2019, the Company formed a joint venture with Team 8, a cybersecurity think tank and company creation platform, to establish a global standard for evaluating and assessing cyber risk for enterprises.
In July 2019, the Company acquired a majority stake in Four Twenty Seven, Inc., a provider of data, intelligence, and analysis related to physical climate risks. Four Twenty Seven Climate Solutions will operate in the MIS reportable segment and its revenue will be reported in the MIS Other LOB. In connection with this transaction, Moody's recognized a Redeemable Non-controlling Interest for the portion of Four Twenty Seven which the Company does not own. This Redeemable Non-controlling interest was not material.
In July 2019, the Company acquired RiskFirst, a company providing risk analytic solutions for the asset management and pension fund communities. RiskFirst will operate in the MA reportable segment and its revenue will be reported in the ERS LOB.
In October 2019, the Company acquired the ABS Suite business, which includes a software platform used by issuers and trustees for the administration of asset-backed and mortgage-backed securities programs. ABS Suite will operate in the MA reportable segment and its revenue will be reported in the RD&A LOB.
In October 2019, the Company acquired a minority stake in SynTao Green Finance (STFG), a provider of ESG data and analytics based in and serving China. STFG will operate in the MIS reportable segment and its revenue will be reported in the MIS Other LOB.
v3.19.3
ASSETS AND LIABILITIES HELD FOR SALE
9 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS AND LIABILITIES HELD FOR SALE ASSETS AND LIABILITIES HELD FOR SALE
Following a strategic review of its business portfolio, the Company initiated a plan to sell MAKS in the second quarter of 2019 and determined that all of the criteria had been met to classify the assets and liabilities of MAKS as held for sale as of June 30, 2019. On July 16, 2019, the Company entered into a definitive agreement to sell MAKS to Equistone Partners Europe Limited (Equistone), a European private equity firm. The Company expects the transaction to close during the fourth quarter of 2019, and as of September 30, 2019 MAKS continued to be classified as held for sale.
In accordance with ASC Topic 360, the Company is required to measure the assets and liabilities of MAKS which are classified as held for sale at the lower of carrying value or fair value less any costs to sell. In addition, the Company will be required to reclassify cumulative currency translation losses associated with MAKS to earnings upon the sale of the business.
Accordingly, for the purposes of evaluating the impairment of MAKS, the Company has increased the carrying value of MAKS for $32.6 million of currency translation losses recorded within AOCI at September 30, 2019.
In the three and nine months ended September 30, 2019, the company recorded a non-cash impairment charge of $2.0 million and $10.7 million to adjust the carrying value of MAKS to fair value. As of September 30, 2019, the estimated fair value of $202.5 million, which is based on an estimate of the selling price, includes a reduction of approximately $43 million for certain indemnification provisions. The fair value of the net assets held for sale is classified as Level 3 within the fair value hierarchy.
The following table presents the major classes of the total consolidated assets and liabilities of MAKS that were classified as held for sale on the consolidated balance sheet at September 30, 2019:
 
 
September 30, 2019
Assets
 
 
Current assets:
 
 
Cash and cash equivalents
 
$
11.1

Accounts receivable, net
 
18.7

Other current assets
 
6.6

Total current assets
 
36.4

Property and equipment, net
 
12.7

Goodwill
 
163.9

Intangible assets, net
 
44.0

Deferred tax assets, net
 
4.8

Other assets
 
2.9

Total assets held for sale prior to impairment
 
$
264.7

Impairment of assets held for sale
 
(10.7
)
Total assets held for sale
 
$
254.0

Liabilities
 
 
Current liabilities:
 
 
Accounts payable and accrued liabilities
 
$
21.4

Deferred revenue
 
1.8

Total current liabilities
 
23.2

Deferred tax liabilities, net
 
6.8

Uncertain tax positions
 
28.6

Other liabilities
 
25.5

Total liabilities held for sale
 
$
84.1

Derivation of impairment charge
 
 
Total net assets held for sale prior to impairment
 
$
180.6

Currency translation adjustment (1)
 
32.6

Total net assets held for sale including currency translation adjustment
 
$
213.2

Estimated fair value less costs to sell
 
202.5

Impairment of assets held for sale
 
$
10.7

(1) Primarily due to the depreciation of the Indian rupee to the U.S. dollar
 
 

v3.19.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
9 Months Ended
Sep. 30, 2019
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 the aforementioned 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 3-month LIBOR. 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 statement of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
 
 
 
 
Notional Amount
 
 
Hedged Item
 
Nature of Swap
 
As of
September 30,
2019
 
As of
December 31,
2018
 
Floating Interest Rate
2010 Senior Notes due 2020
 
Pay Floating/Receive Fixed
 
$
500.0

 
$
500.0

 
3-month USD LIBOR
2012 Senior Notes due 2022
 
Pay Floating/Receive Fixed
 
330.0

 
330.0

 
3-month USD LIBOR
2017 Senior Notes due 2021
 
Pay Floating/Receive Fixed
 
500.0

 
500.0

 
3-month USD LIBOR
2017 Senior Notes due 2023
 
Pay Floating/Receive Fixed
 
250.0

 

 
3-month USD LIBOR
Total
 
 
 
$
1,580.0

 
$
1,330.0

 
 

Refer to Note 18 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 statement 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 recorded
 
Amount of income/(loss) recognized in the consolidated statements of operations
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Interest expense, net
 
$
(45.9
)
 
$
(56.4
)
 
$
(149.0
)
 
$
(160.5
)

Descriptions
 
Location on Consolidated Statements of Operations
 
 
 
 
 
 
 
 
Net interest settlements and accruals on interest rate swaps
 

Interest expense, net
 
$
1.0

 
$
(0.5
)
 
$
0.9

 
$
(1.0
)
Fair value changes on interest rate swaps
 
Interest expense, net
 
$
2.3

 
$
(3.3
)
 
$
32.9

 
$
(14.8
)
Fair value changes on hedged debt
 
Interest expense, net
 
$
(2.3
)
 
$
3.3

 
$
(32.9
)
 
$
14.8


Net investment hedges
The Company has designated €500 million of the 2015 Senior Notes Due 2027 as a net investment hedge 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. This hedge is designated as an accounting hedge under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027, unless terminated early at the discretion of the Company.
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 table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
September 30, 2019
 
 
Pay
 
Receive
Nature of Swap
 
Notional Amount
 
Weighted Average Interest Rate
 
Notional Amount
 
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
 
1,079.1

 
1.43%
 
$
1,220.0

 
3.96%
Pay Floating/Receive Floating
 
931.3

 
Based on 3-month EURIBOR
 
1,080.0

 
Based on 3-month USD LIBOR
Total
 
2,010.4

 
 
 
$
2,300.0

 
 
December 31, 2018
 
 
Pay
 
Receive
Nature of Swap
 
Notional Amount
 
Weighted Average Interest Rate
 
Notional Amount
 
Weighted Average Interest Rate
Pay Floating/Receive Floating
 
710.2

 
Based on 3-month EURIBOR
 
$
830.0

 
Based on 3-month USD LIBOR
Total
 
710.2

 
 
 
$
830.0

 
 


As of September 30, 2019, these hedges will expire and be settled in 2021, 2022, 2023, and 2024 for €687.7 million, €438.2 million, €441.9 million and €442.6 million of the total notional amount, respectively, unless terminated early at the discretion of the Company.

The Company also enters into forward contracts 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 table summarizes the notional amounts of the Company's outstanding forward contract that was designated as a net investment hedge:
 
September 30, 2019
 
December 31, 2018
Notional amount of net investment hedges:
Sell
 
Buy
 
Sell
 
Buy
Contract to sell EUR for USD
485.0

 
$
532.0

 

 



These forward contracts will expire in October 2019.

The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
 
Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax
 
Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax
 
Gain/(Loss) 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,
 
 
2019
 
2018
 
2019
 
2018
 
2019(2)
 
2018
FX forward contracts
 
$
4.9

 
$

 
$
0.8

 
$

 
$

 
$

Cross currency swaps
 
79.6

 
1.8

 

 

 
15.5

 
4.1

Long-term debt
 
18.2

(1) 
2.2

 

 

 

 

Total net investment hedges
 
$
102.7

 
$
4.0

 
$
0.8

 
$

 
$
15.5

 
$
4.1

Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Cross currency swap
 
$

 
$

 
$
0.1

 
$
0.1

 
$

 
$

Interest rate contracts
 

 

 
(0.1
)
 

 

 

Total cash flow hedges
 
$

 
$

 
$

 
$
0.1

 
$

 
$

Total
 
$
102.7

 
$
4.0

 
$
0.8

 
$
0.1

 
$
15.5

 
$
4.1


Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
 
Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax
 
Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax
 
Gain/(Loss) 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,
 
 
2019
 
2018
 
2019
 
2018
 
2019(2)
 
2018
FX forward contracts
 
$
4.9

 
$

 
$
0.8

 
$

 
$

 
$

Cross currency swaps
 
75.1

 
5.8

 

 

 
37.3

 
6.2

Long-term debt
 
17.0

(1) 
14.7

 

 

 

 

Total net investment hedges
 
$
97.0

 
$
20.5

 
$
0.8

 
$

 
$
37.3

 
$
6.2

Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Cross currency swap
 
$

 
$
1.5

 
$

 
$
0.3

 
$

 
$

Interest rate contracts
 

 

 
(0.1
)
 

 

 

Total cash flow hedges
 
$

 
$
1.5

 
$
(0.1
)
 
$
0.3

 
$

 
$

Total
 
$
97.0

 
$
22.0

 
$
0.7

 
$
0.3

 
$
37.3

 
$
6.2

(1) 
Due to the Company's adoption of ASU 2018-02 during 2019, $2.5 million related to the tax effect of this net investment hedge was reclassified to retained earnings. Refer to Note 1 for further details.
(2) 
Effective with the adoption of ASU 2017-12, the Company has elected to assess the effectiveness of its net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to cross-currency swaps recognized directly into Net Income during 2019 represent net periodic interest settlements and accruals, which are recognized in interest expense, net.

The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCI is as follows:
 
Cumulative Gains/(Losses), net of tax
 
September 30, 2019
 
December 31, 2018
Net investment hedges
 
 
 
Cross currency swaps
$
87.4

 
$
12.3

FX forwards
27.6

 
23.5

Long-term debt
11.4

 
(3.1
)
Total net investment hedges
$
126.4

 
$
32.7

Cash flow hedges
 
 
 
Interest rate contracts
$
(2.3
)
 
$
(2.4
)
Cross currency swap
2.5

 
2.5

Total cash flow hedges
0.2

 
0.1

Total net gain in AOCI
$
126.6

 
$
32.8


Derivatives not designated as accounting hedges:
Foreign exchange forwards
The Company also enters into foreign exchange forwards 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 Topic 815 of the ASC. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating (expense) 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 November 2019.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
 
September 30, 2019
 
December 31, 2018
Notional amount of currency pair:
Sell
 
Buy
 
Sell
 
Buy
Contracts to sell USD for GBP
$
144.5

 
£
115.4

 
$
310.3

 
£
241.2

Contracts to sell USD for Japanese Yen
$
30.3

 
¥
3,200.0

 
$
14.3

 
¥
1,600.0

Contracts to sell USD for Canadian dollars
$
96.9

 
C$
128.0

 
$
99.0

 
C$
130.0

Contracts to sell USD for Singapore dollars
$
40.5

 
S$
56.0

 
$

 
S$

Contracts to sell USD for Euros
$
532.1

 
485.0

 
$
212.8

 
184.6

Contracts to sell EUR for GBP
180.0

 
£
159.5

 

 
£

Contracts to sell GBP for USD
£
115.9

 
$
143.2

 
£

 
$

NOTE: € = Euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese Yen, C$ = Canadian dollar, S$= Singapore dollars
The following table summarizes the impact to the consolidated statements of operations relating to the net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedges
 
Location on Statement of Operations
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Foreign exchange forwards
 
Other non-operating expense, net
 
$
(26.7
)
 
$
(11.8
)
 
$
(35.0
)
 
$
(29.1
)

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 Location
 
September 30, 2019
 
December 31, 2018
Assets:
 
 
 
 
 
 
Derivatives designated as accounting hedges:
 
 
 
 
 
 
Cross-currency swaps designated as net investment hedges
 
Other assets
 
$
116.5

 
$
19.4

Interest rate swaps designated as fair value hedges
 
Other assets
 
32.8

 
7.5

Interest rate swaps designated as fair value hedges
 
Other current assets
 
2.3

 

FX forwards designated as net investment hedges
 
Other current assets
 
2.4

 

Total derivatives designated as accounting hedges
 
 
 
$
154.0

 
$
26.9

 
 
 
 
 
 
 
Derivatives not designated as accounting hedges:
 
 
 
 
 
 
FX forwards on certain assets and liabilities
 
Other current assets
 
0.6

 
1.4

Total assets
 
 
 
$
154.6

 
$
28.3

Liabilities:
 
 
 
 
 
 
Derivatives designated as accounting hedges:
 
 
 
 
 
 
Cross-currency swaps designated as net investment hedges
 
Other liabilities
 
$

 
$
2.9

Interest rate swaps designated as fair value hedges
 
Other liabilities
 

 
5.3

Total derivatives designated as accounting hedges
 
 
 
$

 
8.2

Non-derivatives designated as accounting hedges:
 
 
 
 
 
 
Long-term debt designated as net investment hedge
 
Long-term debt
 
545.1

 
571.6

Derivatives not designated as accounting hedges:
 
 
 
 
 
 
FX forwards on certain assets and liabilities
 
Accounts payable and accrued liabilities
 
5.7

 
8.2

Total liabilities
 
 
 
$
550.8

 
$
588.0


v3.19.3
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2019
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, 2019
 
MIS
 
MA
 
Consolidated
 
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
$
257.8

 
$

 
$
257.8

 
$
3,535.7

 
$
(12.2
)
 
$
3,523.5

 
$
3,793.5

 
$
(12.2
)
 
$
3,781.3

Additions/
adjustments (1)
52.1

 

 
52.1

 
44.9

 

 
44.9

 
97.0

 

 
97.0

Foreign currency translation adjustments
10.1

 

 
10.1

 
(114.5
)
 

 
(114.5
)
 
(104.4
)
 

 
(104.4
)
Reclassification to assets held for sale (See Note 10) (2)

 

 

 
(163.9
)
 

 
(163.9
)
 
(163.9
)
 

 
(163.9
)
Ending balance
$
320.0

 
$

 
$
320.0

 
$
3,302.2

 
$
(12.2
)
 
$
3,290.0

 
$
3,622.2

 
$
(12.2
)
 
$
3,610.0

 
Year Ended December 31, 2018
 
MIS
 
MA
 
Consolidated
 
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
$
285.2

 
$

 
$
285.2

 
$
3,480.2

 
$
(12.2
)
 
$
3,468.0

 
$
3,765.4

 
$
(12.2
)
 
$
3,753.2

Additions/
adjustments (3)

 

 

 
211.5

 

 
211.5

 
211.5

 

 
211.5

Foreign currency translation
adjustments
(27.4
)
 

 
(27.4
)
 
(156.0
)
 

 
(156.0
)
 
(183.4
)
 

 
(183.4
)
Ending balance
$
257.8

 
$

 
$
257.8

 
$
3,535.7

 
$
(12.2
)
 
$
3,523.5

 
$
3,793.5

 
$
(12.2
)
 
$
3,781.3

(1) The 2019 additions/adjustments for the MIS segment in the table above relate to the acquisitions of Vigeo Eiris and Four Twenty Seven. The 2019 additions/adjustments for the MA segment in the table above relate to the acquisition of RiskFirst.
(2) The 2019 reclassification to assets held for sale for the MA segment in the table above relate to the planned divestiture of MAKS, more fully discussed in Note 10.
(3) The 2018 additions/adjustments for the MA segment in the table above primarily relate to the acquisitions of Reis and Omega Performance.
Acquired intangible assets and related amortization consisted of:
 
September 30,
2019
 
December 31,
2018
Customer relationships
$
1,264.9

 
$
1,367.5

Accumulated amortization
(216.0
)
 
(214.2
)
Net customer relationships
1,048.9

 
1,153.3

Trade secrets
29.9

 
29.8

Accumulated amortization
(28.5
)
 
(28.2
)
Net trade secrets
1.4

 
1.6

Software/product technology
354.8

 
353.3

Accumulated amortization
(118.4
)
 
(101.8
)
Net software/product technology
236.4

 
251.5

Trade names
147.4

 
155.1

Accumulated amortization
(28.0
)
 
(34.1
)
Net trade names
119.4

 
121.0

Other (1)
79.2

 
70.4

Accumulated amortization
(31.2
)
 
(31.7
)
Net other
48.0

 
38.7

Total acquired intangible assets, net
$
1,454.1

 
$
1,566.1

(1) Other intangible assets primarily consist of databases, 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,
 
2019
 
2018
 
2019
 
2018
Amortization expense
$
24.7

 
$
24.6

 
$
77.3

 
$
75.4


Estimated future amortization expense for acquired intangible assets subject to amortization is as follows:
Year Ending December 31,
 
 
2019 (after September 30)
 
$
20.1

2020
 
95.4

2021
 
95.2

2022
 
95.1

2023
 
92.6

Thereafter
 
1,055.7

Total estimated future amortization
 
$
1,454.1


ICRA has reported that it is addressing certain matters related to (i) adjudication proceedings initiated by the Securities and Exchange Board of India (SEBI) in connection with credit ratings assigned to one of ICRA’s customers and the customer’s subsidiaries and (ii) anonymous allegations that were forwarded to ICRA by SEBI, as well as certain additional allegations made during the course of the ongoing internal examination into those anonymous allegations.  On August 29, 2019, the board of directors of ICRA terminated the employment of ICRA’s CEO and on September 28, 2019, the shareholders of ICRA voted to remove the former CEO from his position on ICRA’s board of directors. As of the date of this quarterly filing on Form 10-Q, the Company is unable to estimate the financial impact, if any, that may result from a potential unfavorable conclusion of these matters or any related inquiry. An unfavorable resolution of such matters may negatively impact ICRA’s future operating results, which could result in an impairment of goodwill and amortizable intangible assets in future quarters.
v3.19.3
RESTRUCTURING
9 Months Ended
Sep. 30, 2019
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
On October 26, 2018, the chief executive officer of Moody’s approved a restructuring program (the “2018 Restructuring Program”) that the Company currently estimates will result in annualized savings of approximately $60 million per year, a portion of which will benefit 2019. The 2018 Restructuring Program, the scope of which was expanded in the second quarter of 2019, is now estimated to result in total pre-tax charges of $105 to $110 million. The 2018 Restructuring Program includes relocation of certain functions from high-cost to lower-cost jurisdictions, a reduction of staff, including from recent acquisitions and pursuant to a review of the business criticality of certain positions, and the rationalization and exit of certain real estate leases due to consolidation of various business activities. The exit from certain leased office space began in the fourth quarter of 2018 and will entail approximately $50 million of the charges to either terminate or sublease the affected real estate leases. The 2018 Restructuring Program is also anticipated to represent approximately $60 million of personnel-related restructuring charges, an amount that includes severance and related costs primarily determined under the Company’s existing severance plans. Cash outlays associated with the employee termination cost component of the 2018 Restructuring Program are anticipated to be approximately $60 million, which will be paid through 2021.
Total expenses included in the accompanying consolidated statements of operations relating to the 2018 Restructuring Program are as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Restructuring
$
(1.0
)
 
$

 
$
58.3

 
$


Changes to the restructuring liability during 2019 were as follows:
 
Employee Termination Costs
 
Contract Termination Costs
 
Total Restructuring
Liability (2)
Balance as of December 31, 2018
$
29.9

 
$
12.4

 
$
42.3

2018 Restructuring Program:
 
 
 
 
 
Adoption of New Lease Accounting Standard (1)

 
(10.9
)
 
(10.9
)
Cost incurred and adjustments
25.1

 
4.3

 
29.4

Cash payments and adjustments
(26.5
)
 
(3.0
)
 
(29.5
)
Balance as of September 30, 2019
$
28.5

 
$
2.8

 
$
31.3

2018 Restructuring Program:
 
 
 
 
 
Cumulative expense incurred to date
$
58.0

 
$
49.0

 
 
(1) 
Upon the adoption of the New Lease Accounting Standard, the Company recorded a reclassification of $10.9 million of liabilities in the first quarter of 2019 for costs associated with certain real estate leases which were exited in previous years, as a reduction of the ROU Asset capitalized upon adoption.
(2) 
The liability excludes $4.1 million of non-cash acceleration of amortization of leasehold improvements relating to the rationalization and exit of certain real estate leases as well as $24.8 million of ROU Asset impairment charges for the nine months ended September 30, 2019. The fair value of the impaired ROU Assets was determined by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of those ROU assets subsequent to the impairment was $17.7 million, and is categorized as Level 3 within the ASC Topic 820 fair value hierarchy.
As of September 30, 2019, the remaining $31.3 million restructuring liability is expected to be paid out through 2021.
v3.19.3
FAIR VALUE
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE    
    
The table below presents information about items that are carried at fair value at September 30, 2019 and December 31, 2018:
 
Fair value Measurement as of September 30, 2019
Description
Balance
 
Level 1
 
Level 2
Assets:
 
 
 
 
 
Derivatives (1)
$
154.6

 
$

 
$
154.6

Mutual funds
7.7

 
7.7

 

Total
$
162.3

 
$
7.7

 
$
154.6

Liabilities:
 
 
 
 
 
Derivatives (1)
$
5.7

 
$

 
$
5.7

Total
$
5.7

 
$

 
$
5.7

 
Fair value Measurement as of December 31, 2018
Description
Balance
 
Level 1
 
Level 2
Assets:
 
 
 
 
 
Derivatives (1)
$
28.3

 
$

 
$
28.3

Money market mutual funds
15.2

 
15.2

 

Mutual funds
33.3

 
33.3

 

Total
$
76.8

 
$
48.5

 
$
28.3

Liabilities:
 
 
 
 
 
Derivatives (1)
$
16.4

 
$

 
$
16.4

Total
$
16.4

 
$

 
$
16.4

(1) 
Represents FX forwards on certain assets and liabilities as well as interest rate swaps and cross-currency swaps as more fully described in Note 11 to the condensed consolidated financial statements.
The following are descriptions of the methodologies utilized by the Company to estimate the fair value of its derivative contracts, mutual funds and money market 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.
Mutual funds and money market 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.
v3.19.3
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION
9 Months Ended
Sep. 30, 2019
Other Balance Sheet And Statement Of Operations Information [Abstract]  
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
 
September 30, 2019
 
December 31, 2018
Other current assets:
 
 
 
Prepaid taxes
$
98.3

 
$
100.1

Prepaid expenses
64.3

 
67.0

Capitalized costs to obtain and fulfill sales contracts
67.7

 
77.2

Other
55.8

 
38.0

Total other current assets
$
286.1

 
$
282.3

Other assets:
 
 
 
Investments in non-consolidated affiliates
$
113.0

 
$
104.6

Deposits for real-estate leases
12.3

 
13.5

Indemnification assets related to acquisitions
16.0

 
16.1

Mutual funds and fixed deposits
20.6

 
18.9

Costs to obtain sales contracts
90.0

 
78.0

Cross currency and interest rate swaps
149.3

 
26.9

Other
24.1

 
16.3

Total other assets
$
425.3

 
$
274.3

 
September 30, 2019
 
December 31, 2018
Accounts payable and accrued liabilities:
 
 
 
Salaries and benefits
$
95.1

 
$
112.5

Incentive compensation
150.3

 
154.5

Customer credits, advanced payments and advanced billings
25.5

 
20.4

Self-insurance reserves
13.2

 
10.5

Dividends
6.0

 
6.5

Professional service fees
71.0

 
47.7

Interest accrued on debt
41.2

 
70.5

Accounts payable
14.8

 
30.1

Income taxes
56.4

 
71.4

Pension and other retirement employee benefits
6.5

 
6.5

Accrued royalties
9.4

 
25.1

Foreign exchange forwards on certain assets and liabilities
5.7

 
8.2

Restructuring liability
26.8

 
9.6

Other
85.3

 
121.7

Total accounts payable and accrued liabilities
$
607.2

 
$
695.2

Other liabilities:
 
 
 
Pension and other retirement employee benefits
$
264.2

 
$
249.2

Deferred rent - non-current portion (1)

 
94.3

Interest accrued on UTPs
61.2

 
69.6

Income tax liability - non-current portion (2)
125.2

 
125.3

Cross currency and interest rate swaps

 
8.2

Restructuring liability
4.5

 
6.8

Other
37.4

 
23.1

Total other liabilities
$
492.5

 
$
576.5

(1) 
Pursuant to the adoption of the New Lease Accounting Standard, deferred rent relating to operating leases was reclassified to operating lease ROU Asset.
(2) 
Primarily reflects the transition tax pursuant to the Tax Act, which was enacted into law in December 2018.
Other Non-Operating Income (Expense):
The following table summarizes the components of other non-operating income (expense):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
FX (loss)/gain
$
0.9

