Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 21, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | MSCI | |
Entity Registrant Name | MSCI INC. | |
Entity Central Index Key | 0001408198 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 83,637,180 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-33812 | |
Entity Tax Identification Number | 13-4038723 | |
Entity Address, Address Line One | 7 World Trade Center | |
Entity Address, Address Line Two | 250 Greenwich Street, 49th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10007 | |
City Area Code | 212 | |
Local Phone Number | 804-3900 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 1,384,977 | $ 1,506,567 |
Accounts receivable, net of allowances | 466,096 | 499,268 |
Prepaid income taxes | 18,829 | 31,590 |
Prepaid and other assets | 39,969 | 44,352 |
Total current assets | 1,909,871 | 2,081,777 |
Property, equipment and leasehold improvements, net | 83,264 | 90,708 |
Right of use assets | 158,408 | 166,406 |
Goodwill | 1,559,565 | 1,562,868 |
Intangible assets, net | 246,868 | 261,487 |
Equity method investment | 190,856 | |
Deferred tax assets | 20,664 | 20,911 |
Other non-current assets | 17,922 | 20,282 |
Total assets | 4,187,418 | 4,204,439 |
Current liabilities: | ||
Accounts payable | 6,996 | 6,498 |
Income taxes payable | 30,899 | 14,210 |
Accrued compensation and related benefits | 90,517 | 166,273 |
Other accrued liabilities | 129,478 | 139,149 |
Deferred revenue | 587,113 | 574,656 |
Total current liabilities | 845,003 | 900,786 |
Long-term debt | 3,364,789 | 3,071,926 |
Long-term operating lease liabilities | 156,662 | 164,144 |
Deferred tax liabilities | 54,582 | 66,639 |
Other non-current liabilities | 77,314 | 77,658 |
Total liabilities | 4,498,350 | 4,281,153 |
Commitments and Contingencies (see Note 7) | ||
Shareholders' equity (deficit): | ||
Preferred stock (par value $0.01, 100,000,000 shares authorized; no shares issued) | ||
Common stock (par value $0.01; 750,000,000 common shares authorized; 132,809,979 and 132,419,412 common shares issued and 83,633,414 and 84,794,930 common shares outstanding at June 30, 2020 and December 31, 2019, respectively) | 1,328 | 1,324 |
Treasury shares, at cost (49,176,565 and 47,624,482 common shares held at June 30, 2020 and December 31, 2019, respectively) | (3,968,544) | (3,565,784) |
Additional paid in capital | 1,380,772 | 1,351,031 |
Retained earnings | 2,346,580 | 2,199,294 |
Accumulated other comprehensive loss | (71,068) | (62,579) |
Total shareholders' equity (deficit) | (310,932) | (76,714) |
Total liabilities and shareholders' equity (deficit) | $ 4,187,418 | $ 4,204,439 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 132,809,979 | 132,419,412 |
Common stock, shares outstanding | 83,633,414 | 84,794,930 |
Treasury shares | 49,176,565 | 47,624,482 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Operating revenues | $ 409,616 | $ 385,558 | $ 826,396 | $ 756,939 |
Operating expenses: | ||||
Cost of revenues | 70,456 | 71,975 | 145,065 | 154,321 |
Selling and marketing | 51,617 | 51,657 | 107,166 | 107,705 |
Research and development | 22,534 | 23,752 | 49,096 | 46,924 |
General and administrative | 28,309 | 26,378 | 59,142 | 53,875 |
Amortization of intangible assets | 14,062 | 12,013 | 27,838 | 23,806 |
Depreciation and amortization of property, equipment and leasehold improvements | 7,463 | 7,405 | 15,030 | 15,255 |
Total operating expenses | 194,441 | 193,180 | 403,337 | 401,886 |
Operating income | 215,175 | 192,378 | 423,059 | 355,053 |
Interest income | (771) | (3,345) | (4,254) | (7,431) |
Interest expense | 41,227 | 35,915 | 81,458 | 71,830 |
Other expense (income) | 35,552 | 63 | 43,839 | 2,617 |
Other expense (income), net | 76,008 | 32,633 | 121,043 | 67,016 |
Income before provision for income taxes | 139,167 | 159,745 | 302,016 | 288,037 |
Provision for income taxes | 24,044 | 34,055 | 38,768 | (15,845) |
Net income | $ 115,123 | $ 125,690 | $ 263,248 | $ 303,882 |
Earnings per basic common share | $ 1.38 | $ 1.48 | $ 3.12 | $ 3.60 |
Earnings per diluted common share | $ 1.36 | $ 1.47 | $ 3.10 | $ 3.55 |
Weighted average shares outstanding used in computing earnings per share | ||||
Basic | 83,666 | 84,750 | 84,268 | 84,503 |
Diluted | 84,349 | 85,393 | 84,948 | 85,522 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 115,123 | $ 125,690 | $ 263,248 | $ 303,882 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | 1,562 | (853) | (10,801) | 680 |
Income tax effect | (379) | 308 | 2,089 | (39) |
Foreign currency translation adjustments, net | 1,183 | (545) | (8,712) | 641 |
Pension and other post-retirement adjustments | (88) | (51) | 218 | (31) |
Income tax effect | 41 | 39 | 5 | 30 |
Pension and other post-retirement adjustments, net | (47) | (12) | 223 | (1) |
Other comprehensive (loss) income, net of tax | 1,136 | (557) | (8,489) | 640 |
Comprehensive income | $ 116,259 | $ 125,133 | $ 254,759 | $ 304,522 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid In Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2018 | $ (166,494) | $ 1,300 | $ (3,272,774) | $ 1,306,428 | $ 1,856,951 | $ (58,399) | ||
Net income | 178,192 | 178,192 | ||||||
Dividends | (55,339) | (55,339) | ||||||
Dividends paid in shares | 93 | 93 | ||||||
Other comprehensive income (loss), net of tax | 1,197 | 1,197 | ||||||
Common stock issued | 23 | 23 | ||||||
Shares withheld for tax withholding and exercises | (182,385) | (182,385) | ||||||
Compensation payable in common stock and options | 9,590 | 9,590 | ||||||
Common stock repurchased and held in treasury | (102,081) | (102,081) | ||||||
Common stock issued to Directors and (held in)/released from treasury | (30) | (30) | ||||||
Exercise of stock options | 726 | 726 | ||||||
Balance at Mar. 31, 2019 | (316,508) | 1,323 | (3,557,270) | 1,316,837 | 1,979,804 | (57,202) | ||
Balance at Dec. 31, 2018 | (166,494) | 1,300 | (3,272,774) | 1,306,428 | 1,856,951 | (58,399) | ||
Net income | 303,882 | |||||||
Dividends | (104,952) | |||||||
Balance at Jun. 30, 2019 | (231,802) | 1,323 | (3,558,845) | 1,327,598 | 2,055,881 | (57,759) | ||
Balance at Mar. 31, 2019 | (316,508) | 1,323 | (3,557,270) | 1,316,837 | 1,979,804 | (57,202) | ||
Net income | 125,690 | 125,690 | ||||||
Dividends | (49,613) | (49,613) | ||||||
Dividends paid in shares | 30 | 30 | ||||||
Other comprehensive income (loss), net of tax | (557) | (557) | ||||||
Shares withheld for tax withholding and exercises | (742) | (742) | ||||||
Compensation payable in common stock and options | 10,566 | 10,566 | ||||||
Common stock issued to Directors and (held in)/released from treasury | (833) | (833) | ||||||
Exercise of stock options | 165 | 165 | ||||||
Balance at Jun. 30, 2019 | (231,802) | 1,323 | (3,558,845) | 1,327,598 | 2,055,881 | (57,759) | ||
Balance at Dec. 31, 2019 | (76,714) | 1,324 | (3,565,784) | 1,351,031 | 2,199,294 | (62,579) | ||
Net income | 148,125 | 148,125 | ||||||
Cumulative-effect adjustment | $ 631 | $ 631 | ||||||
Dividends | (59,233) | (59,233) | ||||||
Dividends paid in shares | 78 | 78 | ||||||
Other comprehensive income (loss), net of tax | (9,625) | (9,625) | ||||||
Common stock issued | 4 | 4 | ||||||
Shares withheld for tax withholding and exercises | (47,195) | (47,195) | ||||||
Compensation payable in common stock and options | 15,333 | 15,333 | ||||||
Common stock repurchased and held in treasury | (325,699) | (325,699) | ||||||
Common stock issued to Directors and (held in)/released from treasury | (36) | (36) | ||||||
Balance at Mar. 31, 2020 | (354,331) | 1,328 | (3,938,714) | 1,366,442 | 2,288,817 | (72,204) | ||
Balance at Dec. 31, 2019 | (76,714) | 1,324 | (3,565,784) | 1,351,031 | 2,199,294 | (62,579) | ||
Net income | 263,248 | |||||||
Dividends | (116,593) | |||||||
Balance at Jun. 30, 2020 | (310,932) | 1,328 | (3,968,544) | 1,380,772 | 2,346,580 | (71,068) | ||
Balance at Mar. 31, 2020 | (354,331) | 1,328 | (3,938,714) | 1,366,442 | 2,288,817 | (72,204) | ||
Net income | 115,123 | 115,123 | ||||||
Dividends | (57,360) | (57,360) | ||||||
Dividends paid in shares | 36 | 36 | ||||||
Other comprehensive income (loss), net of tax | 1,136 | 1,136 | ||||||
Shares withheld for tax withholding and exercises | (603) | (603) | ||||||
Compensation payable in common stock and options | 14,294 | 14,294 | ||||||
Common stock repurchased and held in treasury | (31,071) | (31,071) | ||||||
Common stock issued to Directors and (held in)/released from treasury | 1,844 | 1,844 | ||||||
Balance at Jun. 30, 2020 | $ (310,932) | $ 1,328 | $ (3,968,544) | $ 1,380,772 | $ 2,346,580 | $ (71,068) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||||
Dividends per common share | $ 0.68 | $ 0.68 | $ 0.58 | $ 0.58 | $ 1.36 | $ 1.16 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net income | $ 263,248 | $ 303,882 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of intangible assets | 27,838 | 23,806 |
Stock-based compensation expense | 29,265 | 19,968 |
Depreciation and amortization of property, equipment and leasehold improvements | 15,030 | 15,255 |
Amortization of right of use assets | 12,017 | 11,203 |
Amortization of debt origination fees | 2,231 | 1,970 |
Loss on extinguishment of debt | 44,930 | |
Income from equity method investments | (87) | |
Deferred taxes | (9,844) | (5,309) |
Other non-cash adjustments | 669 | (26) |
Changes in assets and liabilities: | ||
Accounts receivable | 32,131 | 35,614 |
Prepaid income taxes | 12,364 | (62,555) |
Prepaid and other assets | 3,849 | 3,375 |
Accounts payable | (101) | (413) |
Accrued compensation and related benefits | (69,324) | (47,588) |
Income taxes payable | 16,187 | (5,555) |
Other accrued liabilities | (8,631) | (1,496) |
Deferred revenue | 14,818 | (9,420) |
Long-term operating lease liabilities | (11,615) | (9,139) |
Other | 411 | 3,773 |
Net cash provided by operating activities | 375,386 | 277,345 |
Cash flows from investing activities | ||
Acquisition of equity method investment | (190,816) | |
Capitalized software development costs | (14,761) | (11,103) |
Capital expenditures | (7,597) | (9,434) |
Proceeds from the sale of capital equipment | 10 | |
Net cash used in investing activities | (213,174) | (20,527) |
Cash flows from financing activities | ||
Proceeds from borrowings | 1,405,000 | |
Repayment of borrowings | (1,142,382) | |
Proceeds from exercise of stock options | 891 | |
Repurchase of common stock held in treasury | (404,567) | (285,209) |
Payment of debt issuance costs in connection with debt | (16,693) | |
Payment of dividends | (116,409) | (107,231) |
Net cash used in financing activities | (275,051) | (391,549) |
Effect of exchange rate changes | (8,751) | 1,672 |
Net decrease in cash | (121,590) | (133,059) |
Cash and cash equivalent, beginning of period | 1,506,567 | 904,176 |
Cash and cash equivalent, end of period | 1,384,977 | 771,117 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 90,623 | 69,859 |
Cash paid for income taxes | 19,560 | 55,742 |
Supplemental disclosure of non-cash investing activities | ||
Property, equipment and leasehold improvements accrued, but not yet paid | 5,092 | 3,638 |
Supplemental disclosure of non-cash financing activities | ||
