MOODYS CORP /DE/, 10-Q filed on 5/1/2020
Quarterly Report
v3.20.1
Cover Page
shares in Millions
3 Months Ended
Mar. 31, 2020
shares
Entity Information [Line Items]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 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) 187.5
Entity Central Index Key 0001059556
Document Fiscal Period Focus Q1
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 $0.01 per share
Trading Symbol MCO
Security Exchange Name NYSE
1.75% Senior Notes Due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 1.75% Senior Notes Due 2027
Trading Symbol MCO 27
Security Exchange Name NYSE
0.950% Senior Notes Due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 0.950% Senior Notes Due 2030
Trading Symbol MCO 30
Security Exchange Name NYSE
v3.20.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]    
Revenue $ 1,290 $ 1,142
Expenses    
Operating 340 342
Selling, general and administrative 301 281
Restructuring (1) 6
Depreciation and amortization 49 50
Acquisition-Related Expenses 0 1
Loss pursuant to the divestiture of MAKS 9 0
Total expenses 698 680
Operating income 592 462
Non-operating (expense) income, net    
Interest expense, net (40) (52)
Other non-operating income, net 12 2
Total non-operating expense, net (28) (50)
Income before provisions for income taxes 564 412
Provision for income taxes 77 38
Net income 487 374
Less: Net (loss) income attributable to noncontrolling interests (1) 1
Net income attributable to Moody's $ 488 $ 373
Earnings per share attributable to Moody's common shareholders    
Basic (in usd per share) $ 2.60 $ 1.96
Diluted (in usd per share) $ 2.57 $ 1.93
Weighted average number of shares outstanding    
Basic (in shares) 187.5 190.4
Diluted (in shares) 189.6 192.8
v3.20.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Comprehensive Income [Abstract]    
Net Income $ 487 $ 374
Foreign Currency Adjustments:    
Foreign currency translation adjustment - Pre Tax (175) (27)
Foreign currency translation adjustments - Tax 5 0
Foreign currency translation adjustments - Net of Tax (170) (27)
Net gains on net investment hedges - Pre Tax 119 30
Net gains on net investment hedges, Tax (30) (7)
Net gains on net investment hedges, Net of Tax 89 23
Cash Flow Hedges:    
Net realized and unrealized (losses) gains on cash flow hedges - Pre Tax (48) 0
Net realized and unrealized (losses) gains on cash flow hedges - Tax 12 0
Net realized and unrealized (losses) gains on cash flow hedges - Net of Tax (36) 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
Amortization of actuarial losses and prior service costs included in net income - Tax (1) (1)
Amortization of actuarial losses and prior service costs included in net income - Net of Tax 1 0
Net actuarial (losses) gains and prior service costs - Pre Tax (1) 1
Net actuarial (losses) gains and prior service costs - Tax 0 0
Net actuarial (losses) gains and prior service costs - Net of Tax (1) 1
Total other comprehensive income (loss) - Pre Tax (102) 5
Total other comprehensive income (loss) - Tax (14) (8)
Total other comprehensive income (loss) - Net of Tax (116) (3)
Comprehensive income 371 371
Less: comprehensive income (loss) attributable to noncontrolling interests (2) 8
Comprehensive Income Attributable to Moody's $ 373 $ 363
v3.20.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 2,141 $ 1,832
Short-term investments 90 98
Accounts receivable, net of allowance for credit losses of $42 in 2020 and $20 in 2019 1,413 1,419
Other current assets 350 330
Total current assets 3,994 3,679
Property and equipment, net of accumulated depreciation of $853 in 2020 and $839 in 2019 285 292
Operating lease right-of-use assets 437 456
Goodwill 4,122 3,722
Intangible assets, net 1,709 1,498
Deferred tax assets, net 165 229
Other assets 594 389
Total assets 11,306 10,265
Current liabilities:    
Accounts payable and accrued liabilities 664 773
Current portion of operating lease liabilities 89 89
Commercial Paper 485 0
Deferred revenue 1,113 1,050
Total current liabilities 2,351 1,912
Non-current portion of deferred revenue 109 112
Long-term debt 6,303 5,581
Deferred tax liabilities, net 424 357
Uncertain tax positions 448 477
Operating lease liabilities 463 485
Other liabilities 403 504
Total liabilities 10,501 9,428
Contingencies (Note 20) 0 0
Redeemable noncontrolling interest 6 6
Shareholders' equity:    
Preferred stock, par value $.01 per share; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock 3 3
Capital surplus 616 642
Retained earnings 10,041 9,656
Treasury stock, at cost; 155,386,192 and 155,215,143 shares of shares of common stock at March 31, 2020 and December 31, 2019 (9,524) (9,250)
Accumulated other comprehensive loss (554) (439)
Total Moody's shareholders' equity 582 612
Noncontrolling interests 217 219
Total shareholders' equity 799 831
Total liabilities, noncontrolling interests and shareholders' equity 11,306 10,265
Series Common Stock    
Shareholders' equity:    
Common stock $ 0 $ 0
v3.20.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Accounts receivable, allowances $ 42 $ 20
Accumulated depreciation, property and equipment $ 853 $ 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) 155,386,192 155,215,143
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
v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net Income $ 487 $ 374
Reconciliation of net income to net cash provided by operating activities:    
Depreciation and amortization 49 50
Stock-based compensation 37 36
Deferred income taxes 57 14
Loss pursuant to the divestiture of MAKS 9 0
Changes in assets and liabilities:    
Accounts receivable (7) (8)
Other current assets (38) (6)
Other assets 2 (14)
Restructuring liability (12) (3)
Accounts payable and accrued liabilities (186) (180)
Deferred revenue 64 104
Unrecognized tax benefits and other non-current tax liabilities (18) (22)
Other liabilities (99) 22
Net cash provided by operating activities 345 367
Cash flows from investing activities    
Capital additions (21) (20)
Purchases of investments (78) (38)
Sales and maturities of investments 23 51
Cash paid for acquisitions, net of cash acquired (696) 0
Net cash used in investing activities (772) (7)
Cash flows from financing activities    
Issuance of notes 700 0
Repayment of notes 0 (450)
Issuance of commercial paper 789 402
Repayment of commercial paper (305) (85)
Proceeds from stock-based compensation plans 16 14
Repurchase of shares related to stock-based compensation (71) (51)
Treasury shares (253) (448)
Dividends (105) (94)
Debt issuance costs (6) 0
Payment for noncontrolling interest 0 (12)
Cash paid for ASR contract relating to shares retained by Counterparty until final settlement 0 (125)
Net cash provided by (used in) financing activities 765 (849)
Effect of exchange rate changes on cash and cash equivalents (29) 1
Increase (decrease) in cash and cash equivalents 309 (488)
Cash and cash equivalents, beginning of period 1,832 1,685
Cash and cash equivalents, end of period $ 2,141 $ 1,197
v3.20.1
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Loss
Total Moody's Shareholders' Equity
Non- Controlling Interests
Beginning Balance (in shares) at Dec. 31, 2018   342.9     151.6      
Beginning Balance at Dec. 31, 2018 $ 656 $ 3 $ 601 $ 8,594 $ (8,313) $ (426) $ 459 $ 197
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 374     373     373 1
Dividends (94)     (94)     (94)  
Stock-based compensation 36   36       36  
Shares issued for stock-based compensation plans at average cost, net (60)   (67)   $ 7   (60)  
Shares issued for stock-based compensation plans at average cost, net (in shares)         1.0      
Purchase of noncontrolling interest (12)   (9)       (9) (3)
Treasury shares repurchased (448)       $ (448)   (448)  
Treasury shares repurchased (in shares)         (2.7)      
Cash paid for ASR contract relating to shares retained by Counterparty until final settlement (125)   (125)       (125)  
Currency translation adjustment, net of net investment hedge activity (net of tax of) (3)         (10) (10) 7
Net actuarial gains (losses) and prior service costs 1         1 1  
Amortization of prior service costs and actuarial losses 0              
Ending Balance (in shares) at Mar. 31, 2019   342.9     153.3      
Ending Balance at Mar. 31, 2019 325 $ 3 436 8,893 $ (8,754) (455) 123 202
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net Income 487     488     488 (1)
Dividends (101)     (101)     (101)  
Stock-based compensation 37   37       37  
Shares issued for stock-based compensation plans at average cost, net (84)   (63)   $ (21)   (84)  
Shares issued for stock-based compensation plans at average cost, net (in shares)         0.9      
Treasury shares repurchased (253)     $ (253)   (253)  
Treasury shares repurchased (in shares)         (1.1)      
Cash paid for ASR contract relating to shares retained by Counterparty until final settlement 0              
Currency translation adjustment, net of net investment hedge activity (net of tax of) (81)         (80) (80) (1)
Net actuarial gains (losses) and prior service costs (1)         (1) (1)  
Amortization of prior service costs and actuarial losses 1         1 1  
Net realized and unrealized gain on cash flow hedges (net of tax) (35)         (35) (35)  
Ending Balance (in shares) at Mar. 31, 2020   342.9     155.4      
Ending Balance at Mar. 31, 2020 $ 799 $ 3 $ 616 $ 10,041 $ (9,524) $ (554) $ 582 $ 217
v3.20.1
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]    
Dividends declared per share attributable to Moody's common shareholders (in USD per share) $ 0.56 $ 0.50
Currency translation adjustment, tax $ 25 $ 7
Amortization of actuarial losses and prior service costs included in net income, tax 1 $ 1
Net realized and unrealized gain on cash flow hedges, tax $ 12  
v3.20.1
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
3 Months Ended
Mar. 31, 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 pandemic of the novel strain of coronavirus, COVID-19, on all aspects of its business. Moody’s has transitioned to remote work for all employees globally to help reduce the spread of COVID-19.
The Company experienced disruption in certain sectors of its business late in the first quarter of 2020 (including a decline in leveraged finance related issuance volumes) 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; changes in the effectiveness of certain hedging instruments; and changes in the funded status of defined benefit pension plans. While it is reasonably possible that the COVID-19 crisis will have a material impact on the results of operations and cash flows of the Company in 2020, Moody's believes that it has adequate liquidity to maintain its operations with minimal disruption in the near term and to maintain compliance with its debt covenants.
In March, 2020, in order to maximize liquidity and to increase available cash on hand through this period of uncertainty, the Company issued $700 million in 5-year Senior Notes and began drawing on its CP Program as more fully discussed in Note 16. In addition, the Company is reducing discretionary spending, including suspending its share repurchase program until further notice.
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted on March 27, 2020 in the United States. The Company intends on utilizing certain provisions in the CARES Act and other IRS guidance which permit the deferral of certain income and payroll tax remittances.
v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 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 this quarter 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 March 31, 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 three months ended March 31, 2020, the Company recorded a provision for expected credited losses of $24 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). 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.
v3.20.1
REVENUES
3 Months Ended
Mar. 31, 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
March 31,
20202019
MIS:
Corporate finance (CFG)
Investment-grade
$144  $97  
High-yield
75  57  
Bank loans
89  73  
Other accounts (1)
145  128  
Total CFG
453  355  
Structured finance (SFG)
Asset-backed securities
22  23  
RMBS
27  24  
CMBS
17  18  
Structured credit
29  35  
Other accounts
  
Total SFG
96  101  
Financial institutions (FIG)
Banking
86  80  
Insurance
30  29  
Managed investments
  
Other accounts
  
Total FIG
125  116  
Public, project and infrastructure finance (PPIF)
Public finance / sovereign
57  46  
Project and infrastructure
52  47  
Total PPIF
109  93  
Total ratings revenue
783  665  
MIS Other
11   
Total external revenue
794  670  
Intersegment royalty
37  32  
Total MIS
831  702  
MA:
Research, data and analytics (RD&A) 358  308  
Enterprise risk solutions (ERS)
138  122  
Professional services (PS) (2)
—  42  
Total external revenue
496  472  
Intersegment revenue
  
Total MA
498  474  
Eliminations
(39) (34) 
Total MCO
$1,290  $1,142  
(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, will now be 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 March 31, 2020Three Months Ended March 31, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$314  $139  $453  $243  $112  $355  
Structured finance (SFG) 61  35  96  62  39  101  
Financial institutions (FIG)
60  65  125  46  70  116  
Public, project and infrastructure finance (PPIF)
68  41  109  60  33  93  
Total ratings revenue
503  280  783  411  254  665  
MIS Other—  11  11  —    
Total MIS
503  291  794  411  259  670  
MA:
Research, data and analytics (RD&A) 158  200  358  135  173  308  
Enterprise risk solutions (ERS)
53  85  138  48  74  122  
Professional services (PS) (1)
—  —  —  18  24  42  
Total MA
211  285  496  201  271  472  
Total MCO
$714  $576  $1,290  $612  $530  $1,142  
(1) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from Moody's Analytics Learning Solutions (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
March 31,
20202019
MIS:
U.S.
$503  $411  
Non-U.S.:
EMEA
171  149  
Asia-Pacific
81  79  
Americas
39  31  
Total Non-U.S.
291  259  
Total MIS
794  670  
MA:
U.S.
211  201  
Non-U.S.:
EMEA
192  184  
Asia-Pacific
55  53  
Americas
38  34  
Total Non-U.S.
285  271  
Total MA
496  472  
Total MCO
$1,290  $1,142  
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 March 31,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$338  $115  $453  $249  $106  $355  
75 %25 %100 %70 %30 %100 %
Structured Finance
$50  $46  $96  $57  $44  $101  
52 %48 %100 %56 %44 %100 %
Financial Institutions
$60  $65  $125  $48  $68  $116  
48 %52 %100 %41 %59 %100 %
Public, Project and Infrastructure Finance
$69  $40  $109  $55  $38  $93  
63 %37 %100 %59 %41 %100 %
MIS Other
$ $ $11  $ $ $ 
18 %82 %100 %20 %80 %100 %
Total MIS
$519  $275  $794  $410  $260  $670  
65 %35 %100 %61 %39 %100 %
Research, data and analytics$18  $340  $358  $ $303  $308  
%95 %100 %%98 %100 %
Enterprise risk solutions$32  $106  $138  $24  $98  $122  
23 %77 %100 %20 %80 %100 %
Professional services$—  $—  $—  $42  $—  $42  
— %— %— %100 %— %100 %
Total MA$50  
(1)
$446  $496  $71  
(1)
$401  $472  
10 %90 %100 %15 %85 %100 %
Total Moody's Corporation$569  $721  $1,290  $481  $661  $1,142  
44 %56 %100 %42 %58 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the New Revenue Accounting Standard (please also refer to the following table).

