Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MSCI | ||
Entity Registrant Name | MSCI Inc. | ||
Entity Central Index Key | 1,408,198 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 84,323,295 | ||
Entity Public Float | $ 14,368,769,114 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 904,176 | $ 889,502 |
Accounts receivable (net of allowances of $1,027 and $1,700 at December 31, 2018 and December 31, 2017, respectively) | 473,433 | 327,597 |
Prepaid income taxes | 19,273 | 15,103 |
Prepaid and other assets | 38,207 | 34,927 |
Total current assets | 1,435,089 | 1,267,129 |
Property, equipment and leasehold improvements (net of accumulated depreciation and amortization of $185,505 and $171,280 at December 31, 2018 and December 31, 2017, respectively) | 90,877 | 94,437 |
Goodwill | 1,545,761 | 1,560,621 |
Intangible assets (net of accumulated amortization of $541,967 and $507,612 at December 31, 2018 and December 31, 2017, respectively) | 280,803 | 321,836 |
Deferred tax assets | 14,903 | 12,013 |
Other non-current assets | 20,519 | 19,632 |
Total assets | 3,387,952 | 3,275,668 |
Current liabilities: | ||
Accounts payable | 3,892 | 1,612 |
Income taxes payable | 16,253 | 14,828 |
Accrued compensation and related benefits | 137,045 | 131,156 |
Other accrued liabilities | 113,841 | 85,710 |
Deferred revenue | 537,977 | 374,365 |
Total current liabilities | 809,008 | 607,671 |
Long-term debt | 2,575,502 | 2,078,093 |
Deferred tax liabilities | 82,008 | 78,027 |
Other non-current liabilities | 87,928 | 110,865 |
Total liabilities | 3,554,446 | 2,874,656 |
Commitments and Contingencies (see Note 5 and Note 9) | ||
Shareholders' equity (deficit): | ||
Preferred Stock (par value $0.01, 100,000,000 shares authorized, no shares issued) | ||
Common stock (par value $0.01; 750,000,000 common shares authorized; 130,029,926 and 129,543,856 common shares issued and 84,174,138 and 90,104,885 common shares outstanding at December 31, 2018 and December 31, 2017, respectively) | 1,300 | 1,295 |
Treasury shares, at cost (45,855,788 and 39,438,971 common shares held at December 31, 2018 and December 31, 2017, respectively) | (3,272,774) | (2,321,989) |
Additional paid in capital | 1,306,428 | 1,264,849 |
Retained earnings | 1,856,951 | 1,505,204 |
Accumulated other comprehensive loss | (58,399) | (48,347) |
Total shareholders' equity (deficit) | (166,494) | 401,012 |
Total liabilities and shareholders' equity (deficit) | $ 3,387,952 | $ 3,275,668 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 1,027 | $ 1,700 |
Property, equipment and leasehold improvements, accumulated depreciation and amortization | 185,505 | 171,280 |
Intangible assets, accumulated amortization | $ 541,967 | $ 507,612 |
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 | 130,029,926 | 129,543,856 |
Common stock, shares outstanding | 84,174,138 | 90,104,885 |
Treasury shares | 45,855,788 | 39,438,971 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||||||||||
Operating revenues | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 334,779 | $ 322,097 | $ 316,089 | $ 301,207 | $ 1,433,984 | $ 1,274,172 | $ 1,150,669 |
Operating expenses: | |||||||||||
Cost of revenues | 73,757 | 70,906 | 71,368 | 71,304 | 69,247 | 68,433 | 68,538 | 67,463 | 287,335 | 273,681 | 252,107 |
Selling and marketing | 52,949 | 46,149 | 47,416 | 46,409 | 47,726 | 44,873 | 41,550 | 42,972 | 192,923 | 177,121 | 166,666 |
Research and development | 20,312 | 20,591 | 19,801 | 20,707 | 20,709 | 17,974 | 18,196 | 18,970 | 81,411 | 75,849 | 75,204 |
General and administrative | 24,908 | 24,751 | 24,036 | 26,187 | 23,280 | 22,079 | 21,424 | 20,981 | 99,882 | 87,764 | 87,235 |
Amortization of intangible assets | 11,633 | 11,681 | 19,537 | 11,338 | 11,560 | 10,614 | 11,122 | 11,251 | 54,189 | 44,547 | 47,033 |
Depreciation and amortization of property, equipment and leasehold improvements | 8,311 | 7,453 | 7,377 | 8,205 | 8,118 | 9,325 | 9,159 | 8,838 | 31,346 | 35,440 | 34,320 |
Total operating expenses | 191,870 | 181,531 | 189,535 | 184,150 | 180,640 | 173,298 | 169,989 | 170,475 | 747,086 | 694,402 | 662,565 |
Operating income | 169,818 | 176,403 | 173,511 | 167,166 | 154,139 | 148,799 | 146,100 | 130,732 | 686,898 | 579,770 | 488,104 |
Interest income | (6,096) | (6,522) | (4,281) | (2,770) | (2,237) | (1,835) | (1,310) | (932) | (19,669) | (6,314) | (2,906) |
Interest expense | 35,891 | 35,902 | 31,761 | 29,560 | 29,027 | 29,020 | 29,027 | 29,024 | 133,114 | 116,098 | 101,651 |
Other expense (income) | (47,266) | 177 | (10,292) | 938 | 389 | 811 | 872 | 1,015 | (56,443) | 3,087 | 3,421 |
Other expense (income), net | (17,471) | 29,557 | 17,188 | 27,728 | 27,179 | 27,996 | 28,589 | 29,107 | 57,002 | 112,871 | 102,166 |
Income before provision for income taxes | 187,289 | 146,846 | 156,323 | 139,438 | 126,960 | 120,803 | 117,511 | 101,625 | 629,896 | 466,899 | 385,938 |
Provision for income taxes | 35,157 | 23,014 | 39,494 | 24,346 | 62,358 | 35,650 | 36,245 | 28,674 | 122,011 | 162,927 | 125,083 |
Net income | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | $ 64,602 | $ 85,153 | $ 81,266 | $ 72,951 | $ 507,885 | $ 303,972 | $ 260,855 |
Earnings per basic common share | $ 1.75 | $ 1.39 | $ 1.31 | $ 1.28 | $ 0.72 | $ 0.94 | $ 0.90 | $ 0.80 | $ 5.83 | $ 3.36 | $ 2.72 |
Earnings per diluted common share | $ 1.70 | $ 1.36 | $ 1.28 | $ 1.24 | $ 0.70 | $ 0.93 | $ 0.89 | $ 0.80 | $ 5.66 | $ 3.31 | $ 2.70 |
Weighted average shares outstanding used in computing earnings per share: | |||||||||||
Basic | 86,968 | 88,796 | 89,112 | 90,075 | 90,130 | 90,112 | 90,404 | 90,708 | 87,179 | 90,336 | 95,986 |
Diluted | 89,495 | 91,372 | 91,586 | 92,587 | 92,467 | 91,868 | 91,708 | 91,624 | 89,701 | 91,914 | 96,540 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 507,885 | $ 303,972 | $ 260,855 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (14,113) | 13,358 | (24,871) |
Income tax effect | (714) | ||
Foreign currency translation adjustments, net | (14,113) | 13,358 | (25,585) |
Pension and other post-retirement adjustments | 2,351 | (525) | 660 |
Income tax effect | (227) | (445) | (65) |
Pension and other post-retirement adjustments, net | 2,124 | (970) | 595 |
Net investment hedge adjustments | 1,937 | ||
Net investment hedge adjustments, net | 1,937 | ||
Other comprehensive (loss) income, net of tax | (10,052) | 12,388 | (24,990) |
Comprehensive income | $ 497,833 | $ 316,360 | $ 235,865 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2015 | $ 901,487 | $ 1,282 | $ (1,395,695) | $ 1,173,183 | $ 1,158,462 | $ (35,745) |
Net income | 260,855 | 260,855 | ||||
Dividends | (97,059) | 34 | (97,093) | |||
Other comprehensive income (loss), net of tax | (24,990) | (24,990) | ||||
Common stock issued | 5 | 5 | ||||
Compensation payable in common stock and options | 39,648 | 39,648 | ||||
Common stock repurchased and held in treasury | (774,565) | (774,565) | ||||
Common stock issued to directors and held in treasury | (441) | (479) | 38 | |||
Exercise of stock options | 5,040 | 3 | 5,037 | |||
Excess tax benefits from employee stock incentive plans | 7,625 | 7,625 | ||||
Balance at Dec. 31, 2016 | 317,605 | 1,290 | (2,170,739) | 1,225,565 | 1,322,224 | (60,735) |
Net income | 303,972 | 303,972 | ||||
Dividends | (120,972) | 20 | (120,992) | |||
Other comprehensive income (loss), net of tax | 12,388 | 12,388 | ||||
Common stock issued | 4 | 4 | ||||
Compensation payable in common stock and options | 36,572 | 36,572 | ||||
Common stock repurchased and held in treasury | (150,461) | (150,461) | ||||
Common stock issued to directors and held in treasury | (731) | (789) | 58 | |||
Exercise of stock options | 2,635 | 1 | 2,634 | |||
Balance at Dec. 31, 2017 | 401,012 | 1,295 | (2,321,989) | 1,264,849 | 1,505,204 | (48,347) |
Net income | 507,885 | 507,885 | ||||
ASC Topic 606 Retained Earnings Adjustment | Accounting Standards Update 2014-09 [Member] | 16,135 | 16,135 | ||||
Dividends | (172,231) | (77) | 119 | (172,273) | ||
Other comprehensive income (loss), net of tax | (10,052) | (10,052) | ||||
Common stock issued | 5 | 5 | ||||
Compensation payable in common stock and options | 40,838 | 40,838 | ||||
Common stock repurchased and held in treasury | (949,888) | (949,888) | ||||
Common stock issued to directors and held in treasury | (803) | (820) | 17 | |||
Exercise of stock options | 605 | 605 | ||||
Balance at Dec. 31, 2018 | $ (166,494) | $ 1,300 | $ (3,272,774) | $ 1,306,428 | $ 1,856,951 | $ (58,399) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Stockholders Equity [Abstract] | |||||||||||||||
Dividends per common share | $ 0.58 | $ 0.58 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.22 | $ 0.22 | $ 1.92 | $ 1.32 | $ 1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | ||
Cash flows from operating activities | ||||
Net income | $ 507,885 | $ 303,972 | $ 260,855 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Amortization of intangible assets | 54,189 | 44,547 | 47,033 | |
Stock-based compensation expense | 38,897 | 36,576 | 32,001 | |
Depreciation and amortization of property, equipment and leasehold improvements | 31,346 | 35,440 | 34,320 | |
Amortization of debt origination fees | 3,715 | 3,396 | 3,068 | |
Deferred taxes | (780) | (18,902) | (16,967) | |
Gain on divestitures, net of costs | (61,402) | (449) | ||
Other non-cash adjustments | (188) | 704 | 1,192 | |
Changes in assets and liabilities, net of the effect of acquisitions and dispositions: | ||||
Accounts receivable | (153,942) | (105,593) | (18,494) | |
Prepaid income taxes | (4,069) | (3,069) | 41,332 | |
Prepaid and other assets | (2,015) | (4,470) | 624 | |
Accounts payable | 2,300 | 1,027 | (1,912) | |
Accrued compensation and related benefits | 8,532 | 8,659 | 13,089 | |
Income taxes payable | (2,890) | |||
Other accrued liabilities | 29,096 | 15,933 | 19,741 | |
Deferred revenue | 185,077 | 38,555 | 21,809 | |
Other | (22,989) | 47,383 | [1] | 5,121 |
Net cash provided by operating activities | 612,762 | 404,158 | 442,363 | |
Cash flows from investing activities | ||||
Proceeds from sales of investments | 771 | |||
Proceeds from divestitures | 83,825 | 657 | ||
Proceeds from the sale of capital equipment | 10 | |||
Capital expenditures | (30,257) | (33,177) | (32,284) | |
Capitalized software development costs | (18,704) | (15,640) | (10,344) | |
Acquisitions, net of cash acquired | (60) | |||
Net cash provided by (used in) investing activities | 34,874 | (48,046) | (42,031) | |
Cash flows from financing activities | ||||
Proceeds from borrowing | 500,000 | 500,000 | ||
Proceeds from exercise of stock options | 605 | 2,635 | 5,040 | |
Repurchase of common stock held in treasury | (949,888) | (150,461) | (774,565) | |
Payment of dividends | (170,938) | (119,717) | (96,191) | |
Payment of debt issuance costs in connection with debt | (6,262) | (7,183) | ||
Net cash used in financing activities | (626,483) | (267,543) | (372,899) | |
Effect of exchange rate changes | (6,479) | 9,099 | (13,305) | |
Net increase in cash | 14,674 | 97,668 | 14,128 | |
Cash and cash equivalents, beginning of period | 889,502 | 791,834 | 777,706 | |
Cash and cash equivalents, end of period | 904,176 | 889,502 | 791,834 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest | 125,986 | 112,502 | 89,139 | |
Cash paid for income taxes | 143,215 | 128,727 | 97,845 | |
Supplemental disclosure of non-cash investing activities | ||||
Property, equipment and leasehold improvements in other accrued liabilities | 2,999 | 4,588 | 4,422 | |
Supplemental disclosure of non-cash financing activities | ||||
Cash dividends declared, but not yet paid | $ 862 | $ 1,197 | $ 830 | |
[1] | Includes $43.6 million accrual for amounts payable after December 31, 2018 related to the estimated one-time tax charge on the deemed repatriation of historic earnings and profits of foreign subsidiaries. See Note 11, “Income Taxes,” for additional information. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | Dec. 31, 2018USD ($) |
Statement Of Cash Flows [Abstract] | |
Accrued amount payable | $ 43.6 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Introduction and Basis of Presentation | Organization MSCI Inc., together with its wholly-owned subsidiaries (the “Company” or “MSCI”) provides mission critical investment decision support tools and services. MSCI is dynamic and flexible in the delivery of content and capabilities, such as indexes; portfolio construction tools and risk-management services; environmental, social and governance (“ESG”) research and ratings; and real estate benchmarks, return analytics services and market insights; much of which can be accessed by clients through multiple channels and platforms. Basis of Presentation The consolidated financial statements include the accounts of MSCI Inc. and its wholly-owned subsidiaries. The Company’s policy is to consolidate all entities in which it owns more than 50% of the outstanding voting stock unless it does not control the entity. It is also the Company’s policy to consolidate any variable interest entity for which the Company is the primary beneficiary, as required by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 810-10, “ Consolidations.” The Company’s operating expenses are grouped and presented in the following activity categories: cost of revenues, selling and marketing, research and development and general and administrative. Costs are assigned to these activity categories based on the nature of the expense to which they directly relate, or, when not directly attributable, based on an allocation method that considers the type of effort related to such activities. Cost of revenues consists of costs related to the production and servicing of the Company’s products and services and primarily includes related information technology costs, including data center, platform and infrastructure costs; costs to acquire, produce and maintain market data information; costs of research to support and maintain existing products; costs of product management teams; costs of client service and consultant teams to support customer needs; as well as other support costs directly attributable to the cost of revenues including certain human resources, finance and legal costs. Selling and marketing expenses consist of costs associated with acquiring new clients or selling new products or product renewals to existing clients and primarily includes the costs of MSCI’s sales force and marketing teams as well as costs incurred in other groups associated with acquiring new business, including product management, research, technology and sales operations. Research and development expenses consist of costs to develop new or enhance existing products and the costs to develop new or improved technology and service platforms for the delivery of MSCI’s products and services and primarily includes the costs of development, research, product management, project management and the technology support associated with these efforts. General and administrative expenses consist of costs primarily related to finance operations, human resources, office of the CEO, legal, corporate technology, corporate development and certain other administrative costs that are not directly attributed, but are instead allocated, to a product or service. Certain prior period amounts have been reclassified to conform to the current period presentation. Significant Accounting Policies Basis of Financial Statements and Use of Estimates The Company’s 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 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 consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation. Revenue Recognition MSCI adopted the new revenue standard set forth under Accounting Standards Codification Topic 606 “ Revenue from Contracts with Customers, Revenue Recognition, Performance Obligations and Transaction Price For revenue arrangements containing multiple products or services, the Company accounts for the individual products or services as a separate performance obligation if they are distinct, the product or service is separately identifiable from other items in the arrangement, and if a client can benefit from it on its own or with other resources that are readily available to the client. If these criteria are not met, the promised products or services are accounted for as a combined performance obligation. The Company allocates the transaction price to each performance obligation based on the best estimate of the relative standalone selling price of each distinct product or service in the contract. The transaction price in the contract is allocated at contract inception to the distinct product or service underlying each performance obligation in proportion to the standalone selling prices. This standalone selling price may be the contract price, but is more often than not the best estimate of the price the Company would receive for selling the product or service to other similar customers. Discounts applied to the contract will be allocated based on the same proportion of standalone selling prices. For services where the transaction price is variable based upon assets under management (“AUM”), volume of trades or number of investments linked to MSCI’s indexes, the transaction price is based upon pricing models and is not allocated at the inception of the contract but rather falls within the sales and usage-based royalty exception under which the price and associated revenue are based upon actual known performance or best estimates of actual performance during the performance period. Revenue is recognized when a customer obtains control of promised products or services in an amount that reflects the consideration the entity expects to receive in exchange for those products or services. Revenue is recognized exclusive of any applicable sales or other indirect taxes. Determining when control has transferred can sometimes require management’s judgement (e.g., implementation services), which could affect the timing of revenue recognition. The Company has determined that the above methods provide a faithful depiction of the transfer of control of products or services to the customer. Disaggregation of Revenue Our revenues are characterized by type, which broadly reflects the nature of how they are recognized or earned. Our revenue types are recurring subscription, asset-based fees and non-recurring revenues. We also group our revenues by segment. Revenues By Type Recurring subscription revenues represent fees earned from clients primarily under renewable contracts or agreements and are generally paid annually or quarterly in advance and recognized in most cases ratably over the term of the license or service pursuant to the contract terms. Revenues from subscription agreements for the receipt of periodic benchmark reports, digests and other publications, which are most often associated with our real estate offerings, are generally billed and recognized upon delivery of such reports or data updates. Asset-based fees are principally recognized based on the estimated AUM linked to our indexes from independent third-party sources or the most recently reported information provided by the client. Asset-based fees also include revenues related to futures and options contracts linked to our indexes, which are primarily based on trading volumes. Asset-based fees are generally variable based upon AUM or the volume of trades and are generally billed quarterly in arrears. Non-recurring revenues primarily represent fees earned on products and services where we do not have renewal contracts and primarily include revenues for providing customized reports, historical data sets, certain derivative financial products and certain implementation and consulting services, as well as revenues from particular products and services that are purchased on a non-renewal basis. Based on the nature of the services provided, non-recurring revenues are generally billed upon delivery and recognized upon delivery or over the service period. Revenues By Segment For products within the Index segment, with respect to index data subscriptions, MSCI’s performance obligation to deliver the data is satisfied over time and, accordingly, revenue is recognized ratably over the term of the agreement pursuant to the contract terms. With respect to licenses to create index-linked investment products, such as ETFs, passively managed funds, or licenses which allow certain exchanges to use MSCI’s indexes as the basis for futures and options contracts, MSCI’s performance obligation allows customers to use the Company’s intellectual property (e.g., the indexes) as the basis of the funds or other investment products the customers create over the term of the agreement. The fees earned for these rights are typically variable, in which case they are accrued under the sales and usage-based royalty exception pursuant to the level of performance achieved, which is measured based on AUM, volume of trades or other factors. The level of performance achieved is based on information obtained from independent third-party sources or best estimates taking into account the most recently reported information from the client. For products within the Analytics segment, MSCI’s performance obligations include providing access to its proprietary models or hosted applications and, in some cases, delivery of managed services, which are all satisfied over time, and accordingly, revenue is recognized ratably over the term of the service period. For implementation services, MSCI meets its performance obligation once the implementation service is complete and the related service is available for the client to use and revenue is recognized at the point in time when the implementation service is completed. For products within the All Other segment, MSCI’s performance obligations under its ESG products are satisfied over time for the majority of the data subscriptions as MSCI provides and updates the data to the customer throughout the term of the agreement and revenue is recognized ratably over the term of the agreement. For custom ESG research data, the performance obligation is complete, and revenue is recognized, at the point in time that the data is updated and available to the customer. MSCI’s Real Estate products primarily include periodic benchmark reports, Market Information and other publications. MSCI primarily satisfies its performance obligations, and revenue is recognized, at the point in time when the Company delivers reports or publications. For Market Information products, publications are delivered throughout the year, and the revenue is recognized over time. Share-Based Compensation Certain of the Company’s employees have received share-based compensation under various compensation programs. The Company’s compensation expense reflects the fair value method of accounting for share-based payments under ASC Subtopic 718-10, “ Compensation—Stock Compensation. The fair value of MSCI restricted stock units (“RSUs”) is measured using the closing price of MSCI’s common stock on the date prior to grant. Restricted stock units subject to performance conditions that are not linked to a market condition (“PSUs”) are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. The fair value of PSUs is measured using the closing price of MSCI’s common stock on the date prior to grant. Restricted stock units that are subject to the achievement of multi-year total shareholder return targets (“MSUs”) are performance awards with a market condition. The fair value of MSUs is determined using a Monte Carlo simulation model that creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms. The fair value of MSCI standard stock options is determined using the Black-Scholes valuation model and the single grant life method. Under the single grant life method, option awards with graded vesting are valued using a single weighted-average expected option life. The fair value of MSCI stock options that contain stock price contingencies is determined using a Monte Carlo simulation model. The Company recognizes the expense for an award granted to an employee who is not retirement-eligible utilizing the graded vesting method over the requisite service period. For all awards, the Company bases initial accruals of compensation cost on the estimated number of units for which the requisite service is expected to be rendered and, for PSUs, the performance targets expected to be achieved is also considered. If the estimated number of units or the number of units ultimately delivered changes from previous estimates, the cumulative effect on current and prior periods of a change is recognized in compensation cost in the period of the change. Because the probability of actual shares expected to be earned is reflected in the fair value of MSUs on the grant date, the expense to be recognized for these awards is not adjusted to reflect the actual shares earned. Based on interpretive guidance related to share-based compensation, the Company’s policy is to accrue the estimated cost of share-based awards that are granted to retirement-eligible employees over the course of the prior year in which they were earned rather than expensing the awards on the date of grant. A portion of the awards granted to retirement-eligible employees consisted of PSUs. For those PSUs, the Company bases initial accruals of compensation cost on the estimated number of units for which the requisite service is expected to be rendered. If the estimated number of units expected to convert changes from previous estimates based on the performance targets expected to be achieved, the cumulative effect of a change is recognized in compensation cost in the period of the change. Research and Development The Company accounts for research and development costs in accordance with several accounting pronouncements, including ASC Subtopic 730-10, “ Research and Development The Company applies the provisions of ASC Subtopic 350-40, “ Internal Use Software During the years ended December 31, 2018 and 2017, the Company capitalized $18.7 million and $15.6 million, respectively, of costs related to software developed for internal use in the Consolidated Statement of Financial Condition. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the related product, which is typically three to five years, beginning with the date the software is placed into service. Costs incurred in the preliminary and post-implementation stages of MSCI’s products are expensed as incurred. Income Taxes Provision for income taxes is provided for using the asset and liability method, under which deferred tax assets and deferred tax liabilities are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates. The Company elects to account for Global Intangible Low-Taxed Income (“GILTI”) in the year the tax is incurred. The Company recognizes interest and penalties related to income tax matters within “Provision for income taxes” in the Consolidated Statement of Income. The Company regularly evaluates the likelihood of additional assessments in each of the taxing jurisdictions in which it is required to file income tax returns. The Company has recorded additional tax expense related to open tax years, which the Company’s management believes is adequate in relation to the potential for assessments. These amounts have been recorded in “Other non-current liabilities” on the Consolidated Statement of Financial Condition. The Company’s management believes the resolution of tax matters will not have a material effect on the Company’s consolidated financial condition. However, to the extent the Company is required to pay amounts in excess of its reserves, a resolution could have a material impact on its Consolidated Statement of Income for a particular future period. In addition, an unfavorable tax settlement could require use of cash and result in an increase in the effective tax rate in the period in which such resolution occurs. Deferred Revenue Deferred revenues represent both cash received and/or the amounts billed to customers for products and services in advance of services being provided and before the service period has begun. Deferred revenue is generally amortized ratably over the service period as the performance obligations are satisfied. Accounts Receivable The Company’s clients generally pay subscription fees annually or quarterly in advance. MSCI’s policy is to record to a receivable when a customer is billed. For products and services that are provided in advance of billing, such as for our asset-based fee products, unbilled revenue (or a “contract asset”) is included in Accounts Receivable on the Company’s Consolidated Statement of Financial Condition. Goodwill Goodwill is recorded as part of the Company’s acquisitions of businesses when the purchase price exceeds the fair value of the net tangible and separately identifiable intangible assets acquired. The Company’s goodwill is not amortized, but rather is subject to an impairment test each year, or more often if conditions indicate impairment may have occurred, pursuant to ASC Subtopic 350-10, “ Intangibles—Goodwill and Other The Company tests goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events and circumstances exist. The testing for impairment is performed at the reporting unit level. Goodwill impairment is determined by comparing the fair value of a reporting unit with its carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. If the estimated fair value is below carrying value, however, further analysis is required to determine the amount of impairment, if any. If necessary, an impairment charge will be recorded up to, but not more than, the total amount of goodwill allocated to the reporting unit. The Company completed its annual goodwill impairment test as of July 1, 2018 on its four reporting units, which are the same as its four operating segments. The Company performed a step zero, qualitative impairment test on each of its operating segments and determined that it was more likely than not that the fair value for each operating segment was not less than the carrying value for each. As the estimated fair value of the Company’s reporting units exceeded their carrying value on the testing dates, no impairment of goodwill was recorded during the years ended December 31, 2018, 2017 and 2016. Intangible Assets The Company amortizes definite-lived intangible assets over their estimated useful lives. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company also reviews the useful lives on a quarterly basis to determine if the period of economic benefit has changed. If the carrying value of an intangible asset exceeds its fair value, an impairment charge would be recognized in an amount equal to the amount by which the carrying value of the intangible asset exceeds its fair value. During the year ended December 31, 2018, management decided to discontinue the use of the IPD tradename utilized by the Real Estate segment and has rebranded the segment to MSCI Real Estate. As a result, the remaining unamortized value of $7.9 million was written off. The Company had no indefinite-lived intangible assets. Foreign Currency Translation Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at year-end exchange rates, and income statement accounts are translated at weighted average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements, net of any related tax effects, are reflected in accumulated other comprehensive loss, a separate component of shareholders’ equity (deficit). Gains or losses resulting from foreign currency transactions incurred in currencies other than the local functional currency are included in non-operating “Other expense (income)” on the Consolidated Statement of Income. Derivative Instruments The Company applies ASC Subtopic 815-10, “ Derivatives and Hedging, For derivative instruments that are designated and qualify as hedging instruments for accounting purposes, the Company documents and links the relationships between the hedging instruments and hedged items. The Company also assesses and documents at the hedge’s inception whether the derivatives used in hedging transactions were effective in offsetting changes in fair values associated with the hedged items. ASC Subtopic 815-10 provides that, for derivative instruments that qualify for hedge accounting being used to hedge cash flows, changes in the fair value are recognized in accumulated other comprehensive income (loss), a separate component of shareholders’ equity, until the hedged item is recognized in earnings. In addition, the ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The Company manages foreign currency exchange rate risk through the use of derivative financial instruments comprised principally of forward contracts on foreign currency which are not designated as hedging instruments for accounting purposes. The objective of the derivative instruments is to minimize the income statement impact associated with assets and liabilities that are denominated in certain foreign currencies. Derivative instruments that do not qualify for hedge accounting are carried at fair value on the Consolidated Statement of Financial Condition with gains and losses recorded in the Consolidated Statement of Income in the period in which they are realized. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and fixtures, computer and communications equipment and leasehold improvements are amortized using the straight-line method over the estimated useful life of the asset. Treasury Stock The Company holds repurchased shares of common stock as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity (deficit). Allowance for Doubtful Accounts The Company periodically reviews receivable balances and maintains an allowance on customer accounts where estimated losses may result from the inability of its customers to make required payments. The Company does not require collateral. An allowance for doubtful accounts is recorded when it is probable and estimable that a receivable will not be collected. Changes in the allowance for doubtful accounts from December 31, 2015 to December 31, 2018 were as follows: Amount (in Balance as of December 31, 2015 $ 1,117 Addition to provision 1,011 Amounts written off, net of recoveries (1,093 ) Balance as of December 31, 2016 $ 1,035 Addition to provision 1,422 Amounts written off, net of recoveries (757 ) Balance as of December 31, 2017 $ 1,700 Reduction to provision (224 ) Amounts written off, net of recoveries (449 ) Balance as of December 31, 2018 $ 1,027 Accrued Compensation The Company makes significant estimates in determining its accrued non-stock-based compensation and benefits expenses. A significant portion of the Company’s employee incentive compensation programs are discretionary. At the end of each fiscal year, the Company determines the amount of discretionary cash bonus expense. These estimates reflect an assessment of performance versus targets and other key performance indicators at the Company, operating segment and employee level. The Company also reviews compensation and benefits expenses throughout the year to determine how overall performance compares to management’s expectations. These and other factors, including historical performance, are taken into account in accruing discretionary cash compensation estimates quarterly. Concentrations For the years ended December 31, 2018 and 2017, BlackRock, Inc. accounted for 11.9% and 11.5%, respectively, 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 year ended December 31, 2016. For the years ended December 31, 2018, 2017 and 2016, BlackRock, Inc. accounted for 20.1%, 20.0% and 17.3%, respectively, of the Index segment’s operating revenues. No single customer accounted for 10.0% or more of operating revenues within the Analytics and All Other segments for the years ended December 31, 2018, 2017 and 2016. |
Recent Accounting Standards Upd
Recent Accounting Standards Updates | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Standards Updates | 2. RECENT ACCOUNTING STANDARDS UPDATES In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “ Leases (Topic 842) In July 2018, the FASB issued Accounting Standards Update No. 2018-10, “Codification Improvements to Topic 842, Leases,” “Targeted Improvements,” The Company will be adopting ASU 2016-02 effective January 1, 2019 using the optional transition method available under ASU 2018-11. In preparation for adoption of the guidance, the Company is implementing internal controls and key system functionality to enable the preparation of financial information. MSCI will take advantage of the transition package of practical expedients permitted within the new guidance which, among other things, will allow the Company to carryforward the historical lease classification. In addition, MSCI will elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company will make an accounting policy election that will keep leases with an initial term of 12 months or less off of the Consolidated Statement of Financial Condition and will result in recognizing those lease payments in the Consolidated Statement of Income on a straight-line basis over the lease term. While the Company is continuing to assess all potential impacts of the guidance, the guidance will have a material impact on the Consolidated Statement of Financial Condition but will not have a material impact on the Consolidated Statement of Income or Consolidated Statement of Cash Flows. The most significant impact will be the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases. Adoption of the guidance will result in the recognition and presentation of total operating lease ROU assets estimated to be approximately $170.0 million to $190.0 million and total operating lease liabilities estimated to be approximately $190.0 million to $210.0 million, both as of January 1, 2019. MSCI does not believe the new guidance will have a material impact on its liquidity and under its current agreements it will have no impact on its debt-covenant compliance. 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 2018, the FASB issued Accounting Standards Update No. 2018-15, “ Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) In August 2018, the SEC issued release number 33-10532, “ Disclosure Update and Simplification, |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. REVENUE RECOGNITION MSCI adopted the new revenue standard set forth under ASC Topic 606, as of January 1, 2018 using the Modified Retrospective Approach and as such, applied the new revenue standard only to contracts that were not completed at the January 1, 2018 adoption date, while prior reporting periods are not adjusted and continue to be reported in accordance to our historic accounting policy under Accounting Standards Codification 605 “ Revenue Recognition. Selected line items As reported at December 31, 2017 Adjustments due to Adoption of ASC Topic 606 Adjusted as of December 31, 2017 Statement of Financial Condition Accounts receivable $ 327,597 $ 145,803 $ 473,400 Income taxes payable $ 14,828 $ 4,314 $ 19,142 Other accrued liabilities $ 85,710 $ 5,128 $ 90,838 Deferred revenue $ 374,365 $ 120,226 $ 494,591 Retained earnings $ 1,505,204 $ 16,135 $ 1,521,339 Included in the above adjustments is an increase of approximately $135.5 million primarily to accounts receivable and deferred revenue and other accrued liabilities with no impact to retained earnings. Under the new revenue standard, the Company now records an accounts receivable and an associated deferred revenue and other accrued liabilities when it bills the customer. Under the old revenue standard, these amounts were not recorded until the contract service start date. The impact of adopting the new revenue standard on the Company’s Consolidated Statement of Income through the date of December 31, 2018 is as follows (in thousands): For the Year Ended December 31, 2018 Selected line items As reported Impact of Change Without Adoption of ASC Topic 606 Statement of Income Operating revenues $ 1,433,984 $ (6,181 ) $ 1,427,803 Operating income $ 686,898 $ (6,181 ) $ 680,717 Income before provision for income taxes $ 629,896 $ (6,181 ) $ 623,715 Provision for income taxes $ 122,011 $ (1,236 ) $ 120,775 Net income $ 507,885 $ (4,945 ) $ 502,940 Earnings per basic common share $ 5.83 $ (0.06 ) $ 5.77 Earnings per diluted common share $ 5.66 $ (0.06 ) $ 5.60 The impact of adopting the new revenue standard on the Company’s Consolidated Statement of Financial Condition through the date of December 31, 2018 is as follows (in thousands): December 31, 2018 Selected line items As reported Impact of Change Without Adoption of ASC Topic 606 Statement of Financial Condition Accounts receivable $ 473,433 $ (148,209 ) $ 325,224 Income taxes payable $ 16,253 $ (5,550 ) $ 10,703 Other accrued liabilities $ 113,841 $ (6,078 ) $ 107,763 Deferred revenue $ 537,977 $ (115,501 ) $ 422,476 Retained earnings $ 1,856,951 $ (21,080 ) $ 1,835,871 The table that follows presents the disaggregated revenues for the periods indicated (in thousands): For the Year Ended December 31, 2018 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 477,612 $ 474,334 $ 114,590 $ 1,066,536 Asset-based fees 336,565 — — 336,565 Non-recurring 21,298 5,605 3,980 30,883 Total $ 835,475 $ 479,939 $ 118,570 $ 1,433,984 The table that follows presents the change in accounts receivable and deferred revenue between the dates indicated (in thousands): December 31, 2018 Accounts receivable Deferred revenue Opening (1/1/2018) $ 473,400 $ 494,591 Closing (12/31/2018) 473,433 537,977 Increase/(decrease) $ 33 $ 43,386 The amount of revenue recognized in the period that was included in the opening current deferred revenue, which reflects the contract liability amounts, was $478.8 million. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in billings, partially offset by the amortization of deferred revenue to operating revenues. MSCI had an insignificant long-term deferred revenue balance as of December 31, 2018 reflected as a part of “Other non-current liabilities” on its Consolidated Statement of Financial Condition. The majority of MSCI’s contracts have a duration of one year or less and, accordingly, revenue associated with these performance obligations will be recognized within 12 months. For these contracts, the Company has chosen to use the practical expedient available under the new revenue standard and, as such, has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year is $483.4 million as of December 31, 2018, which is expected to be recognized as follows: • Approximately $254.2 million of the remaining performance obligations over the next 12-month period; • Approximately $137.9 million of the remaining performance obligations over the second 12-month period; • Approximately $56.2 million of the remaining performance obligations over the third 12-month period; and • Approximately $35.1 million of the remaining performance obligations in the periods thereafter. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
