MOODYS CORP /DE/, 10-Q filed on 4/23/2025
Quarterly Report
v3.25.1
Cover Page
shares in Millions
 3 Months Ended
Mar. 31, 2025
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2025
Document Transition Report false
Entity File Number 1-14037
Entity Registrant Name Moody’s Corporation
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 13-3998945
Entity Address, Address Line One 7 World Trade Center at 250 Greenwich Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10007
City Area Code (212)
Local Phone Number 553-0300
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding (in shares) 179.9
Entity Central Index Key 0001059556
Document Fiscal Period Focus Q1
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2025
Common Stock, par value $0.01 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MCO
Security Exchange Name NYSE
1.75% Senior Notes Due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.75% Senior Notes Due 2027
Trading Symbol MCO 27
Security Exchange Name NYSE
0.950% Senior Notes Due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 0.950% Senior Notes Due 2030
Trading Symbol MCO 30
Security Exchange Name NYSE
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue $ 1,924 $ 1,786
Expenses    
Operating 491 467
Selling, general and administrative 439 413
Depreciation and amortization 113 100
Restructuring 33 5
Charges related to asset abandonment 2 0
Total expenses 1,078 985
Operating income 846 801
Non-operating (expense) income, net    
Interest expense, net (61) (62)
Other non-operating income, net 19 13
Total non-operating (expense) income, net (42) (49)
Income before provision for income taxes 804 752
Provision for income taxes 179 175
Net income attributable to Moody's $ 625 $ 577
Earnings per share attributable to Moody's common shareholders    
Basic (in usd per share) $ 3.47 $ 3.16
Diluted (in usd per share) $ 3.46 $ 3.15
Weighted average number of shares outstanding    
Basic (in shares) 180.0 182.6
Diluted (in shares) 180.7 183.4
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net Income $ 625 $ 577
Foreign Currency Adjustments:    
Foreign currency translation adjustments - Pre Tax 188 (115)
Foreign currency translation adjustments - Tax (1) 0
Foreign currency translation adjustments - Net of Tax 187 (115)
Net gains on net investment hedges - Pre Tax (174) 101
Net gains on net investment hedges - Tax 44 (27)
Net gains on net investment hedges - Net of Tax (130) 74
Cash Flow Hedges:    
Reclassification of (gains) losses included in net income - Pre Tax 0 1
Reclassification of (gains) losses included in net income - Tax 0 0
Reclassification of (gains) losses included in net income - Net of Tax 0 1
Pension and Other Retirement Benefits:    
Net actuarial gains (losses) - Pre Tax 0 (1)
Net actuarial gains (losses) - Tax 0 0
Net actuarial gains (losses) - Net of Tax 0 (1)
Total other comprehensive income (loss) - Pre Tax 14 (14)
Total other comprehensive income (loss) - Tax 43 (27)
Total other comprehensive (loss) income - Net of Tax 57 (41)
Comprehensive income 682 536
Less: comprehensive income attributable to noncontrolling interests (3) 0
Comprehensive Income Attributable to Moody's $ 685 $ 536
v3.25.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,139 $ 2,408
Short-term investments 62 566
Accounts receivable, net of allowance for credit losses of $34 in 2025 and $32 in 2024 1,850 1,801
Other current assets 514 515
Total current assets 4,565 5,290
Property and equipment, net of accumulated depreciation of $1,511 in 2025 and $1,453 in 2024 671 656
Operating lease right-of-use assets 217 216
Goodwill 6,237 5,994
Intangible assets, net 1,978 1,890
Deferred tax assets, net 292 293
Other assets 1,136 1,166
Total assets 15,096 15,505
Current liabilities:    
Accounts payable and accrued liabilities 1,049 1,344
Current portion of operating lease liabilities 103 102
Current portion of long-term debt 0 697
Deferred revenue 1,765 1,454
Total current liabilities 2,917 3,597
Non-current portion of deferred revenue 57 57
Long-term debt 6,823 6,731
Deferred tax liabilities, net 439 449
Uncertain tax positions 218 211
Operating lease liabilities 210 216
Other liabilities 574 517
Total liabilities 11,238 11,778
Contingencies
Shareholders' equity:    
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Capital surplus 1,483 1,451
Retained earnings 16,526 16,071
Treasury stock, at cost; 162,964,467 and 162,593,213 shares of common stock at March 31, 2025 and December 31, 2024, respectively (13,734) (13,322)
Accumulated other comprehensive loss (578) (638)
Total Moody's shareholders' equity 3,700 3,565
Noncontrolling interests 158 162
Total shareholders' equity 3,858 3,727
Total liabilities, noncontrolling interests and shareholders' equity 15,096 15,505
Series Common Stock    
Shareholders' equity:    
Common stock 0 0
Non Series Common Stock    
Shareholders' equity:    
Common stock $ 3 $ 3
v3.25.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Accounts receivable, allowances $ 34 $ 32
Accumulated depreciation, property and equipment $ 1,511 $ 1,453
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock, shares (in shares) 162,964,467 162,593,213
Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
Non Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 342,902,272 342,902,272
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net Income $ 625 $ 577
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 113 100
Stock-based compensation 56 53
Deferred income taxes 18 25
Non-cash restructuring charges 3 0
Provision for credit losses on accounts receivable 5 4
Changes in assets and liabilities:    
Accounts receivable (16) (197)
Other current assets 12 49
Other assets (19) (19)
Lease obligations (8) (7)
Accounts payable and accrued liabilities (292) (110)
Deferred revenue 261 308
Uncertain tax positions and other non-current tax liabilities 6 6
Other liabilities (7) (14)
Net cash provided by operating activities 757 775
Cash flows from investing activities    
Capital additions (85) (78)
Purchases of investments (41) (50)
Sales and maturities of investments 551 46
Purchases of investments in non-consolidated affiliates (10) (2)
Receipts from settlements of net investment hedges 32 0
Cash paid for acquisitions, net of cash acquired (223) (12)
Net cash provided by (used in) investing activities 224 (96)
Cash flows from financing activities    
Repayment of notes (700) 0
Proceeds from stock-based compensation plans 23 20
Repurchase of shares related to stock-based compensation (53) (53)
Treasury shares (373) (120)
Dividends (195) (155)
Net cash used in financing activities (1,298) (308)
Effect of exchange rate changes on cash and cash equivalents 48 (25)
(Decrease) increase in cash and cash equivalents (269) 346
Cash and cash equivalents, beginning of period 2,408 2,130
Cash and cash equivalents, end of period $ 2,139 $ 2,476
v3.25.1
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Total Moody's Shareholders' Equity
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Non- Controlling Interests
Common stock, shares issued beginning balance (in shares) at Dec. 31, 2023     342,900,000          
Treasury stock, common, beginning balance (shares) at Dec. 31, 2023           (160,400,000)    
Beginning Balance at Dec. 31, 2023 $ 3,476 $ 3,318 $ 3 $ 1,228 $ 14,659 $ (12,005) $ (567) $ 158
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 577 577     577     0
Dividends (155) (155)     (155)     0
Stock-based compensation 54 54   54        
Shares issued for stock-based compensation plans at average cost, net (59) (59)   (30)   $ (29)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           400,000    
Noncontrolling interest resulting from majority acquisition 2 0           2
Treasury shares repurchased, inclusive of excise tax (119) (119)   0   $ (119)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (300,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) (41) (41)         (41) 0
Net actuarial gains (losses) and prior service costs (net of tax) (1) (1)         (1)  
Amortization of losses on cash flow hedges 1 1         1  
Common stock, shares issued ending balance (in shares) at Mar. 31, 2024     342,900,000          
Treasury stock, common, ending balance (shares) at Mar. 31, 2024           (160,300,000)    
Ending Balance at Mar. 31, 2024 $ 3,735 3,575 $ 3 1,252 15,081 $ (12,153) (608) 160
Common stock, shares issued beginning balance (in shares) at Dec. 31, 2024     342,900,000          
Treasury stock, common, beginning balance (shares) at Dec. 31, 2024 (162,593,213)         (162,600,000)    
Beginning Balance at Dec. 31, 2024 $ 3,727 3,565 $ 3 1,451 16,071 $ (13,322) (638) 162
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 625 625     625     0
Dividends (171) (170)     (170)     (1)
Stock-based compensation 58 58   58        
Shares issued for stock-based compensation plans at average cost, net (64) (64)   (26)   $ (38)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           400,000    
Treasury shares repurchased, inclusive of excise tax (374) (374)   0   $ (374)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (800,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) 57 60         60 (3)
Net actuarial gains (losses) and prior service costs (net of tax) $ 0              
Common stock, shares issued ending balance (in shares) at Mar. 31, 2025     342,900,000          
Treasury stock, common, ending balance (shares) at Mar. 31, 2025 (162,964,467)         (163,000,000.0)    
Ending Balance at Mar. 31, 2025 $ 3,858 $ 3,700 $ 3 $ 1,483 $ 16,526 $ (13,734) $ (578) $ 158
v3.25.1
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends (in usd per share) $ 0.94 $ 0.85
Currency translation adjustment, net of net investment hedge activity, tax expense (benefit) $ 43 $ (27)
v3.25.1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Moody’s is a global provider of integrated perspectives on risk that empowers organizations and investors to make better decisions. Moody’s reports in two reportable segments: MA and MIS.
MA is a global provider of: i) decision solutions; ii) research and insights; and iii) data and information, which help companies make better and faster decisions. MA leverages its industry expertise across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business leaders to identify, measure and manage the implications of interrelated risks and opportunities.
MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities.
These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and related notes in the Company’s 2024 annual report on Form 10-K filed with the SEC on February 14, 2025. The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU No. 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU No. 2023-09 require entities to disclose additional income tax information, primarily related to greater disaggregation of the entity's ETR reconciliation and income taxes paid by jurisdiction disclosures. This ASU is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU No. 2024-03"). The amendments in this ASU require more detailed disclosures about specific expense categories in the notes to financial statements (including employee compensation, depreciation and intangible asset amortization) and apply to both interim and annual reporting periods. ASU No. 2024-03 also requires disclosure of total selling expenses for both interim and annual reporting periods, with an additional requirement to provide an entity’s definition of selling expenses in annual reporting. This ASU is effective in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU should be applied either (1) prospectively for annual and interim reporting periods beginning after the aforementioned effective dates or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
Reclassification of Previously Reported Transaction and Recurring Revenue
In the first quarter of 2025, the Company reclassified certain prior-year transaction and recurring revenue amounts to align with a refined classification methodology. The impact of the reclassifications were not material, and the reclassified amounts for 2024 are reflected in Note 3.
v3.25.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This update should be read in conjunction with the summary of significant accounting policies disclosures made in the Company's Form 10-K for the year ended December 31, 2024. All significant accounting policies described in the Form 10-K for the year ended December 31, 2024 remain unchanged with the exception of the following update:
Goodwill
Moody’s evaluates its goodwill for impairment at the reporting unit level, defined as an operating segment (i.e., MA and MIS), or one level below an operating segment (i.e., a component of an operating segment). Prior to 2025, MA's reporting unit structure consisted of two reporting units comprised of businesses that offer: i) data and data-driven analytical solutions; and ii) risk-management software, workflow and CRE solutions. During the first quarter of 2025, MA reorganized its management and reporting structure, which affected the composition of the reporting units within the MA reportable segment. As a result, MA's reporting unit structure now consists of one reporting unit, which is consistent with the segment's current management structure and operating model. This reorganization did not result in a change to the Company's reportable segments. The Company performed assessments of the reporting units impacted by the reorganization immediately before and after the reorganization became effective and determined that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount.
Subsequent to the aforementioned reorganization of the MA reporting unit structure, the Company now has three reporting units: two within the Company’s ratings business (one for the ICRA business and one that encompasses all of Moody’s other ratings operations) and one reporting unit within MA.
v3.25.1
REVENUES
 3 Months Ended
Mar. 31, 2025
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
March 31,
20252024
MA:
Decision Solutions (DS)
Banking$141 $134 
Insurance163 144 
KYC101 87 
Total DS405 365 
Research and Insights (R&I)236 222 
Data and Information (D&I)218 212 
Total external revenue859 799 
Intersegment revenue3 3 
Total MA862 802 
MIS:
Corporate Finance (CFG)
Investment-grade165 147 
High-yield67 67 
Bank loans160 155 
Other accounts (1)
172 160 
Total CFG564 529 
Structured Finance (SFG)
Asset-backed securities35 33 
RMBS26 24 
CMBS28 17 
Structured credit48 39 
Other accounts1 1 
Total SFG138 114 
Financial Institutions (FIG)
Banking130 121 
Insurance45 59 
Managed investments13 12 
Other accounts3 3 
Total FIG191 195 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign72 59 
Project and infrastructure91 82 
Total PPIF163 141 
Total ratings revenue1,056 979 
MIS Other9 8 
Total external revenue1,065 987 
Intersegment revenue49 47 
Total MIS1,114 1,034 
Eliminations(52)(50)
Total MCO$1,924 $1,786 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$167 $238 $405 $138 $227 $365 
Research and Insights128 108 236 122 100 222 
Data and Information80 138 218 77 135 212 
Total MA375 484 859 337 462 799 
MIS:
Corporate Finance391 173 564 372 157 529 
Structured Finance100 38 138 76 38 114 
Financial Institutions95 96 191 98 97 195 
Public, Project and Infrastructure Finance104 59 163 86 55 141 
Total ratings revenue690 366 1,056 632 347 979 
MIS Other— 9 9 — 8 8 
Total MIS690 375 1,065 632 355 987 
Total MCO$1,065 $859 $1,924 $969 $817 $1,786 

The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20252024
MA:
U.S.$375 $337 
Non-U.S.:
EMEA331 316 
Asia-Pacific88 85 
Americas65 61 
Total Non-U.S.484 462 
Total MA859 799 
MIS:
U.S.690 632 
Non-U.S.:
EMEA238 226 
Asia-Pacific79 70 
Americas58 59 
Total Non-U.S.375 355 
Total MIS1,065 987 
Total MCO$1,924 $1,786 
    
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended March 31,
20252024
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$26 $115 $141 $29 $105 $134 
18 %82 %100 %22 %78 %100 %
Insurance
$6 $157 $163 $10 $134 $144 
4 %96 %100 %7 %93 %100 %
KYC
$— $101 $101 $2 $85 $87 
— %100 %100 %2 %98 %100 %
 Total Decision Solutions
$32 $373 $405 $41 $324 $365 
8 %92 %100 %11 %89 %100 %
Research and Insights$3 $233 $236 $3 $219 $222 
1 %99 %100 %1 %99 %100 %
Data and Information$2 $216 $218 $3 $209 $212 
1 %99 %100 %1 %99 %100 %
Total MA (1)
$37 $822 $859 $47 $752 $799 
4 %96 %100 %6 %94 %100 %
Corporate Finance$427 $137 $564 $399 $130 $529 
76 %24 %100 %75 %25 %100 %
Structured Finance$78 $60 $138 $59 $55 $114 
57 %43 %100 %52 %48 %100 %
Financial Institutions$109 $82 $191 $122 $73 $195 
57 %43 %100 %63 %37 %100 %
Public, Project and Infrastructure Finance$116 $47 $163 $96 $45 $141 
71 %29 %100 %68 %32 %100 %
MIS Other$2 $7 $9 $1 $7 $8 
22 %78 %100 %12 %88 %100 %
Total MIS$732 $333 $1,065 $677 $310 $987 
69 %31 %100 %69 %31 %100 %
Total Moody's Corporation$769 $1,155 $1,924 $724 $1,062 $1,786 
40 %60 %100 %41 %59 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP.

