MSCI (MSCI) 10-Q 3 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Trading Symbol	MSCI
Entity Registrant Name	MSCI Inc.
Entity Central Index Key	0001408198
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		84,678,661

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 642,781	$ 904,176
Accounts receivable (net of allowances of $707 and $1,027 at March 31, 2019 and December 31, 2018, respectively)	427,099	473,433
Prepaid income taxes	72,505	19,273
Prepaid and other assets	35,541	38,207
Total current assets	1,177,926	1,435,089
Property, equipment and leasehold improvements (net of accumulated depreciation and amortization of $189,603 and $185,505 at March 31, 2019 and December 31, 2018, respectively)	86,087	90,877
Right of use assets	170,573
Goodwill	1,546,961	1,545,761
Intangible assets (net of accumulated amortization of $554,183 and $541,967 at March 31, 2019 and December 31, 2018, respectively)	274,576	280,803
Deferred tax assets	20,211	14,903
Other non-current assets	19,231	20,519
Total assets	3,295,565	3,387,952
Current liabilities:
Accounts payable	2,099	3,892
Income taxes payable	10,422	16,253
Accrued compensation and related benefits	55,884	137,045
Other accrued liabilities	127,406	113,841
Deferred revenue	524,988	537,977
Total current liabilities	720,799	809,008
Long-term debt	2,576,388	2,575,502
Long-term operating lease liabilities	168,487
Deferred tax liabilities	79,598	82,008
Other non-current liabilities	66,801	87,928
Total liabilities	3,612,073	3,554,446
Commitments and Contingencies (see Note 7 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; 132,265,024 and 130,029,926 common shares issued and 84,675,001 and 84,174,138 common shares outstanding at March 31, 2019 and December 31, 2018, respectively)	1,323	1,300
Treasury shares, at cost (47,590,023 and 45,855,788 common shares held at March 31, 2019 and December 31, 2018, respectively)	(3,557,270)	(3,272,774)
Additional paid in capital	1,316,837	1,306,428
Retained earnings	1,979,804	1,856,951
Accumulated other comprehensive loss	(57,202)	(58,399)
Total shareholders' equity (deficit)	(316,508)	(166,494)
Total liabilities and shareholders' equity (deficit)	$ 3,295,565	$ 3,387,952

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 707	$ 1,027
Property, equipment and leasehold improvements, accumulated depreciation and amortization	189,603	185,505
Intangible assets, accumulated amortization	$ 554,183	$ 541,967
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	132,265,024	130,029,926
Common stock, shares outstanding	84,675,001	84,174,138
Treasury shares	47,590,023	45,855,788

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Operating revenues	$ 371,381	$ 351,316
Operating expenses:
Cost of revenues	82,346	71,304
Selling and marketing	56,048	46,409
Research and development	23,172	20,707
General and administrative	27,497	26,187
Amortization of intangible assets	11,793	11,338
Depreciation and amortization of property, equipment and leasehold improvements	7,850	8,205
Total operating expenses	208,706	184,150
Operating income	162,675	167,166
Interest income	(4,086)	(2,770)
Interest expense	35,915	29,560
Other expense (income)	2,554	938
Other expense (income), net	34,383	27,728
Income before provision for income taxes	128,292	139,438
Provision for income taxes	(49,900)	24,346
Net income	$ 178,192	$ 115,092
Earnings per basic common share	$ 2.11	$ 1.28
Earnings per diluted common share	$ 2.08	$ 1.24
Weighted average shares outstanding used in computing earnings per share
Basic	84,253	90,075
Diluted	85,649	92,587

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 178,192	$ 115,092
Other comprehensive (loss) income:
Foreign currency translation adjustments	1,533	3,962
Income tax effect	(347)
Foreign currency translation adjustments, net	1,186	3,962
Pension and other post-retirement adjustments	20	(100)
Income tax effect	(9)	27
Pension and other post-retirement adjustments, net	11	(73)
Net investment hedge adjustments		123
Net investment hedge adjustments, net		123
Other comprehensive (loss) income, net of tax	1,197	4,012
Comprehensive income	$ 179,389	$ 119,104

Condensed Consolidated Statem_5

Condensed 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, 2017	$ 401,012	$ 1,295	$ (2,321,989)	$ 1,264,849	$ 1,505,204	$ (48,347)
Net income	115,092				115,092
ASC 606 Retained Earnings Adjustment | Accounting Standards Update 2014-09	16,135				16,135
Dividends	(34,848)				(34,848)
Dividends paid in shares	35			35
Other comprehensive income (loss), net of tax	4,012					4,012
Common stock issued	5	5
Shares withheld for tax withholding and exercises	(22,932)		(22,932)
Compensation payable in common stock and options	11,123			11,123
Common stock repurchased and held in treasury	(68,345)		(68,345)
Common stock issued to directors and held in treasury	(17)		(17)
Exercise of stock options	102			102
Balance at Mar. 31, 2018	421,374	1,300	(2,413,283)	1,276,109	1,601,583	(44,335)
Balance at Dec. 31, 2018	(166,494)	1,300	(3,272,774)	1,306,428	1,856,951	(58,399)
Net income	178,192				178,192
Dividends	(55,339)				(55,339)
Dividends paid in shares	93			93
Other comprehensive income (loss), net of tax	1,197					1,197
Common stock issued	23	23
Shares withheld for tax withholding and exercises	(182,385)		(182,385)
Compensation payable in common stock and options	9,590			9,590
Common stock repurchased and held in treasury	(102,081)		(102,081)
Common stock issued to directors and held in treasury	(30)		(30)
Exercise of stock options	726			726
Balance at Mar. 31, 2019	$ (316,508)	$ 1,323	$ (3,557,270)	$ 1,316,837	$ 1,979,804	$ (57,202)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividends per common share	$ 0.58	$ 0.38