 
$
(3.9
)
 
$
(14.7
)
 
$
(3.6
)
Net periodic pension costs - other components
4.5

 
2.6

 
13.4

 
7.8

Income from investments in non-consolidated affiliates
3.9

 
3.3

 
10.7

 
9.2

Other
0.6

 
0.4

 
3.2

 
4.9

Total
$
9.9

 
$
2.4

 
$
12.6

 
$
18.3


v3.19.3
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table provides details about the reclassifications out of AOCI:
Gains (losses) on cash flow hedges
Three Months Ended
September 30, 2019
 
Nine Months Ended
September 30, 2019
 
Affected line in the consolidated statement of operations
Cross-currency swap
$
0.1

 
$

 
Other non-operating income(expense), net
Interest rate contract
(0.2
)
 
(0.2
)
 
Interest expense, net
Total before income taxes
(0.1
)
 
(0.2
)
 
 
Income tax effect of items above
0.1

 
0.1

 
Provision for income taxes
Total net gains (losses) on cash flow hedges

 
(0.1
)
 
 
Gains on net investment hedges
 
 
 
 
 
FX forwards
1.0

 
1.0

 
Other non-operating income(expense), net
Income tax effect of item above
(0.2
)
 
(0.2
)
 
Provision for income taxes
Total net gains on net investment hedges
0.8

 
0.8

 
 
Pension and other retirement benefits
 
 
 
 
 
Amortization of actuarial losses and prior service costs included in net income
(0.5
)
 
(1.5
)
 
Operating expense
Amortization of actuarial losses and prior service costs included in net income
(0.3
)
 
(0.9
)
 
SG&A expense
Total before income taxes
(0.8
)
 
(2.4
)
 
 
Income tax effect of item above
0.2

 
0.6

 
Provision for income taxes
Total pension and other retirement benefits
(0.6
)
 
(1.8
)
 
 
Total net gains (losses) included in Net Income attributable to reclassifications out of AOCI
$
0.2

 
$
(1.1
)
 
 

Gains on cash flow hedges
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
 
Affected line in the consolidated statement of operations
Cross-currency swap
$
0.1

 
$
0.3

 
Other non-operating income (expense), net
Income tax effect of item above

 

 
Provision for income taxes
Total net gains on cash flow hedges
0.1

 
0.3

 
 
Pension and other retirement benefits
 
 
 
 
 
Amortization of actuarial losses and prior service costs included in net income
(0.6
)
 
(2.2
)
 
Operating expense
Amortization of actuarial losses and prior service costs included in net income
(0.5
)
 
(1.3
)
 
SG&A expense
Total before income taxes
(1.1
)
 
(3.5
)
 
 
Income tax effect of item above
0.3

 
1.0

 
Provision for income taxes
Total pension and other retirement benefits
(0.8
)
 
(2.5
)
 
 
Total net losses included in Net Income attributable to reclassifications out of AOCI
$
(0.7
)
 
$
(2.2
)
 
 


The following tables show changes in AOCI by component (net of tax):
Three Months Ended
September 30, 2019
 
September 30, 2018
Gains/(Losses)
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Total
 
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Total
Balance June 30,
$
(70.5
)
$
0.2

$
(400.3
)
$
24.5

$
(446.1
)
 
$
(58.6
)
$
2.2

$
(263.6
)
$
15.2

$
(304.8
)
Other comprehensive income/(loss) before reclassifications


(193.7
)
102.7

(91.0
)
 


(42.0
)
4.1

(37.9
)
Amounts reclassified from AOCI
0.6



(0.8
)
(0.2
)
 
0.8

(0.1
)


0.7

Other comprehensive income/(loss)
0.6


(193.7
)
101.9

(91.2
)
 
0.8

(0.1
)
(42.0
)
4.1

(37.2
)
Balance September 30,
$
(69.9
)
$
0.2

$
(594.0
)
$
126.4

$
(537.3
)
 
$
(57.8
)
$
2.1

$
(305.6
)
$
19.3

$
(342.0
)

Nine Months Ended
September 30, 2019
 
September 30, 2018
Gains/(Losses)
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Total
 
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Gains on Available for Sale Securities
Total
Balance December 31,
$
(53.1
)
$
0.1

$
(406.0
)
$
32.7

$
(426.3
)
 
$
(61.5
)
$
0.9

$
(112.6
)
$
(1.3
)
$
2.3

$
(172.2
)
Adoption of ASU 2016-01 relating to financial instruments





 




(2.3
)
(2.3
)
Other comprehensive income/(loss) before reclassifications
(1.3
)

(188.0
)
97.0

(92.3
)
 
1.2

1.5

(193.0
)
20.6


(169.7
)
Amounts reclassified from AOCI
1.8

0.1


(0.8
)
1.1

 
2.5

(0.3
)



2.2

Adoption of ASU 2018-02 (See Note 1)
(17.3
)


(2.5
)
(19.8
)
 






Other comprehensive income/(loss)
(16.8
)
0.1

(188.0
)
93.7

(111.0
)
 
3.7

1.2

(193.0
)
20.6

(2.3
)
(169.8
)
Balance September 30,
$
(69.9
)
$
0.2

$
(594.0
)
$
126.4

$
(537.3
)
 
$
(57.8
)
$
2.1

$
(305.6
)
$
19.3

$

$
(342.0
)

v3.19.3
PENSION AND OTHER RETIREMENT BENEFITS
9 Months Ended
Sep. 30, 2019
Retirement Benefits [Abstract]  
PENSION AND OTHER RETIREMENT BENEFITS PENSION AND OTHER RETIREMENT BENEFITS
Moody’s maintains funded and unfunded noncontributory DBPPs. The U.S. plans provide defined benefits using a cash balance formula based on years of service and career average salary for its employees or final average pay for selected executives. The Company also provides certain healthcare and life insurance benefits for retired U.S. employees. The retirement healthcare plans are contributory; the life insurance plans are noncontributory. Moody’s funded and unfunded U.S. pension plans, the U.S. retirement healthcare plans and the U.S. retirement life insurance plans are collectively referred to herein as the “Retirement Plans”. The U.S. retirement healthcare plans and the U.S. retirement life insurance plans are collectively referred to herein as the “Other Retirement Plans”. The non-U.S. defined benefit pension plan are immaterial.
Effective January 1, 2008, the Company no longer offers DBPPs to U.S. employees hired or rehired on or after January 1, 2008. New U.S. employees will instead receive a retirement contribution of similar benefit value under the Company’s Profit Participation Plan. Current participants of the Company’s DBPPs continue to accrue benefits based on existing plan formulas.
The components of net periodic benefit expense related to the Retirement Plans are as follows:
 
Three Months Ended September 30,
 
Pension Plans
 
Other Retirement Plans
 
2019
 
2018
 
2019
 
2018
Components of net periodic expense
 
 
 
 
 
 
 
Service cost
$
4.2

 
$
4.6

 
$
0.7

 
$
0.7

Interest cost
5.1

 
4.4

 
0.3

 
0.3

Expected return on plan assets
(5.0
)
 
(3.8
)
 

 

Amortization of net actuarial loss from earlier periods
0.9

 
1.5

 

 

Amortization of net prior service costs from earlier periods
(0.1
)
 

 
(0.1
)
 
(0.1
)
Net periodic expense
$
5.1

 
$
6.7

 
$
0.9

 
$
0.9

 
Nine Months Ended September 30,
 
Pension Plans
 
Other Retirement Plans
 
2019
 
2018
 
2019
 
2018
Components of net periodic expense
 
 
 
 
 
 
 
Service cost
$
12.5

 
$
14.0

 
$
2.1

 
$
2.2

Interest cost
15.4

 
13.2

 
0.9

 
0.8

Expected return on plan assets
(15.1
)
 
(11.4
)
 

 

Amortization of net actuarial loss from earlier periods
2.8

 
4.6

 

 

Amortization of net prior service costs from earlier periods
(0.3
)
 
(0.2
)
 
(0.2
)
 
(0.2
)
Net periodic expense
$
15.3

 
$
20.2

 
$
2.8

 
$
2.8


The Company made payments of $3.5 million related to its unfunded U.S. DBPPs and $0.2 million to its U.S. other retirement plans during the nine months ended September 30, 2019. Additionally, the Company anticipates making payments of $3.1 million and $0.9 million to its unfunded U.S. DBPPs and U.S. other retirement plans, respectively, during the remainder of 2019.
v3.19.3
INDEBTEDNESS
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying amount, which represents the issuance amount plus or minus any issuance premium or discount, except for the 2010 Senior Notes, the 2012 Senior Notes, the 2017 Senior Notes due 2021 and the 2017 Senior Notes due 2023, which are recorded at the carrying amount adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
September 30, 2019
Notes Payable:
Principal Amount
 
Fair Value of Interest Rate Swaps (1)
 
Unamortized (Discount) Premium
 
Unamortized Debt Issuance Costs
 
Carrying Value
5.50% 2010 Senior Notes, due 2020
$
500.0

 
$
2.3

 
$
(0.4
)
 
$
(0.4
)
 
$
501.5

4.50% 2012 Senior Notes, due 2022
500.0

 
11.0

 
(1.3
)
 
(1.1
)
 
508.6

4.875% 2013 Senior Notes, due 2024
500.0

 

 
(1.4
)
 
(1.7
)
 
496.9

5.25% 2014 Senior Notes (30-Year), due 2044
600.0

 

 
3.2

 
(5.3
)
 
597.9

1.75% 2015 Senior Notes, due 2027
545.1

 

 

 
(2.7
)
 
542.4

2.75% 2017 Senior Notes, due 2021
500.0

 
13.5

 
(0.7
)
 
(1.8
)
 
511.0

2.625% 2017 Senior Notes, due 2023
500.0

 
8.3

 
(0.7
)
 
(2.4
)
 
505.2

3.25% 2017 Senior Notes, due 2028
500.0

 

 
(4.4
)
 
(3.4
)
 
492.2

3.25% 2018 Senior Notes, due 2021
300.0

 

 
(0.3
)
 
(1.0
)
 
298.7

4.25% 2018 Senior Notes, due 2029
400.0

 

 
(2.8
)
 
(3.0
)
 
394.2

4.875% 2018 Senior Notes, due 2048
400.0

 

 
(6.6
)
 
(4.0
)
 
389.4

Total debt
$
5,245.1

 
$
35.1

 
$
(15.4
)
 
$
(26.8
)
 
$
5,238.0

Current portion
 
 
 
 
 
 
 
 
(501.5
)
Total long-term debt
 
 
 
 
 
 
 
 
$
4,736.5

December 31, 2018
Notes Payable:
Principal Amount
 
Fair Value of Interest Rate Swaps (1)
 
Unamortized (Discount) Premium
 
Unamortized Debt Issuance Costs
 
Carrying Value
5.50% 2010 Senior Notes, due 2020
$
500.0

 
$
(3.7
)
 
$
(0.6
)
 
$
(0.7
)
 
$
495.0

4.50% 2012 Senior Notes, due 2022
500.0

 
1.9

 
(1.6
)
 
(1.4
)
 
498.9

4.875% 2013 Senior Notes, due 2024
500.0

 

 
(1.5
)
 
(2.0
)
 
496.5

2.75% 2014 Senior Notes (5-Year), due 2019
450.0

 

 
(0.1
)
 

 
449.9

5.25% 2014 Senior Notes (30-Year), due 2044
600.0

 

 
3.2

 
(5.5
)
 
597.7

1.75% 2015 Senior Notes, due 2027
571.6

 

 

 
(3.1
)
 
568.5

2.75% 2017 Senior Notes, due 2021
500.0

 
4.0

 
(1.0
)
 
(2.4
)
 
500.6

2.625% 2017 Senior Notes, due 2023
500.0

 

 
(0.9
)
 
(2.8
)
 
496.3

3.25% 2017 Senior Notes, due 2028
500.0

 

 
(4.7
)
 
(3.7
)
 
491.6

3.25% 2018 Senior Notes, due 2021
300.0

 

 
(0.4
)
 
(1.5
)
 
298.1

4.25% 2018 Senior Notes, due 2029
400.0

 

 
(3.0
)
 
(3.3
)
 
393.7

4.875% 2018 Senior Notes, due 2048
400.0

 

 
(6.7
)
 
(4.1
)
 
389.2

Total debt
$
5,721.6

 
$
2.2

 
$
(17.3
)
 
$
(30.5
)
 
$
5,676.0

Current portion
 
 
 
 
 
 
 
 
(449.9
)
Total long-term debt
 
 
 
 
 
 
 
 
$
5,226.1

(1) The Company has entered into interest rate swaps on the 2010 Senior Notes, the 2012 Senior Notes, the 2017 Senior Notes due 2021 and the 2017 Senior Notes due 2023 which are more fully discussed in Note 11 above. These amounts represent the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.
Notes Payable
On January 3, 2019, the Company fully repaid $450.0 million of the 2014 Senior Notes (5-year).
    
At September 30, 2019, the Company was in compliance with all covenants contained within all of the debt agreements. All 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, 2019, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,
2010 Senior Notes, due 2020
 
2012 Senior Notes, due 2022
 
2013 Senior Notes, due 2024
 
2014 Senior Notes (30-Year), due 2044
 
2015 Senior Notes, due 2027
 
2017 Senior Notes, due 2021
 
2017 Senior Notes, due 2023
 
2017 Senior Notes, due 2028
 
2018 Senior Notes, due 2021
 
2018 Senior Notes, due 2029
 
2018 Senior Notes, due 2048
 
Total
2019 (After September 30)
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

2020
500.0

 

 

 

 

 

 

 

 

 

 

 
$
500.0

2021

 

 

 

 

 
500.0

 

 

 
300.0

 

 

 
$
800.0

2022

 
500.0

 

 

 

 

 

 

 

 

 

 
$
500.0

2023

 

 

 

 

 

 
500.0

 

 

 

 

 
$
500.0

Thereafter

 

 
500.0

 
600.0

 
545.1

 

 

 
500.0

 

 
400.0

 
400.0

 
$
2,945.1

Total
$
500.0

 
$
500.0

 
$
500.0

 
$
600.0

 
$
545.1

 
$
500.0

 
$
500.0

 
$
500.0

 
$
300.0

 
$
400.0

 
$
400.0

 
$
5,245.1


Interest expense, net
The following table summarizes the components of interest as presented in the consolidated statements of operations:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Income
$
3.6

 
$
4.1

 
$
12.5

 
$
10.7

Expense on borrowings
(37.4
)
 
(46.4
)
 
(125.7
)
 
(147.1
)
UTPs and other tax related liabilities
(7.0
)
 
(9.6
)
 
(20.2
)
 
(10.6
)
Net periodic pension costs - interest component
(5.6
)
 
(4.9
)
 
(16.8
)
 
(14.5
)
Capitalized
0.5

 
0.4

 
1.2

 
1.0

Total
$
(45.9
)
 
$
(56.4
)
 
$
(149.0
)
 
$
(160.5
)

The following table shows the cash paid for interest:
 
Nine Months Ended
September 30,
 
2019
 
2018
Interest paid
$
148.6

 
$
169.7


The fair value and carrying value of the Company’s debt as of September 30, 2019 and December 31, 2018 are as follows:
 
September 30, 2019
 
December 31, 2018
 
Carrying Amount
 
Estimated Fair Value
 
Carrying Amount
 
Estimated Fair Value
5.50% 2010 Senior Notes, due 2020
$
501.5

 
$
515.0

 
$
495.0

 
$
517.7

4.50% 2012 Senior Notes, due 2022
508.6

 
531.7

 
498.9

 
513.7

4.875% 2013 Senior Notes, due 2024
496.9

 
551.8

 
496.5

 
522.4

2.75% 2014 Senior Notes (5-Year), due 2019

 

 
449.9

 
449.9

5.25% 2014 Senior Notes (30-Year), due 2044
597.9

 
768.7

 
597.7

 
638.1

1.75% 2015 Senior Notes, due 2027
542.4

 
596.7

 
568.5

 
585.3

2.75% 2017 Senior Notes, due 2021
511.0

 
506.3

 
500.6

 
489.7

2.625% 2017 Senior Notes, due 2023
505.2

 
506.5

 
496.3

 
476.9

3.25% 2017 Senior Notes, due 2028
492.2

 
526.0

 
491.6

 
472.8

3.25% 2018 Senior Notes, due 2021
298.7

 
305.1

 
298.1

 
298.6

4.25% 2018 Senior Notes, due 2029
394.2

 
451.0

 
393.7

 
407.6

4.875% 2018 Senior Notes, due 2048
389.4

 
496.9

 
389.2

 
409.8

Total
$
5,238.0

 
$
5,755.7

 
$
5,676.0

 
$
5,782.5


The fair value of the Company’s long-term debt is estimated based on quoted market prices for similar instruments. Accordingly, the inputs used to estimate the fair value of the Company’s long-term debt are classified as Level 2 inputs within the fair value hierarchy.
v3.19.3
LEASES
9 Months Ended
Sep. 30, 2019
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, 2019
 
Nine Months Ended
September 30, 2019
 
 
 
 
Operating lease cost
$
24.2

 
$
73.3

Short-term lease cost

 
0.4

Variable lease cost
5.0

 
12.7

Total lease cost
$
29.2

 
$
86.4


During the second quarter of 2019, the Company recorded $24.8 million of ROU Asset impairment charges related to the exit of certain real estate leases. The impairment charges were recording within Restructuring expense on the consolidated statement of operations. Refer to Note 13 for further details.
The following tables present other information related to the Company’s operating leases:
 
Three Months Ended
September 30, 2019
 
Nine Months Ended
September 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities
$
26.6

 
$
79.8

Right-of-use assets obtained in exchange for new operating lease liabilities
$
12.0

 
$
27.9

 
September 30, 2019
Weighted-average remaining lease term
6.9 years

Weighted-average discount rate applied to operating leases
3.6
%

The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at September 30, 2019:
Year Ending December 31,
 
Operating Leases
2019 (After September 30)
 
$
27.2

2020
 
107.7

2021
 
102.1

2022
 
88.7

2023
 
83.2

After 2023
 
251.0

Total lease payments (undiscounted)
 
659.9

Less: Interest
 
75.4

Present value of lease liabilities:
 
$
584.5

Lease liabilities - current
 
$
89.5

Lease liabilities - noncurrent
 
$
495.0


The minimum rent for operating leases at December 31, 2018 is as follows:
Year Ending December 31,
 
Operating Leases
2019
 
$
105.9

2020
 
102.3

2021
 
95.6

2022
 
84.4

2023
 
81.0

After 2023
 
246.5

Total
 
$
715.7


v3.19.3
CONTINGENCIES
9 Months Ended
Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
Given the nature of their 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. Moody’s also is subject to ongoing tax audits as addressed in Note 5 to the consolidated financial statements.
In May 2013, the Company and five subsidiaries (collectively, the “Company Defendants”) were served with a complaint filed by a former employee (“Plaintiff”) in New York Supreme Court (the “Court”) on behalf of New York State (the “State”) and New York City (the “City”) asserting purported claims under the New York False Claims Act (“NYFCA”). Both the State and the City were given an opportunity to intervene as plaintiffs in the action but declined to do so. In August 2013, Plaintiff filed an Amended Complaint adding Marsh & McLennan Companies, Inc. as a defendant. Plaintiff’s central allegation against the Company Defendants is that their treatment of the Company’s wholly-owned captive insurance subsidiary, Moody’s Assurance Company, Inc. (“MAC”), in their State and City tax filings between 2002 and 2014 was contrary to the State and City tax codes. Plaintiff also asserts a cause of action for retaliation under the NYFCA and alleges that his employment was improperly terminated after he reported his concerns regarding MAC’s tax treatment internally. Plaintiff alleges that the Company underpaid State and City taxes by more than $120.0 million (which the Company believes is unsupported as a matter of fact and law), and requests statutory damages of triple that amount, as well as unspecified damages related to the retaliation claim. In December 2016, the Court issued a decision largely denying the Company Defendants’ motion to dismiss. The Company Defendants appealed, and in August 2018, the Appellate Division of the New York Supreme Court upheld the Court’s decision. In October 2019, the Company Defendants reached an agreement with the State, the City and the Plaintiff to settle all claims asserted against the Company Defendants for $15.5 million.
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.
v3.19.3
SEGMENT INFORMATION
9 Months Ended
Sep. 30, 2019
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MIS and MA and accordingly, the Company reports in two reportable segments: MIS and MA.
The MIS segment consists of five LOBs. The CFG, SFG, FIG and PPIF LOBs generate revenue principally from fees for the assignment and ongoing monitoring of credit ratings on debt obligations and the entities that issue such obligations in markets worldwide. The MIS Other LOB primarily consists of financial instruments pricing services in the Asia-Pacific region as well as ICRA non-ratings revenue.
The MA segment develops a wide range of products and services that support the risk management activities of institutional participants in global financial markets. The MA segment consists of three LOBs - RD&A, ERS and PS.
Revenue for MIS and expenses for MA include an intersegment royalty charged to MA for the rights to use and distribute content, data and products developed by MIS. The royalty rate charged by MIS approximates the fair value of the aforementioned content, data and products and is generally based on comparable market transactions. Also, 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. These fees charged by MA are generally equal to the costs incurred by MA to produce these products and services.
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 and corporate expenses that benefit both segments, in years prior to 2019, the Company generally allocated costs ratably based on each segment’s share of total revenue.
Beginning in 2019, the Company refined its methodology such that costs allocated to each segment based on the segment’s share of 2018 actual revenue comprise a “Baseline Pool” that 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. The Company believes that this allocation method will better align the amount of overhead costs consumed by each segment and contribute stability to each segment’s costs over time. The impact of this refined methodology would not have resulted in a material change to previously reported segment results.
“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 chief operating decision maker 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, Adjusted Operating Income and operating income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Refer to Note 3 for further details on the components of the Company’s revenue.
 