The following table presents the timing of revenue recognition:
Three Months Ended March 31, 2025
Three Months Ended March 31, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$25 $732 $757 $21 $677 $698 
Revenue recognized over time834 333 1,167 778 310 1,088 
Total$859 $1,065 $1,924 $799 $987 $1,786 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
For certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. In addition, certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2025 and December 31, 2024:
As of March 31, 2025
As of December 31, 2024
MAMISMAMIS
Unbilled Receivables$100 $493 $122 $426 
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue related to that contract is recognized. This deferred revenue is relieved when the Company satisfies the related performance obligation and revenue is recognized.
Significant changes in the deferred revenue balances during the three months ended March 31, 2025 and 2024 are as follows:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
MAMISTotalMAMISTotal
Balance at December 31,$1,243 $268 $1,511 $1,111 $270 $1,381 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(492)(99)(591)(437)(94)(531)
Increases due to amounts billable excluding amounts recognized as revenue during the period666 188 854 652 187 839 
Increases due to acquisitions during the period15 — 15 — — 
Effect of exchange rate changes30 3 33 (14)(2)(16)
Total changes in deferred revenue219 92 311 201 91 292 
Balance at March 31,
$1,462 $360 $1,822 $1,312 $361 $1,673 
Deferred revenue - current$1,461 $304 $1,765 $1,310 $302 $1,612 
Deferred revenue - non-current$1 $56 $57 $2 $59 $61 
The increase in deferred revenue during both the three months ended March 31, 2025 and 2024 is primarily due to the significant portion of contract renewals that occur during the first quarter within both segments.
Remaining performance obligation
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of March 31, 2025 as well as amounts not yet invoiced to customers as of March 31, 2025, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $4.3 billion. The Company expects to recognize into revenue approximately 55% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of March 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $96 million. The Company expects to recognize into revenue approximately 25% of this balance within one year, approximately 50% of this balance between one to five years and the remaining amount thereafter. With respect to the remaining performance obligations for the MIS segment, the Company has applied a practical expedient set forth in ASC Topic 606 permitting the omission of unsatisfied performance obligations relating to contracts with an original expected length of one year or less.
v3.25.1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2025
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 March 31,
20252024
Stock-based compensation cost$57 $53 
Tax benefit$12 $12 
During the first quarter of 2025, the Company granted 0.1 million employee stock options, which had a weighted average grant date fair value of $163.59 per share. The Company also granted 0.4 million shares of restricted stock in the first quarter of 2025, which had a weighted average grant date fair value of $513.12 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 $501.88 per share.
The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2025:
Expected dividend yield0.73 %
Expected stock volatility27 %
Risk-free interest rate4.51 %
Expected holding period5.6 years
Unrecognized stock-based compensation expense at March 31, 2025 was $18 million and $390 million for unvested stock options and restricted stock, respectively, which is expected to be recognized over a weighted average period of 2.0 years and 2.8 years, respectively. Additionally, there was $77 million of unrecognized stock-based compensation expense relating to the aforementioned non-market-based performance-based awards, which is expected to be recognized over a weighted average period of 2.2 years.
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Three Months Ended
March 31,
2025
2024
Exercise of stock options:
Proceeds from stock option exercises$18 $16 
Aggregate intrinsic value$28 $21 
Tax benefit realized upon exercise$6 $3 
Number of shares exercised
0.1 0.1 
Vesting of restricted stock:
Fair value of shares vested$229 $169 
Tax benefit realized upon vesting$56 $41 
Number of shares vested0.5 0.4 
Vesting of performance-based restricted stock:
Fair value of shares vested$8 $40 
Tax benefit realized upon vesting$1 $9 
Number of shares vested (1)
— 0.1 
(1) The number of shares vested in 2025 was approximately 15 thousand.
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Moody’s ETR was 22.3% and 23.3% for the three months ended March 31, 2025 and 2024, respectively. The decrease in the ETR for the three months ended March 31, 2025 as compared to the same period in the prior year is primarily due to an increase in excess tax benefits from stock-based compensation. The Company’s provision for income taxes differs from the tax computed by applying its estimated annual ETR to the pre-tax earnings due to the excess tax benefits of $26 million recognized in the first quarter.
The Company classifies interest related to UTPs in interest expense, net in its consolidated statements of operations. Penalties, if incurred, would be recognized in other non-operating income, net. The Company had a net increase in its UTP reserves of $7 million ($6 million, net of federal tax) during the first quarter of 2025.
Moody’s is subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company's U.S. federal income tax returns for 2021 through 2023 remain open to examination. The Company’s New York City tax returns for 2018 through 2022 are currently under examination, and 2023 is open to examination. The Company’s U.K. tax returns for 2017 through 2023 remain open to examination.
For ongoing audits, it is possible the balance of UTPs could decrease in the next twelve months as a result of the settlement of such audits, which might involve the payment of additional taxes, the adjustment of certain deferred taxes and/or the recognition of tax benefits. It is also possible that new issues will be raised by tax authorities which could necessitate increases to the balance of UTPs. As the Company is unable to predict the timing or outcome of these audits, it is unable to estimate the amount of future changes to the balance of UTPs at this time. However, the Company believes that it has adequately provided for its financial exposure relating to all open tax years, by tax jurisdiction, in accordance with the applicable provisions of ASC Topic 740 regarding UTPs.
The following table shows the amount the Company paid for income taxes:
Three Months Ended March 31,
20252024
Income taxes paid $115 $87 
Effective in 2024, multiple foreign jurisdictions in which the Company operates enacted legislation to adopt a minimum tax rate described in the Global Anti-Base Erosion tax model rules (referred to as GloBE or Pillar II) issued by the OECD. A minimum ETR of 15% applies to multinational companies with consolidated revenue above €750 million. Under the GloBE rules, a company is required to determine a combined ETR for all entities located in a jurisdiction. If the jurisdictional effective tax rate is less than 15%, an additional tax generally will be due to bring the jurisdictional ETR up to 15%. We have evaluated the impact of the Pillar II global minimum tax rules on our consolidated financial statements and related disclosures. As of March 31, 2025, the Pillar II minimum tax requirement is not expected to have a material impact on our full-year results of operations or financial position.
v3.25.1
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended March 31,
20252024
Basic180.0 182.6 
Dilutive effect of shares issuable under stock-based compensation plans0.7 0.8 
Diluted180.7 183.4 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.4 0.4 
The calculation of basic shares outstanding is based on the weighted average number of shares of common stock outstanding during the reporting period. The calculation of diluted EPS requires certain assumptions regarding the use of both cash proceeds and assumed proceeds that would be received upon the exercise of stock options and vesting of restricted stock outstanding as of March 31, 2025 and 2024.
v3.25.1
CASH EQUIVALENTS AND INVESTMENTS
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,123 $— $1,123 $1,054 $62 $7 
Mutual funds$87 $11 $98 $— $— $98 
As of December 31, 2024
Balance sheet location

Cost		Gains/(Losses)
Fair Value		Cash and cash
equivalents		Short-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,911 $— $1,911 $1,345 $566 $— 
Mutual funds$88 $10 $98 $— $— $98 
(1) Consists of time deposits, money market deposit accounts and money market funds. The remaining contractual maturities for the certificates of deposits classified as short-term investments are one month to 12 months at both March 31, 2025 and December 31, 2024. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 14 months at March 31, 2025. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
In addition, the Company invested in COLI. As of March 31, 2025 and December 31, 2024, the contract value of the COLI was $49 million and $48 million, respectively.
v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to global market risks, including risks from changes in FX rates and changes in interest rates. Accordingly, the Company uses derivatives in certain instances to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for speculative purposes.
Derivatives and non-derivative instruments designated as accounting hedges:
Fair Value Hedges
Interest Rate Swaps
The Company has entered into interest rate swaps to convert the fixed interest rate on certain of its long-term debt to a floating interest rate based on the SOFR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statements of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
March 31, 2025
As of December 31, 2024
Floating Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed500 500 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed— 300 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$2,250 $2,550 
Refer to Note 14 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20252024
Interest expense, net$(61)$(62)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(18)$(25)
Fair value changes on interest rate swapsInterest expense, net$37 $(29)
Fair value changes on hedged debtInterest expense, net$(37)$29 
Net investment hedges
Debt designated as net investment hedges
The Company has designated €500 million of the 2015 Senior Notes Due 2027 and €750 million of the 2019 Senior Notes due 2030 as net investment hedges to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. These hedges are designated as accounting hedges under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027 and 2030, respectively, unless terminated early at the discretion of the Company.
Cross currency swaps designated as net investment hedges
The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s net investment in certain foreign subsidiaries against changes in EUR/USD and HKD/USD exchange rates. The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
March 31, 2025
PayReceive
Nature of Swap
Notional Amount (1)
Weighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€1,817 2.35%$1,914 3.88%
Pay Floating/Receive Floating€1,688 Based on ESTR$1,750 Based on SOFR
Pay Fixed/Receive FixedHK$1,949 —%$250 0.51%
(1) € = euro, HK$ = Hong Kong dollar
December 31, 2024
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€965 2.91%$1,014 4.41%
Pay Floating/Receive Floating€2,138 Based on ESTR$2,250 Based on SOFR
As of March 31, 2025 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
EUR/USD
HKD/USD
Years Ending December 31,
Notional Amount (Pay) (1)
Notional Amount (Receive)
Notional Amount (Pay) (1)
Notional Amount (Receive)
2027€531 $550 HK$— $— 
2028588 600 — — 
2029573 614 — — 
2030481 500 — — 
2031481 500 — — 
2032481 500 1,949 250 
2033370 400 — — 
Total€3,505 $3,664 HK$1,949 $250 
(1) € = euro, HK$ = Hong Kong dollar
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
202520242025202420252024
Cross currency swaps$(88)$51 $— $— $14 $11 
Long-term debt(42)23 — — — — 
Total net investment hedges$(130)$74 $— $— $14 $11 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts— — — (1)— — 
Total$(130)$74 $— $(1)$14 $11 
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
March 31, 2025December 31, 2024
Net investment hedges
Cross currency swaps$90 $178 
FX forwards29 29 
Long-term debt26 68 
Total net investment hedges$145 $275 
Cash flow hedges
Interest rate contracts$(43)$(43)
Cross currency swaps1 1 
Total cash flow hedges(42)(42)
Total net gain in AOCL$103 $233 
Derivatives not designated as accounting hedges:
Foreign exchange forwards
The Company also enters into foreign exchange forward contracts to mitigate the change in fair value on certain assets and liabilities denominated in currencies other than a subsidiary’s functional currency. These forward contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating income, net, in the Company’s consolidated statements of operations along with the FX gain or loss recognized on the assets and liabilities denominated in a currency other than the subsidiary’s functional currency. These contracts have expiration dates at various times through August 2025.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
March 31, 2025December 31, 2024
Notional amount of currency pair (1):
SellBuySellBuy
Contracts to sell USD for GBP$659 £511 $604 £470 
Contracts to sell USD for JPY
$23 ¥3,500 $29 ¥4,000 
Contracts to sell USD for CAD
$56 C$80 $35 C$50 
Contracts to sell USD for SGD
$23 S$30 $45 S$59 
Contracts to sell USD for EUR
$83 €76 $— €— 
Contracts to sell USD for INR
$22 ₹1,900 $23 ₹1,900 
Contracts to sell GBP for USD£56 $73 £— $— 
Contracts to sell EUR for USD
€— $— €12 $12 
(1) € = euro, £ = British pound, S$ = Singapore dollar, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, ₹= Indian Rupee
Total Return Swaps
The Company has entered into total return swaps to mitigate market-driven changes in the value of certain liabilities associated with the Company's deferred compensation plans. The fair value of these swaps at March 31, 2025 and related gains in the three months ended March 31, 2025 were not material. The notional amount of the total return swaps as of March 31, 2025 and December 31, 2024 was $64 million and $66 million, respectively.
The following table summarizes the impact to the consolidated statements of operations relating to the gains (losses) on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended March 31,
20252024
FX forwardsOther non-operating income, net$18 $(13)
Total return swaps
Operating expense
$(2)$3 
Total return swaps
SG&A expense
$(1)$1 
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationMarch 31, 2025December 31, 2024
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$3 $58 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets8 — 
Total assets$11 $58 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$10 $3 
Cross-currency swaps designated as net investment hedgesOther liabilities122 26 
Interest rate swaps designated as fair value hedgesOther liabilities122 166 
Total derivatives designated as accounting hedges254 195 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,350 1,294 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities8 21 
Total liabilities$1,612 $1,510 
v3.25.1
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2025
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:
Three Months Ended March 31, 2025
MAMISConsolidated
Gross goodwillAccumulated
impairment
charge		Net
goodwill		Gross goodwillAccumulated impairment
charge		Net
goodwill		Gross goodwillAccumulated
impairment
charge		Net
goodwill
Balance at beginning
of year		$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
Additions/
adjustments (1)
135 — 135 — — — 135 — 135 
Foreign currency translation adjustments111 — 111 (3)— (3)108 — 108 
Ending balance$5,872 $(12)$5,860 $377 $— $377 $6,249 $(12)$6,237 
Year Ended December 31, 2024
MAMISConsolidated
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year		$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
Additions/
adjustments (2)
112 — 112 97 — 97 209 — 209 
Foreign currency translation
adjustments		(167)— (167)(4)— (4)(171)— (171)
Ending balance$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
(1) The 2025 additions relate to the acquisition of CAPE Analytics in 2025.
(2) The 2024 additions/adjustments primarily relate to certain immaterial acquisitions in 2024 (most notably GCR, Numerated and Praedicat).
Acquired intangible assets and related amortization consisted of:
March 31,
2025		December 31,
2024
Customer relationships$2,143 $2,035 
Accumulated amortization(668)(631)
Net customer relationships1,475 1,404 
Software/product technology747 695 
Accumulated amortization(447)(419)
Net software/product technology300 276 
Database166 166 
Accumulated amortization(93)(89)
Net database73 77 
Trade names202 199 
Accumulated amortization(88)(83)
Net trade names114 116 
Other (1)
67 67 
Accumulated amortization(51)(50)
Net other16 17 
Total acquired intangible assets, net$1,978 $1,890 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
March 31,
20252024
Amortization expense
$53 $49 
v3.25.1
RESTRUCTURING
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
On December 19, 2024, the CEO of Moody’s approved the Strategic and Operational Efficiency Restructuring Program. The Company estimates that upon completion, the program will result in annualized savings of $250 million to $300 million. This program relates to the Company's strategy to realign its operations toward high priority growth areas and to consolidate certain functions to simplify the organization to enable improved operating efficiency and leverage. This program will primarily include a reduction in staff, the rationalization and exit of certain leased office spaces and the retirement of certain legacy software applications. The program includes $170 million to $200 million of expected pre-tax personnel-related restructuring charges, an amount that includes severance costs, expense related to the modification of equity awards and other related costs primarily determined under the Company’s existing severance plans. In addition, the program is expected to result in $10 million to $20 million of non-cash charges from the exit from certain leased office spaces and $20 million to $30 million of non-cash charges related to incremental amortization of internally developed software due to a reduction in the useful life of the software assets. The savings generated from the Strategic and Operational Efficiency Restructuring Program are expected to strengthen the Company's operating margin, with a portion being deployed to support strategic investments. The Strategic and Operational Efficiency Restructuring Program is expected to be substantially complete by the end of 2026. Cash outlays associated with this program are expected to be $170 million to $200 million, which are expected to be paid through 2027.
