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SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company is organized into two operating segments: MA and MIS and accordingly, the Company reports in two reportable segments: MA and MIS.
Revenue for MA and expenses for MIS include an intersegment fee charged to MIS from MA for certain MA products and services utilized in MIS’s ratings process. Additionally, revenue for MIS and expenses for MA include intersegment fees charged to MA for the rights to use and distribute content, data and products developed by MIS. These intersegment fees are generally based on the market value of the products and services being transferred between the segments.
Overhead expenses include costs such as rent and occupancy, information technology and support staff such as finance, human resources and legal. Such costs and corporate expenses that exclusively benefit one segment are fully charged to that segment.
For overhead costs and corporate expenses that benefit both segments, costs are allocated to each segment based on the segment’s share of full-year 2018 actual revenue which comprises a “Baseline Pool” established in 2019, which will remain fixed over time. In subsequent periods, incremental overhead costs (or reductions thereof) will be allocated to each segment based on the prevailing shares of total revenue represented by each segment.
“Eliminations” in the following table represent intersegment revenue/expense. Moody’s does not report the Company’s assets by reportable segment, as this metric is not used by the CODM to allocate resources to the segments. Consequently, it is not practical to show assets by reportable segment.
Financial Information by Segment
The table below shows revenue and Adjusted Operating Income by reportable segment. Adjusted Operating Income is a financial metric utilized by the Company’s CODM to assess the profitability of each reportable segment. Refer to Note 2 for further details on the components of the Company’s revenue.
Three Months Ended March 31,
20242023
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$799 $987 $— $1,786 $737 $733 $— $1,470 
Intersegment revenue3 47 (50)— 3 45 (48)— 
Revenue802 1,034 (50)1,786 740 778 (48)1,470 
Operating, SG&A564 366 (50)880 526 336 (48)814 
Adjusted Operating Income$238 $668 $— $906 $214 $442 $— $656 
Add:

Depreciation and
amortization		82 18 — 100 70 18 — 88 
Restructuring2 3 — 5 8 6 — 14 
Operating Income$801 $554 
The table below shows cumulative restructuring expense incurred through March 31, 2024 by reportable segment.
MAMISTotal
2022 - 2023 Geolocation Restructuring Program$110 $95 $205 
The 2022 - 2023 Geolocation Restructuring Program is more fully discussed in Note 9.
Consolidated Revenue Information by Geographic Area
Three Months Ended March 31,
20242023
United States$969 $763 
Non-U.S.:
EMEA542 460 
Asia-Pacific155 149 
Americas120 98 
Total Non-U.S.817 707 
Total$1,786 $1,470