MOODYS CORP /DE/, 10-Q filed on 7/31/2020
Quarterly Report
v3.20.2
Cover Page
shares in Millions
 6 Months Ended
Jun. 30, 2020
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 30, 2020
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) 187.7
Entity Central Index Key 0001059556
Document Fiscal Period Focus Q2
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2020
Common Stock, par value $0.01 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MCO
Security Exchange Name NYSE
1.75% Senior Notes Due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.75% Senior Notes Due 2027
Trading Symbol MCO 27
Security Exchange Name NYSE
0.950% Senior Notes Due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 0.950% Senior Notes Due 2030
Trading Symbol MCO 30
Security Exchange Name NYSE
v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Statement [Abstract]        
Revenue $ 1,435 $ 1,214 $ 2,725 $ 2,356
Expenses        
Operating 362 340 702 682
Selling, general and administrative 307 275 608 556
Restructuring (2) 53 (3) 59
Depreciation and amortization 58 52 107 102
Acquisition-Related Expenses 0 2 0 3
Loss pursuant to the divestiture of MAKS 0 9 9 9
Total expenses 725 731 1,423 1,411
Operating income 710 483 1,302 945
Non-operating (expense) income, net        
Interest expense, net (60) (51) (100) (103)
Other non-operating income, net 16 0 28 2
Total non-operating expense, net (44) (51) (72) (101)
Income before provisions for income taxes 666 432 1,230 844
Provision for income taxes 157 121 234 159
Net income 509 311 996 685
Less: Net (loss) income attributable to noncontrolling interests 0 1 (1) 2
Net income attributable to Moody's $ 509 $ 310 $ 997 $ 683
Earnings per share attributable to Moody's common shareholders        
Basic (in usd per share) $ 2.71 $ 1.64 $ 5.31 $ 3.60
Diluted (in usd per share) $ 2.69 $ 1.62 $ 5.27 $ 3.56
Weighted average number of shares outstanding        
Basic (in shares) 187.7 189.4 187.6 189.9
Diluted (in shares) 189.0 191.3 189.3 192.1
v3.20.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement of Comprehensive Income [Abstract]        
Net Income $ 509 $ 311 $ 996 $ 685
Foreign Currency Adjustments:        
Foreign currency translation adjustment - Pre Tax 78 42 (97) 15
Foreign currency translation adjustments - Tax 1 0 6 0
Foreign currency translation adjustments - Net of Tax 79 42 (91) 15
Net gains on net investment hedges - Pre Tax (97) (36) 22 (6)
Net gains on net investment hedges, Tax 24 7 (6) 1
Net gains on net investment hedges, Net of Tax (73) (29) 16 (5)
Cash Flow Hedges:        
Net realized and unrealized (losses) gains on cash flow hedges - Pre Tax (20) 0 (68) 0
Net realized and unrealized (losses) gains on cash flow hedges - Tax 6 0 18 0
Net realized and unrealized (losses) gains on cash flow hedges - Net of Tax (14) 0 (50) 0
Reclassification of losses (gains) included in net income - Pre Tax     1 0
Reclassification of losses (gains) included in net income - Tax     0 0
Reclassification of losses (gains) included in net income - Net of Tax     1 0
Pension and Other Retirement Benefits:        
Amortization of actuarial losses and prior service costs included in net income - Pre Tax 1 1 3 2
Amortization of actuarial losses and prior service costs included in net income - Tax 0 0 (1) (1)
Amortization of actuarial losses and prior service costs included in net income - Net of Tax 1 1 2 1
Net actuarial (losses) gains and prior service costs - Pre Tax 9 (3) 8 (2)
Net actuarial (losses) gains and prior service costs - Tax (2) 1 (2) 1
Net actuarial (losses) gains and prior service costs - Net of Tax 7 (2) 6 (1)
Total other comprehensive income (loss) - Pre Tax (29) 4 (131) 9
Total other comprehensive income (loss) - Tax 29 8 15 1
Total other comprehensive income (loss) - Net of Tax 0 12 (116) 10
Comprehensive income 509 323 880 695
Less: comprehensive (loss) income attributable to noncontrolling interests (11) 4 (13) 12
Comprehensive Income Attributable to Moody's $ 520 $ 319 $ 893 $ 683
v3.20.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 2,099 $ 1,832
Short-term investments 100 98
Accounts receivable, net of allowance for credit losses of $41 in 2020 and $20 in 2019 1,401 1,419
Other current assets 363 330
Total current assets 3,963 3,679
Property and equipment, net of accumulated depreciation of $880 in 2020 and $839 in 2019 298 292
Operating lease right-of-use assets 429 456
Goodwill 4,162 3,722
Intangible assets, net 1,697 1,498
Deferred tax assets, net 188 229
Other assets 561 389
Total assets 11,298 10,265
Current liabilities:    
Accounts payable and accrued liabilities 795 773
Current portion of operating lease liabilities 90 89
Deferred revenue 1,001 1,050
Total current liabilities 1,886 1,912
Non-current portion of deferred revenue 104 112
Long-term debt 6,333 5,581
Deferred tax liabilities, net 414 357
Uncertain tax positions 455 477
Operating lease liabilities 451 485
Other liabilities 418 504
Total liabilities 10,061 9,428
Contingencies (Note 19)
Redeemable noncontrolling interest 5 6
Shareholders' equity:    
Preferred stock, par value $.01 per share; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock 3 3
Capital surplus 651 642
Retained earnings 10,442 9,656
Treasury stock, at cost; 155,206,451 and 155,215,143 shares of shares of common stock at June 30, 2020 and December 31, 2019 (9,513) (9,250)
Accumulated other comprehensive loss (542) (439)
Total Moody's shareholders' equity 1,041 612
Noncontrolling interests 191 219
Total shareholders' equity 1,232 831
Total liabilities, noncontrolling interests and shareholders' equity 11,298 10,265
Series Common Stock    
Shareholders' equity:    
Common stock $ 0 $ 0
v3.20.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Accounts receivable, allowances $ 41 $ 20
Accumulated depreciation, property and equipment $ 880 $ 839
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 342,902,272 342,902,272
Treasury stock, shares (in shares) 155,206,451 155,215,143
Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net Income $ 996 $ 685
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 107 102
Stock-based compensation 72 70
Deferred income taxes 46 (3)
ROU Asset impairment & other non-cash restructuring/impairment charges 0 29
Loss pursuant to the divestiture of MAKS 9 9
Changes in assets and liabilities:    
Accounts receivable 11 30
Other current assets (45) (58)
Other assets (39) (33)
Accounts payable and accrued liabilities (37) (96)
Deferred revenue (60) (8)
Unrecognized tax benefits and other non-current tax liabilities (13) (15)
Other liabilities (70) 43
Net cash provided by operating activities 977 755
Cash flows from investing activities    
Capital additions (62) (39)
Purchases of investments (108) (70)
Sales and maturities of investments 45 93
Cash paid for acquisitions, net of cash acquired (698) (37)
Net cash used in investing activities (823) (53)
Cash flows from financing activities    
Issuance of notes 995 0
Repayment of notes (300) (450)
Issuance of commercial paper 789 942
Repayment of commercial paper (792) (815)
Proceeds from stock-based compensation plans 29 29
Repurchase of shares related to stock-based compensation (100) (75)
Treasury shares (253) (615)
Dividends (210) (189)
Debt issuance costs, extinguishment costs and related fees (17) 0
Dividends to noncontrolling interest (1) (1)
Payment to acquire noncontrolling interests (17) (12)
Net cash provided by (used in) financing activities 123 (1,186)
Reclassification of cash to assets held for sale 0 (8)
Effect of exchange rate changes on cash and cash equivalents (10) 3
Increase (decrease) in cash and cash equivalents 267 (489)
Cash and cash equivalents, beginning of period 1,832 1,685
Cash and cash equivalents, end of period $ 2,099 $ 1,196
v3.20.2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Total Moody's Shareholders' Equity
Non- Controlling Interests
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjustment
Total Moody's Shareholders' Equity
Beginning Balance (in shares) at Dec. 31, 2018   342.9     151.6              
Beginning Balance at Dec. 31, 2018 $ 656 $ 3 $ 601 $ 8,594 $ (8,313) $ (426) $ 459 $ 197 $ 0 $ 20 $ (20) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 685     683     683 2        
Dividends (190)     (189)     (189) (1)        
Stock-based compensation 70   70       70          
Shares issued for stock-based compensation plans at average cost, net (46)   (71)   $ 25   (46)          
Shares issued for stock-based compensation plans at average cost, net (in shares)         1.3              
Purchase of noncontrolling interest (12)   (9)       (9) (3)        
Non-controlling interest resulting from majority acquisition of Vigeo Eiris 17           0 17        
Treasury shares repurchased (in shares)         (3.4)              
Treasury shares repurchased (615)   (16)   $ (599)   (615)          
Currency translation adjustment, net of net investment hedge activity (net of tax) 10         0 0 10        
Net actuarial gains (losses) and prior service costs (1)         (1) (1)          
Amortization of prior service costs and actuarial losses 1         1 1          
Ending Balance (in shares) at Jun. 30, 2019   342.9     153.7              
Ending Balance at Jun. 30, 2019 $ 575 $ 3 575 9,108 $ (8,887) (446) 353 222        
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member                      
Beginning Balance (in shares) at Dec. 31, 2018   342.9     151.6              
Beginning Balance at Dec. 31, 2018 $ 656 $ 3 601 8,594 $ (8,313) (426) 459 197 0 20 $ (20) 0
Ending Balance (in shares) at Dec. 31, 2019   342.9     155.2              
Ending Balance at Dec. 31, 2019 831 $ 3 642 9,656 $ (9,250) (439) 612 219 (2) (2)   (2)
Beginning Balance (in shares) at Mar. 31, 2019   342.9     153.3              
Beginning Balance at Mar. 31, 2019 325 $ 3 436 8,893 $ (8,754) (455) 123 202        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 311     310     310 1        
Dividends (96)     (95)     (95) (1)        
Stock-based compensation 34   34       34          
Shares issued for stock-based compensation plans at average cost, net 14   (4)   $ 18   14          
Shares issued for stock-based compensation plans at average cost, net (in shares)         0.3              
Non-controlling interest resulting from majority acquisition of Vigeo Eiris 17           0 17        
Treasury shares repurchased (in shares)         (0.7)              
Treasury shares repurchased (42)   109   $ (151)   (42)          
Currency translation adjustment, net of net investment hedge activity (net of tax) 13         10 10 3        
Net actuarial gains (losses) and prior service costs (2)         (2) (2)          
Amortization of prior service costs and actuarial losses 1         1 1          
Ending Balance (in shares) at Jun. 30, 2019   342.9     153.7              
Ending Balance at Jun. 30, 2019 575 $ 3 575 9,108 $ (8,887) (446) 353 222        
Beginning Balance (in shares) at Dec. 31, 2019   342.9     155.2              
Beginning Balance at Dec. 31, 2019 831 $ 3 642 9,656 $ (9,250) (439) 612 219 $ (2) $ (2)   $ (2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 997     997     997          
Dividends (209)     (209)     (209)          
Stock-based compensation 72   72       72          
Shares issued for stock-based compensation plans at average cost, net (71)   (61)   $ (10)   (71)          
Shares issued for stock-based compensation plans at average cost, net (in shares)         1.1              
Purchase of noncontrolling interest (17)   (2)       (2) (15)        
Treasury shares repurchased (in shares)         (1.1)              
Treasury shares repurchased (253)       $ (253)   (253)          
Currency translation adjustment, net of net investment hedge activity (net of tax) (75)         (62) (62) (13)        
Net actuarial gains (losses) and prior service costs 6         6 6          
Amortization of prior service costs and actuarial losses 2         2 2          
Net realized and unrealized gain (loss) on cash flow hedges (net of tax) (49)         (49) (49)          
Ending Balance (in shares) at Jun. 30, 2020   342.9     155.2              
Ending Balance at Jun. 30, 2020 1,232 $ 3 651 10,442 $ (9,513) (542) 1,041 191        
Beginning Balance (in shares) at Mar. 31, 2020   342.9     155.4              
Beginning Balance at Mar. 31, 2020 799 $ 3 616 10,041 $ (9,524) (554) 582 217        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 510     509     509 1        
Dividends (108)     (108)     (108)          
Stock-based compensation 35   35       35          
Shares issued for stock-based compensation plans at average cost, net 13   2   $ 11   13          
Shares issued for stock-based compensation plans at average cost, net (in shares)         0.2              
Purchase of noncontrolling interest (17)   (2)       (2) (15)        
Currency translation adjustment, net of net investment hedge activity (net of tax) 6         18 18 (12)        
Net actuarial gains (losses) and prior service costs 7         7 7          
Amortization of prior service costs and actuarial losses 1         1 1          
Net realized and unrealized gain (loss) on cash flow hedges (net of tax) (14)         (14) (14)          
Ending Balance (in shares) at Jun. 30, 2020   342.9     155.2              
Ending Balance at Jun. 30, 2020 $ 1,232 $ 3 $ 651 $ 10,442 $ (9,513) $ (542) $ 1,041 $ 191        
v3.20.2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]        
Dividends declared per share attributable to Moody's common shareholders (in USD per share) $ 0.56 $ 0.50 $ 1.12 $ 1.00
Currency translation adjustment, net of net investment hedge activity, tax expense (benefit) $ (25) $ (8)   $ (1)
Net actuarial gains and prior service cost, tax expense (benefit) 2 (1) $ 2 (1)
Amortization of prior service costs and actuarial losses, tax expense 0 $ 0 1 $ 1
Net realized and unrealized gain on cash flow hedges, tax expense (benefit) $ (6)   $ (18)  
v3.20.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Moody’s is a provider of (i) credit ratings and assessment services; (ii) credit, capital markets and economic research, data and analytical tools; (iii) software solutions that support financial risk management activities; (iv) quantitatively derived credit scores; (v) learning solutions and certification services; and (vi) company information and business intelligence products. Moody’s reports in two reportable segments: MIS and MA.
MIS, the credit rating agency, publishes credit ratings and provides assessment services on a wide range of debt obligations and the entities that issue such obligations in markets worldwide. Revenue is primarily derived from the originators and issuers of such transactions who use MIS ratings in the distribution of their debt issues to investors. Additionally, MIS earns revenue from certain non-ratings-related operations which consist primarily of financial instrument pricing services in the Asia-Pacific region, revenue from ICRA’s non-ratings operations and revenue from providing ESG research, data and assessments. The revenue from these operations is included in the MIS Other LOB and is not material to the results of the MIS segment.
MA provides financial intelligence and analytical tools to assist businesses in making decisions. MA’s portfolio of solutions consists of specialized research, data, software, and professional services, which are assembled to support the financial analysis and risk management activities of institutional customers worldwide.
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 2019 annual report on Form 10-K filed with the SEC on February 24, 2020. The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Adoption of New Accounting Standards
On January 1, 2020, the Company adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The Company has implemented policies and procedures in compliance with the “expected credit loss” impairment model, which included (1) refinement of the grouping of receivables with similar risk characteristics; and (2) processes to identify information that can be used to develop reasonable and supportable forecasts of factors that could affect the collectability of the reported amount of the receivable. As the Company's accounts receivable are short-term in nature, the adoption of this ASU did not have a material impact to the Company's allowance for bad debts or its policies and procedures for determining the allowance. Refer to Note 2 for further information on how the Company determines its reserves for expected credit losses. The Company recorded a $2 million cumulative-effect adjustment to retained earnings to increase its allowance for credit losses upon adoption.
On January 1, 2020, the Company adopted ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” This ASU requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same provisions of authoritative guidance for internal-use software, and amortized over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. The Company will be required to present the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e. operating and SG&A expense) and classify the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). This ASU also requires capitalization of implementation costs in the balance sheet to be consistent with the location of prepayment of fees for the hosting element (i.e. within other current assets or other assets).The Company adopted this ASU prospectively to all implementation costs incurred after the date of adoption and it did not have a material impact on the Company's current financial statements. The future impact to the Company's financial statements will relate to the aforementioned classification of these capitalized costs and related amortization.
In March 2020, FASB issued ASU No. 2020-04, "Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The ASU provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022 as the transition from LIBOR is completed.
COVID-19
The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business. While the Company has selectively reopened certain of its offices, Moody’s continues to require remote work for most employees globally. The Company continues to monitor regional developments relating to the COVID-19 pandemic to inform decisions on office re-openings.
The Company experienced disruption in certain sectors of its business beginning late in the first quarter of 2020 resulting from market volatility associated with the COVID-19 crisis. However, at the date of the filing of this quarterly report on Form 10-Q, the Company is unable to predict either the potential near-term or longer-term impact that the COVID-19 crisis may have on its financial position and operating results due to numerous uncertainties regarding the duration and severity of the crisis. As a result, it is reasonably possible that the Company could experience material impacts including, but not limited to: reductions in revenue and cash flows; additional credit losses related to accounts receivables; asset impairment charges; and changes in the funded status of defined benefit pension plans. While it is reasonably possible that the COVID-19 crisis will have a material impact on the results of operations and cash flows of the Company in 2020, Moody's believes that it has adequate liquidity to maintain its operations with minimal disruption in the near term and to maintain compliance with its debt covenants.
In the first half of 2020, in order to maximize liquidity and to increase available cash on hand through this period of uncertainty, the Company added $700 million in additional long-term borrowings and began borrowing under its CP Program as more fully discussed in Note 17 . At June 30, 2020, the Company had repaid all CP outstanding. In addition, the Company is reducing discretionary spending, including suspending its share repurchase program until further notice.
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. The Company will utilize certain provisions in the CARES Act and other IRS guidance which permit the deferral of certain income and payroll tax remittances.
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
On January 1, 2020, the Company adopted the New Credit Losses Accounting Standard as more fully discussed in Note 1. Accordingly, the Company revised its accounts receivable allowances accounting policy to reflect the provisions of the new standard, which is discussed below along with the capitalized software accounting policy, which was also updated to reflect the New Internal Use Software Accounting Standard. All other significant accounting policies described in the Form 10-K for the year ended December 31, 2019 remain unchanged.
Accounts Receivable Allowances
On January 1, 2020, the Company adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” as more fully described in Note 1. As the Company's accounts receivable are short-term in nature, the adoption of this ASU did not have a material impact to the Company's allowance for bad debts or its policies and procedures for determining the allowance.
In order to determine an estimate of expected credit losses, receivables are segmented based on similar risk characteristics including historical credit loss patterns and industry or class of customers to calculate reserve rates. The Company uses an aging method for developing its allowance for credit losses by which receivable balances are stratified based on aging category. A reserve rate is calculated for each aging category which is generally based on historical information. The reserve rate is adjusted, when necessary, for current conditions (e.g., macroeconomic or industry related) and reasonable and supportable forecasts about the future. The Company also considers customer specific information (e.g., bankruptcy or financial difficulty) when estimating its expected credit losses, as well as the economic environment of the customers, both from an industry and geographic perspective, in evaluating the need for allowances. Expected credit losses are reflected as additions to the accounts receivable allowance. Actual uncollectible account write-offs are recorded against the allowance.
As of June 30, 2020, Moody's assessment included consideration of the current COVID-19 pandemic and its estimated impact on the Company's accounts receivable allowances. This assessment involved the utilization of significant judgment regarding the expected severity and duration of the market disruption caused by the COVID-19 pandemic, as well as judgment regarding which industries, classes of customers and geographies would be most significantly impacted.
During the six months ended June 30, 2020, the Company recorded a net provision for expected credit losses of $28 million. The increase in the provision for expected credit losses for the current period was primarily attributable to the aforementioned estimated effects of COVID-19.
Computer Software Developed or Obtained for Internal Use
The Company capitalizes costs related to software developed or obtained for internal use. These assets, included in property and equipment in the consolidated balance sheets, relate to the Company’s financial systems, website and other systems. Such costs generally consist of direct costs for third-party perpetual license fees, professional services provided by third parties and employee compensation, in each case incurred either during the application development stage or in connection with upgrades and enhancements that increase functionality. Such costs are depreciated over their estimated useful lives on a straight-line basis. Costs incurred during the preliminary project stage of development as well as maintenance costs are expensed as incurred.
The Company also capitalizes implementation costs incurred in cloud computing arrangements (i.e., hosting arrangements) and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. Following the January 1, 2020 adoption of ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract" (as further discussed in Note 1), the Company classifies the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the balance sheet consistent with the location of prepayment of fees for the hosting element (i.e., within other current assets or other assets). The implementation costs incurred prior to adoption of this ASU have been included within property and equipment, net in the balance sheet with the amortization of such balance included within depreciation and amortization in the statement of operations.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.
v3.20.2
REVENUES
 6 Months Ended
Jun. 30, 2020
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
June 30,		Six Months Ended
June 30,
2020201920202019
MIS:
Corporate finance (CFG)
Investment-grade
$291  $96  $435  $193  
High-yield
99  69  174  126  
Bank loans
43  83  132  156  
Other accounts (1)
139  140  284  268  
Total CFG
572  388  1,025  743  
Structured finance (SFG)
Asset-backed securities
23  26  45  49  
RMBS
23  24  50  48  
CMBS
13  20  30  38  
Structured credit
21  41  50  76  
Other accounts
1  1  2  2  
Total SFG
81  112  177  213  
Financial institutions (FIG)
Banking
88  84  174  164  
Insurance
44  28  74  57  
Managed investments
8  10  14  14  
Other accounts
2  3  5  6  
Total FIG
142  125  267  241  
Public, project and infrastructure finance (PPIF)
Public finance / sovereign
64  53  121  99  
Project and infrastructure
69  55  121  102  
Total PPIF
133  108  242  201  
Total ratings revenue
928  733  1,711  1,398  
MIS Other
10  6  21  11  
Total external revenue
938  739  1,732  1,409  
Intersegment royalty
35  33  72  65  
Total MIS
973  772  1,804  1,474  
MA:
Research, data and analytics (RD&A) 366  315  724  623  
Enterprise risk solutions (ERS)
131  117  269  239  
Professional services (PS) (2)
—  43  —  85  
Total external revenue
497  475  993  947  
Intersegment revenue
2  3  4  5  
Total MA
499  478  997  952  
Eliminations
(37) (36) (76) (70) 
Total MCO
$1,435  $1,214  $2,725  $2,356  
(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.
(2) Subsequent to the divestiture of MAKS in 2019, revenue from the MALS reporting unit, which previous to 2020 was reported in the PS LOB, is now reported as part of the RD&A LOB. Prior periods have not been reclassified as the amounts were not material.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended June 30, 2020Three Months Ended June 30, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$413  $159  $572  $242  $146  $388  
Structured finance (SFG)45  36  81  72  40  112  
Financial institutions (FIG)
70  72  142  52  73  125  
Public, project and infrastructure finance (PPIF)
87  46  133  69  39  108  
Total ratings revenue
615  313  928  435  298  733  
MIS Other1  9  10  1  5  6  
Total MIS
616  322  938  436  303  739  
MA:
Research, data and analytics (RD&A)167  199  366  138  177  315  
Enterprise risk solutions (ERS)
54  77  131  46  71  117  
Professional services (PS) (1)
—  —  —  18  25  43  
Total MA
221  276  497  202  273  475  
Total MCO
$837  $598  $1,435  $638  $576  $1,214  

