MOODYS CORP /DE/, 10-Q filed on 7/24/2024
Quarterly Report
v3.24.2
Cover Page
shares in Millions
 6 Months Ended
Jun. 30, 2024
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 30, 2024
Document Transition Report false
Entity File Number 1-14037
Entity Registrant Name Moody’s Corporation
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 13-3998945
Entity Address, Address Line One 7 World Trade Center at 250 Greenwich Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10007
City Area Code (212)
Local Phone Number 553-0300
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding (in shares) 182.1
Entity Central Index Key 0001059556
Document Fiscal Period Focus Q2
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
Common Stock, par value $0.01 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MCO
Security Exchange Name NYSE
1.75% Senior Notes Due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.75% Senior Notes Due 2027
Trading Symbol MCO 27
Security Exchange Name NYSE
0.950% Senior Notes Due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 0.950% Senior Notes Due 2030
Trading Symbol MCO 30
Security Exchange Name NYSE
v3.24.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue $ 1,817 $ 1,494 $ 3,603 $ 2,964
Expenses        
Operating 469 426 936 854
Selling, general, and administrative 446 415 859 801
Depreciation and amortization 110 93 210 181
Restructuring 2 10 7 24
Charges related to asset abandonment 15 0 15 0
Total expenses 1,042 944 2,027 1,860
Operating income 775 550 1,576 1,104
Non-operating (expense) income, net        
Interest expense, net (63) (71) (125) (119)
Other non-operating income, net 7 13 20 13
Total non-operating (expense) income, net (56) (58) (105) (106)
Income before provision for income taxes 719 492 1,471 998
Provision for income taxes 166 115 341 120
Net Income 553 377 1,130 878
Less: Net income attributable to noncontrolling interests 1 0 1 0
Net income attributable to Moody's $ 552 $ 377 $ 1,129 $ 878
Earnings per share attributable to Moody's common shareholders        
Basic (in usd per share) $ 3.03 $ 2.05 $ 6.19 $ 4.79
Diluted (in usd per share) $ 3.02 $ 2.05 $ 6.16 $ 4.77
Weighted average number of shares outstanding        
Basic (in shares) 182.3 183.5 182.5 183.4
Diluted (in shares) 183.0 184.1 183.2 184.1
v3.24.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net Income $ 553 $ 377 $ 1,130 $ 878
Foreign Currency Adjustments:        
Foreign currency translation adjustments - Pre Tax (39) 51 (154) 160
Foreign currency translation adjustments - Tax 0 0 0 (2)
Foreign currency translation adjustments - Net of Tax (39) 51 (154) 158
Net gains on net investment hedges - Pre Tax 43 (37) 144 (113)
Net gains on net investment hedges - Tax (11) 9 (38) 28
Net gains on net investment hedges - Net of Tax 32 (28) 106 (85)
Cash Flow Hedges:        
Reclassification of losses included in net income - Pre Tax 0 0 1 1
Reclassification of losses included in net income - Tax 0 (1) 0 (1)
Reclassification of losses included in net income - Net of Tax 0 (1) 1 0
Pension and Other Retirement Benefits:        
Amortization of actuarial gains and prior service credits included in net income - Pre Tax (1) (2) (1) (2)
Amortization of actuarial gains and prior service credits included in net income, tax expense (benefit) 0 1 0 1
Amortization of actuarial gains and prior service credits included in net income (1) (1) (1) (1)
Net actuarial and prior service costs - Pre Tax (2) 0 (3) 0
Net actuarial and prior service costs - Tax 1 0 1 0
Net actuarial and prior service costs - Net of Tax (1) 0 (2) 0
Total other comprehensive (loss) income - Pre Tax 1 12 (13) 46
Total other comprehensive (loss) income - Tax (10) 9 (37) 26
Total other comprehensive (loss) income - Net of Tax (9) 21 (50) 72
Comprehensive income 544 398 1,080 950
Less: comprehensive income attributable to noncontrolling interests 0 2 0 (1)
Comprehensive Income Attributable to Moody's $ 544 $ 396 $ 1,080 $ 951
v3.24.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 2,635 $ 2,130
Short-term investments 63 63
Accounts receivable, net of allowance for credit losses of $35 in 2024 and $35 in 2023 1,694 1,659
Other current assets 489 489
Total current assets 4,881 4,341
Property and equipment, net of accumulated depreciation of $1,378 in 2024 and $1,272 in 2023 652 603
Operating lease right-of-use assets 242 277
Goodwill 5,891 5,956
Intangible assets, net 1,930 2,049
Deferred tax assets, net 267 258
Other assets 1,150 1,138
Total assets 15,013 14,622
Current liabilities:    
Accounts payable and accrued liabilities 1,000 1,076
Current portion of operating lease liabilities 108 108
Current portion of long-term debt 688 0
Deferred revenue 1,423 1,316
Total current liabilities 3,219 2,500
Non-current portion of deferred revenue 59 65
Long-term debt 6,253 7,001
Deferred tax liabilities, net 465 402
Uncertain tax positions 207 196
Operating lease liabilities 254 306
Other liabilities 618 676
Total liabilities 11,075 11,146
Contingencies
Shareholders' equity:    
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Capital surplus 1,324 1,228
Retained earnings 15,478 14,659
Treasury stock, at cost; 160,818,154 and 160,430,754 shares of common stock at June 30, 2024 and December 31, 2023, respectively (12,410) (12,005)
Accumulated other comprehensive loss (617) (567)
Total Moody's shareholders' equity 3,778 3,318
Noncontrolling interests 160 158
Total shareholders' equity 3,938 3,476
Total liabilities, noncontrolling interests, and shareholders' equity 15,013 14,622
Series Common Stock    
Shareholders' equity:    
Common stock 0 0
Non Series Common Stock    
Shareholders' equity:    
Common stock $ 3 $ 3
v3.24.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Accounts receivable, allowances $ 35 $ 35
Accumulated depreciation, property and equipment $ 1,378 $ 1,272
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock, shares (in shares) 160,818,154 160,430,754
Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
Non Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 342,902,272 342,902,272
v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net Income $ 1,130 $ 878
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 210 181
Stock-based compensation 109 97
Deferred income taxes 25 21
Expected credit losses 10 9
Changes in assets and liabilities:    
Accounts receivable (64) 112
Other current assets (6) 78
Other assets (1) (24)
Lease obligations (15) (9)
Accounts payable and accrued liabilities (82) (86)
Deferred revenue 120 97
Uncertain tax positions and other non-current tax liabilities 12 (120)
Other liabilities 13 (22)
Net cash provided by operating activities 1,461 1,212
Cash flows from investing activities    
Capital additions (171) (127)
Purchases of investments (87) (53)
Sales and maturities of investments 81 81
Purchases of investments in non-consolidated affiliates (2) (2)
Sales of investments in non-consolidated affiliates 0 1
Cash paid for acquisitions, net of cash acquired (12) (3)
Net cash used in investing activities (191) (103)
Cash flows from financing activities    
Repayment of notes 0 (200)
Proceeds from stock-based compensation plans 45 31
Treasury shares (384) (108)
Repurchase of shares related to stock-based compensation (82) (64)
Dividends (309) (283)
Dividends to noncontrolling interests (1) 0
Net cash used in financing activities (731) (624)
Effect of exchange rate changes on cash and cash equivalents (34) 24
Increase in cash and cash equivalents 505 509
Cash and cash equivalents, beginning of period 2,130 1,769
Cash and cash equivalents, end of period $ 2,635 $ 2,278
v3.24.2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Millions
Total
Total Moody's Shareholders' Equity
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Non- Controlling Interests
Common stock, shares issued beginning balance (in shares) at Dec. 31, 2022     342,900,000          
Treasury stock, common, beginning balance (shares) at Dec. 31, 2022           (159,700,000)    
Beginning Balance at Dec. 31, 2022 $ 2,689 $ 2,519 $ 3 $ 1,054 $ 13,618 $ (11,513) $ (643) $ 170
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 878 878     878     0
Dividends (284) (283)     (283)     (1)
Stock-based compensation 97 97   97        
Shares issued for stock-based compensation plans at average cost, net (31) (31)   (27)   $ (4)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           700,000    
Treasury shares repurchased, inclusive of excise tax (109) (109)   0   $ (109)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (400,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) 73 74         74 (1)
Net actuarial losses (net of tax) 0              
Amortization of actuarial gains and prior service credits (1) (1)         (1)  
Common stock, shares issued ending balance (in shares) at Jun. 30, 2023     342,900,000          
Treasury stock, common, ending balance (shares) at Jun. 30, 2023           (159,400,000)    
Ending Balance at Jun. 30, 2023 3,312 3,144 $ 3 1,124 14,213 $ (11,626) (570) 168
Common stock, shares issued beginning balance (in shares) at Mar. 31, 2023     342,900,000          
Treasury stock, common, beginning balance (shares) at Mar. 31, 2023           (159,400,000)    
Beginning Balance at Mar. 31, 2023 3,058 2,891 $ 3 1,068 13,979 $ (11,570) (589) 167
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 377 377     377     0
Dividends (144) (143)     (143)     (1)
Stock-based compensation 50 50   50        
Shares issued for stock-based compensation plans at average cost, net 17 17   6   $ 11    
Shares issued for stock-based compensation plans at average cost, net (in shares)           300,000    
Treasury shares repurchased, inclusive of excise tax (67) (67)   0   $ (67)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (300,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) 23 21         21 2
Net actuarial losses (net of tax) 0              
Amortization of actuarial gains and prior service credits (1) (1)         (1)  
Net realized and unrealized gain on cash flow hedges (1) (1)         (1)  
Common stock, shares issued ending balance (in shares) at Jun. 30, 2023     342,900,000          
Treasury stock, common, ending balance (shares) at Jun. 30, 2023           (159,400,000)    
Ending Balance at Jun. 30, 2023 $ 3,312 3,144 $ 3 1,124 14,213 $ (11,626) (570) 168
Common stock, shares issued beginning balance (in shares) at Dec. 31, 2023     342,900,000          
Treasury stock, common, beginning balance (shares) at Dec. 31, 2023 (160,430,754)         (160,400,000)    
Beginning Balance at Dec. 31, 2023 $ 3,476 3,318 $ 3 1,228 14,659 $ (12,005) (567) 158
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 1,130 1,129     1,129     1
Dividends (311) (310)     (310)     (1)
Stock-based compensation 111 111   111        
Shares issued for stock-based compensation plans at average cost, net (37) (37)   (15)   $ (22)    
Shares issued for stock-based compensation plans at average cost, net (in shares)           600,000    
Noncontrolling interest resulting from majority acquisition 2 0           2
Treasury shares repurchased, inclusive of excise tax (383) (383)   0   $ (383)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (1,000,000.0)    
Currency translation adjustment, net of net investment hedge activity (net of tax) (48) (48)         (48) 0
Net actuarial losses (net of tax) (2) (2)         (2)  
Amortization of actuarial gains and prior service credits (1) (1)         (1)  
Net realized and unrealized gain on cash flow hedges $ 1 1         1  
Common stock, shares issued ending balance (in shares) at Jun. 30, 2024     342,900,000          
Treasury stock, common, ending balance (shares) at Jun. 30, 2024 (160,818,154)         (160,800,000)    
Ending Balance at Jun. 30, 2024 $ 3,938 3,778 $ 3 1,324 15,478 $ (12,410) (617) 160
Common stock, shares issued beginning balance (in shares) at Mar. 31, 2024     342,900,000          
Treasury stock, common, beginning balance (shares) at Mar. 31, 2024           (160,300,000)    
Beginning Balance at Mar. 31, 2024 3,735 3,575 $ 3 1,252 15,081 $ (12,153) (608) 160
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 553 552     552     1
Dividends (156) (155)     (155)     (1)
Stock-based compensation 57 57   57        
Shares issued for stock-based compensation plans at average cost, net 22 22   15   $ 7    
Shares issued for stock-based compensation plans at average cost, net (in shares)           200,000    
Treasury shares repurchased, inclusive of excise tax (264) (264)       $ (264)    
Treasury shares repurchased, inclusive of excise tax (in shares)           (700,000)    
Currency translation adjustment, net of net investment hedge activity (net of tax) (7) (7)         (7) 0
Net actuarial losses (net of tax) (1) (1)         (1)  
Amortization of actuarial gains and prior service credits $ (1) (1)         (1)  
Common stock, shares issued ending balance (in shares) at Jun. 30, 2024     342,900,000          
Treasury stock, common, ending balance (shares) at Jun. 30, 2024 (160,818,154)         (160,800,000)    
Ending Balance at Jun. 30, 2024 $ 3,938 $ 3,778 $ 3 $ 1,324 $ 15,478 $ (12,410) $ (617) $ 160
v3.24.2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Dividends (in usd per share) $ 0.85 $ 0.77 $ 1.70 $ 1.54
Currency translation adjustment, net of net investment hedge activity, tax expense (benefit) $ 11 $ (9) $ 38 $ (26)
Net actuarial gains and prior service cost, tax expense (benefit) 1 0 1 0
Amortization of actuarial gains and prior service credits included in net income, tax expense (benefit) $ 0 (1) $ 0 $ (1)
Net losses on cash flow hedges - Tax   $ (1)    
v3.24.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Moody’s is a global integrated risk assessment firm that empowers organizations to anticipate, adapt and thrive in a new era of exponential risk. Our data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. Moody’s reports in two reportable segments: MA and MIS.
MA is a global provider of: i) decision solutions; ii) research and insights; and iii) data and information, which help companies make better and faster decisions. MA leverages its unique assets and specialized industry knowledge across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business leaders to identify, measure and manage the implications of interrelated risks and opportunities.
MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities.
These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and related notes in the Company’s 2023 annual report on Form 10-K filed with the SEC on February 14, 2024. The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.
Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Recently Issued Accounting Standards
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU No. 2023-07"), which expands segment disclosure requirements for public entities. ASU No. 2023-07 will require entities to disclose significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss. In addition, this ASU permits entities to disclose more than one measure of segment profit or loss used by the CODM. Additionally, disclosure of the CODM’s title and position will be required on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Furthermore, all existing annual disclosures about segment profit or loss and assets must be provided on an interim basis in addition to disclosure of significant segment expenses and other segment items. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU No. 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU No. 2023-09 require entities to disclose additional income tax information, primarily related to greater disaggregation of the entity's ETR reconciliation and income taxes paid by jurisdiction disclosures. This ASU is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
Reclassification of Previously Reported Revenue by LOB
In the first quarter of 2024, pursuant to the integration of RMS into the Company's order-to-cash systems, the Company reclassified certain prior year revenue by geography disclosures. The impact of the reclassification was not material and prior year revenue disclosures have been reclassified to conform to this new presentation, which is disclosed in Note 2.
