Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MSCI | |
Entity Registrant Name | MSCI Inc. | |
Entity Central Index Key | 1,408,198 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 90,455,917 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 696,972 | $ 791,834 |
Accounts receivable (net of allowances of $1,108 and $1,035 at March 31, 2017 and December 31, 2016, respectively) | 262,289 | 221,504 |
Prepaid income taxes | 12,389 | |
Prepaid and other assets | 29,390 | 29,943 |
Total current assets | 988,651 | 1,055,670 |
Property, equipment and leasehold improvements (net of accumulated depreciation and amortization of $146,219 and $136,841 at March 31, 2017 and December 31, 2016, respectively) | 93,156 | 95,585 |
Goodwill | 1,556,453 | 1,555,850 |
Intangible assets (net of accumulated amortization of $474,276 and $462,860 at March 31, 2017 and December 31, 2016, respectively) | 339,107 | 347,640 |
Deferred tax assets | 9,687 | 9,531 |
Other non-current assets | 18,084 | 18,302 |
Total assets | 3,005,138 | 3,082,578 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 1,138 | 568 |
Income taxes payable | 3,755 | |
Accrued compensation and related benefits | 41,823 | 119,113 |
Other accrued liabilities | 71,210 | 82,531 |
Deferred revenue | 378,422 | 334,358 |
Total current liabilities | 496,348 | 536,570 |
Long-term debt | 2,075,924 | 2,075,201 |
Deferred taxes | 91,845 | 94,067 |
Other non-current liabilities | 62,183 | 59,135 |
Total liabilities | 2,726,300 | 2,764,973 |
Commitments and Contingencies (see Note 6 and Note 7) | ||
Shareholders' equity: | ||
Preferred stock (par value $0.01, 100,000,000 share authorized; no shares issued) | ||
Common stock (par value $0.01; 750,000,000 common shares authorized; 129,385,707 and 128,996,344 common shares issued and 90,450,616 and 91,279,590 common shares outstanding at March 31, 2017 and December 31, 2016, respectively) | 1,294 | 1,290 |
Treasury shares, at cost (38,935,091 and 37,716,754 common shares held at March 31, 2017 and December 31, 2016, respectively) | (2,271,112) | (2,170,739) |
Additional paid in capital | 1,237,106 | 1,225,565 |
Retained earnings | 1,369,406 | 1,322,224 |
Accumulated other comprehensive loss | (57,856) | (60,735) |
Total shareholders' equity | 278,838 | 317,605 |
Total liabilities and shareholders' equity | $ 3,005,138 | $ 3,082,578 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 1,108 | $ 1,035 |
Property, equipment and leasehold improvements, accumulated depreciation and amortization | 146,219 | 136,841 |
Intangible assets, accumulated amortization | $ 474,276 | $ 462,860 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 129,385,707 | 128,996,344 |
Common stock, shares outstanding | 90,450,616 | 91,279,590 |
Treasury shares | 38,935,091 | 37,716,754 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Operating revenues | $ 301,207 | $ 278,828 |
Operating expenses: | ||
Cost of revenues | 67,521 | 63,172 |
Selling and marketing | 43,014 | 41,689 |
Research and development | 18,977 | 18,928 |
General and administrative | 21,004 | 21,890 |
Amortization of intangible assets | 11,251 | 11,840 |
Depreciation and amortization of property, equipment and leasehold improvements | 8,838 | 8,168 |
Total operating expenses | 170,605 | 165,687 |
Operating income | 130,602 | 113,141 |
Interest income | (932) | (621) |
Interest expense | 29,024 | 22,904 |
Other expense (income) | 885 | 81 |
Other expense (income), net | 28,977 | 22,364 |
Income before provision for income taxes | 101,625 | 90,777 |
Provision for income taxes | 28,674 | 30,410 |
Net income | $ 72,951 | $ 60,367 |
Earnings per basic common share | $ 0.80 | $ 0.61 |
Earnings per diluted common share | $ 0.80 | $ 0.60 |
Weighted average shares outstanding used in computing earnings per share | ||
Basic | 90,708 | 99,425 |
Diluted | 91,624 | 99,998 |
Dividend declared per common share | $ 0.28 | $ 0.22 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 72,951 | $ 60,367 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | 2,941 | 304 |
Income tax effect | (67) | |
Foreign currency translation adjustments, net | 2,941 | 237 |
Pension and other post-retirement adjustments | (99) | (313) |
Income tax effect | 37 | 82 |
Pension and other post-retirement adjustments, net | (62) | (231) |
Other comprehensive (loss) income, net of tax | 2,879 | 6 |
Comprehensive income | $ 75,830 | $ 60,373 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net income | $ 72,951 | $ 60,367 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of intangible assets | 11,251 | 11,840 |
Stock-based compensation expense | 9,394 | 7,080 |
Depreciation and amortization of property, equipment and leasehold improvements | 8,838 | 8,168 |
Amortization of debt origination fees | 849 | 709 |
Deferred taxes | (2,035) | (3,769) |
Other non-cash adjustments | 25 | 359 |
Changes in assets and liabilities: | ||
Accounts receivable | (40,582) | (51,664) |
Prepaid income taxes | 12,438 | 22,246 |
Prepaid and other assets | 629 | 270 |
Accounts payable | 561 | (1,006) |
Income taxes payable | 3,755 | |
Accrued compensation and related benefits | (76,708) | (62,258) |
Other accrued liabilities | (10,280) | (1,325) |
Deferred revenue | 43,247 | 42,039 |
Other | 2,682 | 3,831 |
Net cash provided by operating activities | 37,015 | 36,887 |
Cash flows from investing activities | ||
Capital expenditures | (7,322) | (3,135) |
Capitalized software development costs | (2,307) | (2,325) |
Acquisitions, net of cash acquired | (60) | |
Net cash used in investing activities | (9,629) | (5,520) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 625 | 2,438 |
Repurchase of treasury shares | (100,362) | (346,715) |
Payment of dividends | (25,489) | (21,889) |
Net cash used in financing activities | (125,226) | (366,166) |
Effect of exchange rate changes | 2,978 | 2,107 |
Net decrease in cash | (94,862) | (332,692) |
Cash and cash equivalent, beginning of period | 791,834 | 777,706 |
Cash and cash equivalent, end of period | 696,972 | 445,014 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 34,916 | 23,451 |
Cash paid for income taxes | 13,294 | 11,242 |
Supplemental disclosure of non-cash investing activities | ||
Property, equipment and leasehold improvements in other accrued liabilities | 2,944 | 5,077 |
Supplemental disclosure of non-cash financing activities | ||
Cash dividends declared, but not yet paid | $ 269 | $ 157 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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”), offers products and services to support the needs of institutional investors throughout their investment processes. The Company’s products and services include the development and production of indexes and analytical models; the provision of ratings and analysis that identify environmental, social and governance risks and opportunities and the analysis of real estate in both privately and publicly owned portfolios. Basis of Presentation and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI Inc. and its subsidiaries and include all adjustments of a normal, recurring nature necessary to present fairly the financial condition as of March 31, 2017 and December 31, 2016, the results of operations and comprehensive income for the three months ended March 31, 2017 and 2016 and cash flows for the three months ended March 31, 2017 and 2016. 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, 2016. The unaudited condensed consolidated financial statement information as of December 31, 2016 has been derived from the 2016 audited consolidated financial statements. 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 accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, impairment of long-lived assets, accrued compensation, income taxes and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation. Concentrations BlackRock, Inc. accounted for 10.3% of the Company’s consolidated operating revenues for the three months ended March 31, 2017 while no single customer represented 10.0% or more of the Company’s consolidated operating revenues for the three months ended March 31, 2016. For the three months ended March 31, 2017 and 2016, BlackRock, Inc. accounted for 18.6% and 17.0% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of revenues within the Analytics and All Other segments for the three months ended March 31, 2017 and 2016. |