The following table presents the timing of revenue recognition:
Three Months Ended March 31, 2020
MIS
MA
Total
Revenue recognized at a point in time
$519  $39  $558  
Revenue recognized over time
275  457  732  
Total
$794  $496  $1,290  

Three Months Ended March 31, 2019
MIS
MA
Total
Revenue recognized at a point in time
$410  $30  $440  
Revenue recognized over time
260  442  702  
Total
$670  $472  $1,142  
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
At March 31, 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 March 31, 2020 and December 31, 2019, accounts receivable, net included $59 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 months ended March 31, 2020 are as follows:

Three Months Ended March 31, 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
(99) (336) (435) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
161  343  504  
Increases due to RDC acquisition during the period—  20  20  
Effect of exchange rate changes
(5) (24) (29) 
Total changes in deferred revenue
57   60  
Balance at March 31, 2020$379  $843  $1,222  
Deferred revenue - current
$275  $838  $1,113  
Deferred revenue - noncurrent
$104  $ $109  


Three Months Ended March 31, 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
(93) (307) (400) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
155  347  502  
Effect of exchange rate changes
—    
Total changes in deferred revenue
62  45  107  
Balance at March 31, 2019$388  $795  $1,183  
Deferred revenue - current
$271  $791  1,062  
Deferred revenue - noncurrent
$117  $ 121  
The increase in deferred revenue during both the three months ended March 31, 2020 and 2019 is primarily due to the significant portion of contract renewals that occur during the first quarter within both segments.
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 March 31, 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 March 31, 2020 as well as amounts not yet invoiced to customers as of March 31, 2020, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription based products. As of March 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $2.0 billion. The Company expects to recognize into revenue approximately 70% of this balance within one year, approximately 20% of this balance between one to two years and the remaining amount thereafter.
v3.20.1
STOCK-BASED COMPENSATION
3 Months Ended
Mar. 31, 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
March 31,
20202019
Stock-based compensation cost
$37  $36  
Tax benefit
$ $ 
During the first three months of 2020, the Company granted 0.1 million employee stock options, which had a weighted average grant date fair value of $60.53 per share based on the Black-Scholes option-pricing model. The Company also granted 0.5 million shares of restricted stock in the first three months of 2020, which had a weighted average grant date fair value of $280.42 per share. Both the employee stock options and restricted stock generally vest ratably over four years. Additionally, the Company granted 0.1 million shares of performance-based awards whereby the number of shares that ultimately vest are based on the achievement of certain non-market based performance metrics of the Company over three years. The weighted average grant date fair value of these awards was $273.85 per share.
The following weighted average assumptions were used in determining the fair value for options granted in 2020:
Expected dividend yield
0.80 %
Expected stock volatility
22.43 %
Risk-free interest rate
1.45 %
Expected holding period
5.7 years
Unrecognized stock-based compensation expense at March 31, 2020 was $10 million and $252 million for stock options and unvested restricted stock, respectively, which is expected to be recognized over a weighted average period of 2.6 years and 2.8 years, respectively. Additionally, there was $31 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 2.3 years.
The following tables summarize information relating to stock option exercises and restricted stock vesting:
Three Months Ended
March 31,
2020
2019
Exercise of stock options:
Proceeds from stock option exercises
$13  $12  
Aggregate intrinsic value
$46  $36  
Tax benefit realized upon exercise
$11  $ 
Number of shares exercised
0.2  0.3  
Vesting of restricted stock:
Fair value of shares vested
$191  $147  
Tax benefit realized upon vesting
$44  $34  
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  
v3.20.1
INCOME TAXES
3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Moody’s ETR was 13.7% and 9.2% for the three months ended March 31, 2020 and 2019, respectively. The increase in the ETR is primarily due to favorable IRS regulations issued in the first quarter of 2019 which did not occur in the first quarter of 2020. The Company’s quarterly tax expense differs from the tax computed by applying its estimated annual effective tax rate to this quarter’s pre-tax earnings due to Excess Tax Benefits from stock compensation of $40 million and net reductions to tax positions of $23 million.
The Company classifies interest related to UTPs in interest expense, net in its consolidated statements of operations. Penalties, if incurred, would be recognized in other non-operating (expense) income, net. The Company had a decrease in its UTPs of $28 million ($29 million, net of federal tax) during the first quarter of 2020.
Moody’s Corporation and subsidiaries are subject to U.S. federal income tax as well as income tax in various state, local and foreign jurisdictions. The Company’s U.S. federal income tax return for 2016 remains open to examination and 2017 and 2018 are currently under examination. The Company’s New York State tax returns for 2011 through 2016 are currently under examination and the Company’s New York City tax return for 2014 is 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:
Three Months Ended March 31,
20202019
Income taxes paid$29  $37  
v3.20.1
WEIGHTED AVERAGE SHARES OUTSTANDING
3 Months Ended
Mar. 31, 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 March 31,
20202019
Basic
187.5  190.4  
Dilutive effect of shares issuable under stock-based compensation plans
2.1  2.4  
Diluted
189.6  192.8  
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  0.4  
The calculation of diluted EPS requires certain assumptions regarding the use of both cash proceeds and assumed proceeds that would be received upon the exercise of stock options and vesting of restricted stock outstanding as of March 31, 2020 and 2019.
v3.20.1
ACCELERATED SHARE REPURCHASE PROGRAM
3 Months Ended
Mar. 31, 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/share over the duration of the program. The initial share repurchase and final share settlement were recorded as a reduction to shareholders’ equity.
v3.20.1
CASH EQUIVALENTS AND INVESTMENTS
3 Months Ended
Mar. 31, 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 March 31, 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)
$1,276  $—  $1,276  $1,176  $87  $13  
Mutual funds$46  $(7) $39  $—  $ $36  

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  $10  
Mutual funds$ $—  $ $—  $ $—  
(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 March 31, 2020 and December 31, 2019. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 23 months at March 31, 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 March 31, 2020, the cash surrender value of the COLI was $11 million.
v3.20.1
ACQUISITIONS AND OTHER STRATEGIC INITIATIVES
3 Months Ended
Mar. 31, 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 to be paid to sellers in 2020 (1)
 
Total consideration$702  
(1) Represents additional consideration due to 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)
 
Total intangible assets (19 year weighted average life)
280  
Goodwill494  
Other assets 
Liabilities:
Accounts payable and accrued liabilities$(5) 
Deferred revenue(20) 
Deferred tax liabilities(71) 
Other liabilities(2) 
Total liabilities(98) 
Net assets acquired$702  
The Company has performed a preliminary valuation analysis of the fair market value of assets and liabilities of the RDC business. The final purchase price allocation will be determined when the Company has completed and fully reviewed the detailed valuations. The final allocation could differ materially from the preliminary allocation. The final allocation may include changes in allocations to acquired intangible assets as well as goodwill and other changes to assets and liabilities including reserves for UTPs and deferred tax liabilities. The estimated useful lives of acquired intangibles assets are also preliminary.
Current assets in the table above include acquired cash of $6 million. Additionally, current assets include accounts receivable of approximately $14 million.
Goodwill
The goodwill recognized as a result of this acquisition includes, among other things, the value of combining the complementary product portfolios of the Company and RDC, which is expected to extend the Company’s reach to new and evolving market segments as well as cost savings synergies, expected new customer acquisitions and products.
Goodwill, which has been assigned to the MA segment, is not deductible for tax purposes.
RDC will be subsumed into the Bureau van Dijk reporting unit for purposes of the Company’s annual goodwill impairment assessment.
Transaction costs
Transaction costs directly related to the RDC acquisition were not material.
Other Acquisitions and Strategic Initiatives
In March 2020, the Company acquired 100% of the shares of RBA International (RBA), a provider of online retail bank training and certifications. The acquisition deepens the capabilities of MALS, a unit of MA that offers online and classroom-based training services, as well as credentialing and certification. RBA revenue is reported in the RD&A LOB. 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.
v3.20.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to global market risks, including risks from changes in FX rates and changes in interest rates. Accordingly, the Company uses derivatives in certain instances to manage the aforementioned financial exposures that occur in the normal course of business. The Company does not hold or issue derivatives for speculative purposes.
Derivatives and non-derivative instruments designated as accounting hedges:
Fair Value Hedges
Interest Rate Swaps
The Company has entered into interest rate swaps to convert the fixed interest rate on certain of its long-term debt to a floating interest rate based on the 3-month LIBOR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statement of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged Item
Nature of Swap
As of March 31,
2020
As of December 31,
2019
Floating Interest Rate
2012 Senior Notes due 2022
Pay Floating/Receive Fixed
$330  $330  
3-month USD LIBOR
2017 Senior Notes due 2021
Pay Floating/Receive Fixed
$500  $500  
3-month USD LIBOR
2017 Senior Notes due 2023
Pay Floating/Receive Fixed
$250  $250  
3-month USD LIBOR
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500  $—  3-month USD LIBOR
Total$1,580  $1,080  
Refer to Note 16 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:
v3.20.1
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS
3 Months Ended
Mar. 31, 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:
Three Months Ended March 31, 2020
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$315  $—  $315  $3,419  $(12) $3,407  $3,734  $(12) $3,722  
Additions/
adjustments (1)
—  —  —  497  —  497  497  —  497  
Foreign currency translation adjustments
(1) —  (1) (96) —  (96) (97) —  (97) 
Ending balance
$314  $—  $314  $3,820  $(12) $3,808  $4,134  $(12) $4,122  
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
 —   (14) —  (14) (10) —  (10) 
Divestiture of MAKS—  —  —  (163) —  (163) (163) —  (163) 
Ending balance
$315  $—  $315  $3,419  $(12) $3,407  $3,734  $(12) $3,722  
(1) The 2020 additions/adjustments for the MA segment in the table above relate to the acquisition of RDC and RBA.
(2) The 2019 additions/adjustments for the MIS segment in the table above relate to the acquisitions of Vigeo Eiris and Four Twenty Seven. The 2019 additions/adjustments for the MA segment in the table above relate to the acquisition of RiskFirst and ABS Suite.
Acquired intangible assets and related amortization consisted of:
March 31,
2020
December 31,
2019
Customer relationships
$1,460  $1,325  
Accumulated amortization
(244) (235) 
Net customer relationships
1,216  1,090  
Trade secrets
30  30  
Accumulated amortization
(28) (29) 
Net trade secrets
  
Software/product technology
361  372  
Accumulated amortization
(133) (131) 
Net software/product technology
228  241  
Trade names
149  150  
Accumulated amortization
(31) (30) 
Net trade names
118  120  
Other (1)
177  80  
Accumulated amortization
(32) (34) 
Net other
145  46  
Total acquired intangible assets, net
$1,709  $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
March 31,
20202019
Amortization expense
$28  $26  
Estimated future amortization expense for acquired intangible assets subject to amortization is as follows:
Year Ending December 31,
2020 (After March 31,)
$89  
2021116  
2022115  
2023111  
2024104  
Thereafter1,174  
Total estimated future amortization$1,709  
Matters concerning the ICRA reporting unit
On August 29, 2019, the board of directors of ICRA terminated the employment of ICRA's CEO and on September 28, 2019, the shareholders of ICRA voted to remove the former CEO from his position on ICRA's board of directors. ICRA has reported that the Securities and Exchange Board of India (SEBI) issued an adjudication order dated December 26, 2019 imposing a penalty of INR 25 lakh (approximately $35,000) on ICRA in connection with credit ratings assigned to one of ICRA’s customers and the customer’s subsidiaries. ICRA has further reported that: (i) it is appealing that order; and (ii) it has received a related "show cause" notice from SEBI asking ICRA to demonstrate why the penalty imposed should not be increased. In addition, ICRA has disclosed that it is addressing anonymous allegations that were forwarded to ICRA by SEBI, as well as certain additional allegations made during the course of the ongoing internal examination into those anonymous allegations. 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.
During the first quarter of 2020, the average market capitalization of ICRA declined to a level that resulted in a significant decline in headroom (amount by which the fair value of a reporting unit exceeds its carrying value) from amounts reported in the Company's Form 10-K for the year ended December 31, 2019. While the current fair value of the ICRA reporting unit results in no impairment of goodwill at March 31, 2020, further declines in ICRA's average market capitalization could result in impairment in future quarters.
v3.20.1
FAIR VALUE
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE 
The table below presents information about items that are carried at fair value at March 31, 2020 and December 31, 2019:
Fair value Measurement as of March 31, 2020
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$259  $—  $259  
Mutual funds
39  39  —  
Total
$298  $39  $259  
Liabilities:
Derivatives (1)
$58  $—  $58  
Total
$58  $—  $58  

Fair value Measurement as of December 31, 2019
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$92  $—  $92  
Mutual funds
  —  
Total
$95  $ $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.
v3.20.1
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION
3 Months Ended
Mar. 31, 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:
March 31, 2020December 31, 2019
Other current assets:
Prepaid taxes$98  $79  
Prepaid expenses80  71  
Capitalized costs to obtain and fulfill sales contracts85  91  
Other87  89  
Total other current assets$350  $330  
Other assets:
Investments in non-consolidated affiliates$121  $117  
Deposits for real-estate leases14  13  
Indemnification assets related to acquisitions16  16  
Mutual funds and fixed deposits49  10  
Company owned life insurance (at contract value)11  —  
Costs to obtain sales contracts117  119  
Cross currency and interest rate swaps230  83  
Other36  31  
Total other assets$594  $389  
March 31, 2020December 31, 2019
Accounts payable and accrued liabilities:
Salaries and benefits$160  $152  
Incentive compensation37  208  
Customer credits, advanced payments and advanced billings41  28  
Dividends  
Professional service fees59  43  
Interest accrued on debt35  63  
Accounts payable26  38  
Income taxes91  73  
Pension and other retirement employee benefits  
Accrued royalties20  25  
Foreign exchange forwards on certain assets and liabilities10  —  
Restructuring liability 21  
Treasury lock forward contracts47  —  
Other119  108  
Total accounts payable and accrued liabilities$664  $773  
Other liabilities:
Pension and other retirement employee benefits$196  $299  
Interest accrued on UTPs89  82  
MAKS indemnification provisions 41  43  
Income tax liability - non-current portion51  51  
Cross currency and interest rate swaps —  
Restructuring liability  
Other22  26  
Total other liabilities$403  $504  
Loss pursuant to the Divestiture of MAKS:
The $9 million loss in the first quarter of 2020 relates to customary post-closing completion adjustments pursuant to the fourth quarter 2019 divestiture of MAKS.
Other Non-Operating Income (Expense):
The following table summarizes the components of other non-operating income (expense):
Three Months Ended March 31,
20202019
FX gain (loss)$13  $(6) 
Net periodic pension costs - other components  
Income from investments in non-consolidated affiliates(3)  
Other(1)  
Total$12  $ 
v3.20.1
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table provides details about the reclassifications out of AOCI:

Three Months Ended March 31,Location in the consolidated statement of operations
Losses on cash flow hedges20202019
Interest rate contract$(1) $—  Other non-operating income, net
Income tax effect of item above —  —  Provision for income taxes
Total net losses on cash flow hedges(1) —  
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income(1) (1) Operating expense
Amortization of actuarial losses and prior service costs included in net income(1) —  SG&A expense
Total before income taxes(2) (1) 
Income tax effect of item above  Provision for income taxes
Total pension and other retirement benefits(1) —  
Total net losses included in Net Income attributable to reclassifications out of AOCI$(2) $—  
The following tables show changes in AOCI by component (net of tax):

Three Months Ended March 31, 2020
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2019$(92) $—  $(401) $54  $(439) 
Other comprehensive income/(loss) before reclassifications(1) (36) (169) 89  (117) 
Amounts reclassified from AOCI  —  —   
Other comprehensive income/(loss)—  (35) (169) 89  (115) 
Balance March 31, 2020$(92) $(35) $(570) $143  $(554) 
v3.20.1
PENSION AND OTHER RETIREMENT BENEFITS
3 Months Ended
Mar. 31, 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 March 31,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$ $ $ $ 
Interest cost
  —  —  
Expected return on plan assets
(5) (5) —  —  
Amortization of net actuarial loss from earlier periods
  —  —  
Amortization of net prior service costs from earlier periods
—  —  —  —  
Net periodic expense
$ $ $ $ 
The Company made a contribution of $99 million to its funded pension plan as well as payments of $3 million related to its unfunded U.S. DBPPs during the three months ended March 31, 2020. Additionally, the Company anticipates making payments of $3 million and $1 million to its unfunded U.S. DBPPs and U.S. other retirement plans, respectively, during the remainder of 2020.
v3.20.1
INDEBTEDNESS
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
INDEBTEDNESS INDEBTEDNESS
The Company’s debt is recorded at its carrying amount, which represents the issuance amount plus or minus any issuance premium or discount, except for the 2012 Senior Notes, the 2017 Senior Notes due 2021, the 2017 Senior Notes due 2023, and the 2017 Senior Notes due 2028 which are recorded at the carrying amount adjusted for the fair value of an interest rate swap used to hedge the fair value of the note.
The following table summarizes total indebtedness:
March 31, 2020
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500  $18  $(1) $(1) $516  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (1) 498  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —   (5) 598  
1.75% 2015 Senior Notes, due 2027
549  —  —  (3) 546  
2.75% 2017 Senior Notes, due 2021
500  21  —  (1) 520  
2.625% 2017 Senior Notes, due 2023
500  15  (1) (2) 512  
3.25% 2017 Senior Notes, due 2028
500  31  (4) (3) 524  
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
823  —  (3) (6) 814  
3.75% 2020 Senior Note, due 2025
700  —  (1) (6) 693  
Commercial Paper487  —  (2) —  485  
Total debt$6,759  $85  $(20) $(36) $6,788  
Current portion(485) 
Total long-term debt$6,303  