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended March 31,Cumulative expense incurred
20252024
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1)
$31 $— $76 
Real estate related costs (2)
2 — 2 
Total Restructuring$33 $— $78 
(1) Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program.
(2) Includes the non-cash acceleration of amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
Changes to the restructuring liability for the aforementioned restructuring program were as follows:
Balance as of December 31, 2024
$39 
Strategic and Operational Efficiency Restructuring Program:
Cost incurred and adjustments30 
Cash payments
(22)
Balance as of March 31, 2025 (1)
$47 
(1) Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
As of March 31, 2025, substantially all of the remaining $47 million restructuring liability is expected to be paid out in the next twelve months.
v3.25.1
FAIR VALUE
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE    
The tables below present information about items that are carried at fair value at March 31, 2025 and December 31, 2024:
Fair Value Measurement as of March 31, 2025
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$11 $— $11 
Money market funds/mutual funds
108 108 — 
Total$119 $108 $11 
Liabilities:
Derivatives (1)
$262 $— $262 
Total$262 $— $262 
Fair Value Measurement as of December 31, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$58 $— $58 
Money market funds/mutual funds
108 108 — 
Total$166 $108 $58 
Liabilities:
Derivatives (1)
$216 $— $216 
Total$216 $— $216 
(1) Represents fair value of certain derivative contracts as more fully described in Note 8 to the consolidated financial statements.
The following are descriptions of the methodologies utilized by the Company to estimate the fair value of its derivative contracts, money market mutual funds and mutual funds:
Derivatives:
In determining the fair value of the derivative contracts in the table above, the Company utilizes industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using spot rates, forward points, currency volatilities, interest rates as well as the risk of non-performance of the Company and the counterparties with whom it has derivative contracts. The Company established strict counterparty credit guidelines and only enters into transactions with financial institutions that adhere to these guidelines. Accordingly, the risk of counterparty default is deemed to be minimal.
Money market funds and mutual funds:
The mutual funds in the table above are deemed to be equity securities with readily determinable fair values with changes in the fair value recognized through net income under ASC Topic 321. The fair value of these instruments is determined using Level 1 inputs as defined in the ASC Topic 820.
v3.25.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
 3 Months Ended
Mar. 31, 2025
Other Balance Sheet And Statement Of Operations Information [Abstract]  
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
March 31, 2025December 31, 2024
Other current assets:
Prepaid taxes$100 $81 
Prepaid expenses184 179 
Capitalized costs to obtain and fulfill sales contracts139 131 
Foreign exchange forwards on certain assets and liabilities8 — 
Interest receivable on interest rate and cross currency swaps42 77 
Other41 47 
Total other current assets$514 $515 
Other assets:
Investments in non-consolidated affiliates$489 $465 
Deposits for real-estate leases16 15 
Indemnification assets related to acquisitions111 109 
Mutual funds, certificates of deposit and money market deposit accounts/funds
105 98 
Company owned life insurance (at contract value)49 48 
Capitalized costs to obtain sales contracts
224 214 
Derivative instruments designated as accounting hedges3 58 
Pension and other retirement employee benefits61 60 
Other78 99 
Total other assets$1,136 $1,166 
Accounts payable and accrued liabilities:
Salaries and benefits$163 $133 
Incentive compensation105 452 
Customer credits, advanced payments and advanced billings155 142 
Dividends7 32 
Professional service fees38 38 
Interest accrued on debt
42 92 
Accounts payable98 53 
Income taxes205 144 
Pension and other retirement employee benefits11 11 
Accrued royalties27 25 
Foreign exchange forwards on certain assets and liabilities8 21 
Restructuring liability51 46 
Derivative instruments designated as accounting hedges10 3 
Interest payable on interest rate and cross currency swaps39 60 
Other90 92 
Total accounts payable and accrued liabilities$1,049 $1,344 
March 31, 2025December 31, 2024
Other liabilities:
Pension and other retirement employee benefits$196 $195 
Interest accrued on UTPs52 47 
MAKS indemnification provisions18 19 
Income tax liability - non-current portion12 12 
Derivative instruments designated as accounting hedges244 192 
Other52 52 
Total other liabilities$574 $517 
Investments in non-consolidated affiliates:
The following table provides additional detail regarding Moody's investments in non-consolidated affiliates, as included in other assets in the consolidated balance sheets:
March 31, 2025December 31, 2024
Equity method investments (1)
$139 $127 
Investments measured using the measurement alternative (2)
338 328 
Other12 10 
Total investments in non-consolidated affiliates$489 $465 
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Moody's holds various investments accounted for under the equity method, the most significant of which is the Company's minority investment in CCXI. Moody's also holds various investments measured using the measurement alternative, the most significant of which is the Company's minority interest in BitSight.
Earnings from non-consolidated affiliates, which are included within other non-operating income, net, are disclosed within the table below.
Other non-operating income, net:
The following table summarizes the components of other non-operating income, net:
Three Months Ended March 31,
20252024
FX loss
$(5)$(3)
Net periodic pension income - non-service and non-interest cost components
9 8 
Income from investments in non-consolidated affiliates11 — 
Gain on investments
3 3 
Other
1 5 
Total$19 $13 
Charges related to asset abandonment:
During the three months ended March 31, 2025, the Company recorded charges related to asset abandonment of $2 million. These charges were related to severance incurred pursuant to a reduction in staff due to the Company's decision in 2024 to outsource the production of certain sustainability content utilized in our product offerings. Cumulative charges relating to this action as of March 31, 2025 were $45 million, which include both severance and incremental amortization expense related to the change in estimated useful lives of certain internally developed software and amortizable intangible assets that are associated with the sustainability content offerings for which production is being outsourced.
v3.25.1
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
The amounts reclassified out of AOCL, as shown in the consolidated statements of comprehensive income, were not material for all periods presented.
The following tables show changes in AOCL by component (net of tax):
Three Months Ended March 31,
20252024
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(39)$(42)$(832)$275 $(638)$(56)$(44)$(520)$53 $(567)
Other comprehensive income (loss) before reclassifications
— — 190 (130)60 (1)— (115)74 (42)
Amounts reclassified from AOCL— — — — — — 1 — — 1 
Other comprehensive income (loss)
— — 190 (130)60 (1)1 (115)74 (41)
Balance at March 31,
$(39)$(42)$(642)$145 $(578)$(57)$(43)$(635)$127 $(608)
v3.25.1
INDEBTEDNESS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying value, which represents the issuance amount plus or minus any issuance premium or discount, except for certain debt as depicted in the table below, which is recorded at the carrying value adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
March 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(27)$3 $(4)$572 
1.75% 2015 Senior Notes, due 2027
540 — — (1)539 
3.25% 2017 Senior Notes, due 2028
500 (10)(2)(1)487 
4.25% 2018 Senior Notes, due 2029
400 (28)(1)(1)370 
4.875% 2018 Senior Notes, due 2048
400 (29)(6)(3)362 
0.950% 2019 Senior Notes, due 2030
810 — (1)(3)806 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (5)(3)592 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (32)(8)(5)455 
4.25% 2022 Senior Notes, due 2032
500 (6)(2)(3)489 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt
$7,050 $(132)$(51)$(44)$6,823 
December 31, 2024
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(32)$3 $(4)$567 
1.75% 2015 Senior Notes, due 2027
518 — — (1)517 
3.25% 2017 Senior Notes, due 2028
500 (13)(2)(1)484 
4.25% 2018 Senior Notes, due 2029
400 (35)(1)(1)363 
4.875% 2018 Senior Notes, due 2048
400 (35)(6)(3)356 
0.950% 2019 Senior Notes, due 2030
776 — (1)(3)772 
3.75% 2020 Senior Notes, due 2025
700 (3)— — 697 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (43)(8)(5)444 
4.25% 2022 Senior Notes, due 2032
500 (8)(2)(3)487 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total debt
$7,694 $(169)$(52)$(45)$7,428 
Current portion(697)
Total long-term debt$6,731 
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.
Notes Payable
During the first quarter of 2025, the Company fully repaid the $700 million of 3.75% 2020 Senior Notes which had reached maturity.
At March 31, 2025, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of March 31, 2025, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2025 (After March 31,)
$— 
2026— 
2027540 
2028500 
2029400 
Thereafter5,610 
Total$7,050 
Interest expense, net
The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
Three Months Ended
March 31,
20252024
Income$24 $22 
Expense on borrowings(1)
(72)(74)
Expense on UTPs and other tax related liabilities
(6)(4)
Net periodic pension costs - interest component(7)(6)
Interest expense, net$(61)$(62)
Interest paid(2)
$91 $100 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate and cross currency swaps, which are more fully discussed in Note 8.
(2) Interest paid includes net settlements on interest rate and cross currency swaps, which are more fully discussed in Note 8.

The fair value and carrying value of the Company’s debt as of March 31, 2025 and December 31, 2024 are as follows:
March 31, 2025December 31, 2024
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,823 $6,026 $7,428 $6,601 
The fair value of the Company’s debt is estimated based on quoted prices in active markets as of the reporting date, which are considered Level 1 inputs within the fair value hierarchy.
v3.25.1
LEASES
 3 Months Ended
Mar. 31, 2025
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 March 31,
20252024
Operating lease cost$22 $22 
Sublease income(2)(2)
Variable lease cost4 5 
Total lease cost$24 $25 
The following tables present other information related to the Company’s operating leases:
Three Months Ended March 31,
20252024
Cash paid for amounts included in the measurement of operating lease liabilities$30 $30 
Right-of-use assets obtained in exchange for new operating lease liabilities
$21 $4 
March 31, 2025March 31, 2024
Weighted-average remaining lease term
3.7 years4.2 years
Weighted-average discount rate applied to operating leases
3.2 %3.2 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2025:
Year Ending December 31,Operating Leases
2025 (After March 31,)
$87 
202697 
202780 
202825 
202920 
After 202923 
Total lease payments (undiscounted)332 
Less: Interest19 
Present value of lease liabilities:$313 
Lease liabilities - current$103 
Lease liabilities - noncurrent$210 
As of March 31, 2025, the Company has entered into additional operating leases that have not yet commenced, with lease obligations of approximately $155 million related to the lease of office space. Accordingly, the ROU Assets and operating lease liabilities at March 31, 2025 do not reflect the amounts for these leases. The operating leases will commence in 2025 and have lease terms between 11 and 15 years.
v3.25.1
CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
Given the nature of the Company's activities, Moody’s and its subsidiaries are subject to legal and tax proceedings, governmental, regulatory and legislative investigations, subpoenas and other inquiries, and claims and litigation by governmental and private parties that are based on ratings assigned by MIS or that are otherwise incidental to the Company’s business. Moody’s and MIS also are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties or restrictions on business activities. Moody’s also is subject to ongoing tax audits as addressed in Note 5 to the consolidated financial statements.
Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For claims, litigation and proceedings and governmental investigations and inquiries not related to income taxes, the Company records liabilities in the consolidated financial statements when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated and periodically adjusts these as appropriate. When the reasonable estimate of the loss is within a range of amounts, the minimum amount of the range is accrued unless some higher amount within the range is a better estimate than another amount within the range. In instances when a loss is reasonably possible
but uncertainties exist related to the probable outcome and/or the amount or range of loss, management does not record a liability but discloses the contingency if material. As additional information becomes available, the Company adjusts its assessments and estimates of such matters accordingly. Moody’s also discloses material pending legal proceedings pursuant to SEC rules and other pending matters as it may determine to be appropriate.
In view of the inherent difficulty of assessing the potential outcome of legal proceedings, governmental, regulatory and legislative investigations and inquiries, claims and litigation and similar matters and contingencies, particularly when the claimants seek large or indeterminate damages or assert novel legal theories or the matters involve a large number of parties, the Company often cannot predict what the eventual outcome of the pending matters will be or the timing of any resolution of such matters. The Company also may be unable to predict the impact (if any) that any such matters may have on how its business is conducted, on its competitive position or on its financial position, results of operations or cash flows. As the process to resolve any pending matters progresses, management will continue to review the latest information available and assess its ability to predict the outcome of such matters and the effects, if any, on its operations and financial condition and to accrue for and disclose such matters as and when required. However, because such matters are inherently unpredictable and unfavorable developments or resolutions can occur, the ultimate outcome of such matters, including the amount of any loss, may differ from those estimates.
v3.25.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MA and MIS and accordingly, the Company reports in two reportable segments: MA and MIS.
Revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. Additionally, revenue for MIS and expenses for MA include intersegment fees charged to MA for the rights to use and distribute content, data and products developed by MIS. These intersegment fees are generally based on the market value of the products and services being transferred between the segments.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are generally allocated to each segment based on historical/budgeted revenue amounts.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the CODM to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue, significant expenses regularly provided to the CODM and Adjusted Operating Income by reportable segment. The CODM, identified as the Company's CEO, utilizes the Adjusted Operating Income measure to assess the profitability of the Company and each of its reportable segments each quarter. Adjusted Operating Income is used in our budgeting and forecasting process, enabling the allocation of capital resources across the Company's strategic initiatives.
Three Months Ended March 31,
20252024
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$859 $1,065 $— $1,924 $799 $987 $— $1,786 
Intersegment revenue3 49 (52)— 3 47 (50)— 
Revenue862 1,114 (52)1,924 802 1,034 (50)1,786 
Compensation expense
362 280 — 642 337 272 — 609 
Non-compensation expense
192 96 — 288 180 91 — 271 
Intersegment expense
49 3 (52)— 47 3 (50)— 
Operating, SG&A603 379 (52)930 564 366 (50)880 
Adjusted Operating Income$259 $735 $— $994 $238 $668 $— $906 
Add:

Depreciation and
amortization		94 19 — 113 82 18 — 100 
Restructuring26 7 — 33 2 3 — 5 
Charges related to asset abandonment2 — — 2 — — — — 
Operating Income$846 $801 
Non-operating (expense) income, net
$(42)$(49)
Income before provision for income taxes
$804 $752 
The table below shows cumulative restructuring expense incurred through March 31, 2025 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$60 $18 $78 
The costs expected to be incurred related to the Strategic and Operational Efficiency Restructuring Program are $125 million to $155 million for the MA segment and $75 million to $95 million for the MIS segment, which include allocations of charges associated with corporate functions. This restructuring program is more fully discussed in Note 10.