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 2,704, 987 and 398 anti-dilutive securities excluded from the calculation of diluted EPS for the years ended December 31, 2018, 2017 and 2016, respectively, because of their anti-dilutive effect. The following table presents the computation of basic and diluted EPS: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands, except per share data) Net income $ 507,885 $ 303,972 $ 260,855 Basic weighted average common shares outstanding 87,179 90,336 95,986 Effect of dilutive securities: Stock options and restricted stock units 2,522 1,578 554 Diluted weighted average common shares outstanding 89,701 91,914 96,540 Earnings per basic common share $ 5.83 $ 3.36 $ 2.72 Earnings per diluted common share $ 5.66 $ 3.31 $ 2.70 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. 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 years ended December 31, 2018, 2017 and 2016 was $25.3 million, $24.2 million and $24.2 million, respectively. Future minimum commitments for the Company’s operating leases in place as of December 31, 2018 are as follows: Years Ending December 31, Amount (in 2019 $ 25,868 2020 24,619 2021 23,452 2022 21,832 2023 21,818 Thereafter 107,800 Total $ 225,389 Senior Notes. The Company has issued an aggregate of $2.6 billion in senior unsecured notes (collectively, the “Senior Notes”) in the four discrete private offerings described below. Principal amount outstanding at Carrying value at Carrying value at Fair Value at Fair Value at Maturity Date December 31, 2018 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ 800,000 $ 793,054 $ 791,880 $ 802,576 $ 847,064 5.75% senior unsecured notes due 2025 August 15, 2025 800,000 793,016 791,967 807,088 858,848 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 494,916 494,246 475,520 525,185 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 494,516 — 489,745 — Total debt $ 2,600,000 $ 2,575,502 $ 2,078,093 $ 2,574,929 $ 2,231,097 The fair market value of the Company’s debt obligations is determined in accordance with accounting standards related to the determination of fair value and represents Level 2 valuations, which are based on one or more quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly. The Company utilizes the market approach and obtains security pricing from a vendor who uses broker quotes and third-party pricing services to determine fair values. The $800.0 million aggregate principal amount of 5.25% senior unsecured notes due 2024 (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. The $800.0 million aggregate principal amount of 5.75% senior unsecured notes due 2025 (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. The $500.0 million aggregate principal amount of 4.75% senior unsecured notes due 2026 (the “2026 Senior Notes”) are scheduled to mature and be paid in full on August 1, 2026. At any time prior to August 1, 2021, the Company may redeem all or part of the 2026 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2026 Senior Notes, together with accrued and unpaid interest, on or after August 1, 2021, at redemption prices set forth in the indenture governing the 2026 Senior Notes. 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 plus accrued and unpaid interest, if any, to the redemption date. On May 18, 2018, the Company completed its private offering of $500.0 million aggregate principal amount of 5.375% senior unsecured notes due 2027 (the “2027 Senior Notes”) reflected in the table above. The $495.0 million of net proceeds from the offering of the 2027 Senior Notes were allocated for general corporate purposes, including, without limitation, buybacks of the Company’s common stock and potential acquisitions. The 2027 Senior Notes are scheduled to mature and be paid in full on May 15, 2027. At any time prior to May 15, 2022, the Company may redeem all or part of the 2027 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2027 Senior Notes, together with accrued and unpaid interest, on or after May 15, 2022, at redemption prices set forth in the indenture governing the 2027 Senior Notes. At any time prior to May 15, 2021, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2027 Senior Notes, including any permitted additional notes, at a redemption price equal to 105.375% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. Interest payments attributable to the 2024 Senior Notes and 2027 Senior Notes are due on May 15th and November 15th of each year. Interest payments attributable to the 2025 Senior Notes are due on February 15th and August 15th of each year. Interest payments attributable to the 2026 Senior Notes are due on February 1st and August 1st of each year. Revolver. On November 20, 2014, the Company entered into a $200.0 million senior unsecured revolving credit agreement (as amended, the “Revolving Credit Agreement”) with a syndicate of banks. The Revolving Credit Agreement had an initial term of five years with an option to extend for two additional one-year terms. On August 4, 2016, the Company entered into Amendment No. 1 (the “First Amendment”) to the Revolving Credit Agreement. The First Amendment, among other things, (i) increased aggregate commitments available to be borrowed to $220.0 million, (ii) increased the maximum consolidated leverage ratio and (iii) extended the initial term to August 2021 with an option to extend for an additional one-year term. On May 15, 2018, the Company entered into Amendment No. 2 (the “Second Amendment”) to the Revolving Credit Agreement. The Second Amendment, among other things, (i) increased aggregate commitments available to be borrowed to $250.0 million, (ii) extended the term to May 2023 with an option to extend for an additional one-year term and (iii) decreased the applicable rate and applicable fee rate for loans and commitments. At December 31, 2018, the Revolving Credit Agreement was undrawn. In connection with the closings of the Senior Notes offerings and entry into the Revolving Credit Agreement and the First and Second Amendments, the Company paid certain fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At December 31, 2018, $26.3 million of the deferred financing fees remain unamortized, $0.4 million of which is included in “Prepaid and other assets,” $1.4 million of which is included in “Other non-current assets” and $24.5 million of which is grouped and presented as part of “Long-term debt” on the Consolidated Statement of Financial Condition. |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | Property, equipment and leasehold improvements at December 31, 2018 and 2017 consisted of the following: As of Estimated December 31, December 31, Useful 2018 2017 (in thousands) Computer & related equipment 2 $ 200,414 $ 200,592 Furniture & fixtures 7 years 12,033 10,591 Leasehold improvements 1 to 21 years 53,429 51,128 Work-in-process — 10,506 3,406 Subtotal 276,382 265,717 Accumulated depreciation and amortization (185,505 ) (171,280 ) Property, equipment and leasehold improvements, net $ 90,877 $ 94,437 Depreciation and amortization expense of property, equipment and leasehold improvements was $31.3 million, $35.4 million and $34.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. GOODWILL AND INTANGIBLE ASSETS Goodwill The change to the Company’s goodwill was as follows: (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 2,952 — 1,819 4,771 Goodwill at December 31, 2017 $ 1,205,400 $ 302,611 $ 52,610 $ 1,560,621 Changes to goodwill — (11,635 ) (1) — (11,635 ) Foreign exchange translation adjustment (1,996 ) — (1,229 ) (3,225 ) Goodwill at December 31, 2018 $ 1,203,404 $ 290,976 $ 51,381 $ 1,545,761 (1) Reflects the $2.9 million and $8.7 million impact of the Financial Engineering Associates, Inc. (“FEA”) and Investor Force Holdings, Inc. (“InvestorForce”) divestitures, respectively. See Note 12, “Divestitures” for further information regarding the FEA and InvestorForce divestitures. Through the year ended December 31, 2018, the Company has never recognized an impairment of goodwill on its consolidated financial statements. Intangible Assets Amortization expense related to intangible assets for the years ended December 31, 2018, 2017 and 2016 was $54.2 million, $44.5 million and $47.0 million, respectively. The amortization expense of acquired intangible assets for the years ended December 31, 2018, 2017 and 2016 was $44.0 million, $39.2 million and $44.6 million, respectively. The amortization expense of internally developed capitalized software for the years ended December 31, 2018, 2017 and 2016 was $10.2 million, $5.4 million and $2.4 million, respectively. During the year ended December 31, 2018, management decided to discontinue the use of the IPD tradename utilized by the Real Estate segment and has rebranded the segment to MSCI Real Estate. As a result, the remaining unamortized value associated with the trade name of $7.9 million was written off. The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of Estimated December 31, December 31, Useful Lives 2018 2017 (in thousands) Gross intangible assets: Customer relationships (1) 5 to 21 years $ 356,700 $ 361,199 Trademarks/trade names (1) 5 to 21.5 years 208,320 223,382 Technology/software (1), (2) 3 to 8.5 years 238,692 225,407 Proprietary data 13 years 28,627 28,627 Subtotal 832,339 838,615 Foreign exchange translation adjustment (9,569 ) (9,167 ) Total gross intangible assets $ 822,770 $ 829,448 Accumulated amortization: Customer relationships (1) $ (209,867 ) $ (189,100 ) Trademarks/trade names (1) (123,345 ) (116,691 ) Technology/software (1), (2) (198,974 ) (193,095 ) Proprietary data (12,197 ) (10,352 ) Subtotal (544,383 ) (509,238 ) Foreign exchange translation adjustment 2,416 1,626 Total accumulated amortization $ (541,967 ) $ (507,612 ) Net intangible assets: Customer relationships $ 146,833 $ 172,099 Trademarks/trade names 84,975 106,691 Technology/software 39,718 32,312 Proprietary data 16,430 18,275 Subtotal 287,956 329,377 Foreign exchange translation adjustment (7,153 ) (7,541 ) Total net intangible assets $ 280,803 $ 321,836 (1) (2) Estimated amortization expense for succeeding years is presented below: Years Ending December 31, Amortization Expense (in thousands) 2019 $ 47,886 2020 46,339 2021 42,286 2022 35,819 2023 32,778 Thereafter 75,695 Total $ 280,803 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | 8. EMPLOYEE BENEFITS The Company sponsors a 401(k) plan for eligible U.S. employees and defined contribution and defined benefit pension plans that cover substantially all of its non-U.S. employees. For the years ended December 31, 2018, 2017 and 2016, costs relating to 401(k), pension and post-retirement benefit expenses were $22.8 million, $22.5 million and $21.6 million, respectively, which are included in various categories on the Company’s Consolidated Statements of Income. Amounts included in “Cost of revenues” for the years ended December 31, 2018, 2017 and 2016 were $10.2 million, $10.3 million and $9.5 million, respectively. Amounts included in “Selling and marketing” for the years ended December 31, 2018, 2017 and 2016 were $6.9 million, $6.5 million and $6.7 million, respectively. Amounts included in “Research and development” for the years ended December 31, 2018, 2017 and 2016 were $3.8 million, $3.8 million and $4.0 million, respectively. Amounts included in “General and administrative” for the years ended December 31, 2018, 2017 and 2016 were $1.8 million, $1.3 million and $1.3 million, respectively. Amounts included in “Other expense (income)” for the years ended December 31, 2018 and 2017 were less than $0.1 million and $0.6 million, respectively. 401(k) and Other Defined Contribution Plans. Eligible employees may participate in the MSCI 401(k) plan (or any other regional defined contribution plan sponsored by MSCI) immediately upon hire. Eligible employees receive 401(k) and other defined contribution plan matching contributions, which are subject to vesting and certain other limitations. The Company’s expenses associated with the 401(k) plan and other defined contribution plans for the years ended December 31, 2018, 2017 and 2016 were $19.2 million, $18.6 million and $17.6 million, respectively. Net Periodic Benefit Expense. Net periodic benefit expense incurred by the Company related to defined benefit pension plans was $3.6 million, $3.9 million and $4.0 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company uses a measurement date of December 31 to calculate obligations under its pension and postretirement plans. As of December 31, 2018 and 2017, the Company carried a net liability of $21.3 million and $22.0 million, respectively, in “Other non-current liabilities” on the Consolidated Statement of Financial Condition related to its future pension obligations. The fair value of the defined benefit plan assets were $21.7 million and $20.6 million at December 31, 2018 and 2017, respectively. |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity (Deficit) | 9. SHAREHOLDERS’ EQUITY (DEFICIT) This note reflects the share repurchases and related activity as well as share-based compensation activity recognized by the Company, for all periods referenced. Return of capital On October 26, 2016, the Board of Directors approved a stock repurchase program for the purchase of up to $750.0 million worth of shares of the Company’s common stock (together with the amount then remaining under a previously existing share repurchase program, the “2016 Repurchase Program”). On May 1, 2018, the Board of Directors authorized an additional stock repurchase program for the purchase of up to $1.0 billion worth of shares of the Company’s common stock (together with the $523.1 million of authorization then remaining under the 2016 Repurchase Program, the “2018 Repurchase Program”). Share repurchases made pursuant to the 2018 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 December 31, 2018, there was $808.1 million of available authorization remaining under the 2018 Repurchase Program. The following table provides information with respect to repurchases of the Company’s common stock pursuant to open market repurchases: Year Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands, except per share data) December 31, 2018 $ 148.34 6,236 $ 924,989 December 31, 2017 $ 87.96 1,556 $ 136,899 December 31, 2016 $ 73.71 10,303 $ 759,427 The following table presents cash dividends declared and distributed per common share for the periods indicated: Dividends Per Share Declared Distributed Deferred 2018 (in thousands, except per share data) Three Months Ended March 31, $ 0.38 $ 34,848 $ 34,900 $ (52 ) Three Months Ended June 30, 0.38 34,254 33,935 319 Three Months Ended September 30, 0.58 52,264 51,764 500 Three Months Ended December 31, 0.58 50,907 50,434 473 Year Ended December 31, $ 1.92 $ 172,273 $ 171,033 $ 1,240 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 Three Months Ended December 31, 0.38 34,745 34,448 297 Year Ended December 31, $ 1.32 $ 120,992 $ 119,795 $ 1,197 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 Three Months Ended December 31, 0.28 26,524 26,304 220 Year Ended December 31, $ 1.00 $ 97,094 $ 96,264 $ 830 Common Stock The following table presents activity related to shares of common stock issued and repurchased for the periods indicated: Common Treasury Common Stock Issued Stock Outstanding Balance At December 31, 2015 128,200,189 (27,187,041 ) 101,013,148 Dividend payable/paid 892 (472 ) 420 Common stock issued and exercise of stock options 788,304 — 788,304 Shares withheld for tax withholding and exercises — (219,921 ) (219,921 ) Shares repurchased under stock repurchase programs — (10,303,047 ) (10,303,047 ) Shares issued to directors 6,959 (6,273 ) 686 Balance At December 31, 2016 128,996,344 (37,716,754 ) 91,279,590 Dividend payable/paid 684 (528 ) 156 Common stock issued and exercise of stock options 538,448 — 538,448 Shares withheld for tax withholding and exercises — (157,667 ) (157,667 ) Shares repurchased under stock repurchase programs — (1,556,313 ) (1,556,313 ) Shares issued to directors 8,380 (7,709 ) 671 Balance At December 31, 2017 129,543,856 (39,438,971 ) 90,104,885 Dividend payable/paid 734 (579 ) 155 Common stock issued and exercise of stock options 479,277 — 479,277 Shares withheld for tax withholding and exercises — (174,991 ) (174,991 ) Shares repurchased under stock repurchase programs — (6,235,629 ) (6,235,629 ) Shares issued to directors 6,059 (5,618 ) 441 Balance At December 31, 2018 130,029,926 (45,855,788 ) 84,174,138 Shared-Based Compensation The Company regularly issues share-based compensation to its employees and directors who are not employees of the Company. The accounting guidance for share-based compensation requires measurement of compensation cost for share-based awards at fair value and recognition of compensation cost over the service period, net of estimated forfeitures. In February 2019, the Company granted a portion of its employees awards in the form of RSUs and MSUs. The total number of units granted was 396,090. The aggregate fair value of the awards was $50.4 million, of which approximately $0.2 million had been expensed in the year ended December 31, 2018 in relation to awards granted to retirement-eligible employees under the award terms. A portion of the awards granted consisted of RSUs vesting over a three-year period, with one-third vesting on each anniversary of the grant in 2020, 2021 and 2022. A smaller portion of the awards granted consisted of MSUs that will time-vest over a three-year period and a five-year period and are subject to the achievement of the applicable absolute total shareholder return compounded annual growth rate measured over a three-year and five-year performance period, respectively. For a small group of awards granted by the Company, all or a portion of the award may be cancelled in certain limited situations, including termination for cause, if employment is terminated before the end of the relevant restriction period. For the remainder of the awards granted by the Company, all or a portion of the award may be canceled if employment is terminated for certain reasons before the end of the relevant restriction period for non-retirement-eligible employees. In connection with awards under its equity-based compensation and benefit plans, the Company is authorized to use newly issued shares or certain shares of common stock held in treasury. The components of share-based compensation expense related to the awards to Company employees and directors who are not employees of the Company are presented below: Years Ended December 31, December December 31, (in thousands) 2018 2017 2016 Share-based Awards $ 40,563 $ 37,921 $ 32,525 The following table presents the amount of share-based compensation expense by category for the periods indicated: Years Ended December 31, December 31, December 31, (in thousands) 2018 2017 2016 Cost of revenues $ 10,334 $ 9,707 $ 7,971 Selling and marketing 12,851 11,355 9,526 Research and development 4,175 3,477 2,970 General and administrative 13,203 13,382 12,058 Total share-based compensation expense $ 40,563 $ 37,921 $ 32,525 The tax benefits for share-based compensation expense related to RSUs, PSUs and MSUs (together, the “Share-based Awards”) as well as stock options granted to Company employees and to directors who are not employees of the Company were $8.8 million, $5.5 million and $7.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, $24.6 million of compensation cost related to MSCI unvested share-based awards granted to the Company’s employees and to directors who are not employees of the Company had not yet been recognized. The unrecognized compensation cost relating to unvested stock-based awards expected to vest will be recognized primarily over the next one to three years. In connection with awards under its equity-based compensation and benefit plans, the Company is authorized to issue shares of common stock. As of December 31, 2018, 7.0 million shares of common stock were available for future grants under these plans. Share-based Awards. Certain Company employees have been granted share-based awards pursuant to a share-based compensation plan. The plan provides for the deferral of a portion of certain employees’ discretionary compensation with awards made in the form of Share-based Awards. Recipients of Share-based Awards generally have rights to receive dividend equivalents that are subject to vesting. The Company reports the target number of PSUs and MSUs granted unless it has determined, based on the actual achievement of performance measures, that an employee will receive a different amount of shares underlying the PSUs and MSUs, in which case the Company reports the amount of shares employees are likely to receive. The following table presents activity concerning the Company’s vested and unvested Share-based Awards applicable to its employees (share data in thousands) for the period indicated: Weighted Average Grant Number of Date Fair For the Year Ended December 31, 2018 Shares Value Vested and unvested Share-based Awards at December 31, 2017 1,419 $ 68.50 Granted 332 $ 117.64 Conversion to common stock (451 ) $ 65.40 Canceled (12 ) $ 87.17 Vested and unvested Share-based Awards at December 31, 2018 (1) 1,288 $ 82.09 (1) As of December 31, 2018, 1,261 Share-based Awards, with a weighted average price of $81.51, were vested or expected to vest. The total fair value of Share-based Awards held by the Company’s employees that converted to MSCI common stock during the years ended December 31, 2018, 2017 and 2016 was $63.6 million, $30.3 million and $39.4 million, respectively. The following table presents activity concerning the Company’s unvested Share-based Awards related to its employees (share data in thousands): Weighted Average Grant Number of Date Fair For the Year Ended December 31, 2018 Shares Value Unvested Share-based Awards at December 31, 2017 1,166 $ 69.96 Granted 280 $ 124.66 Vested (332 ) $ 68.41 Canceled (12 ) $ 87.17 Unvested Share-based Awards at December 31, 2018 1,102 $ 84.14 Unvested Share-based Awards expected to vest 1,075 $ 83.51 Stock Option Awards. No stock options were issued during the years ended December 31, 2018, 2017 and 2016. The following table presents activity concerning MSCI stock options granted to the Company’s employees for the year ended December 31, 2018 (option data and dollar values in thousands, except exercise price): Weighted Weighted Average Number Average Remaining Aggregated of Exercise Life Intrinsic For the Year Ended December 31, 2018 Options Price (Years) Value Options outstanding at December 31, 2017 145 $ 26.47 2.11 $ 14,519 Granted or assumed — $ — N/A N/A Forfeited — $ — N/A N/A Conversion to common stock (33 ) $ 18.14 N/A N/A Options outstanding and exercisable at December 31, 2018 112 $ 28.96 1.28 $ 13,239 All outstanding stock options as of December 31, 2018 are vested and exercisable. The following table presents information relating to the Company’s outstanding and exercisable stock options as of December 31, 2018 (number of options outstanding and aggregate intrinsic value data in thousands): As of December 31, 2018 Options Outstanding Weighted Average Average Remaining Aggregate Number Exercise Life Intrinsic Range of Exercise Prices Outstanding Price (Years) Value $15.18 to $16.48 12 $ 16.48 0.15 $ 1,521 $20.45 to $24.11 14 $ 20.45 0.65 $ 1,798 $ 25.64 36 $ 25.64 0.96 $ 4,409 $ 36.70 50 $ 36.70 1.95 $ 5,511 Total 112 $ 13,239 The intrinsic value of the stock options exercised by the Company’s employees during the years ended December 31, 2018, 2017 and 2016 was $4.8 million, $10.9 million and $11.3 million, respectively. |
Reclassifications out of Accumu
