Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 18, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $0.01 per share | |
Trading Symbol | MSCI | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 80,063,402 | |
Entity Central Index Key | 0001408198 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents (includes restricted cash of $3,871 and $368 at March 31, 2023 and December 31, 2022, respectively) | $ 1,080,608 | $ 993,564 |
Accounts receivable, net of allowances | 641,584 | 663,236 |
Prepaid income taxes | 33,487 | 36,654 |
Prepaid and other assets | 54,888 | 54,520 |
Total current assets | 1,810,567 | 1,747,974 |
Property, equipment and leasehold improvements, net | 58,839 | 53,853 |
Right of use assets | 125,596 | 126,584 |
Goodwill | 2,231,037 | 2,229,670 |
Intangible assets, net | 551,012 | 558,517 |
Equity method investment | 211,924 | 214,389 |
Deferred tax assets | 28,857 | 29,207 |
Other non-current assets | 40,868 | 37,341 |
Total assets | 5,058,700 | 4,997,535 |
Current liabilities: | ||
Accounts payable | 10,746 | 15,039 |
Income taxes payable | 27,481 | 8,058 |
Accrued compensation and related benefits | 75,553 | 182,370 |
Current portion of long-term debt | 8,715 | 8,713 |
Other accrued liabilities | 165,840 | 153,461 |
Deferred revenue | 920,255 | 882,886 |
Total current liabilities | 1,208,590 | 1,250,527 |
Long-term debt | 4,502,176 | 4,503,233 |
Long-term operating lease liabilities | 130,571 | 131,575 |
Deferred tax liabilities | 27,433 | 29,098 |
Other non-current liabilities | 91,294 | 91,027 |
Total liabilities | 5,960,064 | 6,005,460 |
Commitments and Contingencies (see Note 7) | ||
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; 133,804,962 and 133,623,005 common shares issued and 80,063,044 and 79,959,989 common shares outstanding at March 31, 2023 and December 31, 2022, respectively) | 1,338 | 1,336 |
Treasury shares, at cost (53,741,918 and 53,663,016 common shares held at March 31, 2023 and December 31, 2022, respectively) | (5,982,106) | (5,938,116) |
Additional paid in capital | 1,536,906 | 1,515,874 |
Retained earnings | 3,599,934 | 3,473,192 |
Accumulated other comprehensive loss | (57,436) | (60,211) |
Total shareholders’ equity (deficit) | (901,364) | (1,007,925) |
Total liabilities and shareholders’ equity (deficit) | $ 5,058,700 | $ 4,997,535 |
Preferred stock, shares issued (in shares) | 0 | 0 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Restricted cash, current | $ 3,871 | $ 368 |
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 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) | 133,804,962 | 133,623,005 |
Common stock, shares outstanding (in shares) | 80,063,044 | 79,959,989 |
Shares repurchased (in shares) | 53,741,918 | 53,663,016 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Operating revenues | $ 592,218 | $ 559,945 |
Operating expenses: | ||
Cost of revenues (exclusive of depreciation and amortization) | 108,647 | 102,771 |
Selling and marketing | 66,475 | 66,053 |
Research and development | 31,323 | 28,322 |
General and administrative | 41,044 | 45,567 |
Amortization of intangible assets | 24,667 | 21,720 |
Depreciation and amortization of property, equipment and leasehold improvements | 5,460 | 6,534 |
Total operating expenses | 277,616 | 270,967 |
Operating income | 314,602 | 288,978 |
Interest income | (10,362) | (298) |
Interest expense | 46,206 | 40,714 |
Other expense (income) | 2,386 | (381) |
Other expense (income), net | 38,230 | 40,035 |
Income before provision for income taxes | 276,372 | 248,943 |
Provision for income taxes | 37,644 | 20,520 |
Net income | $ 238,728 | $ 228,423 |
Earnings per share: | ||
Basic (in USD per share) | $ 2.98 | $ 2.80 |
Diluted (in USD per share) | $ 2.97 | $ 2.78 |
Weighted average shares outstanding: | ||
Basic (in USD per share) | 80,041 | 81,591 |
Diluted (in USD per share) | 80,482 | 82,286 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 238,728 | $ 228,423 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 4,362 | (2,950) |
Income tax effect | (1,108) | 862 |
Foreign currency translation adjustments, net | 3,254 | (2,088) |
Pension and other post-retirement adjustments | (513) | 110 |
Income tax effect | 34 | (44) |
Pension and other post-retirement adjustments, net | (479) | 66 |
Other comprehensive (loss) income, net of tax | 2,775 | (2,022) |
Comprehensive income | $ 241,503 | $ 226,401 |
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, 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 | (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, 2022 | (1,007,925) | 1,336 | (5,938,116) | 1,515,874 | 3,473,192 | (60,211) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 238,728 | 238,728 | ||||
Dividends declared | (111,986) | (111,986) | ||||
Dividends paid in shares | 44 | 44 | ||||
Other comprehensive income (loss), net of tax | 2,775 | 2,775 | ||||
Common stock issued | 2 | 2 | ||||
Shares withheld for tax withholding | (43,960) | (43,960) | ||||
Compensation payable in common stock | 20,988 | 20,988 | ||||
Common stock repurchased and held in treasury | 0 | |||||
Common stock issued to Directors and (held in)/released from treasury | (30) | (30) | ||||
Ending Balance at Mar. 31, 2023 | $ (901,364) | $ 1,338 | $ (5,982,106) | $ 1,536,906 | $ 3,599,934 | $ (57,436) |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividend declared per common share (in USD per share) | $ 1.38 | $ 1.04 |
CONDENSED CONSOLIDATED STATEM_7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities | ||
Net income | $ 238,728 | $ 228,423 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of intangible assets | 24,667 | 21,720 |
Stock-based compensation expense | 21,088 | 22,857 |
Depreciation and amortization of property, equipment and leasehold improvements | 5,460 | 6,534 |
Amortization of right of use assets | 5,782 | 6,292 |
Amortization of debt origination fees | 1,264 | 1,403 |
Deferred taxes | (2,254) | (12,961) |
Other adjustments | 3,906 | 933 |
Changes in assets and liabilities: | ||
Accounts receivable | 22,489 | 70,417 |
Prepaid income taxes | 3,396 | (7,170) |
Prepaid and other assets | (1,194) | 3,062 |
Other non-current assets | (2,333) | (5,005) |
Accounts payable | (6,327) | (2,060) |
Income taxes payable | 19,179 | 24,257 |
Accrued compensation and related benefits | (108,252) | (135,148) |
Other accrued liabilities | 8,305 | 15,161 |
Deferred revenue | 34,427 | 10,932 |
Long-term operating lease liabilities | (5,047) | (5,542) |
Other non-current liabilities | 941 | 1,695 |
Other | (84) | (1,616) |
Net cash provided by operating activities | 264,141 | 244,184 |
Cash flows from investing activities | ||
Capitalized software development costs | (15,351) | (14,084) |