Consolidated Revenue Information by Geographic Area
Three Months Ended March 31,
20252024
United States$1,065 $969 
Non-U.S.:
EMEA569 542 
Asia-Pacific167 155 
Americas123 120 
Total Non-U.S.859 817 
Total$1,924 $1,786 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 625 $ 577
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Description of Business and Basis of Presentation - (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU No. 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU No. 2023-09 require entities to disclose additional income tax information, primarily related to greater disaggregation of the entity's ETR reconciliation and income taxes paid by jurisdiction disclosures. This ASU is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" ("ASU No. 2024-03"). The amendments in this ASU require more detailed disclosures about specific expense categories in the notes to financial statements (including employee compensation, depreciation and intangible asset amortization) and apply to both interim and annual reporting periods. ASU No. 2024-03 also requires disclosure of total selling expenses for both interim and annual reporting periods, with an additional requirement to provide an entity’s definition of selling expenses in annual reporting. This ASU is effective in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in this ASU should be applied either (1) prospectively for annual and interim reporting periods beginning after the aforementioned effective dates or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
Reclassification of Previously Reported Transaction and Recurring Revenue
In the first quarter of 2025, the Company reclassified certain prior-year transaction and recurring revenue amounts to align with a refined classification methodology. The impact of the reclassifications were not material, and the reclassified amounts for 2024 are reflected in Note 3.
v3.25.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Goodwill
Goodwill
Moody’s evaluates its goodwill for impairment at the reporting unit level, defined as an operating segment (i.e., MA and MIS), or one level below an operating segment (i.e., a component of an operating segment). Prior to 2025, MA's reporting unit structure consisted of two reporting units comprised of businesses that offer: i) data and data-driven analytical solutions; and ii) risk-management software, workflow and CRE solutions. During the first quarter of 2025, MA reorganized its management and reporting structure, which affected the composition of the reporting units within the MA reportable segment. As a result, MA's reporting unit structure now consists of one reporting unit, which is consistent with the segment's current management structure and operating model. This reorganization did not result in a change to the Company's reportable segments. The Company performed assessments of the reporting units impacted by the reorganization immediately before and after the reorganization became effective and determined that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount.
Subsequent to the aforementioned reorganization of the MA reporting unit structure, the Company now has three reporting units: two within the Company’s ratings business (one for the ICRA business and one that encompasses all of Moody’s other ratings operations) and one reporting unit within MA.
v3.25.1
REVENUES (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
March 31,
20252024
MA:
Decision Solutions (DS)
Banking$141 $134 
Insurance163 144 
KYC101 87 
Total DS405 365 
Research and Insights (R&I)236 222 
Data and Information (D&I)218 212 
Total external revenue859 799 
Intersegment revenue3 3 
Total MA862 802 
MIS:
Corporate Finance (CFG)
Investment-grade165 147 
High-yield67 67 
Bank loans160 155 
Other accounts (1)
172 160 
Total CFG564 529 
Structured Finance (SFG)
Asset-backed securities35 33 
RMBS26 24 
CMBS28 17 
Structured credit48 39 
Other accounts1 1 
Total SFG138 114 
Financial Institutions (FIG)
Banking130 121 
Insurance45 59 
Managed investments13 12 
Other accounts3 3 
Total FIG191 195 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign72 59 
Project and infrastructure91 82 
Total PPIF163 141 
Total ratings revenue1,056 979 
MIS Other9 8 
Total external revenue1,065 987 
Intersegment revenue49 47 
Total MIS1,114 1,034 
Eliminations(52)(50)
Total MCO$1,924 $1,786 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$167 $238 $405 $138 $227 $365 
Research and Insights128 108 236 122 100 222 
Data and Information80 138 218 77 135 212 
Total MA375 484 859 337 462 799 
MIS:
Corporate Finance391 173 564 372 157 529 
Structured Finance100 38 138 76 38 114 
Financial Institutions95 96 191 98 97 195 
Public, Project and Infrastructure Finance104 59 163 86 55 141 
Total ratings revenue690 366 1,056 632 347 979 
MIS Other— 9 9 — 8 8 
Total MIS690 375 1,065 632 355 987 
Total MCO$1,065 $859 $1,924 $969 $817 $1,786 
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended March 31,
20252024
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions
Banking
$26 $115 $141 $29 $105 $134 
18 %82 %100 %22 %78 %100 %
Insurance
$6 $157 $163 $10 $134 $144 
4 %96 %100 %7 %93 %100 %
KYC
$— $101 $101 $2 $85 $87 
— %100 %100 %2 %98 %100 %
 Total Decision Solutions
$32 $373 $405 $41 $324 $365 
8 %92 %100 %11 %89 %100 %
Research and Insights$3 $233 $236 $3 $219 $222 
1 %99 %100 %1 %99 %100 %
Data and Information$2 $216 $218 $3 $209 $212 
1 %99 %100 %1 %99 %100 %
Total MA (1)
$37 $822 $859 $47 $752 $799 
4 %96 %100 %6 %94 %100 %
Corporate Finance$427 $137 $564 $399 $130 $529 
76 %24 %100 %75 %25 %100 %
Structured Finance$78 $60 $138 $59 $55 $114 
57 %43 %100 %52 %48 %100 %
Financial Institutions$109 $82 $191 $122 $73 $195 
57 %43 %100 %63 %37 %100 %
Public, Project and Infrastructure Finance$116 $47 $163 $96 $45 $141 
71 %29 %100 %68 %32 %100 %
MIS Other$2 $7 $9 $1 $7 $8 
22 %78 %100 %12 %88 %100 %
Total MIS$732 $333 $1,065 $677 $310 $987 
69 %31 %100 %69 %31 %100 %
Total Moody's Corporation$769 $1,155 $1,924 $724 $1,062 $1,786 
40 %60 %100 %41 %59 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP.

The following table presents the timing of revenue recognition:
Three Months Ended March 31, 2025
Three Months Ended March 31, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$25 $732 $757 $21 $677 $698 
Revenue recognized over time834 333 1,167 778 310 1,088 
Total$859 $1,065 $1,924 $799 $987 $1,786 
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
March 31,
20252024
MA:
U.S.$375 $337 
Non-U.S.:
EMEA331 316 
Asia-Pacific88 85 
Americas65 61 
Total Non-U.S.484 462 
Total MA859 799 
MIS:
U.S.690 632 
Non-U.S.:
EMEA238 226 
Asia-Pacific79 70 
Americas58 59 
Total Non-U.S.375 355 
Total MIS1,065 987 
Total MCO$1,924 $1,786 
    
Three Months Ended March 31,
20252024
United States$1,065 $969 
Non-U.S.:
EMEA569 542 
Asia-Pacific167 155 
Americas123 120 
Total Non-U.S.859 817 
Total$1,924 $1,786 
Schedule of Unbilled Receivables
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2025 and December 31, 2024:
As of March 31, 2025
As of December 31, 2024
MAMISMAMIS
Unbilled Receivables$100 $493 $122 $426 
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three months ended March 31, 2025 and 2024 are as follows:
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
MAMISTotalMAMISTotal
Balance at December 31,$1,243 $268 $1,511 $1,111 $270 $1,381 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(492)(99)(591)(437)(94)(531)
Increases due to amounts billable excluding amounts recognized as revenue during the period666 188 854 652 187 839 
Increases due to acquisitions during the period15 — 15 — — 
Effect of exchange rate changes30 3 33 (14)(2)(16)
Total changes in deferred revenue219 92 311 201 91 292 
Balance at March 31,
$1,462 $360 $1,822 $1,312 $361 $1,673 
Deferred revenue - current$1,461 $304 $1,765 $1,310 $302 $1,612 
Deferred revenue - non-current$1 $56 $57 $2 $59 $61 
v3.25.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31,
20252024
Stock-based compensation cost$57 $53 
Tax benefit$12 $12 
Weighted Average Assumptions used in Determining Fair Value for Options Granted
The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2025:
Expected dividend yield0.73 %
Expected stock volatility27 %
Risk-free interest rate4.51 %
Expected holding period5.6 years
Stock Option Exercises and Restricted Stock Vesting
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Three Months Ended
March 31,
2025
2024
Exercise of stock options:
Proceeds from stock option exercises$18 $16 
Aggregate intrinsic value$28 $21 
Tax benefit realized upon exercise$6 $3 
Number of shares exercised
0.1 0.1 
Vesting of restricted stock:
Fair value of shares vested$229 $169 
Tax benefit realized upon vesting$56 $41 
Number of shares vested0.5 0.4 
Vesting of performance-based restricted stock:
Fair value of shares vested$8 $40 
Tax benefit realized upon vesting$1 $9 
Number of shares vested (1)
— 0.1 
(1) The number of shares vested in 2025 was approximately 15 thousand.
v3.25.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Paid
The following table shows the amount the Company paid for income taxes:
Three Months Ended March 31,
20252024
Income taxes paid $115 $87 
v3.25.1
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Reconciliation of Basic to Diluted Shares Outstanding
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended March 31,
20252024
Basic180.0 182.6 
Dilutive effect of shares issuable under stock-based compensation plans0.7 0.8 
Diluted180.7 183.4 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.4 0.4 
v3.25.1
CASH EQUIVALENTS AND INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents and Investments
The table below provides additional information on the Company’s cash equivalents and investments:
As of March 31, 2025
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,123 $— $1,123 $1,054 $62 $7 
Mutual funds$87 $11 $98 $— $— $98 
As of December 31, 2024
Balance sheet location

Cost		Gains/(Losses)
Fair Value		Cash and cash
equivalents		Short-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,911 $— $1,911 $1,345 $566 $— 
Mutual funds$88 $10 $98 $— $— $98 
(1) Consists of time deposits, money market deposit accounts and money market funds. The remaining contractual maturities for the certificates of deposits classified as short-term investments are one month to 12 months at both March 31, 2025 and December 31, 2024. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 14 months at March 31, 2025. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
v3.25.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
March 31, 2025
As of December 31, 2024
Floating Interest Rate
2014 Senior Notes due 2044Pay Floating/Receive Fixed$300 $300 SOFR
2017 Senior Notes due 2028Pay Floating/Receive Fixed500 500 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed— 300 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$2,250 $2,550 
The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
March 31, 2025
PayReceive
Nature of Swap
Notional Amount (1)
Weighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€1,817 2.35%$1,914 3.88%
Pay Floating/Receive Floating€1,688 Based on ESTR$1,750 Based on SOFR
Pay Fixed/Receive FixedHK$1,949 —%$250 0.51%
(1) € = euro, HK$ = Hong Kong dollar
December 31, 2024
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€965 2.91%$1,014 4.41%
Pay Floating/Receive Floating€2,138 Based on ESTR$2,250 Based on SOFR
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20252024
Interest expense, net$(61)$(62)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(18)$(25)
Fair value changes on interest rate swapsInterest expense, net$37 $(29)
Fair value changes on hedged debtInterest expense, net$(37)$29 
Schedule of Net Investment Hedges, Notional Amount That Will Be Settled At Expiry
As of March 31, 2025 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
EUR/USD
HKD/USD
Years Ending December 31,
Notional Amount (Pay) (1)
Notional Amount (Receive)
Notional Amount (Pay) (1)
Notional Amount (Receive)
2027€531 $550 HK$— $— 
2028588 600 — — 
2029573 614 — — 
2030481 500 — — 
2031481 500 — — 
2032481 500 1,949 250 
2033370 400 — — 
Total€3,505 $3,664 HK$1,949 $250 
(1) € = euro, HK$ = Hong Kong dollar
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
202520242025202420252024
Cross currency swaps$(88)$51 $— $— $14 $11 
Long-term debt(42)23 — — — — 
Total net investment hedges$(130)$74 $— $— $14 $11 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts— — — (1)— — 
Total$(130)$74 $— $(1)$14 $11 
Components of Accumulated Other Comprehensive Income The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
March 31, 2025December 31, 2024
Net investment hedges
Cross currency swaps$90 $178 
FX forwards29 29 
Long-term debt26 68 
Total net investment hedges$145 $275 
Cash flow hedges
Interest rate contracts$(43)$(43)
Cross currency swaps1 1 
Total cash flow hedges(42)(42)
Total net gain in AOCL$103 $233 
The following tables show changes in AOCL by component (net of tax):
Three Months Ended March 31,
20252024
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(39)$(42)$(832)$275 $(638)$(56)$(44)$(520)$53 $(567)
Other comprehensive income (loss) before reclassifications
— — 190 (130)60 (1)— (115)74 (42)
Amounts reclassified from AOCL— — — — — — 1 — — 1 
Other comprehensive income (loss)
— — 190 (130)60 (1)1 (115)74 (41)
Balance at March 31,
$(39)$(42)$(642)$145 $(578)$(57)$(43)$(635)$127 $(608)
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
March 31, 2025December 31, 2024
Notional amount of currency pair (1):
SellBuySellBuy
Contracts to sell USD for GBP$659 £511 $604 £470 
Contracts to sell USD for JPY
$23 ¥3,500 $29 ¥4,000 
Contracts to sell USD for CAD
$56 C$80 $35 C$50 
Contracts to sell USD for SGD
$23 S$30 $45 S$59 
Contracts to sell USD for EUR
$83 €76 $— €— 
Contracts to sell USD for INR
$22 ₹1,900 $23 ₹1,900 
Contracts to sell GBP for USD£56 $73 £— $— 
Contracts to sell EUR for USD
€— $— €12 $12 
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
The following table summarizes the impact to the consolidated statements of operations relating to the gains (losses) on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended March 31,
20252024
FX forwardsOther non-operating income, net$18 $(13)
Total return swaps
Operating expense
$(2)$3 
Total return swaps
SG&A expense
$(1)$1 
Fair Value of Derivative Instruments
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationMarch 31, 2025December 31, 2024
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$3 $58 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets8 — 
Total assets$11 $58 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$10 $3 
Cross-currency swaps designated as net investment hedgesOther liabilities122 26 
Interest rate swaps designated as fair value hedgesOther liabilities122 166 
Total derivatives designated as accounting hedges254 195 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,350 1,294 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities8 21 
Total liabilities$1,612 $1,510 
v3.25.1
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Activity in Goodwill
The following table summarizes the activity in goodwill for the periods indicated:
Three Months Ended March 31, 2025
MAMISConsolidated
Gross goodwillAccumulated
impairment
charge		Net
goodwill		Gross goodwillAccumulated impairment
charge		Net
goodwill		Gross goodwillAccumulated
impairment
charge		Net
goodwill
Balance at beginning
of year		$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
Additions/
adjustments (1)
135 — 135 — — — 135 — 135 
Foreign currency translation adjustments111 — 111 (3)— (3)108 — 108 
Ending balance$5,872 $(12)$5,860 $377 $— $377 $6,249 $(12)$6,237 
Year Ended December 31, 2024
MAMISConsolidated
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year		$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
Additions/
adjustments (2)
112 — 112 97 — 97 209 — 209 
Foreign currency translation
adjustments		(167)— (167)(4)— (4)(171)— (171)
Ending balance$5,626 $(12)$5,614 $380 $— $380 $6,006 $(12)$5,994 
(1) The 2025 additions relate to the acquisition of CAPE Analytics in 2025.
