Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 18, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-33812 | |
Entity Registrant Name | MSCI INC. | |
Entity Incorporation, State or Country Code | DE | |
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 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | MSCI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 79,958,166 | |
Entity Central Index Key | 0001408198 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 867,112,000 | $ 1,421,449,000 |
Accounts receivable, net of allowances | 525,360,000 | 664,511,000 |
Prepaid income taxes | 82,678,000 | 5,951,000 |
Prepaid and other assets | 51,758,000 | 51,499,000 |
Total current assets | 1,526,908,000 | 2,143,410,000 |
Property, equipment and leasehold improvements, net | 54,341,000 | 66,715,000 |
Right of use assets | 131,772,000 | 144,584,000 |
Goodwill | 2,226,141,000 | 2,236,386,000 |
Total | 565,582,000 | 593,341,000 |
Equity method investment | 215,370,000 | 218,763,000 |
Deferred tax assets | 27,939,000 | 40,119,000 |
Other non-current assets | 29,474,000 | 63,385,000 |
Total assets | 4,777,527,000 | 5,506,703,000 |
Current liabilities: | ||
Accounts payable | 5,303,000 | 13,448,000 |
Income taxes payable | 3,770,000 | 59,635,000 |
Accrued compensation and related benefits | 142,282,000 | 207,640,000 |
Current portion of long-term debt | 8,711,000 | 0 |
Other accrued liabilities | 171,476,000 | 145,302,000 |
Deferred revenue | 735,710,000 | 824,912,000 |
Total current liabilities | 1,067,252,000 | 1,250,937,000 |
Long-term debt | 4,504,291,000 | 4,161,422,000 |
Long-term operating lease liabilities | 137,265,000 | 150,029,000 |
Deferred tax liabilities | 47,142,000 | 3,650,000 |
Other non-current liabilities | 98,968,000 | 104,132,000 |
Total liabilities | 5,854,918,000 | 5,670,170,000 |
Commitments and Contingencies (see Note 8) | ||
Shareholders’ equity (deficit): | ||
Preferred stock (par value $0.01, 100,000,000 shares authorized; no shares issued) | 0 | 0 |
Common stock (par value $0.01; 750,000,000 common shares authorized; 133,620,870 and 133,162,178 common shares issued and 80,121,138 and 82,439,449 common shares outstanding at September 30, 2022 and December 31, 2021, respectively) | 1,336,000 | 1,332,000 |
Treasury shares, at cost (53,499,732 and 50,722,729 common shares held at September 30, 2022 and December 31, 2021, respectively) | (5,867,881,000) | (4,540,144,000) |
Additional paid in capital | 1,504,274,000 | 1,457,623,000 |
Retained earnings | 3,358,892,000 | 2,976,517,000 |
Accumulated other comprehensive loss | (74,012,000) | (58,795,000) |
Total shareholders’ equity (deficit) | (1,077,391,000) | (163,467,000) |
Total liabilities and shareholders’ equity (deficit) | $ 4,777,527,000 | $ 5,506,703,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 133,620,870 | 133,162,178 |
Common stock, shares outstanding (in shares) | 80,121,138 | 82,439,449 |
Shares repurchased (in shares) | 53,499,732 | 50,722,729 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Operating revenues | $ 560,639 | $ 517,099 | $ 1,672,390 | $ 1,493,702 |
Operating expenses: | ||||
Cost of revenues (exclusive of depreciation and amortization) | 98,418 | 89,674 | 301,957 | 262,781 |
Selling and marketing | 65,545 | 59,819 | 192,671 | 174,477 |
Research and development | 25,941 | 28,352 | 78,179 | 80,745 |
General and administrative | 30,702 | 38,110 | 112,993 | 103,020 |
Amortization of intangible assets | 23,375 | 14,105 | 67,274 | 59,569 |
Depreciation and amortization of property, equipment and leasehold improvements | 7,127 | 6,809 | 20,426 | 20,972 |
Total operating expenses | 251,108 | 236,869 | 773,500 | 701,564 |
Operating income | 309,531 | 280,230 | 898,890 | 792,138 |
Interest income | (3,938) | (396) | (5,160) | (1,129) |
Interest expense | 44,162 | 42,137 | 125,961 | 119,278 |
Other expense (income) | 103 | 37,839 | (90) | 61,616 |
Other expense (income), net | 40,327 | 79,580 | 120,711 | 179,765 |
Income before provision for income taxes | 269,204 | 200,650 | 778,179 | 612,373 |
Provision for income taxes | 52,612 | 30,774 | 122,577 | 80,255 |
Net income | $ 216,592 | $ 169,876 | $ 655,602 | $ 532,118 |
Earnings per share: | ||||
Basic (in USD per share) | $ 2.69 | $ 2.06 | $ 8.09 | $ 6.45 |
Diluted (in USD per share) | $ 2.68 | $ 2.03 | $ 8.05 | $ 6.38 |
Weighted average shares outstanding: | ||||
Basic (in USD per share) | 80,500 | 82,470 | 81,001 | 82,521 |
Diluted (in USD per share) | 80,874 | 83,554 | 81,481 | 83,446 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 216,592 | $ 169,876 | $ 655,602 | $ 532,118 |
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments | (10,978) | (3,226) | (25,724) | (4,052) |
Income tax effect | 1,453 | 422 | 3,921 | 999 |
Foreign currency translation adjustments, net | (9,525) | (2,804) | (21,803) | (3,053) |
Pension and other post-retirement adjustments | 293 | 186 | 7,779 | 383 |
Income tax effect | (79) | (48) | (1,193) | (146) |
Pension and other post-retirement adjustments, net | 214 | 138 | 6,586 | 237 |
Other comprehensive (loss) income, net of tax | (9,311) | (2,666) | (15,217) | (2,816) |
Comprehensive income | $ 207,281 | $ 167,210 | $ 640,385 | $ 529,302 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2020 | $ (443,234) | $ 1,328 | $ (4,342,535) | $ 1,402,537 | $ 2,554,295 | $ (58,859) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 196,819 | 196,819 | ||||
Dividends declared | (65,947) | (65,947) | ||||
Dividends paid in shares | 66 | 66 | ||||
Other comprehensive income (loss), net of tax | (957) | (957) | ||||
Common stock issued | 3 | 3 | ||||
Shares withheld for tax withholding and exercises | (52,814) | (52,814) | ||||
Compensation payable in common stock | 18,842 | 18,842 | ||||
Common stock repurchased and held in treasury | (134,340) | (134,340) | ||||
Common stock issued to Directors and (held in)/released from treasury | (20) | (20) | ||||
Ending Balance at Mar. 31, 2021 | (481,582) | 1,331 | (4,529,709) | 1,421,445 | 2,685,167 | (59,816) |
Beginning Balance at Dec. 31, 2020 | (443,234) | 1,328 | (4,342,535) | 1,402,537 | 2,554,295 | (58,859) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 532,118 | |||||
Ending Balance at Sep. 30, 2021 | (280,025) | 1,332 | (4,534,810) | 1,446,001 | 2,869,127 | (61,675) |
Beginning Balance at Mar. 31, 2021 | (481,582) | 1,331 | (4,529,709) | 1,421,445 | 2,685,167 | (59,816) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 165,423 | 165,423 | ||||
Dividends declared | (64,863) | (64,863) | ||||
Dividends paid in shares | 20 | 20 | ||||
Other comprehensive income (loss), net of tax | 807 | 807 | ||||
Common stock issued | 0 | |||||
Shares withheld for tax withholding and exercises | (620) | (620) | ||||
Compensation payable in common stock | 12,252 | 12,252 | ||||
Common stock repurchased and held in treasury | 0 | |||||
Common stock issued to Directors and (held in)/released from treasury | 756 | 756 | ||||
Ending Balance at Jun. 30, 2021 | (367,807) | 1,331 | (4,529,573) | 1,433,717 | 2,785,727 | (59,009) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 169,876 | 169,876 | ||||
Dividends declared | (86,476) | (86,476) | ||||
Dividends paid in shares | 21 | 21 | ||||
Other comprehensive income (loss), net of tax | (2,666) | (2,666) | ||||
Common stock issued | 1 | 1 | ||||
Shares withheld for tax withholding and exercises | (5,286) | (5,286) | ||||
Compensation payable in common stock | 12,263 | 12,263 | ||||
Common stock repurchased and held in treasury | 0 | |||||
Common stock issued to Directors and (held in)/released from treasury | 49 | 49 | ||||
Ending Balance at Sep. 30, 2021 | (280,025) | 1,332 | (4,534,810) | 1,446,001 | 2,869,127 | (61,675) |
Beginning Balance at Dec. 31, 2021 | (163,467) | 1,332 | (4,540,144) | 1,457,623 | 2,976,517 | (58,795) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 228,423 | 228,423 | ||||
Dividends declared | (87,280) | (87,280) | ||||
Dividends paid in shares | 77 | 77 | ||||
Other comprehensive income (loss), net of tax | (2,022) | (2,022) | ||||
Common stock issued | 4 | 4 | ||||
Shares withheld for tax withholding and exercises | (105,000) | (105,000) | ||||
Compensation payable in common stock | 22,754 | 22,754 | ||||
Common stock repurchased and held in treasury | (772,657) | (772,657) | ||||
Common stock issued to Directors and (held in)/released from treasury | (21) | (21) | ||||
Ending Balance at Mar. 31, 2022 | (879,189) | 1,336 | (5,417,822) | 1,480,454 | 3,117,660 | (60,817) |
Beginning Balance at Dec. 31, 2021 | (163,467) | 1,332 | (4,540,144) | 1,457,623 | 2,976,517 | (58,795) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 655,602 | |||||
Ending Balance at Sep. 30, 2022 | (1,077,391) | 1,336 | (5,867,881) | 1,504,274 | 3,358,892 | (74,012) |
Beginning Balance at Mar. 31, 2022 | (879,189) | 1,336 | (5,417,822) | 1,480,454 | 3,117,660 | (60,817) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 210,587 | 210,587 | ||||
Dividends declared | (84,593) | (84,593) | ||||
Dividends paid in shares | 22 | 22 | ||||
Other comprehensive income (loss), net of tax | (3,884) | (3,884) | ||||
Common stock issued | 0 | |||||
Shares withheld for tax withholding and exercises | (3,862) | (3,862) | ||||
Compensation payable in common stock | 11,858 | 11,858 | ||||
Common stock repurchased and held in treasury | (276,994) | (276,994) | ||||
Common stock issued to Directors and (held in)/released from treasury | (391) | (391) | ||||
Ending Balance at Jun. 30, 2022 | (1,026,446) | 1,336 | (5,699,069) | 1,492,334 | 3,243,654 | (64,701) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 216,592 | 216,592 | ||||
Dividends declared | (101,354) | (101,354) | ||||
Dividends paid in shares | 27 | 27 | ||||
Other comprehensive income (loss), net of tax | (9,311) | (9,311) | ||||
Common stock issued | 0 | |||||
Shares withheld for tax withholding and exercises | (3,741) | (3,741) | ||||
Compensation payable in common stock | 11,913 | 11,913 | ||||
Common stock repurchased and held in treasury | (165,044) | (165,044) | ||||
Common stock issued to Directors and (held in)/released from treasury | (27) | (27) | ||||
Ending Balance at Sep. 30, 2022 | $ (1,077,391) | $ 1,336 | $ (5,867,881) | $ 1,504,274 | $ 3,358,892 | $ (74,012) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Dividend declared per common share (in USD per share) | $ 1.25 | $ 1.04 | $ 1.04 | $ 1.04 | $ 0.78 | $ 0.78 | $ 3.33 | $ 2.60 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net income | $ 655,602 | $ 532,118 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of intangible assets | 67,274 | 59,569 |
Stock-based compensation expense | 46,432 | 43,218 |
Depreciation and amortization of property, equipment and leasehold improvements | 20,426 | 20,972 |
