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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form10-Q
(Mark one)
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
Or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 1-14037
____________________
Moody’s Corporation
(Exact name of registrant as specified in its charter)
Delaware
13-3998945
(State of Incorporation)(I.R.S. Employer Identification No.)
7 World Trade Center at 250 Greenwich Street, New York, New York 10007
(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number, including area code:
(212) 553-0300
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareMCONew York Stock Exchange
1.75% Senior Notes Due 2027MCO 27New York Stock Exchange
0.950% Senior Notes Due 2030MCO 30New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months, or for such shorter period that the registrant was required to submit such files. Yes ☑ No ☐
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
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Shares Outstanding at March 31, 2023
183.5 million
1
MOODY’S CORPORATION
INDEX TO FORM 10-Q
Page(s)
3-6
35-36


2
GLOSSARY OF TERMS AND ABBREVIATIONS
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
BitSightA 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
CCXIChina 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
COLICorporate-Owned Life Insurance
Common Stock
The Company’s common stock
Company
Moody’s Corporation and its subsidiaries; MCO; Moody’s
COVID-19An 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
3
TERM
DEFINITION
ESTREuro 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
GDPGross domestic product
GRIGlobal 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
ISSBInternational Sustainability Standards Board
kompany360kompany AG (kompany); a Vienna, Austria-based platform for business verification and Know Your Customer (KYC) technology solutions, acquired by the Company in February 2022
KYCKnow-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
MSSMoody'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
4
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
RMSA 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
SOFRSecured 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.
TCFDTask 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
WEFWorld 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 2030Principal amount of €750 million, 0.950% senior unsecured notes due February 25, 2030
2020 Senior Notes due 2025Principal amount of $700 million, 3.75% senior unsecured notes due March 24, 2025
2020 Senior Notes due 2050Principal amount of $300 million, 3.25% senior unsecured notes due May 20, 2050
2020 Senior Notes due 2060Principal amount of $500 million, 2.55% senior unsecured notes due August 18, 2060
5
TERM
DEFINITION
2021 FacilityFive-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 2031Principal amount of $600 million, 2.00% senior unsecured notes due August 19, 2031
2021 Senior Notes due 2041Principal amount of $600 million, 2.75% senior unsecured notes due August 19, 2041
2021 Senior Notes due 2061Principal amount of $500 million, 3.10% senior unsecured notes due November 15, 2061
2022 Senior Notes due 2052Principal amount of $500 million, 3.75% senior unsecured notes due February 25, 2052
2022 Senior Notes due 2032Principal amount of $500 million, 4.25% senior unsecured notes due January 15, 2032

6
PART I. FINANCIAL INFORMATION
Item 1.         Financial Statements
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(Amounts in millions, except per share data)
Three Months Ended
March 31,
20232022
Revenue$1,470 $1,522 
Expenses
Operating428 417 
Selling, general, and administrative386 371 
Depreciation and amortization88 78 
Restructuring14 — 
Total expenses916 866 
Operating income554 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 taxes506 609 
Provision for income taxes5 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
Basic183.3 185.1 
Diluted184.1 186.1 
The accompanying notes are an integral part of the condensed consolidated financial statements.
7
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in millions)
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 income1 — 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 income552 437 
Less: comprehensive loss attributable to noncontrolling interests(3)— 
Comprehensive Income Attributable to Moody's$555 $437 
The accompanying notes are an integral part of the condensed consolidated financial statements.

8
MOODY’S CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in millions, except share and per share data)
March 31, 2023December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents$2,119 $1,769 
Short-term investments78 90 
Accounts receivable, net of allowance for credit losses of $38 in 2023 and $40 in 2022
1,712 1,652 
Other current assets517 583 
Total current assets4,426 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 assets332 346 
Goodwill5,892 5,839 
Intangible assets, net2,177 2,210 
Deferred tax assets, net268 266 
Other assets1,099 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 liabilities106 106 
Current portion of long-term debt499 — 
Deferred revenue1,578 1,258 
Total current liabilities2,988 2,375 
Non-current portion of deferred revenue70 75 
Long-term debt6,963 7,389 
Deferred tax liabilities, net476 457 
Uncertain tax positions205 322 
Operating lease liabilities349 368 
Other liabilities610 674 
Total liabilities11,661 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 surplus1,068 1,054 
Retained earnings13,979 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' equity2,891 2,519 
Noncontrolling interests167 170 
Total shareholders' equity3,058 2,689 
Total liabilities, noncontrolling interests, and shareholders' equity$14,719 $14,349 
The accompanying notes are an integral part of the condensed consolidated financial statements.
