Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 11, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MSCI | ||
Entity Registrant Name | MSCI INC. | ||
Entity Central Index Key | 0001408198 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 84,808,104 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity File Number | 001-33812 | ||
Entity Tax Identification Number | 13-4038723 | ||
Entity Address, Address Line One | 7 World Trade Center | ||
Entity Address, Address Line Two | 250 Greenwich Street, 49th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10007 | ||
City Area Code | 212 | ||
Local Phone Number | 804-3900 | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation, State or Country Code | DE | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 19,627,001,148 | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement for its annual meeting of stockholders, to be held on April 28, 2020, are incorporated herein by reference into Part III of this Form 10-K. |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,506,567 | $ 904,176 |
Accounts receivable, net of allowances | 499,268 | 473,433 |
Prepaid income taxes | 31,590 | 19,273 |
Prepaid and other assets | 44,352 | 38,207 |
Total current assets | 2,081,777 | 1,435,089 |
Property, equipment and leasehold improvements, net | 90,708 | 90,877 |
Right of use assets | 166,406 | |
Goodwill | 1,562,868 | 1,545,761 |
Intangible assets, net | 261,487 | 280,803 |
Deferred tax assets | 20,911 | 14,903 |
Other non-current assets | 20,282 | 20,519 |
Total assets | 4,204,439 | 3,387,952 |
Current liabilities: | ||
Accounts payable | 6,498 | 3,892 |
Income taxes payable | 14,210 | 16,253 |
Accrued compensation and related benefits | 166,273 | 137,045 |
Other accrued liabilities | 139,149 | 113,841 |
Deferred revenue | 574,656 | 537,977 |
Total current liabilities | 900,786 | 809,008 |
Long-term debt | 3,071,926 | 2,575,502 |
Long-term operating lease liabilities | 164,144 | |
Deferred tax liabilities | 66,639 | 82,008 |
Other non-current liabilities | 77,658 | 87,928 |
Total liabilities | 4,281,153 | 3,554,446 |
Commitments and Contingencies (see Note 5 and Note 9) | ||
Shareholders' equity (deficit): | ||
Preferred Stock (par value $0.01, 100,000,000 shares authorized, no shares issued) | ||
Common stock (par value $0.01; 750,000,000 common shares authorized; 132,419,412 and 130,029,926 common shares issued and 84,794,930 and 84,174,138 common shares outstanding at December 31, 2019 and December 31, 2018, respectively) | 1,324 | 1,300 |
Treasury shares, at cost (47,624,482 and 45,855,788 common shares held at December 31, 2019 and December 31, 2018, respectively) | (3,565,784) | (3,272,774) |
Additional paid-in capital | 1,351,031 | 1,306,428 |
Retained earnings | 2,199,294 | 1,856,951 |
Accumulated other comprehensive loss | (62,579) | (58,399) |
Total shareholders' equity (deficit) | (76,714) | (166,494) |
Total liabilities and shareholders' equity (deficit) | $ 4,204,439 | $ 3,387,952 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
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 | 132,419,412 | 130,029,926 |
Common stock, shares outstanding | 84,794,930 | 84,174,138 |
Treasury shares | 47,624,482 | 45,855,788 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||||||
Operating revenues | $ 406,606 | $ 394,251 | $ 385,558 | $ 371,381 | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 1,557,796 | $ 1,433,984 | $ 1,274,172 |
Operating expenses: | |||||||||||
Cost of revenues | 70,154 | 70,486 | 71,975 | 82,346 | 73,757 | 70,906 | 71,368 | 71,304 | 294,961 | 287,335 | 273,681 |
Selling and marketing | 59,486 | 52,107 | 51,657 | 56,048 | 52,949 | 46,149 | 47,416 | 46,409 | 219,298 | 192,923 | 177,121 |
Research and development | 27,100 | 24,310 | 23,752 | 23,172 | 20,312 | 20,591 | 19,801 | 20,707 | 98,334 | 81,411 | 75,849 |
General and administrative | 29,659 | 26,559 | 26,378 | 27,497 | 24,908 | 24,751 | 24,036 | 26,187 | 110,093 | 99,882 | 87,764 |
Amortization of intangible assets | 13,243 | 12,361 | 12,013 | 11,793 | 11,633 | 11,681 | 19,537 | 11,338 | 49,410 | 54,189 | 44,547 |
Depreciation and amortization of property, equipment and leasehold improvements | 7,535 | 7,209 | 7,405 | 7,850 | 8,311 | 7,453 | 7,377 | 8,205 | 29,999 | 31,346 | 35,440 |
Total operating expenses | 207,177 | 193,032 | 193,180 | 208,706 | 191,870 | 181,531 | 189,535 | 184,150 | 802,095 | 747,086 | 694,402 |
Operating income | 199,429 | 201,219 | 192,378 | 162,675 | 169,818 | 176,403 | 173,511 | 167,166 | 755,701 | 686,898 | 579,770 |
Interest income | (5,299) | (3,673) | (3,345) | (4,086) | (6,096) | (6,522) | (4,281) | (2,770) | (16,403) | (19,669) | (6,314) |
Interest expense | 40,289 | 35,922 | 35,915 | 35,915 | 35,891 | 35,902 | 31,761 | 29,560 | 148,041 | 133,114 | 116,098 |
Other expense (income) | 17,906 | 222 | 63 | 2,554 | (47,266) | 177 | (10,292) | 938 | 20,745 | (56,443) | 3,087 |
Other expense (income), net | 52,896 | 32,471 | 32,633 | 34,383 | (17,471) | 29,557 | 17,188 | 27,728 | 152,383 | 57,002 | 112,871 |
Income before provision for income taxes | 146,533 | 168,748 | 159,745 | 128,292 | 187,289 | 146,846 | 156,323 | 139,438 | 603,318 | 629,896 | 466,899 |
Provision for income taxes | 23,750 | 31,765 | 34,055 | (49,900) | 35,157 | 23,014 | 39,494 | 24,346 | 39,670 | 122,011 | 162,927 |
Net income | $ 122,783 | $ 136,983 | $ 125,690 | $ 178,192 | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | $ 563,648 | $ 507,885 | $ 303,972 |
Earnings per basic common share | $ 1.45 | $ 1.62 | $ 1.48 | $ 2.11 | $ 1.75 | $ 1.39 | $ 1.31 | $ 1.28 | $ 6.66 | $ 5.83 | $ 3.36 |
Earnings per diluted common share | $ 1.44 | $ 1.60 | $ 1.47 | $ 2.08 | $ 1.70 | $ 1.36 | $ 1.28 | $ 1.24 | $ 6.59 | $ 5.66 | $ 3.31 |
Weighted average shares outstanding used in computing earnings per share: | |||||||||||
Basic | 84,802 | 84,765 | 84,750 | 84,253 | 86,968 | 88,796 | 89,112 | 90,075 | 84,644 | 87,179 | 90,336 |
Diluted | 85,546 | 85,550 | 85,393 | 85,649 | 89,495 | 91,372 | 91,586 | 92,587 | 85,536 | 89,701 | 91,914 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 563,648 | $ 507,885 | $ 303,972 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 2,037 | (14,113) | 13,358 |
Income tax effect | (776) | ||
Foreign currency translation adjustments, net | 1,261 | (14,113) | 13,358 |
Pension and other post-retirement adjustments | (6,477) | 2,351 | (525) |
Income tax effect | 1,036 | (227) | (445) |
Pension and other post-retirement adjustments, net | (5,441) | 2,124 | (970) |
Net investment hedge adjustments | 1,937 | ||
Net investment hedge adjustments, net | 1,937 | ||
Other comprehensive (loss) income, net of tax | (4,180) | (10,052) | 12,388 |
Comprehensive income | $ 559,468 | $ 497,833 | $ 316,360 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2016 | $ 317,605 | $ 1,290 | $ (2,170,739) | $ 1,225,565 | $ 1,322,224 | $ (60,735) |
Net income | 303,972 | 303,972 | ||||
Dividends | (120,972) | 20 | (120,992) | |||
Other comprehensive income (loss), net of tax | 12,388 | 12,388 | ||||
Common stock issued | 4 | 4 | ||||
Compensation payable in common stock and options | 36,572 | 36,572 | ||||
Common stock repurchased and held in treasury | (150,461) | (150,461) | ||||
Common stock issued to directors and held in treasury | (731) | (789) | 58 | |||
Exercise of stock options | 2,635 | 1 | 2,634 | |||
Balance at Dec. 31, 2017 | 401,012 | 1,295 | (2,321,989) | 1,264,849 | 1,505,204 | (48,347) |
Net income | 507,885 | 507,885 | ||||
ASC Topic 606 Retained Earnings Adjustment | Accounting Standards Update 2014-09 [Member] | 16,135 | 16,135 | ||||
Dividends | (172,231) | (77) | 119 | (172,273) | ||
Other comprehensive income (loss), net of tax | (10,052) | (10,052) | ||||
Common stock issued | 5 | 5 | ||||
Compensation payable in common stock and options | 40,838 | 40,838 | ||||
Common stock repurchased and held in treasury | (949,888) | (949,888) | ||||
Common stock issued to directors and held in treasury | (803) | (820) | 17 | |||
Exercise of stock options | 605 | 605 | ||||
Balance at Dec. 31, 2018 | (166,494) | 1,300 | (3,272,774) | 1,306,428 | 1,856,951 | (58,399) |
Net income | 563,648 | 563,648 | ||||
Dividends | (221,075) | 230 | (221,305) | |||
Other comprehensive income (loss), net of tax | (4,180) | (4,180) | ||||
Common stock issued | 23 | 23 | ||||
Compensation payable in common stock and options | 41,138 | 41,138 | ||||
Common stock repurchased and held in treasury | (292,075) | (292,075) | ||||
Common stock issued to directors and held in treasury | (935) | (935) | ||||
Exercise of stock options | 3,236 | 1 | 3,235 | |||
Balance at Dec. 31, 2019 | $ (76,714) | $ 1,324 | $ (3,565,784) | $ 1,351,031 | $ 2,199,294 | $ (62,579) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||||||||||||||
Dividends per common share | $ 0.68 | $ 0.68 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.28 | $ 0.28 | $ 2.52 | $ 1.92 | $ 1.32 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash flows from operating activities | |||
Net income | $ 563,648 | $ 507,885 | $ 303,972 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of intangible assets | 49,410 | 54,189 | 44,547 |
Stock-based compensation expense | 41,199 | 38,897 | 36,576 |
Depreciation and amortization of property, equipment and leasehold improvements | 29,999 | 31,346 | 35,440 |
Non-cash operating lease expense | 22,489 | ||
Amortization of debt origination fees | 4,073 | 3,715 | 3,396 |
Loss on extinguishment of debt | 16,794 | ||
Deferred taxes | (20,767) | (780) | (18,902) |
Gain on divestitures, net of costs | (61,402) | ||
Other non-cash adjustments | 1,093 | (188) | 704 |
Changes in assets and liabilities, net of the effect of acquisitions and dispositions: | |||
Accounts receivable | (25,923) | (153,942) | (105,593) |
Prepaid income taxes | (13,200) | (4,069) | (3,069) |
Prepaid and other assets | (7,698) | (2,015) | (4,470) |
Accounts payable | 2,584 | 2,300 | 1,027 |
Accrued compensation and related benefits | 25,217 | 8,532 | 8,659 |
Income taxes payable | (2,240) | (2,890) | |
Other accrued liabilities | 3,664 | 29,096 | 15,933 |
Deferred revenue | 35,366 | 185,077 | 38,555 |
Long-term operating lease liabilities | (20,244) | ||
Other | 4,059 | (22,989) | 47,383 |
Net cash provided by operating activities | 709,523 | 612,762 | 404,158 |
Cash flows from investing activities | |||
Capital expenditures | (29,116) | (30,257) | (33,177) |
Capitalized software development costs | (24,654) | (18,704) | (15,640) |
Acquisitions, net of cash acquired | (18,177) | ||
Proceeds from the sale of capital equipment | 10 | 10 | |
Proceeds from divestitures | 83,825 | ||
Proceeds from sales of investments | 771 | ||
Net cash (used in) provided by investing activities | (71,937) | 34,874 | (48,046) |
Cash flows from financing activities | |||
Proceeds from borrowing | 1,000,000 | 500,000 | |
Repayment of long-term debt | (513,125) | ||
Proceeds from exercise of stock options | 3,236 | 605 | 2,635 |
Repurchase of common stock held in treasury | (292,075) | (949,888) | (150,461) |
Payment of dividends | (222,922) | (170,938) | (119,717) |
Payment of debt issuance costs in connection with debt | (11,781) | (6,262) | |
Net cash used in financing activities | (36,667) | (626,483) | (267,543) |
Effect of exchange rate changes | 1,472 | (6,479) | 9,099 |
Net increase in cash | 602,391 | 14,674 | 97,668 |
Cash and cash equivalents, beginning of period | 904,176 | 889,502 | 791,834 |
Cash and cash equivalents, end of period | 1,506,567 | 904,176 | 889,502 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 141,484 | 125,986 | 112,502 |
Cash paid for income taxes, net of refunds received | 72,935 | 143,215 | 128,727 |
Supplemental disclosure of non-cash investing activities | |||
Property, equipment and leasehold improvements in other accrued liabilities | 3,690 | 2,999 | 4,588 |
Supplemental disclosure of non-cash financing activities | |||
Cash dividends declared, but not yet paid | $ 1,039 | $ 862 | $ 1,197 |
Introduction and Basis of Prese
