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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, 2020
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 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 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, 2020
187.5 million




MOODY’S CORPORATION
INDEX TO FORM 10-Q
Page(s)
3-7
12-13
14-41
43-44
45-57
58-64
65-66
68-69

70-71
Exhibits Filed Herewith
31.1  
Chief Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2  
Chief Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1  
Chief Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2  
Chief Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH
Inline XBRL Taxonomy Extension Schema Document
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline XBRL Definitions Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)



GLOSSARY OF TERMS AND ABBREVIATIONS
The following terms, abbreviations and acronyms are used to identify frequently used terms in this report:
TERM
DEFINITION
ABS Suite
Business acquired by the Company in October 2019 which includes a software platform used by issuers and trustees for administration of asset-backed and mortgage-backed securities programs
Acquisition-Related Amortization
Amortization of definite-lived intangible assets acquired by the Company from all business combination transactions
Acquisition-Related Expenses
Consists of expenses incurred to complete and integrate the acquisition of Bureau van Dijk for which the integration will be a multi-year effort
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
Accumulated other comprehensive income (loss); a separate component of shareholders’ equity
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, Korea, Malaysia, Singapore, Sri Lanka and Thailand
ASR
Accelerated Share Repurchase
ASU
The FASB Accounting Standards Update to the ASC. It also 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
Board
The board of directors of the Company
BPS
Basis points
Bureau van Dijk
Bureau van Dijk Electronic Publishing, B.V., a global provider of business intelligence and company information; acquired by the Company on August 10, 2017 via the acquisition of Yellow Maple I B.V., an indirect parent of Bureau van Dijk
CFG
Corporate finance group; an LOB of MIS
CLO
Collateralized loan obligation
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
Content
A reporting unit within the MA segment that offers subscription based research, data and analytical products, including credit ratings produced by MIS, credit research, quantitative credit scores and other analytical tools, economic research and forecasts, business intelligence and company information products, and commercial real estate data and analytical tools
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 2018 Facility
3

TERM
DEFINITION
CRAs
Credit rating agencies
DBPP
Defined benefit pension plans
Dodd-Frank Act
Dodd-Frank Wall Street Reform and Consumer Protection Act
EMEA
Represents countries within Europe, the Middle East and Africa
EPS
Earnings per share
ERS
The Enterprise Risk Solutions LOB within MA, which offers risk management software solutions as well as related risk management advisory engagements services
ESG
Environmental, Social, and Governance
ESMA
European Securities and Markets Authority
ETR
Effective tax rate
EU
European Union
EUR
Euros
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
Four Twenty Seven
A provider of data, intelligence, and analysis related to physical climate risks; acquired by the Company in July 2019
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
ICRA
ICRA Limited; a provider of credit ratings and research in India. ICRA is a public company with its shares listed on the Bombay Stock Exchange and the National Stock Exchange of India. The Company previously held 28.5% equity ownership and in June 2014, increased that ownership stake to over 50% through the acquisition of additional shares
IRS
Internal Revenue Service
IT
Information technology
KIS Pricing
Korea Investors Service Pricing, Inc; a Korean provider of fixed income securities pricing and consolidated subsidiary of the Company
KIS Research
Korea Investors Service Research; a Korean provider of financial research and consolidated subsidiary of the Company
Korea
Republic of South Korea
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 - RD&A, ERS and PS
MAKS
Moody’s Analytics Knowledge Services; formerly known as Copal Amba; provides offshore research and analytic services to the global financial and corporate sectors; business was divested in the fourth quarter of 2019 and was formerly part of the PS LOB and a reporting unit within the MA reportable segment
MALS
Moody’s Analytics Learning Solutions; a reporting unit within the MA segment that includes on-line and classroom-based training services as well as credentialing and certification services
4

TERM
DEFINITION
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 non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from providing ESG research, data and assessments. These businesses are components of MIS; MIS Other is an LOB of MIS
Moody’s
Moody’s Corporation and its subsidiaries; MCO; the Company
Net Income
Net income attributable to Moody’s Corporation, which excludes net income from consolidated noncontrolling interests belonging to the minority interest holder
New Credit Losses Accounting Standard
Updates to the ASC pursuant to ASU No. 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. This new accounting guidance requires the use of an “expected credit loss” impairment model for most financial assets reported at amortized cost, which will require entities to estimate expected credit losses over the lifetime of the instrument.
New Internal Use Software Accounting Standard
Updates to the ASC pursuant to 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 new accounting guidance requires implementation costs incurred by customers in cloud computing arrangements (i.e., hosting arrangements) to be capitalized under the same premises of authoritative guidance for internal-use software.
New Revenue Accounting Standard
Updates to the ASC pursuant to ASU No. 2014-09, “Revenue from Contracts with Customers (ASC Topic 606)”. This new accounting guidance significantly changes the accounting framework under U.S. GAAP relating to revenue recognition and to the accounting for the deferral of incremental costs of obtaining or fulfilling a contract with a customer
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
NRSRO
Nationally Recognized Statistical Rating Organization, which is a credit rating agency registered with the SEC.
OCI
Other comprehensive income (loss); includes gains and losses on cash flow and net investment hedges, unrealized gains and losses on available for sale securities (in periods prior to January 1, 2018), certain gains and losses relating to pension and other retirement benefit obligations and foreign currency translation adjustments
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
Other Retirement Plan
The U.S. retirement healthcare and U.S. retirement life insurance plans
PPIF
Public, project and infrastructure finance; an LOB of MIS
Profit Participation Plan
Defined contribution profit participation plan that covers substantially all U.S. employees of the Company
5