Three Months Ended September 30,
 
2019
 
2018
 
MIS
 
MA
 
Eliminations
 
Consolidated
 
MIS
 
MA
 
Eliminations
 
Consolidated
Revenue
$
780.9

 
$
496.0

 
$
(36.4
)
 
$
1,240.5

 
$
676.4

 
$
438.6

 
$
(34.2
)
 
$
1,080.8

Total Expense
339.9

 
388.2

 
(36.4
)
 
691.7

 
303.5

 
344.7

 
(34.2
)
 
614.0

Operating income
441.0

 
107.8

 

 
548.8

 
372.9

 
93.9

 

 
466.8

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring
(0.1
)

(0.9
)
 

 
(1.0
)
 



 

 

Depreciation and
amortization
18.0


30.6

 

 
48.6

 
15.8

 
30.3

 

 
46.1

Acquisition-Related
Expenses



 

 

 


1.3

 

 
1.3

Impairment pursuant to the planned divestiture of MAKS

 
2.0

 

 
2.0

 



 

 

Captive insurance company settlement
9.4


6.1

 

 
15.5

 

 

 

 

Adjusted Operating Income
$
468.3

 
$
145.6

 
$

 
$
613.9

 
$
388.7

 
$
125.5

 
$

 
$
514.2

 
Nine Months Ended September 30,
 
2019
 
2018
 
MIS
 
MA
 
Eliminations
 
Consolidated
 
MIS
 
MA
 
Eliminations
 
Consolidated
Revenue
$
2,254.7

 
$
1,447.8

 
$
(106.3
)
 
$
3,596.2

 
$
2,209.0

 
$
1,275.6

 
$
(102.0
)
 
$
3,382.6

Total Expenses
1,027.9


1,180.6

 
(106.3
)
 
2,102.2

 
951.0


1,042.0

 
(102.0
)
 
1,891.0

Operating income
1,226.8

 
267.2

 

 
1,494.0

 
1,258.0

 
233.6

 

 
1,491.6

Add:
 
 
 
 
 
 


 
 
 
 
 
 
 

Restructuring
29.1


29.2

 

 
58.3

 



 

 

Depreciation and
amortization
53.0


96.9

 

 
149.9

 
49.3


94.3

 

 
143.6

Acquisition-Related
Expenses


3.4

 

 
3.4

 


4.1

 

 
4.1

Impairment pursuant to the planned divestiture of MAKS


10.7

 

 
10.7

 



 

 

Captive insurance company settlement
9.4

 
6.1

 

 
15.5

 

 

 

 

Adjusted Operating Income
$
1,318.3


$
413.5


$


$
1,731.8


$
1,307.3


$
332.0


$


$
1,639.3


The cumulative restructuring charges related to the 2018 Restructuring Program, as more fully discussed in Note 13, for the MIS and MA reportable segments are $61.3 million and $45.7 million, respectively.
Consolidated Revenue Information by Geographic Area
Consolidated Revenue Information by Geographic Area:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
United States
$
659.6

 
$
559.6

 
$
1,909.6

 
$
1,782.7

Non-U.S.:
 
 
 
 
 
 
 
EMEA
361.5

 
344.5

 
1,056.8

 
1,047.9

Asia-Pacific
142.4

 
123.0

 
415.4

 
366.9

Americas
77.0

 
53.7

 
214.4

 
185.1

Total Non-U.S.
580.9

 
521.2

 
1,686.6

 
1,599.9

Total
$
1,240.5

 
$
1,080.8

 
$
3,596.2

 
$
3,382.6


v3.19.3
RECENTLY ISSUED ACCOUNTING STANDARDS
9 Months Ended
Sep. 30, 2019
Accounting Changes and Error Corrections [Abstract]  
RECENTLY ISSUED ACCOUNTING STANDARDS RECENTLY ISSUED ACCOUNTING STANDARDS
In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The amendments in this ASU require the use of an “expected credit loss” impairment model for most financial assets reported at amortized cost, which will require entities to estimate expected credit losses over the lifetime of the instrument. This may result in the earlier recognition of allowances for losses. For available-for-sale debt securities with unrealized losses, an allowance for credit losses will be recognized as a contra account to the amortized cost carrying value of the asset rather than a direct reduction to the carrying value, with changes in the allowance impacting earnings. In November 2018, the FASB issued ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20, but instead should be accounted for in accordance with Topic 842, Leases.
ASU No. 2016-13 is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted in annual and interim reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first effective reporting period. The Company is currently evaluating the impact of this ASU on its financial statements. Currently, the Company believes that the most notable impact of this ASU will relate to its processes around the assessment of its allowance for doubtful accounts relating to accounts receivable. The Company is in the process of updating its policies and procedures in order to implement the “expected credit loss” impairment model, which includes the identification of information that can be used to develop reasonable and supportable forecasts of factors that could affect the collectability of the reported amount of the financial asset. The Company does not currently anticipate that the adoption of this ASU will have a significant impact on its consolidated financial statements.
In June 2018, the FASB issued ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting”, which simplifies the accounting for nonemployee share-based payment transactions. The amendments specify that ASC Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company does not anticipate that the adoption of this ASU will have a significant impact on its consolidated financial statements.
In August 2018, the FASB issued ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract”. This ASU requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software, and deferred over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. The ASU is effective for all entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The Company will be required to present the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e. operating and SG&A expense) and classify the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). This ASU also requires capitalization of implementation costs in the balance sheet to be consistent with the location of prepayment of fees for the hosting element (i.e. within other current assets or other assets). The Company is in the process of evaluating the impact of this ASU, but does not anticipate that its adoption will have a significant impact on its consolidated financial statements, other than the aforementioned classification requirements.
In August 2018, the FASB issued ASU No. 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715- 20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans”. This ASU eliminates requirements for certain disclosures and requires additional disclosures under defined benefit pension plans and other postretirement plans. The ASU is effective for all entities for fiscal years beginning after December 15, 2020 on a retrospective basis to all periods presented, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its financial statements.
In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”. This ASU clarifies and improves guidance related to the recently issued standards updates on credit losses, hedging, and recognition and measurement of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not anticipate that the adoption of this ASU will have a significant impact on its consolidated financial statements.
v3.19.3
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On October 21, 2019, the Board approved the declaration of a quarterly dividend of $0.50 per share of Moody’s common stock, payable on December 12, 2019 to shareholders of record at the close of business on November 21, 2019.
v3.19.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2019
Accounting Policies [Abstract]  
Leases
Leases
The Company has operating leases, of which substantially all relate to the lease of office space. The Company’s leases which are classified as finance leases are not material to the condensed consolidated financial statements.
The Company determines if an arrangement meets the definition of a lease at contract inception. The Company recognizes in its consolidated balance sheet a lease liability and an ROU Asset for all leases with a lease term greater than 12 months. In determining the length of the lease term, the Company utilizes judgment in assessing the likelihood of whether it is reasonably certain that it will exercise an option to extend or early-terminate a lease, if such options are provided in the lease agreement.
ROU Assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU Assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As substantially all of the Company’s leases do not provide an implicit interest rate, the Company uses its estimated secured incremental borrowing rates at the lease commencement date in determining the present value of lease payments. These secured incremental borrowing rates are attributable to the currency in which the lease is denominated.
At commencement, the Company’s initial measurement of the ROU Asset is calculated as the present value of the remaining lease payments (i.e., lease liability), with additive adjustments reflecting: initial direct costs (e.g., broker commissions) and prepaid lease payments (if any); and reduced by any lease incentives provided by the lessor if: (i) received before lease commencement or (ii) receipt of the lease incentive is contingent upon future events for which the occurrence is both probable and within the Company’s control.
Lease expense for minimum operating lease payments is recognized on a straight-line basis over the lease term. This straight-line lease expense represents a single lease cost which is comprised of both an interest accretion component relating to the lease liability and amortization of the ROU Assets. The Company records this single lease cost in operating and SG&A expenses. However, in situations where an operating lease ROU Asset has been impaired, the subsequent amortization of the ROU Asset is then recorded on a straight-line basis over the remaining lease term and is combined with accretion expense on the lease liability to result in single operating lease cost (which subsequent to impairment will no longer follow a straight-line recognition pattern).
The Company has lease agreements which include lease and non-lease components. For the Company’s office space leases, the lease components (e.g., fixed rent payments) and non-lease components (e.g., fixed common-area maintenance costs) are combined and accounted for as a single lease component.
Variable lease payments (e.g., variable common-area-maintenance costs) are only included in the initial measurement of the lease liability to the extent those payments depend on an index or a rate. Variable lease payments not included in the lease liability are recognized in net income in the period in which the obligation for those payments is incurred.
v3.19.3
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Tables)
9 Months Ended
Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Reclassification of Revenue Amount Accordingly, 2018 revenue by LOB was reclassified to conform with this new presentation, as follows:
MIS
 
As previously
reported
 
Reclassification
 
As Reclassified
 
MA
 
As previously
reported
 
Reclassification
 
As
Reclassified
CFG
 
 
 
 
 
 
 
RD&A
 
 
 
 
 
 
Q1
 
$
377.7


$
11.9


$
389.6

 
Q1
 
$
269.2


$
(2.1
)

$
267.1

Q2
 
377.6


13.4


391.0

 
Q2
 
279.9


(4.0
)

275.9

Q3
 
296.1


11.2


307.3

 
Q3
 
282.6


(2.3
)

280.3

Q4
 
282.7


8.6


291.3

 
Q4
 
302.4


(5.3
)

297.1

Full year 2018
 
$
1,334.1


$
45.1


$
1,379.2

 
Full year 2018
 
$
1,134.1


$
(13.7
)

$
1,120.4

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SFG
 
 
 
 
 
 
 
ERS
 
 
 
 
 
 
Q1
 
$
129.7


$
(11.9
)

$
117.8

 
Q1
 
$
100.1


$
2.1


$
102.2

Q2
 
141.6


(13.4
)

128.2

 
Q2
 
105.5


4.0


109.5

Q3
 
125.4


(11.2
)

114.2

 
Q3
 
113.0


2.3


115.3

Q4
 
129.8


(8.6
)

121.2

 
Q4
 
118.8


5.3


124.1

Full year 2018
 
$
526.5


$
(45.1
)

$
481.4

 
Full year 2018
 
$
437.4


$
13.7


$
451.1


v3.19.3
REVENUES (Tables)
9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables summarize the split between transaction and relationship revenue. In the MIS segment, excluding MIS Other, transaction revenue represents the initial rating of a new debt issuance as well as other one-time fees while relationship revenue represents the recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. In MIS Other, transaction revenue represents revenue from professional services and outsourcing engagements and relationship revenue represents subscription-based revenues. In the MA segment, relationship revenue represents subscription-based revenues and software maintenance revenue. Transaction revenue in MA represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and outsourced research and analytical engagements.
 
Three Months Ended September 30,
 
2019
 
2018
 
Transaction
 
Relationship
 
Total
 
Transaction
 
Relationship
 
Total
Corporate Finance
$
281.8

 
$
110.2

 
$
392.0

 
$
199.4

 
$
107.9

 
$
307.3

 
72
%
 
28
%
 
100
%
 
65
%
 
35
%
 
100
%
Structured Finance
$
58.4

 
$
47.0

 
$
105.4

 
$
73.5

 
$
40.7

 
$
114.2

 
55
%
 
45
%
 
100
%
 
64
%
 
36
%
 
100
%
Financial Institutions
$
55.7

 
$
64.8

 
$
120.5

 
$
56.2

 
$
63.3

 
$
119.5

 
46
%
 
54
%
 
100
%
 
47
%
 
53
%
 
100
%
Public, Project and Infrastructure Finance
$
82.1

 
$
37.7

 
$
119.8

 
$
60.9

 
$
38.1

 
$
99.0

 
69
%
 
31
%
 
100
%
 
62
%
 
38
%
 
100
%
MIS Other
$
0.6

 
$
8.3

 
$
8.9

 
$
0.5

 
$
4.3

 
$
4.8

 
7
%
 
93
%
 
100
%
 
10
%
 
90
%
 
100
%
Total MIS
$
478.6

 
$
268.0

 
$
746.6

 
$
390.5

 
$
254.3

 
$
644.8

 
64
%
 
36
%
 
100
%
 
61
%
 
39
%
 
100
%
Moody's Analytics
$
78.5

(1) 
$
415.4

 
$
493.9

 
$
70.6

(1) 
$
365.4

 
$
436.0

 
16
%
 
84
%
 
100
%
 
16
%
 
84
%
 
100
%
Total Moody's Corporation
$
557.1

 
$
683.4

 
$
1,240.5

 
$
461.1

 
$
619.7

 
$
1,080.8

 
45
%
 
55
%
 
100
%
 
43
%
 
57
%
 
100
%
 
Nine Months Ended September 30,
 
2019
 
2018
 
Transaction
 
Relationship
 
Total
 
Transaction
 
Relationship
 
Total
Corporate Finance
$
807.7

 
$
327.1

 
$
1,134.8

 
$
767.3

 
$
320.6

 
$
1,087.9

 
71
%
 
29
%
 
100
%
 
71
%
 
29
%
 
100
%
Structured Finance
$
183.9

 
$
134.3

 
$
318.2

 
$
233.3

 
$
126.9

 
$
360.2

 
58
%
 
42
%
 
100
%
 
65
%
 
35
%
 
100
%
Financial Institutions
$
164.8

 
$
196.7

 
$
361.5

 
$
162.4

 
$
192.0

 
$
354.4

 
46
%
 
54
%
 
100
%
 
46
%
 
54
%
 
100
%
Public, Project and Infrastructure Finance
$
208.2

 
$
112.9

 
$
321.1

 
$
184.9

 
$
115.4

 
$
300.3

 
65
%
 
35
%
 
100
%
 
62
%
 
38
%
 
100
%
MIS Other
$
1.5

 
$
18.0

 
$
19.5

 
$
1.5

 
$
12.7

 
$
14.2

 
8
%
 
92
%
 
100
%
 
11
%
 
89
%
 
100
%
Total MIS
$
1,366.1

 
$
789.0

 
$
2,155.1

 
$
1,349.4

 
$
767.6

 
$
2,117.0

 
63
%
 
37
%
 
100
%
 
64
%
 
36
%
 
100
%
Moody's Analytics
$
219.2

(1) 
$
1,221.9

 
$
1,441.1

 
$
198.3

(1) 
$
1,067.3

 
$
1,265.6

 
15
%
 
85
%
 
100
%
 
16
%
 
84
%
 
100
%
Total Moody's Corporation
$
1,585.3

 
$
2,010.9

 
$
3,596.2

 
$
1,547.7

 
$
1,834.9

 
$
3,382.6

 
44
%
 
56
%
 
100
%
 
46
%
 
54
%
 
100
%
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the New Revenue Accounting Standard (please also refer to the following table).

The following table presents the timing of revenue recognition:
 
Three Months Ended September 30, 2019
 
Nine Months Ended September 30, 2019
 
MIS
 
MA
 
Total
 
MIS
 
MA
 
Total
Revenue recognized at a point in time
$
478.6

 
$
30.7

 
$
509.3

 
$
1,366.1

 
$
82.8

 
$
1,448.9

Revenue recognized over time
268.0

 
463.2

 
731.2

 
789.0

 
1,358.3

 
2,147.3

Total
$
746.6

 
$
493.9

 
$
1,240.5

 
$
2,155.1

 
$
1,441.1

 
$
3,596.2

 
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
 
MIS
 
MA
 
Total
 
MIS
 
MA
 
Total
Revenue recognized at a point in time
$
390.5

 
$
19.5

 
$
410.0

 
$
1,349.4

 
$
49.0

 
$
1,398.4

Revenue recognized over time
254.3

 
416.5

 
670.8

 
767.6

 
1,216.6

 
1,984.2

Total
$
644.8

 
$
436.0

 
$
1,080.8

 
$
2,117.0

 
$
1,265.6

 
$
3,382.6


The following table presents the Company’s revenues disaggregated by LOB:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
MIS:
 
 
 
 
 
 
 
Corporate finance (CFG) (1)
 
 
 
 
 
 
 
Investment-grade
$
105.8

 
$
54.7

 
$
299.0

 
$
214.3

High-yield
56.9

 
39.1

 
182.4

 
155.7

Bank loans
89.3

 
78.4

 
245.4

 
309.8

Other accounts (2)
140.0

 
135.1

 
408.0

 
408.1

Total CFG
392.0

 
307.3

 
1,134.8

 
1,087.9

Structured finance (SFG) (1)
 
 
 
 
 
 
 
Asset-backed securities
25.0

 
24.6

 
73.8

 
80.7

RMBS
22.1

 
23.7

 
69.7

 
74.8

CMBS
17.5

 
14.7

 
55.6

 
54.2

Structured credit
40.0

 
50.7

 
116.2

 
148.6

Other accounts
0.8

 
0.5

 
2.9

 
1.9

Total SFG
105.4

 
114.2

 
318.2

 
360.2

Financial institutions (FIG)
Banking
79.9

 
72.9

 
244.1

 
227.2

Insurance
31.3

 
37.7

 
88.4

 
98.9

Managed investments
6.5

 
5.5

 
20.0

 
18.4

Other accounts
2.8

 
3.4

 
9.0

 
9.9

Total FIG
120.5

 
119.5

 
361.5

 
354.4

Public, project and infrastructure finance (PPIF)
Public finance / sovereign
57.9

 
45.3

 
157.1

 
143.9

Project and infrastructure
61.9

 
53.7

 
164.0

 
156.4

Total PPIF
119.8

 
99.0

 
321.1

 
300.3

Total ratings revenue
737.7

 
640.0

 
2,135.6

 
2,102.8

MIS Other
8.9

 
4.8

 
19.5

 
14.2

Total external revenue
746.6

 
644.8

 
2,155.1

 
2,117.0

Intersegment royalty
34.3

 
31.6

 
99.6

 
92.0

Total MIS
780.9

 
676.4

 
2,254.7

 
2,209.0

MA:
 
 
 
 
 
 
 
Research, data and analytics (RD&A) (3)
317.5

 
280.3

 
940.5

 
823.3

Enterprise risk solutions (ERS) (3)
133.3

 
115.3

 
372.9

 
327.0

Professional services (PS)
43.1

 
40.4

 
127.7

 
115.3

Total external revenue
493.9

 
436.0

 
1,441.1

 
1,265.6

Intersegment revenue
2.1

 
2.6

 
6.7

 
10.0

Total MA
496.0

 
438.6

 
1,447.8

 
1,275.6

Eliminations
(36.4
)
 
(34.2
)
 
(106.3
)
 
(102.0
)
Total MCO
$
1,240.5

 
$
1,080.8

 
$
3,596.2

 
$
3,382.6

(1) Pursuant to certain organizational realignments in 2019, MIS now reports revenue from REITs, which was previously classified in the SFG LOB, as a component of the CFG LOB. The amounts reclassified were not material and prior year revenue by LOB has been reclassified to conform to this new presentation.
(2) 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.
(3) Pursuant to organizational/product realignments in 2019, revenue relating to the Bureau van Dijk FACT product, a credit assessment and origination software solution, is now reported in the ERS LOB. This revenue was previously reported in the RD&A LOB. Prior year revenue by LOB has been reclassified to conform to this new presentation, and the amounts reclassified were not material.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
 
Three Months Ended September 30, 2019
 
Three Months Ended September 30, 2018
 
U.S.
 
Non-U.S
 
Total
 
U.S.
 
Non-U.S
 
Total
MIS:
Corporate finance (CFG) (1)
$
258.9

 
$
133.1

 
$
392.0

 
$
194.7

 
$
112.6

 
$
307.3

Structured finance (SFG) (1)
67.8

 
37.6

 
105.4

 
70.6

 
43.6

 
114.2

Financial institutions (FIG)
53.7

 
66.8

 
120.5

 
59.8

 
59.7

 
119.5

Public, project and infrastructure finance (PPIF)
72.8

 
47.0

 
119.8

 
59.4

 
39.6

 
99.0

Total ratings revenue
453.2

 
284.5

 
737.7

 
384.5

 
255.5

 
640.0

MIS Other
0.2

 
8.7

 
8.9

 
0.2

 
4.6

 
4.8

Total MIS
453.4

 
293.2

 
746.6

 
384.7

 
260.1

 
644.8

MA:
Research, data and analytics (RD&A) (2)
139.8

 
177.7

 
317.5

 
116.7

 
163.6

 
280.3

Enterprise risk solutions (ERS) (2)
48.2

 
85.1

 
133.3

 
43.0

 
72.3

 
115.3

Professional services (PS)
18.2

 
24.9

 
43.1

 
15.2

 
25.2

 
40.4

Total MA
206.2

 
287.7

 
493.9

 
174.9

 
261.1

 
436.0

Total MCO
$
659.6

 
$
580.9

 
$
1,240.5

 
$
559.6

 
$
521.2

 
$
1,080.8

 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 30, 2018
 
U.S.
 
Non-U.S
 
Total
 
U.S.
 
Non-U.S
 
Total
MIS:
Corporate finance (CFG) (1)
$
744.1

 
$
390.7

 
$
1,134.8

 
$
707.2

 
$
380.7

 
$
1,087.9

Structured finance (SFG) (1)
201.9

 
116.3

 
318.2

 
225.0

 
135.2

 
360.2

Financial institutions (FIG)
151.9

 
209.6

 
361.5

 
162.7

 
191.7

 
354.4

Public, project and infrastructure finance (PPIF)
202.4

 
118.7

 
321.1

 
173.9

 
126.4

 
300.3

Total ratings revenue
1,300.3

 
835.3

 
2,135.6

 
1,268.8

 
834.0

 
2,102.8

MIS Other
0.5

 
19.0

 
19.5

 
0.5

 
13.7

 
14.2

Total MIS
1,300.8

 
854.3

 
2,155.1

 
1,269.3

 
847.7

 
2,117.0

MA:
Research, data and analytics (RD&A) (2)
412.4

 
528.1

 
940.5

 
347.5

 
475.8

 
823.3

Enterprise risk solutions (ERS) (2)
142.7

 
230.2

 
372.9

 
124.1

 
202.9

 
327.0

Professional services (PS)
53.7

 
74.0

 
127.7

 
41.8

 
73.5

 
115.3

Total MA
608.8

 
832.3

 
1,441.1

 
513.4

 
752.2

 
1,265.6

Total MCO
$
1,909.6

 
$
1,686.6

 
$
3,596.2

 
$
1,782.7

 
$
1,599.9

 
$
3,382.6

(1) Pursuant to certain organizational realignments in 2019, MIS now reports revenue from REITs, which was previously classified in the SFG LOB, as a component of the CFG LOB. The amounts reclassified were not material and prior year revenue by LOB has been reclassified to conform to this new presentation.
(2) Pursuant to organizational/product realignments in 2019, revenue relating to the Bureau van Dijk FACT product, a credit assessment and origination software solution, is now reported in the ERS LOB. This revenue was previously reported in the RD&A LOB. Prior year revenue by LOB has been reclassified to conform to this new presentation, and the amounts reclassified were not material.
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,
 
2019
 
2018
 
2019
 
2018
MIS:
 
U.S.
$
453.4

 
$
384.7

 
$
1,300.8

 
$
1,269.3

Non-U.S.:
 
 
 
 
 
 
 
EMEA
174.9

 
165.3

 
501.7

 
527.5

Asia-Pacific
78.9

 
72.7

 
241.7

 
224.9

Americas
39.4

 
22.1

 
110.9

 
95.3

Total Non-U.S.
293.2

 
260.1

 
854.3

 
847.7

Total MIS
746.6

 
644.8

 
2,155.1

 
2,117.0

MA:
 
 
 
 
 
 
 
U.S.
206.2

 
174.9

 
608.8

 
513.4

Non-U.S.:
 
 
 
 
 
 
 
EMEA
186.6

 
179.2

 
555.1

 
520.4

Asia-Pacific
63.5

 
50.3

 
173.7

 
142.0

Americas
37.6

 
31.6

 
103.5

 
89.8

Total Non-U.S.
287.7

 
261.1

 
832.3

 
752.2

Total MA
493.9

 
436.0

 
1,441.1

 
1,265.6

Total MCO
$
1,240.5

 
$
1,080.8

 
$
3,596.2

 
$
3,382.6


Schedule of Changes in the Deferred Revenue Balances
 
Three Months Ended September 30, 2018
 
MIS
 
MA
 
Total
Balance at June 30, 2018
$
377.5

 
$
609.0

 
$
986.5

Changes in deferred revenue
 
 
 
 


Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(127.4
)
 
(317.0
)
 
(444.4
)
Increases due to amounts billable excluding amounts recognized as revenue during the period
101.6

 
251.9

 
353.5

Effect of exchange rate changes
1.1

 
(1.3
)
 
(0.2
)
Total changes in deferred revenue
(24.7
)
 
(66.4
)
 
(91.1
)
Balance at September 30, 2018
$
352.8

 
$
542.6

 
$
895.4

 
Nine Months Ended September 30, 2018
 
MIS
 
MA
 
Total
Balance at January 1, 2018 (after New Revenue Accounting Standard transition adjustment)
$
334.7

 
$
611.6

 
$
946.3

Changes in deferred revenue
 
 
 
 


Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(196.2
)
 
(608.5
)
 
(804.7
)
Increases due to amounts billable excluding amounts recognized as revenue during the period
217.6

 
551.3

 
768.9

Effect of exchange rate changes
(3.3
)
 
(11.8
)
 
(15.1
)
Total changes in deferred revenue
18.1

 
(69.0
)
 
(50.9
)
Balance at September 30, 2018
$
352.8

 
$
542.6

 
$
895.4

Deferred revenue - current
$
233.9

 
$
537.6

 
771.5

Deferred revenue - noncurrent
$
118.9

 
$
5.0

 
123.9


Significant changes in the deferred revenue balances during the three and nine months ended September 30, 2019 are as follows:
 
Three Months Ended September 30, 2019
 
MIS
 
MA
 
Total
Balance at June 30, 2019
$
376.0

 
$
694.8

 
$
1,070.8

Changes in deferred revenue
 
 
 
 
 
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(110.8
)
 
(343.8
)
 
(454.6
)
Increases due to amounts billable excluding amounts recognized as revenue during the period
82.0

 
290.1

 
372.1

Effect of exchange rate changes
(3.7
)
 
(13.9
)
 
(17.6
)
Total changes in deferred revenue
(32.5
)
 
(67.6
)
 
(100.1
)
Balance at September 30, 2019
$
343.5

 
$
627.2

 
$
970.7

 
Nine Months Ended September 30, 2019
 
MIS
 
MA
 
Total
Balance at January 1, 2019
$
325.4

 
$
750.3

 
$
1,075.7

Changes in deferred revenue
 
 
 
 
 
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(190.8
)
 
(687.4
)
 
(878.2
)
Increases due to amounts billable excluding amounts recognized as revenue during the period
211.6

 
576.6

 
788.2

Amount included in liabilities reclassified as held for sale

 
(2.7
)
 
(2.7
)
Effect of exchange rate changes
(2.7
)
 
(9.6
)
 
(12.3
)
Total changes in deferred revenue
18.1

 
(123.1
)
 
(105.0
)
Balance at September 30, 2019
$
343.5

 
$
627.2

 
$
970.7

Deferred revenue - current
$
233.2

 
$
622.5

 
$
855.7

Deferred revenue - noncurrent
$
110.3

 
$
4.7

 
$
115.0


Schedule of Expected Recognition Period for the Remaining Performance Obligations
The following tables include the expected recognition period for the remaining performance obligations for each reportable segment as of September 30, 2019:
MIS
Total
 
Less than 1 year
 
1 - 5 years
 
6 - 10 Years
 
11 - 15 years
 
16-20 years
 
Over 20 Years
$
146.8

 
$
24.3

 
$
69.9

 
$
37.9

 
$
5.8

 
$
4.0

 
$
4.9


MA
Total
 
Less than 1 Year
 
1 - 2 Years
 
Over 2 Years
$
1,582.8

 
$
1,125.6

 
$
325.4

 
$
131.8


v3.19.3
STOCK-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 30, 2019
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,
 