Six Months Ended June 30, 2020Six Months Ended June 30, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$727  $298  $1,025  $485  $258  $743  
Structured finance (SFG) 106  71  177  134  79  213  
Financial institutions (FIG)
130  137  267  98  143  241  
Public, project and infrastructure finance (PPIF)
155  87  242  129  72  201  
Total ratings revenue
1,118  593  1,711  846  552  1,398  
MIS Other1  20  21  1  10  11  
Total MIS
1,119  613  1,732  847  562  1,409  
MA:
Research, data and analytics (RD&A) 325  399  724  273  350  623  
Enterprise risk solutions (ERS)
107  162  269  94  145  239  
Professional services (PS) (1)
—  —  —  36  49  85  
Total MA
432  561  993  403  544  947  
Total MCO
$1,551  $1,174  $2,725  $1,250  $1,106  $2,356  
(1) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from MALS beginning in the first quarter of 2020. MALS revenue was previously reported as part of the PS LOB and prior year revenue by LOB has not been reclassified as the amounts were not material.
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
MIS:
U.S.
$616  $436  $1,119  $847  
Non-U.S.:
EMEA
183  178  354  327  
Asia-Pacific
90  84  171  163  
Americas
49  41  88  72  
Total Non-U.S.
322  303  613  562  
Total MIS
938  739  1,732  1,409  
MA:
U.S.
221  202  432  403  
Non-U.S.:
EMEA
190  184  382  368  
Asia-Pacific
54  57  109  110  
Americas
32  32  70  66  
Total Non-U.S.
276  273  561  544  
Total MA
497  475  993  947  
Total MCO
$1,435  $1,214  $2,725  $2,356  
The following tables summarize the split between transaction and relationship revenue. In the MIS segment, excluding MIS Other, transaction revenue represents the initial rating of a new debt issuance as well as other one-time fees while relationship revenue represents the recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. In MIS Other, transaction revenue represents revenue from professional services and outsourcing engagements and relationship revenue represents subscription-based revenues. In the MA segment, relationship revenue represents subscription-based revenues and software maintenance revenue. Transaction revenue in MA represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and outsourced research and analytical engagements.
Three Months Ended June 30,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$457  $115  $572  $277  $111  $388  
80 %20 %100 %71 %29 %100 %
Structured Finance
$35  $46  $81  $69  $43  $112  
43 %57 %100 %62 %38 %100 %
Financial Institutions
$76  $66  $142  $61  $64  $125  
54 %46 %100 %49 %51 %100 %
Public, Project and Infrastructure Finance
$96  $37  $133  $71  $37  $108  
72 %28 %100 %66 %34 %100 %
MIS Other
$—  $10  $10  $—  $6  $6  
— %100 %100 %— %100 %100 %
Total MIS
$664  $274  $938  $478  $261  $739  
71 %29 %100 %65 %35 %100 %
Research, data and analytics$16  $350  $366  $4  $311  $315  
4 %96 %100 %1 %99 %100 %
Enterprise risk solutions$26  $105  $131  $23  $94  $117  
20 %80 %100 %20 %80 %100 %
Professional services$—  $—  $—  $43  $—  $43  
— %— %— %100 %— %100 %
Total MA$42  $455  $497  $70  $405  $475  
8 %92 %100 %15 %85 %100 %
Total Moody's Corporation$706  $729  $1,435  $548  $666  $1,214  
49 %51 %100 %45 %55 %100 %
Six Months Ended June 30,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$795  $230  $1,025  $526  $217  $743  
78 %22 %100 %71 %29 %100 %
Structured Finance
$85  $92  $177  $126  $87  $213  
48 %52 %100 %59 %41 %100 %
Financial Institutions
$136  $131  $267  $109  $132  $241  
51 %49 %100 %45 %55 %100 %
Public, Project and Infrastructure Finance
$165  $77  $242  $126  $75  $201  
68 %32 %100 %63 %37 %100 %
MIS Other
$2  $19  $21  $1  $10  $11  
10 %90 %100 %9 %91 %100 %
Total MIS
$1,183  $549  $1,732  $888  $521  $1,409  
68 %32 %100 %63 %37 %100 %
Research, data and analytics$34  $690  $724  $9  $614  $623  
5 %95 %100 %1 %99 %100 %
Enterprise risk solutions$58  $211  $269  47  $192  $239  
22 %78 %100 %20 %80 %100 %
Professional services$—  $—  $—  $85  $—  $85  
— %— %— %100 %— %100 %
Total MA$92  
(1)
$901  $993  $141  
(1)
$806  $947  
9 %91 %100 %15 %85 %100 %
Total Moody's Corporation$1,275  $1,450  $2,725  $1,029  $1,327  $2,356  
47 %53 %100 %44 %56 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the Revenue Accounting Standard (please also refer to the following table).

The following table presents the timing of revenue recognition:
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
MIS
MA
Total
MIS
MA
Total
Revenue recognized at a point in time
$664  $20  $684  $1,183  $59  $1,242  
Revenue recognized over time
274  477  751  549  934  1,483  
Total
$938  $497  $1,435  $1,732  $993  $2,725  

Three Months Ended June 30, 2019Six Months Ended June 30, 2019
MIS
MA
Total
MIS
MA
Total
Revenue recognized at a point in time
$478  $22  $500  $888  $52  $940  
Revenue recognized over time
261  453  714  521  895  1,416  
Total
$739  $475  $1,214  $1,409  $947  $2,356  
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
At June 30, 2020 and December 31, 2019, accounts receivable, net included $437 million and $346 million, respectively, of unbilled receivables, net related to the MIS segment. Certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
In addition, for certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. Consequently, at June 30, 2020 and December 31, 2019, accounts receivable, net included $63 million and $53 million, respectively, of unbilled receivables, net related to the MA segment.
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue related to that contract is recognized. This deferred revenue is relieved when the Company satisfies the related performance obligation and revenue is recognized.
Significant changes in the deferred revenue balances during the three and six months ended June 30, 2020 are as follows:
Three Months Ended June 30, 2020
MIS
MA
Total
Balance at March 31, 2020$379  $843  $1,222  
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(115) (341) (456) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
100  234  334  
Effect of exchange rate changes
1  4  5  
Total changes in deferred revenue(14) (103) (117) 
Balance at June 30, 2020$365  $740  $1,105  

Six Months Ended June 30, 2020
MIS
MA
Total
Balance at January 1, 2020$322  $840  $1,162  
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(167) (677) (844) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
213  577  790  
Increases due to RDC acquisition during the period—  20  20  
Effect of exchange rate changes
(3) (20) (23) 
Total changes in deferred revenue
43  (100) (57) 
Balance at June 30, 2020$365  $740  $1,105  
Deferred revenue - current
$265  $736  $1,001  
Deferred revenue - noncurrent
$100  $4  $104  

Three Months Ended June 30, 2019
MIS
MA
Total
Balance at March 31, 2019$388  $795  $1,183  
Changes in deferred revenue

Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(114) (340) (454) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
101  246  347  
Amount included in liabilities reclassified as held for sale—  (3) (3) 
Effect of exchange rate changes
1  (3) (2) 
Total changes in deferred revenue
(12) (100) (112) 
Balance at June 30, 2019$376  $695  $1,071  
Six Months Ended June 30, 2019
MIS
MA
Total
Balance at January 1, 2019
$326  $750  $1,076  
Changes in deferred revenue

Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(161) (533) (694) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
210  479  689  
Amount included in liabilities reclassified as held for sale—  (3) (3) 
Effect of exchange rate changes
1  2  3  
Total changes in deferred revenue
50  (55) (5) 
Balance at June 30, 2019$376  $695  $1,071  
Deferred revenue - current
$262  $691  953  
Deferred revenue - noncurrent
$114  $4  118  

For the MIS segment, the changes in the deferred revenue balance during the three and six months ended June 30, 2020 were primarily related to the significant portion of contract renewals that occur during the first quarter of 2020 and are generally recognized over a one year period.
For the MA segment, the decrease in deferred revenue for the three months ended June 30, 2020 was primarily due to the recognition of annual subscription and maintenance billings from December 2019 and January 2020. For the six months ended June 30, 2020, the decrease in the deferred revenue balance is attributable to recognition of revenues related to the aforementioned December 2019 billings being partially offset by the impact of the high concentration of January 2020 billings.
Remaining performance obligations
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of June 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $136 million. The Company expects to recognize into revenue approximately 20% 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 from the amounts stated above relating to unsatisfied performance obligations for contracts with an original expected length of one year or less.

Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of June 30, 2020 as well as amounts not yet invoiced to customers as of June 30, 2020, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription based products. As of June 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.8 billion. The Company expects to recognize into revenue approximately 65% of this balance within one year, approximately 20% of this balance between one to two years and the remaining amount thereafter.
v3.20.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2020
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
June 30,		Six Months Ended
June 30,
2020201920202019
Stock-based compensation cost
$35  $34  $72  $70  
Tax benefit
$7  $7  $14  $15  
During the first six months of 2020, the Company granted 0.1 million employee stock options, which had a weighted average grant date fair value of $60.53 per share based on the Black-Scholes option-pricing model. The Company also granted 0.5 million shares of restricted stock in the first six months of 2020, which had a weighted average grant date fair value of $275.11 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 $273.85 per share.
The following weighted average assumptions were used in determining the fair value for options granted in 2020:
Expected dividend yield
0.80 %
Expected stock volatility
22.43 %
Risk-free interest rate
1.45 %
Expected holding period
5.7 years
Unrecognized stock-based compensation expense at June 30, 2020 was $9 million and $222 million for stock options and unvested restricted stock, respectively, which is expected to be recognized over a weighted average period of 2.4 years and 2.6 years, respectively. Additionally, there was $29 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 2.1 years.
The following tables summarize information relating to stock option exercises and restricted stock vesting:
Six Months Ended
June 30,
2020
2019
Exercise of stock options:
Proceeds from stock option exercises
$23  $23  
Aggregate intrinsic value
$74  $83  
Tax benefit realized upon exercise
$18  $20  
Number of shares exercised
0.4  0.6  
Vesting of restricted stock:
Fair value of shares vested
$193  $150  
Tax benefit realized upon vesting
$45  $36  
Number of shares vested
0.8  0.8  
Vesting of performance-based restricted stock:
Fair value of shares vested
$70  $48  
Tax benefit realized upon vesting
$17  $12  
Number of shares vested
0.3  0.3  
v3.20.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Moody’s ETR was 23.6% and 28.0% for the three months ended June 30, 2020 and 2019, respectively, and 19.0% and 18.8% for the six months ended June 30, 2020 and 2019, respectively. The decrease in the ETR for the three month period ended June 30, 2020 was primarily due to taxes incurred and a non-deductible loss relating to the divestiture of MAKS in 2019 which will not recur to the same extent in 2020. The Company’s quarterly tax expense differs from the tax computed by applying its estimated annual effective tax rate to this quarter’s pre-tax earnings due to Excess Tax Benefits from stock compensation of $46 million and net reductions to tax positions of $24 million.
The Company classifies interest related to UTPs in interest expense, net in its consolidated statements of operations. Penalties, if incurred, would be recognized in other non-operating (expense) income, net. The Company had a decrease in its UTPs of $6 million ($6 million, net of federal tax) during the second quarter of 2020 and a net increase in UTPs during the first six months of 2020 of $22 million ($23 million, net of federal tax).
Moody’s Corporation and subsidiaries are subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company’s U.S. federal income tax return for 2016 remains open to examination and 2017 and 2018 are currently under examination. The Company’s New York State tax returns for 2011 through 2016 are currently under examination and the Company’s New York City tax return for 2014 through 2017 are currently under examination. The Company’s U.K. tax return for 2012 is currently under examination and its returns for 2013 through 2018 remain open to examination.
For ongoing audits, it is possible the balance of UTPs could decrease in the next twelve months as a result of the settlement of these audits, which might involve the payment of additional taxes, the adjustment of certain deferred taxes and/or the recognition of tax benefits. It is also possible that new issues might be raised by tax authorities which could necessitate increases to the balance of UTPs. As the Company is unable to predict the timing or outcome of these audits, it is therefore unable to estimate the amount of changes to the balance of UTPs at this time. However, the Company believes that it has adequately provided for its financial exposure relating to all open tax years by tax jurisdiction in accordance with the applicable provisions of Topic 740 of the ASC regarding UTPs.
The following table shows the amount the Company paid for income taxes:
Six Months Ended June 30,
20202019
Income taxes paid (1)
$111  $198  
(1) The decrease compared to prior year relates to estimated income tax payment timing extensions (to July 15, 2020) provided by the Internal Revenue Service and several states in response to the COVID-19 crisis.
v3.20.2
WEIGHTED AVERAGE SHARES OUTSTANDING
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
WEIGHTED AVERAGE SHARES OUTSTANDING WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended
June 30,		Six Months Ended June 30,
2020201920202019
Basic
187.7  189.4  187.6  189.9  
Dilutive effect of shares issuable under stock-based compensation plans
1.3  1.9  1.7  2.2  
Diluted
189.0  191.3  189.3  192.1  
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above
0.3  0.3  0.3  0.3  
The calculation of diluted EPS requires certain assumptions regarding the use of both cash proceeds and assumed proceeds that would be received upon the exercise of stock options and vesting of restricted stock outstanding as of June 30, 2020 and 2019.
v3.20.2
ACCELERATED SHARE REPURCHASE PROGRAM
 6 Months Ended
Jun. 30, 2020
Other Liabilities Disclosure [Abstract]  
ACCELERATED SHARE REPURCHASE PROGRAM ACCELERATED SHARE REPURCHASE PROGRAM
On February 20, 2019, the Company entered into an ASR agreement with a financial institution counterparty to repurchase $500 million of its outstanding common stock. The Company paid $500 million to the counterparty and received an initial delivery of 2.2 million shares of its common stock. Final settlement of the ASR agreement was completed on April 26, 2019 and the Company received delivery of an additional 0.6 million shares of the Company’s common stock.
In total, the Company repurchased 2.8 million shares of the Company’s common stock during the term of the ASR Agreement, based on the volume-weighted average price (net of discount) of $180.33 per share over the duration of the program. The initial share repurchase and final share settlement were recorded as a reduction to shareholders’ equity.
v3.20.2
CASH EQUIVALENTS AND INVESTMENTS
 6 Months Ended
Jun. 30, 2020
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 June 30, 2020
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 (1)
$1,128  $—  $1,128  $1,028  $97  $3  
Mutual funds$46  $—  $46  $—  $3  $43  

As of December 31, 2019
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 (1)
$971  $—  $971  $866  $95  $10  
Mutual funds$3  $—  $3  $—  $3  $—  
(1) Consists of time deposits and money market deposit accounts. The remaining contractual maturities for the certificates of deposits classified as short-term investments were one month to 12 months at both June 30, 2020 and December 31, 2019. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 23 months at June 30, 2020 and 13 months to 18 months at December 31, 2019. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
In addition, the Company invested in Corporate-Owned Life Insurance (COLI) in the first quarter of 2020. As of June 30, 2020, the cash surrender value of the COLI was $13 million.
v3.20.2
ACQUISITIONS AND OTHER STRATEGIC INITIATIVES
 6 Months Ended
Jun. 30, 2020
Business Combinations [Abstract]  
ACQUISITIONS AND OTHER STRATEGIC INITIATIVES ACQUISITIONS AND OTHER STRATEGIC INITIATIVES
The business combinations described below are accounted for using the acquisition method of accounting whereby assets acquired and liabilities assumed were recognized at fair value on the date of the transaction. Any excess of the purchase price over the fair value of the assets acquired and liabilities assumed was recorded to goodwill. Goodwill typically results through expected synergies from combining operations of an acquiree and an acquirer, anticipated new customer acquisition and products, as well as from intangible assets that do not qualify for separate recognition.
RDC
On February 13, 2020, the Company acquired 100% of RDC, a provider of anti-money laundering and know-your-customer data and due diligence services.
The table below details the total consideration relating to the acquisition:
Cash paid at closing $700  
Additional consideration paid to sellers in 2020 (1)
2  
Total consideration$702  
(1) Represents additional consideration paid to the sellers following finalization of customary post-closing completion adjustments.
Shown below is the preliminary purchase price allocation, which summarizes the fair value of the assets and liabilities assumed, at the date of acquisition:
(Amounts in millions)
Current assets$24  
Intangible assets:
Customer relationships (25 year weighted average life)
$174  
Database (10 year weighted average life)
86  
Product technology (4 year weighted average life)
17  
Trade name (3 year weighted average life)
3  
Total intangible assets (19 year weighted average life)
280  
Goodwill494  
Other assets2  
Liabilities:
Accounts payable and accrued liabilities$(5) 
Deferred revenue(20) 
Deferred tax liabilities(71) 
Other liabilities(2) 
Total liabilities(98) 
Net assets acquired$702  
The Company has performed a preliminary valuation analysis of the fair market value of assets and liabilities of the RDC business. The final purchase price allocation will be determined when the Company has completed and fully reviewed the detailed valuations. The final allocation could differ materially from the preliminary allocation. The final allocation may include changes in allocations to acquired intangible assets as well as goodwill and other changes to assets and liabilities including reserves for UTPs and deferred tax liabilities. The estimated useful lives of acquired intangibles assets are also preliminary.
Current assets in the table above include acquired cash of $6 million. Additionally, current assets include accounts receivable of approximately $14 million.
Goodwill
The goodwill recognized as a result of this acquisition includes, among other things, the value of combining the complementary product portfolios of the Company and RDC, which is expected to extend the Company’s reach to new and evolving market segments as well as cost savings synergies, expected new customer acquisitions and products.
Goodwill, which has been assigned to the MA segment, is not deductible for tax purposes.
RDC will be subsumed into the Bureau van Dijk reporting unit for purposes of the Company’s annual goodwill impairment assessment.
Transaction costs
Transaction costs directly related to the RDC acquisition were not material.
Other Acquisitions and Strategic Initiatives
During the second quarter of 2020, the Company increased its stake in Vigeo Eiris, a provider of ESG research, data and assessments, from 69.2% to 99.8%. The purchase price for the additional stake was not material. Vigeo Eiris revenue is reported in the MIS Other LOB.
v3.20.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to global market risks, including risks from changes in FX rates and changes in interest rates. Accordingly, the Company uses derivatives in certain instances to manage the aforementioned financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for speculative purposes.
Derivatives and non-derivative instruments designated as accounting hedges:
Fair Value Hedges
Interest Rate Swaps
The Company has entered into interest rate swaps to convert the fixed interest rate on certain of its long-term debt to a floating interest rate based on the 3-month LIBOR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statement of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of SwapAs of June 30,
2020		As of December 31,
2019		Floating Interest Rate
2012 Senior Notes due 2022Pay Floating/Receive Fixed$330  $330  3-month USD LIBOR
2017 Senior Notes due 2021Pay Floating/Receive Fixed$500  $500  3-month USD LIBOR
2017 Senior Notes due 2023Pay Floating/Receive Fixed$250  $250  3-month USD LIBOR
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500  $—  3-month USD LIBOR
Total$1,580  $1,080  
Refer to Note 17 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statement of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended June 30,Six Months Ended
June 30,
2020201920202019
Interest expense, net$(60) $(51) $(100) $(103) 

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

Interest expense, net
$5  $—  $8  $—  
Fair value changes on interest rate swapsInterest expense, net$2  $20  $60  $31  
Fair value changes on hedged debtInterest expense, net$(2) $(20) $(60) $(31) 
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.
The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
June 30, 2020
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
€1,079  1.43%$1,220  3.96%
Pay Floating/Receive Floating1,381  Based on 3-month EURIBOR1,580  Based on 3-month USD LIBOR
Total
€2,460  $2,800  