Recent Accounting Standards Upd
Recent Accounting Standards Updates | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Standards Updates | 2. RECENT ACCOUNTING STANDARDS UPDATES In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In March 2016, the FASB issued ASU 2016-08, “ Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “ Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “ Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued Accounting Standards Update No. 2017-01, “ Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued Accounting Standards Update No. 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2017, the FASB issued ASU No. 2017-07, “ Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 3. EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is computed by dividing income available to MSCI common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and vested restricted stock unit awards where recipients have satisfied either the explicit vesting terms or retirement-eligible requirements. Diluted EPS reflects the assumed conversion of all dilutive securities. There were 3,002 anti-dilutive securities excluded from the calculation of diluted EPS for the three months ended March 31, 2017. There were no anti-dilutive securities excluded from the calculation of diluted EPS for the three months ended March 31, 2016. The following table presents the computation of basic and diluted EPS: Three Months Ended March 31, 2017 2016 (in thousands, except per share data) Net income $ 72,951 $ 60,367 Basic weighted average common shares outstanding 90,708 99,425 Effect of dilutive securities: Stock options and restricted stock units 916 573 Diluted weighted average common shares outstanding 91,624 99,998 Earnings per basic common share $ 0.80 $ 0.61 Earnings per diluted common share $ 0.80 $ 0.60 |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements | 3 Months Ended |
Mar. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | 4. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Property, equipment and leasehold improvements at March 31, 2017 and December 31, 2016 consisted of the following: As of March 31, December 31, 2017 2016 (in thousands) Computer & related equipment $ 168,516 $ 162,306 Furniture & fixtures 9,879 9,724 Leasehold improvements 50,420 49,442 Work-in-process 10,560 10,954 Subtotal 239,375 232,426 Accumulated depreciation and amortization (146,219 ) (136,841 ) Property, equipment and leasehold improvements, net $ 93,156 $ 95,585 Depreciation and amortization expense of property, equipment and leasehold improvements was $8.8 million and $8.2 million for the three months ended March 31, 2017 and 2016, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. GOODWILL AND INTANGIBLE ASSETS Goodwill The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2016 $ 1,202,448 $ 302,611 $ 50,791 $ 1,555,850 Foreign exchange translation adjustment 373 — 230 603 Goodwill at March 31, 2017 $ 1,202,821 $ 302,611 $ 51,021 $ 1,556,453 Intangible Assets Amortization expense related to intangible assets for the three months ended March 31, 2017 and 2016 was $11.3 million and $11.8 million, respectively. The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of March 31, December 31, 2017 2016 (in thousands) Gross intangible assets: Customer relationships $ 361,199 $ 361,199 Trademarks/trade names 223,382 223,382 Technology/software 212,261 210,013 Proprietary data 28,627 28,627 Covenant not to compete 1,225 1,225 Subtotal 826,694 824,446 Foreign exchange translation adjustment (13,311 ) (13,946 ) Total gross intangible assets $ 813,383 $ 810,500 Accumulated amortization: Customer relationships $ (172,464 ) $ (166,923 ) Trademarks/trade names (107,975 ) (105,077 ) Technology/software (186,633 ) (184,290 ) Proprietary data (8,999 ) (8,571 ) Covenant not to compete (1,131 ) (1,089 ) Subtotal (477,202 ) (465,950 ) Foreign exchange translation adjustment 2,926 3,090 Total accumulated amortization $ (474,276 ) $ (462,860 ) Net intangible assets: Customer relationships $ 188,735 $ 194,276 Trademarks/trade names 115,407 118,305 Technology/software 25,628 25,723 Proprietary data 19,628 20,056 Covenant not to compete 94 136 Subtotal 349,492 358,496 Foreign exchange translation adjustment (10,385 ) (10,856 ) Total net intangible assets $ 339,107 $ 347,640 The following table presents the estimated amortization expense for the remainder of 2017 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder 2017 $ 32,818 2018 42,074 2019 40,074 2020 37,889 2021 36,376 Thereafter 149,876 Total $ 339,107 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. COMMITMENTS AND CONTINGENCIES Legal matters . From time to time, the Company is party to various litigation matters incidental to the conduct of its business. The Company is not presently party to any legal proceedings the resolution of which the Company believes would have a material effect on its business, operating results, financial condition or cash flows. Leases. The Company leases facilities under non-cancelable operating lease agreements. The terms of certain lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on the straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Rent expense for the three months ended March 31, 2017 and 2016 was $5.8 million and $6.1 million, respectively. Senior Notes. The Company has issued an aggregate of $2.1 billion in senior unsecured notes (collectively, the “Senior Notes”) in the three discrete private offerings described below. On November 20, 2014, the Company completed its private offering of $800.0 million aggregate principal amount of 5.25% senior unsecured notes due 2024 (the “2024 Senior Notes”). The Company used the net proceeds from the offering of the 2024 Senior Notes, together with cash on hand, to repay in full its then outstanding term loan indebtedness of $794.8 million. On August 13, 2015, the Company completed its private offering of $800.0 million aggregate principal amount of 5.75% senior unsecured notes due 2025 (the “2025 Senior Notes”). The $789.5 million of net proceeds from the offering of the 2025 Senior Notes were allocated for general corporate purposes. On August 4, 2016, the Company completed its private offering of $500.0 million aggregate principal amount of 4.75% senior unsecured notes due 2026 (the “2026 Senior Notes”). The $493.3 million of net proceeds