Moody's Corporation Files 2023 Annual Report on Form 10-K

Ticker: MCO · Form: 10-K · Filed: Feb 14, 2024 · CIK: 1059556

Moodys Corp /De/ 10-K Filing Summary
FieldDetail
CompanyMoodys Corp /De/ (MCO)
Form Type10-K
Filed DateFeb 14, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.01, $1 billion, $74
Sentimentneutral

Sentiment: neutral

Topics: Moody's, 10-K, Annual Report, Financials, Credit Ratings

TL;DR

<b>Moody's Corporation has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

MOODYS CORP /DE/ (MCO) filed a Annual Report (10-K) with the SEC on February 14, 2024. Moody's Corporation filed its 2023 Form 10-K on February 14, 2024. The filing covers the fiscal year ending December 31, 2023. Moody's Corporation is incorporated in Delaware (DE). The company's principal executive offices are located at 7 World Trade Center, New York, NY. The SIC code for Moody's Corporation is 7320 (Services-Consumer Credit Reporting, Collection Agencies).

Why It Matters

For investors and stakeholders tracking MOODYS CORP /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Moody's financial health, operational strategies, and risk factors for the past fiscal year, which is crucial for investors to assess the company's performance and future outlook. As a leading provider of credit ratings, research, and data, Moody's financial disclosures are closely watched by the market, influencing investment decisions and market sentiment.

Risk Assessment

Risk Level: medium — MOODYS CORP /DE/ shows moderate risk based on this filing. The company operates in a highly regulated financial services industry, facing risks related to market volatility, competition, and evolving regulatory landscapes, as detailed in its risk factors section.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Moody's performance drivers and potential challenges.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed Period of Report)
  • 2024-02-14 — Filing Date (Filed As Of Date)
  • 001-14037 — SEC File Number (SEC File Number)
  • 7320 — SIC Code (Standard Industrial Classification)

Key Players & Entities

  • MOODYS CORP /DE/ (company) — Filer
  • 7 WORLD TRADE CENTER (company) — Business Address
  • NEW YORK (company) — Business Address City
  • DE (company) — State of Incorporation
  • 7320 (company) — Standard Industrial Classification
  • DUN & BRADSTREET CORP /DE/ (company) — Former Company Name
  • NEW DUN & BRADSTREET CORP (company) — Former Company Name
  • 20231231 (date) — Conformed Period of Report

FAQ

When did MOODYS CORP /DE/ file this 10-K?

MOODYS CORP /DE/ filed this Annual Report (10-K) with the SEC on February 14, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by MOODYS CORP /DE/ (MCO).

Where can I read the original 10-K filing from MOODYS CORP /DE/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by MOODYS CORP /DE/.

What are the key takeaways from MOODYS CORP /DE/'s 10-K?

MOODYS CORP /DE/ filed this 10-K on February 14, 2024. Key takeaways: Moody's Corporation filed its 2023 Form 10-K on February 14, 2024.. The filing covers the fiscal year ending December 31, 2023.. Moody's Corporation is incorporated in Delaware (DE)..

Is MOODYS CORP /DE/ a risky investment based on this filing?

Based on this 10-K, MOODYS CORP /DE/ presents a moderate-risk profile. The company operates in a highly regulated financial services industry, facing risks related to market volatility, competition, and evolving regulatory landscapes, as detailed in its risk factors section.

What should investors do after reading MOODYS CORP /DE/'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Moody's performance drivers and potential challenges. The overall sentiment from this filing is neutral.

Risk Factors

  • Regulatory Environment [high — regulatory]: Moody's operates in a highly regulated environment, subject to oversight from various global regulatory bodies, which can impact its business operations and compliance requirements.
  • Market Competition [medium — market]: The company faces competition from other credit rating agencies, financial data providers, and analytics firms, which could affect its market share and pricing power.
  • Operational Risks [medium — operational]: Moody's is exposed to operational risks, including cybersecurity threats, data integrity issues, and the need to maintain robust internal controls and systems.
  • Economic Sensitivity [medium — financial]: The company's financial performance is sensitive to macroeconomic conditions, including interest rate fluctuations, credit market health, and overall economic growth.

Key Dates

  • 2024-02-14: 10-K Filing — Official filing of the annual report for the fiscal year 2023.
  • 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.