9
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in millions)
Three Months Ended March 31,
20232022
Cash flows from operating activities
Net income$501 $498 
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization88 78 
Stock-based compensation47 46 
Deferred income taxes— 30 
Changes in assets and liabilities:
Accounts receivable(51)(117)
Other current assets74 (11)
Other assets(21)(21)
Lease obligations (5)(2)
Accounts payable and accrued liabilities(178)(296)
Deferred revenue296 290 
Uncertain tax positions(119)(18)
Other liabilities(24)(7)
Net cash provided by operating activities608 470 
Cash flows from investing activities
Capital additions(73)(59)
Purchases of investments(45)(46)
Sales and maturities of investments55 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 plans11 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 equivalents21 (18)
Increase (decrease) in cash and cash equivalents350 (61)
Cash and cash equivalents, beginning of period1,769 1,811 
Cash and cash equivalents, end of period$2,119 $1,750 
The accompanying notes are an integral part of the condensed consolidated financial statements.
10
MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common StockCapital SurplusRetained EarningsTreasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at December 31, 2021
342.9 $3 $885 $12,762 (157.3)$(10,513)$(410)$2,727 $189 $2,916 
Net income498 498 — 498 
Dividends ($0.70 per share)
(128)(128)(1)(129)
Stock-based compensation46 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 hedges1 1 1 
Balance at March 31, 2022
342.9 $3 $826 $13,132 (158.4)$(11,096)$(471)$2,394 $188 $2,582 
The accompanying notes are an integral part of the condensed consolidated financial statements.

(1) Represents a non-cash investing activity relating to the issuance of common stock to fund a portion of the purchase price for kompany.
11
MOODY'S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
Shareholders of Moody's Corporation
Common StockCapital
Surplus		Retained
Earnings		Treasury StockAccumulated
Other
Comprehensive
Loss		Total Moody's
Shareholders'
Equity		Non- Controlling
Interests		Total
Shareholders'
Equity
SharesAmountSharesAmount
Balance at December 31, 2022342.9 $3 $1,054 $13,618 (159.7)$(11,513)$(643)$2,519 $170 $2,689 
Net income501 501 — 501 
Dividends ($0.77 per share)
(140)(140)— (140)
Stock-based compensation47 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 hedges1 1 1 
Balance at March 31, 2023342.9 $3 $1,068 $13,979 (159.4)$(11,570)$(589)$2,891 $167 $3,058 
The accompanying notes are an integral part of the condensed consolidated financial statements.
12
MOODY’S CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(tabular dollar and share amounts in millions, except per share data)
NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Moody’s is a global integrated risk assessment firm that empowers organizations and investors to make better decisions. Moody’s reports in two reportable segments: MA and MIS.
MA is a global provider of: i) data and information; ii) research and insights; and iii) decision solutions, which help companies make better and faster decisions. MA leverages its industry expertise across multiple risks such as credit, market, financial crime, supply chain, catastrophe and climate to deliver integrated risk assessment solutions that enable business leaders to identify, measure and manage the implications of interrelated risks and opportunities.
MIS publishes credit ratings and provides assessment services on a wide range of debt obligations, programs and facilities, and the entities that issue such obligations in markets worldwide, including various corporate, financial institution and governmental obligations, and structured finance securities.