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  $ $(1) $(1) $507  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (2) 497  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —   (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   (1) (2) 504  
3.25% 2017 Senior Notes, due 2028
500  —  (4) (3) 493  
3.25% 2018 Senior Notes, due 2021
300  —  —  (1) 299  
4.25% 2018 Senior Notes, due 2029
400  —  (3) (3) 394  
4.875% 2018 Senior Notes, due 2048
400  —  (7) (4) 389  
0.950% 2019 Senior Notes, due 2030
842  —  (3) (6) 833  
Total long-term debt$5,603  $27  $(17) $(32) $5,581  
(1) The Company has entered into interest rate swaps on the 2012 Senior Notes, the 2017 Senior Notes due 2021, the 2017 Senior Notes due 2023 and the 2017 Senior Notes due 2028 which are more fully discussed in Note 10 above. These amounts represent the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.
Commercial Paper
As of March 31, 2020, the Company has CP borrowings outstanding of $485 million with a weighted average maturity date at the time of issuance of 77 days. At March 31, 2020, the weighted average remaining maturity and interest rate on CP outstanding was 58 days and 2.38% respectively.
Notes Payable
On March 25, 2020, the Company issued $700 million aggregate principal amount of senior unsecured rate notes in a public offering. The 2020 Senior Notes (5-year) bear interest at an annual fixed rate of 3.75% and mature on March 24, 2025.
At March 31, 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 March 31, 2020, there were no such cross defaults.
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,2012 Senior Notes due 20222013 Senior Notes due 2024
2014 Senior Notes (30-Year) due 2044
2015 Senior Notes due 20272017 Senior Notes due 20212017 Senior Notes due 20232017 Senior Notes due 20282018 Senior Notes due 20212018 Senior Notes due 20292018 Senior Notes due 20482019 Senior Notes due 20302020 Senior Note due 2025Commercial PaperTotal
2020 (After March 31,)
$—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $487  $487  
2021—  —  —  —  500  —  —  300  —  —  —  —  —  $800  
2022500  —  —  —  —  —  —  —  —  —  —  —  —  $500  
2023—  —  —  —  —  500  —  —  —  —  —  —  —  $500  
2024—  500  —  —  —  —  —  —  —  —  —  —  —  $500  
Thereafter—  —  600  549  —  —  500  —  400  400  823  700  —  $3,972  
Total$500  $500  $600  $549  $500  $500  $500  $300  $400  $400  $823  $700  $487  $6,759  
Interest expense, net
The following table summarizes the components of interest as presented in the consolidated statements of operations:
Three Months Ended
March 31,
20202019
Income$ $ 
Expense on borrowings(31) (46) 
UTPs and other tax related liabilities(8) (6) 
Net periodic pension costs - interest component(5) (5) 
Total$(40) $(52) 
The following table shows the cash paid for interest:
Three Months Ended
March 31,
20202019
Interest paid
$49  $73  
The fair value and carrying value of the Company’s debt as of March 31, 2020 and December 31, 2019 are as follows:
March 31, 2020December 31, 2019
Carrying Amount
Estimated Fair Value
Carrying Amount
Estimated Fair Value
4.50% 2012 Senior Notes, due 2022
$516  $521  $507  $531  
4.875% 2013 Senior Notes, due 2024
498  536  497  551  
5.25% 2014 Senior Notes (30-Year), due 2044
598  738  599  757  
1.75% 2015 Senior Notes, due 2027
546  577  558  604  
2.75% 2017 Senior Notes, due 2021
520  497  508  507  
2.625% 2017 Senior Notes, due 2023
512  496  504  507  
3.25% 2017 Senior Notes, due 2028
524  509  493  523  
3.25% 2018 Senior Notes, due 2021
299  301  299  306  
4.25% 2018 Senior Notes, due 2029
394  445  394  453  
4.875% 2018 Senior Notes, due 2048
389  463  389  492  
0.950% 2019 Senior Notes, due 2030
814  769  833  847  
3.75% 2020 Senior Note, due 2025
693  732  —  —  
Total
$6,303  $6,584  $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.
v3.20.1
LEASES
3 Months Ended
Mar. 31, 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 March 31, 2020Three Months Ended
March 31, 2019
Operating lease cost$24  $25  
Sublease Income(1) —  
Variable lease cost  
Total lease cost$28  $29  
The following tables present other information related to the Company’s operating leases:
Three Months Ended
March 31, 2020
Three Months Ended
March 31, 2019
Cash paid for amounts included in the measurement of operating lease liabilities$26  $26  
Right-of-use assets obtained in exchange for new operating lease liabilities
$ $ 

March 31, 2020March 31, 2019
Weighted-average remaining lease term
6.7 years7.3 years
Weighted-average discount rate applied to operating leases
3.6 %3.6 %
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2020:
Year Ending December 31,Operating Leases
2020 (After March 31)
$80  
2021103  
202290  
202384  
202478  
After 2024  186  
Total lease payments (undiscounted)621  
Less: Interest69  
Present value of lease liabilities:$552  
Lease liabilities - current$89  
Lease liabilities - noncurrent$463  
v3.20.1
CONTINGENCIES
3 Months Ended
Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES CONTINGENCIES
Given the nature of their activities, Moody’s and its subsidiaries are subject to legal and tax proceedings, governmental, regulatory and legislative investigations, subpoenas and other inquiries, and claims and litigation by governmental and private parties that are based on ratings assigned by MIS or that are otherwise incidental to the Company’s business. Moody’s and MIS also are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties or restrictions on business activities. Moody’s also is subject to ongoing tax audits as addressed in Note 5 to the consolidated financial statements.
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.
v3.20.1
SEGMENT INFORMATION
3 Months Ended
Mar. 31, 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, Adjusted Operating Income and operating income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Refer to Note 3 for further details on the components of the Company’s revenue.

Three Months Ended March 31,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$831  $498  $(39) $1,290  $702  $474  $(34) $1,142  
Total Expenses
343  394  (39) 698  336  378  (34) 680  
Operating income
488  104  —  592  366  96  —  462  
Add:

Restructuring(1) —  —  (1)   —   
Depreciation and
amortization
16  33  —  49  17  33  —  50  
Acquisition-Related
Expenses
—  —  —  —  —   —   
Loss pursuant to the divestiture of MAKS—   —   —  —  —  —  
Adjusted Operating Income$503  $146  $—  $649  $386  $133  $—  $519  
Consolidated Revenue Information by Geographic Area
Consolidated Revenue Information by Geographic Area:
Three Months Ended March 31,
20202019
United States$714  $612  
Non-U.S.:
EMEA363  333  
Asia-Pacific136  132  
Americas77  65  
Total Non-U.S.576  530  
Total$1,290  $1,142  
v3.20.1
RECENTLY ISSUED ACCOUNTING STANDARDS
3 Months Ended
Mar. 31, 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 is currently evaluating the impact of this ASU on its financial statements.
v3.20.1
SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTOn April 20, 2020, the Board approved the declaration of a quarterly dividend of $0.56 per share of Moody’s common stock, payable on June 10, 2020 to shareholders of record at the close of business on May 20, 2020.
v3.20.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 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 March 31, 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). 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.
v3.20.1
Revenues (Tables)
3 Months Ended
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
March 31,
20202019
MIS:
Corporate finance (CFG)
Investment-grade
$144  $97  
High-yield
75  57  
Bank loans
89  73  
Other accounts (1)
145  128  
Total CFG
453  355  
Structured finance (SFG)
Asset-backed securities
22  23  
RMBS
27  24  
CMBS
17  18  
Structured credit
29  35  
Other accounts
  
Total SFG
96  101  
Financial institutions (FIG)
Banking
86  80  
Insurance
30  29  
Managed investments
  
Other accounts
  
Total FIG
125  116  
Public, project and infrastructure finance (PPIF)
Public finance / sovereign
57  46  
Project and infrastructure
52  47  
Total PPIF
109  93  
Total ratings revenue
783  665  
MIS Other
11   
Total external revenue
794  670  
Intersegment royalty
37  32  
Total MIS
831  702  
MA:
Research, data and analytics (RD&A) 358  308  
Enterprise risk solutions (ERS)
138  122  
Professional services (PS) (2)
—  42  
Total external revenue
496  472  
Intersegment revenue
  
Total MA
498  474  
Eliminations
(39) (34) 
Total MCO
$1,290  $1,142  
(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, will now be 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 March 31, 2020Three Months Ended March 31, 2019
U.S.
Non-U.S
Total
U.S.
Non-U.S
Total
MIS:
Corporate finance (CFG)
$314  $139  $453  $243  $112  $355  
Structured finance (SFG) 61  35  96  62  39  101  
Financial institutions (FIG)
60  65  125  46  70  116  
Public, project and infrastructure finance (PPIF)
68  41  109  60  33  93  
Total ratings revenue
503  280  783  411  254  665  
MIS Other—  11  11  —    
Total MIS
503  291  794  411  259  670  
MA:
Research, data and analytics (RD&A) 158  200  358  135  173  308  
Enterprise risk solutions (ERS)
53  85  138  48  74  122  
Professional services (PS) (1)
—  —  —  18  24  42  
Total MA
211  285  496  201  271  472  
Total MCO
$714  $576  $1,290  $612  $530  $1,142  
(1) Subsequent to the divestiture of MAKS in 2019, the RD&A LOB now includes revenue from Moody's Analytics Learning Solutions (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 March 31,
20202019
Transaction
Relationship
Total
Transaction
Relationship
Total
Corporate Finance
$338  $115  $453  $249  $106  $355  
75 %25 %100 %70 %30 %100 %
Structured Finance
$50  $46  $96  $57  $44  $101  
52 %48 %100 %56 %44 %100 %
Financial Institutions
$60  $65  $125  $48  $68  $116  
48 %52 %100 %41 %59 %100 %
Public, Project and Infrastructure Finance
$69  $40  $109  $55  $38  $93  
63 %37 %100 %59 %41 %100 %
MIS Other
$ $ $11  $ $ $ 
18 %82 %100 %20 %80 %100 %
Total MIS
$519  $275  $794  $410  $260  $670  
65 %35 %100 %61 %39 %100 %
Research, data and analytics$18  $340  $358  $ $303  $308  
%95 %100 %%98 %100 %
Enterprise risk solutions$32  $106  $138  $24  $98  $122  
23 %77 %100 %20 %80 %100 %
Professional services$—  $—  $—  $42  $—  $42  
— %— %— %100 %— %100 %
Total MA$50  
(1)
$446  $496  $71  
(1)
$401  $472  
10 %90 %100 %15 %85 %100 %
Total Moody's Corporation$569  $721  $1,290  $481  $661  $1,142  
44 %56 %100 %42 %58 %100 %
(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under the New Revenue Accounting Standard (please also refer to the following table).

The following table presents the timing of revenue recognition:
Three Months Ended March 31, 2020
MIS
MA
Total
Revenue recognized at a point in time
$519  $39  $558  
Revenue recognized over time
275  457  732  
Total
$794  $496  $1,290  

Three Months Ended March 31, 2019
MIS
MA
Total
Revenue recognized at a point in time
$410  $30  $440  
Revenue recognized over time
260  442  702  
Total
$670  $472  $1,142  
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20202019
MIS:
U.S.
$503  $411  
Non-U.S.:
EMEA
171  149  
Asia-Pacific
81  79  
Americas
39  31  
Total Non-U.S.
291  259  
Total MIS
794  670  
MA:
U.S.
211  201  
Non-U.S.:
EMEA
192  184  
Asia-Pacific
55  53  
Americas
38  34  
Total Non-U.S.
285  271  
Total MA
496  472  
Total MCO
$1,290  $1,142  
Schedule of Changes in the Deferred Revenue Balances
Significant changes in the deferred revenue balances during the three months ended March 31, 2020 are as follows:

Three Months Ended March 31, 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
(99) (336) (435) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
161  343  504  
Increases due to RDC acquisition during the period—  20  20  
Effect of exchange rate changes
(5) (24) (29) 
Total changes in deferred revenue
57   60  
Balance at March 31, 2020$379  $843  $1,222  
Deferred revenue - current
$275  $838  $1,113  
Deferred revenue - noncurrent
$104  $ $109  


Three Months Ended March 31, 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
(93) (307) (400) 
Increases due to amounts billable excluding amounts recognized as revenue during the period
155  347  502  
Effect of exchange rate changes
—    
Total changes in deferred revenue
62  45  107  
Balance at March 31, 2019$388  $795  $1,183  
Deferred revenue - current
$271  $791  1,062  
Deferred revenue - noncurrent
$117  $ 121  
v3.20.1
Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 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
March 31,
20202019
Stock-based compensation cost
$37  $36  
Tax benefit
$ $ 
Weighted Average Assumptions used in Determining Fair Value for Options Granted
The following weighted average assumptions were used in determining the fair value for options granted in 2020:
Expected dividend yield
0.80 %
Expected stock volatility
22.43 %
Risk-free interest rate
1.45 %
Expected holding period
5.7 years
Stock Option Exercises and Restricted Stock Vesting
The following tables summarize information relating to stock option exercises and restricted stock vesting:
Three Months Ended
March 31,
2020
2019
Exercise of stock options:
Proceeds from stock option exercises
$13  $12  
Aggregate intrinsic value
$46  $36  
Tax benefit realized upon exercise
$11  $ 
Number of shares exercised
0.2  0.3  
Vesting of restricted stock:
Fair value of shares vested
$191  $147  
Tax benefit realized upon vesting
$44  $34  
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  
v3.20.1
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes Paid
The following table shows the amount the Company paid for income taxes:
Three Months Ended March 31,
20202019
Income taxes paid$29  $37  
v3.20.1
Weighted Average Shares Outstanding (Tables)
3 Months Ended
Mar. 31, 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 March 31,
20202019
Basic
187.5  190.4  
Dilutive effect of shares issuable under stock-based compensation plans
2.1  2.4  
Diluted
189.6  192.8  
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  0.4  
v3.20.1
CASH EQUIVALENTS AND INVESTMENTS (Tables)
3 Months Ended
Mar. 31, 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 March 31, 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)
$1,276  $—  $1,276  $1,176  $87  $13  
Mutual funds$46  $(7) $39  $—  $ $36  

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  $10  
Mutual funds$ $—  $ $—  $ $—  
(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 March 31, 2020 and December 31, 2019. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 23 months at March 31, 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.
v3.20.1
Acquisitions and Other Strategic Initiatives (Tables)
3 Months Ended
Mar. 31, 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 to be paid to sellers in 2020 (1)
 
Total consideration$702  
(1) Represents additional consideration due to 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)
 
Total intangible assets (19 year weighted average life)
280  
Goodwill494  
Other assets 
Liabilities:
Accounts payable and accrued liabilities$(5) 
Deferred revenue(20) 
Deferred tax liabilities(71) 
Other liabilities(2) 
Total liabilities(98) 
Net assets acquired$702  
v3.20.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
3 Months Ended
Mar. 31, 2020
Derivative [Line Items]  
Schedule of Interest Rate Swap
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
Notional Amount
Hedged Item
Nature of Swap
As of March 31,
2020
As of December 31,
2019
Floating Interest Rate
2012 Senior Notes due 2022
Pay Floating/Receive Fixed
$330  $330  
3-month USD LIBOR
2017 Senior Notes due 2021
Pay Floating/Receive Fixed
$500  $500  
3-month USD LIBOR
2017 Senior Notes due 2023
Pay Floating/Receive Fixed
$250  $250  
3-month USD LIBOR
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500  $—  3-month USD LIBOR
Total$1,580  $1,080  
Gains and Losses on Derivatives Designated as Hedging Instruments
The following table summarizes the impact to the statement of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20202019
Interest expense, net$(40) $(52) 