from the offering of the 2026 Senior Notes were allocated for general corporate purposes, including, without limitation, buybacks of its common stock and potential acquisitions. The 2024 Senior Notes are scheduled to mature and be paid in full on November 15, 2024. At any time prior to November 15, 2019, the Company may redeem all or part of the 2024 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2024 Senior Notes, together with accrued and unpaid interest, on or after November 15, 2019, at redemption prices set forth in the indenture governing the 2024 Senior Notes. At any time prior to November 15, 2017, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2024 Senior Notes, including any permitted additional notes, at a redemption price equal to 105.25% of the principal amount. The 2025 Senior Notes are scheduled to mature and be paid in full on August 15, 2025. At any time prior to August 15, 2020, the Company may redeem all or part of the 2025 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2025 Senior Notes, together with accrued and unpaid interest, on or after August 15, 2020, at redemption prices set forth in the indenture governing the 2025 Senior Notes. At any time prior to August 15, 2018, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2025 Senior Notes, including any permitted additional notes, at a redemption price equal to 105.75% of the principal amount. The 2026 Senior Notes are scheduled to mature and be paid in full on August 1, 2026. At any time prior to August 1, 2021, the Company may redeem all or part of the 2026 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2026 Senior Notes, together with accrued and unpaid interest, on or after August 1, 2021, at redemption prices set forth in the indenture governing the 2026 Senior Notes. At any time prior to August 1, 2019, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2026 Senior Notes, including any permitted additional notes, at a redemption price equal to 104.75% of the principal amount. Interest payments attributable to the 2024 Senior Notes are due on May 15 and November 15 of each year. The first interest payment was made on May 15, 2015. Interest payments attributable to the 2025 Senior Notes are due on February 15 and August 15 of each year. The first interest payment was made on February 16, 2016. Interest payments attributable to the 2026 Senior Notes are due on February 1 and August 1 of each year. The first interest payment was made on February 1, 2017. Revolver. On November 20, 2014, the Company entered into a $200.0 million senior unsecured revolving credit agreement (the “2014 Revolving Credit Agreement”) with a syndicate of banks. The 2014 Revolving Credit Agreement had an initial term of five years with an option to extend for two additional one-year terms. On August 4, 2016, the Company entered into Amendment No. 1 (the “Amendment”) to the 2014 Revolving Credit Agreement (the 2014 Revolving Credit Agreement as so amended, the “Revolving Credit Agreement”). The Amendment, among other things, (i) increased aggregate commitments available to be borrowed to $220.0 million, (ii) increased the maximum consolidated leverage ratio and (iii) extended the initial term to August 2021 with an option to extend for an additional one-year term. No amounts have ever been drawn under the Revolving Credit Agreement. Long-term debt at March 31, 2017 was $2,075.9 million, net of $24.1 million in deferred financing fees. Long-term debt at December 31, 2016 was $2,075.2 million, net of $24.8 million in deferred financing fees. In connection with the closings of the Senior Notes offerings and entry into the 2014 Revolving Credit Agreement and the Amendment, the Company paid certain fees which, together with the existing fees related to prior credit facilities, are being amortized over the related lives. At March 31, 2017, $26.3 million of the deferred financing fees remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.7 million of which is included in “Other non-current assets” and $24.1 million of which is grouped and presented as part of “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition. At March 31, 2017 and December 31, 2016, the fair market value of the Company’s debt obligations was $2,200.6 million and $2,192.5 million, respectively. The fair market value is determined in accordance with accounting standards related to the determination of fair value and represents Level 2 valuations, which are based on one or more quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly. The Company utilizes the market approach and obtains security pricing from a vendor who uses broker quotes and third-party pricing services to determine fair values. Derivatives and Hedging Activities. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. Certain of the Company’s foreign operations expose the Company to fluctuations of foreign exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency, the U.S. dollar. The Company enters into derivative financial instruments to protect the value or fix the amount of certain exposures in terms of its functional currency. Non-designated Hedges of Foreign Exchange Risk. Derivatives not designated as hedges are not speculative and are used to manage the Company’s economic exposure to foreign exchange rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of March 31, 2017, the Company had outstanding foreign currency forwards with a notional amount of $38.9 million that were not designated as hedges in qualifying hedging relationships. The following table presents the fair values of the Company’s derivative instruments and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition: Unaudited Condensed As of Consolidated Statements of March 31, December 31, (in thousands) Financial Condition Location 2017 2016 Non-designated hedging instruments: Asset derivatives: Foreign exchange contracts Prepaid and other assets $ 151 $ 27 Liability derivatives: Foreign exchange contracts Other accrued liabilities $ (196 ) $ (124 ) The Company’s foreign exchange forward contracts represent Level 2 valuations, as they were valued using pricing models that took into account the contract terms as well as multiple observable inputs where applicable, such as prevailing spot rates and forward points. The following table presents the effect of the Company’s financial derivatives and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Income: Amount of Gain or (Loss) Recognized Derivatives Not Designated as Location of Gain or in Income on Derivatives for the Hedging Instruments (Loss) Recognized Three Months Ended March 31, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (334 ) $ 214 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | 7. SHAREHOLDERS’ EQUITY Return of capital . On October 28, 2015, the Board of Directors of MSCI (the “Board of Directors”) approved a stock repurchase program authorizing the purchase of up to $1.0 billion worth of shares of MSCI’s common stock (the “2015 Repurchase Program”). On October 26, 2016, the Board of Directors approved an additional stock repurchase program authorizing the purchase of up to $750.0 million worth of shares of the Company’s common stock (together with the $330.3 million remaining authorization under the 2015 Repurchase Program, the “2016 Repurchase Program”). Share repurchases made pursuant to the 2016 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, 2017, there was $781.2 million of available authorization remaining under the 2016 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 Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) March 31, 2017 $ 82.25 1,079 $ 88,744 March 31, 2016 $ 68.45 4,869 $ 333,328 The following table presents cash 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 Deferred 2017 Three Months Ended March 31, $ 0.28 $ 25,769 $ 25,500 $ 269 2016 Three Months Ended March 31, $ 0.22 $ 22,046 $ 21,889 $ 157 Common Stock. The following table presents activity related to shares of common stock issued and repurchased during the three months ended March 31, 2017: Common Treasury Common Stock Stock Issued Stock Outstanding Balance At December 31, 2016 128,996,344 (37,716,754 ) 91,279,590 Dividend payable/paid 114 (114 ) — Common stock issued and exercise of stock options 389,198 — 389,198 Shares withheld for tax withholding and exercises — (139,208 ) (139,208 ) Shares repurchased under stock repurchase programs — (1,079,005 ) (1,079,005 ) Shares issued to directors 51 (10 ) 41 Balance At March 31, 2017 129,385,707 (38,935,091 ) 90,450,616 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES The Company’s provision for income taxes was $28.7 million and $30.4 million for the three months ended March 31, 2017 and 2016, respectively. These amounts reflect effective tax rates of 28.2% and 33.5% for the three months ended March 31, 2017 and 2016, respectively. The decrease in the effective tax rate was primarily driven by the impact of discrete items, including the excess tax benefits related to the adoption of ASU 2016-09 during the three months ended March 31, 2017, in addition to the impact of the ongoing efforts to better align the Company’s tax profile with its global operating footprint. See Note 2, “Recent Accounting Standards Updates,” for more information regarding the adoption of ASU 2016-09. The effective tax rate of 28.2% for the three months ended March 31, 2017 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain discrete items totaling $3.5 million, primarily related to the excess tax benefits on share-based compensation recognized during the period, which decreased the Company’s effective tax rate by 3.5 percentage points. The effective tax rate of 33.5% for the three months ended March 31, 2016 reflected the Company’s estimate of the effective tax rate for the period and was impacted by a change in the mix of profits between tax jurisdictions. The Company is under examination by the IRS and other tax authorities in certain jurisdictions, including foreign jurisdictions, such as India, and states in which the Company has significant operations, such as New York. The tax years currently under examination vary by jurisdiction but include years ranging from 2005 through 2016. As a result of having previously been a member of the Morgan Stanley consolidated group, the Company may have future settlements with Morgan Stanley related to the ultimate disposition of their New York State and New York City examination relating to the tax years 2007 and 2008 and their IRS examination relating to the tax years 2006 through 2008. The Company does not believe it has any material exposure to the New York State and New York City examinations. Additionally, the Company believes it has adequate reserves for any tax issues that may arise out of the IRS examination relating to the tax years 2006 through 2008 and therefore does not believe any related settlement with Morgan Stanley will have a material impact. The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. As part of the Company’s periodic review of unrecognized tax benefits and based on new information regarding the status of federal and state examinations, the Company’s unrecognized tax benefits were remeasured. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | 9. SEGMENT INFORMATION ASC Subtopic 280-10, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or CODM, in deciding how to allocate resources and assess performance. MSCI’s Chief Executive Officer and Chief Operating Officer, who are considered to be its CODM, review financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. The CODM measures and evaluates reportable segments based on segment operating revenues as well as Adjusted EBITDA and other measures. The Company excludes the following items from segment Adjusted EBITDA: provision for income taxes, other expense (income), net, depreciation and amortization of property, equipment and leasehold improvements, amortization of intangible assets and certain transactions or adjustments that the CODM does not consider for the purposes of making decisions to allocate resources among segments or to assess segment performance. Although these amounts are excluded from segment Adjusted EBITDA, they are included in reported consolidated net income and are included in the reconciliation that follows. The Company’s computation of segment Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because all companies do not calculate segment Adjusted EBITDA in the same fashion. Revenues and expenses directly associated with each segment are included in determining its operating results. Other expenses that are not directly attributable to a particular segment are allocated based upon allocation methodologies, including time estimates, headcount, sales targets, data center consumption and other relevant usage measures. Due to the integrated structure of our business, certain costs incurred by one segment may benefit other segments. A segment may use the content and data produced by another segment without incurring an arm’s-length intersegment charge. The CODM does not review any information regarding total assets on an operating segment basis. Operating segments do not record intersegment revenue, and, accordingly, there is none to be reported. The accounting policies for segment reporting are the same as for MSCI as a whole. The Company has four operating segments: Index, Analytics, ESG and Real Estate. The Index operating segment is primarily a provider of equity indexes. The indexes are used in many areas of the investment process, including index-linked product creation and performance benchmarking, as well as portfolio construction and rebalancing and asset allocation. The Analytics operating segment uses analytical content to create products and services which offer institutional investors an integrated view of risk and return. Its research-enhanced products and services help institutional investors understand and control for market, credit, liquidity and counterparty risk across all major asset classes, spanning short, medium and long-term time horizons. The Analytics global risk and performance platform is built for scale, enabling clients to conduct complex calculations and stress tests. Analytics offers products and services that assist institutional investors with portfolio construction, risk management, performance attribution and regulatory reporting. The ESG operating segment offers products and services that help institutional investors understand how environmental, social and governance (“ESG”) factors can impact the long-term risk of their investments. In addition, the ESG operating segment’s data and ratings products are used in the construction of equity and fixed income indexes to help institutional investors benchmark ESG investment performance, issue index-based investment products, as well as manage, measure and report on ESG mandates. The Real Estate operating segment is a provider of real estate performance analysis for funds, investors, managers and lenders, as well as occupiers through the disposition of the Real Estate occupiers business. This segment provides products and offers services that include research, reporting and benchmarking. During the year ended December 31, 2016, the Company disposed of the Real Estate occupiers business. The operating segments of ESG and Real Estate do not individually meet the segment reporting thresholds and have been combined and presented as part of All Other for disclosure purposes. The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended March 31, 2017 2016 (in thousands) Operating revenues Index $ 163,435 $ 144,613 Analytics 112,420 110,263 All Other 25,352 23,952 Total $ 301,207 $ 278,828 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended March 31, 2017 2016 (in thousands) Index Adjusted EBITDA $ 115,637 $ 100,049 Analytics Adjusted EBITDA 29,536 30,360 All Other Adjusted EBITDA 5,518 2,740 Total operating segment profitability 150,691 133,149 Amortization of intangible assets 11,251 11,840 Depreciation and amortization of property, equipment and leasehold improvements 8,838 8,168 Operating income 130,602 113,141 Other expense (income), net 28,977 22,364 Provision for income taxes 28,674 30,410 Net income $ 72,951 $ 60,367 Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended March 31, 2017 2016 (in thousands) Revenues Americas: United States $ 144,838 $ 137,645 Other 11,654 10,582 Total Americas 156,492 148,227 Europe, the Middle East and Africa ("EMEA"): United Kingdom 47,025 42,610 Other 60,302 53,439 Total EMEA 107,327 96,049 Asia & Australia: Japan 12,826 12,640 Other 24,562 21,912 Total Asia & Australia 37,388 34,552 Total $ 301,207 $ 278,828 Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of March 31, December 31, 2017 2016 (in thousands) Long-lived assets Americas: United States $ 1,864,169 $ 1,876,366 Other 1,891 1,543 Total Americas 1,866,060 1,877,909 EMEA: United Kingdom 89,468 89,466 Other 25,026 23,780 Total EMEA 114,494 113,246 Asia & Australia: Japan 327 357 Other 7,835 7,563 Total Asia & Australia 8,162 7,920 Total $ 1,988,716 $ 1,999,075 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. SUBSEQUENT EVENTS On May 2, 2017, the Board of Directors declared a cash dividend of $0.28 per share for second quarter 2017. The second quarter 2017 dividend is payable on May 31, 2017 to shareholders of record as of the close of trading on May 19, 2017. |
Introduction and Basis of Pre17
Introduction and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI Inc. and its subsidiaries and include all adjustments of a normal, recurring nature necessary to present fairly the financial condition as of March 31, 2017 and December 31, 2016, the results of operations and comprehensive income for the three months ended March 31, 2017 and 2016 and cash flows for the three months ended March 31, 2017 and 2016. 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, 2016. The unaudited condensed consolidated financial statement information as of December 31, 2016 has been derived from the 2016 audited consolidated financial statements. 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 accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, impairment of long-lived assets, accrued compensation, income taxes and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation. |
Concentrations | Concentrations BlackRock, Inc. accounted for 10.3% of the Company’s consolidated operating revenues for the three months ended March 31, 2017 while no single customer represented 10.0% or more of the Company’s consolidated operating revenues for the three months ended March 31, 2016. For the three months ended March 31, 2017 and 2016, BlackRock, Inc. accounted for 18.6% and 17.0% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of revenues within the Analytics and All Other segments for the three months ended March 31, 2017 and 2016. |
Recent Accounting Standards Updates | In May 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-09, “ Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In March 2016, the FASB issued ASU 2016-08, “ Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) Identifying Performance Obligations and Licensing Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “ Leases (Topic 842) In March 2016, the FASB issued Accounting Standards Update No. 2016-09, “ Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued Accounting Standards Update No. 2017-01, “ Business Combinations (Topic 805): Clarifying the Definition of a Business In January 2017, the FASB issued Accounting Standards Update No. 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In February 2017, the FASB issued ASU No. 2017-07, “ Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the computation of basic and diluted EPS: Three Months Ended March 31, 2017 2016 (in thousands, except per share data) Net income $ 72,951 $ 60,367 Basic weighted average common shares outstanding 90,708 99,425 Effect of dilutive securities: Stock options and restricted stock units 916 573 Diluted weighted average common shares outstanding 91,624 99,998 Earnings per basic common share $ 0.80 $ 0.61 Earnings per diluted common share $ 0.80 $ 0.60 |
Property, Equipment and Lease19
Property, Equipment and Leasehold Improvements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Equipment and Leasehold Improvements | Property, equipment and leasehold improvements at March 31, 2017 and December 31, 2016 consisted of the following: As of March 31, December 31, 2017 2016 (in thousands) Computer & related equipment $ 168,516 $ 162,306 Furniture & fixtures 9,879 9,724 Leasehold improvements 50,420 49,442 Work-in-process 10,560 10,954 Subtotal 239,375 232,426 Accumulated depreciation and amortization (146,219 ) (136,841 ) Property, equipment and leasehold improvements, net $ 93,156 $ 95,585 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Reportable Segment | The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2016 $ 1,202,448 $ 302,611 $ 50,791 $ 1,555,850 Foreign exchange translation adjustment 373 — 230 603 Goodwill at March 31, 2017 $ 1,202,821 $ 302,611 $ 51,021 $ 1,556,453 |
Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets | The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of March 31, December 31, 2017 2016 (in thousands) Gross intangible assets: Customer relationships $ 361,199 $ 361,199 Trademarks/trade names 223,382 223,382 Technology/software 212,261 210,013 Proprietary data 28,627 28,627 Covenant not to compete 1,225 1,225 Subtotal 826,694 824,446 Foreign exchange translation adjustment (13,311 ) (13,946 ) Total gross intangible assets $ 813,383 $ 810,500 Accumulated amortization: Customer relationships $ (172,464 ) $ (166,923 ) Trademarks/trade names (107,975 ) (105,077 ) Technology/software (186,633 ) (184,290 ) Proprietary data (8,999 ) (8,571 ) Covenant not to compete (1,131 ) (1,089 ) Subtotal (477,202 ) (465,950 ) Foreign exchange translation adjustment 2,926 3,090 Total accumulated amortization $ (474,276 ) $ (462,860 ) Net intangible assets: Customer relationships $ 188,735 $ 194,276 Trademarks/trade names 115,407 118,305 Technology/software 25,628 25,723 Proprietary data 19,628 20,056 Covenant not to compete 94 136 Subtotal 349,492 358,496 Foreign exchange translation adjustment (10,385 ) (10,856 ) Total net intangible assets $ 339,107 $ 347,640 |