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities
Net income	$ 178,192	$ 115,092
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	11,793	11,338
Stock-based compensation expense	9,541	9,053
Depreciation and amortization of property, equipment and leasehold improvements	7,850	8,205
Amortization of right of use assets	5,583
Amortization of debt origination fees	986	849
Deferred taxes	(8,397)	(1,097)
Other non-cash adjustments	(200)	321
Changes in assets and liabilities:
Accounts receivable	46,805	(134,801)
Prepaid income taxes	(53,613)	13,626
Prepaid and other assets	406	192
Accounts payable	(1,793)	(230)
Accrued compensation and related benefits	(81,170)	(84,517)
Income taxes payable	(5,843)	3,001
Other accrued liabilities	(7,107)	(1,516)
Deferred revenue	(13,352)	148,468
Other	(1,806)	613
Net cash provided by operating activities	87,875	88,597
Cash flows from investing activities
Capital expenditures	(3,156)	(1,512)
Capitalized software development costs	(4,990)	(4,360)
Proceeds from the sale of capital equipment	10
Net cash used in investing activities	(8,136)	(5,872)
Cash flows from financing activities
Proceeds from exercise of stock options	726	102
Repurchase of treasury shares	(284,466)	(91,277)
Payment of dividends	(57,895)	(34,883)
Net cash used in financing activities	(341,635)	(126,058)
Effect of exchange rate changes	501	3,659
Net decrease in cash	(261,395)	(39,674)
Cash and cash equivalent, beginning of period	904,176	889,502
Cash and cash equivalent, end of period	642,781	849,828
Supplemental disclosure of cash flow information:
Cash paid for interest	35,148	35,121
Cash paid for income taxes	17,312	8,602
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements accrued, but not yet paid	2,848	3,101
Supplemental disclosure of non-cash financing activities
Cash dividends declared, but not yet paid	$ 237	$ 337

Introduction and Basis of Prese

Introduction and Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Introduction and Basis of Presentation	1. INTRODUCTION AND BASIS OF PRESENTATION MSCI Inc., together with its wholly-owned subsidiaries (the “Company” or “MSCI”) provides critical investment decision support tools and services for the global investment community. 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 and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI and its subsidiaries and include all adjustments of a normal, recurring nature necessary to state fairly the financial condition as of March 31, 2019 and December 31, 2018, the results of operations, comprehensive income and shareholders’ equity (deficit) for the three months ended March 31, 2019 and 2018 and cash flows for the three months ended March 31, 2019 and 2018. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2018 have been derived from the 2018 audited consolidated financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, impairment of long-lived assets, accrued compensation, income taxes, incremental borrowing rates and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation. Concentrations For the three months ended March 31, 2019 and 2018, BlackRock, Inc. accounted for 11.6% and 12.9% of the Company’s consolidated operating revenues, respectively. For the three months ended March 31, 2019 and 2018, BlackRock, Inc. accounted for 19.3% and 22.1% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics and All Other segments for the three months ended March 31, 2019 and 2018.

Recent Accounting Standards Upd

Recent Accounting Standards Updates	3 Months Ended
	Mar. 31, 2019
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 adopted 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 implemented internal controls and processes to enable the preparation of financial information. MSCI elected to apply the transition package of practical expedients permitted within the new guidance which, among other things, allowed the Company to carry forward the historical lease classification. In addition, MSCI elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company made an election to apply the exemption allowed under ASU 2016-02 for leases with an initial term of 12 months or less to not be recorded in the Condensed Consolidated Statement of Financial Condition and to only recognize the related amounts in the Condensed Consolidated Statement of Income on a straight-line basis over the lease term. See Note 8, “Leases” of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding leases. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, “ Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2019
Revenue From Contract With Customer [Abstract]
Revenue Recognition	3. REVENUE RECOGNITION MSCI’s revenues are characterized by type, which broadly reflects the nature of how they are recognized or earned. The Company’s revenue types are recurring subscription, asset-based fees and non-recurring revenues. The Company also groups its revenues by segment. The tables that follow present the disaggregated revenues for the periods indicated (in thousands): For the Three Months ended March 31, 2019 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 127,674 $ 120,110 $ 34,580 $ 282,364 Asset-based fees 81,808 — — 81,808 Non-recurring 5,291 1,325 593 7,209 Total $ 214,773 $ 121,435 $ 35,173 $ 371,381 For the Three Months ended March 31, 2018 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 113,205 $ 118,244 $ 29,367 $ 260,816 Asset-based fees 85,483 — — 85,483 Non-recurring 3,226 743 1,048 5,017 Total $ 201,914 $ 118,987 $ 30,415 $ 351,316 Accounts receivable Deferred revenue Opening (12/31/2018) $ 473,433 $ 537,977 Closing (03/31/2019) 427,099 524,988 Increase/(decrease) $ (46,334 ) $ (12,989 ) The amount of revenue recognized in the period that was included in the opening current deferred revenue, which reflects contract liability amounts, was $168.6 million. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in the amortization of deferred revenue to operating revenues, partially offset by an increase in billings. MSCI had an insignificant long-term deferred revenue balance as of March 31, 2019 reflected as a part of “Other non-current liabilities” on its Unaudited Condensed Consolidated Statement of Financial Condition. For contracts that have a duration of one year or less, 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 and the periods in which they are expected to be recognized are as follows: As of March 31, 2019 (in thousands) First 12-month period $ 293,968 Second 12-month period 173,545 Third 12-month period 63,478 Periods thereafter 36,860 Total $ 567,851

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Common Share	4. EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is computed by dividing net income 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 an immaterial number of anti-dilutive securities excluded from the calculation of diluted EPS for all periods presented. The following table presents the computation of basic and diluted EPS: Three Months Ended March 31, 2019 2018 (in thousands, except per share data) Net income $ 178,192 $ 115,092 Basic weighted average common shares outstanding 84,253 90,075 Effect of dilutive securities: Stock options and restricted stock units 1,396 2,512 Diluted weighted average common shares outstanding 85,649 92,587 Earnings per basic common share $ 2.11 $ 1.28 Earnings per diluted common share $ 2.08 $ 1.24