v3.24.2
REVENUES
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
MA:
Decision Solutions (DS)
Banking$131 $123 $265 $254 
Insurance147 133 291 266 
KYC88 78 175 148 
Total DS366 334 731 668 
Research and Insights (R&I)226 217 448 432 
Data and Information (D&I)210 196 422 384 
Total external revenue802 747 1,601 1,484 
Intersegment revenue4 4 7 7 
Total MA806 751 1,608 1,491 
MIS:
Corporate Finance (CFG)
Investment-grade120 94 267 209 
High-yield85 46 152 78 
Bank loans147 68 302 127 
Other accounts (1)
173 157 333 307 
Total CFG525 365 1,054 721 
Structured Finance (SFG)
Asset-backed securities34 32 67 59 
RMBS25 25 49 50 
CMBS22 14 39 28 
Structured credit50 31 89 63 
Other accounts— — 1 1 
Total SFG131 102 245 201 
Financial Institutions (FIG)
Banking115 97 236 197 
Insurance61 35 120 68 
Managed investments15 10 27 16 
Other accounts4 3 7 6 
Total FIG195 145 390 287 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign67 54 126 106 
Project and infrastructure87 73 169 150 
Total PPIF154 127 295 256 
Total ratings revenue1,005 739 1,984 1,465 
MIS Other10 8 18 15 
Total external revenue1,015 747 2,002 1,480 
Intersegment revenue49 46 96 91 
Total MIS1,064 793 2,098 1,571 
Eliminations(53)(50)(103)(98)
Total MCO$1,817 $1,494 $3,603 $2,964 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$138 $228 $366 $133 $201 $334 
Research and Insights124 102 226 119 98 217 
Data and Information76 134 210 68 128 196 
Total MA338 464 802 320 427 747 
MIS:
Corporate Finance342 183 525 239 126 365 
Structured Finance92 39 131 60 42 102 
Financial Institutions104 91 195 73 72 145 
Public, Project and Infrastructure Finance98 56 154 83 44 127 
Total ratings revenue636 369 1,005 455 284 739 
MIS Other— 10 10 — 8 8 
Total MIS636 379 1,015 455 292 747 
Total MCO$974 $843 $1,817 $775 $719 $1,494 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$276 $455 $731 $265 $403 $668 
Research and Insights246 202 448 237 195 432 
Data and Information153 269 422 135 249 384 
Total MA675 926 1,601 637 847 1,484 
MIS:
Corporate Finance714 340 1,054 485 236 721 
Structured Finance168 77 245 121 80 201 
Financial Institutions202 188 390 136 151 287 
Public, Project and Infrastructure Finance184 111 295 159 97 256 
Total ratings revenue1,268 716 1,984 901 564 1,465 
MIS Other— 18 18 — 15 15 
Total MIS1,268 734 2,002 901 579 1,480 
Total MCO$1,943 $1,660 $3,603 $1,538 $1,426 $2,964 
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
MA:
U.S.$338 $320 $675 $637 
Non-U.S.:
EMEA319 298 635 585 
Asia-Pacific82 70 167 148 
Americas63 59 124 114 
Total Non-U.S.464 427 926 847 
Total MA802 747 1,601 1,484 
MIS:
U.S.636 455 1,268 901 
Non-U.S.:
EMEA247 181 473 354 
Asia-Pacific82 75 152 146 
Americas50 36 109 79 
Total Non-U.S.379 292 734 579 
Total MIS1,015 747 2,002 1,480 
Total MCO$1,817 $1,494 $3,603 $2,964 
    
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended June 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$35 $331 $366 $43 $291 $334 
10 %90 %100 %13 %87 %100 %
Research and Insights$3 $223 $226 $3 $214 $217 
1 %99 %100 %1 %99 %100 %
Data and Information$1 $209 $210 $1 $195 $196 
— %100 %100 %1 %99 %100 %
Total MA (1)
$39 $763 $802 $47 $700 $747 
5 %95 %100 %6 %94 %100 %
Corporate Finance$388 $137 $525 $236 $129 $365 
74 %26 %100 %65 %35 %100 %
Structured Finance$76 $55 $131 $48 $54 $102 
58 %42 %100 %47 %53 %100 %
Financial Institutions$115 $80 $195 $73 $72 $145 
59 %41 %100 %50 %50 %100 %
Public, Project and Infrastructure Finance$110 $44 $154 $84 $43 $127 
71 %29 %100 %66 %34 %100 %
MIS Other$3 $7 $10 $2 $6 $8 
30 %70 %100 %25 %75 %100 %
Total MIS$692 $323 $1,015 $443 $304 $747 
68 %32 %100 %59 %41 %100 %
Total Moody's Corporation$731 $1,086 $1,817 $490 $1,004 $1,494 
40 %60 %100 %33 %67 %100 %
Six Months Ended June 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$72 $659 $731 $83 $585 $668 
10 %90 %100 %12 %88 %100 %
Research and Insights$7 $441 $448 $8 $424 $432 
2 %98 %100 %2 %98 %100 %
Data and Information$2 $420 $422 $1 $383 $384 
— %100 %100 %— %100 %100 %
Total MA (1)
$81 $1,520 $1,601 $92 $1,392 $1,484 
5 %95 %100 %6 %94 %100 %
Corporate Finance$787 $267 $1,054 $466 $255 $721 
75 %25 %100 %65 %35 %100 %
Structured Finance$135 $110 $245 $94 $107 $201 
55 %45 %100 %47 %53 %100 %
Financial Institutions$237 $153 $390 $143 $144 $287 
61 %39 %100 %50 %50 %100 %
Public, Project and Infrastructure Finance$206 $89 $295 $169 $87 $256 
70 %30 %100 %66 %34 %100 %
MIS Other$4 $14 $18 $3 $12 $15 
22 %78 %100 %20 %80 %100 %
Total MIS$1,369 $633 $2,002 $875 $605 $1,480 
68 %32 %100 %59 %41 %100 %
Total Moody's Corporation$1,450 $2,153 $3,603 $967 $1,997 $2,964 
40 %60 %100 %33 %67 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP (please also refer to the following table).
The following table presents the timing of revenue recognition:
Three Months Ended June 30, 2024
Six Months Ended June 30, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$18 $692 $710 $39 $1,369 $1,408 
Revenue recognized over time784 323 1,107 1,562 633 2,195 
Total$802 $1,015 $1,817 $1,601 $2,002 $3,603 
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
MAMISTotalMAMISTotal
Revenue recognized at a point in time$22 $443 $465 $49 $875 $924 
Revenue recognized over time725 304 1,029 1,435 605 2,040 
Total$747 $747 $1,494 $1,484 $1,480 $2,964 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
For certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. In addition, certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at June 30, 2024 and December 31, 2023:
As of June 30, 2024
As of December 31, 2023
MAMISMAMIS
Unbilled Receivables$139 $466 $119 $415 
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue related to that contract is recognized. This deferred revenue is relieved when the Company satisfies the related performance obligation and revenue is recognized.
Significant changes in the deferred revenue balances during the three and six months ended June 30, 2024 and 2023 are as follows:
Three Months Ended June 30, 2024
Three Months Ended June 30, 2023
MAMISTotalMAMISTotal
Balance at March 31,
$1,312 $361 $1,673 $1,288 $360 $1,648 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(529)(117)(646)(592)(116)(708)
Increases due to amounts billable excluding amounts recognized as revenue during the period365 93 458 417 91 508 
Effect of exchange rate changes(2)(1)(3)3 1 4 
Total changes in deferred revenue(166)(25)(191)(172)(24)(196)
Balance at June 30,
$1,146 $336 $1,482 $1,116 $336 $1,452 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
MAMISTotalMAMISTotal
Balance at December 31,$1,111 $270 $1,381 $1,055 $278 $1,333 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(752)(155)(907)(788)(160)(948)
Increases due to amounts billable excluding amounts recognized as revenue during the period803 224 1,027 830 216 1,046 
Effect of exchange rate changes(16)(3)(19)19 2 21 
Total changes in deferred revenue35 66 101 61 58 119 
Balance at June 30,
$1,146 $336 $1,482 $1,116 $336 $1,452 
Deferred revenue - current$1,145 $278 $1,423 $1,115 $270 $1,385 
Deferred revenue - non-current$1 $58 $59 $1 $66 $67 
For the MA segment, the decrease in deferred revenue for the three months ended June 30, 2024 and 2023 was primarily due to the recognition of annual subscription and maintenance billings from December and January. For the six months ended June 30, 2024 and 2023, the increase in deferred revenue is primarily attributable to the high concentration of billings in the first quarter.
For the MIS segment, the change in the deferred revenue balance for all periods presented was primarily related to the significant portion of contract renewals that occur during the first quarter and are generally recognized over a one year period.
Remaining performance obligations
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of June 30, 2024 as well as amounts not yet invoiced to customers as of June 30, 2024, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of June 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.6 billion. The Company expects to recognize into revenue approximately 60% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of June 30, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $91 million. The Company expects to recognize into revenue approximately 25% of this balance within one year, approximately 50% of this balance between one to five years and the remaining amount thereafter. With respect to the remaining performance obligations for the MIS segment, the Company has applied a practical expedient set forth in ASC Topic 606 permitting the omission of unsatisfied performance obligations relating to contracts with an original expected length of one year or less.
v3.24.2
STOCK-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Stock-based compensation cost$56 $50 $109 $97 
Tax benefit$12 $12 $24 $22 
During the first half of 2024, the Company granted 0.2 million employee stock options, which had a weighted average grant date fair value of $120.42 per share. The Company also granted 0.5 million shares of restricted stock in the first half of 2024, which had a weighted average grant date fair value of $372.33 per share. Both the employee stock options and restricted stock generally vest ratably over four years. Additionally, the Company granted 0.2 million shares of performance-based awards whereby the number of shares that ultimately vest are based on the achievement of certain non-market-based performance metrics of the Company over a period of two to four years. The weighted average grant date fair value of these awards was $361.83 per share.
The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2024:
Expected dividend yield0.91 %
Expected stock volatility28 %
Risk-free interest rate4.34 %
Expected holding period5.9 years
Unrecognized stock-based compensation expense at June 30, 2024 was $21 million and $328 million for unvested stock options and restricted stock, respectively, which is expected to be recognized over a weighted average period of 1.9 years and 2.7 years, respectively. Additionally, there was $66 million of unrecognized stock-based compensation expense relating to the aforementioned non-market-based performance-based awards, which is expected to be recognized over a weighted average period of 2.5 years.
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Six Months Ended
June 30,
2024
2023
Exercise of stock options:
Proceeds from stock option exercises$34 $21 
Aggregate intrinsic value$43 $44 
Tax benefit realized upon exercise$7 $10 
Number of shares exercised
0.2 0.2 
Vesting of restricted stock:
Fair value of shares vested$176 $147 
Tax benefit realized upon vesting$43 $34 
Number of shares vested0.5 0.5 
Vesting of performance-based restricted stock:
Fair value of shares vested$40 $24 
Tax benefit realized upon vesting$9 $3 
Number of shares vested0.1 0.1 
v3.24.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Moody’s ETR was 23.1% and 23.4% for the three months ended June 30, 2024 and 2023, respectively. Moody’s ETR for the six months ended June 30, 2024 and 2023 was 23.2% and 12.0%, respectively. The increase in the ETR for the six months ended June 30, 2024 compared to the same period in the prior year was primarily due to tax benefits recognized in the first quarter of 2023, which reflect the resolution of uncertain tax positions in various U.S. and non-U.S. tax jurisdictions and will not recur in 2024. The Company’s year-to-date provision for income taxes differs from the tax computed by applying its estimated annual ETR to the pre-tax earnings primarily due to the excess tax benefits from stock-based compensation of $19 million.

The Company classifies interest related to UTPs in interest expense, net in its consolidated statements of operations. Penalties, if incurred, would be recognized in other non-operating income, net. The Company had a net increase in its UTP reserves of $5 million, net of federal tax, during the second quarter of 2024 and an increase in its UTPs of $11 million, net of federal tax, during the first six months of 2024.

Moody’s is subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company’s U.S. federal income tax returns for 2019 through 2020 are currently under examination and 2021 through 2022 remain open to examination. The Company’s New York City tax returns for 2018 through 2022 are currently under examination. The Company’s U.K. tax returns for 2017 through 2022 remain open to examination.
For ongoing audits, it is possible the balance of UTPs could decrease in the next twelve months as a result of the settlement of such audits, which might involve the payment of additional taxes, the adjustment of certain deferred taxes and/or the recognition of tax benefits. It is also possible that new issues will be raised by tax authorities which could necessitate increases to the balance of UTPs. As the Company is unable to predict the timing or outcome of these audits, it is unable to estimate the amount of future changes to the balance of UTPs at this time. However, the Company believes that it has adequately provided for its financial exposure relating to all open tax years, by tax jurisdiction, in accordance with the applicable provisions of ASC Topic 740 regarding UTPs.
The following table shows the amount the Company paid for income taxes:
Six Months Ended June 30,
20242023
Income taxes paid $276 $122 
Effective in 2024, multiple foreign jurisdictions in which the Company operates have enacted legislation to adopt a minimum tax rate described in the Global Anti-Base Erosion tax model rules (referred to as GloBE or Pillar II) issued by the OECD. A minimum ETR of 15% applies to multinational companies with consolidated revenue above €750 million. Under the GloBE rules, a company is required to determine a combined ETR for all entities located in a jurisdiction. If the jurisdictional effective tax rate is less than 15%, an additional tax generally will be due to bring the jurisdictional ETR up to 15%. We have evaluated the impact of the Pillar II global minimum tax rules on our consolidated financial statements and related disclosures. As of June 30, 2024, the Pillar II minimum tax requirement is not expected to have a material impact upon our full-year results of operations or financial position.
v3.24.2
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Basic182.3 183.5 182.5 183.4 
Dilutive effect of shares issuable under stock-based compensation plans0.7 0.6 0.7 0.7 
Diluted183.0 184.1 183.2 184.1 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.4 0.4 0.4 0.5 
    
The calculation of basic shares outstanding is based on the weighted average number of shares of common stock outstanding during the reporting period. The calculation of diluted EPS requires certain assumptions regarding the use of both cash proceeds and assumed proceeds that would be received upon the exercise of stock options and vesting of restricted stock outstanding as of June 30, 2024 and 2023.
v3.24.2
CASH EQUIVALENTS AND INVESTMENTS
 6 Months Ended
Jun. 30, 2024
Cash and Cash Equivalents [Abstract]  
CASH EQUIVALENTS AND INVESTMENTS CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of June 30, 2024
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,597 $— $1,597 $1,533 $63 $1 
Mutual funds$97 $10 $107 $— $— $107 
As of December 31, 2023
Balance sheet location

Cost		Gains/(Losses)
Fair Value		Cash and cash
equivalents		Short-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,178 $— $1,178 $1,112 $63 $3 
Mutual funds$91 $6 $97 $— $— $97 
(1) Consists of time deposits, money market deposit accounts and money market funds. The remaining contractual maturities for the certificates of deposits classified as short-term investments are one month to 12 months at both June 30, 2024 and December 31, 2023. The remaining contractual maturities for the certificates of deposits classified in other assets are 14 months at both June 30, 2024 and December 31, 2023. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
In addition, the Company invested in COLI. As of June 30, 2024 and December 31, 2023, the contract value of the COLI was $48 million and $47 million, respectively.
v3.24.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to global market risks, including risks from changes in FX rates and changes in interest rates. Accordingly, the Company uses derivatives in certain instances to manage financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for speculative purposes.
Derivatives and non-derivative instruments designated as accounting hedges:
Fair Value Hedges
Interest Rate Swaps
The Company has entered into interest rate swaps to convert the fixed interest rate on certain of its long-term debt to a floating interest rate based on the SOFR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statements of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
June 30, 2024
As of December 31, 2023
Floating Interest Rate
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500 $500 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed300 300 SOFR
2014 Senior Notes due 2044Pay Floating/Receive Fixed300 300 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$2,550 $2,550 
Refer to Note 13 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Interest expense, net$(63)$(71)$(125)$(119)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(24)$(21)$(49)$(39)
Fair value changes on interest rate swapsInterest expense, net$7 $(46)$(22)$— 
Fair value changes on hedged debtInterest expense, net$(7)$46 $22 $— 
Net investment hedges
Debt designated as net investment hedges
The Company has designated €500 million of the 2015 Senior Notes Due 2027 and €750 million of the 2019 Senior Notes due 2030 as net investment hedges to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. These hedges are designated as accounting hedges under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027 and 2030, respectively, unless terminated early at the discretion of the Company.
Cross currency swaps designated as net investment hedges
The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
June 30, 2024
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€965 2.91%$1,014 4.41%
Pay Floating/Receive Floating2,138 Based on ESTR2,250 Based on SOFR
Total€3,103 $3,264 
December 31, 2023
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€765 3.67%$800 5.25%
Pay Floating/Receive Floating2,138 Based on ESTR2,250 Based on SOFR
Total€2,903 $3,050 
As of June 30, 2024 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
Years Ending December 31,
Notional Amount (Pay)
Notional Amount (Receive)
2026€450 $500 
2027531 550 
2028588 600 
2029573 614 
2031481 500 
2032480 500 
Total€3,103 $3,264 
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
June 30,
Three Months Ended
June 30,
Three Months Ended
June 30,
202420232024202320242023
Cross currency swaps$24 $(24)$— $— $11 $14 
Long-term debt8 (4)— — — — 
Total net investment hedges$32 $(28)$— $— $11 $14 
Derivatives in Cash Flow Hedging Relationships
Cross currency swap$— $— $— $1 $— $— 
Interest rate contracts— — — — — — 
Total cash flow hedges$— $— $— $1 $— $— 
Total$32 $(28)$— $1 $11 $14 
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Six Months Ended
June 30,
Six Months Ended
June 30,
Six Months Ended
June 30,
202420232024202320242023
Cross currency swaps$75 $(63)$— $— $22 $30 
Long-term debt31 (22)— — — — 
Total net investment hedges$106 $(85)$— $— $22 $30 
Derivatives in Cash Flow Hedging Relationships
Cross currency swaps
$— $— $— $1 $— $— 
Interest rate contracts— — (1)(1)— — 
Total cash flow hedges$— $— $(1)$— $— $— 
Total$106 $(85)$(1)$— $22 $30 
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains/(Losses), net of tax
June 30, 2024December 31, 2023
Net investment hedges
Cross currency swaps$96 $21 
FX forwards29 29 
Long-term debt34 3 
Total net investment hedges$159 $53 
Cash flow hedges
Interest rate contracts$(44)$(45)
Cross currency swaps1 1 
Total cash flow hedges(43)(44)
Total net gain in AOCL$116 $9 
Derivatives not designated as accounting hedges:
Foreign exchange forwards
The Company also enters into foreign exchange forward contracts to mitigate the change in fair value on certain assets and liabilities denominated in currencies other than a subsidiary’s functional currency. These forward contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating income, net, in the Company’s consolidated statements of operations along with the FX gain or loss recognized on the assets and liabilities denominated in a currency other than the subsidiary’s functional currency. These contracts have expiration dates at various times through October 2024.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
June 30, 2024December 31, 2023
Notional amount of currency pair(1):
SellBuySellBuy
Contracts to sell USD for GBP$544 £428 $513 £407 
Contracts to sell USD for JPY
$25 ¥4,000 $14 ¥2,000 
Contracts to sell USD for CAD
$48 C$65 $147 C$200 
Contracts to sell USD for SGD
$82 S$110 $50 S$67 
Contracts to sell USD for EUR
$— €— $60 €55 
Contracts to sell USD for INR
$23 ₹1,900 $23 ₹1,900 
Contracts to sell USD for AUD
$— 
A$
— $5 A$8 
Contracts to sell CAD for USD
C$— 
$
— C$25 
$
19 
(1) € = euro, £ = British pound, S$ = Singapore dollar, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, ₹= Indian Rupee, A$ = Australian dollar
Total Return Swaps
The Company has entered into total return swaps to mitigate market-driven changes in the value of certain liabilities associated with the Company's deferred compensation plans. The fair value of these swaps at June 30, 2024 and related gains in the three and six months ended June 30, 2024 were not material. The notional amount of the total return swaps as of June 30, 2024 and December 31, 2023 was $62 million and $58 million, respectively.