Capital expenditures | (6,225) | (1,254) |
Other | (186) | 28 |
Net cash used in investing activities | (21,762) | (15,310) |
Cash flows from financing activities | ||
Payment of dividends | (112,145) | (87,769) |
Repurchase of common stock held in treasury | (43,960) | (877,657) |
Repayment of borrowings | (2,188) | (5,000) |
Proceeds from borrowings, inclusive of premium | 0 | 5,000 |
Payment of debt issuance costs in connection with debt | 0 | (559) |
Payment of contingent consideration | 0 | (132) |
Net cash (used in) provided by financing activities | (158,293) | (966,117) |
Effect of exchange rate changes | 2,958 | (4,891) |
Net (decrease) increase in cash, cash equivalents and restricted cash | 87,044 | (742,134) |
Cash, cash equivalents and restricted cash, beginning of period | 993,564 | 1,421,449 |
Cash, cash equivalents and restricted cash, end of period | 1,080,608 | 679,315 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 33,803 | 27,776 |
Cash paid for income taxes, net of refunds received | 18,965 | 17,645 |
Supplemental disclosure of non-cash investing activities | ||
Property, equipment and leasehold improvements in other accrued liabilities | 5,156 | 6,118 |
Supplemental disclosure of non-cash financing activities | ||
Cash dividends declared, but not yet paid | $ 511 | $ 2,361 |
INTRODUCTION AND BASIS OF PRESE
INTRODUCTION AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2023 | |
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 The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. If not materially different, certain note disclosures included therein have been omitted from these interim condensed consolidated financial statements. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim consolidated financial statements, have been included. 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 three months ended March 31, 2023 and 2022, BlackRock, Inc. (“BlackRock”) accounted for 10.2% and 10.9% of the Company’s consolidated operating revenues, respectively. For the three months ended March 31, 2023 and 2022, BlackRock accounted for 17.4% and 18.0% 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 three months ended March 31, 2023 and 2022. Restricted Cash Restricted cash primarily relates to security deposits for certain operating leases that are legally restricted and unavailable for our general operations. Allowance for Credit Losses Changes in the allowance for credit losses from December 31, 2021 to March 31, 2023 were as follows: (in thousands) Amount Balance as of December 31, 2021 $ 2,337 Addition (reduction) to credit loss expense 910 Write-offs, net of recoveries (595) Balance as of December 31, 2022 $ 2,652 Addition (reduction) to credit loss expense 320 Write-offs, net of recoveries (191) Balance as of March 31, 2023 $ 2,781 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTSThere are no recently issued accounting standards updates that are currently expected to have a material impact on the Company. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 196,678 $ 144,503 $ 65,732 $ 38,334 $ 445,247 Asset-based fees 133,126 — — — 133,126 Non-recurring 9,578 2,567 1,326 374 13,845 Total $ 339,382 $ 147,070 $ 67,058 $ 38,708 $ 592,218 For the Three Months Ended March 31, 2022 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 174,498 $ 137,799 $ 50,572 $ 36,891 $ 399,760 Asset-based fees 145,053 — — — 145,053 Non-recurring 11,208 1,998 1,457 469 15,132 Total $ 330,759 $ 139,797 $ 52,029 $ 37,360 $ 559,945 The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated: (in thousands) Accounts receivable, net of allowances Deferred revenue Opening (December 31, 2022) $ 663,236 $ 882,886 Closing (March 31, 2023) 641,584 920,255 Increase/(decrease) $ (21,652) $ 37,369 (in thousands) Accounts receivable, net of allowances Deferred revenue Opening (December 31, 2021) $ 664,511 $ 824,912 Closing (March 31, 2022) 592,326 832,203 Increase/(decrease) $ (72,185) $ 7,291 The amounts of revenues recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $356.6 million and $339.7 million for the three months ended March 31, 2023 and 2022 respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in billings, partially offset by an increase in amortization of deferred revenue to operating revenues. As of March 31, 2023 and December 31, 2022, the Company carried a long-term deferred revenue balance of $30.0 million and $29.4 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 March 31, (in thousands) 2023 First 12-month period $ 673,206 Second 12-month period 408,154 Third 12-month period 188,184 Periods thereafter 126,279 Total $ 1,395,823 |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2023 | |
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 (in thousands, except per share data) 2023 2022 Net income $ 238,728 $ 228,423 Basic weighted average common shares outstanding 80,041 81,591 Effect of dilutive securities: PSUs, RSUs and PSOs 441 695 Diluted weighted average common shares outstanding 80,482 82,286 Earnings per common share: Basic $ 2.98 $ 2.80 Diluted $ 2.97 $ 2.78 |
PROPERTY, EQUIPMENT AND LEASEHO
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, December 31, (in thousands) 2023 2022 Computer & related equipment $ 183,739 $ 181,710 Furniture & fixtures 14,429 14,078 Leasehold improvements 54,662 54,040 Work-in-process 9,409 2,373 Subtotal 262,239 252,201 Accumulated depreciation and amortization (203,400) (198,348) Property, equipment and leasehold improvements, net $ 58,839 $ 53,853 |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 $ 1,201,622 $ 290,976 $ 48,047 $ 689,025 $ 2,229,670 Foreign exchange translation adjustment 846 — — 521 1,367 Goodwill at March 31, 2023 $ 1,202,468 $ 290,976 $ 48,047 $ 689,546 $ 2,231,037 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 (in thousands) 2023 2022 Amortization expense of acquired intangible assets $ 15,831 $ 15,898 Amortization expense of internally developed capitalized software 8,836 5,822 Total amortization of intangible assets expense $ 24,667 $ 21,720 The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows: As of March 31, December 31, (in thousands) 2023 2022 Gross intangible assets: Customer relationships $ 532,500 $ 532,500 Proprietary data 220,778 220,778 Acquired technology and software 209,220 209,220 Trademarks 208,190 208,190 Internally developed capitalized software 182,400 165,928 Subtotal 1,353,088 1,336,616 Foreign exchange translation adjustment (11,550) (13,214) Total gross intangible assets $ 1,341,538 $ 1,323,402 Accumulated amortization: Customer relationships $ (316,078) $ (308,437) Proprietary data (46,550) (41,783) Acquired technology and software (180,862) (179,833) Trademarks (164,438) (162,044) Internally developed capitalized software (86,095) (77,259) Subtotal (794,023) (769,356) Foreign exchange translation adjustment 3,497 4,471 Total accumulated amortization $ (790,526) $ (764,885) Net intangible assets: Customer relationships $ 216,422 $ 224,063 Proprietary data 174,228 178,995 Acquired technology and software 28,358 29,387 Trademarks 43,752 46,146 Internally developed capitalized software 96,305 88,670 Subtotal 559,065 567,260 Foreign exchange translation adjustment (8,053) (8,743) Total net intangible assets $ 551,012 $ 558,517 The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2023 and succeeding years: Years Ending December 31, Amortization Remainder of 2023 $ 78,701 2024 97,591 2025 72,243 2026 39,846 2027 36,275 Thereafter 226,356 Total $ 551,012 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES As of March 31, 2023, the Company had outstanding an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) and an aggregate of $345.6 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 (in thousands) Maturity Date March 31, 2023 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Debt 4.000% senior unsecured notes due 2029 November 15, 2029 $ 1,000,000 $ 992,818 $ 992,546 $ 913,500 $ 876,240 3.625% senior unsecured notes due 2030 September 1, 2030 900,000 895,091 894,925 783,216 751,113 3.875% senior unsecured notes due 2031 February 15, 2031 1,000,000 991,340 991,067 891,050 833,130 3.625% senior unsecured notes due 2031 November 1, 2031 600,000 594,359 594,195 514,356 500,880 3.250% senior unsecured notes due 2033 August 15, 2033 700,000 693,030 692,862 576,072 542,696 Variable rate Tranche A Term Loans due 2027 February 16, 2027 345,625 344,253 346,352 343,897 346,073 Total debt (1) $ 4,545,625 $ 4,510,891 $ 4,511,947 $ 4,022,091 $ 3,850,132 ___________________________ (1) Includes $8.7 million of current-portion of long-term debt. Maturities of the Company’s principal debt payments as of March 31, 2023 are as follows: Maturity of Principal Debt Payments Amounts Remainder of 2023 $ 6,562 2024 10,938 2025 19,687 2026 26,250 2027 282,188 Thereafter 4,200,000 Total debt $ 4,545,625 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 Variable July 11 The fair market value of the Company’s debt obligations represent Level 2 valuations. The Company utilized the market approach and obtained security pricing from a vendor who used 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 March 31, 2023, the revolving loan commitments were undrawn. As noted above, at March 31, 2023, 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 March 31, 2023, the interest rate on the TLA Facility was 6.84%. 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 March 31, 2023, $36.8 million of the deferred financing fees and premium remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.5 million of which is included in “Other non-current assets” and $34.8 million of which is included in “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASESThe Company recognized $7.1 million and $7.7 million of operating lease expenses for the three months ended March 31, 2023 and 2022, respectively. The amounts associated with variable lease costs, short-term lease costs and sublease income were not material for any of the three months ended March 31, 2023 and 2022. Maturities of the Company’s operating lease liabilities as of March 31, 2023 are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases Remainder of 2023 $ 21,258 2024 25,085 2025 23,817 2026 22,133 2027 17,288 Thereafter 66,535 Total lease payments $ 176,116 Less: Interest (22,725) Present value of lease liabilities $ 153,391 Other accrued liabilities $ 22,820 Long-term operating lease liabilities $ 130,571 Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: As of March 31, December 31, Lease Term and Discount Rate 2023 2022 Weighted-average remaining lease term (years) 7.66 7.86 Weighted-average discount rate 3.45 % 3.40 % Other information related to the Company’s operating leases are as follows: Other Information Three Months Ended (in thousands) 2023 2022 Operating cash flows used for operating leases $ 7,408 $ 7,152 Right of use assets obtained in exchange for new $ 3,432 $ — |
SHAREHOLDERS' EQUITY (DEFICIT)
SHAREHOLDERS' EQUITY (DEFICIT) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, there was $1,304.4 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: Three Months Ended Average Total Dollar March 31, 2023 $ — — $ — March 31, 2022 $ 515.74 1,498 $ 772,657 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 data) Per Share Declared Distributed (Released)/Deferred Three Months Ended March 31, 2023 $ 1.38 $ 111,986 $ 112,189 $ (203) Three Months Ended March 31, 2022 $ 1.04 $ 87,280 $ 87,846 $ (566) Common Stock. The following table presents activity related to shares of common stock issued and repurchased during the three months ended March 31, 2023: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2022 133,623,005 (53,663,016) 79,959,989 Dividend payable/paid 24 — 24 Common stock issued 181,875 — 181,875 Shares withheld for tax withholding — (78,844) (78,844) Shares repurchased under stock repurchase programs — — — Shares issued to directors 58 (58) — Balance at March 31, 2023 133,804,962 (53,741,918) 80,063,044 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s provision for income taxes was $37.6 million and $20.5 million for the three months ended March 31, 2023 and 2022, respectively. The effective tax rate of 13.6% for the three months ended March 31, 2023 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $16.5 million, primarily related to $11.1 million of excess tax benefits recognized on share-based compensation vested during the period and $4.6 million of tax benefits related to the resolution of prior year items. The effective tax rate of 8.2% for the three months ended March 31, 2022 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $28.1 million, primarily related to $28.3 million of excess tax benefits recognized on share-based compensation vested during the period. 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 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 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2023 | |