2019
 
2018
 
2019
 
2018
Stock-based compensation cost
$
33.3

 
$
30.5

 
$
103.2

 
$
100.0

Tax benefit
$
6.9

 
$
11.5

 
$
22.0

 
$
26.0


Weighted Average Assumptions used in Determining Fair Value for Options Granted
The following weighted average assumptions were used in determining the fair value for options granted in 2019:
Expected dividend yield
1.15
%
Expected stock volatility
23.61
%
Risk-free interest rate
2.59
%
Expected holding period
6.2 years


Stock Option Exercises and Restricted Stock Vesting
The following tables summarize information relating to stock option exercises and restricted stock vesting:
 
Nine Months Ended
September 30,
 
2019
 
2018
Exercise of stock options:
 
 
 
Proceeds from stock option exercises
$
28.9

 
$
36.2

Aggregate intrinsic value
$
99.2

 
$
94.9

Tax benefit realized upon exercise
$
24.3

 
$
23.2

Number of shares exercised
0.7

 
0.8

Vesting of restricted stock:
 
 
 
Fair value of shares vested
$
152.7

 
$
150.0

Tax benefit realized upon vesting
$
36.2

 
$
34.7

Number of shares vested
0.8

 
0.9

Vesting of performance-based restricted stock:
 
 
 
Fair value of shares vested
$
47.5

 
$
23.0

Tax benefit realized upon vesting
$
11.5

 
$
5.6

Number of shares vested
0.3

 
0.1


v3.19.3
INCOME TAXES (Tables)
9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes Paid
The following table shows the amount the Company paid for income taxes:
 
Nine Months Ended September 30,
 
2019
 
2018
Income taxes paid
$
302.5

 
$
337.0


v3.19.3
WEIGHTED AVERAGE SHARES OUTSTANDING (Tables)
9 Months Ended
Sep. 30, 2019
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,
 
2019
 
2018
 
2019
 
2018
Basic
189.0

 
191.8

 
189.6

 
191.7

Dilutive effect of shares issuable under stock-based compensation plans
2.1

 
2.7

 
2.2

 
2.7

Diluted
191.1

 
194.5

 
191.8

 
194.4

Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above
0.2

 
0.3

 
0.3

 
0.4


v3.19.3
CASH EQUIVALENTS AND INVESTMENTS (Tables)
9 Months Ended
Sep. 30, 2019
Cash and Cash Equivalents [Abstract]  
CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
 
As of September 30, 2019
 
 
 
 
 
 
 
Balance sheet location
 
Cost
 
Gross Unrealized
Gains
 
Fair Value
 
Cash and cash equivalents
 
Short-term
investments
 
Other
assets
Certificates of deposit and money market deposit accounts (1)
$
436.3

 
$

 
$
436.3

 
$
327.6

 
$
88.2

 
$
20.5

Open ended mutual funds
$
6.8

 
$
0.9

 
$
7.7

 
$

 
$
7.6

 
$
0.1

 
As of December 31, 2018
 
 
 
 
 
 
 
Balance sheet location
 

Cost
 
Gross Unrealized
Gains
 

Fair Value
 
Cash and cash
equivalents
 
Short-term
investments
 
Other
assets
Money market mutual funds
$
15.2

 
$

 
$
15.2

 
$
15.2

 
$

 
$

Certificates of deposit and money market deposit accounts (1)
$
1,022.4

 
$

 
$
1,022.4

 
$
904.3

 
$
115.8

 
$
2.3

Open ended mutual funds
$
29.5

 
$
3.8

 
$
33.3

 
$

 
$
16.7

 
$
16.6

(1) Consists of time deposits and money market deposit accounts. The remaining contractual maturities for the certificates of deposits classified as short-term investments were one month to 12 months at both September 30, 2019 and December 31, 2018. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 to 21 months at September 30, 2019 and 14 to 36 months at December 31, 2018. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
v3.19.3
ASSETS AND LIABILITIES HELD FOR SALE (Tables)
9 Months Ended
Sep. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Assets and Liabilities Held for Sale
The following table presents the major classes of the total consolidated assets and liabilities of MAKS that were classified as held for sale on the consolidated balance sheet at September 30, 2019:
 
 
September 30, 2019
Assets
 
 
Current assets:
 
 
Cash and cash equivalents
 
$
11.1

Accounts receivable, net
 
18.7

Other current assets
 
6.6

Total current assets
 
36.4

Property and equipment, net
 
12.7

Goodwill
 
163.9

Intangible assets, net
 
44.0

Deferred tax assets, net
 
4.8

Other assets
 
2.9

Total assets held for sale prior to impairment
 
$
264.7

Impairment of assets held for sale
 
(10.7
)
Total assets held for sale
 
$
254.0

Liabilities
 
 
Current liabilities:
 
 
Accounts payable and accrued liabilities
 
$
21.4

Deferred revenue
 
1.8

Total current liabilities
 
23.2

Deferred tax liabilities, net
 
6.8

Uncertain tax positions
 
28.6

Other liabilities
 
25.5

Total liabilities held for sale
 
$
84.1

Derivation of impairment charge
 
 
Total net assets held for sale prior to impairment
 
$
180.6

Currency translation adjustment (1)
 
32.6

Total net assets held for sale including currency translation adjustment
 
$
213.2

Estimated fair value less costs to sell
 
202.5

Impairment of assets held for sale
 
$
10.7

(1) Primarily due to the depreciation of the Indian rupee to the U.S. dollar
 
 

v3.19.3
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
9 Months Ended
Sep. 30, 2019
Derivative [Line Items]  
Schedule of Interest Rate Swap
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
 
 
 
 
Notional Amount
 
 
Hedged Item
 
Nature of Swap
 
As of
September 30,
2019
 
As of
December 31,
2018
 
Floating Interest Rate
2010 Senior Notes due 2020
 
Pay Floating/Receive Fixed
 
$
500.0

 
$
500.0

 
3-month USD LIBOR
2012 Senior Notes due 2022
 
Pay Floating/Receive Fixed
 
330.0

 
330.0

 
3-month USD LIBOR
2017 Senior Notes due 2021
 
Pay Floating/Receive Fixed
 
500.0

 
500.0

 
3-month USD LIBOR
2017 Senior Notes due 2023
 
Pay Floating/Receive Fixed
 
250.0

 

 
3-month USD LIBOR
Total
 
 
 
$
1,580.0

 
$
1,330.0

 
 

Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statement 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 recorded
 
Amount of income/(loss) recognized in the consolidated statements of operations
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Interest expense, net
 
$
(45.9
)
 
$
(56.4
)
 
$
(149.0
)
 
$
(160.5
)

Descriptions
 
Location on Consolidated Statements of Operations
 
 
 
 
 
 
 
 
Net interest settlements and accruals on interest rate swaps
 

Interest expense, net
 
$
1.0

 
$
(0.5
)
 
$
0.9

 
$
(1.0
)
Fair value changes on interest rate swaps
 
Interest expense, net
 
$
2.3

 
$
(3.3
)
 
$
32.9

 
$
(14.8
)
Fair value changes on hedged debt
 
Interest expense, net
 
$
(2.3
)
 
$
3.3

 
$
(32.9
)
 
$
14.8


Summary of Notional Amounts of Outstanding Foreign Exchange Forwards The following table summarizes the notional amounts of the Company's outstanding forward contract that was designated as a net investment hedge:
 
September 30, 2019
 
December 31, 2018
Notional amount of net investment hedges:
Sell
 
Buy
 
Sell
 
Buy
Contract to sell EUR for USD
485.0

 
$
532.0

 

 


The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
 
September 30, 2019
 
December 31, 2018
Notional amount of currency pair:
Sell
 
Buy
 
Sell
 
Buy
Contracts to sell USD for GBP
$
144.5

 
£
115.4

 
$
310.3

 
£
241.2

Contracts to sell USD for Japanese Yen
$
30.3

 
¥
3,200.0

 
$
14.3

 
¥
1,600.0

Contracts to sell USD for Canadian dollars
$
96.9

 
C$
128.0

 
$
99.0

 
C$
130.0

Contracts to sell USD for Singapore dollars
$
40.5

 
S$
56.0

 
$

 
S$

Contracts to sell USD for Euros
$
532.1

 
485.0

 
$
212.8

 
184.6

Contracts to sell EUR for GBP
180.0

 
£
159.5

 

 
£

Contracts to sell GBP for USD
£
115.9

 
$
143.2

 
£

 
$

NOTE: € = Euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese Yen, C$ = Canadian dollar, S$= Singapore dollars
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
 
Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax
 
Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax
 
Gain/(Loss) 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,
 
 
2019
 
2018
 
2019
 
2018
 
2019(2)
 
2018
FX forward contracts
 
$
4.9

 
$

 
$
0.8

 
$

 
$

 
$

Cross currency swaps
 
79.6

 
1.8

 

 

 
15.5

 
4.1

Long-term debt
 
18.2

(1) 
2.2

 

 

 

 

Total net investment hedges
 
$
102.7

 
$
4.0

 
$
0.8

 
$

 
$
15.5

 
$
4.1

Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Cross currency swap
 
$

 
$

 
$
0.1

 
$
0.1

 
$

 
$

Interest rate contracts
 

 

 
(0.1
)
 

 

 

Total cash flow hedges
 
$

 
$

 
$

 
$
0.1

 
$

 
$

Total
 
$
102.7

 
$
4.0

 
$
0.8

 
$
0.1

 
$
15.5

 
$
4.1


Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
 
Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax
 
Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax
 
Gain/(Loss) 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,
 
 
2019
 
2018
 
2019
 
2018
 
2019(2)
 
2018
FX forward contracts
 
$
4.9

 
$

 
$
0.8

 
$

 
$

 
$

Cross currency swaps
 
75.1

 
5.8

 

 

 
37.3

 
6.2

Long-term debt
 
17.0

(1) 
14.7

 

 

 

 

Total net investment hedges
 
$
97.0

 
$
20.5

 
$
0.8

 
$

 
$
37.3

 
$
6.2

Derivatives in Cash Flow Hedging Relationships
 
 
 
 
 
 
 
 
 
 
 
 
Cross currency swap
 
$

 
$
1.5

 
$

 
$
0.3

 
$

 
$

Interest rate contracts
 

 

 
(0.1
)
 

 

 

Total cash flow hedges
 
$

 
$
1.5

 
$
(0.1
)
 
$
0.3

 
$

 
$

Total
 
$
97.0

 
$
22.0

 
$
0.7

 
$
0.3

 
$
37.3

 
$
6.2

(1) 
Due to the Company's adoption of ASU 2018-02 during 2019, $2.5 million related to the tax effect of this net investment hedge was reclassified to retained earnings. Refer to Note 1 for further details.
(2) 
Effective with the adoption of ASU 2017-12, the Company has elected to assess the effectiveness of its net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to cross-currency swaps recognized directly into Net Income during 2019 represent net periodic interest settlements and accruals, which are recognized in interest expense, net.

Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCI is as follows:
 
Cumulative Gains/(Losses), net of tax
 
September 30, 2019
 
December 31, 2018
Net investment hedges
 
 
 
Cross currency swaps
$
87.4

 
$
12.3

FX forwards
27.6

 
23.5

Long-term debt
11.4

 
(3.1
)
Total net investment hedges
$
126.4

 
$
32.7

Cash flow hedges
 
 
 
Interest rate contracts
$
(2.3
)
 
$
(2.4
)
Cross currency swap
2.5

 
2.5

Total cash flow hedges
0.2

 
0.1

Total net gain in AOCI
$
126.6

 
$
32.8



The following tables show changes in AOCI by component (net of tax):
Three Months Ended
September 30, 2019
 
September 30, 2018
Gains/(Losses)
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Total
 
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Total
Balance June 30,
$
(70.5
)
$
0.2

$
(400.3
)
$
24.5

$
(446.1
)
 
$
(58.6
)
$
2.2

$
(263.6
)
$
15.2

$
(304.8
)
Other comprehensive income/(loss) before reclassifications


(193.7
)
102.7

(91.0
)
 


(42.0
)
4.1

(37.9
)
Amounts reclassified from AOCI
0.6



(0.8
)
(0.2
)
 
0.8

(0.1
)


0.7

Other comprehensive income/(loss)
0.6


(193.7
)
101.9

(91.2
)
 
0.8

(0.1
)
(42.0
)
4.1

(37.2
)
Balance September 30,
$
(69.9
)
$
0.2

$
(594.0
)
$
126.4

$
(537.3
)
 
$
(57.8
)
$
2.1

$
(305.6
)
$
19.3

$
(342.0
)

Nine Months Ended
September 30, 2019
 
September 30, 2018
Gains/(Losses)
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Total
 
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Gains on Available for Sale Securities
Total
Balance December 31,
$
(53.1
)
$
0.1

$
(406.0
)
$
32.7

$
(426.3
)
 
$
(61.5
)
$
0.9

$
(112.6
)
$
(1.3
)
$
2.3

$
(172.2
)
Adoption of ASU 2016-01 relating to financial instruments





 




(2.3
)
(2.3
)
Other comprehensive income/(loss) before reclassifications
(1.3
)

(188.0
)
97.0

(92.3
)
 
1.2

1.5

(193.0
)
20.6


(169.7
)
Amounts reclassified from AOCI
1.8

0.1


(0.8
)
1.1

 
2.5

(0.3
)



2.2

Adoption of ASU 2018-02 (See Note 1)
(17.3
)


(2.5
)
(19.8
)
 






Other comprehensive income/(loss)
(16.8
)
0.1

(188.0
)
93.7

(111.0
)
 
3.7

1.2

(193.0
)
20.6

(2.3
)
(169.8
)
Balance September 30,
$
(69.9
)
$
0.2

$
(594.0
)
$
126.4

$
(537.3
)
 
$
(57.8
)
$
2.1

$
(305.6
)
$
19.3

$

$
(342.0
)

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 net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedges
 
Location on Statement of Operations
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
 
2019
 
2018
 
2019
 
2018
Foreign exchange forwards
 
Other non-operating expense, net
 
$
(26.7
)
 
$
(11.8
)
 
$
(35.0
)
 
$
(29.1
)

Fair Value of Derivative Instruments 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 Location
 
September 30, 2019
 
December 31, 2018
Assets:
 
 
 
 
 
 
Derivatives designated as accounting hedges:
 
 
 
 
 
 
Cross-currency swaps designated as net investment hedges
 
Other assets
 
$
116.5

 
$
19.4

Interest rate swaps designated as fair value hedges
 
Other assets
 
32.8

 
7.5

Interest rate swaps designated as fair value hedges
 
Other current assets
 
2.3

 

FX forwards designated as net investment hedges
 
Other current assets
 
2.4

 

Total derivatives designated as accounting hedges
 
 
 
$
154.0

 
$
26.9

 
 
 
 
 
 
 
Derivatives not designated as accounting hedges:
 
 
 
 
 
 
FX forwards on certain assets and liabilities
 
Other current assets
 
0.6

 
1.4

Total assets
 
 
 
$
154.6

 
$
28.3

Liabilities:
 
 
 
 
 
 
Derivatives designated as accounting hedges:
 
 
 
 
 
 
Cross-currency swaps designated as net investment hedges
 
Other liabilities
 
$

 
$
2.9

Interest rate swaps designated as fair value hedges
 
Other liabilities
 

 
5.3

Total derivatives designated as accounting hedges
 
 
 
$

 
8.2

Non-derivatives designated as accounting hedges:
 
 
 
 
 
 
Long-term debt designated as net investment hedge
 
Long-term debt
 
545.1

 
571.6

Derivatives not designated as accounting hedges:
 
 
 
 
 
 
FX forwards on certain assets and liabilities
 
Accounts payable and accrued liabilities
 
5.7

 
8.2

Total liabilities
 
 
 
$
550.8

 
$
588.0


Designated as Hedging Instrument  
Derivative [Line Items]  
Schedule of Interest Rate Swap The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
September 30, 2019
 
 
Pay
 
Receive
Nature of Swap
 
Notional Amount
 
Weighted Average Interest Rate
 
Notional Amount
 
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
 
1,079.1

 
1.43%
 
$
1,220.0

 
3.96%
Pay Floating/Receive Floating
 
931.3

 
Based on 3-month EURIBOR
 
1,080.0

 
Based on 3-month USD LIBOR
Total
 
2,010.4

 
 
 
$
2,300.0

 
 
December 31, 2018
 
 
Pay
 
Receive
Nature of Swap
 
Notional Amount
 
Weighted Average Interest Rate
 
Notional Amount
 
Weighted Average Interest Rate
Pay Floating/Receive Floating
 
710.2

 
Based on 3-month EURIBOR
 
$
830.0

 
Based on 3-month USD LIBOR
Total
 
710.2

 
 
 
$
830.0

 
 

v3.19.3
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 30, 2019
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, 2019
 
MIS
 
MA
 
Consolidated
 
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
$
257.8

 
$

 
$
257.8

 
$
3,535.7

 
$
(12.2
)
 
$
3,523.5

 
$
3,793.5

 
$
(12.2
)
 
$
3,781.3

Additions/
adjustments (1)
52.1

 

 
52.1

 
44.9

 

 
44.9

 
97.0

 

 
97.0

Foreign currency translation adjustments
10.1

 

 
10.1

 
(114.5
)
 

 
(114.5
)
 
(104.4
)
 

 
(104.4
)
Reclassification to assets held for sale (See Note 10) (2)

 

 

 
(163.9
)
 

 
(163.9
)
 
(163.9
)
 

 
(163.9
)
Ending balance
$
320.0

 
$

 
$
320.0

 
$
3,302.2

 
$
(12.2
)
 
$
3,290.0

 
$
3,622.2

 
$
(12.2
)
 
$
3,610.0

 
Year Ended December 31, 2018
 
MIS
 
MA
 
Consolidated
 
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
$
285.2

 
$

 
$
285.2

 
$
3,480.2

 
$
(12.2
)
 
$
3,468.0

 
$
3,765.4

 
$
(12.2
)
 
$
3,753.2

Additions/
adjustments (3)

 

 

 
211.5

 

 
211.5

 
211.5

 

 
211.5

Foreign currency translation
adjustments
(27.4
)
 

 
(27.4
)
 
(156.0
)
 

 
(156.0
)
 
(183.4
)
 

 
(183.4
)
Ending balance
$
257.8

 
$

 
$
257.8

 
$
3,535.7

 
$
(12.2
)
 
$
3,523.5

 
$
3,793.5

 
$
(12.2
)
 
$
3,781.3

(1) The 2019 additions/adjustments for the MIS segment in the table above relate to the acquisitions of Vigeo Eiris and Four Twenty Seven. The 2019 additions/adjustments for the MA segment in the table above relate to the acquisition of RiskFirst.
(2) The 2019 reclassification to assets held for sale for the MA segment in the table above relate to the planned divestiture of MAKS, more fully discussed in Note 10.
(3) The 2018 additions/adjustments for the MA segment in the table above primarily relate to the acquisitions of Reis and Omega Performance.
Acquired Intangible Assets and Related Amortization
Acquired intangible assets and related amortization consisted of:
 
September 30,
2019
 
December 31,
2018
Customer relationships
$
1,264.9

 
$
1,367.5

Accumulated amortization
(216.0
)
 
(214.2
)
Net customer relationships
1,048.9

 
1,153.3

Trade secrets
29.9

 
29.8

Accumulated amortization
(28.5
)
 
(28.2
)
Net trade secrets
1.4

 
1.6

Software/product technology
354.8

 
353.3

Accumulated amortization
(118.4
)
 
(101.8
)
Net software/product technology
236.4

 
251.5

Trade names
147.4

 
155.1

Accumulated amortization
(28.0
)
 
(34.1
)
Net trade names
119.4

 
121.0

Other (1)
79.2

 
70.4

Accumulated amortization
(31.2
)
 
(31.7
)
Net other
48.0

 
38.7

Total acquired intangible assets, net
$
1,454.1

 
$
1,566.1

(1) Other intangible assets primarily consist of databases, 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,
 
2019
 
2018
 
2019
 
2018
Amortization expense
$
24.7

 
$
24.6

 
$
77.3

 
$
75.4


Estimated Future Amortization Expense for Acquired Intangible Assets Subject to Amortization
Estimated future amortization expense for acquired intangible assets subject to amortization is as follows:
Year Ending December 31,
 
 
2019 (after September 30)
 
$
20.1

2020
 
95.4

2021
 
95.2

2022
 
95.1

2023
 
92.6

Thereafter
 
1,055.7

Total estimated future amortization
 
$
1,454.1


v3.19.3
RESTRUCTURING (Tables)
9 Months Ended
Sep. 30, 2019
Restructuring and Related Activities [Abstract]  
Restructuring Expenses Included in Consolidated Statements of Operations
Total expenses included in the accompanying consolidated statements of operations relating to the 2018 Restructuring Program are as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Restructuring
$
(1.0
)
 
$

 
$
58.3

 
$


Changes to the Restructuring Liability
Changes to the restructuring liability during 2019 were as follows:
 
Employee Termination Costs
 
Contract Termination Costs
 
Total Restructuring
Liability (2)
Balance as of December 31, 2018
$
29.9

 
$
12.4

 
$
42.3

2018 Restructuring Program:
 
 
 
 
 
Adoption of New Lease Accounting Standard (1)

 
(10.9
)
 
(10.9
)
Cost incurred and adjustments
25.1

 
4.3

 
29.4

Cash payments and adjustments
(26.5
)
 
(3.0
)
 
(29.5
)
Balance as of September 30, 2019
$
28.5

 
$
2.8

 
$
31.3

2018 Restructuring Program:
 
 
 
 
 
Cumulative expense incurred to date
$
58.0

 
$
49.0

 
 
(1) 
Upon the adoption of the New Lease Accounting Standard, the Company recorded a reclassification of $10.9 million of liabilities in the first quarter of 2019 for costs associated with certain real estate leases which were exited in previous years, as a reduction of the ROU Asset capitalized upon adoption.
(2) 
The liability excludes $4.1 million of non-cash acceleration of amortization of leasehold improvements relating to the rationalization and exit of certain real estate leases as well as $24.8 million of ROU Asset impairment charges for the nine months ended September 30, 2019. The fair value of the impaired ROU Assets was determined by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of those ROU assets subsequent to the impairment was $17.7 million, and is categorized as Level 3 within the ASC Topic 820 fair value hierarchy.
v3.19.3
FAIR VALUE (Tables)
9 Months Ended
Sep. 30, 2019
Fair Value Disclosures [Abstract]  
Financial Instruments Carried at Fair Value on Recurring Basis
The table below presents information about items that are carried at fair value at September 30, 2019 and December 31, 2018:
 
Fair value Measurement as of September 30, 2019
Description
Balance
 
Level 1
 
Level 2
Assets:
 
 
 
 
 
Derivatives (1)
$
154.6

 
$

 
$
154.6

Mutual funds
7.7

 
7.7

 

Total
$
162.3

 
$
7.7

 
$
154.6

Liabilities:
 
 
 
 
 
Derivatives (1)
$
5.7

 
$

 
$
5.7

Total
$
5.7

 
$

 
$
5.7

 
Fair value Measurement as of December 31, 2018
Description
Balance
 
Level 1
 
Level 2
Assets:
 
 
 
 
 
Derivatives (1)
$
28.3

 
$

 
$
28.3

Money market mutual funds
15.2

 
15.2

 

Mutual funds
33.3

 
33.3

 

Total
$
76.8

 
$
48.5

 
$
28.3

Liabilities:
 
 
 
 
 
Derivatives (1)
$
16.4

 
$

 
$
16.4

Total
$
16.4

 
$

 
$
16.4

(1) 
Represents FX forwards on certain assets and liabilities as well as interest rate swaps and cross-currency swaps as more fully described in Note 11 to the condensed consolidated financial statements.
v3.19.3
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION (Tables)
9 Months Ended
Sep. 30, 2019
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, 2019
 
December 31, 2018
Other current assets:
 
 
 
Prepaid taxes
$
98.3

 
$
100.1

Prepaid expenses
64.3

 
67.0

Capitalized costs to obtain and fulfill sales contracts
67.7

 
77.2

Other
55.8

 
38.0

Total other current assets
$
286.1

 
$
282.3

Other assets:
 
 
 
Investments in non-consolidated affiliates
$
113.0

 
$
104.6

Deposits for real-estate leases
12.3

 
13.5

Indemnification assets related to acquisitions
16.0

 
16.1

Mutual funds and fixed deposits
20.6

 
18.9

Costs to obtain sales contracts
90.0

 
78.0

Cross currency and interest rate swaps
149.3

 
26.9

Other
24.1

 
16.3

Total other assets
$
425.3

 
$
274.3

 
September 30, 2019
 
December 31, 2018
Accounts payable and accrued liabilities:
 
 
 