Amortization of right of use assets | 18,555 | 18,255 |
Loss on impairment of right of use assets, net | 705 | 0 |
Amortization of debt origination fees | 3,868 | 3,658 |
Loss on extinguishment of debt | 0 | 59,103 |
Deferred taxes | 59,324 | (101,840) |
Other adjustments | (3,654) | 5,706 |
Changes in assets and liabilities: | ||
Accounts receivable | 127,043 | 69,324 |
Prepaid income taxes | (77,908) | 4,165 |
Prepaid and other assets | (1,678) | (2,178) |
Other non-current assets | 32,547 | 332 |
Accounts payable | (8,144) | (6,347) |
Accrued compensation and related benefits | (58,042) | (206) |
Income taxes payable | (52,939) | 11,981 |
Other accrued liabilities | 31,297 | 7,201 |
Deferred revenue | (66,982) | (57,932) |
Long-term operating lease liabilities | (19,492) | (15,644) |
Other non-current liabilities | 6,105 | 5,763 |
Other | (397) | (813) |
Net cash provided by operating activities | 779,942 | 656,405 |
Cash flows from investing activities | ||
Capitalized software development costs | (44,425) | (29,078) |
Capital expenditures | (8,012) | (7,119) |
Acquisition of a business, net of cash acquired | 0 | (948,695) |
Acquisition of equity method investment | (5) | (77) |
Other | 29 | (910) |
Net cash used in investing activities | (52,413) | (985,879) |
Cash flows from financing activities | ||
Proceeds from borrowings, inclusive of premium | 355,000 | 1,803,750 |
Repayment of borrowings | (5,000) | (1,051,810) |
Repurchase of common stock held in treasury | (1,327,298) | (193,060) |
Payment of dividends | (272,759) | (216,496) |
Payment of debt issuance costs in connection with debt | (2,559) | (21,135) |
Payment of contingent consideration | (211) | 0 |
Net cash (used in) provided by financing activities | (1,252,827) | 321,249 |
Effect of exchange rate changes | (29,039) | (7,632) |
Net (decrease) increase in cash | (554,337) | (15,857) |
Cash and cash equivalent, beginning of period | 1,421,449 | 1,300,521 |
Cash and cash equivalent, end of period | 867,112 | 1,284,664 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 107,162 | 101,631 |
Cash paid for income taxes, net of refunds received | 154,725 | 163,732 |
Supplemental disclosure of non-cash investing activities | ||
Property, equipment and leasehold improvements in other accrued liabilities | 1,926 | 4,821 |
Supplemental disclosure of non-cash financing activities | ||
Cash dividends declared, but not yet paid | $ 3,270 | $ 2,096 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
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”) is a leading provider of critical decision support tools and solutions for the global investment community. Our mission-critical offerings help investors address the challenges of a transforming investment landscape and power better investment decisions. Leveraging our knowledge of the global investment process and our expertise in research, data and technology, we enable our clients to understand and analyze key drivers of risk and return and confidently and efficiently build more effective portfolios. Our products and services include indexes; portfolio construction and risk management tools; environmental, social and governance (“ESG”) and climate solutions; and real estate market and transaction data and analysis. 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 September 30, 2022 and December 31, 2021, the results of operations, comprehensive income and shareholders’ equity (deficit) for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2021 have been derived from the 2021 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, 2021. 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. The Company makes 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 operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. 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. Inter-company balances and transactions are eliminated in consolidation. Concentrations For the nine months ended September 30, 2022 and 2021, BlackRock, Inc. (“BlackRock”) accounted for 10.5% and 12.9% of the Company’s consolidated operating revenues, respectively. For the nine months ended September 30, 2022 and 2021, BlackRock accounted for 17.7% and 20.6% of the Index segment’s operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics, ESG and Climate or All Other – Private Assets segments for the nine months ended September 30, 2022 and 2021. Allowance for Doubtful Accounts Changes in the allowance for doubtful accounts from December 31, 2020 to September 30, 2022 were as follows: Amount (in thousands) Balance as of December 31, 2020 $ 1,583 Addition (reduction) to credit loss expense 1,210 Write-offs, net of recoveries (456) Balance as of December 31, 2021 $ 2,337 Addition (reduction) to credit loss expense 855 Adjustments and write-offs, net of recoveries (569) Balance as of September 30, 2022 $ 2,623 |
Recent Accounting Standards Upd
Recent Accounting Standards Updates | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards Updates | RECENT ACCOUNTING STANDARDS UPDATESThere are no pending accounting standards updates that are currently expected to have a material impact on the Company. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION MSCI’s operating revenues are reported by product type, which generally reflects the timing of recognition. The Company’s operating revenue types are recurring subscriptions, asset-based fees and non-recurring revenues. The Company also disaggregates operating revenues by segment. The tables that follow present the disaggregated operating revenues for the periods indicated: For the Three Months Ended September 30, 2022 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 185,531 $ 142,751 $ 56,353 $ 35,581 $ 420,216 Asset-based fees 125,620 — — — 125,620 Non-recurring 11,089 2,164 1,242 308 14,803 Total $ 322,240 $ 144,915 $ 57,595 $ 35,889 $ 560,639 For the Nine Months Ended September 30, 2022 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 539,740 $ 420,047 $ 160,962 $ 106,276 $ 1,227,025 Asset-based fees 402,889 — — — 402,889 Non-recurring 31,319 6,349 3,790 1,018 42,476 Total $ 973,948 $ 426,396 $ 164,752 $ 107,294 $ 1,672,390 For the Three Months Ended September 30, 2021 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 165,310 $ 134,320 $ 42,592 $ 15,418 $ 357,640 Asset-based fees 141,745 — — — 141,745 Non-recurring 14,448 1,978 1,099 189 17,714 Total $ 321,503 $ 136,298 $ 43,691 $ 15,607 $ 517,099 For the Nine Months Ended September 30, 2021 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 480,488 $ 399,360 $ 115,299 $ 48,355 $ 1,043,502 Asset-based fees 404,593 — — — 404,593 Non-recurring 34,876 6,857 2,450 1,424 45,607 Total $ 919,957 $ 406,217 $ 117,749 $ 49,779 $ 1,493,702 The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated: Accounts receivable, net Deferred revenue (in thousands) Opening (December 31, 2021) $ 664,511 $ 824,912 Closing (September 30, 2022) 525,360 735,710 Increase/(decrease) $ (139,151) $ (89,202) Accounts receivable, net Deferred revenue (in thousands) Opening (December 31, 2020) $ 558,569 $ 675,870 Closing (September 30, 2021) 496,726 643,352 Increase/(decrease) $ (61,843) $ (32,518) The amounts of revenue recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $149.4 million and $722.0 million for the three and nine months ended September 30, 2022, respectively and $145.2 million and $623.8 million for the three and nine months ended September 30, 2021, respectively. The difference between the opening and closing balances of the Company’s deferred revenue is primarily driven by an increase in the amortization of deferred revenue to operating revenues, partially offset by an increase in billings. As of September 30, 2022 and December 31, 2021, the Company carried a long-term deferred revenue balance of $27.7 million and $23.4 million, respectively, in “Other non-current liabilities” on the 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 September 30, 2022 (in thousands) First 12-month period $ 572,644 Second 12-month period 332,957 Third 12-month period 138,779 Periods thereafter 84,390 Total $ 1,128,770 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | EARNINGS PER COMMON SHAREBasic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the assumed conversion of all dilutive securities, including, when applicable, restricted stock units (“RSUs”), performance stock units (“PSUs”) and performance stock options (“PSOs”). The following table presents the computation of basic and diluted EPS: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except per share data) Net income $ 216,592 $ 169,876 $ 655,602 $ 532,118 Basic weighted average common shares outstanding 80,500 82,470 81,001 82,521 Effect of dilutive securities: PSUs, RSUs and PSOs 374 1,084 480 925 Diluted weighted average common shares outstanding 80,874 83,554 81,481 83,446 Earnings per common share: Basic $ 2.69 $ 2.06 $ 8.09 $ 6.45 Diluted $ 2.68 $ 2.03 $ 8.05 $ 6.38 |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | ACQUISITIONS On September 13, 2021, MSCI acquired all of the issued and outstanding preferred and common shares of Real Capital Analytics, Inc (“RCA”) for an aggregate cash purchase price of $949.0 million. This acquisition expands MSCI’s suite of real estate solutions, providing the real estate industry with data, analytics and support tools to manage investments and understand performance and risk, including climate risk, within their portfolios. RCA has been accounted for as a business combination using the acquisition method of accounting and has been integrated into the All Other – Private Assets reportable segment, as a component of the Real Assets operating segment. A portion of RCA’s client agreements do not have automatic renewal clauses at the end of the subscription period. Due to the historically high retention rate and expectation that a substantial portion of the client agreements will be renewed, the associated revenue is recorded as recurring subscription revenue. The table below represents the final purchase price allocation to total assets acquired and liabilities assumed based on their respective estimated fair values as of September 13, 2021 and the associated estimated useful lives at that date. In the fourth quarter of 2021, the Company early adopted ASU 2021-08, which resulted in an increase to deferred revenue and goodwill and a decrease in deferred tax liabilities recorded as of the opening balance sheet date. Estimated Fair Value (in thousands) Accounts receivable $ 9,700 Other current assets 3,721 Property, equipment and leasehold improvements, net 1,204 Right of use assets 6,441 Other non-current assets 3,398 Deferred revenue (35,194) Other current liabilities (15,525) Long-term operating lease liabilities (4,849) Deferred