MSCI (MSCI) 10-Q 3 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 27, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		90,068,843

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 799,015	$ 791,834
Accounts receivable (net of allowances of $1,689 and $1,035 at September 30, 2017 and December 31, 2016, respectively)	309,196	221,504
Prepaid income taxes	7,420	12,389
Prepaid and other assets	37,450	29,943
Total current assets	1,153,081	1,055,670
Property, equipment and leasehold improvements (net of accumulated depreciation and amortization of $164,804 and $136,841 at September 30, 2017 and December 31, 2016, respectively)	85,680	95,585
Goodwill	1,560,169	1,555,850
Intangible assets (net of accumulated amortization of $497,114 and $462,860 at September 30, 2017 and December 31, 2016, respectively)	328,326	347,640
Deferred tax assets	11,091	9,531
Other non-current assets	16,125	18,302
Total assets	3,154,472	3,082,578
Current liabilities:
Accounts payable	2,385	568
Accrued compensation and related benefits	102,581	119,113
Other accrued liabilities	83,821	82,531
Deferred revenue	374,730	334,358
Total current liabilities	563,517	536,570
Long-term debt	2,077,370	2,075,201
Deferred taxes	84,432	94,067
Other non-current liabilities	68,839	59,135
Total liabilities	2,794,158	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; 129,505,173 and 128,996,344 common shares issued and 90,067,232 and 91,279,590 common shares outstanding at September 30, 2017 and December 31, 2016, respectively)	1,295	1,290
Treasury shares, at cost (39,437,941 and 37,716,754 common shares held at September 30, 2017 and December 31, 2016, respectively)	(2,321,862)	(2,170,739)
Additional paid in capital	1,255,616	1,225,565
Retained earnings	1,475,347	1,322,224
Accumulated other comprehensive loss	(50,082)	(60,735)
Total shareholders' equity	360,314	317,605
Total liabilities and shareholders' equity	$ 3,154,472	$ 3,082,578

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 1,689	$ 1,035
Property, equipment and leasehold improvements, accumulated depreciation and amortization	164,804	136,841
Intangible assets, accumulated amortization	$ 497,114	$ 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	129,505,173	128,996,344
Common stock, shares outstanding	90,067,232	91,279,590
Treasury shares	39,437,941	37,716,754

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Operating revenues	$ 322,097	$ 288,433	$ 939,393	$ 857,857
Operating expenses:
Cost of revenues	68,491	62,986	204,607	188,288
Selling and marketing	44,918	41,514	129,526	125,057
Research and development	17,983	18,750	55,163	56,244
General and administrative	22,103	21,859	64,555	65,768
Amortization of intangible assets	10,614	11,752	32,987	35,535
Depreciation and amortization of property, equipment and leasehold improvements	9,325	8,312	27,322	24,873
Total operating expenses	173,434	165,173	514,160	495,765
Operating income	148,663	123,260	425,233	362,092
Interest income	(1,835)	(799)	(4,077)	(2,005)
Interest expense	29,020	26,790	87,071	72,612
Other expense (income)	675	(253)	2,300	2,642
Other expense (income), net	27,860	25,738	85,294	73,249
Income before provision for income taxes	120,803	97,522	339,939	288,843
Provision for income taxes	35,650	32,241	100,569	96,238
Net income	$ 85,153	$ 65,281	$ 239,370	$ 192,605
Earnings per basic common share	$ 0.94	$ 0.69	$ 2.65	$ 1.99
Earnings per diluted common share	$ 0.93	$ 0.68	$ 2.61	$ 1.98
Weighted average shares outstanding used in computing earnings per share
Basic	90,112	94,823	90,406	96,879
Diluted	91,868	95,473	91,731	97,445
Dividend declared per common share	$ 0.38	$ 0.28	$ 0.94	$ 0.72

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 85,153	$ 65,281	$ 239,370	$ 192,605
Other comprehensive income (loss):
Foreign currency translation adjustments	3,458	(2,627)	11,362	(15,014)
Income tax effect		(101)		44
Foreign currency translation adjustments, net	3,458	(2,728)	11,362	(14,970)
Pension and other post-retirement adjustments	(69)	(30)	(343)	(262)
Income tax effect	(106)	13	(366)	75
Pension and other post-retirement adjustments, net	(175)	(17)	(709)	(187)
Other comprehensive income (loss), net of tax	3,283	(2,745)	10,653	(15,157)
Comprehensive income	$ 88,436	$ 62,536	$ 250,023	$ 177,448