December 31, 2019
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
€1,079  1.43%$1,220  3.96%
Pay Floating/Receive Floating
931  Based on 3-month EURIBOR1,080  Based on 3-month USD LIBOR
Total
€2,010  $2,300  
As of June 30, 2020, these hedges will expire and be settled in 2021, 2022, 2023, 2024, and 2026 for €687 million, €438 million, €442 million, €443 million, and €450 million of the total notional amount, respectively, unless terminated early at the discretion of the Company.
Cash Flow Hedge
Interest Rate Forward Contracts
In January 2020, the Company entered into $300 million notional amount treasury rate locks with an average locked-in U.S. 30-year Treasury rate of 2.0103%, which were designated as cash flow hedges and used to manage the Company’s interest rate risk during the period prior to an anticipated issuance of 30-year debt. The treasury lock interest rate forward contracts matured on April 30, 2020, resulting in a cumulative loss of $68 million, which was recognized in AOCI. The loss on the Treasury rate lock will be reclassified from AOCI to earnings in the same period that the hedged transaction (i.e. interest payments on the 3.25% 2020 Senior Notes, due 2050) impacts earnings.
The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCI on Derivative, net of TaxAmount of Gain/(Loss) Reclassified from AOCI into Income, net of TaxGain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
June 30,		Three Months Ended
June 30,		Three Months Ended
June 30,
202020192020201920202019
Cross currency swaps
$(49) $(20) $—  $—  $14  $14  
Long-term debt
(24) (9) —  —  —  —  
Total net investment hedges
$(73) $(29) $—  $—  $14  $14  
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts
(14) —  —  —  —  —  
Total cash flow hedges$(14) $—  $—  $—  $—  $—  
Total$(87) $(29) $—  $—  $14  $14  
Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax
Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Six Months Ended
June 30,		Six Months Ended
June 30,		Six Months Ended
June 30,
202020192020201920202019
Cross currency swaps
$17  $(5) $—  $—  $30  $22  
Long-term debt
(1) 

—  —  —  —  —  
Total net investment hedges
$16  $(5) $—  $—  $30  $22  
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts(50) —  (1) —  —  —  
Total cash flow hedges$(50) $—  $(1) $—  $—  $—  
Total$(34) $(5) $(1) $—  $30  $22  

The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCI is as follows:

Cumulative Gains/(Losses), net of tax
June 30, 2020December 31, 2019
Net investment hedges
Cross currency swaps
$58  $41  
FX forwards
26  26  
Long-term debt
(14) (13) 
Total net investment hedges
$70  $54  
Cash flow hedges
Interest rate contracts
$(51) $(2) 
Cross currency swaps2  2  
Total cash flow hedges
(49) —  
Total net gain in AOCI
$21  $54  
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 Topic 815 of the ASC. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating (expense) income, net in the Company’s consolidated statements of operations along with the FX gain or loss recognized on the assets and liabilities denominated in a currency other than the subsidiary’s functional currency. These contracts have expiration dates at various times through October 2020.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
June 30, 2020December 31, 2019
Notional amount of currency pair:
Sell
Buy
Sell
Buy
Contracts to sell USD for GBP
$458  £369  $235  £178  
Contracts to sell USD for Japanese Yen
$23  ¥2,500  $29  ¥3,200  
Contracts to sell USD for Canadian dollars
$93  C$130  $83  $110  
Contracts to sell USD for Singapore dollars
$79  S$112  $41  S$56  
Contracts to sell USD for Euros
$324  €291  $421  €378  
Contracts to sell Euros for GBP€—  £—  €25  £21  
Contracts to sell USD for Russian Ruble$8  ₽580  $—  ₽—  
Contracts to sell USD for Indian Rupee$15  ₹1,200  $—  ₹—  
NOTE: € = Euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese Yen, C$ = Canadian dollar, S$= Singapore dollars, ₽= Russian Ruble, ₹= Indian Rupee
The following table summarizes the impact to the consolidated statements of operations relating to the net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedges
Location on Statement of Operations
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
Foreign exchange forwards
Other non-operating expense, net
$5  $(10) $(35) $(9) 
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet Location
June 30, 2020December 31, 2019
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other assets
$92  $56  
Interest rate swaps designated as fair value hedges
Other assets
87  27  
Total derivatives designated as accounting hedges
179  83  
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Other current assets
8  9  
Total assets
$187  $92  
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other liabilities
$13  $—  
Total derivatives designated as accounting hedges
13  —  
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedge
Long-term debt
1,404  1,403  
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Accounts payable and accrued liabilities
3  —  
Total liabilities
$1,420  $1,403  
v3.20.2
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2020
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:
Six Months Ended June 30, 2020
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$315  $—  $315  $3,419  $(12) $3,407  $3,734  $(12) $3,722  
Additions/
adjustments (1)
—  —  —  497  —  497  497  —  497  
Foreign currency translation adjustments
(16) —  (16) (41) —  (41) (57) —  (57) 
Ending balance
$299  $—  $299  $3,875  $(12) $3,863  $4,174  $(12) $4,162  

Year Ended December 31, 2019
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$258  $—  $258  $3,535  $(12) $3,523  $3,793  $(12) $3,781  
Additions/
adjustments (2)
53  —  53  61  —  61  114  —  114  
Foreign currency translation
adjustments
4  —  4  (14) —  (14) (10) —  (10) 
Divestiture of MAKS—  —  —  (163) —  (163) (163) —  (163) 
Ending balance
$315  $—  $315  $3,419  $(12) $3,407  $3,734  $(12) $3,722  
(1) The 2020 additions/adjustments for the MA segment in the table above relate to the acquisition of RDC and RBA.
(2) The 2019 additions/adjustments for the MIS segment in the table above relate to the acquisitions of Vigeo Eiris and Four Twenty Seven. The 2019 additions/adjustments for the MA segment in the table above relate to the acquisition of RiskFirst and ABS Suite.
Acquired intangible assets and related amortization consisted of:
June 30,
2020		December 31,
2019
Customer relationships
$1,479  $1,325  
Accumulated amortization
(263) (235) 
Net customer relationships
1,216  1,090  
Trade secrets
30  30  
Accumulated amortization
(29) (29) 
Net trade secrets
1  1  
Software/product technology
368  372  
Accumulated amortization
(143) (131) 
Net software/product technology
225  241  
Trade names
148  150  
Accumulated amortization
(33) (30) 
Net trade names
115  120  
Other (1)
181  80  
Accumulated amortization
(41) (34) 
Net other
140  46  
Total acquired intangible assets, net
$1,697  $1,498  
(1) Other intangible assets primarily consist of databases, covenants not to compete, and acquired ratings methodologies and models.
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
Amortization expense
$31  $27  $59  $53  
Estimated future amortization expense for acquired intangible assets subject to amortization is as follows:
Year Ending December 31,
2020 (After June 30,)
$60  
2021117  
2022117  
2023112  
2024105  
Thereafter1,186  
Total estimated future amortization$1,697  
Matters concerning the ICRA reporting unit
On August 29, 2019, the board of directors of ICRA terminated the employment of ICRA's CEO and on September 28, 2019, the shareholders of ICRA voted to remove the former CEO from his position on ICRA's board of directors. ICRA has reported that the Securities and Exchange Board of India (SEBI) issued an adjudication order dated December 26, 2019 imposing a penalty of INR 25 lakh (approximately $35,000) on ICRA in connection with credit ratings assigned to one of ICRA’s customers and the customer’s subsidiaries. ICRA has further reported that: (i) it is appealing that order; and (ii) it has received a related "show cause" notice from SEBI asking ICRA to demonstrate why the penalty imposed should not be increased. In addition, ICRA has disclosed that it has completed its internal examinations into anonymous allegations that were forwarded to ICRA by SEBI and certain additional allegations made during the course of that examination while an examination into a separate anonymous complaint is ongoing. ICRA reported that its Board of Directors is in the process of taking appropriate actions based on the findings of the completed examinations. As of the date of this quarterly report on Form 10-Q, the Company is unable to estimate the financial impact, if any, that may result from a potential unfavorable conclusion of these matters or any other ICRA inquiry. An unfavorable resolution of such matters may negatively impact ICRA’s future operating results, which could result in an impairment of goodwill and amortizable intangible assets in future quarters.
v3.20.2
RESTRUCTURING
 6 Months Ended
Jun. 30, 2020
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
On October 26, 2018, the chief executive officer of Moody’s approved a restructuring program (the “2018 Restructuring Program”) that the Company estimates will result in annualized savings of approximately $60 million per year. The 2018 Restructuring Program, the scope of which was expanded in the second quarter of 2019, is estimated to result in total pre-tax charges of $105 to $110 million. The 2018 Restructuring Program included relocation of certain functions from high-cost to lower-cost jurisdictions, a reduction of staff, including from acquisitions and pursuant to a review of the business criticality of certain positions, and the rationalization and exit of certain real estate leases due to consolidation of various business activities. The exit from certain leased office space began in the fourth quarter of 2018 and will entail approximately $50 million of the charges to either terminate or sublease the affected real estate leases. The 2018 Restructuring Program also includes approximately $60 million of personnel-related restructuring charges, an amount that includes severance and related costs primarily determined under the Company’s existing severance plans. Cash outlays associated with the employee termination cost component of the 2018 Restructuring Program are anticipated to be approximately $60 million, which will be paid through 2021.
Total expenses included in the accompanying consolidated statements of operations relating to the 2018 Restructuring Program are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
Restructuring
$(2) $53  $(3) $59  
v3.20.2
FAIR VALUE
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE 
The table below presents information about items that are carried at fair value at June 30, 2020 and December 31, 2019:
Fair value Measurement as of June 30, 2020
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$187  $—  $187  
Mutual funds
46  46  —  
Total
$233  $46  $187  
Liabilities:
Derivatives (1)
$16  $—  $16  
Total
$16  $—  $16  

Fair value Measurement as of December 31, 2019
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$92  $—  $92  
Mutual funds
3  3  —  
Total
$95  $3  $92  
(1)Represents FX forwards on certain assets and liabilities as well as interest rate swaps, cross-currency swaps and forward contracts as more fully described in Note 10 to the condensed consolidated financial statements.
The following are descriptions of the methodologies utilized by the Company to estimate the fair value of its derivative contracts, mutual funds and money market mutual funds:
Derivatives:
In determining the fair value of the derivative contracts in the table above, the Company utilizes industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using spot rates, forward points, currency volatilities, interest rates as well as the risk of non-performance of the Company and the counterparties with whom it has derivative contracts. The Company established strict counterparty credit guidelines and only enters into transactions with financial institutions that adhere to these guidelines. Accordingly, the risk of counterparty default is deemed to be minimal.
Mutual funds and money market mutual funds:
The mutual funds in the table above are deemed to be equity securities with readily determinable fair values with changes in the fair value recognized through net income under ASC Topic 321. The fair value of these instruments is determined using Level 1 inputs as defined in the ASC Topic 820.
v3.20.2
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION
 6 Months Ended
Jun. 30, 2020
Other Balance Sheet And Statement Of Operations Information [Abstract]  
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
June 30, 2020December 31, 2019
Other current assets:
Prepaid taxes$127  $79  
Prepaid expenses71  71  
Capitalized costs to obtain and fulfill sales contracts79  91  
Other86  89  
Total other current assets$363  $330  
Other assets:
Investments in non-consolidated affiliates$125  $117  
Deposits for real-estate leases14  13  
Indemnification assets related to acquisitions16  16  
Mutual funds and fixed deposits46  10  
Company owned life insurance (at contract value)13  —  
Costs to obtain sales contracts116  119  
Cross currency and interest rate swaps179  83  
Other52  31  
Total other assets$561  $389  
Accounts payable and accrued liabilities:
Salaries and benefits$137  $152  
Incentive compensation89  208  
Customer credits, advanced payments and advanced billings44  28  
Dividends6  7  
Professional service fees43  43  
Interest accrued on debt67  63  
Accounts payable36  38  
Income taxes199  
(1)
73  
Pension and other retirement employee benefits7  7  
Accrued royalties13  25  
Foreign exchange forwards on certain assets and liabilities3  —  
Restructuring liability5  21  
Other146  108  
Total accounts payable and accrued liabilities$795  $773  
June 30, 2020December 31, 2019
Other liabilities:
Pension and other retirement employee benefits$197  $299  
Interest accrued on UTPs98  82  
MAKS indemnification provisions32  43  
Income tax liability - non-current portion51  51  
Cross currency and interest rate swaps13  —  
Restructuring liability2  3  
Other25  26  
Total other liabilities$418  $504  
(1) The increase from December 31, 2019 relates to estimated income tax payment timing extensions (to July 15, 2020) provided by the Internal Revenue Service and several states in response to the COVID-19 crisis.
Loss pursuant to the Divestiture of MAKS:
The $9 million loss in the second quarter of 2019 and in the first six months of 2020 relates to the strategic divestiture of MAKS.
Other Non-Operating Income (Expense):
The following table summarizes the components of other non-operating income (expense):
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
FX (loss) gain $(8) $(10) $5  $(16) 
Net periodic pension costs - other components4  5  7  9  
Income from investments in non-consolidated affiliates3  6  —  7  
Other17  (1) 16  2  
Total$16  $—  $28  $2  
v3.20.2
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table provides details about the reclassifications out of AOCI:
Losses on cash flow hedgesThree Months Ended
June 30, 2020		Six Months Ended
June 30, 2020		Location in the consolidated statement of operations
Interest rate contract$—  $(1) Other non-operating expense, net
Income tax effect of items above—  —  Provision for income taxes
Total net gains (losses) on cash flow hedges—  (1) 
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income(1) (2) Operating expense
Amortization of actuarial losses and prior service costs included in net income—  (1) SG&A expense
Total before income taxes(1) (3) 
Income tax effect of item above—  1  Provision for income taxes
Total pension and other retirement benefits(1) (2) 
Total net losses included in Net Income attributable to reclassifications out of AOCI$(1) $(3) 
Location in the consolidated statement of operations
Three Months Ended
June 30, 2019		Six Months Ended
June 30, 2019
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income—  (1) Operating expense
Amortization of actuarial losses and prior service costs included in net income(1) (1) SG&A expense
Total before income taxes(1) (2) 
Income tax effect of item above—  1  Provision for income taxes
Total pension and other retirement benefits(1) (1) 
Total net losses included in Net Income attributable to reclassifications out of AOCI$(1) $(1) 

The following tables show changes in AOCI by component (net of tax):
Three Months Ended
June 30, 2020June 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance March 31,$(92) $(35) $(570) $143  $(554) $(69) $—  $(440) $54  $(455) 
Other comprehensive income/(loss) before reclassifications7  (14) 91  (73) 11  (2) —  39  (29) 8  
Amounts reclassified from AOCI1  —  —  —  1  1  —  —  —  1  
Other comprehensive income/(loss)8  (14) 91  (73) 12  (1) —  39  (29) 9  
Balance June 30,$(84) $(49) $(479) $70  $(542) $(70) $—  $(401) $25  $(446) 

Six Months Ended
June 30, 2020June 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31,$(92) $—  $(401) $54  $(439) $(53) $—  $(406) $33  $(426) 
Other comprehensive income/(loss) before reclassifications6  (50) (78) 16  (106) (1) —  5  (5) (1) 
Amounts reclassified from AOCI2  1  —  —  3  1  —  —  —  1  
Adoption of ASU 2018-02—  —  —  —  —  (17) —  —  (3) (20) 
Other comprehensive income/(loss)8  (49) (78) 16  (103) (17) —  5  (8) (20) 
Balance June 30,$(84) $(49) $(479) $70  $(542) $(70) $—  $(401) $25  $(446) 
v3.20.2
PENSION AND OTHER RETIREMENT BENEFITS
 6 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
PENSION AND OTHER RETIREMENT BENEFITS PENSION AND OTHER RETIREMENT BENEFITS
Moody’s maintains funded and unfunded noncontributory DBPPs. The U.S. plans provide defined benefits using a cash balance formula based on years of service and career average salary for its employees or final average pay for selected executives. The Company also provides certain healthcare and life insurance benefits for retired U.S. employees. The retirement healthcare plans are contributory; the life insurance plans are noncontributory. Moody’s funded and unfunded U.S. pension plans, the U.S. retirement healthcare plans and the U.S. retirement life insurance plans are collectively referred to herein as the “Retirement Plans”. The U.S. retirement healthcare plans and the U.S. retirement life insurance plans are collectively referred to herein as the “Other Retirement Plans”. The non-U.S. defined benefit pension plans are immaterial.
Effective January 1, 2008, the Company no longer offers DBPPs to U.S. employees hired or rehired on or after January 1, 2008. New U.S. employees will instead receive a retirement contribution of similar benefit value under the Company’s Profit Participation Plan. Current participants of the Company’s DBPPs continue to accrue benefits based on existing plan formulas.
The components of net periodic benefit expense related to the Retirement Plans are as follows:
Three Months Ended June 30,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$3  $4  $1  $1  
Interest cost
5  5  —  —  
Expected return on plan assets
(5) (5) —  —  
Amortization of net actuarial loss from earlier periods
1  1  —  —  
Net periodic expense
$4  $5  $1  $1  

Six Months Ended June 30,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$8  $8  $2  $1  
Interest cost
9  10  —  1  
Expected return on plan assets
(10) (10) —  —  
Amortization of net actuarial loss from earlier periods
3  2  —  —  
Net periodic expense
$10  $10  $2  $2  
The Company made a contribution of $99 million to its funded pension plan, $4 million related to its unfunded U.S. DBPPs and $1 million to its U.S other retirement plans during the six months ended June 30, 2020. Additionally, the Company anticipates making payments of $5 million to its unfunded U.S. DBPPs, during the remainder of 2020.
v3.20.2
INDEBTEDNESS
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying amount, which represents the issuance amount plus or minus any issuance premium or discount, except for the 2012 Senior Notes, the 2017 Senior Notes due 2021, the 2017 Senior Notes due 2023, and the 2017 Senior Notes due 2028 which are recorded at the carrying amount adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
June 30, 2020
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500  $18  $(1) $(1) $516  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (1) 498  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —  4  (5) 599  
1.75% 2015 Senior Notes, due 2027
562  —  —  (3) 559  
2.75% 2017 Senior Notes, due 2021
500  19  —  (1) 518  
2.625% 2017 Senior Notes, due 2023
500  15  (1) (2) 512  
3.25% 2017 Senior Notes, due 2028
500  35  (4) (3) 528  
4.25% 2018 Senior Notes, due 2029
400  —  (3) (3) 394  
4.875% 2018 Senior Notes, due 2048
400  —  (7) (4) 389  
0.950% 2019 Senior Notes, due 2030
842  —  (3) (6) 833  
3.75% 2020 Senior Notes, due 2025
700  —  (1) (5) 694  
3.25% 2020 Senior Notes, due 2050
300  —  (4) (3) 293  
Total long-term debt$6,304  $87  $(21) $(37) $6,333  