Introduction and Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Introduction and Basis of Presentation | 1. INTRODUCTION AND BASIS OF PRESENTATION Organization MSCI Inc., together with its wholly-owned subsidiaries (the “Company” or “MSCI”) provides critical decision support tools and services that bring greater transparency to the global financial markets. MSCI is dynamic and flexible in the delivery of content and capabilities, such as indexes; portfolio construction tools and risk-management services; environmental, social and governance (“ESG”) research and ratings; and real estate benchmarks, return analytics services and market insights; much of which can be accessed by clients through multiple channels and platforms. Basis of Presentation The consolidated financial statements and accompanying notes to financial statements, which include the accounts of MSCI Inc. and its wholly-owned subsidiaries, are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Significant Accounting Policies Basis of Financial Statements and Use of Estimates GAAP requires the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, impairment of long-lived assets, accrued compensation, income taxes and other matters that affect the consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation. Revenue Recognition MSCI adopted the new revenue standard set forth under Accounting Standards Codification Topic 606 “ Revenue from Contracts with Customers, Revenue Recognition, Performance Obligations and Transaction Price For revenue arrangements containing multiple products or services, the Company accounts for the individual products or services as a separate performance obligation if they are distinct., A product or service is distinct if a client can benefit from it either on its own or together with other resources that are readily available to the client, and the Company’s promise to transfer the product or service to the client is separately identifiable from other promises in the contract. If both criteria are not met, the promised products or services are accounted for as a combined performance obligation. A transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring products or services to the customer in general. The Company allocates the transaction price to each performance obligation identified in the contract based on the best estimate of a relative standalone selling price of each distinct product or service in the contract. To allocate the transaction price to each performance obligation on a relative standalone selling price basis, the Company determines the standalone selling price at contract inception of the distinct product or service underlying each performance obligation in proportion to the standalone selling prices. This standalone selling price may be the contract price but is more often than not the best estimate of the price the Company would receive for selling the product or service separately in similar circumstances and to other similar customers. A client can receive a discount for purchasing a bundle of products or services if the sum of the standalone selling price of those promised products or services in the contract exceeds the promised consideration in the contract. In general, the discounts apply proportionally to all performance obligations in the contract. For services where the transaction price is variable based upon assets under management (“AUM”), volume of trades, fee levels or number of investments linked to MSCI’s indexes, the transaction price is based upon pricing models and is not allocated at the inception of the contract but rather falls within the sales and usage-based royalty exception under which the price and associated revenue are based upon actual known performance or best estimates of actual performance during the performance period. Revenue is recognized when a customer obtains control of promised products or services in an amount that reflects the consideration the entity expects to receive in exchange for those products or services. Revenue is recognized exclusive of any applicable sales or other indirect taxes. Determining when control has transferred can sometimes require management’s judgement (e.g., implementation services), which could affect the timing of revenue recognition. The Company has determined that the above methods provide a faithful depiction of the transfer of control of products or services to the customer. Disaggregation of Revenue Revenues are characterized by type, which broadly reflects the nature of how they are recognized or earned. Our revenue types are recurring subscription, asset-based fees and non-recurring revenues. We also group our revenues by segment. Revenues By Type Recurring subscription revenues represent fees earned from clients primarily under renewable contracts or agreements and are generally paid annually or quarterly in advance and recognized in most cases ratably over the term of the license or service pursuant to the contract terms. Revenues from subscription agreements for the receipt of periodic benchmark reports, digests and other publications, which are most often associated with our real estate offerings, are generally billed and recognized upon delivery of such reports or data updates. Asset-based fees are principally recognized based on the estimated AUM linked to our indexes from independent third-party sources or the most recently reported information provided by the client. Asset-based fees also include revenues related to futures and options contracts linked to our indexes, which are primarily based on trading volumes and fee levels. Asset-based fees are generally variable based upon AUM or the volume of trades or fee levels and are generally billed quarterly in arrears. Non-recurring revenues primarily represent fees earned on products and services where we do not have renewal contracts and primarily include revenues for providing customized reports, historical data sets, certain derivative financial products and certain implementation and consulting services, as well as revenues from particular products and services that are purchased on a non-renewal basis. Based on the nature of the services provided, non-recurring revenues are generally billed upon delivery and recognized upon delivery or over the service period. Revenues By Segment For products within the Index segment, with respect to index data subscriptions, MSCI’s performance obligation to deliver the data is satisfied over time and, accordingly, revenue is recognized ratably over the term of the agreement pursuant to the contract terms. With respect to licenses to create index-linked investment products, such as ETFs, passively managed funds, or licenses which allow certain exchanges to use MSCI’s indexes as the basis for futures and options contracts, MSCI’s performance obligation allows customers to use the Company’s intellectual property (e.g., the indexes) as the basis of the funds or other investment products the customers create over the term of the agreement. The fees earned for these rights are typically variable, in which case they are accrued under the sales and usage-based royalty exception pursuant to the level of performance achieved, which is measured based on AUM, volume of trades or other factors. The level of performance achieved is based on information obtained from independent third-party sources or best estimates taking into account the most recently reported information from the client. For products within the Analytics segment, MSCI’s performance obligations include providing access to its proprietary models or hosted applications and, in some cases, delivery of managed services, which are typically satisfied over time, and accordingly, revenue is recognized ratably over the term of the service period. For implementation services, MSCI meets its performance obligation once the implementation service is complete and the related service is available for the client to use and revenue is recognized at the point in time when the implementation service is completed. For products within the All Other segment, MSCI’s performance obligations with respect to its ESG products are satisfied over time for the majority of the data subscriptions as MSCI provides and updates the data to the customer throughout the term of the agreement and revenue is recognized ratably over the term of the agreement. For custom ESG research data, the performance obligation is typically complete, and revenue is recognized, at the point in time when the data is updated and available to the customer. MSCI’s Real Estate products primarily include periodic benchmark reports, Market Information and other publications. MSCI primarily satisfies its performance obligations, and revenue is recognized, at the point in time when the Company delivers reports or publications. For Market Information products, publications are delivered throughout the year, and the revenue is recognized over time. Share-Based Compensation Certain of the Company’s employees have received share-based compensation under various compensation programs. The Company’s compensation expense reflects the fair value method of accounting for share-based payments under ASC Subtopic 718-10, “ Compensation—Stock Compensation. The fair value of MSCI restricted stock units (“RSUs”) is measured using the price of MSCI’s common stock. Restricted stock units that are subject to the achievement of multi-year total shareholder return targets (“PSUs”) are performance awards with a market condition. The fair value of PSUs is determined using a Monte Carlo simulation model that creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms. From time to time, the Company awards restricted stock units subject to performance conditions that are not linked to a market condition but are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. The fair value of such awards is measured using the price of MSCI’s common stock. Research and Development The Company accounts for research and development costs in accordance with several accounting pronouncements, including ASC Subtopic 730-10, “ Research and Development Internal Use Software The Company applies the provisions of ASC Subtopic 350-40, “ Internal Use Software During the years ended December 31, 2019 and 2018, the Company capitalized $24.7 million and $18.7 million, respectively, of costs related to software developed for internal use in the Consolidated Statement of Financial Condition. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the related product, which is typically three to five years, beginning with the date the software is placed into service. Costs incurred in the preliminary and post-implementation stages of MSCI’s products are expensed as incurred. Income Taxes Provision for income taxes is provided for using the asset and liability method, under which deferred tax assets and deferred tax liabilities are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates. The Company elects to account for Global Intangible Low-Taxed Income (“GILTI”) in the year the tax is incurred. The Company recognizes interest and penalties related to income tax matters within “Provision for income taxes” in the Consolidated Statement of Income. The Company regularly evaluates the likelihood of additional assessments in each of the taxing jurisdictions in which it is required to file income tax returns. The Company has recorded additional tax expense related to open tax years, which the Company’s management believes is adequate in relation to the potential for assessments. These amounts have been recorded in “Other non-current liabilities” on the Consolidated Statement of Financial Condition. The Company’s management believes the resolution of tax matters will not have a material effect on the Company’s consolidated financial condition. However, to the extent the Company is required to pay amounts in excess of its reserves, a resolution could have a material impact on its Consolidated Statement of Income for a particular future period. In addition, an unfavorable tax settlement could require use of cash and result in an increase in the effective tax rate in the period in which such resolution occurs. Deferred Revenue Deferred revenues represent both cash received and the amounts billed to customers for products and services in advance of being provided or before the service period has begun. Deferred revenue is generally amortized ratably over the service period as the performance obligations are satisfied. Accounts Receivable The Company’s clients generally pay subscription fees annually or quarterly in advance. MSCI’s policy is to record to a receivable when a customer is billed. For products and services that are provided in advance of billing, such as for our asset-based fee products, unbilled revenue (or a “contract asset”) is included in Accounts Receivable on the Company’s Consolidated Statement of Financial Condition. Goodwill Goodwill is recorded as part of the Company’s acquisitions of businesses when the purchase price exceeds the fair value of the net tangible and separately identifiable intangible assets acquired. The Company’s goodwill is not amortized, but rather is subject to an impairment test each year, or more often if conditions indicate impairment may have occurred, pursuant to ASC Subtopic 350-10, “ Intangibles—Goodwill and Other The Company tests goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events and circumstances exist. The test for impairment is performed at the reporting unit level. Goodwill impairment is determined by comparing the fair value of a reporting unit with its carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. If the estimated fair value is below carrying value, an impairment charge will be recorded up to, but not more than, the total amount of goodwill allocated to the reporting unit. The Company completed its annual goodwill impairment test as of July 1, 2019 on its four reporting units, which are the same as its four operating segments. The Company performed a step zero, qualitative impairment test on each of its operating segments and determined that it was more likely than not that the fair value for each operating segment was not less than the carrying value for each. As the estimated fair value of the Company’s reporting units exceeded their carrying value on the testing dates, and there were no impairment triggers identified as part of interim assessments, no impairment of goodwill was recorded during the years ended December 31, 2019, 2018 and 2017. Intangible Assets The Company amortizes definite-lived intangible assets over their estimated useful lives. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company also reviews the useful lives on a quarterly basis to determine if the period of economic benefit has changed. If the carrying value of an intangible asset exceeds its fair value, an impairment charge would be recognized in an amount equal to the amount by which the carrying value of the intangible asset exceeds its fair value. events or changes in circumstances that would indicate that the carrying value of the definite-lived intangible assets may not be recoverable ended December 31, 2019, 2018 and 2017. During the year ended December 31, 2018 management decided to discontinue the use of the IPD trade name utilized by the Real Estate segment and has rebranded the segment to MSCI Real Estate. As a result, the remaining unamortized value of $7.9 million was written off. The Company had no indefinite-lived intangible assets. Foreign Currency Translation Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at year-end exchange rates, and income statement accounts are translated at weighted average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements, net of any related tax effects, are reflected in accumulated other comprehensive loss, a separate component of shareholders’ equity (deficit). Gains or losses resulting from foreign currency transactions incurred in currencies other than the local functional currency are included in non-operating “Other expense (income)” on the Consolidated Statement of Income. Derivative Instruments The Company manages foreign currency exchange rate risk through the use of derivative financial instruments comprised principally of forward contracts on foreign currency which are not designated as hedging instruments for accounting purposes. The objective of the derivative instruments is to minimize the income statement impact associated with assets and liabilities that are denominated in certain foreign currencies. Derivative instruments that do not qualify for hedge accounting are carried at fair value on the Consolidated Statement of Financial Condition with gains and losses recorded in the Consolidated Statement of Income in the period in which they are realized. Leases MSCI adopted the new leases standard set forth under Accounting Standards Codification Topic 842, “Leases,” or ASC Topic 842, as of January 1, 2019 using the optional transition method. 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 does not currently have any financing lease arrangements. 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 Consolidated Statement of Financial Condition. 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 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. Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and fixtures, computer and communications equipment and leasehold improvements are amortized using the straight-line method over the estimated useful life of the asset. Treasury Stock The Company holds repurchased shares of common stock as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity (deficit). Allowance for Doubtful Accounts The Company periodically reviews receivable balances and records an allowance on customer accounts when it is probable and estimable that a receivable will not be collected. The Company does not require collateral. Changes in the allowance for doubtful accounts from December 31, 2016 to December 31, 2019 were as follows: Amount (in Balance as of December 31, 2016 $ 1,035 Addition to provision 1,422 Amounts written off, net of recoveries (757 ) Balance as of December 31, 2017 $ 1,700 Reduction to provision (224 ) Amounts written off, net of recoveries (449 ) Balance as of December 31, 2018 $ 1,027 Addition to provision 1,024 Amounts written off, net of recoveries (336 ) Balance as of December 31, 2019 $ 1,715 Accrued Compensation A significant portion of the Company’s employee incentive compensation programs are discretionary. The Company makes significant estimates in determining its accrued compensation and benefits expenses. Accrued cash incentive estimates reflect an assessment of performance versus targets and other key performance indicators at the Company, operating segment and employee level. The Company also reviews compensation and benefits expenses throughout the year to determine how overall performance compares to management’s expectations. These and other factors, including historical performance, are taken into account in accruing discretionary cash compensation estimates quarterly. Concentrations For the years ended December 31, 2019, 2018 and 2017, BlackRock, Inc. accounted for 11.5%, 11.9%, and 11.5% of the Company’s consolidated operating revenues, respectively. For the years ended December 31, 2019, 2018 and 2017, BlackRock, Inc. accounted for 18.9%, 20.1% and 20.0%, respectively, of the Index segment’s operating revenues. No single customer accounted for 10.0% or more of operating revenues within the Analytics and All Other segments for the years ended December 31, 2019, 2018 and 2017. |
Recent Accounting Standards Upd
Recent Accounting Standards Updates | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Standards Updates | 2. RECENT ACCOUNTING STANDARDS UPDATES In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The FASB issued Accounting Standards Update No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief,” Financial Instruments-Credit Losses (Topic 326): Effective Dates,” “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” The Company will adopt ASU 2016-13 and the related clarifications effective January 1, 2020. The adoption will not have a material effect on the Company’s consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 3. REVENUE RECOGNITION MSCI’s revenues are characterized by product type, which broadly reflects the nature of how they are recognized. 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 Year Ended December 31, 2019 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 530,968 $ 486,282 $ 136,790 $ 1,154,040 Asset-based fees 361,927 — — 361,927 Non-recurring 28,042 10,643 3,144 41,829 Total $ 920,937 $ 496,925 $ 139,934 $ 1,557,796 For the Year Ended December 31, 2018 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 477,612 $ 474,334 $ 114,590 $ 1,066,536 Asset-based fees 336,565 — — 336,565 Non-recurring 21,298 5,605 3,980 30,883 Total $ 835,475 $ 479,939 $ 118,570 $ 1,433,984 The table that follows presents the change in accounts receivable and deferred revenue between the dates indicated (in thousands): Accounts receivable Deferred revenue Opening (1/1/2019) $ 473,433 $ 537,977 Closing (12/31/2019) 499,268 574,656 Increase/(decrease) $ 25,835 $ 36,679 Accounts receivable Deferred revenue Opening (1/1/2018) $ 473,400 $ 494,591 Closing (12/31/2018) 473,433 537,977 Increase/(decrease) $ 33 $ 43,386 The amount of revenue recognized in the period that was included in the opening current deferred revenue, which reflects the contract liability amounts, was $ 522.7 million and $ 478.8 million for the years ended December 31, 2019 and 2018 , respectively . The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in billings, partially offset by the amortization of deferred revenue to operating revenues . MSCI had an insignificant long-term deferred revenue balance as of December 31, 2019 reflected as a part of “Other non-current liabilities” on its Consolidated Statement of Financial Condition. For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows: As of December 31, 2019 (in thousands) First 12-month period $ 324,998 Second 12-month period 172,953 Third 12-month period 65,253 Periods thereafter 17,716 Total $ 580,920 |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 4. EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is computed by dividing income available to MSCI common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and vested restricted stock unit awards where recipients have satisfied either the explicit vesting terms or retirement-eligible requirements. Diluted EPS reflects the assumed conversion of all dilutive securities. The following table presents the computation of basic and diluted EPS: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands, except per share data) Net income $ 563,648 $ 507,885 $ 303,972 Basic weighted average common shares outstanding 84,644 87,179 90,336 Effect of dilutive securities: Stock options and restricted stock units 892 2,522 1,578 Diluted weighted average common shares outstanding 85,536 89,701 91,914 Earnings per basic common share $ 6.66 $ 5.83 $ 3.36 Earnings per diluted common share $ 6.59 $ 5.66 $ 3.31 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. COMMITMENTS AND CONTINGENCIES Legal matters. From time to time, the Company is party to various litigation matters incidental to the conduct of its business. The Company is not presently party to any legal proceedings the resolution of which the Company believes would have a material effect on its business, operating results, financial condition or cash flows. Senior Notes. The Company has an aggregate of $3,100.0 million of senior unsecured notes (collectively, the “Senior Notes”) outstanding at December 31, 2019, consisting of five discrete private placement offerings presented in the table below: Principal amount outstanding at Carrying value at Carrying value at Fair Value at Fair Value at Maturity Date December 31, 2019 December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ 300,000 $ 297,835 $ 793,054 $ 309,225 $ 802,576 5.75% senior unsecured notes due 2025 August 15, 2025 800,000 794,063 793,016 840,872 807,088 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 495,587 494,916 525,800 475,520 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 495,168 494,516 541,300 489,745 4.00% senior unsecured notes due 2029 November 15, 2029 1,000,000 989,273 — 1,018,820 — Total debt $ 3,100,000 $ 3,071,926 $ 2,575,502 $ 3,236,017 $ 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 $300.0 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. 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. 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. At any time prior to May 15, 2022, the Company may redeem all or part of the 2027 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2027 Senior Notes, together with accrued and unpaid interest, on or after May 15, 2022, at redemption prices set forth in the indenture governing the 2027 Senior Notes. At any time prior to May 15, 2021, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2027 Senior Notes, including any permitted additional notes, at a redemption price equal to 105.375% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. In November 2019, the Company issued $1,000.0 million aggregate principal amount of 4.000% senior unsecured notes due 2029 (the “2029 Senior Notes”) by completing a private placement offering of $500.0 million aggregate principal amount of the 2029 Senior Notes on November 7, 2019 with an add-on of $500.0 million aggregate principal amount of the 2029 Senior Notes on November 20, 2019. The Company used a portion of the net proceeds from the 2029 Senior Notes, together with available cash, for the pre-maturity r edemption of $500.0 million aggregate principal amount of its edemption The 2029 Senior Notes are scheduled to mature and be paid in full on November 15, 2029. At any time prior to November 15, 2024, the Company may redeem all or part of the 2029 Senior Notes 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 2029 Senior Notes, together with accrued and unpaid interest, on or after November 15, 2024, at redemption prices set forth in the indenture governing the 2029 Senior Notes. At any time prior to November 15, 2022, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2029 Senior Notes, including any permitted additional notes, at a redemption price equal to 104.000% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. Interest payments attributable to the 2024 Senior Notes, 2027 Senior Notes and 2029 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. The first interest payment attributable to the 2029 Senior Notes will occur on May 15, 2020. 