CAPITAL ALLOCATION AND LIQUIDITYDuring the third quarter of 2012, Moody’s repurchased 0.6 million shares at a total cost of $25.1 million and issued 1.2 million shares under employee stock-based compensation plans. Outstanding shares as of September 30, 2012 totaled 222.9 million, essentially flat to the prior-year period. As of September 30, 2012, Moody’s had $0.7 billion of share repurchase authority remaining under its current program. At quarter-end, Moody’s had $1.7 billion of outstanding debt and $1.0 billion of additional debt capacity available under its revolving credit facility. Total cash and cash equivalents at quarter-end were $1.5 billion, an increase of $664.3 million from a year earlier, primarily reflecting Moody’s August 2012 bond offering of $500 million of unsecured notes. For the first nine months of 2012, free cash flow was $460.8 million, a decrease of $151.9 million from a year ago, due in part to payments of approximately $121 million related to the settlement of state and local tax matters, as well as movement in other working capital accounts.
Moody's Corporation Reports Results For Third Quarter 2012
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