December 31, 2019
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500  $9  $(1) $(1) $507  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (2) 497  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —  4  (5) 599  
1.75% 2015 Senior Notes, due 2027
561  —  —  (3) 558  
2.75% 2017 Senior Notes, due 2021
500  11  (1) (2) 508  
2.625% 2017 Senior Notes, due 2023
500  7  (1) (2) 504  
3.25% 2017 Senior Notes, due 2028
500  —  (4) (3) 493  
3.25% 2018 Senior Notes, due 2021
300  —  —  (1) 299  
4.25% 2018 Senior Notes, due 2029
400  —  (3) (3) 394  
4.875% 2018 Senior Notes, due 2048
400  —  (7) (4) 389  
0.950% 2019 Senior Notes, due 2030
842  —  (3) (6) 833  
Total long-term debt$5,603  $27  $(17) $(32) $5,581  
(1) The Company has entered into interest rate swaps on the 2012 Senior Notes, the 2017 Senior Notes due 2021, the 2017 Senior Notes due 2023 and the 2017 Senior Notes due 2028 which are more fully discussed in Note 10 above. These amounts represent the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.
Notes Payable
On March 25, 2020, the Company issued $700 million aggregate principal amount of senior unsecured rate notes in a public offering. The 2020 Senior Notes (5-year) bear interest at an annual fixed rate of 3.75% and mature on March 24, 2025.
On May 20, 2020, the Company issued $300 million aggregate principal amount of senior unsecured rate notes in a public offering. The 2020 Senior Notes (30-year) bear interest at an annual fixed rate of 3.25% and mature on May 20, 2050.
The Company may prepay certain amounts of its senior notes, in whole or in part, but may incur a Make-Whole Amount penalty. In the second quarter of 2020, the Company fully repaid $300 million of the 2018 Senior Notes due 2021 along with a Make-Whole Amount of approximately $8 million.
At June 30, 2020, the Company was in compliance with all covenants contained within all of the debt agreements. All the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of June 30, 2020, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,2012 Senior Notes due 20222013 Senior Notes due 2024
2014 Senior Notes (30-Year) due 2044
2015 Senior Notes due 20272017 Senior Notes due 20212017 Senior Notes due 20232017 Senior Notes due 20282018 Senior Notes due 20292018 Senior Notes due 20482019 Senior Notes due 20302020 Senior Notes due 20252020 Senior Notes due 2050Total
2020 (After June 30,)
$—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  
2021—  —  —  —  500  —  —  —  —  —  —  —  $500  
2022500  —  —  —  —  —  —  —  —  —  —  —  $500  
2023—  —  —  —  —  500  —  —  —  —  —  —  $500  
2024—  500  —  —  —  —  —  —  —  —  —  —  $500  
Thereafter—  —  600  562  —  —  500  400  400  842  700  300  $4,304  
Total$500  $500  $600  $562  $500  $500  $500  $400  $400  $842  $700  $300  $6,304  
Interest expense, net
The following table summarizes the components of interest as presented in the consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
Income$3  $4  $7  $9  
Expense on borrowings(48) (42) (79) (88) 
UTPs and other tax related liabilities(10) (8) (18) (13) 
Net periodic pension costs - interest component(5) (5) (10) (11) 
Total$(60) $(51) $(100) $(103) 
The following table shows the cash paid for interest:
Six Months Ended
June 30,
20202019
Interest paid
$72  $98  
The fair value and carrying value of the Company’s debt as of June 30, 2020 and December 31, 2019 are as follows:
June 30, 2020December 31, 2019
Carrying Amount
Estimated Fair Value
Carrying Amount
Estimated Fair Value
4.50% 2012 Senior Notes, due 2022
$516  $537  $507  $531  
4.875% 2013 Senior Notes, due 2024
498  565  497  551  
5.25% 2014 Senior Notes (30-Year), due 2044
599  830  599  757  
1.75% 2015 Senior Notes, due 2027
559  606  558  604  
2.75% 2017 Senior Notes, due 2021
518  515  508  507  
2.625% 2017 Senior Notes, due 2023
512  523  504  507  
3.25% 2017 Senior Notes, due 2028
528  543  493  523  
3.25% 2018 Senior Notes, due 2021
—  —  299  306  
4.25% 2018 Senior Notes, due 2029
394  475  394  453  
4.875% 2018 Senior Notes, due 2048
389  532  389  492  
0.950% 2019 Senior Notes, due 2030
833  859  833  847  
3.75% 2020 Senior Notes, due 2025
694  790  —  —  
3.25% 2020 Senior Notes, due 2050
293  322  —  —  
Total
$6,333  $7,097  $5,581  $6,078  
The fair value of the Company’s long-term debt is estimated based on quoted market prices for similar instruments. Accordingly, the inputs used to estimate the fair value of the Company’s long-term debt are classified as Level 2 inputs within the fair value hierarchy.
v3.20.2
LEASES
 6 Months Ended
Jun. 30, 2020
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 June 30,Six Months Ended June 30,
2020201920202019
Operating lease cost$24  $24  $48  $49  
Sublease income(1) —  (2) —  
Variable lease cost5  4  10  8  
Total lease cost$28  $28  $56  $57  
The following tables present other information related to the Company’s operating leases:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Cash paid for amounts included in the measurement of operating lease liabilities$27  $27  $53  $53  
Right-of-use assets obtained in exchange for new operating lease liabilities
$11  $7  $20  $16  
June 30, 2020June 30, 2019
Weighted-average remaining lease term
6.5 years7.3 years
Weighted-average discount rate applied to operating leases
3.6 %3.6 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at June 30, 2020:
Year Ending December 31,Operating Leases
2020 (After June 30)
$54  
2021105  
202293  
202387  
202480  
After 2024188  
Total lease payments (undiscounted)607  
Less: Interest66  
Present value of lease liabilities:$541  
Lease liabilities - current$90  
Lease liabilities - noncurrent$451  
v3.20.2
CONTINGENCIES
 6 Months Ended
Jun. 30, 2020
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.
v3.20.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MIS and MA and accordingly, the Company reports in two reportable segments: MIS and MA.
The MIS segment consists of five LOBs. The CFG, SFG, FIG and PPIF LOBs generate revenue principally from fees for the assignment and ongoing monitoring of credit ratings on debt obligations and the entities that issue such obligations in markets worldwide. The MIS Other LOB primarily consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue and revenue from providing ESG research, data and assessments.
The MA segment develops a wide range of products and services that support the risk management activities of institutional participants in global financial markets. Beginning in the first quarter of 2020, the MA segment now consists of two LOBs - RD&A and ERS. Subsequent to the divestiture of MAKS in the fourth quarter of 2019, the MALS business, which was historically part of the PS LOB through December 31, 2019, was reclassified to the RD&A LOB. Prior year revenue by LOB has not been reclassified as the amounts relating to the MALS business were not material.
Revenue for MIS and expenses for MA include an intersegment royalty charged to MA for the rights to use and distribute content, data and products developed by MIS. The royalty rate charged by MIS approximates the fair value of the aforementioned content, data and products and is generally based on comparable market transactions. Also, revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. These fees charged by MA are generally equal to the costs incurred by MA to produce these products and services.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are allocated to each segment based on the segment’s share of full-year 2018 actual revenue which comprises a “Baseline Pool” that will remain fixed over time. In subsequent periods, incremental overhead costs (or reductions thereof) will be allocated to each segment based on the prevailing shares of total revenue represented by each segment.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the chief operating decision maker to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue, operating income and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Refer to Note 3 for further details on the components of the Company’s revenue.
Three Months Ended June 30,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$973  $499  $(37) $1,435  $772  $478  $(36) $1,214  
Total Expense
369  393  (37) 725  352  415  (36) 731  
Operating income
604  106  —  710  420  63  —  483  
Add:
Restructuring—  (2) —  (2) 26  27  —  53  
Depreciation and
amortization
19  39  —  58  18  34  —  52  
Acquisition-Related
Expenses
—  —  —  —  —  2  —  2  
Loss pursuant to the divestiture of MAKS—  —  —  —  —  9  —  9  
Adjusted Operating Income$623  $143  $—  $766  $464  $135  $—  $599  
Six Months Ended June 30,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$1,804  $997  $(76) $2,725  $1,474  $952  $(70) $2,356  
Total Expenses
712  787  (76) 1,423  688  793  (70) 1,411  
Operating income
1,092  210  —  1,302  786  159  —  945  
Add:

Restructuring(1) (2) —  (3) 29  30  —  59  
Depreciation and
amortization
35  72  —  107  35  67  —  102  
Acquisition-Related
Expenses
—  —  —  —  —  3  —  3  
Loss pursuant to the divestiture of MAKS—  9  —  9  —  9  —  9  
Adjusted Operating Income$1,126  $289  $—  $1,415  $850  $268  $—  $1,118  

Consolidated Revenue Information by Geographic Area
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
United States$837  $638  $1,551  $1,250  
Non-U.S.:
EMEA373  362  736  695  
Asia-Pacific144  141  280  273  
Americas81  73  158  138  
Total Non-U.S.598  576  1,174  1,106  
Total$1,435  $1,214  $2,725  $2,356  
v3.20.2
RECENTLY ISSUED ACCOUNTING STANDARDS
 6 Months Ended
Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]  
RECENTLY ISSUED ACCOUNTING STANDARDS RECENTLY ISSUED ACCOUNTING STANDARDS
In August 2018, the FASB issued ASU No. 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715- 20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans”. This ASU eliminates requirements for certain disclosures and requires additional disclosures under defined benefit pension plans and other postretirement plans. The ASU is effective for all entities for fiscal years beginning after December 15, 2020 on a retrospective basis to all periods presented, with early adoption permitted. The Company will comply with the new disclosure requirements set forth in this ASU upon adoption.
In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”. This ASU clarifies and improves guidance related to the recently issued standards updates on credit losses, hedging, and recognition and measurement of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not anticipate that the adoption of this ASU will have a significant impact on its consolidated financial statements.
In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". This ASU simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740, Income Taxes, and clarifies certain aspects of the existing guidance to promote consistency among reporting entities. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not anticipate that the adoption of this ASU will have a significant impact on its consolidated financial statements.
v3.20.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTSOn July 28, 2020, the Board approved the declaration of a quarterly dividend of $0.56 per share of Moody’s common stock, payable on September 10, 2020 to shareholders of record at the close of business on August 20, 2020.On July 29, 2020, the chief executive officer of Moody’s approved a restructuring program primarily in response to the COVID-19 pandemic which revolves around the rationalization and exit of certain real estate leases. The exit from certain leased office space is anticipated to begin in the third quarter of 2020 and be substantially completed during the first half of 2021, and is expected to result in an estimated annualized savings of approximately $5 million to $6 million a year. The Program is estimated to result in total pre-tax charges of $25 to $35 million, which primarily reflects a non-cash charge related to operating lease right-of-use assets. Approximately $20 to $30 million of this amount is expected to be recorded in the second half of 2020.
v3.20.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Accounts Receivable Allowances
Accounts Receivable Allowances
On January 1, 2020, the Company adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” as more fully described in Note 1. As the Company's accounts receivable are short-term in nature, the adoption of this ASU did not have a material impact to the Company's allowance for bad debts or its policies and procedures for determining the allowance.
In order to determine an estimate of expected credit losses, receivables are segmented based on similar risk characteristics including historical credit loss patterns and industry or class of customers to calculate reserve rates. The Company uses an aging method for developing its allowance for credit losses by which receivable balances are stratified based on aging category. A reserve rate is calculated for each aging category which is generally based on historical information. The reserve rate is adjusted, when necessary, for current conditions (e.g., macroeconomic or industry related) and reasonable and supportable forecasts about the future. The Company also considers customer specific information (e.g., bankruptcy or financial difficulty) when estimating its expected credit losses, as well as the economic environment of the customers, both from an industry and geographic perspective, in evaluating the need for allowances. Expected credit losses are reflected as additions to the accounts receivable allowance. Actual uncollectible account write-offs are recorded against the allowance.
As of June 30, 2020, Moody's assessment included consideration of the current COVID-19 pandemic and its estimated impact on the Company's accounts receivable allowances. This assessment involved the utilization of significant judgment regarding the expected severity and duration of the market disruption caused by the COVID-19 pandemic, as well as judgment regarding which industries, classes of customers and geographies would be most significantly impacted.
Computer Software Developed or Obtained for Internal Use
Computer Software Developed or Obtained for Internal Use
The Company capitalizes costs related to software developed or obtained for internal use. These assets, included in property and equipment in the consolidated balance sheets, relate to the Company’s financial systems, website and other systems. Such costs generally consist of direct costs for third-party perpetual license fees, professional services provided by third parties and employee compensation, in each case incurred either during the application development stage or in connection with upgrades and enhancements that increase functionality. Such costs are depreciated over their estimated useful lives on a straight-line basis. Costs incurred during the preliminary project stage of development as well as maintenance costs are expensed as incurred.
The Company also capitalizes implementation costs incurred in cloud computing arrangements (i.e., hosting arrangements) and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. Following the January 1, 2020 adoption of ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract" (as further discussed in Note 1), the Company classifies the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the balance sheet consistent with the location of prepayment of fees for the hosting element (i.e., within other current assets or other assets). The implementation costs incurred prior to adoption of this ASU have been included within property and equipment, net in the balance sheet with the amortization of such balance included within depreciation and amortization in the statement of operations.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.
v3.20.2
Revenues (Tables)
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
MIS:
Corporate finance (CFG)
Investment-grade
$291  $96  $435  $193  
High-yield
99  69  174  126  
Bank loans
43  83  132  156  
Other accounts (1)
139  140  284  268  
Total CFG
572  388  1,025  743  
Structured finance (SFG)
Asset-backed securities
23  26  45  49  
RMBS
23  24  50  48  
CMBS
13  20  30  38  
Structured credit
21  41  50  76  
Other accounts
1  1  2  2  
Total SFG
81  112  177  213  
Financial institutions (FIG)
Banking
88  84  174  164  
Insurance
44  28  74  57  
Managed investments
8  10  14  14  
Other accounts
2  3  5  6  
Total FIG
142  125  267  241  
Public, project and infrastructure finance (PPIF)
Public finance / sovereign
64  53  121  99  
Project and infrastructure
69  55  121  102  
Total PPIF
133  108  242  201  
Total ratings revenue
928  733  1,711  1,398  
MIS Other
10  6  21  11  
Total external revenue
938  739  1,732  1,409  
Intersegment royalty
35  33  72  65  
Total MIS
973  772  1,804  1,474  
MA:
Research, data and analytics (RD&A) 366  315  724  623  
Enterprise risk solutions (ERS)
131  117  269  239  
Professional services (PS) (2)
—  43  —  85  
Total external revenue
497  475  993  947  
Intersegment revenue
2  3  4  5  
Total MA
499  478  997  952  
Eliminations
(37) (36) (76) (70) 
Total MCO
$1,435  $1,214  $2,725  $2,356  
(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.
(2) Subsequent to the divestiture of MAKS in 2019, revenue from the MALS reporting unit, which previous to 2020 was reported in the PS LOB, is now reported as part of the RD&A LOB. Prior periods have not been reclassified as the amounts were not material.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended June 30, 2020Three Months Ended June 30, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$413  $159  $572  $242  $146  $388  
Structured finance (SFG)45  36  81  72  40  112  
Financial institutions (FIG)
70  72  142  52  73  125  
Public, project and infrastructure finance (PPIF)
87  46  133  69  39  108  
Total ratings revenue
615  313  928  435  298  733  
MIS Other1  9  10  1  5  6  
Total MIS
616  322  938  436  303  739  
MA:
Research, data and analytics (RD&A)167  199  366  138  177  315  
Enterprise risk solutions (ERS)
54  77  131  46  71  117  
Professional services (PS) (1)
—  —  —  18  25  43  
Total MA
221  276  497  202  273  475  
Total MCO
$837  $598  $1,435  $638  $576  $1,214  

Six Months Ended June 30, 2020Six Months Ended June 30, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$727  $298  $1,025  $485  $258  $743  
Structured finance (SFG) 106  71  177  134  79  213  
Financial institutions (FIG)
130  137  267  98  143  241  
Public, project and infrastructure finance (PPIF)
155  87  242  129  72  201  
Total ratings revenue
1,118  593  1,711  846  552  1,398  
MIS Other1  20  21  1  10  11  
Total MIS
1,119  613  1,732  847  562  1,409  
MA:
Research, data and analytics (RD&A) 325  399  724  273  350  623  
Enterprise risk solutions (ERS)
107  162  269  94  145  239  
Professional services (PS) (1)
—  —  —  36  49  85  
Total MA
432  561  993  403  544  947  
Total MCO
$1,551  $1,174  $2,725  $1,250  $1,106  $2,356  
(1) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from MALS beginning in the first quarter of 2020. MALS revenue was previously reported as part of the PS LOB and prior year revenue by LOB has not been reclassified as the amounts were not material.
The following tables summarize the split between transaction and relationship revenue. In the MIS segment, excluding MIS Other, transaction revenue represents the initial rating of a new debt issuance as well as other one-time fees while relationship revenue represents the recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. In MIS Other, transaction revenue represents revenue from professional services and outsourcing engagements and relationship revenue represents subscription-based revenues. In the MA segment, relationship revenue represents subscription-based revenues and software maintenance revenue. Transaction revenue in MA represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and outsourced research and analytical engagements.
Three Months Ended June 30,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$457  $115  $572  $277  $111  $388  
80 %20 %100 %71 %29 %100 %
Structured Finance
$35  $46  $81  $69  $43  $112  
43 %57 %100 %62 %38 %100 %
Financial Institutions
$76  $66  $142  $61  $64  $125  
54 %46 %100 %49 %51 %100 %
Public, Project and Infrastructure Finance
$96  $37  $133  $71  $37  $108  
72 %28 %100 %66 %34 %100 %
MIS Other
$—  $10  $10  $—  $6  $6  
— %100 %100 %— %100 %100 %
Total MIS
$664  $274  $938  $478  $261  $739  
71 %29 %100 %65 %35 %100 %
Research, data and analytics$16  $350  $366  $4  $311  $315  
4 %96 %100 %1 %99 %100 %
Enterprise risk solutions$26  $105  $131  $23  $94  $117  
20 %80 %100 %20 %80 %100 %
Professional services$—  $—  $—  $43  $—  $43  
— %— %— %100 %— %100 %
Total MA$42  $455  $497  $70  $405  $475  
8 %92 %100 %15 %85 %100 %
Total Moody's Corporation$706  $729  $1,435  $548  $666  $1,214  
49 %51 %100 %45 %55 %100 %
Six Months Ended June 30,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$795  $230  $1,025  $526  $217  $743  
78 %22 %100 %71 %29 %100 %
Structured Finance
$85  $92  $177  $126  $87  $213  
48 %52 %100 %59 %41 %100 %
Financial Institutions
$136  $131  $267  $109  $132  $241  
51 %49 %100 %45 %55 %100 %
Public, Project and Infrastructure Finance
$165  $77  $242  $126  $75  $201  
68 %32 %100 %63 %37 %100 %
MIS Other
$2  $19  $21  $1  $10  $11  
10 %90 %100 %9 %91 %100 %
Total MIS
$1,183  $549  $1,732  $888  $521  $1,409  
68 %32 %100 %63 %37 %100 %
Research, data and analytics$34  $690  $724  $9  $614  $623  
5 %95 %100 %1 %99 %100 %
Enterprise risk solutions$58  $211  $269  47  $192  $239  
22 %78 %100 %20 %80 %100 %
Professional services$—  $—  $—  $85  $—  $85  
— %— %— %100 %— %100 %
Total MA$92  
(1)
$901  $993  $141  
(1)
$806  $947  
9 %91 %100 %15 %85 %100 %
Total Moody's Corporation$1,275  $1,450  $2,725  $1,029  $1,327  $2,356  
47 %53 %100 %44 %56 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the Revenue Accounting Standard (please also refer to the following table).

The following table presents the timing of revenue recognition:
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
MIS
MA
Total
MIS
MA
Total
Revenue recognized at a point in time
$664  $20  $684  $1,183  $59  $1,242  
Revenue recognized over time
274  477  751  549  934  1,483  
Total
$938  $497  $1,435  $1,732  $993  $2,725  

Three Months Ended June 30, 2019Six Months Ended June 30, 2019
MIS
MA
Total
MIS
MA
Total
Revenue recognized at a point in time
$478  $22  $500  $888  $52  $940  
Revenue recognized over time
261  453  714  521  895  1,416  
Total
$739  $475  $1,214  $1,409  $947  $2,356  
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
June 30,		Six Months Ended
June 30,
2020201920202019
MIS:
U.S.
$616  $436  $1,119  $847  
Non-U.S.:
EMEA
183  178  354  327  
Asia-Pacific
90  84  171  163  
Americas
49  41  88  72  
Total Non-U.S.
322  303  613  562  
Total MIS
938  739  1,732  1,409  
MA:
U.S.
221  202  432  403  
Non-U.S.:
EMEA
190  184  382  368  
Asia-Pacific
54  57  109  110  
Americas
32  32  70  66  
Total Non-U.S.
276  273  561  544  
Total MA
497  475  993  947  
Total MCO
$1,435  $1,214  $2,725  $2,356  
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three and six months ended June 30, 2020 are as follows:
Three Months Ended June 30, 2020
MIS
MA
Total
Balance at March 31, 2020$379  $843  $1,222  
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(115) (341) (456) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
100  234  334  
Effect of exchange rate changes
1  4  5  
Total changes in deferred revenue(14) (103) (117) 
Balance at June 30, 2020$365  $740  $1,105  

Six Months Ended June 30, 2020
MIS
MA
Total
Balance at January 1, 2020$322  $840  $1,162  
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(167) (677) (844) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
213  577  790  
Increases due to RDC acquisition during the period—  20  20  
Effect of exchange rate changes
(3) (20) (23) 
Total changes in deferred revenue
43  (100) (57) 
Balance at June 30, 2020$365  $740  $1,105  
Deferred revenue - current
$265  $736  $1,001  
Deferred revenue - noncurrent
$100  $4  $104  

Three Months Ended June 30, 2019
MIS
MA
Total
Balance at March 31, 2019$388  $795  $1,183  
Changes in deferred revenue

Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(114) (340) (454) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
101  246  347  
Amount included in liabilities reclassified as held for sale—  (3) (3) 
Effect of exchange rate changes
1  (3) (2) 
Total changes in deferred revenue
(12) (100) (112) 
Balance at June 30, 2019$376  $695  $1,071  
Six Months Ended June 30, 2019
MIS
MA
Total
Balance at January 1, 2019
$326  $750  $1,076  
Changes in deferred revenue

Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(161) (533) (694) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
210  479  689  
Amount included in liabilities reclassified as held for sale—  (3) (3) 
Effect of exchange rate changes
1  2  3  
Total changes in deferred revenue
50  (55) (5) 
Balance at June 30, 2019$376  $695  $1,071  
Deferred revenue - current
$262  $691  953  
Deferred revenue - noncurrent
$114  $4  118  
v3.20.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2020
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
June 30,		Six Months Ended
June 30,
2020201920202019
Stock-based compensation cost
$35  $34  $72  $70  
Tax benefit
$7  $7  $14  $15  
Weighted Average Assumptions used in Determining Fair Value for Options Granted
The following weighted average assumptions were used in determining the fair value for options granted in 2020:
Expected dividend yield
0.80 %
Expected stock volatility
22.43 %
Risk-free interest rate
1.45 %
Expected holding period
5.7 years
Stock Option Exercises and Restricted Stock Vesting
The following tables summarize information relating to stock option exercises and restricted stock vesting:
Six Months Ended
June 30,
2020
2019
Exercise of stock options:
Proceeds from stock option exercises
$23  $23  
Aggregate intrinsic value
$74  $83  
Tax benefit realized upon exercise
$18  $20  
Number of shares exercised
0.4  0.6  
Vesting of restricted stock:
Fair value of shares vested
$193  $150  
Tax benefit realized upon vesting
$45  $36  
Number of shares vested
0.8  0.8  
Vesting of performance-based restricted stock:
Fair value of shares vested
$70  $48  
Tax benefit realized upon vesting
$17  $12  
Number of shares vested
0.3  0.3  
v3.20.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Paid The following table shows the amount the Company paid for income taxes:
Six Months Ended June 30,
20202019
Income taxes paid (1)
$111  $198  
(1) The decrease compared to prior year relates to estimated income tax payment timing extensions (to July 15, 2020) provided by the Internal Revenue Service and several states in response to the COVID-19 crisis.
v3.20.2
Weighted Average Shares Outstanding (Tables)
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Reconciliation of Basic to Diluted Shares Outstanding
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended
June 30,		Six Months Ended June 30,
2020201920202019
Basic
187.7  189.4  187.6  189.9  
Dilutive effect of shares issuable under stock-based compensation plans
1.3  1.9  1.7  2.2  
Diluted
189.0  191.3  189.3  192.1  
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above
0.3  0.3  0.3  0.3  
v3.20.2
CASH EQUIVALENTS AND INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
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 June 30, 2020
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 (1)
$1,128  $—  $1,128  $1,028  $97  $3  
Mutual funds$46  $—  $46  $—  $3  $43  