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net income	$ 239,370	$ 192,605
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	32,987	35,535
Stock-based compensation expense	27,668	23,591
Depreciation and amortization of property, equipment and leasehold improvements	27,322	24,873
Amortization of debt origination fees	2,547	2,219
Deferred taxes	(11,452)	(7,638)
Gain on disposition		(449)
Other non-cash adjustments	294	1,124
Changes in assets and liabilities, net of the effect of acquisitions and dispositions:
Accounts receivable	(87,168)	(31,021)
Prepaid income taxes	4,605	32,002
Prepaid and other assets	(7,132)	(981)
Accounts payable	1,806	(1,263)
Accrued compensation and related benefits	(19,074)	(11,177)
Other accrued liabilities	756	12,365
Deferred revenue	38,932	27,337
Other	9,544	4,388
Net cash provided by operating activities	261,005	303,510
Cash flows from investing activities
Disposition, net of cash divested		657
Capital expenditures	(17,440)	(24,144)
Capitalized software development costs	(10,777)	(7,949)
Proceeds from sale of investments	771
Acquisitions, net of cash acquired		(60)
Net cash used in investing activities	(27,446)	(31,496)
Cash flows from financing activities
Proceeds from borrowing		500,000
Proceeds from exercise of stock options	1,781	4,221
Repurchase of treasury shares	(150,350)	(498,863)
Payment of dividends	(85,306)	(69,933)
Payment of debt issuance costs in connection with debt		(7,183)
Net cash used in financing activities	(233,875)	(71,758)
Effect of exchange rate changes	7,497	(3,900)
Net increase in cash	7,181	196,356
Cash and cash equivalent, beginning of period	791,834	777,706
Cash and cash equivalent, end of period	799,015	974,062
Supplemental disclosure of cash flow information:
Cash paid for interest	91,264	67,888
Cash paid for income taxes	100,161	69,471
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements accrued, but not yet paid	3,501	5,093
Supplemental disclosure of non-cash financing activities
Cash dividends declared, but not yet paid	$ 900	$ 610

Introduction and Basis of Prese

Introduction and Basis of Presentation	9 Months Ended
	Sep. 30, 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 state fairly the financial condition as of September 30, 2017 and December 31, 2016, the results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016 and cash flows for the nine months ended September 30, 2017 and 2016. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2016 have been derived from the 2016 audited consolidated financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2016. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, 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 For the nine months ended September 30, 2017, BlackRock, Inc. accounted for 11.1% of the Company’s consolidated operating revenues while no single customer represented 10.0% or more of the Company’s consolidated operating revenues for the nine months ended September 30, 2016. For the nine months ended September 30, 2017 and 2016, BlackRock, Inc. accounted for 19.6% and 17.1% 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 nine months ended September 30, 2017 and 2016.

Recent Accounting Standards Upd

Recent Accounting Standards Updates	9 Months Ended
	Sep. 30, 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 2014-09, “ Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In March 2016, the FASB issued Accounting Standards Update 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 Accounting Standards Update No. 2017-07, “ Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In May 2017, the FASB issued Accounting Standards Update No. 2017-09, “ Compensation—Stock Compensation (Topic 718), Scope of Modification Accounting, Compensation—Stock Compensation Compensation—Stock Compensation In August 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-12, “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 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 946 and 1,593 anti-dilutive securities excluded from the calculation of diluted EPS for the three months ended September 30, 2017 and 2016, respectively. There were 1,316 and 531 anti-dilutive securities excluded from the calculation of diluted EPS for the nine months ended September 30, 2017 and 2016, respectively. The following table presents the computation of basic and diluted EPS: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (in thousands, except per share data) Net income $ 85,153 $ 65,281 $ 239,370 $ 192,605 Basic weighted average common shares outstanding 90,112 94,823 90,406 96,879 Effect of dilutive securities: Stock options and restricted stock units 1,756 650 1,325 566 Diluted weighted average common shares outstanding 91,868 95,473 91,731 97,445 Earnings per basic common share $ 0.94 $ 0.69 $ 2.65 $ 1.99 Earnings per diluted common share $ 0.93 $ 0.68 $ 2.61 $ 1.98