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

Interest expense, net
$ $—  
Fair value changes on interest rate swapsInterest expense, net$58  $11  
Fair value changes on hedged debtInterest expense, net$(58) $(11) 
Amount of Gain/(Loss) Recognized in AOCI on Derivative Net Investment Hedging Relationships (Effectiveness Portion)
The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:

Derivative and Non-Derivative Instruments in Net Investment Hedging Relationships
Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax
Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
202020192020201920202019
Cross currency swaps
$66  $15  $—  $—  $16  $ 
Long-term debt
23  

 —  —  —  —  
Total net investment hedges
$89  $23  $—  $—  $16  $ 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts(36) —  (1) —  —  —  
Total cash flow hedges$(36) $—  $(1) $—  $—  $—  
Total$53  $23  $(1) $—  $16  $ 
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCI is as follows:

Cumulative Gains/(Losses), net of tax
March 31, 2020December 31, 2019
Net investment hedges
Cross currency swaps
$107  $41  
FX forwards
26  26  
Long-term debt
10  (13) 
Total net investment hedges
$143  $54  
Cash flow hedges
Interest rate contracts
$(37) $(2) 
Cross currency swaps  
Total cash flow hedges
(35) —  
Total net gain in AOCI
$108  $54  
The following tables show changes in AOCI by component (net of tax):

Three Months Ended March 31, 2020
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2019$(92) $—  $(401) $54  $(439) 
Other comprehensive income/(loss) before reclassifications(1) (36) (169) 89  (117) 
Amounts reclassified from AOCI  —  —   
Other comprehensive income/(loss)—  (35) (169) 89  (115) 
Balance March 31, 2020$(92) $(35) $(570) $143  $(554) 


Three Months Ended March 31, 2019
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2018$(53) $—  $(406) $33  $(426) 
Other comprehensive income/(loss) before reclassifications —  (34) 24  (9) 
Amounts reclassified from AOCI—  —  —  —  —  
Adoption of ASU 2018-02(17) —  —  (3) (20) 
Other comprehensive income/(loss)(16) —  (34) 21  (29) 
Balance March 31, 2019$(69) $—  $(440) $54  $(455) 
Summary of Notional Amounts of Outstanding Foreign Exchange Forwards
The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
March 31, 2020December 31, 2019
Notional amount of currency pair:
Sell
Buy
Sell
Buy
Contracts to sell USD for GBP
$451  £379  $235  £178  
Contracts to sell USD for Japanese Yen
$29  ¥3,200  $29  ¥3,200  
Contracts to sell USD for Canadian dollars
$94  $130  $83  $110  
Contracts to sell USD for Singapore dollars
$59  S$86  $41  S$56  
Contracts to sell USD for Euros
$61  55  $421  378  
Contracts to sell EUR for GBP
—  £—  25  £21  
NOTE: € = Euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese Yen, C$ = Canadian dollar, S$= Singapore dollars
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
March 31,
20202019
Foreign exchange forwards
Other non-operating expense, net
$(40) $ 
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
March 31, 2020December 31, 2019
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other assets
$145  $56  
Interest rate swaps designated as fair value hedges
Other assets
85  27  
Total derivatives designated as accounting hedges
230  83  
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Other current assets
29   
Total assets
$259  $92  
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedges
Other liabilities
$ $—  
Interest rate forward contracts designated as cash flow hedgesAccounts payable and accrued liabilities47  —  
Total derivatives designated as accounting hedges
48  —  
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedge
Long-term debt
1,372  1,403  
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilities
Accounts payable and accrued liabilities
10  —  
Total liabilities
$1,430  $1,403  
Designated as Hedging Instrument  
Derivative [Line Items]  
Schedule of Interest Rate Swap The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
March 31, 2020
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
1,079  1.43%$1,220  3.96%
Pay Floating/Receive Floating1,381  Based on 3-month EURIBOR1,580  Based on 3-month USD LIBOR
Total
2,460  $2,800  

December 31, 2019
Pay
Receive
Nature of Swap
Notional Amount
Weighted Average Interest Rate
Notional Amount
Weighted Average Interest Rate
Pay Fixed/Receive Fixed
1,079  1.43%$1,220  3.96%
Pay Floating/Receive Floating
931  Based on 3-month EURIBOR1,080  Based on 3-month USD LIBOR
Total
2,010  $2,300  
v3.20.1
GOODWILL AND OTHER ACQUIRED INTANGIBLE ASSETS (Tables)
3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Activity in Goodwill
The following table summarizes the activity in goodwill for the periods indicated:
Three Months Ended March 31, 2020
MIS
MA
Consolidated
Gross goodwill
Accumulated impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Gross goodwill
Accumulated
impairment
charge
Net
goodwill
Balance at beginning
of year
$315  $—  $315  $3,419  $(12) $3,407  $3,734  $(12) $3,722  
Additions/
adjustments (1)
—  —  —  497  —  497  497  —  497  
Foreign currency translation adjustments
(1) —  (1) (96) —  (96) (97) —  (97) 
Ending balance
$314  $—  $314  $3,820  $(12) $3,808  $4,134  $(12) $4,122  
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
 —   (14) —  (14) (10) —  (10) 
Divestiture of MAKS—  —  —  (163) —  (163) (163) —  (163) 
Ending balance
$315  $—  $315  $3,419  $(12) $3,407  $3,734  $(12) $3,722  
(1) The 2020 additions/adjustments for the MA segment in the table above relate to the acquisition of RDC and RBA.
(2) The 2019 additions/adjustments for the MIS segment in the table above relate to the acquisitions of Vigeo Eiris and Four Twenty Seven. The 2019 additions/adjustments for the MA segment in the table above relate to the acquisition of RiskFirst and ABS Suite.
Acquired Intangible Assets and Related Amortization
Acquired intangible assets and related amortization consisted of:
March 31,
2020
December 31,
2019
Customer relationships
$1,460  $1,325  
Accumulated amortization
(244) (235) 
Net customer relationships
1,216  1,090  
Trade secrets
30  30  
Accumulated amortization
(28) (29) 
Net trade secrets
  
Software/product technology
361  372  
Accumulated amortization
(133) (131) 
Net software/product technology
228  241  
Trade names
149  150  
Accumulated amortization
(31) (30) 
Net trade names
118  120  
Other (1)
177  80  
Accumulated amortization
(32) (34) 
Net other
145  46  
Total acquired intangible assets, net
$1,709  $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
March 31,
20202019
Amortization expense
$28  $26  
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 March 31,)
$89  
2021116  
2022115  
2023111  
2024104  
Thereafter1,174  
Total estimated future amortization$1,709  
v3.20.1
FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 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 March 31, 2020 and December 31, 2019:
Fair value Measurement as of March 31, 2020
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$259  $—  $259  
Mutual funds
39  39  —  
Total
$298  $39  $259  
Liabilities:
Derivatives (1)
$58  $—  $58  
Total
$58  $—  $58  

Fair value Measurement as of December 31, 2019
Description
Balance
Level 1
Level 2
Assets:
Derivatives (1)
$92  $—  $92  
Mutual funds
  —  
Total
$95  $ $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.
v3.20.1
OTHER BALANCE SHEET AND STATEMENT OF OPERATIONS INFORMATION (Tables)
3 Months Ended
Mar. 31, 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:
March 31, 2020December 31, 2019
Other current assets:
Prepaid taxes$98  $79  
Prepaid expenses80  71  
Capitalized costs to obtain and fulfill sales contracts85  91  
Other87  89  
Total other current assets$350  $330  
Other assets:
Investments in non-consolidated affiliates$121  $117  
Deposits for real-estate leases14  13  
Indemnification assets related to acquisitions16  16  
Mutual funds and fixed deposits49  10  
Company owned life insurance (at contract value)11  —  
Costs to obtain sales contracts117  119  
Cross currency and interest rate swaps230  83  
Other36  31  
Total other assets$594  $389  
March 31, 2020December 31, 2019
Accounts payable and accrued liabilities:
Salaries and benefits$160  $152  
Incentive compensation37  208  
Customer credits, advanced payments and advanced billings41  28  
Dividends  
Professional service fees59  43  
Interest accrued on debt35  63  
Accounts payable26  38  
Income taxes91  73  
Pension and other retirement employee benefits  
Accrued royalties20  25  
Foreign exchange forwards on certain assets and liabilities10  —  
Restructuring liability 21  
Treasury lock forward contracts47  —  
Other119  108  
Total accounts payable and accrued liabilities$664  $773  
Other liabilities:
Pension and other retirement employee benefits$196  $299  
Interest accrued on UTPs89  82  
MAKS indemnification provisions 41  43  
Income tax liability - non-current portion51  51  
Cross currency and interest rate swaps —  
Restructuring liability  
Other22  26  
Total other liabilities$403  $504  
Other Non-Operating
The following table summarizes the components of other non-operating income (expense):
Three Months Ended March 31,
20202019
FX gain (loss)$13  $(6) 
Net periodic pension costs - other components  
Income from investments in non-consolidated affiliates(3)  
Other(1)  
Total$12  $ 
v3.20.1
COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Reclassifications out of AOCI
The following table provides details about the reclassifications out of AOCI:

Three Months Ended March 31,Location in the consolidated statement of operations
Losses on cash flow hedges20202019
Interest rate contract$(1) $—  Other non-operating income, net
Income tax effect of item above —  —  Provision for income taxes
Total net losses on cash flow hedges(1) —  
Pension and other retirement benefits
Amortization of actuarial losses and prior service costs included in net income(1) (1) Operating expense
Amortization of actuarial losses and prior service costs included in net income(1) —  SG&A expense
Total before income taxes(2) (1) 
Income tax effect of item above  Provision for income taxes
Total pension and other retirement benefits(1) —  
Total net losses included in Net Income attributable to reclassifications out of AOCI$(2) $—  
Components of Accumulated Other Comprehensive Income
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCI is as follows:

Cumulative Gains/(Losses), net of tax
March 31, 2020December 31, 2019
Net investment hedges
Cross currency swaps
$107  $41  
FX forwards
26  26  
Long-term debt
10  (13) 
Total net investment hedges
$143  $54  
Cash flow hedges
Interest rate contracts
$(37) $(2) 
Cross currency swaps  
Total cash flow hedges
(35) —  
Total net gain in AOCI
$108  $54  
The following tables show changes in AOCI by component (net of tax):

Three Months Ended March 31, 2020
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2019$(92) $—  $(401) $54  $(439) 
Other comprehensive income/(loss) before reclassifications(1) (36) (169) 89  (117) 
Amounts reclassified from AOCI  —  —   
Other comprehensive income/(loss)—  (35) (169) 89  (115) 
Balance March 31, 2020$(92) $(35) $(570) $143  $(554) 


Three Months Ended March 31, 2019
Pension and Other Retirement BenefitsCash Flow HedgesForeign Currency Translation AdjustmentsNet Investment HedgesTotal
Balance December 31, 2018$(53) $—  $(406) $33  $(426) 
Other comprehensive income/(loss) before reclassifications —  (34) 24  (9) 
Amounts reclassified from AOCI—  —  —  —  —  
Adoption of ASU 2018-02(17) —  —  (3) (20) 
Other comprehensive income/(loss)(16) —  (34) 21  (29) 
Balance March 31, 2019$(69) $—  $(440) $54  $(455) 
v3.20.1
PENSION AND OTHER RETIREMENT BENEFITS (Tables)
3 Months Ended
Mar. 31, 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 March 31,
Pension Plans
Other Retirement Plans
2020201920202019
Components of net periodic expense
Service cost$ $ $ $ 
Interest cost
  —  —  
Expected return on plan assets
(5) (5) —  —  
Amortization of net actuarial loss from earlier periods
  —  —  
Amortization of net prior service costs from earlier periods
—  —  —  —  
Net periodic expense
$ $ $ $ 
v3.20.1
INDEBTEDNESS (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Summary of Total Indebtedness
The following table summarizes total indebtedness:
March 31, 2020
Notes Payable:
Principal Amount
Fair Value of Interest Rate Swaps (1)
Unamortized (Discount) Premium
Unamortized Debt Issuance Costs
Carrying Value
4.50% 2012 Senior Notes, due 2022
$500  $18  $(1) $(1) $516  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (1) 498  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —   (5) 598  
1.75% 2015 Senior Notes, due 2027
549  —  —  (3) 546  
2.75% 2017 Senior Notes, due 2021
500  21  —  (1) 520  
2.625% 2017 Senior Notes, due 2023
500  15  (1) (2) 512  
3.25% 2017 Senior Notes, due 2028
500  31  (4) (3) 524  
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
823  —  (3) (6) 814  
3.75% 2020 Senior Note, due 2025
700  —  (1) (6) 693  
Commercial Paper487  —  (2) —  485  
Total debt$6,759  $85  $(20) $(36) $6,788  
Current portion(485) 
Total long-term debt$6,303  

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  $ $(1) $(1) $507  
4.875% 2013 Senior Notes, due 2024
500  —  (1) (2) 497  
5.25% 2014 Senior Notes (30-Year), due 2044
600  —   (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   (1) (2) 504  
3.25% 2017 Senior Notes, due 2028
500  —  (4) (3) 493  
3.25% 2018 Senior Notes, due 2021
300  —  —  (1) 299  
4.25% 2018 Senior Notes, due 2029
400  —  (3) (3) 394  
4.875% 2018 Senior Notes, due 2048
400  —  (7) (4) 389  
0.950% 2019 Senior Notes, due 2030
842  —  (3) (6) 833  
Total long-term debt$5,603  $27  $(17) $(32) $5,581  
(1) The Company has entered into interest rate swaps on the 2012 Senior Notes, the 2017 Senior Notes due 2021, the 2017 Senior Notes due 2023 and the 2017 Senior Notes due 2028 which are more fully discussed in Note 10 above. These amounts represent the cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged debt.
Principal Payments Due on Long-Term Borrowings
The repayment schedule for the Company’s borrowings is as follows:
Year Ending December 31,2012 Senior Notes due 20222013 Senior Notes due 2024
2014 Senior Notes (30-Year) due 2044
2015 Senior Notes due 20272017 Senior Notes due 20212017 Senior Notes due 20232017 Senior Notes due 20282018 Senior Notes due 20212018 Senior Notes due 20292018 Senior Notes due 20482019 Senior Notes due 20302020 Senior Note due 2025Commercial PaperTotal
2020 (After March 31,)
$—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $—  $487  $487  
2021—  —  —  —  500  —  —  300  —  —  —  —  —  $800  
2022500  —  —  —  —  —  —  —  —  —  —  —  —  $500  
2023—  —  —  —  —  500  —  —  —  —  —  —  —  $500  
2024—  500  —  —  —  —  —  —  —  —  —  —  —  $500  
Thereafter—  —  600  549  —  —  500  —  400  400  823  700  —  $3,972  
Total$500  $500  $600  $549  $500  $500  $500  $300  $400  $400  $823  $700  $487  $6,759  
Summary of Components of Interest as Presented in Consolidated Statements of Operations
The following table summarizes the components of interest as presented in the consolidated statements of operations:
Three Months Ended
March 31,
20202019
Income$ $ 
Expense on borrowings(31) (46) 
UTPs and other tax related liabilities(8) (6) 
Net periodic pension costs - interest component(5) (5) 
Total$(40) $(52) 
Interest Paid
The following table shows the cash paid for interest:
Three Months Ended
March 31,
20202019
Interest paid
$49  $73  
Fair Value and Carrying Value of Long-Term Debt
The fair value and carrying value of the Company’s debt as of March 31, 2020 and December 31, 2019 are as follows:
March 31, 2020December 31, 2019
Carrying Amount
Estimated Fair Value
Carrying Amount
Estimated Fair Value
4.50% 2012 Senior Notes, due 2022
$516  $521  $507  $531  
4.875% 2013 Senior Notes, due 2024
498  536  497  551  
5.25% 2014 Senior Notes (30-Year), due 2044
598  738  599  757  
1.75% 2015 Senior Notes, due 2027
546  577  558  604  
2.75% 2017 Senior Notes, due 2021
520  497  508  507  
2.625% 2017 Senior Notes, due 2023
512  496  504  507  
3.25% 2017 Senior Notes, due 2028
524  509  493  523  
3.25% 2018 Senior Notes, due 2021
299  301  299  306  
4.25% 2018 Senior Notes, due 2029
394  445  394  453  
4.875% 2018 Senior Notes, due 2048
389  463  389  492  
0.950% 2019 Senior Notes, due 2030
814  769  833  847  
3.75% 2020 Senior Note, due 2025
693  732  —  —  
Total
$6,303  $6,584  $5,581  $6,078  
v3.20.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Components of Lease Cost
The following table presents the components of the Company’s lease cost:
Three Months Ended March 31, 2020Three Months Ended
March 31, 2019
Operating lease cost$24  $25  
Sublease Income(1) —  
Variable lease cost  
Total lease cost$28  $29  
Schedule of Operating Leases Information
The following tables present other information related to the Company’s operating leases:
Three Months Ended
March 31, 2020
Three Months Ended
March 31, 2019
Cash paid for amounts included in the measurement of operating lease liabilities$26  $26  
Right-of-use assets obtained in exchange for new operating lease liabilities
$ $ 