Salaries and benefits
$
95.1

 
$
112.5

Incentive compensation
150.3

 
154.5

Customer credits, advanced payments and advanced billings
25.5

 
20.4

Self-insurance reserves
13.2

 
10.5

Dividends
6.0

 
6.5

Professional service fees
71.0

 
47.7

Interest accrued on debt
41.2

 
70.5

Accounts payable
14.8

 
30.1

Income taxes
56.4

 
71.4

Pension and other retirement employee benefits
6.5

 
6.5

Accrued royalties
9.4

 
25.1

Foreign exchange forwards on certain assets and liabilities
5.7

 
8.2

Restructuring liability
26.8

 
9.6

Other
85.3

 
121.7

Total accounts payable and accrued liabilities
$
607.2

 
$
695.2

Other liabilities:
 
 
 
Pension and other retirement employee benefits
$
264.2

 
$
249.2

Deferred rent - non-current portion (1)

 
94.3

Interest accrued on UTPs
61.2

 
69.6

Income tax liability - non-current portion (2)
125.2

 
125.3

Cross currency and interest rate swaps

 
8.2

Restructuring liability
4.5

 
6.8

Other
37.4

 
23.1

Total other liabilities
$
492.5

 
$
576.5

(1) 
Pursuant to the adoption of the New Lease Accounting Standard, deferred rent relating to operating leases was reclassified to operating lease ROU Asset.
(2) 
Primarily reflects the transition tax pursuant to the Tax Act, which was enacted into law in December 2018.
Other Non-Operating
The following table summarizes the components of other non-operating income (expense):
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
FX (loss)/gain
$
0.9

 
$
(3.9
)
 
$
(14.7
)
 
$
(3.6
)
Net periodic pension costs - other components
4.5

 
2.6

 
13.4

 
7.8

Income from investments in non-consolidated affiliates
3.9

 
3.3

 
10.7

 
9.2

Other
0.6

 
0.4

 
3.2

 
4.9

Total
$
9.9

 
$
2.4

 
$
12.6

 
$
18.3


v3.19.3
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Reclassifications out of AOCI
The following table provides details about the reclassifications out of AOCI:
Gains (losses) on cash flow hedges
Three Months Ended
September 30, 2019
 
Nine Months Ended
September 30, 2019
 
Affected line in the consolidated statement of operations
Cross-currency swap
$
0.1

 
$

 
Other non-operating income(expense), net
Interest rate contract
(0.2
)
 
(0.2
)
 
Interest expense, net
Total before income taxes
(0.1
)
 
(0.2
)
 
 
Income tax effect of items above
0.1

 
0.1

 
Provision for income taxes
Total net gains (losses) on cash flow hedges

 
(0.1
)
 
 
Gains on net investment hedges
 
 
 
 
 
FX forwards
1.0

 
1.0

 
Other non-operating income(expense), net
Income tax effect of item above
(0.2
)
 
(0.2
)
 
Provision for income taxes
Total net gains on net investment hedges
0.8

 
0.8

 
 
Pension and other retirement benefits
 
 
 
 
 
Amortization of actuarial losses and prior service costs included in net income
(0.5
)
 
(1.5
)
 
Operating expense
Amortization of actuarial losses and prior service costs included in net income
(0.3
)
 
(0.9
)
 
SG&A expense
Total before income taxes
(0.8
)
 
(2.4
)
 
 
Income tax effect of item above
0.2

 
0.6

 
Provision for income taxes
Total pension and other retirement benefits
(0.6
)
 
(1.8
)
 
 
Total net gains (losses) included in Net Income attributable to reclassifications out of AOCI
$
0.2

 
$
(1.1
)
 
 

Gains on cash flow hedges
Three Months Ended September 30, 2018
 
Nine Months Ended September 30, 2018
 
Affected line in the consolidated statement of operations
Cross-currency swap
$
0.1

 
$
0.3

 
Other non-operating income (expense), net
Income tax effect of item above

 

 
Provision for income taxes
Total net gains on cash flow hedges
0.1

 
0.3

 
 
Pension and other retirement benefits
 
 
 
 
 
Amortization of actuarial losses and prior service costs included in net income
(0.6
)
 
(2.2
)
 
Operating expense
Amortization of actuarial losses and prior service costs included in net income
(0.5
)
 
(1.3
)
 
SG&A expense
Total before income taxes
(1.1
)
 
(3.5
)
 
 
Income tax effect of item above
0.3

 
1.0

 
Provision for income taxes
Total pension and other retirement benefits
(0.8
)
 
(2.5
)
 
 
Total net losses included in Net Income attributable to reclassifications out of AOCI
$
(0.7
)
 
$
(2.2
)
 
 

Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCI is as follows:
 
Cumulative Gains/(Losses), net of tax
 
September 30, 2019
 
December 31, 2018
Net investment hedges
 
 
 
Cross currency swaps
$
87.4

 
$
12.3

FX forwards
27.6

 
23.5

Long-term debt
11.4

 
(3.1
)
Total net investment hedges
$
126.4

 
$
32.7

Cash flow hedges
 
 
 
Interest rate contracts
$
(2.3
)
 
$
(2.4
)
Cross currency swap
2.5

 
2.5

Total cash flow hedges
0.2

 
0.1

Total net gain in AOCI
$
126.6

 
$
32.8



The following tables show changes in AOCI by component (net of tax):
Three Months Ended
September 30, 2019
 
September 30, 2018
Gains/(Losses)
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Total
 
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Total
Balance June 30,
$
(70.5
)
$
0.2

$
(400.3
)
$
24.5

$
(446.1
)
 
$
(58.6
)
$
2.2

$
(263.6
)
$
15.2

$
(304.8
)
Other comprehensive income/(loss) before reclassifications


(193.7
)
102.7

(91.0
)
 


(42.0
)
4.1

(37.9
)
Amounts reclassified from AOCI
0.6



(0.8
)
(0.2
)
 
0.8

(0.1
)


0.7

Other comprehensive income/(loss)
0.6


(193.7
)
101.9

(91.2
)
 
0.8

(0.1
)
(42.0
)
4.1

(37.2
)
Balance September 30,
$
(69.9
)
$
0.2

$
(594.0
)
$
126.4

$
(537.3
)
 
$
(57.8
)
$
2.1

$
(305.6
)
$
19.3

$
(342.0
)

Nine Months Ended
September 30, 2019
 
September 30, 2018
Gains/(Losses)
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Total
 
Pension and Other Retirement Benefits
Cash Flow Hedges
Foreign Currency Translation Adjustments
Net Investment Hedges
Gains on Available for Sale Securities
Total
Balance December 31,
$
(53.1
)
$
0.1

$
(406.0
)
$
32.7

$
(426.3
)
 
$
(61.5
)
$
0.9

$
(112.6
)
$
(1.3
)
$
2.3

$
(172.2
)
Adoption of ASU 2016-01 relating to financial instruments





 




(2.3
)
(2.3
)
Other comprehensive income/(loss) before reclassifications
(1.3
)

(188.0
)
97.0

(92.3
)
 
1.2

1.5

(193.0
)
20.6


(169.7
)
Amounts reclassified from AOCI
1.8

0.1


(0.8
)
1.1

 
2.5

(0.3
)



2.2

Adoption of ASU 2018-02 (See Note 1)
(17.3
)


(2.5
)
(19.8
)
 






Other comprehensive income/(loss)
(16.8
)
0.1

(188.0
)
93.7

(111.0
)
 
3.7

1.2

(193.0
)
20.6

(2.3
)
(169.8
)
Balance September 30,
$
(69.9
)
$
0.2

$
(594.0
)
$
126.4

$
(537.3
)
 
$
(57.8
)
$
2.1

$
(305.6
)
$
19.3

$

$
(342.0
)

v3.19.3
PENSION AND OTHER RETIREMENT BENEFITS (Tables)
9 Months Ended
Sep. 30, 2019
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Expense Related to Post-Retirement Plans
The components of net periodic benefit expense related to the Retirement Plans are as follows:
 
Three Months Ended September 30,
 
Pension Plans
 
Other Retirement Plans
 
2019
 
2018
 
2019
 
2018
Components of net periodic expense
 
 
 
 
 
 
 
Service cost
$
4.2

 
$
4.6

 
$
0.7

 
$
0.7

Interest cost
5.1

 
4.4

 
0.3

 
0.3

Expected return on plan assets
(5.0
)
 
(3.8
)
 

 

Amortization of net actuarial loss from earlier periods
0.9

 
1.5

 

 

Amortization of net prior service costs from earlier periods
(0.1
)
 

 
(0.1
)
 
(0.1
)
Net periodic expense
$
5.1

 
$
6.7

 
$
0.9

 
$
0.9

 
Nine Months Ended September 30,
 
Pension Plans
 
Other Retirement Plans
 
2019
 
2018
 
2019
 
2018
Components of net periodic expense
 
 
 
 
 
 
 
Service cost
$
12.5

 
$
14.0

 
$
2.1

 
$
2.2

Interest cost
15.4

 
13.2

 
0.9

 
0.8

Expected return on plan assets
(15.1
)
 
(11.4
)
 

 

Amortization of net actuarial loss from earlier periods
2.8

 
4.6

 

 

Amortization of net prior service costs from earlier periods
(0.3
)
 
(0.2
)
 
(0.2
)
 
(0.2
)
Net periodic expense
$
15.3

 
$
20.2

 
$
2.8

 
$
2.8


v3.19.3
INDEBTEDNESS (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
September 30, 2019
Notes Payable:
Principal Amount
 
Fair Value of Interest Rate Swaps (1)
 
Unamortized (Discount) Premium
 
Unamortized Debt Issuance Costs
 
Carrying Value
5.50% 2010 Senior Notes, due 2020
$
500.0

 
$
2.3

 
$
(0.4
)
 
$
(0.4
)
 
$
501.5

4.50% 2012 Senior Notes, due 2022
500.0

 
11.0

 
(1.3
)
 
(1.1
)
 
508.6

4.875% 2013 Senior Notes, due 2024
500.0

 

 
(1.4
)
 
(1.7
)
 
496.9

5.25% 2014 Senior Notes (30-Year), due 2044
600.0

 

 
3.2

 
(5.3
)
 
597.9

1.75% 2015 Senior Notes, due 2027
545.1

 

 

 
(2.7
)
 
542.4

2.75% 2017 Senior Notes, due 2021
500.0

 
13.5

 
(0.7
)
 
(1.8
)
 
511.0

2.625% 2017 Senior Notes, due 2023
500.0

 
8.3

 
(0.7
)
 
(2.4
)
 
505.2

3.25% 2017 Senior Notes, due 2028
500.0

 

 
(4.4
)
 
(3.4
)
 
492.2

3.25% 2018 Senior Notes, due 2021
300.0

 

 
(0.3
)
 
(1.0
)
 
298.7

4.25% 2018 Senior Notes, due 2029
400.0

 

 
(2.8
)
 
(3.0
)
 
394.2

4.875% 2018 Senior Notes, due 2048
400.0

 

 
(6.6
)
 
(4.0
)
 
389.4

Total debt
$
5,245.1

 
$
35.1

 
$
(15.4
)
 
$
(26.8
)
 
$
5,238.0

Current portion
 
 
 
 
 
 
 
 
(501.5
)
Total long-term debt
 
 
 
 
 
 
 
 
$
4,736.5

December 31, 2018
Notes Payable:
Principal Amount
 
Fair Value of Interest Rate Swaps (1)
 
Unamortized (Discount) Premium
 
Unamortized Debt Issuance Costs
 
Carrying Value
5.50% 2010 Senior Notes, due 2020
$
500.0

 
$
(3.7
)
 
$
(0.6
)
 
$
(0.7
)
 
$
495.0

4.50% 2012 Senior Notes, due 2022
500.0

 
1.9

 
(1.6
)
 
(1.4
)
 
498.9

4.875% 2013 Senior Notes, due 2024
500.0

 

 
(1.5
)
 
(2.0
)
 
496.5

2.75% 2014 Senior Notes (5-Year), due 2019
450.0

 

 
(0.1
)
 

 
449.9

5.25% 2014 Senior Notes (30-Year), due 2044
600.0

 

 
3.2

 
(5.5
)
 
597.7

1.75% 2015 Senior Notes, due 2027
571.6

 

 

 
(3.1
)
 
568.5

2.75% 2017 Senior Notes, due 2021
500.0

 
4.0

 
(1.0
)
 
(2.4
)
 
500.6

2.625% 2017 Senior Notes, due 2023
500.0

 

 
(0.9
)
 
(2.8
)
 
496.3

3.25% 2017 Senior Notes, due 2028
500.0

 

 
(4.7
)
 
(3.7
)
 
491.6

3.25% 2018 Senior Notes, due 2021
300.0

 

 
(0.4
)
 
(1.5
)
 
298.1

4.25% 2018 Senior Notes, due 2029
400.0

 

 
(3.0
)
 
(3.3
)
 
393.7

4.875% 2018 Senior Notes, due 2048
400.0

 

 
(6.7
)
 
(4.1
)
 
389.2

Total debt
$
5,721.6

 
$
2.2

 
$
(17.3
)
 
$
(30.5
)
 
$
5,676.0

Current portion
 
 
 
 
 
 
 
 
(449.9
)
Total long-term debt
 
 
 
 
 
 
 
 
$
5,226.1

(1) The Company has entered into interest rate swaps on the 2010 Senior Notes, the 2012 Senior Notes, the 2017 Senior Notes due 2021 and the 2017 Senior Notes due 2023 which are more fully discussed in Note 11 above. These amounts represent the cumulative amount of fair value hedging adjustments included in the carrying amount 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,
2010 Senior Notes, due 2020
 
2012 Senior Notes, due 2022
 
2013 Senior Notes, due 2024
 
2014 Senior Notes (30-Year), due 2044
 
2015 Senior Notes, due 2027
 
2017 Senior Notes, due 2021
 
2017 Senior Notes, due 2023
 
2017 Senior Notes, due 2028
 
2018 Senior Notes, due 2021
 
2018 Senior Notes, due 2029
 
2018 Senior Notes, due 2048
 
Total
2019 (After September 30)
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

 
$

2020
500.0

 

 

 

 

 

 

 

 

 

 

 
$
500.0

2021

 

 

 

 

 
500.0

 

 

 
300.0

 

 

 
$
800.0

2022

 
500.0

 

 

 

 

 

 

 

 

 

 
$
500.0

2023

 

 

 

 

 

 
500.0

 

 

 

 

 
$
500.0

Thereafter

 

 
500.0

 
600.0

 
545.1

 

 

 
500.0

 

 
400.0

 
400.0

 
$
2,945.1

Total
$
500.0

 
$
500.0

 
$
500.0

 
$
600.0

 
$
545.1

 
$
500.0

 
$
500.0

 
$
500.0

 
$
300.0

 
$
400.0

 
$
400.0

 
$
5,245.1


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:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Income
$
3.6

 
$
4.1

 
$
12.5

 
$
10.7

Expense on borrowings
(37.4
)
 
(46.4
)
 
(125.7
)
 
(147.1
)
UTPs and other tax related liabilities
(7.0
)
 
(9.6
)
 
(20.2
)
 
(10.6
)
Net periodic pension costs - interest component
(5.6
)
 
(4.9
)
 
(16.8
)
 
(14.5
)
Capitalized
0.5

 
0.4

 
1.2

 
1.0

Total
$
(45.9
)
 
$
(56.4
)
 
$
(149.0
)
 
$
(160.5
)

Interest Paid
The following table shows the cash paid for interest:
 
Nine Months Ended
September 30,
 
2019
 
2018
Interest paid
$
148.6

 
$
169.7


Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of September 30, 2019 and December 31, 2018 are as follows:
 
September 30, 2019
 
December 31, 2018
 
Carrying Amount
 
Estimated Fair Value
 
Carrying Amount
 
Estimated Fair Value
5.50% 2010 Senior Notes, due 2020
$
501.5

 
$
515.0

 
$
495.0

 
$
517.7

4.50% 2012 Senior Notes, due 2022
508.6

 
531.7

 
498.9

 
513.7

4.875% 2013 Senior Notes, due 2024
496.9

 
551.8

 
496.5

 
522.4

2.75% 2014 Senior Notes (5-Year), due 2019

 

 
449.9

 
449.9

5.25% 2014 Senior Notes (30-Year), due 2044
597.9

 
768.7

 
597.7

 
638.1

1.75% 2015 Senior Notes, due 2027
542.4

 
596.7

 
568.5

 
585.3

2.75% 2017 Senior Notes, due 2021
511.0

 
506.3

 
500.6

 
489.7

2.625% 2017 Senior Notes, due 2023
505.2

 
506.5

 
496.3

 
476.9

3.25% 2017 Senior Notes, due 2028
492.2

 
526.0

 
491.6

 
472.8

3.25% 2018 Senior Notes, due 2021
298.7

 
305.1

 
298.1

 
298.6

4.25% 2018 Senior Notes, due 2029
394.2

 
451.0

 
393.7

 
407.6

4.875% 2018 Senior Notes, due 2048
389.4

 
496.9

 
389.2

 
409.8

Total
$
5,238.0

 
$
5,755.7

 
$
5,676.0

 
$
5,782.5


v3.19.3
LEASES (Tables)
9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Components of Lease Cost
The following table presents the components of the Company’s lease cost:
 
Three Months Ended
September 30, 2019
 
Nine Months Ended
September 30, 2019
 
 
 
 
Operating lease cost
$
24.2

 
$
73.3

Short-term lease cost

 
0.4

Variable lease cost
5.0

 
12.7

Total lease cost
$
29.2

 
$
86.4


Schedule of Operating Leases Information
The following tables present other information related to the Company’s operating leases:
 
Three Months Ended
September 30, 2019
 
Nine Months Ended
September 30, 2019
Cash paid for amounts included in the measurement of operating lease liabilities
$
26.6

 
$
79.8

Right-of-use assets obtained in exchange for new operating lease liabilities
$
12.0

 
$
27.9

 
September 30, 2019
Weighted-average remaining lease term
6.9 years

Weighted-average discount rate applied to operating leases
3.6
%

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, 2019:
Year Ending December 31,
 
Operating Leases
2019 (After September 30)
 
$
27.2

2020
 
107.7

2021
 
102.1

2022
 
88.7

2023
 
83.2

After 2023
 
251.0

Total lease payments (undiscounted)
 
659.9

Less: Interest
 
75.4

Present value of lease liabilities:
 
$
584.5

Lease liabilities - current
 
$
89.5

Lease liabilities - noncurrent
 
$
495.0


Operating Leases, Future Minimum Payment
The minimum rent for operating leases at December 31, 2018 is as follows:
Year Ending December 31,
 
Operating Leases
2019
 
$
105.9

2020
 
102.3

2021
 
95.6

2022
 
84.4

2023
 
81.0

After 2023
 
246.5

Total
 
$
715.7


v3.19.3
SEGMENT INFORMATION (Tables)
9 Months Ended
Sep. 30, 2019
Segment Reporting Information [Line Items]  
Financial Information by Segment
The table below shows revenue, Adjusted Operating Income and operating income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Refer to Note 3 for further details on the components of the Company’s revenue.
 
Three Months Ended September 30,
 
2019
 
2018
 
MIS
 
MA
 
Eliminations
 
Consolidated
 
MIS
 
MA
 
Eliminations
 
Consolidated
Revenue
$
780.9

 
$
496.0

 
$
(36.4
)
 
$
1,240.5

 
$
676.4

 
$
438.6

 
$
(34.2
)
 
$
1,080.8

Total Expense
339.9

 
388.2

 
(36.4
)
 
691.7

 
303.5

 
344.7

 
(34.2
)
 
614.0

Operating income
441.0

 
107.8

 

 
548.8

 
372.9

 
93.9

 

 
466.8

Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restructuring
(0.1
)

(0.9
)
 

 
(1.0
)
 



 

 

Depreciation and
amortization
18.0


30.6

 

 
48.6

 
15.8

 
30.3

 

 
46.1

Acquisition-Related
Expenses



 

 

 


1.3

 

 
1.3

Impairment pursuant to the planned divestiture of MAKS

 
2.0

 

 
2.0

 



 

 

Captive insurance company settlement
9.4


6.1

 

 
15.5

 

 

 

 

Adjusted Operating Income
$
468.3

 
$
145.6

 
$

 
$
613.9

 
$
388.7

 
$
125.5

 
$

 
$
514.2

 
Nine Months Ended September 30,
 
2019
 
2018
 
MIS
 
MA
 
Eliminations
 
Consolidated
 
MIS
 
MA
 
Eliminations
 
Consolidated
Revenue
$
2,254.7

 
$
1,447.8

 
$
(106.3
)
 
$
3,596.2

 
$
2,209.0

 
$
1,275.6

 
$
(102.0
)
 
$
3,382.6

Total Expenses
1,027.9


1,180.6

 
(106.3
)
 
2,102.2

 
951.0


1,042.0

 
(102.0
)
 
1,891.0

Operating income
1,226.8

 
267.2

 

 
1,494.0

 
1,258.0

 
233.6

 

 
1,491.6

Add:
 
 
 
 
 
 


 
 
 
 
 
 
 

Restructuring
29.1


29.2

 

 
58.3

 



 

 

Depreciation and
amortization
53.0


96.9

 

 
149.9

 
49.3


94.3

 

 
143.6

Acquisition-Related
Expenses


3.4

 

 
3.4

 


4.1

 

 
4.1

Impairment pursuant to the planned divestiture of MAKS


10.7

 

 
10.7

 



 

 

Captive insurance company settlement
9.4

 
6.1

 

 
15.5

 

 

 

 

Adjusted Operating Income
$
1,318.3


$
413.5


$


$
1,731.8


$
1,307.3


$
332.0


$


$
1,639.3


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,
 
2019
 
2018
 
2019
 
2018
MIS:
 
U.S.
$
453.4

 
$
384.7

 
$
1,300.8

 
$
1,269.3

Non-U.S.:
 
 
 
 
 
 
 
EMEA
174.9

 
165.3

 
501.7

 
527.5

Asia-Pacific
78.9

 
72.7

 
241.7

 
224.9

Americas
39.4

 
22.1

 
110.9

 
95.3

Total Non-U.S.
293.2

 
260.1

 
854.3

 
847.7

Total MIS
746.6

 
644.8

 
2,155.1

 
2,117.0

MA:
 
 
 
 
 
 
 
U.S.
206.2

 
174.9

 
608.8

 
513.4

Non-U.S.:
 
 
 
 
 
 
 
EMEA
186.6

 
179.2

 
555.1

 
520.4

Asia-Pacific
63.5

 
50.3

 
173.7

 
142.0

Americas
37.6

 
31.6

 
103.5

 
89.8

Total Non-U.S.
287.7

 
261.1

 
832.3

 
752.2

Total MA
493.9

 
436.0

 
1,441.1

 
1,265.6

Total MCO
$
1,240.5

 
$
1,080.8

 
$
3,596.2

 
$
3,382.6


Operating Segments  
Segment Reporting Information [Line Items]  
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
Consolidated Revenue Information by Geographic Area:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
United States
$
659.6

 
$
559.6

 
$
1,909.6

 
$
1,782.7

Non-U.S.:
 
 
 
 
 
 
 