These interim financial statements have been prepared in accordance with the instructions to Form 10-Q and should be read in conjunction with the Company’s consolidated financial statements and related notes in the Company’s 2022 annual report on Form 10-K filed with the SEC on February 15, 2023. 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 in 2023
In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform - Scope,” which clarified the scope and application of the original guidance, ASU No. 2020-04, "Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU No. 2020-04"), issued in March 2020 (codified into ASC Topic 848 "Reference Rate Reform"). ASU No. 2020-04 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. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform—Deferral of the Sunset Date of Topic 848," which deferred the sunset date of Topic 848 to December 31, 2024. These ASU's were effective upon issuance and the amendments may be applied prospectively through December 31, 2024 as the transition from LIBOR is completed.
During the first quarter of 2023, the Company modified the contractual terms of certain of its interest rate swaps designated as fair value hedges and cross-currency swaps designated as net investment hedges. These modifications replaced the previous LIBOR/EURIBOR-based reference rates included in the swap agreements to SOFR/ESTR-based rates. Pursuant to the modification of the contractual terms of these instruments, the Company utilized the optional expedients set forth in ASC Topic 848 relating to derivative instruments used in hedging relationships. The aggregate notional amounts of these swaps is disclosed in Note 8.
13
NOTE 2. REVENUES
Revenue by Category
The following table presents the Company’s revenues disaggregated by LOB:
Three Months Ended
March 31,
20232022
MA:
Decision Solutions$354 $334 
Research and Insights195 183 
Data and Information188 178 
Total external revenue737 695 
Intersegment revenue3 2 
Total MA740 697 
MIS:
Corporate Finance (CFG)
Investment-grade115 114 
High-yield32 39 
Bank loans59 113 
Other accounts (1)
150 151 
Total CFG356 417 
Structured Finance (SFG)
Asset-backed securities27 32 
RMBS25 35 
CMBS14 38 
Structured credit32 39 
Other accounts1 — 
Total SFG99 144 
Financial Institutions (FIG)
Banking100 89 
Insurance33 34 
Managed investments6 5 
Other accounts3 3 
Total FIG142 131 
Public, Project and Infrastructure Finance (PPIF)
Public finance / sovereign52 58 
Project and infrastructure77 65 
Total PPIF129 123 
Total ratings revenue726 815 
MIS Other7 12 
Total external revenue733 827 
Intersegment revenue45 43 
Total MIS778 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.
14
The following table presents the Company’s revenues disaggregated by LOB and geographic area:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
U.S.Non-U.STotalU.S.Non-U.STotal
MA:
Decision Solutions$152 $202 $354 $147 $187 $334 
Research and Insights105 90 195 103 80 183 
Data and Information67 121 188 60 118 178 
Total MA324 413 737 310 385 695 
MIS:
Corporate Finance246 110 356 275 142 417 
Structured Finance61 38 99 97 47 144 
Financial Institutions63 79 142 65 66 131 
Public, Project and Infrastructure Finance76 53 129 75 48 123 
Total ratings revenue446 280 726 512 303 815 
MIS Other— 7 7 1 11 12 
Total MIS446 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,
20232022
MA:
U.S.$324 $310 
Non-U.S.:
EMEA278 264 
Asia-Pacific80 67 
Americas55 54 
Total Non-U.S.413 385 
Total MA737 695 
MIS:
U.S.446 513 
Non-U.S.:
EMEA173 193 
Asia-Pacific71 74 
Americas43 47 
Total Non-U.S.287 314 
Total MIS733 827 
Total MCO$1,470 $1,522 
15
The following tables summarize the split between Transaction Revenue and Recurring Revenue.
Three Months Ended March 31,
20232022
TransactionRecurringTotalTransactionRecurringTotal
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).
The following table presents the timing of revenue recognition:
Three Months Ended March 31, 2023
Three Months Ended March 31, 2022
MAMISTotalMAMISTotal
Revenue recognized at a point in time$27 $431 $458 $41 $529 $570 
Revenue recognized over time710 302 1,012 654 298 952 
Total$737 $733 $1,470 $695 $827 $1,522 
Unbilled receivables, deferred revenue and remaining performance obligations
Unbilled receivables
For certain MA arrangements, the timing of when the Company has the unconditional right to consideration and recognizes revenue occurs prior to invoicing the customer. In addition, certain MIS arrangements contain contractual terms whereby the customers are billed in arrears for annual monitoring services, requiring revenue to be accrued as an unbilled receivable as such services are provided.