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | 10. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) As required by ASC Subtopic 220-10, “ Comprehensive Income—Overall Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (1) Details about Accumulated Other Amount Reclassified from Accumulated Affected Comprehensive Income (Loss) Components Other Comprehensive Income (Loss) Consolidated Statements of Income Years Ended December 31, December 31, December 31, 2018 2017 2016 (in Defined benefit pension plans Amount recognized as a component of net periodic benefit expense for curtailments and settlements $ (222 ) $ (281 ) $ (261 ) Income Taxes 54 77 73 Provision for income taxes Total reclassifications for the period, net of tax $ (168 ) $ (204 ) $ (188 ) (1) Amounts in parentheses indicate expenses or losses moved to the Consolidated Statements of Income. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES The provision for income taxes (benefits) by taxing jurisdiction consisted of: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Current U.S. federal $ 51,316 $ 133,250 $ 93,071 U.S. state and local 31,680 16,312 16,363 Non U.S. 39,795 32,267 32,616 122,791 181,829 142,050 Deferred U.S. federal (1,406 ) (12,502 ) (13,010 ) U.S. state and local 5,566 (2,119 ) (2,235 ) Non U.S. (4,940 ) (4,281 ) (1,722 ) (780 ) (18,902 ) (16,967 ) Provision for income taxes $ 122,011 $ 162,927 $ 125,083 The following table reconciles the U.S. federal statutory income tax rate to the effective income tax rate: Years Ended December 31, December 31, December 31, 2018 2017 2016 U.S. federal statutory income tax rate 21.00 % 35.00 % 35.00 % U.S. state and local income taxes, net of U.S. federal income tax benefits 4.66 % 1.84 % 2.38 % Change in tax rates applicable to non-U.S. earnings (2.20 %) (7.60 %) (3.73 %) Domestic tax credits and incentives (0.30 %) (0.24 %) (0.26 %) Net tax charge related to Tax Reform (1.78 %) 7.40 % — % Valuation allowance (1.41 %) — % — % Excess Stock Based Compensation (1.14 %) (1.25 %) — % Other 0.54 % (0.25 %) (0.98 %) Effective income tax rate 19.37 % 34.90 % 32.41 % On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“Tax Reform”). Given the significance of the legislation, the SEC staff issued Staff Accounting Bulletin No. 118, “ Income Tax Accounting Implications of the Tax Cuts and Jobs Act, Tax Reform significantly revised the U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates, implementing a territorial tax system and imposing a one-time tax on deemed repatriation of historic earnings and profits (“E&P”) of foreign subsidiaries (the “Toll Charge”). The provisions of Tax Reform began impacting the Company for the annual reporting periods, including interim periods within those periods, beginning after December 31, 2017 as well as during the three months ended December 31, 2017. The U.S. federal income tax rate reduction was effective as of January 1, 2018. In the year ended December 31, 2017, the Company’s provisional accounting for the effects of Tax Reform resulted in a net charge of $34.5 million in the provision for income taxes for MSCI that primarily included an estimated tax charge of approximately $47.5 million related to the Toll Charge and an estimated tax charge of approximately $16.0 million related to a change in assertion that those profits were permanently reinvested overseas as of December 31, 2017, partially offset by an estimated tax benefit of approximately $29.0 million related to the revaluation of deferred taxes at the now-lower statutory corporate rate. In the year ended December 31, 2018, the Company finalized the Toll Charge and determined the final impact of Tax Reform, resulting in a net benefit of $11.2 million that included a benefit of $5.7 million on the change to the provisional estimate of the Toll Charge and a benefit of $2.6 million for a reduction in the expected withholding taxes from Switzerland. The Company also recorded a benefit of $2.9 million related to the revaluation of deferred taxes at the lower statutory rate as a result of tax planning. The cumulative net charge of Tax Reform was $23.3 million. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2018 and 2017, were as follows: As of December 31, December 31, 2018 2017 (in thousands) Deferred tax assets: Employee compensation and benefit plans $ 19,698 $ 19,646 Deferred rent 5,392 5,308 Pension 2,466 1,520 Unearned revenue — 853 Loss carryforwards - non-current 2,941 18,105 Other — 1,435 Subtotal 30,497 46,867 Less: valuation allowance (632 ) (11,575 ) Total deferred tax assets $ 29,865 $ 35,292 Deferred tax liabilities: Intangible assets $ (65,538 ) $ (73,634 ) Unearned revenue (1,170 ) — Unremitted foreign earnings (12,872 ) (16,108 ) Property, equipment and leasehold improvements, net (16,369 ) (11,564 ) Other (1,021 ) — Total deferred tax liabilities $ (96,970 ) $ (101,306 ) Net deferred tax liabilities $ (67,105 ) $ (66,014 ) During the year ended December 31, 2018, the Company sold two of its U.S. subsidiaries, InvestorForce and FEA. See Note 12, “Divestitures,” for additional information. As a result of these divestitures, the Company was able to utilize the $42.4 million of capital loss carryover held on the books, against which a full valuation allowance was recorded. The tax value of the U.S. portion of the net operating loss carryforwards is $16.0 million which is subject to an annual limitation on utilization and will begin to expire in 2024. As of December 31, 2018, the tax value of foreign net operating loss carryforwards was $0.6 million with a related valuation allowance of $0.6 million. The following table presents changes in the Company’s deferred tax asset valuation allowance for the periods indicated: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Beginning balance $ 11,575 $ 17,807 $ 21,052 Additions charged to cost and expenses — 324 1,862 Additions charged to other accounts — — — Deductions (10,943 ) (6,556 ) (5,107 ) Ending balance $ 632 $ 11,575 $ 17,807 The following table presents the components of income before provision for income taxes generated by domestic or foreign operations for the periods indicated: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Domestic $ 399,000 $ 283,779 $ 263,536 Foreign (1) 230,896 183,120 122,402 Total income before provision for income taxes $ 629,896 $ 466,899 $ 385,938 (1) Foreign income before provision for income taxes is defined as income generated from operations located outside the U.S., which includes income from foreign branches of U.S. companies. Cumulative earnings attributable to foreign subsidiaries were $289.5 million, $450.7 million and $341.6 million for the years ended December 31, 2018, 2017, and 2016, respectively. The Company has recorded a $16.0 million charge to provision for income taxes related to foreign withholding taxes that would be payable upon repatriation. As of December 31, 2018, the Company asserts that the earnings in its India subsidiary accumulated after January 1, 2018 will be permanently reinvested. 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 are 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. The Company believes the resolution of tax matters will not have a material effect on the Consolidated Statement of Financial Condition of the Company, although a resolution could have a material impact on the Company’s Consolidated Statement of Income for a particular future period and on the Company’s effective tax rate for any period in which such resolution occurs. The following table presents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2018, 2017 and 2016: Years Ended December 31, December 31, December 31, Gross unrecognized tax benefits 2018 2017 2016 (in thousands) Beginning balance $ 10,022 $ 7,936 $ 8,692 Increases based on tax positions related to the current period 3,928 3,389 575 Increases based on tax positions related to prior periods 1,892 519 135 Decreases based on tax positions related to prior periods (297 ) (6 ) (3 ) Decreases related to settlements with taxing authorities — (1,152 ) (1,463 ) Decreases related to a lapse of applicable statute of limitations (1,454 ) (664 ) — Ending balance $ 14,091 $ 10,022 $ 7,936 The total amount of unrecognized tax benefits was $13.8 million, net of federal benefit of state issues, competent authority and foreign tax credit offsets, as of December 31, 2018, which, if recognized, would favorably affect the effective tax rate in future periods. The Company recognizes the accrual of interest and penalties related to unrecognized tax benefits in the “Provision for income taxes” in the Consolidated Statement of Income. For the year ended December 31, 2018, the Company recognized $0.2 million of interest in the Consolidated Statement of Income with respect to unrecognized tax benefits. No significant penalties were recognized in the Consolidated Statement of Income for the year ended December 31, 2018. The amount of accrued interest, which includes interest related to uncertain tax positions and accrued income tax expense, recorded on the Consolidated Statement of Financial Condition as of December 31, 2018 was $0.9 million. 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 2006 through 2017. 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. |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Divestitures | 12. DIVESTITURES Divestiture of FEA On April 9, 2018, MSCI completed the FEA divestiture for $21.0 million in cash. The sale included $2.9 million of goodwill, $2.7 million of fully amortized identifiable intangible assets, $6.1 million of other net assets and $1.4 million of transaction costs, which resulted in a gain of $10.6 million included in “Other expense (income)” within the Consolidated Statement of Income. FEA was included as a component of the Analytics segment through the date of divestiture. The results of operations from FEA were not material to the Company. Divestiture of InvestorForce On October 12, 2018, the Company completed the InvestorForce divestiture for $62.0 million in cash plus an additional $0.8 million for working capital adjustment which is subject to change, $8.7 million of allocated goodwill, $4.0 million of identifiable intangible assets, net of accumulated amortization, $0.7 million of other net assets and $2.8 million of transaction costs, which resulted in a gain of approximately $46.6 million included in “Other expense (income)” within the Consolidated Statement of Income. InvestorForce was included as a component of the Analytics segment through the date of divestiture. The results of operations from InvestorForce were not material to the Company. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 13. 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, at times, certain other 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. Operating revenues and expenses directly associated with each segment are included in determining its operating results. Other expenses that are not directly attributable to a particular segment are based upon allocation methodologies, including time estimates, revenue, headcount, sales targets, data center consumption and other relevant usage measures. Due to the integrated structure of 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 offers risk management, performance attribution and portfolio management content, applications and services that provide clients with an integrated view of risk and return and an analysis of market, credit, liquidity and counterparty risk across all major asset classes, spanning short, medium and long-term time horizons. Clients access Analytics content through MSCI’s own proprietary applications and application programming interfaces, or through third party applications or directly on their own platforms. The Analytics operating segment also provides various managed services to help clients operate more efficiently as well as address the needs of certain specialized areas of the investment community by providing a reporting service and performance reporting tools to institutional consultants and investors in hedge funds. The ESG operating segment offers products and services that help institutional investors understand how ESG factors can impact the long-term risk of their investments. In addition, MSCI ESG Research data and ratings are used in the construction of equity and fixed income indexes to help institutional investors more effectively benchmark ESG investment performance, issue index-based investment products, as well as manage, measure and report on ESG mandates. The Real Estate operating segment includes research, reporting, market data and benchmarking offerings that provide real estate performance analysis for funds, investors and managers. Real Estate performance and risk analytics range from enterprise-wide to property-specific analysis. The Real Estate operating segment also provides business intelligence to real estate owners, managers, developers and brokers worldwide. During the year ended December 31, 2016, the Company disposed of the Real Estate occupiers business and recorded an immaterial gain on the disposition which was recorded in “Other expense (income),” in the Consolidated Statement of Income. 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 revenues by reportable segment for the periods indicated: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Operating revenues Index $ 835,475 $ 718,959 $ 613,551 Analytics 479,939 458,269 448,353 All Other 118,570 96,944 88,765 Total $ 1,433,984 $ 1,274,172 $ 1,150,669 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Index Adjusted EBITDA $ 607,853 $ 522,241 $ 431,478 Analytics Adjusted EBITDA 143,645 125,624 128,507 All Other Adjusted EBITDA 20,935 11,892 9,472 Total operating segment profitability 772,433 659,757 569,457 Amortization of intangible assets 54,189 44,547 47,033 Depreciation and amortization of property, equipment and leasehold improvements 31,346 35,440 34,320 Operating income 686,898 579,770 488,104 Other expense (income), net 57,002 112,871 102,166 Provision for income taxes 122,011 162,927 125,083 Net income $ 507,885 $ 303,972 $ 260,855 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: Years Ended December 31, December 31, December 31, (in thousands) 2018 2017 2016 Operating revenues Americas: United States $ 662,345 $ 622,132 $ 556,777 Other 58,065 48,139 45,185 Total Americas 720,410 670,271 601,962 Europe, the Middle East and Africa ("EMEA"): United Kingdom 214,204 193,831 175,749 Other 293,252 250,267 229,010 Total EMEA 507,456 444,098 404,759 Asia & Australia: Japan 67,100 54,351 52,161 Other 139,018 105,452 91,787 Total Asia & Australia 206,118 159,803 143,948 Total $ 1,433,984 $ 1,274,172 $ 1,150,669 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 December 31, December 31, 2018 2017 (in thousands) Long-lived assets Americas: United States $ 1,803,321 $ 1,847,605 Other 6,560 1,685 Total Americas 1,809,881 1,849,290 EMEA: United Kingdom 80,039 94,782 Other 19,369 22,394 Total EMEA 99,408 117,176 Asia & Australia: Japan 411 432 Other 7,741 9,996 Total Asia & Australia 8,152 10,428 Total $ 1,917,441 $ 1,976,894 |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | 14. QUARTERLY RESULTS OF OPERATIONS (unaudited): 2018 2017 First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter (in thousands, except per share data) Operating revenues $ 351,316 $ 363,046 $ 357,934 $ 361,688 $ 301,207 $ 316,089 $ 322,097 $ 334,779 Cost of revenues 71,304 71,368 70,906 73,757 67,463 68,538 68,433 69,247 Selling and marketing 46,409 47,416 46,149 52,949 42,972 41,550 44,873 47,726 Research and development 20,707 19,801 20,591 20,312 18,970 18,196 17,974 20,709 General and administrative 26,187 24,036 24,751 24,908 20,981 21,424 22,079 23,280 Amortization of intangible assets 11,338 19,537 11,681 11,633 11,251 11,122 10,614 11,560 Depreciation and amortization of property, equipment and leasehold improvements 8,205 7,377 7,453 8,311 8,838 9,159 9,325 8,118 Total operating expenses 184,150 189,535 181,531 191,870 170,475 169,989 173,298 180,640 Operating income 167,166 173,511 176,403 169,818 130,732 146,100 148,799 154,139 Interest income (2,770 ) (4,281 ) (6,522 ) (6,096 ) (932 ) (1,310 ) (1,835 ) (2,237 ) Interest expense 29,560 31,761 35,902 35,891 29,024 29,027 29,020 29,027 Other expense (income) 938 (10,292 ) 177 (47,266 ) 1,015 872 811 389 Other expense (income), net 27,728 17,188 29,557 (17,471 ) 29,107 28,589 27,996 27,179 Income before provision for income taxes 139,438 156,323 146,846 187,289 101,625 117,511 120,803 126,960 Provision for income taxes 24,346 39,494 23,014 35,157 28,674 36,245 35,650 62,358 Net income $ 115,092 $ 116,829 $ 123,832 $ 152,132 $ 72,951 $ 81,266 $ 85,153 $ 64,602 Earnings per basic common share $ 1.28 $ 1.31 $ 1.39 $ 1.75 $ 0.80 $ 0.90 $ 0.94 $ 0.72 Earnings per diluted common share $ 1.24 $ 1.28 $ 1.36 $ 1.70 $ 0.80 $ 0.89 $ 0.93 $ 0.70 Weighted average shares outstanding used in computing per share data Basic 90,075 89,112 88,796 86,968 90,708 90,404 90,112 90,130 Diluted 92,587 91,586 91,372 89,495 91,624 91,708 91,868 92,467 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS On January 30, 2019, the Board of Directors of the Company declared a quarterly dividend of $0.58 per share of common stock to be paid on March 15, 2019 to shareholders of record as of the close of trading on February 22, 2019. Subsequent to the year ended December 31, 2018 and through February 15, 2019, the Company repurchased an additional 0.7 million shares of common stock at an average price of $147.97 per share for a total value of $102.1 million. |
Introduction and Basis of Pre_2
Introduction and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of MSCI Inc. and its wholly-owned subsidiaries. The Company’s policy is to consolidate all entities in which it owns more than 50% of the outstanding voting stock unless it does not control the entity. It is also the Company’s policy to consolidate any variable interest entity for which the Company is the primary beneficiary, as required by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 810-10, “ Consolidations.” The Company’s operating expenses are grouped and presented in the following activity categories: cost of revenues, selling and marketing, research and development and general and administrative. Costs are assigned to these activity categories based on the nature of the expense to which they directly relate, or, when not directly attributable, based on an allocation method that considers the type of effort related to such activities. Cost of revenues consists of costs related to the production and servicing of the Company’s products and services and primarily includes related information technology costs, including data center, platform and infrastructure costs; costs to acquire, produce and maintain market data information; costs of research to support and maintain existing products; costs of product management teams; costs of client service and consultant teams to support customer needs; as well as other support costs directly attributable to the cost of revenues including certain human resources, finance and legal costs. Selling and marketing expenses consist of costs associated with acquiring new clients or selling new products or product renewals to existing clients and primarily includes the costs of MSCI’s sales force and marketing teams as well as costs incurred in other groups associated with acquiring new business, including product management, research, technology and sales operations. Research and development expenses consist of costs to develop new or enhance existing products and the costs to develop new or improved technology and service platforms for the delivery of MSCI’s products and services and primarily includes the costs of development, research, product management, project management and the technology support associated with these efforts. General and administrative expenses consist of costs primarily related to finance operations, human resources, office of the CEO, legal, corporate technology, corporate development and certain other administrative costs that are not directly attributed, but are instead allocated, to a product or service. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Basis of Financial Statements and Use of Estimates | Basis of Financial Statements and Use of Estimates The Company’s 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 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 consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation. |
Revenue Recognition | Revenue Recognition MSCI adopted the new revenue standard set forth under Accounting Standards Codification Topic 606 “ Revenue from Contracts with Customers, Revenue Recognition, Performance Obligations and Transaction Price For revenue arrangements containing multiple products or services, the Company accounts for the individual products or services as a separate performance obligation if they are distinct, the product or service is separately identifiable from other items in the arrangement, and if a client can benefit from it on its own or with other resources that are readily available to the client. If these criteria are not met, the promised products or services are accounted for as a combined performance obligation. The Company allocates the transaction price to each performance obligation based on the best estimate of the relative standalone selling price of each distinct product or service in the contract. The transaction price in the contract is allocated at contract inception to the distinct product or service underlying each performance obligation in proportion to the standalone selling prices. This standalone selling price may be the contract price, but is more often than not the best estimate of the price the Company would receive for selling the product or service to other similar customers. Discounts applied to the contract will be allocated based on the same proportion of standalone selling prices. For services where the transaction price is variable based upon assets under management (“AUM”), volume of trades or number of investments linked to MSCI’s indexes, the transaction price is based upon pricing models and is not allocated at the inception of the contract but rather falls within the sales and usage-based royalty exception under which the price and associated revenue are based upon actual known performance or best estimates of actual performance during the performance period. Revenue is recognized when a customer obtains control of promised products or services in an amount that reflects the consideration the entity expects to receive in exchange for those products or services. Revenue is recognized exclusive of any applicable sales or other indirect taxes. Determining when control has transferred can sometimes require management’s judgement (e.g., implementation services), which could affect the timing of revenue recognition. The Company has determined that the above methods provide a faithful depiction of the transfer of control of products or services to the customer. Disaggregation of Revenue Our revenues are characterized by type, which broadly reflects the nature of how they are recognized or earned. Our revenue types are recurring subscription, asset-based fees and non-recurring revenues. We also group our revenues by segment. Revenues By Type Recurring subscription revenues represent fees earned from clients primarily under renewable contracts or agreements and are generally paid annually or quarterly in advance and recognized in most cases ratably over the term of the license or service pursuant to the contract terms. Revenues from subscription agreements for the receipt of periodic benchmark reports, digests and other publications, which are most often associated with our real estate offerings, are generally billed and recognized upon delivery of such reports or data updates. Asset-based fees are principally recognized based on the estimated AUM linked to our indexes from independent third-party sources or the most recently reported information provided by the client. Asset-based fees also include revenues related to futures and options contracts linked to our indexes, which are primarily based on trading volumes. Asset-based fees are generally variable based upon AUM or the volume of trades and are generally billed quarterly in arrears. Non-recurring revenues primarily represent fees earned on products and services where we do not have renewal contracts and primarily include revenues for providing customized reports, historical data sets, certain derivative financial products and certain implementation and consulting services, as well as revenues from particular products and services that are purchased on a non-renewal basis. Based on the nature of the services provided, non-recurring revenues are generally billed upon delivery and recognized upon delivery or over the service period. Revenues By Segment For products within the Index segment, with respect to index data subscriptions, MSCI’s performance obligation to deliver the data is satisfied over time and, accordingly, revenue is recognized ratably over the term of the agreement pursuant to the contract terms. With respect to licenses to create index-linked investment products, such as ETFs, passively managed funds, or licenses which allow certain exchanges to use MSCI’s indexes as the basis for futures and options contracts, MSCI’s performance obligation allows customers to use the Company’s intellectual property (e.g., the indexes) as the basis of the funds or other investment products the customers create over the term of the agreement. The fees earned for these rights are typically variable, in which case they are accrued under the sales and usage-based royalty exception pursuant to the level of performance achieved, which is measured based on AUM, volume of trades or other factors. The level of performance achieved is based on information obtained from independent third-party sources or best estimates taking into account the most recently reported information from the client. For products within the Analytics segment, MSCI’s performance obligations include providing access to its proprietary models or hosted applications and, in some cases, delivery of managed services, which are all satisfied over time, and accordingly, revenue is recognized ratably over the term of the service period. For implementation services, MSCI meets its performance obligation once the implementation service is complete and the related service is available for the client to use and revenue is recognized at the point in time when the implementation service is completed. For products within the All Other segment, MSCI’s performance obligations under its ESG products are satisfied over time for the majority of the data subscriptions as MSCI provides and updates the data to the customer throughout the term of the agreement and revenue is recognized ratably over the term of the agreement. For custom ESG research data, the performance obligation is complete, and revenue is recognized, at the point in time that the data is updated and available to the customer. MSCI’s Real Estate products primarily include periodic benchmark reports, Market Information and other publications. MSCI primarily satisfies its performance obligations, and revenue is recognized, at the point in time when the Company delivers reports or publications. For Market Information products, publications are delivered throughout the year, and the revenue is recognized over time. |