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. The Index operating segment offers equity and fixed income indexes. The indexes are used in many areas of the investment process, including for developing indexed financial products (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 data, benchmarks, return-analytics, climate assessments and market insights for tangible assets such as real estate and infrastructure. 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 (in thousands) 2023 2022 Operating revenues Index $ 339,382 $ 330,759 Analytics 147,070 139,797 ESG and Climate 67,058 52,029 All Other - Private Assets 38,708 37,360 Total $ 592,218 $ 559,945 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended (in thousands) 2023 2022 Index Adjusted EBITDA $ 253,682 $ 245,875 Analytics Adjusted EBITDA 60,780 50,889 ESG and Climate Adjusted EBITDA 17,876 12,092 All Other - Private Assets Adjusted EBITDA 12,391 9,688 Total operating segment profitability 344,729 318,544 Amortization of intangible assets 24,667 21,720 Depreciation and amortization of property, equipment and leasehold improvements 5,460 6,534 Acquisition-related integration and transaction costs (1) — 1,312 Operating income 314,602 288,978 Other expense (income), net 38,230 40,035 Provision for income taxes 37,644 20,520 Net income $ 238,728 $ 228,423 ___________________________ (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 primarily 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 (in thousands) 2023 2022 Operating revenues Americas: United States $ 238,416 $ 233,356 Other 27,536 22,467 Total Americas 265,952 255,823 Europe, the Middle East and Africa (“EMEA”): United Kingdom 91,660 86,986 Other 138,319 131,573 Total EMEA 229,979 218,559 Asia & Australia: Japan 26,017 23,190 Other 70,270 62,373 Total Asia & Australia 96,287 85,563 Total $ 592,218 $ 559,945 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 March 31, December 31, (in thousands) 2023 2022 Long-lived assets Americas: United States $ 189,687 $ 179,453 Other 12,132 11,971 Total Americas 201,819 191,424 EMEA: United Kingdom 19,270 19,674 Other 22,764 23,099 Total EMEA 42,034 42,773 Asia & Australia: Japan 1,585 652 Other 34,282 32,962 Total Asia & Australia 35,867 33,614 Total $ 279,720 $ 267,811 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSOn April 24, 2023, the Board of Directors declared a quarterly cash dividend of $1.38 per share for the three months ending June 30, 2023 (“second quarter 2023”). The second quarter 2023 dividend is payable on May 31, 2023 to shareholders of record as of the close of trading on May 12, 2023 |
INTRODUCTION AND BASIS OF PRE_2
INTRODUCTION AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. If not materially different, certain note disclosures included therein have been omitted from these interim condensed consolidated financial statements. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair statement of the interim consolidated financial statements, have been included. 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. |
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 three months ended March 31, 2023 and 2022, BlackRock, Inc. (“BlackRock”) accounted for 10.2% and 10.9% of the Company’s consolidated operating revenues, respectively. For the three months ended March 31, 2023 and 2022, BlackRock accounted for 17.4% and 18.0% 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 three months ended March 31, 2023 and 2022. |
Restricted Cash | Restricted CashRestricted cash primarily relates to security deposits for certain operating leases that are legally restricted and unavailable for our general operations. |
INTRODUCTION AND BASIS OF PRE_3
INTRODUCTION AND BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Changes in Allowance for Doubtful Accounts | Changes in the allowance for credit losses from December 31, 2021 to March 31, 2023 were as follows: (in thousands) Amount Balance as of December 31, 2021 $ 2,337 Addition (reduction) to credit loss expense 910 Write-offs, net of recoveries (595) Balance as of December 31, 2022 $ 2,652 Addition (reduction) to credit loss expense 320 Write-offs, net of recoveries (191) Balance as of March 31, 2023 $ 2,781 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 196,678 $ 144,503 $ 65,732 $ 38,334 $ 445,247 Asset-based fees 133,126 — — — 133,126 Non-recurring 9,578 2,567 1,326 374 13,845 Total $ 339,382 $ 147,070 $ 67,058 $ 38,708 $ 592,218 For the Three Months Ended March 31, 2022 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Operating Revenue Types Recurring subscriptions $ 174,498 $ 137,799 $ 50,572 $ 36,891 $ 399,760 Asset-based fees 145,053 — — — 145,053 Non-recurring 11,208 1,998 1,457 469 15,132 Total $ 330,759 $ 139,797 $ 52,029 $ 37,360 $ 559,945 |
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: (in thousands) Accounts receivable, net of allowances Deferred revenue Opening (December 31, 2022) $ 663,236 $ 882,886 Closing (March 31, 2023) 641,584 920,255 Increase/(decrease) $ (21,652) $ 37,369 (in thousands) Accounts receivable, net of allowances Deferred revenue Opening (December 31, 2021) $ 664,511 $ 824,912 Closing (March 31, 2022) 592,326 832,203 Increase/(decrease) $ (72,185) $ 7,291 |
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 March 31, (in thousands) 2023 First 12-month period $ 673,206 Second 12-month period 408,154 Third 12-month period 188,184 Periods thereafter 126,279 Total $ 1,395,823 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the computation of basic and diluted EPS: Three Months Ended (in thousands, except per share data) 2023 2022 Net income $ 238,728 $ 228,423 Basic weighted average common shares outstanding 80,041 81,591 Effect of dilutive securities: PSUs, RSUs and PSOs 441 695 Diluted weighted average common shares outstanding 80,482 82,286 Earnings per common share: Basic $ 2.98 $ 2.80 Diluted $ 2.97 $ 2.78 |
PROPERTY, EQUIPMENT AND LEASE_2
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, December 31, (in thousands) 2023 2022 Computer & related equipment $ 183,739 $ 181,710 Furniture & fixtures 14,429 14,078 Leasehold improvements 54,662 54,040 Work-in-process 9,409 2,373 Subtotal 262,239 252,201 Accumulated depreciation and amortization (203,400) (198,348) Property, equipment and leasehold improvements, net $ 58,839 $ 53,853 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022 $ 1,201,622 $ 290,976 $ 48,047 $ 689,025 $ 2,229,670 Foreign exchange translation adjustment 846 — — 521 1,367 Goodwill at March 31, 2023 $ 1,202,468 $ 290,976 $ 48,047 $ 689,546 $ 2,231,037 |
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 (in thousands) 2023 2022 Amortization expense of acquired intangible assets $ 15,831 $ 15,898 Amortization expense of internally developed capitalized software 8,836 5,822 Total amortization of intangible assets expense $ 24,667 $ 21,720 |