tax liabilities (83,737) Other non-current liabilities (223) Intangible assets: Proprietary data 11 years 185,500 Customer relationships 20 years 175,800 Acquired technology and software 9 years 31,500 Trademarks 2 years 890 Goodwill 670,333 Purchase price, net of cash acquired $ 948,959 The recorded goodwill is primarily attributable to the utilization of the acquired data as well as expanded market opportunities. Goodwill attributable to the acquisition is not deductible for income tax purposes. Revenue of RCA recognized within the condensed consolidated financial statements was $21.3 million and $59.8 million for the three and nine months ended September 30, 2022, respectively. |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements, Net | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements, Net | PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET Property, equipment and leasehold improvements, net consisted of the following as of the dates indicated: As of September 30, December 31, 2022 2021 (in thousands) Computer & related equipment $ 178,523 $ 179,557 Furniture & fixtures 13,451 14,194 Leasehold improvements 54,183 56,308 Work-in-process 2,105 2,699 Subtotal 248,262 252,758 Accumulated depreciation and amortization (193,921) (186,043) Property, equipment and leasehold improvements, net $ 54,341 $ 66,715 Depreciation and amortization expense of property, equipment and leasehold improvements was $7.1 million and $6.8 million for the three months ended September 30, 2022 and 2021, respectively. Depreciation and amortization expense of property, equipment and leasehold improvements was $20.4 million and $21.0 million for the nine months ended September 30, 2022 and 2021, respectively. |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Net | GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The following table presents goodwill by reportable segment: (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Goodwill at December 31, 2021 $ 1,205,443 $ 290,976 $ 48,047 $ 691,920 $ 2,236,386 Acquisitions (1) — — — (541) (541) Foreign exchange translation adjustment (6,003) — — (3,701) (9,704) Goodwill at September 30, 2022 $ 1,199,440 $ 290,976 $ 48,047 $ 687,678 $ 2,226,141 ___________________________ (1) Reflects the impact of measurement period adjustments associated with the acquisition of RCA. The Company completed its annual goodwill impairment test as of July 1, 2022 on its Index, Analytics, ESG and Climate, and Real Assets reporting units, which are also the Company’s operating segments, and no impairments were noted. The Company determined that it was not more likely than not that the fair value of its reporting units is less than their respective carrying values. See Note 12, “Segment Information,” for further descriptions of the operating segments. Intangible Assets, Net The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Amortization expense of acquired intangible assets $ 15,810 $ 9,602 $ 47,562 $ 26,346 Amortization expense of internally developed capitalized software 7,565 4,503 19,712 17,210 Write-off of internally developed capitalized software — — — 16,013 Total amortization of intangible assets expense $ 23,375 $ 14,105 $ 67,274 $ 59,569 The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows: As of September 30, December 31, 2022 2021 (in thousands) Gross intangible assets: Customer relationships $ 532,500 $ 532,400 Proprietary data 220,778 220,639 Acquired technology and software 209,220 209,220 Trademarks 208,190 208,190 Internally developed capitalized software 150,480 106,181 Subtotal 1,321,168 1,276,630 Foreign exchange translation adjustment (16,875) (5,782) Total gross intangible assets $ 1,304,293 $ 1,270,848 Accumulated amortization: Customer relationships $ (300,800) $ (277,865) Proprietary data (37,034) (22,678) Acquired technology and software (178,805) (175,718) Trademarks (159,650) (152,468) Internally developed capitalized software (69,214) (49,394) Subtotal (745,503) (678,123) Foreign exchange translation adjustment 6,791 616 Total accumulated amortization $ (738,712) $ (677,507) Net intangible assets: Customer relationships $ 231,700 $ 254,535 Proprietary data 183,744 197,961 Acquired technology and software 30,415 33,502 Trademarks 48,540 55,722 Internally developed capitalized software 81,266 56,787 Subtotal 575,665 598,507 Foreign exchange translation adjustment (10,083) (5,166) Total net intangible assets $ 565,582 $ 593,341 The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2022 and succeeding years: Years Ending December 31, Amortization (in thousands) Remainder of 2022 $ 24,562 2023 94,309 2024 87,153 2025 60,949 2026 37,318 Thereafter 261,291 Total $ 565,582 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES As of September 30, 2022, the Company had outstanding an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) and an aggregate of $350.0 million in senior unsecured tranche A term loans (the “Tranche A Term Loans”) under the term loan A facility (the “TLA Facility”), as presented in the table below: Principal Carrying Carrying Fair Fair Maturity Date September 30, 2022 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (in thousands) Debt 4.000% senior unsecured notes due 2029 November 15, 2029 1,000,000 992,273 991,455 864,190 1,047,950 3.625% senior unsecured notes due 2030 September 1, 2030 900,000 894,760 894,263 753,471 924,777 3.875% senior unsecured notes due 2031 February 15, 2031 1,000,000 990,793 989,973 842,510 1,046,620 3.625% senior unsecured notes due 2031 November 1, 2031 600,000 594,031 593,538 483,858 625,536 3.250% senior unsecured notes due 2033 August 15, 2033 700,000 692,695 692,193 540,778 710,906 Variable rate Tranche A Term Loans due 2027 February 16, 2027 350,000 348,450 — 348,250 — Total debt $ 4,550,000 $ 4,513,002 $ 4,161,422 $ 3,833,057 $ 4,355,789 Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table: Interest payment frequency First interest Senior Notes and Tranche A Term Loans 4.000% senior unsecured notes due 2029 Semi-Annual May 15 3.625% senior unsecured notes due 2030 Semi-Annual March 1 3.875% senior unsecured notes due 2031 Semi-Annual June 1 3.625% senior unsecured notes due 2031 Semi-Annual May 1 3.250% senior unsecured notes due 2033 Semi-Annual February 15 Variable rate Tranche A Term Loans due 2027 1 Quarterly October 15 ___________________________ (1) The first payment occurred on October 15, 2022. The fair market value of the Company’s debt obligations represent Level 2 valuations. 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. Credit Agreement. Since November 20, 2014, the Company has maintained a revolving credit agreement with a syndicate of banks. On June 9, 2022, the Company, the guarantors party thereto and the lenders and agents party thereto, entered into an Amended and Restated Credit Agreement (the “Credit Agreement”), amending and restating in its entirety the Company’s prior revolving credit agreement (the “Prior Revolving Credit Agreement”). The Credit Agreement makes available to the Company an aggregate of $500.0 million of revolving loan commitments, which may be drawn until February 16, 2027, and the TLA Facility. At September 30, 2022, the revolving loan commitments were undrawn. As noted above, at September 30, 2022, the commitments under the TLA Facility were drawn in full, and the resulting Tranche A Term Loans mature on February 16, 2027. The obligations under the Credit Agreement are general unsecured obligations of the Company and the guarantors. Interest on the Tranche A Term Loans under the TLA Facility accrues, at a variable rate, based on the secured overnight funding rate (“SOFR”) or the alternate base rate (“Base Rate”), plus, in each case, an applicable margin and will be due on each Interest Payment Date (as defined in the Credit Agreement). The applicable margin is calculated by reference to the Company’s Consolidated Leverage Ratio (as defined in the Credit Agreement) and ranges between 1.50% to 2.00% for SOFR loans, and 0.50% to 1.00% for Base Rate loans. At September 30, 2022, the interest rate on the TLA Facility was 4.29%. In connection with the closings of the Senior Notes offerings, entry into the Prior Revolving Credit Agreement and the subsequent amendments thereto and entry into the Credit Agreement, 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 September 30, 2022, $39.3 million of the deferred financing fees and premium remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.8 million of which is included in “Other non-current assets” and $37.0 million of which is included in “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | LEASES The Company recognized $7.3 million and $7.6 million of operating lease expenses for the three months ended September 30, 2022 and 2021, respectively. The Company recognized $22.4 million and $22.7 million of operating lease expenses for the nine months ended September 30, 2022 and 2021, respectively. The amounts associated with variable lease costs, short-term lease costs and sublease income were not material for any of the three and nine months ended September 30, 2022 and 2021. Maturities of the Company’s operating lease liabilities as of September 30, 2022 are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases Remainder of 2022 $ 5,395 2023 28,346 2024 23,457 2025 22,273 2026 20,736 Thereafter 82,118 Total lease payments $ 182,325 Less: Interest (22,924) Present value of lease liabilities $ 159,401 Other accrued liabilities $ 22,136 Long-term operating lease liabilities $ 137,265 Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: As of September 30, December 31, Lease Term and Discount Rate 2022 2021 Weighted-average remaining lease term (years) 8.08 8.16 Weighted-average discount rate 3.15 % 3.09 % Other information related to the Company’s operating leases are as follows: Other Information Nine Months Ended (in thousands) 2022 2021 Operating cash flows used for operating leases $ 22,025 $ 23,038 Right of use assets obtained in exchange for new $ 14,929 $ 20,109 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Shareholders' Equity (Deficit) | SHAREHOLDERS’ EQUITY (DEFICIT) Return of capital On July 28, 2022, the Board of Directors authorized a stock repurchase program (the “2022 Repurchase Program”) for the purchase of up to $1,000.0 million worth of shares of MSCI’s common stock in addition to the $539.1 million of authorization then remaining under a previously existing share repurchase program that was replaced by, and incorporated into, the 2022 Repurchase Program for a total of $1,539.1 million of stock repurchase authorization available under the 2022 Repurchase Program. Share repurchases made pursuant to the 2022 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 