TERM
DEFINITION
PS
Professional Services, an LOB within MA consisting of MAKS and MALS that provides offshore analytical and research services as well as learning solutions and certification programs. 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.
RD&A
An LOB within MA that offers subscription based research, data and analytical products, including credit ratings produced by MIS, credit research, quantitative credit scores and other analytical tools, economic research and forecasts, business intelligence and company information products, and commercial real estate data and analytical tools
Redeemable Non-controlling Interest
Represents minority shareholders' interest in entities which are controlled but not wholly-owned by Moody's and for which Moody's obligation to redeem the minority shareholders' interest is represented by a put/call relationship
Reform Act
Credit Rating Agency Reform Act of 2006
Regulatory DataCorp Inc. (RDC)A global leader in risk and compliance intelligence; the Company acquired RDC in February 2020
Reis, Inc. (Reis)
A provider of U.S. commercial real estate data; acquired by the Company in October 2018
Relationship 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. For MA, represents subscription-based revenue and software maintenance 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
Retirement Plans
Moody’s funded and unfunded pension plans, the healthcare plans and life insurance plans
RiskFirst
A company providing risk analytic solutions for the asset management and pension fund communities; acquired by the Company in July 2019
RMBS
Residential mortgage-backed securities; an asset class within SFG
SEC
U.S. Securities and Exchange Commission
SFG
Structured finance group; an LOB of MIS
SG&A
Selling, general and administrative expenses
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.
Total Debt
All indebtedness of the Company as reflected on the consolidated balance sheets
Transaction Revenue
For MIS, represents the initial rating of a new debt issuance as well as other one-time fees. For MIS Other, represents revenue from professional services as well as data services, research and analytical engagements. For MA, represents perpetual software license fees and revenue from software implementation services, risk management advisory projects, training and certification services, and research and analytical engagements
U.K.
United Kingdom
U.S.
United States
USD
U.S. dollar
UTPs
Uncertain tax positions
Vigeo Eiris
A provider of in ESG research, data and assessments; acquired by the Company on April 12, 2019
2012 Senior Notes
Principal amount of $500 million, 4.50% senior unsecured notes due in September 2022
2013 Senior Notes
Principal amount of the $500 million, 4.875% senior unsecured notes due in February 2024
2014 Senior Notes (30-Year)
Principal amount of $600 million, 5.25% senior unsecured notes due in July 2044
2015 Senior Notes
Principal amount of €500 million, 1.75% senior unsecured notes due in March 2027
2017 Senior Notes Due 2023
Principal amount of $500 million, 2.625% senior unsecured notes due January 15, 2023
2017 Senior Notes Due 2028
Principal amount of $500 million, 3.250% senior unsecured notes due January 15, 2028
6

TERM
DEFINITION
2017 Senior Notes Due 2021
Principal amount of $500 million, 2.75% senior unsecured notes due in December 2021
2018 Facility
Five-year unsecured revolving credit facility, with capacity to borrow up to $1 billion; backstops CP issued under the CP Program
2018 Senior Notes
Principal amount of $300 million, 3.25% senior unsecured notes due June 7, 2021
2018 Senior Notes (10-year)
Principal amount of $400 million, 4.25% senior unsecured notes due February 1, 2029
2018 Senior Notes (30-year)
Principal amount of $400 million, 4.875% senior unsecured notes due December 17, 2048
2019 Senior NotesPrincipal amount of €750 million, 0.950% senior unsecured notes due February 25, 2030
2020 Senior NotesPrincipal amount of $700 million, 3.75% senior unsecured notes due March 24, 2025

7

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,
20202019
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
  1  
Loss pursuant to the divestiture of MAKS9    
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
$2.60  

$1.96  
Diluted
$2.57  

$1.93  
Weighted average number of shares outstanding
Basic
187.5  

190.4  
Diluted
189.6  

192.8  
The accompanying notes are an integral part of the condensed consolidated financial statements.
8

MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(Amounts in millions)