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 one-year one-year In connection with the closings of the Senior Notes offerings and entry into the Revolving Credit Agreement and the First, Second and Third Amendments, the Company paid certain fees which, together with the existing fees related to prior credit facilities, are being amortized over their related lives. At December 31, 2019, $30.3 million of the deferred financing fees remain unamortized, of which $28.1 million is grouped and presented as part of “Long-term debt” on the Consolidated Statement of Financial Condition. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 6. LEASES For the years ended December 31, 2018 and 2017, 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 years ended December 31, 2018 and 2017 was $25.3 million and $24.2 million, respectively. On January 1, 2019, the Company adopted ASU 2016-02 “ Leases The Company’s leases have remaining lease terms of up to approximately 13 years. Some of these leases have options to extend which, if exercised, would extend the maximum term to approximately 23 years. 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. Future minimum commitments for the Company’s operating leases accounted for in accordance with ASC Subtopic 842-10 in place as of December 31, 2019, the interest and other relevant line items in the Consolidated Statement of Financial Condition are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases 2020 $ 28,162 2021 27,562 2022 23,801 2023 22,678 2024 17,231 Thereafter 101,782 Total lease payments $ 221,216 Less: Interest (34,928 ) Present value of lease liabilities $ 186,288 Other accrued liabilities $ 22,144 Long-term operating lease liabilities $ 164,144 Lease term and discount rate for the Company’s operating leases in place as of December 31, 2019 are as follows: As of December 31, Lease Term and Discount Rate 2019 Weighted-average remaining lease term (years) 9.69 Weighted-average discount rate 3.46 % Other information for the Company’s operating leases in place for the year ended December 31, 2019 are as follows: Year Ended Other Information December 31, (in thousands) 2019 Operating cash flows from operating leases $ 29,886 Leased assets obtained in exchange for new operating lease liabilities (1) $ 210,784 (1) Includes the adjustment upon adoption of ASU 2016-02 of $197.5 million for leases recorded on January 1, 2019. |
Property, Equipment and Leaseho
Property, Equipment and Leasehold Improvements | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Equipment and Leasehold Improvements | 7. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Property, equipment and leasehold improvements at December 31, 2019 and 2018 consisted of the following: As of Estimated December 31, December 31, Useful 2019 2018 (in thousands) Computer & related equipment 2 to 5 years $ 185,794 $ 200,414 Furniture & fixtures 7 years 12,478 12,033 Leasehold improvements 1 to 21 years 52,339 53,429 Work-in-process — 8,667 10,506 Subtotal 259,278 276,382 Accumulated depreciation and amortization (168,570 ) (185,505 ) Property, equipment and leasehold improvements, net $ 90,708 $ 90,877 Depreciation and amortization expense of property, equipment and leasehold improvements was $30.0 million, $31.3 million and $35.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 8. GOODWILL AND INTANGIBLE ASSETS Goodwill The change to the Company’s goodwill was as follows: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2017 $ 1,205,400 $ 302,611 $ 52,610 $ 1,560,621 Changes to goodwill — (11,635 ) (1) — (11,635 ) Foreign exchange translation adjustment (1,996 ) — (1,229 ) (3,225 ) Goodwill at December 31, 2018 $ 1,203,404 $ 290,976 $ 51,381 $ 1,545,761 Changes to goodwill — — 14,567 (2) 14,567 Foreign exchange translation adjustment 1,290 — 1,250 2,540 Goodwill at December 31, 2019 $ 1,204,694 $ 290,976 $ 67,198 $ 1,562,868 (1) (2) Intangible Assets Amortization expense related to intangible assets for the years ended December 31, 2019, 2018 and 2017 was $49.4 million, $54.2 million and $44.5 million, respectively. The amortization expense of acquired intangible assets for the years ended December 31, 2019, 2018 and 2017 was $34.8 million, $44.0 million and $39.2 million, respectively. The amortization expense of internally developed capitalized software for the years ended December 31, 2019, 2018 and 2017 was $14.6 million, $10.2 million and $5.4 million, respectively. During the year ended December 31, 2018 management decided to discontinue the use of the IPD trade name utilized by the Real Estate segment and has rebranded the segment to MSCI Real Estate. As a result, the remaining unamortized value associated with the trade name of $7.9 million was written off in that year. The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of Estimated December 31, December 31, Useful Lives 2019 2018 (in thousands) Gross intangible assets: Customer relationships 13 to 21 years $ 356,700 $ 356,700 Trademarks/trade names 10 to 21.5 years 207,300 208,320 Technology/software 3 to 8 years 263,719 238,692 Proprietary data 6 to 13 years 28,627 28,627 Subtotal 856,346 832,339 Foreign exchange translation adjustment (7,615 ) (9,569 ) Total gross intangible assets $ 848,731 $ 822,770 Accumulated amortization: Customer relationships $ (231,665 ) $ (209,867 ) Trademarks/trade names (133,305 ) (123,345 ) Technology/software (209,878 ) (198,974 ) Proprietary data (13,963 ) (12,197 ) Subtotal (588,811 ) (544,383 ) Foreign exchange translation adjustment 1,567 2,416 Total accumulated amortization $ (587,244 ) $ (541,967 ) Net intangible assets: Customer relationships $ 125,035 $ 146,833 Trademarks/trade names 73,995 84,975 Technology/software 53,841 39,718 Proprietary data 14,664 16,430 Subtotal 267,535 287,956 Foreign exchange translation adjustment (6,048 ) (7,153 ) Total net intangible assets $ 261,487 $ 280,803 Estimated amortization expense for succeeding years is presented below: Years Ending December 31, Amortization Expense (in thousands) 2020 $ 54,432 2021 50,368 2022 43,058 2023 34,731 2024 33,550 Thereafter 45,348 Total $ 261,487 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefits | 9. EMPLOYEE BENEFITS The Company sponsors a 401(k) plan for eligible U.S. employees and defined contribution and defined benefit pension plans that cover substantially all of its non-U.S. employees. For the years ended December 31, 2019, 2018 and 2017, costs relating to 401(k), pension and post-retirement benefit expenses were $24.0 million, $22.8 million and $22.5 million, respectively, which are included in various categories on the Company’s Consolidated Statements of Income. Amounts included in “Cost of revenues” for the years ended December 31, 2019, 2018 and 2017 were $9.4 million, $10.2 million and $10.3 million, respectively. Amounts included in “Selling and marketing” for the years ended December 31, 2019, 2018 and 2017 were $7.4 million, $6.9 million and $6.5 million, respectively. Amounts included in “Research and development” for the years ended December 31, 2019, 2018 and 2017 were $4.7 million, $3.8 million and $3.8 million, respectively. Amounts included in “General and administrative” for the years ended December 31, 2019, 2018 and 2017 were $1.8 million, $1.8 million and $1.3 million, respectively. Non-service-related pension costs included in “Other expense (income)” for the years ended December 31, 2019, 2018 and 2017 were not significant. 401(k) and Other Defined Contribution Plans. Eligible employees may participate in the MSCI 401(k) plan (or any other regional defined contribution plan sponsored by MSCI) immediately upon hire. Eligible employees receive 401(k) and other defined contribution plan matching contributions, which are subject to vesting and certain other limitations. The Company’s expenses associated with the 401(k) plan and other defined contribution plans for the years ended December 31, 2019, 2018 and 2017 were $19.9 million, $19.2 million and $18.6 million, respectively. Net Periodic Benefit Expense. Net periodic benefit expense incurred by the Company related to defined benefit pension plans was $4.1 million, $3.6 million and $3.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Company uses a measurement date of December 31 to calculate obligations under its pension and postretirement plans. As of December 31, 2019 and 2018, the Company carried a net liability of $30.4 million and $21.3 million, respectively, in “Other non-current liabilities” on the Consolidated Statement of Financial Condition related to its future pension obligations. The fair value of the defined benefit plan assets were $25.0 million and $21.7 million at December 31, 2019 and 2018, respectively. The Company’s retiree benefit plans include defined benefit plans for employees in Switzerland, as well as other countries where MSCI maintains an operating presence. Our Switzerland plans are government-mandated retirement funds that provide employees with a minimum investment return, which is determined annually by the Swiss government and was 1.00% in the years ended December 31, 2019 2019 2019 The discount rate for the Switzerland defined benefit pension plan was 0.30% as of December 31, 2019 and 1.00% as of December 31, 2018. The investment strategies of the non-U.S. defined benefit plans vary according to the plan provisions and local laws. The majority of the assets in the non-U.S. plans are in the Switzerland plans. The Switzerland plans are associated with an insured collective retirement foundation, whereby assets are held in trust and the assets are comingled with those of other participating companies. Investment decisions are made by a board of the collective retirement foundation, comprised of participating company representatives and representatives from the insurer. The overall strategy is to manage risk while maximizing total returns. |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity (Deficit) | 10. SHAREHOLDERS’ EQUITY (DEFICIT) This note reflects the share repurchases and related activity as well as share-based compensation activity recognized by the Company, for all periods referenced. Return of capital On October 26, 2016, the Board of Directors approved a stock repurchase program for the purchase of up to $750.0 million worth of shares of the Company’s common stock in addition to 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 $1,000.0 million worth of shares of the Company’s common stock in addition to the $523.1 million of authorization then remaining under the 2016 Repurchase Program (the “2018 Repurchase Program”). On October 29, 2019, the Board of Directors authorized an additional stock repurchase program for the purchase of up to $750.0 million worth of shares of MSCI’s common stock in addition to the $706.1 million of authorization remaining under the 2018 Repurchase Program (the “2019 Repurchase Program”) for a total of $1,456.1 million of stock repurchase authorization. Share repurchases made pursuant to the 2019 Repurchase Program may take place in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice. As of December 31, 2019, there was $1,456.1 million of available authorization remaining under the 2019 Repurchase Program. The following table provides information with respect to repurchases of the Company’s common stock pursuant to open market repurchases: Year Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands, except per share data) December 31, 2019 $ 147.97 690 $ 102,081 December 31, 2018 $ 148.34 6,236 $ 924,989 December 31, 2017 $ 87.96 1,556 $ 136,899 The following table presents cash dividends declared and distributed per common share for the periods indicated: Dividends Per Share Declared Distributed Deferred 2019 (in thousands, except per share data) Three Months Ended March 31, $ 0.58 $ 55,339 $ 57,988 $ (2,649 ) Three Months Ended June 30, 0.58 49,613 49,365 248 Three Months Ended September 30, 0.68 58,176 57,882 294 Three Months Ended December 31, 0.68 58,176 57,916 260 Year Ended December 31, $ 2.52 $ 221,304 $ 223,151 $ (1,847 ) 2018 Three Months Ended March 31, $ 0.38 $ 34,848 $ 34,900 $ (52 ) Three Months Ended June 30, 0.38 34,254 33,935 319 Three Months Ended September 30, 0.58 52,264 51,764 500 Three Months Ended December 31, 0.58 50,907 50,434 473 Year Ended December 31, $ 1.92 $ 172,273 $ 171,033 $ 1,240 2017 Three Months Ended March 31, $ 0.28 $ 25,769 $ 25,500 $ 269 Three Months Ended June 30, 0.28 25,710 25,444 266 Three Months Ended September 30, 0.38 34,768 34,403 365 Three Months Ended December 31, 0.38 34,745 34,448 297 Year Ended December 31, $ 1.32 $ 120,992 $ 119,795 $ 1,197 Common Stock The following table presents activity related to shares of common stock issued and repurchased for the periods indicated: Common Treasury Common Stock Issued Stock Outstanding Balance At December 31, 2016 128,996,344 (37,716,754 ) 91,279,590 Dividend payable/paid 684 (528 ) 156 Common stock issued and exercise of stock options 538,448 — 538,448 Shares withheld for tax withholding and exercises — (157,667 ) (157,667 ) Shares repurchased under stock repurchase programs — (1,556,313 ) (1,556,313 ) Shares issued to directors 8,380 (7,709 ) 671 Balance At December 31, 2017 129,543,856 (39,438,971 ) 90,104,885 Dividend payable/paid 734 (579 ) 155 Common stock issued and exercise of stock options 479,277 — 479,277 Shares withheld for tax withholding and exercises — (174,991 ) (174,991 ) Shares repurchased under stock repurchase programs — (6,235,629 ) (6,235,629 ) Shares issued to directors 6,059 (5,618 ) 441 Balance At December 31, 2018 130,029,926 (45,855,788 ) 84,174,138 Dividend payable/paid 1,064 (585 ) 479 Common stock issued and exercise of stock options 2,387,145 — 2,387,145 Shares withheld for tax withholding and exercises — (1,077,815 ) (1,077,815 ) Shares repurchased under stock repurchase programs — (689,891 ) (689,891 ) Shares issued to directors 1,277 (403 ) 874 Balance At December 31, 2019 132,419,412 (47,624,482 ) 84,794,930 Shared-Based Compensation The Company regularly issues share-based compensation to its employees and directors who are not employees of the Company. The accounting guidance for share-based compensation requires measurement of compensation cost for share-based awards at fair value and recognition of compensation cost over the service period, net of estimated forfeitures. In February 2020, the Company granted a portion of its employees awards in the form of RSUs and PSUs. The total number of units granted was 287,540. The aggregate fair value of the awards was $59.4 million. A portion of the awards granted consisted of RSUs vesting over a three-year one-third three-year five-year three-year five-year In connection with awards under its equity-based compensation and benefit plans, the Company is authorized to use newly-issued shares or certain shares of common stock held in treasury. The components of share-based compensation expense related to the awards to Company employees and directors who are not employees of the Company are presented below: Years Ended December 31, December December 31, (in thousands) 2019 2018 2017 Share-based Awards $ 44,090 $ 40,563 $ 37,921 The following table presents the amount of share-based compensation expense by category for the periods indicated: Years Ended December 31, December 31, December 31, (in thousands) 2019 2018 2017 Cost of revenues $ 11,190 $ 10,334 $ 9,707 Selling and marketing 14,943 12,851 11,355 Research and development 5,966 4,175 3,477 General and administrative 11,991 13,203 13,382 Total share-based compensation expense $ 44,090 $ 40,563 $ 37,921 The windfall tax benefits for share-based compensation expense related to RSUs, PSUs and other restricted stock unit awards (together, the “Share-based Awards”) as well as stock options granted to Company employees and to directors who are not employees of the Company were $82.5 million, $8.8 million and $5.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, $32.6 million of compensation cost related to MSCI unvested share-based awards granted to the Company’s employees and to directors who are not employees of the Company had not yet been recognized. The unrecognized compensation cost relating to unvested stock-based awards expected to vest will be recognized primarily over the next one to five years. In connection with awards under its equity-based compensation and benefit plans, the Company is authorized to issue shares of common stock. As of December 31, 2019, 5.2 million shares of common stock were available for future grants under these plans. Share-based Awards. Certain Company employees have been granted Share-based Awards pursuant to a share-based compensation plan. The plan provides for the deferral of a portion of certain employees’ discretionary compensation with awards made in the form of Share-based Awards. Recipients of Share-based Awards generally have rights to receive dividend equivalents that are subject to vesting. The Company reports the target number of PSUs granted unless it has determined, based on the actual achievement of performance measures, that an employee will receive a different amount of shares underlying the PSUs, in which case the Company reports the amount of shares employees are likely to receive. The fair value of the PSUs on the award dates were estimated under the Monte Carlo method using the following assumptions: Years Ended December 31, December 31, December 31, 2019 2018 2017 Risk free interest rate 2.46 % 2.30 % 1.53 % Historical stock price volatility 21.98 % 20.51 % 20.52 % Term (in years) 3.7 3.5 3.5 The risk-free interest rate was determined based on the yields available on U.S. Constant Maturity Treasury yield curve as of the valuation dates with a maturity commensurate with the terms. The expected stock price volatility was determined using historical volatility. Since the PSU awards are dividend-protected, the assumed dividend yield applied in the valuation was 0.0%. The following table presents activity concerning the Company’s vested and unvested Share-based Awards applicable to its employees (share data in thousands) for the period indicated: Weighted Average Grant Number of Date Fair For the Year Ended December 31, 2019 Shares Value Vested and unvested Share-based Awards at December 31, 2018 1,288 $ 82.09 Granted 1,802 $ 82.50 Conversion to common stock (2,274 ) $ 68.17 Canceled (59 ) $ 113.59 Vested and unvested Share-based Awards at December 31, 2019 (1) 757 $ 122.42 (1) As of December 31, 2019, 696 Share-based Awards, with a weighted average grant date fair value of $123.01, were vested or expected to vest. The total fair value of Share-based Awards held by the Company’s employees that converted to MSCI common stock during the years ended December 31, 2019, 2018 and 2017 was $401.7 million, $63.6 million and $30.3 million, respectively. The following table presents activity concerning the Company’s unvested Share-based Awards related to its employees (share data in thousands): Weighted Average Grant Number of Date Fair For the Year Ended December 31, 2019 Shares Value Unvested Share-based Awards at December 31, 2018 1,102 $ 84.14 Granted 1,520 $ 86.41 Vested (1,836 ) $ 69.58 Canceled (59 ) $ 113.59 Unvested Share-based Awards at December 31, 2019 727 $ 123.21 Unvested Share-based Awards expected to vest 666 $ 123.90 Stock Option Awards. No stock options were issued during the years ended December 31, 2019, 2018 and 2017. The following table presents activity concerning MSCI stock options granted to the Company’s employees for the year ended December 31, 2019 (option data and dollar values in thousands, except exercise price): Weighted Weighted Average Number Average Remaining Aggregated of Exercise Life Intrinsic For the Year Ended December 31, 2019 Options Price (Years) Value Options outstanding at December 31, 2018 112 $ 28.96 1.28 $ 13,239 Granted or assumed — $ — N/A N/A Forfeited — $ — N/A N/A Conversion to common stock (112 ) $ 28.96 N/A N/A Options outstanding and exercisable at December 31, 2019 — $ — — $ — The intrinsic value of the stock options exercised by the Company’s employees during the years ended December 31, 2019, 2018 and 2017 was $22.1 million, $4.8 million and $10.9 million, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES The provision for income taxes (benefits) by taxing jurisdiction consisted of: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Current U.S. federal $ 31,493 $ 51,316 $ 133,250 U.S. state and local 6,841 31,680 16,312 Non U.S. 22,103 39,795 32,267 60,437 122,791 181,829 Deferred U.S. federal (11,941 ) (1,406 ) (12,502 ) U.S. state and local (4,001 ) 5,566 (2,119 ) Non U.S. (4,825 ) (4,940 ) (4,281 ) (20,767 ) (780 ) (18,902 ) Provision for income taxes $ 39,670 $ 122,011 $ 162,927 The following table reconciles the U.S. federal statutory income tax rate to the effective income tax rate: Years Ended December 31, December 31, December 31, 2019 2018 2017 U.S. federal statutory income tax rate 21.00 % 21.00 % 35.00 % U.S. state and local income taxes, net of U.S. federal income tax benefits 2.51 % 4.66 % 1.84 % Change in tax rates applicable to non-U.S. earnings (2.65 %) (2.20 %) (7.60 %) Domestic tax credits and incentives (0.74 %) (0.30 %) (0.24 %) Net tax charge related to Tax Reform — % (1.78 %) 7.40 % Valuation allowance (0.10 %) (1.41 %) — % Excess Stock Based Compensation (13.94 %) (1.14 %) (1.25 %) Other 0.50 % 0.54 % (0.25 %) Effective income tax rate 6.58 % 19.37 % 34.90 % On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (“Tax Reform”). Given the significance of the legislation, the SEC staff issued Staff Accounting Bulletin No. 118, “ Income Tax Accounting Implications of the Tax Cuts and Jobs Act, Tax Reform significantly revised the U.S. corporate income tax by, among other things, lowering U.S. corporate income tax rates, implementing a territorial tax system and imposing a one-time tax on deemed repatriation of historic earnings and profits (“E&P”) of foreign subsidiaries (the “Toll Charge”). The provisions of Tax Reform began impacting the Company for the annual reporting periods, including interim periods within those periods, beginning after December 31, 2017 as well as during the three months ended December 31, 2017. The U.S. federal income tax rate reduction was effective as of January 1, 2018. In the year ended December 31, 2017, the Company’s provisional accounting for the effects of Tax Reform resulted in a net charge of $34.5 million in the provision for income taxes for MSCI that primarily included an estimated tax charge of approximately $47.5 million related to the Toll Charge and an estimated tax charge of approximately $16.0 million related to a change in assertion that those profits were permanently reinvested overseas as of December 31, 2017, partially offset by an estimated tax benefit of approximately $29.0 million related to the revaluation of deferred taxes at the now-lower statutory corporate rate. In the year ended December 31, 2018, the Company finalized the Toll Charge and determined the final impact of Tax Reform, resulting in a net benefit of $11.2 million that included a benefit of $5.7 million on the change to the provisional estimate of the Toll Charge and a benefit of $2.6 million for a reduction in the expected withholding taxes from Switzerland. The Company also recorded a benefit of $2.9 million related to the revaluation of deferred taxes at the lower statutory rate as a result of tax planning. The cumulative net charge of Tax Reform was $23.3 million. Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018, were as follows: As of December 31, December 31, 2019 2018 (in thousands) Deferred tax assets: Right of use assets $ 43,584 $ — Interest expense carryforwards 19,028 — Employee compensation and benefit plans 17,438 19,698 Loss carryforwards 2,928 2,941 Pension 2,558 2,466 Deferred rent — 5,392 Subtotal 85,536 30,497 Less: valuation allowance — (632 ) Total deferred tax assets $ 85,536 $ 29,865 Deferred tax liabilities: Intangible assets $ (57,155 ) $ (65,538 ) Lease liabilities (38,666 ) — Property, equipment and leasehold improvements, net (20,531 ) (16,369 ) Unremitted foreign earnings (12,996 ) (12,872 ) Unearned revenue (1,079 ) (1,170 ) Other (837 ) (1,021 ) Total deferred tax liabilities $ (131,264 ) $ (96,970 ) Net deferred tax liabilities $ (45,728 ) $ (67,105 ) As presented in the table above, the Company has certain loss and interest carryforward items. The tax value of the U.S. portion of the interest carryforward was $13.2 million and zero as of December 31, 2019 and December 31, 2018, respectively. The tax value of the non-U.S. portion of the interest carryforward was $5.8 million and zero as of December 31, 2019 and December 31, 2018, respectively. These carryforwards are subject to annual limitations on utilization over an indefinite life. Net operating loss carryforwards in the U.S. were $13.8 million with a tax value of $1.9 million and $16.0 million with a tax value of $1.8 million as of December 31, 2019 and December 31, 2018, respectively. These carryforwards are subject to annual limitations and will begin to expire in 2026. The tax value of the non-U.S. portion of the net operating loss was $1.0 million and $0.6 million as of December 31, 2019 and December 31, 2018 respectively. These carryforwards are subject to annual limitations and will begin to expire in 2021. The Company believes the total deferred tax assets at December 31, 2019 are more likely than not to be realized based on expectations as to future taxable income in the jurisdictions in which it operates. Accordingly, the Company has determined that there is no requirement to establish a valuation allowance as of December 31, 2019. The following table presents changes in the Company’s deferred tax asset valuation allowance for the periods indicated: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Beginning balance $ 632 $ 11,575 $ 17,807 Additions charged to cost and expenses — — 324 Deductions (632 ) (10,943 ) (6,556 ) Ending balance $ — $ 632 $ 11,575 The following table presents the components of income before provision for income taxes generated by domestic or foreign operations for the periods indicated: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Domestic $ 351,177 $ 399,000 $ 283,779 Foreign (1) 252,141 230,896 183,120 Total income before provision for income taxes $ 603,318 $ 629,896 $ 466,899 (1) Foreign income before provision for income taxes is defined as income generated from operations located outside the U.S., which includes income from foreign branches of U.S. companies. As of December 31, 2018, the Company asserted that the earnings in its India subsidiary accumulated after January 1, 2018, will be permanently reinvested. The cumulative amount as of December 31, 2019 totaled approximately $14.0 million. The Company has not provided for state income and foreign withholding taxes, which would have been approximately $2.5 million as of December 31, 2019, on these earnings. The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. As part of the Company’s periodic review of unrecognized tax benefits and based on new information regarding the status of federal and state examinations, the Company’s unrecognized tax benefits are remeasured. Based on the current status of income tax audits, the total amount of unrecognized benefits may decrease by approximately $11.2 million in the next twelve months as a result of the resolution of tax examinations. The Company believes the resolution of tax matters will not have a material effect on the Consolidated Statement of Financial Condition of the Company, although a resolution could have a material impact on the Company’s Consolidated Statement of Income for a particular future period and on the Company’s effective tax rate for any period in which such resolution occurs. The following table presents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2019, 2018 and 2017: Years Ended Gross unrecognized tax benefits December 31, December 31, December 31, (in thousands) 2019 2018 2017 Beginning balance $ 14,091 $ 10,022 $ 7,936 Increases based on tax positions related to the current period 2,413 3,928 3,389 Increases based on tax positions related to prior periods — 1,892 519 Decreases based on tax positions related to prior periods — (297 ) (6 ) Decreases related to settlements with taxing authorities — — (1,152 ) Decreases related to a lapse of applicable statute of limitations (663 ) (1,454 ) (664 ) Ending balance $ 15,841 $ 14,091 $ 10,022 The total amount of unrecognized tax benefits was $15.8 million, $13.8 million and $9.4 million, net of federal benefit of state issues, competent authority and foreign tax credit offsets, as of December 31, 2019, 2018 and 2017, respectively, which, if recognized, would favorably affect the effective tax rate in future periods. The Company recognizes the accrual of interest and penalties related to unrecognized tax benefits in the “Provision for income taxes” in the Consolidated Statement of Income. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $0.4 million, $0.2 million and $0.2 million, respectively, of interest in the Consolidated Statement of Income with respect to unrecognized tax benefits. No penalties were recognized in the Consolidated Statement of Income for the years ended December 31, 2019, 2018 and 2017. The amount of accrued interest, which includes interest related to uncertain tax positions and accrued income tax expense, recorded on the Consolidated Statement of Financial Condition as of December 31, 2019, 2018 and 2017 was $0.9 million, $0.9 million and $0.9 million, respectively. The Company is under examination by the IRS and other tax authorities in certain jurisdictions, including foreign jurisdictions, such as the United Kingdom, Switzerland and India, and states in 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 2019. As a result of having previously been a member of the Morgan Stanley consolidated group, the Company may have future settlements with Morgan Stanley related to the ultimate disposition of their New York State and New York City examination relating to the tax years 2007 and 2008 and their IRS examination relating to the tax years 2006 through 2008. The Company does not believe it has any material exposure to the New York State and New York City examinations. Additionally, the Company believes it has adequate reserves for any tax issues that may arise out of the IRS examination relating to the tax years 2006 through 2008 and therefore does not believe any related settlement with Morgan Stanley will have a material impact. |
Divestitures
Divestitures | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Divestitures | 12. DIVESTITURES Divestiture of FEA On April 9, 2018, MSCI completed the FEA divestiture for $21.0 million in cash. The sale included $2.9 million of goodwill, $2.7 million of fully amortized identifiable intangible assets, $6.1 million of other net assets and $1.4 million of transaction costs, which resulted in a gain of $10.6 million included in “Other expense (income)” within the Consolidated Statement of Income. FEA was included as a component of the Analytics segment through the date of divestiture. The results of operations from FEA were not material to the Company. Divestiture of InvestorForce On October 12, 2018, the Company completed the InvestorForce divestiture for $62.0 million in cash plus an additional $0.8 million for working capital adjustment, $8.7 million of allocated goodwill, $4.0 million of identifiable intangible assets, net of accumulated amortization, $0.7 million of other net assets and $2.8 million of transaction costs, which resulted in a gain of approximately $46.6 million included in “Other expense (income)” within the Consolidated Statement of Income. InvestorForce was included as a component of the Analytics segment through the date of divestiture. The results of operations from InvestorForce were not material to the Company. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 13. SEGMENT INFORMATION ASC Subtopic 280-10, “Segment Reporting,” The CODM measures and evaluates reportable segments based on segment operating revenues as well as Adjusted EBITDA and other measures. The Company excludes the following items from segment Adjusted EBITDA: provision for income taxes, other expense (income), net, depreciation and amortization of property, equipment and leasehold improvements, amortization of intangible assets and, at times, certain other transactions or adjustments, including the impact related to the vesting of multi-year restricted stock units granted in 2016 to certain senior executives that are subject to the achievement of multi-year total shareholder return targets, which are performance targets with a market condition (the “2016 Multi-Year PSUs”), 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 MSCI’s 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 a provider of indexes (primarily equity indexes). The indexes are used in many areas of the investment process, including index-linked product creation ( e.g. , ETFs and futures and options), performance benchmarking, portfolio construction and rebalancing, broker-dealer structured products 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 our Analytics content through MSCI’s proprietary applications and application programming interfaces, third-party applications or directly through their own platforms. Additionally, the . The ESG operating segment offers products and services that help institutional investors understand how ESG considerations can impact the long-term risk and reward of their portfolio and individual security-level investments. In addition, MSCI ESG Research data and MSCI ESG 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 offers research, reporting, market data and benchmarking offerings that provide real estate performance analytics 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 revenues by reportable segment for the periods indicated: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Operating revenues Index $ 920,937 $ 835,475 $ 718,959 Analytics 496,925 479,939 458,269 All Other 139,934 118,570 96,944 Total $ 1,557,796 $ 1,433,984 $ 1,274,172 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Index Adjusted EBITDA $ 670,188 $ 607,853 $ 522,241 Analytics Adjusted EBITDA 152,113 143,645 125,624 All Other Adjusted EBITDA 28,198 20,935 11,892 Total operating segment profitability 850,499 772,433 659,757 2016 Multi-Year PSUs grant payroll tax expense 15,389 — — Amortization of intangible assets 49,410 54,189 44,547 Depreciation and amortization of property, equipment and leasehold improvements 29,999 31,346 35,440 Operating income 755,701 686,898 579,770 Other expense (income), net 152,383 57,002 112,871 Provision for income taxes 39,670 122,011 162,927 Net income $ 563,648 $ 507,885 $ 303,972 Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Years Ended December 31, December 31, December 31, (in thousands) 2019 2018 2017 Operating revenues Americas: United States $ 698,105 $ 662,345 $ 622,132 Other 65,997 58,065 48,139 Total Americas 764,102 720,410 670,271 Europe, the Middle East and Africa ("EMEA"): United Kingdom 234,926 214,204 193,831 Other 325,221 293,252 250,267 Total EMEA 560,147 507,456 444,098 Asia & Australia: Japan 71,629 67,100 54,351 Other 161,918 139,018 105,452 Total Asia & Australia 233,547 206,118 159,803 Total $ 1,557,796 $ 1,433,984 $ 1,274,172 Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of December 31, December 31, 2019 2018 (in thousands) Long-lived assets Americas: United States $ 1,781,667 $ 1,803,321 Other 6,398 6,560 Total Americas 1,788,065 1,809,881 EMEA: United Kingdom 81,338 80,039 Other 36,433 19,369 Total EMEA 117,771 99,408 Asia & Australia: Japan 398 411 Other 8,829 7,741 Total Asia & Australia 9,227 8,152 Total $ 1,915,063 $ 1,917,441 |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | 14. QUARTERLY RESULTS OF OPERATIONS (unaudited): 2019 2018 First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter (in thousands, except per share data) Operating revenues $ 371,381 $ 385,558 $ 394,251 $ 406,606 $ 351,316 $ 363,046 $ 357,934 $ 361,688 Cost of revenues 82,346 71,975 70,486 70,154 71,304 71,368 70,906 73,757 Selling and marketing 56,048 51,657 52,107 59,486 46,409 47,416 46,149 52,949 Research and development 23,172 23,752 24,310 27,100 20,707 19,801 20,591 20,312 General and administrative 27,497 26,378 26,559 29,659 26,187 24,036 24,751 24,908 Amortization of intangible assets 11,793 12,013 12,361 13,243 11,338 19,537 11,681 11,633 Depreciation and amortization of property, equipment and leasehold improvements 7,850 7,405 7,209 7,535 8,205 7,377 7,453 8,311 Total operating expenses 208,706 193,180 193,032 207,177 184,150 189,535 181,531 191,870 Operating income 162,675 192,378 201,219 199,429 167,166 173,511 176,403 169,818 Interest income (4,086 ) (3,345 ) (3,673 ) (5,299 ) (2,770 ) (4,281 ) (6,522 ) (6,096 ) Interest expense 35,915 35,915 35,922 40,289 29,560 31,761 35,902 35,891 Other expense (income) 2,554 63 222 17,906 938 (10,292 ) 177 (47,266 ) Other expense (income), net 34,383 32,633 32,471 52,896 27,728 17,188 29,557 (17,471 ) Income before provision for income taxes 128,292 159,745 168,748 146,533 139,438 156,323 146,846 187,289 Provision for income taxes (49,900 ) 34,055 31,765 23,750 24,346 39,494 23,014 35,157 Net income $ 178,192 $ 125,690 $ 136,983 $ 122,783 $ 115,092 $ 116,829 $ 123,832 $ 152,132 Earnings per basic common share $ 2.11 $ 1.48 $ 1.62 $ 1.45 $ 1.28 $ 1.31 $ 1.39 $ 1.75 Earnings per diluted common share $ 2.08 $ 1.47 $ 1.60 $ 1.44 $ 1.24 $ 1.28 $ 1.36 $ 1.70 Weighted average shares outstanding used in computing per share data Basic 84,253 84,750 84,765 84,802 90,075 89,112 88,796 86,968 Diluted 85,649 85,393 85,550 85,546 92,587 91,586 91,372 89,495 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. SUBSEQUENT EVENTS In January 2020, the Company entered into a strategic relationship with The Burgiss Group, LLC (Burgiss), a global provider of investment decision support tools for private capital. The Company invested $190.0 million in exchange for a non-controlling interest, which will be accounted for as an equity method investment with the Company’s share of Burgiss’ earnings being recognized in “Other expense (income), net” in the Consolidated Statement of Income. Burgiss is expected to be an operating segment reported as a component of the All Other segment. On January 29, 2020, the Board of Directors of the Company declared a quarterly dividend of $0.68 per share of common stock to be paid on March 6, 2020 to shareholders of record as of the close of trading on February 21, 2020. |
Introduction and Basis of Pre_2
Introduction and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements and accompanying notes to financial statements, which include the accounts of MSCI Inc. and its wholly-owned subsidiaries, are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Basis of Financial Statements and Use of Estimates | Basis of Financial Statements and Use of Estimates GAAP requires the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, impairment of long-lived assets, accrued compensation, income taxes and other matters that affect the consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Inter-company balances and transactions are eliminated in consolidation. |