Cash dividends declared, but not yet paid | $ 1,129 | $ 485 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Introduction and Basis of Presentation | 1. INTRODUCTION AND BASIS OF PRESENTATION MSCI Inc., together with its wholly owned subsidiaries (the “Company” or “MSCI”) provides critical decision support tools and services that bring greater transparency to the global financial markets. MSCI’s tools and services include indexes; portfolio construction tools and risk-management services; environmental, social and governance (“ESG”) research and ratings; and real estate benchmarks, return analytics services and market insights; much of which can be accessed by clients through multiple channels and platforms. Basis of Presentation and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI and its wholly owned subsidiaries and include all adjustments of a normal, recurring nature necessary to state fairly the financial condition as of June 30, 2020 and December 31, 2019, the results of operations, comprehensive income and shareholders’ equity (deficit) for the three and six months ended June 30, 2020 and 2019 and cash flows for the six months ended June 30, 2020 and 2019. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2019 have been derived from the 2019 audited consolidated financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, assessment of impairment of long-lived assets, accrued compensation, income taxes, incremental borrowing rates and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation. Concentrations For the six months ended June 30, 2020 and 2019, BlackRock, Inc. accounted for 10.9% and 11.6% of the Company’s consolidated operating revenues, respectively. For the six months ended June 30, 2020 and 2019, BlackRock, Inc. accounted for 17.9% and 19.4% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics and All Other segments for the six months ended June 30, 2020 and 2019. Allowance for Credit Losses on Accounts Receivable Following the adoption of Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Changes in the allowance for credit losses on doubtful accounts receivable from December 31, 2018 to June 30, 2020 were as follows: Amount (in Balance as of December 31, 2018 $ 1,027 Addition (reduction) to credit loss expense 1,024 Write-offs, net of recoveries (336 ) Balance as of December 31, 2019 $ 1,715 Addition (reduction) to credit loss expense 661 Adjustments and write-offs, net of recoveries (1,181 ) Balance as of June 30, 2020 $ 1,195 |
Recent Accounting Standards Upd
Recent Accounting Standards Updates | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Standards Updates | 2. RECENT ACCOUNTING STANDARDS UPDATES In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” The FASB issued Accounting Standards Update No. 2018-19 , “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief,” “Financial Instruments-Credit Losses (Topic 326): Effective Dates,” “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” The Company adopted ASU 2016-13 and the related clarifications effective January 1, 2020. The adoption did not have a material effect on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. REVENUE RECOGNITION MSCI’s revenues are characterized by product type, which broadly reflects the nature of how they are recognized. The Company’s revenue types are recurring subscription, asset-based fees and non-recurring revenues. The Company also reports revenues by segment. The tables that follow present the disaggregated revenues for the periods indicated (in thousands): For the Three Months ended June 30, 2020 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 145,404 $ 126,189 $ 38,291 $ 309,884 Asset-based fees 88,075 — — 88,075 Non-recurring 9,429 1,374 854 11,657 Total $ 242,908 $ 127,563 $ 39,145 $ 409,616 For the Six Months ended June 30, 2020 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 285,244 $ 250,254 $ 78,811 $ 614,309 Asset-based fees 188,271 — — 188,271 Non-recurring 18,649 2,817 2,350 23,816 Total $ 492,164 $ 253,071 $ 81,161 $ 826,396 For the Three Months ended June 30, 2019 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 132,145 $ 121,699 $ 35,305 $ 289,149 Asset-based fees 87,733 — — 87,733 Non-recurring 5,672 1,982 1,022 8,676 Total $ 225,550 $ 123,681 $ 36,327 $ 385,558 For the Six Months ended June 30, 2019 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 259,819 $ 241,809 $ 69,885 $ 571,513 Asset-based fees 169,541 — — 169,541 Non-recurring 10,963 3,307 1,615 15,885 Total $ 440,323 $ 245,116 $ 71,500 $ 756,939 The tables that follow present the change in accounts receivable and in deferred revenue between the dates indicated (in thousands): Accounts receivable Deferred revenue Opening (12/31/2019) $ 499,268 $ 574,656 Closing (06/30/2020) 466,096 587,113 Increase/(decrease) $ (33,172 ) $ 12,457 Accounts receivable Deferred revenue Opening (12/31/2018) $ 473,433 $ 537,977 Closing (06/30/2019) 438,313 528,919 Increase/(decrease) $ (35,120 ) $ (9,058 ) The amounts of revenue recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $385.6 million and $367.2 million for the six months ended June 30, 2020 and 2019, respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in the amortization of deferred revenue to operating revenues, partially offset by an increase in billings. MSCI had an insignificant long-term deferred revenue balance as of June 30, 2020, reflected as a part of “Other non-current liabilities” on its Unaudited Condensed Consolidated Statement of Financial Condition. For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows: As of June 30, 2020 (in thousands) First 12-month period $ 364,198 Second 12-month period 159,119 Third 12-month period 58,956 Periods thereafter 10,426 Total $ 592,699 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 4. EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and vested restricted stock unit awards where recipients have satisfied either the explicit vesting terms or retirement-eligible requirements. Diluted EPS reflects the assumed conversion of all dilutive securities. The following table presents the computation of basic and diluted EPS: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands, except per share data) Net income $ 115,123 $ 125,690 $ 263,248 $ 303,882 Basic weighted average common shares outstanding 83,666 84,750 84,268 84,503 Effect of dilutive securities: Stock options and restricted stock units 683 643 680 1,019 Diluted weighted average common shares outstanding 84,349 85,393 84,948 85,522 Earnings per basic common share $ 1.38 $ 1.48 $ 3.12 $ 3.60 Earnings per diluted common share $ 1.36 $ 1.47 $ 3.10 $ 3.55 |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements, Net | 6 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements, Net | 5. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET Property, equipment and leasehold improvements, net consisted of the following as of the specified dates: As of June 30, December 31, 2020 2019 (in thousands) Computer & related equipment $ 191,910 $ 185,794 Furniture & fixtures 13,621 12,478 Leasehold improvements 55,176 52,339 Work-in-process 4,192 8,667 Subtotal 264,899 259,278 Accumulated depreciation and amortization (181,635 ) (168,570 ) Property, equipment and leasehold improvements, net $ 83,264 $ 90,708 Depreciation and amortization expense of property, equipment and leasehold improvements was $7.5 million and $7.4 million for the three months ended June 30, 2020 and 2019, respectively. Depreciation and amortization expense of property, equipment and leasehold improvements was $15.0 million and $15.3 million for the six months ended June 30, 2020 and 2019, respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | 6. GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2019 $ 1,204,694 $ 290,976 $ 67,198 $ 1,562,868 Foreign exchange translation adjustment (2,247 ) — (1,056 ) (3,303 ) Goodwill at June 30, 2020 $ 1,202,447 $ 290,976 $ 66,142 $ 1,559,565 Intangible Assets , Net Amortization expense related to intangible assets for the three months ended June 30, 2020 and 2019 was $14.1 million and $12.0 million, respectively. The amortization expense of acquired intangible assets for the three months ended June 30, 2020 and 2019 was $8.6 million and $8.7 million, respectively. The amortization expense of internally developed capitalized software for the three months ended June 30, 2020 and 2019 was $5.5 million and $3.3 million, respectively. Amortization expense related to intangible assets for the six months ended June 30, 2020 and 2019 was $27.8 million and $23.8 million, respectively. The amortization expense of acquired intangible assets for the six months ended June 30, 2020 and 2019 was $17.4 million and $17.4 million, respectively. The amortization expense of internally developed capitalized software for the six months ended June 30, 2020 and 2019 was $10.4 million and $6.4 million, respectively. The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows: As of June 30, December 31, 2020 2019 (in thousands) Gross intangible assets: Customer relationships $ 356,700 $ 356,700 Trademarks/trade names 207,300 207,300 Technology/software 276,502 263,719 Proprietary data 28,627 28,627 Subtotal 869,129 856,346 Foreign exchange translation adjustment (10,331 ) (7,615 ) Total gross intangible assets $ 858,798 $ 848,731 Accumulated amortization: Customer relationships $ (242,561 ) $ (231,665 ) Trademarks/trade names (138,642 ) (133,305 ) Technology/software (218,632 ) (209,878 ) Proprietary data (14,833 ) (13,963 ) Subtotal (614,668 ) (588,811 ) Foreign exchange translation adjustment 2,738 1,567 Total accumulated amortization $ (611,930 ) $ (587,244 ) Net intangible assets: Customer relationships $ 114,139 $ 125,035 Trademarks/trade names 68,658 73,995 Technology/software 57,870 53,841 Proprietary data 13,794 14,664 Subtotal 254,461 267,535 Foreign exchange translation adjustment (7,593 ) (6,048 ) Total net intangible assets $ 246,868 $ 261,487 The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2020 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder of 2020 $ 28,930 2021 54,854 2022 47,570 2023 36,815 2024 33,623 Thereafter 45,076 Total $ 246,868 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. COMMITMENTS AND CONTINGENCIES Legal matters . From time to time, the Company is party to various litigation matters incidental to the conduct of its business. The Company is not presently party to any legal proceedings the resolution of which the Company believes would have a material effect on its business, operating results, financial condition or cash flows. Senior Unsecured Notes. The Company had an aggregate of $3,400.0 million in senior unsecured notes (collectively, the “Senior Notes”) outstanding at June 30, 2020, consisting of five discrete private offerings presented in the table below: Principal Amount Outstanding at Carrying Value at Carrying Value at Fair Value at Fair Value at Maturity Date June 30, 2020 June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ - $ - $ 297,835 $ - $ 309,225 5.75% senior unsecured notes due 2025 August 15, 2025 - - 794,063 - 840,872 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 495,922 495,587 519,395 525,800 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 495,493 495,168 531,420 541,300 4.000% senior unsecured notes due 2029 November 15, 2029 1,000,000 