Share-Based Compensation | Share-Based Compensation Certain of the Company’s employees have received share-based compensation under various compensation programs. The Company’s compensation expense reflects the fair value method of accounting for share-based payments under ASC Subtopic 718-10, “ Compensation—Stock Compensation. The fair value of MSCI restricted stock units (“RSUs”) is measured using the closing price of MSCI’s common stock on the date prior to grant. Restricted stock units subject to performance conditions that are not linked to a market condition (“PSUs”) are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. The fair value of PSUs is measured using the closing price of MSCI’s common stock on the date prior to grant. Restricted stock units that are subject to the achievement of multi-year total shareholder return targets (“MSUs”) are performance awards with a market condition. The fair value of MSUs is determined using a Monte Carlo simulation model that creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms. The fair value of MSCI standard stock options is determined using the Black-Scholes valuation model and the single grant life method. Under the single grant life method, option awards with graded vesting are valued using a single weighted-average expected option life. The fair value of MSCI stock options that contain stock price contingencies is determined using a Monte Carlo simulation model. The Company recognizes the expense for an award granted to an employee who is not retirement-eligible utilizing the graded vesting method over the requisite service period. For all awards, the Company bases initial accruals of compensation cost on the estimated number of units for which the requisite service is expected to be rendered and, for PSUs, the performance targets expected to be achieved is also considered. If the estimated number of units or the number of units ultimately delivered changes from previous estimates, the cumulative effect on current and prior periods of a change is recognized in compensation cost in the period of the change. Because the probability of actual shares expected to be earned is reflected in the fair value of MSUs on the grant date, the expense to be recognized for these awards is not adjusted to reflect the actual shares earned. Based on interpretive guidance related to share-based compensation, the Company’s policy is to accrue the estimated cost of share-based awards that are granted to retirement-eligible employees over the course of the prior year in which they were earned rather than expensing the awards on the date of grant. A portion of the awards granted to retirement-eligible employees consisted of PSUs. For those PSUs, the Company bases initial accruals of compensation cost on the estimated number of units for which the requisite service is expected to be rendered. If the estimated number of units expected to convert changes from previous estimates based on the performance targets expected to be achieved, the cumulative effect of a change is recognized in compensation cost in the period of the change. |
Research and Development | Research and Development The Company accounts for research and development costs in accordance with several accounting pronouncements, including ASC Subtopic 730-10, “ Research and Development The Company applies the provisions of ASC Subtopic 350-40, “ Internal Use Software During the years ended December 31, 2018 and 2017, the Company capitalized $18.7 million and $15.6 million, respectively, of costs related to software developed for internal use in the Consolidated Statement of Financial Condition. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the related product, which is typically three to five years, beginning with the date the software is placed into service. Costs incurred in the preliminary and post-implementation stages of MSCI’s products are expensed as incurred. |
Income Taxes | Income Taxes Provision for income taxes is provided for using the asset and liability method, under which deferred tax assets and deferred tax liabilities are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates. The Company elects to account for Global Intangible Low-Taxed Income (“GILTI”) in the year the tax is incurred. The Company recognizes interest and penalties related to income tax matters within “Provision for income taxes” in the Consolidated Statement of Income. The Company regularly evaluates the likelihood of additional assessments in each of the taxing jurisdictions in which it is required to file income tax returns. The Company has recorded additional tax expense related to open tax years, which the Company’s management believes is adequate in relation to the potential for assessments. These amounts have been recorded in “Other non-current liabilities” on the Consolidated Statement of Financial Condition. The Company’s management believes the resolution of tax matters will not have a material effect on the Company’s consolidated financial condition. However, to the extent the Company is required to pay amounts in excess of its reserves, a resolution could have a material impact on its Consolidated Statement of Income for a particular future period. In addition, an unfavorable tax settlement could require use of cash and result in an increase in the effective tax rate in the period in which such resolution occurs. |
Deferred Revenue | Deferred Revenue Deferred revenues represent both cash received and/or the amounts billed to customers for products and services in advance of services being provided and before the service period has begun. Deferred revenue is generally amortized ratably over the service period as the performance obligations are satisfied. |
Accounts Receivable | Accounts Receivable The Company’s clients generally pay subscription fees annually or quarterly in advance. MSCI’s policy is to record to a receivable when a customer is billed. For products and services that are provided in advance of billing, such as for our asset-based fee products, unbilled revenue (or a “contract asset”) is included in Accounts Receivable on the Company’s Consolidated Statement of Financial Condition. |
Goodwill | Goodwill Goodwill is recorded as part of the Company’s acquisitions of businesses when the purchase price exceeds the fair value of the net tangible and separately identifiable intangible assets acquired. The Company’s goodwill is not amortized, but rather is subject to an impairment test each year, or more often if conditions indicate impairment may have occurred, pursuant to ASC Subtopic 350-10, “ Intangibles—Goodwill and Other The Company tests goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events and circumstances exist. The testing for impairment is performed at the reporting unit level. Goodwill impairment is determined by comparing the fair value of a reporting unit with its carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. If the estimated fair value is below carrying value, however, further analysis is required to determine the amount of impairment, if any. If necessary, an impairment charge will be recorded up to, but not more than, the total amount of goodwill allocated to the reporting unit. The Company completed its annual goodwill impairment test as of July 1, 2018 on its four reporting units, which are the same as its four operating segments. The Company performed a step zero, qualitative impairment test on each of its operating segments and determined that it was more likely than not that the fair value for each operating segment was not less than the carrying value for each. As the estimated fair value of the Company’s reporting units exceeded their carrying value on the testing dates, no impairment of goodwill was recorded during the years ended December 31, 2018, 2017 and 2016. |
Intangible Assets | Intangible Assets The Company amortizes definite-lived intangible assets over their estimated useful lives. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company also reviews the useful lives on a quarterly basis to determine if the period of economic benefit has changed. If the carrying value of an intangible asset exceeds its fair value, an impairment charge would be recognized in an amount equal to the amount by which the carrying value of the intangible asset exceeds its fair value. During the year ended December 31, 2018, management decided to discontinue the use of the IPD tradename utilized by the Real Estate segment and has rebranded the segment to MSCI Real Estate. As a result, the remaining unamortized value of $7.9 million was written off. The Company had no indefinite-lived intangible assets. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at year-end exchange rates, and income statement accounts are translated at weighted average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements, net of any related tax effects, are reflected in accumulated other comprehensive loss, a separate component of shareholders’ equity (deficit). Gains or losses resulting from foreign currency transactions incurred in currencies other than the local functional currency are included in non-operating “Other expense (income)” on the Consolidated Statement of Income. |
Derivative Instruments | Derivative Instruments The Company applies ASC Subtopic 815-10, “ Derivatives and Hedging, For derivative instruments that are designated and qualify as hedging instruments for accounting purposes, the Company documents and links the relationships between the hedging instruments and hedged items. The Company also assesses and documents at the hedge’s inception whether the derivatives used in hedging transactions were effective in offsetting changes in fair values associated with the hedged items. ASC Subtopic 815-10 provides that, for derivative instruments that qualify for hedge accounting being used to hedge cash flows, changes in the fair value are recognized in accumulated other comprehensive income (loss), a separate component of shareholders’ equity, until the hedged item is recognized in earnings. In addition, the ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The Company manages foreign currency exchange rate risk through the use of derivative financial instruments comprised principally of forward contracts on foreign currency which are not designated as hedging instruments for accounting purposes. The objective of the derivative instruments is to minimize the income statement impact associated with assets and liabilities that are denominated in certain foreign currencies. Derivative instruments that do not qualify for hedge accounting are carried at fair value on the Consolidated Statement of Financial Condition with gains and losses recorded in the Consolidated Statement of Income in the period in which they are realized. |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and fixtures, computer and communications equipment and leasehold improvements are amortized using the straight-line method over the estimated useful life of the asset. |
Treasury Stock | Treasury Stock The Company holds repurchased shares of common stock as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity (deficit). |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company periodically reviews receivable balances and maintains an allowance on customer accounts where estimated losses may result from the inability of its customers to make required payments. The Company does not require collateral. An allowance for doubtful accounts is recorded when it is probable and estimable that a receivable will not be collected. Changes in the allowance for doubtful accounts from December 31, 2015 to December 31, 2018 were as follows: Amount (in Balance as of December 31, 2015 $ 1,117 Addition to provision 1,011 Amounts written off, net of recoveries (1,093 ) Balance as of December 31, 2016 $ 1,035 Addition to provision 1,422 Amounts written off, net of recoveries (757 ) Balance as of December 31, 2017 $ 1,700 Reduction to provision (224 ) Amounts written off, net of recoveries (449 ) Balance as of December 31, 2018 $ 1,027 |
Accrued Compensation | Accrued Compensation The Company makes significant estimates in determining its accrued non-stock-based compensation and benefits expenses. A significant portion of the Company’s employee incentive compensation programs are discretionary. At the end of each fiscal year, the Company determines the amount of discretionary cash bonus expense. These estimates reflect an assessment of performance versus targets and other key performance indicators at the Company, operating segment and employee level. The Company also reviews compensation and benefits expenses throughout the year to determine how overall performance compares to management’s expectations. These and other factors, including historical performance, are taken into account in accruing discretionary cash compensation estimates quarterly. |
Concentrations | Concentrations For the years ended December 31, 2018 and 2017, BlackRock, Inc. accounted for 11.9% and 11.5%, respectively, 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 year ended December 31, 2016. For the years ended December 31, 2018, 2017 and 2016, BlackRock, Inc. accounted for 20.1%, 20.0% and 17.3%, respectively, of the Index segment’s operating revenues. No single customer accounted for 10.0% or more of operating revenues within the Analytics and All Other segments for the years ended December 31, 2018, 2017 and 2016. |
Recent Accounting Standards Updates | In February 2016, the FASB issued Accounting Standards Update No. 2016-02, “ Leases (Topic 842) In July 2018, the FASB issued Accounting Standards Update No. 2018-10, “Codification Improvements to Topic 842, Leases,” “Targeted Improvements,” The Company will be adopting ASU 2016-02 effective January 1, 2019 using the optional transition method available under ASU 2018-11. In preparation for adoption of the guidance, the Company is implementing internal controls and key system functionality to enable the preparation of financial information. MSCI will take advantage of the transition package of practical expedients permitted within the new guidance which, among other things, will allow the Company to carryforward the historical lease classification. In addition, MSCI will elect the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company will make an accounting policy election that will keep leases with an initial term of 12 months or less off of the Consolidated Statement of Financial Condition and will result in recognizing those lease payments in the Consolidated Statement of Income on a straight-line basis over the lease term. While the Company is continuing to assess all potential impacts of the guidance, the guidance will have a material impact on the Consolidated Statement of Financial Condition but will not have a material impact on the Consolidated Statement of Income or Consolidated Statement of Cash Flows. The most significant impact will be the recognition of right-of-use (“ROU”) assets and lease liabilities for operating leases. Adoption of the guidance will result in the recognition and presentation of total operating lease ROU assets estimated to be approximately $170.0 million to $190.0 million and total operating lease liabilities estimated to be approximately $190.0 million to $210.0 million, both as of January 1, 2019. MSCI does not believe the new guidance will have a material impact on its liquidity and under its current agreements it will have no impact on its debt-covenant compliance. 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 2018, the FASB issued Accounting Standards Update No. 2018-15, “ Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) In August 2018, the SEC issued release number 33-10532, “ Disclosure Update and Simplification, |
Introduction and Basis of Pre_3
Introduction and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts from December 31, 2015 to December 31, 2018 were as follows: Amount (in Balance as of December 31, 2015 $ 1,117 Addition to provision 1,011 Amounts written off, net of recoveries (1,093 ) Balance as of December 31, 2016 $ 1,035 Addition to provision 1,422 Amounts written off, net of recoveries (757 ) Balance as of December 31, 2017 $ 1,700 Reduction to provision (224 ) Amounts written off, net of recoveries (449 ) Balance as of December 31, 2018 $ 1,027 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disaggregation of Revenue | The table that follows presents the disaggregated revenues for the periods indicated (in thousands): For the Year Ended December 31, 2018 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 477,612 $ 474,334 $ 114,590 $ 1,066,536 Asset-based fees 336,565 — — 336,565 Non-recurring 21,298 5,605 3,980 30,883 Total $ 835,475 $ 479,939 $ 118,570 $ 1,433,984 |
Accounting Standards Update 2014-09 [Member] | |
Cumulative Impact of Adoption on Company’s Consolidated Statement of Financial Condition | MSCI adopted the new revenue standard set forth under ASC Topic 606, as of January 1, 2018 using the Modified Retrospective Approach and as such, applied the new revenue standard only to contracts that were not completed at the January 1, 2018 adoption date, while prior reporting periods are not adjusted and continue to be reported in accordance to our historic accounting policy under Accounting Standards Codification 605 “ Revenue Recognition. Selected line items As reported at December 31, 2017 Adjustments due to Adoption of ASC Topic 606 Adjusted as of December 31, 2017 Statement of Financial Condition Accounts receivable $ 327,597 $ 145,803 $ 473,400 Income taxes payable $ 14,828 $ 4,314 $ 19,142 Other accrued liabilities $ 85,710 $ 5,128 $ 90,838 Deferred revenue $ 374,365 $ 120,226 $ 494,591 Retained earnings $ 1,505,204 $ 16,135 $ 1,521,339 |
Schedule of Impact of Adopting New Standard on Company's Consolidated Statement of Income and Statement of Financial Condition | The impact of adopting the new revenue standard on the Company’s Consolidated Statement of Income through the date of December 31, 2018 is as follows (in thousands): For the Year Ended December 31, 2018 Selected line items As reported Impact of Change Without Adoption of ASC Topic 606 Statement of Income Operating revenues $ 1,433,984 $ (6,181 ) $ 1,427,803 Operating income $ 686,898 $ (6,181 ) $ 680,717 Income before provision for income taxes $ 629,896 $ (6,181 ) $ 623,715 Provision for income taxes $ 122,011 $ (1,236 ) $ 120,775 Net income $ 507,885 $ (4,945 ) $ 502,940 Earnings per basic common share $ 5.83 $ (0.06 ) $ 5.77 Earnings per diluted common share $ 5.66 $ (0.06 ) $ 5.60 The impact of adopting the new revenue standard on the Company’s Consolidated Statement of Financial Condition through the date of December 31, 2018 is as follows (in thousands): December 31, 2018 Selected line items As reported Impact of Change Without Adoption of ASC Topic 606 Statement of Financial Condition Accounts receivable $ 473,433 $ (148,209 ) $ 325,224 Income taxes payable $ 16,253 $ (5,550 ) $ 10,703 Other accrued liabilities $ 113,841 $ (6,078 ) $ 107,763 Deferred revenue $ 537,977 $ (115,501 ) $ 422,476 Retained earnings $ 1,856,951 $ (21,080 ) $ 1,835,871 |
