MOODYS CORP /DE/, 10-Q filed on 10/30/2020
Quarterly Report
v3.20.2
Cover Page
shares in Millions
 9 Months Ended
Sep. 30, 2020
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2020
Document Transition Report false
Entity File Number 1-14037
Entity Registrant Name Moody’s Corporation
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 13-3998945
Entity Address, Address Line One 7 World Trade Center at 250 Greenwich Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10007
City Area Code (212)
Local Phone Number 553-0300
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding (in shares) 187.8
Entity Central Index Key 0001059556
Document Fiscal Period Focus Q3
Amendment Flag false
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2020
Common Stock, par value $0.01 per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MCO
Security Exchange Name NYSE
1.75% Senior Notes Due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.75% Senior Notes Due 2027
Trading Symbol MCO 27
Security Exchange Name NYSE
0.950% Senior Notes Due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 0.950% Senior Notes Due 2030
Trading Symbol MCO 30
Security Exchange Name NYSE
v3.20.2
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Statement [Abstract]        
Revenue $ 1,356 $ 1,240 $ 4,081 $ 3,596
Expenses        
Operating 364 350 1,066 1,032
Selling, general and administrative 271 292 879 848
Restructuring 23 (1) 20 58
Depreciation and amortization 56 48 163 150
Acquisition-Related Expenses 0 0 0 3
Loss pursuant to the divestiture of MAKS 0 2 9 11
Total expenses 714 691 2,137 2,102
Operating income 642 549 1,944 1,494
Non-operating (expense) income, net        
Interest expense, net (53) (46) (153) (149)
Other non-operating income, net 10 10 38 12
Total non-operating expense, net (43) (36) (115) (137)
Income before provisions for income taxes 599 513 1,829 1,357
Provision for income taxes 132 130 366 290
Net income 467 383 1,463 1,067
Less: Net (loss) income attributable to noncontrolling interests 0 3 (1) 5
Net income attributable to Moody's $ 467 $ 380 $ 1,464 $ 1,062
Earnings per share attributable to Moody's common shareholders        
Basic (in usd per share) $ 2.49 $ 2.01 $ 7.80 $ 5.60
Diluted (in usd per share) $ 2.47 $ 1.99 $ 7.73 $ 5.54
Weighted average number of shares outstanding        
Basic (in shares) 187.8 189.0 187.6 189.6
Diluted (in shares) 189.3 191.1 189.3 191.8
v3.20.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement of Comprehensive Income [Abstract]        
Net Income $ 467 $ 383 $ 1,463 $ 1,067
Foreign Currency Adjustments:        
Foreign currency translation adjustment - Pre Tax 204 (194) 107 (179)
Foreign currency translation adjustments - Tax (17) 0 (11) 0
Foreign currency translation adjustments - Net of Tax 187 (194) 96 (179)
Net gains (losses) on net investment hedges - Pre Tax (191) 136 (169) 130
Net gains (losses) on net investment hedges, Tax 48 (34) 42 (33)
Net gains (losses) on net investment hedges, Net of Tax (143) 102 (127) 97
Net investment hedges - reclassification of gains included in net income - Pre Tax 0 (1) 0 (1)
Net investment hedges - reclassification of gains included in net income - Tax 0 0 0 0
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 (1) 0 (1)
Cash Flow Hedges:        
Net realized and unrealized (losses) gains on cash flow hedges - Pre Tax     (68) 0
Net realized and unrealized (losses) gains on cash flow hedges - Tax     18 0
Net realized and unrealized (losses) gains on cash flow hedges - Net of Tax     (50) 0
Reclassification of losses (gains) included in net income - Pre Tax     1 0
Reclassification of losses (gains) included in net income - Tax     0 0
Reclassification of losses (gains) included in net income - Net of Tax     1 0
Pension and Other Retirement Benefits:        
Amortization of actuarial losses and prior service costs included in net income - Pre Tax 2 1 5 3
Amortization of actuarial losses and prior service costs included in net income - Tax 0 0 (1) (1)
Amortization of actuarial losses and prior service costs included in net income - Net of Tax 2 1 4 2
Net actuarial (losses) gains and prior service costs - Pre Tax (9) 0 (1) (2)
Net actuarial (losses) gains and prior service costs - Tax 2 0 0 1
Net actuarial (losses) gains and prior service costs - Net of Tax (7) 0 (1) (1)
Total other comprehensive income (loss) - Pre Tax 6 (58) (125) (49)
Total other comprehensive income (loss) - Tax 33 (34) 48 (33)
Total other comprehensive income (loss) - Net of Tax 39 (92) (77) (82)
Comprehensive income 506 291 1,386 985
Less: comprehensive income attributable to noncontrolling interests 1 3 (12) 15
Comprehensive Income Attributable to Moody's $ 505 $ 288 $ 1,398 $ 970
v3.20.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 2,492 $ 1,832
Short-term investments 96 98
Accounts receivable, net of allowance for credit losses of $41 in 2020 and $20 in 2019 1,360 1,419
Other current assets 333 330
Total current assets 4,281 3,679
Property and equipment, net of accumulated depreciation of $907 in 2020 and $839 in 2019 282 292
Operating lease right-of-use assets 410 456
Goodwill 4,282 3,722
Intangible assets, net 1,717 1,498
Deferred tax assets, net 232 229
Other assets 468 389
Total assets 11,672 10,265
Current liabilities:    
Accounts payable and accrued liabilities 712 773
Current portion of operating lease liabilities 91 89
Deferred revenue 918 1,050
Total current liabilities 1,721 1,912
Non-current portion of deferred revenue 102 112
Long-term debt 6,363 5,581
Deferred tax liabilities, net 385 357
Uncertain tax positions 471 477
Operating lease liabilities 439 485
Other liabilities 498 504
Total liabilities 9,979 9,428
Contingencies (Note 19)
Redeemable noncontrolling interest 5 6
Shareholders' equity:    
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock 3 3
Capital surplus 699 642
Retained earnings 10,804 9,656
Treasury stock, at cost; 155,064,080 and 155,215,143 shares of common stock at September 30, 2020 and December 31, 2019 (9,505) (9,250)
Accumulated other comprehensive loss (504) (439)
Total Moody's shareholders' equity 1,497 612
Noncontrolling interests 191 219
Total shareholders' equity 1,688 831
Total liabilities, noncontrolling interests and shareholders' equity 11,672 10,265
Series Common Stock    
Shareholders' equity:    
Common stock $ 0 $ 0
v3.20.2
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Accounts receivable, allowances $ 41 $ 20
Accumulated depreciation, property and equipment $ 907 $ 839
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares issued (in shares) 342,902,272 342,902,272
Treasury stock, shares (in shares) 155,064,080 155,215,143
Series Common Stock    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 10,000,000 10,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net Income $ 1,463 $ 1,067
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 163 150
Stock-based compensation 110 103
Deferred income taxes (1) (22)
ROU Asset impairment & other non-cash restructuring/impairment charges 23 38
Loss pursuant to the divestiture of MAKS 9 11
Settlement of treasury rate lock (68) 0
Prepayment penalty relating to early redemption of debt 24 0
Changes in assets and liabilities:    
Accounts receivable 73 36
Other current assets (8) (8)
Other assets (89) (32)
Accounts payable and accrued liabilities (28) (100)
Deferred revenue (171) (96)
Unrecognized tax benefits and other non-current tax liabilities (9) (17)
Other liabilities (3) 66
Net cash provided by operating activities 1,488 1,196
Cash flows from investing activities    
Capital additions (83) (61)
Purchases of investments (130) (111)
Sales and maturities of investments 57 139
Cash paid for acquisitions, net of cash acquired (699) (121)
Receipts from settlements of net investment hedges 2 4
Net cash used in investing activities (853) (150)
Cash flows from financing activities    
Issuance of notes 1,491 0
Repayment of notes (800) (450)
Issuance of commercial paper 789 1,307
Repayment of commercial paper (792) (1,310)
Proceeds from stock-based compensation plans 41 37
Repurchase of shares related to stock-based compensation (101) (76)
Treasury shares (253) (728)
Dividends (315) (284)
Debt issuance costs, extinguishment costs and related fees (39) 0
Dividends to noncontrolling interest (1) (1)
Payment to acquire noncontrolling interests (17) (12)
Net cash provided by (used in) financing activities 3 (1,517)
Reclassification of cash to assets held for sale 0 (11)
Effect of exchange rate changes on cash and cash equivalents 22 (25)
Increase (decrease) in cash and cash equivalents 660 (507)
Cash and cash equivalents, beginning of period 1,832 1,685
Cash and cash equivalents, end of period $ 2,492 $ 1,178
v3.20.2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Total Moody's Shareholders' Equity
Non- Controlling Interests
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss
Cumulative Effect, Period of Adoption, Adjustment
Total Moody's Shareholders' Equity
Beginning Balance (in shares) at Dec. 31, 2018   342.9     151.6              
Beginning Balance at Dec. 31, 2018 $ 656 $ 3 $ 601 $ 8,594 $ (8,313) $ (426) $ 459 $ 197 $ 0 $ 20 $ (20) $ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 1,067     1,062     1,062 5        
Dividends (286)     (285)     (285) (1)        
Stock-based compensation 103   103       103          
Shares issued for stock-based compensation plans at average cost, net (39)   (71)   $ 32   (39)          
Shares issued for stock-based compensation plans at average cost, net (in shares)         1.5              
Purchase of noncontrolling interest (12)   (9)       (9) (3)        
Non-controlling interest resulting from majority acquisition of Vigeo Eiris 17           0 17        
Treasury shares repurchased (in shares)         (4.1)              
Treasury shares repurchased (728)   (16)   $ (712)   (728)          
Currency translation adjustment, net of net investment hedge activity (net of tax) (82)         (92) (92) 10        
Net actuarial gains (losses) and prior service costs (1)         (1) (1)          
Amortization of prior service costs and actuarial losses 2         2 2          
Ending Balance (in shares) at Sep. 30, 2019   342.9     154.2              
Ending Balance at Sep. 30, 2019 $ 697 $ 3 608 9,391 $ (8,993) (537) 472 225        
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201613Member                      
Beginning Balance (in shares) at Dec. 31, 2018   342.9     151.6              
Beginning Balance at Dec. 31, 2018 $ 656 $ 3 601 8,594 $ (8,313) (426) 459 197 0 20 $ (20) 0
Ending Balance (in shares) at Dec. 31, 2019   342.9     155.2              
Ending Balance at Dec. 31, 2019 831 $ 3 642 9,656 $ (9,250) (439) 612 219 (2) (2)   (2)
Beginning Balance (in shares) at Jun. 30, 2019   342.9     153.7              
Beginning Balance at Jun. 30, 2019 575 $ 3 575 9,108 $ (8,887) (446) 353 222        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 383     380     380 3        
Dividends (97)     (97)     (97) 0        
Stock-based compensation 33   33       33          
Shares issued for stock-based compensation plans at average cost, net 7   0   $ 7   7          
Shares issued for stock-based compensation plans at average cost, net (in shares)         0.2              
Treasury shares repurchased (in shares)         (0.7)              
Treasury shares repurchased (113)   0   $ (113)   (113)          
Currency translation adjustment, net of net investment hedge activity (net of tax) (92)         (92) (92) 0        
Net actuarial gains (losses) and prior service costs 0                      
Amortization of prior service costs and actuarial losses 1         1 1          
Ending Balance (in shares) at Sep. 30, 2019   342.9     154.2              
Ending Balance at Sep. 30, 2019 697 $ 3 608 9,391 $ (8,993) (537) 472 225        
Beginning Balance (in shares) at Dec. 31, 2019   342.9     155.2              
Beginning Balance at Dec. 31, 2019 831 $ 3 642 9,656 $ (9,250) (439) 612 219 $ (2) $ (2)   $ (2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 1,464     1,464     1,464 0        
Dividends (315)     (314)     (314) (1)        
Stock-based compensation 110   110       110          
Shares issued for stock-based compensation plans at average cost, net (53)   (51)   $ (2)   (53)          
Shares issued for stock-based compensation plans at average cost, net (in shares)         1.2              
Purchase of noncontrolling interest (17)   (2)       (2) (15)        
Treasury shares repurchased (in shares)         (1.1)              
Treasury shares repurchased (253)       $ (253)   (253)          
Currency translation adjustment, net of net investment hedge activity (net of tax) (31)         (19) (19) (12)        
Net actuarial gains (losses) and prior service costs (1)         (1) (1)          
Amortization of prior service costs and actuarial losses 4         4 4          
Net realized and unrealized gain (loss) on cash flow hedges (net of tax) (49)         (49) (49)          
Ending Balance (in shares) at Sep. 30, 2020   342.9     155.1              
Ending Balance at Sep. 30, 2020 1,688 $ 3 699 10,804 $ (9,505) (504) 1,497 191        
Beginning Balance (in shares) at Jun. 30, 2020   342.9     155.2              
Beginning Balance at Jun. 30, 2020 1,232 $ 3 651 10,442 $ (9,513) (542) 1,041 191        
Increase (Decrease) in Stockholders' Equity [Roll Forward]                        
Net income 467     467     467 0        
Dividends (106)     (105)     (105) (1)        
Stock-based compensation 38   38       38          
Shares issued for stock-based compensation plans at average cost, net 18   10   $ 8   18          
Shares issued for stock-based compensation plans at average cost, net (in shares)         0.1              
Currency translation adjustment, net of net investment hedge activity (net of tax) 44         43 43 1        
Net actuarial gains (losses) and prior service costs (7)         (7) (7)          
Amortization of prior service costs and actuarial losses 2         2 2          
Ending Balance (in shares) at Sep. 30, 2020   342.9     155.1              
Ending Balance at Sep. 30, 2020 $ 1,688 $ 3 $ 699 $ 10,804 $ (9,505) $ (504) $ 1,497 $ 191        
v3.20.2
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]        
Dividends declared per share attributable to Moody's common shareholders (in USD per share) $ 0.56 $ 0.50 $ 1.68 $ 1.50
Currency translation adjustment, net of net investment hedge activity, tax expense (benefit) $ 31 $ (34) $ (31) $ (33)
Net actuarial gains and prior service cost, tax expense (benefit) (2) 0 0 (1)
Amortization of prior service costs and actuarial losses, tax expense $ 0 $ 0 1 $ 1
Net realized and unrealized gain on cash flow hedges, tax expense (benefit)     $ (18)  
v3.20.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Moody’s is a provider of (i) credit ratings and assessment services; (ii) credit, capital markets and economic research, data and analytical tools; (iii) software solutions that support financial risk management activities; (iv) quantitatively derived credit scores; (v) learning solutions and certification services; and (vi) company information and business intelligence products. Moody’s reports in two reportable segments: MIS and MA.
MIS, the credit rating agency, publishes credit ratings and provides assessment services on a wide range of debt obligations and the entities that issue such obligations in markets worldwide. Revenue is primarily derived from the originators and issuers of such transactions who use MIS ratings in the distribution of their debt issues to investors. Additionally, MIS earns revenue from certain non-ratings-related operations which consist primarily of financial instrument pricing services in the Asia-Pacific region, revenue from ICRA’s non-ratings operations and revenue from providing ESG research, data and assessments. The revenue from these operations is included in the MIS Other LOB and is not material to the results of the MIS segment.
MA provides financial intelligence and analytical tools to assist businesses in making decisions. MA’s portfolio of solutions consists of specialized research, data, software, and professional services, which are assembled to support the financial analysis and risk management activities of institutional customers worldwide.
These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and related notes in the Company’s 2019 annual report on Form 10-K filed with the SEC on February 24, 2020. The results of interim periods are not necessarily indicative of results for the full year or any subsequent period. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation of financial position, results of operations and cash flows at the dates and for the periods presented have been included. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America.
Certain reclassifications have been made to prior period amounts to conform to the current presentation.
Adoption of New Accounting Standards
On January 1, 2020, the Company adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The Company has implemented policies and procedures in compliance with the “expected credit loss” impairment model, which included (1) refinement of the grouping of receivables with similar risk characteristics; and (2) processes to identify information that can be used to develop reasonable and supportable forecasts of factors that could affect the collectability of the reported amount of the receivable. As the Company's accounts receivable are short-term in nature, the adoption of this ASU did not have a material impact to the Company's allowance for bad debts or its policies and procedures for determining the allowance. Refer to Note 2 for further information on how the Company determines its reserves for expected credit losses. The Company recorded a $2 million cumulative-effect adjustment to retained earnings to increase its allowance for credit losses upon adoption.
On January 1, 2020, the Company adopted ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” This ASU requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same provisions of authoritative guidance for internal-use software, and amortized over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised by the customer or for which the exercise is controlled by the service provider. The Company will be required to present the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e. operating and SG&A expense) and classify the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). This ASU also requires capitalization of implementation costs in the balance sheet to be consistent with the location of prepayment of fees for the hosting element (i.e. within other current assets or other assets). The Company adopted this ASU prospectively to all implementation costs incurred after the date of adoption and it did not have a material impact on the Company's current financial statements. The future impact to the Company's financial statements will relate to the aforementioned classification of these capitalized costs and related amortization.
In March 2020, FASB issued ASU No. 2020-04, "Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The ASU provides temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This guidance was effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022 as the transition from LIBOR is completed.
COVID-19
The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business. While the Company has selectively reopened certain of its offices, Moody’s continues to require remote work for most employees globally. The Company continues to monitor regional developments relating to the COVID-19 pandemic to inform decisions on office re-openings.
The Company experienced disruption in certain sectors of its business beginning late in the first quarter of 2020 resulting from market volatility associated with the COVID-19 crisis. However, at the date of the filing of this quarterly report on Form 10-Q, the Company is unable to predict either the potential near-term or longer-term impact that the COVID-19 crisis may have on its financial position and operating results due to numerous uncertainties regarding the duration and severity of the crisis. As a result, it is reasonably possible that the Company could experience material impacts including, but not limited to: reductions in revenue and cash flows; additional credit losses related to accounts receivables; asset impairment charges; and changes in the funded status of defined benefit pension plans. While it is reasonably possible that the COVID-19 crisis will have a material impact on the results of operations and cash flows of the Company in the near term, Moody's believes that it has adequate liquidity to maintain its operations with minimal disruption and to maintain compliance with its debt covenants.
In the nine months ended September 30, 2020, in order to maximize liquidity and to increase available cash on hand through this period of uncertainty, the Company increased its long-term borrowings by $700 million and began borrowing under its CP Program as more fully discussed in Note 17. At September 30, 2020, the Company had repaid all CP outstanding. In addition, the Company reduced discretionary spending, including temporarily suspending its share repurchase program beginning late in the first quarter of 2020 and spanning through the third quarter. The Company anticipates resuming its share repurchase program in the fourth quarter of 2020.
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. The Company is utilizing certain provisions in the CARES Act and other IRS guidance which permit the deferral of certain income and payroll tax remittances.
v3.20.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
On January 1, 2020, the Company adopted the New Credit Losses Accounting Standard as more fully discussed in Note 1. Accordingly, the Company revised its accounts receivable allowances accounting policy to reflect the provisions of the new standard, which is discussed below along with the capitalized software accounting policy, which was also updated to reflect the New Internal Use Software Accounting Standard. All other significant accounting policies described in the Form 10-K for the year ended December 31, 2019 remain unchanged.
Accounts Receivable Allowances
On January 1, 2020, the Company adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” as more fully described in Note 1. As the Company's accounts receivable are short-term in nature, the adoption of this ASU did not have a material impact to the Company's allowance for bad debts or its policies and procedures for determining the allowance.
In order to determine an estimate of expected credit losses, receivables are segmented based on similar risk characteristics including historical credit loss patterns and industry or class of customers to calculate reserve rates. The Company uses an aging method for developing its allowance for credit losses by which receivable balances are stratified based on aging category. A reserve rate is calculated for each aging category which is generally based on historical information. The reserve rate is adjusted, when necessary, for current conditions (e.g., macroeconomic or industry related) and reasonable and supportable forecasts about the future. The Company also considers customer specific information (e.g., bankruptcy or financial difficulty) when estimating its expected credit losses, as well as the economic environment of the customers, both from an industry and geographic perspective, in evaluating the need for allowances. Expected credit losses are reflected as additions to the accounts receivable allowance. Actual uncollectible account write-offs are recorded against the allowance.
As of September 30, 2020, Moody's assessment included consideration of the current COVID-19 pandemic and its estimated impact on the Company's accounts receivable allowances. This assessment involved the utilization of significant judgment regarding the expected severity and duration of the market disruption caused by the COVID-19 pandemic, as well as judgment regarding which industries, classes of customers and geographies would be most significantly impacted.
During the nine months ended September 30, 2020, the Company recorded a net provision for expected credit losses of $31 million. The increase in the provision for expected credit losses for the current period was primarily attributable to the aforementioned estimated effects of COVID-19.
Computer Software Developed or Obtained for Internal Use
The Company capitalizes costs related to software developed or obtained for internal use. These assets, included in property and equipment in the consolidated balance sheets, relate to the Company’s financial systems, website and other systems. Such costs generally consist of direct costs for third-party perpetual license fees, professional services provided by third parties and employee compensation, in each case incurred either during the application development stage or in connection with upgrades and enhancements that increase functionality. Such costs are depreciated over their estimated useful lives on a straight-line basis. Costs incurred during the preliminary project stage of development as well as maintenance costs are expensed as incurred.
The Company also capitalizes implementation costs incurred in cloud computing arrangements (i.e., hosting arrangements) and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. Following the January 1, 2020 adoption of ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract" (as further discussed in Note 1), the Company classifies the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the balance sheet consistent with the location of prepayment of fees for the hosting element (i.e., within other current assets or other assets). The implementation costs incurred prior to adoption of this ASU have been included within property and equipment, net in the balance sheet with the amortization of such balance included within depreciation and amortization in the statement of operations.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.
v3.20.2
REVENUES
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
MIS:
Corporate finance (CFG)
Investment-grade
$141 $106 $576 $299 
High-yield
101 56 275 182 
Bank loans
73 90 205 246 
Other accounts (1)
146 140 430 408 
Total CFG
461 392 1,486 1,135 
Structured finance (SFG)
Asset-backed securities
25 25 70 74 
RMBS
24 21 74 69 
CMBS
15 18 45 56 
Structured credit
24 40 74 116 
Other accounts
— 1 2 3 
Total SFG
88 105 265 318 
Financial institutions (FIG)
Banking
95 80 269 244 
Insurance
31 31 105 88 
Managed investments
6 6 20 20 
Other accounts
2 3 7 9 
Total FIG
134 120 401 361 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign
71 58 192 157 
Project and infrastructure
62 62 183 164 
Total PPIF
133 120 375 321 
Total ratings revenue
816 737 2,527 2,135 
MIS Other
9 9 30 20 
Total external revenue
825 746 2,557 2,155 
Intersegment royalty
38 35 110 100 
Total MIS
863 781 2,667 2,255 
MA:
Research, data and analytics (RD&A) 386 317 1,110 940 
Enterprise risk solutions (ERS)
145 134 414 373 
Professional services (PS) (2)
— 43 — 128 
Total external revenue
531 494 1,524 1,441 
Intersegment revenue
1 2 5 7 
Total MA
532 496 1,529 1,448 
Eliminations
(39)(37)(115)(107)
Total MCO
$1,356 $1,240 $4,081 $3,596 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
(2) Subsequent to the divestiture of MAKS in 2019, revenue from the MALS reporting unit, which previous to 2020 was reported in the PS LOB, is now reported as part of the RD&A LOB. Prior periods have not been reclassified as the amounts were not material.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended September 30, 2020Three Months Ended September 30, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$311 $150 $461 $259 $133 $392 
Structured finance (SFG)54 34 88 68 37 105 
Financial institutions (FIG)
59 75 134 54 66 120 
Public, project and infrastructure finance (PPIF)
82 51 133 73 47 120 
Total ratings revenue
506 310 816 454 283 737 
MIS Other— 9 9 — 9 9 
Total MIS
506 319 825 454 292 746 
MA:
Research, data and analytics (RD&A)167 219 386 139 178 317 
Enterprise risk solutions (ERS)
56 89 145 49 85 134 
Professional services (PS) (1)
— — — 18 25 43 
Total MA
223 308 531 206 288 494 
Total MCO
$729 $627 $1,356 $660 $580 $1,240 

Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$1,038 $448 $1,486 $744 $391 $1,135 
Structured finance (SFG) 160 105 265 202 116 318 
Financial institutions (FIG)
189 212 401 152 209 361 
Public, project and infrastructure finance (PPIF)
237 138 375 202 119 321 
Total ratings revenue
1,624 903 2,527 1,300 835 2,135 
MIS Other1 29 30 1 19 20 
Total MIS
1,625 932 2,557 1,301 854 2,155 
MA:
Research, data and analytics (RD&A) 492 618 1,110 412 528 940 
Enterprise risk solutions (ERS)
163 251 414 143 230 373 
Professional services (PS) (1)
— — — 54 74 128 
Total MA
655 869 1,524 609 832 1,441 
Total MCO
$2,280 $1,801 $4,081 $1,910 $1,686 $3,596 
(1) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from MALS beginning in the first quarter of 2020. MALS revenue was previously reported as part of the PS LOB and prior year revenue by LOB has not been reclassified as the amounts were not material.
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
MIS:
U.S.
$506 $454 $1,625 $1,301 
Non-U.S.:
EMEA
188 175 542 502 
Asia-Pacific
99 78 270 241 
Americas
32 39 120 111 
Total Non-U.S.
319 292 932 854 
Total MIS
825 746 2,557 2,155 
MA:
U.S.
223 206 655 609 
Non-U.S.:
EMEA
213 187 595 555 
Asia-Pacific
57 64 166 174 
Americas
38 37 108 103 
Total Non-U.S.
308 288 869 832 
Total MA
531 494 1,524 1,441 
Total MCO
$1,356 $1,240 $4,081 $3,596 
The following tables summarize the split between transaction and relationship revenue. In the MIS segment, excluding MIS Other, transaction revenue represents the initial rating of a new debt issuance as well as other one-time fees while relationship revenue represents the recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. In MIS Other, transaction revenue represents revenue from professional services and outsourcing engagements and relationship revenue represents subscription-based revenues. In the MA segment, relationship revenue represents subscription-based revenues and software maintenance revenue. Transaction revenue in MA represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and outsourced research and analytical engagements.
Three Months Ended September 30,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$347 $114 $461 $282 $110 $392 
75 %25 %100 %72 %28 %100 %
Structured Finance
$41 $47 $88 $58 $47 $105 
47 %53 %100 %55 %45 %100 %
Financial Institutions
$67 $67 $134 $56 $64 $120 
50 %50 %100 %47 %53 %100 %
Public, Project and Infrastructure Finance
$92 $41 $133 $82 $38 $120 
69 %31 %100 %68 %32 %100 %
MIS Other
$1 $8 $9 $— $9 $9 
11 %89 %100 %— %100 %100 %
Total MIS
$548 $277 $825 $478 $268 $746 
66 %34 %100 %64 %36 %100 %
Research, data and analytics$19 $367 $386 $3 $314 $317 
5 %95 %100 %1 %99 %100 %
Enterprise risk solutions$32 $113 $145 $32 $102 $134 
22 %78 %100 %24 %76 %100 %
Professional services(2)
$— $— $— $43 $— $43 
— %— %— %100 %— %100 %
Total MA$51 $480 $531 $78 $416 $494 
10 %90 %100 %16 %84 %100 %
Total Moody's Corporation$599 $757 $1,356 $556 $684 $1,240 
44 %56 %100 %45 %55 %100 %
Nine Months Ended September 30,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$1,142 $344 $1,486 $808 $327 $1,135 
77 %23 %100 %71 %29 %100 %
Structured Finance
$126 $139 $265 $184 $134 $318 
48 %52 %100 %58 %42 %100 %
Financial Institutions
$203 $198 $401 $165 $196 $361 
51 %49 %100 %46 %54 %100 %
Public, Project and Infrastructure Finance
$257 $118 $375 $208 $113 $321 
69 %31 %100 %65 %35 %100 %
MIS Other
$3 $27 $30 $1 $19 $20 
10 %90 %100 %5 %95 %100 %
Total MIS
$1,731 $826 $2,557 $1,366 $789 $2,155 
68 %32 %100 %63 %37 %100 %
Research, data and analytics$53 $1,057 $1,110 $12 $928 $940 
5 %95 %100 %1 %99 %100 %
Enterprise risk solutions$90 $324 $414 $79 $294 $373 
22 %78 %100 %21 %79 %100 %
Professional services(2)
$— $— $— $128 $— $128 
— %— %— %100 %— %100 %
Total MA$143 
(1)
$1,381 $1,524 $219 
(1)
$1,222 $1,441 
9 %91 %100 %15 %85 %100 %
Total Moody's Corporation$1,874 $2,207 $4,081 $1,585 $2,011 $3,596 
46 %54 %100 %44 %56 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the Revenue Accounting Standard (please also refer to the following table).
(2) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from MALS beginning in the first quarter of 2020. MALS revenue was previously reported as part of the PS LOB and prior year revenue by LOB has not been reclassified as the amounts were not material.

The following table presents the timing of revenue recognition:
Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
MIS
MA
Total
MIS
MA
Total
Revenue recognized at a point in time
$548 $30 $578 $1,731 $89 $1,820 
Revenue recognized over time
277 501 778 826 1,435 2,261 
Total
$825 $531 $1,356 $2,557 $1,524 $4,081 

Three Months Ended September 30, 2019Nine Months Ended September 30, 2019
MIS
MA
Total
MIS
MA
Total
Revenue recognized at a point in time
$478 $31 $509 $1,366 $83 $1,449 
Revenue recognized over time
268 463 731 789 1,358 2,147 
Total
$746 $494 $1,240 $2,155 $1,441 $3,596 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
At September 30, 2020 and December 31, 2019, accounts receivable, net included $404 million and $346 million, respectively, of unbilled receivables, net related to the MIS segment. Certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
In addition, for certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. Consequently, at September 30, 2020 and December 31, 2019, accounts receivable, net included $89 million and $53 million, respectively, of unbilled receivables, net related to the MA segment.
Deferred revenue
The Company recognizes deferred revenue when a contract requires a customer to pay consideration to the Company in advance of when revenue related to that contract is recognized. This deferred revenue is relieved when the Company satisfies the related performance obligation and revenue is recognized.
Significant changes in the deferred revenue balances during the three and nine months ended September 30, 2020 are as follows:
Three Months Ended September 30, 2020
MIS
MA
Total
Balance at June 30, 2020$365 $740 $1,105 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(118)(347)(465)
Increases due to amounts billable excluding amounts recognized as revenue during the period
83 273 356 
Effect of exchange rate changes
5 19 24 
Total changes in deferred revenue(30)(55)(85)
Balance at September 30, 2020$335 $685 $1,020 

Nine Months Ended September 30, 2020
MIS
MA
Total
Balance at January 1, 2020$322 $840 $1,162 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(207)(781)(988)
Increases due to amounts billable excluding amounts recognized as revenue during the period
219 607 826 
Increases due to RDC acquisition during the period— 20 20 
Effect of exchange rate changes
1 (1)— 
Total changes in deferred revenue
13 (155)(142)
Balance at September 30, 2020$335 $685 $1,020 
Deferred revenue - current
$237 $681 $918 
Deferred revenue - noncurrent
$98 $4 $102 
Three Months Ended September 30, 2019
MIS
MA
Total
Balance at June 30, 2019$376 $695 $1,071 
Changes in deferred revenue

Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(111)(344)(455)
Increases due to amounts billable excluding amounts recognized as revenue during the period
82 290 372 
Effect of exchange rate changes
(3)(14)(17)
Total changes in deferred revenue
(32)(68)(100)
Balance at September 30, 2019$344 $627 $971 

Nine Months Ended September 30, 2019
MIS
MA
Total
Balance at January 1, 2019
$326 $750 $1,076 
Changes in deferred revenue

Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(191)(687)(878)
Increases due to amounts billable excluding amounts recognized as revenue during the period
212 576 788 
Amount included in liabilities reclassified as held for sale— (3)(3)
Effect of exchange rate changes
(3)(9)(12)
Total changes in deferred revenue
18 (123)(105)
Balance at September 30, 2019$344 $627 $971 
Deferred revenue - current
$234 $622 856 
Deferred revenue - noncurrent
$110 $5 115 

For the MIS segment, the changes in the deferred revenue balance during the three and nine months ended September 30, 2020 and 2019 were primarily related to the significant portion of contract renewals that occur during the first quarter of each year and are generally recognized over a one-year period.
For the MA segment, the decrease in deferred revenue for the three months ended September 30, 2020 and 2019 was primarily due to the recognition of annual subscription and maintenance billings from December and January of each year. For the nine months ended September 30, 2020 and 2019, the decrease in the deferred revenue balance is attributable to recognition of revenues related to the aforementioned December billings being partially offset by the impact of the high concentration of January billings.
Remaining performance obligations
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of September 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $136 million. The Company expects to recognize into revenue approximately 20% of this balance within one year, approximately 50% of this balance between one to five years and the remaining amount thereafter. With respect to the remaining performance obligations for the MIS segment, the Company has applied a practical expedient set forth in ASC Topic 606 permitting the omission from the amounts stated above relating to unsatisfied performance obligations for contracts with an original expected length of one year or less.
Remaining performance obligations in the MA segment include both amounts recorded as deferred revenue on the balance sheet as of September 30, 2020 as well as amounts not yet invoiced to customers as of September 30, 2020, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of September 30, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.8 billion. The Company expects to recognize into revenue approximately 60% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.
v3.20.2
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Stock-based compensation cost
$38 $33 $110 $103 
Tax benefit
$8 $7 $22 $22 
During the first nine months of 2020, the Company granted 0.1 million employee stock options, which had a weighted average grant date fair value of $60.66 per share based on the Black-Scholes option-pricing model. The Company also granted 0.5 million shares of restricted stock in the first nine months of 2020, which had a weighted average grant date fair value of $278.92 per share. Both the employee stock options and restricted stock generally vest ratably over four years. Additionally, the Company granted 0.1 million shares of performance-based awards whereby the number of shares that ultimately vest are based on the achievement of certain non-market-based performance metrics of the Company over three years. The weighted average grant date fair value of these awards was $273.81 per share.
The following weighted average assumptions were used in determining the fair value for options granted in 2020:
Expected dividend yield
0.80 %
Expected stock volatility
22.52 %
Risk-free interest rate
1.43 %
Expected holding period
5.7 years
Unrecognized stock-based compensation expense at September 30, 2020 was $8 million and $192 million for stock options and unvested restricted stock, respectively, which is expected to be recognized over a weighted average period of 2.4 years and 2.5 years, respectively. Additionally, there was $34 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 2.0 years.
The following tables summarize information relating to stock option exercises and restricted stock vesting:
Nine Months Ended
September 30,
2020
2019
Exercise of stock options:
Proceeds from stock option exercises
$32 $29 
Aggregate intrinsic value
$102 $99 
Tax benefit realized upon exercise
$24 $24 
Number of shares exercised
0.5 0.7 
Vesting of restricted stock:
Fair value of shares vested
$195 $153 
Tax benefit realized upon vesting
$45 $36 
Number of shares vested
0.8 0.8 
Vesting of performance-based restricted stock:
Fair value of shares vested
$70 $48 
Tax benefit realized upon vesting
$17 $12 
Number of shares vested
0.3 0.3 
v3.20.2
INCOME TAXES
 9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Moody’s ETR was 22.0% and 25.3% for the three months ended September 30, 2020 and 2019, respectively, and 20.0% and 21.4% for the nine months ended September 30, 2020 and 2019, respectively. The decrease in the ETR for the three month period ended September 30, 2020 was primarily due to a tax benefit recognized from a corporate reorganization outside of the U.S. in the third quarter of 2020 and a detriment from a non-U.S. tax rate change in the third quarter of 2019 which did not recur to the same extent in 2020. The Company’s year to date tax expense differs from the tax computed by applying its estimated annual effective tax rate to the year to date pre-tax earnings due to Excess Tax Benefits from stock compensation of $52 million and net reductions to tax positions of $43 million.
The Company classifies interest related to UTPs in interest expense, net in its consolidated statements of operations. Penalties, if incurred, would be recognized in other non-operating (expense) income, net. The Company had an increase in its UTPs of $17 million ($16 million, net of federal tax) during the third quarter of 2020 and a net decrease in UTPs during the first nine months of 2020 of $6 million ($7 million, net of federal tax).
Moody’s Corporation and subsidiaries are subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company’s U.S. federal income tax return for 2019 remains open to examination and 2017 and 2018 are currently under examination. The Company’s New York State tax returns for 2011 through 2016 are currently under examination and the Company’s New York City tax return for 2014 through 2017 are currently under examination. The Company’s U.K. tax return for 2012 is currently under examination and its returns for 2013 through 2018 remain open to examination.
For ongoing audits, it is possible the balance of UTPs could decrease in the next twelve months as a result of the settlement of these audits, which might involve the payment of additional taxes, the adjustment of certain deferred taxes and/or the recognition of tax benefits. It is also possible that new issues might be raised by tax authorities which could necessitate increases to the balance of UTPs. As the Company is unable to predict the timing or outcome of these audits, it is therefore unable to estimate the amount of changes to the balance of UTPs at this time. However, the Company believes that it has adequately provided for its financial exposure relating to all open tax years by tax jurisdiction in accordance with the applicable provisions of Topic 740 of the ASC regarding UTPs.
The following table shows the amount the Company paid for income taxes:
Nine Months Ended September 30,
20202019
Income taxes paid $374 $303 
v3.20.2
WEIGHTED AVERAGE SHARES OUTSTANDING
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
WEIGHTED AVERAGE SHARES OUTSTANDING WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended
September 30,		Nine Months Ended September 30,
2020201920202019
Basic
187.8 189.0 187.6 189.6 
Dilutive effect of shares issuable under stock-based compensation plans
1.5 2.1 1.7 2.2 
Diluted
189.3 191.1 189.3 191.8 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above
0.3 0.2 0.3 0.3 
The calculation of diluted EPS requires certain assumptions regarding the use of both cash proceeds and assumed proceeds that would be received upon the exercise of stock options and vesting of restricted stock outstanding as of September 30, 2020 and 2019.
v3.20.2
ACCELERATED SHARE REPURCHASE PROGRAM
 9 Months Ended
Sep. 30, 2020
Other Liabilities Disclosure [Abstract]  
ACCELERATED SHARE REPURCHASE PROGRAM ACCELERATED SHARE REPURCHASE PROGRAM
On February 20, 2019, the Company entered into an ASR agreement with a financial institution counterparty to repurchase $500 million of its outstanding common stock. The Company paid $500 million to the counterparty and received an initial delivery of 2.2 million shares of its common stock. Final settlement of the ASR agreement was completed on April 26, 2019 and the Company received delivery of an additional 0.6 million shares of the Company’s common stock.
In total, the Company repurchased 2.8 million shares of the Company’s common stock during the term of the ASR Agreement, based on the volume-weighted average price (net of discount) of $180.33 per share over the duration of the program. The initial share repurchase and final share settlement were recorded as a reduction to shareholders’ equity.
v3.20.2
CASH EQUIVALENTS AND INVESTMENTS
 9 Months Ended
Sep. 30, 2020
Cash and Cash Equivalents [Abstract]  
CASH EQUIVALENTS AND INVESTMENTS CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of September 30, 2020
Balance sheet location
Cost
Gains/(Losses)
Fair Value
Cash and cash equivalents
Short-term
investments
Other
assets
Certificates of deposit and money market deposit accounts (1)
$1,387 $— $1,387 $1,284 $96 $7 
Mutual funds$47 $3 $50 $— $— $50 

As of December 31, 2019
Balance sheet location

Cost
Gains/(Losses)

Fair Value
Cash and cash
equivalents
Short-term
investments
Other
assets
Certificates of deposit and money market deposit accounts (1)
$971 $— $971 $866 $95 $10 
Mutual funds$3 $— $3 $— $3 $— 
(1) Consists of time deposits and money market deposit accounts. The remaining contractual maturities for the certificates of deposits classified as short-term investments were one month to 12 months at both September 30, 2020 and December 31, 2019. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 22 months at September 30, 2020 and 13 months to 18 months at December 31, 2019. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
In addition, the Company invested in Corporate-Owned Life Insurance (COLI) in the first quarter of 2020. As of September 30, 2020, the contract value of the COLI was $14 million.
v3.20.2
ACQUISITIONS AND OTHER STRATEGIC INITIATIVES
 9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
ACQUISITIONS AND OTHER STRATEGIC INITIATIVES ACQUISITIONS AND OTHER STRATEGIC INITIATIVES
The business combinations described below are accounted for using the acquisition method of accounting whereby assets acquired and liabilities assumed were recognized at fair value on the date of the transaction. Any excess of the purchase price over the fair value of the assets acquired and liabilities assumed was recorded to goodwill. Goodwill typically results through expected synergies from combining operations of an acquiree and an acquirer, anticipated new customer acquisition and products, as well as from intangible assets that do not qualify for separate recognition.
RDC
On February 13, 2020, the Company acquired 100% of RDC, a provider of anti-money laundering and know-your-customer data and due diligence services.
The table below details the total consideration relating to the acquisition:
Cash paid at closing $700 
Additional consideration paid to sellers in 2020 (1)
2 
Total consideration$702 
(1) Represents additional consideration paid to the sellers following finalization of customary post-closing completion adjustments.
Shown below is the preliminary purchase price allocation, which summarizes the fair value of the assets and liabilities assumed, at the date of acquisition:
(Amounts in millions)
Current assets$24 
Intangible assets:
Customer relationships (25 year weighted average life)
$174 
Database (10 year weighted average life)
86 
Product technology (4 year weighted average life)
17 
Trade name (3 year weighted average life)
3 
Total intangible assets (19 year weighted average life)
280 
Goodwill494 
Other assets2 
Liabilities:
Accounts payable and accrued liabilities$(5)
Deferred revenue(20)
Deferred tax liabilities(71)
Other liabilities(2)
Total liabilities(98)
Net assets acquired$702 
The Company has performed a preliminary valuation analysis of the fair market value of assets and liabilities of the RDC business. The final purchase price allocation will be determined when the Company has completed and fully reviewed the detailed valuations. The final allocation could differ materially from the preliminary allocation. The final allocation may include changes in allocations to acquired intangible assets as well as goodwill and other changes to assets and liabilities including reserves for UTPs and deferred tax liabilities. The estimated useful lives of acquired intangibles assets are also preliminary.
Current assets in the table above include acquired cash of $6 million. Additionally, current assets include accounts receivable of approximately $14 million.
Goodwill
The goodwill recognized as a result of this acquisition includes, among other things, the value of combining the complementary product portfolios of the Company and RDC, which is expected to extend the Company’s reach to new and evolving market segments as well as cost savings synergies, expected new customer acquisitions and products.
Goodwill, which has been assigned to the MA segment, is not deductible for tax purposes.
RDC is a component of the Bureau van Dijk reporting unit for purposes of the Company’s annual goodwill impairment assessment.
Transaction costs
Transaction costs directly related to the RDC acquisition were not material.
Other Acquisitions and Strategic Initiatives
During the second quarter of 2020, the Company increased its stake in Vigeo Eiris, a provider of ESG research, data and assessments, from 69.2% to 99.8%. The purchase price for the additional stake was not material. Vigeo Eiris revenue is reported in the MIS Other LOB.
v3.20.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
 9 Months Ended
Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to global market risks, including risks from changes in FX rates and changes in interest rates. Accordingly, the Company uses derivatives in certain instances to manage the aforementioned financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for speculative purposes.
Derivatives and non-derivative instruments designated as accounting hedges:
Fair Value Hedges
Interest Rate Swaps
The Company has entered into interest rate swaps to convert the fixed interest rate on certain of its long-term debt to a floating interest rate based on the 3-month LIBOR and 6-month LIBOR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statement of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged ItemNature of SwapAs of September 30,
2020		As of December 31,
2019		Floating Interest Rate
2012 Senior Notes due 2022Pay Floating/Receive Fixed$330 $330 3-month USD LIBOR
2017 Senior Notes due 2021(1)
Pay Floating/Receive Fixed$— $500 3-month USD LIBOR
2017 Senior Notes due 2023Pay Floating/Receive Fixed$250 $250 3-month USD LIBOR
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500 $— 3-month USD LIBOR
2020 Senior Notes due 2025 (2)
Pay Floating/Receive Fixed$300 $— 6-month USD LIBOR
Total$1,380 $1,080 
(1) These interest rates swaps were terminated in conjunction with the repayment of the 2017 Senior Notes due 2021 in the third quarter of 2020.
(2) These interest rate swaps were executed in the third quarter of 2020.
Refer to Note 17 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statement of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended September 30,Nine Months Ended
September 30,
2020201920202019
Interest expense, net$(53)$(46)$(153)$(149)

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

Interest expense, net
$6 $1 $14 $1 
Fair value changes on interest rate swapsInterest expense, net$(7)$2 $53 $33 
Fair value changes on hedged debtInterest expense, net$7 $(2)$(53)$(33)
Net investment hedges
The Company has designated €500 million of the 2015 Senior Notes Due 2027 and €750 million of the 2019 Senior Notes due 2030 as net investment hedges to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. These hedges are designated as accounting hedges under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027 and 2030, respectively, unless terminated early at the discretion of the Company.
The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
September 30, 2020
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
€1,079 1.43%$1,220 3.96%
Pay Floating/Receive Floating959 Based on 3-month EURIBOR1,080 Based on 3-month USD LIBOR
Total
€2,038 $2,300 

December 31, 2019
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
€1,079 1.43%$1,220 3.96%
Pay Floating/Receive Floating
931 Based on 3-month EURIBOR1,080 Based on 3-month USD LIBOR
Total
€2,010 $2,300 
As of September 30, 2020, these hedges will expire and be settled in 2021, 2022, 2023, 2024, and 2026 for €265 million, €438 million, €442 million, €443 million, and €450 million of the total notional amount, respectively, unless terminated early at the discretion of the Company.
During the third quarter of 2020, the Company early-terminated €422.5 million notional value of cross-currency swaps (set to expire in 2021), resulting in immaterial cash proceeds.
The Company also enters into forward contracts to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. The following table summarizes the notional amounts of the Company's outstanding forward contract that was designated as a net investment hedge:
September 30, 2020December 31, 2019
Notional amount of net investment hedgesSellBuySellBuy
Contract to sell EUR for USD€247 $292 — — 
This forward contract will expire in November 2020.
Cash Flow Hedge
Interest Rate Forward Contracts
In January 2020, the Company entered into $300 million notional amount treasury rate locks with an average locked-in U.S. 30-year Treasury rate of 2.0103%, which were designated as cash flow hedges and used to manage the Company’s interest rate risk during the period prior to an anticipated issuance of 30-year debt. The treasury lock interest rate forward contracts matured on April 30, 2020, resulting in a cumulative loss of $68 million, which was recognized in AOCL. The loss on the Treasury rate lock will be reclassified from AOCL to earnings in the same period that the hedged transaction (i.e. interest payments on the 3.25% 2020 Senior Notes, due 2050) impacts earnings.
The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Gain/(Loss) Reclassified from AOCL into Income, net of TaxGain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
September 30,		Three Months Ended
September 30,		Three Months Ended
September 30,
202020192020201920202019
FX forward contracts
$1 $5 $— $1 $— $— 
Cross currency swaps
(98)79 — — 10 15 
Long-term debt
(46)18 — — — — 
Total net investment hedges
$(143)$102 $— $1 $10 $15 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts
(1)— (1)— — — 
Total cash flow hedges$(1)$— $(1)$— $— $— 
Total$(144)$102 $(1)$1 $10 $15 

Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
Amount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Gain/(Loss) Reclassified from AOCL into Income, net of Tax
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Nine Months Ended
September 30,		Nine Months Ended
September 30,		Nine Months Ended
September 30,
202020192020201920202019
FX forward contracts
$1 $5 $— $1 $— $— 
Cross currency swaps
(81)75 — — 40 37 
Long-term debt
(47)

17 — — — — 
Total net investment hedges
$(127)$97 $— $1 $40 $37 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts(51)— (2)— — — 
Total cash flow hedges$(51)$— $(2)$— $— $— 
Total$(178)$97 $(2)$1 $40 $37 
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:

Cumulative Gains/(Losses), net of tax
September 30, 2020December 31, 2019
Net investment hedges
Cross currency swaps
$(40)$41 
FX forwards
27 26 
Long-term debt
(60)(13)
Total net investment hedges
$(73)$54 
Cash flow hedges
Interest rate contracts
$(51)$(2)
Cross currency swaps2 2 
Total cash flow hedges
(49)— 
Total net (loss) gain in AOCL$(122)$54 
Derivatives not designated as accounting hedges:
Foreign exchange forwards
The Company also enters into foreign exchange forward contracts to mitigate the change in fair value on certain assets and liabilities denominated in currencies other than a subsidiary’s functional currency. These forward contracts are not designated as accounting hedges under the applicable sections of Topic 815 of the ASC. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating income, net in the Company’s consolidated statements of operations along with the FX gain or loss recognized on the assets and liabilities denominated in a currency other than the subsidiary’s functional currency. These contracts have expiration dates at various times through November 2020.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
September 30, 2020December 31, 2019
Notional amount of currency pair:
Sell
Buy
Sell
Buy
Contracts to sell USD for GBP
$320 £254 $235 £178 
Contracts to sell USD for Japanese Yen
$10 ¥1,000 $29 ¥3,200 
Contracts to sell USD for Canadian dollars
$105 C$140 $83 C$110 
Contracts to sell USD for Singapore dollars
$58 S$79 $41 S$56 
Contracts to sell USD for Euros
$530 €452 $421 €378 
Contracts to sell Euros for GBP€53 £48 €25 £21 
Contracts to sell USD for Russian Ruble$9 ₽670 $— ₽— 
Contracts to sell USD for Indian Rupee$18 ₹1,350 $— ₹— 
NOTE: € = Euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese Yen, C$ = Canadian dollar, S$= Singapore dollars, ₽= Russian Ruble, ₹= Indian Rupee
The following table summarizes the impact to the consolidated statements of operations relating to the net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedges
Location on Statement of Operations
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Foreign exchange forwards
Other non-operating income, net$36 $(26)$1 $(35)
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet Location
September 30, 2020December 31, 2019
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other assets
$9 $56 
Interest rate swaps designated as fair value hedges
Other assets
63 27 
FX forwards designated as net investment hedgesOther current assets2 — 
Total derivatives designated as accounting hedges
74 83 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Other current assets
5 9 
Total assets
$79 $92 
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other liabilities
$63 $— 
Interest rate swaps designated as fair value hedges
Other liabilities
1 — 
Total derivatives designated as accounting hedges
64 — 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedge
Long-term debt
1,465 1,403 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Accounts payable and accrued liabilities
5 — 
Total liabilities
$1,534 $1,403 
v3.20.2
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
The following table summarizes the activity in goodwill for the periods indicated:
Nine Months Ended September 30, 2020
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$315 $— $315 $3,419 $(12)$3,407 $3,734 $(12)$3,722 
Additions/
adjustments (1)
(2)— (2)497 — 497 495 — 495 
Foreign currency translation adjustments
(11)— (11)76 — 76 65 — 65 
Ending balance
$302 $— $302 $3,992 $(12)$3,980 $4,294 $(12)$4,282 
Year Ended December 31, 2019
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$258 $— $258 $3,535 $(12)$3,523 $3,793 $(12)$3,781 
Additions/
adjustments (2)
53 — 53 61 — 61 114 — 114 
Foreign currency translation
adjustments
4 — 4 (14)— (14)(10)— (10)
Divestiture of MAKS— — — (163)— (163)(163)— (163)
Ending balance
$315 $— $315 $3,419 $(12)$3,407 $3,734 $(12)$3,722 
(1) The 2020 additions/adjustments for the MA segment in the table above primarily relate to the acquisitions of RDC and RBA.
(2) The 2019 additions/adjustments for the MIS segment in the table above relate to the acquisitions of Vigeo Eiris and Four Twenty Seven. The 2019 additions/adjustments for the MA segment in the table above relate to the acquisition of RiskFirst and ABS Suite.
Acquired intangible assets and related amortization consisted of:
September 30,
2020		December 31,
2019
Customer relationships
$1,524 $1,325 
Accumulated amortization
(287)(235)
Net customer relationships
1,237 1,090 
Trade secrets
30 30 
Accumulated amortization
(29)(29)
Net trade secrets
1 1 
Software/product technology
378 372 
Accumulated amortization
(152)(131)
Net software/product technology
226 241 
Trade names
152 150 
Accumulated amortization
(35)(30)
Net trade names
117 120 
Other (1)
182 80 
Accumulated amortization
(46)(34)
Net other
136 46 
Total acquired intangible assets, net
$1,717 $1,498 
(1) Other intangible assets primarily consist of databases, covenants not to compete, and acquired ratings methodologies and models.
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Amortization expense
$31 $24 $90 $77 
Estimated future amortization expense for acquired intangible assets subject to amortization is as follows:
Year Ending December 31,
2020 (After September 30,)
$31 
2021121 
2022120 
2023116 
2024108 
Thereafter1,221 
Total estimated future amortization$1,717 
Matters concerning the ICRA reporting unit
On August 29, 2019, the board of directors of ICRA terminated the employment of ICRA's CEO and on September 28, 2019, the shareholders of ICRA voted to remove the former CEO from his position on ICRA's board of directors. ICRA appointed a new Managing Director & Group CEO effective August 10, 2020. ICRA has reported that the Securities and Exchange Board of India (SEBI) issued an adjudication order dated December 26, 2019 imposing a penalty of INR 25 lakh (approximately $35,000) on ICRA in connection with credit ratings assigned to one of ICRA’s customers and the customer’s subsidiaries. ICRA has further reported that: (i) it is appealing that order; and (ii) it had received a related "show cause" notice from SEBI asking ICRA to demonstrate why the penalty imposed should not be increased. In an order dated September 22, 2020, SEBI increased the penalty imposed on ICRA from INR 25 lakh to INR 1 crore (approximately $140,000). In addition, ICRA has disclosed that it has completed its internal examinations into anonymous allegations that were forwarded to ICRA by SEBI and certain additional allegations made during the course of that examination while an examination into a separate anonymous complaint is ongoing. ICRA reported that its Board of Directors is in the process of taking appropriate actions based on the findings of the completed examinations. As of the date of this quarterly report on Form 10-Q, the Company is unable to estimate the financial impact, if any, that may result from a potential unfavorable conclusion of these matters or any other ICRA inquiry. An unfavorable resolution of such matters may negatively impact ICRA’s future operating results, which could result in an impairment of goodwill and amortizable intangible assets in future quarters.
v3.20.2
RESTRUCTURING
 9 Months Ended
Sep. 30, 2020
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
On July 29, 2020, the chief executive officer of Moody’s approved a restructuring program (the “2020 Restructuring Program”) primarily in response to the COVID-19 pandemic which revolves around the rationalization and exit of certain real estate leases. The exit from certain leased office space began in the third quarter of 2020 and is anticipated to be substantially completed during the first half of 2021. The 2020 Restructuring Program is estimated to result in total pre-tax charges of $25 to $35 million, which primarily reflect non-cash charges related to the impairment of operating lease right-of-use assets and leasehold improvements. Approximately $25 to $30 million of this amount is expected to be recorded in the second half of 2020. The 2020 Restructuring Program is expected to result in an estimated annualized savings of approximately $5 to $6 million a year.
On October 26, 2018, the chief executive officer of Moody’s approved a restructuring program (the “2018 Restructuring Program”) that the Company estimates will result in annualized savings of approximately $60 million per year. The 2018 Restructuring Program, the scope of which was expanded in the second quarter of 2019, is estimated to result in total pre-tax charges of $105 to $110 million. The 2018 Restructuring Program included relocation of certain functions from high-cost to lower-cost jurisdictions, a reduction of staff, including from acquisitions and pursuant to a review of the business criticality of certain positions, and the rationalization and exit of certain real estate leases due to consolidation of various business activities. The exit from certain leased office space began in the fourth quarter of 2018 and resulted in approximately $50 million of the charges to either terminate or sublease the affected real estate leases. The 2018 Restructuring Program also included approximately $60 million of personnel-related restructuring charges, an amount that includes severance and related costs primarily determined under the Company’s existing severance plans. Cash outlays associated with the employee termination cost component of the 2018 Restructuring Program are anticipated to be approximately $60 million, which will be paid through 2021. The remaining restructuring liability relating to the 2018 Restructuring Program was not material as of September 30, 2020.
Total expenses included in the accompanying consolidated statements of operations relating to the 2018 Restructuring Program and 2020 Restructuring Program are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
2018 Restructuring Program$— $(1)$(3)$58 
2020 Restructuring Program (1)
23 — 23 — 
Total Restructuring$23 $(1)$20 $58 
(1) Consists of a non-cash charge relating to the impairment of leasehold improvements and ROU Assets. The fair value of the impaired ROU Assets was determined by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of these ROU assets immediately subsequent to the impairment was $10 million, and is categorized as Level 3 within the ASC Topic 820 fair value hierarchy.
v3.20.2
FAIR VALUE
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE    
The table below presents information about items that are carried at fair value at September 30, 2020 and December 31, 2019:
Fair value Measurement as of September 30, 2020
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$79 $— $79 
Mutual funds
50 50 — 
Total
$129 $50 $79 
Liabilities:
Derivatives (1)
$69 $— $69 
Total
$69 $— $69 

Fair value Measurement as of December 31, 2019
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$92 $— $92 
Mutual funds
3 3 — 
Total
$95 $3 $92 
(1)Represents FX forwards on certain assets and liabilities as well as interest rate swaps, cross-currency swaps and forward contracts as more fully described in Note 10 to the condensed consolidated financial statements.
The following are descriptions of the methodologies utilized by the Company to estimate the fair value of its derivative contracts, mutual funds and money market mutual funds:
Derivatives:
In determining the fair value of the derivative contracts in the table above, the Company utilizes industry standard valuation models. Where applicable, these models project future cash flows and discount the future amounts to a present value using spot rates, forward points, currency volatilities, interest rates as well as the risk of non-performance of the Company and the counterparties with whom it has derivative contracts. The Company established strict counterparty credit guidelines and only enters into transactions with financial institutions that adhere to these guidelines. Accordingly, the risk of counterparty default is deemed to be minimal.
Mutual funds and money market mutual funds:
The mutual funds in the table above are deemed to be equity securities with readily determinable fair values with changes in the fair value recognized through net income under ASC Topic 321. The fair value of these instruments is determined using Level 1 inputs as defined in the ASC Topic 820.
v3.20.2
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION
 9 Months Ended
Sep. 30, 2020
Other Balance Sheet And Statement Of Operations Information [Abstract]  
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION
The following tables contain additional detail related to certain balance sheet captions:
September 30, 2020December 31, 2019
Other current assets:
Prepaid taxes$121 $79 
Prepaid expenses77 71 
Capitalized costs to obtain and fulfill sales contracts80 91 
Other55 89 
Total other current assets$333 $330 
Other assets:
Investments in non-consolidated affiliates$123 $117 
Deposits for real-estate leases16 13 
Indemnification assets related to acquisitions16 16 
Mutual funds and fixed deposits54 10 
Company owned life insurance (at contract value)14 — 
Costs to obtain sales contracts118 119 
Cross currency and interest rate swaps72 83 
Other55 31 
Total other assets$468 $389 
Accounts payable and accrued liabilities:
Salaries and benefits$131 $152 
Incentive compensation160 208 
Customer credits, advanced payments and advanced billings44 28 
Dividends7 7 
Professional service fees51 43 
Interest accrued on debt43 63 
Accounts payable26 38 
Income taxes97 73 
Pension and other retirement employee benefits7 7 
Accrued royalties13 25 
Foreign exchange forwards on certain assets and liabilities5 — 
Restructuring liability4 21 
Other124 108 
Total accounts payable and accrued liabilities$712 $773 
September 30, 2020December 31, 2019
Other liabilities:
Pension and other retirement employee benefits$214 $299 
Interest accrued on UTPs107 82 
MAKS indemnification provisions33 43 
Income tax liability - non-current portion51 51 
Cross currency and interest rate swaps64 — 
Restructuring liability2 3 
Other27 26 
Total other liabilities$498 $504 

Loss pursuant to the Divestiture of MAKS:
The $2 million and $11 million loss during the three and nine months ended September 30, 2019 and $9 million loss during the nine months ended September 30, 2020 relates to the strategic divestiture of MAKS.
Other Non-Operating Income (Expense):
The following table summarizes the components of other non-operating income (expense):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
FX gain (loss) $2 $1 $7 $(15)
Net periodic pension costs - other components3 4 10 13 
Income from investments in non-consolidated affiliates4 4 4 11 
Other1 1 17 3 
Total$10 $10 $38 $12 
v3.20.2
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table provides details about the reclassifications out of AOCL:
Losses on cash flow hedgesThree Months Ended
September 30, 2020		Nine Months Ended
September 30, 2020		Location in the consolidated statement of operations
Interest rate contract$— $(1)Other non-operating expense, net
Income tax effect of items above— — Provision for income taxes
Total net losses on cash flow hedges— (1)
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income(1)(3)Operating expense
Amortization of actuarial losses and prior service costs included in net income(1)(2)SG&A expense
Total before income taxes(2)(5)
Income tax effect of item above— 1 Provision for income taxes
Total pension and other retirement benefits(2)(4)
Total net losses included in Net Income attributable to reclassifications out of AOCL$(2)$(5)
Location in the consolidated statement of operations
Gains (losses) on cash flow hedgesThree Months Ended
September 30, 2019		Nine Months Ended
September 30, 2019
Cross-currency swap$— $— Other non-operating income, net
Interest rate contract— — Interest expense, net
Total before income taxes— — 
Income tax effect of items above — — Provision for income taxes
Total net gains (losses) on cash flow hedges— — 
Gains on net investment hedges
FX forwards1 1 Other non-operating income, net
Income tax effect of item above— — Provision for income taxes
Total net gains on net investment hedges11
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income(1)(2)Operating expense
Amortization of actuarial losses and prior service costs included in net income— (1)SG&A expense
Total before income taxes(1)(3)
Income tax effect of item above— 1 Provision for income taxes
Total pension and other retirement benefits(1)(2)
Total net losses included in Net Income attributable to reclassifications out of AOCL$— $(1)
The following tables show changes in AOCL by component (net of tax):
Three Months Ended
September 30, 2020September 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance June 30,$(84)$(49)$(479)$70 $(542)$(70)$— $(401)$25 $(446)
Other comprehensive income/(loss) before reclassifications(7)— 186 (143)36 — — (193)102 (91)
Amounts reclassified from AOCL2 — — — 2 1 — — (1)— 
Other comprehensive income/(loss)(5)— 186 (143)38 1 — (193)101 (91)
Balance September 30,$(89)$(49)$(293)$(73)$(504)$(69)$— $(594)$126 $(537)

Nine Months Ended
September 30, 2020September 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31,$(92)$— $(401)$54 $(439)$(53)$— $(406)$33 $(426)
Other comprehensive income/(loss) before reclassifications(1)(50)108 (127)(70)(1)— (188)97 (92)
Amounts reclassified from AOCL4 1 — — 5 2 — — (1)1 
Adoption of ASU 2018-02— — — — — (17)— — (3)(20)
Other comprehensive income/(loss)3 (49)108 (127)(65)(16)— (188)93 (111)
Balance September 30,$(89)$(49)$(293)$(73)$(504)$(69)$— $(594)$126 $(537)
v3.20.2
PENSION AND OTHER RETIREMENT BENEFITS
 9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
PENSION AND OTHER RETIREMENT BENEFITS PENSION AND OTHER RETIREMENT BENEFITS
Moody’s maintains funded and unfunded noncontributory DBPPs. The U.S. plans provide defined benefits using a cash balance formula based on years of service and career average salary for its employees or final average pay for selected executives. The Company also provides certain healthcare and life insurance benefits for retired U.S. employees. The retirement healthcare plans are contributory; the life insurance plans are noncontributory. Moody’s funded and unfunded U.S. pension plans, the U.S. retirement healthcare plans and the U.S. retirement life insurance plans are collectively referred to herein as the “Retirement Plans”. The U.S. retirement healthcare plans and the U.S. retirement life insurance plans are collectively referred to herein as the “Other Retirement Plans”. The non-U.S. defined benefit pension plans are immaterial.
Effective January 1, 2008, the Company no longer offers DBPPs to U.S. employees hired or rehired on or after January 1, 2008. New U.S. employees will instead receive a retirement contribution of similar benefit value under the Company’s Profit Participation Plan. Current participants of the Company’s DBPPs continue to accrue benefits based on existing plan formulas.
The components of net periodic benefit expense related to the Retirement Plans are as follows:
Three Months Ended September 30,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$5 $4 $— $1 
Interest cost
4 5 1 — 
Expected return on plan assets
(5)(5)— — 
Amortization of net actuarial loss from earlier periods
2 1 — — 
Net periodic expense
$6 $5 $1 $1 

Nine Months Ended September 30,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$13 $12 $2 $2 
Interest cost
13 15 1 1 
Expected return on plan assets
(15)(15)— — 
Amortization of net actuarial loss from earlier periods
5 3 — — 
Net periodic expense
$16 $15 $3 $3 
The Company contributed $99 million to its funded pension plan, $8 million related to its unfunded U.S. DBPPs and $1 million to its U.S. other retirement plans during the nine months ended September 30, 2020. Additionally, the Company anticipates making payments of $1 million to its unfunded U.S. DBPPs, during the remainder of 2020.
v3.20.2
INDEBTEDNESS
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying amount, which represents the issuance amount plus or minus any issuance premium or discount, except for the 2012 Senior Notes, the 2017 Senior Notes due 2023, the 2017 Senior Notes due 2028 and the 2020 Senior Notes due 2025 which are recorded at the carrying amount adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
September 30, 2020
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500 $16 $(1)$(1)$514 
4.875% 2013 Senior Notes, due 2024
500 — (1)(1)498 
5.25% 2014 Senior Notes (30-Year), due 2044
600 — 4 (5)599 
1.75% 2015 Senior Notes, due 2027
586 — — (2)584 
2.625% 2017 Senior Notes, due 2023
500 13 (1)(2)510 
3.25% 2017 Senior Notes, due 2028
500 34 (4)(3)527 
4.25% 2018 Senior Notes, due 2029
400 — (2)(3)395 
4.875% 2018 Senior Notes, due 2048
400 — (7)(4)389 
0.950% 2019 Senior Notes, due 2030
879 — (3)(6)870 
3.75% 2020 Senior Notes, due 2025
700 (1)(1)(5)693 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
500 — (4)(5)491 
Total long-term debt$6,365 $62 $(24)$(40)$6,363 

December 31, 2019
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500 $9 $(1)$(1)$507 
4.875% 2013 Senior Notes, due 2024
500 — (1)(2)497 
5.25% 2014 Senior Notes (30-Year), due 2044
600 — 4 (5)599 
1.75% 2015 Senior Notes, due 2027
561 — — (3)558 
2.75% 2017 Senior Notes, due 2021
500 11 (1)(2)508 
2.625% 2017 Senior Notes, due 2023
500 7 (1)(2)504 
3.25% 2017 Senior Notes, due 2028
500 — (4)(3)493 
3.25% 2018 Senior Notes, due 2021
300 — — (1)299 
4.25% 2018 Senior Notes, due 2029
400 — (3)(3)394 
4.875% 2018 Senior Notes, due 2048
400 — (7)(4)389 
0.950% 2019 Senior Notes, due 2030
842 — (3)(6)833 
Total long-term debt$5,603 $27 $(17)$(32)$5,581 
(1) The fair value of interest rate swaps in the table above represents the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.
Notes Payable
In the first nine months of 2020, the Company issued the 2020 Senior Notes (5-year), the 2020 Senior Notes (30-year) and the 2020 Senior Notes (40-year). The key terms of these debt issuances are set forth in the table above.
The Company may prepay certain amounts of its senior notes, in whole or in part, but may incur a Make-Whole Amount penalty.
In the second quarter of 2020, the Company fully repaid $300 million of the 2018 Senior Notes due 2021 along with a Make-Whole Amount of approximately $8 million. In the third quarter of 2020, the Company fully repaid $500 million of the 2017 Senior Notes due 2021 along with a Make-Whole Amount of approximately $16 million. Additionally, in the third quarter of 2020, the Company recognized into interest expense, net, $17 million of carrying value adjustments relating to the early termination of interest rate swaps designated as fair value hedges that were associated with the 2017 Senior Notes due 2021.
At September 30, 2020, the Company was in compliance with all covenants contained within all of the debt agreements. All the debt agreements contain cross default provisions which state that default under one of the aforementioned debt instruments could in turn permit lenders under other debt instruments to declare borrowings outstanding under those instruments to be immediately due and payable. As of September 30, 2020, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,2012 Senior Notes due 20222013 Senior Notes due 2024
2014 Senior Notes (30-Year) due 2044
2015 Senior Notes due 20272017 Senior Notes due 20232017 Senior Notes due 20282018 Senior Notes due 20292018 Senior Notes due 20482019 Senior Notes due 20302020 Senior Notes due 20252020 Senior Notes due 20502020 Senior Notes due 2060Total
2020 (After September 30,)
$— $— $— $— $— $— $— $— $— $— $— $— $— 
2021— — — — — — — — — — — — — 
2022500 — — — — — — — — — — — 500 
2023— — — — 500 — — — — — — — 500 
2024— 500 — — — — — — — — — — 500 
Thereafter— — 600 586 — 500 400 400 879 700 300 500 4,865 
Total$500 $500 $600 $586 $500 $500 $400 $400 $879 $700 $300 $500 $6,365 
Interest expense, net
The following table summarizes the components of interest as presented in the consolidated statements of operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Income$2 $3 $9 $12 
Expense on borrowings(42)(37)(121)(125)
UTPs and other tax related liabilities(9)(7)(27)(20)
Net periodic pension costs - interest component(4)(6)(14)(17)
Capitalized— 1 — 1 
Total$(53)$(46)$(153)$(149)
The following table shows the cash paid for interest:
Nine Months Ended
September 30,
20202019
Interest paid
$119 $149 
The fair value and carrying value of the Company’s debt as of September 30, 2020 and December 31, 2019 are as follows:
September 30, 2020December 31, 2019
Carrying Amount
Estimated Fair Value
Carrying Amount
Estimated Fair Value
4.50% 2012 Senior Notes, due 2022
$514 $535 $507 $531 
4.875% 2013 Senior Notes, due 2024
498 565 497 551 
5.25% 2014 Senior Notes (30-Year), due 2044
599 822 599 757 
1.75% 2015 Senior Notes, due 2027
584 643 558 604 
2.75% 2017 Senior Notes, due 2021
— — 508 507 
2.625% 2017 Senior Notes, due 2023
510 523 504 507 
3.25% 2017 Senior Notes, due 2028
527 566 493 523 
3.25% 2018 Senior Notes, due 2021
— — 299 306 
4.25% 2018 Senior Notes, due 2029
395 479 394 453 
4.875% 2018 Senior Notes, due 2048
389 540 389 492 
0.950% 2019 Senior Notes, due 2030
870 923 833 847 
3.75% 2020 Senior Notes, due 2025
693 789 — — 
3.25% 2020 Senior Notes, due 2050
293 320 — — 
2.55% 2020 Senior Notes, due 2060
491 458 — — 
Total
$6,363 $7,163 $5,581 $6,078 
The fair value of the Company’s long-term debt is estimated based on quoted market prices for similar instruments. Accordingly, the inputs used to estimate the fair value of the Company’s long-term debt are classified as Level 2 inputs within the fair value hierarchy.
v3.20.2
LEASES
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
LEASES LEASES
The Company has operating leases, substantially all of which relate to the lease of office space. The Company’s leases which are classified as finance leases are not material to the consolidated financial statements. Certain of the Company’s leases include options to renew, with renewal terms that can extend the lease term from one year to 20 years at the Company’s discretion.
The following table presents the components of the Company’s lease cost:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Operating lease cost$24 $24 $72 $73 
Sublease income(1)— (3)— 
Variable lease cost4 5 14 13 
Total lease cost$27 $29 $83 $86 
During the third quarter of 2020, the Company recorded $11 million of ROU Asset impairment charges related to the rationalization and exit of certain real estate leases pursuant to the 2020 Restructuring Program. The impairment charges were recorded within the Restructuring caption on the consolidated statement of operations. Refer to Note 12 for further details on the Company's 2020 Restructuring Program.
The following tables present other information related to the Company’s operating leases:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Cash paid for amounts included in the measurement of operating lease liabilities$27 $27 $80 $80 
Right-of-use assets obtained in exchange for new operating lease liabilities
$7 $12 $26 $28 