989,819 989,273 1,021,580 1,018,820 3.625% senior unsecured notes due 2030 September 1, 2030 400,000 395,223 - 399,244 - 3.875% senior unsecured notes due 2031 February 15, 2031 1,000,000 988,332 - 1,021,260 - Total long-term debt $ 3,400,000 $ 3,364,789 $ 3,071,926 $ 3,492,899 $ 3,236,017 Interest payments attributable to the Senior Notes are due as presented in the following table: First semi-annual interest payment date Second semi- annual interest payment date Senior Notes 4.75% senior unsecured notes due 2026 February 1 August 1 5.375% senior unsecured notes due 2027 May 15 November 15 4.000% senior unsecured notes due 2029 May 15 November 15 3.625% senior unsecured notes due 2030 (1) March 1 September 1 3.875% senior unsecured notes due 2031 (2) June 1 December 1 (1) (2) The first payment occurring on December 1, 2020. The fair market value of the Company’s debt obligations is determined in accordance with accounting standards related to the determination of fair value and represents Level 2 valuations, which are based on one or more quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly. The Company utilizes the market approach and obtains security pricing from a vendor who uses broker quotes and third-party pricing services to determine fair values. The $500.0 million aggregate principal amount of 4.75% senior unsecured notes due 2026 (the “2026 Senior Notes”) are scheduled to mature and be paid in full on August 1, 2026. At any time prior to August 1, 2021, the Company may redeem all or part of the 2026 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2026 Senior Notes, together with accrued and unpaid interest, on or after August 1, 2021, at redemption prices set forth in the indenture governing the 2026 Senior Notes. The $500.0 million aggregate principal amount of 5.375% senior unsecured notes due 2027 (the “2027 Senior Notes”) are scheduled to mature and be paid in full on May 15, 2027. The $1,000.0 million aggregate principal amount of 4.000% senior unsecured notes due 2029 (the “2029 Senior Notes”) are scheduled to mature and be paid in full on November 15, 2029. At any time prior to November 15, 2024, the Company may redeem all or part of the 2029 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2029 Senior Notes, together with accrued and unpaid interest, on or after November 15, 2024, at redemption prices set forth in the indenture governing the 2029 Senior Notes. At any time prior to November 15, 2022, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2029 Senior Notes, including any permitted additional notes, at a redemption price equal to 104.000% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. On March 4, 2020, the Company issued $400.0 million aggregate principal amount of 3.625% senior unsecured notes due 2030 (the “2030 Senior Notes”) in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended. The Company used a portion of the net proceeds from the 2030 Senior Notes to redeem the $300.0 million aggregate principal amount that remained outstanding on its 5.250% senior unsecured notes due 2024 (the “2024 Senior Notes”). The early redemption of the 2024 Senior Notes resulted in a $10.0 million loss on debt extinguishment recorded in other expense (income), which included a redemption price of approximately $7.9 million (as set forth in the indenture governing the terms of the 2024 Senior Notes) and the write-off of approximately $2.1 million of unamortized debt issuance costs associated with the 2024 Senior Notes. The 2030 Senior Notes are scheduled to mature and be paid in full on September 1, 2030. At any time prior to March 1, 2025, the Company may redeem all or part of the 2030 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2030 Senior Notes, together with accrued and unpaid interest, on or after March 1, 2025, at redemption prices set forth in the indenture governing the 2030 Senior Notes. At any time prior to March 1, 2023, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2030 Senior Notes, including any permitted additional notes, at a redemption price equal to 103.625% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. On May 26, 2020, the Company issued $1,000.0 million aggregate principal amount of 3.875% senior unsecured notes due 2031 (the “2031 Senior Notes”) in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended. The Company used a portion of the net proceeds from the 2031 Senior Notes for the early redemption of all of the outstanding $800.0 million aggregate principal amount of 5.75 The 2031 Senior Notes are scheduled to mature and be paid in full on February 15, 2031. At any time prior to June 1, 2025, the Company may redeem all or part of the 2031 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, the Company may redeem all or part of the 2031 Senior Notes, together with accrued and unpaid interest, on or after June 1, 2025, at redemption prices set forth in the indenture governing the 2031 Senior Notes. At any time prior to June 1, 2023, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2031 Senior Notes, including any permitted additional notes, at a redemption price equal to 103.875% of the principal amount plus accrued and unpaid interest, if any, to, but excluding, the redemption date, so long as at least 50% of the aggregate principal amount of all notes (excluding any additional notes, if any) issued under the indenture governing the 2031 Senior Notes remain outstanding after each such redemption occurs. Revolver. On November 20, 2014, the Company entered into a $200.0 million senior unsecured revolving credit agreement (as amended, the “Revolving Credit Agreement”) with a syndicate of banks. The Revolving Credit Agreement had an initial term of five years with an option to extend for two additional one-year terms. On August 4, 2016, the Company entered into Amendment No. 1 (the “First Amendment”) to the Revolving Credit Agreement. The First Amendment, among other things, (i) increased aggregate commitments available to be borrowed to $220.0 million, (ii) increased the maximum consolidated leverage ratio and (iii) extended the initial term to August 2021 with an option to extend for an additional one-year increased aggregate commitments available to be borrowed to $ 250.0 million, ( ii) extended the term to May 2023 with an option to extend for an additional one-year term and (iii) decreased the applicable rate and applicable fee rate for loans and commitments. On November 15, 2019, the Company entered into Amendment No. 3 (the “Third Amendment”) to the Revolving Credit Agreement. The Third Amendment, among other things, (i) increased aggregate commitments available to be borrowed to $ 400.0 million, (ii) extended the term to November 2024 with an option to extend for an additional one-year term, (iii) decreased the applicable rate and applicable fee rate for loans and commitments and (iv) amended certain restrictive covenants that limit, among other things, the Company’s financial flexibility. At June 30, 2020 , the Revolving Credit Agreement was undrawn. In connection with the closings of the Senior Notes offerings and entry into the Revolving Credit Agreement and the First, Second and Third Amendments, the Company paid certain financing fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At June 30, 2020, $37.2 million of the deferred financing fees remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.5 million of which is included in “Other non-current assets” and $35.2 million of which is grouped and presented as part of “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 8. LEASES The Company recognized a total of $8.9 million and $7.3 million of operating lease expenses for the three months ended June 30, 2020 and 2019, respectively. The Company recognized a total of $17.8 million and $14.5 million of operating lease expenses for the six months ended June 30, 2020 and 2019, respectively. The amounts associated with variable lease costs, short-term lease costs and sublease income were not material for both the three and six months ended June 30, 2020 and 2019. Future minimum commitments for the Company’s operating leases in place as of June 30, 2020, the interest and other relevant line items in the Unaudited Condensed Consolidated Statement of Financial Condition are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases Remainder of 2020 $ 12,736 2021 28,129 2022 24,614 2023 23,577 2024 18,346 Thereafter 102,321 Total lease payments $ 209,723 Less: Interest (31,853 ) Present value of lease liabilities $ 177,870 Other accrued liabilities $ 21,208 Long-term operating lease liabilities $ 156,662 Lease term and discount rate for the Company’s operating leases in place as of June 30, 2020 are as follows: As of June 30, Lease Term and Discount Rate 2020 Weighted-average remaining lease term (years) 9.34 Weighted-average discount rate 3.41 % Other information for the Company’s operating leases in place for the six months ended June 30, 2020 are as follows: Six Months Ended Other Information June 30, (in thousands) 2020 Operating cash flows used for operating leases $ 15,355 Leased assets obtained in exchange for new operating lease liabilities $ 7,491 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Shareholders' Equity (Deficit) | 9. SHAREHOLDERS’ EQUITY (DEFICIT) Return of capital . On October 26, 2016, the Board of Directors approved a stock repurchase program for the purchase of up to $750.0 million worth of shares of the Company’s common stock (together with the amount then remaining under a previously existing share repurchase program, the “2016 Repurchase Program”). On May 1, 2018, the Board of Directors authorized an additional stock repurchase program for the purchase of up to $1,000.0 million worth of shares of the Company’s common stock in addition to the $523.1 million of authorization then remaining under the 2016 Repurchase Program (the “2018 Repurchase Program”). On October 29, 2019, the Board of Directors authorized an additional stock repurchase program for the purchase of up to $750.0 million worth of shares of MSCI’s common stock in addition to the $706.1 million of authorization remaining under the 2018 Repurchase Program (the “2019 Repurchase Program”) for a total of $1,456.1 million of stock repurchase authorization. Share repurchases made pursuant to the 2019 Repurchase Program may take place in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice. As of June 30, 2020, there was $1,099.3 million of available authorization remaining under the 2019 Repurchase Program. The following table provides information with respect to repurchases of the Company’s common stock made on the open market: Six Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) June 30, 2020 $ 250.65 1,423 $ 356,770 June 30, 2019 $ 147.97 690 $ 102,081 The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed (Released)/Deferred 2020 Three Months Ended March 31, $ 0.68 $ 59,233 $ 59,455 $ (222 ) Three Months Ended June 30, 0.68 57,360 57,068 292 Total $ 1.36 $ 116,593 $ 116,523 $ 70 2019 Three Months Ended March 31, $ 0.58 $ 55,339 $ 57,988 $ (2,649 ) Three Months Ended June 30, 0.58 49,613 49,365 248 Total $ 1.16 $ 104,952 $ 107,353 $ (2,401 ) Common Stock. The following table presents activity related to shares of