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements	3 Months Ended
	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Property, Equipment and Leasehold Improvements	5. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Property, equipment and leasehold improvements consisted of the following as of the specified dates: As of March 31, December 31, 2019 2018 (in thousands) Computer & related equipment $ 203,145 $ 200,414 Furniture & fixtures 11,689 12,033 Leasehold improvements 52,418 53,429 Work-in-process 8,438 10,506 Subtotal 275,690 276,382 Accumulated depreciation and amortization (189,603 ) (185,505 ) Property, equipment and leasehold improvements, net $ 86,087 $ 90,877 Depreciation and amortization expense of property, equipment and leasehold improvements was $7.9 million and $8.2 million for the three months ended March 31, 2019 and 2018, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	6. GOODWILL AND INTANGIBLE ASSETS Goodwill The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2018 $ 1,203,404 $ 290,976 $ 51,381 $ 1,545,761 Foreign exchange translation adjustment 743 — 457 1,200 Goodwill at March 31, 2019 $ 1,204,147 $ 290,976 $ 51,838 $ 1,546,961 Intangible Assets Amortization expense related to intangible assets for both the three months ended March 31, 2019 and 2018 was $11.8 million and $11.3 million, respectively. The amortization expense of acquired intangible assets for both the three months ended March 31, 2019 and 2018 was $8.7 million and $9.2 million, respectively. The amortization expense of internally developed capitalized software for both the three months ended March 31, 2019 and 2018 was $3.1 million and $2.1 million, respectively. The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of March 31, December 31, 2019 2018 (in thousands) Gross intangible assets: Customer relationships $ 356,699 $ 356,700 Trademarks/trade names 208,320 208,320 Technology/software 243,689 238,692 Proprietary data 28,627 28,627 Subtotal 837,335 832,339 Foreign exchange translation adjustment (8,576 ) (9,569 ) Total gross intangible assets $ 828,759 $ 822,770 Accumulated amortization: Customer relationships $ (215,319 ) $ (209,867 ) Trademarks/trade names (126,090 ) (123,345 ) Technology/software (202,120 ) (198,974 ) Proprietary data (12,647 ) (12,197 ) Subtotal (556,176 ) (544,383 ) Foreign exchange translation adjustment 1,993 2,416 Total accumulated amortization $ (554,183 ) $ (541,967 ) Net intangible assets: Customer relationships $ 141,380 $ 146,833 Trademarks/trade names 82,230 84,975 Technology/software 41,569 39,718 Proprietary data 15,980 16,430 Subtotal 281,159 287,956 Foreign exchange translation adjustment (6,583 ) (7,153 ) Total net intangible assets $ 274,576 $ 280,803 The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2019 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder 2019 $ 36,856 2020 47,731 2021 43,672 2022 36,921 2023 33,374 Thereafter 76,022 Total $ 274,576

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. 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. 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 presented in the following table: Principal amount outstanding at Carrying value at Carrying value at Fair Value at Fair Value at Maturity Date March 31, 2019 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ 800,000 $ 793,348 $ 793,054 $ 829,576 $ 802,576 5.75% senior unsecured notes due 2025 August 15, 2025 800,000 793,277 793,016 840,368 807,088 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 495,084 494,916 503,725 475,520 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 494,679 494,516 530,720 489,745 Total debt $ 2,600,000 $ 2,576,388 $ 2,575,502 $ 2,704,389 $ 2,574,929 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. The $500.0 million aggregate principal amount of 5.375% senior unsecured notes due 2027 (the “2027 Senior Notes”) are scheduled to mature and be paid in full on May 15, 2027. 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 March 31, 2019, 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 March 31, 2019, $25.3 million of the deferred financing fees remain unamortized, $0.4 million of which is included in “Prepaid and other assets,” $1.3 million of which is included in “Other non-current assets” and $23.6 million of which is grouped and presented as part of “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	8. LEASES MSCI leases office space, data centers and certain equipment under non-cancellable operating lease agreements and determines if an arrangement is a lease at inception. The Company’s leases have remaining lease terms of up to approximately 14 years. Operating lease assets, net of initial direct costs and accumulated amortization are reflected in “Right of use assets,” with the corresponding present value of operating lease liabilities included in “Other accrued liabilities” and “Long-term operating lease liabilities” in the Unaudited Condensed Consolidated Statement of Financial Condition. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. MSCI uses its incremental borrowing rate based on the information available on the commencement date in determining the present value of lease payments. The incremental borrowing rate reflects the rate of interest that MSCI would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company determined its incremental borrowing rates by starting with the rates on its currently outstanding Senior Notes and making adjustments for collateralization and the relevant duration of the associated leases. The lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term and is included in “Operating expenses” in the Unaudited Condensed Consolidated Statement of Income. Some of the Company’s lease agreements include rental payments adjusted periodically for inflation which are accounted for under ASC Subtopic 842-10, “Leases,” as variable lease amounts but are not reflected as a component of the Company’s lease liability. Certain leases also require the Company to pay real estate taxes, insurance, maintenance and other “Operating expenses” associated with the leased premises or equipment which are also not reflected as a component of the Company’s lease liability. While these expenses are also classified in “Operating expenses,” consistent with similar costs for office locations or equipment, they are not included as a component of the Company’s lease liability. The Company also subleases a small portion of its leased office space to third parties. Under ASC Subtopic 842-10, the Company recognized a total of $7.3 million of operating lease expenses for the three months ended March 31, 2019. The amounts associated with variable lease costs, short-term lease costs for leases with an initial term of 12 months or less and sublease income were not significant for the three months ended March 31, 2019. For the three months ended March 31, 2018, the Company followed ASC Subtopic 840-10, “Leases,” which required the recognition of rent expense on a straight-line basis over the lease period. Rent expense for office space, including real estate taxes, insurance, maintenance and other operating expenses associated with the leased premises, for the three months ended March 31, 2018 was $6.3 million. Future minimum commitments for the Company’s operating leases accounted for in accordance with ASC Subtopic 842-10 in place as of March 31, 2019, the interest and other relevant line items in the Unaudited Condensed Consolidated Statement of Financial Condition are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases 2019 $ 20,656 2020 28,729 2021 26,427 2022 22,626 2023 22,149 After 2023 107,886 Total lease payments $ 228,473 Less: Interest (37,735 ) Present value of lease liabilities $ 190,738 Other accrued liabilities $ 22,251 Long-term operating lease liabilities $ 168,487 Future minimum commitments for the Company’s office leases accounted for in accordance with ASC Subtopic 840-10 in place as of December 31, 2018 were 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 Lease term and discount rate for the Company’s operating leases in place as of March 31, 2019 are as follows: As of March 31, Lease Term and Discount Rate 2019 Weighted-average remaining lease term (years) Operating leases 10.04 Weighted-average discount rate Operating leases 3.51 % Other information for the Company’s operating leases in place for the three months ended March 31, 2019 are as follows: Three Months Ended Other Information March 31, (in thousands) 2019 Operating cash flows from operating leases $ 7,572 Leased assets obtained in exchange for new operating lease liabilities (1) $ 198,281 (1)