The following table summarizes the impact to the consolidated statements of operations relating to the gains and losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended June 30,
Six Months Ended
June 30,
2024202320242023
FX forwardsOther non-operating income, net$(5)$10 $(18)$15 
Total return swaps
Operating expense
$1 $— $4 $— 
Total return swaps
SG&A expense
$— $— $1 $— 
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet LocationJune 30, 2024December 31, 2023
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$18 $3 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets— 13 
Total assets$18 $16 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$11 $— 
Cross-currency swaps designated as net investment hedgesOther liabilities97 183 
Interest rate swaps designated as fair value hedgesOther liabilities194 183 
Total derivatives designated as accounting hedges302 366 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,339 1,381 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities5 — 
Total liabilities$1,646 $1,747 
v3.24.2
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following table summarizes the activity in goodwill for the periods indicated:
Six Months Ended June 30, 2024
MAMISConsolidated
Gross goodwillAccumulated
impairment
charge		Net
goodwill		Gross goodwillAccumulated impairment
charge		Net
goodwill		Gross goodwillAccumulated
impairment
charge		Net
goodwill
Balance at beginning
of year		$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
Additions/
adjustments (1)
14 — 14 2 — 2 16 — 16 
Foreign currency translation adjustments(79)— (79)(2)— (2)(81)— (81)
Ending balance$5,616 $(12)$5,604 $287 $— $287 $5,903 $(12)$5,891 
Year Ended December 31, 2023
MAMISConsolidated
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year		$5,474 $(12)$5,462 $377 $— $377 $5,851 $(12)$5,839 
Additions/
adjustments (2)
90 — 90 (87)— (87)3 — 3 
Foreign currency translation
adjustments		117 — 117 (3)— (3)114 — 114 
Ending balance$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
(1) The 2024 additions/adjustments primarily relate to certain immaterial acquisitions which were completed in the first quarter of 2024.
(2) The 2023 additions/adjustments primarily relate to a reallocation of goodwill pursuant to a realignment of certain components of the Company's ESG business in the first quarter of 2023.
Acquired intangible assets and related amortization consisted of:
June 30,
2024		December 31,
2023
Customer relationships$2,038 $2,065 
Accumulated amortization(594)(556)
Net customer relationships1,444 1,509 
Software/product technology665 674 
Accumulated amortization(392)(364)
Net software/product technology273 310 
Database178 179 
Accumulated amortization(90)(82)
Net database88 97 
Trade names197 199 
Accumulated amortization(78)(72)
Net trade names119 127 
Other (1)
52 52 
Accumulated amortization(46)(46)
Net other6 6 
Total acquired intangible assets, net$1,930 $2,049 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Amortization expense
$48 $50 $97 $101 
v3.24.2
RESTRUCTURING
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
On June 30, 2022, the chief executive officer of Moody’s approved the 2022 - 2023 Geolocation Restructuring Program. The Company estimates that the program will result in annualized savings of $145 million to $165 million per year. This program related to the Company's post-COVID-19 geolocation strategy and other strategic initiatives and included the rationalization and exit of certain leased office spaces and a reduction in staff, including the relocation of certain job functions. Cumulative charges related to this program are shown in the table below. The savings generated from the 2022 - 2023 Geolocation Restructuring Program are expected to strengthen the Company's operating margin, with a portion being deployed to support strategic investments, including the Company's workplace of the future program and employee retention initiatives. The 2022 - 2023 Geolocation Restructuring Program was substantially completed at the end of 2023. Cash outlays associated with this program, which primarily relate to personnel-related costs, are expected to be $130 million to $140 million, substantially all of which are expected to be paid by the end of 2024.
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
2022 - 2023 Geolocation Restructuring Program
Three months ended June 30,Six months ended June 30,
Cumulative expense incurred
2024202320242023
Employee Termination Costs
$2 $9 $7 $22 $143 
Real Estate Related Costs
— 1 — 2 63 
Other Costs
— — — — 1 
Total Restructuring
$2 $10 $7 $24 $207 
Changes to the restructuring liability during the first half of 2024 were as follows:
Balance as of December 31, 2023
$36 
2022 - 2023 Geolocation Restructuring Program:
Cost incurred and adjustments7 
Cash payments
(29)
Balance as of June 30, 2024
$14 
The restructuring liability is primarily comprised of employee termination costs, with an immaterial amount of real estate-related and other costs. As of June 30, 2024, substantially all of the remaining $14 million restructuring liability is expected to be paid out in 2024.
v3.24.2
FAIR VALUE
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE    
The tables below present information about items that are carried at fair value at June 30, 2024 and December 31, 2023:
Fair Value Measurement as of June 30, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$18 $— $18 
Money market funds/mutual funds
117 117 — 
Total$135 $117 $18 
Liabilities:
Derivatives (1)
$307 $— $307 
Total$307 $— $307 
Fair Value Measurement as of December 31, 2023
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$16 $— $16 
Money market funds/mutual funds
107 107 — 
Total$123 $107 $16 
Liabilities:
Derivatives (1)
$366 $— $366 
Total$366 $— $366 
(1) Represents fair value of certain derivative contracts as more fully described in Note 7 to the consolidated financial statements.
The following are descriptions of the methodologies utilized by the Company to estimate the fair value of its derivative contracts, money market mutual funds and mutual funds:
Derivatives:
In determining the fair value of the derivative contracts in the table above, the Company utilizes industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using spot rates, forward points, currency volatilities, interest rates as well as the risk of non-performance of the Company and the counterparties with whom it has derivative contracts. The Company established strict counterparty credit guidelines and only enters into transactions with financial institutions that adhere to these guidelines. Accordingly, the risk of counterparty default is deemed to be minimal.
Money market funds and mutual funds:
The mutual funds in the table above are deemed to be equity securities with readily determinable fair values with changes in the fair value recognized through net income under ASC Topic 321. The fair value of these instruments is determined using Level 1 inputs as defined in the ASC Topic 820.
v3.24.2
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
 6 Months Ended
Jun. 30, 2024
Other Balance Sheet And Statement Of Operations Information [Abstract]  
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
June 30, 2024December 31, 2023
Other current assets:
Prepaid taxes$83 $115 
Prepaid expenses162 133 
Capitalized costs to obtain and fulfill sales contracts119 116 
Foreign exchange forwards on certain assets and liabilities— 13 
Interest receivable on interest rate and cross currency swaps79 79 
Other46 33 
Total other current assets$489 $489 
Other assets:
Investments in non-consolidated affiliates$523 $521 
Deposits for real-estate leases15 16 
Indemnification assets related to acquisitions115 111 
Mutual funds, certificates of deposit and money market deposit accounts/funds
108 100 
Company owned life insurance (at contract value)48 47 
Capitalized costs to obtain sales contracts
198 196 
Derivative instruments designated as accounting hedges18 3 
Pension and other retirement employee benefits40 41 
Other85 103 
Total other assets$1,150 $1,138 
Accounts payable and accrued liabilities:
Salaries and benefits$140 $130 
Incentive compensation196 345 
Customer credits, advanced payments and advanced billings137 105 
Dividends6 7 
Professional service fees77 46 
Interest accrued on debt
74 83 
Accounts payable57 23 
Income taxes104 108 
Pension and other retirement employee benefits15 15 
Accrued royalties20 24 
Foreign exchange forwards on certain assets and liabilities5 — 
Restructuring liability14 35 
Derivative instruments designated as accounting hedges11 — 
Interest payable on interest rate and cross currency swaps66 67 
Other78 88 
Total accounts payable and accrued liabilities$1,000 $1,076 
June 30, 2024December 31, 2023
Other liabilities:
Pension and other retirement employee benefits$191 $190 
Interest accrued on UTPs42 36 
MAKS indemnification provisions19 19 
Income tax liability - non-current portion12 15 
Derivative instruments designated as accounting hedges291 366 
Other63 50 
Total other liabilities$618 $676 
Investments in non-consolidated affiliates:
The following table provides additional detail regarding Moody's investments in non-consolidated affiliates, as included in other assets in the consolidated balance sheets:
June 30, 2024December 31, 2023
Equity method investments (1)
$187 $186 
Investments measured using the measurement alternative (2)
327 327 
Other9 8 
Total investments in non-consolidated affiliates$523 $521 
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Moody's holds various investments accounted for under the equity method, the most significant of which is the Company's minority investment in CCXI. Moody's also holds various investments measured using the measurement alternative, the most significant of which is the Company's minority interest in BitSight.
Earnings from non-consolidated affiliates, which are included within other non-operating income, net, are disclosed within the table below.
Other non-operating income, net:
The following table summarizes the components of other non-operating income, net:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
FX loss (1)
$(4)$(5)$(7)$(31)
Net periodic pension income - non-service and non-interest cost components
8 9 16 18 
Income from investments in non-consolidated affiliates2 1 2 3 
Gain on investments
5 5 8 11 
Other (2)
(4)3 1 12 
Total$7 $13 $20 $13 
(1) The amount for the six months ended June 30, 2023 includes a $23 million loss recorded pursuant to an immaterial out-of-period adjustment relating to the 2022 fiscal year.
(2) The amount for the six months ended June 30, 2023 reflects a benefit of $9 million related to the favorable resolutions of various tax matters.
Charges related to asset abandonment:
Costs of $15 million recorded in the second quarter of 2024 relate to severance incurred pursuant to a reduction in staff due to the Company's decision to outsource the production of certain sustainability content utilized in our product offerings. Additionally, the Company has reduced the estimated useful lives of certain internally developed software and amortizable intangible assets that are associated with the sustainability content offerings for which production is being outsourced. The Company expects to incur approximately $30 million in incremental amortization expense related to the change in estimated useful lives of these assets in the second half of 2024.
v3.24.2
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables show changes in AOCL by component (net of tax):
Three Months Ended June 30,
20242023
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at March 31,
$(57)$(43)$(635)$127 $(608)$(47)$(44)$(626)$128 $(589)
Other comprehensive income/(loss) before reclassifications(1)— (39)32 (8)— — 49 (28)21 
Amounts reclassified from AOCL(1)— — — (1)(1)(1)— — (2)
Other comprehensive income/(loss)(2)— (39)32 (9)(1)(1)49 (28)19 
Balance at June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
Six Months Ended June 30,
20242023
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(56)$(44)$(520)$53 $(567)$(47)$(45)$(736)$185 $(643)
Other comprehensive (loss)/income before reclassifications
(2)— (154)106 (50)— — 159 (85)74 
Amounts reclassified from AOCL(1)1 — — — (1)— — — (1)
Other comprehensive (loss)/income
(3)1 (154)106 (50)(1)— 159 (85)73 
Balance at June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
v3.24.2
INDEBTEDNESS
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying value, which represents the issuance amount plus or minus any issuance premium or discount, except for certain debt as depicted in the table below, which is recorded at the carrying value adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
June 30, 2024
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(37)$3 $(4)$562 
1.75% 2015 Senior Notes, due 2027
536 — — (1)535 
3.25% 2017 Senior Notes, due 2028
500 (25)(2)(1)472 
4.25% 2018 Senior Notes, due 2029
400 (39)(1)(2)358 
4.875% 2018 Senior Notes, due 2048
400 (39)(6)(3)352 
0.950% 2019 Senior Notes, due 2030
803 — (2)(3)798 
3.75% 2020 Senior Notes, due 2025
700 (11)— (1)688 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (42)(8)(5)445 
4.25% 2022 Senior Notes, due 2032
500 (12)(2)(4)482 
Total debt
$7,239 $(205)$(49)$(44)$6,941 
Current portion(688)
Total long-term debt$6,253 
December 31, 2023
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(34)$3 $(4)$565 
1.75% 2015 Senior Notes, due 2027
552 — — (1)551 
3.25% 2017 Senior Notes, due 2028
500 (26)(2)(2)470 
4.25% 2018 Senior Notes, due 2029
400 (34)(2)(2)362 
4.875% 2018 Senior Notes, due 2048
400 (36)(6)(3)355 
0.950% 2019 Senior Notes, due 2030
829 — (2)(4)823 
3.75% 2020 Senior Notes, due 2025
700 (16)(1)(1)682 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (29)(8)(5)458 
4.25% 2022 Senior Notes, due 2032
500 (8)(2)(4)486 
Total long-term debt$7,281 $(183)$(51)$(46)$7,001 
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.
Credit Facility
On May 6, 2024, the Company entered into a five-year senior, unsecured revolving credit facility with the capacity to borrow up to $1.25 billion, which expires in May 2029. The 2024 Credit Facility replaces the Company's $1.25 billion 2021 Credit Facility that was scheduled to mature in December 2026. Further information on the key terms of these revolving credit facilities is below:
June 30, 2024December 31, 2023
Issue DateCapacityMaturityDrawnUndrawnDrawnUndrawn
2021 Credit FacilityDecember 17, 2021$1,250 
December 17, 2026 (Terminated in 2024)
$— $— $— $1,250 
2024 Credit Facility
May 6, 2024$1,250 May 6, 2029$— $1,250 $— $— 
Interest on borrowings under the 2024 Credit Facility is payable at rates that are based on an adjusted term SOFR Rate plus a premium that can range from 80.5 BPS to 122.5 BPS, depending on the Company’s index debt ratings, as set forth in the 2024 Credit Facility. The Company also has the option to choose other rates, such as those based on adjusted Daily Simple SOFR or an alternate base rate, as set forth in the 2024 Credit Facility. Regardless of borrowing activity under the 2024 Credit Facility, the Company pays quarterly fees for the 2024 Credit Facility that can range from 7 BPS of the 2024 Credit Facility amount to 15 BPS, depending on the Company’s index debt ratings. The 2024 Credit Facility contains certain customary covenants and also contains a financial covenant that requires the Company to maintain a total debt to EBITDA Ratio of (i) not more than 4 to 1 at the end of any fiscal quarter or (ii) not more than 4.5 to 1 as of the end of the first three consecutive quarters immediately following any acquisition with consideration in excess of $500 million, subject to certain conditions as set forth in the 2024 Credit Facility.
Notes Payable
At June 30, 2024, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of June 30, 2024, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2024 (After June 30,)
$— 
2025700 
2026— 
2027536 
2028500 
Thereafter5,503 
Total$7,239 
Interest expense, net
The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
Three Months Ended
June 30,
Six Months Ended June 30,
2024202320242023
Income$23 $15 $45 $25 
Expense on borrowings(1)
(74)(75)(148)(145)
(Expense) income on UTPs and other tax related liabilities(2)
(5)(4)(9)14 
Net periodic pension costs - interest component(7)(7)(13)(13)
Interest expense, net$(63)$(71)$(125)$(119)
Interest paid(3)
$51 $47 $151 $143 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate swaps and cross currency swaps, which are more fully discussed in Note 7.
(2) The amount for the six months ended June 30, 2023 reflects a $22 million reduction of tax-related interest expense primarily related to the resolutions of tax matters.
(3) Interest paid includes net settlements on interest rate swaps, which are more fully discussed in Note 7.
The fair value and carrying value of the Company’s debt as of June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024December 31, 2023
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,941 $6,121 $7,001 $6,402 
The fair value of the Company’s debt is estimated based on quoted prices in active markets as of the reporting date, which are considered Level 1 inputs within the fair value hierarchy.
v3.24.2
LEASES
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES LEASES
The Company has operating leases, substantially all of which relate to the lease of office space. The Company’s leases which are classified as finance leases are not material to the consolidated financial statements. Certain of the Company’s leases include options to renew, with renewal terms that can extend the lease term from one year to 20 years at the Company’s discretion.
The following table presents the components of the Company’s lease cost:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Operating lease cost$21 $23 $43 $47 
Sublease income(2)(2)(4)(4)
Variable lease cost6 5 11 10 
Total lease cost$25 $26 $50 $53 
The following tables present other information related to the Company’s operating leases:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Cash paid for amounts included in the measurement of operating lease liabilities$29 $30 $59 $60 
Right-of-use assets obtained in exchange for new operating lease liabilities
$1 $19 $5 $24 
June 30, 2024June 30, 2023
Weighted-average remaining lease term
4.1 years4.8 years
Weighted-average discount rate applied to operating leases
3.2 %3.2 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at June 30, 2024:
Year Ending December 31,Operating Leases
2024 (After June 30,)
$60 
2025108 
202689 
202771 
202820 
After 202836 
Total lease payments (undiscounted)384 
Less: Interest22 
Present value of lease liabilities:$362 
Lease liabilities - current$108 
Lease liabilities - noncurrent$254 
v3.24.2
CONTINGENCIES
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
Given the nature of the Company's activities, Moody’s and its subsidiaries are subject to legal and tax proceedings, governmental, regulatory and legislative investigations, subpoenas and other inquiries, and claims and litigation by governmental and private parties that are based on ratings assigned by MIS or that are otherwise incidental to the Company’s business. Moody’s and MIS also are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties or restrictions on business activities. MIS is responding to SEC requests for documents and information in connection with an investigation of MIS’s compliance with record preservation requirements relating to certain business communications sent over electronic messaging channels that have not been approved by MIS. The SEC has been conducting similar investigations of the record preservation practices of other NRSROs and other registrants subject to record preservation requirements. MIS has reached an agreement in principle with the SEC Division of Enforcement to resolve the investigation. The agreement, which remains subject to final SEC approval, includes the payment of a $20 million civil monetary penalty. The Company has accrued that amount in its consolidated financial statements. Moody’s also is subject to ongoing tax audits as addressed in Note 4 to the consolidated financial statements.
Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For claims, litigation and proceedings and governmental investigations and inquiries not related to income taxes, the Company records liabilities in the consolidated financial statements when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated and periodically adjusts these as appropriate. When the reasonable estimate of the loss is within a range of amounts, the minimum amount of the range is accrued unless some higher amount within the range is a better estimate than another amount within the range. In instances when a loss is reasonably possible but uncertainties exist related to the probable outcome and/or the amount or range of loss, management does not record a liability but discloses the contingency if material. As additional information becomes available, the Company adjusts its assessments and estimates of such matters accordingly. Moody’s also discloses material pending legal proceedings pursuant to SEC rules and other pending matters as it may determine to be appropriate.
In view of the inherent difficulty of assessing the potential outcome of legal proceedings, governmental, regulatory and legislative investigations and inquiries, claims and litigation and similar matters and contingencies, particularly when the claimants seek large or indeterminate damages or assert novel legal theories or the matters involve a large number of parties, the Company often cannot predict what the eventual outcome of the pending matters will be or the timing of any resolution of such matters. The Company also may be unable to predict the impact (if any) that any such matters may have on how its business is conducted, on its competitive position or on its financial position, results of operations or cash flows. As the process to resolve any pending matters progresses, management will continue to review the latest information available and assess its ability to predict the outcome of such matters and the effects, if any, on its operations and financial condition and to accrue for and disclose such matters as and when required. However, because such matters are inherently unpredictable and unfavorable developments or resolutions can occur, the ultimate outcome of such matters, including the amount of any loss, may differ from those estimates.
v3.24.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MA and MIS and accordingly, the Company reports in two reportable segments: MA and MIS.
Revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. Additionally, revenue for MIS and expenses for MA include intersegment fees charged to MA for the rights to use and distribute content, data and products developed by MIS. These intersegment fees are generally based on the market value of the products and services being transferred between the segments.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are allocated to each segment based on the segment’s share of full-year 2018 actual revenue which comprises a “Baseline Pool” established in 2019, which will remain fixed over time. In subsequent periods, incremental overhead costs (or reductions thereof) will be allocated to each segment based on the prevailing shares of total revenue represented by each segment.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the CODM to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s CODM to assess the profitability of each reportable segment. Refer to Note 2 for further details on the components of the Company’s revenue.
Three Months Ended June 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$802 $1,015 $— $1,817 $747 $747 $— $1,494 
Intersegment revenue4 49 (53)— 4 46 (50)— 
Revenue806 1,064 (53)1,817 751 793 (50)1,494 
Operating, SG&A576 392 (53)915 541 350 (50)841 
Adjusted Operating Income$230 $672 $— $902 $210 $443 $— $653 
Add:

Depreciation and
amortization		90 20 — 110 74 19 — 93 
Restructuring1 1 — 2 8 2 — 10 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$775 $550 
Six Months Ended June 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$1,601 $2,002 $— $3,603 $1,484 $1,480 $— $2,964 
Intersegment revenue7 96 (103)— 7 91 (98)— 
Revenue1,608 2,098 (103)3,603 1,491 1,571 (98)2,964 
Operating, SG&A1,140 758 (103)1,795 1,067 686 (98)1,655 
Adjusted Operating Income$468 $1,340 $— $1,808 $424 $885 $— $1,309 
Add:
Depreciation and amortization172 38 — 210 144 37 — 181 
Restructuring3 4 — 7 16 8 — 24 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$1,576 $1,104 
The table below shows cumulative restructuring expense incurred through June 30, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$111 $96 $207 
The 2022 - 2023 Geolocation Restructuring Program is more fully discussed in Note 9.
Consolidated Revenue Information by Geographic Area
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
United States$974 $775 $1,943 $1,538 
Non-U.S.:
EMEA566 479 1,108 939 
Asia-Pacific164 145 319 294 
Americas113 95 233 193 
Total Non-U.S.843 719 1,660 1,426 
Total$1,817 $1,494 $3,603 $2,964 
v3.24.2
Description of Business and Basis of Presentation - (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU No. 2023-07"), which expands segment disclosure requirements for public entities. ASU No. 2023-07 will require entities to disclose significant segment expenses by reportable segment if they are regularly provided to the CODM and included in each reported measure of segment profit or loss. In addition, this ASU permits entities to disclose more than one measure of segment profit or loss used by the CODM. Additionally, disclosure of the CODM’s title and position will be required on an annual basis, as well as an explanation of how the CODM uses the reported measure(s). Furthermore, all existing annual disclosures about segment profit or loss and assets must be provided on an interim basis in addition to disclosure of significant segment expenses and other segment items. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU No. 2023-09"), which is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU No. 2023-09 require entities to disclose additional income tax information, primarily related to greater disaggregation of the entity's ETR reconciliation and income taxes paid by jurisdiction disclosures. This ASU is effective for annual periods beginning after December 15, 2024, and should be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.
Reclassification of Previously Reported Revenue by LOB
In the first quarter of 2024, pursuant to the integration of RMS into the Company's order-to-cash systems, the Company reclassified certain prior year revenue by geography disclosures. The impact of the reclassification was not material and prior year revenue disclosures have been reclassified to conform to this new presentation, which is disclosed in Note 2.
v3.24.2
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
MA:
Decision Solutions (DS)
Banking$131 $123 $265 $254 
Insurance147 133 291 266 
KYC88 78 175 148 
Total DS366 334 731 668 
Research and Insights (R&I)226 217 448 432 
Data and Information (D&I)210 196 422 384 
Total external revenue802 747 1,601 1,484 
Intersegment revenue4 4 7 7 
Total MA806 751 1,608 1,491 
MIS:
Corporate Finance (CFG)
Investment-grade120 94 267 209 
High-yield85 46 152 78 
Bank loans147 68 302 127 
Other accounts (1)
173 157 333 307 
Total CFG525 365 1,054 721 
Structured Finance (SFG)
Asset-backed securities34 32 67 59 
RMBS25 25 49 50 
CMBS22 14 39 28 
Structured credit50 31 89 63 
Other accounts— — 1 1 
Total SFG131 102 245 201 
Financial Institutions (FIG)
Banking115 97 236 197 
Insurance61 35 120 68 
Managed investments15 10 27 16 
Other accounts4 3 7 6 
Total FIG195 145 390 287 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign67 54 126 106 
Project and infrastructure87 73 169 150 
Total PPIF154 127 295 256 
Total ratings revenue1,005 739 1,984 1,465 
MIS Other10 8 18 15 
Total external revenue1,015 747 2,002 1,480 
Intersegment revenue49 46 96 91 
Total MIS1,064 793 2,098 1,571 
Eliminations(53)(50)(103)(98)
Total MCO$1,817 $1,494 $3,603 $2,964 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$138 $228 $366 $133 $201 $334 
Research and Insights124 102 226 119 98 217 
Data and Information76 134 210 68 128 196 
Total MA338 464 802 320 427 747 
MIS:
Corporate Finance342 183 525 239 126 365 
Structured Finance92 39 131 60 42 102 
Financial Institutions104 91 195 73 72 145 
Public, Project and Infrastructure Finance98 56 154 83 44 127 
Total ratings revenue636 369 1,005 455 284 739 
MIS Other— 10 10 — 8 8 
Total MIS636 379 1,015 455 292 747 
Total MCO$974 $843 $1,817 $775 $719 $1,494 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$276 $455 $731 $265 $403 $668 
Research and Insights246 202 448 237 195 432 
Data and Information153 269 422 135 249 384 
Total MA675 926 1,601 637 847 1,484 
MIS:
Corporate Finance714 340 1,054 485 236 721 
Structured Finance168 77 245 121 80 201 
Financial Institutions202 188 390 136 151 287 
Public, Project and Infrastructure Finance184 111 295 159 97 256 
Total ratings revenue1,268 716 1,984 901 564 1,465 
MIS Other— 18 18 — 15 15 
Total MIS1,268 734 2,002 901 579 1,480 
Total MCO$1,943 $1,660 $3,603 $1,538 $1,426 $2,964 
The following table summarizes the split between Transaction Revenue and Recurring Revenue:
Three Months Ended June 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$35 $331 $366 $43 $291 $334 
10 %90 %100 %13 %87 %100 %
Research and Insights$3 $223 $226 $3 $214 $217 
1 %99 %100 %1 %99 %100 %
Data and Information$1 $209 $210 $1 $195 $196 
— %100 %100 %1 %99 %100 %
Total MA (1)
$39 $763 $802 $47 $700 $747 
5 %95 %100 %6 %94 %100 %
Corporate Finance$388 $137 $525 $236 $129 $365 
74 %26 %100 %65 %35 %100 %
Structured Finance$76 $55 $131 $48 $54 $102 
58 %42 %100 %47 %53 %100 %
Financial Institutions$115 $80 $195 $73 $72 $145 
59 %41 %100 %50 %50 %100 %
Public, Project and Infrastructure Finance$110 $44 $154 $84 $43 $127 
71 %29 %100 %66 %34 %100 %
MIS Other$3 $7 $10 $2 $6 $8 
30 %70 %100 %25 %75 %100 %
Total MIS$692 $323 $1,015 $443 $304 $747 
68 %32 %100 %59 %41 %100 %
Total Moody's Corporation$731 $1,086 $1,817 $490 $1,004 $1,494 
40 %60 %100 %33 %67 %100 %
Six Months Ended June 30,
20242023
TransactionRecurringTotalTransactionRecurringTotal
Decision Solutions$72 $659 $731 $83 $585 $668 
10 %90 %100 %12 %88 %100 %
Research and Insights$7 $441 $448 $8 $424 $432 
2 %98 %100 %2 %98 %100 %
Data and Information$2 $420 $422 $1 $383 $384 
— %100 %100 %— %100 %100 %
Total MA (1)
$81 $1,520 $1,601 $92 $1,392 $1,484 
5 %95 %100 %6 %94 %100 %
Corporate Finance$787 $267 $1,054 $466 $255 $721 
75 %25 %100 %65 %35 %100 %
Structured Finance$135 $110 $245 $94 $107 $201 
55 %45 %100 %47 %53 %100 %
Financial Institutions$237 $153 $390 $143 $144 $287 
61 %39 %100 %50 %50 %100 %
Public, Project and Infrastructure Finance$206 $89 $295 $169 $87 $256 
70 %30 %100 %66 %34 %100 %
MIS Other$4 $14 $18 $3 $12 $15 
22 %78 %100 %20 %80 %100 %
Total MIS$1,369 $633 $2,002 $875 $605 $1,480 
68 %32 %100 %59 %41 %100 %
Total Moody's Corporation$1,450 $2,153 $3,603 $967 $1,997 $2,964 
40 %60 %100 %33 %67 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under GAAP (please also refer to the following table).
The following table presents the timing of revenue recognition:
Three Months Ended June 30, 2024
Six Months Ended June 30, 2024
MAMISTotalMAMISTotal
Revenue recognized at a point in time$18 $692 $710 $39 $1,369 $1,408 
Revenue recognized over time784 323 1,107 1,562 633 2,195 
Total$802 $1,015 $1,817 $1,601 $2,002 $3,603 
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
MAMISTotalMAMISTotal
Revenue recognized at a point in time$22 $443 $465 $49 $875 $924 
Revenue recognized over time725 304 1,029 1,435 605 2,040 
Total$747 $747 $1,494 $1,484 $1,480 $2,964 
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,
2024202320242023
MA:
U.S.$338 $320 $675 $637 
Non-U.S.:
EMEA319 298 635 585 
Asia-Pacific82 70 167 148 
Americas63 59 124 114 
Total Non-U.S.464 427 926 847 
Total MA802 747 1,601 1,484 
MIS:
U.S.636 455 1,268 901 
Non-U.S.:
EMEA247 181 473 354 
Asia-Pacific82 75 152 146 
Americas50 36 109 79 
Total Non-U.S.379 292 734 579 
Total MIS1,015 747 2,002 1,480 
Total MCO$1,817 $1,494 $3,603 $2,964 
    
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
United States$974 $775 $1,943 $1,538 
Non-U.S.:
EMEA566 479 1,108 939 
Asia-Pacific164 145 319 294 
Americas113 95 233 193 
Total Non-U.S.843 719 1,660 1,426 
Total$1,817 $1,494 $3,603 $2,964 
Schedule of Unbilled Receivables
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at June 30, 2024 and December 31, 2023:
As of June 30, 2024
As of December 31, 2023
MAMISMAMIS
Unbilled Receivables$139 $466 $119 $415 
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three and six months ended June 30, 2024 and 2023 are as follows:
Three Months Ended June 30, 2024
Three Months Ended June 30, 2023
MAMISTotalMAMISTotal
Balance at March 31,
$1,312 $361 $1,673 $1,288 $360 $1,648 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(529)(117)(646)(592)(116)(708)
Increases due to amounts billable excluding amounts recognized as revenue during the period365 93 458 417 91 508 
Effect of exchange rate changes(2)(1)(3)3 1 4 
Total changes in deferred revenue(166)(25)(191)(172)(24)(196)
Balance at June 30,
$1,146 $336 $1,482 $1,116 $336 $1,452 
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
MAMISTotalMAMISTotal
Balance at December 31,$1,111 $270 $1,381 $1,055 $278 $1,333 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(752)(155)(907)(788)(160)(948)
Increases due to amounts billable excluding amounts recognized as revenue during the period803 224 1,027 830 216 1,046 
Effect of exchange rate changes(16)(3)(19)19 2 21 
Total changes in deferred revenue35 66 101 61 58 119 
Balance at June 30,
$1,146 $336 $1,482 $1,116 $336 $1,452 
Deferred revenue - current$1,145 $278 $1,423 $1,115 $270 $1,385 
Deferred revenue - non-current$1 $58 $59 $1 $66 $67 
v3.24.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation Cost and Associated Tax Benefit
Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Stock-based compensation cost$56 $50 $109 $97 
Tax benefit$12 $12 $24 $22 
Weighted Average Assumptions used in Determining Fair Value for Options Granted
The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2024:
Expected dividend yield0.91 %
Expected stock volatility28 %
Risk-free interest rate4.34 %
Expected holding period5.9 years
Stock Option Exercises and Restricted Stock Vesting
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Six Months Ended
June 30,
2024
2023
Exercise of stock options:
Proceeds from stock option exercises$34 $21 
Aggregate intrinsic value$43 $44 
Tax benefit realized upon exercise$7 $10 
Number of shares exercised
0.2 0.2 
Vesting of restricted stock:
Fair value of shares vested$176 $147 
Tax benefit realized upon vesting$43 $34 
Number of shares vested0.5 0.5 
Vesting of performance-based restricted stock:
Fair value of shares vested$40 $24 
Tax benefit realized upon vesting$9 $3 
Number of shares vested0.1 0.1 
v3.24.2
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Paid
The following table shows the amount the Company paid for income taxes:
Six Months Ended June 30,
20242023
Income taxes paid $276 $122 
v3.24.2
RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Reconciliation of Basic to Diluted Shares Outstanding Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Basic182.3 183.5 182.5 183.4 
Dilutive effect of shares issuable under stock-based compensation plans0.7 0.6 0.7 0.7 
Diluted183.0 184.1 183.2 184.1 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.4 0.4 0.4 0.5 
v3.24.2
CASH EQUIVALENTS AND INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2024
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents and Investments
The table below provides additional information on the Company’s cash equivalents and investments:
As of June 30, 2024
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,597 $— $1,597 $1,533 $63 $1 
Mutual funds$97 $10 $107 $— $— $107 
As of December 31, 2023
Balance sheet location

Cost		Gains/(Losses)
Fair Value		Cash and cash
equivalents		Short-term
investments		Other
assets
Certificates of deposit and money market deposit accounts/funds (1)
$1,178 $— $1,178 $1,112 $63 $3 
Mutual funds$91 $6 $97 $— $— $97 
(1) Consists of time deposits, money market deposit accounts and money market funds. The remaining contractual maturities for the certificates of deposits classified as short-term investments are one month to 12 months at both June 30, 2024 and December 31, 2023. The remaining contractual maturities for the certificates of deposits classified in other assets are 14 months at both June 30, 2024 and December 31, 2023. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
v3.24.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of Swap
As of
June 30, 2024
As of December 31, 2023
Floating Interest Rate
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500 $500 SOFR
2020 Senior Notes due 2025Pay Floating/Receive Fixed300 300 SOFR
2014 Senior Notes due 2044Pay Floating/Receive Fixed300 300 SOFR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 300 SOFR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 400 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 250 SOFR
Total$2,550 $2,550 
The following tables provide information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
June 30, 2024
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€965 2.91%$1,014 4.41%
Pay Floating/Receive Floating2,138 Based on ESTR2,250 Based on SOFR
Total€3,103 $3,264 
December 31, 2023
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€765 3.67%$800 5.25%
Pay Floating/Receive Floating2,138 Based on ESTR2,250 Based on SOFR
Total€2,903 $3,050 
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
Interest expense, net$(63)$(71)$(125)$(119)

Description
Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(24)$(21)$(49)$(39)
Fair value changes on interest rate swapsInterest expense, net$7 $(46)$(22)$— 
Fair value changes on hedged debtInterest expense, net$(7)$46 $22 $— 