Filing Stats: 4,308 words · 17 min read · ~14 pages · Grade level 18.9 · Accepted 2024-02-14 16:34:00

Key Financial Figures

  • $0.01 — ICH REGISTERED Common Stock, par value $0.01 per share MCO New York Stock Exchange
  • $1 billion — o privately place CP up to a maximum of $1 billion for which the maturity may not exceed 3
  • $74 — market stress. MIS by the Numbers ~$74 trillion 4,800+ 3,300+ Total Rate

Filing Documents

BUSINESS

Item 1. BUSINESS 10 Background 10 The Company 10 S ustainability 14 Human Capital 15 Climate 18 Moody's Strategy 19 Prospects for Growth 20 Competition 21 Regulation 22 Intellectual Property 22 Available Information 23 Executive Officers of the Registrant 23

RISK FACTORS

Item 1A. RISK FACTORS 25

UNRESOLVED STAFF COMMENTS

Item 1B. UNRESOLVED STAFF COMMENTS 35 Item 1C. CYBERSECURITY AND RISK MANAGEMENT 35

PROPERTIES

Item 2. PROPERTIES 37

LEGAL PROCEEDINGS

Item 3. LEGAL PROCEEDINGS 37

MINE SAFETY DISCLOSURES

Item 4. MINE SAFETY DISCLOSURES 37 PART II.

MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 37 Moody's Purchases of Equity Securities 37 Common Stock Information 38 Equity Compensation Plan Information 38 Performance Graph 39

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 40 The Company 40 Current Matters Impacting Moody's Business 40 Critical Accounting Estimates 40 Reportable Segments 44 Results of Operations 45 Market Risk 59 Liquidity and Capital Resources 60 Recently Issued Accounting Pronouncements 65 Contingencies 65

Forward-Looking Statements

Forward-Looking Statements 65 2 MOODY'S 2023 10-K Table of Contents Page

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 67

FINANCIAL STATEMENTS

Item 8. FINANCIAL STATEMENTS 67

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 123

CONTROLS AND PROCEDURES

Item 9A. CONTROLS AND PROCEDURES 123

OTHER INFORMATION

Item 9B. OTHER INFORMATION 123

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 123 PART III.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 123

EXECUTIVE COMPENSATION

Item 11. EXECUTIVE COMPENSATION 123

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 123

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 124

PRINCIPAL ACCOUNTING FEES AND SERVICES

Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 124 PART IV.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 124 INDEX TO EXHIBITS 124

FORM 10-K SUMMARY

Item 16. FORM 10-K SUMMARY 127

SIGNATURES

SIGNATURES 128 MOODY'S 2023 10-K 3 Table of Contents 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 expense relating to 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 AI Artificial Intelligence 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 Annualized Recurring Revenue (ARR) 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

BUSINESS

ITEM 1. BUSINESS Background As used in this report, except where the context indicates otherwise, the terms "Moody's" or the "Company" refer to Moody's Corporation, a Delaware corporation, and its subsidiaries. The Company's executive offices are located at 7 World Trade Center at 250 Greenwich Street, New York, NY 10007 and its telephone number is (212) 553-0300. THE COMPANY Company Overview Moody's is a global integrated risk assessment firm that empowers organizations to anticipate, adapt and thrive in a new era of exponential risk. Our data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. Moody's is empowering organizations to make better decisions. Moody's We provide tools that enable Banks, Insurers, Investors, Corporations and Governments to... What do we do? Issue, Originate, Select, Underwrite Identify, Measure, Monitor & Manage Risk Verify, Comply, Plan & Report Leveraging our set of data, analytics, & domain expertise across... How do we do this? Credit Companies

Properties

Properties Securities People Economies ESG Climate Moody's has two reportable segments: MA and MIS. Provider of financial intelligence and analytical tools supporting customers' growth, efficiency and risk management objectives Independent provider of credit rating opinions and related information for over 100 years Financial information and operating results of these segments, including revenue, expenses and Adjusted Operating Income, are included in Part II, Item 8. Financial Statements of this annual report and are herein incorporated by reference. 10 MOODY'S 2023 10-K Table of Contents Moody's Analytics Overview MA empowers financial services, corporate and public sector customers to anticipate risks, adapt and thrive in a new era of exponential risk. MA's combined data, analytics and cloud-based software tools deliver integrated solutions that help customers to start business relationships, monitor and manage risk, and comply and report based on global laws, rules and regulations. MA is comprised of: i) a premier fixed income and economic research business (Research & Insights); ii) a data business powered by the world's largest database on companies and credit (Data & Information); and iii) three cloud-based SaaS businesses serving banking, insurance and KYC workflows (Decision Solutions). MA creates a holistic view on risk provided by our vast set of proprietary data, analytics, and domain expertise across a range of areas, including credit, companies, properties, securities, people, economies, ESG, climate and more. MA's integrated and technology-enabled solutions provide unique capabilities and insights that are embedded in customer workflows. MOODY'S 2023 10-K 11 Table of Contents MA by the Numbers 14,800+ 6,600+ 900+ MA Customers Corporates and Professional Services Real Estate Entities 160+ 2,600+ 600+ Countries where MA customers operate Commercial Banks Educational Institutions 1,900+ 100+ Asset Managers

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