Shareholders' Equity (Deficit)

Shareholders' Equity (Deficit)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Shareholders' Equity (Deficit)	9. SHAREHOLDERS’ EQUITY (DEFICIT) 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 March 31, 2019, there was $706.1 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 made on the open market: Three Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) March 31, 2019 $ 147.97 690 $ 102,081 March 31, 2018 $ 138.86 492 $ 68,345 The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed Deferred 2019 Three Months Ended March 31, $ 0.58 $ 55,339 $ 57,988 $ (2,649 ) Total $ 0.58 $ 55,339 $ 57,988 $ (2,649 ) 2018 Three Months Ended March 31, $ 0.38 $ 34,848 $ 34,900 $ (52 ) Total $ 0.38 $ 34,848 $ 34,900 $ (52 ) Common Stock. The following table presents activity related to shares of common stock issued and repurchased during the three months ended March 31, 2019: Common Stock Treasury Common Stock Issued Stock Outstanding Balance At December 31, 2018 130,029,926 (45,855,788 ) 84,174,138 Dividend payable/paid 502 (158 ) 344 Common stock issued and exercise of stock options 2,234,596 — 2,234,596 Shares withheld for tax withholding and exercises — (1,044,186 ) (1,044,186 ) Shares repurchased under stock repurchase programs — (689,891 ) (689,891 ) Shares issued to directors — — — Balance At March 31, 2019 132,265,024 (47,590,023 ) 84,675,001

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	10. INCOME TAXES The Company’s provision for income taxes was a benefit of $49.9 million and an expense of $24.3 million for the three months ended March 31, 2019 and 2018, respectively. These amounts reflect effective tax rates of negative 38.9% and 17.5% for the three months ended March 31, 2019 and 2018, respectively. The effective tax rate of negative 38.9% for the three months ended March 31, 2019 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain discrete items totaling $77.8 million. For the three months ended March 31, 2019, these discrete items primarily related to $66.6 million of excess tax benefits recognized upon vesting during the period of certain multi-year restricted stock units that are subject to the achievement of multi-year total shareholder return targets (performance targets subject to market conditions) granted in 2016 (“2016 multi-year MSUs”) and $9.8 million of excess tax benefits on other share-based compensation recognized during the period. The effective tax rate of 17.5% for the three months ended March 31, 2018 reflected the Company’s estimate of the effective tax rate for the period and was impacted by certain discrete items totaling $7.9 million. For the three months ended March 31, 2018 these discrete items primarily related to $7.5 million of excess tax benefits on share-based compensation recognized during the period and to $1.6 million of net adjustment benefit relating to the adjustment resulting from the Company’s provisional accounting for the effects of the Tax Cuts and Jobs Act that was enacted on December 22, 2017 (“Tax Reform”). 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 income tax examinations. Additionally, the Company believes it has adequate reserves for any tax issues that may arise out of the IRS examination relating to the tax years 2006 through 2008 and therefore does not believe any related settlement with Morgan Stanley will have a material impact. The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. As part of the Company’s periodic review of unrecognized tax benefits and based on new information regarding the status of federal and state examinations, the Company’s unrecognized tax benefits were remeasured. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Information	11. 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, including the impact related to the vesting of the 2016 multi-year MSUs, 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 its 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. The operating segments of ESG and Real Estate do not individually meet the segment reporting thresholds and have been combined and presented as part of All Other for disclosure purposes. The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Operating revenues Index $ 214,773 $ 201,914 Analytics 121,435 118,987 All Other 35,173 30,415 Total $ 371,381 $ 351,316 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Index Adjusted EBITDA $ 152,211 $ 145,930 Analytics Adjusted EBITDA 36,398 33,593 All Other Adjusted EBITDA 9,098 7,186 Total operating segment profitability 197,707 186,709 2016 multi-year MSUs grant payroll tax expense 15,389 — Amortization of intangible assets 11,793 11,338 Depreciation and amortization of property, equipment and leasehold improvements 7,850 8,205 Operating income 162,675 167,166 Other expense (income), net 34,383 27,728 Provision for income taxes (49,900 ) 24,346 Net income $ 178,192 $ 115,092 Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Operating revenues Americas: United States $ 166,186 $ 164,835 Other 15,983 14,883 Total Americas 182,169 179,718 Europe, the Middle East and Africa ("EMEA"): United Kingdom 55,207 52,933 Other 76,635 72,687 Total EMEA 131,842 125,620 Asia & Australia: Japan 17,948 15,182 Other 39,422 30,796 Total Asia & Australia 57,370 45,978 Total $ 371,381 $ 351,316 Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of March 31, December 31, 2019 2018 (in thousands) Long-lived assets Americas: United States $ 1,793,331 $ 1,803,321 Other 6,144 6,560 Total Americas 1,799,475 1,809,881 EMEA: United Kingdom 81,506 80,039 Other 19,028 19,369 Total EMEA 100,534 99,408 Asia & Australia: Japan 405 411 Other 7,210 7,741 Total Asia & Australia 7,615 8,152 Total $ 1,907,624 $ 1,917,441

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	12. SUBSEQUENT EVENTS On May 1, 2019, the Board of Directors declared a cash dividend of $0.58 per share for second quarter 2019. The second quarter 2019 dividend is payable on May 31, 2019 to shareholders of record as of the close of trading on May 17, 2019.