September 30, 2020September 30, 2019
Weighted-average remaining lease term
6.3 years6.9 years
Weighted-average discount rate applied to operating leases
3.6 %3.6 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at September 30, 2020:
Year Ending December 31,Operating Leases
2020 (After September 30)
$27 
2021107 
202296 
202390 
202481 
After 2024191 
Total lease payments (undiscounted)592 
Less: Interest62 
Present value of lease liabilities:$530 
Lease liabilities - current$91 
Lease liabilities - noncurrent$439 
v3.20.2
CONTINGENCIES
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
Given the nature of the Company's activities, Moody’s and its subsidiaries are subject to legal and tax proceedings, governmental, regulatory and legislative investigations, subpoenas and other inquiries, and claims and litigation by governmental and private parties that are based on ratings assigned by MIS or that are otherwise incidental to the Company’s business. Moody’s and MIS also are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties or restrictions on business activities. Moody’s also is subject to ongoing tax audits as addressed in Note 5 to the consolidated financial statements.
Management periodically assesses the Company’s liabilities and contingencies in connection with these matters based upon the latest information available. For claims, litigation and proceedings and governmental investigations and inquiries not related to income taxes, the Company records liabilities in the consolidated financial statements when it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated and periodically adjusts these as appropriate. When the reasonable estimate of the loss is within a range of amounts, the minimum amount of the range is accrued unless some higher amount within the range is a better estimate than another amount within the range. In instances when a loss is reasonably possible but uncertainties exist related to the probable outcome and/or the amount or range of loss, management does not record a liability but discloses the contingency if material. As additional information becomes available, the Company adjusts its assessments and estimates of such matters accordingly. Moody’s also discloses material pending legal proceedings pursuant to SEC rules and other pending matters as it may determine to be appropriate.
In view of the inherent difficulty of assessing the potential outcome of legal proceedings, governmental, regulatory and legislative investigations and inquiries, claims and litigation and similar matters and contingencies, particularly when the claimants seek large or indeterminate damages or assert novel legal theories or the matters involve a large number of parties, the
Company often cannot predict what the eventual outcome of the pending matters will be or the timing of any resolution of such matters. The Company also may be unable to predict the impact (if any) that any such matters may have on how its business is conducted, on its competitive position or on its financial position, results of operations or cash flows. As the process to resolve any pending matters progresses, management will continue to review the latest information available and assess its ability to predict the outcome of such matters and the effects, if any, on its operations and financial condition and to accrue for and disclose such matters as and when required. However, because such matters are inherently unpredictable and unfavorable developments or resolutions can occur, the ultimate outcome of such matters, including the amount of any loss, may differ from those estimates.
v3.20.2
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MIS and MA and accordingly, the Company reports in two reportable segments: MIS and MA.
The MIS segment consists of five LOBs. The CFG, SFG, FIG and PPIF LOBs generate revenue principally from fees for the assignment and ongoing monitoring of credit ratings on debt obligations and the entities that issue such obligations in markets worldwide. The MIS Other LOB primarily consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue and revenue from providing ESG research, data and assessments.
The MA segment develops a wide range of products and services that support the risk management activities of institutional participants in global financial markets. Beginning in the first quarter of 2020, the MA segment now consists of two LOBs - RD&A and ERS. Subsequent to the divestiture of MAKS in the fourth quarter of 2019, the MALS business, which was historically part of the PS LOB through December 31, 2019, was reclassified to the RD&A LOB. Prior year revenue by LOB has not been reclassified as the amounts relating to the MALS business were not material.
Revenue for MIS and expenses for MA include an intersegment royalty charged to MA for the rights to use and distribute content, data and products developed by MIS. The royalty rate charged by MIS approximates the fair value of the aforementioned content, data and products and is generally based on comparable market transactions. Also, revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. These fees charged by MA are generally equal to the costs incurred by MA to produce these products and services.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are allocated to each segment based on the segment’s share of full-year 2018 actual revenue which comprises a “Baseline Pool” that will remain fixed over time. In subsequent periods, incremental overhead costs (or reductions thereof) will be allocated to each segment based on the prevailing shares of total revenue represented by each segment.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the chief operating decision maker to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue, operating income and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Refer to Note 3 for further details on the components of the Company’s revenue.
Three Months Ended September 30,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$863 $532 $(39)$1,356 $781 $496 $(37)$1,240 
Total Expense
339 414 (39)714 340 388 (37)691 
Operating income
524 118 — 642 441 108 — 549 
Add:
Restructuring13 10 — 23 — (1)— (1)
Depreciation and
amortization
17 39 — 56 18 30 — 48 
Loss pursuant to the divestiture of MAKS— — — — — 2 — 2 
Captive insurance company settlement— — — — 10 6 — 16 
Adjusted Operating Income$554 $167 $— $721 $469 $145 $— $614 

Nine Months Ended September 30,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$2,667 $1,529 $(115)$4,081 $2,255 $1,448 $(107)$3,596 
Total Expenses
1,051 1,201 (115)2,137 1,028 1,181 (107)2,102 
Operating income
1,616 328 — 1,944 1,227 267 — 1,494 
Add:

Restructuring12 8 — 20 29 29 — 58 
Depreciation and
amortization
52 111 — 163 53 97 — 150 
Acquisition-Related
Expenses
— — — — — 3 — 3 
Loss pursuant to the divestiture of MAKS— 9 — 9 — 11 — 11 
Captive insurance company settlement— — — — 10 6 — 16 
Adjusted Operating Income$1,680 $456 $— $2,136 $1,319 $413 $— $1,732 

The cumulative restructuring charges related to the 2018 Restructuring Program, as more fully discussed in Note 12, for the MIS and MA reportable segments are $62 million and $44 million, respectively.
The cumulative restructuring charges related to the 2020 Restructuring Program, as more fully discussed in Note 12, for the MIS and MA reportable segments are $13 million and $10 million, respectively.
Consolidated Revenue Information by Geographic Area
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
United States$729 $660 $2,280 $1,910 
Non-U.S.:
EMEA401 362 1,137 1,057 
Asia-Pacific156 142 436 415 
Americas70 76 228 214 
Total Non-U.S.627 580 1,801 1,686 
Total$1,356 $1,240 $4,081 $3,596 
v3.20.2
RECENTLY ISSUED ACCOUNTING STANDARDS
 9 Months Ended
Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract]  
RECENTLY ISSUED ACCOUNTING STANDARDS RECENTLY ISSUED ACCOUNTING STANDARDS
In August 2018, the FASB issued ASU No. 2018-14, “Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715- 20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans”. This ASU eliminates requirements for certain disclosures and requires additional disclosures under defined benefit pension plans and other postretirement plans. The ASU is effective for all entities for fiscal years beginning after December 15, 2020 on a retrospective basis to all periods presented, with early adoption permitted. The Company will comply with the new disclosure requirements set forth in this ASU upon adoption.
In April 2019, the FASB issued ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”. This ASU clarifies and improves guidance related to the recently issued standards updates on credit losses, hedging, and recognition and measurement of financial instruments. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not anticipate that the adoption of this ASU will have a significant impact on its consolidated financial statements.
In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes". This ASU simplifies the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740, Income Taxes, and clarifies certain aspects of the existing guidance to promote consistency among reporting entities. Most amendments within this ASU are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. This ASU is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not anticipate that the adoption of this ASU will have a significant impact on its consolidated financial statements.
v3.20.2
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On October 21, 2020, the Company completed the acquisition of Acquire Media (AM), an aggregator and distributor of curated real-time news, multimedia, data, and alerts. The purchase price for this acquisition was not material and the near-term impact to the Company's financial statements is not expected to be material.
On October 27, 2020, the Board approved the declaration of a quarterly dividend of $0.56 per share of Moody’s common stock, payable on December 14, 2020 to shareholders of record at the close of business on November 23, 2020.
v3.20.2
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2020
Accounting Policies [Abstract]  
Accounts Receivable Allowances
Accounts Receivable Allowances
On January 1, 2020, the Company adopted ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” as more fully described in Note 1. As the Company's accounts receivable are short-term in nature, the adoption of this ASU did not have a material impact to the Company's allowance for bad debts or its policies and procedures for determining the allowance.
In order to determine an estimate of expected credit losses, receivables are segmented based on similar risk characteristics including historical credit loss patterns and industry or class of customers to calculate reserve rates. The Company uses an aging method for developing its allowance for credit losses by which receivable balances are stratified based on aging category. A reserve rate is calculated for each aging category which is generally based on historical information. The reserve rate is adjusted, when necessary, for current conditions (e.g., macroeconomic or industry related) and reasonable and supportable forecasts about the future. The Company also considers customer specific information (e.g., bankruptcy or financial difficulty) when estimating its expected credit losses, as well as the economic environment of the customers, both from an industry and geographic perspective, in evaluating the need for allowances. Expected credit losses are reflected as additions to the accounts receivable allowance. Actual uncollectible account write-offs are recorded against the allowance.
As of September 30, 2020, Moody's assessment included consideration of the current COVID-19 pandemic and its estimated impact on the Company's accounts receivable allowances. This assessment involved the utilization of significant judgment regarding the expected severity and duration of the market disruption caused by the COVID-19 pandemic, as well as judgment regarding which industries, classes of customers and geographies would be most significantly impacted.
Computer Software Developed or Obtained for Internal Use
Computer Software Developed or Obtained for Internal Use
The Company capitalizes costs related to software developed or obtained for internal use. These assets, included in property and equipment in the consolidated balance sheets, relate to the Company’s financial systems, website and other systems. Such costs generally consist of direct costs for third-party perpetual license fees, professional services provided by third parties and employee compensation, in each case incurred either during the application development stage or in connection with upgrades and enhancements that increase functionality. Such costs are depreciated over their estimated useful lives on a straight-line basis. Costs incurred during the preliminary project stage of development as well as maintenance costs are expensed as incurred.
The Company also capitalizes implementation costs incurred in cloud computing arrangements (i.e., hosting arrangements) and depreciates the costs over the non-cancellable term of the cloud computing arrangements plus any option renewal periods that are reasonably certain to be exercised or for which the exercise is controlled by the service provider. Following the January 1, 2020 adoption of ASU No. 2018-15, “Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract" (as further discussed in Note 1), the Company classifies the amortization of capitalized implementation costs in the same line item in the statement of operations as the fees associated with the hosting service (i.e., operating and SG&A expense) and classifies the related payments in the statement of cash flows in the same manner as payments made for fees associated with the hosting service (i.e. cash flows from operating activities). In addition, the capitalization of implementation costs is reflected in the balance sheet consistent with the location of prepayment of fees for the hosting element (i.e., within other current assets or other assets). The implementation costs incurred prior to adoption of this ASU have been included within property and equipment, net in the balance sheet with the amortization of such balance included within depreciation and amortization in the statement of operations.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates.
v3.20.2
REVENUES (Tables)
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
MIS:
Corporate finance (CFG)
Investment-grade
$141 $106 $576 $299 
High-yield
101 56 275 182 
Bank loans
73 90 205 246 
Other accounts (1)
146 140 430 408 
Total CFG
461 392 1,486 1,135 
Structured finance (SFG)
Asset-backed securities
25 25 70 74 
RMBS
24 21 74 69 
CMBS
15 18 45 56 
Structured credit
24 40 74 116 
Other accounts
— 1 2 3 
Total SFG
88 105 265 318 
Financial institutions (FIG)
Banking
95 80 269 244 
Insurance
31 31 105 88 
Managed investments
6 6 20 20 
Other accounts
2 3 7 9 
Total FIG
134 120 401 361 
Public, project and infrastructure finance (PPIF)
Public finance / sovereign
71 58 192 157 
Project and infrastructure
62 62 183 164 
Total PPIF
133 120 375 321 
Total ratings revenue
816 737 2,527 2,135 
MIS Other
9 9 30 20 
Total external revenue
825 746 2,557 2,155 
Intersegment royalty
38 35 110 100 
Total MIS
863 781 2,667 2,255 
MA:
Research, data and analytics (RD&A) 386 317 1,110 940 
Enterprise risk solutions (ERS)
145 134 414 373 
Professional services (PS) (2)
— 43 — 128 
Total external revenue
531 494 1,524 1,441 
Intersegment revenue
1 2 5 7 
Total MA
532 496 1,529 1,448 
Eliminations
(39)(37)(115)(107)
Total MCO
$1,356 $1,240 $4,081 $3,596 
(1) Other includes: recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations as well as fees from programs such as commercial paper, medium term notes, and ICRA corporate finance revenue.
(2) Subsequent to the divestiture of MAKS in 2019, revenue from the MALS reporting unit, which previous to 2020 was reported in the PS LOB, is now reported as part of the RD&A LOB. Prior periods have not been reclassified as the amounts were not material.
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended September 30, 2020Three Months Ended September 30, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$311 $150 $461 $259 $133 $392 
Structured finance (SFG)54 34 88 68 37 105 
Financial institutions (FIG)
59 75 134 54 66 120 
Public, project and infrastructure finance (PPIF)
82 51 133 73 47 120 
Total ratings revenue
506 310 816 454 283 737 
MIS Other— 9 9 — 9 9 
Total MIS
506 319 825 454 292 746 
MA:
Research, data and analytics (RD&A)167 219 386 139 178 317 
Enterprise risk solutions (ERS)
56 89 145 49 85 134 
Professional services (PS) (1)
— — — 18 25 43 
Total MA
223 308 531 206 288 494 
Total MCO
$729 $627 $1,356 $660 $580 $1,240 

Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$1,038 $448 $1,486 $744 $391 $1,135 
Structured finance (SFG) 160 105 265 202 116 318 
Financial institutions (FIG)
189 212 401 152 209 361 
Public, project and infrastructure finance (PPIF)
237 138 375 202 119 321 
Total ratings revenue
1,624 903 2,527 1,300 835 2,135 
MIS Other1 29 30 1 19 20 
Total MIS
1,625 932 2,557 1,301 854 2,155 
MA:
Research, data and analytics (RD&A) 492 618 1,110 412 528 940 
Enterprise risk solutions (ERS)
163 251 414 143 230 373 
Professional services (PS) (1)
— — — 54 74 128 
Total MA
655 869 1,524 609 832 1,441 
Total MCO
$2,280 $1,801 $4,081 $1,910 $1,686 $3,596 
(1) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from MALS beginning in the first quarter of 2020. MALS revenue was previously reported as part of the PS LOB and prior year revenue by LOB has not been reclassified as the amounts were not material.
The following tables summarize the split between transaction and relationship revenue. In the MIS segment, excluding MIS Other, transaction revenue represents the initial rating of a new debt issuance as well as other one-time fees while relationship revenue represents the recurring monitoring fees of a rated debt obligation and/or entities that issue such obligations, as well as revenue from programs such as commercial paper, medium-term notes and shelf registrations. In MIS Other, transaction revenue represents revenue from professional services and outsourcing engagements and relationship revenue represents subscription-based revenues. In the MA segment, relationship revenue represents subscription-based revenues and software maintenance revenue. Transaction revenue in MA represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and outsourced research and analytical engagements.
Three Months Ended September 30,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$347 $114 $461 $282 $110 $392 
75 %25 %100 %72 %28 %100 %
Structured Finance
$41 $47 $88 $58 $47 $105 
47 %53 %100 %55 %45 %100 %
Financial Institutions
$67 $67 $134 $56 $64 $120 
50 %50 %100 %47 %53 %100 %
Public, Project and Infrastructure Finance
$92 $41 $133 $82 $38 $120 
69 %31 %100 %68 %32 %100 %
MIS Other
$1 $8 $9 $— $9 $9 
11 %89 %100 %— %100 %100 %
Total MIS
$548 $277 $825 $478 $268 $746 
66 %34 %100 %64 %36 %100 %
Research, data and analytics$19 $367 $386 $3 $314 $317 
5 %95 %100 %1 %99 %100 %
Enterprise risk solutions$32 $113 $145 $32 $102 $134 
22 %78 %100 %24 %76 %100 %
Professional services(2)
$— $— $— $43 $— $43 
— %— %— %100 %— %100 %
Total MA$51 $480 $531 $78 $416 $494 
10 %90 %100 %16 %84 %100 %
Total Moody's Corporation$599 $757 $1,356 $556 $684 $1,240 
44 %56 %100 %45 %55 %100 %
Nine Months Ended September 30,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$1,142 $344 $1,486 $808 $327 $1,135 
77 %23 %100 %71 %29 %100 %
Structured Finance
$126 $139 $265 $184 $134 $318 
48 %52 %100 %58 %42 %100 %
Financial Institutions
$203 $198 $401 $165 $196 $361 
51 %49 %100 %46 %54 %100 %
Public, Project and Infrastructure Finance
$257 $118 $375 $208 $113 $321 
69 %31 %100 %65 %35 %100 %
MIS Other
$3 $27 $30 $1 $19 $20 
10 %90 %100 %5 %95 %100 %
Total MIS
$1,731 $826 $2,557 $1,366 $789 $2,155 
68 %32 %100 %63 %37 %100 %
Research, data and analytics$53 $1,057 $1,110 $12 $928 $940 
5 %95 %100 %1 %99 %100 %
Enterprise risk solutions$90 $324 $414 $79 $294 $373 
22 %78 %100 %21 %79 %100 %
Professional services(2)
$— $— $— $128 $— $128 
— %— %— %100 %— %100 %
Total MA$143 
(1)
$1,381 $1,524 $219 
(1)
$1,222 $1,441 
9 %91 %100 %15 %85 %100 %
Total Moody's Corporation$1,874 $2,207 $4,081 $1,585 $2,011 $3,596 
46 %54 %100 %44 %56 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the Revenue Accounting Standard (please also refer to the following table).
(2) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from MALS beginning in the first quarter of 2020. MALS revenue was previously reported as part of the PS LOB and prior year revenue by LOB has not been reclassified as the amounts were not material.

The following table presents the timing of revenue recognition:
Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
MIS
MA
Total
MIS
MA
Total
Revenue recognized at a point in time
$548 $30 $578 $1,731 $89 $1,820 
Revenue recognized over time
277 501 778 826 1,435 2,261 
Total
$825 $531 $1,356 $2,557 $1,524 $4,081 

Three Months Ended September 30, 2019Nine Months Ended September 30, 2019
MIS
MA
Total
MIS
MA
Total
Revenue recognized at a point in time
$478 $31 $509 $1,366 $83 $1,449 
Revenue recognized over time
268 463 731 789 1,358 2,147 
Total
$746 $494 $1,240 $2,155 $1,441 $3,596 
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
MIS:
U.S.
$506 $454 $1,625 $1,301 
Non-U.S.:
EMEA
188 175 542 502 
Asia-Pacific
99 78 270 241 
Americas
32 39 120 111 
Total Non-U.S.
319 292 932 854 
Total MIS
825 746 2,557 2,155 
MA:
U.S.
223 206 655 609 
Non-U.S.:
EMEA
213 187 595 555 
Asia-Pacific
57 64 166 174 
Americas
38 37 108 103 
Total Non-U.S.
308 288 869 832 
Total MA
531 494 1,524 1,441 
Total MCO
$1,356 $1,240 $4,081 $3,596 
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three and nine months ended September 30, 2020 are as follows:
Three Months Ended September 30, 2020
MIS
MA
Total
Balance at June 30, 2020$365 $740 $1,105 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(118)(347)(465)
Increases due to amounts billable excluding amounts recognized as revenue during the period
83 273 356 
Effect of exchange rate changes
5 19 24 
Total changes in deferred revenue(30)(55)(85)
Balance at September 30, 2020$335 $685 $1,020 

Nine Months Ended September 30, 2020
MIS
MA
Total
Balance at January 1, 2020$322 $840 $1,162 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(207)(781)(988)
Increases due to amounts billable excluding amounts recognized as revenue during the period
219 607 826 
Increases due to RDC acquisition during the period— 20 20 
Effect of exchange rate changes
1 (1)— 
Total changes in deferred revenue
13 (155)(142)
Balance at September 30, 2020$335 $685 $1,020 
Deferred revenue - current
$237 $681 $918 
Deferred revenue - noncurrent
$98 $4 $102 
Three Months Ended September 30, 2019
MIS
MA
Total
Balance at June 30, 2019$376 $695 $1,071 
Changes in deferred revenue

Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(111)(344)(455)
Increases due to amounts billable excluding amounts recognized as revenue during the period
82 290 372 
Effect of exchange rate changes
(3)(14)(17)
Total changes in deferred revenue
(32)(68)(100)
Balance at September 30, 2019$344 $627 $971 

Nine Months Ended September 30, 2019
MIS
MA
Total
Balance at January 1, 2019
$326 $750 $1,076 
Changes in deferred revenue

Revenue recognized that was included in the deferred revenue balance at the beginning of the period
(191)(687)(878)
Increases due to amounts billable excluding amounts recognized as revenue during the period
212 576 788 
Amount included in liabilities reclassified as held for sale— (3)(3)
Effect of exchange rate changes
(3)(9)(12)
Total changes in deferred revenue
18 (123)(105)
Balance at September 30, 2019$344 $627 $971 
Deferred revenue - current
$234 $622 856 
Deferred revenue - noncurrent
$110 $5 115 
v3.20.2
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation Cost and Associated Tax Benefit
Presented below is a summary of the stock-based compensation cost and associated tax benefit included in the accompanying consolidated statements of operations:

Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Stock-based compensation cost
$38 $33 $110 $103 
Tax benefit
$8 $7 $22 $22 
Weighted Average Assumptions used in Determining Fair Value for Options Granted
The following weighted average assumptions were used in determining the fair value for options granted in 2020:
Expected dividend yield
0.80 %
Expected stock volatility
22.52 %
Risk-free interest rate
1.43 %
Expected holding period
5.7 years
Stock Option Exercises and Restricted Stock Vesting
The following tables summarize information relating to stock option exercises and restricted stock vesting:
Nine Months Ended
September 30,
2020
2019
Exercise of stock options:
Proceeds from stock option exercises
$32 $29 
Aggregate intrinsic value
$102 $99 
Tax benefit realized upon exercise
$24 $24 
Number of shares exercised
0.5 0.7 
Vesting of restricted stock:
Fair value of shares vested
$195 $153 
Tax benefit realized upon vesting
$45 $36 
Number of shares vested
0.8 0.8 
Vesting of performance-based restricted stock:
Fair value of shares vested
$70 $48 
Tax benefit realized upon vesting
$17 $12 
Number of shares vested
0.3 0.3 
v3.20.2
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Paid The following table shows the amount the Company paid for income taxes:
Nine Months Ended September 30,
20202019
Income taxes paid $374 $303 
v3.20.2
WEIGHTED AVERAGE SHARES OUTSTANDING (Tables)
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Reconciliation of Basic to Diluted Shares Outstanding
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended
September 30,		Nine Months Ended September 30,
2020201920202019
Basic
187.8 189.0 187.6 189.6 
Dilutive effect of shares issuable under stock-based compensation plans
1.5 2.1 1.7 2.2 
Diluted
189.3 191.1 189.3 191.8 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above
0.3 0.2 0.3 0.3 
v3.20.2
CASH EQUIVALENTS AND INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2020
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents and Investments
The table below provides additional information on the Company’s cash equivalents and investments:
As of September 30, 2020
Balance sheet location
Cost
Gains/(Losses)
Fair Value
Cash and cash equivalents
Short-term
investments
Other
assets
Certificates of deposit and money market deposit accounts (1)
$1,387 $— $1,387 $1,284 $96 $7 
Mutual funds$47 $3 $50 $— $— $50 

As of December 31, 2019
Balance sheet location

Cost
Gains/(Losses)

Fair Value
Cash and cash
equivalents
Short-term
investments
Other
assets
Certificates of deposit and money market deposit accounts (1)
$971 $— $971 $866 $95 $10 
Mutual funds$3 $— $3 $— $3 $— 
(1) Consists of time deposits and money market deposit accounts. The remaining contractual maturities for the certificates of deposits classified as short-term investments were one month to 12 months at both September 30, 2020 and December 31, 2019. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 22 months at September 30, 2020 and 13 months to 18 months at December 31, 2019. Time deposits with a maturity of less than 90 days at time of purchase are classified as cash and cash equivalents.
v3.20.2
ACQUISITIONS AND OTHER STRATEGIC INITIATIVES (Tables)
 9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition
The table below details the total consideration relating to the acquisition:
Cash paid at closing $700 
Additional consideration paid to sellers in 2020 (1)
2 
Total consideration$702 
(1) Represents additional consideration paid to the sellers following finalization of customary post-closing completion adjustments.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
Shown below is the preliminary purchase price allocation, which summarizes the fair value of the assets and liabilities assumed, at the date of acquisition:
(Amounts in millions)
Current assets$24 
Intangible assets:
Customer relationships (25 year weighted average life)
$174 
Database (10 year weighted average life)
86 
Product technology (4 year weighted average life)
17 
Trade name (3 year weighted average life)
3 
Total intangible assets (19 year weighted average life)
280 
Goodwill494 
Other assets2 
Liabilities:
Accounts payable and accrued liabilities$(5)
Deferred revenue(20)
Deferred tax liabilities(71)
Other liabilities(2)
Total liabilities(98)
Net assets acquired$702 
v3.20.2
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 9 Months Ended
Sep. 30, 2020
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 SwapAs of September 30,
2020		As of December 31,
2019		Floating Interest Rate
2012 Senior Notes due 2022Pay Floating/Receive Fixed$330 $330 3-month USD LIBOR
2017 Senior Notes due 2021(1)
Pay Floating/Receive Fixed$— $500 3-month USD LIBOR
2017 Senior Notes due 2023Pay Floating/Receive Fixed$250 $250 3-month USD LIBOR
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500 $— 3-month USD LIBOR
2020 Senior Notes due 2025 (2)
Pay Floating/Receive Fixed$300 $— 6-month USD LIBOR
Total$1,380 $1,080 
(1) These interest rates swaps were terminated in conjunction with the repayment of the 2017 Senior Notes due 2021 in the third quarter of 2020.
(2) These interest rate swaps were executed in the third quarter of 2020.
The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
September 30, 2020
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
€1,079 1.43%$1,220 3.96%
Pay Floating/Receive Floating959 Based on 3-month EURIBOR1,080 Based on 3-month USD LIBOR
Total
€2,038 $2,300 

December 31, 2019
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
€1,079 1.43%$1,220 3.96%
Pay Floating/Receive Floating
931 Based on 3-month EURIBOR1,080 Based on 3-month USD LIBOR
Total
€2,010 $2,300 
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statement of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended September 30,Nine Months Ended
September 30,
2020201920202019
Interest expense, net$(53)$(46)$(153)$(149)

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

Interest expense, net
$6 $1 $14 $1 
Fair value changes on interest rate swapsInterest expense, net$(7)$2 $53 $33 
Fair value changes on hedged debtInterest expense, net$7 $(2)$(53)$(33)
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards The following table summarizes the notional amounts of the Company's outstanding forward contract that was designated as a net investment hedge:
September 30, 2020December 31, 2019
Notional amount of net investment hedgesSellBuySellBuy
Contract to sell EUR for USD€247 $292 — — 
This forward contract will expire in November 2020.
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
September 30, 2020December 31, 2019
Notional amount of currency pair:
Sell
Buy
Sell
Buy
Contracts to sell USD for GBP
$320 £254 $235 £178 
Contracts to sell USD for Japanese Yen
$10 ¥1,000 $29 ¥3,200 
Contracts to sell USD for Canadian dollars
$105 C$140 $83 C$110 
Contracts to sell USD for Singapore dollars
$58 S$79 $41 S$56 
Contracts to sell USD for Euros
$530 €452 $421 €378 
Contracts to sell Euros for GBP€53 £48 €25 £21 
Contracts to sell USD for Russian Ruble$9 ₽670 $— ₽— 
Contracts to sell USD for Indian Rupee$18 ₹1,350 $— ₹— 
NOTE: € = Euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese Yen, C$ = Canadian dollar, S$= Singapore dollars, ₽= Russian Ruble, ₹= Indian Rupee
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Gain/(Loss) Reclassified from AOCL into Income, net of TaxGain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
September 30,		Three Months Ended
September 30,		Three Months Ended
September 30,
202020192020201920202019
FX forward contracts
$1 $5 $— $1 $— $— 
Cross currency swaps
(98)79 — — 10 15 
Long-term debt
(46)18 — — — — 
Total net investment hedges
$(143)$102 $— $1 $10 $15 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts
(1)— (1)— — — 
Total cash flow hedges$(1)$— $(1)$— $— $— 
Total$(144)$102 $(1)$1 $10 $15 

Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
Amount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Gain/(Loss) Reclassified from AOCL into Income, net of Tax
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Nine Months Ended
September 30,		Nine Months Ended
September 30,		Nine Months Ended
September 30,
202020192020201920202019
FX forward contracts
$1 $5 $— $1 $— $— 
Cross currency swaps
(81)75 — — 40 37 
Long-term debt
(47)

17 — — — — 
Total net investment hedges
$(127)$97 $— $1 $40 $37 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts(51)— (2)— — — 
Total cash flow hedges$(51)$— $(2)$— $— $— 
Total$(178)$97 $(2)$1 $40 $37 
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:

Cumulative Gains/(Losses), net of tax
September 30, 2020December 31, 2019
Net investment hedges
Cross currency swaps
$(40)$41 
FX forwards
27 26 
Long-term debt
(60)(13)
Total net investment hedges
$(73)$54 
Cash flow hedges
Interest rate contracts
$(51)$(2)
Cross currency swaps2 2 
Total cash flow hedges
(49)— 
Total net (loss) gain in AOCL$(122)$54 
The following tables show changes in AOCL by component (net of tax):
Three Months Ended
September 30, 2020September 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance June 30,$(84)$(49)$(479)$70 $(542)$(70)$— $(401)$25 $(446)
Other comprehensive income/(loss) before reclassifications(7)— 186 (143)36 — — (193)102 (91)
Amounts reclassified from AOCL2 — — — 2 1 — — (1)— 
Other comprehensive income/(loss)(5)— 186 (143)38 1 — (193)101 (91)
Balance September 30,$(89)$(49)$(293)$(73)$(504)$(69)$— $(594)$126 $(537)

Nine Months Ended
September 30, 2020September 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31,$(92)$— $(401)$54 $(439)$(53)$— $(406)$33 $(426)
Other comprehensive income/(loss) before reclassifications(1)(50)108 (127)(70)(1)— (188)97 (92)
Amounts reclassified from AOCL4 1 — — 5 2 — — (1)1 
Adoption of ASU 2018-02— — — — — (17)— — (3)(20)
Other comprehensive income/(loss)3 (49)108 (127)(65)(16)— (188)93 (111)
Balance September 30,$(89)$(49)$(293)$(73)$(504)$(69)$— $(594)$126 $(537)
Gains and Losses Recognized in Consolidated Statement of Operations on Derivatives Not Designated as Hedging instruments
The following table summarizes the impact to the consolidated statements of operations relating to the net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedges
Location on Statement of Operations
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Foreign exchange forwards
Other non-operating income, net$36 $(26)$1 $(35)
Fair Value of Derivative Instruments
The table below shows the classification between assets and liabilities on the Company’s consolidated balance sheets for the fair value of the derivative instrument as well as the carrying value of its non-derivative debt instruments designated and qualifying as net investment hedges:
Derivative and Non-Derivative Instruments
Balance Sheet Location
September 30, 2020December 31, 2019
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other assets
$9 $56 
Interest rate swaps designated as fair value hedges
Other assets
63 27 
FX forwards designated as net investment hedgesOther current assets2 — 
Total derivatives designated as accounting hedges
74 83 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Other current assets
5 9 
Total assets
$79 $92 
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other liabilities
$63 $— 
Interest rate swaps designated as fair value hedges
Other liabilities
1 — 
Total derivatives designated as accounting hedges
64 — 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedge
Long-term debt
1,465 1,403 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Accounts payable and accrued liabilities
5 — 
Total liabilities
$1,534 $1,403 
v3.20.2
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Activity in Goodwill
The following table summarizes the activity in goodwill for the periods indicated:
Nine Months Ended September 30, 2020
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$315 $— $315 $3,419 $(12)$3,407 $3,734 $(12)$3,722 
Additions/
adjustments (1)
(2)— (2)497 — 497 495 — 495 
Foreign currency translation adjustments
(11)— (11)76 — 76 65 — 65 
Ending balance
$302 $— $302 $3,992 $(12)$3,980 $4,294 $(12)$4,282 
Year Ended December 31, 2019
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$258 $— $258 $3,535 $(12)$3,523 $3,793 $(12)$3,781 
Additions/
adjustments (2)
53 — 53 61 — 61 114 — 114 
Foreign currency translation
adjustments
4 — 4 (14)— (14)(10)— (10)
Divestiture of MAKS— — — (163)— (163)(163)— (163)
Ending balance
$315 $— $315 $3,419 $(12)$3,407 $3,734 $(12)$3,722 
(1) The 2020 additions/adjustments for the MA segment in the table above primarily relate to the acquisitions of RDC and RBA.
(2) The 2019 additions/adjustments for the MIS segment in the table above relate to the acquisitions of Vigeo Eiris and Four Twenty Seven. The 2019 additions/adjustments for the MA segment in the table above relate to the acquisition of RiskFirst and ABS Suite.
Acquired Intangible Assets and Related Amortization
Acquired intangible assets and related amortization consisted of:
September 30,
2020		December 31,
2019
Customer relationships
$1,524 $1,325 
Accumulated amortization
(287)(235)
Net customer relationships
1,237 1,090 
Trade secrets
30 30 
Accumulated amortization
(29)(29)
Net trade secrets
1 1 
Software/product technology
378 372 
Accumulated amortization
(152)(131)
Net software/product technology
226 241 
Trade names
152 150 
Accumulated amortization
(35)(30)
Net trade names
117 120 
Other (1)
182 80 
Accumulated amortization
(46)(34)
Net other
136 46 
Total acquired intangible assets, net
$1,717 $1,498 
(1) Other intangible assets primarily consist of databases, covenants not to compete, and acquired ratings methodologies and models.
Amortization Expense Relating to Acquired Intangible Assets
Amortization expense relating to acquired intangible assets is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Amortization expense
$31 $24 $90 $77 
Estimated Future Amortization Expense for Acquired Intangible Assets Subject to Amortization
Estimated future amortization expense for acquired intangible assets subject to amortization is as follows:
Year Ending December 31,
2020 (After September 30,)
$31 
2021121 
2022120 
2023116 
2024108 
Thereafter1,221 
Total estimated future amortization$1,717 
v3.20.2
RESTRUCTURING (Tables)
 9 Months Ended
Sep. 30, 2020
Restructuring and Related Activities [Abstract]  
Restructuring Expenses Included in Consolidated Statements of Operations
Total expenses included in the accompanying consolidated statements of operations relating to the 2018 Restructuring Program and 2020 Restructuring Program are as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
2018 Restructuring Program$— $(1)$(3)$58 
2020 Restructuring Program (1)
23 — 23 — 
Total Restructuring$23 $(1)$20 $58 
(1) Consists of a non-cash charge relating to the impairment of leasehold improvements and ROU Assets. The fair value of the impaired ROU Assets was determined by utilizing the present value of the estimated future cash flows attributable to the assets. The fair value of these ROU assets immediately subsequent to the impairment was $10 million, and is categorized as Level 3 within the ASC Topic 820 fair value hierarchy.
v3.20.2
FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Financial Instruments Carried at Fair Value on Recurring Basis
The table below presents information about items that are carried at fair value at September 30, 2020 and December 31, 2019:
Fair value Measurement as of September 30, 2020
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$79 $— $79 
Mutual funds
50 50 — 
Total
$129 $50 $79 
Liabilities:
Derivatives (1)
$69 $— $69 
Total
$69 $— $69 

Fair value Measurement as of December 31, 2019
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$92 $— $92 
Mutual funds
3 3 — 
Total
$95 $3 $92 
(1)Represents FX forwards on certain assets and liabilities as well as interest rate swaps, cross-currency swaps and forward contracts as more fully described in Note 10 to the condensed consolidated financial statements.
v3.20.2
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2020
Other Balance Sheet And Statement Of Operations Information [Abstract]  
Additional Details Related to Certain Balance Sheet Captions
The following tables contain additional detail related to certain balance sheet captions:
September 30, 2020December 31, 2019
Other current assets:
Prepaid taxes$121 $79 
Prepaid expenses77 71 
Capitalized costs to obtain and fulfill sales contracts80 91 
Other55 89 
Total other current assets$333 $330 
Other assets:
Investments in non-consolidated affiliates$123 $117 
Deposits for real-estate leases16 13 
Indemnification assets related to acquisitions16 16 
Mutual funds and fixed deposits54 10 
Company owned life insurance (at contract value)14 — 
Costs to obtain sales contracts118 119 
Cross currency and interest rate swaps72 83 
Other55 31 
Total other assets$468 $389 
Accounts payable and accrued liabilities:
Salaries and benefits$131 $152 
Incentive compensation160 208 
Customer credits, advanced payments and advanced billings44 28 
Dividends7 7 
Professional service fees51 43 
Interest accrued on debt43 63 
Accounts payable26 38 
Income taxes97 73 
Pension and other retirement employee benefits7 7 
Accrued royalties13 25 
Foreign exchange forwards on certain assets and liabilities5 — 
Restructuring liability4 21 
Other124 108 
Total accounts payable and accrued liabilities$712 $773 
September 30, 2020December 31, 2019
Other liabilities:
Pension and other retirement employee benefits$214 $299 
Interest accrued on UTPs107 82 
MAKS indemnification provisions33 43 
Income tax liability - non-current portion51 51 
Cross currency and interest rate swaps64 — 
Restructuring liability2 3 
Other27 26 
Total other liabilities$498 $504 
Other Non-Operating
The following table summarizes the components of other non-operating income (expense):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
FX gain (loss) $2 $1 $7 $(15)
Net periodic pension costs - other components3 4 10 13 
Income from investments in non-consolidated affiliates4 4 4 11 
Other1 1 17 3 
Total$10 $10 $38 $12 
v3.20.2
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Reclassifications out of AOCI
The following table provides details about the reclassifications out of AOCL:
Losses on cash flow hedgesThree Months Ended
September 30, 2020		Nine Months Ended
September 30, 2020		Location in the consolidated statement of operations
Interest rate contract$— $(1)Other non-operating expense, net
Income tax effect of items above— — Provision for income taxes
Total net losses on cash flow hedges— (1)
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income(1)(3)Operating expense
Amortization of actuarial losses and prior service costs included in net income(1)(2)SG&A expense
Total before income taxes(2)(5)
Income tax effect of item above— 1 Provision for income taxes
Total pension and other retirement benefits(2)(4)
Total net losses included in Net Income attributable to reclassifications out of AOCL$(2)$(5)
Location in the consolidated statement of operations
Gains (losses) on cash flow hedgesThree Months Ended
September 30, 2019		Nine Months Ended
September 30, 2019
Cross-currency swap$— $— Other non-operating income, net
Interest rate contract— — Interest expense, net
Total before income taxes— — 
Income tax effect of items above — — Provision for income taxes
Total net gains (losses) on cash flow hedges— — 
Gains on net investment hedges
FX forwards1 1 Other non-operating income, net
Income tax effect of item above— — Provision for income taxes
Total net gains on net investment hedges11
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income(1)(2)Operating expense
Amortization of actuarial losses and prior service costs included in net income— (1)SG&A expense
Total before income taxes(1)(3)
Income tax effect of item above— 1 Provision for income taxes
Total pension and other retirement benefits(1)(2)
Total net losses included in Net Income attributable to reclassifications out of AOCL$— $(1)
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:

Cumulative Gains/(Losses), net of tax
September 30, 2020December 31, 2019
Net investment hedges
Cross currency swaps
$(40)$41 
FX forwards
27 26 
Long-term debt
(60)(13)
Total net investment hedges
$(73)$54 
Cash flow hedges
Interest rate contracts
$(51)$(2)
Cross currency swaps2 2 
Total cash flow hedges
(49)— 
Total net (loss) gain in AOCL$(122)$54 
The following tables show changes in AOCL by component (net of tax):
Three Months Ended
September 30, 2020September 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance June 30,$(84)$(49)$(479)$70 $(542)$(70)$— $(401)$25 $(446)
Other comprehensive income/(loss) before reclassifications(7)— 186 (143)36 — — (193)102 (91)
Amounts reclassified from AOCL2 — — — 2 1 — — (1)— 
Other comprehensive income/(loss)(5)— 186 (143)38 1 — (193)101 (91)
Balance September 30,$(89)$(49)$(293)$(73)$(504)$(69)$— $(594)$126 $(537)

Nine Months Ended
September 30, 2020September 30, 2019
Gains/(Losses)Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotalPension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31,$(92)$— $(401)$54 $(439)$(53)$— $(406)$33 $(426)
Other comprehensive income/(loss) before reclassifications(1)(50)108 (127)(70)(1)— (188)97 (92)
Amounts reclassified from AOCL4 1 — — 5 2 — — (1)1 
Adoption of ASU 2018-02— — — — — (17)— — (3)(20)
Other comprehensive income/(loss)3 (49)108 (127)(65)(16)— (188)93 (111)
Balance September 30,$(89)$(49)$(293)$(73)$(504)$(69)$— $(594)$126 $(537)
v3.20.2
PENSION AND OTHER RETIREMENT BENEFITS (Tables)
 9 Months Ended
Sep. 30, 2020
Retirement Benefits [Abstract]  
Components of Net Periodic Benefit Expense Related to Post-Retirement Plans
The components of net periodic benefit expense related to the Retirement Plans are as follows:
Three Months Ended September 30,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$5 $4 $— $1 
Interest cost
4 5 1 — 
Expected return on plan assets
(5)(5)— — 
Amortization of net actuarial loss from earlier periods
2 1 — — 
Net periodic expense
$6 $5 $1 $1 

Nine Months Ended September 30,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$13 $12 $2 $2 
Interest cost
13 15 1 1 
Expected return on plan assets
(15)(15)— — 
Amortization of net actuarial loss from earlier periods
5 3 — — 
Net periodic expense
$16 $15 $3 $3 
v3.20.2
INDEBTEDNESS (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
September 30, 2020
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500 $16 $(1)$(1)$514 
4.875% 2013 Senior Notes, due 2024
500 — (1)(1)498 
5.25% 2014 Senior Notes (30-Year), due 2044
600 — 4 (5)599 
1.75% 2015 Senior Notes, due 2027
586 — — (2)584 
2.625% 2017 Senior Notes, due 2023
500 13 (1)(2)510 
3.25% 2017 Senior Notes, due 2028
500 34 (4)(3)527 
4.25% 2018 Senior Notes, due 2029
400 — (2)(3)395 
4.875% 2018 Senior Notes, due 2048
400 — (7)(4)389 
0.950% 2019 Senior Notes, due 2030
879 — (3)(6)870 
3.75% 2020 Senior Notes, due 2025
700 (1)(1)(5)693 
3.25% 2020 Senior Notes, due 2050
300 — (4)(3)293 
2.55% 2020 Senior Notes, due 2060
500 — (4)(5)491 
Total long-term debt$6,365 $62 $(24)$(40)$6,363 

December 31, 2019
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500 $9 $(1)$(1)$507 
4.875% 2013 Senior Notes, due 2024
500 — (1)(2)497 
5.25% 2014 Senior Notes (30-Year), due 2044
600 — 4 (5)599 
1.75% 2015 Senior Notes, due 2027
561 — — (3)558 
2.75% 2017 Senior Notes, due 2021
500 11 (1)(2)508 
2.625% 2017 Senior Notes, due 2023
500 7 (1)(2)504 
3.25% 2017 Senior Notes, due 2028
500 — (4)(3)493 
3.25% 2018 Senior Notes, due 2021
300 — — (1)299 
4.25% 2018 Senior Notes, due 2029
400 — (3)(3)394 
4.875% 2018 Senior Notes, due 2048
400 — (7)(4)389 
0.950% 2019 Senior Notes, due 2030
842 — (3)(6)833 
Total long-term debt$5,603 $27 $(17)$(32)$5,581 
(1) The fair value of interest rate swaps in the table above represents the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.
Principal Payments Due on Long-Term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,2012 Senior Notes due 20222013 Senior Notes due 2024
2014 Senior Notes (30-Year) due 2044
2015 Senior Notes due 20272017 Senior Notes due 20232017 Senior Notes due 20282018 Senior Notes due 20292018 Senior Notes due 20482019 Senior Notes due 20302020 Senior Notes due 20252020 Senior Notes due 20502020 Senior Notes due 2060Total
2020 (After September 30,)
$— $— $— $— $— $— $— $— $— $— $— $— $— 
2021— — — — — — — — — — — — — 
2022500 — — — — — — — — — — — 500 
2023— — — — 500 — — — — — — — 500 
2024— 500 — — — — — — — — — — 500 
Thereafter— — 600 586 — 500 400 400 879 700 300 500 4,865 
Total$500 $500 $600 $586 $500 $500 $400 $400 $879 $700 $300 $500 $6,365 
Summary of Components of Interest as Presented in Consolidated Statements of Operations
The following table summarizes the components of interest as presented in the consolidated statements of operations:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
Income$2 $3 $9 $12 
Expense on borrowings(42)(37)(121)(125)
UTPs and other tax related liabilities(9)(7)(27)(20)
Net periodic pension costs - interest component(4)(6)(14)(17)
Capitalized— 1 — 1 
Total$(53)$(46)$(153)$(149)
Interest Paid
The following table shows the cash paid for interest:
Nine Months Ended
September 30,
20202019
Interest paid
$119 $149 
Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of September 30, 2020 and December 31, 2019 are as follows:
September 30, 2020December 31, 2019
Carrying Amount
Estimated Fair Value
Carrying Amount
Estimated Fair Value
4.50% 2012 Senior Notes, due 2022
$514 $535 $507 $531 
4.875% 2013 Senior Notes, due 2024
498 565 497 551 
5.25% 2014 Senior Notes (30-Year), due 2044
599 822 599 757 
1.75% 2015 Senior Notes, due 2027
584 643 558 604 
2.75% 2017 Senior Notes, due 2021
— — 508 507 
2.625% 2017 Senior Notes, due 2023
510 523 504 507 
3.25% 2017 Senior Notes, due 2028
527 566 493 523 
3.25% 2018 Senior Notes, due 2021
— — 299 306 
4.25% 2018 Senior Notes, due 2029
395 479 394 453 
4.875% 2018 Senior Notes, due 2048
389 540 389 492 
0.950% 2019 Senior Notes, due 2030
870 923 833 847 
3.75% 2020 Senior Notes, due 2025
693 789 — — 
3.25% 2020 Senior Notes, due 2050
293 320 — — 
2.55% 2020 Senior Notes, due 2060
491 458 — — 
Total
$6,363 $7,163 $5,581 $6,078 
v3.20.2
LEASES (Tables)
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Components of Lease Cost
The following table presents the components of the Company’s lease cost:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Operating lease cost$24 $24 $72 $73 
Sublease income(1)— (3)— 
Variable lease cost4 5 14 13 
Total lease cost$27 $29 $83 $86 
Schedule of Operating Leases Information
The following tables present other information related to the Company’s operating leases:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Cash paid for amounts included in the measurement of operating lease liabilities$27 $27 $80 $80 
Right-of-use assets obtained in exchange for new operating lease liabilities
$7 $12 $26 $28 