common stock issued and repurchased during the six months ended June 30, 2020: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2019 132,419,412 (47,624,482 ) 84,794,930 Dividend payable/paid 259 (120 ) 139 Common stock issued 377,843 — 377,843 Shares withheld for tax withholding — (153,923 ) (153,923 ) Shares repurchased under stock repurchase programs — (1,309,878 ) (1,309,878 ) Shares issued to directors 21 — 21 Balance at March 31, 2020 132,797,535 (49,088,403 ) 83,709,132 Dividend payable/paid 114 (114 ) — Common stock issued 10,101 — 10,101 Shares withheld for tax withholding — (1,838 ) (1,838 ) Shares repurchased under stock repurchase programs — (113,494 ) (113,494 ) Shares issued to directors 2,229 27,284 29,513 Balance at June 30, 2020 132,809,979 (49,176,565 ) 83,633,414 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. INCOME TAXES The Company’s provision for income taxes was an expense of $38.8 million and a benefit of $15.8 million for the six months ended June 30, 2020 and 2019, respectively. These amounts reflect effective tax rates of 12.8% and negative 5.5% for the six months ended June 30, 2020 and 2019, respectively. The effective tax rate of 12.8% for the six months ended June 30, 2020 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain discrete items totaling $34.1 million. For the six months ended June 30, 2020, these discrete items primarily related to $21.5 million of excess tax benefits recognized on the conversion of equity awards The effective tax rate of negative 5.5% for the six months ended June 30, 2019 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain discrete items totaling $78.6 million. For the six months ended June 30, 2019, these discrete items primarily related to $66.6 million of excess tax benefits recognized on the conversion during the period of certain multi-year restricted stock units that were subject to the achievement of multi-year total shareholder return targets (performance targets subject to market conditions) granted in 2016 (“2016 multi-year PSUs”) and $11.0 million of excess tax benefits related to the conversion of other equity awards recognized during the period. In addition, the effective tax rate was impacted by a beneficial geographic mix of earnings. During the six months ended June 30, 2020, a number of countries enacted economic stimulus laws including the CARES Act in the U.S. The Company has evaluated the laws that were passed during the six months ended June 30, 2020 and does not believe the laws have a material impact on the Company’s effective tax rate or cash flows. A number of the laws, however, have enabled the Company to defer certain eligible tax payments that would have fallen due into later quarters. The Company is under examination by the IRS and other tax authorities in certain jurisdictions, including foreign jurisdictions, such as the United Kingdom, Switzerland and India, and states in which the Company has significant operations, such as New York. The tax years currently under examination vary by jurisdiction but include years ranging from 2007 through 2019. The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. As part of the Company’s periodic review of unrecognized tax benefits and based on new information regarding the status of federal and state examinations, the Company’s unrecognized tax benefits were remeasured. Based on the current status of income tax audits, the total amount of unrecognized benefits may decrease by approximately $9.6 million in the next twelve months as a result of the resolution of tax examinations. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 11. SEGMENT INFORMATION ASC Subtopic 280-10, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or CODM, in deciding how to allocate resources and assess performance. MSCI’s Chief Executive Officer and its President and Chief Operating Officer, who are together considered to be its CODM, review financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. The CODM measures and evaluates reportable segments based on segment operating revenues as well as Adjusted EBITDA and other measures. The Company excludes the following items from segment Adjusted EBITDA: provision for income taxes, other expense (income), net, depreciation and amortization of property, equipment and leasehold improvements, amortization of intangible assets and, at times, certain other transactions or adjustments, including the impact related to the vesting of the 2016 Multi-Year PSUs, that the CODM does not consider for the purposes of making decisions to allocate resources among segments or to assess segment performance. Although these amounts are excluded from segment Adjusted EBITDA, they are included in reported consolidated net income and are included in the reconciliation that follows. The Company’s computation of segment Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because all companies do not calculate segment Adjusted EBITDA in the same fashion. Operating revenues and expenses directly associated with each segment are included in determining its operating results. Other expenses that are not directly attributable to a particular segment are based upon allocation methodologies, including time estimates, revenue, headcount, sales targets, data center consumption and other relevant usage measures. Due to the integrated structure of MSCI’s business, certain costs incurred by one segment may benefit other segments. A segment may use the content and data produced by another segment without incurring an arm’s-length intersegment charge. The CODM does not review any information regarding total assets on an operating segment basis. Operating segments do not record intersegment revenues, and, accordingly, there is none to be reported. The accounting policies for segment reporting are the same as for MSCI as a whole. The Company has five operating segments: Index, Analytics, ESG, Real Estate and The Burgiss Group, LLC (“Burgiss”). The Index operating segment is a provider of primarily equity indexes. The indexes are used in many areas of the investment process, including index-linked product creation (e.g., ETFs and futures and options), performance benchmarking, portfolio construction and rebalancing, broker-dealer structured products and asset allocation. The Analytics operating segment offers risk management, performance attribution and portfolio management content, applications and services that provide clients with an integrated view of risk and return and an analysis of market, credit, liquidity and counterparty risk across all major asset classes, spanning short-, medium- and long-term time horizons. Clients access Analytics content through MSCI’s own proprietary applications and application programming interfaces, third-party applications or directly through their own platforms. Additionally, the Analytics operating segment also provides various managed services to help clients operate more efficiently, including consolidation of client portfolio data from various sources, review and reconciliation of input data and results, and customized reporting. The ESG operating segment offers products and services that help institutional investors understand how ESG considerations can impact the long-term risk and return of their portfolio and individual security-level investments. In addition, MSCI ESG Research data and ratings are used in the construction of equity and fixed income indexes to help institutional investors more effectively benchmark ESG investment performance, issue index-based investment products, as well as manage, measure and report on ESG mandates. The Real Estate operating segment offers research, reporting, market data and benchmarking offerings that provide real estate performance analysis for funds, investors and managers. Real Estate performance and risk analytics range from enterprise-wide to property-specific analysis. The Real Estate operating segment also provides business intelligence to real estate owners, managers, developers and brokers worldwide. The Burgiss operating segment represents the Company’s equity method investment in Burgiss, a global provider of investment decision support tools for private capital. See Note 12, “Equity Method Investments,” for further information. The operating segments of ESG, Real Estate and Burgiss do not individually meet the segment reporting thresholds and have been combined and presented as part of All Other for disclosure purposes. Burgiss is an equity-method investment, therefore, the All Other segment does not include the Company’s proportionate share of operating revenues and Adjusted EBITDA related to Burgiss. The Company’s proportionate share of Burgiss’s equity earnings is not a component of Adjusted EBITDA as it is reported as a component of other (expense) income, net. The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Operating revenues Index $ 242,908 $ 225,550 $ 492,164 $ 440,323 Analytics 127,563 123,681 253,071 245,116 All Other 39,145 36,327 81,161 71,500 Total $ 409,616 $ 385,558 $ 826,396 $ 756,939 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Index Adjusted EBITDA $ 183,256 $ 163,915 $ 366,843 $ 316,126 Analytics Adjusted EBITDA 46,167 39,071 82,484 75,469 All Other Adjusted EBITDA 7,277 8,810 16,600 17,908 Total operating segment profitability 236,700 211,796 465,927 409,503 2016 Multi-Year PSUs grant payroll tax expense — — — 15,389 Amortization of intangible assets 14,062 12,013 27,838 23,806 Depreciation and amortization of property, equipment and leasehold improvements 7,463 7,405 15,030 15,255 Operating income 215,175 192,378 423,059 355,053 Other expense (income), net 76,008 32,633 121,043 67,016 Provision for income taxes 24,044 34,055 38,768 (15,845 ) Net income $ 115,123 $ 125,690 $ 263,248 $ 303,882 Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Operating revenues Americas: United States $ 175,819 $ 173,228 $ 356,865 $ 339,414 Other 16,891 16,808 34,647 32,791 Total Americas 192,710 190,036 391,512 372,205 Europe, the Middle East and Africa ("EMEA"): United Kingdom 62,826 58,921 127,887 114,128 Other 90,209 81,088 178,138 157,723 Total EMEA 153,035 140,009 306,025 271,851 Asia & Australia: Japan 19,725 16,719 39,117 34,667 Other 44,146 38,794 89,742 78,216 Total Asia & Australia 63,871 55,513 128,859 112,883 Total $ 409,616 $ 385,558 $ 826,396 $ 756,939 Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of June 30, December 31, 2020 2019 (in thousands) Long-lived assets Americas: United States $ 1,763,824 $ 1,781,667 Other 5,081 6,398 Total Americas 1,768,905 1,788,065 EMEA: United Kingdom 75,112 81,338 Other 36,219 36,433 Total EMEA 111,331 117,771 Asia & Australia: Japan 337 398 Other 9,124 8,829 Total Asia & Australia 9,461 9,227 Total $ 1,889,697 $ 1,915,063 |
Equity Method Investment
Equity Method Investment | 6 Months Ended |