Introduction and Basis of Pre_2

Introduction and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI and its subsidiaries and include all adjustments of a normal, recurring nature necessary to state fairly the financial condition as of March 31, 2019 and December 31, 2018, the results of operations, comprehensive income and shareholders’ equity (deficit) for the three months ended March 31, 2019 and 2018 and cash flows for the three months ended March 31, 2019 and 2018. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2018 have been derived from the 2018 audited consolidated financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, impairment of long-lived assets, accrued compensation, income taxes, incremental borrowing rates and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation.
Concentrations	Concentrations For the three months ended March 31, 2019 and 2018, BlackRock, Inc. accounted for 11.6% and 12.9% of the Company’s consolidated operating revenues, respectively. For the three months ended March 31, 2019 and 2018, BlackRock, Inc. accounted for 19.3% and 22.1% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics and All Other segments for the three months ended March 31, 2019 and 2018.
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 adopted 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 implemented internal controls and processes to enable the preparation of financial information. MSCI elected to apply the transition package of practical expedients permitted within the new guidance which, among other things, allowed the Company to carry forward the historical lease classification. In addition, MSCI elected the hindsight practical expedient to determine the reasonably certain lease term for existing leases. The Company made an election to apply the exemption allowed under ASU 2016-02 for leases with an initial term of 12 months or less to not be recorded in the Condensed Consolidated Statement of Financial Condition and to only recognize the related amounts in the Condensed Consolidated Statement of Income on a straight-line basis over the lease term. See Note 8, “Leases” of the Notes to the Unaudited Condensed Consolidated Financial Statements included herein for further information regarding leases. In August 2018, the FASB issued Accounting Standards Update No. 2018-15, “ Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract,

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	The tables that follow present the disaggregated revenues for the periods indicated (in thousands): For the Three Months ended March 31, 2019 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 127,674 $ 120,110 $ 34,580 $ 282,364 Asset-based fees 81,808 — — 81,808 Non-recurring 5,291 1,325 593 7,209 Total $ 214,773 $ 121,435 $ 35,173 $ 371,381 For the Three Months ended March 31, 2018 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 113,205 $ 118,244 $ 29,367 $ 260,816 Asset-based fees 85,483 — — 85,483 Non-recurring 3,226 743 1,048 5,017 Total $ 201,914 $ 118,987 $ 30,415 $ 351,316
Schedule of Accounts Receivable and Deferred Revenue	Accounts receivable Deferred revenue Opening (12/31/2018) $ 473,433 $ 537,977 Closing (03/31/2019) 427,099 524,988 Increase/(decrease) $ (46,334 ) $ (12,989 )
Schedule of Remaining Performance Obligations	The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows: As of March 31, 2019 (in thousands) First 12-month period $ 293,968 Second 12-month period 173,545 Third 12-month period 63,478 Periods thereafter 36,860 Total $ 567,851

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The following table presents the computation of basic and diluted EPS: Three Months Ended March 31, 2019 2018 (in thousands, except per share data) Net income $ 178,192 $ 115,092 Basic weighted average common shares outstanding 84,253 90,075 Effect of dilutive securities: Stock options and restricted stock units 1,396 2,512 Diluted weighted average common shares outstanding 85,649 92,587 Earnings per basic common share $ 2.11 $ 1.28 Earnings per diluted common share $ 2.08 $ 1.24

Property, Equipment and Lease_2

Property, Equipment and Leasehold Improvements (Tables)	3 Months Ended
	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Schedule of Property, Equipment and Leasehold Improvements	Property, equipment and leasehold improvements consisted of the following as of the specified dates: As of March 31, December 31, 2019 2018 (in thousands) Computer & related equipment $ 203,145 $ 200,414 Furniture & fixtures 11,689 12,033 Leasehold improvements 52,418 53,429 Work-in-process 8,438 10,506 Subtotal 275,690 276,382 Accumulated depreciation and amortization (189,603 ) (185,505 ) Property, equipment and leasehold improvements, net $ 86,087 $ 90,877

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Reportable Segment	The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2018 $ 1,203,404 $ 290,976 $ 51,381 $ 1,545,761 Foreign exchange translation adjustment 743 — 457 1,200 Goodwill at March 31, 2019 $ 1,204,147 $ 290,976 $ 51,838 $ 1,546,961
Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets	The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of March 31, December 31, 2019 2018 (in thousands) Gross intangible assets: Customer relationships $ 356,699 $ 356,700 Trademarks/trade names 208,320 208,320 Technology/software 243,689 238,692 Proprietary data 28,627 28,627 Subtotal 837,335 832,339 Foreign exchange translation adjustment (8,576 ) (9,569 ) Total gross intangible assets $ 828,759 $ 822,770 Accumulated amortization: Customer relationships $ (215,319 ) $ (209,867 ) Trademarks/trade names (126,090 ) (123,345 ) Technology/software (202,120 ) (198,974 ) Proprietary data (12,647 ) (12,197 ) Subtotal (556,176 ) (544,383 ) Foreign exchange translation adjustment 1,993 2,416 Total accumulated amortization $ (554,183 ) $ (541,967 ) Net intangible assets: Customer relationships $ 141,380 $ 146,833 Trademarks/trade names 82,230 84,975 Technology/software 41,569 39,718 Proprietary data 15,980 16,430 Subtotal 281,159 287,956 Foreign exchange translation adjustment (6,583 ) (7,153 ) Total net intangible assets $ 274,576 $ 280,803
Estimated Amortization Expense for Remainder of 2019 and Succeeding Years	The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2019 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder 2019 $ 36,856 2020 47,731 2021 43,672 2022 36,921 2023 33,374 Thereafter 76,022 Total $ 274,576

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
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 presented in the following table: Principal amount outstanding at Carrying value at Carrying value at Fair Value at Fair Value at Maturity Date March 31, 2019 March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ 800,000 $ 793,348 $ 793,054 $ 829,576 $ 802,576 5.75% senior unsecured notes due 2025 August 15, 2025 800,000 793,277 793,016 840,368 807,088 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 495,084 494,916 503,725 475,520 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 494,679 494,516 530,720 489,745 Total debt $ 2,600,000 $ 2,576,388 $ 2,575,502 $ 2,704,389 $ 2,574,929