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements	9 Months Ended
	Sep. 30, 2017
Property Plant And Equipment [Abstract]
Property, Equipment and Leasehold Improvements	4. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Property, equipment and leasehold improvements at September 30, 2017 and December 31, 2016 consisted of the following: As of September 30, December 31, 2017 2016 (in thousands) Computer & related equipment $ 186,487 $ 162,306 Furniture & fixtures 10,316 9,724 Leasehold improvements 50,998 49,442 Work-in-process 2,683 10,954 Subtotal 250,484 232,426 Accumulated depreciation and amortization (164,804 ) (136,841 ) Property, equipment and leasehold improvements, net $ 85,680 $ 95,585 Depreciation and amortization expense of property, equipment and leasehold improvements was $9.3 million and $8.3 million for the three months ended September 30, 2017 and 2016, respectively. Depreciation and amortization expense of property, equipment and leasehold improvements was $27.3 million and $24.9 million for the nine months ended September 30, 2017 and 2016, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 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 (1) Total Goodwill at December 31, 2016 $ 1,202,448 $ 302,611 $ 50,791 $ 1,555,850 Foreign exchange translation adjustment 2,672 — 1,647 4,319 Goodwill at September 30, 2017 $ 1,205,120 $ 302,611 $ 52,438 $ 1,560,169 (1) The Company completed its annual goodwill impairment test as of July 1, 2017 on its four reporting units, which are the same as its four operating segments, and no impairments were noted. The Company performed a step zero, qualitative impairment test on each of its Index, Analytics and ESG operating segments and determined that it was more likely than not that the fair value for each of the Index, Analytics and ESG operating segments was not less than the carrying value for each. As revenues have been below management’s expectations for the Real Estate segment, the Company performed a step 1, quantitative impairment test for this segment and determined that the fair value substantially exceeded its carrying value. Intangible Assets Amortization expense related to intangible assets for the three months ended September 30, 2017 and 2016 was $10.6 million and $11.8 million, respectively. Amortization expense related to intangible assets for the nine months ended September 30, 2017 and 2016 was $33.0 million and $35.5 million, respectively. The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of September 30, December 31, 2017 2016 (in thousands) Gross intangible assets: Customer relationships $ 361,199 $ 361,199 Trademarks/trade names 223,382 223,382 Technology/software 220,575 210,013 Proprietary data 28,627 28,627 Covenant not to compete 1,225 1,225 Subtotal 835,008 824,446 Foreign exchange translation adjustment (9,568 ) (13,946 ) Total gross intangible assets $ 825,440 $ 810,500 Accumulated amortization: Customer relationships $ (183,562 ) $ (166,923 ) Trademarks/trade names (113,784 ) (105,077 ) Technology/software (190,460 ) (184,290 ) Proprietary data (9,893 ) (8,571 ) Covenant not to compete (1,211 ) (1,089 ) Subtotal (498,910 ) (465,950 ) Foreign exchange translation adjustment 1,796 3,090 Total accumulated amortization $ (497,114 ) $ (462,860 ) Net intangible assets: Customer relationships $ 177,637 $ 194,276 Trademarks/trade names 109,598 118,305 Technology/software 30,115 25,723 Proprietary data 18,734 20,056 Covenant not to compete 14 136 Subtotal 336,098 358,496 Foreign exchange translation adjustment (7,772 ) (10,856 ) Total net intangible assets $ 328,326 $ 347,640 The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2017 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder 2017 $ 10,784 2018 43,969 2019 42,233 2020 40,361 2021 38,117 Thereafter 152,862 Total $ 328,326

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 was $6.1 million for both the three months ended September 30, 2017 and 2016. Rent expense for the nine months ended September 30, 2017 and 2016 was $18.0 million and $18.3 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 September 30, 2017 was $2,077.4 million, net of $22.6 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 their related lives. At September 30, 2017, $24.5 million of the deferred financing fees remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.4 million of which is included in “Other non-current assets” and $22.6 million of which is grouped and presented as part of “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition. At September 30, 2017 and December 31, 2016, the fair market value of the Company’s debt obligations was $2,257.0 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 September 30, 2017, the Company had outstanding foreign currency forwards with a notional amount of $35.6 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 September 30, December 31, (in thousands) Financial Condition Location 2017 2016 Non-designated hedging instruments: Asset derivatives: Foreign exchange contracts Prepaid and other assets $ 110 $ 27 Liability derivatives: Foreign exchange contracts Other accrued liabilities $ (135 ) $ (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 September 30, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (671 ) $ 211 Amount of Gain or (Loss) Recognized Derivatives Not Designated as Location of Gain or in Income on Derivatives for the Hedging Instruments (Loss) Recognized Nine Months Ended September 30, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (1,791 ) $ 1,125

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Shareholders' Equity	7. SHAREHOLDERS’ EQUITY Return of capital . On October 28, 2015, the Board of Directors approved a new 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 September 30, 2017, there was $733.1 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: Nine Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) September 30, 2017 $ 87.95 1,556 $ 136,850 September 30, 2016 $ 70.43 6,869 $ 483,799 The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed Deferred 2017 Three Months Ended March 31, $ 0.28 $ 25,769 $ 25,500 $ 269 Three Months Ended June 30, 0.28 25,710 25,444 266 Three Months Ended September 30, 0.38 34,768 34,403 365 Total $ 0.94 $ 86,247 $ 85,347 $ 900 2016 Three Months Ended March 31, $ 0.22 $ 22,046 $ 21,889 $ 157 Three Months Ended June 30, 0.22 21,588 21,391 197 Three Months Ended September 30, 0.28 26,936 26,680 256 Total $ 0.72 $ 70,570 $ 69,960 $ 610 Common Stock. The following table presents activity related to shares of common stock issued and repurchased during the nine months ended September 30, 2017: Common Stock Treasury Common 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 Dividend payable/paid 126 (126 ) — Common stock issued and exercise of stock options 82,960 — 82,960 Shares withheld for tax withholding and exercises — (16,002 ) (16,002 ) Shares repurchased under stock repurchase programs — (389,479 ) (389,479 ) Shares issued to directors 8,329 (7,286 ) 1,043 Balance At June 30, 2017 129,477,122 (39,347,984 ) 90,129,138 Dividend payable/paid 152 (152 ) — Common stock issued and exercise of stock options 27,899 — 27,899 Shares withheld for tax withholding and exercises — (2,376 ) (2,376 ) Shares repurchased under stock repurchase programs — (87,429 ) (87,429 ) Shares issued to directors — — — Balance At September 30, 2017 129,505,173 (39,437,941 ) 90,067,232