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 March 31, December 31, (in thousands) 2023 2022 Gross intangible assets: Customer relationships $ 532,500 $ 532,500 Proprietary data 220,778 220,778 Acquired technology and software 209,220 209,220 Trademarks 208,190 208,190 Internally developed capitalized software 182,400 165,928 Subtotal 1,353,088 1,336,616 Foreign exchange translation adjustment (11,550) (13,214) Total gross intangible assets $ 1,341,538 $ 1,323,402 Accumulated amortization: Customer relationships $ (316,078) $ (308,437) Proprietary data (46,550) (41,783) Acquired technology and software (180,862) (179,833) Trademarks (164,438) (162,044) Internally developed capitalized software (86,095) (77,259) Subtotal (794,023) (769,356) Foreign exchange translation adjustment 3,497 4,471 Total accumulated amortization $ (790,526) $ (764,885) Net intangible assets: Customer relationships $ 216,422 $ 224,063 Proprietary data 174,228 178,995 Acquired technology and software 28,358 29,387 Trademarks 43,752 46,146 Internally developed capitalized software 96,305 88,670 Subtotal 559,065 567,260 Foreign exchange translation adjustment (8,053) (8,743) Total net intangible assets $ 551,012 $ 558,517 |
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, 2023 and succeeding years: Years Ending December 31, Amortization Remainder of 2023 $ 78,701 2024 97,591 2025 72,243 2026 39,846 2027 36,275 Thereafter 226,356 Total $ 551,012 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Senior Unsecured Notes | As of March 31, 2023, the Company had outstanding an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) and an aggregate of $345.6 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 (in thousands) Maturity Date March 31, 2023 March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Debt 4.000% senior unsecured notes due 2029 November 15, 2029 $ 1,000,000 $ 992,818 $ 992,546 $ 913,500 $ 876,240 3.625% senior unsecured notes due 2030 September 1, 2030 900,000 895,091 894,925 783,216 751,113 3.875% senior unsecured notes due 2031 February 15, 2031 1,000,000 991,340 991,067 891,050 833,130 3.625% senior unsecured notes due 2031 November 1, 2031 600,000 594,359 594,195 514,356 500,880 3.250% senior unsecured notes due 2033 August 15, 2033 700,000 693,030 692,862 576,072 542,696 Variable rate Tranche A Term Loans due 2027 February 16, 2027 345,625 344,253 346,352 343,897 346,073 Total debt (1) $ 4,545,625 $ 4,510,891 $ 4,511,947 $ 4,022,091 $ 3,850,132 ___________________________ (1) Includes $8.7 million of current-portion of long-term debt. |
Schedule of Maturities of Long-Term Debt | Maturities of the Company’s principal debt payments as of March 31, 2023 are as follows: Maturity of Principal Debt Payments Amounts Remainder of 2023 $ 6,562 2024 10,938 2025 19,687 2026 26,250 2027 282,188 Thereafter 4,200,000 Total debt $ 4,545,625 |
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 Variable July 11 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Summary of Maturities of Operating Lease Liability | Maturities of the Company’s operating lease liabilities as of March 31, 2023 are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases Remainder of 2023 $ 21,258 2024 25,085 2025 23,817 2026 22,133 2027 17,288 Thereafter 66,535 Total lease payments $ 176,116 Less: Interest (22,725) Present value of lease liabilities $ 153,391 Other accrued liabilities $ 22,820 Long-term operating lease liabilities $ 130,571 |
Lease, Cost | Weighted-average remaining lease term and discount rate for the Company’s operating leases are as follows: As of March 31, December 31, Lease Term and Discount Rate 2023 2022 Weighted-average remaining lease term (years) 7.66 7.86 Weighted-average discount rate 3.45 % 3.40 % Other information related to the Company’s operating leases are as follows: Other Information Three Months Ended (in thousands) 2023 2022 Operating cash flows used for operating leases $ 7,408 $ 7,152 Right of use assets obtained in exchange for new $ 3,432 $ — |
SHAREHOLDERS' EQUITY (DEFICIT)
SHAREHOLDERS' EQUITY (DEFICIT) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: Three Months Ended Average Total Dollar March 31, 2023 $ — — $ — March 31, 2022 $ 515.74 1,498 $ 772,657 |
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 data) Per Share Declared Distributed (Released)/Deferred Three Months Ended March 31, 2023 $ 1.38 $ 111,986 $ 112,189 $ (203) Three Months Ended March 31, 2022 $ 1.04 $ 87,280 $ 87,846 $ (566) |
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 three months ended March 31, 2023: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2022 133,623,005 (53,663,016) 79,959,989 Dividend payable/paid 24 — 24 Common stock issued 181,875 — 181,875 Shares withheld for tax withholding — (78,844) (78,844) Shares repurchased under stock repurchase programs — — — Shares issued to directors 58 (58) — Balance at March 31, 2023 133,804,962 (53,741,918) 80,063,044 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Operating Revenues by Reportable Segment | The following table presents operating revenues by reportable segment for the periods indicated: Three Months Ended (in thousands) 2023 2022 Operating revenues Index $ 339,382 $ 330,759 Analytics 147,070 139,797 ESG and Climate 67,058 52,029 All Other - Private Assets 38,708 37,360 Total $ 592,218 $ 559,945 |
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 (in thousands) 2023 2022 Index Adjusted EBITDA $ 253,682 $ 245,875 Analytics Adjusted EBITDA 60,780 50,889 ESG and Climate Adjusted EBITDA 17,876 12,092 All Other - Private Assets Adjusted EBITDA 12,391 9,688 Total operating segment profitability 344,729 318,544 Amortization of intangible assets 24,667 21,720 Depreciation and amortization of property, equipment and leasehold improvements 5,460 6,534 Acquisition-related integration and transaction costs (1) — 1,312 Operating income 314,602 288,978 Other expense (income), net 38,230 40,035 Provision for income taxes 37,644 20,520 Net income $ 238,728 $ 228,423 ___________________________ (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 primarily 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 (in thousands) 2023 2022 Operating revenues Americas: United States $ 238,416 $ 233,356 Other 27,536 22,467 Total Americas 265,952 255,823 Europe, the Middle East and Africa (“EMEA”): United Kingdom 91,660 86,986 Other 138,319 131,573 Total EMEA 229,979 218,559 Asia & Australia: Japan 26,017 23,190 Other 70,270 62,373 Total Asia & Australia 96,287 85,563 Total $ 592,218 $ 559,945 |
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 March 31, December 31, (in thousands) 2023 2022 Long-lived assets Americas: United States $ 189,687 $ 179,453 Other 12,132 11,971 Total Americas 201,819 191,424 EMEA: United Kingdom 19,270 19,674 Other 22,764 23,099 Total EMEA 42,034 42,773 Asia & Australia: Japan 1,585 652 Other 34,282 32,962 Total Asia & Australia 35,867 33,614 Total $ 279,720 $ 267,811 |
INTRODUCTION AND BASIS OF PRE_4