Jun. 30, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investment | 12. EQUITY METHOD INVESTMENT In January 2020, MSCI entered into a strategic relationship with Burgiss, a global provider of investment decision support tools for private capital. The Company acquired a 40% non-controlling interest for $190.8 million, including capitalized costs, which is accounted for as an equity method investment with the Company’s share of Burgiss’ earnings being recognized in “Other expense (income), net” in the Condensed Consolidated Statements of Income. The Company is applying a policy election to recognize its share of Burgiss’ earnings on a three-month lag. Accordingly, the Company has recognized in its results of operations for the first time an immaterial amount in earnings related to its investment in Burgiss in both the three months and six months ended June 30, 2020. MSCI has also elected to apply the nature of the distribution approach to determine the classification of the distributions it receives from its equity method investees. The Company’s investment substantially exceeds the Company’s share of the underlying equity of Burgiss. A portion of this excess, representing the excess of the fair value of Burgiss’ intangible assets over their book value, is amortized into “Other expense (income), net” over the useful lives of the respective intangible assets. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. SUBSEQUENT EVENTS On July 27, 2020, the Board of Directors declared a quarterly cash dividend of $0.78 per share for the three months ending September 30, 2020 (“third quarter 2020”). The third quarter 2020 dividend is payable on August 31, 2020 to shareholders of record as of the close of trading on August 14, 2020. |
Introduction and Basis of Pre_2
Introduction and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI and its wholly owned subsidiaries and include all adjustments of a normal, recurring nature necessary to state fairly the financial condition as of June 30, 2020 and December 31, 2019, the results of operations, comprehensive income and shareholders’ equity (deficit) for the three and six months ended June 30, 2020 and 2019 and cash flows for the six months ended June 30, 2020 and 2019. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2019 have been derived from the 2019 audited consolidated financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, assessment of impairment of long-lived assets, accrued compensation, income taxes, incremental borrowing rates and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation. |
Concentrations | Concentrations For the six months ended June 30, 2020 and 2019, BlackRock, Inc. accounted for 10.9% and 11.6% of the Company’s consolidated operating revenues, respectively. For the six months ended June 30, 2020 and 2019, BlackRock, Inc. accounted for 17.9% and 19.4% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics and All Other segments for the six months ended June 30, 2020 and 2019. |
Allowance for Credit Losses on Accounts Receivable | Allowance for Credit Losses on Accounts Receivable Following the adoption of Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Changes in the allowance for credit losses on doubtful accounts receivable from December 31, 2018 to June 30, 2020 were as follows: Amount (in Balance as of December 31, 2018 $ 1,027 Addition (reduction) to credit loss expense 1,024 Write-offs, net of recoveries (336 ) Balance as of December 31, 2019 $ 1,715 Addition (reduction) to credit loss expense 661 Adjustments and write-offs, net of recoveries (1,181 ) Balance as of June 30, 2020 $ 1,195 |
Recent Accounting Standards Updates | In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” The FASB issued Accounting Standards Update No. 2018-19 , “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief,” “Financial Instruments-Credit Losses (Topic 326): Effective Dates,” “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” The Company adopted ASU 2016-13 and the related clarifications effective January 1, 2020. The adoption did not have a material effect on the Company’s condensed consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” |
Introduction and Basis of Pre_3
Introduction and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Changes in Allowance for Credit Losses on Doubtful Accounts Receivable | Changes in the allowance for credit losses on doubtful accounts receivable from December 31, 2018 to June 30, 2020 were as follows: Amount (in Balance as of December 31, 2018 $ 1,027 Addition (reduction) to credit loss expense 1,024 Write-offs, net of recoveries (336 ) Balance as of December 31, 2019 $ 1,715 Addition (reduction) to credit loss expense 661 Adjustments and write-offs, net of recoveries (1,181 ) Balance as of June 30, 2020 $ 1,195 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue | The tables that follow present the disaggregated revenues for the periods indicated (in thousands): For the Three Months ended June 30, 2020 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 145,404 $ 126,189 $ 38,291 $ 309,884 Asset-based fees 88,075 — — 88,075 Non-recurring 9,429 1,374 854 11,657 Total $ 242,908 $ 127,563 $ 39,145 $ 409,616 For the Six Months ended June 30, 2020 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 285,244 $ 250,254 $ 78,811 $ 614,309 Asset-based fees 188,271 — — 188,271 Non-recurring 18,649 2,817 2,350 23,816 Total $ 492,164 $ 253,071 $ 81,161 $ 826,396 For the Three Months ended June 30, 2019 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 132,145 $ 121,699 $ 35,305 $ 289,149 Asset-based fees 87,733 — — 87,733 Non-recurring 5,672 1,982 1,022 8,676 Total $ 225,550 $ 123,681 $ 36,327 $ 385,558 For the Six Months ended June 30, 2019 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 259,819 $ 241,809 $ 69,885 $ 571,513 Asset-based fees 169,541 — — 169,541 Non-recurring 10,963 3,307 1,615 15,885 Total $ 440,323 $ 245,116 $ 71,500 $ 756,939 |
Schedule of Change in Accounts Receivable and Deferred Revenue | The tables that follow present the change in accounts receivable and in deferred revenue between the dates indicated (in thousands): Accounts receivable Deferred revenue Opening (12/31/2019) $ 499,268 $ 574,656 Closing (06/30/2020) 466,096 587,113 Increase/(decrease) $ (33,172 ) $ 12,457 Accounts receivable Deferred revenue Opening (12/31/2018) $ 473,433 $ 537,977 Closing (06/30/2019) 438,313 528,919 Increase/(decrease) $ (35,120 ) $ (9,058 ) |
Schedule of Remaining Performance Obligations | The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows: As of June 30, 2020 (in thousands) First 12-month period $ 364,198 Second 12-month period 159,119 Third 12-month period 58,956 Periods thereafter 10,426 Total $ 592,699 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the computation of basic and diluted EPS: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands, except per share data) Net income $ 115,123 $ 125,690 $ 263,248 $ 303,882 Basic weighted average common shares outstanding 83,666 84,750 84,268 84,503 Effect of dilutive securities: Stock options and restricted stock units 683 643 680 1,019 Diluted weighted average common shares outstanding 84,349 85,393 84,948 85,522 Earnings per basic common share $ 1.38 $ 1.48 $ 3.12 $ 3.60 Earnings per diluted common share $ 1.36 $ 1.47 $ 3.10 $ 3.55 |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Equipment and Leasehold Improvements, Net | Property, equipment and leasehold improvements, net consisted of the following as of the specified dates: As of June 30, December 31, 2020 2019 (in thousands) Computer & related equipment $ 191,910 $ 185,794 Furniture & fixtures 13,621 12,478 Leasehold improvements 55,176 52,339 Work-in-process 4,192 8,667 Subtotal 264,899 259,278 Accumulated depreciation and amortization (181,635 ) (168,570 ) Property, equipment and leasehold improvements, net $ 83,264 $ 90,708 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Reportable Segment | The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2019 $ 1,204,694 $ 290,976 $ 67,198 $ 1,562,868 Foreign exchange translation adjustment (2,247 ) — (1,056 ) (3,303 ) Goodwill at June 30, 2020 $ 1,202,447 $ 290,976 $ 66,142 $ 1,559,565 |
Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Intangible Assets | The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows: As of June 30, December 31, 2020 2019 (in thousands) Gross intangible assets: Customer relationships $ 356,700 $ 356,700 Trademarks/trade names 207,300 207,300 Technology/software 276,502 263,719 Proprietary data 28,627 28,627 Subtotal 869,129 856,346 Foreign exchange translation adjustment (10,331 ) (7,615 ) Total gross intangible assets $ 858,798 $ 848,731 Accumulated amortization: Customer relationships $ (242,561 ) $ (231,665 ) Trademarks/trade names (138,642 ) (133,305 ) Technology/software (218,632 ) (209,878 ) Proprietary data (14,833 ) (13,963 ) Subtotal (614,668 ) (588,811 ) Foreign exchange translation adjustment 2,738 1,567 Total accumulated amortization $ (611,930 ) $ (587,244 ) Net intangible assets: Customer relationships $ 114,139 $ 125,035 Trademarks/trade names 68,658 73,995 Technology/software 57,870 53,841 Proprietary data 13,794 14,664 Subtotal 254,461 267,535 Foreign exchange translation adjustment (7,593 ) (6,048 ) Total net intangible assets $ 246,868 $ 261,487 |
Estimated Amortization Expense for Remainder of 2020 and Succeeding Years | The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2020 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder of 2020 $ 28,930 2021 54,854 2022 47,570 2023 36,815 2024 33,623 Thereafter 45,076 Total $ 246,868 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Senior Unsecured Notes | The Company had an aggregate of $3,400.0 million in senior unsecured notes (collectively, the “Senior Notes”) outstanding at June 30, 2020, consisting of five discrete private offerings presented in the table below: Principal Amount Outstanding at Carrying Value at Carrying Value at Fair Value at Fair Value at Maturity Date June 30, 2020 June 30, 2020 December 31, 2019 June 30, 2020 December 31, 2019 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ - $ - $ 297,835 $ - $ 309,225 5.75% senior unsecured notes due 2025 August 15, 2025 - - 794,063 - 840,872 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 495,922 495,587 519,395 525,800 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 495,493 495,168 531,420 541,300 4.000% senior unsecured notes due 2029 November 15, 2029 1,000,000 989,819 989,273 1,021,580 1,018,820 3.625% senior unsecured notes due 2030 September 1, 2030 400,000 395,223 - 399,244 - 3.875% senior unsecured notes due 2031 February 15, 2031 1,000,000 988,332 - 1,021,260 - Total long-term debt $ 3,400,000 $ 3,364,789 $ 3,071,926 $ 3,492,899 $ 3,236,017 |
Schedule of Interest Payments Due Attributable to Senior Notes | Interest payments attributable to the Senior Notes are due as presented in the following table: First semi-annual interest payment date Second semi- annual interest payment date Senior Notes 4.75% senior unsecured notes due 2026 February 1 August 1 5.375% senior unsecured notes due 2027 May 15 November 15 4.000% senior unsecured notes due 2029 May 15 November 15 3.625% senior unsecured notes due 2030 (1) March 1 September 1 3.875% senior unsecured notes due 2031 (2) June 1 December 1 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Summary of Future Minimum Commitments Under Operating Leases | Future minimum commitments for the Company’s operating leases in place as of June 30, 2020, the interest and other relevant line items in the Unaudited Condensed Consolidated Statement of Financial Condition are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases Remainder of 2020 $ 12,736 2021 28,129 2022 24,614 2023 23,577 2024 18,346 Thereafter 102,321 Total lease payments $ 209,723 Less: Interest (31,853 ) Present value of lease liabilities $ 177,870 Other accrued liabilities $ 21,208 Long-term operating lease liabilities $ 156,662 |
Summary of Lease Term and Discount Rate Under Operating Leases | Lease term and discount rate for the Company’s operating leases in place as of June 30, 2020 are as follows: As of June 30, Lease Term and Discount Rate 2020 Weighted-average remaining lease term (years) 9.34 Weighted-average discount rate 3.41 % |
Summary of Other Information Under Operating Leases | Other information for the Company’s operating leases in place for the six months ended June 30, 2020 are as follows: Six Months Ended Other Information June 30, (in thousands) 2020 Operating cash flows used for operating leases $ 15,355 Leased assets obtained in exchange for new operating lease liabilities $ 7,491 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Company's Common Stock Repurchases Made on Open Market | The following table provides information with respect to repurchases of the Company’s common stock made on the open market: Six Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) June 30, 2020 $ 250.65 1,423 $ 356,770 June 30, 2019 $ 147.97 690 $ 102,081 |
Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred | The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed (Released)/Deferred 2020 Three Months Ended March 31, $ 0.68 $ 59,233 $ 59,455 $ (222 ) Three Months Ended June 30, 0.68 57,360 57,068 292 Total $ 1.36 $ 116,593 $ 116,523 $ 70 2019 Three Months Ended March 31, $ 0.58 $ 55,339 $ 57,988 $ (2,649 ) Three Months Ended June 30, 0.58 49,613 49,365 248 Total $ 1.16 $ 104,952 $ 107,353 $ (2,401 ) |
Summary of Activity Related to Shares of Common Stock Issued and Repurchased | The following table presents activity related to shares of common stock issued and repurchased during the six months ended June 30, 2020: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2019 132,419,412 (47,624,482 ) 84,794,930 Dividend payable/paid 259 (120 ) 139 Common stock issued 377,843 — 377,843 Shares withheld for tax withholding — (153,923 ) (153,923 ) Shares repurchased under stock repurchase programs — (1,309,878 ) (1,309,878 ) Shares issued to directors 21 — 21 Balance at March 31, 2020 132,797,535 (49,088,403 ) 83,709,132 Dividend payable/paid 114 (114 ) — Common stock issued 10,101 — 10,101 Shares withheld for tax withholding — (1,838 ) (1,838 ) Shares repurchased under stock repurchase programs — (113,494 ) (113,494 ) Shares issued to directors 2,229 27,284 29,513 Balance at June 30, 2020 132,809,979 (49,176,565 ) 83,633,414 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Operating Revenue by Reportable Segment | The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Operating revenues Index $ 242,908 $ 225,550 $ 492,164 $ 440,323 Analytics 127,563 123,681 253,071 245,116 All Other 39,145 36,327 81,161 71,500 Total $ 409,616 $ 385,558 $ 826,396 $ 756,939 |
Segment Profitability and Reconciliation to Net Income | The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Index Adjusted EBITDA $ 183,256 $ 163,915 $ 366,843 $ 316,126 Analytics Adjusted EBITDA 46,167 39,071 82,484 75,469 All Other Adjusted EBITDA 7,277 8,810 16,600 17,908 Total operating segment profitability 236,700 211,796 465,927 409,503 2016 Multi-Year PSUs grant payroll tax expense — — — 15,389 Amortization of intangible assets 14,062 12,013 27,838 23,806 Depreciation and amortization of property, equipment and leasehold improvements 7,463 7,405 15,030 15,255 Operating income 215,175 192,378 423,059 355,053 Other expense (income), net 76,008 32,633 121,043 67,016 Provision for income taxes 24,044 34,055 38,768 (15,845 ) Net income $ 115,123 $ 125,690 $ 263,248 $ 303,882 |
Revenue by Geographic Area | Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Operating revenues Americas: United States $ 175,819 $ 173,228 $ 356,865 $ 339,414 Other 16,891 16,808 34,647 32,791 Total Americas 192,710 190,036 391,512 372,205 Europe, the Middle East and Africa ("EMEA"): United Kingdom 62,826 58,921 127,887 114,128 Other 90,209 81,088 178,138 157,723 Total EMEA 153,035 140,009 306,025 271,851 Asia & Australia: Japan 19,725 16,719 39,117 34,667 Other 44,146 38,794 89,742 78,216 Total Asia & Australia 63,871 55,513 128,859 112,883 Total $ 409,616 $ 385,558 $ 826,396 $ 756,939 |
Long-Lived Assets by Geographic Area | Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of June 30, December 31, 2020 2019 (in thousands) Long-lived assets Americas: United States $ 1,763,824 $ 1,781,667 Other 5,081 6,398 Total Americas 1,768,905 1,788,065 EMEA: United Kingdom 75,112 81,338 Other 36,219 36,433 Total EMEA 111,331 117,771 Asia & Australia: Japan 337 398 Other 9,124 8,829 Total Asia & Australia 9,461 9,227 Total $ 1,889,697 $ 1,915,063 |
Introduction and Basis of Pre_4
Introduction and Basis of Presentation - Additional Information (Detail) - Sales Revenue, Services, Net [Member] - Customer Concentration Risk [Member] - Customer | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Introduction And Basis Of Presentation [Line Items] | ||
Number of major customers represented 10.0% or more of operating revenues | 1 | 1 |
Blackrock Inc [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Percentage of operating revenues accounted for by major customer | 10.90% | 11.60% |
Index [Member] | Blackrock Inc [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Percentage of operating revenues accounted for by major customer | 17.90% | 19.40% |
Analytics [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Number of major customers represented 10.0% or more of operating revenues | 0 | 0 |
All Other [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Number of major customers represented 10.0% or more of operating revenues | 0 | 0 |
Introduction and Basis of Pre_5
Introduction and Basis of Presentation - Changes in Allowance for Credit Losses on Doubtful Accounts Receivable (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Balance at beginning of year | $ 1,715 | $ 1,027 |
Addition (reduction) to credit loss expense | 661 | 1,024 |
Write-offs, net of recoveries | (336) | |
Adjustments and write-offs, net of recoveries | (1,181) | |
Balance at ending of year | $ 1,195 | $ 1,715 |
Recent Accounting Standards U_2
Recent Accounting Standards Updates - Additional Information (Details) | Jun. 30, 2020 |
ASU 2016-13 [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, immaterial effect | true |
ASU 2017-04 [Member] | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | $ 409,616 | $ 385,558 | $ 826,396 | $ 756,939 |
Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 242,908 | 225,550 | 492,164 | 440,323 |
Analytics [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 127,563 | 123,681 | 253,071 | 245,116 |
All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 39,145 | 36,327 | 81,161 | 71,500 |
Recurring Subscriptions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 309,884 | 289,149 | 614,309 | 571,513 |
Recurring Subscriptions [Member] | Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 145,404 | 132,145 | 285,244 | 259,819 |
Recurring Subscriptions [Member] | Analytics [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 126,189 | 121,699 | 250,254 | 241,809 |
Recurring Subscriptions [Member] | All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 38,291 | 35,305 | 78,811 | 69,885 |
Asset-based Fees [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 88,075 | 87,733 | 188,271 | 169,541 |
Asset-based Fees [Member] | Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 88,075 | 87,733 | 188,271 | 169,541 |
Non-recurring [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 11,657 | 8,676 | 23,816 | 15,885 |
Non-recurring [Member] | Index [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 9,429 | 5,672 | 18,649 | 10,963 |
Non-recurring [Member] | Analytics [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 1,374 | 1,982 | 2,817 | 3,307 |
Non-recurring [Member] | All Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | $ 854 | $ 1,022 | $ 2,350 | $ 1,615 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Change in Accounts Receivable and Deferred Revenue (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | ||||
Accounts receivable, balance | $ 466,096 | $ 438,313 | $ 499,268 | $ 473,433 |
Accounts receivable, Increase/(decrease) | (33,172) | (35,120) | ||
Deferred revenue | 587,113 | 528,919 | $ 574,656 | $ 537,977 |
Deferred revenue, Increase/(decrease) | $ 12,457 | $ (9,058) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Revenue recognized during period included in deferred revenue | $ 385.6 | $ 367.2 |
Revenue, performance obligations and revenue recognition, description | For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Remaining Performance Obligations (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 592,699 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | 364,198 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | 159,119 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | 58,956 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 10,426 |
Revenue Recognition - Schedul_3
Revenue Recognition - Schedule of Remaining Performance Obligations (Detail 1) $ in Thousands | Jun. 30, 2020USD ($) |
Revenue From Contract With Customer [Abstract] | |
Remaining performance obligations | $ 592,699 |
Revenue Recognition - Schedul_4
Revenue Recognition - Schedule of Remaining Performance Obligations (Parenthetical) (Detail) | Jun. 30, 2020 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 | |
Revenue Recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Revenue Recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Revenue Recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | |
Revenue Recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||||
Net income | $ 115,123 | $ 148,125 | $ 125,690 | $ 178,192 | $ 263,248 | $ 303,882 |
Basic weighted average common shares outstanding | 83,666 | 84,750 | 84,268 | 84,503 | ||
Effect of dilutive securities: | ||||||
Stock options and restricted stock units | 683 | 643 | 680 | 1,019 | ||
Diluted weighted average common shares outstanding | 84,349 | 85,393 | 84,948 | 85,522 | ||
Earnings per basic common share | $ 1.38 | $ 1.48 | $ 3.12 | $ 3.60 | ||
Earnings per diluted common share | $ 1.36 | $ 1.47 | $ 3.10 | $ 3.55 |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements, Net - Schedule of Property, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Abstract] | ||
Computer & related equipment | $ 191,910 | $ 185,794 |
Furniture & fixtures | 13,621 | 12,478 |
Leasehold improvements | 55,176 | 52,339 |
Work-in-process | 4,192 | 8,667 |
Subtotal | 264,899 | 259,278 |
Accumulated depreciation and amortization | (181,635) | (168,570) |
Property, equipment and leasehold improvements, net | $ 83,264 | $ 90,708 |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization of property, equipment and leasehold improvements | $ 7,463 | $ 7,405 | $ 15,030 | $ 15,255 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Schedule of Goodwill by Reportable Segment (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | $ 1,562,868 |
Foreign exchange translation adjustment | (3,303) |
Goodwill, Ending balance | 1,559,565 |
Index [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 1,204,694 |
Foreign exchange translation adjustment | (2,247) |
Goodwill, Ending balance | 1,202,447 |
Analytics [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 290,976 |
Goodwill, Ending balance | 290,976 |
All Other [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning balance | 67,198 |
Foreign exchange translation adjustment | (1,056) |
Goodwill, Ending balance | $ 66,142 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Goodwill [Line Items] | ||||
Amortization of intangible assets | $ 14,062 | $ 12,013 | $ 27,838 | $ 23,806 |
Acquired Intangible Assets [Member] | ||||
Goodwill [Line Items] | ||||
Amortization of intangible assets | 8,600 | 8,700 | 17,400 | 17,400 |
Capitalized Software [Member] | ||||
Goodwill [Line Items] | ||||
Amortization of intangible assets | $ 5,500 | $ 3,300 | $ 10,400 | $ 6,400 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets, Net - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | $ 869,129 | $ 856,346 |
Foreign exchange translation adjustment | (10,331) | (7,615) |
Gross carrying value | 858,798 | 848,731 |
Accumulated amortization excluding foreign exchange translation adjustment | (614,668) | (588,811) |
Foreign exchange translation adjustment | 2,738 | 1,567 |
Accumulated amortization | (611,930) | (587,244) |
Net carrying value excluding foreign exchange translation adjustment | 254,461 | 267,535 |
Foreign exchange translation adjustment | (7,593) | (6,048) |
Net carrying value | 246,868 | 261,487 |
Customer Relationships [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 356,700 | 356,700 |
Accumulated amortization excluding foreign exchange translation adjustment | (242,561) | (231,665) |
Net carrying value excluding foreign exchange translation adjustment | 114,139 | 125,035 |
Trademarks/Trade Names [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 207,300 | 207,300 |
Accumulated amortization excluding foreign exchange translation adjustment | (138,642) | (133,305) |
Net carrying value excluding foreign exchange translation adjustment | 68,658 | 73,995 |
Technology/Software [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 276,502 | 263,719 |
Accumulated amortization excluding foreign exchange translation adjustment | (218,632) | (209,878) |
Net carrying value excluding foreign exchange translation adjustment | 57,870 | 53,841 |
Proprietary Data [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 28,627 | 28,627 |
Accumulated amortization excluding foreign exchange translation adjustment | (14,833) | (13,963) |
Net carrying value excluding foreign exchange translation adjustment | $ 13,794 | $ 14,664 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Estimated Amortization Expense for Remainder of 2020 and Succeeding Years (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remainder of 2020 | $ 28,930 | |
2021 | 54,854 | |
2022 | 47,570 | |
2023 | 36,815 | |
2024 | 33,623 | |
Thereafter | 45,076 | |
Net carrying value | $ 246,868 | $ 261,487 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Nov. 15, 2019 | May 15, 2018 | Aug. 04, 2016 | Jun. 30, 2020 | May 26, 2020 | Mar. 04, 2020 | Nov. 20, 2014 |
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 3,400,000,000 | ||||||
Loss on extinguishment of debt | 44,930,000 | ||||||
Prepaid and Other Assets [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Deferred financing fees | 500,000 | ||||||
Other Non-Current Assets [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Deferred financing fees | 1,500,000 | ||||||
Long-term Debt [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Deferred financing fees | $ 35,200,000 | ||||||
Revolving Credit Agreement [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Revolving credit facility, maximum borrowing | $ 400,000,000 | $ 250,000,000 | $ 220,000,000 | $ 200,000,000 | |||
Revolving credit agreement, term | 5 years | ||||||
Revolving credit agreement, extended term | 1 year | 1 year | 1 year | ||||
4.75% Senior Unsecured Notes Due 2026 [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 500,000,000 | ||||||
Debt instrument interest rate | 4.75% | ||||||
Maturity date | Aug. 1, 2026 | ||||||
Redemption description | At any time prior to August 1, 2021, the Company may redeem all or part of the 2026 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | ||||||
5.375% Senior Unsecured Notes Due 2027 [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 500,000,000 | ||||||
Debt instrument interest rate | 5.375% | ||||||
Maturity date | May 15, 2027 | ||||||
Redemption description | At any time prior to May 15, 2022, the Company may redeem all or part of the 2027 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | ||||||
Percentage of aggregate principal amount redeemed | 35.00% | ||||||
Redemption price | 105.375% | ||||||
4.000% Senior Unsecured Notes Due 2029 [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 1,000,000,000 | ||||||
Debt instrument interest rate | 4.00% | ||||||
Maturity date | Nov. 15, 2029 | ||||||
Redemption description | At any time prior to November 15, 2024, the Company may redeem all or part of the 2029 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | ||||||
Percentage of aggregate principal amount redeemed | 35.00% | ||||||
Redemption price | 104.00% | ||||||
3.625% Senior Unsecured Notes Due 2030 [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 400,000,000 | $ 400,000,000 | |||||
Debt instrument interest rate | 3.625% | 3.625% | |||||
Maturity date | Sep. 1, 2030 | ||||||
Redemption description | At any time prior to March 1, 2025, the Company may redeem all or part of the 2030 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | ||||||
Redemption price | 103.625% | ||||||
3.625% Senior Unsecured Notes Due 2030 [Member] | Maximum [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Percentage of aggregate principal amount redeemed | 35.00% | ||||||
5.25% Senior Unsecured Notes Due 2024 [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 300,000,000 | ||||||
Debt instrument interest rate | 5.25% | 5.25% | |||||
Maturity date | Nov. 15, 2024 | ||||||
5.25% Senior Unsecured Notes Due 2024 [Member] | Other expense (income) [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Loss on extinguishment of debt | $ 10,000,000 | ||||||
Write-off of unamortized debt issuance costs | 2,100,000 | ||||||
5.25% Senior Unsecured Notes Due 2024 [Member] | Other expense (income) [Member] | Indenture [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Loss on debt extinguishment includes applicable premium and redemption price | 7,900,000 | ||||||
3.875% Senior Unsecured Notes Due 2031 [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 1,000,000,000 | $ 1,000,000,000 | |||||
Debt instrument interest rate | 3.875% | 3.875% | |||||
Maturity date | Feb. 15, 2031 | ||||||
Redemption description | At any time prior to June 1, 2025, the Company may redeem all or part of the 2031 Senior Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest, if any, to, but excluding, the redemption date. | ||||||
Percentage of aggregate principal amount redeemed | 50.00% | ||||||
Redemption price | 103.875% | ||||||
3.875% Senior Unsecured Notes Due 2031 [Member] | Maximum [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Percentage of aggregate principal amount redeemed | 35.00% | ||||||
5.75% Senior Unsecured Notes Due 2025 [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 800,000,000 | ||||||
Debt instrument interest rate | 5.75% | 5.75% | |||||
Maturity date | Aug. 15, 2025 | ||||||
5.75% Senior Unsecured Notes Due 2025 [Member] | Other expense (income) [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Loss on extinguishment of debt | $ 35,000,000 | ||||||
Write-off of unamortized debt issuance costs | 5,500,000 | ||||||
5.75% Senior Unsecured Notes Due 2025 [Member] | Other expense (income) [Member] | Indenture [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Loss on debt extinguishment includes applicable premium and redemption price | 29,500,000 | ||||||
Senior Unsecured Notes [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | 3,400,000,000 | ||||||
Senior Notes and Revolving Credit Facility [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Deferred financing fees | $ 37,200,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Senior Unsecured Notes (Detail) - USD ($) | 6 Months Ended | |||
Jun. 30, 2020 | May 26, 2020 | Mar. 04, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Principal Amount Outstanding | $ 3,400,000,000 | |||
Carrying Value | 3,364,789,000 | $ 3,071,926,000 | ||
Fair Value | $ 3,492,899,000 | 3,236,017,000 | ||
5.25% Senior Unsecured Notes Due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Nov. 15, 2024 | |||
Principal Amount Outstanding | $ 300,000,000 | |||
Carrying Value | 297,835,000 | |||
Fair Value | 309,225,000 | |||
5.75% Senior Unsecured Notes Due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Aug. 15, 2025 | |||
Principal Amount Outstanding | $ 800,000,000 | |||
Carrying Value | 794,063,000 | |||
Fair Value | 840,872,000 | |||
4.75% Senior Unsecured Notes Due 2026 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Aug. 1, 2026 | |||
Principal Amount Outstanding | $ 500,000,000 | |||
Carrying Value | 495,922,000 | 495,587,000 | ||
Fair Value | $ 519,395,000 | 525,800,000 | ||
5.375% Senior Unsecured Notes Due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | May 15, 2027 | |||
Principal Amount Outstanding | $ 500,000,000 | |||
Carrying Value | 495,493,000 | 495,168,000 | ||
Fair Value | $ 531,420,000 | 541,300,000 | ||
4.000% Senior Unsecured Notes Due 2029 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Nov. 15, 2029 | |||
Principal Amount Outstanding | $ 1,000,000,000 | |||
Carrying Value | 989,819,000 | 989,273,000 | ||
Fair Value | $ 1,021,580,000 | $ 1,018,820,000 | ||
3.625% Senior Unsecured Notes Due 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Sep. 1, 2030 | |||
Principal Amount Outstanding | $ 400,000,000 | $ 400,000,000 | ||
Carrying Value | 395,223,000 | |||
Fair Value | $ 399,244,000 | |||
3.875% Senior Unsecured Notes Due 2031 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity Date | Feb. 15, 2031 | |||
Principal Amount Outstanding | $ 1,000,000,000 | $ 1,000,000,000 | ||
Carrying Value | 988,332,000 | |||
Fair Value | $ 1,021,260,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Senior Unsecured Notes (Parenthetical) (Detail) | Jun. 30, 2020 | May 26, 2020 | Mar. 04, 2020 |
5.25% Senior Unsecured Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.25% | 5.25% | |
5.75% Senior Unsecured Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.75% | 5.75% | |
4.75% Senior Unsecured Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.75% | ||
5.375% Senior Unsecured Notes Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.375% | ||
4.000% Senior Unsecured Notes Due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.00% | ||
3.625% Senior Unsecured Notes Due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.625% | 3.625% | |
3.875% Senior Unsecured Notes Due 2031 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 3.875% | 3.875% |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Interest Payments Due Attributable to Senior Notes (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
4.75% Senior Unsecured Notes Due 2026 [Member] | |
Debt Instrument [Line Items] | |
First semi-annual interest payment date | --02-01 |
Second semi-annual interest payment date | --08-01 |
5.375% Senior Unsecured Notes Due 2027 [Member] | |
Debt Instrument [Line Items] | |
First semi-annual interest payment date | --05-15 |
Second semi-annual interest payment date | --11-15 |
4.000% Senior Unsecured Notes Due 2029 [Member] | |
Debt Instrument [Line Items] | |
First semi-annual interest payment date | --05-15 |
Second semi-annual interest payment date | --11-15 |
3.625% Senior Unsecured Notes Due 2030 [Member] | |
Debt Instrument [Line Items] | |
First semi-annual interest payment date | --03-01 |
Second semi-annual interest payment date | --09-01 |
3.875% Senior Unsecured Notes Due 2031 [Member] | |
Debt Instrument [Line Items] | |
First semi-annual interest payment date | --06-01 |
Second semi-annual interest payment date | --12-01 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Interest Payments Due Attributable to Senior Notes (Parenthetical) (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
3.625% Senior Unsecured Notes Due 2030 [Member] | |
Debt Instrument [Line Items] | |
First payment occurring date | Sep. 1, 2020 |
3.875% Senior Unsecured Notes Due 2031 [Member] | |
Debt Instrument [Line Items] | |
First payment occurring date | Dec. 1, 2020 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease, expense | $ 8.9 | $ 7.3 | $ 17.8 | $ 14.5 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Commitments Under Operating Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Maturity of Lease Liabilities | ||
Remainder of 2020 | $ 12,736 | |
2021 | 28,129 | |
2022 | 24,614 | |
2023 | 23,577 | |
2024 | 18,346 | |
Thereafter | 102,321 | |
Total lease payments | 209,723 | |
Less: Interest | (31,853) | |
Present value of lease liabilities | 177,870 | |
Other accrued liabilities | $ 21,208 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherAccruedLiabilitiesCurrent | |
Long-term operating lease liabilities | $ 156,662 | $ 164,144 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate Under Operating Lease (Detail) | Jun. 30, 2020 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 9 years 4 months 2 days |
Weighted-average discount rate | 3.41% |
Leases - Summary of Other Infor
Leases - Summary of Other Information Under Operating Lease (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Leases [Abstract] | |
Operating cash flows used for operating leases | $ 15,355 |
Leased assets obtained in exchange for new operating lease liabilities | $ 7,491 |
Shareholders' Equity (Deficit_2
Shareholders' Equity (Deficit) - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Oct. 29, 2019 | May 01, 2018 | Oct. 26, 2016 |
2016 Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchase program authorizing the purchase of shares | $ 750,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 523,100,000 | |||
2018 Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchase program authorizing the purchase of shares | $ 1,000,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 706,100,000 | |||
2019 Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Repurchase program authorizing the purchase of shares | 750,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 1,099,300,000 | $ 1,456,100,000 |
Shareholders' Equity (Deficit_3
Shareholders' Equity (Deficit) - Schedule of Company's Common Stock Repurchases Made on Open Market (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Dollar Value of Shares Repurchased | $ 31,071 | $ 325,699 | $ 102,081 | ||
Open Market Purchases of Common Stock [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Average Price Paid Per Share | $ 250.65 | $ 147.97 | |||
Total Number of Shares Repurchased | 1,423 | 690 | |||
Dollar Value of Shares Repurchased | $ 356,770 | $ 102,081 |
Shareholders' Equity (Deficit_4
Shareholders' Equity (Deficit) - Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Stockholders Equity [Abstract] | ||||||
Dividend declared per common share | $ 0.68 | $ 0.68 | $ 0.58 | $ 0.58 | $ 1.36 | $ 1.16 |
Cash dividends declared, Amount | $ 57,360 | $ 59,233 | $ 49,613 | $ 55,339 | $ 116,593 | $ 104,952 |
Cash dividends distributed, Amount | 57,068 | 59,455 | 49,365 | 57,988 | 116,523 | 107,353 |
Cash dividends (released)/deferred, Amount | $ 292 | $ (222) | $ 248 | $ (2,649) | $ 70 | $ (2,401) |
Shareholders' Equity (Deficit_5
Shareholders' Equity (Deficit) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
Common Stock Issued [Member] | |||
Common Stock Outstanding [Line Items] | |||
Beginning balance | 132,797,535 | 132,419,412 | 132,419,412 |
Dividend payable/paid | 114 | 259 | |
Common stock issued | 10,101 | 377,843 | |
Shares issued to directors | 2,229 | 21 | |
Ending balance | 132,809,979 | 132,797,535 | 132,809,979 |
Treasury Stock [Member] | |||
Common Stock Outstanding [Line Items] | |||
Beginning balance | (49,088,403) | (47,624,482) | (47,624,482) |
Dividend payable/paid | (114) | (120) | |
Shares withheld for tax withholding | (1,838) | (153,923) | |
Shares repurchased under stock repurchase programs | (113,494) | (1,309,878) | |
Shares issued to directors | 27,284 | ||
Ending balance | (49,176,565) | (49,088,403) | (49,176,565) |
Common Stock Outstanding [Member] | |||
Common Stock Outstanding [Line Items] | |||
Beginning balance | 83,709,132 | 84,794,930 | 84,794,930 |
Dividend payable/paid | 139 | ||
Common stock issued | 10,101 | 377,843 | |
Shares withheld for tax withholding | (1,838) | (153,923) | |
Shares repurchased under stock repurchase programs | (113,494) | (1,309,878) | |
Shares issued to directors | 29,513 | 21 | |
Ending balance | 83,633,414 | 83,709,132 | 83,633,414 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Examination [Line Items] | ||||
Provision for income taxes | $ 24,044 | $ 34,055 | $ 38,768 | $ (15,845) |
Effective tax rate | 12.80% | (5.50%) | ||
Amounts effect on effective tax rate | $ 34,100 | $ 78,600 | $ 34,100 | $ 78,600 |
Tax Impact of loss on debt extinguishment | 11,500 | |||
Benefit related to revaluation of cost of deemed repatriation of foreign earnings | 800 | |||
Decrease in unrecognized tax benefit | $ 9,600 | |||
Minimum [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years under examination | 2007 | |||
Maximum [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years under examination | 2019 | |||
2016 Multi-Year PSUs [Member] | Restricted Stock Units [Member] | ||||
Income Tax Examination [Line Items] | ||||
Amount of excess tax benefits recognized on the conversion | 66,600 | |||
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||
Income Tax Examination [Line Items] | ||||
Amount of excess tax benefits recognized on the conversion | $ 21,500 | $ 11,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 5 |
Segment Information - Operating
Segment Information - Operating Revenue by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | $ 409,616 | $ 385,558 | $ 826,396 | $ 756,939 |
Index [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | 242,908 | 225,550 | 492,164 | 440,323 |
Analytics [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | 127,563 | 123,681 | 253,071 | 245,116 |
All Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | $ 39,145 | $ 36,327 | $ 81,161 | $ 71,500 |
Segment Information - Segment P
Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | $ 236,700 | $ 211,796 | $ 465,927 | $ 409,503 | ||
2016 Multi-Year PSUs grant payroll tax expense | 15,389 | |||||
Amortization of intangible assets | 14,062 | 12,013 | 27,838 | 23,806 | ||
Depreciation and amortization of property, equipment and leasehold improvements | 7,463 | 7,405 | 15,030 | 15,255 | ||
Operating income | 215,175 | 192,378 | 423,059 | 355,053 | ||
Other expense (income), net | 76,008 | 32,633 | 121,043 | 67,016 | ||
Provision for income taxes | 24,044 | 34,055 | 38,768 | (15,845) | ||
Net income | 115,123 | $ 148,125 | 125,690 | $ 178,192 | 263,248 | 303,882 |
Index [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | 183,256 | 163,915 | 366,843 | 316,126 | ||
Analytics [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | 46,167 | 39,071 | 82,484 | 75,469 | ||
All Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | $ 7,277 | $ 8,810 | $ 16,600 | $ 17,908 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | $ 409,616 | $ 385,558 | $ 826,396 | $ 756,939 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 175,819 | 173,228 | 356,865 | 339,414 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 16,891 | 16,808 | 34,647 | 32,791 |
Total Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 192,710 | 190,036 | 391,512 | 372,205 |
United Kingdom [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 62,826 | 58,921 | 127,887 | 114,128 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 90,209 | 81,088 | 178,138 | 157,723 |
Europe, the Middle East and Africa ("EMEA") [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 153,035 | 140,009 | 306,025 | 271,851 |
Japan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 19,725 | 16,719 | 39,117 | 34,667 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 44,146 | 38,794 | 89,742 | 78,216 |
Total Asia & Australia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | $ 63,871 | $ 55,513 | $ 128,859 | $ 112,883 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,889,697 | $ 1,915,063 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,763,824 | 1,781,667 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 5,081 | 6,398 |
Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,768,905 | 1,788,065 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 75,112 | 81,338 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 36,219 | 36,433 |
Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 111,331 | 117,771 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 337 | 398 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 9,124 | 8,829 |
Total Asia & Australia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 9,461 | $ 9,227 |
Equity Method Investment - Addi
Equity Method Investment - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended |
Jan. 31, 2020 | Jun. 30, 2020 | |
Schedule Of Equity Method Investments [Line Items] | ||
Acquisition of equity method investment including capitalized costs | $ 190,816 | |
The Burgiss Group, LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Acquisition of equity method investment including capitalized costs | $ 190,800 | |
Equity method investment, non controlling interest percentage | 40.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | Jul. 27, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Subsequent Event [Line Items] | |||||||
Dividend declared per common share | $ 0.68 | $ 0.68 | $ 0.58 | $ 0.58 | $ 1.36 | $ 1.16 | |
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Dividend declared per common share | $ 0.78 | ||||||
Quarterly dividend declared date | Jul. 27, 2020 | ||||||
Quarterly dividend payable date | Aug. 31, 2020 | ||||||
Quarterly dividend record date | Aug. 14, 2020 |