As of December 31, 2019
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 (1)
$971  $—  $971  $866  $95  $10  
Mutual funds$3  $—  $3  $—  $3  $—  
(1) Consists of time deposits and money market deposit accounts. The remaining contractual maturities for the certificates of deposits classified as short-term investments were one month to 12 months at both June 30, 2020 and December 31, 2019. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 23 months at June 30, 2020 and 13 months to 18 months at December 31, 2019. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
v3.20.2
Acquisitions and Other Strategic Initiatives (Tables)
 6 Months Ended
Jun. 30, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The table below details the total consideration relating to the acquisition:
Cash paid at closing $700  
Additional consideration paid to sellers in 2020 (1)
2  
Total consideration$702  
(1) Represents additional consideration paid to the sellers following finalization of customary post-closing completion adjustments.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
Shown below is the preliminary purchase price allocation, which summarizes the fair value of the assets and liabilities assumed, at the date of acquisition:
(Amounts in millions)
Current assets$24  
Intangible assets:
Customer relationships (25 year weighted average life)
$174  
Database (10 year weighted average life)
86  
Product technology (4 year weighted average life)
17  
Trade name (3 year weighted average life)
3  
Total intangible assets (19 year weighted average life)
280  
Goodwill494  
Other assets2  
Liabilities:
Accounts payable and accrued liabilities$(5) 
Deferred revenue(20) 
Deferred tax liabilities(71) 
Other liabilities(2) 
Total liabilities(98) 
Net assets acquired$702  
v3.20.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2020
Derivative [Line Items]  
Schedule of Interest Rate Swap
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of SwapAs of June 30,
2020		As of December 31,
2019		Floating Interest Rate
2012 Senior Notes due 2022Pay Floating/Receive Fixed$330  $330  3-month USD LIBOR
2017 Senior Notes due 2021Pay Floating/Receive Fixed$500  $500  3-month USD LIBOR
2017 Senior Notes due 2023Pay Floating/Receive Fixed$250  $250  3-month USD LIBOR
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500  $—  3-month USD LIBOR
Total$1,580  $1,080  
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statement of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended June 30,Six Months Ended
June 30,
2020201920202019
Interest expense, net$(60) $(51) $(100) $(103) 

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

Interest expense, net
$5  $—  $8  $—  
Fair value changes on interest rate swapsInterest expense, net$2  $20  $60  $31  
Fair value changes on hedged debtInterest expense, net$(2) $(20) $(60) $(31) 
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCI on Derivative, net of TaxAmount of Gain/(Loss) Reclassified from AOCI into Income, net of TaxGain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
June 30,		Three Months Ended
June 30,		Three Months Ended
June 30,
202020192020201920202019
Cross currency swaps
$(49) $(20) $—  $—  $14  $14  
Long-term debt
(24) (9) —  —  —  —  
Total net investment hedges
$(73) $(29) $—  $—  $14  $14  
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts
(14) —  —  —  —  —  
Total cash flow hedges$(14) $—  $—  $—  $—  $—  
Total$(87) $(29) $—  $—  $14  $14  
Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax
Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Six Months Ended
June 30,		Six Months Ended
June 30,		Six Months Ended
June 30,
202020192020201920202019
Cross currency swaps
$17  $(5) $—  $—  $30  $22  
Long-term debt
(1) 

—  —  —  —  —  
Total net investment hedges
$16  $(5) $—  $—  $30  $22  
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts(50) —  (1) —  —  —  
Total cash flow hedges$(50) $—  $(1) $—  $—  $—  
Total$(34) $(5) $(1) $—  $30  $22  
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCI is as follows:

Cumulative Gains/(Losses), net of tax
June 30, 2020December 31, 2019
Net investment hedges
Cross currency swaps
$58  $41  
FX forwards
26  26  
Long-term debt
(14) (13) 
Total net investment hedges
$70  $54  
Cash flow hedges
Interest rate contracts
$(51) $(2) 
Cross currency swaps2  2  
Total cash flow hedges
(49) —  
Total net gain in AOCI
$21  $54  
The following tables show changes in AOCI by component (net of tax):
Three Months Ended
June 30, 2020June 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance March 31,$(92) $(35) $(570) $143  $(554) $(69) $—  $(440) $54  $(455) 
Other comprehensive income/(loss) before reclassifications7  (14) 91  (73) 11  (2) —  39  (29) 8  
Amounts reclassified from AOCI1  —  —  —  1  1  —  —  —  1  
Other comprehensive income/(loss)8  (14) 91  (73) 12  (1) —  39  (29) 9  
Balance June 30,$(84) $(49) $(479) $70  $(542) $(70) $—  $(401) $25  $(446) 

Six Months Ended
June 30, 2020June 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31,$(92) $—  $(401) $54  $(439) $(53) $—  $(406) $33  $(426) 
Other comprehensive income/(loss) before reclassifications6  (50) (78) 16  (106) (1) —  5  (5) (1) 
Amounts reclassified from AOCI2  1  —  —  3  1  —  —  —  1  
Adoption of ASU 2018-02—  —  —  —  —  (17) —  —  (3) (20) 
Other comprehensive income/(loss)8  (49) (78) 16  (103) (17) —  5  (8) (20) 
Balance June 30,$(84) $(49) $(479) $70  $(542) $(70) $—  $(401) $25  $(446) 
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
June 30, 2020December 31, 2019
Notional amount of currency pair:
Sell
Buy
Sell
Buy
Contracts to sell USD for GBP
$458  £369  $235  £178  
Contracts to sell USD for Japanese Yen
$23  ¥2,500  $29  ¥3,200  
Contracts to sell USD for Canadian dollars
$93  C$130  $83  $110  
Contracts to sell USD for Singapore dollars
$79  S$112  $41  S$56  
Contracts to sell USD for Euros
$324  €291  $421  €378  
Contracts to sell Euros for GBP€—  £—  €25  £21  
Contracts to sell USD for Russian Ruble$8  ₽580  $—  ₽—  
Contracts to sell USD for Indian Rupee$15  ₹1,200  $—  ₹—  
NOTE: € = Euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese Yen, C$ = Canadian dollar, S$= Singapore dollars, ₽= Russian Ruble, ₹= Indian Rupee
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
The following table summarizes the impact to the consolidated statements of operations relating to the net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedges
Location on Statement of Operations
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
Foreign exchange forwards
Other non-operating expense, net
$5  $(10) $(35) $(9) 
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 Location
June 30, 2020December 31, 2019
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other assets
$92  $56  
Interest rate swaps designated as fair value hedges
Other assets
87  27  
Total derivatives designated as accounting hedges
179  83  
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Other current assets
8  9  
Total assets
$187  $92  
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other liabilities
$13  $—  
Total derivatives designated as accounting hedges
13  —  
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedge
Long-term debt
1,404  1,403  
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Accounts payable and accrued liabilities
3  —  
Total liabilities
$1,420  $1,403  
Designated as Hedging Instrument  
Derivative [Line Items]  
Schedule of Interest Rate Swap The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
June 30, 2020
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
€1,079  1.43%$1,220  3.96%
Pay Floating/Receive Floating1,381  Based on 3-month EURIBOR1,580  Based on 3-month USD LIBOR
Total
€2,460  $2,800  

December 31, 2019
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
€1,079  1.43%$1,220  3.96%
Pay Floating/Receive Floating
931  Based on 3-month EURIBOR1,080  Based on 3-month USD LIBOR
Total
€2,010  $2,300  
v3.20.2
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Activity in Goodwill
The following table summarizes the activity in goodwill for the periods indicated:
Six Months Ended June 30, 2020
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$315  $—  $315  $3,419  $(12) $3,407  $3,734  $(12) $3,722  
Additions/
adjustments (1)
—  —  —  497  —  497  497  —  497  
Foreign currency translation adjustments
(16) —  (16) (41) —  (41) (57) —  (57) 
Ending balance
$299  $—  $299  $3,875  $(12) $3,863  $4,174  $(12) $4,162  

Year Ended December 31, 2019
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$258  $—  $258  $3,535  $(12) $3,523  $3,793  $(12) $3,781  
Additions/
adjustments (2)
53  —  53  61  —  61  114  —  114  
Foreign currency translation
adjustments
4  —  4  (14) —  (14) (10) —  (10) 
Divestiture of MAKS—  —  —  (163) —  (163) (163) —  (163) 
Ending balance
$315  $—  $315  $3,419  $(12) $3,407  $3,734  $(12) $3,722  
(1) The 2020 additions/adjustments for the MA segment in the table above relate to the acquisition of RDC and RBA.
(2) The 2019 additions/adjustments for the MIS segment in the table above relate to the acquisitions of Vigeo Eiris and Four Twenty Seven. The 2019 additions/adjustments for the MA segment in the table above relate to the acquisition of RiskFirst and ABS Suite.
Acquired Intangible Assets and Related Amortization
Acquired intangible assets and related amortization consisted of:
June 30,
2020		December 31,
2019
Customer relationships
$1,479  $1,325  
Accumulated amortization
(263) (235) 
Net customer relationships
1,216  1,090  
Trade secrets
30  30  
Accumulated amortization
(29) (29) 
Net trade secrets
1  1  
Software/product technology
368  372  
Accumulated amortization
(143) (131) 
Net software/product technology
225  241  
Trade names
148  150  
Accumulated amortization
(33) (30) 
Net trade names
115  120  
Other (1)
181  80  
Accumulated amortization
(41) (34) 
Net other
140  46  
Total acquired intangible assets, net
$1,697  $1,498  
(1) Other intangible assets primarily consist of databases, covenants not to compete, and acquired ratings methodologies and models.
Amortization Expense Relating to Acquired Intangible Assets
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
Amortization expense
$31  $27  $59  $53  
Estimated Future Amortization Expense for Acquired Intangible Assets Subject to Amortization
Estimated future amortization expense for acquired intangible assets subject to amortization is as follows:
Year Ending December 31,
2020 (After June 30,)
$60  
2021117  
2022117  
2023112  
2024105  
Thereafter1,186  
Total estimated future amortization$1,697  
v3.20.2
RESTRUCTURING (Tables)
 6 Months Ended
Jun. 30, 2020
Restructuring and Related Activities [Abstract]  
Restructuring Expenses Included in Consolidated Statements of Operations
Total expenses included in the accompanying consolidated statements of operations relating to the 2018 Restructuring Program are as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
Restructuring
$(2) $53  $(3) $59  
v3.20.2
FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Financial Instruments Carried at Fair Value on Recurring Basis
The table below presents information about items that are carried at fair value at June 30, 2020 and December 31, 2019:
Fair value Measurement as of June 30, 2020
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$187  $—  $187  
Mutual funds
46  46  —  
Total
$233  $46  $187  
Liabilities:
Derivatives (1)
$16  $—  $16  
Total
$16  $—  $16  

Fair value Measurement as of December 31, 2019
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$92  $—  $92  
Mutual funds
3  3  —  
Total
$95  $3  $92  
(1)Represents FX forwards on certain assets and liabilities as well as interest rate swaps, cross-currency swaps and forward contracts as more fully described in Note 10 to the condensed consolidated financial statements.
v3.20.2
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2020
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:
June 30, 2020December 31, 2019
Other current assets:
Prepaid taxes$127  $79  
Prepaid expenses71  71  
Capitalized costs to obtain and fulfill sales contracts79  91  
Other86  89  
Total other current assets$363  $330  
Other assets:
Investments in non-consolidated affiliates$125  $117  
Deposits for real-estate leases14  13  
Indemnification assets related to acquisitions16  16  
Mutual funds and fixed deposits46  10  
Company owned life insurance (at contract value)13  —  
Costs to obtain sales contracts116  119  
Cross currency and interest rate swaps179  83  
Other52  31  
Total other assets$561  $389  
Accounts payable and accrued liabilities:
Salaries and benefits$137  $152  
Incentive compensation89  208  
Customer credits, advanced payments and advanced billings44  28  
Dividends6  7  
Professional service fees43  43  
Interest accrued on debt67  63  
Accounts payable36  38  
Income taxes199  
(1)
73  
Pension and other retirement employee benefits7  7  
Accrued royalties13  25  
Foreign exchange forwards on certain assets and liabilities3  —  
Restructuring liability5  21  
Other146  108  
Total accounts payable and accrued liabilities$795  $773  
June 30, 2020December 31, 2019
Other liabilities:
Pension and other retirement employee benefits$197  $299  
Interest accrued on UTPs98  82  
MAKS indemnification provisions32  43  
Income tax liability - non-current portion51  51  
Cross currency and interest rate swaps13  —  
Restructuring liability2  3  
Other25  26  
Total other liabilities$418  $504  
(1) The increase from December 31, 2019 relates to estimated income tax payment timing extensions (to July 15, 2020) provided by the Internal Revenue Service and several states in response to the COVID-19 crisis.
Other Non-Operating
The following table summarizes the components of other non-operating income (expense):
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
FX (loss) gain $(8) $(10) $5  $(16) 
Net periodic pension costs - other components4  5  7  9  
Income from investments in non-consolidated affiliates3  6  —  7  
Other17  (1) 16  2  
Total$16  $—  $28  $2  
v3.20.2
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 6 Months Ended
Jun. 30, 2020
Equity [Abstract]  
Reclassifications out of AOCI
The following table provides details about the reclassifications out of AOCI:
Losses on cash flow hedgesThree Months Ended
June 30, 2020		Six Months Ended
June 30, 2020		Location in the consolidated statement of operations
Interest rate contract$—  $(1) Other non-operating expense, net
Income tax effect of items above—  —  Provision for income taxes
Total net gains (losses) on cash flow hedges—  (1) 
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income(1) (2) Operating expense
Amortization of actuarial losses and prior service costs included in net income—  (1) SG&A expense
Total before income taxes(1) (3) 
Income tax effect of item above—  1  Provision for income taxes
Total pension and other retirement benefits(1) (2) 
Total net losses included in Net Income attributable to reclassifications out of AOCI$(1) $(3) 
Location in the consolidated statement of operations
Three Months Ended
June 30, 2019		Six Months Ended
June 30, 2019
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income—  (1) Operating expense
Amortization of actuarial losses and prior service costs included in net income(1) (1) SG&A expense
Total before income taxes(1) (2) 
Income tax effect of item above—  1  Provision for income taxes
Total pension and other retirement benefits(1) (1) 
Total net losses included in Net Income attributable to reclassifications out of AOCI$(1) $(1) 
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCI is as follows:

Cumulative Gains/(Losses), net of tax
June 30, 2020December 31, 2019
Net investment hedges
Cross currency swaps
$58  $41  
FX forwards
26  26  
Long-term debt
(14) (13) 
Total net investment hedges
$70  $54  
Cash flow hedges
Interest rate contracts
$(51) $(2) 
Cross currency swaps2  2  
Total cash flow hedges
(49) —  
Total net gain in AOCI
$21  $54  
The following tables show changes in AOCI by component (net of tax):
Three Months Ended
June 30, 2020June 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance March 31,$(92) $(35) $(570) $143  $(554) $(69) $—  $(440) $54  $(455) 
Other comprehensive income/(loss) before reclassifications7  (14) 91  (73) 11  (2) —  39  (29) 8  
Amounts reclassified from AOCI1  —  —  —  1  1  —  —  —  1  
Other comprehensive income/(loss)8  (14) 91  (73) 12  (1) —  39  (29) 9  
Balance June 30,$(84) $(49) $(479) $70  $(542) $(70) $—  $(401) $25  $(446) 

Six Months Ended
June 30, 2020June 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31,$(92) $—  $(401) $54  $(439) $(53) $—  $(406) $33  $(426) 
Other comprehensive income/(loss) before reclassifications6  (50) (78) 16  (106) (1) —  5  (5) (1) 
Amounts reclassified from AOCI2  1  —  —  3  1  —  —  —  1  
Adoption of ASU 2018-02—  —  —  —  —  (17) —  —  (3) (20) 
Other comprehensive income/(loss)8  (49) (78) 16  (103) (17) —  5  (8) (20) 
Balance June 30,$(84) $(49) $(479) $70  $(542) $(70) $—  $(401) $25  $(446) 
v3.20.2
PENSION AND OTHER RETIREMENT BENEFITS (Tables)
 6 Months Ended
Jun. 30, 2020
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Expense Related to Post-Retirement Plans
The components of net periodic benefit expense related to the Retirement Plans are as follows:
Three Months Ended June 30,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$3  $4  $1  $1  
Interest cost
5  5  —  —  
Expected return on plan assets
(5) (5) —  —  
Amortization of net actuarial loss from earlier periods
1  1  —  —  
Net periodic expense
$4  $5  $1  $1  

Six Months Ended June 30,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$8  $8  $2  $1  
Interest cost
9  10  —  1  
Expected return on plan assets
(10) (10) —  —  
Amortization of net actuarial loss from earlier periods
3  2  —  —  
Net periodic expense
$10  $10  $2  $2  
v3.20.2
INDEBTEDNESS (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
June 30, 2020
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500  $18  $(1) $(1) $516  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (1) 498  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —  4  (5) 599  
1.75% 2015 Senior Notes, due 2027
562  —  —  (3) 559  
2.75% 2017 Senior Notes, due 2021
500  19  —  (1) 518  
2.625% 2017 Senior Notes, due 2023
500  15  (1) (2) 512  
3.25% 2017 Senior Notes, due 2028
500  35  (4) (3) 528  
4.25% 2018 Senior Notes, due 2029
400  —  (3) (3) 394  
4.875% 2018 Senior Notes, due 2048
400  —  (7) (4) 389  
0.950% 2019 Senior Notes, due 2030
842  —  (3) (6) 833  
3.75% 2020 Senior Notes, due 2025
700  —  (1) (5) 694  
3.25% 2020 Senior Notes, due 2050
300  —  (4) (3) 293  
Total long-term debt$6,304  $87  $(21) $(37) $6,333  

December 31, 2019
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500  $9  $(1) $(1) $507  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (2) 497  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —  4  (5) 599  
1.75% 2015 Senior Notes, due 2027
561  —  —  (3) 558  
2.75% 2017 Senior Notes, due 2021
500  11  (1) (2) 508  
2.625% 2017 Senior Notes, due 2023
500  7  (1) (2) 504  
3.25% 2017 Senior Notes, due 2028
500  —  (4) (3) 493  
3.25% 2018 Senior Notes, due 2021
300  —  —  (1) 299  
4.25% 2018 Senior Notes, due 2029
400  —  (3) (3) 394  
4.875% 2018 Senior Notes, due 2048
400  —  (7) (4) 389  
0.950% 2019 Senior Notes, due 2030
842  —  (3) (6) 833  
Total long-term debt$5,603  $27  $(17) $(32) $5,581  
(1) The Company has entered into interest rate swaps on the 2012 Senior Notes, the 2017 Senior Notes due 2021, the 2017 Senior Notes due 2023 and the 2017 Senior Notes due 2028 which are more fully discussed in Note 10 above. These amounts represent the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.
Principal Payments Due on Long-Term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,2012 Senior Notes due 20222013 Senior Notes due 2024
2014 Senior Notes (30-Year) due 2044
2015 Senior Notes due 20272017 Senior Notes due 20212017 Senior Notes due 20232017 Senior Notes due 20282018 Senior Notes due 20292018 Senior Notes due 20482019 Senior Notes due 20302020 Senior Notes due 20252020 Senior Notes due 2050Total
2020 (After June 30,)
$—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  
2021—  —  —  —  500  —  —  —  —  —  —  —  $500  
2022500  —  —  —  —  —  —  —  —  —  —  —  $500  
2023—  —  —  —  —  500  —  —  —  —  —  —  $500  
2024—  500  —  —  —  —  —  —  —  —  —  —  $500  
Thereafter—  —  600  562  —  —  500  400  400  842  700  300  $4,304  
Total$500  $500  $600  $562  $500  $500  $500  $400  $400  $842  $700  $300  $6,304  
Summary of Components of Interest as Presented in Consolidated Statements of Operations
The following table summarizes the components of interest as presented in the consolidated statements of operations:
Three Months Ended
June 30,		Six Months Ended
June 30,
2020201920202019
Income$3  $4  $7  $9  
Expense on borrowings(48) (42) (79) (88) 
UTPs and other tax related liabilities(10) (8) (18) (13) 
Net periodic pension costs - interest component(5) (5) (10) (11) 
Total$(60) $(51) $(100) $(103) 
Interest Paid
The following table shows the cash paid for interest:
Six Months Ended
June 30,
20202019
Interest paid
$72  $98  
Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of June 30, 2020 and December 31, 2019 are as follows:
June 30, 2020December 31, 2019
Carrying Amount
Estimated Fair Value
Carrying Amount
Estimated Fair Value
4.50% 2012 Senior Notes, due 2022
$516  $537  $507  $531  
4.875% 2013 Senior Notes, due 2024
498  565  497  551  
5.25% 2014 Senior Notes (30-Year), due 2044
599  830  599  757  
1.75% 2015 Senior Notes, due 2027
559  606  558  604  
2.75% 2017 Senior Notes, due 2021
518  515  508  507  
2.625% 2017 Senior Notes, due 2023
512  523  504  507  
3.25% 2017 Senior Notes, due 2028
528  543  493  523  
3.25% 2018 Senior Notes, due 2021
—  —  299  306  
4.25% 2018 Senior Notes, due 2029
394  475  394  453  
4.875% 2018 Senior Notes, due 2048
389  532  389  492  
0.950% 2019 Senior Notes, due 2030
833  859  833  847  
3.75% 2020 Senior Notes, due 2025
694  790  —  —  
3.25% 2020 Senior Notes, due 2050
293  322  —  —  
Total
$6,333  $7,097  $5,581  $6,078  
v3.20.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Components of Lease Cost
The following table presents the components of the Company’s lease cost:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Operating lease cost$24  $24  $48  $49  
Sublease income(1) —  (2) —  
Variable lease cost5  4  10  8  
Total lease cost$28  $28  $56  $57  
Schedule of Operating Leases Information
The following tables present other information related to the Company’s operating leases:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Cash paid for amounts included in the measurement of operating lease liabilities$27  $27  $53  $53  
Right-of-use assets obtained in exchange for new operating lease liabilities
$11  $7  $20  $16  
June 30, 2020June 30, 2019
Weighted-average remaining lease term
6.5 years7.3 years
Weighted-average discount rate applied to operating leases
3.6 %3.6 %
Lessee, Operating Lease, Liability, Maturity
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at June 30, 2020:
Year Ending December 31,Operating Leases
2020 (After June 30)
$54  
2021105  
202293  
202387  
202480  
After 2024188  
Total lease payments (undiscounted)607  
Less: Interest66  
Present value of lease liabilities:$541  
Lease liabilities - current$90  
Lease liabilities - noncurrent$451  
v3.20.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2020
Segment Reporting Information [Line Items]  
Financial Information by Segment
The table below shows revenue, operating income and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Refer to Note 3 for further details on the components of the Company’s revenue.
Three Months Ended June 30,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$973  $499  $(37) $1,435  $772  $478  $(36) $1,214  
Total Expense
369  393  (37) 725  352  415  (36) 731  
Operating income
604  106  —  710  420  63  —  483  
Add:
Restructuring—  (2) —  (2) 26  27  —  53  
Depreciation and
amortization
19  39  —  58  18  34  —  52  
Acquisition-Related
Expenses
—  —  —  —  —  2  —  2  
Loss pursuant to the divestiture of MAKS—  —  —  —  —  9  —  9  
Adjusted Operating Income$623  $143  $—  $766  $464  $135  $—  $599  
Six Months Ended June 30,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$1,804  $997  $(76) $2,725  $1,474  $952  $(70) $2,356  
Total Expenses
712  787  (76) 1,423  688  793  (70) 1,411  
Operating income
1,092  210  —  1,302  786  159  —  945  
Add:

Restructuring(1) (2) —  (3) 29  30  —  59  
Depreciation and
amortization
35  72  —  107  35  67  —  102  
Acquisition-Related
Expenses
—  —  —  —  —  3  —  3  
Loss pursuant to the divestiture of MAKS—  9  —  9  —  9  —  9  
Adjusted Operating Income$1,126  $289  $—  $1,415  $850  $268  $—  $1,118  
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
June 30,		Six Months Ended
June 30,
2020201920202019
MIS:
U.S.
$616  $436  $1,119  $847  
Non-U.S.:
EMEA
183  178  354  327  
Asia-Pacific
90  84  171  163  
Americas
49  41  88  72  
Total Non-U.S.
322  303  613  562  
Total MIS
938  739  1,732  1,409  
MA:
U.S.
221  202  432  403  
Non-U.S.:
EMEA
190  184  382  368  
Asia-Pacific
54  57  109  110  
Americas
32  32  70  66  
Total Non-U.S.
276  273  561  544  
Total MA
497  475  993  947  
Total MCO
$1,435  $1,214  $2,725  $2,356  
Operating Segments  
Segment Reporting Information [Line Items]  
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
United States$837  $638  $1,551  $1,250  
Non-U.S.:
EMEA373  362  736  695  
Asia-Pacific144  141  280  273  
Americas81  73  158  138  
Total Non-U.S.598  576  1,174  1,106  
Total$1,435  $1,214  $2,725  $2,356  
v3.20.2
Description of Business and Basis of Presentation - Additional Information (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
segment
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jun. 30, 2019
USD ($)
Mar. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
New Accounting Pronouncement, Early Adoption [Line Items]            
Number of reportable segments | segment 2          
Shareholders' equity $ 1,232 $ 799 $ 831 $ 575 $ 325 $ 656
3.75% 2020 Senior Notes, due 2025            
New Accounting Pronouncement, Early Adoption [Line Items]            
Increase in long term debt, net 700          
Retained Earnings            
New Accounting Pronouncement, Early Adoption [Line Items]            
Shareholders' equity $ 10,442 $ 10,041 9,656 $ 9,108 $ 8,893 8,594
Cumulative Effect, Period of Adoption, Adjustment            
New Accounting Pronouncement, Early Adoption [Line Items]            
Shareholders' equity     (2)     0
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings            
New Accounting Pronouncement, Early Adoption [Line Items]            
Shareholders' equity     $ (2)     $ 20
v3.20.2
Summary of Significant Accounting Policies (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
Accounting Policies [Abstract]  
Expected credit losses $ 28
v3.20.2
Revenues - Revenue by Category (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Disaggregation of Revenue [Line Items]        
Revenue $ 1,435 $ 1,214 $ 2,725 $ 2,356
Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue (37) (36) (76) (70)
MIS        
Disaggregation of Revenue [Line Items]        
Revenue 938 739 1,732 1,409
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 973 772 1,804 1,474
MIS | Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue 35 33 72 65
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue 572 388 1,025 743
MIS | Corporate Finance (CFG) | Investment-grade        
Disaggregation of Revenue [Line Items]        
Revenue 291 96 435 193
MIS | Corporate Finance (CFG) | High-yield        
Disaggregation of Revenue [Line Items]        
Revenue 99 69 174 126
MIS | Corporate Finance (CFG) | Bank loans        
Disaggregation of Revenue [Line Items]        
Revenue 43 83 132 156
MIS | Corporate Finance (CFG) | Other accounts        
Disaggregation of Revenue [Line Items]        
Revenue 139 140 284 268
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue 81 112 177 213
MIS | Structured Finance (SFG) | Other accounts        
Disaggregation of Revenue [Line Items]        
Revenue 1 1 2 2
MIS | Structured Finance (SFG) | Asset-backed securities        
Disaggregation of Revenue [Line Items]        
Revenue 23 26 45 49
MIS | Structured Finance (SFG) | RMBS        
Disaggregation of Revenue [Line Items]        
Revenue 23 24 50 48
MIS | Structured Finance (SFG) | CMBS        
Disaggregation of Revenue [Line Items]        
Revenue 13 20 30 38
MIS | Structured Finance (SFG) | Structured credit        
Disaggregation of Revenue [Line Items]        
Revenue 21 41 50 76
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue 142 125 267 241
MIS | Financial Institutions (FIG) | Other accounts        
Disaggregation of Revenue [Line Items]        
Revenue 2 3 5 6
MIS | Financial Institutions (FIG) | Banking        
Disaggregation of Revenue [Line Items]        
Revenue 88 84 174 164
MIS | Financial Institutions (FIG) | Insurance        
Disaggregation of Revenue [Line Items]        
Revenue 44 28 74 57
MIS | Financial Institutions (FIG) | Managed investments        
Disaggregation of Revenue [Line Items]        
Revenue 8 10 14 14
MIS | Public, Project And Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue 133 108 242 201
MIS | Public, Project And Infrastructure Finance (PPIF) | Public finance / sovereign        
Disaggregation of Revenue [Line Items]        
Revenue 64 53 121 99
MIS | Public, Project And Infrastructure Finance (PPIF) | Project and infrastructure        
Disaggregation of Revenue [Line Items]        
Revenue 69 55 121 102
MIS | Rating Revenue        
Disaggregation of Revenue [Line Items]        
Revenue 928 733 1,711 1,398
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue 10 6 21 11
MA        
Disaggregation of Revenue [Line Items]        
Revenue 497 475 993 947
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 499 478 997 952
MA | Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue 2 3 4 5
MA | Research, Data And Analytics (RD&A)        
Disaggregation of Revenue [Line Items]        
Revenue 366 315 724 623
MA | Enterprise Risk Solutions (ERS)        
Disaggregation of Revenue [Line Items]        
Revenue 131 117 269 239
MA | Professional Services (PS)        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 43 $ 0 $ 85
v3.20.2
Revenues - Revenues disaggregated by Line of Business and Geographical Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Disaggregation of Revenue [Line Items]        
Revenue $ 1,435 $ 1,214 $ 2,725 $ 2,356
United States        
Disaggregation of Revenue [Line Items]        
Revenue 837 638 1,551 1,250
Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 598 576 1,174 1,106
MIS        
Disaggregation of Revenue [Line Items]        
Revenue 938 739 1,732 1,409
MIS | United States        
Disaggregation of Revenue [Line Items]        
Revenue 616 436 1,119 847
MIS | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 322 303 613 562
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue 572 388 1,025 743
MIS | Corporate Finance (CFG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 413 242 727 485
MIS | Corporate Finance (CFG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 159 146 298 258
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue 81 112 177 213
MIS | Structured Finance (SFG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 45 72 106 134
MIS | Structured Finance (SFG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 36 40 71 79
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue 142 125 267 241
MIS | Financial Institutions (FIG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 70 52 130 98
MIS | Financial Institutions (FIG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 72 73 137 143
MIS | Public, Project And Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue 133 108 242 201
MIS | Public, Project And Infrastructure Finance (PPIF) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 87 69 155 129
MIS | Public, Project And Infrastructure Finance (PPIF) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 46 39 87 72
MIS | Rating Revenue        
Disaggregation of Revenue [Line Items]        
Revenue 928 733 1,711 1,398
MIS | Rating Revenue | United States        
Disaggregation of Revenue [Line Items]        
Revenue 615 435 1,118 846
MIS | Rating Revenue | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 313 298 593 552
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue 10 6 21 11
MIS | MIS Other | United States        
Disaggregation of Revenue [Line Items]        
Revenue 1 1 1 1
MIS | MIS Other | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 9 5 20 10
MA        
Disaggregation of Revenue [Line Items]        
Revenue 497 475 993 947
MA | United States        
Disaggregation of Revenue [Line Items]        
Revenue 221 202 432 403
MA | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 276 273 561 544
MA | Research, Data And Analytics (RD&A)        
Disaggregation of Revenue [Line Items]        
Revenue 366 315 724 623
MA | Research, Data And Analytics (RD&A) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 167 138 325 273
MA | Research, Data And Analytics (RD&A) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 199 177 399 350
MA | Enterprise Risk Solutions (ERS)        
Disaggregation of Revenue [Line Items]        
Revenue 131 117 269 239
MA | Enterprise Risk Solutions (ERS) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 54 46 107 94
MA | Enterprise Risk Solutions (ERS) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 77 71 162 145
MA | Professional Services        
Disaggregation of Revenue [Line Items]        
Revenue 0 43 0 85
MA | Professional Services | United States        
Disaggregation of Revenue [Line Items]        
Revenue 0 18 0 36
MA | Professional Services | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 25 $ 0 $ 49
v3.20.2
Revenues - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting Information [Line Items]        
Revenue $ 1,435 $ 1,214 $ 2,725 $ 2,356
MIS        
Segment Reporting Information [Line Items]        
Revenue 938 739 1,732 1,409
MA        
Segment Reporting Information [Line Items]        
Revenue 497 475 993 947
United States        
Segment Reporting Information [Line Items]        
Revenue 837 638 1,551 1,250
United States | MIS        
Segment Reporting Information [Line Items]        
Revenue 616 436 1,119 847
United States | MA        
Segment Reporting Information [Line Items]        
Revenue 221 202 432 403
EMEA        
Segment Reporting Information [Line Items]        
Revenue 373 362 736 695
EMEA | MIS        
Segment Reporting Information [Line Items]        
Revenue 183 178 354 327
EMEA | MA        
Segment Reporting Information [Line Items]        
Revenue 190 184 382 368
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 144 141 280 273
Asia-Pacific | MIS        
Segment Reporting Information [Line Items]        
Revenue 90 84 171 163
Asia-Pacific | MA        
Segment Reporting Information [Line Items]        
Revenue 54 57 109 110
Americas        
Segment Reporting Information [Line Items]        
Revenue 81 73 158 138
Americas | MIS        
Segment Reporting Information [Line Items]        
Revenue 49 41 88 72
Americas | MA        
Segment Reporting Information [Line Items]        
Revenue 32 32 70 66
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 598 576 1,174 1,106
Non-U.S. | MIS        
Segment Reporting Information [Line Items]        
Revenue 322 303 613 562
Non-U.S. | MA        
Segment Reporting Information [Line Items]        
Revenue $ 276 $ 273 $ 561 $ 544
v3.20.2
Revenues - Transaction and Relationship Revenue (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Disaggregation of Revenue [Line Items]        
Revenue $ 1,435 $ 1,214 $ 2,725 $ 2,356
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 938 $ 739 $ 1,732 $ 1,409
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 497 $ 475 $ 993 $ 947
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Corporate Finance (CFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 572 $ 388 $ 1,025 $ 743
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Structured Finance (SFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 81 $ 112 $ 177 $ 213
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Financial Institutions (FIG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 142 $ 125 $ 267 $ 241
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Public, Project And Infrastructure Finance (PPIF) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 133 $ 108 $ 242 $ 201
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
MIS Other | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 10 $ 6 $ 21 $ 11
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Research, Data And Analytics (RD&A) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 366 $ 315 $ 724 $ 623
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Enterprise Risk Solutions (ERS) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 131 $ 117 $ 269 $ 239
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Professional Services | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 43 $ 0 $ 85
Percentage of Revenues 0.00% 100.00% 0.00% 100.00%
Transaction Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 706 $ 548 $ 1,275 $ 1,029
Percentage of Revenues 49.00% 45.00% 47.00% 44.00%
Transaction Revenue | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 664 $ 478 $ 1,183 $ 888
Percentage of Revenues 71.00% 65.00% 68.00% 63.00%
Transaction Revenue | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 42 $ 70 $ 92 $ 141
Percentage of Revenues 8.00% 15.00% 9.00% 15.00%
Transaction Revenue | Corporate Finance (CFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 457 $ 277 $ 795 $ 526
Percentage of Revenues 80.00% 71.00% 78.00% 71.00%
Transaction Revenue | Structured Finance (SFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 35 $ 69 $ 85 $ 126
Percentage of Revenues 43.00% 62.00% 48.00% 59.00%
Transaction Revenue | Financial Institutions (FIG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 76 $ 61 $ 136 $ 109
Percentage of Revenues 54.00% 49.00% 51.00% 45.00%
Transaction Revenue | Public, Project And Infrastructure Finance (PPIF) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 96 $ 71 $ 165 $ 126
Percentage of Revenues 72.00% 66.00% 68.00% 63.00%
Transaction Revenue | MIS Other | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 0 $ 2 $ 1
Percentage of Revenues 0.00% 0.00% 10.00% 9.00%
Transaction Revenue | Research, Data And Analytics (RD&A) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 16 $ 4 $ 34 $ 9
Percentage of Revenues 4.00% 1.00% 5.00% 1.00%
Transaction Revenue | Enterprise Risk Solutions (ERS) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 26 $ 23 $ 58 $ 47
Percentage of Revenues 20.00% 20.00% 22.00% 20.00%
Transaction Revenue | Professional Services | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 43 $ 0 $ 85
Percentage of Revenues 0.00% 100.00% 0.00% 100.00%
Relationship Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 729 $ 666 $ 1,450 $ 1,327
Percentage of Revenues 51.00% 55.00% 53.00% 56.00%
Relationship Revenue | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 274 $ 261 $ 549 $ 521
Percentage of Revenues 29.00% 35.00% 32.00% 37.00%
Relationship Revenue | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 455 $ 405 $ 901 $ 806
Percentage of Revenues 92.00% 85.00% 91.00% 85.00%
Relationship Revenue | Corporate Finance (CFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 115 $ 111 $ 230 $ 217
Percentage of Revenues 20.00% 29.00% 22.00% 29.00%
Relationship Revenue | Structured Finance (SFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 46 $ 43 $ 92 $ 87
Percentage of Revenues 57.00% 38.00% 52.00% 41.00%
Relationship Revenue | Financial Institutions (FIG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 66 $ 64 $ 131 $ 132
Percentage of Revenues 46.00% 51.00% 49.00% 55.00%
Relationship Revenue | Public, Project And Infrastructure Finance (PPIF) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 37 $ 37 $ 77 $ 75
Percentage of Revenues 28.00% 34.00% 32.00% 37.00%
Relationship Revenue | MIS Other | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 10 $ 6 $ 19 $ 10
Percentage of Revenues 100.00% 100.00% 90.00% 91.00%
Relationship Revenue | Research, Data And Analytics (RD&A) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 350 $ 311 $ 690 $ 614
Percentage of Revenues 96.00% 99.00% 95.00% 99.00%
Relationship Revenue | Enterprise Risk Solutions (ERS) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 105 $ 94 $ 211 $ 192
Percentage of Revenues 80.00% 80.00% 78.00% 80.00%
Relationship Revenue | Professional Services | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 0 $ 0 $ 0
Percentage of Revenues 0.00% 0.00% 0.00% 0.00%
v3.20.2
Revenues - Revenue Recognition Timing (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 1,435 $ 1,214 $ 2,725 $ 2,356
At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 684 500 1,242 940
Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 751 714 1,483 1,416
MIS        
Disaggregation of Revenue [Line Items]        
Revenue recognized 938 739 1,732 1,409
MIS | At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 664 478 1,183 888
MIS | Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 274 261 549 521
MA        
Disaggregation of Revenue [Line Items]        
Revenue recognized 497 475 993 947
MA | At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 20 22 59 52
MA | Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 477 $ 453 $ 934 $ 895
v3.20.2
Revenues - Additional Information (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
MIS    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 437 $ 346
MA    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 63 $ 53
v3.20.2
Revenues - Schedule of Changes in the Deferred Revenue Balances (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance $ 1,222 $ 1,183 $ 1,162 $ 1,076  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (456) (454) (844) (694)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 334 347 790 689  
Increases due to RDC acquisition during the period     20    
Amount included in liabilities reclassified as held for sale   (3)   (3)  
Effect of exchange rate changes 5 (2) (23) 3  
Total changes in deferred revenue (117) (112) (57) (5)  
Ending Balance 1,105 1,071 1,105 1,071  
Deferred revenue - current 1,001 953 1,001 953 $ 1,050
Deferred revenue - noncurrent 104 118 104 118 $ 112
MIS          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 379 388 322 326  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (115) (114) (167) (161)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 100 101 213 210  
Increases due to RDC acquisition during the period     0    
Amount included in liabilities reclassified as held for sale   0   0  
Effect of exchange rate changes 1 1 (3) 1  
Total changes in deferred revenue (14) (12) 43 50  
Ending Balance 365 376 365 376  
Deferred revenue - current 265 262 265 262  
Deferred revenue - noncurrent 100 114 100 114  
MA          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 843 795 840 750  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (341) (340) (677) (533)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 234 246 577 479  
Increases due to RDC acquisition during the period     20    
Amount included in liabilities reclassified as held for sale   (3)   (3)  
Effect of exchange rate changes 4 (3) (20) 2  
Total changes in deferred revenue (103) (100) (100) (55)  
Ending Balance 740 695 740 695  
Deferred revenue - current 736 691 736 691  
Deferred revenue - noncurrent $ 4 $ 4 $ 4 $ 4  
v3.20.2
Revenues - Expected Recognition Period for Remaining Performance Obligations (Detail)
$ in Millions
Jun. 30, 2020
USD ($)
MIS  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 136
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 20.00%
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 50.00%
Revenue, remaining performance obligation, period 4 years
MA  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1,800
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 65.00%
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 20.00%
Revenue, remaining performance obligation, period 1 year
v3.20.2
Stock-Based Compensation - Stock-Based Compensation Cost and Associated Tax Benefit (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]        
Stock-based compensation cost $ 35 $ 34 $ 72 $ 70
Tax benefit $ 7 $ 7 $ 14 $ 15
v3.20.2
Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2020
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 $ 60.53
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.5
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 275.11
Award vesting period (in years) 4 years
Unrecognized compensation expense | $ $ 222
Weighted average period to recognize expense 2 years 7 months 6 days
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period (in years) 4 years
Unrecognized compensation expense | $ $ 9
Weighted average period to recognize expense 2 years 4 months 24 days
Performance Based Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.1
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 273.85
Award vesting period (in years) 3 years
Unrecognized compensation expense | $ $ 29
Weighted average period to recognize expense 2 years 1 month 6 days
v3.20.2
Stock-Based Compensation - Weighted Average Assumptions used in Determining Fair Value for Options Granted (Detail)
 6 Months Ended
Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]  
Expected dividend yield 0.80%
Expected stock volatility 22.43%
Risk-free interest rate 1.45%
Expected holding period 5 years 8 months 12 days
v3.20.2
Stock-Based Compensation - Stock Option Exercises and Restricted Stock Vesting (Detail) - USD ($)
shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Proceeds from stock option exercises $ 23 $ 23
Aggregate intrinsic value 74 83
Tax benefit realized upon exercise $ 18 $ 20
Number of shares exercised (shares) 0.4 0.6
Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 193 $ 150
Tax benefit realized upon vesting $ 45 $ 36
Number of shares vested (shares) 0.8 0.8
Performance Based Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 70 $ 48
Tax benefit realized upon vesting $ 17 $ 12
Number of shares vested (shares) 0.3 0.3
v3.20.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Income Tax Contingency [Line Items]        
Effective tax rate (percent) 23.60% 28.00% 19.00% 18.80%
Excess tax benefits from stock compensation     $ 46  
Decrease to tax positions     24  
Overall increase (decrease) in unrecognized tax benefits (UTPs) $ (6)   $ 22  
Net of Federal Tax        
Income Tax Contingency [Line Items]        
Overall increase (decrease) in unrecognized tax benefits (UTPs) $ (6)     $ 23
v3.20.2
Income Taxes - Income Taxes Paid (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Income Tax Disclosure [Abstract]    
Income taxes paid (1) $ 111 $ 198
v3.20.2
Weighted Average Shares Outstanding - Reconciliation of Basic to Diluted Shares Outstanding (Detail) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Earnings Per Share [Abstract]        