Schedule of Net Investment Hedges, Notional Amount That Will Be Settled At Expiry
As of June 30, 2024 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
Years Ending December 31,
Notional Amount (Pay)
Notional Amount (Receive)
2026€450 $500 
2027531 550 
2028588 600 
2029573 614 
2031481 500 
2032480 500 
Total€3,103 $3,264 
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following table provides information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
June 30,
Three Months Ended
June 30,
Three Months Ended
June 30,
202420232024202320242023
Cross currency swaps$24 $(24)$— $— $11 $14 
Long-term debt8 (4)— — — — 
Total net investment hedges$32 $(28)$— $— $11 $14 
Derivatives in Cash Flow Hedging Relationships
Cross currency swap$— $— $— $1 $— $— 
Interest rate contracts— — — — — — 
Total cash flow hedges$— $— $— $1 $— $— 
Total$32 $(28)$— $1 $11 $14 
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Six Months Ended
June 30,
Six Months Ended
June 30,
Six Months Ended
June 30,
202420232024202320242023
Cross currency swaps$75 $(63)$— $— $22 $30 
Long-term debt31 (22)— — — — 
Total net investment hedges$106 $(85)$— $— $22 $30 
Derivatives in Cash Flow Hedging Relationships
Cross currency swaps
$— $— $— $1 $— $— 
Interest rate contracts— — (1)(1)— — 
Total cash flow hedges$— $— $(1)$— $— $— 
Total$106 $(85)$(1)$— $22 $30 
Components of Accumulated Other Comprehensive Income The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains/(Losses), net of tax
June 30, 2024December 31, 2023
Net investment hedges
Cross currency swaps$96 $21 
FX forwards29 29 
Long-term debt34 3 
Total net investment hedges$159 $53 
Cash flow hedges
Interest rate contracts$(44)$(45)
Cross currency swaps1 1 
Total cash flow hedges(43)(44)
Total net gain in AOCL$116 $9 
The following tables show changes in AOCL by component (net of tax):
Three Months Ended June 30,
20242023
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at March 31,
$(57)$(43)$(635)$127 $(608)$(47)$(44)$(626)$128 $(589)
Other comprehensive income/(loss) before reclassifications(1)— (39)32 (8)— — 49 (28)21 
Amounts reclassified from AOCL(1)— — — (1)(1)(1)— — (2)
Other comprehensive income/(loss)(2)— (39)32 (9)(1)(1)49 (28)19 
Balance at June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
Six Months Ended June 30,
20242023
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(56)$(44)$(520)$53 $(567)$(47)$(45)$(736)$185 $(643)
Other comprehensive (loss)/income before reclassifications
(2)— (154)106 (50)— — 159 (85)74 
Amounts reclassified from AOCL(1)1 — — — (1)— — — (1)
Other comprehensive (loss)/income
(3)1 (154)106 (50)(1)— 159 (85)73 
Balance at June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
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, 2024December 31, 2023
Notional amount of currency pair(1):
SellBuySellBuy
Contracts to sell USD for GBP$544 £428 $513 £407 
Contracts to sell USD for JPY
$25 ¥4,000 $14 ¥2,000 
Contracts to sell USD for CAD
$48 C$65 $147 C$200 
Contracts to sell USD for SGD
$82 S$110 $50 S$67 
Contracts to sell USD for EUR
$— €— $60 €55 
Contracts to sell USD for INR
$23 ₹1,900 $23 ₹1,900 
Contracts to sell USD for AUD
$— 
A$
— $5 A$8 
Contracts to sell CAD for USD
C$— 
$
— C$25 
$
19 
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
The following table summarizes the impact to the consolidated statements of operations relating to the gains and losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended June 30,
Six Months Ended
June 30,
2024202320242023
FX forwardsOther non-operating income, net$(5)$10 $(18)$15 
Total return swaps
Operating expense
$1 $— $4 $— 
Total return swaps
SG&A expense
$— $— $1 $— 
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 LocationJune 30, 2024December 31, 2023
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$18 $3 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets— 13 
Total assets$18 $16 
Liabilities:
Derivatives designated as accounting hedges:
Interest rate swaps designated as fair value hedges
Accounts payable and accrued liabilities$11 $— 
Cross-currency swaps designated as net investment hedgesOther liabilities97 183 
Interest rate swaps designated as fair value hedgesOther liabilities194 183 
Total derivatives designated as accounting hedges302 366 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,339 1,381 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities5 — 
Total liabilities$1,646 $1,747 
v3.24.2
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2024
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, 2024
MAMISConsolidated
Gross goodwillAccumulated
impairment
charge		Net
goodwill		Gross goodwillAccumulated impairment
charge		Net
goodwill		Gross goodwillAccumulated
impairment
charge		Net
goodwill
Balance at beginning
of year		$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
Additions/
adjustments (1)
14 — 14 2 — 2 16 — 16 
Foreign currency translation adjustments(79)— (79)(2)— (2)(81)— (81)
Ending balance$5,616 $(12)$5,604 $287 $— $287 $5,903 $(12)$5,891 
Year Ended December 31, 2023
MAMISConsolidated
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year		$5,474 $(12)$5,462 $377 $— $377 $5,851 $(12)$5,839 
Additions/
adjustments (2)
90 — 90 (87)— (87)3 — 3 
Foreign currency translation
adjustments		117 — 117 (3)— (3)114 — 114 
Ending balance$5,681 $(12)$5,669 $287 $— $287 $5,968 $(12)$5,956 
(1) The 2024 additions/adjustments primarily relate to certain immaterial acquisitions which were completed in the first quarter of 2024.
(2) The 2023 additions/adjustments primarily relate to a reallocation of goodwill pursuant to a realignment of certain components of the Company's ESG business in the first quarter of 2023.
Acquired Intangible Assets and Related Amortization
Acquired intangible assets and related amortization consisted of:
June 30,
2024		December 31,
2023
Customer relationships$2,038 $2,065 
Accumulated amortization(594)(556)
Net customer relationships1,444 1,509 
Software/product technology665 674 
Accumulated amortization(392)(364)
Net software/product technology273 310 
Database178 179 
Accumulated amortization(90)(82)
Net database88 97 
Trade names197 199 
Accumulated amortization(78)(72)
Net trade names119 127 
Other (1)
52 52 
Accumulated amortization(46)(46)
Net other6 6 
Total acquired intangible assets, net$1,930 $2,049 
(1) Other intangible assets primarily consist of trade secrets, covenants not to compete, and acquired ratings methodologies and models.
Amortization Expense Relating to Acquired Intangible Assets
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
Amortization expense
$48 $50 $97 $101 
v3.24.2
RESTRUCTURING (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Expenses Included in Consolidated Statements of Operations
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
2022 - 2023 Geolocation Restructuring Program
Three months ended June 30,Six months ended June 30,
Cumulative expense incurred
2024202320242023
Employee Termination Costs
$2 $9 $7 $22 $143 
Real Estate Related Costs
— 1 — 2 63 
Other Costs
— — — — 1 
Total Restructuring
$2 $10 $7 $24 $207 
The table below shows cumulative restructuring expense incurred through June 30, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$111 $96 $207 
Changes to the Restructuring Liability
Changes to the restructuring liability during the first half of 2024 were as follows:
Balance as of December 31, 2023
$36 
2022 - 2023 Geolocation Restructuring Program:
Cost incurred and adjustments7 
Cash payments
(29)
Balance as of June 30, 2024
$14 
v3.24.2
FAIR VALUE (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments Carried at Fair Value on Recurring Basis
The tables below present information about items that are carried at fair value at June 30, 2024 and December 31, 2023:
Fair Value Measurement as of June 30, 2024
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$18 $— $18 
Money market funds/mutual funds
117 117 — 
Total$135 $117 $18 
Liabilities:
Derivatives (1)
$307 $— $307 
Total$307 $— $307 
Fair Value Measurement as of December 31, 2023
DescriptionBalanceLevel 1Level 2
Assets:
Derivatives (1)
$16 $— $16 
Money market funds/mutual funds
107 107 — 
Total$123 $107 $16 
Liabilities:
Derivatives (1)
$366 $— $366 
Total$366 $— $366 
(1) Represents fair value of certain derivative contracts as more fully described in Note 7 to the consolidated financial statements.
v3.24.2
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2024
Other Balance Sheet And Statement Of Operations Information [Abstract]  
Additional Details Related to Certain Balance Sheet Captions
The following tables contain additional detail related to certain balance sheet captions:
June 30, 2024December 31, 2023
Other current assets:
Prepaid taxes$83 $115 
Prepaid expenses162 133 
Capitalized costs to obtain and fulfill sales contracts119 116 
Foreign exchange forwards on certain assets and liabilities— 13 
Interest receivable on interest rate and cross currency swaps79 79 
Other46 33 
Total other current assets$489 $489 
Other assets:
Investments in non-consolidated affiliates$523 $521 
Deposits for real-estate leases15 16 
Indemnification assets related to acquisitions115 111 
Mutual funds, certificates of deposit and money market deposit accounts/funds
108 100 
Company owned life insurance (at contract value)48 47 
Capitalized costs to obtain sales contracts
198 196 
Derivative instruments designated as accounting hedges18 3 
Pension and other retirement employee benefits40 41 
Other85 103 
Total other assets$1,150 $1,138 
Accounts payable and accrued liabilities:
Salaries and benefits$140 $130 
Incentive compensation196 345 
Customer credits, advanced payments and advanced billings137 105 
Dividends6 7 
Professional service fees77 46 
Interest accrued on debt
74 83 
Accounts payable57 23 
Income taxes104 108 
Pension and other retirement employee benefits15 15 
Accrued royalties20 24 
Foreign exchange forwards on certain assets and liabilities5 — 
Restructuring liability14 35 
Derivative instruments designated as accounting hedges11 — 
Interest payable on interest rate and cross currency swaps66 67 
Other78 88 
Total accounts payable and accrued liabilities$1,000 $1,076 
June 30, 2024December 31, 2023
Other liabilities:
Pension and other retirement employee benefits$191 $190 
Interest accrued on UTPs42 36 
MAKS indemnification provisions19 19 
Income tax liability - non-current portion12 15 
Derivative instruments designated as accounting hedges291 366 
Other63 50 
Total other liabilities$618 $676 
Investments in and Advances to Affiliates
The following table provides additional detail regarding Moody's investments in non-consolidated affiliates, as included in other assets in the consolidated balance sheets:
June 30, 2024December 31, 2023
Equity method investments (1)
$187 $186 
Investments measured using the measurement alternative (2)
327 327 
Other9 8 
Total investments in non-consolidated affiliates$523 $521 
(1) Equity securities in which the Company has significant influence over the investee but does not have a controlling financial interest in accordance with ASC Topic 323.
(2) Equity securities without readily determinable fair value for which the Company has elected to apply the measurement alternative in accordance with ASC Topic 321.
Other Non-Operating
The following table summarizes the components of other non-operating income, net:
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
FX loss (1)
$(4)$(5)$(7)$(31)
Net periodic pension income - non-service and non-interest cost components
8 9 16 18 
Income from investments in non-consolidated affiliates2 1 2 3 
Gain on investments
5 5 8 11 
Other (2)
(4)3 1 12 
Total$7 $13 $20 $13 
(1) The amount for the six months ended June 30, 2023 includes a $23 million loss recorded pursuant to an immaterial out-of-period adjustment relating to the 2022 fiscal year.
(2) The amount for the six months ended June 30, 2023 reflects a benefit of $9 million related to the favorable resolutions of various tax matters.
v3.24.2
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Components of Accumulated Other Comprehensive Income The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains/(Losses), net of tax
June 30, 2024December 31, 2023
Net investment hedges
Cross currency swaps$96 $21 
FX forwards29 29 
Long-term debt34 3 
Total net investment hedges$159 $53 
Cash flow hedges
Interest rate contracts$(44)$(45)
Cross currency swaps1 1 
Total cash flow hedges(43)(44)
Total net gain in AOCL$116 $9 
The following tables show changes in AOCL by component (net of tax):
Three Months Ended June 30,
20242023
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at March 31,
$(57)$(43)$(635)$127 $(608)$(47)$(44)$(626)$128 $(589)
Other comprehensive income/(loss) before reclassifications(1)— (39)32 (8)— — 49 (28)21 
Amounts reclassified from AOCL(1)— — — (1)(1)(1)— — (2)
Other comprehensive income/(loss)(2)— (39)32 (9)(1)(1)49 (28)19 
Balance at June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
Six Months Ended June 30,
20242023
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance at December 31,
$(56)$(44)$(520)$53 $(567)$(47)$(45)$(736)$185 $(643)
Other comprehensive (loss)/income before reclassifications
(2)— (154)106 (50)— — 159 (85)74 
Amounts reclassified from AOCL(1)1 — — — (1)— — — (1)
Other comprehensive (loss)/income
(3)1 (154)106 (50)(1)— 159 (85)73 
Balance at June 30,
$(59)$(43)$(674)$159 $(617)$(48)$(45)$(577)$100 $(570)
v3.24.2
INDEBTEDNESS (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
June 30, 2024
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(37)$3 $(4)$562 
1.75% 2015 Senior Notes, due 2027
536 — — (1)535 
3.25% 2017 Senior Notes, due 2028
500 (25)(2)(1)472 
4.25% 2018 Senior Notes, due 2029
400 (39)(1)(2)358 
4.875% 2018 Senior Notes, due 2048
400 (39)(6)(3)352 
0.950% 2019 Senior Notes, due 2030
803 — (2)(3)798 
3.75% 2020 Senior Notes, due 2025
700 (11)— (1)688 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (42)(8)(5)445 
4.25% 2022 Senior Notes, due 2032
500 (12)(2)(4)482 
Total debt
$7,239 $(205)$(49)$(44)$6,941 
Current portion(688)
Total long-term debt$6,253 
December 31, 2023
Notes Payable:Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance CostsCarrying Value
5.25% 2014 Senior Notes, due 2044
$600 $(34)$3 $(4)$565 
1.75% 2015 Senior Notes, due 2027
552 — — (1)551 
3.25% 2017 Senior Notes, due 2028
500 (26)(2)(2)470 
4.25% 2018 Senior Notes, due 2029
400 (34)(2)(2)362 
4.875% 2018 Senior Notes, due 2048
400 (36)(6)(3)355 
0.950% 2019 Senior Notes, due 2030
829 — (2)(4)823 
3.75% 2020 Senior Notes, due 2025
700 (16)(1)(1)682 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
300 — (2)(3)295 
2.00% 2021 Senior Notes, due 2031
600 — (6)(4)590 
2.75% 2021 Senior Notes, due 2041
600 — (12)(5)583 
3.10% 2021 Senior Notes, due 2061
500 — (7)(5)488 
3.75% 2022 Senior Notes, due 2052
500 (29)(8)(5)458 
4.25% 2022 Senior Notes, due 2032
500 (8)(2)(4)486 
Total long-term debt$7,281 $(183)$(51)$(46)$7,001 
(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.
Schedule of Line of Credit Facilities Further information on the key terms of these revolving credit facilities is below:
June 30, 2024December 31, 2023
Issue DateCapacityMaturityDrawnUndrawnDrawnUndrawn
2021 Credit FacilityDecember 17, 2021$1,250 
December 17, 2026 (Terminated in 2024)
$— $— $— $1,250 
2024 Credit Facility
May 6, 2024$1,250 May 6, 2029$— $1,250 $— $— 
Principal Payments Due on Long-Term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,Year Ending Total
2024 (After June 30,)
$— 
2025700 
2026— 
2027536 
2028500 
Thereafter5,503 
Total$7,239 
Summary of Components of Interest as Presented in Consolidated Statements of Operations
The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:
Three Months Ended
June 30,
Six Months Ended June 30,
2024202320242023
Income$23 $15 $45 $25 
Expense on borrowings(1)
(74)(75)(148)(145)
(Expense) income on UTPs and other tax related liabilities(2)
(5)(4)(9)14 
Net periodic pension costs - interest component(7)(7)(13)(13)
Interest expense, net$(63)$(71)$(125)$(119)
Interest paid(3)
$51 $47 $151 $143 
(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate swaps and cross currency swaps, which are more fully discussed in Note 7.
(2) The amount for the six months ended June 30, 2023 reflects a $22 million reduction of tax-related interest expense primarily related to the resolutions of tax matters.
(3) Interest paid includes net settlements on interest rate swaps, which are more fully discussed in Note 7.
Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of June 30, 2024 and December 31, 2023 are as follows:
June 30, 2024December 31, 2023
Carrying Value
Estimated Fair Value
Carrying Value
Estimated Fair Value
Total debt$6,941 $6,121 $7,001 $6,402 
v3.24.2
LEASES (Tables)
 6 Months Ended
Jun. 30, 2024
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,
2024202320242023
Operating lease cost$21 $23 $43 $47 
Sublease income(2)(2)(4)(4)
Variable lease cost6 5 11 10 
Total lease cost$25 $26 $50 $53 
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,
2024202320242023
Cash paid for amounts included in the measurement of operating lease liabilities$29 $30 $59 $60 
Right-of-use assets obtained in exchange for new operating lease liabilities
$1 $19 $5 $24 
June 30, 2024June 30, 2023
Weighted-average remaining lease term
4.1 years4.8 years
Weighted-average discount rate applied to operating leases
3.2 %3.2 %
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, 2024:
Year Ending December 31,Operating Leases
2024 (After June 30,)
$60 
2025108 
202689 
202771 
202820 
After 202836 
Total lease payments (undiscounted)384 
Less: Interest22 
Present value of lease liabilities:$362 
Lease liabilities - current$108 
Lease liabilities - noncurrent$254 
v3.24.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Financial Information by Segment
The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s CODM to assess the profitability of each reportable segment. Refer to Note 2 for further details on the components of the Company’s revenue.