Schedule of Accounts Receivable and Deferred Revenue | The table that follows presents the change in accounts receivable and deferred revenue between the dates indicated (in thousands): December 31, 2018 Accounts receivable Deferred revenue Opening (1/1/2018) $ 473,400 $ 494,591 Closing (12/31/2018) 473,433 537,977 Increase/(decrease) $ 33 $ 43,386 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the computation of basic and diluted EPS: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands, except per share data) Net income $ 507,885 $ 303,972 $ 260,855 Basic weighted average common shares outstanding 87,179 90,336 95,986 Effect of dilutive securities: Stock options and restricted stock units 2,522 1,578 554 Diluted weighted average common shares outstanding 89,701 91,914 96,540 Earnings per basic common share $ 5.83 $ 3.36 $ 2.72 Earnings per diluted common share $ 5.66 $ 3.31 $ 2.70 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Commitments Under Operating Leases | Future minimum commitments for the Company’s operating leases in place as of December 31, 2018 are as follows: Years Ending December 31, Amount (in 2019 $ 25,868 2020 24,619 2021 23,452 2022 21,832 2023 21,818 Thereafter 107,800 Total $ 225,389 |
Schedule of Senior Unsecured Notes | The Company has issued an aggregate of $2.6 billion in senior unsecured notes (collectively, the “Senior Notes”) in the four discrete private offerings described below. Principal amount outstanding at Carrying value at Carrying value at Fair Value at Fair Value at Maturity Date December 31, 2018 December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ 800,000 $ 793,054 $ 791,880 $ 802,576 $ 847,064 5.75% senior unsecured notes due 2025 August 15, 2025 800,000 793,016 791,967 807,088 858,848 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 494,916 494,246 475,520 525,185 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 494,516 — 489,745 — Total debt $ 2,600,000 $ 2,575,502 $ 2,078,093 $ 2,574,929 $ 2,231,097 |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Equipment and Leasehold Improvements | Property, equipment and leasehold improvements at December 31, 2018 and 2017 consisted of the following: As of Estimated December 31, December 31, Useful 2018 2017 (in thousands) Computer & related equipment 2 $ 200,414 $ 200,592 Furniture & fixtures 7 years 12,033 10,591 Leasehold improvements 1 to 21 years 53,429 51,128 Work-in-process — 10,506 3,406 Subtotal 276,382 265,717 Accumulated depreciation and amortization (185,505 ) (171,280 ) Property, equipment and leasehold improvements, net $ 90,877 $ 94,437 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Change to Company's Goodwill | The change to the Company’s goodwill was as follows: (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 2,952 — 1,819 4,771 Goodwill at December 31, 2017 $ 1,205,400 $ 302,611 $ 52,610 $ 1,560,621 Changes to goodwill — (11,635 ) (1) — (11,635 ) Foreign exchange translation adjustment (1,996 ) — (1,229 ) (3,225 ) Goodwill at December 31, 2018 $ 1,203,404 $ 290,976 $ 51,381 $ 1,545,761 (1) Reflects the $2.9 million and $8.7 million impact of the Financial Engineering Associates, Inc. (“FEA”) and Investor Force Holdings, Inc. (“InvestorForce”) divestitures, respectively. See Note 12, “Divestitures” for further information regarding the FEA and InvestorForce divestitures. |
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 Estimated December 31, December 31, Useful Lives 2018 2017 (in thousands) Gross intangible assets: Customer relationships (1) 5 to 21 years $ 356,700 $ 361,199 Trademarks/trade names (1) 5 to 21.5 years 208,320 223,382 Technology/software (1), (2) 3 to 8.5 years 238,692 225,407 Proprietary data 13 years 28,627 28,627 Subtotal 832,339 838,615 Foreign exchange translation adjustment (9,569 ) (9,167 ) Total gross intangible assets $ 822,770 $ 829,448 Accumulated amortization: Customer relationships (1) $ (209,867 ) $ (189,100 ) Trademarks/trade names (1) (123,345 ) (116,691 ) Technology/software (1), (2) (198,974 ) (193,095 ) Proprietary data (12,197 ) (10,352 ) Subtotal (544,383 ) (509,238 ) Foreign exchange translation adjustment 2,416 1,626 Total accumulated amortization $ (541,967 ) $ (507,612 ) Net intangible assets: Customer relationships $ 146,833 $ 172,099 Trademarks/trade names 84,975 106,691 Technology/software 39,718 32,312 Proprietary data 16,430 18,275 Subtotal 287,956 329,377 Foreign exchange translation adjustment (7,153 ) (7,541 ) Total net intangible assets $ 280,803 $ 321,836 (1) (2) |
Estimated Amortization Expense for Succeeding Years | Estimated amortization expense for succeeding years is presented below: Years Ending December 31, Amortization Expense (in thousands) 2019 $ 47,886 2020 46,339 2021 42,286 2022 35,819 2023 32,778 Thereafter 75,695 Total $ 280,803 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Company's Common Stock Repurchases Pursuant to Open Market Repurchases | The following table provides information with respect to repurchases of the Company’s common stock pursuant to open market repurchases: Year Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands, except per share data) December 31, 2018 $ 148.34 6,236 $ 924,989 December 31, 2017 $ 87.96 1,556 $ 136,899 December 31, 2016 $ 73.71 10,303 $ 759,427 |
Schedule of Cash Dividends Declared and Distributed Per Common Share | The following table presents cash dividends declared and distributed per common share for the periods indicated: Dividends Per Share Declared Distributed Deferred 2018 (in thousands, except per share data) Three Months Ended March 31, $ 0.38 $ 34,848 $ 34,900 $ (52 ) Three Months Ended June 30, 0.38 34,254 33,935 319 Three Months Ended September 30, 0.58 52,264 51,764 500 Three Months Ended December 31, 0.58 50,907 50,434 473 Year Ended December 31, $ 1.92 $ 172,273 $ 171,033 $ 1,240 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 Three Months Ended December 31, 0.38 34,745 34,448 297 Year Ended December 31, $ 1.32 $ 120,992 $ 119,795 $ 1,197 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 Three Months Ended December 31, 0.28 26,524 26,304 220 Year Ended December 31, $ 1.00 $ 97,094 $ 96,264 $ 830 |
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 for the periods indicated: Common Treasury Common Stock Issued Stock Outstanding Balance At December 31, 2015 128,200,189 (27,187,041 ) 101,013,148 Dividend payable/paid 892 (472 ) 420 Common stock issued and exercise of stock options 788,304 — 788,304 Shares withheld for tax withholding and exercises — (219,921 ) (219,921 ) Shares repurchased under stock repurchase programs — (10,303,047 ) (10,303,047 ) Shares issued to directors 6,959 (6,273 ) 686 Balance At December 31, 2016 128,996,344 (37,716,754 ) 91,279,590 Dividend payable/paid 684 (528 ) 156 Common stock issued and exercise of stock options 538,448 — 538,448 Shares withheld for tax withholding and exercises — (157,667 ) (157,667 ) Shares repurchased under stock repurchase programs — (1,556,313 ) (1,556,313 ) Shares issued to directors 8,380 (7,709 ) 671 Balance At December 31, 2017 129,543,856 (39,438,971 ) 90,104,885 Dividend payable/paid 734 (579 ) 155 Common stock issued and exercise of stock options 479,277 — 479,277 Shares withheld for tax withholding and exercises — (174,991 ) (174,991 ) Shares repurchased under stock repurchase programs — (6,235,629 ) (6,235,629 ) Shares issued to directors 6,059 (5,618 ) 441 Balance At December 31, 2018 130,029,926 (45,855,788 ) 84,174,138 |
Components of Share-Based Compensation Expense | The components of share-based compensation expense related to the awards to Company employees and directors who are not employees of the Company are presented below: Years Ended December 31, December December 31, (in thousands) 2018 2017 2016 Share-based Awards $ 40,563 $ 37,921 $ 32,525 |
Summary of Share-based Compensation Expense | The following table presents the amount of share-based compensation expense by category for the periods indicated: Years Ended December 31, December 31, December 31, (in thousands) 2018 2017 2016 Cost of revenues $ 10,334 $ 9,707 $ 7,971 Selling and marketing 12,851 11,355 9,526 Research and development 4,175 3,477 2,970 General and administrative 13,203 13,382 12,058 Total share-based compensation expense $ 40,563 $ 37,921 $ 32,525 |
Summary of Vested and Unvested Share-Based Awards Activity | The following table presents activity concerning the Company’s vested and unvested Share-based Awards applicable to its employees (share data in thousands) for the period indicated: Weighted Average Grant Number of Date Fair For the Year Ended December 31, 2018 Shares Value Vested and unvested Share-based Awards at December 31, 2017 1,419 $ 68.50 Granted 332 $ 117.64 Conversion to common stock (451 ) $ 65.40 Canceled (12 ) $ 87.17 Vested and unvested Share-based Awards at December 31, 2018 (1) 1,288 $ 82.09 (1) As of December 31, 2018, 1,261 Share-based Awards, with a weighted average price of $81.51, were vested or expected to vest. |
Summary of Unvested Share-Based Awards Activity | The following table presents activity concerning the Company’s unvested Share-based Awards related to its employees (share data in thousands): Weighted Average Grant Number of Date Fair For the Year Ended December 31, 2018 Shares Value Unvested Share-based Awards at December 31, 2017 1,166 $ 69.96 Granted 280 $ 124.66 Vested (332 ) $ 68.41 Canceled (12 ) $ 87.17 Unvested Share-based Awards at December 31, 2018 1,102 $ 84.14 Unvested Share-based Awards expected to vest 1,075 $ 83.51 |
Summary of Stock Options Activity | The following table presents activity concerning MSCI stock options granted to the Company’s employees for the year ended December 31, 2018 (option data and dollar values in thousands, except exercise price): Weighted Weighted Average Number Average Remaining Aggregated of Exercise Life Intrinsic For the Year Ended December 31, 2018 Options Price (Years) Value Options outstanding at December 31, 2017 145 $ 26.47 2.11 $ 14,519 Granted or assumed — $ — N/A N/A Forfeited — $ — N/A N/A Conversion to common stock (33 ) $ 18.14 N/A N/A Options outstanding and exercisable at December 31, 2018 112 $ 28.96 1.28 $ 13,239 |
Summary of Stock Options Outstanding and Exercisable by Exercise Price Range | The following table presents information relating to the Company’s outstanding and exercisable stock options as of December 31, 2018 (number of options outstanding and aggregate intrinsic value data in thousands): As of December 31, 2018 Options Outstanding Weighted Average Average Remaining Aggregate Number Exercise Life Intrinsic Range of Exercise Prices Outstanding Price (Years) Value $15.18 to $16.48 12 $ 16.48 0.15 $ 1,521 $20.45 to $24.11 14 $ 20.45 0.65 $ 1,798 $ 25.64 36 $ 25.64 0.96 $ 4,409 $ 36.70 50 $ 36.70 1.95 $ 5,511 Total 112 $ 13,239 |
Reclassifications out of Accu_2
Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (1) Details about Accumulated Other Amount Reclassified from Accumulated Affected Comprehensive Income (Loss) Components Other Comprehensive Income (Loss) Consolidated Statements of Income Years Ended December 31, December 31, December 31, 2018 2017 2016 (in Defined benefit pension plans Amount recognized as a component of net periodic benefit expense for curtailments and settlements $ (222 ) $ (281 ) $ (261 ) Income Taxes 54 77 73 Provision for income taxes Total reclassifications for the period, net of tax $ (168 ) $ (204 ) $ (188 ) (1) Amounts in parentheses indicate expenses or losses moved to the Consolidated Statements of Income. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Provision for Income Taxes (Benefits) by Taxing Jurisdiction | The provision for income taxes (benefits) by taxing jurisdiction consisted of: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Current U.S. federal $ 51,316 $ 133,250 $ 93,071 U.S. state and local 31,680 16,312 16,363 Non U.S. 39,795 32,267 32,616 122,791 181,829 142,050 Deferred U.S. federal (1,406 ) (12,502 ) (13,010 ) U.S. state and local 5,566 (2,119 ) (2,235 ) Non U.S. (4,940 ) (4,281 ) (1,722 ) (780 ) (18,902 ) (16,967 ) Provision for income taxes $ 122,011 $ 162,927 $ 125,083 |
Reconciliation of U.S. Federal Statutory Income Tax Rate to the Effective Tax Rate | The following table reconciles the U.S. federal statutory income tax rate to the effective income tax rate: Years Ended December 31, December 31, December 31, 2018 2017 2016 U.S. federal statutory income tax rate 21.00 % 35.00 % 35.00 % U.S. state and local income taxes, net of U.S. federal income tax benefits 4.66 % 1.84 % 2.38 % Change in tax rates applicable to non-U.S. earnings (2.20 %) (7.60 %) (3.73 %) Domestic tax credits and incentives (0.30 %) (0.24 %) (0.26 %) Net tax charge related to Tax Reform (1.78 %) 7.40 % — % Valuation allowance (1.41 %) — % — % Excess Stock Based Compensation (1.14 %) (1.25 %) — % Other 0.54 % (0.25 %) (0.98 %) Effective income tax rate 19.37 % 34.90 % 32.41 % |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2018 and 2017, were as follows: As of December 31, December 31, 2018 2017 (in thousands) Deferred tax assets: Employee compensation and benefit plans $ 19,698 $ 19,646 Deferred rent 5,392 5,308 Pension 2,466 1,520 Unearned revenue — 853 Loss carryforwards - non-current 2,941 18,105 Other — 1,435 Subtotal 30,497 46,867 Less: valuation allowance (632 ) (11,575 ) Total deferred tax assets $ 29,865 $ 35,292 Deferred tax liabilities: Intangible assets $ (65,538 ) $ (73,634 ) Unearned revenue (1,170 ) — Unremitted foreign earnings (12,872 ) (16,108 ) Property, equipment and leasehold improvements, net (16,369 ) (11,564 ) Other (1,021 ) — Total deferred tax liabilities $ (96,970 ) $ (101,306 ) Net deferred tax liabilities $ (67,105 ) $ (66,014 ) |
Summary of Deferred Tax Asset Valuation Allowance | The following table presents changes in the Company’s deferred tax asset valuation allowance for the periods indicated: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Beginning balance $ 11,575 $ 17,807 $ 21,052 Additions charged to cost and expenses — 324 1,862 Additions charged to other accounts — — — Deductions (10,943 ) (6,556 ) (5,107 ) Ending balance $ 632 $ 11,575 $ 17,807 |
Summary of Components of Income Before Provision for Income Taxes | The following table presents the components of income before provision for income taxes generated by domestic or foreign operations for the periods indicated: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Domestic $ 399,000 $ 283,779 $ 263,536 Foreign (1) 230,896 183,120 122,402 Total income before provision for income taxes $ 629,896 $ 466,899 $ 385,938 (1) Foreign income before provision for income taxes is defined as income generated from operations located outside the U.S., which includes income from foreign branches of U.S. companies. |
Reconciliation of Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2018, 2017 and 2016: Years Ended December 31, December 31, December 31, Gross unrecognized tax benefits 2018 2017 2016 (in thousands) Beginning balance $ 10,022 $ 7,936 $ 8,692 Increases based on tax positions related to the current period 3,928 3,389 575 Increases based on tax positions related to prior periods 1,892 519 135 Decreases based on tax positions related to prior periods (297 ) (6 ) (3 ) Decreases related to settlements with taxing authorities — (1,152 ) (1,463 ) Decreases related to a lapse of applicable statute of limitations (1,454 ) (664 ) — Ending balance $ 14,091 $ 10,022 $ 7,936 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Operating Revenues by Reportable Segment | The following table presents operating revenues by reportable segment for the periods indicated: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Operating revenues Index $ 835,475 $ 718,959 $ 613,551 Analytics 479,939 458,269 448,353 All Other 118,570 96,944 88,765 Total $ 1,433,984 $ 1,274,172 $ 1,150,669 |
Segment Profitability and Reconciliation to Net Income | The following table presents segment profitability and a reconciliation to net income for the periods indicated: Years Ended December 31, December 31, December 31, 2018 2017 2016 (in thousands) Index Adjusted EBITDA $ 607,853 $ 522,241 $ 431,478 Analytics Adjusted EBITDA 143,645 125,624 128,507 All Other Adjusted EBITDA 20,935 11,892 9,472 Total operating segment profitability 772,433 659,757 569,457 Amortization of intangible assets 54,189 44,547 47,033 Depreciation and amortization of property, equipment and leasehold improvements 31,346 35,440 34,320 Operating income 686,898 579,770 488,104 Other expense (income), net 57,002 112,871 102,166 Provision for income taxes 122,011 162,927 125,083 Net income $ 507,885 $ 303,972 $ 260,855 |
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: Years Ended December 31, December 31, December 31, (in thousands) 2018 2017 2016 Operating revenues Americas: United States $ 662,345 $ 622,132 $ 556,777 Other 58,065 48,139 45,185 Total Americas 720,410 670,271 601,962 Europe, the Middle East and Africa ("EMEA"): United Kingdom 214,204 193,831 175,749 Other 293,252 250,267 229,010 Total EMEA 507,456 444,098 404,759 Asia & Australia: Japan 67,100 54,351 52,161 Other 139,018 105,452 91,787 Total Asia & Australia 206,118 159,803 143,948 Total $ 1,433,984 $ 1,274,172 $ 1,150,669 |
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 December 31, December 31, 2018 2017 (in thousands) Long-lived assets Americas: United States $ 1,803,321 $ 1,847,605 Other 6,560 1,685 Total Americas 1,809,881 1,849,290 EMEA: United Kingdom 80,039 94,782 Other 19,369 22,394 Total EMEA 99,408 117,176 Asia & Australia: Japan 411 432 Other 7,741 9,996 Total Asia & Australia 8,152 10,428 Total $ 1,917,441 $ 1,976,894 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | 2018 2017 First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter (in thousands, except per share data) Operating revenues $ 351,316 $ 363,046 $ 357,934 $ 361,688 $ 301,207 $ 316,089 $ 322,097 $ 334,779 Cost of revenues 71,304 71,368 70,906 73,757 67,463 68,538 68,433 69,247 Selling and marketing 46,409 47,416 46,149 52,949 42,972 41,550 44,873 47,726 Research and development 20,707 19,801 20,591 20,312 18,970 18,196 17,974 20,709 General and administrative 26,187 24,036 24,751 24,908 20,981 21,424 22,079 23,280 Amortization of intangible assets 11,338 19,537 11,681 11,633 11,251 11,122 10,614 11,560 Depreciation and amortization of property, equipment and leasehold improvements 8,205 7,377 7,453 8,311 8,838 9,159 9,325 8,118 Total operating expenses 184,150 189,535 181,531 191,870 170,475 169,989 173,298 180,640 Operating income 167,166 173,511 176,403 169,818 130,732 146,100 148,799 154,139 Interest income (2,770 ) (4,281 ) (6,522 ) (6,096 ) (932 ) (1,310 ) (1,835 ) (2,237 ) Interest expense 29,560 31,761 35,902 35,891 29,024 29,027 29,020 29,027 Other expense (income) 938 (10,292 ) 177 (47,266 ) 1,015 872 811 389 Other expense (income), net 27,728 17,188 29,557 (17,471 ) 29,107 28,589 27,996 27,179 Income before provision for income taxes 139,438 156,323 146,846 187,289 101,625 117,511 120,803 126,960 Provision for income taxes 24,346 39,494 23,014 35,157 28,674 36,245 35,650 62,358 Net income $ 115,092 $ 116,829 $ 123,832 $ 152,132 $ 72,951 $ 81,266 $ 85,153 $ 64,602 Earnings per basic common share $ 1.28 $ 1.31 $ 1.39 $ 1.75 $ 0.80 $ 0.90 $ 0.94 $ 0.72 Earnings per diluted common share $ 1.24 $ 1.28 $ 1.36 $ 1.70 $ 0.80 $ 0.89 $ 0.93 $ 0.70 Weighted average shares outstanding used in computing per share data Basic 90,075 89,112 88,796 86,968 90,708 90,404 90,112 90,130 Diluted 92,587 91,586 91,372 89,495 91,624 91,708 91,868 92,467 |
Introduction and Basis of Pre_4
Introduction and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Customer | Dec. 31, 2017USD ($)Customer | Dec. 31, 2016USD ($)Customer | |
Introduction And Basis Of Presentation [Line Items] | |||
Minimum percentage of voting stock for consolidation | 50.00% | ||
Variable interest entities or investments | $ 0 | ||
Capitalized software development costs | 18,704,000 | $ 15,640,000 | $ 10,344,000 |
Impairment of goodwill | 0 | $ 0 | $ 0 |
Remaining unamortized value written off | $ 7,900,000 | ||
Sales Revenue, Services, Net | Customer Concentration Risk | |||
Introduction And Basis Of Presentation [Line Items] | |||
Number of major customers accounted for 10.0% or more of revenues | Customer | 0 | ||
Sales Revenue, Services, Net | Customer Concentration Risk | Blackrock Inc [Member] | |||
Introduction And Basis Of Presentation [Line Items] | |||
Percentage of operating revenues accounted for by major customer | 11.90% | 11.50% | |
Sales Revenue, Services, Net | Index [Member] | Customer Concentration Risk | Blackrock Inc [Member] | |||
Introduction And Basis Of Presentation [Line Items] | |||
Percentage of operating revenues accounted for by major customer | 20.10% | 20.00% | 17.30% |
Sales Revenue, Services, Net | Analytics [Member] | Customer Concentration Risk | |||
Introduction And Basis Of Presentation [Line Items] | |||
Number of major customers accounted for 10.0% or more of revenues | Customer | 0 | 0 | 0 |
Sales Revenue, Services, Net | All Other [Member] | Customer Concentration Risk | |||
Introduction And Basis Of Presentation [Line Items] | |||
Number of major customers accounted for 10.0% or more of revenues | Customer | 0 | 0 | 0 |
Minimum [Member] | Software and Software Development Costs [Member] | |||
Introduction And Basis Of Presentation [Line Items] | |||
Estimates of useful lives | 3 years | ||
Maximum [Member] | Software and Software Development Costs [Member] | |||
Introduction And Basis Of Presentation [Line Items] | |||
Estimates of useful lives | 5 years |
Introduction and Basis of Pre_5
Introduction and Basis of Presentation - Changes in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 1,700 | $ 1,035 | $ 1,117 |
Addition to provision | 1,422 | 1,011 | |
Reduction to provision | (224) | ||
Amounts written off, net of recoveries | (449) | (757) | (1,093) |
Balance at ending of year | $ 1,027 | $ 1,700 | $ 1,035 |
Recent Accounting Standards U_2
Recent Accounting Standards Updates - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Non-service related pension costs | $ 0.6 | |
Subsequent Events [Member] | Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Total operating leases ROU assets | $ 170 | |
Total operating Lease Liability | 190 | |
Subsequent Events [Member] | Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Total operating leases ROU assets | 190 | |
Total operating Lease Liability | $ 210 |
Revenue Recognition - Cumulativ
Revenue Recognition - Cumulative Impact of Adoption on Company's Consolidated Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable | $ 473,433 | $ 327,597 | |
Income taxes payable | 16,253 | 14,828 | |
Other accrued liabilities | 113,841 | 85,710 | |
Deferred revenue | 537,977 | 374,365 | |
Retained earnings | 1,856,951 | 1,505,204 | |
Accounting Standards Update 2014-09 [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable | $ 473,400 | 473,400 | |
Income taxes payable | 19,142 | ||
Other accrued liabilities | 90,838 | ||
Deferred revenue | $ 494,591 | 494,591 | |
Retained earnings | 1,521,339 | ||
Accounting Standards Update 2014-09 [Member] | Adjustments due to Adoption of ASC Topic 606 [Member] | |||
Revenue Initial Application Period Cumulative Effect Transition [Line Items] | |||
Accounts receivable | (148,209) | 145,803 | |
Income taxes payable | (5,550) | 4,314 | |
