MOODYS CORP DE
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Cash flows from operating activities | |||
| Net income | $2,059 | $1,608 | $1,374 |
| Reconciliation of net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 431 | 373 | 331 |
| Stock-based compensation | 220 | 193 | 169 |
| Deferred income taxes | (62) | (38) | 48 |
| Non-cash restructuring and asset impairment/abandonment-related charges | 32 | 35 | 29 |
| Provision for credit losses on accounts receivable | 15 | 22 | 25 |
| FX translation losses reclassified to net income | — | — | 20 |
| Gain on extinguishment of debt | — | — | (70) |
| Gain on previously held/sold investments in non-consolidated affiliates | (7) | (4) | — |
| Changes in assets and liabilities: | |||
| Accounts receivable | (187) | (12) | 9 |
| Other current assets | (36) | 119 | (223) |
| Other assets | (17) | (69) | (48) |
| Lease obligations | (33) | (26) | (19) |
| Accounts payable and accrued liabilities | 225 | 76 | (161) |
| Deferred revenue | 154 | 24 | 20 |
| Unrecognized tax positions and other non-current tax liabilities | 18 | (129) | (33) |
| Other liabilities | 26 | (21) | 3 |
| Net cash provided by operating activities | 2,838 | 2,151 | 1,474 |
| Cash flows from investing activities | |||
| Capital additions | (317) | (271) | (283) |
| Purchases of investments | (651) | (143) | (246) |
| Sales and maturities of investments | 135 | 162 | 216 |
| Purchases of investments in non-consolidated affiliates | (4) | (5) | (74) |
| Sales of/distributions from investments in non-consolidated affiliates | 2 | 13 | 2 |
| Cash paid for acquisitions, net of cash acquired | (221) | (3) | (97) |
| Receipts from settlements of net investment hedges | — | — | 220 |
| Net cash used in investing activities | (1,056) | (247) | (262) |
| Cash flows from financing activities | |||
| Issuance of notes | 496 | — | 988 |
| Repayment of notes | — | (500) | (626) |
| Proceeds from stock-based compensation plans | 73 | 50 | 26 |
| Repurchase of shares related to stock-based compensation | (91) | (71) | (87) |
| Treasury shares | (1,292) | (490) | (983) |
| Dividends | (620) | (564) | (515) |
| Dividends to noncontrolling interests | (7) | (9) | (1) |
| Debt issuance costs, extinguishment costs and related fees | (5) | — | (10) |
| Net cash used in financing activities | (1,446) | (1,584) | (1,208) |
| Effect of exchange rate changes on cash and cash equivalents | (58) | 41 | (46) |
| Increase (decrease) in cash and cash equivalents | 278 | 361 | (42) |
| Cash and cash equivalents, beginning of period | 2,130 | 1,769 | 1,811 |
| Cash and cash equivalents, end of period | $2,408 | $2,130 | $1,769 |
70 MOODY'S 2024 10-K
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