The following table presents the Company's unbilled receivables, which are included within accounts receivable, net, at March 31, 2023 and December 31, 2022:
As of March 31, 2023
As of December 31, 2022
MAMISMAMIS
Unbilled Receivables$114 $439 $148 $385 


16

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, 2023 and 2022 are as follows:
Three Months Ended March 31, 2023Three Months Ended March 31, 2022
MAMISTotalMAMISTotal
Balance at December 31,$1,055 $278 $1,333 $1,039 $296 $1,335 
Changes in deferred revenue
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(471)(98)(569)(431)(95)(526)
Increases due to amounts billable excluding amounts recognized as revenue during the period688 179 867 636 178 814 
Increases due to acquisitions during the period— — — 1 — 1 
Effect of exchange rate changes16 1 17 (11)(2)(13)
Total changes in deferred revenue233 82 315 195 81 276 
Balance at March 31,
$1,288 $360 $1,648 $1,234 $377 $1,611 
Deferred revenue - current$1,287 $291 $1,578 $1,231 $294 $1,525 
Deferred revenue - non-current$1 $69 $70 $3 $83 $86 
The increase in deferred revenue during both the three months ended March 31, 2023 and 2022 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 MA segment include both amounts recorded as deferred revenue on the balance sheet as of March 31, 2023 as well as amounts not yet invoiced to customers as of March 31, 2023, largely reflecting future revenue related to signed multi-year arrangements for hosted and installed subscription-based products. As of March 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.3 billion. The Company expects to recognize into revenue approximately 65% of this balance within one year, approximately 25% of this balance between one to two years and the remaining amount thereafter.
Remaining performance obligations in the MIS segment largely reflect deferred revenue related to monitoring fees for certain structured finance products, primarily CMBS, where the issuers can elect to pay the monitoring fees for the life of the security in advance. As of March 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $98 million. The Company expects to recognize into revenue approximately 25% of this balance within one year, approximately 50% of this balance between one to five years and the remaining amount thereafter. With respect to the remaining performance obligations for the MIS segment, the Company has applied a practical expedient set forth in ASC Topic 606 permitting the omission from the amounts stated above relating to unsatisfied performance obligations for contracts with an original expected length of one year or less.
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NOTE 3. 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,
20232022
Stock-based compensation cost$47 $46 
Tax benefit$10 $11 
During the first three months of 2023, the Company granted 0.1 million employee stock options, which had a weighted average grant date fair value of $94.67 per share. The Company also granted 0.6 million shares of restricted stock in the first three months of 2023, which had a weighted average grant date fair value of $295.53 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 $286.04 per share.
The following weighted average assumptions were used in determining the fair value using the Black-Scholes option-pricing model for options granted in 2023:
Expected dividend yield1.04 %
Expected stock volatility29 %
Risk-free interest rate4.18 %
Expected holding period5.8 years
Unrecognized stock-based compensation expense at March 31, 2023 was $20 million and $354 million for stock options and unvested restricted stock, respectively, which is expected to be recognized over a weighted average period of 2.2 years and 2.8 years, respectively. Additionally, there was $43 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 2.4 years.
The following table summarizes information relating to stock option exercises and restricted stock vesting:
Three Months Ended
March 31,
2023
2022
Exercise of stock options:
Proceeds from stock option exercises$7 $3 
Aggregate intrinsic value$15 $4 
Tax benefit realized upon exercise$4 $1 
Number of shares exercised (1)
0.1 — 
Vesting of restricted stock:
Fair value of shares vested$140 $166 
Tax benefit realized upon vesting$33 $39 
Number of shares vested0.5 0.5 
Vesting of performance-based restricted stock:
Fair value of shares vested$24 $50 
Tax benefit realized upon vesting$3 $7 
Number of shares vested0.1 0.2 
(1) The number of options exercised in 2022 was approximately 20 thousand.