EMEA
361.5

 
344.5

 
1,056.8

 
1,047.9

Asia-Pacific
142.4

 
123.0

 
415.4

 
366.9

Americas
77.0

 
53.7

 
214.4

 
185.1

Total Non-U.S.
580.9

 
521.2

 
1,686.6

 
1,599.9

Total
$
1,240.5

 
$
1,080.8

 
$
3,596.2

 
$
3,382.6


v3.19.3
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Additional Information (Detail)
$ in Millions
9 Months Ended
Sep. 30, 2019
USD ($)
segment
Jan. 01, 2019
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Number of reportable segments | segment 2  
Operating lease right-of-use assets $ 464.6  
Operating lease liabilities $ 495.0  
Accounting Standards Update 2016-02    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Operating lease right-of-use assets   $ 518.0
Operating lease liabilities   622.0
Deferred tax assets   150.0
Deferred tax liabilities   125.0
Accounting Standards Update 2018-02    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Effect of adoption adjustment reduction to retained earnings   0.0
Accumulated Other Comprehensive Loss | Accounting Standards Update 2018-02    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Effect of adoption adjustment reduction to retained earnings   (19.8)
Retained Earnings | Accounting Standards Update 2018-02    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Effect of adoption adjustment reduction to retained earnings   $ 19.8
v3.19.3
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Adjustment to Retained Earnings (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue $ 1,240.5   $ 1,080.8     $ 3,596.2 $ 3,382.6  
MIS                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue 746.6   644.8     2,155.1 2,117.0  
MIS | Corporate Finance (CFG)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue 392.0 $ 291.3 307.3 $ 391.0 $ 389.6 1,134.8 1,087.9 $ 1,379.2
MIS | Structured Finance (SFG)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue 105.4 121.2 114.2 128.2 117.8 318.2 360.2 481.4
MIS | As previously reported                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue     296.1          
MIS | As previously reported | Corporate Finance (CFG)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue   282.7   377.6 377.7     1,334.1
MIS | As previously reported | Structured Finance (SFG)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue   129.8 125.4 141.6 129.7     526.5
MIS | Reclassification | Corporate Finance (CFG)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue   8.6 11.2 13.4 11.9     45.1
MIS | Reclassification | Structured Finance (SFG)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue   (8.6) (11.2) (13.4) (11.9)     (45.1)
MA                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue 493.9   436.0     1,441.1 1,265.6  
MA | Research, Data And Analytics (RD&A)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue 317.5 297.1 280.3 275.9 267.1 940.5 823.3 1,120.4
MA | Enterprise Risk Solutions (ERS)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue $ 133.3 124.1 115.3 109.5 102.2 $ 372.9 $ 327.0 451.1
MA | As previously reported | Research, Data And Analytics (RD&A)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue   302.4 282.6 279.9 269.2     1,134.1
MA | As previously reported | Enterprise Risk Solutions (ERS)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue   118.8 113.0 105.5 100.1     437.4
MA | Reclassification | Research, Data And Analytics (RD&A)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue   (5.3) (2.3) (4.0) (2.1)     (13.7)
MA | Reclassification | Enterprise Risk Solutions (ERS)                
Error Corrections and Prior Period Adjustments Restatement [Line Items]                
Revenue   $ 5.3 $ 2.3 $ 4.0 $ 2.1     $ 13.7
v3.19.3
REVENUES - Revenue by Category (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Disaggregation of Revenue [Line Items]                
Revenue $ 1,240.5   $ 1,080.8     $ 3,596.2 $ 3,382.6  
Eliminations                
Disaggregation of Revenue [Line Items]                
Revenue (36.4)   (34.2)     (106.3) (102.0)  
MIS                
Disaggregation of Revenue [Line Items]                
Revenue 746.6   644.8     2,155.1 2,117.0  
MIS | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue 780.9   676.4     2,254.7 2,209.0  
MIS | Eliminations                
Disaggregation of Revenue [Line Items]                
Revenue 34.3   31.6     99.6 92.0  
MIS | Corporate Finance (CFG)                
Disaggregation of Revenue [Line Items]                
Revenue 392.0 $ 291.3 307.3 $ 391.0 $ 389.6 1,134.8 1,087.9 $ 1,379.2
MIS | Corporate Finance (CFG) | Investment-grade                
Disaggregation of Revenue [Line Items]                
Revenue 105.8   54.7     299.0 214.3  
MIS | Corporate Finance (CFG) | High-yield                
Disaggregation of Revenue [Line Items]                
Revenue 56.9   39.1     182.4 155.7  
MIS | Corporate Finance (CFG) | Bank loans                
Disaggregation of Revenue [Line Items]                
Revenue 89.3   78.4     245.4 309.8  
MIS | Corporate Finance (CFG) | Other accounts                
Disaggregation of Revenue [Line Items]                
Revenue 140.0   135.1     408.0 408.1  
MIS | Structured Finance (SFG)                
Disaggregation of Revenue [Line Items]                
Revenue 105.4 121.2 114.2 128.2 117.8 318.2 360.2 481.4
MIS | Structured Finance (SFG) | Other accounts                
Disaggregation of Revenue [Line Items]                
Revenue 0.8   0.5     2.9 1.9  
MIS | Structured Finance (SFG) | Asset-backed securities                
Disaggregation of Revenue [Line Items]                
Revenue 25.0   24.6     73.8 80.7  
MIS | Structured Finance (SFG) | RMBS                
Disaggregation of Revenue [Line Items]                
Revenue 22.1   23.7     69.7 74.8  
MIS | Structured Finance (SFG) | CMBS                
Disaggregation of Revenue [Line Items]                
Revenue 17.5   14.7     55.6 54.2  
MIS | Structured Finance (SFG) | Structured credit                
Disaggregation of Revenue [Line Items]                
Revenue 40.0   50.7     116.2 148.6  
MIS | Financial Institutions (FIG)                
Disaggregation of Revenue [Line Items]                
Revenue 120.5   119.5     361.5 354.4  
MIS | Financial Institutions (FIG) | Other accounts                
Disaggregation of Revenue [Line Items]                
Revenue 2.8   3.4     9.0 9.9  
MIS | Financial Institutions (FIG) | Banking                
Disaggregation of Revenue [Line Items]                
Revenue 79.9   72.9     244.1 227.2  
MIS | Financial Institutions (FIG) | Insurance                
Disaggregation of Revenue [Line Items]                
Revenue 31.3   37.7     88.4 98.9  
MIS | Financial Institutions (FIG) | Managed investments                
Disaggregation of Revenue [Line Items]                
Revenue 6.5   5.5     20.0 18.4  
MIS | Public, Project And Infrastructure Finance (PPIF)                
Disaggregation of Revenue [Line Items]                
Revenue 119.8   99.0     321.1 300.3  
MIS | Public, Project And Infrastructure Finance (PPIF) | Public finance / sovereign                
Disaggregation of Revenue [Line Items]                
Revenue 57.9   45.3     157.1 143.9  
MIS | Public, Project And Infrastructure Finance (PPIF) | Project and infrastructure                
Disaggregation of Revenue [Line Items]                
Revenue 61.9   53.7     164.0 156.4  
MIS | Rating Revenue                
Disaggregation of Revenue [Line Items]                
Revenue 737.7   640.0     2,135.6 2,102.8  
MIS | MIS Other                
Disaggregation of Revenue [Line Items]                
Revenue 8.9   4.8     19.5 14.2  
MA                
Disaggregation of Revenue [Line Items]                
Revenue 493.9   436.0     1,441.1 1,265.6  
MA | Operating Segments                
Disaggregation of Revenue [Line Items]                
Revenue 496.0   438.6     1,447.8 1,275.6  
MA | Eliminations                
Disaggregation of Revenue [Line Items]                
Revenue 2.1   2.6     6.7 10.0  
MA | Research, Data And Analytics (RD&A)                
Disaggregation of Revenue [Line Items]                
Revenue 317.5 297.1 280.3 275.9 267.1 940.5 823.3 1,120.4
MA | Enterprise Risk Solutions (ERS)                
Disaggregation of Revenue [Line Items]                
Revenue 133.3 $ 124.1 115.3 $ 109.5 $ 102.2 372.9 327.0 $ 451.1
MA | Professional Services (PS)                
Disaggregation of Revenue [Line Items]                
Revenue $ 43.1   $ 40.4     $ 127.7 $ 115.3  
v3.19.3
REVENUES - Revenues disaggregated by Line of Business and Geographical Area (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Disaggregation of Revenue [Line Items]                
Revenue $ 1,240.5   $ 1,080.8     $ 3,596.2 $ 3,382.6  
United States                
Disaggregation of Revenue [Line Items]                
Revenue 659.6   559.6     1,909.6 1,782.7  
Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 580.9   521.2     1,686.6 1,599.9  
MIS                
Disaggregation of Revenue [Line Items]                
Revenue 746.6   644.8     2,155.1 2,117.0  
MIS | United States                
Disaggregation of Revenue [Line Items]                
Revenue 453.4   384.7     1,300.8 1,269.3  
MIS | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 293.2   260.1     854.3 847.7  
MIS | Corporate Finance (CFG)                
Disaggregation of Revenue [Line Items]                
Revenue 392.0 $ 291.3 307.3 $ 391.0 $ 389.6 1,134.8 1,087.9 $ 1,379.2
MIS | Corporate Finance (CFG) | United States                
Disaggregation of Revenue [Line Items]                
Revenue 258.9   194.7     744.1 707.2  
MIS | Corporate Finance (CFG) | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 133.1   112.6     390.7 380.7  
MIS | Structured Finance (SFG)                
Disaggregation of Revenue [Line Items]                
Revenue 105.4 121.2 114.2 128.2 117.8 318.2 360.2 481.4
MIS | Structured Finance (SFG) | United States                
Disaggregation of Revenue [Line Items]                
Revenue 67.8   70.6     201.9 225.0  
MIS | Structured Finance (SFG) | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 37.6   43.6     116.3 135.2  
MIS | Financial Institutions (FIG)                
Disaggregation of Revenue [Line Items]                
Revenue 120.5   119.5     361.5 354.4  
MIS | Financial Institutions (FIG) | United States                
Disaggregation of Revenue [Line Items]                
Revenue 53.7   59.8     151.9 162.7  
MIS | Financial Institutions (FIG) | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 66.8   59.7     209.6 191.7  
MIS | Public, Project And Infrastructure Finance (PPIF)                
Disaggregation of Revenue [Line Items]                
Revenue 119.8   99.0     321.1 300.3  
MIS | Public, Project And Infrastructure Finance (PPIF) | United States                
Disaggregation of Revenue [Line Items]                
Revenue 72.8   59.4     202.4 173.9  
MIS | Public, Project And Infrastructure Finance (PPIF) | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 47.0   39.6     118.7 126.4  
MIS | Rating Revenue                
Disaggregation of Revenue [Line Items]                
Revenue 737.7   640.0     2,135.6 2,102.8  
MIS | Rating Revenue | United States                
Disaggregation of Revenue [Line Items]                
Revenue 453.2   384.5     1,300.3 1,268.8  
MIS | Rating Revenue | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 284.5   255.5     835.3 834.0  
MIS | MIS Other                
Disaggregation of Revenue [Line Items]                
Revenue 8.9   4.8     19.5 14.2  
MIS | MIS Other | United States                
Disaggregation of Revenue [Line Items]                
Revenue 0.2   0.2     0.5 0.5  
MIS | MIS Other | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 8.7   4.6     19.0 13.7  
MA                
Disaggregation of Revenue [Line Items]                
Revenue 493.9   436.0     1,441.1 1,265.6  
MA | United States                
Disaggregation of Revenue [Line Items]                
Revenue 206.2   174.9     608.8 513.4  
MA | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 287.7   261.1     832.3 752.2  
MA | Research, Data And Analytics (RD&A)                
Disaggregation of Revenue [Line Items]                
Revenue 317.5 297.1 280.3 275.9 267.1 940.5 823.3 1,120.4
MA | Research, Data And Analytics (RD&A) | United States                
Disaggregation of Revenue [Line Items]                
Revenue 139.8   116.7     412.4 347.5  
MA | Research, Data And Analytics (RD&A) | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 177.7   163.6     528.1 475.8  
MA | Enterprise Risk Solutions (ERS)                
Disaggregation of Revenue [Line Items]                
Revenue 133.3 $ 124.1 115.3 $ 109.5 $ 102.2 372.9 327.0 $ 451.1
MA | Enterprise Risk Solutions (ERS) | United States                
Disaggregation of Revenue [Line Items]                
Revenue 48.2   43.0     142.7 124.1  
MA | Enterprise Risk Solutions (ERS) | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue 85.1   72.3     230.2 202.9  
MA | Professional Services                
Disaggregation of Revenue [Line Items]                
Revenue 43.1   40.4     127.7 115.3  
MA | Professional Services | United States                
Disaggregation of Revenue [Line Items]                
Revenue 18.2   15.2     53.7 41.8  
MA | Professional Services | Non-U.S.                
Disaggregation of Revenue [Line Items]                
Revenue $ 24.9   $ 25.2     $ 74.0 $ 73.5  
v3.19.3
REVENUES - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Segment Reporting Information [Line Items]        
Revenue $ 1,240.5 $ 1,080.8 $ 3,596.2 $ 3,382.6
MIS        
Segment Reporting Information [Line Items]        
Revenue 746.6 644.8 2,155.1 2,117.0
MA        
Segment Reporting Information [Line Items]        
Revenue 493.9 436.0 1,441.1 1,265.6
United States        
Segment Reporting Information [Line Items]        
Revenue 659.6 559.6 1,909.6 1,782.7
United States | MIS        
Segment Reporting Information [Line Items]        
Revenue 453.4 384.7 1,300.8 1,269.3
United States | MA        
Segment Reporting Information [Line Items]        
Revenue 206.2 174.9 608.8 513.4
EMEA        
Segment Reporting Information [Line Items]        
Revenue 361.5 344.5 1,056.8 1,047.9
EMEA | MIS        
Segment Reporting Information [Line Items]        
Revenue 174.9 165.3 501.7 527.5
EMEA | MA        
Segment Reporting Information [Line Items]        
Revenue 186.6 179.2 555.1 520.4
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 142.4 123.0 415.4 366.9
Asia-Pacific | MIS        
Segment Reporting Information [Line Items]        
Revenue 78.9 72.7 241.7 224.9
Asia-Pacific | MA        
Segment Reporting Information [Line Items]        
Revenue 63.5 50.3 173.7 142.0
Americas        
Segment Reporting Information [Line Items]        
Revenue 77.0 53.7 214.4 185.1
Americas | MIS        
Segment Reporting Information [Line Items]        
Revenue 39.4 22.1 110.9 95.3
Americas | MA        
Segment Reporting Information [Line Items]        
Revenue 37.6 31.6 103.5 89.8
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 580.9 521.2 1,686.6 1,599.9
Non-U.S. | MIS        
Segment Reporting Information [Line Items]        
Revenue 293.2 260.1 854.3 847.7
Non-U.S. | MA        
Segment Reporting Information [Line Items]        
Revenue $ 287.7 $ 261.1 $ 832.3 $ 752.2
v3.19.3
REVENUES - Transaction and Relationship Revenue (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Disaggregation of Revenue [Line Items]                
Revenue $ 1,240.5   $ 1,080.8     $ 3,596.2 $ 3,382.6  
Percentage of Revenues 100.00%   100.00%     100.00% 100.00%  
MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 746.6   $ 644.8     $ 2,155.1 $ 2,117.0  
Percentage of Revenues 100.00%   100.00%     100.00% 100.00%  
MA                
Disaggregation of Revenue [Line Items]                
Revenue $ 493.9   $ 436.0     $ 1,441.1 $ 1,265.6  
Percentage of Revenues 100.00%   100.00%     100.00% 100.00%  
Corporate Finance (CFG) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 392.0 $ 291.3 $ 307.3 $ 391.0 $ 389.6 $ 1,134.8 $ 1,087.9 $ 1,379.2
Percentage of Revenues 100.00%   100.00%     100.00% 100.00%  
Structured Finance (SFG) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 105.4 $ 121.2 $ 114.2 $ 128.2 $ 117.8 $ 318.2 $ 360.2 $ 481.4
Percentage of Revenues 100.00%   100.00%     100.00% 100.00%  
Financial Institutions (FIG) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 120.5   $ 119.5     $ 361.5 $ 354.4  
Percentage of Revenues 100.00%   100.00%     100.00% 100.00%  
Public, Project And Infrastructure Finance (PPIF) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 119.8   $ 99.0     $ 321.1 $ 300.3  
Percentage of Revenues 100.00%   100.00%     100.00% 100.00%  
MIS Other | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 8.9   $ 4.8     $ 19.5 $ 14.2  
Percentage of Revenues 100.00%   100.00%     100.00% 100.00%  
Transaction Revenue                
Disaggregation of Revenue [Line Items]                
Revenue $ 557.1   $ 461.1     $ 1,585.3 $ 1,547.7  
Percentage of Revenues 45.00%   43.00%     44.00% 46.00%  
Transaction Revenue | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 478.6   $ 390.5     $ 1,366.1 $ 1,349.4  
Percentage of Revenues 64.00%   61.00%     63.00% 64.00%  
Transaction Revenue | MA                
Disaggregation of Revenue [Line Items]                
Revenue $ 78.5   $ 70.6     $ 219.2 $ 198.3  
Percentage of Revenues 16.00%   16.00%     15.00% 16.00%  
Transaction Revenue | Corporate Finance (CFG) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 281.8   $ 199.4     $ 807.7 $ 767.3  
Percentage of Revenues 72.00%   65.00%     71.00% 71.00%  
Transaction Revenue | Structured Finance (SFG) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 58.4   $ 73.5     $ 183.9 $ 233.3  
Percentage of Revenues 55.00%   64.00%     58.00% 65.00%  
Transaction Revenue | Financial Institutions (FIG) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 55.7   $ 56.2     $ 164.8 $ 162.4  
Percentage of Revenues 46.00%   47.00%     46.00% 46.00%  
Transaction Revenue | Public, Project And Infrastructure Finance (PPIF) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 82.1   $ 60.9     $ 208.2 $ 184.9  
Percentage of Revenues 69.00%   62.00%     65.00% 62.00%  
Transaction Revenue | MIS Other | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 0.6   $ 0.5     $ 1.5 $ 1.5  
Percentage of Revenues 7.00%   10.00%     8.00% 11.00%  
Relationship Revenue                
Disaggregation of Revenue [Line Items]                
Revenue $ 683.4   $ 619.7     $ 2,010.9 $ 1,834.9  
Percentage of Revenues 55.00%   57.00%     56.00% 54.00%  
Relationship Revenue | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 268.0   $ 254.3     $ 789.0 $ 767.6  
Percentage of Revenues 36.00%   39.00%     37.00% 36.00%  
Relationship Revenue | MA                
Disaggregation of Revenue [Line Items]                
Revenue $ 415.4   $ 365.4     $ 1,221.9 $ 1,067.3  
Percentage of Revenues 84.00%   84.00%     85.00% 84.00%  
Relationship Revenue | Corporate Finance (CFG) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 110.2   $ 107.9     $ 327.1 $ 320.6  
Percentage of Revenues 28.00%   35.00%     29.00% 29.00%  
Relationship Revenue | Structured Finance (SFG) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 47.0   $ 40.7     $ 134.3 $ 126.9  
Percentage of Revenues 45.00%   36.00%     42.00% 35.00%  
Relationship Revenue | Financial Institutions (FIG) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 64.8   $ 63.3     $ 196.7 $ 192.0  
Percentage of Revenues 54.00%   53.00%     54.00% 54.00%  
Relationship Revenue | Public, Project And Infrastructure Finance (PPIF) | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 37.7   $ 38.1     $ 112.9 $ 115.4  
Percentage of Revenues 31.00%   38.00%     35.00% 38.00%  
Relationship Revenue | MIS Other | MIS                
Disaggregation of Revenue [Line Items]                
Revenue $ 8.3   $ 4.3     $ 18.0 $ 12.7  
Percentage of Revenues 93.00%   90.00%     92.00% 89.00%  
v3.19.3
REVENUES - Revenue Recognition Timing (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 1,240.5 $ 1,080.8 $ 3,596.2 $ 3,382.6
At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 509.3 410.0 1,448.9 1,398.4
Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 731.2 670.8 2,147.3 1,984.2
MIS        
Disaggregation of Revenue [Line Items]        
Revenue recognized 746.6 644.8 2,155.1 2,117.0
MIS | At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 478.6 390.5 1,366.1 1,349.4
MIS | Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 268.0 254.3 789.0 767.6
MA        
Disaggregation of Revenue [Line Items]        
Revenue recognized 493.9 436.0 1,441.1 1,265.6
MA | At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 30.7 19.5 82.8 49.0
MA | Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 463.2 $ 416.5 $ 1,358.3 $ 1,216.6
v3.19.3
REVENUES - Additional Information (Detail) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
MIS    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 399.3 $ 311.8
MA    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 56.0 $ 59.5
v3.19.3
REVENUES - Schedule of Changes in the Deferred Revenue Balances (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance $ 1,070.8 $ 986.5 $ 1,075.7 $ 946.3  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (454.6) (444.4) (878.2) (804.7)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 372.1 353.5 788.2 768.9  
Amount included in liabilities reclassified as held for sale     (2.7)    
Effect of exchange rate changes (17.6) (0.2) (12.3) (15.1)  
Total changes in deferred revenue (100.1) (91.1) (105.0) (50.9)  
Ending Balance 970.7 895.4 970.7 895.4  
Deferred revenue - current 855.7 771.5 855.7 771.5 $ 953.4
Deferred revenue - noncurrent 115.0 123.9 115.0 123.9 $ 122.3
MIS          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 376.0 377.5 325.4 334.7  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (110.8) (127.4) (190.8) (196.2)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 82.0 101.6 211.6 217.6  
Amount included in liabilities reclassified as held for sale     0.0    
Effect of exchange rate changes (3.7) 1.1 (2.7) (3.3)  
Total changes in deferred revenue (32.5) (24.7) 18.1 18.1  
Ending Balance 343.5 352.8 343.5 352.8  
Deferred revenue - current 233.2 233.9 233.2 233.9  
Deferred revenue - noncurrent 110.3 118.9 110.3 118.9  
MA          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 694.8 609.0 750.3 611.6  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (343.8) (317.0) (687.4) (608.5)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 290.1 251.9 576.6 551.3  
Amount included in liabilities reclassified as held for sale     (2.7)    
Effect of exchange rate changes (13.9) (1.3) (9.6) (11.8)  
Total changes in deferred revenue (67.6) (66.4) (123.1) (69.0)  
Ending Balance 627.2 542.6 627.2 542.6  
Deferred revenue - current 622.5 537.6 622.5 537.6  
Deferred revenue - noncurrent $ 4.7 $ 5.0 $ 4.7 $ 5.0  
v3.19.3
REVENUES - Expected Recognition Period for Remaining Performance Obligations (Detail)
$ in Millions
Sep. 30, 2019
USD ($)
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 24.3
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 69.9
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount 37.9
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount 5.8
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2035-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount 4.0
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2039-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 4.9
Revenue, remaining performance obligation, period
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 146.8
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1,125.6
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 325.4
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 131.8
Revenue, remaining performance obligation, period
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1,582.8
Minimum | MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
Minimum | MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
Minimum | MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
Minimum | MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2035-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
Maximum | MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 5 years
Maximum | MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 5 years
Maximum | MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 5 years
Maximum | MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2035-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 5 years
v3.19.3
STOCK-BASED COMPENSATION - Stock-Based Compensation Cost and Associated Tax Benefit (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Share-based Payment Arrangement, Noncash Expense [Abstract]        
Stock-based compensation cost $ 33.3 $ 30.5 $ 103.2 $ 100.0
Tax benefit $ 6.9 $ 11.5 $ 22.0 $ 26.0
v3.19.3
STOCK-BASED COMPENSATION - Additional Information (Detail)
$ / shares in Units, shares in Millions, $ in Millions
9 Months Ended
Sep. 30, 2019
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 $ 43.10
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.8
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 173.71
Award vesting period (in years) 4 years
Unrecognized compensation expense | $ $ 175.9
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 (in years) 4 years
Unrecognized compensation expense | $ $ 7.5
Weighted average period to recognize expense 2 years 1 month 6 days
Performance Based Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.1