September 30, 2022, there was $1,374.5 million of available authorization remaining under the 2022 Repurchase Program. The following table provides information with respect to repurchases of the Company’s common stock made on the open market: Nine Months Ended Average Total Dollar (in thousands) September 30, 2022 $ 473.26 2,567 $ 1,214,695 September 30, 2021 $ 407.70 330 $ 134,340 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 2022 Three Months Ended March 31, $ 1.04 $ 87,280 $ 87,846 $ (566) Three Months Ended June 30, 1.04 84,593 84,189 404 Three Months Ended September 30, 1.25 101,354 100,849 505 Total $ 3.33 $ 273,227 $ 272,884 $ 343 2021 Three Months Ended March 31, $ 0.78 $ 65,947 $ 66,153 $ (206) Three Months Ended June 30, 0.78 64,863 64,489 374 Three Months Ended September 30, 1.04 86,476 85,961 515 Total $ 2.60 $ 217,286 $ 216,603 $ 683 Common Stock. The following table presents activity related to shares of common stock issued and repurchased during the nine months ended September 30, 2022: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2021 133,162,178 (50,722,729) 82,439,449 Dividend payable/paid 82 — 82 Common stock issued 417,508 — 417,508 Shares withheld for tax withholding — (190,766) (190,766) Shares repurchased under stock repurchase programs — (1,498,143) (1,498,143) Shares issued to directors 41 (41) — Balance at March 31, 2022 133,579,809 (52,411,679) 81,168,130 Dividend payable/paid 23 — 23 Common stock issued 20,178 — 20,178 Shares withheld for tax withholding — (9,749) (9,749) Shares repurchased under stock repurchase programs — (685,522) (685,522) Shares issued to directors 4,122 (924) 3,198 Balance at June 30, 2022 133,604,132 (53,107,874) 80,496,258 Dividend payable/paid — — — Common stock issued 16,678 — 16,678 Shares withheld for tax withholding — (8,812) (8,812) Shares repurchased under stock repurchase programs — (382,986) (382,986) Shares issued to directors 60 (60) — Balance at September 30, 2022 133,620,870 (53,499,732) 80,121,138 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company’s provision for income taxes was $122.6 million and $80.3 million for the nine months ended September 30, 2022 and 2021, respectively. These amounts reflect effective tax rates of 15.8% and 13.1% for the nine months ended September 30, 2022 and 2021, respectively. The effective tax rate of 15.8% for the nine months ended September 30, 2022 reflects the Company's estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $28.2 million, primarily related to $28.4 million of excess tax benefits recognized on share-based compensation vested during the period. The effective tax rate of 13.1% for the nine months ended September 30, 2021 reflects the Company's estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $49.3 million, primarily related to $22.7 million of excess tax benefits recognized on share-based compensation vested during the period and $15.2 million related to the tax impact of loss on debt extinguishment recognized during the period on the redemption of the Company’s 5.375% senior unsecured notes due 2027 (the “2027 Senior Notes”) and 4.750% senior unsecured notes due 2026 (the “2026 Senior Notes”). Also included in the discrete items is a $5.1 million benefit related to prior year settlements, a $2.3 million benefit related to the revaluation of deferred taxes as a result of the enactment of an increase in the UK corporate tax rate, a $2.0 million benefit related to the filing of prior year refund claims and $2.0 million of tax benefits related to other prior year items. The Company is under or open to 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 the United States in which the Company has significant operations, such as New York and California. The tax years currently under or open to examination vary by jurisdiction but include years ranging from 2008 onwards. 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. Based on the current status of income tax audits, the Company believes it is reasonably possible that the total amount of unrecognized benefits may decrease by approximately $29.4 million in the next twelve months as a result of the resolution of tax examinations. The Inflation Reduction Act of 2022 (“IRA”), enacted on August 16, 2022, is not currently anticipated to have a material impact on the Company’s provision for income taxes. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company has five operating segments: Index, Analytics, ESG and Climate, Real Assets and The Burgiss Group, LLC (“Burgiss”), which are presented as the following four reportable segments: Index, Analytics, ESG and Climate and All Other – Private Assets. During the three months ended June 30, 2022, the Company renamed the Real Estate operating segment to Real Assets. The Index operating segment offers equity and fixed income indexes. The indexes are used in many areas of the investment process, including indexed product creation (e.g., Exchange Traded Funds (“ETFs”), mutual funds, annuities, futures, options, structured products and over-the-counter derivatives), performance benchmarking, portfolio construction and rebalancing, 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 tools for analyzing market, credit, liquidity, counterparty and climate risk across all major asset classes, spanning short-, medium- and long-term time horizons. Clients access Analytics tools and content through MSCI’s 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 and Climate operating segment offers products and services that help institutional investors understand how ESG and climate considerations can impact the long-term risk and return of their portfolio and individual security-level investments. In addition, the ESG and Climate operating segment provides data, ratings, research and tools to help investors navigate increasing regulation, meet new client demands and better integrate ESG and climate elements into their investment processes. The Real Assets operating segment offers real estate market and transaction data, benchmarks, return-analytics, climate assessments and market insights for funds, investors, managers and other real estate market participants. In addition, Real Assets performance and risk analytics range from enterprise-wide to property-specific analysis. The Real Assets operating segment also provides business intelligence products 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. The Chief Operating Decision Maker (“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 certain non-recurring acquisition-related integration and transaction costs, 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 following table presents operating revenues by reportable segment for the periods indicated: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Operating revenues Index $ 322,240 $ 321,503 $ 973,948 $ 919,957 Analytics 144,915 136,298 426,396 406,217 ESG and Climate 57,595 43,691 164,752 117,749 All Other - Private Assets 35,889 15,607 107,294 49,779 Total $ 560,639 $ 517,099 $ 1,672,390 $ 1,493,702 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Index Adjusted EBITDA $ 245,967 $ 245,587 $ 737,012 $ 698,934 Analytics Adjusted EBITDA 67,634 50,291 181,484 145,836 ESG and Climate Adjusted EBITDA 15,910 9,820 42,334 20,585 All Other - Private Assets Adjusted EBITDA 11,450 897 29,819 12,775 Total operating segment profitability 340,961 306,595 990,649 878,130 Amortization of intangible assets 23,375 14,105 67,274 59,569 Depreciation and amortization of property, equipment and leasehold improvements 7,127 6,809 20,426 20,972 Acquisition-related integration and transaction costs (1) 928 5,451 4,059 5,451 Operating income 309,531 280,230 898,890 792,138 Other expense (income), net 40,327 79,580 120,711 179,765 Provision for income taxes 52,612 30,774 122,577 80,255 Net income $ 216,592 $ 169,876 $ 655,602 $ 532,118 ___________________________ (1) Incremental and non-recurring costs attributable to acquisitions directly related to the execution of the transaction and integration of the acquired business that have occurred no later than 12 months after the close of the transaction. Operating revenues by geography are based on the shipping address of the ultimate customer utilizing the product. The following table presents operating revenues by geographic area for the periods indicated: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Operating revenues Americas: United States $ 233,196 $ 213,756 $ 696,284 $ 611,226 Other 24,450 22,060 70,559 63,259 Total Americas 257,646 235,816 766,843 674,485 Europe, the Middle East and Africa ("EMEA"): United Kingdom 88,681 87,101 264,854 250,984 Other 125,607 113,102 379,695 332,554 Total EMEA 214,288 200,203 644,549 583,538 Asia & Australia: Japan 21,784 23,384 67,817 68,019 Other 66,921 57,696 193,181 167,660 Total Asia & Australia 88,705 81,080 260,998 235,679 Total $ 560,639 $ 517,099 $ 1,672,390 $ 1,493,702 Long-lived assets consist of property, equipment and leasehold improvements, right of use assets and internally developed capitalized software, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of September 30, December 31, 2022 2021 (in thousands) Long-lived assets Americas: United States $ 177,089 $ 167,870 Other 12,272 13,480 Total Americas 189,361 181,350 EMEA: United Kingdom 18,552 19,563 Other 22,376 34,240 Total EMEA 40,928 53,803 Asia & Australia: Japan 657 1,150 Other 34,930 31,873 Total Asia & Australia 35,587 33,023 Total $ 265,876 $ 268,176 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSSubsequent to the three months ended September 30, 2022 and through trade date of October 24, 2022, the Company repurchased an additional 0.2 million shares of common stock at an average price of $430.07 per share for a total value of $70.1 million.On October 24, 2022, the Board of Directors declared a quarterly cash dividend of $1.25 per share for the three months ending December 31, 2022 (“fourth quarter 2022”). The fourth quarter 2022 dividend is payable on November 30, 2022 to shareholders of record as of the close of trading on November 10, 2022 |
Introduction and Basis of Pre_2
Introduction and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 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 September 30, 2022 and December 31, 2021, the results of operations, comprehensive income and shareholders’ equity (deficit) for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2021 have been derived from the 2021 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, 2021. The results of operations for interim periods are not necessarily indicative of results for the entire year. |