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES The Company’s provision for income taxes was $100.6 million and $96.2 million for the nine months ended September 30, 2017 and 2016, respectively. These amounts reflect effective tax rates of 29.6% and 33.3% for the nine months ended September 30, 2017 and 2016, respectively. The decrease in the effective tax rate was primarily driven by the change in the mix of profits between tax jurisdictions as well as the impact of discrete items, including the excess tax benefits related to the adoption of ASU 2016-09 during the nine months ended September 30, 2017. See Note 2, “Recent Accounting Standards Updates,” for more information regarding the adoption of ASU 2016-09. The effective tax rate of 29.6% for the nine months ended September 30, 2017 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain discrete items totaling $4.7 million, primarily related to the $4.8 million of excess tax benefits on share-based compensation recognized during the period, which decreased the Company’s effective tax rate by 1.4 percentage points. 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	9 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment Information	9. SEGMENT INFORMATION ASC Subtopic 280-10, “Segment Reporting,” 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (in thousands) Operating revenues Index $ 184,594 $ 157,751 $ 525,185 $ 454,481 Analytics 114,972 111,291 340,759 333,947 All Other 22,531 19,391 73,449 69,429 Total $ 322,097 $ 288,433 $ 939,393 $ 857,857 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (in thousands) Index Adjusted EBITDA $ 134,299 $ 111,750 $ 379,412 $ 318,317 Analytics Adjusted EBITDA 33,013 31,501 94,290 95,163 All Other Adjusted EBITDA 1,290 73 11,840 9,020 Total operating segment profitability 168,602 143,324 485,542 422,500 Amortization of intangible assets 10,614 11,752 32,987 35,535 Depreciation and amortization of property, equipment and leasehold improvements 9,325 8,312 27,322 24,873 Operating income 148,663 123,260 425,233 362,092 Other expense (income), net 27,860 25,738 85,294 73,249 Provision for income taxes 35,650 32,241 100,569 96,238 Net income $ 85,153 $ 65,281 $ 239,370 $ 192,605 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (in thousands) Revenues Americas: United States $ 159,123 $ 139,376 $ 459,958 $ 411,740 Other 11,997 11,908 34,949 33,878 Total Americas 171,120 151,284 494,907 445,618 Europe, the Middle East and Africa ("EMEA"): United Kingdom 48,878 44,689 143,140 131,275 Other 61,567 56,317 185,655 173,191 Total EMEA 110,445 101,006 328,795 304,466 Asia & Australia: Japan 13,577 13,476 39,640 39,679 Other 26,955 22,667 76,051 68,094 Total Asia & Australia 40,532 36,143 115,691 107,773 Total $ 322,097 $ 288,433 $ 939,393 $ 857,857 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 September 30, December 31, 2017 2016 (in thousands) Long-lived assets Americas: United States $ 1,848,890 $ 1,876,366 Other 1,764 1,543 Total Americas 1,850,654 1,877,909 EMEA: United Kingdom 94,261 89,466 Other 21,707 23,780 Total EMEA 115,968 113,246 Asia & Australia: Japan 235 357 Other 7,318 7,563 Total Asia & Australia 7,553 7,920 Total $ 1,974,175 $ 1,999,075

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	10. SUBSEQUENT EVENTS On October 31, 2017, the Board of Directors declared a cash dividend of $0.38 per share for fourth quarter 2017. The fourth quarter 2017 dividend is payable on November 30, 2017 to shareholders of record as of the close of trading on November 17, 2017.

Introduction and Basis of Pre17

Introduction and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 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 state fairly the financial condition as of September 30, 2017 and December 31, 2016, the results of operations and comprehensive income for the three and nine months ended September 30, 2017 and 2016 and cash flows for the nine months ended September 30, 2017 and 2016. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2016 have been derived from the 2016 audited consolidated financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2016. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, 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 For the nine months ended September 30, 2017, BlackRock, Inc. accounted for 11.1% of the Company’s consolidated operating revenues while no single customer represented 10.0% or more of the Company’s consolidated operating revenues for the nine months ended September 30, 2016. For the nine months ended September 30, 2017 and 2016, BlackRock, Inc. accounted for 19.6% and 17.1% 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 nine months ended September 30, 2017 and 2016.
Recent Accounting Standards Updates	In May 2014, the FASB issued Accounting Standards Update 2014-09, “ Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In March 2016, the FASB issued Accounting Standards Update 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 Accounting Standards Update No. 2017-07, “ Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In May 2017, the FASB issued Accounting Standards Update No. 2017-09, “ Compensation—Stock Compensation (Topic 718), Scope of Modification Accounting, Compensation—Stock Compensation Compensation—Stock Compensation In August 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-12, “ Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (in thousands, except per share data) Net income $ 85,153 $ 65,281 $ 239,370 $ 192,605 Basic weighted average common shares outstanding 90,112 94,823 90,406 96,879 Effect of dilutive securities: Stock options and restricted stock units 1,756 650 1,325 566 Diluted weighted average common shares outstanding 91,868 95,473 91,731 97,445 Earnings per basic common share $ 0.94 $ 0.69 $ 2.65 $ 1.99 Earnings per diluted common share $ 0.93 $ 0.68 $ 2.61 $ 1.98