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Summary of Future Maturity of Lease Liabilities Under Operating Leases	Future minimum commitments for the Company’s operating leases accounted for in accordance with ASC Subtopic 842-10 in place as of March 31, 2019, the interest and other relevant line items in the Unaudited Condensed Consolidated Statement of Financial Condition are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases 2019 $ 20,656 2020 28,729 2021 26,427 2022 22,626 2023 22,149 After 2023 107,886 Total lease payments $ 228,473 Less: Interest (37,735 ) Present value of lease liabilities $ 190,738 Other accrued liabilities $ 22,251 Long-term operating lease liabilities $ 168,487 Future minimum commitments for the Company’s office leases accounted for in accordance with ASC Subtopic 840-10 in place as of December 31, 2018 were 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
Summary of Lease Term and Discount Rate Under Operating Leases	Lease term and discount rate for the Company’s operating leases in place as of March 31, 2019 are as follows: As of March 31, Lease Term and Discount Rate 2019 Weighted-average remaining lease term (years) Operating leases 10.04 Weighted-average discount rate Operating leases 3.51 %
Summary of Other Information Under Operating Leases	Other information for the Company’s operating leases in place for the three months ended March 31, 2019 are as follows: Three Months Ended Other Information March 31, (in thousands) 2019 Operating cash flows from operating leases $ 7,572 Leased assets obtained in exchange for new operating lease liabilities (1) $ 198,281 (1)

Shareholders' Equity (Deficit)

Shareholders' Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Company's Common Stock Repurchases Made on Open Market	The following table provides information with respect to repurchases of the Company’s common stock made on the open market: Three Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) March 31, 2019 $ 147.97 690 $ 102,081 March 31, 2018 $ 138.86 492 $ 68,345
Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred	The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed Deferred 2019 Three Months Ended March 31, $ 0.58 $ 55,339 $ 57,988 $ (2,649 ) Total $ 0.58 $ 55,339 $ 57,988 $ (2,649 ) 2018 Three Months Ended March 31, $ 0.38 $ 34,848 $ 34,900 $ (52 ) Total $ 0.38 $ 34,848 $ 34,900 $ (52 )
Summary of Activity Related to Shares of Common Stock Issued and Repurchased	The following table presents activity related to shares of common stock issued and repurchased during the three months ended March 31, 2019: Common Stock Treasury Common Stock Issued Stock Outstanding Balance At December 31, 2018 130,029,926 (45,855,788 ) 84,174,138 Dividend payable/paid 502 (158 ) 344 Common stock issued and exercise of stock options 2,234,596 — 2,234,596 Shares withheld for tax withholding and exercises — (1,044,186 ) (1,044,186 ) Shares repurchased under stock repurchase programs — (689,891 ) (689,891 ) Shares issued to directors — — — Balance At March 31, 2019 132,265,024 (47,590,023 ) 84,675,001

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Operating Revenue by Reportable Segment	The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Operating revenues Index $ 214,773 $ 201,914 Analytics 121,435 118,987 All Other 35,173 30,415 Total $ 371,381 $ 351,316
Segment Profitability and Reconciliation to Net Income	The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Index Adjusted EBITDA $ 152,211 $ 145,930 Analytics Adjusted EBITDA 36,398 33,593 All Other Adjusted EBITDA 9,098 7,186 Total operating segment profitability 197,707 186,709 2016 multi-year MSUs grant payroll tax expense 15,389 — Amortization of intangible assets 11,793 11,338 Depreciation and amortization of property, equipment and leasehold improvements 7,850 8,205 Operating income 162,675 167,166 Other expense (income), net 34,383 27,728 Provision for income taxes (49,900 ) 24,346 Net income $ 178,192 $ 115,092
Revenue by Geographic Area	Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Operating revenues Americas: United States $ 166,186 $ 164,835 Other 15,983 14,883 Total Americas 182,169 179,718 Europe, the Middle East and Africa ("EMEA"): United Kingdom 55,207 52,933 Other 76,635 72,687 Total EMEA 131,842 125,620 Asia & Australia: Japan 17,948 15,182 Other 39,422 30,796 Total Asia & Australia 57,370 45,978 Total $ 371,381 $ 351,316
Long-Lived Assets by Geographic Area	Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of March 31, December 31, 2019 2018 (in thousands) Long-lived assets Americas: United States $ 1,793,331 $ 1,803,321 Other 6,144 6,560 Total Americas 1,799,475 1,809,881 EMEA: United Kingdom 81,506 80,039 Other 19,028 19,369 Total EMEA 100,534 99,408 Asia & Australia: Japan 405 411 Other 7,210 7,741 Total Asia & Australia 7,615 8,152 Total $ 1,907,624 $ 1,917,441

Introduction and Basis of Pre_3

Introduction and Basis of Presentation - Additional Information (Detail) - Sales Revenue, Services, Net [Member] - Customer Concentration Risk [Member] - Customer	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Blackrock Inc [Member]
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer	11.60%	12.90%
Index [Member] | Blackrock Inc [Member]
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer	19.30%	22.10%
Analytics [Member]
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of operating revenues	0	0
All Other [Member]
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of operating revenues	0	0

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation Of Revenue [Line Items]
Operating revenues	$ 371,381	$ 351,316
Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	214,773	201,914
Analytics [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	121,435	118,987
All Other [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	35,173	30,415
Recurring Subscriptions [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	282,364	260,816
Recurring Subscriptions [Member] | Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	127,674	113,205
Recurring Subscriptions [Member] | Analytics [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	120,110	118,244
Recurring Subscriptions [Member] | All Other [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	34,580	29,367
Asset-based Fees [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	81,808	85,483
Asset-based Fees [Member] | Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	81,808	85,483
Non-recurring [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	7,209	5,017
Non-recurring [Member] | Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	5,291	3,226
Non-recurring [Member] | Analytics [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	1,325	743
Non-recurring [Member] | All Other [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	$ 593	$ 1,048

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Accounts Receivable and Deferred Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Revenue From Contract With Customer [Abstract]
Accounts receivable, balance	$ 427,099	$ 473,433
Accounts receivable, Increase/(decrease)	(46,334)
Deferred revenue	524,988	$ 537,977
Deferred revenue, Increase/(decrease)	$ (12,989)

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Revenue From Contract With Customer [Abstract]
Revenue recognized during period included in deferred revenue	$ 168.6
Revenue, performance obligations and revenue recognition, description	For contracts that have a duration of one year or less, 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.