Use of Estimates | The Company makes 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 operating revenues and expenses during the periods presented. Significant estimates and judgments made by management include such examples as assessment of impairment of goodwill and intangible assets and income taxes. 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. Inter-company balances and transactions are eliminated in consolidation. |
Concentrations | Concentrations For the nine months ended September 30, 2022 and 2021, BlackRock, Inc. (“BlackRock”) accounted for 10.5% and 12.9% of the Company’s consolidated operating revenues, respectively. For the nine months ended September 30, 2022 and 2021, BlackRock accounted for 17.7% and 20.6% of the Index segment’s operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics, ESG and Climate or All Other – Private Assets segments for the nine months ended September 30, 2022 and 2021. |
Recent Accounting Standards Updates | There are no pending accounting standards updates that are currently expected to have a material impact on the Company. |
Introduction and Basis of Pre_3
Introduction and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts from December 31, 2020 to September 30, 2022 were as follows: Amount (in thousands) Balance as of December 31, 2020 $ 1,583 Addition (reduction) to credit loss expense 1,210 Write-offs, net of recoveries (456) Balance as of December 31, 2021 $ 2,337 Addition (reduction) to credit loss expense 855 Adjustments and write-offs, net of recoveries (569) Balance as of September 30, 2022 $ 2,623 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Operating Revenue | The tables that follow present the disaggregated operating revenues for the periods indicated: For the Three Months Ended September 30, 2022 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 185,531 $ 142,751 $ 56,353 $ 35,581 $ 420,216 Asset-based fees 125,620 — — — 125,620 Non-recurring 11,089 2,164 1,242 308 14,803 Total $ 322,240 $ 144,915 $ 57,595 $ 35,889 $ 560,639 For the Nine Months Ended September 30, 2022 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 539,740 $ 420,047 $ 160,962 $ 106,276 $ 1,227,025 Asset-based fees 402,889 — — — 402,889 Non-recurring 31,319 6,349 3,790 1,018 42,476 Total $ 973,948 $ 426,396 $ 164,752 $ 107,294 $ 1,672,390 For the Three Months Ended September 30, 2021 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 165,310 $ 134,320 $ 42,592 $ 15,418 $ 357,640 Asset-based fees 141,745 — — — 141,745 Non-recurring 14,448 1,978 1,099 189 17,714 Total $ 321,503 $ 136,298 $ 43,691 $ 15,607 $ 517,099 For the Nine Months Ended September 30, 2021 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 480,488 $ 399,360 $ 115,299 $ 48,355 $ 1,043,502 Asset-based fees 404,593 — — — 404,593 Non-recurring 34,876 6,857 2,450 1,424 45,607 Total $ 919,957 $ 406,217 $ 117,749 $ 49,779 $ 1,493,702 |
Schedule of Change in Accounts Receivable and Current Deferred Revenue | The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated: Accounts receivable, net Deferred revenue (in thousands) Opening (December 31, 2021) $ 664,511 $ 824,912 Closing (September 30, 2022) 525,360 735,710 Increase/(decrease) $ (139,151) $ (89,202) Accounts receivable, net Deferred revenue (in thousands) Opening (December 31, 2020) $ 558,569 $ 675,870 Closing (September 30, 2021) 496,726 643,352 Increase/(decrease) $ (61,843) $ (32,518) |
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 September 30, 2022 (in thousands) First 12-month period $ 572,644 Second 12-month period 332,957 Third 12-month period 138,779 Periods thereafter 84,390 Total $ 1,128,770 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the computation of basic and diluted EPS: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except per share data) Net income $ 216,592 $ 169,876 $ 655,602 $ 532,118 Basic weighted average common shares outstanding 80,500 82,470 81,001 82,521 Effect of dilutive securities: PSUs, RSUs and PSOs 374 1,084 480 925 Diluted weighted average common shares outstanding 80,874 83,554 81,481 83,446 Earnings per common share: Basic $ 2.69 $ 2.06 $ 8.09 $ 6.45 Diluted $ 2.68 $ 2.03 $ 8.05 $ 6.38 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Components of Preliminary Purchase Price Allocation | The table below represents the final purchase price allocation to total assets acquired and liabilities assumed based on their respective estimated fair values as of September 13, 2021 and the associated estimated useful lives at that date. In the fourth quarter of 2021, the Company early adopted ASU 2021-08, which resulted in an increase to deferred revenue and goodwill and a decrease in deferred tax liabilities recorded as of the opening balance sheet date. Estimated Fair Value (in thousands) Accounts receivable $ 9,700 Other current assets 3,721 Property, equipment and leasehold improvements, net 1,204 Right of use assets 6,441 Other non-current assets 3,398 Deferred revenue (35,194) Other current liabilities (15,525) Long-term operating lease liabilities (4,849) Deferred tax liabilities (83,737) Other non-current liabilities (223) Intangible assets: Proprietary data 11 years 185,500 Customer relationships 20 years 175,800 Acquired technology and software 9 years 31,500 Trademarks 2 years 890 Goodwill 670,333 Purchase price, net of cash acquired $ 948,959 |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 dates indicated: As of September 30, December 31, 2022 2021 (in thousands) Computer & related equipment $ 178,523 $ 179,557 Furniture & fixtures 13,451 14,194 Leasehold improvements 54,183 56,308 Work-in-process 2,105 2,699 Subtotal 248,262 252,758 Accumulated depreciation and amortization (193,921) (186,043) Property, equipment and leasehold improvements, net $ 54,341 $ 66,715 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Change to Company's Goodwill | The following table presents goodwill by reportable segment: (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Goodwill at December 31, 2021 $ 1,205,443 $ 290,976 $ 48,047 $ 691,920 $ 2,236,386 Acquisitions (1) — — — (541) (541) Foreign exchange translation adjustment (6,003) — — (3,701) (9,704) Goodwill at September 30, 2022 $ 1,199,440 $ 290,976 $ 48,047 $ 687,678 $ 2,226,141 ___________________________ (1) Reflects the impact of measurement period adjustments associated with the acquisition of RCA. |
Schedule of Amortization Expense Related to Intangible Assets by Category | The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated: Three Months Ended Nine Months Ended (in thousands) 2022 2021 2022 2021 Amortization expense of acquired intangible assets $ 15,810 $ 9,602 $ 47,562 $ 26,346 Amortization expense of internally developed capitalized software 7,565 4,503 19,712 17,210 Write-off of internally developed capitalized software — — — 16,013 Total amortization of intangible assets expense $ 23,375 $ 14,105 $ 67,274 $ 59,569 |
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 September 30, December 31, 2022 2021 (in thousands) Gross intangible assets: Customer relationships $ 532,500 $ 532,400 Proprietary data 220,778 220,639 Acquired technology and software 209,220 209,220 Trademarks 208,190 208,190 Internally developed capitalized software 150,480 106,181 Subtotal 1,321,168 1,276,630 Foreign exchange translation adjustment (16,875) (5,782) Total gross intangible assets $ 1,304,293 $ 1,270,848 Accumulated amortization: Customer relationships $ (300,800) $ (277,865) Proprietary data (37,034) (22,678) Acquired technology and software (178,805) (175,718) Trademarks (159,650) (152,468) Internally developed capitalized software (69,214) (49,394) Subtotal (745,503) (678,123) Foreign exchange translation adjustment 6,791 616 Total accumulated amortization $ (738,712) $ (677,507) Net intangible assets: Customer relationships $ 231,700 $ 254,535 Proprietary data 183,744 197,961 Acquired technology and software 30,415 33,502 Trademarks 48,540 55,722 Internally developed capitalized software 81,266 56,787 Subtotal 575,665 598,507 Foreign exchange translation adjustment (10,083) (5,166) Total net intangible assets $ 565,582 $ 593,341 |
Estimated Amortization Expense for Remainder of 2022 and Succeeding Years | The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2022 and succeeding years: Years Ending December 31, Amortization (in thousands) Remainder of 2022 $ 24,562 2023 94,309 2024 87,153 2025 60,949 2026 37,318 Thereafter 261,291 Total $ 565,582 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Senior Unsecured Notes | As of September 30, 2022, the Company had outstanding an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) and an aggregate of $350.0 million in senior unsecured tranche A term loans (the “Tranche A Term Loans”) under the term loan A facility (the “TLA Facility”), as presented in the table below: Principal Carrying Carrying Fair Fair Maturity Date September 30, 2022 September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (in thousands) Debt 4.000% senior unsecured notes due 2029 November 15, 2029 1,000,000 992,273 991,455 864,190 1,047,950 3.625% senior unsecured notes due 2030 September 1, 2030 900,000 894,760 894,263 753,471 924,777 3.875% senior unsecured notes due 2031 February 15, 2031 1,000,000 990,793 989,973 842,510 1,046,620 3.625% senior unsecured notes due 2031 November 1, 2031 600,000 594,031 593,538 483,858 625,536 3.250% senior unsecured notes due 2033 August 15, 2033 700,000 692,695 692,193 540,778 710,906 Variable rate Tranche A Term Loans due 2027 February 16, 2027 350,000 348,450 — 348,250 — Total debt $ 4,550,000 $ 4,513,002 $ 4,161,422 $ 3,833,057 $ 4,355,789 |
Schedule of Interest Payments Due Attributable to Outstanding indebtedness | Interest payments attributable to the Company’s outstanding indebtedness are due as presented in the following table: Interest payment frequency First interest Senior Notes and Tranche A Term Loans 4.000% senior unsecured notes due 2029 Semi-Annual May 15 3.625% senior unsecured notes due 2030 Semi-Annual March 1 3.875% senior unsecured notes due 2031 Semi-Annual June 1 3.625% senior unsecured notes due 2031 Semi-Annual May 1 3.250% senior unsecured notes due 2033 Semi-Annual February 15 Variable rate Tranche A Term Loans due 2027 1 Quarterly October 15 ___________________________ (1) The first payment occurred on October 15, 2022. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Summary of Maturities of Operating Lease Liability | Maturities of the Company’s operating lease liabilities as of September 30, 2022 are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases Remainder of 2022 $ 5,395 2023 28,346 2024 23,457 2025 22,273 2026 20,736 Thereafter 82,118 Total lease payments $ 182,325 Less: Interest (22,924) Present value of lease liabilities $ 159,401 Other accrued liabilities $ 22,136 Long-term operating lease liabilities $ 137,265 |