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NOTE 4. INCOME TAXES
Moody’s effective tax rate (ETR) was 1.0% and 18.2% for the three months ended March 31, 2023 and 2022, respectively. The 17.2% decrease in the ETR for the three months ended March 31, 2023 compared to the same period in the prior year was primarily due to tax benefits recognized in the first quarter of 2023, which reflect the resolutions of uncertain tax positions in various U.S. and non-U.S. tax jurisdictions. The Company’s first quarter 2023 provision for income taxes differs from the tax computed by applying its estimated annual effective tax rate to the pre-tax earnings primarily due to the following items recognized in 2023: i) net reductions in UTPs of $117 million related to the resolutions of UTPs; and ii) excess tax benefits from stock-based compensation of $6 million.
The Company classifies interest related to UTPs in interest expense, net in its consolidated statements of operations. Penalties, if incurred, would be recognized in other non-operating income (expense), net.
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 returns for 2019 through 2020 are currently under examination and 2021 remains open to examination. The Company’s New York City tax returns for 2015 through 2019 are currently under examination. The Company’s U.K. tax returns for 2017 through 2021 remain open to examination.
For ongoing audits, it is possible the balance of UTPs could decrease in the next twelve months as a result of the settlement of such audits, which might involve the payment of additional taxes, the adjustment of certain deferred taxes and/or the recognition of tax benefits. It is also possible that new issues will be raised by tax authorities which could necessitate increases to the balance of UTPs. As the Company is unable to predict the timing or outcome of these audits, it is unable to estimate the amount of changes to the balance of UTPs at this time. However, the Company believes that it has adequately provided for its financial exposure relating to all open tax years, by tax jurisdiction, in accordance with the applicable provisions of ASC Topic 740 regarding UTPs.
The following table shows the amount the Company paid for income taxes:
Three Months Ended March 31,
20232022
Income taxes paid $66 $70 
In August 2022, the U.S. Congress passed the Inflation Reduction Act, which included a corporate minimum tax on book earnings of 15%, an excise tax on corporate share repurchases of 1%, and certain climate change and energy tax credit incentives. The adoption of a corporate minimum tax of 15% is not expected to impact Moody’s ETR. The excise tax of 1% on corporate share buybacks will not have an impact on the Company’s ETR for 2023.
NOTE 5. RECONCILIATION OF WEIGHTED AVERAGE SHARES OUTSTANDING
Below is a reconciliation of basic to diluted shares outstanding:
Three Months Ended March 31,
20232022
Basic183.3 185.1 
Dilutive effect of shares issuable under stock-based compensation plans0.8 1.0 
Diluted184.1 186.1 
Anti-dilutive options to purchase common shares and restricted stock as well as contingently issuable restricted stock which are excluded from the table above0.7 0.3 
The calculation of diluted EPS requires certain assumptions regarding the use of both cash proceeds and assumed proceeds that would be received upon the exercise of stock options and vesting of restricted stock outstanding as of March 31, 2023 and 2022.
NOTE 6. ACCELERATED SHARE REPURCHASE PROGRAM
On March 1, 2022, 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 1.2 million shares of its common stock. Final settlement of the ASR agreement was completed in April 2022 and the Company received delivery of an additional 0.3 million shares of the Company’s common stock.
In total, the Company repurchased 1.5 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 $324.20 per share over the duration of the program. The initial share repurchase and final share settlement were recorded as a reduction to shareholders’ equity.
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NOTE 7. CASH EQUIVALENTS AND INVESTMENTS
The table below provides additional information on the Company’s cash equivalents and investments:
As of March 31, 2023
Balance sheet location
CostGains/(Losses)Fair ValueCash and cash equivalentsShort-term
investments		Other
assets
Certificates of deposit and money market deposit accounts (1)
$729 $— $729 $645 $78 $6 
Mutual funds$80 $3 $83 $— $— $83 
As of December 31, 2022
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)
$914 $— $914 $808 $90 $16 
Mutual funds$71 $— $71 $— $— $71 
(1) Consists of time deposits and money market deposit accounts. The remaining contractual maturities for the certificates of deposits classified as short-term investments are one month to 12 months at both March 31, 2023 and December 31, 2022. The remaining contractual maturities for the certificates of deposits classified in other assets are 13 months to 21 months at March 31, 2023 and 13 months to 24 months at December 31, 2022. 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 invests in Corporate-Owned Life Insurance (COLI). As of March 31, 2023 and December 31, 2022, the contract value of the COLI was $44 million and $40 million, respectively.
NOTE 8. 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 SOFR. The purpose of these hedges is to mitigate the risk associated with changes in the fair value of the long-term debt, thus the Company has designated these swaps as fair value hedges. The fair value of the swaps is adjusted quarterly with a corresponding adjustment to the carrying value of the debt. The changes in the fair value of the swaps and the underlying hedged item generally offset and the net cash settlements on the swaps are recorded each period within interest expense, net in the Company’s consolidated statements of operations.
The following table summarizes the Company’s interest rate swaps designated as fair value hedges:
As of March 31, 2023
As of December 31, 2022
Hedged ItemNature of SwapNotional Amount
Floating Interest Rate (1)
Notional AmountFloating Interest Rate
2017 Senior Notes due 2028Pay Floating/Receive Fixed$500 SOFR$500 3-month LIBOR
2020 Senior Notes due 2025Pay Floating/Receive Fixed300 SOFR300 6-month LIBOR
2014 Senior Notes due 2044Pay Floating/Receive Fixed300 SOFR300 3-month LIBOR
2018 Senior Notes due 2048Pay Floating/Receive Fixed300 SOFR300 3-month LIBOR
2018 Senior Notes due 2029Pay Floating/Receive Fixed400 SOFR400 SOFR
2022 Senior Notes due 2052Pay Floating/Receive Fixed500 SOFR500 SOFR
2022 Senior Notes due 2032Pay Floating/Receive Fixed250 SOFR250 SOFR
Total$2,550 $2,550 
(1) Contractual terms of instruments using the 3-month or 6-month LIBOR at December 31, 2022 were modified to the SOFR reference rate in the first quarter of 2023.
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Refer to Note 14 for information on the cumulative amount of fair value hedging adjustments included in the carrying amount of the above hedged items.
The following table summarizes the impact to the statements of operations of the Company’s interest rate swaps designated as fair value hedges:
Total amounts of financial statement line item presented in the statements of operations in which the effects of fair value hedges are recordedAmount of income/(loss) recognized in the consolidated statements of operations
Three Months Ended March 31,
20232022
Interest expense, net$(48)$(53)

Descriptions		Location on Consolidated Statements of Operations
Net interest settlements and accruals on interest rate swaps
Interest expense, net
$(18)$6 
Fair value changes on interest rate swapsInterest expense, net$46 $(85)
Fair value changes on hedged debtInterest expense, net$(46)$85 
Net investment hedges
Debt designated as net investment hedges
The Company has designated €500 million of the 2015 Senior Notes Due 2027 and €750 million of the 2019 Senior Notes due 2030 as net investment hedges to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. These hedges are designated as accounting hedges under the applicable sections of ASC Topic 815 and will end upon the repayment of the notes in 2027 and 2030, respectively, unless terminated early at the discretion of the Company.