Other accrued liabilities | (6,078) | 5,128 | |
Deferred revenue | (115,501) | 120,226 | |
Retained earnings | $ (21,080) | $ 16,135 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Revenue Recognition [Line Items] | |
Revenue recognized during period included in deferred revenue | $ 478.8 |
Revenue, performance obligations and revenue recognition, description | The majority of MSCI’s contracts have a duration of one year or less and, accordingly, revenue associated with these performance obligations will be recognized within 12 months. |
Remaining performance obligations | $ 483.4 |
Accounting Standards Update 2014-09 [Member] | Adjustments due to Adoption of ASC Topic 606 [Member] | |
Revenue Recognition [Line Items] | |
Increase to accounts receivable, deferred revenue and other accrued liabilities | $ 135.5 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Impact of Adopting New Revenue Standard on Company's Consolidated Statement of Income (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Income | |||||||||||
Operating revenues | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 334,779 | $ 322,097 | $ 316,089 | $ 301,207 | $ 1,433,984 | $ 1,274,172 | $ 1,150,669 |
Operating income | 169,818 | 176,403 | 173,511 | 167,166 | 154,139 | 148,799 | 146,100 | 130,732 | 686,898 | 579,770 | 488,104 |
Income before provision for income taxes | 187,289 | 146,846 | 156,323 | 139,438 | 126,960 | 120,803 | 117,511 | 101,625 | 629,896 | 466,899 | 385,938 |
Provision for income taxes | 35,157 | 23,014 | 39,494 | 24,346 | 62,358 | 35,650 | 36,245 | 28,674 | 122,011 | 162,927 | 125,083 |
Net income | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | $ 64,602 | $ 85,153 | $ 81,266 | $ 72,951 | $ 507,885 | $ 303,972 | $ 260,855 |
Earnings per basic common share | $ 1.75 | $ 1.39 | $ 1.31 | $ 1.28 | $ 0.72 | $ 0.94 | $ 0.90 | $ 0.80 | $ 5.83 | $ 3.36 | $ 2.72 |
Earnings per diluted common share | $ 1.70 | $ 1.36 | $ 1.28 | $ 1.24 | $ 0.70 | $ 0.93 | $ 0.89 | $ 0.80 | $ 5.66 | $ 3.31 | $ 2.70 |
Accounting Standards Update 2014-09 [Member] | Impact of Change [Member] | |||||||||||
Statement of Income | |||||||||||
Operating revenues | $ (6,181) | ||||||||||
Operating income | (6,181) | ||||||||||
Income before provision for income taxes | (6,181) | ||||||||||
Provision for income taxes | (1,236) | ||||||||||
Net income | $ (4,945) | ||||||||||
Earnings per basic common share | $ (0.06) | ||||||||||
Earnings per diluted common share | $ (0.06) | ||||||||||
Accounting Standards Update 2014-09 [Member] | Without Adoption of ASC Topic 606 [Member] | |||||||||||
Statement of Income | |||||||||||
Operating revenues | $ 1,427,803 | ||||||||||
Operating income | 680,717 | ||||||||||
Income before provision for income taxes | 623,715 | ||||||||||
Provision for income taxes | 120,775 | ||||||||||
Net income | $ 502,940 | ||||||||||
Earnings per basic common share | $ 5.77 | ||||||||||
Earnings per diluted common share | $ 5.60 |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Impact of Adopting New Revenue Standard on Company's Consolidated Statement of Financial Condition (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Statement of Financial Condition | |||
Accounts receivable | $ 473,433 | $ 327,597 | |
Income taxes payable | 16,253 | 14,828 | |
Other accrued liabilities | 113,841 | 85,710 | |
Deferred revenue | 537,977 | 374,365 | |
Retained earnings | 1,856,951 | 1,505,204 | |
Accounting Standards Update 2014-09 [Member] | |||
Statement of Financial Condition | |||
Accounts receivable | $ 473,400 | 473,400 | |
Income taxes payable | 19,142 | ||
Other accrued liabilities | 90,838 | ||
Deferred revenue | $ 494,591 | 494,591 | |
Retained earnings | 1,521,339 | ||
Accounting Standards Update 2014-09 [Member] | Impact of Change [Member] | |||
Statement of Financial Condition | |||
Accounts receivable | (148,209) | 145,803 | |
Income taxes payable | (5,550) | 4,314 | |
Other accrued liabilities | (6,078) | 5,128 | |
Deferred revenue | (115,501) | 120,226 | |
Retained earnings | (21,080) | $ 16,135 | |
Accounting Standards Update 2014-09 [Member] | Without Adoption of ASC Topic 606 [Member] | |||
Statement of Financial Condition | |||
Accounts receivable | 325,224 | ||
Income taxes payable | 10,703 | ||
Other accrued liabilities | 107,763 | ||
Deferred revenue | 422,476 | ||
Retained earnings | $ 1,835,871 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 334,779 | $ 322,097 | $ 316,089 | $ 301,207 | $ 1,433,984 | $ 1,274,172 | $ 1,150,669 |
Index [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 835,475 | 718,959 | 613,551 | ||||||||
Analytics [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 479,939 | 458,269 | 448,353 | ||||||||
All Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 118,570 | $ 96,944 | $ 88,765 | ||||||||
Recurring Subscriptions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 1,066,536 | ||||||||||
Recurring Subscriptions [Member] | Index [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 477,612 | ||||||||||
Recurring Subscriptions [Member] | Analytics [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 474,334 | ||||||||||
Recurring Subscriptions [Member] | All Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 114,590 | ||||||||||
Asset-based Fees [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 336,565 | ||||||||||
Asset-based Fees [Member] | Index [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 336,565 | ||||||||||
Non-recurring [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 30,883 | ||||||||||
Non-recurring [Member] | Index [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 21,298 | ||||||||||
Non-recurring [Member] | Analytics [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 5,605 | ||||||||||
Non-recurring [Member] | All Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | $ 3,980 |
Revenue Recognition - Schedul_3
Revenue Recognition - Schedule of Accounts Receivable and Deferred Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Revenue Recognition [Line Items] | ||||
Accounts receivable | $ 473,433 | $ 327,597 | ||
Accounts receivable, Increase/(decrease) | 153,942 | 105,593 | $ 18,494 | |
Deferred revenue | 537,977 | 374,365 | ||
Deferred revenue, Increase/(decrease) | 185,077 | 38,555 | $ 21,809 | |
Accounting Standards Update 2014-09 [Member] | ||||
Revenue Recognition [Line Items] | ||||
Accounts receivable | 473,400 | $ 473,400 | ||
Deferred revenue | 494,591 | $ 494,591 | ||
Accounting Standards Update 2014-09 [Member] | Adjustments due to Adoption of ASC Topic 606 [Member] | ||||
Revenue Recognition [Line Items] | ||||
Accounts receivable | (148,209) | 145,803 | ||
Accounts receivable, Increase/(decrease) | 33 | |||
Deferred revenue | (115,501) | $ 120,226 | ||
Deferred revenue, Increase/(decrease) | $ 43,386 |
Revenue Recognition - Additio_2
Revenue Recognition - Additional Information (Detail 1) $ in Millions | Dec. 31, 2018USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 483.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 254.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 137.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 56.2 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Remaining performance obligations | $ 35.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive securities excluded from the calculation of diluted EPS | 2,704 | 987 | 398 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | $ 64,602 | $ 85,153 | $ 81,266 | $ 72,951 | $ 507,885 | $ 303,972 | $ 260,855 |
Basic weighted average common shares outstanding | 86,968 | 88,796 | 89,112 | 90,075 | 90,130 | 90,112 | 90,404 | 90,708 | 87,179 | 90,336 | 95,986 |
Effect of dilutive securities: | |||||||||||
Stock options and restricted stock units | 2,522 | 1,578 | 554 | ||||||||
Diluted weighted average common shares outstanding | 89,495 | 91,372 | 91,586 | 92,587 | 92,467 | 91,868 | 91,708 | 91,624 | 89,701 | 91,914 | 96,540 |
Earnings per basic common share | $ 1.75 | $ 1.39 | $ 1.31 | $ 1.28 | $ 0.72 | $ 0.94 | $ 0.90 | $ 0.80 | $ 5.83 | $ 3.36 | $ 2.72 |
Earnings per diluted common share | $ 1.70 | $ 1.36 | $ 1.28 | $ 1.24 | $ 0.70 | $ 0.93 | $ 0.89 | $ 0.80 | $ 5.66 | $ 3.31 | $ 2.70 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | May 18, 2018 | May 15, 2018 | Aug. 04, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 20, 2014 |
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Annual rent expense | $ 25,300,000 | $ 24,200,000 | $ 24,200,000 | ||||
Debt instrument principal amount | 2,600,000,000 | ||||||
Prepaid and Other Assets [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Deferred financing fees | 400,000 | ||||||
Other Non-Current Assets [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Deferred financing fees | 1,400,000 | ||||||
Long-term Debt [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Deferred financing fees | $ 24,500,000 | ||||||
Revolving Credit Agreement [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Revolving credit facility, maximum borrowing | $ 250,000,000 | $ 220,000,000 | $ 200,000,000 | ||||
Revolving credit agreement, term | 5 years | ||||||
Revolving credit agreement, extended term | 1 year | 1 year | |||||
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. | ||||||
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% | ||||||
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. | ||||||
4.75% Senior Unsecured Notes Due 2026 [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 500,000,000 | ||||||
Debt instrument interest rate | 4.75% | ||||||
Maturity date | Aug. 1, 2026 | ||||||
Redemption description | At any time prior to August 1, 2021, the Company may redeem all or part of the 2026 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | ||||||
Percentage of aggregate principal amount redeemed | 35.00% | ||||||
Redemption price | 104.75% | ||||||
5.375% Senior Unsecured Notes Due 2027 [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 500,000,000 | $ 500,000,000 | |||||
Debt instrument interest rate | 5.375% | 5.375% | |||||
Maturity date | May 15, 2027 | ||||||
Redemption description | At any time prior to May 15, 2022, the Company may redeem all or part of the 2027 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | ||||||
Percentage of aggregate principal amount redeemed | 35.00% | ||||||
Redemption price | 105.375% | ||||||
Net proceeds from borrowing | $ 495,000,000 | ||||||
Senior Notes [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Debt instrument principal amount | $ 2,600,000,000 | ||||||
Senior Notes and Revolving Credit Facility [Member] | |||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||
Deferred financing fees | $ 26,300,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Commitments Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 25,868 |
2,020 | 24,619 |
2,021 | 23,452 |
2,022 | 21,832 |
2,023 | 21,818 |
Thereafter | 107,800 |
Total | $ 225,389 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Senior Unsecured Notes (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | May 18, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Principal amount outstanding | $ 2,600,000,000 | ||
Carrying value | 2,575,502,000 | $ 2,078,093,000 | |
Fair Value | $ 2,574,929,000 | 2,231,097,000 | |
5.25% Senior Unsecured Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Nov. 15, 2024 | ||
Principal amount outstanding | $ 800,000,000 | ||
Carrying value | 793,054,000 | 791,880,000 | |
Fair Value | $ 802,576,000 | 847,064,000 | |
5.75% Senior Unsecured Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Aug. 15, 2025 | ||
Principal amount outstanding | $ 800,000,000 | ||
Carrying value | 793,016,000 | 791,967,000 | |
Fair Value | $ 807,088,000 | 858,848,000 | |
4.75% Senior Unsecured Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | Aug. 1, 2026 | ||
Principal amount outstanding | $ 500,000,000 | ||
Carrying value | 494,916,000 | 494,246,000 | |
Fair Value | $ 475,520,000 | $ 525,185,000 | |
5.375% Senior Unsecured Notes Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity Date | May 15, 2027 | ||
Principal amount outstanding | $ 500,000,000 | $ 500,000,000 | |
Carrying value | 494,516,000 | ||
Fair Value | $ 489,745,000 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Senior Unsecured Notes (Parenthetical) (Detail) | Dec. 31, 2018 | May 18, 2018 |
5.25% Senior Unsecured Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.25% | |
5.75% Senior Unsecured Notes Due 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.75% | |
4.75% Senior Unsecured Notes Due 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 4.75% | |
5.375% Senior Unsecured Notes Due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 5.375% | 5.375% |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Computer & related equipment | $ 200,414 | $ 200,592 |
Furniture & fixtures | 12,033 | 10,591 |
Leasehold improvements | 53,429 | 51,128 |
Work-in-process | 10,506 | 3,406 |
Subtotal | 276,382 | 265,717 |
Accumulated depreciation and amortization | (185,505) | (171,280) |
Property, equipment and leasehold improvements, net | $ 90,877 | $ 94,437 |
Computer & Related Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 2 years | |
Computer & Related Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Furniture & Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 years | |
Leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 1 year | |
Leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 21 years |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | $ 8,311 | $ 7,453 | $ 7,377 | $ 8,205 | $ 8,118 | $ 9,325 | $ 9,159 | $ 8,838 | $ 31,346 | $ 35,440 | $ 34,320 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Change to Company's Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | ||
Goodwill, Beginning balance | $ 1,560,621 | $ 1,555,850 |
Changes to goodwill | (11,635) | |
Foreign exchange translation adjustment | (3,225) | 4,771 |
Goodwill, Ending balance | 1,545,761 | 1,560,621 |
Index [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 1,205,400 | 1,202,448 |
Foreign exchange translation adjustment | (1,996) | 2,952 |
Goodwill, Ending balance | 1,203,404 | 1,205,400 |
Analytics [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 302,611 | 302,611 |
Changes to goodwill | (11,635) | |
Goodwill, Ending balance | 290,976 | 302,611 |
All Other [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 52,610 | 50,791 |
Foreign exchange translation adjustment | (1,229) | 1,819 |
Goodwill, Ending balance | $ 51,381 | $ 52,610 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment (Parenthetical) (Detail) - Analytics [Member] $ in Millions | Dec. 31, 2018USD ($) |
Financial Engineering Associates Inc [Member] | |
Goodwill [Line Items] | |
Impact of divestiture on goodwill | $ 2.9 |
Investor Force [Member] | |
Goodwill [Line Items] | |
Impact of divestiture on goodwill | $ 8.7 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | |||||||||||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | ||||||||
Amortization of intangible assets | $ 11,633,000 | $ 11,681,000 | $ 19,537,000 | $ 11,338,000 | $ 11,560,000 | $ 10,614,000 | $ 11,122,000 | $ 11,251,000 | 54,189,000 | 44,547,000 | 47,033,000 |
Remaining unamortized value written off | 7,900,000 | ||||||||||
Acquired Intangible Assets [Member] | |||||||||||
Goodwill [Line Items] | |||||||||||
Amortization of intangible assets | 44,000,000 | 39,200,000 | 44,600,000 | ||||||||
Capitalized Software [Member] | |||||||||||
Goodwill [Line Items] | |||||||||||
Amortization of intangible assets | $ 10,200,000 | $ 5,400,000 | $ 2,400,000 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | $ 832,339 | $ 838,615 |
Foreign exchange translation adjustment | (9,569) | (9,167) |
Gross carrying value | 822,770 | 829,448 |
Accumulated amortization excluding foreign exchange translation adjustment | (544,383) | (509,238) |
Foreign exchange translation adjustment | 2,416 | 1,626 |
Accumulated amortization | (541,967) | (507,612) |
Net carrying value excluding foreign exchange translation adjustment | 287,956 | 329,377 |
Foreign exchange translation adjustment | (7,153) | (7,541) |
Net carrying value | 280,803 | 321,836 |
Customer Relationships [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 356,700 | 361,199 |
Accumulated amortization excluding foreign exchange translation adjustment | (209,867) | (189,100) |
Net carrying value excluding foreign exchange translation adjustment | $ 146,833 | 172,099 |
Customer Relationships [Member] | Minimum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 5 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 21 years | |
Trademarks/Trade Names [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | $ 208,320 | 223,382 |
Accumulated amortization excluding foreign exchange translation adjustment | (123,345) | (116,691) |
Net carrying value excluding foreign exchange translation adjustment | $ 84,975 | 106,691 |
Trademarks/Trade Names [Member] | Minimum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 5 years | |
Trademarks/Trade Names [Member] | Maximum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 21 years 6 months | |
Technology/Software [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | $ 238,692 | 225,407 |
Accumulated amortization excluding foreign exchange translation adjustment | (198,974) | (193,095) |
Net carrying value excluding foreign exchange translation adjustment | $ 39,718 | 32,312 |
Technology/Software [Member] | Minimum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 3 years | |
Technology/Software [Member] | Maximum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 8 years 6 months | |
Proprietary Data [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 13 years | |
Gross carrying value excluding foreign exchange translation adjustment | $ 28,627 | 28,627 |
Accumulated amortization excluding foreign exchange translation adjustment | (12,197) | (10,352) |
Net carrying value excluding foreign exchange translation adjustment | $ 16,430 | $ 18,275 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Estimated Amortization Expense for Succeeding Years (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 47,886 | |
2,020 | 46,339 | |
2,021 | 42,286 | |
2,022 | 35,819 | |
2,023 | 32,778 | |
Thereafter | 75,695 | |
Net carrying value | $ 280,803 | $ 321,836 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | $ 22.8 | $ 22.5 | $ 21.6 |
Defined contribution plan expenses | 19.2 | 18.6 | 17.6 |
Net periodic benefit expense | 3.6 | 3.9 | 4 |
Fair value of the defined benefit plan assets | 21.7 | 20.6 | |
Other Non-current Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, liability | 21.3 | 22 | |
Cost of Revenues [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | 10.2 | 10.3 | 9.5 |
Selling and Marketing [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | 6.9 | 6.5 | 6.7 |
Research and Development [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | 3.8 | 3.8 | 4 |
General and Administrative [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | 1.8 | 1.3 | $ 1.3 |
Other expense (income) [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | $ 0.1 | $ 0.6 |
Shareholders' Equity (Deficit_2
Shareholders' Equity (Deficit) - Additional Information 1 (Detail) - USD ($) | Dec. 31, 2018 | May 01, 2018 | Oct. 26, 2016 |
2016 Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchase program authorizing the purchase of shares | $ 750,000,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 523,100,000 | ||
2018 Repurchase Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Repurchase program authorizing the purchase of shares | $ 1,000,000,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 808,100,000 |
Shareholders' Equity (Deficit_3
Shareholders' Equity (Deficit) - Schedule of Company's Common Stock Repurchases Pursuant to Open Market Repurchases (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity, Class of Treasury Stock [Line Items] | |||
Dollar Value of Shares Repurchased | $ 949,888 | $ 150,461 | $ 774,565 |
Open Market Purchases of Common Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Average Price Paid Per Share | $ 148.34 | $ 87.96 | $ 73.71 |
Total Number of Shares Repurchased | 6,236 | 1,556 | 10,303 |
Dollar Value of Shares Repurchased | $ 924,989 | $ 136,899 | $ 759,427 |
Shareholders' Equity (Deficit_4
Shareholders' Equity (Deficit) - Schedule of Cash Dividends Declared and Distributed Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Of Stockholders Equity [Abstract] | |||||||||||||||
Dividend declared per common share | $ 0.58 | $ 0.58 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.22 | $ 0.22 | $ 1.92 | $ 1.32 | $ 1 |
Cash dividends declared, Amount | $ 50,907 | $ 52,264 | $ 34,254 | $ 34,848 | $ 34,745 | $ 34,768 | $ 25,710 | $ 25,769 | $ 26,524 | $ 26,936 | $ 21,588 | $ 22,046 | $ 172,273 | $ 120,992 | $ 97,094 |
Cash dividends distributed, Amount | 50,434 | 51,764 | 33,935 | 34,900 | 34,448 | 34,403 | 25,444 | 25,500 | 26,304 | 26,680 | 21,391 | 21,889 | 171,033 | 119,795 | 96,264 |
Cash dividends deferred, Amount | $ 473 | $ 500 | $ 319 | $ (52) | $ 297 | $ 365 | $ 266 | $ 269 | $ 220 | $ 256 | $ 197 | $ 157 | $ 1,240 | $ 1,197 | $ 830 |
Shareholders' Equity (Deficit_5
Shareholders' Equity (Deficit) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock Issued [Member] | |||
Common Stock Outstanding [Line Items] | |||
Beginning balance | 129,543,856 | 128,996,344 | 128,200,189 |
Dividend payable/paid | 734 | 684 | 892 |
Common stock issued and exercise of stock options | 479,277 | 538,448 | 788,304 |
Shares issued to directors | 6,059 | 8,380 | 6,959 |
Ending balance | 130,029,926 | 129,543,856 | 128,996,344 |
Treasury Stock [Member] | |||
Common Stock Outstanding [Line Items] | |||
Beginning balance | (39,438,971) | (37,716,754) | (27,187,041) |
Dividend payable/paid | (579) | (528) | (472) |
Shares withheld for tax withholding and exercises | (174,991) | (157,667) | (219,921) |
Shares repurchased under stock repurchase programs | (6,235,629) | (1,556,313) | (10,303,047) |
Shares issued to directors | (5,618) | (7,709) | (6,273) |
Ending balance | (45,855,788) | (39,438,971) | (37,716,754) |
Common Stock Outstanding [Member] | |||
Common Stock Outstanding [Line Items] | |||
Beginning balance | 90,104,885 | 91,279,590 | 101,013,148 |
Dividend payable/paid | 155 | 156 | 420 |
Common stock issued and exercise of stock options | 479,277 | 538,448 | 788,304 |
Shares withheld for tax withholding and exercises | (174,991) | (157,667) | (219,921) |
Shares repurchased under stock repurchase programs | (6,235,629) | (1,556,313) | (10,303,047) |
Shares issued to directors | 441 | 671 | 686 |
Ending balance | 84,174,138 | 90,104,885 | 91,279,590 |
Shareholders' Equity (Deficit_6
Shareholders' Equity (Deficit) - Additional Information 2 (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 22, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares grants in period | 0 | 0 | 0 | |