Revenue Recognition | Revenue Recognition MSCI adopted the new revenue standard set forth under Accounting Standards Codification Topic 606 “ Revenue from Contracts with Customers, Revenue Recognition, Performance Obligations and Transaction Price For revenue arrangements containing multiple products or services, the Company accounts for the individual products or services as a separate performance obligation if they are distinct., A product or service is distinct if a client can benefit from it either on its own or together with other resources that are readily available to the client, and the Company’s promise to transfer the product or service to the client is separately identifiable from other promises in the contract. If both criteria are not met, the promised products or services are accounted for as a combined performance obligation. A transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring products or services to the customer in general. The Company allocates the transaction price to each performance obligation identified in the contract based on the best estimate of a relative standalone selling price of each distinct product or service in the contract. To allocate the transaction price to each performance obligation on a relative standalone selling price basis, the Company determines the standalone selling price at contract inception of the distinct product or service underlying each performance obligation in proportion to the standalone selling prices. This standalone selling price may be the contract price but is more often than not the best estimate of the price the Company would receive for selling the product or service separately in similar circumstances and to other similar customers. A client can receive a discount for purchasing a bundle of products or services if the sum of the standalone selling price of those promised products or services in the contract exceeds the promised consideration in the contract. In general, the discounts apply proportionally to all performance obligations in the contract. For services where the transaction price is variable based upon assets under management (“AUM”), volume of trades, fee levels or number of investments linked to MSCI’s indexes, the transaction price is based upon pricing models and is not allocated at the inception of the contract but rather falls within the sales and usage-based royalty exception under which the price and associated revenue are based upon actual known performance or best estimates of actual performance during the performance period. Revenue is recognized when a customer obtains control of promised products or services in an amount that reflects the consideration the entity expects to receive in exchange for those products or services. Revenue is recognized exclusive of any applicable sales or other indirect taxes. Determining when control has transferred can sometimes require management’s judgement (e.g., implementation services), which could affect the timing of revenue recognition. The Company has determined that the above methods provide a faithful depiction of the transfer of control of products or services to the customer. Disaggregation of Revenue Revenues are characterized by type, which broadly reflects the nature of how they are recognized or earned. Our revenue types are recurring subscription, asset-based fees and non-recurring revenues. We also group our revenues by segment. Revenues By Type Recurring subscription revenues represent fees earned from clients primarily under renewable contracts or agreements and are generally paid annually or quarterly in advance and recognized in most cases ratably over the term of the license or service pursuant to the contract terms. Revenues from subscription agreements for the receipt of periodic benchmark reports, digests and other publications, which are most often associated with our real estate offerings, are generally billed and recognized upon delivery of such reports or data updates. Asset-based fees are principally recognized based on the estimated AUM linked to our indexes from independent third-party sources or the most recently reported information provided by the client. Asset-based fees also include revenues related to futures and options contracts linked to our indexes, which are primarily based on trading volumes and fee levels. Asset-based fees are generally variable based upon AUM or the volume of trades or fee levels and are generally billed quarterly in arrears. Non-recurring revenues primarily represent fees earned on products and services where we do not have renewal contracts and primarily include revenues for providing customized reports, historical data sets, certain derivative financial products and certain implementation and consulting services, as well as revenues from particular products and services that are purchased on a non-renewal basis. Based on the nature of the services provided, non-recurring revenues are generally billed upon delivery and recognized upon delivery or over the service period. Revenues By Segment For products within the Index segment, with respect to index data subscriptions, MSCI’s performance obligation to deliver the data is satisfied over time and, accordingly, revenue is recognized ratably over the term of the agreement pursuant to the contract terms. With respect to licenses to create index-linked investment products, such as ETFs, passively managed funds, or licenses which allow certain exchanges to use MSCI’s indexes as the basis for futures and options contracts, MSCI’s performance obligation allows customers to use the Company’s intellectual property (e.g., the indexes) as the basis of the funds or other investment products the customers create over the term of the agreement. The fees earned for these rights are typically variable, in which case they are accrued under the sales and usage-based royalty exception pursuant to the level of performance achieved, which is measured based on AUM, volume of trades or other factors. The level of performance achieved is based on information obtained from independent third-party sources or best estimates taking into account the most recently reported information from the client. For products within the Analytics segment, MSCI’s performance obligations include providing access to its proprietary models or hosted applications and, in some cases, delivery of managed services, which are typically satisfied over time, and accordingly, revenue is recognized ratably over the term of the service period. For implementation services, MSCI meets its performance obligation once the implementation service is complete and the related service is available for the client to use and revenue is recognized at the point in time when the implementation service is completed. For products within the All Other segment, MSCI’s performance obligations with respect to its ESG products are satisfied over time for the majority of the data subscriptions as MSCI provides and updates the data to the customer throughout the term of the agreement and revenue is recognized ratably over the term of the agreement. For custom ESG research data, the performance obligation is typically complete, and revenue is recognized, at the point in time when the data is updated and available to the customer. MSCI’s Real Estate products primarily include periodic benchmark reports, Market Information and other publications. MSCI primarily satisfies its performance obligations, and revenue is recognized, at the point in time when the Company delivers reports or publications. For Market Information products, publications are delivered throughout the year, and the revenue is recognized over time. |
Share-Based Compensation | Share-Based Compensation Certain of the Company’s employees have received share-based compensation under various compensation programs. The Company’s compensation expense reflects the fair value method of accounting for share-based payments under ASC Subtopic 718-10, “ Compensation—Stock Compensation. The fair value of MSCI restricted stock units (“RSUs”) is measured using the price of MSCI’s common stock. Restricted stock units that are subject to the achievement of multi-year total shareholder return targets (“PSUs”) are performance awards with a market condition. The fair value of PSUs is determined using a Monte Carlo simulation model that creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms. From time to time, the Company awards restricted stock units subject to performance conditions that are not linked to a market condition but are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. The fair value of such awards is measured using the price of MSCI’s common stock. |
Research and Development | Research and Development The Company accounts for research and development costs in accordance with several accounting pronouncements, including ASC Subtopic 730-10, “ Research and Development |
Internal Use Software | Internal Use Software The Company applies the provisions of ASC Subtopic 350-40, “ Internal Use Software During the years ended December 31, 2019 and 2018, the Company capitalized $24.7 million and $18.7 million, respectively, of costs related to software developed for internal use in the Consolidated Statement of Financial Condition. Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the related product, which is typically three to five years, beginning with the date the software is placed into service. Costs incurred in the preliminary and post-implementation stages of MSCI’s products are expensed as incurred. |
Income Taxes | Income Taxes Provision for income taxes is provided for using the asset and liability method, under which deferred tax assets and deferred tax liabilities are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates. The Company elects to account for Global Intangible Low-Taxed Income (“GILTI”) in the year the tax is incurred. The Company recognizes interest and penalties related to income tax matters within “Provision for income taxes” in the Consolidated Statement of Income. The Company regularly evaluates the likelihood of additional assessments in each of the taxing jurisdictions in which it is required to file income tax returns. The Company has recorded additional tax expense related to open tax years, which the Company’s management believes is adequate in relation to the potential for assessments. These amounts have been recorded in “Other non-current liabilities” on the Consolidated Statement of Financial Condition. The Company’s management believes the resolution of tax matters will not have a material effect on the Company’s consolidated financial condition. However, to the extent the Company is required to pay amounts in excess of its reserves, a resolution could have a material impact on its Consolidated Statement of Income for a particular future period. In addition, an unfavorable tax settlement could require use of cash and result in an increase in the effective tax rate in the period in which such resolution occurs. |
Deferred Revenue | Deferred Revenue Deferred revenues represent both cash received and the amounts billed to customers for products and services in advance of being provided or before the service period has begun. Deferred revenue is generally amortized ratably over the service period as the performance obligations are satisfied. |
Accounts Receivable | Accounts Receivable The Company’s clients generally pay subscription fees annually or quarterly in advance. MSCI’s policy is to record to a receivable when a customer is billed. For products and services that are provided in advance of billing, such as for our asset-based fee products, unbilled revenue (or a “contract asset”) is included in Accounts Receivable on the Company’s Consolidated Statement of Financial Condition. |
Goodwill | Goodwill Goodwill is recorded as part of the Company’s acquisitions of businesses when the purchase price exceeds the fair value of the net tangible and separately identifiable intangible assets acquired. The Company’s goodwill is not amortized, but rather is subject to an impairment test each year, or more often if conditions indicate impairment may have occurred, pursuant to ASC Subtopic 350-10, “ Intangibles—Goodwill and Other The Company tests goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events and circumstances exist. The test for impairment is performed at the reporting unit level. Goodwill impairment is determined by comparing the fair value of a reporting unit with its carrying value. If the estimated fair value exceeds the carrying value, goodwill at the reporting unit level is not deemed to be impaired. If the estimated fair value is below carrying value, an impairment charge will be recorded up to, but not more than, the total amount of goodwill allocated to the reporting unit. The Company completed its annual goodwill impairment test as of July 1, 2019 on its four reporting units, which are the same as its four operating segments. The Company performed a step zero, qualitative impairment test on each of its operating segments and determined that it was more likely than not that the fair value for each operating segment was not less than the carrying value for each. As the estimated fair value of the Company’s reporting units exceeded their carrying value on the testing dates, and there were no impairment triggers identified as part of interim assessments, no impairment of goodwill was recorded during the years ended December 31, 2019, 2018 and 2017. |