Property, Equipment and Lease19

Property, Equipment and Leasehold Improvements (Tables)	9 Months Ended
	Sep. 30, 2017
Property Plant And Equipment [Abstract]
Schedule of Property, Equipment and Leasehold Improvements	Property, equipment and leasehold improvements at September 30, 2017 and December 31, 2016 consisted of the following: As of September 30, December 31, 2017 2016 (in thousands) Computer & related equipment $ 186,487 $ 162,306 Furniture & fixtures 10,316 9,724 Leasehold improvements 50,998 49,442 Work-in-process 2,683 10,954 Subtotal 250,484 232,426 Accumulated depreciation and amortization (164,804 ) (136,841 ) Property, equipment and leasehold improvements, net $ 85,680 $ 95,585

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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 (1) Total Goodwill at December 31, 2016 $ 1,202,448 $ 302,611 $ 50,791 $ 1,555,850 Foreign exchange translation adjustment 2,672 — 1,647 4,319 Goodwill at September 30, 2017 $ 1,205,120 $ 302,611 $ 52,438 $ 1,560,169 (1)
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 September 30, December 31, 2017 2016 (in thousands) Gross intangible assets: Customer relationships $ 361,199 $ 361,199 Trademarks/trade names 223,382 223,382 Technology/software 220,575 210,013 Proprietary data 28,627 28,627 Covenant not to compete 1,225 1,225 Subtotal 835,008 824,446 Foreign exchange translation adjustment (9,568 ) (13,946 ) Total gross intangible assets $ 825,440 $ 810,500 Accumulated amortization: Customer relationships $ (183,562 ) $ (166,923 ) Trademarks/trade names (113,784 ) (105,077 ) Technology/software (190,460 ) (184,290 ) Proprietary data (9,893 ) (8,571 ) Covenant not to compete (1,211 ) (1,089 ) Subtotal (498,910 ) (465,950 ) Foreign exchange translation adjustment 1,796 3,090 Total accumulated amortization $ (497,114 ) $ (462,860 ) Net intangible assets: Customer relationships $ 177,637 $ 194,276 Trademarks/trade names 109,598 118,305 Technology/software 30,115 25,723 Proprietary data 18,734 20,056 Covenant not to compete 14 136 Subtotal 336,098 358,496 Foreign exchange translation adjustment (7,772 ) (10,856 ) Total net intangible assets $ 328,326 $ 347,640
Estimated Amortization Expense for Remainder of 2017 and Succeeding Years	The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2017 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder 2017 $ 10,784 2018 43,969 2019 42,233 2020 40,361 2021 38,117 Thereafter 152,862 Total $ 328,326

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 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 September 30, December 31, (in thousands) Financial Condition Location 2017 2016 Non-designated hedging instruments: Asset derivatives: Foreign exchange contracts Prepaid and other assets $ 110 $ 27 Liability derivatives: Foreign exchange contracts Other accrued liabilities $ (135 ) $ (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 September 30, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (671 ) $ 211 Amount of Gain or (Loss) Recognized Derivatives Not Designated as Location of Gain or in Income on Derivatives for the Hedging Instruments (Loss) Recognized Nine Months Ended September 30, (in thousands) in Income on Derivatives 2017 2016 Foreign exchange contracts Other expense (income) $ (1,791 ) $ 1,125

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 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: Nine Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) September 30, 2017 $ 87.95 1,556 $ 136,850 September 30, 2016 $ 70.43 6,869 $ 483,799
Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred	The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed Deferred 2017 Three Months Ended March 31, $ 0.28 $ 25,769 $ 25,500 $ 269 Three Months Ended June 30, 0.28 25,710 25,444 266 Three Months Ended September 30, 0.38 34,768 34,403 365 Total $ 0.94 $ 86,247 $ 85,347 $ 900 2016 Three Months Ended March 31, $ 0.22 $ 22,046 $ 21,889 $ 157 Three Months Ended June 30, 0.22 21,588 21,391 197 Three Months Ended September 30, 0.28 26,936 26,680 256 Total $ 0.72 $ 70,570 $ 69,960 $ 610
Summary of Activity Related to Shares of Common Stock Issued and Repurchased	The following table presents activity related to shares of common stock issued and repurchased during the nine months ended September 30, 2017: Common Stock Treasury Common 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 Dividend payable/paid 126 (126 ) — Common stock issued and exercise of stock options 82,960 — 82,960 Shares withheld for tax withholding and exercises — (16,002 ) (16,002 ) Shares repurchased under stock repurchase programs — (389,479 ) (389,479 ) Shares issued to directors 8,329 (7,286 ) 1,043 Balance At June 30, 2017 129,477,122 (39,347,984 ) 90,129,138 Dividend payable/paid 152 (152 ) — Common stock issued and exercise of stock options 27,899 — 27,899 Shares withheld for tax withholding and exercises — (2,376 ) (2,376 ) Shares repurchased under stock repurchase programs — (87,429 ) (87,429 ) Shares issued to directors — — — Balance At September 30, 2017 129,505,173 (39,437,941 ) 90,067,232

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (in thousands) Operating revenues Index $ 184,594 $ 157,751 $ 525,185 $ 454,481 Analytics 114,972 111,291 340,759 333,947 All Other 22,531 19,391 73,449 69,429 Total $ 322,097 $ 288,433 $ 939,393 $ 857,857
Segment Profitability and Reconciliation to Net Income	The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (in thousands) Index Adjusted EBITDA $ 134,299 $ 111,750 $ 379,412 $ 318,317 Analytics Adjusted EBITDA 33,013 31,501 94,290 95,163 All Other Adjusted EBITDA 1,290 73 11,840 9,020 Total operating segment profitability 168,602 143,324 485,542 422,500 Amortization of intangible assets 10,614 11,752 32,987 35,535 Depreciation and amortization of property, equipment and leasehold improvements 9,325 8,312 27,322 24,873 Operating income 148,663 123,260 425,233 362,092 Other expense (income), net 27,860 25,738 85,294 73,249 Provision for income taxes 35,650 32,241 100,569 96,238 Net income $ 85,153 $ 65,281 $ 239,370 $ 192,605
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 Nine Months Ended September 30, September 30, 2017 2016 2017 2016 (in thousands) Revenues Americas: United States $ 159,123 $ 139,376 $ 459,958 $ 411,740 Other 11,997 11,908 34,949 33,878 Total Americas 171,120 151,284 494,907 445,618 Europe, the Middle East and Africa ("EMEA"): United Kingdom 48,878 44,689 143,140 131,275 Other 61,567 56,317 185,655 173,191 Total EMEA 110,445 101,006 328,795 304,466 Asia & Australia: Japan 13,577 13,476 39,640 39,679 Other 26,955 22,667 76,051 68,094 Total Asia & Australia 40,532 36,143 115,691 107,773 Total $ 322,097 $ 288,433 $ 939,393 $ 857,857
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 September 30, December 31, 2017 2016 (in thousands) Long-lived assets Americas: United States $ 1,848,890 $ 1,876,366 Other 1,764 1,543 Total Americas 1,850,654 1,877,909 EMEA: United Kingdom 94,261 89,466 Other 21,707 23,780 Total EMEA 115,968 113,246 Asia & Australia: Japan 235 357 Other 7,318 7,563 Total Asia & Australia 7,553 7,920 Total $ 1,974,175 $ 1,999,075

Introduction and Basis of Pre24

Introduction and Basis of Presentation - Additional Information (Detail) - Operating Revenues [Member] - Customer Concentration Risk [Member] - Customer	9 Months Ended
	Sep. 30, 2017	Sep. 30, 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	11.10%
Index [Member] | BlackRock Inc [Member]
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer	19.60%	17.10%
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	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase in net cash provided by operating activities		$ 261,005	$ 303,510
Decrease in net cash used in financing activities		(233,875)	$ (71,758)
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	$ 700	$ 4,800
Effect of change on diluted earnings per share	$ 0.01	$ 0.05
Increase in net cash provided by operating activities		$ 6,500
Decrease in net cash used in financing activities		$ (6,500)

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from the calculation of diluted EPS	946	1,593	1,316	531

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 85,153	$ 65,281	$ 239,370	$ 192,605
Basic weighted average common shares outstanding	90,112	94,823	90,406	96,879
Effect of dilutive securities:
Stock options and restricted stock units	1,756	650	1,325	566
Diluted weighted average common shares outstanding	91,868	95,473	91,731	97,445
Earnings per basic common share	$ 0.94	$ 0.69	$ 2.65	$ 1.99
Earnings per diluted common share	$ 0.93	$ 0.68	$ 2.61	$ 1.98

Property, Equipment and Lease28

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Property Plant And Equipment [Abstract]
Computer & related equipment	$ 186,487	$ 162,306
Furniture & fixtures	10,316	9,724
Leasehold improvements	50,998	49,442
Work-in-process	2,683	10,954
Subtotal	250,484	232,426
Accumulated depreciation and amortization	(164,804)	(136,841)
Property, equipment and leasehold improvements, net	$ 85,680	$ 95,585

Property, Equipment and Lease29

Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Property Plant And Equipment [Abstract]
Depreciation and amortization of property, equipment and leasehold improvements	$ 9,325	$ 8,312	$ 27,322	$ 24,873

Goodwill and Intangible Asset30

Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Goodwill [Line Items]
Goodwill at December 31, 2016	$ 1,555,850
Foreign exchange translation adjustment	4,319
Goodwill at September 30, 2017	1,560,169
Index [Member]
Goodwill [Line Items]
Goodwill at December 31, 2016	1,202,448
Foreign exchange translation adjustment	2,672
Goodwill at September 30, 2017	1,205,120
Analytics [Member]
Goodwill [Line Items]
Goodwill at December 31, 2016	302,611
Goodwill at September 30, 2017	302,611
All Other [Member]
Goodwill [Line Items]
Goodwill at December 31, 2016	50,791
Foreign exchange translation adjustment	1,647
Goodwill at September 30, 2017	$ 52,438

Goodwill and Intangible Asset31

Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment - Parenthetical (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Goodwill [Line Items]
Goodwill	$ 1,560,169	$ 1,555,850
All Other [Member]
Goodwill [Line Items]
Goodwill	52,438	50,791
All Other [Member] | ESG [Member]
Goodwill [Line Items]
Goodwill	31,600	31,600
All Other [Member] | Real Estate [Member]
Goodwill [Line Items]
Goodwill	$ 20,800	$ 19,200

Goodwill and Intangible Asset32

Goodwill and Intangible Assets - Additional Information (Detail)	Jul. 01, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Segment	Sep. 30, 2016USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Number of reporting units | Segment				4
Number of operating segments | Segment				4
Impairment of goodwill | $	$ 0
Amortization of intangible assets | $		$ 10,614,000	$ 11,752,000	$ 32,987,000	$ 35,535,000

Goodwill and Intangible Asset33

Goodwill and Intangible Assets - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	$ 825,440	$ 810,500
Accumulated amortization	(497,114)	(462,860)
Net carrying value	328,326	347,640
Customer Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	361,199	361,199
Accumulated amortization	(183,562)	(166,923)
Net carrying value	177,637	194,276
Trademarks/Trade Names [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	223,382	223,382
Accumulated amortization	(113,784)	(105,077)
Net carrying value	109,598	118,305
Technology/Software [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	220,575	210,013
Accumulated amortization	(190,460)	(184,290)
Net carrying value	30,115	25,723
Proprietary Data [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	28,627	28,627
Accumulated amortization	(9,893)	(8,571)
Net carrying value	18,734	20,056
Covenant Not to Compete [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	1,225	1,225
Accumulated amortization	(1,211)	(1,089)
Net carrying value	14	136
Subtotal [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	835,008	824,446
Accumulated amortization	(498,910)	(465,950)
Net carrying value	336,098	358,496
Foreign Exchange Translation Adjustment [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value	(9,568)	(13,946)
Accumulated amortization	1,796	3,090
Net carrying value	$ (7,772)	$ (10,856)

Goodwill and Intangible Asset34

Goodwill and Intangible Assets - Estimated Amortization Expense for Remainder of 2017 and Succeeding Years (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder 2,017	$ 10,784
2,018	43,969
2,019	42,233
2,020	40,361
2,021	38,117
Thereafter	152,862
Net carrying value	$ 328,326	$ 347,640

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Aug. 04, 2016	Aug. 13, 2015	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Nov. 20, 2014
Schedule Of Commitments And Contingencies [Line Items]
Annual rent expense			$ 6,100,000	$ 6,100,000	$ 18,000,000	$ 18,300,000
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			2,077,370,000		$ 2,077,370,000		$ 2,075,201,000
Deferred financing fees			22,600,000		22,600,000		24,800,000
Fair market value of debt obligations			2,257,000,000		2,257,000,000		$ 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			35,600,000		35,600,000
Prepaid and Other Assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees			500,000		500,000
Other Non-Current Assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees			1,400,000		1,400,000
Long-term Debt [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees			22,600,000		$ 22,600,000
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		$ 0
Senior Notes [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount			2,100,000,000		2,100,000,000
Senior Notes and Revolving Credit Facility [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees			$ 24,500,000		$ 24,500,000
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 Contingencies36

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	Sep. 30, 2017	Dec. 31, 2016
Prepaid and Other Assets [Member]
Derivatives, Fair Value [Line Items]
Asset derivatives	$ 110	$ 27
Other Accrued Liabilities [Member]
Derivatives, Fair Value [Line Items]
Liability derivatives	$ (135)	$ (124)

Commitments and Contingencies37

Commitments and Contingencies - Effect of Financial Derivatives on Statements of Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 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	$ (671)	$ 211	$ (1,791)	$ 1,125

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	Sep. 30, 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	$ 733,100,000

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	6 Months Ended	9 Months Ended
	Mar. 31, 2017	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2016
Equity, Class of Treasury Stock [Line Items]
Total Number of Shares Repurchased	1,079,005	389,479	87,429
Open Market Purchases of Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Average Price Paid Per Share			$ 87.95	$ 70.43
Total Number of Shares Repurchased			1,556,000	6,869,000
Dollar Value of Shares Repurchased			$ 136,850	$ 483,799

Shareholders' Equity - Schedu40

Shareholders' Equity - Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Stockholders Equity [Abstract]
Dividend declared per common share	$ 0.38	$ 0.28	$ 0.28	$ 0.28	$ 0.22	$ 0.22	$ 0.94	$ 0.72
Cash dividends declared, Amount	$ 34,768	$ 25,710	$ 25,769	$ 26,936	$ 21,588	$ 22,046	$ 86,247	$ 70,570
Cash dividends distributed, Amount	34,403	25,444	25,500	26,680	21,391	21,889	85,347	69,960
Cash dividends deferred, Amount	$ 365	$ 266	$ 269	$ 256	$ 197	$ 157	$ 900	$ 610

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) - shares	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2017	Jun. 30, 2017	Sep. 30, 2017
Common Stock Outstanding [Line Items]
Beginning balance	91,279,590	91,279,590	91,279,590
Common stock issued and exercise of stock options	389,198	82,960	27,899
Shares withheld for tax withholding and exercises	(139,208)	(16,002)	(2,376)
Shares repurchased under stock repurchase programs	(1,079,005)	(389,479)	(87,429)
Shares issued to directors	41	1,043
Ending balance	90,450,616	90,129,138	90,067,232
Common Stock Issued [Member]
Common Stock Outstanding [Line Items]
Beginning balance	128,996,344	128,996,344	128,996,344
Dividend payable/paid	114	126	152
Common stock issued and exercise of stock options	389,198	82,960	27,899
Shares issued to directors	51	8,329
Ending balance	129,385,707	129,477,122	129,505,173
Treasury Stock [Member]
Common Stock Outstanding [Line Items]
Beginning balance	(37,716,754)	(37,716,754)	(37,716,754)
Dividend payable/paid	(114)	(126)	(152)
Shares withheld for tax withholding and exercises	(139,208)	(16,002)	(2,376)
Shares repurchased under stock repurchase programs	(1,079,005)	(389,479)	(87,429)
Shares issued to directors	(10)	(7,286)
Ending balance	(38,935,091)	(39,347,984)	(39,437,941)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Tax Examination [Line Items]
Provision for income taxes	$ 35,650	$ 32,241	$ 100,569	$ 96,238
Effective tax rate			29.60%	33.30%
Amounts effect on effective tax rate	4,700		$ 4,700
Decrease in effective tax rate			1.40%
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
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
Income Tax Examination [Line Items]
Amount of excess tax benefits recognition	$ 700		$ 4,800

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 322,097	$ 288,433	$ 939,393	$ 857,857
Index [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	184,594	157,751	525,185	454,481
Analytics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	114,972	111,291	340,759	333,947
All Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 22,531	$ 19,391	$ 73,449	$ 69,429

Segment Information - Segment P

Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 168,602	$ 143,324	$ 485,542	$ 422,500
Amortization of intangible assets	10,614	11,752	32,987	35,535
Depreciation and amortization of property, equipment and leasehold improvements	9,325	8,312	27,322	24,873
Operating income	148,663	123,260	425,233	362,092
Other expense (income), net	27,860	25,738	85,294	73,249
Provision for income taxes	35,650	32,241	100,569	96,238
Net income	85,153	65,281	239,370	192,605
Index [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	134,299	111,750	379,412	318,317
Analytics [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	33,013	31,501	94,290	95,163
All Other [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 1,290	$ 73	$ 11,840	$ 9,020

Segment Information - Revenue b

Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 322,097	$ 288,433	$ 939,393	$ 857,857
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	159,123	139,376	459,958	411,740
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	11,997	11,908	34,949	33,878
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	171,120	151,284	494,907	445,618
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	48,878	44,689	143,140	131,275
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	61,567	56,317	185,655	173,191
Europe, the Middle East and Africa ("EMEA") [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	110,445	101,006	328,795	304,466
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	13,577	13,476	39,640	39,679
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	26,955	22,667	76,051	68,094
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 40,532	$ 36,143	$ 115,691	$ 107,773

Segment Information - Long-Live

Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,974,175	$ 1,999,075
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,848,890	1,876,366
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,764	1,543
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,850,654	1,877,909
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	94,261	89,466
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	21,707	23,780
Total EMEA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	115,968	113,246
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	235	357
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	7,318	7,563
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 7,553	$ 7,920

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	Oct. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Subsequent Event [Line Items]
Quarterly dividend declared		$ 0.38	$ 0.28	$ 0.28	$ 0.28	$ 0.22	$ 0.22	$ 0.94	$ 0.72
Subsequent Events [Member]
Subsequent Event [Line Items]
Quarterly dividend declared	$ 0.38
Quarterly dividend declared date	Oct. 31, 2017
Quarterly dividend payable date	Nov. 30, 2017
Quarterly dividend record date	Nov. 17, 2017