Basic (in shares) 187.7 189.4 187.6 189.9
Dilutive effect of shares issuable under stock-based compensation plans (in shares) 1.3 1.9 1.7 2.2
Diluted (in shares) 189.0 191.3 189.3 192.1
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above (in shares) 0.3 0.3 0.3 0.3
v3.20.2
Accelerated Share Repurchase Program - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions
 2 Months Ended
Apr. 26, 2019
Feb. 20, 2019
Apr. 26, 2019
Accelerated Share Repurchases [Line Items]      
Accelerated share repurchases, final price paid per share (in usd per share)     $ 180.33
Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares)     2.8
February 20, 2019      
Accelerated Share Repurchases [Line Items]      
Accelerated share repurchase payment   $ 500,000,000  
February 20, 2019 | Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares)   2.2  
April 26, 2019 | Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares) 0.6    
v3.20.2
Cash Equivalents and Investments (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Line Items]    
Fair Value $ 46 $ 3
Cash and cash equivalents 2,099 1,832
Short-term investments 100 98
Certificates of deposit and money market deposit accounts    
Cash and Cash Equivalents [Line Items]    
Cost 1,128 971
Gains/(Losses) 0 0
Fair Value 1,128 971
Cash and cash equivalents 1,028 866
Short-term investments 97 95
Other assets 3 10
Mutual funds    
Cash and Cash Equivalents [Line Items]    
Cost 46 3
Gains/(Losses) 0 0
Fair Value 46 3
Cash and cash equivalents 0 0
Short-term investments 3 3
Other assets $ 43 $ 0
v3.20.2
Cash Equivalents and Investments (Footnote) (Detail) - Certificates of deposit and money market deposit accounts
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
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 13 months
Other assets | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 23 months 18 months
Cash and Cash Equivalents | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 90 days  
v3.20.2
Cash Equivalents and Investments (Narrative) (Detail)
$ in Millions
Jun. 30, 2020
USD ($)
Cash and Cash Equivalents [Abstract]  
Cash surrender value of life insurance $ 13
v3.20.2
Acquisitions and Other Strategic Initiatives - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Mar. 31, 2020
Feb. 13, 2020
Regulatory Data Corporation      
Business Acquisition [Line Items]      
Business acquisition interests acquired     100.00%
Acquired cash included in current assets     $ 6
Accounts receivable gross included in current assets     $ 14
Vigeo Eiris      
Business Acquisition [Line Items]      
Business acquisition interests acquired 99.80% 69.20%  
v3.20.2
Acquisitions and Other Strategic Initiatives - Total Consideration Relating to Acquisition (Details) - Regulatory Data Corporation
$ in Millions
Feb. 13, 2020
USD ($)
Business Acquisition [Line Items]  
Cash paid at closing $ 700
Additional consideration to be paid to sellers in 2020 2
Total consideration $ 702
v3.20.2
Acquisitions and Other Strategic Initiatives - Purchase Price Allocation (Details) - USD ($)
$ in Millions
Feb. 13, 2020
Jun. 30, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]        
Goodwill   $ 4,162 $ 3,722 $ 3,781
Regulatory Data Corporation        
Business Acquisition [Line Items]        
Current assets $ 24      
Total intangible assets 280      
Goodwill 494      
Other assets 2      
Accounts payable and accrued liabilities (5)      
Deferred revenue (20)      
Deferred tax liabilities (71)      
Other liabilities (2)      
Total liabilities (98)      
Net assets acquired $ 702      
Acquired finite-lived intangible asset, useful life 19 years      
Regulatory Data Corporation | Customer relationships        
Business Acquisition [Line Items]        
Total intangible assets $ 174      
Acquired finite-lived intangible asset, useful life 25 years      
Regulatory Data Corporation | Database        
Business Acquisition [Line Items]        
Total intangible assets $ 86      
Acquired finite-lived intangible asset, useful life 10 years      
Regulatory Data Corporation | Product technology        
Business Acquisition [Line Items]        
Total intangible assets $ 17      
Acquired finite-lived intangible asset, useful life 4 years      
Regulatory Data Corporation | Trade names        
Business Acquisition [Line Items]        
Total intangible assets $ 3      
Acquired finite-lived intangible asset, useful life 3 years      
v3.20.2
Derivative Instruments And Hedging Activities - Schedule of Interest Rate Swap (Details) - Fair Value Hedging - Interest Rate Swap - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Notional Amount $ 1,580 $ 1,080
4.50% 2012 Senior Notes, due 2022    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 330 330
Floating Interest Rate 3-month USD LIBOR  
2.75% 2017 Senior Notes, due 2021    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 500 500
Floating Interest Rate 3-month USD LIBOR  
2.625% 2017 Senior Notes, due 2023    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 250 250
Floating Interest Rate 3-month USD LIBOR  
2017 Senior Notes due 2028    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 500 $ 0
Floating Interest Rate 3-month USD LIBOR  
v3.20.2
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 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]        
Interest expense, net $ (60) $ (51) $ (100) $ (103)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Fair value changes on interest rate swaps 2 20 60 31
Fair value changes on hedged debt (2) (20) (60) (31)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | Fair Value hedge Net Interest Settlements and Accruals        
Derivative Instruments, Gain (Loss) [Line Items]        
Net interest settlements and accruals on interest rate swaps $ 5 $ 0 $ 8 $ 0
v3.20.2
Derivative Instruments And Hedging Activities - Additional Information (Detail)
 1 Months Ended
May 20, 2020
Jan. 31, 2020
USD ($)
Jun. 30, 2020
USD ($)
Jun. 30, 2020
EUR (€)
Apr. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Derivative [Line Items]            
Cumulative loss     $ 542,000,000     $ 439,000,000
Designated as Hedging Instrument            
Derivative [Line Items]            
Cumulative loss     (21,000,000)     (54,000,000)
Net Investment Hedging            
Derivative [Line Items]            
Cumulative loss     (70,000,000)     (54,000,000)
Net Investment Hedging | Cross-currency swap            
Derivative [Line Items]            
Cumulative loss     (58,000,000)     (41,000,000)
2021 | Designated as Hedging Instrument | Cross-currency swap            
Derivative [Line Items]            
Notional Amount | €       € 687,000,000    
2022 | Designated as Hedging Instrument | Cross-currency swap            
Derivative [Line Items]            
Notional Amount | €       438,000,000    
2023 | Designated as Hedging Instrument | Cross-currency swap            
Derivative [Line Items]            
Notional Amount | €       442,000,000    
2024 | Designated as Hedging Instrument | Cross-currency swap            
Derivative [Line Items]            
Notional Amount | €       443,000,000    
2026 | Designated as Hedging Instrument | Cross-currency swap            
Derivative [Line Items]            
Notional Amount | €       € 450,000,000    
Cash Flow Hedging            
Derivative [Line Items]            
Cumulative loss     49,000,000     0
Cash Flow Hedging | Cross-currency swap            
Derivative [Line Items]            
Cumulative loss     (2,000,000)     (2,000,000)
Cash Flow Hedging | Forward Contracts            
Derivative [Line Items]            
Cumulative loss         $ 68,000,000  
Cash Flow Hedging | Interest rate contract            
Derivative [Line Items]            
Cumulative loss     $ 51,000,000     $ 2,000,000
Cash Flow Hedging | Designated as Hedging Instrument | Forward Contracts            
Derivative [Line Items]            
Notional Amount   $ 300,000,000        
Forward interest rate   2.0103%        
Debt instrument, term   30 years        
1.75% 2015 Senior Notes, due 2027            
Derivative [Line Items]            
Notes payable, interest rate     1.75% 1.75%   1.75%
1.75% 2015 Senior Notes, due 2027 | Net Investment Hedging | Designated as Hedging Instrument | Cross-currency swap            
Derivative [Line Items]            
Notional Amount | €       € 500,000,000    
2019 Senior Notes Due 2030 | Net Investment Hedging | Designated as Hedging Instrument | Cross-currency swap            
Derivative [Line Items]            
Notional Amount | €       € 750,000,000    
3.25% 2020 Senior Notes, due 2050            
Derivative [Line Items]            
Debt instrument, term 30 years          
Notes payable, interest rate 3.25%   3.25% 3.25%    
v3.20.2
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Cross Currency Swap (Detail) - Cross-currency swap - Net Investment Hedging
€ in Millions, $ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Jun. 30, 2020
EUR (€)
Dec. 31, 2019
EUR (€)
3.96%        
Derivative [Line Items]        
Nature of Swap Pay Fixed/Receive Fixed Pay Fixed/Receive Fixed    
3-month U.S. LIBOR        
Derivative [Line Items]        
Nature of Swap Pay Floating/Receive Floating Pay Floating/Receive Floating    
Currency Paid        
Derivative [Line Items]        
Notional Amount | €     € 2,460 € 2,010
Currency Paid | 1.43%        
Derivative [Line Items]        
Notional Amount | €     € 1,079 € 1,079
Weighted Average Fixed Interest Rate 1.43% 1.43% 1.43% 1.43%
Currency Paid | 3-month EURIBOR        
Derivative [Line Items]        
Notional Amount | €     € 1,381 € 931
Weighted Average Floating Interest Rate Based on 3-month EURIBOR Based on 3-month EURIBOR    
Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 2,800 $ 2,300    
Currency Received | 3.96%        
Derivative [Line Items]        
Notional Amount | $ $ 1,220 $ 1,220    
Weighted Average Fixed Interest Rate 3.96% 3.96% 3.96% 3.96%
Currency Received | 3-month U.S. LIBOR        
Derivative [Line Items]        
Notional Amount | $ $ 1,580 $ 1,080    
Weighted Average Floating Interest Rate Based on 3-month USD LIBOR Based on 3-month USD LIBOR    
v3.20.2
Derivative Instruments And Hedging Activities - Gains (Losses) Recognized in AOCI and Reclassified from AOCI on Derivatives (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax $ (14) $ 0 $ (50) $ 0
Total, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax (87) (29) (34) (5)
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax     (1) 0
Total, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0 (1) 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 14 14 30 22
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 (73) (29) 16 (5)
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0 0 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 14 14 30 22
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 (14) 0 (50) 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0 (1) 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Cross-currency swap | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax (49) (20) 17 (5)
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0 0 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 14 14 30 22
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 (24) (9) (1) 0
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0 0 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Interest rate contract | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax (14) 0 (50) 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0 (1) 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) $ 0 $ 0 $ 0 $ 0
v3.20.2
Derivative Instruments And Hedging Activities - Cumulative Amount of Unrecognized Hedge Losses Recorded in AOCI (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Accumulated other comprehensive loss $ (542) $ (439)
Designated as Hedging Instrument    
Derivative [Line Items]    
Accumulated other comprehensive loss 21 54
Net Investment Hedging    
Derivative [Line Items]    
Accumulated other comprehensive loss 70 54
Net Investment Hedging | FX forwards    
Derivative [Line Items]    
Accumulated other comprehensive loss 26 26
Net Investment Hedging | Long-term debt    
Derivative [Line Items]    
Accumulated other comprehensive loss (14) (13)
Net Investment Hedging | Cross-currency swap    
Derivative [Line Items]    
Accumulated other comprehensive loss 58 41
Cash Flow Hedging    
Derivative [Line Items]    
Accumulated other comprehensive loss (49) 0
Cash Flow Hedging | Interest rate contract    
Derivative [Line Items]    
Accumulated other comprehensive loss (51) (2)
Cash Flow Hedging | Cross-currency swap    
Derivative [Line Items]    
Accumulated other comprehensive loss $ 2 $ 2
v3.20.2
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Foreign Exchange Forwards (Detail) - Not Designated as Accounting Hedges
₽ in Millions, € in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions
Jun. 30, 2020
USD ($)
Jun. 30, 2020
EUR (€)
Jun. 30, 2020
GBP (£)
Jun. 30, 2020
JPY (¥)
Jun. 30, 2020
CAD ($)
Jun. 30, 2020
SGD ($)
Jun. 30, 2020
RUB (₽)
Jun. 30, 2020
INR (₨)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
EUR (€)
Dec. 31, 2019
GBP (£)
Dec. 31, 2019
JPY (¥)
Dec. 31, 2019
CAD ($)
Dec. 31, 2019
SGD ($)
Dec. 31, 2019
RUB (₽)
Dec. 31, 2019
INR (₨)
Contracts to sell USD for GBP                                
Derivative [Line Items]                                
Notional Amount $ 458   £ 369           $ 235   £ 178          
Contracts to sell USD for Japanese Yen                                
Derivative [Line Items]                                
Notional Amount 23     ¥ 2,500         29     ¥ 3,200        
Contracts to sell USD for Canadian dollars                                
Derivative [Line Items]                                
Notional Amount 93       $ 130       83       $ 110      
Contracts to sell USD for Singapore dollars                                
Derivative [Line Items]                                
Notional Amount 79         $ 112     41         $ 56    
Contracts to sell USD for Euros                                
Derivative [Line Items]                                
Notional Amount 324 € 291             421 € 378            
Contracts to sell Euros for GBP                                
Derivative [Line Items]                                
Notional Amount   € 0 £ 0             € 25 £ 21          
Contracts to sell USD for Russian Ruble                                
Derivative [Line Items]                                
Notional Amount 8           ₽ 580   0           ₽ 0  
Contracts to sell USD for Indian Rupee                                
Derivative [Line Items]                                
Notional Amount $ 15             ₨ 1,200 $ 0             ₨ 0
v3.20.2
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Foreign Exchange Forwards Not Designated as Hedging Instruments (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Other non-operating expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange forwards amount of gain (loss) recognized in income $ 5 $ (10) $ (35) $ (9)
v3.20.2
Derivative Instruments And Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Derivatives, Fair Value [Line Items]    
Assets $ 187 $ 92
Liabilities 1,420 1,403
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Assets 179 83
Liabilities 13 0
Designated as Hedging Instrument | Long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 1,404 1,403
Designated as Hedging Instrument | Cross-currency swap | Other assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 92 56
Designated as Hedging Instrument | Cross-currency swap | Other liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 13 0
Designated as Hedging Instrument | Interest Rate Swap | Other assets | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Assets 87 27
Not Designated as Accounting Hedges | FX forwards | Other current assets    
Derivatives, Fair Value [Line Items]    
Assets 8 9
Not Designated as Accounting Hedges | FX forwards | Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities $ 3 $ 0
v3.20.2
Goodwill And Other Acquired Intangible Assets - Activity in Goodwill (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2020
Dec. 31, 2019
Goodwill [Roll Forward]    
Beginning balance, Goodwill gross $ 3,734 $ 3,793
Beginning balance, Accumulated impairment charge (12) (12)
Beginning balance, goodwill net 3,722 3,781
Additions/adjustments 497 114
Foreign currency translation adjustments (57) (10)
Divestiture of MAKS   (163)
Ending balance, Goodwill gross 4,174 3,734
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 4,162 3,722
MIS    
Goodwill [Roll Forward]    
Beginning balance, Goodwill gross 315 258
Beginning balance, Accumulated impairment charge 0 0
Beginning balance, goodwill net 315 258
Additions/adjustments 0 53
Foreign currency translation adjustments (16) 4
Divestiture of MAKS   0
Ending balance, Goodwill gross 299 315
Ending balance, Accumulated impairment charge 0 0
Ending balance, goodwill net 299 315
MA    
Goodwill [Roll Forward]    
Beginning balance, Goodwill gross 3,419 3,535
Beginning balance, Accumulated impairment charge (12) (12)
Beginning balance, goodwill net 3,407 3,523
Additions/adjustments 497 61
Foreign currency translation adjustments (41) (14)
Divestiture of MAKS   (163)
Ending balance, Goodwill gross 3,875 3,419
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net $ 3,863 $ 3,407
v3.20.2
Goodwill And Other Acquired Intangible Assets - Acquired Intangible Assets and Related Amortization (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, net $ 1,697 $ 1,498
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 1,479 1,325
Accumulated amortization (263) (235)
Acquired intangible assets, net 1,216 1,090
Trade secrets    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 30 30
Accumulated amortization (29) (29)
Acquired intangible assets, net 1 1
Software/product technology    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 368 372
Accumulated amortization (143) (131)
Acquired intangible assets, net 225 241
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 148 150
Accumulated amortization (33) (30)
Acquired intangible assets, net 115 120
Other    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 181 80
Accumulated amortization (41) (34)
Acquired intangible assets, net $ 140 $ 46
v3.20.2
Goodwill And Other Acquired Intangible Assets - Amortization Expense Relating to Acquired Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 31 $ 27 $ 59 $ 53
v3.20.2
Goodwill And Other Acquired Intangible Assets - Estimated Future Amortization Expense for Acquired Intangible Assets Subject to Amortization (Detail)
$ in Millions
Jun. 30, 2020
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2020 (After June 30,) $ 60
2021 117
2022 117
2023 112
2024 105
Thereafter 1,186
Total estimated future amortization $ 1,697
v3.20.2
Goodwill And Other Acquired Intangible Assets - Additional Information (Details) - Dec. 26, 2019
$ in Thousands, ₨ in Millions
INR (₨)
USD ($)
Loss Contingencies [Line Items]    
Penalty in period | $   $ 35
Indian Credit Ratings Agency    
Loss Contingencies [Line Items]    
Penalty in period | ₨ ₨ 2.5  
v3.20.2
Restructuring - Additional Information (Detail) - 2018 Restructuring Program
$ in Millions
Oct. 26, 2018
USD ($)
Minimum  
Restructuring Cost and Reserve [Line Items]  
Effect on future earnings, amount $ 60
Restructuring expected cost 105
Maximum  
Restructuring Cost and Reserve [Line Items]  
Restructuring expected cost 110
Employee Severance | Minimum  
Restructuring Cost and Reserve [Line Items]  
Restructuring expected cost 60
Payments for restructuring 60
Real Estate | Maximum  
Restructuring Cost and Reserve [Line Items]  
Restructuring expected cost $ 50
v3.20.2
Restructuring - Restructuring Expenses Included in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Restructuring and Related Activities [Abstract]        
Restructuring $ (2) $ 53 $ (3) $ 59
v3.20.2
Fair Value - Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Assets:    
Derivatives $ 187 $ 92
Mutual funds 46 3
Total 233 95
Liabilities:    
Derivatives 16  
Total 16  
Level 1    
Assets:    
Derivatives 0 0
Mutual funds 46 3
Total 46 3
Liabilities:    
Derivatives 0  
Total 0  
Level 2    
Assets:    
Derivatives 187 92
Mutual funds 0 0
Total 187 $ 92
Liabilities:    
Derivatives 16  
Total $ 16  
v3.20.2
Other Balance Sheet and Statement of Operations Information - Additional Details Related to Certain Balance Sheet Captions (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Other current assets:    
Prepaid taxes $ 127 $ 79
Prepaid expenses 71 71
Capitalized costs to obtain and fulfill sales contracts 79 91
Other 86 89
Total other current assets 363 330
Other assets:    
Investments in non-consolidated affiliates 125 117
Deposits for real-estate leases 14 13
Indemnification assets related to acquisitions 16 16
Mutual funds and fixed deposits 46 10
Company owned life insurance (at contract value) 13 0
Costs to obtain sales contracts 116 119
Cross currency and interest rate swaps 179 83
Other 52 31
Total other assets 561 389
Accounts payable and accrued liabilities:    
Salaries and benefits 137 152
Incentive compensation 89 208
Customer credits, advanced payments and advanced billings 44 28
Dividends 6 7
Professional service fees 43 43
Interest accrued on debt 67 63
Accounts payable 36 38
Income taxes 199 73
Pension and other retirement employee benefits 7 7
Accrued royalties 13 25
Foreign exchange forwards on certain assets and liabilities 3 0
Restructuring liability 5 21
Other 146 108
Total accounts payable and accrued liabilities 795 773
Other liabilities:    
Pension and other retirement employee benefits 197 299
Interest accrued on UTPs 98 82
MAKS indemnification provisions 32 43
Income tax liability - non-current portion 51 51
Cross currency and interest rate swaps 13 0
Restructuring liability 2 3
Other 25 26
Total other liabilities $ 418 $ 504
v3.20.2
Other Balance Sheet and Statement of Operations Information - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Other Balance Sheet And Statement Of Operations Information [Abstract]        
Loss pursuant to the divestiture of MAKS $ 0 $ 9 $ 9 $ 9
v3.20.2
Other Balance Sheet and Statement of Operations Information - Other Non-Operating Interest (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Other Balance Sheet And Statement Of Operations Information [Abstract]        
FX (loss) gain $ (8) $ (10) $ 5 $ (16)
Net periodic pension costs - other components 4 5 7 9
Income from investments in non-consolidated affiliates 3 6 0 7
Other 17 (1) 16 2
Total $ 16 $ 0 $ 28 $ 2
v3.20.2
Comprehensive Income And Accumulated Other Comprehensive Income - Reclassification out of AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]        