INTRODUCTION AND BASIS OF PRESENTATION - Narrative (Detail) - Customer Concentration Risk - Blackrock Inc | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue from Contract with Customer, Product and Service Benchmark | ||
Introduction And Basis Of Presentation [Line Items] | ||
Percentage of operating revenues accounted for by major customer | 10.20% | 10.90% |
Revenue from Contract with Customer, Segment Benchmark | Index | ||
Introduction And Basis Of Presentation [Line Items] | ||
Percentage of operating revenues accounted for by major customer | 17.40% | 18% |
INTRODUCTION AND BASIS OF PRE_5
INTRODUCTION AND BASIS OF PRESENTATION - Changes in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Accounts receivable, net of allowances | ||
Balance at beginning of year | $ 2,652 | $ 2,337 |
Addition (reduction) to credit loss expense | 320 | 910 |
Write-offs, net of recoveries | (191) | (595) |
Balance at ending of year | $ 2,781 | $ 2,652 |
REVENUE RECOGNITION - Disaggreg
REVENUE RECOGNITION - Disaggregation of Operating Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | $ 592,218 | $ 559,945 |
Index | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 339,382 | 330,759 |
Analytics | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 147,070 | 139,797 |
ESG and Climate | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 67,058 | 52,029 |
All Other - Private Assets | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 38,708 | 37,360 |
Recurring Subscriptions | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 445,247 | 399,760 |
Recurring Subscriptions | Index | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 196,678 | 174,498 |
Recurring Subscriptions | Analytics | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 144,503 | 137,799 |
Recurring Subscriptions | ESG and Climate | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 65,732 | 50,572 |
Recurring Subscriptions | All Other - Private Assets | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 38,334 | 36,891 |
Asset-based Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 133,126 | 145,053 |
Asset-based Fees | Index | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 133,126 | 145,053 |
Asset-based Fees | Analytics | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
Asset-based Fees | ESG and Climate | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
Asset-based Fees | All Other - Private Assets | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 0 | 0 |
Non-recurring | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 13,845 | 15,132 |
Non-recurring | Index | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 9,578 | 11,208 |
Non-recurring | Analytics | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 2,567 | 1,998 |
Non-recurring | ESG and Climate | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | 1,326 | 1,457 |
Non-recurring | All Other - Private Assets | ||
Disaggregation Of Revenue [Line Items] | ||
Operating revenues | $ 374 | $ 469 |
REVENUE RECOGNITION - Schedule
REVENUE RECOGNITION - Schedule of Change in Accounts Receivable and Current Deferred Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts receivable, net of allowances | ||
Accounts receivable, beginning balance | $ 663,236 | $ 664,511 |
Accounts receivable, ending balance | 641,584 | 592,326 |
Accounts receivable, increase/(decrease) | (21,652) | (72,185) |
Deferred revenue | ||
Deferred revenue, beginning balance | 882,886 | 824,912 |
Deferred revenue, ending balance | 920,255 | 832,203 |
Deferred revenue, increase/(decrease) | $ 37,369 | $ 7,291 |
REVENUE RECOGNITION - Narrative
REVENUE RECOGNITION - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenue Recognition [Line Items] | |||
Revenue recognized during period included in deferred revenue | $ 356.6 | $ 339.7 | |
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 | $ 30 | $ 29.4 |
REVENUE RECOGNITION - Schedul_2
REVENUE RECOGNITION - Schedule of Remaining Performance Obligations (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 1,395,823 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 673,206 |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 408,154 |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 188,184 |
Remaining performance, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance, expected timing of satisfaction | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 126,279 |
Remaining performance, expected timing of satisfaction |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income | $ 238,728 | $ 228,423 |
Basic weighted average common shares outstanding (in shares) | 80,041 | 81,591 |
Basic weighted average common shares outstanding | ||
PSUs, RSUs and PSOs (in shares) | 441 | 695 |
Diluted (in USD per share) | 80,482 | 82,286 |
Earnings per share: | ||
Basic (in USD per share) | $ 2.98 | $ 2.80 |
Diluted (in USD per share) | $ 2.97 | $ 2.78 |
PROPERTY, EQUIPMENT AND LEASE_3
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET - Schedule of Property, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Computer & related equipment | $ 183,739 | $ 181,710 |
Furniture & fixtures | 14,429 | 14,078 |
Leasehold improvements | 54,662 | 54,040 |
Work-in-process | 9,409 | 2,373 |
Subtotal | 262,239 | 252,201 |
Accumulated depreciation and amortization | (203,400) | (198,348) |
Property, equipment and leasehold improvements, net | $ 58,839 | $ 53,853 |
PROPERTY, EQUIPMENT AND LEASE_4
PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization of property, equipment and leasehold improvements | $ 5,460 | $ 6,534 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Change to Company's Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 2,229,670 |
Foreign exchange translation adjustment | 1,367 |
Goodwill, ending balance | 2,231,037 |
Index | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 1,201,622 |
Foreign exchange translation adjustment | 846 |
Goodwill, ending balance | 1,202,468 |
Analytics | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 290,976 |
Foreign exchange translation adjustment | 0 |
Goodwill, ending balance | 290,976 |
ESG and Climate | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 48,047 |
Foreign exchange translation adjustment | 0 |
Goodwill, ending balance | 48,047 |
All Other - Private Assets | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | 689,025 |
Foreign exchange translation adjustment | 521 |
Goodwill, ending balance | $ 689,546 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 24,667 | $ 21,720 |
Amortization expense of acquired intangible assets | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 15,831 | 15,898 |