Summary of Weighted-Average Remaining Lease Term and Discount Rate Under Operating Leases | Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: As of September 30, December 31, Lease Term and Discount Rate 2022 2021 Weighted-average remaining lease term (years) 8.08 8.16 Weighted-average discount rate 3.15 % 3.09 % |
Summary of Other Information Under Operating Leases | Other information related to the Company’s operating leases are as follows: Other Information Nine Months Ended (in thousands) 2022 2021 Operating cash flows used for operating leases $ 22,025 $ 23,038 Right of use assets obtained in exchange for new $ 14,929 $ 20,109 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: Nine Months Ended Average Total Dollar (in thousands) September 30, 2022 $ 473.26 2,567 $ 1,214,695 September 30, 2021 $ 407.70 330 $ 134,340 |
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 2022 Three Months Ended March 31, $ 1.04 $ 87,280 $ 87,846 $ (566) Three Months Ended June 30, 1.04 84,593 84,189 404 Three Months Ended September 30, 1.25 101,354 100,849 505 Total $ 3.33 $ 273,227 $ 272,884 $ 343 2021 Three Months Ended March 31, $ 0.78 $ 65,947 $ 66,153 $ (206) Three Months Ended June 30, 0.78 64,863 64,489 374 Three Months Ended September 30, 1.04 86,476 85,961 515 Total $ 2.60 $ 217,286 $ 216,603 $ 683 |
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 nine months ended September 30, 2022: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2021 133,162,178 (50,722,729) 82,439,449 Dividend payable/paid 82 — 82 Common stock issued 417,508 — 417,508 Shares withheld for tax withholding — (190,766) (190,766) Shares repurchased under stock repurchase programs — (1,498,143) (1,498,143) Shares issued to directors 41 (41) — Balance at March 31, 2022 133,579,809 (52,411,679) 81,168,130 Dividend payable/paid 23 — 23 Common stock issued 20,178 — 20,178 Shares withheld for tax withholding — (9,749) (9,749) Shares repurchased under stock repurchase programs — (685,522) (685,522) Shares issued to directors 4,122 (924) 3,198 Balance at June 30, 2022 133,604,132 (53,107,874) 80,496,258 Dividend payable/paid — — — Common stock issued 16,678 — 16,678 Shares withheld for tax withholding — (8,812) (8,812) Shares repurchased under stock repurchase programs — (382,986) (382,986) Shares issued to directors 60 (60) — Balance at September 30, 2022 133,620,870 (53,499,732) 80,121,138 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Operating Revenues by Reportable Segment | The following table presents operating revenues by reportable segment for the periods indicated: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Operating revenues Index $ 322,240 $ 321,503 $ 973,948 $ 919,957 Analytics 144,915 136,298 426,396 406,217 ESG and Climate 57,595 43,691 164,752 117,749 All Other - Private Assets 35,889 15,607 107,294 49,779 Total $ 560,639 $ 517,099 $ 1,672,390 $ 1,493,702 |
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 Nine Months Ended 2022 2021 2022 2021 (in thousands) Index Adjusted EBITDA $ 245,967 $ 245,587 $ 737,012 $ 698,934 Analytics Adjusted EBITDA 67,634 50,291 181,484 145,836 ESG and Climate Adjusted EBITDA 15,910 9,820 42,334 20,585 All Other - Private Assets Adjusted EBITDA 11,450 897 29,819 12,775 Total operating segment profitability 340,961 306,595 990,649 878,130 Amortization of intangible assets 23,375 14,105 67,274 59,569 Depreciation and amortization of property, equipment and leasehold improvements 7,127 6,809 20,426 20,972 Acquisition-related integration and transaction costs (1) 928 5,451 4,059 5,451 Operating income 309,531 280,230 898,890 792,138 Other expense (income), net 40,327 79,580 120,711 179,765 Provision for income taxes 52,612 30,774 122,577 80,255 Net income $ 216,592 $ 169,876 $ 655,602 $ 532,118 ___________________________ (1) Incremental and non-recurring costs attributable to acquisitions directly related to the execution of the transaction and integration of the acquired business that have occurred no later than 12 months after the close of the transaction. |
Operating Revenues by Geographic Area | Operating revenues by geography are based on the shipping address of the ultimate customer utilizing the product. The following table presents operating revenues by geographic area for the periods indicated: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands) Operating revenues Americas: United States $ 233,196 $ 213,756 $ 696,284 $ 611,226 Other 24,450 22,060 70,559 63,259 Total Americas 257,646 235,816 766,843 674,485 Europe, the Middle East and Africa ("EMEA"): United Kingdom 88,681 87,101 264,854 250,984 Other 125,607 113,102 379,695 332,554 Total EMEA 214,288 200,203 644,549 583,538 Asia & Australia: Japan 21,784 23,384 67,817 68,019 Other 66,921 57,696 193,181 167,660 Total Asia & Australia 88,705 81,080 260,998 235,679 Total $ 560,639 $ 517,099 $ 1,672,390 $ 1,493,702 |
Long-Lived Assets by Geographic Area | Long-lived assets consist of property, equipment and leasehold improvements, right of use assets and internally developed capitalized software, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of September 30, December 31, 2022 2021 (in thousands) Long-lived assets Americas: United States $ 177,089 $ 167,870 Other 12,272 13,480 Total Americas 189,361 181,350 EMEA: United Kingdom 18,552 19,563 Other 22,376 34,240 Total EMEA 40,928 53,803 Asia & Australia: Japan 657 1,150 Other 34,930 31,873 Total Asia & Australia 35,587 33,023 Total $ 265,876 $ 268,176 |
Introduction and Basis of Pre_4
Introduction and Basis of Presentation - Narrative (Detail) - Sales Revenue, Services, Net - Customer Concentration Risk - Blackrock Inc | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Introduction And Basis Of Presentation [Line Items] | ||
Percentage of operating revenues accounted for by major customer | 10.50% | 12.90% |
Index | ||
Introduction And Basis Of Presentation [Line Items] | ||
Percentage of operating revenues accounted for by major customer | 17.70% | 20.60% |
Introduction and Basis of Pre_5
Introduction and Basis of Presentation - Changes in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of year | $ 2,337 | $ 1,583 |
Addition (reduction) to credit loss expense | 855 | 1,210 |
Adjustments and write-offs, net of recoveries | (569) | (456) |
Balance at ending of year | $ 2,623 | $ 2,337 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Operating Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | $ 560,639 | $ 517,099 | $ 1,672,390 | $ 1,493,702 |
Index | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 322,240 | 321,503 | 973,948 | 919,957 |
Analytics | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 144,915 | 136,298 | 426,396 | 406,217 |
ESG and Climate | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 57,595 | 43,691 | 164,752 | 117,749 |
All Other - Private Assets | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 35,889 | 15,607 | 107,294 | 49,779 |
Recurring Subscriptions | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 420,216 | 357,640 | 1,227,025 | 1,043,502 |
Recurring Subscriptions | Index | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 185,531 | 165,310 | 539,740 | 480,488 |
Recurring Subscriptions | Analytics | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 142,751 | 134,320 | 420,047 | 399,360 |
Recurring Subscriptions | ESG and Climate | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 56,353 | 42,592 | 160,962 | 115,299 |
Recurring Subscriptions | All Other - Private Assets | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 35,581 | 15,418 | 106,276 | 48,355 |
Asset-based Fees | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 125,620 | 141,745 | 402,889 | 404,593 |
Asset-based Fees | Index | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 125,620 | 141,745 | 402,889 | 404,593 |
Asset-based Fees | Analytics | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 0 | 0 | 0 | 0 |
Asset-based Fees | ESG and Climate | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 0 | 0 | 0 | 0 |
Asset-based Fees | All Other - Private Assets | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 0 | 0 | 0 | 0 |
Non-recurring | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 14,803 | 17,714 | 42,476 | 45,607 |
Non-recurring | Index | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 11,089 | 14,448 | 31,319 | 34,876 |
Non-recurring | Analytics | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 2,164 | 1,978 | 6,349 | 6,857 |
Non-recurring | ESG and Climate | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | 1,242 | 1,099 | 3,790 | 2,450 |
Non-recurring | All Other - Private Assets | ||||
Disaggregation Of Revenue [Line Items] | ||||
Operating revenues | $ 308 | $ 189 | $ 1,018 | $ 1,424 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Change in Accounts Receivable and Current Deferred Revenue (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, beginning balance | $ 664,511 | $ 558,569 |
Accounts receivable, ending balance | 525,360 | 496,726 |
Accounts receivable, increase/(decrease) | (139,151) | (61,843) |
Deferred revenue, beginning balance | 824,912 | 675,870 |
Deferred revenue, ending balance | 735,710 | 643,352 |
Deferred revenue, increase/(decrease) | $ (89,202) | $ (32,518) |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Revenue Recognition [Line Items] | |||||
Revenue recognized during period included in deferred revenue | $ 149.4 | $ 145.2 | $ 722 | $ 623.8 | |
Disclosure of remaining performance policy | 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. | ||||
Other Non-Current Liabilities | |||||
Revenue Recognition [Line Items] | |||||
Long-term deferred revenue | $ 27.7 | $ 27.7 | $ 23.4 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Remaining Performance Obligations (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 1,128,770 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 572,644 |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 332,957 |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 138,779 |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-10-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance, expected timing of satisfaction | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 84,390 |
Remaining performance, expected timing of satisfaction |
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 | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 216,592 | $ 210,587 | $ 228,423 | $ 169,876 | $ 165,423 | $ 196,819 | $ 655,602 | $ 532,118 |
Basic weighted average common shares outstanding (in shares) | 80,500 | 82,470 | 81,001 | 82,521 | ||||
Basic weighted average common shares outstanding | ||||||||
PSUs, RSUs and PSOs (in shares) | 374 | 1,084 | 480 | 925 | ||||
Diluted (in USD per share) | 80,874 | 83,554 | 81,481 | 83,446 | ||||