Three Months Ended June 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$802 $1,015 $— $1,817 $747 $747 $— $1,494 
Intersegment revenue4 49 (53)— 4 46 (50)— 
Revenue806 1,064 (53)1,817 751 793 (50)1,494 
Operating, SG&A576 392 (53)915 541 350 (50)841 
Adjusted Operating Income$230 $672 $— $902 $210 $443 $— $653 
Add:

Depreciation and
amortization		90 20 — 110 74 19 — 93 
Restructuring1 1 — 2 8 2 — 10 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$775 $550 
Six Months Ended June 30,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$1,601 $2,002 $— $3,603 $1,484 $1,480 $— $2,964 
Intersegment revenue7 96 (103)— 7 91 (98)— 
Revenue1,608 2,098 (103)3,603 1,491 1,571 (98)2,964 
Operating, SG&A1,140 758 (103)1,795 1,067 686 (98)1,655 
Adjusted Operating Income$468 $1,340 $— $1,808 $424 $885 $— $1,309 
Add:
Depreciation and amortization172 38 — 210 144 37 — 181 
Restructuring3 4 — 7 16 8 — 24 
Charges related to asset abandonment15 — — 15 — — — — 
Operating Income$1,576 $1,104 
Restructuring Expenses Included in Consolidated Statements of Operations
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
2022 - 2023 Geolocation Restructuring Program
Three months ended June 30,Six months ended June 30,
Cumulative expense incurred
2024202320242023
Employee Termination Costs
$2 $9 $7 $22 $143 
Real Estate Related Costs
— 1 — 2 63 
Other Costs
— — — — 1 
Total Restructuring
$2 $10 $7 $24 $207 
The table below shows cumulative restructuring expense incurred through June 30, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$111 $96 $207 
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,
2024202320242023
MA:
U.S.$338 $320 $675 $637 
Non-U.S.:
EMEA319 298 635 585 
Asia-Pacific82 70 167 148 
Americas63 59 124 114 
Total Non-U.S.464 427 926 847 
Total MA802 747 1,601 1,484 
MIS:
U.S.636 455 1,268 901 
Non-U.S.:
EMEA247 181 473 354 
Asia-Pacific82 75 152 146 
Americas50 36 109 79 
Total Non-U.S.379 292 734 579 
Total MIS1,015 747 2,002 1,480 
Total MCO$1,817 $1,494 $3,603 $2,964 
    
Three Months Ended June 30,
Six Months Ended June 30,
2024202320242023
United States$974 $775 $1,943 $1,538 
Non-U.S.:
EMEA566 479 1,108 939 
Asia-Pacific164 145 319 294 
Americas113 95 233 193 
Total Non-U.S.843 719 1,660 1,426 
Total$1,817 $1,494 $3,603 $2,964 
v3.24.2
Description of Business and Basis of Presentation - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 2
v3.24.2
Revenues - Revenue by Category (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 1,817 $ 1,494 $ 3,603 $ 2,964
Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue (53) (50) (103) (98)
Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue (53) (50) (103) (98)
MA        
Disaggregation of Revenue [Line Items]        
Revenue 802 747 1,601 1,484
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 806 751 1,608 1,491
MA | Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue 4 4 7 7
MA | Decision Solutions (DS)        
Disaggregation of Revenue [Line Items]        
Revenue 366 334    
MA | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 366 334 731 668
MA | Decision Solutions (DS) | DS Banking Product and Service | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 131 123 265 254
MA | Decision Solutions (DS) | Insurance | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 147 133 291 266
MA | Decision Solutions (DS) | KYC | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 88 78 175 148
MA | Research and Insights (R&I)        
Disaggregation of Revenue [Line Items]        
Revenue 226 217    
MA | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 226 217 448 432
MA | Data and Information (D&I)        
Disaggregation of Revenue [Line Items]        
Revenue 210 196    
MA | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 210 196 422 384
MIS        
Disaggregation of Revenue [Line Items]        
Revenue 1,015 747 2,002 1,480
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 1,064 793 2,098 1,571
MIS | Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue 49 46 96 91
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue 525 365    
MIS | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 525 365 1,054 721
MIS | Corporate Finance (CFG) | Investment-grade | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 120 94 267 209
MIS | Corporate Finance (CFG) | High-yield | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 85 46 152 78
MIS | Corporate Finance (CFG) | Bank loans | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 147 68 302 127
MIS | Corporate Finance (CFG) | Other accounts | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 173 157 333 307
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue 131 102    
MIS | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 131 102 245 201
MIS | Structured Finance (SFG) | Other accounts | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 1 1
MIS | Structured Finance (SFG) | Asset-backed securities | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 34 32 67 59
MIS | Structured Finance (SFG) | RMBS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 25 25 49 50
MIS | Structured Finance (SFG) | CMBS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 22 14 39 28
MIS | Structured Finance (SFG) | Structured credit | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 50 31 89 63
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue 195 145    
MIS | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 195 145 390 287
MIS | Financial Institutions (FIG) | Insurance | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 61 35 120 68
MIS | Financial Institutions (FIG) | Other accounts | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 4 3 7 6
MIS | Financial Institutions (FIG) | Banking | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 115 97 236 197
MIS | Financial Institutions (FIG) | Managed investments | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 15 10 27 16
MIS | Public, Project and Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue 154 127    
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 154 127 295 256
MIS | Public, Project and Infrastructure Finance (PPIF) | Public finance / sovereign | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 67 54 126 106
MIS | Public, Project and Infrastructure Finance (PPIF) | Project and infrastructure | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 87 73 169 150
MIS | Total ratings revenue        
Disaggregation of Revenue [Line Items]        
Revenue 1,005 739    
MIS | Total ratings revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 1,005 739 1,984 1,465
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue 10 8    
MIS | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 10 $ 8 $ 18 $ 15
v3.24.2
Revenues - Revenues Disaggregated by Line of Business and Geographical Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 1,817 $ 1,494 $ 3,603 $ 2,964
United States        
Disaggregation of Revenue [Line Items]        
Revenue 974 775 1,943 1,538
Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 843 719 1,660 1,426
MA        
Disaggregation of Revenue [Line Items]        
Revenue 802 747 1,601 1,484
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 806 751 1,608 1,491
MA | United States        
Disaggregation of Revenue [Line Items]        
Revenue 338 320 675 637
MA | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 338 320 675 637
MA | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 464 427 926 847
MA | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 464 427 926 847
MA | Decision Solutions (DS)        
Disaggregation of Revenue [Line Items]        
Revenue 366 334    
MA | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 366 334 731 668
MA | Decision Solutions (DS) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 138 133    
MA | Decision Solutions (DS) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     276 265
MA | Decision Solutions (DS) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 228 201    
MA | Decision Solutions (DS) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     455 403
MA | Research and Insights (R&I)        
Disaggregation of Revenue [Line Items]        
Revenue 226 217    
MA | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 226 217 448 432
MA | Research and Insights (R&I) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 124 119    
MA | Research and Insights (R&I) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     246 237
MA | Research and Insights (R&I) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 102 98    
MA | Research and Insights (R&I) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     202 195
MA | Data and Information (D&I)        
Disaggregation of Revenue [Line Items]        
Revenue 210 196    
MA | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 210 196 422 384
MA | Data and Information (D&I) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 76 68    
MA | Data and Information (D&I) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     153 135
MA | Data and Information (D&I) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 134 128    
MA | Data and Information (D&I) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     269 249
MIS        
Disaggregation of Revenue [Line Items]        
Revenue 1,015 747 2,002 1,480
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 1,064 793 2,098 1,571
MIS | United States        
Disaggregation of Revenue [Line Items]        
Revenue 636 455 1,268 901
MIS | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 636 455 1,268 901
MIS | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 379 292 734 579
MIS | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 379 292 734 579
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue 525 365    
MIS | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 525 365 1,054 721
MIS | Corporate Finance (CFG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 342 239    
MIS | Corporate Finance (CFG) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     714 485
MIS | Corporate Finance (CFG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 183 126    
MIS | Corporate Finance (CFG) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     340 236
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue 131 102    
MIS | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 131 102 245 201
MIS | Structured Finance (SFG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 92 60    
MIS | Structured Finance (SFG) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     168 121
MIS | Structured Finance (SFG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 39 42    
MIS | Structured Finance (SFG) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     77 80
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue 195 145    
MIS | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 195 145 390 287
MIS | Financial Institutions (FIG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 104 73    
MIS | Financial Institutions (FIG) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     202 136
MIS | Financial Institutions (FIG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 91 72    
MIS | Financial Institutions (FIG) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     188 151
MIS | Public, Project and Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue 154 127    
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 154 127 295 256
MIS | Public, Project and Infrastructure Finance (PPIF) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 98 83    
MIS | Public, Project and Infrastructure Finance (PPIF) | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     184 159
MIS | Public, Project and Infrastructure Finance (PPIF) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 56 44    
MIS | Public, Project and Infrastructure Finance (PPIF) | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     111 97
MIS | Total ratings revenue        
Disaggregation of Revenue [Line Items]        
Revenue 1,005 739    
MIS | Total ratings revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 1,005 739 1,984 1,465
MIS | Total ratings revenue | United States        
Disaggregation of Revenue [Line Items]        
Revenue 636 455    
MIS | Total ratings revenue | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     1,268 901
MIS | Total ratings revenue | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 369 284    
MIS | Total ratings revenue | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     716 564
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue 10 8    
MIS | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 10 8 18 15
MIS | MIS Other | United States        
Disaggregation of Revenue [Line Items]        
Revenue 0 0    
MIS | MIS Other | United States | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     0 0
MIS | MIS Other | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue $ 10 $ 8    
MIS | MIS Other | Non-U.S. | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue     $ 18 $ 15
v3.24.2
Revenues - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenue $ 1,817 $ 1,494 $ 3,603 $ 2,964
MA        
Segment Reporting Information [Line Items]        
Revenue 802 747 1,601 1,484
MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 806 751 1,608 1,491
MIS        
Segment Reporting Information [Line Items]        
Revenue 1,015 747 2,002 1,480
MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 1,064 793 2,098 1,571
United States        
Segment Reporting Information [Line Items]        
Revenue 974 775 1,943 1,538
United States | MA        
Segment Reporting Information [Line Items]        
Revenue 338 320 675 637
United States | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 338 320 675 637
United States | MIS        
Segment Reporting Information [Line Items]        
Revenue 636 455 1,268 901
United States | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 636 455 1,268 901
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 843 719 1,660 1,426
Non-U.S. | MA        
Segment Reporting Information [Line Items]        
Revenue 464 427 926 847
Non-U.S. | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 464 427 926 847
Non-U.S. | MIS        
Segment Reporting Information [Line Items]        
Revenue 379 292 734 579
Non-U.S. | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 379 292 734 579
EMEA        
Segment Reporting Information [Line Items]        
Revenue 566 479 1,108 939
EMEA | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 319 298 635 585
EMEA | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 247 181 473 354
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 164 145 319 294
Asia-Pacific | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 82 70 167 148
Asia-Pacific | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 82 75 152 146
Americas        
Segment Reporting Information [Line Items]        
Revenue 113 95 233 193
Americas | MA | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue 63 59 124 114
Americas | MIS | Operating Segments        
Segment Reporting Information [Line Items]        
Revenue $ 50 $ 36 $ 109 $ 79
v3.24.2
Revenues - Transaction and Relationship Revenue (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue $ 1,817 $ 1,494 $ 3,603 $ 2,964
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
Transaction Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 731 $ 490 $ 1,450 $ 967
Percentage of revenues 40.00% 33.00% 40.00% 33.00%
Recurring Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,086 $ 1,004 $ 2,153 $ 1,997
Percentage of revenues 60.00% 67.00% 60.00% 67.00%
MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 802 $ 747 $ 1,601 $ 1,484
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 806 $ 751 $ 1,608 $ 1,491
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MA | Decision Solutions (DS)        
Disaggregation of Revenue [Line Items]        
Revenue $ 366 $ 334    
MA | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 366 $ 334 $ 731 $ 668
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MA | Research and Insights (R&I)        
Disaggregation of Revenue [Line Items]        
Revenue $ 226 $ 217    
MA | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 226 $ 217 $ 448 $ 432
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MA | Data and Information (D&I)        
Disaggregation of Revenue [Line Items]        
Revenue $ 210 $ 196    
MA | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 210 $ 196 $ 422 $ 384
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MA | Transaction Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 39 $ 47 $ 81 $ 92
MA | Transaction Revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Percentage of revenues 5.00% 6.00% 5.00% 6.00%
MA | Transaction Revenue | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 35 $ 43 $ 72 $ 83
Percentage of revenues 10.00% 13.00% 10.00% 12.00%
MA | Transaction Revenue | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 3 $ 3 $ 7 $ 8
Percentage of revenues 1.00% 1.00% 2.00% 2.00%
MA | Transaction Revenue | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 1 $ 1 $ 2 $ 1
Percentage of revenues 0.00% 1.00% 0.00% 0.00%
MA | Recurring Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 763 $ 700 $ 1,520 $ 1,392
MA | Recurring Revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Percentage of revenues 95.00% 94.00% 95.00% 94.00%
MA | Recurring Revenue | Decision Solutions (DS) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 331 $ 291 $ 659 $ 585
Percentage of revenues 90.00% 87.00% 90.00% 88.00%
MA | Recurring Revenue | Research and Insights (R&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 223 $ 214 $ 441 $ 424
Percentage of revenues 99.00% 99.00% 98.00% 98.00%
MA | Recurring Revenue | Data and Information (D&I) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 209 $ 195 $ 420 $ 383
Percentage of revenues 100.00% 99.00% 100.00% 100.00%
MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,015 $ 747 $ 2,002 $ 1,480
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 1,064 $ 793 $ 2,098 $ 1,571
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue $ 525 $ 365    
MIS | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 525 $ 365 $ 1,054 $ 721
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue $ 131 $ 102    
MIS | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 131 $ 102 $ 245 $ 201
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue $ 195 $ 145    
MIS | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 195 $ 145 $ 390 $ 287
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Public, Project and Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue $ 154 $ 127    
MIS | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 154 $ 127 $ 295 $ 256
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue $ 10 $ 8    
MIS | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 10 $ 8 $ 18 $ 15
Percentage of revenues 100.00% 100.00% 100.00% 100.00%
MIS | Transaction Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 692 $ 443 $ 1,369 $ 875
MIS | Transaction Revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Percentage of revenues 68.00% 59.00% 68.00% 59.00%
MIS | Transaction Revenue | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 388 $ 236 $ 787 $ 466
Percentage of revenues 74.00% 65.00% 75.00% 65.00%
MIS | Transaction Revenue | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 76 $ 48 $ 135 $ 94
Percentage of revenues 58.00% 47.00% 55.00% 47.00%
MIS | Transaction Revenue | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 115 $ 73 $ 237 $ 143
Percentage of revenues 59.00% 50.00% 61.00% 50.00%
MIS | Transaction Revenue | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 110 $ 84 $ 206 $ 169
Percentage of revenues 71.00% 66.00% 70.00% 66.00%
MIS | Transaction Revenue | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 3 $ 2 $ 4 $ 3
Percentage of revenues 30.00% 25.00% 22.00% 20.00%
MIS | Recurring Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 323 $ 304 $ 633 $ 605
MIS | Recurring Revenue | Operating Segments        
Disaggregation of Revenue [Line Items]        
Percentage of revenues 32.00% 41.00% 32.00% 41.00%
MIS | Recurring Revenue | Corporate Finance (CFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 137 $ 129 $ 267 $ 255
Percentage of revenues 26.00% 35.00% 25.00% 35.00%
MIS | Recurring Revenue | Structured Finance (SFG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 55 $ 54 $ 110 $ 107
Percentage of revenues 42.00% 53.00% 45.00% 53.00%
MIS | Recurring Revenue | Financial Institutions (FIG) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 80 $ 72 $ 153 $ 144
Percentage of revenues 41.00% 50.00% 39.00% 50.00%
MIS | Recurring Revenue | Public, Project and Infrastructure Finance (PPIF) | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 44 $ 43 $ 89 $ 87
Percentage of revenues 29.00% 34.00% 30.00% 34.00%
MIS | Recurring Revenue | MIS Other | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue $ 7 $ 6 $ 14 $ 12
Percentage of revenues 70.00% 75.00% 78.00% 80.00%
v3.24.2
Revenues - Revenue Recognition Timing (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 1,817 $ 1,494 $ 3,603 $ 2,964
At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 710 465 1,408 924
Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 1,107 1,029 2,195 2,040
MA        
Disaggregation of Revenue [Line Items]        
Revenue recognized 802 747 1,601 1,484
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 806 751 1,608 1,491
MA | At Point in Time | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 18 22 39 49
MA | Over Time | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 784 725 1,562 1,435
MIS        
Disaggregation of Revenue [Line Items]        
Revenue recognized 1,015 747 2,002 1,480
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 1,064 793 2,098 1,571
MIS | At Point in Time | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized 692 443 1,369 875
MIS | Over Time | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 323 $ 304 $ 633 $ 605
v3.24.2
Revenues - Unbilled Receivables (Detail) - Accounts Receivable - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
MA    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 139 $ 119
MIS    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 466 $ 415
v3.24.2
Revenues - Schedule of Changes in the Deferred Revenue Balances (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance $ 1,673 $ 1,648 $ 1,381 $ 1,333  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (646) (708) (907) (948)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 458 508 1,027 1,046  
Effect of exchange rate changes (3) 4 (19) 21  
Total changes in deferred revenue (191) (196) 101 119  
Ending Balance 1,482 1,452 1,482 1,452  
Deferred revenue 1,423 1,385 1,423 1,385 $ 1,316
Non-current portion of deferred revenue 59 67 59 67 $ 65
MA          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 1,312 1,288 1,111 1,055  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (529) (592) (752) (788)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 365 417 803 830  
Effect of exchange rate changes (2) 3 (16) 19  
Total changes in deferred revenue (166) (172) 35 61  
Ending Balance 1,146 1,116 1,146 1,116  
Deferred revenue 1,145 1,115 1,145 1,115  
Non-current portion of deferred revenue 1 1 1 1  
MIS          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 361 360 270 278  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (117) (116) (155) (160)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 93 91 224 216  
Effect of exchange rate changes (1) 1 (3) 2  
Total changes in deferred revenue (25) (24) 66 58  
Ending Balance 336 336 336 336  
Deferred revenue 278 270 278 270  
Non-current portion of deferred revenue $ 58 $ 66 $ 58 $ 66  
v3.24.2
Revenues - Expected Recognition Period for Remaining Performance Obligations (Detail)
$ in Millions
Jun. 30, 2024
USD ($)
MA  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 3,600
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 60.00%
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 2 years
MIS  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 91
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 50.00%
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, period 5 years
v3.24.2
Stock-Based Compensation - Stock-Based Compensation Cost and Associated Tax Benefit (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]        
Tax benefit $ 12 $ 12 $ 24 $ 22
Stock-based compensation cost $ 56 $ 50 $ 109 $ 97
v3.24.2
Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Employee stock options, granted (in shares) | shares 0.2
Employee stock options, weighted average grant date fair value (in usd per share) | $ / shares $ 120.42
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.5
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 372.33
Award vesting period 4 years
Unrecognized compensation expense | $ $ 328
Weighted average period to recognize expense 2 years 8 months 12 days
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
Unrecognized compensation expense | $ $ 21
Weighted average period to recognize expense 1 year 10 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 0.2
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 361.83
Unrecognized compensation expense | $ $ 66
Weighted average period to recognize expense 2 years 6 months
Performance Based Restricted Stock | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 2 years
Performance Based Restricted Stock | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
v3.24.2
Stock-Based Compensation - Weighted Average Assumptions used in Determining Fair Value for Options Granted (Detail) - Share-Based Payment Arrangement
 6 Months Ended
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected dividend yield 0.91%
Expected stock volatility 28.00%
Risk-free interest rate 4.34%
Expected holding period 5 years 10 months 24 days
v3.24.2
Stock-Based Compensation - Stock Option Exercises and Restricted Stock Vesting (Detail) - USD ($)
shares in Millions, $ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Proceeds from stock option exercises $ 34 $ 21
Aggregate intrinsic value 43 44
Tax benefit realized upon exercise $ 7 $ 10
Number of shares exercised (shares) 0.2 0.2
Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 176 $ 147
Tax benefit realized upon vesting $ 43 $ 34
Number of shares vested (shares) 0.5 0.5
Performance Based Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 40 $ 24
Tax benefit realized upon vesting $ 9 $ 3
Number of shares vested (shares) 0.1 0.1
v3.24.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Effective tax rate (percent) 23.10% 23.40% 23.20% 12.00%
Excess tax benefits from stock compensation     $ 19  
Unrecognized tax benefits, period increase (decrease), net of federal tax $ 5   $ 11  
Income tax examination, description     Moody’s is subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company’s U.S. federal income tax returns for 2019 through 2020 are currently under examination and 2021 through 2022 remain open to examination. The Company’s New York City tax returns for 2018 through 2022 are currently under examination. The Company’s U.K. tax returns for 2017 through 2022 remain open to examination.  
