INDEBTEDNESS (Tables)

9 Months Ended

Sep. 30, 2025

The following table summarizes total indebtedness:


September 30, 2025
Notes Payable:	Principal Amount		Fair Value of Interest Rate Swaps (1)		Unamortized (Discount) Premium		Unamortized Debt Issuance Costs		Carrying Value
5.25% 2014 Senior Notes, due 2044	$	600	$	(20)	$	3	$	(4)	$	579
1.75% 2015 Senior Notes, due 2027	587		—		—		(1)		586
3.25% 2017 Senior Notes, due 2028	500		(4)		(1)		(1)		494
4.25% 2018 Senior Notes, due 2029	400		(21)		(1)		(1)		377
4.875% 2018 Senior Notes, due 2048	400		(23)		(6)		(3)		368
0.950% 2019 Senior Notes, due 2030	881		—		(1)		(3)		877
3.25% 2020 Senior Notes, due 2050	300		—		(4)		(3)		293
2.55% 2020 Senior Notes, due 2060	300		—		(2)		(3)		295
2.00% 2021 Senior Notes, due 2031	600		—		(5)		(3)		592
2.75% 2021 Senior Notes, due 2041	600		—		(12)		(4)		584
3.10% 2021 Senior Notes, due 2061	500		—		(6)		(5)		489
3.75% 2022 Senior Notes, due 2052	500		(23)		(8)		(4)		465
4.25% 2022 Senior Notes, due 2032	500		(3)		(2)		(3)		492
5.00% 2024 Senior Notes, due 2034	500		—		(4)		(4)		492
Total long-term debt	$	7,168	$	(94)	$	(49)	$	(42)	$	6,983


December 31, 2024
Notes Payable:	Principal Amount		Fair Value of Interest Rate Swaps (1)		Unamortized (Discount) Premium		Unamortized Debt Issuance Costs		Carrying Value
5.25% 2014 Senior Notes, due 2044	$	600	$	(32)	$	3	$	(4)	$	567
1.75% 2015 Senior Notes, due 2027	518		—		—		(1)		517
3.25% 2017 Senior Notes, due 2028	500		(13)		(2)		(1)		484
4.25% 2018 Senior Notes, due 2029	400		(35)		(1)		(1)		363
4.875% 2018 Senior Notes, due 2048	400		(35)		(6)		(3)		356
0.950% 2019 Senior Notes, due 2030	776		—		(1)		(3)		772
3.75% 2020 Senior Notes, due 2025	700		(3)		—		—		697
3.25% 2020 Senior Notes, due 2050	300		—		(4)		(3)		293
2.55% 2020 Senior Notes, due 2060	300		—		(2)		(3)		295
2.00% 2021 Senior Notes, due 2031	600		—		(6)		(4)		590
2.75% 2021 Senior Notes, due 2041	600		—		(12)		(5)		583
3.10% 2021 Senior Notes, due 2061	500		—		(7)		(5)		488
3.75% 2022 Senior Notes, due 2052	500		(43)		(8)		(5)		444
4.25% 2022 Senior Notes, due 2032	500		(8)		(2)		(3)		487
5.00% 2024 Senior Notes, due 2034	500		—		(4)		(4)		492
Total debt	$	7,694	$	(169)	$	(52)	$	(45)	$	7,428
Current portion									(697)
Total long-term debt									$	6,731

(1) The fair value of interest rate swaps in the tables above represents the cumulative amount of fair value hedging adjustments included in the carrying value of the hedged debt.

Principal Payments Due on Long-Term Borrowings

The repayment schedule for the Company’s borrowings is as follows:


Year Ending December 31,	Year Ending Total
2025 (After September 30,)	$	—
2026	—
2027	587
2028	500
2029	400
Thereafter	5,681
Total	$	7,168

Summary of Components of Interest as Presented in Consolidated Statements of Operations

The following table summarizes the components of interest as presented in the consolidated statements of operations and the cash paid for interest:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Income	$	14	$	28	$	51	$	73
Expense on borrowings(1)	(59)		(79)		(193)		(227)
Expense on UTPs and other tax related liabilities	(6)		(3)		(17)		(12)
Net periodic pension costs - interest component	(7)		(6)		(21)		(19)
Interest expense, net	$	(58)	$	(60)	$	(180)	$	(185)
Interest paid(2)	$	56	$	83	$	192	$	234

(1) Expense on borrowings includes interest on long-term debt, as well as realized gains/losses related to interest rate and cross currency swaps, which are more fully discussed in Note 8.

(2) Interest paid includes net settlements on interest rate and cross currency swaps, which are more fully discussed in Note 8.

Fair Value and Carrying Value of Long-Term Debt

The fair value and carrying value of the Company’s debt as of September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025				December 31, 2024
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Total debt	$	6,983	$	6,283	$	7,428	$	6,601

MOODYS CORP /DE/ 10-Q