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 168.04
Award vesting period (in years) 3 years
Unrecognized compensation expense | $ $ 29.6
Weighted average period to recognize expense 1 year 10 months 24 days
v3.19.3
STOCK-BASED COMPENSATION - Weighted Average Assumptions used in Determining Fair Value for Options Granted (Detail)
9 Months Ended
Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]  
Expected dividend yield 1.15%
Expected stock volatility 23.61%
Risk-free interest rate 2.59%
Expected holding period 6 years 2 months 12 days
v3.19.3
STOCK-BASED COMPENSATION - Stock Option Exercises and Restricted Stock Vesting (Detail) - USD ($)
shares in Millions, $ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Proceeds from stock option exercises $ 28.9 $ 36.2
Aggregate intrinsic value 99.2 94.9
Tax benefit realized upon exercise $ 24.3 $ 23.2
Number of shares exercised (shares) 0.7 0.8
Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 152.7 $ 150.0
Tax benefit realized upon vesting $ 36.2 $ 34.7
Number of shares vested (shares) 0.8 0.9
Performance Based Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 47.5 $ 23.0
Tax benefit realized upon vesting $ 11.5 $ 5.6
Number of shares vested (shares) 0.3 0.1
v3.19.3
INCOME TAXES - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Tax Contingency [Line Items]        
Effective tax rate (percent) 25.40% 24.40% 21.30% 21.00%
Excess tax benefits from stock compensation $ 4.7      
Increases to tax positions 8.7      
Overall increase (decrease) in unrecognized tax benefits (UTPs) 8.8   $ (23.9)  
Net of Federal Tax        
Income Tax Contingency [Line Items]        
Overall increase (decrease) in unrecognized tax benefits (UTPs) $ 8.8   $ (24.2)  
v3.19.3
INCOME TAXES - Income Taxes Paid (Detail) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Income Tax Disclosure [Abstract]    
Income taxes paid $ 302.5 $ 337.0
v3.19.3
WEIGHTED AVERAGE SHARES OUTSTANDING - Reconciliation of Basic to Diluted Shares Outstanding (Detail) - shares
shares in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Earnings Per Share [Abstract]        
Basic (in shares) 189.0 191.8 189.6 191.7
Dilutive effect of shares issuable under stock-based compensation plans (in shares) 2.1 2.7 2.2 2.7
Diluted (in shares) 191.1 194.5 191.8 194.4
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) 0.2 0.3 0.3 0.4
v3.19.3
ACCELERATED SHARE REPURCHASE PROGRAM - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions
9 Months Ended
Apr. 26, 2019
Feb. 20, 2019
Sep. 30, 2019
Accelerated Share Repurchases [Line Items]      
Accelerated share repurchases, final price paid per share (in usd per share)     $ 180.33
February 20, 2019      
Accelerated Share Repurchases [Line Items]      
Accelerated share repurchase payment   $ 500,000,000.0  
February 20, 2019 | Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares)   2.2  
April 26, 2019 | Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares) 0.6   2.8
v3.19.3
Cash Equivalents and Investments (Detail) - USD ($)
$ in Millions
9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Cash and Cash Equivalents [Line Items]    
Fair Value $ 7.7 $ 33.3
Cash and cash equivalents 1,178.0 1,685.0
Short-term investments 95.8 132.5
Money market mutual funds    
Cash and Cash Equivalents [Line Items]    
Cost   15.2
Gross Unrealized Gains   0.0
Fair Value   15.2
Cash and cash equivalents   15.2
Short-term investments   0.0
Other assets   0.0
Certificates of deposit and money market deposit accounts    
Cash and Cash Equivalents [Line Items]    
Cost 436.3 1,022.4
Gross Unrealized Gains 0.0 0.0
Fair Value 436.3 1,022.4
Cash and cash equivalents 327.6 904.3
Short-term investments 88.2 115.8
Other assets 20.5 2.3
Open ended mutual funds    
Cash and Cash Equivalents [Line Items]    
Cost 6.8 29.5
Gross Unrealized Gains 0.9 3.8
Fair Value 7.7 33.3
Cash and cash equivalents 0.0 0.0
Short-term investments 7.6 16.7
Other assets $ 0.1 $ 16.6
v3.19.3
Cash Equivalents and Investments (Footnote) (Detail)
9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Short-term Investments | Certificates of deposit and money market deposit accounts | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 1 month 1 month
Short-term Investments | Certificates of deposit and money market deposit accounts | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 12 months 12 months
Other assets | Certificates of deposit and money market deposit accounts | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 13 months 14 months
Other assets | Certificates of deposit and money market deposit accounts | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 21 months 36 months
Cash and Cash Equivalents | Open ended mutual funds | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 90 days  
v3.19.3
Assets And Liabilities Held For Sale - Additional Information (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Impairment of assets held for sale $ 2.0 $ 0.0 $ 10.7 $ 0.0
MAKS        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Currency translation adjustments, net of tax (32.6)   (32.6)  
Estimated fair value less costs to sell 202.5   202.5  
Adjustment to fair value of disposal group relating to certain indemnification provisions 43.0   43.0  
MAKS | Disposal Group, Held-for-sale, Not Discontinued Operations        
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Impairment of assets held for sale $ 2.0   $ 10.7  
v3.19.3
Assets And Liabilities Held For Sale - Schedule of Assets and Liabilities Held For Sale (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Dec. 31, 2018
Current assets:          
Impairment of assets held for sale $ (2.0) $ 0.0 $ (10.7) $ 0.0  
Total assets held for sale 254.0   254.0   $ 0.0
Current liabilities:          
Total liabilities held for sale 84.1   84.1   $ 0.0
Disposal Group, Held-for-sale, Not Discontinued Operations | MAKS          
Current assets:          
Cash and cash equivalents 11.1   11.1    
Accounts receivable, net 18.7   18.7    
Other current assets 6.6   6.6    
Total current assets 36.4   36.4    
Property and equipment, net 12.7   12.7    
Goodwill 163.9   163.9    
Intangible assets, net 44.0   44.0    
Deferred tax assets, net 4.8   4.8    
Other assets 2.9   2.9    
Total assets held for sale prior to impairment 264.7   264.7    
Impairment of assets held for sale (2.0)   (10.7)    
Total assets held for sale 254.0   254.0    
Current liabilities:          
Accounts payable and accrued liabilities 21.4   21.4    
Deferred revenue 1.8   1.8    
Total current liabilities 23.2   23.2    
Deferred tax liabilities, net 6.8   6.8    
Uncertain tax positions 28.6   28.6    
Other liabilities 25.5   25.5    
Total liabilities held for sale $ 84.1   $ 84.1    
v3.19.3
Assets And Liabilities Held For Sale - Schedule of Impairement of Held for Sale Assets (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Derivation of impairment charge        
Impairment of assets held for sale $ 2.0 $ 0.0 $ 10.7 $ 0.0
MAKS        
Derivation of impairment charge        
Total net assets held for sale prior to impairment 180.6   180.6  
Currency translation adjustments 32.6   32.6  
Total net assets held for sale including currency translation adjustment 213.2   213.2  
Estimated fair value less costs to sell $ 202.5   $ 202.5  
v3.19.3
Derivative Instruments And Hedging Activities - Schedule of Interest Rate Swap (Details) - Fair Value Hedging - Interest Rate Swap - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Derivative [Line Items]    
Notional Amount $ 1,580.0 $ 1,330.0
5.50% 2010 Senior Notes, due 2020    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 500.0 500.0
Floating Interest Rate 3-month USD LIBOR  
4.50% 2012 Senior Notes, due 2022    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 330.0 330.0
Floating Interest Rate 3-month USD LIBOR  
2.75% 2017 Senior Notes, due 2021    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 500.0 500.0
Floating Interest Rate 3-month USD LIBOR  
2.625% 2017 Senior Notes, due 2023    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 250.0 $ 0.0
Floating Interest Rate 3-month USD LIBOR  
v3.19.3
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, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]        
Interest expense, net $ (45.9) $ (56.4) $ (149.0) $ (160.5)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Fair value changes on interest rate swaps 2.3 (3.3) 32.9 (14.8)
Fair value changes on hedged debt (2.3) 3.3 (32.9) 14.8
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | Fair Value hedge Net Interest Settlements and Accruals        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gain (loss) recognized in income $ 1.0 $ (0.5) $ 0.9 $ (1.0)
v3.19.3
Derivative Instruments And Hedging Activities - Additional Information (Detail) - Designated as Hedging Instrument - Cross-currency swap
€ in Millions
Sep. 30, 2019
EUR (€)
Net Investment Hedging  
Derivative [Line Items]  
Notional Amount € 500.0
2021  
Derivative [Line Items]  
Notional Amount 687.7
2022  
Derivative [Line Items]  
Notional Amount 438.2
2023  
Derivative [Line Items]  
Notional Amount 441.9
2024  
Derivative [Line Items]  
Notional Amount € 442.6
v3.19.3
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Cross Currency Swap (Detail) - Cross-currency swap - Net Investment Hedging
€ in Millions, $ in Millions
9 Months Ended 12 Months Ended
Sep. 30, 2019
USD ($)
Dec. 31, 2018
USD ($)
Sep. 30, 2019
EUR (€)
Dec. 31, 2018
EUR (€)
1.51%        
Derivative [Line Items]        
Nature of Swap Pay Fixed/Receive Fixed      
3-month EURIBOR        
Derivative [Line Items]        
Nature of Swap Pay Floating/Receive Floating Pay Floating/Receive Floating    
4.13%        
Derivative [Line Items]        
Nature of Swap Pay Fixed/Receive Fixed      
3-month U.S. LIBOR        
Derivative [Line Items]        
Nature of Swap Pay Floating/Receive Floating Pay Floating/Receive Floating    
Currency Paid        
Derivative [Line Items]        
Notional Amount | €     € 2,010.4 € 710.2
Currency Paid | 1.51%        
Derivative [Line Items]        
Notional Amount | €     € 1,079.1  
Weighted Average Fixed Interest Rate 1.43%   1.43%  
Currency Paid | 3-month EURIBOR        
Derivative [Line Items]        
Notional Amount | €     € 931.3 € 710.2
Weighted Average Floating Interest Rate Based on 3-month EURIBOR Based on 3-month EURIBOR    
Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 2,300.0 $ 830.0    
Currency Received | 4.13%        
Derivative [Line Items]        
Notional Amount | $ $ 1,220.0      
Weighted Average Fixed Interest Rate 3.96%   3.96%  
Currency Received | 3-month U.S. LIBOR        
Derivative [Line Items]        
Notional Amount | $ $ 1,080.0 $ 830.0    
Weighted Average Floating Interest Rate Based on 3-month USD LIBOR Based on 3-month USD LIBOR    
v3.19.3
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Foreign Exchange Forwards (Detail)
€ in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions
Sep. 30, 2019
USD ($)
Sep. 30, 2019
EUR (€)
Sep. 30, 2019
SGD ($)
Sep. 30, 2019
GBP (£)
Sep. 30, 2019
JPY (¥)
Sep. 30, 2019
CAD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2018
EUR (€)
Dec. 31, 2018
GBP (£)
Dec. 31, 2018
JPY (¥)
Dec. 31, 2018
CAD ($)
Sep. 30, 2018
USD ($)
Sep. 30, 2018
EUR (€)
Net Investment Hedging | Contract to sell EUR for USD                          
Derivative [Line Items]                          
Notional Amount $ 532.0 € 485.0                   $ 0.0 € 0.0
Not Designated as Accounting Hedges | Contracts to sell USD for GBP                          
Derivative [Line Items]                          
Notional Amount 144.5     £ 115.4     $ 310.3   £ 241.2        
Not Designated as Accounting Hedges | Contracts to sell USD for Japanese Yen                          
Derivative [Line Items]                          
Notional Amount 30.3       ¥ 3,200.0   14.3     ¥ 1,600.0      
Not Designated as Accounting Hedges | Contracts to sell USD for Canadian dollars                          
Derivative [Line Items]                          
Notional Amount 96.9         $ 128.0 99.0       $ 130.0    
Not Designated as Accounting Hedges | Contracts to sell USD for Singapore dollars                          
Derivative [Line Items]                          
Notional Amount 40.5   $ 56.0                    
Not Designated as Accounting Hedges | Contracts to sell USD for Euros                          
Derivative [Line Items]                          
Notional Amount 532.1 485.0         $ 212.8 € 184.6          
Not Designated as Accounting Hedges | Contracts to sell EUR for GBP                          
Derivative [Line Items]                          
Notional Amount   € 180.0   159.5                  
Not Designated as Accounting Hedges | Contracts to sell GBP for USD                          
Derivative [Line Items]                          
Notional Amount $ 143.2     £ 115.9                  
v3.19.3
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, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax     $ 0.0 $ 1.5
Total, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax $ 102.7 $ 4.0 97.0 22.0
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0.8 0.0 0.8 0.0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0.0 0.1 (0.1) 0.3
Total, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0.8 0.1 0.7 0.3
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 15.5 4.1 37.3 6.2
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 102.7 4.0 97.0 20.5
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0.8 0.0 0.8 0.0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 15.5 4.1 37.3 6.2
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 0.0 1.5
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0.0 0.1 (0.1) 0.3
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0.0 0.0 0.0 0.0
FX forwards | 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 4.9 0.0 4.9 0.0
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0.8 0.0 0.8 0.0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0.0 0.0 0.0 0.0
Cross-currency swap | 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 79.6 1.8 75.1 5.8
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0.0 0.0 0.0 0.0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 15.5 4.1 37.3 6.2
Cross-currency swap | 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 0.0 1.5
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0.1 0.1 0.0 0.3
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0.0 0.0 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 18.2 2.2 17.0 14.7
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0.0 0.0   0.0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0.0 0.0 0.0 0.0
Interest rate contract | 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 0.0 0.0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (0.1) 0.0 (0.1) 0.0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.19.3
Derivative Instruments And Hedging Activities - Gains (Losses) Recognized in AOCI and Reclassified from AOCI on Derivatives (Effective Portion) (Detail) - Accounting Standards Update 2018-02 - USD ($)
$ in Millions
Sep. 30, 2019
Jan. 01, 2019
Derivative Instruments, Gain (Loss) [Line Items]    
Effect of adoption adjustment reduction to retained earnings   $ 0.0
Retained Earnings    
Derivative Instruments, Gain (Loss) [Line Items]    
Effect of adoption adjustment reduction to retained earnings   19.8
Retained Earnings | Net Investment Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Effect of adoption adjustment reduction to retained earnings $ 2.5  
Accumulated Other Comprehensive Loss    
Derivative Instruments, Gain (Loss) [Line Items]    
Effect of adoption adjustment reduction to retained earnings   $ (19.8)
Accumulated Other Comprehensive Loss | Net Investment Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Effect of adoption adjustment reduction to retained earnings $ (2.5)  
v3.19.3
Derivative Instruments And Hedging Activities - Cumulative Amount of Unrecognized Hedge Losses Recorded in AOCI (Detail) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Derivative [Line Items]    
Accumulated other comprehensive loss $ (537.3) $ (426.3)
Designated as Hedging Instrument    
Derivative [Line Items]    
Accumulated other comprehensive loss 126.6 32.8
Net Investment Hedging    
Derivative [Line Items]    
Accumulated other comprehensive loss 126.4 32.7
Net Investment Hedging | FX forwards    
Derivative [Line Items]    
Accumulated other comprehensive loss 27.6 23.5
Net Investment Hedging | Long-term debt    
Derivative [Line Items]    
Accumulated other comprehensive loss 11.4 (3.1)
Net Investment Hedging | Cross-currency swap    
Derivative [Line Items]    
Accumulated other comprehensive loss 87.4 12.3
Cash Flow Hedging    
Derivative [Line Items]    
Accumulated other comprehensive loss 0.2 0.1
Cash Flow Hedging | Interest rate contract    
Derivative [Line Items]    
Accumulated other comprehensive loss (2.3) (2.4)
Cash Flow Hedging | Cross-currency swap    
Derivative [Line Items]    
Accumulated other comprehensive loss $ 2.5 $ 2.5
v3.19.3
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Foreign Exchange Forwards Not Designated as Hedging Instruments (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Other non-operating expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange forwards amount of gain (loss) recognized in income $ (26.7) $ (11.8) $ (35.0) $ (29.1)
v3.19.3
Derivative Instruments And Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Derivatives, Fair Value [Line Items]    
Assets $ 154.6 $ 28.3
Liabilities 550.8 588.0
Long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 545.1 571.6
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Assets 154.0 26.9
Liabilities 0.0 8.2
Designated as Hedging Instrument | Cross-currency swap | Other assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 116.5 19.4
Designated as Hedging Instrument | Cross-currency swap | Other liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 0.0 2.9
Designated as Hedging Instrument | Interest Rate Swap | Other assets | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Assets 32.8 7.5
Designated as Hedging Instrument | Interest Rate Swap | Other current assets | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Assets 2.3 0.0
Designated as Hedging Instrument | Interest Rate Swap | Other liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 0.0 5.3
Designated as Hedging Instrument | FX forwards | Other current assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 2.4 0.0
Not Designated as Accounting Hedges | FX forwards | Other current assets    
Derivatives, Fair Value [Line Items]    
Assets 0.6 1.4
Not Designated as Accounting Hedges | FX forwards | Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities $ 5.7 $ 8.2
v3.19.3
Goodwill And Other Acquired Intangible Assets - Activity in Goodwill (Detail) - USD ($)
$ in Millions
9 Months Ended 12 Months Ended
Sep. 30, 2019
Dec. 31, 2018
Goodwill [Roll Forward]    
Beginning balance, Goodwill gross $ 3,793.5 $ 3,765.4
Beginning balance, Accumulated impairment charge (12.2) (12.2)
Beginning balance, goodwill net 3,781.3 3,753.2
Additions/adjustments 97.0 211.5
Foreign currency translation adjustments (104.4) (183.4)
Ending balance, Goodwill gross 3,622.2 3,793.5
Ending balance, Accumulated impairment charge (12.2) (12.2)
Ending balance, goodwill net 3,610.0 3,781.3
Disposal Group, Held-for-sale, Not Discontinued Operations    
Goodwill [Roll Forward]    
Reclassification to assets held-for-sale (163.9)  
MIS    
Goodwill [Roll Forward]    
Beginning balance, Goodwill gross 257.8 285.2
Beginning balance, Accumulated impairment charge 0.0 0.0
Beginning balance, goodwill net 257.8 285.2
Additions/adjustments 52.1 0.0
Foreign currency translation adjustments 10.1 (27.4)
Ending balance, Goodwill gross 320.0 257.8
Ending balance, Accumulated impairment charge 0.0 0.0
Ending balance, goodwill net 320.0 257.8
MIS | Disposal Group, Held-for-sale, Not Discontinued Operations    
Goodwill [Roll Forward]    
Reclassification to assets held-for-sale 0.0  
MA    
Goodwill [Roll Forward]    
Beginning balance, Goodwill gross 3,535.7 3,480.2
Beginning balance, Accumulated impairment charge (12.2) (12.2)
Beginning balance, goodwill net 3,523.5 3,468.0
Additions/adjustments 44.9 211.5
Foreign currency translation adjustments (114.5) (156.0)
Ending balance, Goodwill gross 3,302.2 3,535.7
Ending balance, Accumulated impairment charge (12.2) (12.2)
Ending balance, goodwill net 3,290.0 $ 3,523.5
MA | Disposal Group, Held-for-sale, Not Discontinued Operations    
Goodwill [Roll Forward]    
Reclassification to assets held-for-sale $ (163.9)  
v3.19.3
Goodwill And Other Acquired Intangible Assets - Acquired Intangible Assets and Related Amortization (Detail) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, net $ 1,454.1 $ 1,566.1
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 1,264.9 1,367.5
Accumulated amortization (216.0) (214.2)
Acquired intangible assets, net 1,048.9 1,153.3
Trade secrets    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 29.9 29.8
Accumulated amortization (28.5) (28.2)
Acquired intangible assets, net 1.4 1.6
Software/product technology    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 354.8 353.3
Accumulated amortization (118.4) (101.8)
Acquired intangible assets, net 236.4 251.5
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 147.4 155.1
Accumulated amortization (28.0) (34.1)
Acquired intangible assets, net 119.4 121.0
Other    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 79.2 70.4
Accumulated amortization (31.2) (31.7)
Acquired intangible assets, net $ 48.0 $ 38.7
v3.19.3
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, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 24.7 $ 24.6 $ 77.3 $ 75.4
v3.19.3
Goodwill And Other Acquired Intangible Assets - Estimated Future Amortization Expense for Acquired Intangible Assets Subject to Amortization (Detail)
$ in Millions
Sep. 30, 2019
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2019 (after September 30) $ 20.1
2020 95.4
2021 95.2
2022 95.1
2023 92.6
Thereafter 1,055.7
Total estimated future amortization $ 1,454.1
v3.19.3
Restructuring - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Oct. 26, 2018
Jun. 30, 2019
Sep. 30, 2019
Jan. 01, 2019
Dec. 31, 2018
Restructuring Cost and Reserve [Line Items]          
Payments for restructuring     $ 29.5    
Reclassification of liabilities as a reduction of the ROU Asset capitalized upon adoption     (10.9)    
Impairment of right-of-use   $ 24.8      
Operating lease right-of-use assets     464.6    
Remaining restructuring liability     31.3   $ 42.3
Contract Termination Costs          
Restructuring Cost and Reserve [Line Items]          
Payments for restructuring     3.0    
Reclassification of liabilities as a reduction of the ROU Asset capitalized upon adoption     (10.9)    
Remaining restructuring liability     $ 2.8   $ 12.4
2018 Restructuring Program | Minimum          
Restructuring Cost and Reserve [Line Items]          
Effect on future earnings, amount $ 60.0        
Restructuring expected cost 105.0        
2018 Restructuring Program | Maximum          
Restructuring Cost and Reserve [Line Items]          
Restructuring expected cost 110.0        
2018 Restructuring Program | Employee Termination Costs | Minimum          
Restructuring Cost and Reserve [Line Items]          
Restructuring expected cost 60.0        
2018 Restructuring Program | Employee Termination Costs | Maximum          
Restructuring Cost and Reserve [Line Items]          
Payments for restructuring 50.0        
2018 Restructuring Program | Real Estate | Minimum          
Restructuring Cost and Reserve [Line Items]          
Restructuring expected cost $ 60.0        
Accounting Standards Update 2016-02          
Restructuring Cost and Reserve [Line Items]          
Operating lease right-of-use assets       $ 518.0  
v3.19.3
Restructuring - Restructuring Expenses Included in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Restructuring and Related Activities [Abstract]        
Restructuring $ (1.0) $ 0.0 $ 58.3 $ 0.0
v3.19.3
Restructuring - Changes in Restructuring Liability (Details)
$ in Millions
9 Months Ended
Sep. 30, 2019
USD ($)
Restructuring Reserve [Roll Forward]  
Restructuring liability, Beginning Balance $ 42.3
Adoption of New Lease Accounting Standard (10.9)
Cost incurred and adjustments 29.4
Cash payments and adjustments (29.5)
Restructuring liability, Ending Balance 31.3
Employee Termination Costs  
Restructuring Reserve [Roll Forward]  
Restructuring liability, Beginning Balance 29.9
Adoption of New Lease Accounting Standard 0.0
Cost incurred and adjustments 25.1
Cash payments and adjustments (26.5)
Restructuring liability, Ending Balance 28.5
Cumulative expense incurred to date 58.0
Contract Termination Costs  
Restructuring Reserve [Roll Forward]  
Restructuring liability, Beginning Balance 12.4
Adoption of New Lease Accounting Standard (10.9)
Cost incurred and adjustments 4.3
Cash payments and adjustments (3.0)
Restructuring liability, Ending Balance 2.8
Cumulative expense incurred to date $ 49.0
v3.19.3
Restructuring - Changes in Restructuring Liability (Footnote) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Jun. 30, 2019
Sep. 30, 2019
Jan. 01, 2019
Restructuring Cost and Reserve [Line Items]      
Reclassification of liabilities as a reduction of the ROU Asset capitalized upon adoption   $ (10.9)  
Impairment of right-of-use $ 24.8    
Operating lease right-of-use assets   464.6  
Accounting Standards Update 2016-02      
Restructuring Cost and Reserve [Line Items]      
Operating lease right-of-use assets     $ 518.0
Real Estate      
