UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark one)

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

For the quarterly period ended June 30, 2024

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 2030	MCO 30	New 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 June 30, 2024

182.1 million

1

	MOODY’S CORPORATION INDEX TO FORM 10-Q
		Page(s)
	Glossary of Terms and Abbreviations	3
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023	6
	Consolidated Statements of Comprehensive Income (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023	7
	Consolidated Balance Sheets (Unaudited) at June 30, 2024 and December 31, 2023	8
	Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023	9
	Consolidated Statements of Shareholders’ Equity (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023	10
	Notes to the Consolidated Financial Statements (Unaudited)	14
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations
	The Company	38
	Sustainability	38
	Critical Accounting Estimates	39
	Reportable Segments	39
	Results of Operations	40
	Liquidity and Capital Resources	67
	Non-GAAP Financial Measures	69
	Recently Issued Accounting Standards	72
	Contingencies	72
	Forward-Looking Statements	73
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	74
Item 4.	Controls and Procedures	74
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	75
Item 1A.	Risk Factors	75
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75
Item 5.	Other Information	75
Item 6.	Exhibits	76
SIGNATURES		77

2

GLOSSARY OF TERMS AND ABBREVIATIONS

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

TERM	DEFINITION
ABS	Asset backed securities; a component of SFG
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.
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
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
AUD	Australian dollar
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
CAD	Canadian dollar
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
CLO	Collateralized loan obligation
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
CODM	Chief Operating Decision Maker
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 2024 Facility
CRAs	Credit rating agencies
CreditView	A product offering from MA that incorporates credit ratings, research and data from MIS plus research, data and content from MA
Data and Information (D&I)	LOB within MA which provides vast data sets on companies and securities via data feeds and data applications products

3

TERM	DEFINITION
Decision Solutions (DS)	LOB within MA that provides SaaS solutions supporting banking, insurance, and KYC workflows. This LOB utilizes components from the Data & Information and Research & Insights LOBs to provide risk assessment solutions
EMEA	Represents countries within Europe, the Middle East and Africa
EPS	Earnings per share
ESG	Environmental, Social and Governance
ESTR	Euro Short-Term Rate
ETR	Effective tax rate
EU	European Union
EUR	euros
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
GLoBE	Global Anti-Base Erosion, also known as "Pillar Two"; tax model issued by the OECD in 2023
ICRA	ICRA Limited; a provider of credit ratings and research in India
INR	Indian rupee
JPY	Japanese yen
KYC	Know-your-customer
LOB	Line of business
MA	Moody’s Analytics - a reportable segment of MCO; 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 unique assets and specialized industry knowledge 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
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
M&A	Mergers and acquisitions
MIS	Moody’s Investors Service - a reportable segment of MCO; 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; 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

4

TERM	DEFINITION
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
NRSRO	Nationally Recognized Statistical Rating Organization, which is a credit rating agency registered with the SEC
OECD	Organization for Economic Co-operation and Development; an international organization that promotes policies that improve economic and social well-being around the world
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 CODM; and iii) discrete financial information about the component is available
Pillar Two	Tax model issued by the OECD in 2023; also referred to as the "Global Anti-Base Erosion" or "GLoBE" rules
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 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; economics data and models; and structured finance solutions
RMBS	Residential mortgage-backed securities; an asset class within SFG
RMS	Risk Management Solutions, Inc., 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
SGD	Singapore dollar
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.
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
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

5

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Revenue	$	1,817	$	1,494	$	3,603	$	2,964
Expenses
Operating	469		426		936		854
Selling, general, and administrative	446		415		859		801
Depreciation and amortization	110		93		210		181
Restructuring	2		10		7		24
Charges related to asset abandonment	15		—		15		—
Total expenses	1,042		944		2,027		1,860
Operating income	775		550		1,576		1,104
Non-operating (expense) income, net
Interest expense, net	(63)		(71)		(125)		(119)
Other non-operating income, net	7		13		20		13
Total non-operating (expense) income, net	(56)		(58)		(105)		(106)
Income before provision for income taxes	719		492		1,471		998
Provision for income taxes	166		115		341		120
Net income	553		377		1,130		878
Less: Net income attributable to noncontrolling interests	1		—		1		—
Net income attributable to Moody's	$	552	$	377	$	1,129	$	878
Earnings per share attributable to Moody's common shareholders
Basic	$	3.03	$	2.05	$	6.19	$	4.79
Diluted	$	3.02	$	2.05	$	6.16	$	4.77
Weighted average number of shares outstanding
Basic	182.3		183.5		182.5		183.4
Diluted	183.0		184.1		183.2		184.1

