diff --git a/spring-context/src/main/java/org/springframework/format/support/DefaultFormattingConversionService.java b/spring-context/src/main/java/org/springframework/format/support/DefaultFormattingConversionService.java
index d18c9ba1e871..77316eaf4b14 100644
--- a/spring-context/src/main/java/org/springframework/format/support/DefaultFormattingConversionService.java
+++ b/spring-context/src/main/java/org/springframework/format/support/DefaultFormattingConversionService.java
@@ -1,5 +1,5 @@
 /*
- * Copyright 2002-2017 the original author or authors.
+ * Copyright 2002-2020 the original author or authors.
  *
  * Licensed under the Apache License, Version 2.0 (the "License");
  * you may not use this file except in compliance with the License.
@@ -39,7 +39,7 @@
  * {@link DefaultConversionService#addDefaultConverters addDefaultConverters} method.
  *
  * <p>Automatically registers formatters for JSR-354 Money & Currency, JSR-310 Date-Time
- * and/or Joda-Time, depending on the presence of the corresponding API on the classpath.
+ * and/or Joda-Time 2.x, depending on the presence of the corresponding API on the classpath.
  *
  * @author Chris Beams
  * @author Juergen Hoeller
@@ -47,11 +47,15 @@
  */
 public class DefaultFormattingConversionService extends FormattingConversionService {
 
-	private static final boolean jsr354Present = ClassUtils.isPresent(
-			"javax.money.MonetaryAmount", DefaultFormattingConversionService.class.getClassLoader());
+	private static final boolean jsr354Present;
 
-	private static final boolean jodaTimePresent = ClassUtils.isPresent(
-			"org.joda.time.LocalDate", DefaultFormattingConversionService.class.getClassLoader());
+	private static final boolean jodaTimePresent;
+
+	static {
+		ClassLoader classLoader = DefaultFormattingConversionService.class.getClassLoader();
+		jsr354Present = ClassUtils.isPresent("javax.money.MonetaryAmount", classLoader);
+		jodaTimePresent = ClassUtils.isPresent("org.joda.time.YearMonth", classLoader);
+	}
 
 
 	/**
@@ -78,7 +82,7 @@ public DefaultFormattingConversionService(boolean registerDefaultFormatters) {
 	 * Create a new {@code DefaultFormattingConversionService} with the set of
 	 * {@linkplain DefaultConversionService#addDefaultConverters default converters} and,
 	 * based on the value of {@code registerDefaultFormatters}, the set of
-	 * {@linkplain #addDefaultFormatters default formatters}
+	 * {@linkplain #addDefaultFormatters default formatters}.
 	 * @param embeddedValueResolver delegated to {@link #setEmbeddedValueResolver(StringValueResolver)}
 	 * prior to calling {@link #addDefaultFormatters}.
 	 * @param registerDefaultFormatters whether to register default formatters