MOODYS CORP DE
For the period ended Dec 31, 2023. Filed Feb 14, 2024.
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FY2023 · Filed Feb 14, 2024
MCO$510.71-0.1%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(Amounts in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income | $1,608 | $1,374 | $2,214 |
| Reconciliation of net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 373 | 331 | 257 |
| Stock-based compensation | 193 | 169 | 175 |
| Deferred income taxes | (38) | 48 | (218) |
| Provision for credit losses on accounts receivable | 22 | 25 | 13 |
| ROU Asset impairment & other non-cash restructuring/impairment charges | 35 | 29 | — |
| FX translation losses reclassified to net income | — | 20 | — |
| (Gain)/loss on extinguishment of debt | — | (70) | 13 |
| Gain on sale/non-cash exchange of investments in non-consolidated affiliates | (4) | — | (36) |
| Changes in assets and liabilities: | |||
| Accounts receivable | (12) | 9 | (270) |
| Other current assets | 119 | (223) | (12) |
| Other assets | (69) | (48) | (26) |
| Lease obligations | (26) | (19) | (11) |
| Accounts payable and accrued liabilities | 76 | (161) | 80 |
| Deferred revenue | 24 | 20 | 65 |
| Unrecognized tax positions and other non-current tax liabilities | (129) | (33) | (184) |
| Other liabilities | (21) | 3 | (55) |
| Net cash provided by operating activities | 2,151 | 1,474 | 2,005 |
| Cash flows from investing activities | |||
| Capital additions | (271) | (283) | (139) |
| Purchases of investments | (143) | (246) | (171) |
| Sales and maturities of investments | 162 | 216 | 145 |
| Purchases of investments in non-consolidated affiliates | (5) | (74) | (266) |
| Sales of investments in non-consolidated affiliates | 13 | 2 | 2 |
| Cash paid for acquisitions, net of cash acquired | (3) | (97) | (2,179) |
| Receipts from settlements of net investment hedges | — | 220 | 37 |
| Payments for settlements of net investment hedges | — | — | (48) |
| Net cash used in investing activities | (247) | (262) | (2,619) |
| Cash flows from financing activities | |||
| Issuance of notes | — | 988 | 1,672 |
| Repayment of notes | (500) | (626) | (500) |
| Proceeds from stock-based compensation plans | 50 | 26 | 38 |
| Repurchase of shares related to stock-based compensation | (71) | (87) | (83) |
| Treasury shares | (490) | (983) | (750) |
| Dividends | (564) | (515) | (463) |
| Dividends to noncontrolling interests | (9) | (1) | (5) |
| Debt issuance costs, extinguishment costs and related fees | — | (10) | (31) |
| Net cash used in financing activities | (1,584) | (1,208) | (122) |
| Effect of exchange rate changes on cash and cash equivalents | 41 | (46) | (50) |
| Increase (decrease) in cash and cash equivalents | 361 | (42) | (786) |
| Cash and cash equivalents, beginning of period | 1,769 | 1,811 | 2,597 |
| Cash and cash equivalents, end of period | $2,130 | $1,769 | $1,811 |
74 MOODY'S 2023 10-K
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