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

6

MOODY’S CORPORATION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(Amounts in millions)

	Three Months Ended June 30, 2024						Three Months Ended June 30, 2023
	Pre-tax amounts		Tax amounts		After-tax amounts		Pre-tax amounts		Tax amounts		After-tax amounts
Net Income					$	553					$	377
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net	$	(39)	$	—	(39)		$	51	$	—	51
Net gains (losses) on net investment hedges	43		(11)		32		(37)		9		(28)
Cash Flow Hedges:
Reclassification of gains (losses) included in net income	—		—		—		—		(1)		(1)
Pension and Other Retirement Benefits:
Amortization of actuarial gains and prior service credits included in net income	(1)		—		(1)		(2)		1		(1)
Net actuarial losses	(2)		1		(1)		—		—		—
Total other comprehensive (loss) income	$	1	$	(10)	$	(9)	$	12	$	9	$	21
Comprehensive income					544						398
Less: comprehensive income attributable to noncontrolling interests					—						2
Comprehensive Income Attributable to Moody's					$	544					$	396

	Six Months Ended June 30, 2024						Six Months Ended June 30, 2023
	Pre-tax amounts		Tax amounts		After-tax amounts		Pre-tax amounts		Tax amounts		After-tax amounts
Net Income					$	1,130					$	878
Other Comprehensive Income (Loss):
Foreign Currency Adjustments:
Foreign currency translation adjustments, net	$	(154)	$	—	(154)		$	160	$	(2)	158
Net gains (losses) on net investment hedges	144		(38)		106		(113)		28		(85)
Cash Flow Hedges:
Reclassification of losses included in net income	1		—		1		1		(1)		—
Pension and Other Retirement Benefits:
Amortization of actuarial gains and prior service credits included in net income	(1)		—		(1)		(2)		1		(1)
Net actuarial losses	(3)		1		(2)		—		—		—
Total other comprehensive (loss) income	$	(13)	$	(37)	$	(50)	$	46	$	26	$	72
Comprehensive income					1,080						950
Less: comprehensive loss attributable to noncontrolling interests					—						(1)
Comprehensive Income Attributable to Moody's					$	1,080					$	951

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

7

MOODY’S CORPORATION

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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

	June 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	2,635	$	2,130
Short-term investments	63		63
Accounts receivable, net of allowance for credit losses of $35 in 2024 and $35 in 2023	1,694		1,659
Other current assets	489		489
Total current assets	4,881		4,341
Property and equipment, net of accumulated depreciation of $1,378 in 2024 and $1,272 in 2023	652		603
Operating lease right-of-use assets	242		277
Goodwill	5,891		5,956
Intangible assets, net	1,930		2,049
Deferred tax assets, net	267		258
Other assets	1,150		1,138
Total assets	$	15,013	$	14,622
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	1,000	$	1,076
Current portion of operating lease liabilities	108		108
Current portion of long-term debt	688		—
Deferred revenue	1,423		1,316
Total current liabilities	3,219		2,500
Non-current portion of deferred revenue	59		65
Long-term debt	6,253		7,001
Deferred tax liabilities, net	465		402
Uncertain tax positions	207		196
Operating lease liabilities	254		306
Other liabilities	618		676
Total liabilities	11,075		11,146
Contingencies (Note 15)
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 June 30, 2024 and December 31, 2023, respectively	3		3
Capital surplus	1,324		1,228
Retained earnings	15,478		14,659
Treasury stock, at cost; 160,818,154 and 160,430,754 shares of common stock at June 30, 2024 and December 31, 2023, respectively	(12,410)		(12,005)
Accumulated other comprehensive loss	(617)		(567)
Total Moody's shareholders' equity	3,778		3,318
Noncontrolling interests	160		158
Total shareholders' equity	3,938		3,476
Total liabilities, noncontrolling interests, and shareholders' equity	$	15,013	$	14,622