Amortization expense of internally developed capitalized software | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 8,836 | $ 5,822 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | $ 1,353,088 | $ 1,336,616 |
Foreign exchange translation adjustment | (11,550) | (13,214) |
Total gross intangible assets | 1,341,538 | 1,323,402 |
Accumulated amortization excluding foreign exchange translation adjustment | (794,023) | (769,356) |
Foreign exchange translation adjustment | 3,497 | 4,471 |
Total accumulated amortization | (790,526) | (764,885) |
Net carrying value excluding foreign exchange translation adjustment | 559,065 | 567,260 |
Foreign exchange translation adjustment | (8,053) | (8,743) |
Total net intangible assets | 551,012 | 558,517 |
Customer relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 532,500 | 532,500 |
Accumulated amortization excluding foreign exchange translation adjustment | (316,078) | (308,437) |
Net carrying value excluding foreign exchange translation adjustment | 216,422 | 224,063 |
Proprietary data | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 220,778 | 220,778 |
Accumulated amortization excluding foreign exchange translation adjustment | (46,550) | (41,783) |
Net carrying value excluding foreign exchange translation adjustment | 174,228 | 178,995 |
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 | (180,862) | (179,833) |
Net carrying value excluding foreign exchange translation adjustment | 28,358 | 29,387 |
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 | (164,438) | (162,044) |
Net carrying value excluding foreign exchange translation adjustment | 43,752 | 46,146 |
Internally developed capitalized software | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 182,400 | 165,928 |
Accumulated amortization excluding foreign exchange translation adjustment | (86,095) | (77,259) |
Net carrying value excluding foreign exchange translation adjustment | $ 96,305 | $ 88,670 |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS, NET - Estimated Amortization Expense for Remainder of 2022 and Succeeding Years (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 78,701 | |
2024 | 97,591 | |
2025 | 72,243 | |
2026 | 39,846 | |
2027 | 36,275 | |
Thereafter | 226,356 | |
Total net intangible assets | $ 551,012 | $ 558,517 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Schedule of Senior Unsecured Notes (Detail) - USD ($) | 3 Months Ended | ||
Jun. 09, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Principal amount outstanding | $ 4,545,625,000 | ||
Carrying Value | 4,510,891,000 | $ 4,511,947,000 | |
Fair Value | 4,022,091,000 | 3,850,132,000 | |
Current portion of long-term debt | $ 8,715,000 | 8,713,000 | |
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 | 992,818,000 | 992,546,000 | |
Fair Value | $ 913,500,000 | 876,240,000 | |
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 | 895,091,000 | 894,925,000 | |
Fair Value | $ 783,216,000 | 751,113,000 | |
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 | 991,340,000 | 991,067,000 | |
Fair Value | $ 891,050,000 | 833,130,000 | |
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 | 594,359,000 | 594,195,000 | |
Fair Value | $ 514,356,000 | 500,880,000 | |
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 | 693,030,000 | 692,862,000 | |
Fair Value | $ 576,072,000 | 542,696,000 | |
Variable rate Tranche A Term Loans due 2027 | |||
Debt Instrument [Line Items] | |||
Maturity Date | Feb. 16, 2027 | Feb. 16, 2027 | |
Principal amount outstanding | $ 345,625,000 | ||
Carrying Value | 344,253,000 | 346,352,000 | |
Fair Value | $ 343,897,000 | $ 346,073,000 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Narrative (Detail) - USD ($) | 3 Months Ended | |
Jun. 09, 2022 | Mar. 31, 2023 | |
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument principal amount | $ 4,545,625,000 | |
Deferred financing fees and premium remain unamortized | 36,800,000 | |
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 | 1,500,000 | |
Long-term Debt | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Deferred financing fees and premium remain unamortized | 34,800,000 | |
Revolving Loan Commitments | Revolving Credit Facility | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | |
Variable rate Tranche A Term Loans due 2027 | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument principal amount | $ 345,625,000 | |
Debt instrument maturity | Feb. 16, 2027 | Feb. 16, 2027 |
Interest rate on TLA Facility | 6.84% | |
Variable rate Tranche A Term Loans due 2027 | Minimum | Secured Overnight Financing Rate (SOFR) | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument, basis spread on variable rate | 1.50% | |
Variable rate Tranche A Term Loans due 2027 | Minimum | Base Rate | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument, basis spread on variable rate | 0.50% | |
Variable rate Tranche A Term Loans due 2027 | Maximum | Secured Overnight Financing Rate (SOFR) | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument, basis spread on variable rate | 2% | |
Variable rate Tranche A Term Loans due 2027 | Maximum | Base Rate | ||
Schedule Of Commitments And Contingencies [Line Items] | ||
Debt instrument, basis spread on variable rate | 1% | |
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 | $ 345,600,000 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES - Schedule of Maturities of Long-Term Debt (Details) | Mar. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2023 | $ 6,562,000 |
2024 | 10,938,000 |
2025 | 19,687,000 |
2026 | 26,250,000 |
2027 | 282,188,000 |
Thereafter | 4,200,000,000 |
Total debt | $ 4,545,625,000 |
COMMITMENTS AND CONTINGENCIES_4
COMMITMENTS AND CONTINGENCIES - Schedule of Interest Payments Due Attributable to Outstanding Indebtedness (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
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 | Variable |
First interest payment date | --07-11 |
LEASES - Narrative (Detail)
LEASES - Narrative (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease, expense | $ 7.1 | $ 7.7 |
LEASES - Summary of Maturities
LEASES - Summary of Maturities of Operating Lease Liability (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Maturity of Lease Liabilities | ||
Remainder of 2023 | $ 21,258 | |
2024 | 25,085 | |
2025 | 23,817 | |
2026 | 22,133 | |
2027 | 17,288 | |
Thereafter | 66,535 | |
Total lease payments | 176,116 | |
Less: Interest | (22,725) | |
Present value of lease liabilities | 153,391 | |
Other accrued liabilities | 22,820 | |
Long-term operating lease liabilities | $ 130,571 | $ 131,575 |
LEASES - Summary of Weighted-Av
LEASES - Summary of Weighted-Average Remaining Lease Term and Discount Rate Under Operating Leases (Detail) | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 7 years 7 months 28 days | 7 years 10 months 9 days |
Weighted-average discount rate | 3.45% | 3.40% |
LEASES - Summary of Other Infor
LEASES - Summary of Other Information Under Operating Lease (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating cash flows used for operating leases | $ 7,408 | $ 7,152 |
Right of use assets obtained in exchange for new operating lease liabilities | $ 3,432 | $ 0 |
SHAREHOLDERS' EQUITY (DEFICIT_2
SHAREHOLDERS' EQUITY (DEFICIT) - Narrative (Detail) - USD ($) | Mar. 31, 2023 | 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 | $ 1,304,400,000 | 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity, Class of Treasury Stock [Line Items] | ||
Dollar Value of Shares Repurchased | $ 0 | $ 772,657 |
Open Market Purchases of Common Stock | ||
Equity, Class of Treasury Stock [Line Items] | ||
Average Price Paid Per Share (USD per Share) | $ 0 | $ 515.74 |
Total Number of Shares Repurchased | 0 | 1,498 |
Dollar Value of Shares Repurchased | $ 0 | $ 772,657 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Equity [Abstract] | ||
Dividend declared per common share (in USD per share) | $ 1.38 | $ 1.04 |
Dividends declared, Amount | $ 111,986 | $ 87,280 |
Dividends distributed, Amount | 112,189 | 87,846 |
Cash dividends (released)/deferred, Amount | $ (203) | $ (566) |
SHAREHOLDERS' EQUITY (DEFICIT_5
SHAREHOLDERS' EQUITY (DEFICIT) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) | 3 Months Ended |
Mar. 31, 2023 shares | |
Movement In Equity Shares [Roll Forward] | |
Beginning balance (in shares) | 133,623,005 |
Beginning balance (in shares) | (53,663,016) |
Beginning balance (in shares) | 79,959,989 |
Ending balance (in shares) | 133,804,962 |
Ending balance (in shares) | (53,741,918) |
Ending balance (in shares) | 80,063,044 |
Common Stock Issued | |
Movement In Equity Shares [Roll Forward] | |
Beginning balance (in shares) | 133,623,005 |
Dividend payable/paid (in shares) | 24 |
Common stock issued (in shares) | 181,875 |
Shares issued to directors (in shares) | 58 |
Ending balance (in shares) | 133,804,962 |
Treasury Stock | |
Movement In Equity Shares [Roll Forward] | |
Beginning balance (in shares) | (53,663,016) |
Shares withheld for tax withholding (in shares) | (78,844) |
Shares issued to directors (in shares) | 58 |
Ending balance (in shares) | (53,741,918) |
Common Stock Outstanding | |
Movement In Equity Shares [Roll Forward] | |
Beginning balance (in shares) | 79,959,989 |
Dividend payable/paid (in shares) | 24 |
Common stock issued (in shares) | 181,875 |
Shares withheld for tax withholding (in shares) | (78,844) |
Ending balance (in shares) | 80,063,044 |
INCOME TAXES (Detail)
INCOME TAXES (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 37,644 | $ 20,520 |
Effective tax rate | 13.60% | 8.20% |
Amounts effect on effective tax rate | $ 16,500 | $ 28,100 |
Amount of excess tax benefits recognized on share-based compensation vested | 11,100 | 28,300 |
Effective income tax rate reconciliation, tax settlement, amount | 4,600 | |
Decrease in unrecognized tax benefits is reasonably possible | $ 24,000 | |
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities | $ 3,800 |
SEGMENT INFORMATION - Narrative
SEGMENT INFORMATION - Narrative (Detail) | 3 Months Ended |
Mar. 31, 2023 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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating revenues | $ 592,218 | $ 559,945 |
Index | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating revenues | 339,382 | 330,759 |
Analytics | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating revenues | 147,070 | 139,797 |
ESG and Climate | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating revenues | 67,058 | 52,029 |
All Other - Private Assets | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Operating revenues | $ 38,708 | $ 37,360 |
SEGMENT INFORMATION - Segment P
SEGMENT INFORMATION - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | $ 344,729 | $ 318,544 |
Amortization of intangible assets | 24,667 | 21,720 |
Depreciation and amortization of property, equipment and leasehold improvements | 5,460 | 6,534 |
Acquisition-related integration and transaction costs | 0 | 1,312 |
Operating income | 314,602 | 288,978 |
Other expense (income), net | 38,230 | 40,035 |
Provision for income taxes | 37,644 | 20,520 |
Net income | 238,728 | 228,423 |
Index | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 253,682 | 245,875 |
Analytics | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 60,780 | 50,889 |
ESG and Climate | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 17,876 | 12,092 |
All Other - Private Assets | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | $ 12,391 | $ 9,688 |
SEGMENT INFORMATION - Operati_2
SEGMENT INFORMATION - Operating Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | $ 592,218 | $ 559,945 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 238,416 | 233,356 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 27,536 | 22,467 |
Total Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 265,952 | 255,823 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 91,660 | 86,986 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 138,319 | 131,573 |
Total EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 229,979 | 218,559 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 26,017 | 23,190 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 70,270 | 62,373 |
Total Asia & Australia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | $ 96,287 | $ 85,563 |
SEGMENT INFORMATION - Long-Live
SEGMENT INFORMATION - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 279,720 | $ 267,811 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 189,687 | 179,453 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 12,132 | 11,971 |
Total Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 201,819 | 191,424 |
United Kingdom | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 19,270 | 19,674 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 22,764 | 23,099 |
Total EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 42,034 | 42,773 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,585 | 652 |
Other | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 34,282 | 32,962 |
Total Asia & Australia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 35,867 | $ 33,614 |
SUBSEQUENT EVENTS (Detail)
SUBSEQUENT EVENTS (Detail) - $ / shares | 3 Months Ended | ||
Apr. 24, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | |||
Dividend declared per common share (in USD per share) | $ 1.38 | $ 1.04 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Dividend declared per common share (in USD per share) | $ 1.38 |