Tax benefits for share-based compensation expense related to deferred stock and stock options | $ 8.8 | $ 5.5 | $ 7.4 | |
Compensation cost related to unvested share-based awards not yet recognized | $ 24.6 | |||
Number of shares available for future grants | 7,000,000 | |||
Total fair value of Share-Based Awards converted or vested to common stock | $ 63.6 | 30.3 | 39.4 | |
Intrinsic value of the stock options exercised | $ 4.8 | $ 10.9 | $ 11.3 | |
Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation cost related to unvested share-based awards not yet recognized, period for recognition | 1 year | |||
Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation cost related to unvested share-based awards not yet recognized, period for recognition | 3 years | |||
Subsequent Events [Member] | 2018 Bonus Award [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares grants in period | 396,090 | |||
Amount of the award granted to retirement-eligible employees | $ 0.2 | |||
Aggregate fair value | $ 50.4 | |||
Subsequent Events [Member] | 2018 Bonus Award [Member] | RSUs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period of awards | 3 years | |||
Fraction of bonus award vested per year | 33.00% | |||
Subsequent Events [Member] | 2018 Bonus Award [Member] | MSUs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Minimum performance period | 3 years | |||
Maximum Performance Period | 5 years | |||
Subsequent Events [Member] | 2018 Bonus Award [Member] | MSUs [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period of awards | 3 years | |||
Subsequent Events [Member] | 2018 Bonus Award [Member] | MSUs [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period of awards | 5 years |
Shareholders' Equity (Deficit_7
Shareholders' Equity (Deficit) - Components of Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 40,563 | $ 37,921 | $ 32,525 |
Shareholders' Equity (Deficit_8
Shareholders' Equity (Deficit) - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | $ 40,563 | $ 37,921 | $ 32,525 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 10,334 | 9,707 | 7,971 |
Selling and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 12,851 | 11,355 | 9,526 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 4,175 | 3,477 | 2,970 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | $ 13,203 | $ 13,382 | $ 12,058 |
Shareholders' Equity (Deficit_9
Shareholders' Equity (Deficit) - Summary of Vested and Unvested Share-Based Awards Activity (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Vested and unvested Share-based Awards at the beginning of period, Number of Shares | shares | 1,419 |
Granted, Number of Shares | shares | 332 |
Conversion to common stock, Number of Shares | shares | (451) |
Canceled, Number of Shares | shares | (12) |
Vested and unvested Share-based Awards at the end of period, Number of Shares | shares | 1,288 |
Vested and unvested Share-based Awards at the beginning of period, Weighted Average Grant Date Fair Value | $ / shares | $ 68.50 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 117.64 |
Conversion to common stock, Weighted Average Grant Date Fair Value | $ / shares | 65.40 |
Canceled, Weighted Average Grant Date Fair Value | $ / shares | 87.17 |
Vested and unvested Share-based Awards at the end of period, Weighted Average Grant Date Fair Value | $ / shares | $ 82.09 |
Shareholders' Equity (Defici_10
Shareholders' Equity (Deficit) - Summary of Vested and Unvested Share-Based Awards Activity (Parenthetical) (Detail) shares in Thousands | Dec. 31, 2018$ / sharesshares |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based Awards, vested or expected to vest | shares | 1,261 |
Share-based Awards , vested or expected to vest, weighted average price | $ / shares | $ 81.51 |
Shareholders' Equity (Defici_11
Shareholders' Equity (Deficit) - Summary of Unvested Share-Based Awards Activity (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted Average Grant Date Fair Value, balance at the beginning of the period | $ / shares | $ 69.96 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 124.66 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 68.41 |
Weighted Average Grant Date Fair Value, Canceled | $ / shares | 87.17 |
Weighted Average Grant Date Fair Value, balance at the end of the period | $ / shares | 84.14 |
Weighted Average Grant Date Fair Value, Expected to vest | $ / shares | $ 83.51 |
Unvested Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Share-based Awards at the beginning of period | shares | 1,166 |
Number of Shares, Granted | shares | 280 |
Number of Shares, Vested | shares | (332) |
Number of Shares, Canceled | shares | (12) |
Unvested Share-based Awards at the end of period | shares | 1,102 |
Unvested Share-based Awards expected to vest | shares | 1,075 |
Shareholders' Equity (Defici_12
Shareholders' Equity (Deficit) - Summary of Stock Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Options, Options outstanding, Beginning balance | 145,000 | ||
Number of Options, Granted or assumed | 0 | 0 | 0 |
Number of Options, Conversion to common stock | (33,000) | ||
Number of Options, Options outstanding and exercisable, Ending balance | 112,000 | ||
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ 26.47 | ||
Weighted Average Exercise Price, Conversion to common stock | 18.14 | ||
Weighted Average Exercise Price, Options outstanding and exercisable, Ending balance | $ 28.96 | ||
Weighted Average Remaining Life (Years), Options outstanding | 2 years 1 month 9 days | ||
Weighted Average Remaining Life (Years), Options outstanding and exercisable | 1 year 3 months 10 days | ||
Aggregated Intrinsic Value, Options outstanding and exercisable | $ 13,239 | $ 14,519 |
Shareholders' Equity (Defici_13
Shareholders' Equity (Deficit) - Summary of Stock Options Outstanding and Exercisable by Exercise Price Range (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Number Outstanding, Options Outstanding and Exercisable | 112 | |
Weighted Average Exercise Price, Options Outstanding and Exercisable | $ 28.96 | |
Average Remaining Life (Years), Options Outstanding and Exercisable | 1 year 3 months 10 days | |
Aggregate Intrinsic Value, Options Outstanding and Exercisable | $ 13,239 | $ 14,519 |
First Exercise Price Range [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Price, Minimum | $ 15.18 | |
Range of Exercise Price, Maximum | $ 16.48 | |
Number Outstanding, Options Outstanding and Exercisable | 12 | |
Weighted Average Exercise Price, Options Outstanding and Exercisable | $ 16.48 | |
Average Remaining Life (Years), Options Outstanding and Exercisable | 1 month 24 days | |
Aggregate Intrinsic Value, Options Outstanding and Exercisable | $ 1,521 | |
Second Exercise Price Range [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Price, Minimum | $ 20.45 | |
Range of Exercise Price, Maximum | $ 24.11 | |
Number Outstanding, Options Outstanding and Exercisable | 14 | |
Weighted Average Exercise Price, Options Outstanding and Exercisable | $ 20.45 | |
Average Remaining Life (Years), Options Outstanding and Exercisable | 7 months 24 days | |
Aggregate Intrinsic Value, Options Outstanding and Exercisable | $ 1,798 | |
Third Exercise Price Range [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Prices | $ 25.64 | |
Number Outstanding, Options Outstanding and Exercisable | 36 | |
Weighted Average Exercise Price, Options Outstanding and Exercisable | $ 25.64 | |
Average Remaining Life (Years), Options Outstanding and Exercisable | 11 months 15 days | |
Aggregate Intrinsic Value, Options Outstanding and Exercisable | $ 4,409 | |
Fourth Exercise Price Range [Member] | ||
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ||
Range of Exercise Prices | $ 36.70 | |
Number Outstanding, Options Outstanding and Exercisable | 50 | |
Weighted Average Exercise Price, Options Outstanding and Exercisable | $ 36.70 | |
Average Remaining Life (Years), Options Outstanding and Exercisable | 1 year 11 months 12 days | |
Aggregate Intrinsic Value, Options Outstanding and Exercisable | $ 5,511 |
Reclassifications out of Accu_3
Reclassifications out of Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Income Taxes | $ (35,157) | $ (23,014) | $ (39,494) | $ (24,346) | $ (62,358) | $ (35,650) | $ (36,245) | $ (28,674) | $ (122,011) | $ (162,927) | $ (125,083) |
Net income | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | $ 64,602 | $ 85,153 | $ 81,266 | $ 72,951 | 507,885 | 303,972 | 260,855 |
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net income | (168) | (204) | (188) | ||||||||
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] | Defined Benefit Pension Plans Amount Recognized as a Component of Net Periodic Benefit Expense [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Net periodic benefit expense for curtailments and settlements | (222) | (281) | (261) | ||||||||
Income Taxes | $ 54 | $ 77 | $ 73 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Benefits) by Taxing Jurisdiction (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current, U.S. federal | $ 51,316 | $ 133,250 | $ 93,071 | ||||||||
Current, U.S. state and local | 31,680 | 16,312 | 16,363 | ||||||||
Current, Non U.S. | 39,795 | 32,267 | 32,616 | ||||||||
Current provision for income taxes (benefits) | 122,791 | 181,829 | 142,050 | ||||||||
Deferred, U.S. federal | (1,406) | (12,502) | (13,010) | ||||||||
Deferred, U.S. state and local | 5,566 | (2,119) | (2,235) | ||||||||
Deferred, Non U.S. | (4,940) | (4,281) | (1,722) | ||||||||
Deferred provision for income taxes (benefits) | (780) | (18,902) | (16,967) | ||||||||
Provision for income taxes | $ 35,157 | $ 23,014 | $ 39,494 | $ 24,346 | $ 62,358 | $ 35,650 | $ 36,245 | $ 28,674 | $ 122,011 | $ 162,927 | $ 125,083 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate to the Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 35.00% | 35.00% |
U.S. state and local income taxes, net of U.S. federal income tax benefits | 4.66% | 1.84% | 2.38% |
Change in tax rates applicable to non-U.S. earnings | (2.20%) | (7.60%) | (3.73%) |
Domestic tax credits and incentives | (0.30%) | (0.24%) | (0.26%) |
Net tax charge related to Tax Reform | (1.78%) | 7.40% | |
Valuation allowance | (1.41%) | ||
Excess Stock Based Compensation | (1.14%) | (1.25%) | |
Other | 0.54% | (0.25%) | (0.98%) |
Effective income tax rate | 19.37% | 34.90% | 32.41% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | Dec. 22, 2017 | Dec. 31, 2018USD ($)Subsidiary | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Income Tax Examination [Line Items] | ||||
U.S. federal income tax rate reduction effective date | Jan. 1, 2018 | |||
Tax reform measurement period | 1 year | |||
Net charge (benefit) to provision for income taxes | $ (11,200,000) | $ 34,500,000 | ||
Estimated tax charge related to toll charge | 47,500,000 | |||
Estimated tax charge (benefit) related to change in assertion | (5,700,000) | 16,000,000 | ||
Estimated tax benefit related to revaluation of deferred tax assets | 2,900,000 | (29,000,000) | ||
Estimated tax benefit related to foreign withholding taxes | 2,600,000 | |||
Cumulative net charge of tax reform | $ 23,300,000 | |||
Number of subsidiaries sold | Subsidiary | 2 | |||
Earnings attributable to foreign subsidiaries | $ 289,500,000 | 450,700,000 | $ 341,600,000 | |
Estimated tax charge related to foreign withholding taxes | $ 16,000,000 | |||
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. | |||
Total amount of unrecognized tax benefits | $ 13,800,000 | |||
Unrecognized tax benefits, interest on income tax expense(benefit) | (200,000) | |||
Penalties recognized during the year | 0 | |||
Amount of accrued interest | $ 900,000 | |||
Minimum [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years under examination | 2,006 | |||
Maximum [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years under examination | 2,017 | |||
Capital Loss Carryover [Member] | ||||
Income Tax Examination [Line Items] | ||||
Capital loss carryover value | $ 42,400,000 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Net operating loss carryforwards | $ 16,000,000 | |||
Expiration period | 2,024 | |||
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 | |||
Foreign Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Net operating loss carryforwards | $ 600,000 | |||
Operating loss carryforwards, valuation allowance | $ 600,000 | |||
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 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Employee compensation and benefit plans | $ 19,698 | $ 19,646 |
Deferred rent | 5,392 | 5,308 |
Pension | 2,466 | 1,520 |
Unearned revenue | 853 | |
Loss carryforwards - non-current | 2,941 | 18,105 |
Other | 1,435 | |
Subtotal | 30,497 | 46,867 |
Less: valuation allowance | (632) | (11,575) |
Total deferred tax assets | 29,865 | 35,292 |
Deferred tax liabilities: | ||
Intangible assets | (65,538) | (73,634) |
Unearned revenue | (1,170) | |
Unremitted foreign earnings | (12,872) | (16,108) |
Property, equipment and leasehold improvements, net | (16,369) | (11,564) |
Other | (1,021) | |
Total deferred tax liabilities | (96,970) | (101,306) |
Net deferred tax liabilities | $ (67,105) | $ (66,014) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Asset Valuation Allowance (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | $ 11,575 | $ 17,807 | $ 21,052 |
Additions charged to cost and expenses | 324 | 1,862 | |
Deductions | (10,943) | (6,556) | (5,107) |
Ending balance | $ 632 | $ 11,575 | $ 17,807 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 399,000 | $ 283,779 | $ 263,536 | ||||||||
Foreign | 230,896 | 183,120 | 122,402 | ||||||||
Income before provision for income taxes | $ 187,289 | $ 146,846 | $ 156,323 | $ 139,438 | $ 126,960 | $ 120,803 | $ 117,511 | $ 101,625 | $ 629,896 | $ 466,899 | $ 385,938 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 10,022 | $ 7,936 | $ 8,692 |
Increases based on tax positions related to the current period | 3,928 | 3,389 | 575 |
Increases based on tax positions related to prior periods | 1,892 | 519 | 135 |
Decreases based on tax positions related to prior periods | (297) | (6) | (3) |
Decreases related to settlements with taxing authorities | (1,152) | (1,463) | |
Decreases related to a lapse of applicable statute of limitations | (1,454) | (664) | |
Ending balance | $ 14,091 | $ 10,022 | $ 7,936 |
Divestitures - Additional Infor
Divestitures - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 12, 2018 | Apr. 09, 2018 | Dec. 31, 2018 | Dec. 31, 2016 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture | $ 83,825 | $ 657 | ||
Gain on divestiture | $ 61,402 | $ 449 | ||
Financial Engineering Associates Inc [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture | $ 21,000 | |||
Goodwill | 2,900 | |||
Amortized identifiable intangible assets | 2,700 | |||
Other net assets | 6,100 | |||
Transaction costs | 1,400 | |||
Financial Engineering Associates Inc [Member] | Other Expense (Income) [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain on divestiture | $ 10,600 | |||
Investor Force [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture | $ 62,000 | |||
Goodwill | 8,700 | |||
Amortized identifiable intangible assets | 4,000 | |||
Other net assets | 700 | |||
Transaction costs | 2,800 | |||
Additional working capital adjustment | 800 | |||
Investor Force [Member] | Other Expense (Income) [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||
Gain on divestiture | $ 46,600 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Segment Information - Operating
Segment Information - Operating Revenues by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Operating revenues | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 334,779 | $ 322,097 | $ 316,089 | $ 301,207 | $ 1,433,984 | $ 1,274,172 | $ 1,150,669 |
Index [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Operating revenues | 835,475 | 718,959 | 613,551 | ||||||||
Analytics [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Operating revenues | 479,939 | 458,269 | 448,353 | ||||||||
All Other [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Operating revenues | $ 118,570 | $ 96,944 | $ 88,765 |
Segment Information - Segment P
Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | $ 772,433 | $ 659,757 | $ 569,457 | ||||||||
Amortization of intangible assets | $ 11,633 | $ 11,681 | $ 19,537 | $ 11,338 | $ 11,560 | $ 10,614 | $ 11,122 | $ 11,251 | 54,189 | 44,547 | 47,033 |
Depreciation and amortization of property, equipment and leasehold improvements | 8,311 | 7,453 | 7,377 | 8,205 | 8,118 | 9,325 | 9,159 | 8,838 | 31,346 | 35,440 | 34,320 |
Operating income | 169,818 | 176,403 | 173,511 | 167,166 | 154,139 | 148,799 | 146,100 | 130,732 | 686,898 | 579,770 | 488,104 |
Other expense (income), net | (17,471) | 29,557 | 17,188 | 27,728 | 27,179 | 27,996 | 28,589 | 29,107 | 57,002 | 112,871 | 102,166 |
Provision for income taxes | 35,157 | 23,014 | 39,494 | 24,346 | 62,358 | 35,650 | 36,245 | 28,674 | 122,011 | 162,927 | 125,083 |
Net income | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | $ 64,602 | $ 85,153 | $ 81,266 | $ 72,951 | 507,885 | 303,972 | 260,855 |
Index [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | 607,853 | 522,241 | 431,478 | ||||||||
Analytics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | 143,645 | 125,624 | 128,507 | ||||||||
All Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | $ 20,935 | $ 11,892 | $ 9,472 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 334,779 | $ 322,097 | $ 316,089 | $ 301,207 | $ 1,433,984 | $ 1,274,172 | $ 1,150,669 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 662,345 | 622,132 | 556,777 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 58,065 | 48,139 | 45,185 | ||||||||
Total Americas [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 720,410 | 670,271 | 601,962 | ||||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 214,204 | 193,831 | 175,749 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 293,252 | 250,267 | 229,010 | ||||||||
Europe, the Middle East and Africa ("EMEA") [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 507,456 | 444,098 | 404,759 | ||||||||
Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 67,100 | 54,351 | 52,161 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 139,018 | 105,452 | 91,787 | ||||||||
Total Asia & Australia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | $ 206,118 | $ 159,803 | $ 143,948 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,917,441 | $ 1,976,894 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,803,321 | 1,847,605 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 6,560 | 1,685 |
Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,809,881 | 1,849,290 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 80,039 | 94,782 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 19,369 | 22,394 |
Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 99,408 | 117,176 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 411 | 432 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 7,741 | 9,996 |
Total Asia & Australia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 8,152 | $ 10,428 |
Quarterly Results of Operatio_3
Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 334,779 | $ 322,097 | $ 316,089 | $ 301,207 | $ 1,433,984 | $ 1,274,172 | $ 1,150,669 |
Cost of revenues | 73,757 | 70,906 | 71,368 | 71,304 | 69,247 | 68,433 | 68,538 | 67,463 | 287,335 | 273,681 | 252,107 |
Selling and marketing | 52,949 | 46,149 | 47,416 | 46,409 | 47,726 | 44,873 | 41,550 | 42,972 | 192,923 | 177,121 | 166,666 |
Research and development | 20,312 | 20,591 | 19,801 | 20,707 | 20,709 | 17,974 | 18,196 | 18,970 | 81,411 | 75,849 | 75,204 |
General and administrative | 24,908 | 24,751 | 24,036 | 26,187 | 23,280 | 22,079 | 21,424 | 20,981 | 99,882 | 87,764 | 87,235 |
Amortization of intangible assets | 11,633 | 11,681 | 19,537 | 11,338 | 11,560 | 10,614 | 11,122 | 11,251 | 54,189 | 44,547 | 47,033 |
Depreciation and amortization of property, equipment and leasehold improvements | 8,311 | 7,453 | 7,377 | 8,205 | 8,118 | 9,325 | 9,159 | 8,838 | 31,346 | 35,440 | 34,320 |
Total operating expenses | 191,870 | 181,531 | 189,535 | 184,150 | 180,640 | 173,298 | 169,989 | 170,475 | 747,086 | 694,402 | 662,565 |
Operating income | 169,818 | 176,403 | 173,511 | 167,166 | 154,139 | 148,799 | 146,100 | 130,732 | 686,898 | 579,770 | 488,104 |
Interest income | (6,096) | (6,522) | (4,281) | (2,770) | (2,237) | (1,835) | (1,310) | (932) | (19,669) | (6,314) | (2,906) |
Interest expense | 35,891 | 35,902 | 31,761 | 29,560 | 29,027 | 29,020 | 29,027 | 29,024 | 133,114 | 116,098 | 101,651 |
Other expense (income) | (47,266) | 177 | (10,292) | 938 | 389 | 811 | 872 | 1,015 | (56,443) | 3,087 | 3,421 |
Other expense (income), net | (17,471) | 29,557 | 17,188 | 27,728 | 27,179 | 27,996 | 28,589 | 29,107 | 57,002 | 112,871 | 102,166 |
Income before provision for income taxes | 187,289 | 146,846 | 156,323 | 139,438 | 126,960 | 120,803 | 117,511 | 101,625 | 629,896 | 466,899 | 385,938 |
Provision for income taxes | 35,157 | 23,014 | 39,494 | 24,346 | 62,358 | 35,650 | 36,245 | 28,674 | 122,011 | 162,927 | 125,083 |
Net income | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | $ 64,602 | $ 85,153 | $ 81,266 | $ 72,951 | $ 507,885 | $ 303,972 | $ 260,855 |
Earnings per basic common share | $ 1.75 | $ 1.39 | $ 1.31 | $ 1.28 | $ 0.72 | $ 0.94 | $ 0.90 | $ 0.80 | $ 5.83 | $ 3.36 | $ 2.72 |
Earnings per diluted common share | $ 1.70 | $ 1.36 | $ 1.28 | $ 1.24 | $ 0.70 | $ 0.93 | $ 0.89 | $ 0.80 | $ 5.66 | $ 3.31 | $ 2.70 |
Weighted average shares outstanding used in computing per share data | |||||||||||
Basic | 86,968 | 88,796 | 89,112 | 90,075 | 90,130 | 90,112 | 90,404 | 90,708 | 87,179 | 90,336 | 95,986 |
Diluted | 89,495 | 91,372 | 91,586 | 92,587 | 92,467 | 91,868 | 91,708 | 91,624 | 89,701 | 91,914 | 96,540 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Jan. 30, 2019 | Feb. 15, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | |||||||||||||||||
Quarterly dividend declared | $ 0.58 | $ 0.58 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.22 | $ 0.22 | $ 1.92 | $ 1.32 | $ 1 | ||
Value of share repurchased | $ 949,888 | $ 150,461 | $ 774,565 | ||||||||||||||
Subsequent Events [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Quarterly dividend declared | $ 0.58 | ||||||||||||||||
Quarterly dividend declared date | Jan. 30, 2019 | ||||||||||||||||
Quarterly dividend payable date | Mar. 15, 2019 | ||||||||||||||||
Quarterly dividend record date | Feb. 22, 2019 | ||||||||||||||||
Total number of shares repurchased | 0.7 | ||||||||||||||||
Average price paid per share | $ 147.97 | ||||||||||||||||
Value of share repurchased | $ 102,100 |