Revenue Recognition - Schedul_2

Revenue Recognition - Schedule of Remaining Performance Obligations (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Revenue Recognition [Line Items]
Remaining performance obligations	$ 567,851
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01
Revenue Recognition [Line Items]
Remaining performance obligations	293,968
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Recognition [Line Items]
Remaining performance obligations	173,545
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Recognition [Line Items]
Remaining performance obligations	63,478
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Recognition [Line Items]
Remaining performance obligations	$ 36,860

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Remaining Performance Obligations (Detail 1) $ in Thousands	Mar. 31, 2019USD ($)
Revenue From Contract With Customer [Abstract]
Remaining performance obligations	$ 567,851

Revenue Recognition - Schedul_4

Revenue Recognition - Schedule of Remaining Performance Obligations (Parenthetical) (Detail)	Mar. 31, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-04-01
Revenue Recognition [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Recognition [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Recognition [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Net income	$ 178,192	$ 115,092
Basic weighted average common shares outstanding	84,253	90,075
Effect of dilutive securities:
Stock options and restricted stock units	1,396	2,512
Diluted weighted average common shares outstanding	85,649	92,587
Earnings per basic common share	$ 2.11	$ 1.28
Earnings per diluted common share	$ 2.08	$ 1.24

Property, Equipment and Lease_3

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Property Plant And Equipment [Abstract]
Computer & related equipment	$ 203,145	$ 200,414
Furniture & fixtures	11,689	12,033
Leasehold improvements	52,418	53,429
Work-in-process	8,438	10,506
Subtotal	275,690	276,382
Accumulated depreciation and amortization	(189,603)	(185,505)
Property, equipment and leasehold improvements, net	$ 86,087	$ 90,877

Property, Equipment and Lease_4

Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Property Plant And Equipment [Abstract]
Depreciation and amortization of property, equipment and leasehold improvements	$ 7,850	$ 8,205

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Goodwill [Line Items]
Goodwill, Beginning balance	$ 1,545,761
Foreign exchange translation adjustment	1,200
Goodwill, Ending balance	1,546,961
Index [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	1,203,404
Foreign exchange translation adjustment	743
Goodwill, Ending balance	1,204,147
Analytics [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	290,976
Goodwill, Ending balance	290,976
All Other [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	51,381
Foreign exchange translation adjustment	457
Goodwill, Ending balance	$ 51,838

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Goodwill [Line Items]
Amortization of intangible assets	$ 11,793	$ 11,338
Acquired Intangible Assets [Member]
Goodwill [Line Items]
Amortization of intangible assets	8,700	9,200
Capitalized Software [Member]
Goodwill [Line Items]
Amortization of intangible assets	$ 3,100	$ 2,100

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	$ 837,335	$ 832,339
Foreign exchange translation adjustment	(8,576)	(9,569)
Gross carrying value	828,759	822,770
Accumulated amortization excluding foreign exchange translation adjustment	(556,176)	(544,383)
Foreign exchange translation adjustment	1,993	2,416
Accumulated amortization	(554,183)	(541,967)
Net carrying value excluding foreign exchange translation adjustment	281,159	287,956
Foreign exchange translation adjustment	(6,583)	(7,153)
Net carrying value	274,576	280,803
Customer Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	356,699	356,700
Accumulated amortization excluding foreign exchange translation adjustment	(215,319)	(209,867)
Net carrying value excluding foreign exchange translation adjustment	141,380	146,833
Trademarks/Trade Names [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	208,320	208,320
Accumulated amortization excluding foreign exchange translation adjustment	(126,090)	(123,345)
Net carrying value excluding foreign exchange translation adjustment	82,230	84,975
Technology/Software [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	243,689	238,692
Accumulated amortization excluding foreign exchange translation adjustment	(202,120)	(198,974)
Net carrying value excluding foreign exchange translation adjustment	41,569	39,718
Proprietary Data [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	28,627	28,627
Accumulated amortization excluding foreign exchange translation adjustment	(12,647)	(12,197)
Net carrying value excluding foreign exchange translation adjustment	$ 15,980	$ 16,430

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Estimated Amortization Expense for Remainder of 2019 and Succeeding Years (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder 2019	$ 36,856
2020	47,731
2021	43,672
2022	36,921
2023	33,374
Thereafter	76,022
Net carrying value	$ 274,576	$ 280,803

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	May 15, 2018	Aug. 04, 2016	Mar. 31, 2019	Nov. 20, 2014
Schedule Of Commitments And Contingencies [Line Items]
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			1,300,000
Long-term Debt [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees			$ 23,600,000
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
Debt instrument interest rate			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%
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			$ 25,300,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Senior Unsecured Notes (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal amount outstanding	$ 2,600,000,000
Carrying value	2,576,388,000	$ 2,575,502,000
Fair Value	$ 2,704,389,000	2,574,929,000
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	793,348,000	793,054,000
Fair Value	$ 829,576,000	802,576,000
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	793,277,000	793,016,000
Fair Value	$ 840,368,000	807,088,000
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	495,084,000	494,916,000
Fair Value	$ 503,725,000	475,520,000
5.375% Senior Unsecured Notes Due 2027 [Member]
Debt Instrument [Line Items]
Maturity Date	May 15, 2027
Principal amount outstanding	$ 500,000,000
Carrying value	494,679,000	494,516,000
Fair Value	$ 530,720,000	$ 489,745,000

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Senior Unsecured Notes (Parenthetical) (Detail)	Mar. 31, 2019
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%

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lessee Lease Description [Line Items]
Operating lease, existence of option to extend	true
Operating lease, options to extend	Some of these leases have options to extend which, if exercised, would extend the maximum term to approximately 24 years.
Operating lease, existence of option to terminate	true
Operating lease, options to terminate	Some of the leases also provide for early termination, the exercise of which would shorten the term of those leases by up to 5 years.
Operating lease, expense	$ 7.3
Rent expense for office space		$ 6.3
Maximum [Member]
Lessee Lease Description [Line Items]
Operating lease, remaining lease terms	14 years
Operating lease, extended term	24 years
Operating lease, early termination term	8 years