Three Months Ended March 31,
20202019
Pre-tax
amounts
Tax
amounts
After-tax
amounts
Pre-tax
amounts
Tax
amounts
After-tax
amounts
Net Income
$487  $374  
Other Comprehensive Income (loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net
$(175) $5  (170) $(27) $  (27) 
Net gains on net investment hedges
119  (30) 89  30  (7) 23  
Cash Flow Hedges:
Net realized and unrealized (losses) gains on cash flow hedges(48) 12  (36)       
Reclassification of losses included in net income1    1        
Pension and Other Retirement Benefits:
Amortization of actuarial losses and prior service costs included in net income
2  (1) 1  1  (1)   
Net actuarial (losses) gains and prior service costs
(1)   (1) 1    1  
Total other comprehensive (loss) income(102) (14) (116) 5  (8) (3) 
Comprehensive income
371  371  
Less: comprehensive (loss) income attributable to noncontrolling interests(2) 8  
Comprehensive Income Attributable to Moody's
$373  $363  
The accompanying notes are an integral part of the condensed consolidated financial statements.
9

MOODY’S CORPORATION
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in millions, except per share data)
March 31, 2020December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents$2,141  $1,832  
Short-term investments90  98  
Accounts receivable, net of allowance for credit losses of $42 in 2020 and $20 in 2019
1,413  1,419  
Other current assets350  330  
Total current assets3,994  3,679  
Property and equipment, net of accumulated depreciation of $853 in 2020 and $839 in 2019
285  292  
Operating lease right-of-use assets437  456  
Goodwill4,122  3,722  
Intangible assets, net1,709  1,498  
Deferred tax assets, net165  229  
Other assets594  389  
Total assets$11,306  $10,265  
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities$664  $773  
Current portion of operating lease liabilities89  89  
Commercial paper485    
Deferred revenue1,113  1,050  
Total current liabilities2,351  1,912  
Non-current portion of deferred revenue109  112  
Long-term debt6,303  5,581  
Deferred tax liabilities, net424  357  
Uncertain tax positions448  477  
Operating lease liabilities463  485  
Other liabilities403  504  
Total liabilities10,501  9,428  
Contingencies (Note 18)     
Redeemable noncontrolling interest6  6  
Shareholders' equity:
Preferred stock, par value $.01 per share; 10,000,000 shares authorized; no shares issued and outstanding
    
Series Common Stock, par value $.01 per share; 10,000,000 shares authorized; no shares issued and outstanding
    
Common stock, par value $.01 per share; 1,000,000,000 shares authorized; 342,902,272 shares issued at March 31, 2020 and December 31, 2019, respectively.
3  3  
Capital surplus616  642  
Retained earnings10,041  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' equity582  612  
Noncontrolling interests217  219  
Total shareholders' equity799  831  
Total liabilities, noncontrolling interests and shareholders' equity$11,306  $10,265  
The accompanying notes are an integral part of the condensed consolidated financial statements.
10

MOODY’S CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in millions)
Three Months Ended March 31,
20202019
Cash flows from operating activities
Net income$487  $374  
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization49  50  
Stock-based compensation37  36  
Deferred income taxes57  14  
Loss pursuant to the divestiture of MAKS9    
Changes in assets and liabilities:
Accounts receivable(7) (8) 
Other current assets(38) (6) 
Other assets2  (14) 
Restructuring liability(12) (3) 
Accounts payable and accrued liabilities(186) (180) 
Deferred revenue64  104  
Unrecognized tax benefits and other non-current tax liabilities(18) (22) 
Other liabilities(99) 22  
Net cash provided by operating activities345  367  
Cash flows from investing activities
Capital additions(21) (20) 
Purchases of investments(78) (38) 
Sales and maturities of investments23  51  
Cash paid for acquisitions, net of cash acquired(696)   
Net cash used in investing activities(772) (7) 
Cash flows from financing activities
Issuance of notes700    
Repayment of notes  (450) 
Issuance of commercial paper789  402  
Repayment of commercial paper(305) (85) 
Proceeds from stock-based compensation plans16  14  
Repurchase of shares related to stock-based compensation(71) (51) 
Treasury shares(253) (448) 
Dividends(105) (94) 
Debt issuance costs (6)   
Payment for noncontrolling interest  (12) 
Cash paid for ASR contract relating to shares retained by Counterparty until final settlement  (125) 
Net cash provided by (used in) financing activities765  (849) 
Effect of exchange rate changes on cash and cash equivalents(29) 1  
Increase (decrease) in cash and cash equivalents309  (488) 
Cash and cash equivalents, beginning of period1,832  1,685  
Cash and cash equivalents, end of period$2,141  $1,197  
The accompanying notes are an integral part of the condensed consolidated financial statements.
11

MOODY'S CORPORATION
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
(Amounts in millions, except per share data)
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, 2018342.9  $3  $601  $8,594  (151.6) $(8,313) $(426) $459  $197  $656  
Net income
373  373  1  374  
Dividends ($0.50 per share)
(94) (94) —  (94) 
Adoption of ASU 2018-02, relating to the Tax Act20  (20)     
Stock-based compensation
36  36  36  
Shares issued for stock-based compensation plans at average cost, net
(67) 1.0  7  (60) (60) 
Purchase of noncontrolling interest(9) (9) (3) (12) 
Treasury shares repurchased
(2.7) (448) (448) (448) 
Accelerated Share Repurchase pending final settlement(125) (125) (125) 
Currency translation adjustment, net of
net investment hedge activity (net of tax
of $7 million)