Estimated Amortization Expense for Remainder of 2017 and Succeeding Years | The following table presents the estimated amortization expense for the remainder of 2017 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder 2017 $ 32,818 2018 42,074 2019 40,074 2020 37,889 2021 36,376 Thereafter 149,876 Total $ 339,107 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Fair Values of Derivative Instruments | The following table presents the fair values of the Company’s derivative instruments and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition: Unaudited Condensed As of Consolidated Statements of March 31, December 31, (in thousands) Financial Condition Location 2017 2016 Non-designated hedging instruments: Asset derivatives: Foreign exchange contracts Prepaid and other assets $ 151 $ 27 Liability derivatives: Foreign exchange contracts Other accrued liabilities $ (196 ) $ (124 ) |
Effect of Financial Derivatives on Statements of Income | The following table presents the effect of the Company’s financial derivatives and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Income: Amount of Gain or (Loss) Recognized Derivatives Not Designated as Location of Gain or in Income on Derivatives for the Hedging Instruments (Loss) Recognized Three Months Ended March 31, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (334 ) $ 214 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) March 31, 2017 $ 82.25 1,079 $ 88,744 March 31, 2016 $ 68.45 4,869 $ 333,328 |
Schedule of Cash Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred | The following table presents cash 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 Deferred 2017 Three Months Ended March 31, $ 0.28 $ 25,769 $ 25,500 $ 269 2016 Three Months Ended March 31, $ 0.22 $ 22,046 $ 21,889 $ 157 |
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, 2017: Common Treasury Common Stock Stock Issued Stock Outstanding Balance At December 31, 2016 128,996,344 (37,716,754 ) 91,279,590 Dividend payable/paid 114 (114 ) — Common stock issued and exercise of stock options 389,198 — 389,198 Shares withheld for tax withholding and exercises — (139,208 ) (139,208 ) Shares repurchased under stock repurchase programs — (1,079,005 ) (1,079,005 ) Shares issued to directors 51 (10 ) 41 Balance At March 31, 2017 129,385,707 (38,935,091 ) 90,450,616 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Operating Revenue by Reportable Segment | The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended March 31, 2017 2016 (in thousands) Operating revenues Index $ 163,435 $ 144,613 Analytics 112,420 110,263 All Other 25,352 23,952 Total $ 301,207 $ 278,828 |
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 March 31, 2017 2016 (in thousands) Index Adjusted EBITDA $ 115,637 $ 100,049 Analytics Adjusted EBITDA 29,536 30,360 All Other Adjusted EBITDA 5,518 2,740 Total operating segment profitability 150,691 133,149 Amortization of intangible assets 11,251 11,840 Depreciation and amortization of property, equipment and leasehold improvements 8,838 8,168 Operating income 130,602 113,141 Other expense (income), net 28,977 22,364 Provision for income taxes 28,674 30,410 Net income $ 72,951 $ 60,367 |
Revenue by Geographic Area | Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended March 31, 2017 2016 (in thousands) Revenues Americas: United States $ 144,838 $ 137,645 Other 11,654 10,582 Total Americas 156,492 148,227 Europe, the Middle East and Africa ("EMEA"): United Kingdom 47,025 42,610 Other 60,302 53,439 Total EMEA 107,327 96,049 Asia & Australia: Japan 12,826 12,640 Other 24,562 21,912 Total Asia & Australia 37,388 34,552 Total $ 301,207 $ 278,828 |
Long-Lived Assets by Geographic Area | Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of March 31, December 31, 2017 2016 (in thousands) Long-lived assets Americas: United States $ 1,864,169 $ 1,876,366 Other 1,891 1,543 Total Americas 1,866,060 1,877,909 EMEA: United Kingdom 89,468 89,466 Other 25,026 23,780 Total EMEA 114,494 113,246 Asia & Australia: Japan 327 357 Other 7,835 7,563 Total Asia & Australia 8,162 7,920 Total $ 1,988,716 $ 1,999,075 |
Introduction and Basis of Pre24
Introduction and Basis of Presentation - Additional Information (Detail) - Operating Revenues [Member] - Customer Concentration Risk [Member] - Customer | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Introduction And Basis Of Presentation [Line Items] | ||
Number of major customers represented 10.0% or more of revenues | 0 | |
BlackRock Inc [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Percentage of operating revenues accounted for by major customer | 10.30% | |
Index [Member] | BlackRock Inc [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Percentage of operating revenues accounted for by major customer | 18.60% | 17.00% |
Analytics [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Number of major customers represented 10.0% or more of revenues | 0 | 0 |
All Other [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Number of major customers represented 10.0% or more of revenues | 0 | 0 |
Recent Accounting Standards U25
Recent Accounting Standards Updates - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Increase in net cash provided by operating activities | $ 37,015 | $ 36,887 |
Decrease in net cash used in financing activities | (125,226) | (366,166) |
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Amount of excess tax benefits recognition | $ 3,100 | |
Effect of change on diluted earnings per share | $ 0.03 | |
Increase in net cash provided by operating activities | 3,900 | |
Decrease in net cash used in financing activities | $ (3,900) |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive securities excluded from the calculation of diluted EPS | 3,002 | 0 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net income | $ 72,951 | $ 60,367 |
Basic weighted average common shares outstanding | 90,708 | 99,425 |
Effect of dilutive securities: | ||
Stock options and restricted stock units | 916 | 573 |
Diluted weighted average common shares outstanding | 91,624 | 99,998 |
Earnings per basic common share | $ 0.80 | $ 0.61 |
Earnings per diluted common share | $ 0.80 | $ 0.60 |
Property, Equipment and Lease28
Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Abstract] | ||
Computer & related equipment | $ 168,516 | $ 162,306 |
Furniture & fixtures | 9,879 | 9,724 |
Leasehold improvements | 50,420 | 49,442 |
Work-in-process | 10,560 | 10,954 |
Subtotal | 239,375 | 232,426 |
Accumulated depreciation and amortization | (146,219) | (136,841) |
Property, equipment and leasehold improvements, net | $ 93,156 | $ 95,585 |
Property, Equipment and Lease29
Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | ||
Depreciation and amortization of property, equipment and leasehold improvements | $ 8,838 | $ 8,168 |
Goodwill and Intangible Asset30
Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Goodwill [Line Items] | |
Goodwill at December 31, 2016 | $ 1,555,850 |
Foreign exchange translation adjustment | 603 |
Goodwill at March 31, 2017 | 1,556,453 |