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Commitments Under Operating Leases with ASC 842 (Detail) $ in Thousands	Mar. 31, 2019USD ($)
Maturity of Lease Liabilities
2019	$ 20,656
2020	28,729
2021	26,427
2022	22,626
2023	22,149
After 2023	107,886
Total lease payments	228,473
Less: Interest	(37,735)
Present value of lease liabilities	190,738
Other accrued liabilities	$ 22,251
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent
Long-term operating lease liabilities	$ 168,487

Leases - Summary of Future Mi_2

Leases - Summary of Future Minimum Commitments Under Operating Leases with ASC 840 (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 25,868
2020	24,619
2021	23,452
2022	21,832
2023	21,818
Thereafter	107,800
Total	$ 225,389

Leases - Summary of Lease Term

Leases - Summary of Lease Term and Discount Rate Under Operating Lease (Detail)	Mar. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term (years), Operating leases	10 years 14 days
Weighted-average discount rate, Operating leases	3.51%

Leases - Summary of Other Infor

Leases - Summary of Other Information Under Operating Lease (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 7,572
Leased assets obtained in exchange for new operating lease liabilities(1)	$ 198,281

Leases - Summary of Other Inf_2

Leases - Summary of Other Information Under Operating Lease (Parenthetical) (Detail) - USD ($) $ in Thousands	Jan. 01, 2019	Mar. 31, 2019
Lessee Lease Description [Line Items]
Leased assets obtained in exchange for new operating lease liabilities(1)		$ 198,281
Restatement Adjustment [Member] | ASU 842 [Member]
Lessee Lease Description [Line Items]
Leased assets obtained in exchange for new operating lease liabilities(1)	$ 197,500

Shareholders' Equity (Deficit_2

Shareholders' Equity (Deficit) - Additional Information (Detail) - USD ($)	Mar. 31, 2019	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]
Stock repurchase program, remaining authorized repurchase amount	$ 706,100,000
Repurchase program authorizing the additional purchase of shares		$ 1,000,000,000

Shareholders' Equity (Deficit_3

Shareholders' Equity (Deficit) - Schedule of Company's Common Stock Repurchases Made on Open Market (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased	$ 102,081	$ 68,345
Open Market Purchases of Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Average Price Paid Per Share	$ 147.97	$ 138.86
Total Number of Shares Repurchased	690	492
Dollar Value of Shares Repurchased	$ 102,081	$ 68,345

Shareholders' Equity (Deficit_4

Shareholders' Equity (Deficit) - Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement Of Stockholders Equity [Abstract]
Dividend declared per common share	$ 0.58	$ 0.38
Cash dividends declared, Amount	$ 55,339	$ 34,848
Cash dividends distributed, Amount	57,988	34,900
Cash dividends deferred, Amount	$ (2,649)	$ (52)

Shareholders' Equity (Deficit_5

Shareholders' Equity (Deficit) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail)	3 Months Ended
	Mar. 31, 2019shares
Common Stock Issued [Member]
Common Stock Outstanding [Line Items]
Beginning balance	130,029,926
Dividend payable/paid	502
Common stock issued and exercise of stock options	2,234,596
Ending balance	132,265,024
Treasury Stock [Member]
Common Stock Outstanding [Line Items]
Beginning balance	(45,855,788)
Dividend payable/paid	(158)
Shares withheld for tax withholding and exercises	(1,044,186)
Shares repurchased under stock repurchase programs	(689,891)
Ending balance	(47,590,023)
Common Stock Outstanding [Member]
Common Stock Outstanding [Line Items]
Beginning balance	84,174,138
Dividend payable/paid	344
Common stock issued and exercise of stock options	2,234,596
Shares withheld for tax withholding and exercises	(1,044,186)
Shares repurchased under stock repurchase programs	(689,891)
Ending balance	84,675,001

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Examination [Line Items]
Provision for income taxes	$ (49,900)	$ 24,346
Effective tax rate	(38.90%)	17.50%
Amounts effect on effective tax rate	$ 77,800	$ 7,900
Net adjustment benefit		1,600
Significant change in unrecognized tax benefits, reasonably possible	It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months.
Significant change in unrecognized tax benefits, not possible	At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months.
Minimum [Member]
Income Tax Examination [Line Items]
Tax years under examination	2006
Maximum [Member]
Income Tax Examination [Line Items]
Tax years under examination	2017
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	2007
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	2008
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination	2006
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination	2008
2016 Multi-year MSUs
Income Tax Examination [Line Items]
Excess tax benefit recognized upon vesting of restricted stock unit	$ 66,600
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
Income Tax Examination [Line Items]
Amount of excess tax benefits recognition	$ 9,800	$ 7,500

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019Segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Operating

Segment Information - Operating Revenue by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 371,381	$ 351,316
Index [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	214,773	201,914
Analytics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	121,435	118,987
All Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 35,173	$ 30,415

Segment Information - Segment P

Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 197,707	$ 186,709
2016 multi-year MSUs grant payroll tax expense	15,389
Amortization of intangible assets	11,793	11,338
Depreciation and amortization of property, equipment and leasehold improvements	7,850	8,205
Operating income	162,675	167,166
Other expense (income), net	34,383	27,728
Provision for income taxes	(49,900)	24,346
Net income	178,192	115,092
Index [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	152,211	145,930
Analytics [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	36,398	33,593
All Other [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 9,098	$ 7,186

Segment Information - Revenue b

Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 371,381	$ 351,316
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	166,186	164,835
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	15,983	14,883
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	182,169	179,718
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	55,207	52,933
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	76,635	72,687
Europe, the Middle East and Africa ("EMEA") [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	131,842	125,620
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	17,948	15,182
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	39,422	30,796
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 57,370	$ 45,978

Segment Information - Long-Live

Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,907,624	$ 1,917,441
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,793,331	1,803,321
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	6,144	6,560
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,799,475	1,809,881
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	81,506	80,039
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	19,028	19,369
Total EMEA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	100,534	99,408
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	405	411
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	7,210	7,741
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 7,615	$ 8,152

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	May 01, 2019	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event [Line Items]
Quarterly dividend declared		$ 0.58	$ 0.38
Subsequent Events [Member]
Subsequent Event [Line Items]
Quarterly dividend declared	$ 0.58
Quarterly dividend declared date	May 1, 2019
Quarterly dividend payable date	May 31, 2019
Quarterly dividend record date	May 17, 2019