Restructuring Cost and Reserve [Line Items]      
Impairment of right-of-use   24.8  
Real Estate | Level 3      
Restructuring Cost and Reserve [Line Items]      
Operating lease right-of-use assets   17.7  
Contract Termination Costs      
Restructuring Cost and Reserve [Line Items]      
Reclassification of liabilities as a reduction of the ROU Asset capitalized upon adoption   (10.9)  
Contract Termination Costs | Real Estate      
Restructuring Cost and Reserve [Line Items]      
Non-cash acceleration of amortization   4.1  
Contract Termination Costs | Real Estate | Accounting Standards Update 2016-02      
Restructuring Cost and Reserve [Line Items]      
Reclassification of liabilities as a reduction of the ROU Asset capitalized upon adoption   $ 10.9  
v3.19.3
Fair Value - Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Assets:    
Derivatives $ 154.6 $ 28.3
Money market mutual funds   15.2
Mutual funds 7.7 33.3
Total 162.3 76.8
Liabilities:    
Derivatives 5.7 16.4
Total 5.7 16.4
Level 1    
Assets:    
Derivatives 0.0 0.0
Money market mutual funds   15.2
Mutual funds 7.7 33.3
Total 7.7 48.5
Liabilities:    
Derivatives 0.0 0.0
Total 0.0 0.0
Level 2    
Assets:    
Derivatives 154.6 28.3
Money market mutual funds   0.0
Mutual funds 0.0 0.0
Total 154.6 28.3
Liabilities:    
Derivatives 5.7 16.4
Total $ 5.7 $ 16.4
v3.19.3
Other Balance Sheet and Statement of Operations Information - Additional Details Related to Certain Balance Sheet Captions (Detail) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Other current assets:    
Prepaid taxes $ 98.3 $ 100.1
Prepaid expenses 64.3 67.0
Capitalized costs to obtain and fulfill sales contracts 67.7 77.2
Other 55.8 38.0
Total other current assets 286.1 282.3
Other assets:    
Investments in non-consolidated affiliates 113.0 104.6
Deposits for real-estate leases 12.3 13.5
Indemnification assets related to acquisitions 16.0 16.1
Mutual funds and fixed deposits 20.6 18.9
Costs to obtain sales contracts 90.0 78.0
Cross currency and interest rate swaps 149.3 26.9
Other 24.1 16.3
Total other assets 425.3 274.3
Accounts payable and accrued liabilities:    
Salaries and benefits 95.1 112.5
Incentive compensation 150.3 154.5
Customer credits, advanced payments and advanced billings 25.5 20.4
Self-insurance reserves 13.2 10.5
Dividends 6.0 6.5
Professional service fees 71.0 47.7
Interest accrued on debt 41.2 70.5
Accounts payable 14.8 30.1
Income taxes 56.4 71.4
Pension and other retirement employee benefits 6.5 6.5
Accrued royalties 9.4 25.1
Foreign exchange forwards on certain assets and liabilities 5.7 8.2
Restructuring liability 26.8 9.6
Other 85.3 121.7
Total accounts payable and accrued liabilities 607.2 695.2
Other liabilities:    
Pension and other retirement employee benefits 264.2 249.2
Deferred rent-non-current portion   94.3
Interest accrued on UTPs 61.2 69.6
Income tax liability - non-current 125.2 125.3
Cross currency and interest rate swaps 0.0 8.2
Restructuring liability 4.5 6.8
Other 37.4 23.1
Total other liabilities $ 492.5 $ 576.5
v3.19.3
Other Balance Sheet and Statement of Operations Information - Other Non-Operating Interest (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Other Balance Sheet And Statement Of Operations Information [Abstract]        
FX (loss)/gain $ 0.9 $ (3.9) $ (14.7) $ (3.6)
Net periodic pension costs - other components 4.5 2.6 13.4 7.8
Income from investments in non-consolidated affiliates 3.9 3.3 10.7 9.2
Other 0.6 0.4 3.2 4.9
Total $ 9.9 $ 2.4 $ 12.6 $ 18.3
v3.19.3
Comprehensive Income And Accumulated Other Comprehensive Income - Reclassification out of AOCI (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]        
Other non-operating income (expense), net $ 9.9 $ 2.4 $ 12.6 $ 18.3
Interest expense, net (45.9) (56.4) (149.0) (160.5)
Operating expense 691.7 614.0 2,102.2 1,891.0
Selling, general and administrative 291.9 260.3 848.1 801.9
Total before income taxes 512.8 412.8 1,357.6 1,349.4
Provision for income taxes (130.4) (100.8) (289.6) (282.7)
Net income 382.4 312.0 1,068.0 1,066.7
Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Net income 0.2 (0.7) (1.1) (2.2)
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Total before income taxes (0.1)   (0.2)  
Provision for income taxes 0.1   0.1  
Net income 0.0 0.1 (0.1) 0.3
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Cross-currency swap        
Derivative Instruments, Gain (Loss) [Line Items]        
Other non-operating income (expense), net 0.1 0.1 0.0 0.3
Provision for income taxes   0.0   0.0
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Interest rate contract        
Derivative Instruments, Gain (Loss) [Line Items]        
Interest expense, net (0.2)   (0.2)  
Gains on net investment hedges | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Provision for income taxes (0.2)   (0.2)  
Net income 0.8   0.8  
Gains on net investment hedges | Reclassification out of Accumulated Other Comprehensive Income | FX forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Other non-operating income (expense), net 1.0   1.0  
Amortization of actuarial losses and prior service costs included in net income | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Operating expense (0.5) (0.6) (1.5) (2.2)
Selling, general and administrative (0.3) (0.5) (0.9) (1.3)
Pension and other retirement benefits | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Total before income taxes (0.8) (1.1) (2.4) (3.5)
Provision for income taxes 0.2 0.3 0.6 1.0
Net income $ (0.6) $ (0.8) $ (1.8) $ (2.5)
v3.19.3
Comprehensive Income And Accumulated Other Comprehensive Income - Changes in Components of Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Jan. 01, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Beginning Balance $ 574.7 $ 460.1 $ 656.5 $ (114.9)  
Other comprehensive income/(loss) (91.1) (47.6) (81.9) (177.7)  
Ending Balance 697.3 606.1 697.3 606.1  
Pension and Other Retirement Benefits          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Beginning Balance (70.5) (58.6) (53.1) (61.5)  
Other comprehensive income/(loss) before reclassifications 0.0 0.0 (1.3) 1.2  
Amounts reclassified from AOCI 0.6 0.8 1.8 2.5  
Other comprehensive income/(loss) 0.6 0.8 (16.8) 3.7  
Ending Balance (69.9) (57.8) (69.9) (57.8)  
Cash Flow Hedges          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Beginning Balance 0.2 2.2 0.1 0.9  
Other comprehensive income/(loss) before reclassifications 0.0 0.0 0.0 1.5  
Amounts reclassified from AOCI 0.0 (0.1) 0.1 (0.3)  
Other comprehensive income/(loss) 0.0 (0.1) 0.1 1.2  
Ending Balance 0.2 2.1 0.2 2.1  
Foreign Currency Translation Adjustments          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Beginning Balance (400.3) (263.6) (406.0) (112.6)  
Other comprehensive income/(loss) before reclassifications (193.7) (42.0) (188.0) (193.0)  
Amounts reclassified from AOCI 0.0 0.0 0.0 0.0  
Other comprehensive income/(loss) (193.7) (42.0) (188.0) (193.0)  
Ending Balance (594.0) (305.6) (594.0) (305.6)  
Net Investment Hedges          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Beginning Balance 24.5 15.2 32.7 (1.3)  
Other comprehensive income/(loss) before reclassifications 102.7 4.1 97.0 20.6  
Amounts reclassified from AOCI (0.8) 0.0 (0.8) 0.0  
Other comprehensive income/(loss) 101.9 4.1 93.7 20.6  
Ending Balance 126.4 19.3 126.4 19.3  
Gains on Available for Sale Securities          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Beginning Balance       2.3  
Other comprehensive income/(loss) before reclassifications       0.0  
Amounts reclassified from AOCI       0.0  
Other comprehensive income/(loss)       (2.3)  
Ending Balance   0.0   0.0  
Total          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Beginning Balance (446.1) (304.8) (426.3) (172.2)  
Other comprehensive income/(loss) before reclassifications (91.0) (37.9) (92.3) (169.7)  
Amounts reclassified from AOCI (0.2) 0.7 1.1 2.2  
Other comprehensive income/(loss) (91.2) (37.2) (111.0) (169.8)  
Ending Balance $ (537.3) (342.0) $ (537.3) (342.0)  
Financial Instruments - Overall (ASU 2016-01) | Gains on Available for Sale Securities          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Cumulative Effect of New Accounting Principle in Period of Adoption   (2.3)   (2.3)  
Financial Instruments - Overall (ASU 2016-01) | Total          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Cumulative Effect of New Accounting Principle in Period of Adoption   $ (2.3)   $ (2.3)  
Accounting Standards Update 2018-02 | Pension and Other Retirement Benefits          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Cumulative Effect of New Accounting Principle in Period of Adoption         $ (17.3)
Accounting Standards Update 2018-02 | Cash Flow Hedges          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Cumulative Effect of New Accounting Principle in Period of Adoption         0.0
Accounting Standards Update 2018-02 | Foreign Currency Translation Adjustments          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Cumulative Effect of New Accounting Principle in Period of Adoption         0.0
Accounting Standards Update 2018-02 | Net Investment Hedges          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Cumulative Effect of New Accounting Principle in Period of Adoption         (2.5)
Accounting Standards Update 2018-02 | Total          
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]          
Cumulative Effect of New Accounting Principle in Period of Adoption         $ (19.8)
v3.19.3
Pension and Other Retirement Benefits - Components of Net Periodic Benefit Expense Related to Post-Retirement Plans (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Components of net periodic expense        
Interest cost $ 5.6 $ 4.9 $ 16.8 $ 14.5
Pension Plans        
Components of net periodic expense        
Service cost 4.2 4.6 12.5 14.0
Interest cost 5.1 4.4 15.4 13.2
Expected return on plan assets (5.0) (3.8) (15.1) (11.4)
Amortization of net actuarial loss from earlier periods 0.9 1.5 2.8 4.6
Amortization of net prior service costs from earlier periods (0.1) 0.0 (0.3) (0.2)
Net periodic expense 5.1 6.7 15.3 20.2
Other Retirement Plans        
Components of net periodic expense        
Service cost 0.7 0.7 2.1 2.2
Interest cost 0.3 0.3 0.9 0.8
Expected return on plan assets 0.0 0.0 0.0 0.0
Amortization of net actuarial loss from earlier periods 0.0 0.0 0.0 0.0
Amortization of net prior service costs from earlier periods (0.1) (0.1) (0.2) (0.2)
Net periodic expense $ 0.9 $ 0.9 $ 2.8 $ 2.8
v3.19.3
Pension and Other Retirement Benefits - Additional Information (Detail)
$ in Millions
9 Months Ended
Sep. 30, 2019
USD ($)
Other Retirement Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Defined benefit payment amount $ 0.2
Estimated additional payments in 2019 0.9
Unfunded Plan | Pension Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Defined benefit payment amount 3.5
Estimated additional payments in 2019 $ 3.1
v3.19.3
Indebtedness - Summary of Total Indebtedness (Detail) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 5,245.1 $ 5,721.6
Fair Value of Interest Rate Swap 35.1 2.2
Unamortized (Discount) Premium (15.4) (17.3)
Unamortized Debt Issuance Costs (26.8) (30.5)
Carrying Value 5,238.0 5,676.0
Current portion (501.5) (449.9)
Total long-term debt 4,736.5 5,226.1
5.50% 2010 Senior Notes, due 2020    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount 500.0 500.0
Fair Value of Interest Rate Swap 2.3 (3.7)
Unamortized (Discount) Premium (0.4) (0.6)
Unamortized Debt Issuance Costs (0.4) (0.7)
Carrying Value $ 501.5 $ 495.0
Notes payable, interest rate 5.50% 5.50%
4.50% 2012 Senior Notes, due 2022    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 500.0 $ 500.0
Fair Value of Interest Rate Swap 11.0 1.9
Unamortized (Discount) Premium (1.3) (1.6)
Unamortized Debt Issuance Costs (1.1) (1.4)
Carrying Value $ 508.6 $ 498.9
Notes payable, interest rate 4.50% 4.50%
4.875% 2013 Senior Notes, due 2024    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 500.0 $ 500.0
Unamortized (Discount) Premium (1.4) (1.5)
Unamortized Debt Issuance Costs (1.7) (2.0)
Carrying Value $ 496.9 $ 496.5
Notes payable, interest rate 4.875% 4.875%
2.75% 2014 Senior Notes (5-Year), due 2019    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Unamortized (Discount) Premium   $ (0.1)
Unamortized Debt Issuance Costs   0.0
Carrying Value   $ 449.9
Notes payable, interest rate   2.75%
5.25% 2014 Senior Notes (30-Year), due 2044    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 600.0 $ 600.0
Unamortized (Discount) Premium 3.2 3.2
Unamortized Debt Issuance Costs (5.3) (5.5)
Carrying Value $ 597.9 $ 597.7
Notes payable, interest rate 5.25% 5.25%
1.75% 2015 Senior Notes, due 2027    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 545.1 $ 571.6
Unamortized (Discount) Premium 0.0 0.0
Unamortized Debt Issuance Costs (2.7) (3.1)
Carrying Value $ 542.4 $ 568.5
Notes payable, interest rate 1.75% 1.75%
2.75% 2017 Senior Notes, due 2021    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 500.0 $ 500.0
Fair Value of Interest Rate Swap 13.5 4.0
Unamortized (Discount) Premium (0.7) (1.0)
Unamortized Debt Issuance Costs (1.8) (2.4)
Carrying Value $ 511.0 $ 500.6
Notes payable, interest rate 2.75% 2.75%
2.625% 2017 Senior Notes, due 2023    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 500.0 $ 500.0
Fair Value of Interest Rate Swap 8.3  
Unamortized (Discount) Premium (0.7) (0.9)
Unamortized Debt Issuance Costs (2.4) (2.8)
Carrying Value $ 505.2 $ 496.3
Notes payable, interest rate 2.625% 2.625%
3.25% 2017 Senior Notes, due 2028    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 500.0 $ 500.0
Unamortized (Discount) Premium (4.4) (4.7)
Unamortized Debt Issuance Costs (3.4) (3.7)
Carrying Value $ 492.2 $ 491.6
Notes payable, interest rate 3.25% 3.25%
3.25% 2018 Senior Notes, due 2021    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 300.0 $ 300.0
Unamortized (Discount) Premium (0.3) (0.4)
Unamortized Debt Issuance Costs (1.0) (1.5)
Carrying Value $ 298.7 $ 298.1
Notes payable, interest rate 3.25% 3.25%
4.25% 2018 Senior Notes, due 2029    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 400.0 $ 400.0
Unamortized (Discount) Premium (2.8) (3.0)
Unamortized Debt Issuance Costs (3.0) (3.3)
Carrying Value $ 394.2 $ 393.7
Notes payable, interest rate 4.25% 4.25%
4.875% 2018 Senior Notes, due 2048    
Debt, Long-term and Short-term, Combined Amount [Abstract]    
Principal Amount $ 400.0 $ 400.0
Unamortized (Discount) Premium (6.6) (6.7)
Unamortized Debt Issuance Costs (4.0) (4.1)
Carrying Value $ 389.4 $ 389.2
Notes payable, interest rate 4.875% 4.875%
v3.19.3
Indebtedness - Additional Information (Detail)
$ in Millions
Jan. 03, 2019
USD ($)
2.75% 2014 Senior Notes (5-Year), due 2019  
Debt Instrument [Line Items]  
Repayments of debt $ 450.0
v3.19.3
Indebtedness - Principal Payments Due on Long-Term Borrowings (Detail) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Long-term Debt, Fiscal Year Maturity [Abstract]    
2019 (After September 30) $ 0.0  
2020 500.0  
2021 800.0  
2022 500.0  
2023 500.0  
Thereafter 2,945.1  
Total principal payment 5,245.1 $ 5,721.6
5.50% 2010 Senior Notes, due 2020    
Long-term Debt, Fiscal Year Maturity [Abstract]    
2020 500.0  
Total principal payment 500.0 500.0
4.50% 2012 Senior Notes, due 2022    
Long-term Debt, Fiscal Year Maturity [Abstract]    
2022 500.0  
Total principal payment 500.0 500.0
4.875% 2013 Senior Notes, due 2024    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Thereafter 500.0  
Total principal payment 500.0 500.0
5.25% 2014 Senior Notes (30-Year), due 2044    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Thereafter 600.0  
Total principal payment 600.0 600.0
1.75% 2015 Senior Notes, due 2027    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Thereafter 545.1  
Total principal payment 545.1 571.6
2.75% 2017 Senior Notes, due 2021    
Long-term Debt, Fiscal Year Maturity [Abstract]    
2021 500.0  
Total principal payment 500.0 500.0
2.625% 2017 Senior Notes, due 2023    
Long-term Debt, Fiscal Year Maturity [Abstract]    
2023 500.0  
Total principal payment 500.0 500.0
3.25% 2017 Senior Notes, due 2028    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Thereafter 500.0  
Total principal payment 500.0 500.0
3.25% 2018 Senior Notes, due 2021    
Long-term Debt, Fiscal Year Maturity [Abstract]    
2021 300.0  
Total principal payment 300.0 300.0
4.25% 2018 Senior Notes, due 2029    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Thereafter 400.0  
Total principal payment 400.0 400.0
4.875% 2018 Senior Notes, due 2048    
Long-term Debt, Fiscal Year Maturity [Abstract]    
Thereafter 400.0  
Total principal payment $ 400.0 $ 400.0
v3.19.3
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, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Debt Disclosure [Abstract]        
Income $ 3.6 $ 4.1 $ 12.5 $ 10.7
Expense on borrowings (37.4) (46.4) (125.7) (147.1)
UTPs and other tax related liabilities (7.0) (9.6) (20.2) (10.6)
Net periodic pension costs - interest component (5.6) (4.9) (16.8) (14.5)
Capitalized 0.5 0.4 1.2 1.0
Total $ (45.9) $ (56.4) $ (149.0) $ (160.5)
v3.19.3
Indebtedness - Interest Paid (Detail) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Interest Paid, Including Capitalized Interest, Operating and Investing Activities [Abstract]    
Interest paid $ 148.6 $ 169.7
v3.19.3
Indebtedness - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($)
$ in Millions
Sep. 30, 2019
Dec. 31, 2018
Debt Instrument [Line Items]    
Long term debt $ 5,238.0 $ 5,676.0
Estimated Fair Value 5,755.7 5,782.5
5.50% 2010 Senior Notes, due 2020    
Debt Instrument [Line Items]    
Long term debt 501.5 495.0
Estimated Fair Value $ 515.0 $ 517.7
Notes payable, interest rate 5.50% 5.50%
4.50% 2012 Senior Notes, due 2022    
Debt Instrument [Line Items]    
Long term debt $ 508.6 $ 498.9
Estimated Fair Value $ 531.7 $ 513.7
Notes payable, interest rate 4.50% 4.50%
4.875% 2013 Senior Notes, due 2024    
Debt Instrument [Line Items]    
Long term debt $ 496.9 $ 496.5
Estimated Fair Value $ 551.8 $ 522.4
Notes payable, interest rate 4.875% 4.875%
2.75% 2014 Senior Notes (5-Year), due 2019    
Debt Instrument [Line Items]    
Long term debt   $ 449.9
Estimated Fair Value   $ 449.9
Notes payable, interest rate   2.75%
5.25% 2014 Senior Notes (30-Year), due 2044    
Debt Instrument [Line Items]    
Long term debt $ 597.9 $ 597.7
Estimated Fair Value $ 768.7 $ 638.1
Notes payable, interest rate 5.25% 5.25%
1.75% 2015 Senior Notes, due 2027    
Debt Instrument [Line Items]    
Long term debt $ 542.4 $ 568.5
Estimated Fair Value $ 596.7 $ 585.3
Notes payable, interest rate 1.75% 1.75%
2.75% 2017 Senior Notes, due 2021    
Debt Instrument [Line Items]    
Long term debt $ 511.0 $ 500.6
Estimated Fair Value $ 506.3 $ 489.7
Notes payable, interest rate 2.75% 2.75%
2.625% 2017 Senior Notes, due 2023    
Debt Instrument [Line Items]    
Long term debt $ 505.2 $ 496.3
Estimated Fair Value $ 506.5 $ 476.9
Notes payable, interest rate 2.625% 2.625%
3.25% 2017 Senior Notes, due 2028    
Debt Instrument [Line Items]    
Long term debt $ 492.2 $ 491.6
Estimated Fair Value $ 526.0 $ 472.8
Notes payable, interest rate 3.25% 3.25%
3.25% 2018 Senior Notes, due 2021    
Debt Instrument [Line Items]    
Long term debt $ 298.7 $ 298.1
Estimated Fair Value $ 305.1 $ 298.6
Notes payable, interest rate 3.25% 3.25%
4.25% 2018 Senior Notes, due 2029    
Debt Instrument [Line Items]    
Long term debt $ 394.2 $ 393.7
Estimated Fair Value $ 451.0 $ 407.6
Notes payable, interest rate 4.25% 4.25%
4.875% 2018 Senior Notes, due 2048    
Debt Instrument [Line Items]    
Long term debt $ 389.4 $ 389.2
Estimated Fair Value $ 496.9 $ 409.8
Notes payable, interest rate 4.875% 4.875%
v3.19.3
Leases - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended
Jun. 30, 2019
Sep. 30, 2019
Operating Leased Assets [Line Items]    
Impairment of right-of-use $ 24.8  
Minimum    
Operating Leased Assets [Line Items]    
Lessee, operating lease, renewal term (years)   1 year
Maximum    
Operating Leased Assets [Line Items]    
Lessee, operating lease, renewal term (years)   20 years
v3.19.3
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2019
Lease, Cost [Abstract]    
Operating lease cost $ 24.2 $ 73.3
Short-term lease cost 0.0 0.4
Variable lease cost 5.0 12.7
Total lease cost $ 29.2 $ 86.4
v3.19.3
Leases - Operating Leases Information (Detail)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2019
USD ($)
Leases [Abstract]    
Cash paid for amounts included in the measurement of operating lease liabilities $ 26.6 $ 79.8
Right-of-use assets obtained in exchange for new operating lease liabilities $ 12.0 $ 27.9
Weighted-average remaining lease term (years) 6 years 10 months 24 days 6 years 10 months 24 days
Weighted-average discount rate applied to operating leases (percent) 3.60% 3.60%
v3.19.3
Leases - Operating Leases, Future Minimum Payment (Detail)
$ in Millions
Sep. 30, 2019
USD ($)
Leases [Abstract]  
2019 (After September 30) $ 27.2
2020 107.7
2021 102.1
2022 88.7
2023 83.2
Thereafter 251.0
Total minimum lease payments 659.9
Less: Interest 75.4
Present value of lease liabilities: 584.5
Lease liabilities - current 89.5
Lease liabilities - noncurrent $ 495.0
v3.19.3
Leases - Operating Lease, Minimum Rent for Payment (Detail)
$ in Millions
Dec. 31, 2018
USD ($)
Leases [Abstract]  
2019 $ 105.9
2020 102.3
2021 95.6
2022 84.4
2023 81.0
After 2023 246.5
Total $ 715.7
v3.19.3
Contingencies - Additional Information (Detail) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Oct. 31, 2019
Aug. 31, 2013
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Loss Contingencies [Line Items]            
Unsupported allegations of minimum underpaid taxes   $ 120.0        
Litigation settlement, amount awarded to other party     $ 15.5 $ 0.0 $ 15.5 $ 0.0
Subsequent Event            
Loss Contingencies [Line Items]            
Litigation settlement, amount awarded to other party $ 15.5          
v3.19.3
Segment Information - Additional Information (Detail)
$ in Millions
9 Months Ended
Sep. 30, 2019
USD ($)
segment
Segment Reporting Information [Line Items]  
Number of operating segments (segment) | segment 2
2018 Restructuring Program | MIS  
Segment Reporting Information [Line Items]  
Cumulative expense incurred to date $ 61.3
2018 Restructuring Program | MA  
Segment Reporting Information [Line Items]  
Cumulative expense incurred to date $ 45.7
v3.19.3
Segment Information - Financial Information by Segment (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue $ 1,240.5 $ 1,080.8 $ 3,596.2 $ 3,382.6
Total Expense 691.7 614.0 2,102.2 1,891.0
Operating income 548.8 466.8 1,494.0 1,491.6
Restructuring (1.0) 0.0 58.3 0.0
Depreciation and amortization 48.6 46.1 149.9 143.6
Acquisition-Related Expenses 0.0 1.3 3.4 4.1
Impairment pursuant to the planned divestiture of MAKS 2.0 0.0 10.7 0.0
Captive insurance company settlement 15.5 0.0 15.5 0.0
Adjusted Operating Income 613.9 514.2 1,731.8 1,639.3
Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue (36.4) (34.2) (106.3) (102.0)
Total Expense (36.4) (34.2) (106.3) (102.0)
Operating income 0.0 0.0 0.0 0.0
Restructuring 0.0 0.0 0.0 0.0
Depreciation and amortization 0.0 0.0 0.0 0.0
Acquisition-Related Expenses 0.0 0.0 0.0 0.0
Impairment pursuant to the planned divestiture of MAKS 0.0 0.0 0.0 0.0
Captive insurance company settlement 0.0 0.0 0.0 0.0
Adjusted Operating Income 0.0 0.0 0.0 0.0
MIS        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 746.6 644.8 2,155.1 2,117.0
MIS | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 780.9 676.4 2,254.7 2,209.0
Total Expense 339.9 303.5 1,027.9 951.0
Operating income 441.0 372.9 1,226.8 1,258.0
Restructuring (0.1) 0.0 29.1 0.0
Depreciation and amortization 18.0 15.8 53.0 49.3
Acquisition-Related Expenses 0.0 0.0 0.0 0.0
Impairment pursuant to the planned divestiture of MAKS 0.0 0.0 0.0 0.0
Captive insurance company settlement 9.4 0.0 9.4 0.0
Adjusted Operating Income 468.3 388.7 1,318.3 1,307.3
MA        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 493.9 436.0 1,441.1 1,265.6
MA | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 496.0 438.6 1,447.8 1,275.6
Total Expense 388.2 344.7 1,180.6 1,042.0
Operating income 107.8 93.9 267.2 233.6
Restructuring (0.9) 0.0 29.2 0.0
Depreciation and amortization 30.6 30.3 96.9 94.3
Acquisition-Related Expenses 0.0 1.3 3.4 4.1
Impairment pursuant to the planned divestiture of MAKS 2.0 0.0 10.7 0.0
Captive insurance company settlement 6.1 0.0 6.1 0.0
Adjusted Operating Income $ 145.6 $ 125.5 $ 413.5 $ 332.0
v3.19.3
Segment Information - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Segment Reporting Information [Line Items]        
Revenue $ 1,240.5 $ 1,080.8 $ 3,596.2 $ 3,382.6
United States        
Segment Reporting Information [Line Items]        
Revenue 659.6 559.6 1,909.6 1,782.7
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 580.9 521.2 1,686.6 1,599.9
EMEA        
Segment Reporting Information [Line Items]        
Revenue 361.5 344.5 1,056.8 1,047.9
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 142.4 123.0 415.4 366.9
Americas        
Segment Reporting Information [Line Items]        
Revenue $ 77.0 $ 53.7 $ 214.4 $ 185.1
v3.19.3
Subsequent Events - Additional Information (Detail) - Subsequent Event
Oct. 21, 2019
$ / shares
Subsequent Event [Line Items]  
Dividend declared, declaration date Oct. 21, 2019
Dividend declared, per share $ 0.50
Dividend declared, payable date Dec. 12, 2019
Dividend declared, record date Nov. 21, 2019
v3.19.3
Label Element Value
Accounting Standards Update 2018-02 [Member] | Parent [Member]  
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 $ 0