Other non-operating income, net $ 16 $ 0 $ 28 $ 2
Operating expense 362 340 702 682
Selling, general and administrative 307 275 608 556
Total before income taxes 666 432 1,230 844
Provision for income taxes (157) (121) (234) (159)
Net income attributable to Moody's 509 310 997 683
Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Net income attributable to Moody's (1) (1) (3) (1)
Losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Provision for income taxes 0   0  
Losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Interest rate contract        
Derivative Instruments, Gain (Loss) [Line Items]        
Other non-operating income, net 0   (1)  
Total pension and other retirement benefits | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Total before income taxes (1) (1) (3) (2)
Provision for income taxes 0 0 1 1
Net income attributable to Moody's (1) (1) (2) (1)
Amortization of actuarial losses and prior service costs included in net income | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Operating expense (1) 0 (2) (1)
Selling, general and administrative 0 $ (1) (1) $ (1)
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Net income attributable to Moody's $ 0   $ (1)  
v3.20.2
Comprehensive Income And Accumulated Other Comprehensive Income - Changes in Components of Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Accounting Standards Update [Extensible List]         us-gaap:AccountingStandardsUpdate201613Member us-gaap:AccountingStandardsUpdate201802Member
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance     $ 612      
Ending balance $ 1,041   1,041   $ 612  
Pension and Other Retirement Benefits            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (92) $ (69) (92) $ (53) (53)  
Other comprehensive income/(loss) before reclassifications 7 (2) 6 (1)    
Amounts reclassified from AOCI 1 1 2 1    
Other comprehensive income/(loss) 8 (1) 8 (17)    
Ending balance (84) (70) (84) (70) (92) $ (53)
Cash Flow Hedges            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (35) 0 0 0 0  
Other comprehensive income/(loss) before reclassifications (14) 0 (50) 0    
Amounts reclassified from AOCI 0 0 1 0    
Other comprehensive income/(loss) (14) 0 (49) 0    
Ending balance (49) 0 (49) 0 0 0
Foreign Currency Translation Adjustments            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (570) (440) (401) (406) (406)  
Other comprehensive income/(loss) before reclassifications 91 39 (78) 5    
Amounts reclassified from AOCI 0 0 0 0    
Other comprehensive income/(loss) 91 39 (78) 5    
Ending balance (479) (401) (479) (401) (401) (406)
Net Investment Hedges            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance 143 54 54 33 33  
Other comprehensive income/(loss) before reclassifications (73) (29) 16 (5)    
Amounts reclassified from AOCI 0 0 0 0    
Other comprehensive income/(loss) (73) (29) 16 (8)    
Ending balance 70 25 70 25 54 33
Total            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (554) (455) (439) (426) (426)  
Other comprehensive income/(loss) before reclassifications 11 8 (106) (1)    
Amounts reclassified from AOCI 1 1 3 1    
Other comprehensive income/(loss) 12 9 (103) (20)    
Ending balance $ (542) $ (446) $ (542) (446) (439) (426)
Cumulative Effect, Period of Adoption, Adjustment | Pension and Other Retirement Benefits            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance       (17) (17)  
Ending balance           (17)
Cumulative Effect, Period of Adoption, Adjustment | Net Investment Hedges            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance       (3) (3)  
Ending balance           (3)
Cumulative Effect, Period of Adoption, Adjustment | Total            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance       $ (20) $ (20)  
Ending balance           $ (20)
v3.20.2
Pension and Other Retirement Benefits - Components of Net Periodic Benefit Expense Related to Post-Retirement Plans (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Components of net periodic expense        
Interest cost $ 5 $ 5 $ 10 $ 11
Pension Plans        
Components of net periodic expense        
Service cost 3 4 8 8
Interest cost 5 5 9 10
Expected return on plan assets (5) (5) (10) (10)
Amortization of net actuarial loss from earlier periods 1 1 3 2
Net periodic expense 4 5 10 10
Other Retirement Plans        
Components of net periodic expense        
Service cost 1 1 2 1
Interest cost 0 0 0 1
Expected return on plan assets 0 0 0 0
Amortization of net actuarial loss from earlier periods 0 0 0 0
Net periodic expense $ 1 $ 1 $ 2 $ 2
v3.20.2
Pension and Other Retirement Benefits - Additional Information (Detail)
$ in Millions
 6 Months Ended
Jun. 30, 2020
USD ($)
Other Retirement Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Employer contributions $ 1
Funded Plan | Pension Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Employer contributions 99
Unfunded Plan | Pension Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Employer contributions 4
Estimated additional payments in 2020 $ 5
v3.20.2
Indebtedness - Summary of Total Indebtedness (Detail) - USD ($)
 3 Months Ended 6 Months Ended
May 20, 2020
Mar. 25, 2020
Mar. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]          
Principal Amount       $ 6,304,000,000 $ 5,603,000,000
Fair Value of Interest Rate Swap       87,000,000 27,000,000
Unamortized (Discount) Premium       (21,000,000) (17,000,000)
Unamortized Debt Issuance Costs       (37,000,000) (32,000,000)
Long term debt       $ 6,333,000,000 $ 5,581,000,000
4.50% 2012 Senior Notes, due 2022          
Debt Instrument [Line Items]          
Notes payable, interest rate       4.50% 4.50%
Principal Amount       $ 500,000,000 $ 500,000,000
Fair Value of Interest Rate Swap       18,000,000 9,000,000
Unamortized (Discount) Premium       (1,000,000) (1,000,000)
Unamortized Debt Issuance Costs       (1,000,000) (1,000,000)
Long term debt       $ 516,000,000 $ 507,000,000
4.875% 2013 Senior Notes, due 2024          
Debt Instrument [Line Items]          
Notes payable, interest rate       4.875% 4.875%
Principal Amount       $ 500,000,000 $ 500,000,000
Unamortized (Discount) Premium       (1,000,000) (1,000,000)
Unamortized Debt Issuance Costs       (1,000,000) (2,000,000)
Long term debt       $ 498,000,000 $ 497,000,000
5.25% 2014 Senior Notes (30-Year), due 2044          
Debt Instrument [Line Items]          
Notes payable, interest rate       5.25% 5.25%
Debt instrument, term     30 years 30 years  
Principal Amount       $ 600,000,000 $ 600,000,000
Unamortized (Discount) Premium       4,000,000 4,000,000
Unamortized Debt Issuance Costs       (5,000,000) (5,000,000)
Long term debt       $ 599,000,000 $ 599,000,000
1.75% 2015 Senior Notes, due 2027          
Debt Instrument [Line Items]          
Notes payable, interest rate       1.75% 1.75%
Principal Amount       $ 562,000,000 $ 561,000,000
Unamortized (Discount) Premium       0 0
Unamortized Debt Issuance Costs       (3,000,000) (3,000,000)
Long term debt       $ 559,000,000 $ 558,000,000
2.75% 2017 Senior Notes, due 2021          
Debt Instrument [Line Items]          
Notes payable, interest rate       2.75% 2.75%
Principal Amount       $ 500,000,000 $ 500,000,000
Fair Value of Interest Rate Swap       19,000,000 11,000,000
Unamortized (Discount) Premium       0 (1,000,000)
Unamortized Debt Issuance Costs       (1,000,000) (2,000,000)
Long term debt       $ 518,000,000 $ 508,000,000
2.625% 2017 Senior Notes, due 2023          
Debt Instrument [Line Items]          
Notes payable, interest rate       2.625% 2.625%
Principal Amount       $ 500,000,000 $ 500,000,000
Fair Value of Interest Rate Swap       15,000,000 7,000,000
Unamortized (Discount) Premium       (1,000,000) (1,000,000)
Unamortized Debt Issuance Costs       (2,000,000) (2,000,000)
Long term debt       $ 512,000,000 $ 504,000,000
3.25% 2017 Senior Notes, due 2028          
Debt Instrument [Line Items]          
Notes payable, interest rate       3.25% 3.25%
Principal Amount       $ 500,000,000 $ 500,000,000
Fair Value of Interest Rate Swap       35,000,000  
Unamortized (Discount) Premium       (4,000,000) (4,000,000)
Unamortized Debt Issuance Costs       (3,000,000) (3,000,000)
Long term debt       $ 528,000,000 $ 493,000,000
3.25% 2018 Senior Notes, due 2021          
Debt Instrument [Line Items]          
Notes payable, interest rate       3.25% 3.25%
Principal Amount         $ 300,000,000
Unamortized (Discount) Premium         0
Unamortized Debt Issuance Costs         (1,000,000)
Long term debt         $ 299,000,000
4.25% 2018 Senior Notes, due 2029          
Debt Instrument [Line Items]          
Notes payable, interest rate       4.25% 4.25%
Principal Amount       $ 400,000,000 $ 400,000,000
Unamortized (Discount) Premium       (3,000,000) (3,000,000)
Unamortized Debt Issuance Costs       (3,000,000) (3,000,000)
Long term debt       $ 394,000,000 $ 394,000,000
4.875% 2018 Senior Notes, due 2048          
Debt Instrument [Line Items]          
Notes payable, interest rate       4.875% 4.875%
Principal Amount       $ 400,000,000 $ 400,000,000
Unamortized (Discount) Premium       (7,000,000) (7,000,000)
Unamortized Debt Issuance Costs       (4,000,000) (4,000,000)
Long term debt       $ 389,000,000 $ 389,000,000
0.950% Senior Notes Due 2030          
Debt Instrument [Line Items]          
Notes payable, interest rate       0.95% 0.95%
Principal Amount       $ 842,000,000 $ 842,000,000
Unamortized (Discount) Premium       (3,000,000) (3,000,000)
Unamortized Debt Issuance Costs       (6,000,000) (6,000,000)
Long term debt       $ 833,000,000 $ 833,000,000
3.75% 2020 Senior Notes, due 2025          
Debt Instrument [Line Items]          
Notes payable, interest rate   3.75%   3.75%  
Debt instrument, term   5 years      
Principal Amount   $ 700,000,000   $ 700,000,000  
Unamortized (Discount) Premium       (1,000,000)  
Unamortized Debt Issuance Costs       (5,000,000)  
Long term debt       $ 694,000,000  
3.25% 2020 Senior Notes, due 2050          
Debt Instrument [Line Items]          
Notes payable, interest rate 3.25%     3.25%  
Debt instrument, term 30 years        
Principal Amount $ 300,000,000     $ 300,000,000  
Unamortized (Discount) Premium       (4,000,000)  
Unamortized Debt Issuance Costs       (3,000,000)  
Long term debt       $ 293,000,000  
v3.20.2
Indebtedness - Additional Information (Detail) - USD ($)
 3 Months Ended
May 20, 2020
Mar. 25, 2020
Jun. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]        
Principal amount     $ 6,304,000,000 $ 5,603,000,000
3.75% 2020 Senior Notes, due 2025        
Debt Instrument [Line Items]        
Principal amount   $ 700,000,000 $ 700,000,000  
Debt instrument, term   5 years    
Notes payable, interest rate   3.75% 3.75%  
3.25% 2020 Senior Notes, due 2050        
Debt Instrument [Line Items]        
Principal amount $ 300,000,000   $ 300,000,000  
Debt instrument, term 30 years      
Notes payable, interest rate 3.25%   3.25%  
3.25% 2018 Senior Notes, due 2021        
Debt Instrument [Line Items]        
Principal amount       $ 300,000,000
Notes payable, interest rate     3.25% 3.25%
Repayments of debt     $ 300,000,000  
Make-Whole Amount     $ 8,000,000  
v3.20.2
Indebtedness - Principal Payments Due on Long-Term Borrowings (Detail) - USD ($)
 3 Months Ended 6 Months Ended
May 20, 2020
Mar. 25, 2020
Mar. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]          
2020 (After June 30,)       $ 0  
2021       500,000,000  
2022       500,000,000  
2023       500,000,000  
2024       500,000,000  
Thereafter       4,304,000,000  
Total principal payment       6,304,000,000 $ 5,603,000,000
4.50% 2012 Senior Notes, due 2022          
Debt Instrument [Line Items]          
2022       500,000,000  
Total principal payment       500,000,000 500,000,000
4.875% 2013 Senior Notes, due 2024          
Debt Instrument [Line Items]          
2024       500,000,000  
Total principal payment       500,000,000 500,000,000
5.25% 2014 Senior Notes (30-Year), due 2044          
Debt Instrument [Line Items]          
Thereafter       600,000,000  
Total principal payment       $ 600,000,000 600,000,000
Debt instrument, term     30 years 30 years  
1.75% 2015 Senior Notes, due 2027          
Debt Instrument [Line Items]          
Thereafter       $ 562,000,000  
Total principal payment       562,000,000 561,000,000
2.75% 2017 Senior Notes, due 2021          
Debt Instrument [Line Items]          
2021       500,000,000  
Total principal payment       500,000,000 500,000,000
2.625% 2017 Senior Notes, due 2023          
Debt Instrument [Line Items]          
2023       500,000,000  
Total principal payment       500,000,000 500,000,000
3.25% 2017 Senior Notes, due 2028          
Debt Instrument [Line Items]          
Thereafter       500,000,000  
Total principal payment       500,000,000 500,000,000
4.25% 2018 Senior Notes, due 2029          
Debt Instrument [Line Items]          
Thereafter       400,000,000  
Total principal payment       400,000,000 400,000,000
4.875% 2018 Senior Notes, due 2048          
Debt Instrument [Line Items]          
Thereafter       400,000,000  
Total principal payment       400,000,000 400,000,000
0.950% Senior Notes Due 2030          
Debt Instrument [Line Items]          
Thereafter       842,000,000  
Total principal payment       842,000,000 $ 842,000,000
3.75% 2020 Senior Notes, due 2025          
Debt Instrument [Line Items]          
Thereafter       700,000,000  
Total principal payment   $ 700,000,000   700,000,000  
Debt instrument, term   5 years      
3.25% 2020 Senior Notes, due 2050          
Debt Instrument [Line Items]          
Thereafter       300,000,000  
Total principal payment $ 300,000,000     $ 300,000,000  
Debt instrument, term 30 years        
v3.20.2
Indebtedness - Summary of Components of Interest as Presented in Consolidated Statements of Operations (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Debt Disclosure [Abstract]        
Income $ 3 $ 4 $ 7 $ 9
Expense on borrowings (48) (42) (79) (88)
UTPs and other tax related liabilities (10) (8) (18) (13)
Net periodic pension costs - interest component (5) (5) (10) (11)
Total $ (60) $ (51) $ (100) $ (103)
v3.20.2
Indebtedness - Interest Paid (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Debt Disclosure [Abstract]    
Interest paid $ 72 $ 98
v3.20.2
Indebtedness - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
May 20, 2020
Mar. 25, 2020
Mar. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]          
Carrying Amount       $ 6,333 $ 5,581
Estimated Fair Value       7,097 6,078
4.50% 2012 Senior Notes, due 2022          
Debt Instrument [Line Items]          
Carrying Amount       516 507
Estimated Fair Value       $ 537 $ 531
Notes payable, interest rate       4.50% 4.50%
4.875% 2013 Senior Notes, due 2024          
Debt Instrument [Line Items]          
Carrying Amount       $ 498 $ 497
Estimated Fair Value       $ 565 $ 551
Notes payable, interest rate       4.875% 4.875%
5.25% 2014 Senior Notes (30-Year), due 2044          
Debt Instrument [Line Items]          
Carrying Amount       $ 599 $ 599
Estimated Fair Value       $ 830 $ 757
Notes payable, interest rate       5.25% 5.25%
Debt instrument, term     30 years 30 years  
1.75% 2015 Senior Notes, due 2027          
Debt Instrument [Line Items]          
Carrying Amount       $ 559 $ 558
Estimated Fair Value       $ 606 $ 604
Notes payable, interest rate       1.75% 1.75%
2.75% 2017 Senior Notes, due 2021          
Debt Instrument [Line Items]          
Carrying Amount       $ 518 $ 508
Estimated Fair Value       $ 515 $ 507
Notes payable, interest rate       2.75% 2.75%
2.625% 2017 Senior Notes, due 2023          
Debt Instrument [Line Items]          
Carrying Amount       $ 512 $ 504
Estimated Fair Value       $ 523 $ 507
Notes payable, interest rate       2.625% 2.625%
3.25% 2017 Senior Notes, due 2028          
Debt Instrument [Line Items]          
Carrying Amount       $ 528 $ 493
Estimated Fair Value       $ 543 $ 523
Notes payable, interest rate       3.25% 3.25%
3.25% 2018 Senior Notes, due 2021          
Debt Instrument [Line Items]          
Carrying Amount         $ 299
Estimated Fair Value         $ 306
Notes payable, interest rate       3.25% 3.25%
4.25% 2018 Senior Notes, due 2029          
Debt Instrument [Line Items]          
Carrying Amount       $ 394 $ 394
Estimated Fair Value       $ 475 $ 453
Notes payable, interest rate       4.25% 4.25%
4.875% 2018 Senior Notes, due 2048          
Debt Instrument [Line Items]          
Carrying Amount       $ 389 $ 389
Estimated Fair Value       $ 532 $ 492
Notes payable, interest rate       4.875% 4.875%
0.950% Senior Notes Due 2030          
Debt Instrument [Line Items]          
Carrying Amount       $ 833 $ 833
Estimated Fair Value       $ 859 $ 847
Notes payable, interest rate       0.95% 0.95%
3.75% 2020 Senior Notes, due 2025          
Debt Instrument [Line Items]          
Carrying Amount       $ 694  
Estimated Fair Value       $ 790  
Notes payable, interest rate   3.75%   3.75%  
Debt instrument, term   5 years      
3.25% 2020 Senior Notes, due 2050          
Debt Instrument [Line Items]          
Carrying Amount       $ 293  
Estimated Fair Value       $ 322  
Notes payable, interest rate 3.25%     3.25%  
Debt instrument, term 30 years        
v3.20.2
Leases - Additional Information (Detail)
Jun. 30, 2020
Minimum  
Operating Leased Assets [Line Items]  
Lessee, operating lease, renewal term (years) 1 year
Maximum  
Operating Leased Assets [Line Items]  
Lessee, operating lease, renewal term (years) 20 years
v3.20.2
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Lease, Cost [Abstract]        
Operating lease cost $ 24 $ 24 $ 48 $ 49
Sublease income (1) 0 (2) 0
Variable lease cost 5 4 10 8
Total lease cost $ 28 $ 28 $ 56 $ 57
v3.20.2
Leases - Operating Leases Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Leases [Abstract]        
Cash paid for amounts included in the measurement of operating lease liabilities $ 27 $ 27 $ 53 $ 53
Right-of-use assets obtained in exchange for new operating lease liabilities $ 11 $ 7 $ 20 $ 16
Weighted-average remaining lease term (years) 6 years 6 months 7 years 3 months 18 days 6 years 6 months 7 years 3 months 18 days
Weighted-average discount rate applied to operating leases (percent) 3.60% 3.60% 3.60% 3.60%
v3.20.2
Leases - Operating Leases, Future Minimum Payment (Detail) - USD ($)
$ in Millions
Jun. 30, 2020
Dec. 31, 2019
Leases [Abstract]    
2020 (After June 30) $ 54  
2021 105  
2022 93  
2023 87  
2024 80  
After 2024 188  
Total lease payments (undiscounted) 607  
Less: Interest 66  
Present value of lease liabilities: 541  
Lease liabilities - current 90 $ 89
Lease liabilities - noncurrent $ 451 $ 485
v3.20.2
Segment Information - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2020
segment
lineOfBusiness
Segment Reporting Information [Line Items]  
Number of operating segments (segment) | segment 2
Number of reportable segments | segment 2
MIS  
Segment Reporting Information [Line Items]  
Number of lines of businesses | lineOfBusiness 5
MA  
Segment Reporting Information [Line Items]  
Number of lines of businesses | lineOfBusiness 2
v3.20.2
Segment Information - Financial Information by Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue $ 1,435 $ 1,214 $ 2,725 $ 2,356
Total Expense 725 731 1,423 1,411
Operating income 710 483 1,302 945
Restructuring (2) 53 (3) 59
Depreciation and amortization 58 52 107 102
Acquisition-Related Expenses 0 2 0 3
Loss pursuant to the divestiture of MAKS 0 9 9 9
Adjusted Operating Income 766 599 1,415 1,118
Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue (37) (36) (76) (70)
Total Expense (37) (36) (76) (70)
Operating income 0 0 0 0
Restructuring 0 0 0 0
Depreciation and amortization 0 0 0 0
Acquisition-Related Expenses 0 0 0 0
Loss pursuant to the divestiture of MAKS 0 0 0 0
Adjusted Operating Income 0 0 0 0
MIS        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 938 739 1,732 1,409
MIS | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 973 772 1,804 1,474
Total Expense 369 352 712 688
Operating income 604 420 1,092 786
Restructuring 0 26 (1) 29
Depreciation and amortization 19 18 35 35
Acquisition-Related Expenses 0 0 0 0
Loss pursuant to the divestiture of MAKS 0 0 0 0
Adjusted Operating Income 623 464 1,126 850
MA        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 497 475 993 947
MA | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 499 478 997 952
Total Expense 393 415 787 793
Operating income 106 63 210 159
Restructuring (2) 27 (2) 30
Depreciation and amortization 39 34 72 67
Acquisition-Related Expenses 0 2 0 3
Loss pursuant to the divestiture of MAKS 0 9 9 9
Adjusted Operating Income $ 143 $ 135 $ 289 $ 268
v3.20.2
Segment Information - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Segment Reporting Information [Line Items]        
Revenue $ 1,435 $ 1,214 $ 2,725 $ 2,356
United States        
Segment Reporting Information [Line Items]        
Revenue 837 638 1,551 1,250
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 598 576 1,174 1,106
EMEA        
Segment Reporting Information [Line Items]        
Revenue 373 362 736 695
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 144 141 280 273
Americas        
Segment Reporting Information [Line Items]        
Revenue $ 81 $ 73 $ 158 $ 138
v3.20.2
Subsequent Events - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jul. 29, 2020
Jul. 28, 2020
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2020
Jun. 30, 2020
Jun. 30, 2019
Subsequent Event [Line Items]              
Restructuring charges     $ (2) $ 53   $ (3) $ 59
Subsequent Event              
Subsequent Event [Line Items]              
Dividend declared, declaration date   Jul. 28, 2020          
Dividend declared, per share (in USD per share)   $ 0.56          
Dividend declared, payable date   Sep. 10, 2020          
Dividend declared, record date   Aug. 20, 2020          
Minimum | Subsequent Event              
Subsequent Event [Line Items]              
Restructuring expected cost $ 25            
Minimum | Forecast | Subsequent Event              
Subsequent Event [Line Items]              
Restructuring charges         $ 20    
Maximum | Subsequent Event              
Subsequent Event [Line Items]              
Restructuring expected cost 35            
Maximum | Forecast | Subsequent Event              
Subsequent Event [Line Items]              
Restructuring charges         $ 30    
Exit of Certain Real Estate Leases | Minimum | Forecast | Subsequent Event              
Subsequent Event [Line Items]              
Annualized savings 5            
Exit of Certain Real Estate Leases | Maximum | Forecast | Subsequent Event              
Subsequent Event [Line Items]              
Annualized savings $ 6