Index [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2016 | 1,202,448 |
Foreign exchange translation adjustment | 373 |
Goodwill at March 31, 2017 | 1,202,821 |
Analytics [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2016 | 302,611 |
Goodwill at March 31, 2017 | 302,611 |
All Other [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2016 | 50,791 |
Foreign exchange translation adjustment | 230 |
Goodwill at March 31, 2017 | $ 51,021 |
Goodwill and Intangible Asset31
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $ 11,251 | $ 11,840 |
Goodwill and Intangible Asset32
Goodwill and Intangible Assets - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | $ 813,383 | $ 810,500 |
Accumulated amortization | (474,276) | (462,860) |
Net carrying value | 339,107 | 347,640 |
Customer Relationships [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 361,199 | 361,199 |
Accumulated amortization | (172,464) | (166,923) |
Net carrying value | 188,735 | 194,276 |
Trademarks/Trade Names [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 223,382 | 223,382 |
Accumulated amortization | (107,975) | (105,077) |
Net carrying value | 115,407 | 118,305 |
Technology/Software [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 212,261 | 210,013 |
Accumulated amortization | (186,633) | (184,290) |
Net carrying value | 25,628 | 25,723 |
Proprietary Data [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 28,627 | 28,627 |
Accumulated amortization | (8,999) | (8,571) |
Net carrying value | 19,628 | 20,056 |
Covenant Not to Compete [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 1,225 | 1,225 |
Accumulated amortization | (1,131) | (1,089) |
Net carrying value | 94 | 136 |
Subtotal [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | 826,694 | 824,446 |
Accumulated amortization | (477,202) | (465,950) |
Net carrying value | 349,492 | 358,496 |
Foreign Exchange Translation Adjustment [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value | (13,311) | (13,946) |
Accumulated amortization | 2,926 | 3,090 |
Net carrying value | $ (10,385) | $ (10,856) |
Goodwill and Intangible Asset33
Goodwill and Intangible Assets - Estimated Amortization Expense for Remainder of 2017 and Succeeding Years (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Remainder 2,017 | $ 32,818 | |
2,018 | 42,074 | |
2,019 | 40,074 | |
2,020 | 37,889 | |
2,021 | 36,376 | |
Thereafter | 149,876 | |
Net carrying value | $ 339,107 | $ 347,640 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Aug. 04, 2016 | Aug. 13, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Nov. 20, 2014 |
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Annual rent expense | $ 5,800,000 | $ 6,100,000 | ||||
Revolving credit agreement, conditional description | The 2014 Revolving Credit Agreement had an initial term of five years with an option to extend for two additional one-year terms. On August 4, 2016, the Company entered into Amendment No. 1 (the “Amendment”) to the 2014 Revolving Credit Agreement (the 2014 Revolving Credit Agreement as so amended, the “Revolving Credit Agreement”). The Amendment, among other things, (i) increased aggregate commitments available to be borrowed to $220.0 million, (ii) increased the maximum consolidated leverage ratio and (iii) extended the initial term to August 2021 with an option to extend for an additional one-year term. | |||||
Long-term debt | $ 2,075,924,000 | $ 2,075,201,000 | ||||
Deferred financing fees | 24,100,000 | 24,800,000 | ||||
Fair market value of debt obligations | 2,200,600,000 | $ 2,192,500,000 | ||||
Derivatives not Designated as Hedging Instruments [Member] | Foreign Currency Forwards [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Foreign currency forwards, notional amount | 38,900,000 | |||||
Prepaid and Other Assets [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Deferred financing fees | 500,000 | |||||
Other Non-Current Assets [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Deferred financing fees | 1,700,000 | |||||
Long-term Debt [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Deferred financing fees | $ 24,100,000 | |||||
2014 Revolving Credit Agreement [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Revolving credit facility, maximum borrowing | $ 200,000,000 | |||||
Revolving credit agreement, term | 5 years | |||||
Revolving Credit Agreement [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Revolving credit facility, maximum borrowing | $ 220,000,000 | |||||
Revolving credit agreement, extended term | 1 year | |||||
Revolving credit agreement, amounts drawn | $ 0 | |||||
Senior Notes [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Debt instrument principal amount | 2,100,000,000 | |||||
Senior Notes and Revolving Credit Facility [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Deferred financing fees | $ 26,300,000 | |||||
5.250% Senior Unsecured Notes Due 2024 [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Debt instrument principal amount | $ 800,000,000 | |||||
Debt instrument interest rate | 5.25% | |||||
Maturity date | Nov. 15, 2024 | |||||
Redemption description | At any time prior to November 15, 2019, the Company may redeem all or part of the 2024 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | |||||
Percentage of aggregate principal amount redeemed | 35.00% | |||||
Redemption price | 105.25% | |||||
Debt instrument description | Interest payments attributable to the 2024 Senior Notes are due on May 15 and November 15 of each year. | |||||
Debt instrument, first interest payment date | May 15, 2015 | |||||
Term Loan [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Outstanding indebtedness, amount | $ 794,800,000 | |||||
5.75% Senior Unsecured Notes Due 2025 [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Debt instrument principal amount | $ 800,000,000 | |||||
Debt instrument interest rate | 5.75% | |||||
Net proceeds from borrowing | $ 789,500,000 | |||||
4.75% Senior Unsecured Notes Due 2026 [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Debt instrument principal amount | $ 500,000,000 | |||||
Debt instrument interest rate | 4.75% | |||||
Net proceeds from borrowing | $ 493,300,000 | |||||
Maturity date | Aug. 1, 2026 | |||||
Redemption description | At any time prior to August 1, 2021, the Company may redeem all or part of the 2026 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | |||||
Percentage of aggregate principal amount redeemed | 35.00% | |||||
Redemption price | 104.75% | |||||
Debt instrument description | Interest payments attributable to the 2026 Senior Notes are due on February 1 and August 1 of each year. | |||||
Debt instrument, first interest payment date | Feb. 1, 2017 | |||||
5.75% Senior Notes Due In 2025 [Member] | ||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||
Maturity date | Aug. 15, 2025 | |||||
Redemption description | At any time prior to August 15, 2020, the Company may redeem all or part of the 2025 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | |||||
Percentage of aggregate principal amount redeemed | 35.00% | |||||
Redemption price | 105.75% | |||||
Debt instrument description | Interest payments attributable to the 2025 Senior Notes are due on February 15 and August 15 of each year. | |||||
Debt instrument, first interest payment date | Feb. 16, 2016 |
Commitments and Contingencies35
Commitments and Contingencies - Summary of Fair Values of Derivative Instruments (Detail) - Derivatives not Designated as Hedging Instruments [Member] - Foreign Exchange Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Prepaid and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 151 | $ 27 |
Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ (196) | $ (124) |
Commitments and Contingencies36
Commitments and Contingencies - Effect of Financial Derivatives on Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Foreign Exchange Contracts [Member] | Derivatives not Designated as Hedging Instruments [Member] | Other Expense (Income) [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | $ (334) | $ 214 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Oct. 26, 2016 | Oct. 28, 2015 |
2015 Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchase program authorizing the purchase of shares | $ 1,000,000,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 330,300,000 | ||
2016 Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchase program authorizing the purchase of shares | $ 750,000,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 781,200,000 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Company's Common Stock Repurchases Made on Open Market (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | ||
Total Number of Shares Repurchased | 1,079,005 | |
Open Market Purchases of Common Stock [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ||
Average Price Paid Per Share | $ 82.25 | $ 68.45 |
Total Number of Shares Repurchased | 1,079,000 | 4,869,000 |
Dollar Value of Shares Repurchased | $ 88,744 | $ 333,328 |
Shareholders' Equity - Schedu39
Shareholders' Equity - Schedule of Cash Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividend declared per common share | $ 0.28 | $ 0.22 |
Cash dividends declared, Amount | $ 25,769 | $ 22,046 |
Cash dividends distributed, Amount | 25,500 | 21,889 |
Cash dividends deferred, Amount | $ 269 | $ 157 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) | 3 Months Ended |
Mar. 31, 2017shares | |
Common Stock Outstanding [Line Items] | |
Beginning balance | 91,279,590 |
Common stock issued and exercise of stock options | 389,198 |
Shares withheld for tax withholding and exercises | (139,208) |
Shares repurchased under stock repurchase programs | (1,079,005) |
Shares issued to directors | 41 |
Ending balance | 90,450,616 |
Common Stock Issued [Member] | |
Common Stock Outstanding [Line Items] | |
Beginning balance | 128,996,344 |
Dividend payable/paid | 114 |
Common stock issued and exercise of stock options | 389,198 |
Shares issued to directors | 51 |
Ending balance | 129,385,707 |
Treasury Stock [Member] | |
Common Stock Outstanding [Line Items] | |
Beginning balance | (37,716,754) |
Dividend payable/paid | (114) |
Shares withheld for tax withholding and exercises | (139,208) |
Shares repurchased under stock repurchase programs | (1,079,005) |
Shares issued to directors | (10) |
Ending balance | (38,935,091) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Examination [Line Items] | ||
Provision for income taxes | $ 28,674 | $ 30,410 |
Effective tax rate | 28.20% | 33.50% |
Amounts effect on effective tax rate | $ 3,500 | |
Decrease in effective tax rate | 3.50% | |
Significant change in unrecognized tax benefits, reasonably possible | It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. | |
Significant change in unrecognized tax benefits, not possible | At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months. | |
Minimum [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2,005 | |
Maximum [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2,016 | |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | Minimum [Member] | Morgan Stanley [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2,007 | |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | Maximum [Member] | Morgan Stanley [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2,008 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] | Morgan Stanley [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2,006 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member] | Morgan Stanley [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2,008 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Segment Information - Operating
Segment Information - Operating Revenue by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total | $ 301,207 | $ 278,828 |
Index [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total | 163,435 | 144,613 |
Analytics [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total | 112,420 | 110,263 |
All Other [Member] | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Total | $ 25,352 | $ 23,952 |
Segment Information - Segment P
Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | $ 150,691 | $ 133,149 |
Amortization of intangible assets | 11,251 | 11,840 |
Depreciation and amortization of property, equipment and leasehold improvements | 8,838 | 8,168 |
Operating income | 130,602 | 113,141 |
Other expense (income), net | 28,977 | 22,364 |
Provision for income taxes | 28,674 | 30,410 |
Net income | 72,951 | 60,367 |
Index [Member] | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 115,637 | 100,049 |
Analytics [Member] | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | 29,536 | 30,360 |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Adjusted EBITDA | $ 5,518 | $ 2,740 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | $ 301,207 | $ 278,828 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 144,838 | 137,645 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 11,654 | 10,582 |
Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 156,492 | 148,227 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 47,025 | 42,610 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 60,302 | 53,439 |
Europe, the Middle East and Africa ("EMEA") [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 107,327 | 96,049 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 12,826 | 12,640 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | 24,562 | 21,912 |
Total Asia & Australia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Operating revenues | $ 37,388 | $ 34,552 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,988,716 | $ 1,999,075 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,864,169 | 1,876,366 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,891 | 1,543 |
Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,866,060 | 1,877,909 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 89,468 | 89,466 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 25,026 | 23,780 |
Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 114,494 | 113,246 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 327 | 357 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 7,835 | 7,563 |
Total Asia & Australia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 8,162 | $ 7,920 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | May 02, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Subsequent Event [Line Items] | |||
Quarterly dividend declared | $ 0.28 | $ 0.22 | |
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Quarterly dividend declared | $ 0.28 | ||
Quarterly dividend declared date | May 2, 2017 | ||
Quarterly dividend payable date | May 31, 2017 | ||
Quarterly dividend record date | May 19, 2017 |