Earnings per share: | ||||||||
Basic (in USD per share) | $ 2.69 | $ 2.06 | $ 8.09 | $ 6.45 | ||||
Diluted (in USD per share) | $ 2.68 | $ 2.03 | $ 8.05 | $ 6.38 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 13, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | |||||
Operating revenues | $ 560,639 | $ 517,099 | $ 1,672,390 | $ 1,493,702 | |
RCA | |||||
Business Acquisition [Line Items] | |||||
Aggregate cash purchase price | $ 949,000 | ||||
Operating revenues | $ 21,300 | $ 59,800 |
Acquisitions - Components of Pr
Acquisitions - Components of Preliminary Purchase Price Allocation (Detail) - USD ($) $ in Thousands | Sep. 13, 2021 | Sep. 30, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | |||
Goodwill | $ 2,226,141 | $ 2,236,386 | |
RCA | |||
Business Acquisition [Line Items] | |||
Accounts receivable | $ 9,700 | ||
Other current assets | 3,721 | ||
Property, equipment and leasehold improvements, net | 1,204 | ||
Right of use assets | 6,441 | ||
Other non-current assets | 3,398 | ||
Deferred revenue | (35,194) | ||
Other current liabilities | (15,525) | ||
Long-term operating lease liabilities | (4,849) | ||
Deferred tax liabilities | (83,737) | ||
Other non-current liabilities | (223) | ||
Goodwill | 670,333 | ||
Purchase price, net of cash acquired | 948,959 | ||
RCA | Proprietary data | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 185,500 | ||
Estimated Useful Life | 11 years | ||
RCA | Customer relationships | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 175,800 | ||
Estimated Useful Life | 20 years | ||
RCA | Acquired technology and software | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 31,500 | ||
Estimated Useful Life | 9 years | ||
RCA | Trademarks | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 890 | ||
Estimated Useful Life | 2 years |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements, Net - Schedule of Property, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Abstract] | ||
Computer & related equipment | $ 178,523 | $ 179,557 |
Furniture & fixtures | 13,451 | 14,194 |
Leasehold improvements | 54,183 | 56,308 |
Work-in-process | 2,105 | 2,699 |
Subtotal | 248,262 | 252,758 |
Accumulated depreciation and amortization | (193,921) | (186,043) |
Property, equipment and leasehold improvements, net | $ 54,341 | $ 66,715 |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements, Net - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation and amortization of property, equipment and leasehold improvements | $ 7,127 | $ 6,809 | $ 20,426 | $ 20,972 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Net - Schedule of Change to Company's Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 2,236,386 |
Acquisitions | (541) |
Foreign exchange translation adjustment | (9,704) |
Goodwill, ending balance | 2,226,141 |
Index | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,205,443 |
Acquisitions | 0 |
Foreign exchange translation adjustment | (6,003) |
Goodwill, ending balance | 1,199,440 |
Analytics | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 290,976 |
Acquisitions | 0 |
Foreign exchange translation adjustment | 0 |
Goodwill, ending balance | 290,976 |
ESG and Climate | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 48,047 |
Acquisitions | 0 |
Foreign exchange translation adjustment | 0 |
Goodwill, ending balance | 48,047 |
All Other - Private Assets | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 691,920 |
Acquisitions | (541) |
Foreign exchange translation adjustment | (3,701) |
Goodwill, ending balance | $ 687,678 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets, Net - Schedule of Amortization Expense Related to Intangible Assets by Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 23,375 | $ 14,105 | $ 67,274 | $ 59,569 |
Amortization expense of acquired intangible assets | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 15,810 | 9,602 | 47,562 | 26,346 |
Amortization expense of internally developed capitalized software | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 7,565 | 4,503 | 19,712 | 17,210 |
Write-off of internally developed capitalized software | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 0 | $ 0 | $ 0 | $ 16,013 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | $ 1,321,168 | $ 1,276,630 |
Foreign exchange translation adjustment | (16,875) | (5,782) |
Total gross intangible assets | 1,304,293 | 1,270,848 |
Accumulated amortization excluding foreign exchange translation adjustment | (745,503) | (678,123) |
Foreign exchange translation adjustment | 6,791 | 616 |
Total accumulated amortization | (738,712) | (677,507) |
Net carrying value excluding foreign exchange translation adjustment | 575,665 | 598,507 |
Foreign exchange translation adjustment | (10,083) | (5,166) |
Total net intangible assets | 565,582 | 593,341 |
Customer relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 532,500 | 532,400 |
Accumulated amortization excluding foreign exchange translation adjustment | (300,800) | (277,865) |
Net carrying value excluding foreign exchange translation adjustment | 231,700 | 254,535 |
Proprietary data | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 220,778 | 220,639 |
Accumulated amortization excluding foreign exchange translation adjustment | (37,034) | (22,678) |
Net carrying value excluding foreign exchange translation adjustment | 183,744 | 197,961 |
Acquired technology and software | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 209,220 | 209,220 |
Accumulated amortization excluding foreign exchange translation adjustment | (178,805) | (175,718) |
Net carrying value excluding foreign exchange translation adjustment | 30,415 | 33,502 |
Trademarks | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 208,190 | 208,190 |
Accumulated amortization excluding foreign exchange translation adjustment | (159,650) | (152,468) |
Net carrying value excluding foreign exchange translation adjustment | 48,540 | 55,722 |
Amortization expense of internally developed capitalized software | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 150,480 | 106,181 |
Accumulated amortization excluding foreign exchange translation adjustment | (69,214) | (49,394) |
Net carrying value excluding foreign exchange translation adjustment | $ 81,266 | $ 56,787 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets, Net - Estimated Amortization Expense for Remainder of 2022 and Succeeding Years (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2022 | $ 24,562 | |
2023 | 94,309 | |
2024 | 87,153 | |
2025 | 60,949 | |
2026 | 37,318 | |
Thereafter | 261,291 | |
Total net intangible assets | $ 565,582 | $ 593,341 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Senior Unsecured Notes (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Principal Amount Outstanding | $ 4,550,000,000 | |
Carrying Value | 4,513,002,000 | $ 4,161,422,000 |
Fair Value | $ 3,833,057,000 | 4,355,789,000 |
4.000% senior unsecured notes due 2029 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 400% | |
Maturity Date | Nov. 15, 2029 | |
Principal Amount Outstanding | $ 1,000,000,000 | |
Carrying Value | 992,273,000 | 991,455,000 |
Fair Value | $ 864,190,000 | 1,047,950,000 |
3.625% senior unsecured notes due 2030 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 362.50% | |
Maturity Date | Sep. 01, 2030 | |
Principal Amount Outstanding | $ 900,000,000 | |
Carrying Value | 894,760,000 | 894,263,000 |
Fair Value | $ 753,471,000 | 924,777,000 |
3.875% senior unsecured notes due 2031 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 387.50% | |
Maturity Date | Feb. 15, 2031 | |
Principal Amount Outstanding | $ 1,000,000,000 | |
Carrying Value | 990,793,000 | 989,973,000 |
Fair Value | $ 842,510,000 | 1,046,620,000 |
3.625% senior unsecured notes due 2031 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 362.50% | |
Maturity Date | Nov. 01, 2031 | |
Principal Amount Outstanding | $ 600,000,000 | |
Carrying Value | 594,031,000 | 593,538,000 |
Fair Value | $ 483,858,000 | 625,536,000 |
3.250% senior unsecured notes due 2033 | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 325% | |
Maturity Date | Aug. 15, 2033 | |
Principal Amount Outstanding | $ 700,000,000 | |
Carrying Value | 692,695,000 | 692,193,000 |
Fair Value | $ 540,778,000 | 710,906,000 |
Variable rate Tranche A Term Loans due 2027 | ||
Debt Instrument [Line Items] | ||
Maturity Date | Feb. 16, 2027 | |
Principal Amount Outstanding | $ 350,000,000 | |
Carrying Value | 348,450,000 | 0 |
Fair Value | $ 348,250,000 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Jun. 09, 2022 | |
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument principal amount | $ 4,550,000,000 | |
Prepaid and Other Assets | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Deferred financing fees and premium remain unamortized | 500,000 | |
Other Non-Current Assets | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Deferred financing fees and premium remain unamortized | 1,800,000 | |
Long-term Debt | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Deferred financing fees and premium remain unamortized | $ 37,000,000 | |
Revolving Loan Commitments | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | |
Base Rate Loans | Minimum | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
Base Rate Loans | Maximum | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument, basis spread on variable rate | 1% | |
SOFR Loans | Minimum | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.50% | |
SOFR Loans | Maximum | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument, basis spread on variable rate | 2% | |
Variable rate Tranche A Term Loans due 2027 | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument principal amount | $ 350,000,000 | |
Debt instrument maturity | Feb. 16, 2027 | |
Interest rate on TLA Facility | 4.29% | |
Senior Unsecured Notes | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument principal amount | $ 4,200,000,000 | |
TLA Facility | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument principal amount | 350,000,000 | |
Senior Notes and Revolving Credit Facility | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Deferred financing fees and premium remain unamortized | $ 39,300,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Interest Payments Due Attributable to Outstanding Indebtedness (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
4.000% senior unsecured notes due 2029 | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 400% |
Interest payment frequency | Semi-Annual |
First interest payment date | --05-15 |
3.625% senior unsecured notes due 2030 | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 362.50% |
Interest payment frequency | Semi-Annual |
First interest payment date | --03-01 |