September 30, 2020September 30, 2019
Weighted-average remaining lease term
6.3 years6.9 years
Weighted-average discount rate applied to operating leases
3.6 %3.6 %
Lessee, Operating Lease, Liability, Maturity
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at September 30, 2020:
Year Ending December 31,Operating Leases
2020 (After September 30)
$27 
2021107 
202296 
202390 
202481 
After 2024191 
Total lease payments (undiscounted)592 
Less: Interest62 
Present value of lease liabilities:$530 
Lease liabilities - current$91 
Lease liabilities - noncurrent$439 
v3.20.2
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2020
Segment Reporting Information [Line Items]  
Financial Information by Segment
The table below shows revenue, operating income and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Refer to Note 3 for further details on the components of the Company’s revenue.
Three Months Ended September 30,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$863 $532 $(39)$1,356 $781 $496 $(37)$1,240 
Total Expense
339 414 (39)714 340 388 (37)691 
Operating income
524 118 — 642 441 108 — 549 
Add:
Restructuring13 10 — 23 — (1)— (1)
Depreciation and
amortization
17 39 — 56 18 30 — 48 
Loss pursuant to the divestiture of MAKS— — — — — 2 — 2 
Captive insurance company settlement— — — — 10 6 — 16 
Adjusted Operating Income$554 $167 $— $721 $469 $145 $— $614 

Nine Months Ended September 30,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$2,667 $1,529 $(115)$4,081 $2,255 $1,448 $(107)$3,596 
Total Expenses
1,051 1,201 (115)2,137 1,028 1,181 (107)2,102 
Operating income
1,616 328 — 1,944 1,227 267 — 1,494 
Add:

Restructuring12 8 — 20 29 29 — 58 
Depreciation and
amortization
52 111 — 163 53 97 — 150 
Acquisition-Related
Expenses
— — — — — 3 — 3 
Loss pursuant to the divestiture of MAKS— 9 — 9 — 11 — 11 
Captive insurance company settlement— — — — 10 6 — 16 
Adjusted Operating Income$1,680 $456 $— $2,136 $1,319 $413 $— $1,732 
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2020201920202019
MIS:
U.S.
$506 $454 $1,625 $1,301 
Non-U.S.:
EMEA
188 175 542 502 
Asia-Pacific
99 78 270 241 
Americas
32 39 120 111 
Total Non-U.S.
319 292 932 854 
Total MIS
825 746 2,557 2,155 
MA:
U.S.
223 206 655 609 
Non-U.S.:
EMEA
213 187 595 555 
Asia-Pacific
57 64 166 174 
Americas
38 37 108 103 
Total Non-U.S.
308 288 869 832 
Total MA
531 494 1,524 1,441 
Total MCO
$1,356 $1,240 $4,081 $3,596 
Operating Segments  
Segment Reporting Information [Line Items]  
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
United States$729 $660 $2,280 $1,910 
Non-U.S.:
EMEA401 362 1,137 1,057 
Asia-Pacific156 142 436 415 
Americas70 76 228 214 
Total Non-U.S.627 580 1,801 1,686 
Total$1,356 $1,240 $4,081 $3,596 
v3.20.2
Description of Business and Basis of Presentation - Additional Information (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
segment
Jun. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2019
USD ($)
Jun. 30, 2019
USD ($)
Dec. 31, 2018
USD ($)
New Accounting Pronouncement, Early Adoption [Line Items]            
Number of reportable segments | segment 2          
Shareholders' equity $ 1,688 $ 1,232 $ 831 $ 697 $ 575 $ 656
Increase in long term debt, net 700          
Retained Earnings            
New Accounting Pronouncement, Early Adoption [Line Items]            
Shareholders' equity $ 10,804 $ 10,442 9,656 $ 9,391 $ 9,108 8,594
Cumulative Effect, Period of Adoption, Adjustment            
New Accounting Pronouncement, Early Adoption [Line Items]            
Shareholders' equity     (2)     0
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings            
New Accounting Pronouncement, Early Adoption [Line Items]            
Shareholders' equity     $ (2)     $ 20
v3.20.2
Summary of Significant Accounting Policies (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
Accounting Policies [Abstract]  
Expected credit losses $ 31
v3.20.2
Revenues - Revenue by Category (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Disaggregation of Revenue [Line Items]        
Revenue $ 1,356 $ 1,240 $ 4,081 $ 3,596
Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue (39) (37) (115) (107)
MIS        
Disaggregation of Revenue [Line Items]        
Revenue 825 746 2,557 2,155
MIS | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 863 781 2,667 2,255
MIS | Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue 38 35 110 100
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue 461 392 1,486 1,135
MIS | Corporate Finance (CFG) | Investment-grade        
Disaggregation of Revenue [Line Items]        
Revenue 141 106 576 299
MIS | Corporate Finance (CFG) | High-yield        
Disaggregation of Revenue [Line Items]        
Revenue 101 56 275 182
MIS | Corporate Finance (CFG) | Bank loans        
Disaggregation of Revenue [Line Items]        
Revenue 73 90 205 246
MIS | Corporate Finance (CFG) | Other accounts        
Disaggregation of Revenue [Line Items]        
Revenue 146 140 430 408
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue 88 105 265 318
MIS | Structured Finance (SFG) | Other accounts        
Disaggregation of Revenue [Line Items]        
Revenue 0 1 2 3
MIS | Structured Finance (SFG) | Asset-backed securities        
Disaggregation of Revenue [Line Items]        
Revenue 25 25 70 74
MIS | Structured Finance (SFG) | RMBS        
Disaggregation of Revenue [Line Items]        
Revenue 24 21 74 69
MIS | Structured Finance (SFG) | CMBS        
Disaggregation of Revenue [Line Items]        
Revenue 15 18 45 56
MIS | Structured Finance (SFG) | Structured credit        
Disaggregation of Revenue [Line Items]        
Revenue 24 40 74 116
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue 134 120 401 361
MIS | Financial Institutions (FIG) | Other accounts        
Disaggregation of Revenue [Line Items]        
Revenue 2 3 7 9
MIS | Financial Institutions (FIG) | Banking        
Disaggregation of Revenue [Line Items]        
Revenue 95 80 269 244
MIS | Financial Institutions (FIG) | Insurance        
Disaggregation of Revenue [Line Items]        
Revenue 31 31 105 88
MIS | Financial Institutions (FIG) | Managed investments        
Disaggregation of Revenue [Line Items]        
Revenue 6 6 20 20
MIS | Public, Project And Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue 133 120 375 321
MIS | Public, Project And Infrastructure Finance (PPIF) | Public finance / sovereign        
Disaggregation of Revenue [Line Items]        
Revenue 71 58 192 157
MIS | Public, Project And Infrastructure Finance (PPIF) | Project and infrastructure        
Disaggregation of Revenue [Line Items]        
Revenue 62 62 183 164
MIS | Rating Revenue        
Disaggregation of Revenue [Line Items]        
Revenue 816 737 2,527 2,135
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue 9 9 30 20
MA        
Disaggregation of Revenue [Line Items]        
Revenue 531 494 1,524 1,441
MA | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 532 496 1,529 1,448
MA | Eliminations        
Disaggregation of Revenue [Line Items]        
Revenue 1 2 5 7
MA | Research, Data And Analytics (RD&A)        
Disaggregation of Revenue [Line Items]        
Revenue 386 317 1,110 940
MA | Enterprise Risk Solutions (ERS)        
Disaggregation of Revenue [Line Items]        
Revenue 145 134 414 373
MA | Professional Services (PS)        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 43 $ 0 $ 128
v3.20.2
Revenues - Revenues disaggregated by Line of Business and Geographical Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Disaggregation of Revenue [Line Items]        
Revenue $ 1,356 $ 1,240 $ 4,081 $ 3,596
United States        
Disaggregation of Revenue [Line Items]        
Revenue 729 660 2,280 1,910
Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 627 580 1,801 1,686
MIS        
Disaggregation of Revenue [Line Items]        
Revenue 825 746 2,557 2,155
MIS | United States        
Disaggregation of Revenue [Line Items]        
Revenue 506 454 1,625 1,301
MIS | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 319 292 932 854
MIS | Corporate Finance (CFG)        
Disaggregation of Revenue [Line Items]        
Revenue 461 392 1,486 1,135
MIS | Corporate Finance (CFG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 311 259 1,038 744
MIS | Corporate Finance (CFG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 150 133 448 391
MIS | Structured Finance (SFG)        
Disaggregation of Revenue [Line Items]        
Revenue 88 105 265 318
MIS | Structured Finance (SFG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 54 68 160 202
MIS | Structured Finance (SFG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 34 37 105 116
MIS | Financial Institutions (FIG)        
Disaggregation of Revenue [Line Items]        
Revenue 134 120 401 361
MIS | Financial Institutions (FIG) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 59 54 189 152
MIS | Financial Institutions (FIG) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 75 66 212 209
MIS | Public, Project And Infrastructure Finance (PPIF)        
Disaggregation of Revenue [Line Items]        
Revenue 133 120 375 321
MIS | Public, Project And Infrastructure Finance (PPIF) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 82 73 237 202
MIS | Public, Project And Infrastructure Finance (PPIF) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 51 47 138 119
MIS | Rating Revenue        
Disaggregation of Revenue [Line Items]        
Revenue 816 737 2,527 2,135
MIS | Rating Revenue | United States        
Disaggregation of Revenue [Line Items]        
Revenue 506 454 1,624 1,300
MIS | Rating Revenue | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 310 283 903 835
MIS | MIS Other        
Disaggregation of Revenue [Line Items]        
Revenue 9 9 30 20
MIS | MIS Other | United States        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 1 1
MIS | MIS Other | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 9 9 29 19
MA        
Disaggregation of Revenue [Line Items]        
Revenue 531 494 1,524 1,441
MA | United States        
Disaggregation of Revenue [Line Items]        
Revenue 223 206 655 609
MA | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 308 288 869 832
MA | Research, Data And Analytics (RD&A)        
Disaggregation of Revenue [Line Items]        
Revenue 386 317 1,110 940
MA | Research, Data And Analytics (RD&A) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 167 139 492 412
MA | Research, Data And Analytics (RD&A) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 219 178 618 528
MA | Enterprise Risk Solutions (ERS)        
Disaggregation of Revenue [Line Items]        
Revenue 145 134 414 373
MA | Enterprise Risk Solutions (ERS) | United States        
Disaggregation of Revenue [Line Items]        
Revenue 56 49 163 143
MA | Enterprise Risk Solutions (ERS) | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue 89 85 251 230
MA | Professional Services        
Disaggregation of Revenue [Line Items]        
Revenue 0 43 0 128
MA | Professional Services | United States        
Disaggregation of Revenue [Line Items]        
Revenue 0 18 0 54
MA | Professional Services | Non-U.S.        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 25 $ 0 $ 74
v3.20.2
Revenues - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Revenue $ 1,356 $ 1,240 $ 4,081 $ 3,596
MIS        
Segment Reporting Information [Line Items]        
Revenue 825 746 2,557 2,155
MA        
Segment Reporting Information [Line Items]        
Revenue 531 494 1,524 1,441
United States        
Segment Reporting Information [Line Items]        
Revenue 729 660 2,280 1,910
United States | MIS        
Segment Reporting Information [Line Items]        
Revenue 506 454 1,625 1,301
United States | MA        
Segment Reporting Information [Line Items]        
Revenue 223 206 655 609
EMEA        
Segment Reporting Information [Line Items]        
Revenue 401 362 1,137 1,057
EMEA | MIS        
Segment Reporting Information [Line Items]        
Revenue 188 175 542 502
EMEA | MA        
Segment Reporting Information [Line Items]        
Revenue 213 187 595 555
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 156 142 436 415
Asia-Pacific | MIS        
Segment Reporting Information [Line Items]        
Revenue 99 78 270 241
Asia-Pacific | MA        
Segment Reporting Information [Line Items]        
Revenue 57 64 166 174
Americas        
Segment Reporting Information [Line Items]        
Revenue 70 76 228 214
Americas | MIS        
Segment Reporting Information [Line Items]        
Revenue 32 39 120 111
Americas | MA        
Segment Reporting Information [Line Items]        
Revenue 38 37 108 103
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 627 580 1,801 1,686
Non-U.S. | MIS        
Segment Reporting Information [Line Items]        
Revenue 319 292 932 854
Non-U.S. | MA        
Segment Reporting Information [Line Items]        
Revenue $ 308 $ 288 $ 869 $ 832
v3.20.2
Revenues - Transaction and Relationship Revenue (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Disaggregation of Revenue [Line Items]        
Revenue $ 1,356 $ 1,240 $ 4,081 $ 3,596
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 825 $ 746 $ 2,557 $ 2,155
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 531 $ 494 $ 1,524 $ 1,441
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Corporate Finance (CFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 461 $ 392 $ 1,486 $ 1,135
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Structured Finance (SFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 88 $ 105 $ 265 $ 318
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Financial Institutions (FIG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 134 $ 120 $ 401 $ 361
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Public, Project And Infrastructure Finance (PPIF) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 133 $ 120 $ 375 $ 321
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
MIS Other | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 9 $ 9 $ 30 $ 20
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Research, Data And Analytics (RD&A) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 386 $ 317 $ 1,110 $ 940
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Enterprise Risk Solutions (ERS) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 145 $ 134 $ 414 $ 373
Percentage of Revenues 100.00% 100.00% 100.00% 100.00%
Professional Services | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 43 $ 0 $ 128
Percentage of Revenues 0.00% 100.00% 0.00% 100.00%
Transaction Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 599 $ 556 $ 1,874 $ 1,585
Percentage of Revenues 44.00% 45.00% 46.00% 44.00%
Transaction Revenue | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 548 $ 478 $ 1,731 $ 1,366
Percentage of Revenues 66.00% 64.00% 68.00% 63.00%
Transaction Revenue | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 51 $ 78 $ 143 $ 219
Percentage of Revenues 10.00% 16.00% 9.00% 15.00%
Transaction Revenue | Corporate Finance (CFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 347 $ 282 $ 1,142 $ 808
Percentage of Revenues 75.00% 72.00% 77.00% 71.00%
Transaction Revenue | Structured Finance (SFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 41 $ 58 $ 126 $ 184
Percentage of Revenues 47.00% 55.00% 48.00% 58.00%
Transaction Revenue | Financial Institutions (FIG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 67 $ 56 $ 203 $ 165
Percentage of Revenues 50.00% 47.00% 51.00% 46.00%
Transaction Revenue | Public, Project And Infrastructure Finance (PPIF) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 92 $ 82 $ 257 $ 208
Percentage of Revenues 69.00% 68.00% 69.00% 65.00%
Transaction Revenue | MIS Other | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 1 $ 0 $ 3 $ 1
Percentage of Revenues 11.00% 0.00% 10.00% 5.00%
Transaction Revenue | Research, Data And Analytics (RD&A) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 19 $ 3 $ 53 $ 12
Percentage of Revenues 5.00% 1.00% 5.00% 1.00%
Transaction Revenue | Enterprise Risk Solutions (ERS) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 32 $ 32 $ 90 $ 79
Percentage of Revenues 22.00% 24.00% 22.00% 21.00%
Transaction Revenue | Professional Services | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 43 $ 0 $ 128
Percentage of Revenues 0.00% 100.00% 0.00% 100.00%
Relationship Revenue        
Disaggregation of Revenue [Line Items]        
Revenue $ 757 $ 684 $ 2,207 $ 2,011
Percentage of Revenues 56.00% 55.00% 54.00% 56.00%
Relationship Revenue | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 277 $ 268 $ 826 $ 789
Percentage of Revenues 34.00% 36.00% 32.00% 37.00%
Relationship Revenue | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 480 $ 416 $ 1,381 $ 1,222
Percentage of Revenues 90.00% 84.00% 91.00% 85.00%
Relationship Revenue | Corporate Finance (CFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 114 $ 110 $ 344 $ 327
Percentage of Revenues 25.00% 28.00% 23.00% 29.00%
Relationship Revenue | Structured Finance (SFG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 47 $ 47 $ 139 $ 134
Percentage of Revenues 53.00% 45.00% 52.00% 42.00%
Relationship Revenue | Financial Institutions (FIG) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 67 $ 64 $ 198 $ 196
Percentage of Revenues 50.00% 53.00% 49.00% 54.00%
Relationship Revenue | Public, Project And Infrastructure Finance (PPIF) | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 41 $ 38 $ 118 $ 113
Percentage of Revenues 31.00% 32.00% 31.00% 35.00%
Relationship Revenue | MIS Other | MIS        
Disaggregation of Revenue [Line Items]        
Revenue $ 8 $ 9 $ 27 $ 19
Percentage of Revenues 89.00% 100.00% 90.00% 95.00%
Relationship Revenue | Research, Data And Analytics (RD&A) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 367 $ 314 $ 1,057 $ 928
Percentage of Revenues 95.00% 99.00% 95.00% 99.00%
Relationship Revenue | Enterprise Risk Solutions (ERS) | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 113 $ 102 $ 324 $ 294
Percentage of Revenues 78.00% 76.00% 78.00% 79.00%
Relationship Revenue | Professional Services | MA        
Disaggregation of Revenue [Line Items]        
Revenue $ 0 $ 0 $ 0 $ 0
Percentage of Revenues 0.00% 0.00% 0.00% 0.00%
v3.20.2
Revenues - Revenue Recognition Timing (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 1,356 $ 1,240 $ 4,081 $ 3,596
At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 578 509 1,820 1,449
Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 778 731 2,261 2,147
MIS        
Disaggregation of Revenue [Line Items]        
Revenue recognized 825 746 2,557 2,155
MIS | At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 548 478 1,731 1,366
MIS | Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 277 268 826 789
MA        
Disaggregation of Revenue [Line Items]        
Revenue recognized 531 494 1,524 1,441
MA | At Point in Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized 30 31 89 83
MA | Over Time        
Disaggregation of Revenue [Line Items]        
Revenue recognized $ 501 $ 463 $ 1,435 $ 1,358
v3.20.2
Revenues - Additional Information (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
MIS    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 404 $ 346
MA    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 89 $ 53
v3.20.2
Revenues - Schedule of Changes in the Deferred Revenue Balances (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance $ 1,105 $ 1,071 $ 1,162 $ 1,076  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (465) (455) (988) (878)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 356 372 826 788  
Increases due to RDC acquisition during the period     20    
Amount included in liabilities reclassified as held for sale       (3)  
Effect of exchange rate changes 24 (17) 0 (12)  
Total changes in deferred revenue (85) (100) (142) (105)  
Ending Balance 1,020 971 1,020 971  
Deferred revenue - current 918 856 918 856 $ 1,050
Deferred revenue - noncurrent 102 115 102 115 $ 112
MIS          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 365 376 322 326  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (118) (111) (207) (191)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 83 82 219 212  
Increases due to RDC acquisition during the period     0    
Amount included in liabilities reclassified as held for sale       0  
Effect of exchange rate changes 5 (3) 1 (3)  
Total changes in deferred revenue (30) (32) 13 18  
Ending Balance 335 344 335 344  
Deferred revenue - current 237 234 237 234  
Deferred revenue - noncurrent 98 110 98 110  
MA          
Change in Contract with Customer, Liability [Abstract]          
Beginning Balance 740 695 840 750  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (347) (344) (781) (687)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 273 290 607 576  
Increases due to RDC acquisition during the period     20    
Amount included in liabilities reclassified as held for sale       (3)  
Effect of exchange rate changes 19 (14) (1) (9)  
Total changes in deferred revenue (55) (68) (155) (123)  
Ending Balance 685 627 685 627  
Deferred revenue - current 681 622 681 622  
Deferred revenue - noncurrent $ 4 $ 5 $ 4 $ 5  
v3.20.2
Revenues - Expected Recognition Period for Remaining Performance Obligations (Detail)
$ in Millions
Sep. 30, 2020
USD ($)
MIS  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 136
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 20.00%
Revenue, remaining performance obligation, period 1 year
MIS | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 50.00%
Revenue, remaining performance obligation, period 4 years
MA  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1,800
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 60.00%
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 25.00%
Revenue, remaining performance obligation, period 1 year
v3.20.2
Stock-Based Compensation - Stock-Based Compensation Cost and Associated Tax Benefit (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]        
Stock-based compensation cost $ 38 $ 33 $ 110 $ 103
Tax benefit $ 8 $ 7 $ 22 $ 22
v3.20.2
Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Employee stock options, granted (in shares) | shares 0.1
Employee stock options, weighted average grant date fair value (in usd per share) | $ / shares $ 60.66
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 $ 278.92
Award vesting period (in years) 4 years
Unrecognized compensation expense | $ $ 192
Weighted average period to recognize expense 2 years 6 months
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period (in years) 4 years
Unrecognized compensation expense | $ $ 8
Weighted average period to recognize expense 2 years 4 months 24 days
Performance Based Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.1
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 273.81
Award vesting period (in years) 3 years
Unrecognized compensation expense | $ $ 34
Weighted average period to recognize expense 2 years
v3.20.2
Stock-Based Compensation - Weighted Average Assumptions used in Determining Fair Value for Options Granted (Detail)
 9 Months Ended
Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]  
Expected dividend yield 0.80%
Expected stock volatility 22.52%
Risk-free interest rate 1.43%
Expected holding period 5 years 8 months 12 days
v3.20.2
Stock-Based Compensation - Stock Option Exercises and Restricted Stock Vesting (Detail) - USD ($)
shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Proceeds from stock option exercises $ 32 $ 29
Aggregate intrinsic value 102 99
Tax benefit realized upon exercise $ 24 $ 24
Number of shares exercised (shares) 0.5 0.7
Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 195 $ 153
Tax benefit realized upon vesting $ 45 $ 36
Number of shares vested (shares) 0.8 0.8
Performance Based Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 70 $ 48
Tax benefit realized upon vesting $ 17 $ 12
Number of shares vested (shares) 0.3 0.3
v3.20.2
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Income Tax Contingency [Line Items]        
Effective tax rate (percent) 22.00% 25.30% 20.00% 21.40%
Excess tax benefits from stock compensation     $ 52  
Decrease to tax positions     43  
Overall increase (decrease) in unrecognized tax benefits (UTPs) $ 17   (6)  
Net of Federal Tax        
Income Tax Contingency [Line Items]        
Overall increase (decrease) in unrecognized tax benefits (UTPs) $ 16   $ (7)  
v3.20.2
Income Taxes - Income Taxes Paid (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Income Tax Disclosure [Abstract]    
Income taxes paid $ 374 $ 303
v3.20.2
Weighted Average Shares Outstanding - Reconciliation of Basic to Diluted Shares Outstanding (Detail) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Earnings Per Share [Abstract]        
Basic (in shares) 187.8 189.0 187.6 189.6
Dilutive effect of shares issuable under stock-based compensation plans (in shares) 1.5 2.1 1.7 2.2
Diluted (in shares) 189.3 191.1 189.3 191.8
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above (in shares) 0.3 0.2 0.3 0.3
v3.20.2
Accelerated Share Repurchase Program - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions
 2 Months Ended
Apr. 26, 2019
Feb. 20, 2019
Apr. 26, 2019
Accelerated Share Repurchases [Line Items]      
Accelerated share repurchases, final price paid per share (in usd per share)     $ 180.33
Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares)     2.8
February 20, 2019      
Accelerated Share Repurchases [Line Items]      
Accelerated share repurchase payment   $ 500,000,000  
February 20, 2019 | Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares)   2.2  
April 26, 2019 | Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares) 0.6    
v3.20.2
Cash Equivalents and Investments (Detail) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Line Items]    
Fair Value $ 50 $ 3
Cash and cash equivalents 2,492 1,832
Short-term investments 96 98
Certificates of deposit and money market deposit accounts    
Cash and Cash Equivalents [Line Items]    
Cost 1,387 971
Gains/(Losses) 0 0
Fair Value 1,387 971
Cash and cash equivalents 1,284 866
Short-term investments 96 95
Other assets 7 10
Mutual funds    
Cash and Cash Equivalents [Line Items]    
Cost 47 3
Gains/(Losses) 3 0
Fair Value 50 3
Cash and cash equivalents 0 0
Short-term investments 0 3
Other assets $ 50 $ 0
v3.20.2
Cash Equivalents and Investments (Footnote) (Detail) - Certificates of deposit and money market deposit accounts
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Short-term Investments | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 1 month 1 month
Short-term Investments | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 12 months 12 months
Other assets | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 13 months 13 months
Other assets | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 22 months 18 months
Cash and Cash Equivalents | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 90 days  
v3.20.2
Cash Equivalents and Investments (Narrative) (Detail)
$ in Millions
Sep. 30, 2020
USD ($)
Cash and Cash Equivalents [Abstract]  
Cash surrender value of life insurance $ 14
v3.20.2
Acquisitions and Other Strategic Initiatives - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2020
Mar. 31, 2020
Feb. 13, 2020
Regulatory Data Corporation      
Business Acquisition [Line Items]      
Business acquisition interests acquired     100.00%
Acquired cash included in current assets     $ 6
Accounts receivable gross included in current assets     $ 14
Vigeo Eiris      
Business Acquisition [Line Items]      
Business acquisition interests acquired 99.80% 69.20%  
v3.20.2
Acquisitions and Other Strategic Initiatives - Total Consideration Relating to Acquisition (Details) - Regulatory Data Corporation
$ in Millions
Feb. 13, 2020
USD ($)
Business Acquisition [Line Items]  
Cash paid at closing $ 700
Additional consideration to be paid to sellers in 2020 2
Total consideration $ 702
v3.20.2
Acquisitions and Other Strategic Initiatives - Purchase Price Allocation (Details) - USD ($)
$ in Millions
Feb. 13, 2020
Sep. 30, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]        
Goodwill   $ 4,282 $ 3,722 $ 3,781
Regulatory Data Corporation        
Business Acquisition [Line Items]        
Current assets $ 24      
Total intangible assets 280      
Goodwill 494      
Other assets 2      
Accounts payable and accrued liabilities (5)      
Deferred revenue (20)      
Deferred tax liabilities (71)      
Other liabilities (2)      
Total liabilities (98)      
Net assets acquired $ 702      
Acquired finite-lived intangible asset, useful life 19 years      
Regulatory Data Corporation | Customer relationships        
Business Acquisition [Line Items]        
Total intangible assets $ 174      
Acquired finite-lived intangible asset, useful life 25 years      
Regulatory Data Corporation | Database        
Business Acquisition [Line Items]        
Total intangible assets $ 86      
Acquired finite-lived intangible asset, useful life 10 years      
Regulatory Data Corporation | Product technology        
Business Acquisition [Line Items]        
Total intangible assets $ 17      
Acquired finite-lived intangible asset, useful life 4 years      
Regulatory Data Corporation | Trade names        
Business Acquisition [Line Items]        
Total intangible assets $ 3      
Acquired finite-lived intangible asset, useful life 3 years      
v3.20.2
Derivative Instruments And Hedging Activities - Schedule of Interest Rate Swap (Details) - Fair Value Hedging - Interest Rate Swap - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Notional Amount $ 1,380 $ 1,080
2012 Senior Notes due 2022    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 330 330
Floating Interest Rate 3-month USD LIBOR  
2017 Senior Notes due 2021    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 0 500
Floating Interest Rate 3-month USD LIBOR  
2017 Senior Notes due 2023    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 250 250
Floating Interest Rate 3-month USD LIBOR  
2017 Senior Notes due 2028    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 500 0
Floating Interest Rate 3-month USD LIBOR  
2020 Senior Notes due 2025    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 300 $ 0
Floating Interest Rate 6-month USD LIBOR  
v3.20.2
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Interest Rate Swaps Designated in Fair Value Hedge (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]        
Interest expense, net $ (53) $ (46) $ (153) $ (149)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense        
Derivative Instruments, Gain (Loss) [Line Items]        
Fair value changes on interest rate swaps (7) 2 53 33
Fair value changes on hedged debt 7 (2) (53) (33)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | Fair Value hedge Net Interest Settlements and Accruals        
Derivative Instruments, Gain (Loss) [Line Items]        
Net interest settlements and accruals on interest rate swaps $ 6 $ 1 $ 14 $ 1
v3.20.2
Derivative Instruments And Hedging Activities - Additional Information (Detail)
 1 Months Ended 9 Months Ended
Jan. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2020
EUR (€)
Apr. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Derivative [Line Items]          
Cumulative loss   $ 504,000,000     $ 439,000,000
Designated as Hedging Instrument          
Derivative [Line Items]          
Cumulative loss   122,000,000     (54,000,000)
Net Investment Hedging          
Derivative [Line Items]          
Cumulative loss   73,000,000     (54,000,000)
Net Investment Hedging | Cross-currency swap          
Derivative [Line Items]          
Cumulative loss   40,000,000     (41,000,000)
2021 | Designated as Hedging Instrument | Cross-currency swap          
Derivative [Line Items]          
Notional Amount | €     € 265,000,000    
2022 | Designated as Hedging Instrument | Cross-currency swap          
Derivative [Line Items]          
Notional Amount | €     438,000,000    
2023 | Designated as Hedging Instrument | Cross-currency swap          
Derivative [Line Items]          
Notional Amount | €     442,000,000    
2024 | Designated as Hedging Instrument | Cross-currency swap          
Derivative [Line Items]          
Notional Amount | €     443,000,000    
2026 | Designated as Hedging Instrument | Cross-currency swap          
Derivative [Line Items]          
Notional Amount | €     € 450,000,000    
Cash Flow Hedging          
Derivative [Line Items]          
Cumulative loss   49,000,000     0
Cash Flow Hedging | Cross-currency swap          
Derivative [Line Items]          
Cumulative loss   (2,000,000)     (2,000,000)
Cash Flow Hedging | Forward Contracts          
Derivative [Line Items]          
Cumulative loss       $ 68,000,000  
Cash Flow Hedging | Interest rate contract          
Derivative [Line Items]          
Cumulative loss   $ 51,000,000     $ 2,000,000
Cash Flow Hedging | Designated as Hedging Instrument | Forward Contracts          
Derivative [Line Items]          
Notional Amount $ 300,000,000        
Forward interest rate 2.0103%        
Debt instrument, term 30 years        
1.75% 2015 Senior Notes, due 2027          
Derivative [Line Items]          
Notes payable, interest rate   1.75% 1.75%   1.75%
1.75% 2015 Senior Notes, due 2027 | Net Investment Hedging | Designated as Hedging Instrument | Cross-currency swap          
Derivative [Line Items]          
Notional Amount | €     € 500,000,000    
2019 Senior Notes Due 2030 | Net Investment Hedging | Designated as Hedging Instrument | Cross-currency swap          
Derivative [Line Items]          
Notional Amount | €     € 750,000,000    
2.75% 2017 Senior Notes, due 2021          
Derivative [Line Items]          
Notes payable, interest rate   2.75% 2.75%   2.75%
2.75% 2017 Senior Notes, due 2021 | Net Investment Hedging | Designated as Hedging Instrument | Cross-currency swap          
Derivative [Line Items]          
Notional Amount | €     € 422,500,000    
3.25% 2020 Senior Notes, due 2050          
Derivative [Line Items]          
Debt instrument, term   30 years      
Notes payable, interest rate   3.25% 3.25%    
v3.20.2
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Cross Currency Swap (Detail) - Cross-currency swap - Net Investment Hedging
€ in Millions, $ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2020
USD ($)
Dec. 31, 2019
USD ($)
Sep. 30, 2020
EUR (€)
Dec. 31, 2019
EUR (€)
3.96%        
Derivative [Line Items]        
Nature of Swap Pay Fixed/Receive Fixed Pay Fixed/Receive Fixed    
3-month U.S. LIBOR        
Derivative [Line Items]        
Nature of Swap Pay Floating/Receive Floating Pay Floating/Receive Floating    
Currency Paid        
Derivative [Line Items]        
Notional Amount | €     € 2,038 € 2,010
Currency Paid | 1.43%        
Derivative [Line Items]        
Notional Amount | €     € 1,079 € 1,079
Weighted Average Fixed Interest Rate 1.43% 1.43% 1.43% 1.43%
Currency Paid | 3-month EURIBOR        
Derivative [Line Items]        
Notional Amount | €     € 959 € 931
Weighted Average Floating Interest Rate Based on 3-month EURIBOR Based on 3-month EURIBOR    
Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 2,300 $ 2,300    
Currency Received | 3.96%        
Derivative [Line Items]        
Notional Amount | $ $ 1,220 $ 1,220    
Weighted Average Fixed Interest Rate 3.96% 3.96% 3.96% 3.96%
Currency Received | 3-month U.S. LIBOR        
Derivative [Line Items]        
Notional Amount | $ $ 1,080 $ 1,080    
Weighted Average Floating Interest Rate Based on 3-month USD LIBOR Based on 3-month USD LIBOR    
v3.20.2
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Forward Contracts Designated as a Net Investment Hedge (Detail) - Sep. 30, 2020
€ in Millions, $ in Millions
USD ($)
EUR (€)
Net Investment Hedging | Designated as Hedging Instrument | Contract to sell EUR for USD    
Derivative [Line Items]    
Notional Amount $ 292 € 247
v3.20.2
Derivative Instruments And Hedging Activities - Gains (Losses) Recognized in AOCI and Reclassified from AOCI on Derivatives (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax     $ (50) $ 0
Total, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax $ (144) $ 102 (178) 97
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 1 0 1
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax     (1) 0
Total, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) 1 (2) 1
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 10 15 40 37
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 (143) 102 (127) 97
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 1 0 1
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 10 15 40 37
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 (1) 0 (51) 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) 0 (2) 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
FX forwards | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 1 5 1 5
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 1 0 1
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Cross-currency swap | Net Investment Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Net Investment Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax (98) 79 (81) 75
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0 0 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 10 15 40 37
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 (46) 18 (47) 17