Cross currency swaps designated as net investment hedges
The Company enters into cross-currency swaps to mitigate FX exposure related to a portion of the Company’s euro net investment in certain foreign subsidiaries against changes in euro/USD exchange rates. The following table provides information on the cross-currency swaps designated as net investment hedges under ASC Topic 815:
March 31, 2023
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€765 3.67%$800 5.25%
Pay Floating/Receive Floating2,138 Based on ESTR2,250 Based on SOFR
Total€2,903 $3,050 
December 31, 2022
PayReceive
Nature of SwapNotional AmountWeighted Average Interest RateNotional AmountWeighted Average Interest Rate
Pay Fixed/Receive Fixed€765 3.67%$800 5.25%
Pay Floating/Receive Floating450 Based on 3-month EURIBOR500 Based on 3-month USD LIBOR
Pay Floating/Receive Floating1,688 Based on ESTR1,750 Based on SOFR
Total€2,903 $3,050 
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As of March 31, 2023 these hedges will expire and the notional amounts will be settled as follows unless terminated early at the discretion of the Company:
Years Ending December 31,
2026€450 
2027€531 
2028€588 
2029€373 
2031€481 
2032€480 
Total€2,903 
The following tables provide information on the gains/(losses) on the Company’s net investment and cash flow hedges:
Derivative and Non-Derivative Instruments in Net Investment Hedging RelationshipsAmount of Gain/(Loss) Recognized in AOCL on Derivative, net of TaxAmount of Loss Reclassified from AOCL into Income, net of TaxGain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)
Three Months Ended
March 31,
Three Months Ended
March 31,
Three Months Ended
March 31,
202320222023202220232022
Cross currency swaps$(39)$24 $— $— $16 $10 
Long-term debt(18)23 — — — — 
Total net investment hedges$(57)$47 $— $— $16 $10 
Derivatives in Cash Flow Hedging Relationships
Interest rate contracts$— $— $(1)$(1)$— $— 
Total cash flow hedges$— $— $(1)$(1)$— $— 
Total$(57)$47 $(1)$(1)$16 $10 
The cumulative amount of net investment hedge and cash flow hedge gains (losses) remaining in AOCL is as follows:
Cumulative Gains/(Losses), net of tax
March 31, 2023December 31, 2022
Net investment hedges
Cross currency swaps$79 $118 
FX forwards29 29 
Long-term debt20 38 
Total net investment hedges$128 $185 
Cash flow hedges
Interest rate contracts$(46)$(47)
Cross currency swaps2 2 
Total cash flow hedges(44)(45)
Total net gain in AOCL$84 $140 
Derivatives not designated as accounting hedges:
Foreign exchange forwards
The Company also enters into foreign exchange forward contracts to mitigate the change in fair value on certain assets and liabilities denominated in currencies other than a subsidiary’s functional currency. These forward contracts are not designated as accounting hedges under the applicable sections of ASC Topic 815. Accordingly, changes in the fair value of these contracts are recognized immediately in other non-operating income (expense), net in the Company’s consolidated statements of operations along with the FX gain or loss recognized on the assets and liabilities denominated in a currency other than the subsidiary’s functional currency. These contracts have expiration dates at various times through May 2023.
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The following table summarizes the notional amounts of the Company’s outstanding foreign exchange forwards:
March 31, 2023December 31, 2022
Notional amount of currency pair:SellBuySellBuy
Contracts to sell USD for GBP$295 £241 $170 £146 
Contracts to sell USD for Japanese yen$15 ¥2,000 $24 ¥3,500 
Contracts to sell USD for Canadian dollars$78 C$105 $87 C$120 
Contracts to sell USD for Singapore dollars$52 S$70 $50 S$70 
Contracts to sell USD for euros$160 €148 $116 €115 
Contracts to sell USD for Indian rupee$23 ₹1,900 $19 ₹1,600 
Contracts to sell euros for USD€25 $27 €85 $89 
NOTE: € = euro, £ = British pound, $ = U.S. dollar, ¥ = Japanese yen, C$ = Canadian dollar, S$= Singapore dollars, ₹= Indian rupee
The following table summarizes the impact to the consolidated statements of operations relating to the net losses on the Company’s derivatives which are not designated as hedging instruments:
Derivatives not designated as accounting hedgesLocation on Consolidated Statements of Operations
Three Months Ended
March 31,
20232022
FX forwardsOther non-operating income, net$5 $(19)
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 LocationMarch 31, 2023December 31, 2022
Assets:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther assets$12 $27 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesOther current assets4 19 
Total assets$16 $46 
Liabilities:
Derivatives designated as accounting hedges:
Cross-currency swaps designated as net investment hedgesOther liabilities$115 $78 
Interest rate swaps designated as fair value hedgesOther liabilities192 239 
Total derivatives designated as accounting hedges307 317 
Non-derivatives designated as accounting hedges:
Long-term debt designated as net investment hedgeLong-term debt1,358 1,334 
Derivatives not designated as accounting hedges:
FX forwards on certain assets and liabilitiesAccounts payable and accrued liabilities1 2 
Total liabilities$