3.875% senior unsecured notes due 2031 | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 387.50% |
Interest payment frequency | Semi-Annual |
First interest payment date | --06-01 |
3.625% senior unsecured notes due 2031 | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 362.50% |
Interest payment frequency | Semi-Annual |
First interest payment date | --05-01 |
3.250% senior unsecured notes due 2033 | |
Debt Instrument [Line Items] | |
Debt instrument interest rate | 325% |
Interest payment frequency | Semi-Annual |
First interest payment date | --02-15 |
Variable rate Tranche A Term Loans due 2027 | |
Debt Instrument [Line Items] | |
Interest payment frequency | Quarterly |
First interest payment date | --10-15 |
Leases - Narrative (Detail)
Leases - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease, expense | $ 7.3 | $ 7.6 | $ 22.4 | $ 22.7 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liability (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Maturity of Lease Liabilities | ||
Remainder of 2022 | $ 5,395 | |
2023 | 28,346 | |
2024 | 23,457 | |
2025 | 22,273 | |
2026 | 20,736 | |
Thereafter | 82,118 | |
Total lease payments | 182,325 | |
Less: Interest | (22,924) | |
Present value of lease liabilities | 159,401 | |
Other accrued liabilities | 22,136 | |
Long-term operating lease liabilities | $ 137,265 | $ 150,029 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Remaining Lease Term and Discount Rate Under Operating Leases (Detail) | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 8 years 29 days | 8 years 1 month 28 days |
Weighted-average discount rate | 3.15% | 3.09% |
Leases - Summary of Other Infor
Leases - Summary of Other Information Under Operating Lease (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||
Operating cash flows used for operating leases | $ 22,025 | $ 23,038 |
Right of use assets obtained in exchange for new operating lease liabilities | $ 14,929 | $ 20,109 |
Shareholders' Equity (Deficit_2
Shareholders' Equity (Deficit) - Narrative (Detail) - USD ($) | Sep. 30, 2022 | Jul. 28, 2022 |
Two Thousand Twenty Two Repurchase Program | ||
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 | $ 1,374,500,000 | 1,539,100,000 |
2020 Repurchase Program | ||
Equity, Class of Treasury Stock [Line Items] | ||
Stock repurchase program, remaining authorized repurchase amount | $ 539,100,000 |
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 | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Dollar Value of Shares Repurchased | $ 165,044 | $ 276,994 | $ 772,657 | $ 0 | $ 0 | $ 134,340 | ||
Open Market Purchases of Common Stock | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Average Price Paid Per Share (USD per Share) | $ 473.26 | $ 407.70 | ||||||
Total Number of Shares Repurchased | 2,567 | 330 | ||||||
Dollar Value of Shares Repurchased | $ 1,214,695 | $ 134,340 |
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 | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||||||||
Dividend declared per common share (in USD per share) | $ 1.25 | $ 1.04 | $ 1.04 | $ 1.04 | $ 0.78 | $ 0.78 | $ 3.33 | $ 2.60 |
Cash dividends declared | $ 101,354 | $ 84,593 | $ 87,280 | $ 86,476 | $ 64,863 | $ 65,947 | $ 273,227 | $ 217,286 |
Cash dividends distributed | 100,849 | 84,189 | 87,846 | 85,961 | 64,489 | 66,153 | 272,884 | 216,603 |
Cash dividends (released)/deferred | $ 505 | $ 404 | $ (566) | $ 515 | $ 374 | $ (206) | $ 343 | $ 683 |
Shareholders' Equity (Deficit_5
Shareholders' Equity (Deficit) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | |
Treasury Stock | ||||
Movement In Equity Shares [Roll Forward] | ||||
Beginning balance (in shares) | (53,107,874) | (52,411,679) | (50,722,729) | (50,722,729) |
Shares withheld for tax withholding (in shares) | (8,812) | (9,749) | (190,766) | |
Shares repurchased under stock repurchase programs (in shares) | (382,986) | (685,522) | (1,498,143) | |
Shares issued to directors (in shares) | (60) | (924) | (41) | |
Ending balance (in shares) | (53,499,732) | (53,107,874) | (52,411,679) | (53,499,732) |
Common Stock Issued | ||||
Movement In Equity Shares [Roll Forward] | ||||
Beginning balance (in shares) | 133,604,132 | 133,579,809 | 133,162,178 | 133,162,178 |
Dividend payable/paid (in shares) | 23 | 82 | ||
Common stock issued (in shares) | 16,678 | 20,178 | 417,508 | |
Shares issued to directors (in shares) | 60 | 4,122 | 41 | |
Ending balance (in shares) | 133,620,870 | 133,604,132 | 133,579,809 | 133,620,870 |
Common Stock Outstanding | ||||
Movement In Equity Shares [Roll Forward] | ||||
Beginning balance (in shares) | 80,496,258 | 81,168,130 | 82,439,449 | 82,439,449 |
Dividend payable/paid (in shares) | 23 | 82 | ||
Common stock issued (in shares) | 16,678 | 20,178 | 417,508 | |
Shares withheld for tax withholding (in shares) | (8,812) | (9,749) | (190,766) | |
Shares repurchased under stock repurchase programs (in shares) | (382,986) | (685,522) | (1,498,143) | |
Shares issued to directors (in shares) | 3,198 | |||
Ending balance (in shares) | 80,121,138 | 80,496,258 | 81,168,130 | 80,121,138 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||||
Provision for income taxes | $ 52,612 | $ 30,774 | $ 122,577 | $ 80,255 |
Effective tax rate | 15.80% | 13.10% | ||
Amounts effect on effective tax rate | $ 28,200 | $ 49,300 | $ 28,200 | $ 49,300 |
Amount of excess tax benefits recognized on share-based compensation vested | 28,400 | 22,700 | ||
Tax Impact of loss on debt extinguishment | 15,200 | |||
Tax benefit related to prior year settlements | 5,100 | |||
Tax benefit related to revaluation of deferred tax assets | 2,300 | |||
Tax benefit from filing of prior year refund claims | 2,000 | |||
Tax benefit from other prior year earnings | $ 2,000 | |||
Decrease in unrecognized tax benefit | $ 29,400 | |||
Five Point Three Seven Five Percent Senior Unsecured Notes Due Two Thousand Twenty Seven | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate | 5.375% | 5.375% | ||
Four Point Seven Five Zero Percent Senior Unsecured Notes Due Two Thousand Twenty Six | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate | 4.75% | 4.75% |
Segment Information - Narrative
Segment Information - Narrative (Detail) | 9 Months Ended |
Sep. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 5 |
Number of reportable segments | 4 |
Segment Information - Operating
Segment Information - Operating Revenues by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | $ 560,639 | $ 517,099 | $ 1,672,390 | $ 1,493,702 |
Index | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | 322,240 | 321,503 | 973,948 | 919,957 |
Analytics | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | 144,915 | 136,298 | 426,396 | 406,217 |
ESG and Climate | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | 57,595 | 43,691 | 164,752 | 117,749 |
All Other - Private Assets | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating revenues | $ 35,889 | $ 15,607 | $ 107,294 | $ 49,779 |
Segment Information - Segment P
Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDA | $ 340,961 | $ 306,595 | $ 990,649 | $ 878,130 | ||||
Amortization of intangible assets | 23,375 | 14,105 | 67,274 | 59,569 | ||||
Depreciation and amortization of property, equipment and leasehold improvements | 7,127 | 6,809 | 20,426 | 20,972 | ||||
Acquisition-related integration and transaction costs | 928 | 5,451 | 4,059 | 5,451 | ||||
Operating income | 309,531 | 280,230 | 898,890 | 792,138 | ||||
Other expense (income), net | 40,327 | 79,580 | 120,711 | 179,765 | ||||
Provision for income taxes | 52,612 | 30,774 | 122,577 | 80,255 | ||||
Net income | 216,592 | $ 210,587 | $ 228,423 | 169,876 | $ 165,423 | $ 196,819 | 655,602 | 532,118 |
Index | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDA | 245,967 | 245,587 | 737,012 | 698,934 | ||||
Analytics | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDA | 67,634 | 50,291 | 181,484 | 145,836 | ||||
ESG and Climate | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDA | 15,910 | 9,820 | 42,334 | 20,585 | ||||
All Other - Private Assets | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Adjusted EBITDA | $ 11,450 | $ 897 | $ 29,819 | $ 12,775 |
Segment Information - Operati_2
Segment Information - Operating Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | $ 560,639 | $ 517,099 | $ 1,672,390 | $ 1,493,702 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 233,196 | 213,756 | 696,284 | 611,226 |
Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 24,450 | 22,060 | 70,559 | 63,259 |
Total Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 257,646 | 235,816 | 766,843 | 674,485 |
United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 88,681 | 87,101 | 264,854 | 250,984 |
Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 125,607 | 113,102 | 379,695 | 332,554 |
Total EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 214,288 | 200,203 | 644,549 | 583,538 |
Japan | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 21,784 | 23,384 | 67,817 | 68,019 |
Other | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | 66,921 | 57,696 | 193,181 | 167,660 |
Total Asia & Australia | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Operating revenues | $ 88,705 | $ 81,080 | $ 260,998 | $ 235,679 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 265,876 | $ 268,176 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 177,089 | 167,870 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 12,272 | 13,480 |
Total Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 189,361 | 181,350 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 18,552 | 19,563 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 22,376 | 34,240 |
Total EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 40,928 | 53,803 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 657 | 1,150 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 34,930 | 31,873 |
Total Asia & Australia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 35,587 | $ 33,023 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
Oct. 24, 2022 | Oct. 24, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | |||||||||||
Shares repurchased (in shares) | 53,499,732 | 53,499,732 | 50,722,729 | ||||||||
Value of shares repurchased | $ 5,867,881 | $ 5,867,881 | $ 4,540,144 | ||||||||
Dividend declared per common share (in USD per share) | $ 1.25 | $ 1.04 | $ 1.04 | $ 1.04 | $ 0.78 | $ 0.78 | $ 3.33 | $ 2.60 | |||
Subsequent Event | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Shares repurchased (in shares) | 200,000 | 200,000 | |||||||||
Shares repurchased, average price (in USD per share) | $ 430.07 | ||||||||||
Value of shares repurchased | $ 70,100 | $ 70,100 | |||||||||
Dividend declared per common share (in USD per share) | $ 1.25 |