v3.24.2
Income Taxes - Income Taxes Paid (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]    
Income taxes paid $ 276 $ 122
v3.24.2
Reconciliation of Weighted Average Shares Outstanding - Reconciliation of Basic to Diluted Shares Outstanding (Detail) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Basic (in shares) 182.3 183.5 182.5 183.4
Dilutive effect of shares issuable under stock-based compensation plans (in shares) 0.7 0.6 0.7 0.7
Diluted (in shares) 183.0 184.1 183.2 184.1
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above (in shares) 0.4 0.4 0.4 0.5
v3.24.2
Cash Equivalents and Investments (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]    
Cash and cash equivalents $ 2,635 $ 2,130
Short-term investments 63 63
Other assets 1,150 1,138
Certificates of deposit and money market deposit accounts/funds    
Cash and Cash Equivalents [Line Items]    
Cost 1,597 1,178
Gains/(Losses) 0 0
Fair Value 1,597 1,178
Cash and cash equivalents 1,533 1,112
Short-term investments 63 63
Other assets 1 3
Mutual funds    
Cash and Cash Equivalents [Line Items]    
Cost 97 91
Gains/(Losses) 10 6
Fair Value 107 97
Cash and cash equivalents 0 0
Short-term investments 0 0
Other assets $ 107 $ 97
v3.24.2
Cash Equivalents and Investments (Footnote) (Detail) - Certificates of deposit and money market deposit accounts/funds
Jun. 30, 2024
Dec. 31, 2023
Short-term Investments | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 1 month 1 month
Short-term Investments | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 12 months 12 months
Other assets | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 14 months  
Cash and Cash Equivalents | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 90 days  
v3.24.2
Cash Equivalents and Investments (Narrative) (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Abstract]    
Company owned life insurance (at contract value) $ 48 $ 47
v3.24.2
Derivative Instruments And Hedging Activities - Schedule of Interest Rate Swap (Details) - Fair Value Hedging - Interest Rate Swap - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Notional Amount $ 2,550 $ 2,550
2017 Senior Notes due 2028    
Derivative [Line Items]    
Notional Amount $ 500 $ 500
Floating Interest Rate SOFR SOFR
2020 Senior Notes due 2025    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2014 Senior Notes due 2044    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2018 Senior Notes due 2048    
Derivative [Line Items]    
Notional Amount $ 300 $ 300
Floating Interest Rate SOFR SOFR
2018 Senior Notes due 2029    
Derivative [Line Items]    
Notional Amount $ 400 $ 400
Floating Interest Rate SOFR SOFR
2022 Senior Notes due 2052    
Derivative [Line Items]    
Notional Amount $ 500 $ 500
Floating Interest Rate SOFR SOFR
2022 Senior Notes due 2032    
Derivative [Line Items]    
Notional Amount $ 250 $ 250
Floating Interest Rate SOFR SOFR
v3.24.2
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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Interest expense, net $ (63) $ (71) $ (125) $ (119)
Designated as Hedging Instrument | Interest Rate Swap | Net interest settlements and accruals on interest rate swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Net interest settlements and accruals on interest rate swaps (24) (21) (49) (39)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Fair value changes on interest rate swaps 7 (46) (22) 0
Fair value changes on hedged debt $ (7) $ 46 $ 22 $ 0
v3.24.2
Derivative Instruments And Hedging Activities - Additional Information (Detail)
€ in Millions, $ in Millions
Jun. 30, 2024
USD ($)
Jun. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Not Designated as Accounting Hedges | Total return swaps      
Derivative [Line Items]      
Notional Amount | $ $ 62   $ 58
1.75% 2015 Senior Notes, due 2027 | Net Investment Hedging | Designated as Hedging Instrument | Cross currency swaps      
Derivative [Line Items]      
Notional Amount   € 500  
2019 Senior Notes Due 2030 | Net Investment Hedging | Designated as Hedging Instrument | Cross currency swaps      
Derivative [Line Items]      
Notional Amount   € 750  
v3.24.2
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Cross Currency Swap (Detail) - Cross currency swaps - Net Investment Hedging
€ in Millions, $ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2024
EUR (€)
Dec. 31, 2023
EUR (€)
Currency Paid        
Derivative [Line Items]        
Notional Amount | €     € 3,103 € 2,903
Currency Paid | 3.67%        
Derivative [Line Items]        
Notional Amount | €     € 965 € 765
Weighted Average Interest Rate 2.91% 3.67% 2.91% 3.67%
Currency Paid | Based on ESTR        
Derivative [Line Items]        
Notional Amount | €     € 2,138 € 2,138
Floating Interest Rate Based on ESTR Based on ESTR    
Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 3,264 $ 3,050    
Currency Received | 5.25%        
Derivative [Line Items]        
Notional Amount | $ $ 1,014 $ 800    
Weighted Average Interest Rate 4.41% 5.25% 4.41% 5.25%
Currency Received | Based on SOFR        
Derivative [Line Items]        
Notional Amount | $ $ 2,250 $ 2,250    
Floating Interest Rate Based on SOFR Based on SOFR    
v3.24.2
Derivative Instruments And Hedging Activities - Schedule of Notional Amount of Net Investment Hedges (Detail) - Cross currency swaps
€ in Millions, $ in Millions
Jun. 30, 2024
USD ($)
Jun. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Net Investment Hedging | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   € 3,103   € 2,903
Net Investment Hedging | Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 3,264   $ 3,050  
Net Investment Hedging | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   3,103    
Net Investment Hedging | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 3,264      
2026 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   450    
2026 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 500      
2027 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   531    
2027 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 550      
2028 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   588    
2028 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 600      
2029 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   573    
2029 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 614      
2031 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   481    
2031 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ 500      
2032 | Designated as Hedging Instrument | Currency Paid        
Derivative [Line Items]        
Notional Amount | €   € 480    
2032 | Designated as Hedging Instrument | Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 500      
v3.24.2
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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Total, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax $ 32 $ (28) $ 106 $ (85)
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 1 (1) 0
Total, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 1 (1) 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 11 14 22 30
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 32 (28) 106 (85)
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 11 14 22 30
Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 1 (1) 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Cross currency swaps | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 24 (24) 75 (63)
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 11 14 22 30
Cross currency swaps | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 1 0 1
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Long-term debt | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 8 (4) 31 (22)
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0 0 0
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Interest rate contracts | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 0 0 0 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0 (1) (1)
Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) $ 0 $ 0 $ 0 $ 0
v3.24.2
Derivative Instruments And Hedging Activities - Cumulative Amount of Unrecognized Hedge Losses Recorded in AOCI (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax $ (617) $ (567)
Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 116 9
Net Investment Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 159 53
Net Investment Hedging | Cross currency swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 96 21
Net Investment Hedging | FX forwards | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 29 29
Net Investment Hedging | Long-term debt | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 34 3
Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax (43) (44)
Cash Flow Hedging | Cross currency swaps | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax 1 1
Cash Flow Hedging | Interest rate contracts | Designated as Hedging Instrument    
Derivative [Line Items]    
Cumulative Gains/(Losses), net of tax $ (44) $ (45)
v3.24.2
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, 2024
USD ($)
Jun. 30, 2024
EUR (€)
Jun. 30, 2024
GBP (£)
Jun. 30, 2024
JPY (¥)
Jun. 30, 2024
CAD ($)
Jun. 30, 2024
SGD ($)
Jun. 30, 2024
INR (₨)
Jun. 30, 2024
AUD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Dec. 31, 2023
GBP (£)
Dec. 31, 2023
JPY (¥)
Dec. 31, 2023
CAD ($)
Dec. 31, 2023
SGD ($)
Dec. 31, 2023
INR (₨)
Dec. 31, 2023
AUD ($)
Contracts to sell USD for GBP                                
Derivative [Line Items]                                
Notional Amount $ 544   £ 428           $ 513   £ 407          
Contracts to sell USD for JPY                                
Derivative [Line Items]                                
Notional Amount 25     ¥ 4,000         14     ¥ 2,000        
Contracts to sell USD for CAD                                
Derivative [Line Items]                                
Notional Amount 48       $ 65       147       $ 200      
Contracts to sell USD for SGD                                
Derivative [Line Items]                                
Notional Amount 82         $ 110     50         $ 67    
Contracts to sell USD for EUR                                
Derivative [Line Items]                                
Notional Amount 0 € 0             60 € 55            
Contracts to sell USD for INR                                
Derivative [Line Items]                                
Notional Amount 23           ₨ 1,900   23           ₨ 1,900  
Contracts to sell USD for AUD                                
Derivative [Line Items]                                
Notional Amount 0             $ 0 5             $ 8
Contracts to sell CAD for USD                                
Derivative [Line Items]                                
Notional Amount $ 0       $ 0       $ 19       $ 25      
v3.24.2
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Foreign Exchange Forwards Not Designated as Hedging Instruments (Detail) - Not Designated as Accounting Hedges - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other non-operating income, net | FX forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange forwards amount of gain (loss) recognized in income $ (5) $ 10 $ (18) $ 15
Operating expense | Total return swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange forwards amount of gain (loss) recognized in income 1 0 4 0
SG&A expense | Total return swaps        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange forwards amount of gain (loss) recognized in income $ 0 $ 0 $ 1 $ 0
v3.24.2
Derivative Instruments And Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Assets $ 18 $ 16
Liabilities 1,646 1,747
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Liabilities 302 366
Designated as Hedging Instrument | Long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 1,339 1,381
Designated as Hedging Instrument | Cross currency swaps | Other assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 18 3
Designated as Hedging Instrument | Cross currency swaps | Accounts payable and accrued liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 11 0
Designated as Hedging Instrument | Cross currency swaps | Other liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 97 183
Designated as Hedging Instrument | Interest Rate Swap | Other liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 194 183
Not Designated as Accounting Hedges | FX forwards | Other current assets    
Derivatives, Fair Value [Line Items]    
Assets 0 13
Not Designated as Accounting Hedges | FX forwards | Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities $ 5 $ 0
v3.24.2
Goodwill And Other Acquired Intangible Assets - Activity in Goodwill (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Beginning balance, goodwill gross   $ 5,851
Beginning balance, Accumulated impairment charge   (12)
Beginning balance, goodwill net   5,839
Additions/ adjustments $ 16 3
Foreign currency translation adjustments (81) 114
Ending balance, goodwill gross 5,903 5,968
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 5,891 5,956
MA    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross   5,474
Beginning balance, Accumulated impairment charge   (12)
Beginning balance, goodwill net   5,462
Additions/ adjustments 14 90
Foreign currency translation adjustments (79) 117
Ending balance, goodwill gross 5,616 5,681
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 5,604 5,669
MIS    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross   377
Beginning balance, Accumulated impairment charge   0
Beginning balance, goodwill net   377
Additions/ adjustments 2 (87)
Foreign currency translation adjustments (2) (3)
Ending balance, goodwill gross 287 287
Ending balance, Accumulated impairment charge 0 0
Ending balance, goodwill net $ 287 $ 287
v3.24.2
Goodwill And Other Acquired Intangible Assets - Acquired Intangible Assets and Related Amortization (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, net $ 1,930 $ 2,049
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 2,038 2,065
Accumulated amortization (594) (556)
Acquired intangible assets, net 1,444 1,509
Software/product technology    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 665 674
Accumulated amortization (392) (364)
Acquired intangible assets, net 273 310
Database    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 178 179
Accumulated amortization (90) (82)
Acquired intangible assets, net 88 97
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 197 199
Accumulated amortization (78) (72)
Acquired intangible assets, net 119 127
Other    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 52 52
Accumulated amortization (46) (46)
Acquired intangible assets, net $ 6 $ 6
v3.24.2
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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 48 $ 50 $ 97 $ 101
v3.24.2
Restructuring - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended 27 Months Ended
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]      
Remaining restructuring liability $ 14   $ 36
2022-2023 Geolocation Restructuring Program      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring 29    
Minimum | 2022-2023 Geolocation Restructuring Program | Forecast      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring   $ 130  
Minimum | Estimated Annual Savings | 2022-2023 Geolocation Restructuring Program      
Restructuring Cost and Reserve [Line Items]      
Effect on future earnings, amount 145    
Maximum | 2022-2023 Geolocation Restructuring Program | Forecast      
Restructuring Cost and Reserve [Line Items]      
Payments for restructuring   $ 140  
Maximum | Estimated Annual Savings | 2022-2023 Geolocation Restructuring Program      
Restructuring Cost and Reserve [Line Items]      
Effect on future earnings, amount $ 165    
v3.24.2
Restructuring - Restructuring Expenses Included in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring $ 2 $ 10 $ 7 $ 24
2022-2023 Geolocation Restructuring Program        
Restructuring Cost and Reserve [Line Items]        
Restructuring 2 10 7 24
Cost incurred to date 207   207  
2022-2023 Geolocation Restructuring Program | Employee Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring 2 9 7 22
Cost incurred to date 143   143  
2022-2023 Geolocation Restructuring Program | Real Estate        
Restructuring Cost and Reserve [Line Items]        
Restructuring 0 1 0 2
Cost incurred to date 63   63  
2022-2023 Geolocation Restructuring Program | Other Restructuring        
Restructuring Cost and Reserve [Line Items]        
Restructuring 0 $ 0 0 $ 0
Cost incurred to date $ 1   $ 1  
v3.24.2
Restructuring - Changes in Restructuring Liability (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Restructuring liability, Beginning Balance $ 36
Restructuring liability, Ending Balance $ 14
Restructuring, incurred cost, statement of income or comprehensive income Restructuring charges
2022-2023 Geolocation Restructuring Program  
Restructuring Reserve [Roll Forward]  
Cost incurred and adjustments $ 7
Cash payments and adjustments $ (29)
v3.24.2
Fair Value - Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Assets:    
Total $ 135 $ 123
Liabilities:    
Total 307 366
Derivatives    
Assets:    
Derivatives 18 16
Liabilities:    
Derivatives 307 366
Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 117 107
Level 1    
Assets:    
Total 117 107
Liabilities:    
Total 0 0
Level 1 | Derivatives    
Assets:    
Derivatives 0 0
Liabilities:    
Derivatives 0 0
Level 1 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds 117 107