(2) The 2024 additions/adjustments primarily relate to certain immaterial acquisitions in 2024 (most notably GCR, Numerated and Praedicat).
Acquired Intangible Assets and Related Amortization
Acquired intangible assets and related amortization consisted of:
March 31,
2025		December 31,
2024
Customer relationships$2,143 $2,035 
Accumulated amortization(668)(631)
Net customer relationships1,475 1,404 
Software/product technology747 695 
Accumulated amortization(447)(419)
Net software/product technology300 276 
Database166 166 
Accumulated amortization(93)(89)
Net database73 77 
Trade names202 199 
Accumulated amortization(88)(83)
Net trade names114 116 
Other (1)
67 67 
Accumulated amortization(51)(50)
Net other16 17 
Total acquired intangible assets, net$1,978 $1,890 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization Expense Relating to Acquired Intangible Assets
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
March 31,
20252024
Amortization expense
$53 $49 
v3.25.1
RESTRUCTURING (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Expenses Included in Consolidated Statements of Operations
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended March 31,Cumulative expense incurred
20252024
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1)
$31 $— $76 
Real estate related costs (2)
2 — 2 
Total Restructuring$33 $— $78 
(1) Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program.
(2) Includes the non-cash acceleration of amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
The table below shows cumulative restructuring expense incurred through March 31, 2025 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$60 $18 $78 
Changes to the Restructuring Liability
Changes to the restructuring liability for the aforementioned restructuring program were as follows:
Balance as of December 31, 2024
$39 
Strategic and Operational Efficiency Restructuring Program:
Cost incurred and adjustments30 
Cash payments
(22)
Balance as of March 31, 2025 (1)
$47 
(1) Restructuring liability is primarily comprised of employee termination costs and other severance-related charges.
v3.25.1
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments Carried at Fair Value on Recurring Basis
The tables below present information about items that are carried at fair value at March 31, 2025 and December 31, 2024:
Fair Value Measurement as of March 31, 2025
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$11 $— $11 
Money market funds/mutual funds
108 108 — 
Total$119 $108 $11 
Liabilities:
Derivatives (1)
$262 $— $262 
Total$262 $— $262 
Fair Value Measurement as of December 31, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$58 $— $58 
Money market funds/mutual funds
108 108 — 
Total$166 $108 $58 
Liabilities:
Derivatives (1)
$216 $— $216 
Total$216 $— $216 
(1) Represents fair value of certain derivative contracts as more fully described in Note 8 to the consolidated financial statements.
v3.25.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
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:
March 31, 2025December 31, 2024
Other current assets:
Prepaid taxes$100 $81 
Prepaid expenses184 179 
Capitalized costs to obtain and fulfill sales contracts139 131 
Foreign exchange forwards on certain assets and liabilities8 — 
Interest receivable on interest rate and cross currency swaps42 77 
Other41 47 
Total other current assets$514 $515 
Other assets:
Investments in non-consolidated affiliates$489 $465 
Deposits for real-estate leases16 15 
Indemnification assets related to acquisitions111 109 
Mutual funds, certificates of deposit and money market deposit accounts/funds
105 98 
Company owned life insurance (at contract value)49 48 
Capitalized costs to obtain sales contracts
224 214 
Derivative instruments designated as accounting hedges3 58 
Pension and other retirement employee benefits61 60 
Other78 99 
Total other assets$1,136 $1,166 
Accounts payable and accrued liabilities:
Salaries and benefits$163 $133 
Incentive compensation105 452 
Customer credits, advanced payments and advanced billings155 142 
Dividends7 32 
Professional service fees38 38 
Interest accrued on debt
42 92 
Accounts payable98 53 
Income taxes205 144 
Pension and other retirement employee benefits11 11 
Accrued royalties27 25 
Foreign exchange forwards on certain assets and liabilities8 21 
Restructuring liability51 46 
Derivative instruments designated as accounting hedges10 3 
Interest payable on interest rate and cross currency swaps39 60 
Other90 92 
Total accounts payable and accrued liabilities$1,049 $1,344 
March 31, 2025December 31, 2024
Other liabilities:
Pension and other retirement employee benefits$196 $195 
Interest accrued on UTPs52 47 
MAKS indemnification provisions18 19 
Income tax liability - non-current portion12 12 
Derivative instruments designated as accounting hedges244 192 
Other52 52 
Total other liabilities$574 $517 
Investments in and Advances to Affiliates
The following table provides additional detail regarding Moody's investments in non-consolidated affiliates, as included in other assets in the consolidated balance sheets:
March 31, 2025December 31, 2024
Equity method investments (1)
$139 $127 
Investments measured using the measurement alternative (2)
338 328 
Other12 10 
Total investments in non-consolidated affiliates$489 $465 
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Other Non-Operating
The following table summarizes the components of other non-operating income, net:
Three Months Ended March 31,
20252024
FX loss
$(5)$(3)
Net periodic pension income - non-service and non-interest cost components
9 8 
Income from investments in non-consolidated affiliates11 — 
Gain on investments
3 3 
Other
1 5 
Total$19 $13 
v3.25.1
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains (Losses), net of tax
March 31, 2025December 31, 2024
Net investment hedges
Cross currency swaps$90 $178 
FX forwards29 29 
Long-term debt26 68 
Total net investment hedges$145 $275 
Cash flow hedges
Interest rate contracts$(43)$(43)
Cross currency swaps1 1 
Total cash flow hedges(42)(42)
Total net gain in AOCL$103 $233 
The following tables show changes in AOCL by component (net of tax):
Three Months Ended March 31,
20252024
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(39)$(42)$(832)$275 $(638)$(56)$(44)$(520)$53 $(567)
Other comprehensive income (loss) before reclassifications
— — 190 (130)60 (1)— (115)74 (42)
Amounts reclassified from AOCL— — — — — — 1 — — 1 
Other comprehensive income (loss)
— — 190 (130)60 (1)1 (115)74 (41)
Balance at March 31,
$(39)$(42)$(642)$145 $(578)$(57)$(43)$(635)$127 $(608)
v3.25.1
INDEBTEDNESS (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
March 31, 2025
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(27)$3 $(4)$572 
1.75% 2015 Senior Notes, due 2027
540 — — (1)539 
3.25% 2017 Senior Notes, due 2028
500 (10)(2)(1)487 
4.25% 2018 Senior Notes, due 2029
400 (28)(1)(1)370 
4.875% 2018 Senior Notes, due 2048
400 (29)(6)(3)362 
0.950% 2019 Senior Notes, due 2030
810 — (1)(3)806 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (5)(3)592 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (32)(8)(5)455 
4.25% 2022 Senior Notes, due 2032
500 (6)(2)(3)489 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total long-term debt
$7,050 $(132)$(51)$(44)$6,823 
December 31, 2024
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(32)$3 $(4)$567 
1.75% 2015 Senior Notes, due 2027
518 — — (1)517 
3.25% 2017 Senior Notes, due 2028
500 (13)(2)(1)484 
4.25% 2018 Senior Notes, due 2029
400 (35)(1)(1)363 
4.875% 2018 Senior Notes, due 2048
400 (35)(6)(3)356 
0.950% 2019 Senior Notes, due 2030
776 — (1)(3)772 
3.75% 2020 Senior Notes, due 2025
700 (3)— — 697 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (43)(8)(5)444 
4.25% 2022 Senior Notes, due 2032
500 (8)(2)(3)487 
5.00% 2024 Senior Notes, due 2034
500 — (4)(4)492 
Total debt
$7,694 $(169)$(52)$(45)$7,428 
Current portion(697)
Total long-term debt$6,731 
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.
Principal Payments Due on Long-Term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2025 (After March 31,)
$— 
2026— 
2027540 
2028500 
2029400 
Thereafter5,610 
Total$7,050 
Summary of Components of Interest as Presented in Consolidated Statements of Operations
The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
Three Months Ended
March 31,
20252024
Income$24 $22 
Expense on borrowings(1)
(72)(74)
Expense on UTPs and other tax related liabilities
(6)(4)
Net periodic pension costs - interest component(7)(6)
Interest expense, net$(61)$(62)
Interest paid(2)
$91 $100 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate and cross currency swaps, which are more fully discussed in Note 8.
(2) Interest paid includes net settlements on interest rate and cross currency swaps, which are more fully discussed in Note 8.
Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of March 31, 2025 and December 31, 2024 are as follows:
March 31, 2025December 31, 2024
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,823 $6,026 $7,428 $6,601 
v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Components of Lease Cost
The following table presents the components of the Company’s lease cost:
Three Months Ended March 31,
20252024
Operating lease cost$22 $22 
Sublease income(2)(2)
Variable lease cost4 5 
Total lease cost$24 $25 
Schedule of Operating Leases Information
The following tables present other information related to the Company’s operating leases:
Three Months Ended March 31,
20252024
Cash paid for amounts included in the measurement of operating lease liabilities$30 $30 
Right-of-use assets obtained in exchange for new operating lease liabilities
$21 $4 
March 31, 2025March 31, 2024
Weighted-average remaining lease term
3.7 years4.2 years
Weighted-average discount rate applied to operating leases
3.2 %3.2 %
Lessee, Operating Lease, Liability, Maturity
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2025:
Year Ending December 31,Operating Leases
2025 (After March 31,)
$87 
202697 
202780 
202825 
202920 
After 202923 
Total lease payments (undiscounted)332 
Less: Interest19 
Present value of lease liabilities:$313 
Lease liabilities - current$103 
Lease liabilities - noncurrent$210 
v3.25.1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Financial Information by Segment
The table below shows revenue, significant expenses regularly provided to the CODM and Adjusted Operating Income by reportable segment. The CODM, identified as the Company's CEO, utilizes the Adjusted Operating Income measure to assess the profitability of the Company and each of its reportable segments each quarter. Adjusted Operating Income is used in our budgeting and forecasting process, enabling the allocation of capital resources across the Company's strategic initiatives.
Three Months Ended March 31,
20252024
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$859 $1,065 $— $1,924 $799 $987 $— $1,786 
Intersegment revenue3 49 (52)— 3 47 (50)— 
Revenue862 1,114 (52)1,924 802 1,034 (50)1,786 
Compensation expense
362 280 — 642 337 272 — 609 
Non-compensation expense
192 96 — 288 180 91 — 271 
Intersegment expense
49 3 (52)— 47 3 (50)— 
Operating, SG&A603 379 (52)930 564 366 (50)880 
Adjusted Operating Income$259 $735 $— $994 $238 $668 $— $906 
Add:

Depreciation and
amortization		94 19 — 113 82 18 — 100 
Restructuring26 7 — 33 2 3 — 5 
Charges related to asset abandonment2 — — 2 — — — — 
Operating Income$846 $801 
Non-operating (expense) income, net
$(42)$(49)
Income before provision for income taxes
$804 $752 
Restructuring Expenses Included in Consolidated Statements of Operations
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended March 31,Cumulative expense incurred
20252024
Strategic and Operational Efficiency Restructuring Program
Employee termination and other related costs (1)
$31 $— $76 
Real estate related costs (2)
2 — 2 
Total Restructuring$33 $— $78 
(1) Primarily includes severance costs, expense related to the modification of equity awards and professional service fees related to execution of the restructuring program.