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

8

MOODY’S CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(Amounts in millions)

	Six Months Ended June 30,
	2024		2023
Cash flows from operating activities
Net income	$	1,130	$	878
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization	210		181
Stock-based compensation	109		97
Deferred income taxes	25		21
Provision for credit losses on accounts receivable	10		9
Changes in assets and liabilities:
Accounts receivable	(64)		112
Other current assets	(6)		78
Other assets	(1)		(24)
Lease obligations	(15)		(9)
Accounts payable and accrued liabilities	(82)		(86)
Deferred revenue	120		97
Uncertain tax positions and other non-current tax liabilities	12		(120)
Other liabilities	13		(22)
Net cash provided by operating activities	1,461		1,212
Cash flows from investing activities
Capital additions	(171)		(127)
Purchases of investments	(87)		(53)
Sales and maturities of investments	81		81
Purchases of investments in non-consolidated affiliates	(2)		(2)
Sales of investments in non-consolidated affiliates	—		1
Cash paid for acquisitions, net of cash acquired	(12)		(3)
Net cash used in investing activities	(191)		(103)
Cash flows from financing activities
Repayment of notes	—		(200)
Proceeds from stock-based compensation plans	45		31
Treasury shares	(384)		(108)
Repurchase of shares related to stock-based compensation	(82)		(64)
Dividends	(309)		(283)
Dividends to noncontrolling interests	(1)		—
Net cash used in financing activities	(731)		(624)
Effect of exchange rate changes on cash and cash equivalents	(34)		24
Increase in cash and cash equivalents	505		509
Cash and cash equivalents, beginning of period	2,130		1,769
Cash and cash equivalents, end of period	$	2,635	$	2,278

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

9

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 March 31, 2023	342.9	$	3	$	1,068	$	13,979	(159.4)	$	(11,570)	$	(589)	$	2,891	$	167	$	3,058
Net income						377							377		—		377
Dividends ($0.77 per share)						(143)							(143)		(1)		(144)
Stock-based compensation				50									50				50
Shares issued for stock-based compensation plans at average cost, net				6				0.3	11				17				17
Treasury shares repurchased, inclusive of excise tax				—				(0.3)	(67)				(67)				(67)
Currency translation adjustment, net of net investment hedge activity (net of tax of $9 million)											21		21		2		23
Amortization of actuarial gains and prior service credits (net of tax of $1 million)											(1)		(1)				(1)
Net realized and unrealized gain on cash flow hedges (net of tax of $1 million)											(1)		(1)				(1)
Balance at June 30, 2023	342.9	$	3	$	1,124	$	14,213	(159.4)	$	(11,626)	$	(570)	$	3,144	$	168	$	3,312

The accompanying notes are an integral part of the 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 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						878							878		—		878
Dividends ($1.54 per share)						(283)							(283)		(1)		(284)
Stock-based compensation				97									97				97
Shares issued for stock-based compensation plans at average cost, net				(27)				0.7	(4)				(31)				(31)
Treasury shares repurchased, inclusive of excise tax				—				(0.4)	(109)				(109)				(109)
Currency translation adjustment, net of net investment hedge activity (net of tax of $26 million)											74		74		(1)		73
Amortization of actuarial gains and prior service credits (net of tax of $1 million)											(1)		(1)				(1)
Balance at June 30, 2023	342.9	$	3	$	1,124	$	14,213	(159.4)	$	(11,626)	$	(570)	$	3,144	$	168	$	3,312

The accompanying notes are an integral part of the 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 March 31, 2024	342.9	$	3	$	1,252	$	15,081	(160.3)	$	(12,153)	$	(608)	$	3,575	$	160	$	3,735
Net income						552							552		1		553
Dividends ($0.85 per share)						(155)							(155)		(1)		(156)
Stock-based compensation				57									57				57
Shares issued for stock-based compensation plans at average cost, net				15				0.2	7				22				22