Level 2    
Assets:    
Total 18 16
Liabilities:    
Total 307 366
Level 2 | Derivatives    
Assets:    
Derivatives 18 16
Liabilities:    
Derivatives 307 366
Level 2 | Money market funds/mutual funds    
Assets:    
Money market funds/mutual funds $ 0 $ 0
v3.24.2
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Additional Details Related to Certain Balance Sheet Captions (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Salaries and benefits $ 140 $ 130
Incentive compensation 196 345
Customer credits, advanced payments and advanced billings 137 105
Dividends 6 7
Professional service fees 77 46
Accounts payable 57 23
Income taxes 104 108
Pension and other retirement employee benefits 15 15
Accrued royalties 20 24
Foreign exchange forwards on certain assets and liabilities 5 0
Restructuring liability 14 35
Derivative instruments designated as accounting hedges 11 0
Other 78 88
Accounts payable and accrued liabilities 1,000 1,076
Other current assets:    
Prepaid taxes 83 115
Prepaid expenses 162 133
Capitalized costs to obtain and fulfill sales contracts 119 116
Foreign exchange forwards on certain assets and liabilities 0 13
Interest receivable on interest rate and cross currency swaps 79 79
Other 46 33
Total other current assets 489 489
Other assets:    
Investments in non-consolidated affiliates 523 521
Deposits for real-estate leases 15 16
Indemnification assets related to acquisitions 115 111
Mutual funds and fixed deposits 108 100
Company owned life insurance (at contract value) 48 47
Costs to obtain sales contracts 198 196
Derivative instruments designated as accounting hedges 18 3
Pension and other retirement employee benefits 40 41
Other 85 103
Total other assets 1,150 1,138
Accounts payable and accrued liabilities:    
Salaries and benefits 140 130
Incentive compensation 196 345
Customer credits, advanced payments and advanced billings 137 105
Dividends 6 7
Professional service fees 77 46
Accounts payable 57 23
Income taxes 104 108
Pension and other retirement employee benefits 15 15
Accrued royalties 20 24
Foreign exchange forwards on certain assets and liabilities 5 0
Restructuring liability 14 35
Derivative instruments designated as accounting hedges 11 0
Other 78 88
Total accounts payable and accrued liabilities 1,000 1,076
Other liabilities:    
Pension and other retirement employee benefits 191 190
Interest accrued on UTPs 42 36
MAKS indemnification provisions 19 19
Income tax liability - non-current portion 12 15
Derivative instruments designated as accounting hedges 291 366
Other 63 50
Total other liabilities 618 676
Swap    
Derivative [Line Items]    
Interest accrued on debt 66 67
Accounts payable and accrued liabilities:    
Interest accrued on debt 66 67
Debt    
Derivative [Line Items]    
Interest accrued on debt 74 83
Accounts payable and accrued liabilities:    
Interest accrued on debt $ 74 $ 83
v3.24.2
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Investments in Non-Consolidated Affiliates (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Other Balance Sheet And Statement Of Operations Information [Abstract]    
Equity method investments $ 187 $ 186
Investments measured using the measurement alternative 327 327
Other 9 8
Total investments in non-consolidated affiliates $ 523 $ 521
v3.24.2
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Other Non-Operating Interest (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Balance Sheet And Statement Of Operations Information [Abstract]        
FX loss $ (4) $ (5) $ (7) $ (31)
Net periodic pension income - non-service and non-interest cost components 8 9 16 18
Income from investments in non-consolidated affiliates 2 1 2 3
Gain on investments 5 5 8 11
Other (4) 3 1 12
Total $ 7 $ 13 $ 20 13
Loss recorded pursuant to an immaterial out-of-period adjustment, net of tax       23
Other non operating income (expense) other, favorable resolutions of various tax matters       $ 9
v3.24.2
OTHER BALANCE SHEET AND STATEMENTS OF OPERATIONS INFORMATION - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]          
Charges related to asset abandonment $ 15 $ 0   $ 15 $ 0
Employee Severance          
Finite-Lived Intangible Assets [Line Items]          
Charges related to asset abandonment $ 15        
Forecast | Accelerated Amortization Charges Of Capitalized Software Assets          
Finite-Lived Intangible Assets [Line Items]          
Charges related to asset abandonment     $ 30    
v3.24.2
Comprehensive Income And Accumulated Other Comprehensive Loss - Changes in Components of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance $ 3,735 $ 3,058 $ 3,476 $ 2,689
Ending Balance 3,938 3,312 3,938 3,312
Total        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (608) (589) (567) (643)
Other comprehensive income/(loss) before reclassifications (8) 21 (50) 74
Amounts reclassified from AOCL (1) (2) 0 (1)
Other comprehensive income/(loss) (9) 19 (50) 73
Ending Balance (617) (570) (617) (570)
Pension and Other Retirement Benefits        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (57) (47) (56) (47)
Other comprehensive income/(loss) before reclassifications (1) 0 (2) 0
Amounts reclassified from AOCL (1) (1) (1) (1)
Other comprehensive income/(loss) (2) (1) (3) (1)
Ending Balance (59) (48) (59) (48)
Cash Flow Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (43) (44) (44) (45)
Other comprehensive income/(loss) before reclassifications 0 0 0 0
Amounts reclassified from AOCL 0 (1) 1 0
Other comprehensive income/(loss) 0 (1) 1 0
Ending Balance (43) (45) (43) (45)
Foreign Currency Translation Adjustments        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance (635) (626) (520) (736)
Other comprehensive income/(loss) before reclassifications (39) 49 (154) 159
Amounts reclassified from AOCL 0 0 0 0
Other comprehensive income/(loss) (39) 49 (154) 159
Ending Balance (674) (577) (674) (577)
Net Investment Hedges        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning Balance 127 128 53 185
Other comprehensive income/(loss) before reclassifications 32 (28) 106 (85)
Amounts reclassified from AOCL 0 0 0 0
Other comprehensive income/(loss) 32 (28) 106 (85)
Ending Balance $ 159 $ 100 $ 159 $ 100
v3.24.2
Indebtedness - Summary of Total Indebtedness (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Principal Amount $ 7,239 $ 7,281
Fair Value of Interest Rate Swap (205) (183)
Unamortized (Discount) Premium (49) (51)
Unamortized Debt Issuance Costs (44) (46)
Carrying Value 6,941 7,001
Current portion (688) 0
Long-term debt $ 6,253 $ 7,001
5.25% 2014 Senior Notes, due 2044    
Debt Instrument [Line Items]    
Notes payable, interest rate 5.25% 5.25%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap (37) (34)
Unamortized (Discount) Premium 3 3
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 562 $ 565
1.75% 2015 Senior Notes, due 2027    
Debt Instrument [Line Items]    
Notes payable, interest rate 1.75% 1.75%
Principal Amount $ 536 $ 552
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium 0 0
Unamortized Debt Issuance Costs (1) (1)
Carrying Value $ 535 $ 551
3.25% 2017 Senior Notes, due 2028    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.25% 3.25%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (25) (26)
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (1) (2)
Carrying Value $ 472 $ 470
4.25% 2018 Senior Notes, due 2029    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.25% 4.25%
Principal Amount $ 400 $ 400
Fair Value of Interest Rate Swap (39) (34)
Unamortized (Discount) Premium (1) (2)
Unamortized Debt Issuance Costs (2) (2)
Carrying Value $ 358 $ 362
4.875% 2018 Senior Notes, due 2048    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.875% 4.875%
Principal Amount $ 400 $ 400
Fair Value of Interest Rate Swap (39) (36)
Unamortized (Discount) Premium (6) (6)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 352 $ 355
0.950% Senior Notes Due 2030    
Debt Instrument [Line Items]    
Notes payable, interest rate 0.95% 0.95%
Principal Amount $ 803 $ 829
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (3) (4)
Carrying Value $ 798 $ 823
3.75% 2020 Senior Notes, due 2025    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.75% 3.75%
Principal Amount $ 700 $ 700
Fair Value of Interest Rate Swap (11) (16)
Unamortized (Discount) Premium 0 (1)
Unamortized Debt Issuance Costs (1) (1)
Carrying Value $ 688 $ 682
3.25% 2020 Senior Notes, due 2050    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.25% 3.25%
Principal Amount $ 300 $ 300
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (4) (4)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 293 $ 293
2.55% 2020 Senior Notes, due 2060    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.55% 2.55%
Principal Amount $ 300 $ 300
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (3) (3)
Carrying Value $ 295 $ 295
2.00% 2021 Senior Notes, due 2031    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.00% 2.00%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (6) (6)
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 590 $ 590
2.75% 2021 Senior Notes, due 2041    
Debt Instrument [Line Items]    
Notes payable, interest rate 2.75% 2.75%
Principal Amount $ 600 $ 600
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (12) (12)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 583 $ 583
3.10% 2021 Senior Notes, due 2061    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.10% 3.10%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap 0 0
Unamortized (Discount) Premium (7) (7)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 488 $ 488
3.75% 2022 Senior Notes, due 2052    
Debt Instrument [Line Items]    
Notes payable, interest rate 3.75% 3.75%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (42) (29)
Unamortized (Discount) Premium (8) (8)
Unamortized Debt Issuance Costs (5) (5)
Carrying Value $ 445 $ 458
4.25% 2022 Senior Notes, due 2032    
Debt Instrument [Line Items]    
Notes payable, interest rate 4.25% 4.25%
Principal Amount $ 500 $ 500
Fair Value of Interest Rate Swap (12) (8)
Unamortized (Discount) Premium (2) (2)
Unamortized Debt Issuance Costs (4) (4)
Carrying Value $ 482 $ 486
v3.24.2
Indebtedness - Schedule of Credit Facilities (Details) - USD ($)
Jun. 30, 2024
May 06, 2024
Dec. 31, 2023
Dec. 17, 2021
2021 Credit Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity       $ 1,250,000,000
Drawn $ 0   $ 0  
Undrawn 0   1,250,000,000  
2024 Credit Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity   $ 1,250,000,000    
Drawn 0   0  
Undrawn $ 1,250,000,000   $ 0  
v3.24.2
Indebtedness - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
May 06, 2024
Jun. 30, 2024
Dec. 17, 2021
Debt Instrument [Line Items]      
Debt instrument, covenant compliance   At June 30, 2024, the Company was in compliance with all covenants contained within all of the debt agreements. All of the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of June 30, 2024, there were no such cross defaults.  
2024 Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, term 5 years    
Line of credit facility, maximum borrowing capacity $ 1,250    
2024 Credit Facility | Term Loan Facility Any Fiscal Quarter      
Debt Instrument [Line Items]      
Debt instrument, covenant, maximum debt-To-EBITDA ratio   4  
2024 Credit Facility | Term Loan Facility First Three Consecutive Quarters immediately following Any acquisition      
Debt Instrument [Line Items]      
Debt instrument, covenant, maximum debt-To-EBITDA ratio   4.5  
2021 Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity     $ 1,250
Minimum | 2024 Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   0.805%  
Debt instrument facility fee basis points   0.07%  
Additional consideration to be paid to sellers   $ 500  
Maximum | 2024 Credit Facility      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   1.225%  
Debt instrument facility fee basis points   0.15%  
v3.24.2
Indebtedness - Principal Payments Due on Long-Term Borrowings (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2024 (After June 30,) $ 0  
2025 700  
2026 0  
2027 536  
2028 500  
Thereafter 5,503  
Total principal payment $ 7,239 $ 7,281
v3.24.2
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, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Debt Disclosure [Abstract]        
Income $ 23 $ 15 $ 45 $ 25
Expense on borrowings (74) (75) (148) (145)
Income (expense) on UTPs and other tax related liabilities (5) (4) (9) 14
Net periodic pension costs - interest component (7) (7) (13) (13)
Interest expense, net (63) (71) (125) (119)
Interest paid $ 51 $ 47 $ 151 143
Unrecognized tax benefits, income tax penalties and interest expense, reduction of tax-related interest expense related to resolution of tax matters       $ 22
v3.24.2
Indebtedness - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Carrying Value $ 6,941 $ 7,001
Level 2    
Debt Instrument [Line Items]    
Estimated Fair Value $ 6,121 $ 6,402
v3.24.2
Leases - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Lessee, Lease, Description [Line Items]        
Restructuring charges $ 2 $ 10 $ 7 $ 24
2022-2023 Geolocation Restructuring Program        
Lessee, Lease, Description [Line Items]        
Restructuring charges 2 10 7 24
Real Estate | 2022-2023 Geolocation Restructuring Program        
Lessee, Lease, Description [Line Items]        
Restructuring charges $ 0 $ 1 $ 0 $ 2
Minimum        
Lessee, Lease, Description [Line Items]        
Lessee, operating lease, renewal term (years) 1 year   1 year  
Maximum        
Lessee, Lease, Description [Line Items]        
Lessee, operating lease, renewal term (years) 20 years   20 years  
v3.24.2
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Lease, Cost [Abstract]        
Operating lease cost $ 21 $ 23 $ 43 $ 47
Sublease income (2) (2) (4) (4)
Variable lease cost 6 5 11 10
Total lease cost $ 25 $ 26 $ 50 $ 53
v3.24.2
Leases - Operating Leases Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Leases [Abstract]        
Cash paid for amounts included in the measurement of operating lease liabilities $ 29 $ 30 $ 59 $ 60
Right-of-use assets obtained in exchange for new operating lease liabilities $ 1 $ 19 $ 5 $ 24
Weighted-average remaining lease term (years) 4 years 1 month 6 days 4 years 9 months 18 days 4 years 1 month 6 days 4 years 9 months 18 days
Weighted-average discount rate applied to operating leases (percent) 3.20% 3.20% 3.20% 3.20%
v3.24.2
Leases - Operating Leases, Future Minimum Payment (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Leases [Abstract]    
2024 (After June 30,) $ 60  
2025 108  
2026 89  
2027 71  
2028 20  
2028 36  
Total lease payments (undiscounted) 384  
Less: Interest 22  
Present value of lease liabilities: 362  
Lease liabilities - current 108 $ 108
Lease liabilities - noncurrent $ 254 $ 306
v3.24.2
Contingencies - Additional Information (Detail)
$ in Millions
Jun. 30, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Estimated litigation liability $ 20
v3.24.2
Segment Information - Additional Information (Detail)
 6 Months Ended
Jun. 30, 2024
segment
Segment Reporting Information [Line Items]  
Number of operating segments (segment) 2
Number of reportable segments 2
v3.24.2
Segment Information - Financial Information by Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue $ 1,817 $ 1,494 $ 3,603 $ 2,964
Operating, SG&A 915 841 1,795 1,655
Adjusted Operating Income 902 653 1,808 1,309
Depreciation and amortization 110 93 210 181
Restructuring 2 10 7 24
Charges related to asset abandonment 15 0 15 0
Operating income 775 550 1,576 1,104
Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue (53) (50) (103) (98)
Operating, SG&A (53) (50) (103) (98)
Adjusted Operating Income 0 0 0 0
Depreciation and amortization 0 0 0 0
Restructuring 0 0 0 0
Charges related to asset abandonment 0 0 0 0
MA        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 802 747 1,601 1,484
MA | Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 4 4 7 7
MA | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 806 751 1,608 1,491
Operating, SG&A 576 541 1,140 1,067
Adjusted Operating Income 230 210 468 424
Depreciation and amortization 90 74 172 144
Restructuring 1 8 3 16
Charges related to asset abandonment 15 0 15 0
MIS        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 1,015 747 2,002 1,480
MIS | Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 49 46 96 91
MIS | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 1,064 793 2,098 1,571
Operating, SG&A 392 350 758 686
Adjusted Operating Income 672 443 1,340 885
Depreciation and amortization 20 19 38 37
Restructuring 1 2 4 8
Charges related to asset abandonment $ 0 $ 0 $ 0 $ 0
v3.24.2
Segment Information - Cumulative Restructuring Expense (Details) - 2022-2023 Geolocation Restructuring Program
$ in Millions
Jun. 30, 2024
USD ($)
Segment Reporting Information [Line Items]  
Cost incurred to date $ 207
MA  
Segment Reporting Information [Line Items]  
Cost incurred to date 111
MIS  
Segment Reporting Information [Line Items]  
Cost incurred to date $ 96
v3.24.2
Segment Information - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenue $ 1,817 $ 1,494 $ 3,603 $ 2,964
United States        
Segment Reporting Information [Line Items]        
Revenue 974 775 1,943 1,538
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 843 719 1,660 1,426
EMEA        
Segment Reporting Information [Line Items]        
Revenue 566 479 1,108 939
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 164 145 319 294
Americas        
Segment Reporting Information [Line Items]        
Revenue $ 113 $ 95 $ 233 $ 193