Net investment hedges - reclassification of gains included in net income - Net of Tax 0 0 0 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 0 0 0 0
Interest rate contract | Cash Flow Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax (1) 0 (51) 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) 0 (2) 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) $ 0 $ 0 $ 0 $ 0
v3.20.2
Derivative Instruments And Hedging Activities - Cumulative Amount of Unrecognized Hedge Losses Recorded in AOCI (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Derivative [Line Items]    
Accumulated other comprehensive loss $ (504) $ (439)
Designated as Hedging Instrument    
Derivative [Line Items]    
Accumulated other comprehensive loss (122) 54
Net Investment Hedging    
Derivative [Line Items]    
Accumulated other comprehensive loss (73) 54
Net Investment Hedging | Cross-currency swap    
Derivative [Line Items]    
Accumulated other comprehensive loss (40) 41
Net Investment Hedging | FX forwards    
Derivative [Line Items]    
Accumulated other comprehensive loss 27 26
Net Investment Hedging | Long-term debt    
Derivative [Line Items]    
Accumulated other comprehensive loss (60) (13)
Cash Flow Hedging    
Derivative [Line Items]    
Accumulated other comprehensive loss (49) 0
Cash Flow Hedging | Cross-currency swap    
Derivative [Line Items]    
Accumulated other comprehensive loss 2 2
Cash Flow Hedging | Interest rate contract    
Derivative [Line Items]    
Accumulated other comprehensive loss $ (51) $ (2)
v3.20.2
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Foreign Exchange Forwards (Detail) - Not Designated as Accounting Hedges
₽ in Millions, € in Millions, ₨ in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions
Sep. 30, 2020
USD ($)
Sep. 30, 2020
EUR (€)
Sep. 30, 2020
GBP (£)
Sep. 30, 2020
JPY (¥)
Sep. 30, 2020
CAD ($)
Sep. 30, 2020
SGD ($)
Sep. 30, 2020
RUB (₽)
Sep. 30, 2020
INR (₨)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
EUR (€)
Dec. 31, 2019
GBP (£)
Dec. 31, 2019
JPY (¥)
Dec. 31, 2019
CAD ($)
Dec. 31, 2019
SGD ($)
Dec. 31, 2019
RUB (₽)
Dec. 31, 2019
INR (₨)
Contracts to sell USD for GBP                                
Derivative [Line Items]                                
Notional Amount $ 320   £ 254           $ 235   £ 178          
Contracts to sell USD for Japanese Yen                                
Derivative [Line Items]                                
Notional Amount 10     ¥ 1,000         29     ¥ 3,200        
Contracts to sell USD for Canadian dollars                                
Derivative [Line Items]                                
Notional Amount 105       $ 140       83       $ 110      
Contracts to sell USD for Singapore dollars                                
Derivative [Line Items]                                
Notional Amount 58         $ 79     41         $ 56    
Contracts to sell USD for Euros                                
Derivative [Line Items]                                
Notional Amount 530 € 452             421 € 378            
Contracts to sell Euros for GBP                                
Derivative [Line Items]                                
Notional Amount   € 53 £ 48             € 25 £ 21          
Contracts to sell USD for Russian Ruble                                
Derivative [Line Items]                                
Notional Amount 9           ₽ 670   0           ₽ 0  
Contracts to sell USD for Indian Rupee                                
Derivative [Line Items]                                
Notional Amount $ 18             ₨ 1,350 $ 0             ₨ 0
v3.20.2
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Foreign Exchange Forwards Not Designated as Hedging Instruments (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Other non-operating income, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Foreign exchange forwards amount of gain (loss) recognized in income $ 36 $ (26) $ 1 $ (35)
v3.20.2
Derivative Instruments And Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Derivatives, Fair Value [Line Items]    
Assets $ 79 $ 92
Liabilities 1,534 1,403
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Assets 74 83
Liabilities 64 0
Designated as Hedging Instrument | Long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 1,465 1,403
Designated as Hedging Instrument | Cross-currency swap | Other assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 9 56
Designated as Hedging Instrument | Cross-currency swap | Other liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 63 0
Designated as Hedging Instrument | Interest Rate Swap | Other assets | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Assets 63 27
Designated as Hedging Instrument | Interest Rate Swap | Other liabilities | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 1 0
Designated as Hedging Instrument | FX forwards | Other current assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 2 0
Not Designated as Accounting Hedges | FX forwards | Other current assets    
Derivatives, Fair Value [Line Items]    
Assets 5 9
Not Designated as Accounting Hedges | FX forwards | Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities $ 5 $ 0
v3.20.2
Goodwill And Other Acquired Intangible Assets - Activity in Goodwill (Detail) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Goodwill [Roll Forward]    
Beginning balance, goodwill gross $ 3,734 $ 3,793
Beginning balance, Accumulated impairment charge (12) (12)
Beginning balance, goodwill net 3,722 3,781
Additions/adjustments 495 114
Foreign currency translation adjustments 65 (10)
Divestiture of MAKS   (163)
Ending balance, goodwill gross 4,294 3,734
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 4,282 3,722
MIS    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross 315 258
Beginning balance, Accumulated impairment charge 0 0
Beginning balance, goodwill net 315 258
Additions/adjustments (2) 53
Foreign currency translation adjustments (11) 4
Divestiture of MAKS   0
Ending balance, goodwill gross 302 315
Ending balance, Accumulated impairment charge 0 0
Ending balance, goodwill net 302 315
MA    
Goodwill [Roll Forward]    
Beginning balance, goodwill gross 3,419 3,535
Beginning balance, Accumulated impairment charge (12) (12)
Beginning balance, goodwill net 3,407 3,523
Additions/adjustments 497 61
Foreign currency translation adjustments 76 (14)
Divestiture of MAKS   (163)
Ending balance, goodwill gross 3,992 3,419
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net $ 3,980 $ 3,407
v3.20.2
Goodwill And Other Acquired Intangible Assets - Acquired Intangible Assets and Related Amortization (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, net $ 1,717 $ 1,498
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 1,524 1,325
Accumulated amortization (287) (235)
Acquired intangible assets, net 1,237 1,090
Trade secrets    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 30 30
Accumulated amortization (29) (29)
Acquired intangible assets, net 1 1
Software/product technology    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 378 372
Accumulated amortization (152) (131)
Acquired intangible assets, net 226 241
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 152 150
Accumulated amortization (35) (30)
Acquired intangible assets, net 117 120
Other    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 182 80
Accumulated amortization (46) (34)
Acquired intangible assets, net $ 136 $ 46
v3.20.2
Goodwill And Other Acquired Intangible Assets - Amortization Expense Relating to Acquired Intangible Assets (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization expense $ 31 $ 24 $ 90 $ 77
v3.20.2
Goodwill And Other Acquired Intangible Assets - Estimated Future Amortization Expense for Acquired Intangible Assets Subject to Amortization (Detail)
$ in Millions
Sep. 30, 2020
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2020 (After September 30,) $ 31
2021 121
2022 120
2023 116
2024 108
Thereafter 1,221
Total estimated future amortization $ 1,717
v3.20.2
Goodwill And Other Acquired Intangible Assets - Additional Information (Details)
$ in Thousands, ₨ in Millions
Sep. 22, 2020
INR (₨)
Sep. 22, 2020
USD ($)
Dec. 26, 2019
INR (₨)
Dec. 26, 2019
USD ($)
Indian Credit Ratings Agency        
Loss Contingencies [Line Items]        
Penalty in period ₨ 10.0 $ 140 ₨ 2.5 $ 35
v3.20.2
Restructuring - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 9 Months Ended 38 Months Ended
Jul. 29, 2020
Oct. 26, 2018
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2020
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]                
Restructuring charges     $ 23 $ (1)   $ 20 $ 58  
2020 Restructuring Program                
Restructuring Cost and Reserve [Line Items]                
Restructuring charges     $ 23 $ 0   $ 23 $ 0  
2020 Restructuring Program | Minimum                
Restructuring Cost and Reserve [Line Items]                
Restructuring expected cost $ 25              
2020 Restructuring Program | Maximum                
Restructuring Cost and Reserve [Line Items]                
Restructuring expected cost 35              
2018 Restructuring Program | Minimum                
Restructuring Cost and Reserve [Line Items]                
Restructuring expected cost   $ 105            
2018 Restructuring Program | Maximum                
Restructuring Cost and Reserve [Line Items]                
Restructuring expected cost   110            
Real Estate | 2018 Restructuring Program                
Restructuring Cost and Reserve [Line Items]                
Restructuring expected cost   50            
Employee Severance | 2018 Restructuring Program                
Restructuring Cost and Reserve [Line Items]                
Restructuring expected cost   60            
Estimated Annual Savings | 2020 Restructuring Program | Minimum                
Restructuring Cost and Reserve [Line Items]                
Effect on future earnings, amount 5              
Estimated Annual Savings | 2020 Restructuring Program | Maximum                
Restructuring Cost and Reserve [Line Items]                
Effect on future earnings, amount $ 6              
Estimated Annual Savings | 2018 Restructuring Program                
Restructuring Cost and Reserve [Line Items]                
Effect on future earnings, amount   $ 60            
Forecast | 2020 Restructuring Program | Minimum                
Restructuring Cost and Reserve [Line Items]                
Restructuring charges         $ 25      
Forecast | 2020 Restructuring Program | Maximum                
Restructuring Cost and Reserve [Line Items]                
Restructuring charges         $ 30      
Forecast | Employee Severance | 2018 Restructuring Program                
Restructuring Cost and Reserve [Line Items]                
Payments for restructuring               $ 60
v3.20.2
Restructuring - Restructuring Expenses Included in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]          
Restructuring $ 23 $ (1) $ 20 $ 58  
Operating lease, right-of-use asset immediately after impairment 410   410   $ 456
2018 Restructuring Program          
Restructuring Cost and Reserve [Line Items]          
Restructuring 0 (1) (3) 58  
2020 Restructuring Program          
Restructuring Cost and Reserve [Line Items]          
Restructuring 23 $ 0 23 $ 0  
Level 3 | 2020 Restructuring Program          
Restructuring Cost and Reserve [Line Items]          
Operating lease, right-of-use asset immediately after impairment $ 10   $ 10    
v3.20.2
Fair Value - Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Assets:    
Derivatives $ 79 $ 92
Mutual funds 50 3
Total 129 95
Liabilities:    
Derivatives 69  
Total 69  
Level 1    
Assets:    
Derivatives 0 0
Mutual funds 50 3
Total 50 3
Liabilities:    
Derivatives 0  
Total 0  
Level 2    
Assets:    
Derivatives 79 92
Mutual funds 0 0
Total 79 $ 92
Liabilities:    
Derivatives 69  
Total $ 69  
v3.20.2
Other Balance Sheet and Statement of Operations Information - Additional Details Related to Certain Balance Sheet Captions (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Other current assets:    
Prepaid taxes $ 121 $ 79
Prepaid expenses 77 71
Capitalized costs to obtain and fulfill sales contracts 80 91
Other 55 89
Total other current assets 333 330
Other assets:    
Investments in non-consolidated affiliates 123 117
Deposits for real-estate leases 16 13
Indemnification assets related to acquisitions 16 16
Mutual funds and fixed deposits 54 10
Company owned life insurance (at contract value) 14 0
Costs to obtain sales contracts 118 119
Cross currency and interest rate swaps 72 83
Other 55 31
Total other assets 468 389
Accounts payable and accrued liabilities:    
Salaries and benefits 131 152
Incentive compensation 160 208
Customer credits, advanced payments and advanced billings 44 28
Dividends 7 7
Professional service fees 51 43
Interest accrued on debt 43 63
Accounts payable 26 38
Income taxes 97 73
Pension and other retirement employee benefits 7 7
Accrued royalties 13 25
Foreign exchange forwards on certain assets and liabilities 5 0
Restructuring liability 4 21
Other 124 108
Total accounts payable and accrued liabilities 712 773
Other liabilities:    
Pension and other retirement employee benefits 214 299
Interest accrued on UTPs 107 82
MAKS indemnification provisions 33 43
Income tax liability - non-current portion 51 51
Cross currency and interest rate swaps 64 0
Restructuring liability 2 3
Other 27 26
Total other liabilities $ 498 $ 504
v3.20.2
Other Balance Sheet and Statement of Operations Information - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Other Balance Sheet And Statement Of Operations Information [Abstract]        
Loss pursuant to the divestiture of MAKS $ 0 $ 2 $ 9 $ 11
v3.20.2
Other Balance Sheet and Statement of Operations Information - Other Non-Operating Interest (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Other Balance Sheet And Statement Of Operations Information [Abstract]        
FX gain (loss) $ 2 $ 1 $ 7 $ (15)
Net periodic pension costs - other components 3 4 10 13
Income from investments in non-consolidated affiliates 4 4 4 11
Other 1 1 17 3
Total $ 10 $ 10 $ 38 $ 12
v3.20.2
Comprehensive Income And Accumulated Other Comprehensive Loss - Reclassification out of AOCI (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]        
Other non-operating income, net $ 10 $ 10 $ 38 $ 12
Interest expense, net (53) (46) (153) (149)
Operating expense 364 350 1,066 1,032
Selling, general and administrative 271 292 879 848
Total before income taxes 599 513 1,829 1,357
Provision for income taxes (132) (130) (366) (290)
Net income attributable to Moody's 467 380 1,464 1,062
Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Net income attributable to Moody's (2) 0 (5) (1)
Losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Total before income taxes   0   0
Provision for income taxes 0 0 0 0
Net income attributable to Moody's 0 0 (1) 0
Losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Cross-currency swap        
Derivative Instruments, Gain (Loss) [Line Items]        
Other non-operating income, net   0   0
Losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Interest rate contract        
Derivative Instruments, Gain (Loss) [Line Items]        
Other non-operating income, net 0   (1)  
Interest expense, net   0   0
Net Investment Hedges | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Provision for income taxes   0   0
Net income attributable to Moody's   1   1
Net Investment Hedges | Reclassification out of Accumulated Other Comprehensive Income | FX forwards        
Derivative Instruments, Gain (Loss) [Line Items]        
Other non-operating income, net   1   1
Total pension and other retirement benefits | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Total before income taxes (2) (1) (5) (3)
Provision for income taxes 0 0 1 1
Net income attributable to Moody's (2) (1) (4) (2)
Amortization of actuarial losses and prior service costs included in net income | Reclassification out of Accumulated Other Comprehensive Income        
Derivative Instruments, Gain (Loss) [Line Items]        
Operating expense (1) (1) (3) (2)
Selling, general and administrative $ (1) $ 0 $ (2) $ (1)
v3.20.2
Comprehensive Income And Accumulated Other Comprehensive Loss - Changes in Components of Accumulated Other Comprehensive Loss (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Accounting Standards Update [Extensible List]         us-gaap:AccountingStandardsUpdate201613Member us-gaap:AccountingStandardsUpdate201802Member
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance     $ 612      
Ending balance $ 1,497   1,497   $ 612  
Pension and Other Retirement Benefits            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (84) $ (70) (92) $ (53) (53)  
Other comprehensive income/(loss) before reclassifications (7) 0 (1) (1)    
Amounts reclassified from AOCL 2 1 4 2    
Other comprehensive income/(loss) (5) 1 3 (16)    
Ending balance (89) (69) (89) (69) (92) $ (53)
Cash Flow Hedges            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (49) 0 0 0 0  
Other comprehensive income/(loss) before reclassifications 0 0 (50) 0    
Amounts reclassified from AOCL 0 0 1 0    
Other comprehensive income/(loss) 0 0 (49) 0    
Ending balance (49) 0 (49) 0 0 0
Foreign Currency Translation Adjustments            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (479) (401) (401) (406) (406)  
Other comprehensive income/(loss) before reclassifications 186 (193) 108 (188)    
Amounts reclassified from AOCL 0 0 0 0    
Other comprehensive income/(loss) 186 (193) 108 (188)    
Ending balance (293) (594) (293) (594) (401) (406)
Net Investment Hedges            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance 70 25 54 33 33  
Other comprehensive income/(loss) before reclassifications (143) 102 (127) 97    
Amounts reclassified from AOCL 0 (1) 0 (1)    
Other comprehensive income/(loss) (143) 101 (127) 93    
Ending balance (73) 126 (73) 126 54 33
Total            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (542) (446) (439) (426) (426)  
Other comprehensive income/(loss) before reclassifications 36 (91) (70) (92)    
Amounts reclassified from AOCL 2 0 5 1    
Other comprehensive income/(loss) 38 (91) (65) (111)    
Ending balance $ (504) $ (537) $ (504) (537) (439) (426)
Cumulative Effect, Period of Adoption, Adjustment | Pension and Other Retirement Benefits            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance       (17) (17)  
Ending balance           (17)
Cumulative Effect, Period of Adoption, Adjustment | Net Investment Hedges            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance       (3) (3)  
Ending balance           (3)
Cumulative Effect, Period of Adoption, Adjustment | Total            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance       $ (20) $ (20)  
Ending balance           $ (20)
v3.20.2
Pension and Other Retirement Benefits - Components of Net Periodic Benefit Expense Related to Post-Retirement Plans (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Components of net periodic expense        
Interest cost $ 4 $ 6 $ 14 $ 17
Pension Plans        
Components of net periodic expense        
Service cost 5 4 13 12
Interest cost 4 5 13 15
Expected return on plan assets (5) (5) (15) (15)
Amortization of net actuarial loss from earlier periods 2 1 5 3
Net periodic expense 6 5 16 15
Other Retirement Plans        
Components of net periodic expense        
Service cost 0 1 2 2
Interest cost 1 0 1 1
Expected return on plan assets 0 0 0 0
Amortization of net actuarial loss from earlier periods 0 0 0 0
Net periodic expense $ 1 $ 1 $ 3 $ 3
v3.20.2
Pension and Other Retirement Benefits - Additional Information (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
Other Retirement Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Employer contributions $ 1
Funded Plan | Pension Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Employer contributions 99
Unfunded Plan | Pension Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Employer contributions 8
Estimated additional payments in 2020 $ 1
v3.20.2
Indebtedness - Summary of Total Indebtedness (Detail) - USD ($)
$ in Millions
 6 Months Ended 9 Months Ended
Jun. 30, 2020
Sep. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]      
Principal Amount   $ 6,365 $ 5,603
Fair Value of Interest Rate Swap   62 27
Unamortized (Discount) Premium   (24) (17)
Unamortized Debt Issuance Costs   (40) (32)
Long term debt   $ 6,363 $ 5,581
4.50% 2012 Senior Notes, due 2022      
Debt Instrument [Line Items]      
Notes payable, interest rate   4.50% 4.50%
Principal Amount   $ 500 $ 500
Fair Value of Interest Rate Swap   16 9
Unamortized (Discount) Premium   (1) (1)
Unamortized Debt Issuance Costs   (1) (1)
Long term debt   $ 514 $ 507
4.875% 2013 Senior Notes, due 2024      
Debt Instrument [Line Items]      
Notes payable, interest rate   4.875% 4.875%
Principal Amount   $ 500 $ 500
Unamortized (Discount) Premium   (1) (1)
Unamortized Debt Issuance Costs   (1) (2)
Long term debt   $ 498 $ 497
5.25% 2014 Senior Notes (30-Year), due 2044      
Debt Instrument [Line Items]      
Notes payable, interest rate   5.25% 5.25%
Debt instrument, term 30 years 30 years  
Principal Amount   $ 600 $ 600
Unamortized (Discount) Premium   4 4
Unamortized Debt Issuance Costs   (5) (5)
Long term debt   $ 599 $ 599
1.75% 2015 Senior Notes, due 2027      
Debt Instrument [Line Items]      
Notes payable, interest rate   1.75% 1.75%
Principal Amount   $ 586 $ 561
Unamortized (Discount) Premium     0
Unamortized Debt Issuance Costs     (3)
Long term debt     $ 558
2.75% 2017 Senior Notes, due 2021      
Debt Instrument [Line Items]      
Notes payable, interest rate   2.75% 2.75%
Principal Amount   $ 586 $ 500
Fair Value of Interest Rate Swap     11
Unamortized (Discount) Premium   0 (1)
Unamortized Debt Issuance Costs   (2) (2)
Long term debt   $ 584 $ 508
2.625% 2017 Senior Notes, due 2023      
Debt Instrument [Line Items]      
Notes payable, interest rate   2.625% 2.625%
Principal Amount   $ 500 $ 500
Fair Value of Interest Rate Swap   13 7
Unamortized (Discount) Premium   (1) (1)
Unamortized Debt Issuance Costs   (2) (2)
Long term debt   $ 510 $ 504
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   34  
Unamortized (Discount) Premium   (4) (4)
Unamortized Debt Issuance Costs   (3) (3)
Long term debt   $ 527 $ 493
3.25% 2018 Senior Notes, due 2021      
Debt Instrument [Line Items]      
Notes payable, interest rate   3.25% 3.25%
Principal Amount     $ 300
Unamortized (Discount) Premium     0
Unamortized Debt Issuance Costs     (1)
Long term debt     $ 299
4.25% 2018 Senior Notes, due 2029      
Debt Instrument [Line Items]      
Notes payable, interest rate   4.25% 4.25%
Principal Amount   $ 400 $ 400
Unamortized (Discount) Premium   (2) (3)
Unamortized Debt Issuance Costs   (3) (3)
Long term debt   $ 395 $ 394
4.875% 2018 Senior Notes, due 2048      
Debt Instrument [Line Items]      
Notes payable, interest rate   4.875% 4.875%
Principal Amount   $ 400 $ 400
Unamortized (Discount) Premium   (7) (7)
Unamortized Debt Issuance Costs   (4) (4)
Long term debt   $ 389 $ 389
0.950% Senior Notes Due 2030      
Debt Instrument [Line Items]      
Notes payable, interest rate   0.95% 0.95%
Principal Amount   $ 879 $ 842
Unamortized (Discount) Premium   (3) (3)
Unamortized Debt Issuance Costs   (6) (6)
Long term debt   $ 870 $ 833
3.75% 2020 Senior Notes, due 2025      
Debt Instrument [Line Items]      
Notes payable, interest rate   3.75%  
Debt instrument, term   5 years  
Principal Amount   $ 700  
Fair Value of Interest Rate Swap   (1)  
Unamortized (Discount) Premium   (1)  
Unamortized Debt Issuance Costs   (5)  
Long term debt   $ 693  
3.25% 2020 Senior Notes, due 2050      
Debt Instrument [Line Items]      
Notes payable, interest rate   3.25%  
Debt instrument, term   30 years  
Principal Amount   $ 300  
Unamortized (Discount) Premium   (4)  
Unamortized Debt Issuance Costs   (3)  
Long term debt   $ 293  
2.55% 2020 Senior Notes, due 2060      
Debt Instrument [Line Items]      
Notes payable, interest rate   2.55%  
Debt instrument, term   40 years  
Principal Amount   $ 500  
Unamortized (Discount) Premium   (4)  
Unamortized Debt Issuance Costs   (5)  
Long term debt   $ 491  
v3.20.2
Indebtedness - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Jun. 30, 2020
Sep. 30, 2020
3.75% 2020 Senior Notes, due 2025      
Debt Instrument [Line Items]      
Debt instrument, term     5 years
3.25% 2020 Senior Notes, due 2050      
Debt Instrument [Line Items]      
Debt instrument, term     30 years
2.55% 2020 Senior Notes, due 2060      
Debt Instrument [Line Items]      
Debt instrument, term     40 years
3.25% 2018 Senior Notes, due 2021      
Debt Instrument [Line Items]      
Repayments of debt   $ 300  
Make-Whole Amount   $ 8  
2.75% 2017 Senior Notes, due 2021      
Debt Instrument [Line Items]      
Repayments of debt $ 500    
Make-Whole Amount 16    
Accretion expense $ 17    
v3.20.2
Indebtedness - Principal Payments Due on Long-Term Borrowings (Detail) - USD ($)
$ in Millions
 6 Months Ended 9 Months Ended
Jun. 30, 2020
Sep. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]      
2020 (After September 30,)   $ 0  
2021   0  
2022   500  
2023   500  
2024   500  
Thereafter   4,865  
Total principal payment   6,365 $ 5,603
4.50% 2012 Senior Notes, due 2022      
Debt Instrument [Line Items]      
2022   500  
Total principal payment   500 500
4.875% 2013 Senior Notes, due 2024      
Debt Instrument [Line Items]      
2024   500  
Total principal payment   500 500
5.25% 2014 Senior Notes (30-Year), due 2044      
Debt Instrument [Line Items]      
Thereafter   600  
Total principal payment   $ 600 600
Debt instrument, term 30 years 30 years  
1.75% 2015 Senior Notes, due 2027      
Debt Instrument [Line Items]      
Thereafter   $ 586  
Total principal payment   586 561
2.625% 2017 Senior Notes, due 2023      
Debt Instrument [Line Items]      
2023   500  
Total principal payment   500 500
3.25% 2017 Senior Notes, due 2028      
Debt Instrument [Line Items]      
Thereafter   500  
Total principal payment   500 500
4.25% 2018 Senior Notes, due 2029      
Debt Instrument [Line Items]      
Thereafter   400  
Total principal payment   400 400
4.875% 2018 Senior Notes, due 2048      
Debt Instrument [Line Items]      
Thereafter   400  
Total principal payment   400 400
0.950% Senior Notes Due 2030      
Debt Instrument [Line Items]      
Thereafter   879  
Total principal payment   879 $ 842
3.75% 2020 Senior Notes, due 2025      
Debt Instrument [Line Items]      
Thereafter   700  
Total principal payment   $ 700  
Debt instrument, term   5 years  
3.25% 2020 Senior Notes, due 2050      
Debt Instrument [Line Items]      
Thereafter   $ 300  
Total principal payment   $ 300  
Debt instrument, term   30 years  
2.55% 2020 Senior Notes, due 2060      
Debt Instrument [Line Items]      
Thereafter   $ 500  
Total principal payment   $ 500  
Debt instrument, term   40 years  
v3.20.2
Indebtedness - Summary of Components of Interest as Presented in Consolidated Statements of Operations (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Debt Disclosure [Abstract]        
Income $ 2 $ 3 $ 9 $ 12
Expense on borrowings (42) (37) (121) (125)
UTPs and other tax related liabilities (9) (7) (27) (20)
Net periodic pension costs - interest component (4) (6) (14) (17)
Capitalized 0 1 0 1
Total $ (53) $ (46) $ (153) $ (149)
v3.20.2
Indebtedness - Interest Paid (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Debt Disclosure [Abstract]    
Interest paid $ 119 $ 149
v3.20.2
Indebtedness - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($)
$ in Millions
 6 Months Ended 9 Months Ended
Jun. 30, 2020
Sep. 30, 2020
Dec. 31, 2019
Debt Instrument [Line Items]      
Carrying Amount   $ 6,363 $ 5,581
Estimated Fair Value   7,163 6,078
4.50% 2012 Senior Notes, due 2022      
Debt Instrument [Line Items]      
Carrying Amount   514 507
Estimated Fair Value   $ 535 $ 531
Notes payable, interest rate   4.50% 4.50%
4.875% 2013 Senior Notes, due 2024      
Debt Instrument [Line Items]      
Carrying Amount   $ 498 $ 497
Estimated Fair Value   $ 565 $ 551
Notes payable, interest rate   4.875% 4.875%
5.25% 2014 Senior Notes (30-Year), due 2044      
Debt Instrument [Line Items]      
Carrying Amount   $ 599 $ 599
Estimated Fair Value   $ 822 $ 757
Notes payable, interest rate   5.25% 5.25%
Debt instrument, term 30 years 30 years  
1.75% 2015 Senior Notes, due 2027      
Debt Instrument [Line Items]      
Carrying Amount     $ 558
Estimated Fair Value   $ 643 $ 604
Notes payable, interest rate   1.75% 1.75%
2.75% 2017 Senior Notes, due 2021      
Debt Instrument [Line Items]      
Carrying Amount   $ 584 $ 508
Estimated Fair Value     $ 507
Notes payable, interest rate   2.75% 2.75%
2.625% 2017 Senior Notes, due 2023      
Debt Instrument [Line Items]      
Carrying Amount   $ 510 $ 504
Estimated Fair Value   $ 523 $ 507
Notes payable, interest rate   2.625% 2.625%
3.25% 2017 Senior Notes, due 2028      
Debt Instrument [Line Items]      
Carrying Amount   $ 527 $ 493
Estimated Fair Value   $ 566 $ 523
Notes payable, interest rate   3.25% 3.25%
3.25% 2018 Senior Notes, due 2021      
Debt Instrument [Line Items]      
Carrying Amount     $ 299
Estimated Fair Value     $ 306
Notes payable, interest rate   3.25% 3.25%
4.25% 2018 Senior Notes, due 2029      
Debt Instrument [Line Items]      
Carrying Amount   $ 395 $ 394
Estimated Fair Value   $ 479 $ 453
Notes payable, interest rate   4.25% 4.25%
4.875% 2018 Senior Notes, due 2048      
Debt Instrument [Line Items]      
Carrying Amount   $ 389 $ 389
Estimated Fair Value   $ 540 $ 492
Notes payable, interest rate   4.875% 4.875%
0.950% Senior Notes Due 2030      
Debt Instrument [Line Items]      
Carrying Amount   $ 870 $ 833
Estimated Fair Value   $ 923 $ 847
Notes payable, interest rate   0.95% 0.95%
3.75% 2020 Senior Notes, due 2025      
Debt Instrument [Line Items]      
Carrying Amount   $ 693  
Estimated Fair Value   $ 789  
Notes payable, interest rate   3.75%  
Debt instrument, term   5 years  
3.25% 2020 Senior Notes, due 2050      
Debt Instrument [Line Items]      
Carrying Amount   $ 293  
Estimated Fair Value   $ 320  
Notes payable, interest rate   3.25%  
Debt instrument, term   30 years  
2.55% 2020 Senior Notes, due 2060      
Debt Instrument [Line Items]      
Carrying Amount   $ 491  
Estimated Fair Value   $ 458  
Notes payable, interest rate   2.55%  
Debt instrument, term   40 years  
v3.20.2
Leases - Additional Information (Detail)
$ in Millions
 3 Months Ended
Sep. 30, 2020
USD ($)
Operating Leased Assets [Line Items]  
Impairment of right-of-use $ 11
Minimum  
Operating Leased Assets [Line Items]  
Lessee, operating lease, renewal term (years) 1 year
Maximum  
Operating Leased Assets [Line Items]  
Lessee, operating lease, renewal term (years) 20 years
v3.20.2
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Lease, Cost [Abstract]        
Operating lease cost $ 24 $ 24 $ 72 $ 73
Sublease income (1) 0 (3) 0
Variable lease cost 4 5 14 13
Total lease cost $ 27 $ 29 $ 83 $ 86
v3.20.2
Leases - Operating Leases Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Leases [Abstract]        
Cash paid for amounts included in the measurement of operating lease liabilities $ 27 $ 27 $ 80 $ 80
Right-of-use assets obtained in exchange for new operating lease liabilities $ 7 $ 12 $ 26 $ 28
Weighted-average remaining lease term (years) 6 years 3 months 18 days 6 years 10 months 24 days 6 years 3 months 18 days 6 years 10 months 24 days
Weighted-average discount rate applied to operating leases (percent) 3.60% 3.60% 3.60% 3.60%
v3.20.2
Leases - Operating Leases, Future Minimum Payment (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Leases [Abstract]    
2020 (After September 30) $ 27  
2021 107  
2022 96  
2023 90  
2024 81  
After 2024 191  
Total lease payments (undiscounted) 592  
Less: Interest 62  
Present value of lease liabilities: 530  
Lease liabilities - current 91 $ 89
Lease liabilities - noncurrent $ 439 $ 485
v3.20.2
Segment Information - Additional Information (Detail)
$ in Millions
 9 Months Ended
Sep. 30, 2020
USD ($)
segment
lineOfBusiness
Segment Reporting Information [Line Items]  
Number of operating segments (segment) | segment 2
Number of reportable segments | segment 2
MIS  
Segment Reporting Information [Line Items]  
Number of lines of businesses | lineOfBusiness 5
MA  
Segment Reporting Information [Line Items]  
Number of lines of businesses | lineOfBusiness 2
2018 Restructuring Program | MIS  
Segment Reporting Information [Line Items]  
Restructuring charges, cost incurred to date $ 62
2018 Restructuring Program | MA  
Segment Reporting Information [Line Items]  
Restructuring charges, cost incurred to date 44
2020 Restructuring Program | MIS  
Segment Reporting Information [Line Items]  
Restructuring charges, cost incurred to date 13
2020 Restructuring Program | MA  
Segment Reporting Information [Line Items]  
Restructuring charges, cost incurred to date $ 10
v3.20.2
Segment Information - Financial Information by Segment (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue $ 1,356 $ 1,240 $ 4,081 $ 3,596
Total Expense 714 691 2,137 2,102
Operating income 642 549 1,944 1,494
Restructuring 23 (1) 20 58
Depreciation and amortization 56 48 163 150
Acquisition-Related Expenses 0 0 0 3
Loss pursuant to the divestiture of MAKS 0 2 9 11
Captive insurance company settlement 0 16 0 16
Adjusted Operating Income 721 614 2,136 1,732
Eliminations        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue (39) (37) (115) (107)
Total Expense (39) (37) (115) (107)
Operating income 0 0 0 0
Restructuring 0 0 0 0
Depreciation and amortization 0 0 0 0
Acquisition-Related Expenses     0 0
Loss pursuant to the divestiture of MAKS 0 0 0 0
Captive insurance company settlement 0 0 0 0
Adjusted Operating Income 0 0 0 0
MIS        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 825 746 2,557 2,155
MIS | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 863 781 2,667 2,255
Total Expense 339 340 1,051 1,028
Operating income 524 441 1,616 1,227
Restructuring 13 0 12 29
Depreciation and amortization 17 18 52 53
Acquisition-Related Expenses     0 0
Loss pursuant to the divestiture of MAKS 0 0 0 0
Captive insurance company settlement 0 10 0 10
Adjusted Operating Income 554 469 1,680 1,319
MA        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 531 494 1,524 1,441
MA | Operating Segments        
Segment Reporting Information, Operating Income (Loss) [Abstract]        
Revenue 532 496 1,529 1,448
Total Expense 414 388 1,201 1,181
Operating income 118 108 328 267
Restructuring 10 (1) 8 29
Depreciation and amortization 39 30 111 97
Acquisition-Related Expenses     0 3
Loss pursuant to the divestiture of MAKS 0 2 9 11
Captive insurance company settlement 0 6 0 6
Adjusted Operating Income $ 167 $ 145 $ 456 $ 413
v3.20.2
Segment Information - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting Information [Line Items]        
Revenue $ 1,356 $ 1,240 $ 4,081 $ 3,596
United States        
Segment Reporting Information [Line Items]        
Revenue 729 660 2,280 1,910
Non-U.S.        
Segment Reporting Information [Line Items]        
Revenue 627 580 1,801 1,686
EMEA        
Segment Reporting Information [Line Items]        
Revenue 401 362 1,137 1,057
Asia-Pacific        
Segment Reporting Information [Line Items]        
Revenue 156 142 436 415
Americas        
Segment Reporting Information [Line Items]        
Revenue $ 70 $ 76 $ 228 $ 214
v3.20.2
Subsequent Events - Additional Information (Detail) - Subsequent Event
Oct. 27, 2020
$ / shares
Subsequent Event [Line Items]  
Dividend declared, declaration date Oct. 27, 2020
Dividend declared, per share (in USD per share) $ 0.56
Dividend declared, payable date Dec. 14, 2020
Dividend declared, record date Nov. 23, 2020