March 31, 2020March 31, 2019
Weighted-average remaining lease term
6.7 years7.3 years
Weighted-average discount rate applied to operating leases
3.6 %3.6 %
Lessee, Operating Lease, Liability, Maturity
The following table presents a maturity analysis of the future minimum lease payments included within the Company’s operating lease liabilities at March 31, 2020:
Year Ending December 31,Operating Leases
2020 (After March 31)
$80  
2021103  
202290  
202384  
202478  
After 2024  186  
Total lease payments (undiscounted)621  
Less: Interest69  
Present value of lease liabilities:$552  
Lease liabilities - current$89  
Lease liabilities - noncurrent$463  
v3.20.1
SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 31, 2020
Segment Reporting Information [Line Items]  
Financial Information by Segment
The table below shows revenue, Adjusted Operating Income and operating income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s chief operating decision maker to assess the profitability of each reportable segment. Refer to Note 3 for further details on the components of the Company’s revenue.

Three Months Ended March 31,
20202019
MIS
MA
Eliminations
Consolidated
MIS
MA
Eliminations
Consolidated
Revenue
$831  $498  $(39) $1,290  $702  $474  $(34) $1,142  
Total Expenses
343  394  (39) 698  336  378  (34) 680  
Operating income
488  104  —  592  366  96  —  462  
Add:

Restructuring(1) —  —  (1)   —   
Depreciation and
amortization
16  33  —  49  17  33  —  50  
Acquisition-Related
Expenses
—  —  —  —  —   —   
Loss pursuant to the divestiture of MAKS—   —   —  —  —  —  
Adjusted Operating Income$503  $146  $—  $649  $386  $133  $—  $519  
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended
March 31,
20202019
MIS:
U.S.
$503  $411  
Non-U.S.:
EMEA
171  149  
Asia-Pacific
81  79  
Americas
39  31  
Total Non-U.S.
291  259  
Total MIS
794  670  
MA:
U.S.
211  201  
Non-U.S.:
EMEA
192  184  
Asia-Pacific
55  53  
Americas
38  34  
Total Non-U.S.
285  271  
Total MA
496  472  
Total MCO
$1,290  $1,142  
Operating Segments  
Segment Reporting Information [Line Items]  
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
Consolidated Revenue Information by Geographic Area:
Three Months Ended March 31,
20202019
United States$714  $612  
Non-U.S.:
EMEA363  333  
Asia-Pacific136  132  
Americas77  65  
Total Non-U.S.576  530  
Total$1,290  $1,142  
v3.20.1
Description of Business and Basis of Presentation - Additional Information (Detail)
1 Months Ended 3 Months Ended
Mar. 25, 2020
USD ($)
Mar. 31, 2020
USD ($)
Mar. 31, 2020
USD ($)
segment
Jan. 01, 2020
USD ($)
Dec. 31, 2019
USD ($)
New Accounting Pronouncement, Early Adoption [Line Items]          
Number of reportable segments | segment     2    
Principal amount   $ 6,759,000,000 $ 6,759,000,000   $ 5,603,000,000
3.75% 2020 Senior Note, due 2025          
New Accounting Pronouncement, Early Adoption [Line Items]          
Principal amount $ 700,000,000 $ 700,000,000 $ 700,000,000    
Debt instrument, term 5 years 5 years      
Credit Losses Accounting Standard          
New Accounting Pronouncement, Early Adoption [Line Items]          
Adoption of new ASU       $ (2,000,000)  
Retained Earnings | Credit Losses Accounting Standard          
New Accounting Pronouncement, Early Adoption [Line Items]          
Adoption of new ASU       $ (2,000,000)  
v3.20.1
Summary of Significant Accounting Policies (Details)
$ in Millions
3 Months Ended
Mar. 31, 2020
USD ($)
Accounting Policies [Abstract]  
Expected credit losses $ 24
v3.20.1
Revenues - Revenue by Category (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Disaggregation of Revenue [Line Items]    
Revenue $ 1,290 $ 1,142
Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue (39) (34)
MIS    
Disaggregation of Revenue [Line Items]    
Revenue 794 670
MIS | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 831 702
MIS | Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue 37 32
MIS | Corporate Finance (CFG)    
Disaggregation of Revenue [Line Items]    
Revenue 453 355
MIS | Corporate Finance (CFG) | Investment-grade    
Disaggregation of Revenue [Line Items]    
Revenue 144 97
MIS | Corporate Finance (CFG) | High-yield    
Disaggregation of Revenue [Line Items]    
Revenue 75 57
MIS | Corporate Finance (CFG) | Bank loans    
Disaggregation of Revenue [Line Items]    
Revenue 89 73
MIS | Corporate Finance (CFG) | Other accounts    
Disaggregation of Revenue [Line Items]    
Revenue 145 128
MIS | Structured Finance (SFG)    
Disaggregation of Revenue [Line Items]    
Revenue 96 101
MIS | Structured Finance (SFG) | Other accounts    
Disaggregation of Revenue [Line Items]    
Revenue 1 1
MIS | Structured Finance (SFG) | Asset-backed securities    
Disaggregation of Revenue [Line Items]    
Revenue 22 23
MIS | Structured Finance (SFG) | RMBS    
Disaggregation of Revenue [Line Items]    
Revenue 27 24
MIS | Structured Finance (SFG) | CMBS    
Disaggregation of Revenue [Line Items]    
Revenue 17 18
MIS | Structured Finance (SFG) | Structured credit    
Disaggregation of Revenue [Line Items]    
Revenue 29 35
MIS | Financial Institutions (FIG)    
Disaggregation of Revenue [Line Items]    
Revenue 125 116
MIS | Financial Institutions (FIG) | Other accounts    
Disaggregation of Revenue [Line Items]    
Revenue 3 3
MIS | Financial Institutions (FIG) | Banking    
Disaggregation of Revenue [Line Items]    
Revenue 86 80
MIS | Financial Institutions (FIG) | Insurance    
Disaggregation of Revenue [Line Items]    
Revenue 30 29
MIS | Financial Institutions (FIG) | Managed investments    
Disaggregation of Revenue [Line Items]    
Revenue 6 4
MIS | Public, Project And Infrastructure Finance (PPIF)    
Disaggregation of Revenue [Line Items]    
Revenue 109 93
MIS | Public, Project And Infrastructure Finance (PPIF) | Public finance / sovereign    
Disaggregation of Revenue [Line Items]    
Revenue 57 46
MIS | Public, Project And Infrastructure Finance (PPIF) | Project and infrastructure    
Disaggregation of Revenue [Line Items]    
Revenue 52 47
MIS | Rating Revenue    
Disaggregation of Revenue [Line Items]    
Revenue 783 665
MIS | MIS Other    
Disaggregation of Revenue [Line Items]    
Revenue 11 5
MA    
Disaggregation of Revenue [Line Items]    
Revenue 496 472
MA | Operating Segments    
Disaggregation of Revenue [Line Items]    
Revenue 498 474
MA | Eliminations    
Disaggregation of Revenue [Line Items]    
Revenue 2 2
MA | Research, Data And Analytics (RD&A)    
Disaggregation of Revenue [Line Items]    
Revenue 358 308
MA | Enterprise Risk Solutions (ERS)    
Disaggregation of Revenue [Line Items]    
Revenue 138 122
MA | Professional Services (PS)    
Disaggregation of Revenue [Line Items]    
Revenue $ 0 $ 42
v3.20.1
Revenues - Revenues disaggregated by Line of Business and Geographical Area (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Disaggregation of Revenue [Line Items]    
Revenue $ 1,290 $ 1,142
United States    
Disaggregation of Revenue [Line Items]    
Revenue 714 612
Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 576 530
MIS    
Disaggregation of Revenue [Line Items]    
Revenue 794 670
MIS | United States    
Disaggregation of Revenue [Line Items]    
Revenue 503 411
MIS | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 291 259
MIS | Corporate Finance (CFG)    
Disaggregation of Revenue [Line Items]    
Revenue 453 355
MIS | Corporate Finance (CFG) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 314 243
MIS | Corporate Finance (CFG) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 139 112
MIS | Structured Finance (SFG)    
Disaggregation of Revenue [Line Items]    
Revenue 96 101
MIS | Structured Finance (SFG) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 61 62
MIS | Structured Finance (SFG) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 35 39
MIS | Financial Institutions (FIG)    
Disaggregation of Revenue [Line Items]    
Revenue 125 116
MIS | Financial Institutions (FIG) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 60 46
MIS | Financial Institutions (FIG) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 65 70
MIS | Public, Project And Infrastructure Finance (PPIF)    
Disaggregation of Revenue [Line Items]    
Revenue 109 93
MIS | Public, Project And Infrastructure Finance (PPIF) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 68 60
MIS | Public, Project And Infrastructure Finance (PPIF) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 41 33
MIS | Rating Revenue    
Disaggregation of Revenue [Line Items]    
Revenue 783 665
MIS | Rating Revenue | United States    
Disaggregation of Revenue [Line Items]    
Revenue 503 411
MIS | Rating Revenue | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 280 254
MIS | MIS Other    
Disaggregation of Revenue [Line Items]    
Revenue 11 5
MIS | MIS Other | United States    
Disaggregation of Revenue [Line Items]    
Revenue 0 0
MIS | MIS Other | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 11 5
MA    
Disaggregation of Revenue [Line Items]    
Revenue 496 472
MA | United States    
Disaggregation of Revenue [Line Items]    
Revenue 211 201
MA | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 285 271
MA | Research, Data And Analytics (RD&A)    
Disaggregation of Revenue [Line Items]    
Revenue 358 308
MA | Research, Data And Analytics (RD&A) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 158 135
MA | Research, Data And Analytics (RD&A) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 200 173
MA | Enterprise Risk Solutions (ERS)    
Disaggregation of Revenue [Line Items]    
Revenue 138 122
MA | Enterprise Risk Solutions (ERS) | United States    
Disaggregation of Revenue [Line Items]    
Revenue 53 48
MA | Enterprise Risk Solutions (ERS) | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue 85 74
MA | Professional Services    
Disaggregation of Revenue [Line Items]    
Revenue 0 42
MA | Professional Services | United States    
Disaggregation of Revenue [Line Items]    
Revenue 0 18
MA | Professional Services | Non-U.S.    
Disaggregation of Revenue [Line Items]    
Revenue $ 0 $ 24
v3.20.1
Revenues - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Segment Reporting Information [Line Items]    
Revenue $ 1,290 $ 1,142
MIS    
Segment Reporting Information [Line Items]    
Revenue 794 670
MA    
Segment Reporting Information [Line Items]    
Revenue 496 472
United States    
Segment Reporting Information [Line Items]    
Revenue 714 612
United States | MIS    
Segment Reporting Information [Line Items]    
Revenue 503 411
United States | MA    
Segment Reporting Information [Line Items]    
Revenue 211 201
EMEA    
Segment Reporting Information [Line Items]    
Revenue 363 333
EMEA | MIS    
Segment Reporting Information [Line Items]    
Revenue 171 149
EMEA | MA    
Segment Reporting Information [Line Items]    
Revenue 192 184
Asia-Pacific    
Segment Reporting Information [Line Items]    
Revenue 136 132
Asia-Pacific | MIS    
Segment Reporting Information [Line Items]    
Revenue 81 79
Asia-Pacific | MA    
Segment Reporting Information [Line Items]    
Revenue 55 53
Americas    
Segment Reporting Information [Line Items]    
Revenue 77 65
Americas | MIS    
Segment Reporting Information [Line Items]    
Revenue 39 31
Americas | MA    
Segment Reporting Information [Line Items]    
Revenue 38 34
Non-U.S.    
Segment Reporting Information [Line Items]    
Revenue 576 530
Non-U.S. | MIS    
Segment Reporting Information [Line Items]    
Revenue 291 259
Non-U.S. | MA    
Segment Reporting Information [Line Items]    
Revenue $ 285 $ 271
v3.20.1
Revenues - Transaction and Relationship Revenue (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Disaggregation of Revenue [Line Items]    
Revenue $ 1,290 $ 1,142
Percentage of Revenues 100.00% 100.00%
MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 794 $ 670
Percentage of Revenues 100.00% 100.00%
MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 496 $ 472
Percentage of Revenues 100.00% 100.00%
Corporate Finance (CFG) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 453 $ 355
Percentage of Revenues 100.00% 100.00%
Structured Finance (SFG) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 96 $ 101
Percentage of Revenues 100.00% 100.00%
Financial Institutions (FIG) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 125 $ 116
Percentage of Revenues 100.00% 100.00%
Public, Project And Infrastructure Finance (PPIF) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 109 $ 93
Percentage of Revenues 100.00% 100.00%
MIS Other | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 11 $ 5
Percentage of Revenues 100.00% 100.00%
Research, Data And Analytics (RD&A) | MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 358 $ 308
Percentage of Revenues 100.00% 100.00%
Enterprise Risk Solutions (ERS) | MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 138 $ 122
Percentage of Revenues 100.00% 100.00%
Professional Services | MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 0 $ 42
Percentage of Revenues   100.00%
Transaction Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 569 $ 481
Percentage of Revenues 44.00% 42.00%
Transaction Revenue | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 519 $ 410
Percentage of Revenues 65.00% 61.00%
Transaction Revenue | MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 50 $ 71
Percentage of Revenues 10.00% 15.00%
Transaction Revenue | Corporate Finance (CFG) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 338 $ 249
Percentage of Revenues 75.00% 70.00%
Transaction Revenue | Structured Finance (SFG) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 50 $ 57
Percentage of Revenues 52.00% 56.00%
Transaction Revenue | Financial Institutions (FIG) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 60 $ 48
Percentage of Revenues 48.00% 41.00%
Transaction Revenue | Public, Project And Infrastructure Finance (PPIF) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 69 $ 55
Percentage of Revenues 63.00% 59.00%
Transaction Revenue | MIS Other | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 2 $ 1
Percentage of Revenues 18.00% 20.00%
Transaction Revenue | Research, Data And Analytics (RD&A) | MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 18 $ 5
Percentage of Revenues 5.00% 2.00%
Transaction Revenue | Enterprise Risk Solutions (ERS) | MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 32 $ 24
Percentage of Revenues 23.00% 20.00%
Transaction Revenue | Professional Services | MA    
Disaggregation of Revenue [Line Items]    
Revenue   $ 42
Percentage of Revenues   100.00%
Relationship Revenue    
Disaggregation of Revenue [Line Items]    
Revenue $ 721 $ 661
Percentage of Revenues 56.00% 58.00%
Relationship Revenue | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 275 $ 260
Percentage of Revenues 35.00% 39.00%
Relationship Revenue | MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 446 $ 401
Percentage of Revenues 90.00% 85.00%
Relationship Revenue | Corporate Finance (CFG) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 115 $ 106
Percentage of Revenues 25.00% 30.00%
Relationship Revenue | Structured Finance (SFG) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 46 $ 44
Percentage of Revenues 48.00% 44.00%
Relationship Revenue | Financial Institutions (FIG) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 65 $ 68
Percentage of Revenues 52.00% 59.00%
Relationship Revenue | Public, Project And Infrastructure Finance (PPIF) | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 40 $ 38
Percentage of Revenues 37.00% 41.00%
Relationship Revenue | MIS Other | MIS    
Disaggregation of Revenue [Line Items]    
Revenue $ 9 $ 4
Percentage of Revenues 82.00% 80.00%
Relationship Revenue | Research, Data And Analytics (RD&A) | MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 340 $ 303
Percentage of Revenues 95.00% 98.00%
Relationship Revenue | Enterprise Risk Solutions (ERS) | MA    
Disaggregation of Revenue [Line Items]    
Revenue $ 106 $ 98
Percentage of Revenues 77.00% 80.00%
Relationship Revenue | Professional Services | MA    
Disaggregation of Revenue [Line Items]    
Revenue   $ 0
Percentage of Revenues   0.00%
v3.20.1
Revenues - Revenue Recognition Timing (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Disaggregation of Revenue [Line Items]    
Revenue recognized $ 1,290 $ 1,142
At Point in Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized 558 440
Over Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized 732 702
MIS    
Disaggregation of Revenue [Line Items]    
Revenue recognized 794 670
MIS | At Point in Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized 519 410
MIS | Over Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized 275 260
MA    
Disaggregation of Revenue [Line Items]    
Revenue recognized 496 472
MA | At Point in Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized 39 30
MA | Over Time    
Disaggregation of Revenue [Line Items]    
Revenue recognized $ 457 $ 442
v3.20.1
Revenues - Additional Information (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
MIS    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 404 $ 346
MA    
Disaggregation of Revenue [Line Items]    
Unbilled Receivables $ 59 $ 53
v3.20.1
Revenues - Schedule of Changes in the Deferred Revenue Balances (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance $ 1,162 $ 1,076  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (435) (400)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 504 502  
Increases due to RDC acquisition during the period 20    
Effect of exchange rate changes (29) 5  
Total changes in deferred revenue 60 107  
Ending Balance 1,222 1,183  
Deferred revenue - current 1,113 1,062 $ 1,050
Deferred revenue - noncurrent 109 121 $ 112
MIS      
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance 322 326  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (99) (93)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 161 155  
Increases due to RDC acquisition during the period 0    
Effect of exchange rate changes (5) 0  
Total changes in deferred revenue 57 62  
Ending Balance 379 388  
Deferred revenue - current 275 271  
Deferred revenue - noncurrent 104 117  
MA      
Change in Contract with Customer, Liability [Abstract]      
Beginning Balance 840 750  
Revenue recognized that was included in the deferred revenue balance at the beginning of the period (336) (307)  
Increases due to amounts billable excluding amounts recognized as revenue during the period 343 347  
Increases due to RDC acquisition during the period 20    
Effect of exchange rate changes (24) 5  
Total changes in deferred revenue 3 45  
Ending Balance 843 795  
Deferred revenue - current 838 791  
Deferred revenue - noncurrent $ 5 $ 4  
v3.20.1
Revenues - Expected Recognition Period for Remaining Performance Obligations (Detail)
$ in Millions
Mar. 31, 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]: 2020-04-01  
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]: 2021-04-01  
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 $ 2,000
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 70.00%
Revenue, remaining performance obligation, period 1 year
MA | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 20.00%
Revenue, remaining performance obligation, period 1 year
v3.20.1
Stock-Based Compensation - Stock-Based Compensation Cost and Associated Tax Benefit (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]    
Stock-based compensation cost $ 37 $ 36
Tax benefit $ 7 $ 8
v3.20.1
Stock-Based Compensation - Additional Information (Detail)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2020
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Employee stock options, granted (in shares) | shares 0.1
Employee stock options, weighted average grant date fair value (in usd per share) | $ / shares $ 60.53
Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.5
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 280.42
Award vesting period (in years) 4 years
Unrecognized compensation expense | $ $ 252
Weighted average period to recognize expense 2 years 9 months 18 days
Employee Stock Option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period (in years) 4 years
Unrecognized compensation expense | $ $ 10
Weighted average period to recognize expense 2 years 7 months 6 days
Performance Based Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Other than options, shares granted (in shares) | shares 0.1
Other than options, weighted average grant date fair value (in usd per share) | $ / shares $ 273.85
Award vesting period (in years) 3 years
Unrecognized compensation expense | $ $ 31
Weighted average period to recognize expense 2 years 3 months 18 days
v3.20.1
Stock-Based Compensation - Weighted Average Assumptions used in Determining Fair Value for Options Granted (Detail)
3 Months Ended
Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]  
Expected dividend yield 0.80%
Expected stock volatility 22.43%
Risk-free interest rate 1.45%
Expected holding period 5 years 8 months 12 days
v3.20.1
Stock-Based Compensation - Stock Option Exercises and Restricted Stock Vesting (Detail) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Proceeds from stock option exercises $ 13 $ 12
Aggregate intrinsic value 46 36
Tax benefit realized upon exercise $ 11 $ 9
Number of shares exercised (shares) 0.2 0.3
Restricted Stock    
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]    
Fair value of shares vested $ 191 $ 147
Tax benefit realized upon vesting $ 44 $ 34
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
v3.20.1
Income Taxes - Additional Information (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Tax Contingency [Line Items]    
Effective tax rate (percent) 13.70% 9.20%
Excess tax benefits from stock compensation $ 40  
Decrease to tax positions 23  
Overall increase (decrease) in unrecognized tax benefits (UTPs) (28)  
Net of Federal Tax    
Income Tax Contingency [Line Items]    
Overall increase (decrease) in unrecognized tax benefits (UTPs) $ (29)  
v3.20.1
Income Taxes - Income Taxes Paid (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Tax Disclosure [Abstract]    
Income taxes paid $ 29 $ 37
v3.20.1
Weighted Average Shares Outstanding - Reconciliation of Basic to Diluted Shares Outstanding (Detail) - shares
shares in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Earnings Per Share [Abstract]    
Basic (in shares) 187.5 190.4
Dilutive effect of shares issuable under stock-based compensation plans (in shares) 2.1 2.4
Diluted (in shares) 189.6 192.8
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 0.4
v3.20.1
Accelerated Share Repurhase Program - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions
3 Months Ended
Apr. 26, 2019
Feb. 20, 2019
Mar. 31, 2020
Accelerated Share Repurchases [Line Items]      
Accelerated share repurchases, final price paid per share (in usd per share)     $ 180.33
February 20, 2019      
Accelerated Share Repurchases [Line Items]      
Accelerated share repurchase payment   $ 500,000,000  
February 20, 2019 | Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares)   2.2  
April 26, 2019 | Accelerated Share Repurchases      
Accelerated Share Repurchases [Line Items]      
Treasury shares repurchased (in shares) 0.6   2.8
v3.20.1
Cash Equivalents and Investments (Detail) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Cash and Cash Equivalents [Line Items]    
Fair Value $ 39 $ 3
Cash and cash equivalents 2,141 1,832
Short-term investments 90 98
Certificates of deposit and money market deposit accounts    
Cash and Cash Equivalents [Line Items]    
Cost 1,276 971
Gains/(Losses) 0 0
Fair Value 1,276 971
Cash and cash equivalents 1,176 866
Short-term investments 87 95
Other assets 13 10
Mutual funds    
Cash and Cash Equivalents [Line Items]    
Cost 46 3
Gains/(Losses) (7) 0
Fair Value 39 3
Cash and cash equivalents 0 0
Short-term investments 3 3
Other assets $ 36 $ 0
v3.20.1
Cash Equivalents and Investments (Footnote) (Detail)
3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Short-term Investments | Certificates of deposit and money market deposit accounts | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 1 month 1 month
Short-term Investments | Certificates of deposit and money market deposit accounts | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 12 months 12 months
Other assets | Certificates of deposit and money market deposit accounts | Minimum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 13 months 13 months
Other assets | Certificates of deposit and money market deposit accounts | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 23 months 18 months
Cash and Cash Equivalents | Mutual funds | Maximum    
Cash and Cash Equivalents [Line Items]    
Securities maturity period 90 days  
v3.20.1
Cash Equivalents and Investments (Narrative) (Detail)
$ in Millions
Mar. 31, 2020
USD ($)
Cash and Cash Equivalents [Abstract]  
Cash surrender value of life insurance $ 11
v3.20.1
Acquisitions and Other Strategic Initiatives - Narrative (Details) - USD ($)
$ in Millions
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
RBA International    
Business Acquisition [Line Items]    
Business acquisition interests acquired 100.00%  
v3.20.1
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
Business Combination, Consideration Transferred, Total $ 702
v3.20.1
Acquisitions and Other Strategic Initiatives - Purchase Price Allocation (Details) - USD ($)
$ in Millions
Feb. 13, 2020
Mar. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]        
Goodwill   $ 4,122 $ 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      
v3.20.1
Derivative Instruments And Hedging Activities - Schedule of Interest Rate Swap (Details) - Fair Value Hedging - Interest Rate Swap - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Derivative [Line Items]    
Notional Amount $ 1,580 $ 1,080
4.50% 2012 Senior Notes, due 2022    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 330 330
Floating Interest Rate 3-month USD LIBOR  
2.75% 2017 Senior Notes, due 2021    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 500 500
Floating Interest Rate 3-month USD LIBOR  
2.625% 2017 Senior Notes, due 2023    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 250 250
Floating Interest Rate 3-month USD LIBOR  
2017 Senior Notes due 2028    
Derivative [Line Items]    
Nature of Swap Pay Floating/Receive Fixed  
Notional Amount $ 500 $ 0
Floating Interest Rate 3-month USD LIBOR  
v3.20.1
Derivative Instruments And Hedging Activities - Summary of Net Gain (Loss) on Interest Rate Swaps Designated in Fair Value Hedge (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]    
Interest expense, net $ (40) $ (52)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value changes on interest rate swaps 58 11
Fair value changes on hedged debt (58) (11)
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | Fair Value hedge Net Interest Settlements and Accruals    
Derivative Instruments, Gain (Loss) [Line Items]    
Amount of gain (loss) recognized in income $ 3 $ 0
v3.20.1
Derivative Instruments And Hedging Activities - Additional Information (Detail) - Designated as Hedging Instrument
$ in Millions
3 Months Ended
Mar. 31, 2020
USD ($)
Mar. 31, 2020
EUR (€)
2021 | Cross-currency swap    
Derivative [Line Items]    
Notional Amount   € 688,000,000
2022 | Cross-currency swap    
Derivative [Line Items]    
Notional Amount   438,000,000
2023 | Cross-currency swap    
Derivative [Line Items]    
Notional Amount   442,000,000
2024 | Cross-currency swap    
Derivative [Line Items]    
Notional Amount   443,000,000
2026 | Cross-currency swap    
Derivative [Line Items]    
Notional Amount   € 450,000,000
Cash Flow Hedging | Forward Contracts    
Derivative [Line Items]    
Notional Amount | $ $ 300  
Forward interest rate 2.0103% 2.0103%
Debt instrument, term 30 years  
1.75% 2015 Senior Notes, due 2027 | Net Investment Hedging | Cross-currency swap    
Derivative [Line Items]    
Notional Amount   € 500,000,000
2019 Senior Notes Due 2030 | Net Investment Hedging | Cross-currency swap    
Derivative [Line Items]    
Notional Amount   € 750,000,000
v3.20.1
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
3 Months Ended 12 Months Ended
Mar. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Mar. 31, 2020
EUR (€)
Dec. 31, 2019
EUR (€)
3.96%        
Derivative [Line Items]        
Nature of Swap Pay Fixed/Receive Fixed Pay Fixed/Receive Fixed    
3-month U.S. LIBOR        
Derivative [Line Items]        
Nature of Swap Pay Floating/Receive Floating Pay Floating/Receive Floating    
Currency Paid        
Derivative [Line Items]        
Notional Amount | €     € 2,460 € 2,010
Currency Paid | 1.43%        
Derivative [Line Items]        
Notional Amount | €     € 1,079 € 1,079
Weighted Average Fixed Interest Rate 1.43% 1.43% 1.43% 1.43%
Currency Paid | 3-month EURIBOR        
Derivative [Line Items]        
Notional Amount | €     € 1,381 € 931
Weighted Average Floating Interest Rate Based on 3-month EURIBOR Based on 3-month EURIBOR    
Currency Received        
Derivative [Line Items]        
Notional Amount | $ $ 2,800 $ 2,300    
Currency Received | 3.96%        
Derivative [Line Items]        
Notional Amount | $ $ 1,220 $ 1,220    
Weighted Average Fixed Interest Rate 3.96% 3.96% 3.96% 3.96%
Currency Received | 3-month U.S. LIBOR        
Derivative [Line Items]        
Notional Amount | $ $ 1,580 $ 1,080    
Weighted Average Floating Interest Rate Based on 3-month USD LIBOR Based on 3-month USD LIBOR    
v3.20.1
Derivative Instruments And Hedging Activities - Gains (Losses) Recognized in AOCI and Reclassified from AOCI on Derivatives (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]    
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax $ (36) $ 0
Total, Amount of Gain/(Loss) Recognized in AOCI on Derivative, net of Tax 53 23
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) 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 16 8
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 89 23
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 16 8
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 (36) 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 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 66 15
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 16 8
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 23 8
Net Investment Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax 0 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) 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 (36) 0
Cash Flow Hedging Relationships, Amount of Gain/(Loss) Reclassified from AOCI into Income, net of Tax (1) 0
Gain/(Loss) Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) $ 0 $ 0
v3.20.1
Derivative Instruments And Hedging Activities - Cumulative Amount of Unrecognized Hedge Losses Recorded in AOCI (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Derivative [Line Items]    
Accumulated other comprehensive loss $ (554) $ (439)
Designated as Hedging Instrument    
Derivative [Line Items]    
Accumulated other comprehensive loss 108 54
Net Investment Hedging    
Derivative [Line Items]    
Accumulated other comprehensive loss 143 54
Net Investment Hedging | FX forwards    
Derivative [Line Items]    
Accumulated other comprehensive loss 26 26
Net Investment Hedging | Long-term debt    
Derivative [Line Items]    
Accumulated other comprehensive loss 10 (13)
Net Investment Hedging | Cross-currency swap    
Derivative [Line Items]    
Accumulated other comprehensive loss 107 41
Cash Flow Hedging    
Derivative [Line Items]    
Accumulated other comprehensive loss (35) 0
Cash Flow Hedging | Interest rate contract    
Derivative [Line Items]    
Accumulated other comprehensive loss (37) (2)
Cash Flow Hedging | Cross-currency swap    
Derivative [Line Items]    
Accumulated other comprehensive loss $ 2 $ 2
v3.20.1
Derivative Instruments And Hedging Activities - Summary of Notional Amounts of Outstanding Foreign Exchange Forwards (Detail) - Not Designated as Accounting Hedges
€ in Millions, ¥ in Millions, £ in Millions, $ in Millions, $ in Millions, $ in Millions
Mar. 31, 2020
USD ($)
Mar. 31, 2020
CAD ($)
Mar. 31, 2020
SGD ($)
Mar. 31, 2020
GBP (£)
Mar. 31, 2020
EUR (€)
Mar. 31, 2020
JPY (¥)
Dec. 31, 2019
USD ($)
Dec. 31, 2019
CAD ($)
Dec. 31, 2019
SGD ($)
Dec. 31, 2019
GBP (£)
Dec. 31, 2019
EUR (€)
Dec. 31, 2019
JPY (¥)
Contracts to sell USD for GBP                        
Derivative [Line Items]                        
Notional Amount $ 451     £ 379     $ 235     £ 178    
Contracts to sell USD for Japanese Yen                        
Derivative [Line Items]                        
Notional Amount 29         ¥ 3,200 29         ¥ 3,200
Contracts to sell USD for Canadian dollars                        
Derivative [Line Items]                        
Notional Amount 94 $ 130         83 $ 110        
Contracts to sell USD for Singapore dollars                        
Derivative [Line Items]                        
Notional Amount 59   $ 86       41   $ 56      
Contracts to sell USD for Euros                        
Derivative [Line Items]                        
Notional Amount $ 61       € 55   $ 421       € 378  
Contracts to sell EUR for GBP                        
Derivative [Line Items]                        
Notional Amount       £ 0 € 0         £ 21 € 25  
v3.20.1
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
Mar. 31, 2020
Mar. 31, 2019
Other non-operating expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Foreign exchange forwards amount of gain (loss) recognized in income $ (40) $ 1
v3.20.1
Derivative Instruments And Hedging Activities - Fair Value of Derivative Instruments (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Derivatives, Fair Value [Line Items]    
Assets $ 259 $ 92
Liabilities 1,430 1,403
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Assets 230 83
Liabilities 48 0
Designated as Hedging Instrument | Long-term debt | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 1,372 1,403
Designated as Hedging Instrument | Cross-currency swap | Other assets | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Assets 145 56
Designated as Hedging Instrument | Cross-currency swap | Other liabilities | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 1 0
Designated as Hedging Instrument | Interest Rate Swap | Other assets | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Assets 85 27
Designated as Hedging Instrument | Interest Rate Swap | Accounts payable and accrued liabilities | Cash Flow Hedging    
Derivatives, Fair Value [Line Items]    
Liabilities 47 0
Not Designated as Accounting Hedges | FX forwards | Other current assets    
Derivatives, Fair Value [Line Items]    
Assets 29 9
Not Designated as Accounting Hedges | FX forwards | Accounts payable and accrued liabilities    
Derivatives, Fair Value [Line Items]    
Liabilities $ 10 $ 0
v3.20.1
Goodwill And Other Acquired Intangible Assets - Activity in Goodwill (Detail) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2020
Dec. 31, 2019
Goodwill [Roll Forward]    
Beginning balance, Goodwill gross $ 3,734 $ 3,793
Beginning balance, Accumulated impairment charge (12) (12)
Beginning balance, goodwill net 3,722 3,781
Additions/adjustments 497 114
Foreign currency translation adjustments (97) (10)
Divestiture of MAKS   (163)
Ending balance, Goodwill gross 4,134 3,734
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net 4,122 3,722
MIS    
Goodwill [Roll Forward]    
Beginning balance, Goodwill gross 315 258
Beginning balance, Accumulated impairment charge 0 0
Beginning balance, goodwill net 315 258
Additions/adjustments 0 53
Foreign currency translation adjustments (1) 4
Divestiture of MAKS   0
Ending balance, Goodwill gross 314 315
Ending balance, Accumulated impairment charge 0 0
Ending balance, goodwill net 314 315
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 (96) (14)
Divestiture of MAKS   (163)
Ending balance, Goodwill gross 3,820 3,419
Ending balance, Accumulated impairment charge (12) (12)
Ending balance, goodwill net $ 3,808 $ 3,407
v3.20.1
Goodwill And Other Acquired Intangible Assets - Acquired Intangible Assets and Related Amortization (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, net $ 1,709 $ 1,498
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 1,460 1,325
Accumulated amortization (244) (235)
Acquired intangible assets, net 1,216 1,090
Trade secrets    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 30 30
Accumulated amortization (28) (29)
Acquired intangible assets, net 2 1
Software/product technology    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 361 372
Accumulated amortization (133) (131)
Acquired intangible assets, net 228 241
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 149 150
Accumulated amortization (31) (30)
Acquired intangible assets, net 118 120
Other    
Finite-Lived Intangible Assets [Line Items]    
Acquired intangible assets, gross 177 80
Accumulated amortization (32) (34)
Acquired intangible assets, net $ 145 $ 46
v3.20.1
Goodwill And Other Acquired Intangible Assets - Amortization Expense Relating to Acquired Intangible Assets (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 28 $ 26
v3.20.1
Goodwill And Other Acquired Intangible Assets - Estimated Future Amortization Expense for Acquired Intangible Assets Subject to Amortization (Detail)
$ in Millions
Mar. 31, 2020
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2020 (after March 31) $ 89
2021 116
2022 115
2023 111
2024 104
Thereafter 1,174
Total estimated future amortization $ 1,709
v3.20.1
Goodwill And Other Acquired Intangible Assets - Additional Information (Details) - Dec. 26, 2019
$ in Thousands, ₨ in Millions
USD ($)
INR (₨)
Indian Credit Ratings Agency    
Loss Contingencies [Line Items]    
Penalty in period $ 35 ₨ 2.5
v3.20.1
Fair Value - Financial Instruments Carried at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Assets:    
Derivatives $ 259 $ 92
Mutual funds 39 3
Total 298 95
Liabilities:    
Derivatives 58  
Total 58  
Level 1    
Assets:    
Derivatives 0 0
Mutual funds 39 3
Total 39 3
Liabilities:    
Derivatives 0  
Total 0  
Level 2    
Assets:    
Derivatives 259 92
Mutual funds 0 0
Total 259 $ 92
Liabilities:    
Derivatives 58  
Total $ 58  
v3.20.1
Other Balance Sheet and Statement of Operations Information - Additional Details Related to Certain Balance Sheet Captions (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Other current assets:    
Prepaid taxes $ 98 $ 79
Prepaid expenses 80 71
Capitalized costs to obtain and fulfill sales contracts 85 91
Other 87 89
Total other current assets 350 330
Other assets:    
Investments in non-consolidated affiliates 121 117
Deposits for real-estate leases 14 13
Indemnification assets related to acquisitions 16 16
Mutual funds and fixed deposits 49 10
Company owned life insurance (at contract value) 11 0
Costs to obtain sales contracts 117 119
Cross currency and interest rate swaps 230 83
Other 36 31
Total other assets 594 389
Accounts payable and accrued liabilities:    
Salaries and benefits 160 152
Incentive compensation 37 208
Customer credits, advanced payments and advanced billings 41 28
Dividends 3 7
Professional service fees 59 43
Interest accrued on debt 35 63
Accounts payable 26 38
Income taxes 91 73
Pension and other retirement employee benefits 7 7
Accrued royalties 20 25
Foreign exchange forwards on certain assets and liabilities 10 0
Restructuring liability 9 21
Treasury lock forward contracts 47 0
Other 119 108
Total accounts payable and accrued liabilities 664 773
Other liabilities:    
Pension and other retirement employee benefits 196 299
Interest accrued on UTPs 89 82
MAKS indemnification provisions 41 43
Income tax liability - non-current 51 51
Cross currency and interest rate swaps 1 0
Restructuring liability 3 3
Other 22 26
Total other liabilities $ 403 $ 504
v3.20.1
Other Balance Sheet and Statement of Operations Information - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Other Balance Sheet And Statement Of Operations Information [Abstract]    
Loss pursuant to the divestiture of MAKS $ 9 $ 0
v3.20.1
Other Balance Sheet and Statement of Operations Information - Other Non-Operating Interest (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Other Balance Sheet And Statement Of Operations Information [Abstract]    
FX gain (loss) $ 13 $ (6)
Net periodic pension costs - other components 3 4
Income from investments in non-consolidated affiliates (3) 1
Other (1) 3
Total $ 12 $ 2
v3.20.1
Comprehensive Income And Accumulated Other Comprehensive Income - Reclassification out of AOCI (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]    
Other non-operating income, net $ 12 $ 2
Operating expense 340 342
Selling, general and administrative 301 281
Total before income taxes 564 412
Provision for income taxes (77) (38)
Net income 487 374
Reclassification out of Accumulated Other Comprehensive Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Net income (2) 0
Losses on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Provision for income taxes 0 0
Net income (1) 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 (1) 0
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)
Provision for income taxes 1 1
Net income (1) 0
Amortization of actuarial losses and prior service costs included in net income | Reclassification out of Accumulated Other Comprehensive Income    
Derivative Instruments, Gain (Loss) [Line Items]    
Operating expense (1) (1)
Selling, general and administrative $ (1) $ 0
v3.20.1
Comprehensive Income And Accumulated Other Comprehensive Income - Changes in Components of Accumulated Other Comprehensive Income (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Jan. 01, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 612    
Other comprehensive income/(loss) before reclassifications (117) $ (9)  
Amounts reclassified from AOCI 2 0  
Other comprehensive income/(loss) (115) (29)  
Ending balance 582    
Pension and Other Retirement Benefits      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (92) (53)  
Other comprehensive income/(loss) before reclassifications (1) 1  
Amounts reclassified from AOCI 1 0  
Other comprehensive income/(loss) 0 (16)  
Ending balance (92) (69)  
Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 0 0  
Other comprehensive income/(loss) before reclassifications (36) 0  
Amounts reclassified from AOCI 1 0  
Other comprehensive income/(loss) (35) 0  
Ending balance (35) 0  
Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (401) (406)  
Other comprehensive income/(loss) before reclassifications (169) (34)  
Amounts reclassified from AOCI 0 0  
Other comprehensive income/(loss) (169) (34)  
Ending balance (570) (440)  
Net Investment Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 54 33  
Other comprehensive income/(loss) before reclassifications 89 24  
Amounts reclassified from AOCI 0 0  
Other comprehensive income/(loss) 89 21  
Ending balance 143 54  
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (439) (426)  
Ending balance $ (554) $ (455)  
Accounting Standards Update 2018-02      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Cumulative effect of new accounting principle in period of adoption     $ (20)
Accounting Standards Update 2018-02 | Pension and Other Retirement Benefits      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Cumulative effect of new accounting principle in period of adoption     (17)
Accounting Standards Update 2018-02 | Cash Flow Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Cumulative effect of new accounting principle in period of adoption     0
Accounting Standards Update 2018-02 | Foreign Currency Translation Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Cumulative effect of new accounting principle in period of adoption     0
Accounting Standards Update 2018-02 | Net Investment Hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Cumulative effect of new accounting principle in period of adoption     $ (3)
v3.20.1
Pension and Other Retirement Benefits - Components of Net Periodic Benefit Expense Related to Post-Retirement Plans (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Components of net periodic expense    
Interest cost $ 5 $ 5
Pension Plans    
Components of net periodic expense    
Service cost 5 4
Interest cost 4 5
Expected return on plan assets (5) (5)
Amortization of net actuarial loss from earlier periods 2 1
Amortization of net prior service costs from earlier periods 0 0
Net periodic expense 6 5
Other Retirement Plans    
Components of net periodic expense    
Service cost 1 1
Interest cost 0 0
Expected return on plan assets 0 0
Amortization of net actuarial loss from earlier periods 0 0
Amortization of net prior service costs from earlier periods 0 0
Net periodic expense $ 1 $ 1
v3.20.1
Pension and Other Retirement Benefits - Additional Information (Detail)
$ in Millions
3 Months Ended
Mar. 31, 2020
USD ($)
Other Retirement Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Estimated additional payments in 2020 $ 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]  
Defined benefit payment amount 3
Estimated additional payments in 2020 $ 3
v3.20.1
Indebtedness - Summary of Total Indebtedness (Detail) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Mar. 25, 2020
Mar. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]        
Principal Amount   $ 6,759,000,000 $ 6,759,000,000 $ 5,603,000,000
Fair Value of Interest Rate Swap   85,000,000 85,000,000 27,000,000
Unamortized (Discount) Premium   (20,000,000) (20,000,000) (17,000,000)
Unamortized Debt Issuance Costs   (36,000,000) (36,000,000) (32,000,000)
Long term debt   6,303,000,000 6,303,000,000 $ 5,581,000,000
Short-term debt   485,000,000 485,000,000  
Total debt   6,788,000,000 6,788,000,000  
Commercial Paper        
Debt Instrument [Line Items]        
Principal Amount   487,000,000 487,000,000  
Unamortized (Discount) Premium   (2,000,000) (2,000,000)  
Short-term debt   $ 485,000,000 $ 485,000,000  
4.50% 2012 Senior Notes, due 2022        
Debt Instrument [Line Items]        
Notes payable, interest rate   4.50% 4.50% 4.50%
Principal Amount   $ 500,000,000 $ 500,000,000 $ 500,000,000
Fair Value of Interest Rate Swap   18,000,000 18,000,000 9,000,000
Unamortized (Discount) Premium   (1,000,000) (1,000,000) (1,000,000)
Unamortized Debt Issuance Costs   (1,000,000) (1,000,000) (1,000,000)
Long term debt   $ 516,000,000 $ 516,000,000 $ 507,000,000
4.875% 2013 Senior Notes, due 2024        
Debt Instrument [Line Items]        
Notes payable, interest rate   4.875% 4.875% 4.875%
Principal Amount   $ 500,000,000 $ 500,000,000 $ 500,000,000
Unamortized (Discount) Premium   (1,000,000) (1,000,000) (1,000,000)
Unamortized Debt Issuance Costs   (1,000,000) (1,000,000) (2,000,000)
Long term debt   $ 498,000,000 $ 498,000,000 $ 497,000,000
5.25% 2014 Senior Notes (30-Year), due 2044        
Debt Instrument [Line Items]        
Notes payable, interest rate   5.25% 5.25% 5.25%
Debt instrument, term     30 years 30 years
Principal Amount   $ 600,000,000 $ 600,000,000 $ 600,000,000
Unamortized (Discount) Premium   3,000,000 3,000,000 4,000,000
Unamortized Debt Issuance Costs   (5,000,000) (5,000,000) (5,000,000)
Long term debt   $ 598,000,000 $ 598,000,000 $ 599,000,000
1.75% 2015 Senior Notes, due 2027        
Debt Instrument [Line Items]        
Notes payable, interest rate   1.75% 1.75% 1.75%
Principal Amount   $ 549,000,000 $ 549,000,000 $ 561,000,000
Unamortized (Discount) Premium   0 0 0
Unamortized Debt Issuance Costs   (3,000,000) (3,000,000) (3,000,000)
Long term debt   $ 546,000,000 $ 546,000,000 $ 558,000,000
2.75% 2017 Senior Notes, due 2021        
Debt Instrument [Line Items]        
Notes payable, interest rate   2.75% 2.75% 2.75%
Principal Amount   $ 500,000,000 $ 500,000,000 $ 500,000,000
Fair Value of Interest Rate Swap   21,000,000 21,000,000 11,000,000
Unamortized (Discount) Premium   0 0 (1,000,000)
Unamortized Debt Issuance Costs   (1,000,000) (1,000,000) (2,000,000)
Long term debt   $ 520,000,000 $ 520,000,000 $ 508,000,000
2.625% 2017 Senior Notes, due 2023        
Debt Instrument [Line Items]        
Notes payable, interest rate   2.625% 2.625% 2.625%
Principal Amount   $ 500,000,000 $ 500,000,000 $ 500,000,000
Fair Value of Interest Rate Swap   15,000,000 15,000,000 7,000,000
Unamortized (Discount) Premium   (1,000,000) (1,000,000) (1,000,000)
Unamortized Debt Issuance Costs   (2,000,000) (2,000,000) (2,000,000)
Long term debt   $ 512,000,000 $ 512,000,000 $ 504,000,000
3.25% 2017 Senior Notes, due 2028        
Debt Instrument [Line Items]        
Notes payable, interest rate   3.25% 3.25% 3.25%
Principal Amount   $ 500,000,000 $ 500,000,000 $ 500,000,000
Fair Value of Interest Rate Swap   31,000,000 31,000,000  
Unamortized (Discount) Premium   (4,000,000) (4,000,000) (4,000,000)
Unamortized Debt Issuance Costs   (3,000,000) (3,000,000) (3,000,000)
Long term debt   $ 524,000,000 $ 524,000,000 $ 493,000,000
3.25% 2018 Senior Notes, due 2021        
Debt Instrument [Line Items]        
Notes payable, interest rate   3.25% 3.25% 3.25%
Principal Amount   $ 300,000,000 $ 300,000,000 $ 300,000,000
Fair Value of Interest Rate Swap   0 0  
Unamortized (Discount) Premium   0 0 0
Unamortized Debt Issuance Costs   (1,000,000) (1,000,000) (1,000,000)
Long term debt   $ 299,000,000 $ 299,000,000 $ 299,000,000
4.25% 2018 Senior Notes, due 2029        
Debt Instrument [Line Items]        
Notes payable, interest rate   4.25% 4.25% 4.25%
Principal Amount   $ 400,000,000 $ 400,000,000 $ 400,000,000
Unamortized (Discount) Premium   (3,000,000) (3,000,000) (3,000,000)
Unamortized Debt Issuance Costs   (3,000,000) (3,000,000) (3,000,000)
Long term debt   $ 394,000,000 $ 394,000,000 $ 394,000,000
4.875% 2018 Senior Notes, due 2048        
Debt Instrument [Line Items]        
Notes payable, interest rate   4.875% 4.875% 4.875%
Principal Amount   $ 400,000,000 $ 400,000,000 $ 400,000,000
Unamortized (Discount) Premium   (7,000,000) (7,000,000) (7,000,000)
Unamortized Debt Issuance Costs   (4,000,000) (4,000,000) (4,000,000)
Long term debt   $ 389,000,000 $ 389,000,000 $ 389,000,000
0.950% Senior Notes Due 2030        
Debt Instrument [Line Items]        
Notes payable, interest rate   0.95% 0.95% 0.95%
Principal Amount   $ 823,000,000 $ 823,000,000 $ 842,000,000
Unamortized (Discount) Premium   (3,000,000) (3,000,000) (3,000,000)
Unamortized Debt Issuance Costs   (6,000,000) (6,000,000) (6,000,000)
Long term debt   $ 814,000,000 $ 814,000,000 $ 833,000,000
3.75% 2020 Senior Note, due 2025        
Debt Instrument [Line Items]        
Notes payable, interest rate 3.75% 3.75% 3.75%  
Debt instrument, term 5 years 5 years    
Principal Amount $ 700,000,000 $ 700,000,000 $ 700,000,000  
Unamortized (Discount) Premium   (1,000,000) (1,000,000)  
Unamortized Debt Issuance Costs   (6,000,000) (6,000,000)  
Long term debt   $ 693,000,000 $ 693,000,000  
v3.20.1
Indebtedness - Additional Information (Detail) - USD ($)
1 Months Ended
Mar. 31, 2020
Mar. 25, 2020
Mar. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]        
Short-term debt $ 485,000,000   $ 485,000,000  
Principal amount 6,759,000,000   6,759,000,000 $ 5,603,000,000
3.75% 2020 Senior Note, due 2025        
Debt Instrument [Line Items]        
Principal amount $ 700,000,000 $ 700,000,000 $ 700,000,000  
Debt instrument, term   5 years 5 years  
Notes payable, interest rate 3.75% 3.75% 3.75%  
Commercial Paper        
Debt Instrument [Line Items]        
Short-term debt $ 485,000,000   $ 485,000,000  
Weighted average maturity at issuance date 77 days      
Weighted average remaining maturity period 58 days      
Weighted average interest rate 2.38%   2.38%  
Principal amount $ 487,000,000   $ 487,000,000  
v3.20.1
Indebtedness - Principal Payments Due on Long-Term Borrowings (Detail) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Mar. 25, 2020
Mar. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]        
2020 (After March 31,)   $ 487,000,000 $ 487,000,000  
2021   800,000,000 800,000,000  
2022   500,000,000 500,000,000  
2023   500,000,000 500,000,000  
2024   500,000,000 500,000,000  
Thereafter   3,972,000,000 3,972,000,000  
Total principal payment   6,759,000,000 6,759,000,000 $ 5,603,000,000
4.50% 2012 Senior Notes, due 2022        
Debt Instrument [Line Items]        
2022   500,000,000 500,000,000  
Total principal payment   500,000,000 500,000,000 500,000,000
4.875% 2013 Senior Notes, due 2024        
Debt Instrument [Line Items]        
2024   500,000,000 500,000,000  
Total principal payment   500,000,000 500,000,000 500,000,000
5.25% 2014 Senior Notes (30-Year), due 2044        
Debt Instrument [Line Items]        
Thereafter   600,000,000 600,000,000  
Total principal payment   600,000,000 $ 600,000,000 $ 600,000,000
Debt instrument, term     30 years 30 years
1.75% 2015 Senior Notes, due 2027        
Debt Instrument [Line Items]        
Thereafter   549,000,000 $ 549,000,000  
Total principal payment   549,000,000 549,000,000 $ 561,000,000
2.75% 2017 Senior Notes, due 2021        
Debt Instrument [Line Items]        
2021   500,000,000 500,000,000  
Total principal payment   500,000,000 500,000,000 500,000,000
2.625% 2017 Senior Notes, due 2023        
Debt Instrument [Line Items]        
2023   500,000,000 500,000,000  
Total principal payment   500,000,000 500,000,000 500,000,000
3.25% 2017 Senior Notes, due 2028        
Debt Instrument [Line Items]        
Thereafter   500,000,000 500,000,000  
Total principal payment   500,000,000 500,000,000 500,000,000
3.25% 2018 Senior Notes, due 2021        
Debt Instrument [Line Items]        
2021   300,000,000 300,000,000  
Total principal payment   300,000,000 300,000,000 300,000,000
4.25% 2018 Senior Notes, due 2029        
Debt Instrument [Line Items]        
Thereafter   400,000,000 400,000,000  
Total principal payment   400,000,000 400,000,000 400,000,000
4.875% 2018 Senior Notes, due 2048        
Debt Instrument [Line Items]        
Thereafter   400,000,000 400,000,000  
Total principal payment   400,000,000 400,000,000 400,000,000
0.950% Senior Notes Due 2030        
Debt Instrument [Line Items]        
Thereafter   823,000,000 823,000,000  
Total principal payment   823,000,000 823,000,000 $ 842,000,000
3.75% 2020 Senior Note, due 2025        
Debt Instrument [Line Items]        
Thereafter   700,000,000 700,000,000  
Total principal payment $ 700,000,000 $ 700,000,000 700,000,000  
Debt instrument, term 5 years 5 years    
Commercial Paper        
Debt Instrument [Line Items]        
2020 (After March 31,)   $ 487,000,000 487,000,000  
Total principal payment   $ 487,000,000 $ 487,000,000  
v3.20.1
Indebtedness - Summary of Components of Interest as Presented in Consolidated Statements of Operations (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Debt Disclosure [Abstract]    
Income $ 4 $ 5
Expense on borrowings (31) (46)
UTPs and other tax related liabilities (8) (6)
Net periodic pension costs - interest component (5) (5)
Total $ (40) $ (52)
v3.20.1
Indebtedness - Interest Paid (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Debt Disclosure [Abstract]    
Interest paid $ 49 $ 73
v3.20.1
Indebtedness - Fair Value and Carrying Value of Long-Term Debt (Detail) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 12 Months Ended
Mar. 25, 2020
Mar. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]        
Carrying Amount   $ 6,303 $ 6,303 $ 5,581
Estimated Fair Value   6,584 6,584 6,078
4.50% 2012 Senior Notes, due 2022        
Debt Instrument [Line Items]        
Carrying Amount   516 516 507
Estimated Fair Value   $ 521 $ 521 $ 531
Notes payable, interest rate   4.50% 4.50% 4.50%
4.875% 2013 Senior Notes, due 2024        
Debt Instrument [Line Items]        
Carrying Amount   $ 498 $ 498 $ 497
Estimated Fair Value   $ 536 $ 536 $ 551
Notes payable, interest rate   4.875% 4.875% 4.875%
5.25% 2014 Senior Notes (30-Year), due 2044        
Debt Instrument [Line Items]        
Carrying Amount   $ 598 $ 598 $ 599
Estimated Fair Value   $ 738 $ 738 $ 757
Notes payable, interest rate   5.25% 5.25% 5.25%
Debt instrument, term     30 years 30 years
1.75% 2015 Senior Notes, due 2027        
Debt Instrument [Line Items]        
Carrying Amount   $ 546 $ 546 $ 558
Estimated Fair Value   $ 577 $ 577 $ 604
Notes payable, interest rate   1.75% 1.75% 1.75%
2.75% 2017 Senior Notes, due 2021        
Debt Instrument [Line Items]        
Carrying Amount   $ 520 $ 520 $ 508
Estimated Fair Value   $ 497 $ 497 $ 507
Notes payable, interest rate   2.75% 2.75% 2.75%
2.625% 2017 Senior Notes, due 2023        
Debt Instrument [Line Items]        
Carrying Amount   $ 512 $ 512 $ 504
Estimated Fair Value   $ 496 $ 496 $ 507
Notes payable, interest rate   2.625% 2.625% 2.625%
3.25% 2017 Senior Notes, due 2028        
Debt Instrument [Line Items]        
Carrying Amount   $ 524 $ 524 $ 493
Estimated Fair Value   $ 509 $ 509 $ 523
Notes payable, interest rate   3.25% 3.25% 3.25%
3.25% 2018 Senior Notes, due 2021        
Debt Instrument [Line Items]        
Carrying Amount   $ 299 $ 299 $ 299
Estimated Fair Value   $ 301 $ 301 $ 306
Notes payable, interest rate   3.25% 3.25% 3.25%
4.25% 2018 Senior Notes, due 2029        
Debt Instrument [Line Items]        
Carrying Amount   $ 394 $ 394 $ 394
Estimated Fair Value   $ 445 $ 445 $ 453
Notes payable, interest rate   4.25% 4.25% 4.25%
4.875% 2018 Senior Notes, due 2048        
Debt Instrument [Line Items]        
Carrying Amount   $ 389 $ 389 $ 389
Estimated Fair Value   $ 463 $ 463 $ 492
Notes payable, interest rate   4.875% 4.875% 4.875%
0.950% Senior Notes Due 2030        
Debt Instrument [Line Items]        
Carrying Amount   $ 814 $ 814 $ 833
Estimated Fair Value   $ 769 $ 769 $ 847
Notes payable, interest rate   0.95% 0.95% 0.95%
3.75% 2020 Senior Note, due 2025        
Debt Instrument [Line Items]        
Carrying Amount   $ 693 $ 693  
Estimated Fair Value   $ 732 $ 732  
Notes payable, interest rate 3.75% 3.75% 3.75%  
Debt instrument, term 5 years 5 years    
v3.20.1
Leases - Additional Information (Detail)
Mar. 31, 2020
Minimum  
Operating Leased Assets [Line Items]  
Lessee, operating lease, renewal term (years) 1 year
Maximum  
Operating Leased Assets [Line Items]  
Lessee, operating lease, renewal term (years) 20 years
v3.20.1
Leases - Components of Lease Cost (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Lease, Cost [Abstract]    
Operating lease cost $ 24 $ 25
Sublease Income (1) 0
Variable lease cost 5 4
Total lease cost $ 28 $ 29
v3.20.1
Leases - Operating Leases Information (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Leases [Abstract]    
Cash paid for amounts included in the measurement of operating lease liabilities $ 26 $ 26
Right-of-use assets obtained in exchange for new operating lease liabilities $ 9 $ 9
Weighted-average remaining lease term (years) 6 years 8 months 12 days 7 years 3 months 18 days
Weighted-average discount rate applied to operating leases (percent) 3.60% 3.60%
v3.20.1
Leases - Operating Leases, Future Minimum Payment (Detail) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
2020 (After March 31) $ 80  
2021 103  
2022 90  
2023 84  
2024 78  
After 2024 186  
Total lease payments (undiscounted) 621  
Less: Interest 69  
Present value of lease liabilities: 552  
Lease liabilities - current 89 $ 89
Lease liabilities - noncurrent $ 463 $ 485
v3.20.1
Segment Information - Additional Information (Detail)
3 Months Ended
Mar. 31, 2020
segment
lineOfBusiness
Segment Reporting Information [Line Items]  
Number of operating segments (segment) | segment 2
Number of reportable segments | segment 2
MIS  
Segment Reporting Information [Line Items]  
Number of lines of businesses | lineOfBusiness 5
MA  
Segment Reporting Information [Line Items]  
Number of lines of businesses | lineOfBusiness 2
v3.20.1
Segment Information - Financial Information by Segment (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue $ 1,290 $ 1,142
Total Expense 698 680
Operating income 592 462
Restructuring (1) 6
Depreciation and amortization 49 50
Acquisition-Related Expenses 0 1
Loss pursuant to the divestiture of MAKS 9 0
Adjusted Operating Income 649 519
Eliminations    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue (39) (34)
Total Expense (39) (34)
Operating income 0 0
Restructuring 0 0
Depreciation and amortization 0 0
Acquisition-Related Expenses 0 0
Loss pursuant to the divestiture of MAKS 0 0
Adjusted Operating Income 0 0
MIS    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 794 670
MIS | Operating Segments    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 831 702
Total Expense 343 336
Operating income 488 366
Restructuring (1) 3
Depreciation and amortization 16 17
Acquisition-Related Expenses 0 0
Loss pursuant to the divestiture of MAKS 0 0
Adjusted Operating Income 503 386
MA    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 496 472
MA | Operating Segments    
Segment Reporting Information, Operating Income (Loss) [Abstract]    
Revenue 498 474
Total Expense 394 378
Operating income 104 96
Restructuring 0 3
Depreciation and amortization 33 33
Acquisition-Related Expenses 0 1
Loss pursuant to the divestiture of MAKS 9 0
Adjusted Operating Income $ 146 $ 133
v3.20.1
Segment Information - Consolidated Revenue Information by Geographic Area (Detail) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Segment Reporting Information [Line Items]    
Revenue $ 1,290 $ 1,142
United States    
Segment Reporting Information [Line Items]    
Revenue 714 612
Non-U.S.    
Segment Reporting Information [Line Items]    
Revenue 576 530
EMEA    
Segment Reporting Information [Line Items]    
Revenue 363 333
Asia-Pacific    
Segment Reporting Information [Line Items]    
Revenue 136 132
Americas    
Segment Reporting Information [Line Items]    
Revenue $ 77 $ 65
v3.20.1
Subsequent Events - Additional Information (Detail) - Subsequent Event
Apr. 20, 2020
$ / shares
Subsequent Event [Line Items]  
Dividend declared, declaration date Apr. 20, 2020
Dividend declared, per share (in USD per share) $ 0.56
Dividend declared, payable date Jun. 10, 2020
Dividend declared, record date May 20, 2020
v3.20.1
Label Element Value
Accounting Standards Update 2016-13 [Member] | Parent [Member]  
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 $ (2,000,000)
Accounting Standards Update 2018-02 [Member]  
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 0
Accounting Standards Update 2018-02 [Member] | Parent [Member]  
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 0
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member]  
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 (20,000,000)
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member]  
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1 $ 20,000,000