(2) Includes the non-cash acceleration of amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
The table below shows cumulative restructuring expense incurred through March 31, 2025 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$60 $18 $78 
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
March 31,
20252024
MA:
U.S.$375 $337 
Non-U.S.:
EMEA331 316 
Asia-Pacific88 85 
Americas65 61 
Total Non-U.S.484 462 
Total MA859 799 
MIS:
U.S.690 632 
Non-U.S.:
EMEA238 226 
Asia-Pacific79 70 
Americas58 59 
Total Non-U.S.375 355 
Total MIS1,065 987 
Total MCO$1,924 $1,786 
    
Three Months Ended March 31,
20252024
United States$1,065 $969 
Non-U.S.:
EMEA569 542 
Asia-Pacific167 155 
Americas123 120 
Total Non-U.S.859 817 
Total$1,924 $1,786 
v3.25.1
Description of Business and Basis of Presentation - Additional Information (Detail)
 3 Months Ended
Mar. 31, 2025
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 2
v3.25.1
Summary of Significant Accounting Policies (Details) - segment
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
MA    
Segment Reporting Information [Line Items]    
Number of reporting units 1 2
v3.25.1
Revenues - Revenue by Category (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenue $ 1,924 $ 1,786
Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue (52) (50)
Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue (52) (50)
MA    
Disaggregation of Revenue [Line Items]    
Revenue 859 799
MA | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 862 802
MA | Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue 3 3
MA | Decision Solutions (DS)    
Disaggregation of Revenue [Line Items]    
Revenue 405 365
MA | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 405 365
MA | Decision Solutions (DS) | DS Banking Product and Service | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 141 134
MA | Decision Solutions (DS) | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 163 144
MA | Decision Solutions (DS) | KYC | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 101 87
MA | Research and Insights (R&I)    
Disaggregation of Revenue [Line Items]    
Revenue 236 222
MA | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 236 222
MA | Data and Information (D&I)    
Disaggregation of Revenue [Line Items]    
Revenue 218 212
MA | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 218 212
MIS    
Disaggregation of Revenue [Line Items]    
Revenue 1,065 987
MIS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1,114 1,034
MIS | Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue 49 47
MIS | Corporate Finance (CFG)    
Disaggregation of Revenue [Line Items]    
Revenue 564 529
MIS | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 564 529
MIS | Corporate Finance (CFG) | Investment-grade | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 165 147
MIS | Corporate Finance (CFG) | High-yield | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 67 67
MIS | Corporate Finance (CFG) | Bank loans | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 160 155
MIS | Corporate Finance (CFG) | Other accounts | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 172 160
MIS | Structured Finance (SFG)    
Disaggregation of Revenue [Line Items]    
Revenue 138 114
MIS | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 138 114
MIS | Structured Finance (SFG) | Other accounts | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1 1
MIS | Structured Finance (SFG) | Asset-backed securities | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 35 33
MIS | Structured Finance (SFG) | RMBS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 26 24
MIS | Structured Finance (SFG) | CMBS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 28 17
MIS | Structured Finance (SFG) | Structured credit | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 48 39
MIS | Financial Institutions (FIG)    
Disaggregation of Revenue [Line Items]    
Revenue 191 195
MIS | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 191 195
MIS | Financial Institutions (FIG) | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 45 59
MIS | Financial Institutions (FIG) | Other accounts | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 3 3
MIS | Financial Institutions (FIG) | Banking | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 130 121
MIS | Financial Institutions (FIG) | Managed investments | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 13 12
MIS | Public, Project and Infrastructure Finance (PPIF)    
Disaggregation of Revenue [Line Items]    
Revenue 163 141
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 163 141
MIS | Public, Project and Infrastructure Finance (PPIF) | Public finance / sovereign | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 72 59
MIS | Public, Project and Infrastructure Finance (PPIF) | Project and infrastructure | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 91 82
MIS | Total ratings revenue    
Disaggregation of Revenue [Line Items]    
Revenue 1,056 979
MIS | Total ratings revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1,056 979
MIS | MIS Other    
Disaggregation of Revenue [Line Items]    
Revenue 9 8
MIS | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 9 $ 8
v3.25.1
Revenues - Revenues Disaggregated by Line of Business and Geographical Area (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenue $ 1,924 $ 1,786
United States    
Disaggregation of Revenue [Line Items]    
Revenue 1,065 969
Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 859 817
MA    
Disaggregation of Revenue [Line Items]    
Revenue 859 799
MA | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 862 802
MA | United States    
Disaggregation of Revenue [Line Items]    
Revenue 375 337
MA | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 375 337
MA | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 484 462
MA | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 484 462
MA | Decision Solutions (DS)    
Disaggregation of Revenue [Line Items]    
Revenue 405 365
MA | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 405 365
MA | Decision Solutions (DS) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 167 138
MA | Decision Solutions (DS) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 238 227
MA | Research and Insights (R&I)    
Disaggregation of Revenue [Line Items]    
Revenue 236 222
MA | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 236 222
MA | Research and Insights (R&I) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 128 122
MA | Research and Insights (R&I) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 108 100
MA | Data and Information (D&I)    
Disaggregation of Revenue [Line Items]    
Revenue 218 212
MA | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 218 212
MA | Data and Information (D&I) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 80 77
MA | Data and Information (D&I) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 138 135
MIS    
Disaggregation of Revenue [Line Items]    
Revenue 1,065 987
MIS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1,114 1,034
MIS | United States    
Disaggregation of Revenue [Line Items]    
Revenue 690 632
MIS | United States | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 690 632
MIS | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 375 355
MIS | Non-U.S. | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 375 355
MIS | Corporate Finance (CFG)    
Disaggregation of Revenue [Line Items]    
Revenue 564 529
MIS | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 564 529
MIS | Corporate Finance (CFG) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 391 372
MIS | Corporate Finance (CFG) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 173 157
MIS | Structured Finance (SFG)    
Disaggregation of Revenue [Line Items]    
Revenue 138 114
MIS | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 138 114
MIS | Structured Finance (SFG) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 100 76
MIS | Structured Finance (SFG) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 38 38
MIS | Financial Institutions (FIG)    
Disaggregation of Revenue [Line Items]    
Revenue 191 195
MIS | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 191 195
MIS | Financial Institutions (FIG) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 95 98
MIS | Financial Institutions (FIG) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 96 97
MIS | Public, Project and Infrastructure Finance (PPIF)    
Disaggregation of Revenue [Line Items]    
Revenue 163 141
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 163 141
MIS | Public, Project and Infrastructure Finance (PPIF) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 104 86
MIS | Public, Project and Infrastructure Finance (PPIF) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 59 55
MIS | Total ratings revenue    
Disaggregation of Revenue [Line Items]    
Revenue 1,056 979
MIS | Total ratings revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 1,056 979
MIS | Total ratings revenue | United States    
Disaggregation of Revenue [Line Items]    
Revenue 690 632
MIS | Total ratings revenue | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 366 347
MIS | MIS Other    
Disaggregation of Revenue [Line Items]    
Revenue 9 8
MIS | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 9 8
MIS | MIS Other | United States    
Disaggregation of Revenue [Line Items]    
Revenue 0 0
MIS | MIS Other | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue $ 9 $ 8
v3.25.1
Revenues - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenue $ 1,924 $ 1,786
MA    
Segment Reporting Information [Line Items]    
Revenue 859 799
MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 862 802
MIS    
Segment Reporting Information [Line Items]    
Revenue 1,065 987
MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 1,114 1,034
United States    
Segment Reporting Information [Line Items]    
Revenue 1,065 969
United States | MA    
Segment Reporting Information [Line Items]    
Revenue 375 337
United States | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 375 337
United States | MIS    
Segment Reporting Information [Line Items]    
Revenue 690 632
United States | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 690 632
Non-U.S.    
Segment Reporting Information [Line Items]    
Revenue 859 817
Non-U.S. | MA    
Segment Reporting Information [Line Items]    
Revenue 484 462
Non-U.S. | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 484 462
Non-U.S. | MIS    
Segment Reporting Information [Line Items]    
Revenue 375 355
Non-U.S. | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 375 355
EMEA    
Segment Reporting Information [Line Items]    
Revenue 569 542
EMEA | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 331 316
EMEA | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 238 226
Asia-Pacific    
Segment Reporting Information [Line Items]    
Revenue 167 155
Asia-Pacific | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 88 85
Asia-Pacific | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 79 70
Americas    
Segment Reporting Information [Line Items]    
Revenue 123 120
Americas | MA | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 65 61
Americas | MIS | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue $ 58 $ 59
v3.25.1
Revenues - Transaction and Relationship Revenue (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenue $ 1,924 $ 1,786
Percentage of revenues 100.00% 100.00%
Transaction Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 769 $ 724
Percentage of revenues 40.00% 41.00%
Recurring Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 1,155 $ 1,062
Percentage of revenues 60.00% 59.00%
MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 859 $ 799
MA | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 862 $ 802
Percentage of revenues 100.00% 100.00%
MA | DS Banking Product and Service | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 141 $ 134
Percentage of revenues 100.00% 100.00%
MA | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 163 $ 144
Percentage of revenues 100.00% 100.00%
MA | KYC | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 101 $ 87
Percentage of revenues 100.00% 100.00%
MA | Decision Solutions (DS)    
Disaggregation of Revenue [Line Items]    
Revenue $ 405 $ 365
MA | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 405 $ 365
Percentage of revenues 100.00% 100.00%
MA | Research and Insights (R&I)    
Disaggregation of Revenue [Line Items]    
Revenue $ 236 $ 222
MA | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 236 $ 222
Percentage of revenues 100.00% 100.00%
MA | Data and Information (D&I)    
Disaggregation of Revenue [Line Items]    
Revenue $ 218 $ 212
MA | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 218 $ 212
Percentage of revenues 100.00% 100.00%
MA | Transaction Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 37 $ 47
MA | Transaction Revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Percentage of revenues 4.00% 6.00%
MA | Transaction Revenue | DS Banking Product and Service | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 26 $ 29
Percentage of revenues 18.00% 22.00%
MA | Transaction Revenue | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 6 $ 10
Percentage of revenues 4.00% 7.00%
MA | Transaction Revenue | KYC | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 0 $ 2
Percentage of revenues 0.00% 2.00%
MA | Transaction Revenue | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 32 $ 41
Percentage of revenues 8.00% 11.00%
MA | Transaction Revenue | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 3 $ 3
Percentage of revenues 1.00% 1.00%
MA | Transaction Revenue | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 2 $ 3
Percentage of revenues 1.00% 1.00%
MA | Recurring Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 822 $ 752
MA | Recurring Revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Percentage of revenues 96.00% 94.00%
MA | Recurring Revenue | DS Banking Product and Service | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 115 $ 105
Percentage of revenues 82.00% 78.00%
MA | Recurring Revenue | Insurance | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 157 $ 134
Percentage of revenues 96.00% 93.00%
MA | Recurring Revenue | KYC | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 101 $ 85
Percentage of revenues 100.00% 98.00%
MA | Recurring Revenue | Decision Solutions (DS) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 373 $ 324
Percentage of revenues 92.00% 89.00%
MA | Recurring Revenue | Research and Insights (R&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 233 $ 219
Percentage of revenues 99.00% 99.00%
MA | Recurring Revenue | Data and Information (D&I) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 216 $ 209
Percentage of revenues 99.00% 99.00%
MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 1,065 $ 987
MIS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 1,114 $ 1,034
Percentage of revenues 100.00% 100.00%
MIS | Corporate Finance (CFG)    
Disaggregation of Revenue [Line Items]    
Revenue $ 564 $ 529
MIS | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 564 $ 529
Percentage of revenues 100.00% 100.00%
MIS | Structured Finance (SFG)    
Disaggregation of Revenue [Line Items]    
Revenue $ 138 $ 114
MIS | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 138 $ 114
Percentage of revenues 100.00% 100.00%
MIS | Financial Institutions (FIG)    
Disaggregation of Revenue [Line Items]    
Revenue $ 191 $ 195
MIS | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 191 $ 195
Percentage of revenues 100.00% 100.00%
MIS | Public, Project and Infrastructure Finance (PPIF)    
Disaggregation of Revenue [Line Items]    
Revenue $ 163 $ 141
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 163 $ 141
Percentage of revenues 100.00% 100.00%
MIS | MIS Other    
Disaggregation of Revenue [Line Items]    
Revenue $ 9 $ 8
MIS | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 9 $ 8
Percentage of revenues 100.00% 100.00%
MIS | Transaction Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 732 $ 677
MIS | Transaction Revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Percentage of revenues 69.00% 69.00%
MIS | Transaction Revenue | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 427 $ 399
Percentage of revenues 76.00% 75.00%
MIS | Transaction Revenue | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 78 $ 59
Percentage of revenues 57.00% 52.00%
MIS | Transaction Revenue | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 109 $ 122
Percentage of revenues 57.00% 63.00%
MIS | Transaction Revenue | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 116 $ 96
Percentage of revenues 71.00% 68.00%
MIS | Transaction Revenue | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 2 $ 1
Percentage of revenues 22.00% 12.00%
MIS | Recurring Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 333 $ 310
MIS | Recurring Revenue | Operating Segments    
Disaggregation of Revenue [Line Items]    
Percentage of revenues 31.00% 31.00%
MIS | Recurring Revenue | Corporate Finance (CFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 137 $ 130
Percentage of revenues 24.00% 25.00%
MIS | Recurring Revenue | Structured Finance (SFG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 60 $ 55
Percentage of revenues 43.00% 48.00%
MIS | Recurring Revenue | Financial Institutions (FIG) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 82 $ 73
Percentage of revenues 43.00% 37.00%
MIS | Recurring Revenue | Public, Project and Infrastructure Finance (PPIF) | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 47 $ 45
Percentage of revenues 29.00% 32.00%
MIS | Recurring Revenue | MIS Other | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue $ 7 $ 7
Percentage of revenues 78.00% 88.00%
v3.25.1
Revenues - Revenue Recognition Timing (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Revenue recognized $ 1,924 $ 1,786
At Point in Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized 757 698
Over Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized 1,167 1,088
MA    
Disaggregation of Revenue [Line Items]    
Revenue recognized 859 799
MA | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 862 802
MA | At Point in Time | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 25 21
MA | Over Time | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 834 778
MIS    
Disaggregation of Revenue [Line Items]    
Revenue recognized 1,065 987
MIS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 1,114 1,034
MIS | At Point in Time | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized 732 677
MIS | Over Time | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue recognized $ 333 $ 310
v3.25.1
Revenues - Unbilled Receivables (Detail) - Accounts Receivable - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
MA    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 100 $ 122
MIS    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 493 $ 426
v3.25.1
Revenues - Schedule of Changes in the Deferred Revenue Balances (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance $ 1,511 $ 1,381  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (591) (531)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 854 839  
Increases due to acquisitions during the period 15 0  
Effect of exchange rate changes 33 (16)  
Total changes in deferred revenue 311 292  
Ending Balance 1,822 1,673  
Deferred revenue 1,765 1,612 $ 1,454
Non-current portion of deferred revenue 57 61 $ 57
MA      
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance 1,243 1,111  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (492) (437)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 666 652  
Increases due to acquisitions during the period 15 0  
Effect of exchange rate changes 30 (14)  
Total changes in deferred revenue 219 201  
Ending Balance 1,462 1,312  
Deferred revenue 1,461 1,310  
Non-current portion of deferred revenue 1 2  
MIS      
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance 268 270  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (99) (94)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 188 187  
Increases due to acquisitions during the period 0  
Effect of exchange rate changes 3 (2)  
Total changes in deferred revenue 92 91  
Ending Balance 360 361  
Deferred revenue 304 302  
Non-current portion of deferred revenue $ 56 $ 59  
v3.25.1
Revenues - Expected Recognition Period for Remaining Performance Obligations (Detail)
$ in Millions
Mar. 31, 2025
USD ($)
MA  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 4,300
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 55.00%
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 2 years
MIS  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 96
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 50.00%
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 | Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 5 years
v3.25.1
Stock-Based Compensation - Stock-Based Compensation Cost and Associated Tax Benefit (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]    
Stock-based compensation cost $ 57 $ 53
Tax benefit $ 12 $ 12
v3.25.1
Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Employee stock options, granted (in shares) | shares 0.1
Employee stock options, weighted average grant date fair value (in usd per share) | $ / shares $ 163.59
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.4
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 513.12
Award vesting period 4 years
Unrecognized compensation expense | $ $ 390
Weighted average period to recognize expense 2 years 9 months 18 days
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
Unrecognized compensation expense | $ $ 18
Weighted average period to recognize expense 2 years
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 $ 501.88
Award vesting period 3 years
Unrecognized compensation expense | $ $ 77
Weighted average period to recognize expense 2 years 2 months 12 days
v3.25.1
Stock-Based Compensation - Weighted Average Assumptions used in Determining Fair Value for Options Granted (Detail) - Share-Based Payment Arrangement
 3 Months Ended
Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected dividend yield 0.73%
Expected stock volatility 27.00%
Risk-free interest rate 4.51%
Expected holding period 5 years 7 months 6 days
v3.25.1
Stock-Based Compensation - Stock Option Exercises and Restricted Stock Vesting (Detail) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Proceeds from stock option exercises $ 18 $ 16
Aggregate intrinsic value 28 21
Tax benefit realized upon exercise $ 6 $ 3
Number of shares exercised (shares) 100 100
Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 229 $ 169
Tax benefit realized upon vesting $ 56 $ 41
Number of shares vested (shares) 500 400
Performance Based Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 8 $ 40
Tax benefit realized upon vesting $ 1 $ 9
Number of shares vested (shares) 15 100
v3.25.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Effective tax rate (percent) 22.30% 23.30%
Excess tax benefits from stock compensation $ 26  
Unrecognized tax benefits, period increase (decrease) 7  
Unrecognized tax benefits, period increase (decrease), net of federal tax $ 6  
Income tax examination, description Moody’s is subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company's U.S. federal income tax returns for 2021 through 2023 remain open to examination. The Company’s New York City tax returns for 2018 through 2022 are currently under examination, and 2023 is open to examination. The Company’s U.K. tax returns for 2017 through 2023 remain open to examination.  