Intangible Assets | Intangible Assets The Company amortizes definite-lived intangible assets over their estimated useful lives. Definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. The Company also reviews the useful lives on a quarterly basis to determine if the period of economic benefit has changed. If the carrying value of an intangible asset exceeds its fair value, an impairment charge would be recognized in an amount equal to the amount by which the carrying value of the intangible asset exceeds its fair value. events or changes in circumstances that would indicate that the carrying value of the definite-lived intangible assets may not be recoverable ended December 31, 2019, 2018 and 2017. During the year ended December 31, 2018 management decided to discontinue the use of the IPD trade name utilized by the Real Estate segment and has rebranded the segment to MSCI Real Estate. As a result, the remaining unamortized value of $7.9 million was written off. The Company had no indefinite-lived intangible assets. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at year-end exchange rates, and income statement accounts are translated at weighted average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements, net of any related tax effects, are reflected in accumulated other comprehensive loss, a separate component of shareholders’ equity (deficit). Gains or losses resulting from foreign currency transactions incurred in currencies other than the local functional currency are included in non-operating “Other expense (income)” on the Consolidated Statement of Income. |
Derivative Instruments | Derivative Instruments The Company manages foreign currency exchange rate risk through the use of derivative financial instruments comprised principally of forward contracts on foreign currency which are not designated as hedging instruments for accounting purposes. The objective of the derivative instruments is to minimize the income statement impact associated with assets and liabilities that are denominated in certain foreign currencies. Derivative instruments that do not qualify for hedge accounting are carried at fair value on the Consolidated Statement of Financial Condition with gains and losses recorded in the Consolidated Statement of Income in the period in which they are realized. |
Leases | Leases MSCI adopted the new leases standard set forth under Accounting Standards Codification Topic 842, “Leases,” or ASC Topic 842, as of January 1, 2019 using the optional transition method. 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 does not currently have any financing lease arrangements. 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 Consolidated Statement of Financial Condition. 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 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. |
Property, Equipment and Leasehold Improvements | Property, Equipment and Leasehold Improvements Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and fixtures, computer and communications equipment and leasehold improvements are amortized using the straight-line method over the estimated useful life of the asset. |
Treasury Stock | Treasury Stock The Company holds repurchased shares of common stock as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity (deficit). |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company periodically reviews receivable balances and records an allowance on customer accounts when it is probable and estimable that a receivable will not be collected. The Company does not require collateral. Changes in the allowance for doubtful accounts from December 31, 2016 to December 31, 2019 were as follows: Amount (in Balance as of December 31, 2016 $ 1,035 Addition to provision 1,422 Amounts written off, net of recoveries (757 ) Balance as of December 31, 2017 $ 1,700 Reduction to provision (224 ) Amounts written off, net of recoveries (449 ) Balance as of December 31, 2018 $ 1,027 Addition to provision 1,024 Amounts written off, net of recoveries (336 ) Balance as of December 31, 2019 $ 1,715 |
Accrued Compensation | Accrued Compensation A significant portion of the Company’s employee incentive compensation programs are discretionary. The Company makes significant estimates in determining its accrued compensation and benefits expenses. Accrued cash incentive estimates reflect an assessment of performance versus targets and other key performance indicators at the Company, operating segment and employee level. The Company also reviews compensation and benefits expenses throughout the year to determine how overall performance compares to management’s expectations. These and other factors, including historical performance, are taken into account in accruing discretionary cash compensation estimates quarterly. |
Concentrations | Concentrations For the years ended December 31, 2019, 2018 and 2017, BlackRock, Inc. accounted for 11.5%, 11.9%, and 11.5% of the Company’s consolidated operating revenues, respectively. For the years ended December 31, 2019, 2018 and 2017, BlackRock, Inc. accounted for 18.9%, 20.1% and 20.0%, respectively, of the Index segment’s operating revenues. No single customer accounted for 10.0% or more of operating revenues within the Analytics and All Other segments for the years ended December 31, 2019, 2018 and 2017. |
Recent Accounting Standards Updates | In June 2016, the FASB issued Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The FASB issued Accounting Standards Update No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief,” Financial Instruments-Credit Losses (Topic 326): Effective Dates,” “Codification Improvements to Topic 326, Financial Instruments—Credit Losses,” The Company will adopt ASU 2016-13 and the related clarifications effective January 1, 2020. The adoption will not have a material effect on the Company’s consolidated financial statements. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, “ Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment |
Introduction and Basis of Pre_3
Introduction and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts from December 31, 2016 to December 31, 2019 were as follows: Amount (in Balance as of December 31, 2016 $ 1,035 Addition to provision 1,422 Amounts written off, net of recoveries (757 ) Balance as of December 31, 2017 $ 1,700 Reduction to provision (224 ) Amounts written off, net of recoveries (449 ) Balance as of December 31, 2018 $ 1,027 Addition to provision 1,024 Amounts written off, net of recoveries (336 ) Balance as of December 31, 2019 $ 1,715 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 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 Year Ended December 31, 2019 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 530,968 $ 486,282 $ 136,790 $ 1,154,040 Asset-based fees 361,927 — — 361,927 Non-recurring 28,042 10,643 3,144 41,829 Total $ 920,937 $ 496,925 $ 139,934 $ 1,557,796 For the Year Ended December 31, 2018 Segments Index Analytics All Other Total Product Types Recurring subscriptions $ 477,612 $ 474,334 $ 114,590 $ 1,066,536 Asset-based fees 336,565 — — 336,565 Non-recurring 21,298 5,605 3,980 30,883 Total $ 835,475 $ 479,939 $ 118,570 $ 1,433,984 |
Schedule of Change in Accounts Receivable and Deferred Revenue | The table that follows presents the change in accounts receivable and deferred revenue between the dates indicated (in thousands): Accounts receivable Deferred revenue Opening (1/1/2019) $ 473,433 $ 537,977 Closing (12/31/2019) 499,268 574,656 Increase/(decrease) $ 25,835 $ 36,679 Accounts receivable Deferred revenue Opening (1/1/2018) $ 473,400 $ 494,591 Closing (12/31/2018) 473,433 537,977 Increase/(decrease) $ 33 $ 43,386 |
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 December 31, 2019 (in thousands) First 12-month period $ 324,998 Second 12-month period 172,953 Third 12-month period 65,253 Periods thereafter 17,716 Total $ 580,920 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted EPS | The following table presents the computation of basic and diluted EPS: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands, except per share data) Net income $ 563,648 $ 507,885 $ 303,972 Basic weighted average common shares outstanding 84,644 87,179 90,336 Effect of dilutive securities: Stock options and restricted stock units 892 2,522 1,578 Diluted weighted average common shares outstanding 85,536 89,701 91,914 Earnings per basic common share $ 6.66 $ 5.83 $ 3.36 Earnings per diluted common share $ 6.59 $ 5.66 $ 3.31 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Senior Unsecured Notes Outstanding | The Company has an aggregate of $3,100.0 million of senior unsecured notes (collectively, the “Senior Notes”) outstanding at December 31, 2019, consisting of five discrete private placement offerings presented in the table below: Principal amount outstanding at Carrying value at Carrying value at Fair Value at Fair Value at Maturity Date December 31, 2019 December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ 300,000 $ 297,835 $ 793,054 $ 309,225 $ 802,576 5.75% senior unsecured notes due 2025 August 15, 2025 800,000 794,063 793,016 840,872 807,088 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 495,587 494,916 525,800 475,520 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 495,168 494,516 541,300 489,745 4.00% senior unsecured notes due 2029 November 15, 2029 1,000,000 989,273 — 1,018,820 — Total debt $ 3,100,000 $ 3,071,926 $ 2,575,502 $ 3,236,017 $ 2,574,929 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 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 December 31, 2019, the interest and other relevant line items in the Consolidated Statement of Financial Condition are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases 2020 $ 28,162 2021 27,562 2022 23,801 2023 22,678 2024 17,231 Thereafter 101,782 Total lease payments $ 221,216 Less: Interest (34,928 ) Present value of lease liabilities $ 186,288 Other accrued liabilities $ 22,144 Long-term operating lease liabilities $ 164,144 |
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 December 31, 2019 are as follows: As of December 31, Lease Term and Discount Rate 2019 Weighted-average remaining lease term (years) 9.69 Weighted-average discount rate 3.46 % |
Summary of Other Information Under Operating Leases | Other information for the Company’s operating leases in place for the year ended December 31, 2019 are as follows: Year Ended Other Information December 31, (in thousands) 2019 Operating cash flows from operating leases $ 29,886 Leased assets obtained in exchange for new operating lease liabilities (1) $ 210,784 (1) Includes the adjustment upon adoption of ASU 2016-02 of $197.5 million for leases recorded on January 1, 2019. |
Property, Equipment and Lease_2
Property, Equipment and Leasehold Improvements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property, Equipment and Leasehold Improvements | Property, equipment and leasehold improvements at December 31, 2019 and 2018 consisted of the following: As of Estimated December 31, December 31, Useful 2019 2018 (in thousands) Computer & related equipment 2 to 5 years $ 185,794 $ 200,414 Furniture & fixtures 7 years 12,478 12,033 Leasehold improvements 1 to 21 years 52,339 53,429 Work-in-process — 8,667 10,506 Subtotal 259,278 276,382 Accumulated depreciation and amortization (168,570 ) (185,505 ) Property, equipment and leasehold improvements, net $ 90,708 $ 90,877 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Change to Company's Goodwill | The change to the Company’s goodwill was as follows: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2017 $ 1,205,400 $ 302,611 $ 52,610 $ 1,560,621 Changes to goodwill — (11,635 ) (1) — (11,635 ) Foreign exchange translation adjustment (1,996 ) — (1,229 ) (3,225 ) Goodwill at December 31, 2018 $ 1,203,404 $ 290,976 $ 51,381 $ 1,545,761 Changes to goodwill — — 14,567 (2) 14,567 Foreign exchange translation adjustment 1,290 — 1,250 2,540 Goodwill at December 31, 2019 $ 1,204,694 $ 290,976 $ 67,198 $ 1,562,868 (1) (2) |
Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets | The gross carrying and accumulated amortization amounts related to the Company’s identifiable intangible assets were as follows: As of Estimated December 31, December 31, Useful Lives 2019 2018 (in thousands) