MCO Moodys Corp

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Form			10-Q

(Mark one)

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

(Exact name of registrant as specified in its charter)

Delaware									13-3998945
(State of Incorporation)									(I.R.S. Employer Identification No.)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

MCO

New York Stock Exchange

1.75% Senior Notes Due 2027

MCO 27

New York Stock Exchange

0.950% Senior Notes Due 2030

MCO 30

New York Stock Exchange

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Shares Outstanding at March 31, 2023
183.5 million

			MOODY’S CORPORATION INDEX TO FORM 10-Q
						Page(s)
			Glossary of Terms and Abbreviations			3-6
			PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements
			Consolidated Statements of Operations (Unaudited) for the Three Months Ended March 31, 2023 and 2022			7
			Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months Ended March 31, 2023 and 2022			8
			Consolidated Balance Sheets (Unaudited) at March 31, 2023 and December 31, 2022			9
			Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2023 and 2022			10
			Consolidated Statements of Shareholders’ Equity (Unaudited) for the Three Months Ended March 31, 2023 and 2022			11-12
			Notes to Condensed Consolidated Financial Statements (Unaudited)			13-34
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations
			The Company			35
			Sustainability			35-36
			Current Matters Impacting Moody's Business			36
			Reportable Segments			36
			Results of Operations			37-49
			Liquidity and Capital Resources			49-54
			Recently Issued Accounting Standards			54
			Contingencies			54
			Forward-Looking Statements			54-56
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			56
Item 4.			Controls and Procedures			56
			PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			57
Item 1A.			Risk Factors			57
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			57
Item 5.			Other Information			57
Item 6.			Exhibits			58
SIGNATURES

The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:

TERM			DEFINITION
Acquisition-Related Intangible Amortization Expense			Amortization of definite-lived intangible assets acquired by the Company from all business combination transactions
Adjusted Diluted EPS			Diluted EPS excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Net Income			Net Income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Income			Operating income excluding the impact of certain items as detailed in the section entitled “Non-GAAP Financial Measures”
Adjusted Operating Margin			Adjusted Operating Income divided by revenue
Americas			Represents countries within North and South America, excluding the U.S.
AOCI(L)			Accumulated other comprehensive income/loss; a separate component of shareholders’ equity
ARR			Annualized Recurring Revenue; a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time, excluding the impact of FX and contracts related to acquisitions
ASC			The FASB Accounting Standards Codification; the sole source of authoritative GAAP as of July 1, 2009 except for rules and interpretive releases of the SEC, which are also sources of authoritative GAAP for SEC registrants
Asia-Pacific			Represents Australia and countries in Asia including but not limited to: China, India, Indonesia, Japan, Republic of South Korea, Malaysia, Singapore, Sri Lanka and Thailand
ASR			Accelerated Share Repurchase
ASU			The FASB Accounting Standards Update to the ASC. Provides background information for accounting guidance and the bases for conclusions on the changes in the ASC. ASUs are not considered authoritative until codified into the ASC
BitSight			A provider that helps global market participants understand cyber risk through ratings, analytics, and performance management tools
Board			The board of directors of the Company
BPS			Basis points
CCXI			China Cheng Xin International Credit Rating Co. Ltd.; China’s first and largest domestic credit rating agency approved by the People’s Bank of China; currently Moody’s owns 30% of CCXI
CDP			Carbon Disclosure Project; an international nonprofit organization that helps companies, cities, states and regions manage their environmental impact through a global disclosure system
CFG			Corporate finance group; an LOB of MIS
CMBS			Commercial mortgage-backed securities; an asset class within SFG
COLI			Corporate-Owned Life Insurance
Common Stock			The Company’s common stock
Company			Moody’s Corporation and its subsidiaries; MCO; Moody’s
COVID-19			An outbreak of a novel strain of coronavirus resulting in an international public health crisis and a global pandemic
CP			Commercial Paper
CP Program			A program entered into on August 3, 2016 allowing the Company to privately place CP up to a maximum of $1 billion for which the maturity may not exceed 397 days from the date of issue, and which is backstopped by the 2021 Facility
Data and Information (D&I)			LOB within MA which provides vast data sets on companies and securities via data feeds and data applications products
Decision Solutions (DS)			LOB within MA that provides software and workflow tools for specific use cases (banking, insurance, KYC/KYS, CRE and structured finance solutions). This LOB utilizes components from the Data & Information and Research & Insights LOBs to provide integrated risk solutions
EMEA			Represents countries within Europe, the Middle East and Africa
EPS			Earnings per share
ESG			Environmental, Social, and Governance

TERM			DEFINITION
ESTR			Euro Short-Term Rate
ETR			Effective tax rate
EU			European Union
EURIBOR			The Euro Interbank Offered Rate
Excess Tax Benefits			The difference between the tax benefit realized at exercise of an option or delivery of a restricted share and the tax benefit recorded at the time the option or restricted share is expensed under GAAP
Exchange Act			The Securities Exchange Act of 1934, as amended
External Revenue			Revenue excluding any intersegment amounts
FASB			Financial Accounting Standards Board
FIG			Financial institutions group; an LOB of MIS
Free Cash Flow			Net cash provided by operating activities less cash paid for capital additions
FX			Foreign exchange
GAAP			U.S. Generally Accepted Accounting Principles
GBP			British pounds
GDP			Gross domestic product
GRI			Global Reporting Initiative; an international independent standards organization that helps organizations understand and disclose their impact on climate change, human rights and corruption
ICRA			ICRA Limited; a provider of credit ratings and research in India
ISSB			International Sustainability Standards Board
kompany			360kompany AG (kompany); a Vienna, Austria-based platform for business verification and Know Your Customer (KYC) technology solutions, acquired by the Company in February 2022
KYC			Know-your-customer
LIBOR			London Interbank Offered Rate
LOB			Line of business
MA			Moody’s Analytics - a reportable segment of MCO which provides a wide range of products and services that support financial analysis and risk management activities of institutional participants in global financial markets; consists of three LOBs - Decision Solutions; Research and Insights; and Data and Information
MAKS			Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provided offshore research and analytic services to the global financial and corporate sectors; business was divested in the fourth quarter of 2019 and was formerly a reporting unit within the MA reportable segment
MCO			Moody’s Corporation and its subsidiaries; the Company; Moody’s
MD&A			Management’s Discussion and Analysis of Financial Condition and Results of Operations
MIS			Moody’s Investors Service - a reportable segment of MCO; consists of five LOBs - SFG; CFG; FIG; PPIF; and MIS Other
MIS Other			Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue, and revenue from professional services. These businesses are components of MIS; MIS Other is an LOB of MIS
Moody’s			Moody’s Corporation and its subsidiaries; MCO; the Company
MSS			Moody's Shared Services; primarily consists of information technology and support staff such as finance, human resources and legal that support both MA and MIS
Net Income			Net income attributable to Moody’s Corporation, which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder
NM			Percentage change is not meaningful
Non-GAAP			A financial measure not in accordance with GAAP; these measures, when read in conjunction with the Company’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s performance, facilitate comparisons to competitors’ operating results and to provide greater transparency to investors of supplemental information used by management in its financial and operational decision making

TERM			DEFINITION
NRSRO			Nationally Recognized Statistical Rating Organization, which is a credit rating agency registered with the SEC
Operating segment			Term defined in the ASC relating to segment reporting; the ASC defines an operating segment as a component of a business entity that has each of the three following characteristics: i) the component engages in business activities from which it may recognize revenue and incur expenses; ii) the operating results of the component are regularly reviewed by the entity’s chief operating decision maker; and iii) discrete financial information about the component is available
PPIF			Public, project and infrastructure finance; an LOB of MIS
Recurring Revenue			For MA, represents subscription-based revenue and software maintenance revenue. For MIS, represents 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. For MIS Other, represents subscription-based revenue
Reporting unit			The level at which Moody’s evaluates its goodwill for impairment under U.S. GAAP; defined as an operating segment or one level below an operating segment
Research and Insights (R&I)			LOB within MA that provides models, scores, expert insights and commentary. This LOB includes credit research; credit models and analytics; and economics data and models
RMBS			Residential mortgage-backed securities; an asset class within SFG
RMS			A global provider of climate and natural disaster risk modeling and analytics; acquired by the Company in September 2021
SaaS			Software-as-a-Service
SEC			U.S. Securities and Exchange Commission
SFG			Structured finance group; an LOB of MIS
SG&A			Selling, general and administrative expenses
SOFR			Secured Overnight Financing Rate
Tax Act			The “Tax Cuts and Jobs Act” enacted into U.S. law on December 22, 2017 which significantly amends the tax code in the U.S.
TCFD			Task Force on Climate-Related Financial Disclosures
Total Debt			All indebtedness of the Company as reflected on the consolidated balance sheets
Transaction Revenue			For MA, represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, and training and certification services. For MIS (excluding MIS Other), represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services.
U.K.			United Kingdom
U.S.			United States
USD			U.S. dollar
UTPs			Uncertain tax positions
WEF			World Economic Forum; an independent international organization for public-private cooperation that engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas
2022 - 2023 Geolocation Restructuring Program			Restructuring program approved by the chief executive officer of Moody’s on June 30, 2022 relating to the Company's post-COVID-19 geolocation strategy
2013 Senior Notes due 2024			Principal amount of $500 million, 4.875% senior unsecured notes due in February 2024
2014 Senior Notes due 2044			Principal amount of $600 million, 5.25% senior unsecured notes due in July 2044
2015 Senior Notes due 2027			Principal amount of €500 million, 1.75% senior unsecured notes due in March 2027
2017 Senior Notes due 2028			Principal amount of $500 million, 3.250% senior unsecured notes due January 15, 2028
2018 Senior Notes due 2029			Principal amount of $400 million, 4.25% senior unsecured notes due February 1, 2029
2018 Senior Notes due 2048			Principal amount of $400 million, 4.875% senior unsecured notes due December 17, 2048
2019 Senior Notes due 2030			Principal amount of €750 million, 0.950% senior unsecured notes due February 25, 2030
2020 Senior Notes due 2025			Principal amount of $700 million, 3.75% senior unsecured notes due March 24, 2025
2020 Senior Notes due 2050			Principal amount of $300 million, 3.25% senior unsecured notes due May 20, 2050
2020 Senior Notes due 2060			Principal amount of $500 million, 2.55% senior unsecured notes due August 18, 2060

TERM			DEFINITION
2021 Facility			Five-year unsecured revolving credit facility, with capacity to borrow up to $1.25 billion; backstops CP issued under the CP Program
2021 Senior Notes due 2031			Principal amount of $600 million, 2.00% senior unsecured notes due August 19, 2031
2021 Senior Notes due 2041			Principal amount of $600 million, 2.75% senior unsecured notes due August 19, 2041
2021 Senior Notes due 2061			Principal amount of $500 million, 3.10% senior unsecured notes due November 15, 2061
2022 Senior Notes due 2052			Principal amount of $500 million, 3.75% senior unsecured notes due February 25, 2052
2022 Senior Notes due 2032			Principal amount of $500 million, 4.25% senior unsecured notes due January 15, 2032

			Three Months Ended March 31,
			2023						2022
Revenue			$	1,470					$	1,522
Expenses
Operating			428						417
Selling, general, and administrative			386						371
Depreciation and amortization			88						78
Restructuring			14						—
Total expenses			916						866
Operating income			554						656
Non-operating (expense) income, net
Interest expense, net			(48)						(53)
Other non-operating income (expense), net			—						6
Total non-operating (expense) income, net			(48)						(47)
Income before provision for income taxes			506						609
Provision for income taxes			5						111
Net income attributable to Moody's			$	501					$	498
Earnings per share attributable to Moody's common shareholders
Basic			$	2.73					$	2.69
Diluted			$	2.72					$	2.68
Weighted average number of shares outstanding
Basic			183.3						185.1
Diluted			184.1						186.1

			Three Months Ended March 31, 2023																		Three Months Ended March 31, 2022
			Pre-tax amounts						Tax amounts						After-tax amounts						Pre-tax amounts						Tax amounts						After-tax amounts
Net Income															$	501																	$	498
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net			$	109					$	(2)					107						$	(108)					$	1					(107)
Net (losses) gains on net investment hedges			(76)						19						(57)						64						(17)						47
Cash Flow Hedges:
Reclassification of losses included in net income			1						—						1						1						—						1
Pension and Other Retirement Benefits:
Net actuarial losses and prior service costs			—						—						—						(3)						1						(2)
Total other comprehensive income (loss)			$	34					$	17					$	51					$	(46)					$	(15)					$	(61)
Comprehensive income															552																		437
Less: comprehensive loss attributable to noncontrolling interests															(3)																		—
Comprehensive Income Attributable to Moody's															$	555																	$	437

(Amounts in millions, except share and per share data)

			March 31, 2023						December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents			$	2,119					$	1,769
Short-term investments			78						90
Accounts receivable, net of allowance for credit losses of $38 in 2023 and $40 in 2022			1,712						1,652
Other current assets			517						583
Total current assets			4,426						4,094
Property and equipment, net of accumulated depreciation of $1,153 in 2023 and $1,123 in 2022			525						502
Operating lease right-of-use assets			332						346
Goodwill			5,892						5,839
Intangible assets, net			2,177						2,210
Deferred tax assets, net			268						266
Other assets			1,099						1,092
Total assets			$	14,719					$	14,349
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities			$	805					$	1,011
Current portion of operating lease liabilities			106						106
Current portion of long-term debt			499						—
Deferred revenue			1,578						1,258
Total current liabilities			2,988						2,375
Non-current portion of deferred revenue			70						75
Long-term debt			6,963						7,389
Deferred tax liabilities, net			476						457
Uncertain tax positions			205						322
Operating lease liabilities			349						368
Other liabilities			610						674
Total liabilities			11,661						11,660
Contingencies (Note 16)
Shareholders' equity:
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding			—						—
Series common stock, par value $0.01 per share; 10,000,000 shares authorized; no shares issued and outstanding			—						—
Common stock, par value $0.01 per share; 1,000,000,000 shares authorized; 342,902,272 shares issued at March 31, 2023 and December 31, 2022, respectively			3						3
Capital surplus			1,068						1,054
Retained earnings			13,979						13,618
Treasury stock, at cost; 159,404,478 and 159,702,362 shares of common stock at March 31, 2023 and December 31, 2022, respectively			(11,570)						(11,513)
Accumulated other comprehensive loss			(589)						(643)
Total Moody's shareholders' equity			2,891						2,519
Noncontrolling interests			167						170
Total shareholders' equity			3,058						2,689
Total liabilities, noncontrolling interests, and shareholders' equity			$	14,719					$	14,349

(Amounts in millions)

			Three Months Ended March 31,
			2023						2022
Cash flows from operating activities
Net income			$	501					$	498
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization			88						78
Stock-based compensation			47						46
Deferred income taxes			—						30
Changes in assets and liabilities:
Accounts receivable			(51)						(117)
Other current assets			74						(11)
Other assets			(21)						(21)
Lease obligations			(5)						(2)
Accounts payable and accrued liabilities			(178)						(296)
Deferred revenue			296						290
Uncertain tax positions			(119)						(18)
Other liabilities			(24)						(7)
Net cash provided by operating activities			608						470
Cash flows from investing activities
Capital additions			(73)						(59)
Purchases of investments			(45)						(46)
Sales and maturities of investments			55						27
Cash paid for acquisitions, net of cash acquired			—						(83)
Net cash used in investing activities			(63)						(161)
Cash flows from financing activities
Proceeds from stock-based compensation plans			11						8
Treasury shares			(41)						(560)
Cash paid for ASR contract relating to shares retained by counterparty until final settlement			—						(98)
Repurchase of shares related to stock-based compensation			(45)						(58)
Dividends			(141)						(130)
Issuance of notes			—						491
Debt issuance costs and related fees			—						(5)
Net cash used in financing activities			(216)						(352)
Effect of exchange rate changes on cash and cash equivalents			21						(18)
Increase (decrease) in cash and cash equivalents			350						(61)
Cash and cash equivalents, beginning of period			1,769						1,811
Cash and cash equivalents, end of period			$	2,119					$	1,750

Shareholders of Moody's Corporation
			Common Stock												Capital Surplus						Retained Earnings						Treasury Stock												Accumulated Other Comprehensive Loss						Total Moody's Shareholders' Equity						Non- Controlling Interests						Total Shareholders' Equity
			Shares						Amount																		Shares						Amount
Balance at December 31, 2021			342.9						$	3					$	885					$	12,762					(157.3)						$	(10,513)					$	(410)					$	2,727					$	189					$	2,916
Net income																					498																								498						—						498
Dividends ($0.70 per share)																					(128)																								(128)						(1)						(129)
Stock-based compensation															46																														46												46
Shares issued for stock-based compensation plans at average cost, net															(42)												0.5						(32)												(74)												(74)
Shares issued as consideration to acquire kompany(1)															35												0.1						9												44												44
Treasury shares repurchased																											(1.7)						(560)												(560)												(560)
Accelerated Share Repurchase pending final settlement															(98)																														(98)												(98)
Currency translation adjustment, net of net investment hedge activity (net of tax of $16 million)																																							(60)						(60)						—						(60)
Net actuarial gains and prior service costs (net of tax of $1 million)																																							(2)						(2)												(2)
Net realized gain on cash flow hedges																																							1						1												1
Balance at March 31, 2022			342.9						$	3					$	826					$	13,132					(158.4)						$	(11,096)					$	(471)					$	2,394					$	188					$	2,582

(1) Represents a non-cash investing activity relating to the issuance of common stock to fund a portion of the purchase price for kompany.

Shareholders of Moody's Corporation
			Common Stock												Capital Surplus						Retained Earnings						Treasury Stock												Accumulated Other Comprehensive Loss						Total Moody's Shareholders' Equity						Non- Controlling Interests						Total Shareholders' Equity
			Shares						Amount																		Shares						Amount
Balance at December 31, 2022			342.9						$	3					$	1,054					$	13,618					(159.7)						$	(11,513)					$	(643)					$	2,519					$	170					$	2,689
Net income																					501																								501						—						501
Dividends ($0.77 per share)																					(140)																								(140)						—						(140)
Stock-based compensation															47																														47												47
Shares issued for stock-based compensation plans at average cost, net															(33)												0.4						(15)												(48)												(48)
Treasury shares repurchased															—												(0.1)						(42)												(42)												(42)
Currency translation adjustment, net of net investment hedge activity (net of tax of $17 million)																																							53						53						(3)						50
Net realized and unrealized gain on cash flow hedges																																							1						1												1
Balance at March 31, 2023			342.9						$	3					$	1,068					$	13,979					(159.4)						$	(11,570)					$	(589)					$	2,891					$	167					$	3,058

The following table presents the Company’s revenues disaggregated by LOB:

			Three Months Ended March 31,
			2023						2022
MA:
Decision Solutions			$	354					$	334
Research and Insights			195						183
Data and Information			188						178
Total external revenue			737						695
Intersegment revenue			3						2
Total MA			740						697
MIS:
Corporate Finance (CFG)
Investment-grade			115						114
High-yield			32						39
Bank loans			59						113
Other accounts (1)			150						151
Total CFG			356						417
Structured Finance (SFG)
Asset-backed securities			27						32
RMBS			25						35
CMBS			14						38
Structured credit			32						39
Other accounts			1						—
Total SFG			99						144
Financial Institutions (FIG)
Banking			100						89
Insurance			33						34
Managed investments			6						5
Other accounts			3						3
Total FIG			142						131
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign			52						58
Project and infrastructure			77						65
Total PPIF			129						123
Total ratings revenue			726						815
MIS Other			7						12
Total external revenue			733						827
Intersegment revenue			45						43
Total MIS			778						870
Eliminations			(48)						(45)
Total MCO			$	1,470					$	1,522

(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.

			Three Months Ended March 31, 2023																		Three Months Ended March 31, 2022
			U.S.						Non-U.S						Total						U.S.						Non-U.S						Total
MA:
Decision Solutions			$	152					$	202					$	354					$	147					$	187					$	334
Research and Insights			105						90						195						103						80						183
Data and Information			67						121						188						60						118						178
Total MA			324						413						737						310						385						695
MIS:
Corporate Finance			246						110						356						275						142						417
Structured Finance			61						38						99						97						47						144
Financial Institutions			63						79						142						65						66						131
Public, Project and Infrastructure Finance			76						53						129						75						48						123
Total ratings revenue			446						280						726						512						303						815
MIS Other			—						7						7						1						11						12
Total MIS			446						287						733						513						314						827
Total MCO			$	770					$	700					$	1,470					$	823					$	699					$	1,522

The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:

			Three Months Ended March 31,
			2023						2022
MA:
U.S.			$	324					$	310
Non-U.S.:
EMEA			278						264
Asia-Pacific			80						67
Americas			55						54
Total Non-U.S.			413						385
Total MA			737						695
MIS:
U.S.			446						513
Non-U.S.:
EMEA			173						193
Asia-Pacific			71						74
Americas			43						47
Total Non-U.S.			287						314
Total MIS			733						827
Total MCO			$	1,470					$	1,522

			Three Months Ended March 31,
			2023																		2022
			Transaction						Recurring						Total						Transaction						Recurring						Total
Decision Solutions			$	43					$	311					$	354					$	43					$	291					$	334
			12		%				88		%				100		%				13		%				87		%				100		%
Research and Insights			$	2					$	193					$	195					$	1					$	182					$	183
			1		%				99		%				100		%				1		%				99		%				100		%
Data and Information			$	—					$	188					$	188					$	—					$	178					$	178
			—		%				100		%				100		%				—		%				100		%				100		%
Total MA			$	45		(1)			$	692					$	737					$	44					$	651					$	695
			6		%				94		%				100		%				6		%				94		%				100		%
Corporate Finance			$	230					$	126					$	356					$	293					$	124					$	417
			65		%				35		%				100		%				70		%				30		%				100		%
Structured Finance			$	45					$	54					$	99					$	93					$	51					$	144
			45		%				55		%				100		%				65		%				35		%				100		%
Financial Institutions			$	70					$	72					$	142					$	61					$	70					$	131
			49		%				51		%				100		%				47		%				53		%				100		%
Public, Project and Infrastructure Finance			$	86					$	43					$	129					$	79					$	44					$	123
			67		%				33		%				100		%				64		%				36		%				100		%
MIS Other			$	—					$	7					$	7					$	3					$	9					$	12
			—		%				100		%				100		%				25		%				75		%				100		%
Total MIS			$	431					$	302					$	733					$	529					$	298					$	827
			59		%				41		%				100		%				64		%				36		%				100		%
Total Moody's Corporation			$	476					$	994					$	1,470					$	573					$	949					$	1,522
			32		%				68		%				100		%				38		%				62		%				100		%

(1) Revenue from software implementation services and risk management advisory projects, while classified by management as transactional revenue, is recognized over time under U.S. GAAP (please also refer to the following table).