v3.25.1
Income Taxes - Income Taxes Paid (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income taxes paid $ 115 $ 87
v3.25.1
Reconciliation of Weighted Average Shares Outstanding - Reconciliation of Basic to Diluted Shares Outstanding (Detail) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Earnings Per Share [Abstract]    
Basic (in shares) 180.0 182.6
Dilutive effect of shares issuable under stock-based compensation plans (in shares) 0.7 0.8
Diluted (in shares) 180.7 183.4
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) 0.4 0.4
v3.25.1
Cash Equivalents and Investments (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2023
Dec. 31, 2024
Cash and Cash Equivalents [Line Items]      
Cash and cash equivalents $ 2,139   $ 2,408
Short-term investments 62   566
Other assets 1,136   1,166
Certificates of deposit and money market deposit accounts/funds      
Cash and Cash Equivalents [Line Items]      
Cost 1,123   1,911
Gains/(Losses) 0 $ 0  
Fair Value 1,123   1,911
Cash and cash equivalents 1,054   1,345
Short-term investments 62   566
Other assets 7   0
Mutual funds      
Cash and Cash Equivalents [Line Items]      
Cost 87   88
Gains/(Losses) 11 $ 10  
Fair Value 98   98
Cash and cash equivalents 0   0
Short-term investments 0   0
Other assets $ 98   $ 98
v3.25.1
Cash Equivalents and Investments (Footnote) (Detail) - Certificates of deposit and money market deposit accounts/funds
Mar. 31, 2025
Dec. 31, 2024
Short-term Investments | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 1 month 1 month
Short-term Investments | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 12 months 12 months
Other assets | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 13 months  
Other assets | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 14 months  
Cash and Cash Equivalents | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 90 days  
v3.25.1
Cash Equivalents and Investments (Narrative) (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]    
Company owned life insurance (at contract value) $ 49 $ 48
v3.25.1
Derivative Instruments And Hedging Activities - Schedule of Interest Rate Swap (Details) - Fair Value Hedging - Interest Rate Swap - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Notional Amount $ 2,250 $ 2,550
2014 Senior Notes due 2044    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2017 Senior Notes due 2028    
Derivative [Line Items]    
Notional Amount $ 500 $ 500
Floating Interest Rate SOFR SOFR
2020 Senior Notes due 2025    
Derivative [Line Items]    
Notional Amount $ 0 $ 300
Floating Interest Rate SOFR SOFR
2018 Senior Notes due 2048    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2018 Senior Notes due 2029    
Derivative [Line Items]    
Notional Amount $ 400 $ 400
Floating Interest Rate SOFR SOFR
2022 Senior Notes due 2052    
Derivative [Line Items]    
Notional Amount $ 500 $ 500
Floating Interest Rate SOFR SOFR
2022 Senior Notes due 2032    
Derivative [Line Items]    
Notional Amount $ 250 $ 250
Floating Interest Rate SOFR SOFR
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Interest expense, net $ (61) $ (62)
Designated as Hedging Instrument | Interest Rate Swap | Net interest settlements and accruals on interest rate swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Net interest settlements and accruals on interest rate swaps (18) (25)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value changes on interest rate swaps 37 (29)
Fair value changes on hedged debt $ (37) $ 29
v3.25.1
Derivative Instruments And Hedging Activities - Additional Information (Detail)
€ in Millions, $ in Millions
Mar. 31, 2025
USD ($)
Mar. 31, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Not Designated as Accounting Hedges | Total return swaps      
Derivative [Line Items]      
Notional Amount | $ $ 64   $ 66
1.75% 2015 Senior Notes, due 2027 | Net Investment Hedging | Designated as Hedging Instrument | Cross currency swaps      
Derivative [Line Items]      
Notional Amount   € 500  
2019 Senior Notes Due 2030 | Net Investment Hedging | Designated as Hedging Instrument | Cross currency swaps      
Derivative [Line Items]      
Notional Amount   € 750  
v3.25.1
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Cross Currency Swap (Detail) - Net Investment Hedging
€ in Millions, $ in Millions, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Mar. 31, 2025
EUR (€)
Mar. 31, 2025
HKD ($)
Dec. 31, 2024
EUR (€)
Currency Paid | Cross currency swaps | Fixed Pay Weighted Average Interest Rate          
Derivative [Line Items]          
Notional Amount | €     € 1,817   € 965
Weighted Average Interest Rate 2.35% 2.91% 2.35% 2.35% 2.91%
Currency Paid | Cross currency swaps | Based on ESTR          
Derivative [Line Items]          
Notional Amount | €     € 1,688   € 2,138
Floating Interest Rate Based on ESTR Based on ESTR      
Currency Paid | Currency Swap Two | Fixed Pay Weighted Average Interest Rate          
Derivative [Line Items]          
Notional Amount       $ 1,949  
Currency Received | Cross currency swaps | Fixed Received Weighted Average Interest Rate          
Derivative [Line Items]          
Notional Amount $ 1,914 $ 1,014      
Weighted Average Interest Rate 3.88% 4.41% 3.88% 3.88% 4.41%
Currency Received | Cross currency swaps | Based on SOFR          
Derivative [Line Items]          
Notional Amount $ 1,750 $ 2,250      
Floating Interest Rate Based on SOFR Based on SOFR      
Currency Received | Currency Swap Two | Fixed Received Weighted Average Interest Rate          
Derivative [Line Items]          
Notional Amount $ 250        
Weighted Average Interest Rate 0.51%   0.51% 0.51%  
v3.25.1
Derivative Instruments And Hedging Activities - Schedule of Notional Amount of Net Investment Hedges (Detail) - Mar. 31, 2025 - Designated as Hedging Instrument
€ in Millions, $ in Millions, $ in Millions
USD ($)
EUR (€)
HKD ($)
Net Investment Hedging | Currency Swap One | Currency Paid      
Derivative [Line Items]      
Notional Amount | €   € 3,505  
Net Investment Hedging | Currency Swap One | Currency Received      
Derivative [Line Items]      
Notional Amount $ 3,664    
Net Investment Hedging | Currency Swap Two | Currency Paid      
Derivative [Line Items]      
Notional Amount     $ 1,949
Net Investment Hedging | Currency Swap Two | Currency Received      
Derivative [Line Items]      
Notional Amount 250    
2027 | Currency Swap One | Currency Paid      
Derivative [Line Items]      
Notional Amount | €   531  
2027 | Currency Swap One | Currency Received      
Derivative [Line Items]      
Notional Amount 550    
2027 | Currency Swap Two | Currency Paid      
Derivative [Line Items]      
Notional Amount     0
2027 | Currency Swap Two | Currency Received      
Derivative [Line Items]      
Notional Amount 0    
2028 | Currency Swap One | Currency Paid      
Derivative [Line Items]      
Notional Amount | €   588  
2028 | Currency Swap One | Currency Received      
Derivative [Line Items]      
Notional Amount 600    
2028 | Currency Swap Two | Currency Paid      
Derivative [Line Items]      
Notional Amount     0
2028 | Currency Swap Two | Currency Received      
Derivative [Line Items]      
Notional Amount 0    
2029 | Currency Swap One | Currency Paid      
Derivative [Line Items]      
Notional Amount | €   573  
2029 | Currency Swap One | Currency Received      
Derivative [Line Items]      
Notional Amount 614    
2029 | Currency Swap Two | Currency Paid      
Derivative [Line Items]      
Notional Amount     0
2029 | Currency Swap Two | Currency Received      
Derivative [Line Items]      
Notional Amount 0    
2030 | Currency Swap One | Currency Paid      
Derivative [Line Items]      
Notional Amount | €   481  
2030 | Currency Swap One | Currency Received      
Derivative [Line Items]      
Notional Amount 500    
2030 | Currency Swap Two | Currency Paid      
Derivative [Line Items]      
Notional Amount     0
2030 | Currency Swap Two | Currency Received      
Derivative [Line Items]      
Notional Amount 0    
2031 | Currency Swap One | Currency Paid      
Derivative [Line Items]      
Notional Amount | €   481  
2031 | Currency Swap One | Currency Received      
Derivative [Line Items]      
Notional Amount 500    
2031 | Currency Swap Two | Currency Paid      
Derivative [Line Items]      
Notional Amount     0
2031 | Currency Swap Two | Currency Received      
Derivative [Line Items]      
Notional Amount 0    
2032 | Currency Swap One | Currency Paid      
Derivative [Line Items]      
Notional Amount | €   481  
2032 | Currency Swap One | Currency Received      
Derivative [Line Items]      
Notional Amount 500    
2032 | Currency Swap Two | Currency Paid      
Derivative [Line Items]      
Notional Amount     1,949
2032 | Currency Swap Two | Currency Received      
Derivative [Line Items]      
Notional Amount 250    
2033 | Currency Swap One | Currency Paid      
Derivative [Line Items]      
Notional Amount | €   € 370  
2033 | Currency Swap One | Currency Received      
Derivative [Line Items]      
Notional Amount 400    
2033 | Currency Swap Two | Currency Paid      
Derivative [Line Items]      
Notional Amount     $ 0
2033 | Currency Swap Two | Currency Received      
Derivative [Line Items]      
Notional Amount $ 0    
v3.25.1
Derivative Instruments And Hedging Activities - Gains (Losses) Recognized in AOCI and Reclassified from AOCI on Derivatives (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Total, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax $ (130) $ 74
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 (1)
Total, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 (1)
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 14 11
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 (130) 74
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 14 11
Cross currency swaps | Net Investment Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax (88) 51
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 14 11
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 (42) 23
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0
Interest rate contracts | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 (1)
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) $ 0 $ 0
v3.25.1
Derivative Instruments And Hedging Activities - Cumulative Amount of Unrecognized Hedge Losses Recorded in AOCI (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax $ (578) $ (638)
Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax 103 233
Net Investment Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax 145 275
Net Investment Hedging | Cross currency swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax 90 178
Net Investment Hedging | FX forwards | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax 29 29
Net Investment Hedging | Long-term debt | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax 26 68
Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax (42) (42)
Cash Flow Hedging | Cross currency swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax 1 1
Cash Flow Hedging | Interest rate contracts | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains (Losses), net of tax $ (43) $ (43)
v3.25.1
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Foreign Exchange Forwards (Detail) - Not Designated as Accounting Hedges
€ in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions
Mar. 31, 2025
USD ($)
Mar. 31, 2025
EUR (€)
Mar. 31, 2025
GBP (£)
Mar. 31, 2025
JPY (¥)
Mar. 31, 2025
CAD ($)
Mar. 31, 2025
SGD ($)
Mar. 31, 2025
INR (₨)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Dec. 31, 2024
GBP (£)
Dec. 31, 2024
JPY (¥)
Dec. 31, 2024
CAD ($)
Dec. 31, 2024
SGD ($)
Dec. 31, 2024
INR (₨)
Contracts to sell USD for GBP                            
Derivative [Line Items]                            
Notional Amount $ 659   £ 511         $ 604   £ 470        
Contracts to sell USD for JPY                            
Derivative [Line Items]                            
Notional Amount 23     ¥ 3,500       29     ¥ 4,000      
Contracts to sell USD for CAD                            
Derivative [Line Items]                            
Notional Amount 56       $ 80     35       $ 50    
Contracts to sell USD for SGD                            
Derivative [Line Items]                            
Notional Amount 23         $ 30   45         $ 59  
Contracts to sell USD for EUR                            
Derivative [Line Items]                            
Notional Amount 83 € 76           0 € 0          
Contracts to sell USD for INR                            
Derivative [Line Items]                            
Notional Amount 22           ₨ 1,900 23           ₨ 1,900
Contracts to sell GBP for USD                            
Derivative [Line Items]                            
Notional Amount 73   £ 56         0   £ 0        
Contracts to sell EUR for USD                            
Derivative [Line Items]                            
Notional Amount $ 0 € 0           $ 12 € 12          
v3.25.1
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Foreign Exchange Forwards Not Designated as Hedging Instruments (Detail) - Not Designated as Accounting Hedges - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other non-operating income, net | FX forwards    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange forwards amount of gain (loss) recognized in income $ 18 $ (13)
Operating expense | Total return swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange forwards amount of gain (loss) recognized in income (2) 3
SG&A expense | Total return swaps    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange forwards amount of gain (loss) recognized in income $ (1) $ 1
v3.25.1
Derivative Instruments And Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Assets $ 11 $ 58
Liabilities 1,612 1,510
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Liabilities 254 195
Designated as Hedging Instrument | Long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 1,350 1,294
Designated as Hedging Instrument | Cross currency swaps | Other assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 3 58
Designated as Hedging Instrument | Cross currency swaps | Accounts payable and accrued liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 10 3
Designated as Hedging Instrument | Cross currency swaps | Other liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 122 26
Designated as Hedging Instrument | Interest Rate Swap | Other liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 122 166
Not Designated as Accounting Hedges | FX forwards | Other current assets    
Derivatives, Fair Value [Line Items]    
Assets 8 0
Not Designated as Accounting Hedges | FX forwards | Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities $ 8 $ 21
v3.25.1
Goodwill And Other Acquired Intangible Assets - Activity in Goodwill (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Beginning balance, goodwill gross $ 6,006 $ 5,968
Beginning balance, Accumulated impairment charge (12) (12)
Beginning balance, goodwill net 5,994 5,956
Additions/ adjustments 135 209
Foreign currency translation adjustments 108 (171)
Ending balance, goodwill gross 6,249 6,006
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 6,237 5,994
MA    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross 5,626 5,681
Beginning balance, Accumulated impairment charge (12) (12)
Beginning balance, goodwill net 5,614 5,669
Additions/ adjustments 135 112
Foreign currency translation adjustments 111 (167)
Ending balance, goodwill gross 5,872 5,626
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 5,860 5,614
MIS    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross 380 287
Beginning balance, Accumulated impairment charge 0 0
Beginning balance, goodwill net 380 287
Additions/ adjustments 0 97
Foreign currency translation adjustments (3) (4)
Ending balance, goodwill gross 377 380
Ending balance, Accumulated impairment charge 0 0
Ending balance, goodwill net $ 377 $ 380
v3.25.1
Goodwill And Other Acquired Intangible Assets - Acquired Intangible Assets and Related Amortization (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, net $ 1,978 $ 1,890
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 2,143 2,035
Accumulated amortization (668) (631)
Acquired intangible assets, net 1,475 1,404
Software/product technology    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 747 695
Accumulated amortization (447) (419)
Acquired intangible assets, net 300 276
Database    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 166 166
Accumulated amortization (93) (89)
Acquired intangible assets, net 73 77
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 202 199
Accumulated amortization (88) (83)
Acquired intangible assets, net 114 116
Other    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 67 67
Accumulated amortization (51) (50)
Acquired intangible assets, net $ 16 $ 17
v3.25.1
Goodwill And Other Acquired Intangible Assets - Amortization Expense Relating to Acquired Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 53 $ 49
v3.25.1
Restructuring - Additional Information (Detail) - Strategic and Operational Efficiency Restructuring Program - USD ($)
$ in Millions
 3 Months Ended 36 Months Ended
Dec. 19, 2024
Mar. 31, 2025
Dec. 31, 2027
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]        
Payments for restructuring   $ 22    
Remaining restructuring liability   47   $ 39
Minimum | Forecast        
Restructuring Cost and Reserve [Line Items]        
Payments for restructuring     $ 170  
Minimum | Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   170    
Minimum | Real Estate        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   10    
Minimum | Accelerated Amortization Charges Of Capitalized Software Assets        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   20    
Minimum | Estimated Annual Savings        
Restructuring Cost and Reserve [Line Items]        
Effect on future earnings, amount $ 250      
Maximum | Forecast        
Restructuring Cost and Reserve [Line Items]        
Payments for restructuring     $ 200  
Maximum | Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   200    
Maximum | Real Estate        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   20    
Maximum | Accelerated Amortization Charges Of Capitalized Software Assets        
Restructuring Cost and Reserve [Line Items]        
Restructuring and related cost, expected cost   $ 30    
Maximum | Estimated Annual Savings        
Restructuring Cost and Reserve [Line Items]        
Effect on future earnings, amount $ 300      
v3.25.1
Restructuring - Restructuring Expenses Included in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring $ 33 $ 5
Strategic and Operational Efficiency Restructuring Program    
Restructuring Cost and Reserve [Line Items]    
Restructuring 33 0
Cost incurred to date 78  
Employee Severance And Other Restructuring Charges | Strategic and Operational Efficiency Restructuring Program    
Restructuring Cost and Reserve [Line Items]    
Restructuring 31 0
Cost incurred to date 76  
Real estate related costs | Strategic and Operational Efficiency Restructuring Program    
Restructuring Cost and Reserve [Line Items]    
Restructuring 2 $ 0
Cost incurred to date $ 2  
v3.25.1
Restructuring - Changes in Restructuring Liability (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Restructuring, incurred cost, statement of income or comprehensive income Restructuring Charges
Strategic and Operational Efficiency Restructuring Program  
Restructuring Reserve [Roll Forward]  
Restructuring liability, beginning balance $ 39
Cost incurred and adjustments 30
Cash payments (22)
Restructuring liability, ending balance $ 47
v3.25.1
Fair Value - Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets:    
Total $ 119 $ 166
Liabilities:    
Total 262 216
Derivatives    
Assets:    
Derivatives 11 58
Liabilities:    
Derivatives 262 216
Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 108 108
Level 1    
Assets:    
Total 108 108
Liabilities:    
Total 0 0
Level 1 | Derivatives    
Assets:    
Derivatives 0 0
Liabilities:    
Derivatives 0 0
Level 1 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 108 108
Level 2    
Assets:    
Total 11 58
Liabilities:    
Total 262 216
Level 2 | Derivatives    
Assets:    
Derivatives 11 58
Liabilities:    
Derivatives 262 216
Level 2 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds $ 0 $ 0
v3.25.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Additional Details Related to Certain Balance Sheet Captions (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Other current assets:    
Prepaid taxes $ 100 $ 81
Prepaid expenses 184 179
Capitalized costs to obtain and fulfill sales contracts 139 131
Foreign exchange forwards on certain assets and liabilities 8 0
Interest receivable on interest rate and cross currency swaps 42 77
Other 41 47
Total other current assets 514 515
Other assets:    
Investments in non-consolidated affiliates 489 465
Deposits for real-estate leases 16 15
Indemnification assets related to acquisitions 111 109
Mutual funds and fixed deposits 105 98
Company owned life insurance (at contract value) 49 48
Costs to obtain sales contracts 224 214
Derivative instruments designated as accounting hedges 3 58
Pension and other retirement employee benefits 61 60
Other 78 99
Total other assets 1,136 1,166
Accounts payable and accrued liabilities:    
Salaries and benefits 163 133
Incentive compensation 105 452
Customer credits, advanced payments and advanced billings 155 142
Dividends 7 32
Professional service fees 38 38
Accounts payable 98 53
Income taxes 205 144
Pension and other retirement employee benefits 11 11
Accrued royalties 27 25
Foreign exchange forwards on certain assets and liabilities 8 21
Restructuring liability 51 46
Derivative instruments designated as accounting hedges 10 3
Other 90 92
Total accounts payable and accrued liabilities 1,049 1,344
Other liabilities:    
Pension and other retirement employee benefits 196 195
Interest accrued on UTPs 52 47
MAKS indemnification provisions 18 19
Income tax liability - non-current portion 12 12
Derivative instruments designated as accounting hedges 244 192
Other 52 52
Total other liabilities 574 517
Swap    
Accounts payable and accrued liabilities:    
Interest accrued on debt 39 60
Debt    
Accounts payable and accrued liabilities:    
Interest accrued on debt $ 42 $ 92
v3.25.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Investments in Non-Consolidated Affiliates (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Other Balance Sheet And Statement Of Operations Information [Abstract]    
Equity method investments $ 139 $ 127
Investments measured using the measurement alternative 338 328
Other 12 10
Total investments in non-consolidated affiliates $ 489 $ 465
v3.25.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Other Non-Operating Interest (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Balance Sheet And Statement Of Operations Information [Abstract]    
FX loss $ (5) $ (3)
Net periodic pension income - non-service and non-interest cost components 9 8
Income from investments in non-consolidated affiliates 11 0
Gain on investments 3 3
Other 1 5
Total $ 19 $ 13
v3.25.1
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Restructuring Cost and Reserve [Line Items]    
Charges related to asset abandonment $ 2 $ 0
Severance and incremental amortization expense    
Restructuring Cost and Reserve [Line Items]    
Cost incurred to date $ 45  
v3.25.1
Comprehensive Income And Accumulated Other Comprehensive Loss - Changes in Components of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance $ 3,727 $ 3,476
Ending Balance 3,858 3,735
Total    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (638) (567)
Other comprehensive income/(loss) before reclassifications 60 (42)
Amounts reclassified from AOCL 0 1
Other comprehensive income/(loss) 60 (41)
Ending Balance (578) (608)
Pension and Other Retirement Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (39) (56)
Other comprehensive income/(loss) before reclassifications 0 (1)
Amounts reclassified from AOCL 0 0
Other comprehensive income/(loss) 0 (1)
Ending Balance (39) (57)
Cash Flow Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (42) (44)
Other comprehensive income/(loss) before reclassifications 0 0
Amounts reclassified from AOCL 0 1
Other comprehensive income/(loss) 0 1
Ending Balance (42) (43)
Foreign Currency Translation Adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance (832) (520)
Other comprehensive income/(loss) before reclassifications 190 (115)
Amounts reclassified from AOCL 0 0
Other comprehensive income/(loss) 190 (115)
Ending Balance (642) (635)
Net Investment Hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning Balance 275 53
Other comprehensive income/(loss) before reclassifications (130) 74
Amounts reclassified from AOCL 0 0
Other comprehensive income/(loss) (130) 74
Ending Balance $ 145 $ 127
v3.25.1
Indebtedness - Summary of Total Indebtedness (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Principal Amount $ 7,050 $ 7,694
Fair Value of Interest Rate Swap (132) (169)
Unamortized (Discount) Premium (51) (52)
Unamortized Debt Issuance Costs (44) (45)
Carrying Value 6,823 7,428
Current portion 0 (697)
Long-term debt $ 6,823 $ 6,731
5.25% 2014 Senior Notes, due 2044    
Debt Instrument [Line Items]    
Notes payable, interest rate 5.25% 5.25%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap (27) (32)
Unamortized (Discount) Premium 3 3
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 572 $ 567
1.75% 2015 Senior Notes, due 2027    
Debt Instrument [Line Items]    
Notes payable, interest rate 1.75% 1.75%
Principal Amount $ 540 $ 518
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium 0 0
Unamortized Debt Issuance Costs (1) (1)
Carrying Value $ 539 $ 517
3.25% 2017 Senior Notes, due 2028    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.25% 3.25%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (10) (13)
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (1) (1)
Carrying Value $ 487 $ 484
4.25% 2018 Senior Notes, due 2029    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.25% 4.25%
Principal Amount $ 400 $ 400
Fair Value of Interest Rate Swap (28) (35)
Unamortized (Discount) Premium (1) (1)
Unamortized Debt Issuance Costs (1) (1)
Carrying Value $ 370 $ 363
4.875% 2018 Senior Notes, due 2048    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.875% 4.875%
Principal Amount $ 400 $ 400
Fair Value of Interest Rate Swap (29) (35)
Unamortized (Discount) Premium (6) (6)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 362 $ 356
0.950% Senior Notes Due 2030    
Debt Instrument [Line Items]    
Notes payable, interest rate 0.95% 0.95%
Principal Amount $ 810 $ 776
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (1) (1)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 806 $ 772
3.75% 2020 Senior Notes, due 2025    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.75% 3.75%
Principal Amount   $ 700
Fair Value of Interest Rate Swap   (3)
Unamortized (Discount) Premium   0
Unamortized Debt Issuance Costs   0
Carrying Value   $ 697
3.25% 2020 Senior Notes, due 2050    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.25% 3.25%
Principal Amount $ 300 $ 300
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (4) (4)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 293 $ 293
2.55% 2020 Senior Notes, due 2060    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.55% 2.55%
Principal Amount $ 300 $ 300
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 295 $ 295
2.00% 2021 Senior Notes, due 2031    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.00% 2.00%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (5) (6)
Unamortized Debt Issuance Costs (3) (4)
Carrying Value $ 592 $ 590
2.75% 2021 Senior Notes, due 2041    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.75% 2.75%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (12) (12)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 583 $ 583
3.10% 2021 Senior Notes, due 2061    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.10% 3.10%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (7) (7)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 488 $ 488
3.75% 2022 Senior Notes, due 2052    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.75% 3.75%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (32) (43)
Unamortized (Discount) Premium (8) (8)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 455 $ 444
4.25% 2022 Senior Notes, due 2032    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.25% 4.25%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (6) (8)
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 489 $ 487
5.00% 2024 Senior Notes, due 2034    
Debt Instrument [Line Items]    
Notes payable, interest rate 5.00% 5.00%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (4) (4)
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 492 $ 492
v3.25.1
Indebtedness - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Line of Credit Facility [Line Items]    
Debt instrument, covenant compliance At March 31, 2025, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of March 31, 2025, there were no such cross defaults.  
3.75% 2020 Senior Notes, due 2025    
Line of Credit Facility [Line Items]    
Repayments of debt $ 700  
Debt Instrument, Interest Rate, Stated Percentage 3.75% 3.75%
v3.25.1
Indebtedness - Principal Payments Due on Long-Term Borrowings (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2025 (After March 31,) $ 0  
2026 0  
2027 540  
2028 500  
2029 400  
Thereafter 5,610  
Total principal payment $ 7,050 $ 7,694
v3.25.1
Indebtedness - Summary of Components of Interest as Presented in Consolidated Statements of Operations (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Disclosure [Abstract]    
Income $ 24 $ 22
Expense on borrowings (72) (74)
Expense on UTPs and other tax related liabilities (6) (4)
Net periodic pension costs - interest component (7) (6)
Interest expense, net (61) (62)
Interest paid $ 91 $ 100
v3.25.1
Indebtedness - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Carrying Value $ 6,823 $ 7,428
Level 2    
Debt Instrument [Line Items]    
Estimated Fair Value $ 6,026 $ 6,601
v3.25.1
Leases - Additional Information (Detail)
$ in Millions
Mar. 31, 2025
USD ($)
Lessee, Lease, Description [Line Items]  
Unrecorded unconditional purchase obligation $ 155
Minimum  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, renewal term (years) 1 year
Lessee, operating lease, lease not yet commenced, term of contract 11 years
Maximum  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, renewal term (years) 20 years
Lessee, operating lease, lease not yet commenced, term of contract 15 years
v3.25.1
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Lease, Cost [Abstract]    
Operating lease cost $ 22 $ 22
Sublease income (2) (2)
Variable lease cost 4 5
Total lease cost $ 24 $ 25
v3.25.1
Leases - Operating Leases Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Cash paid for amounts included in the measurement of operating lease liabilities $ 30 $ 30
Right-of-use assets obtained in exchange for new operating lease liabilities $ 21 $ 4
Weighted-average remaining lease term (years) 3 years 8 months 12 days 4 years 2 months 12 days
Weighted-average discount rate applied to operating leases (percent) 3.20% 3.20%
v3.25.1
Leases - Operating Leases, Future Minimum Payment (Detail) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2025 (After March 31,) $ 87  
2026 97  
2027 80  
2028 25  
2029 20  
2029 23  
Total lease payments (undiscounted) 332  
Less: Interest 19  
Present value of lease liabilities: 313  
Lease liabilities - current 103 $ 102
Lease liabilities - noncurrent $ 210 $ 216
v3.25.1
Segment Information - Additional Information (Detail)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
Segment Reporting Information [Line Items]  
Number of operating segments (segment) | segment 2
Number of reportable segments | segment 2
MA | Strategic and Operational Efficiency Restructuring Program | Minimum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost $ 125
MA | Strategic and Operational Efficiency Restructuring Program | Maximum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost 155
MIS | Strategic and Operational Efficiency Restructuring Program | Minimum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost 75
MIS | Strategic and Operational Efficiency Restructuring Program | Maximum  
Segment Reporting Information [Line Items]  
Restructuring and related cost, expected cost $ 95
v3.25.1
Segment Information - Financial Information by Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue $ 1,924 $ 1,786
Labor and Related Expense 642 609
Non-Compensation Expense 288 271
Operating, SG&A 930 880
Adjusted Operating Income 994 906
Depreciation and amortization 113 100
Restructuring 33 5
Charges related to asset abandonment 2 0
Operating income 846 801
Eliminations    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue (52) (50)
Intersegment Expense (52) (50)
Operating, SG&A (52) (50)
Adjusted Operating Income 0 0
Depreciation and amortization 0 0
Restructuring 0 0
Charges related to asset abandonment 0 0
MA    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 859 799
Labor and Related Expense 362 337
Non-Compensation Expense 192 180
MA | Eliminations    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 3 3
Intersegment Expense 49 47
MA | Operating Segments    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 862 802
Operating, SG&A 603 564
Adjusted Operating Income 259 238
Depreciation and amortization 94 82
Restructuring 26 2
Charges related to asset abandonment 2 0
MIS    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 1,065 987
Labor and Related Expense 280 272
Non-Compensation Expense 96 91
MIS | Eliminations    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 49 47
Intersegment Expense 3 3
MIS | Operating Segments    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 1,114 1,034
Operating, SG&A 379 366
Adjusted Operating Income 735 668
Depreciation and amortization 19 18
Restructuring 7 3
Charges related to asset abandonment $ 0 $ 0
v3.25.1
Segment Information - Cumulative Restructuring Expense (Details) - Strategic and Operational Efficiency Restructuring Program
$ in Millions
Mar. 31, 2025
USD ($)
Segment Reporting Information [Line Items]  
Cost incurred to date $ 78
MA  
Segment Reporting Information [Line Items]  
Cost incurred to date 60
MIS  
Segment Reporting Information [Line Items]  
Cost incurred to date $ 18
v3.25.1
Segment Information - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Segment Reporting Information [Line Items]    
Revenue $ 1,924 $ 1,786
United States    
Segment Reporting Information [Line Items]    
Revenue 1,065 969
Non-U.S.    
Segment Reporting Information [Line Items]    
Revenue 859 817
EMEA    
Segment Reporting Information [Line Items]    
Revenue 569 542
Asia-Pacific    
Segment Reporting Information [Line Items]    
Revenue 167 155
Americas    
Segment Reporting Information [Line Items]    
Revenue $ 123 $ 120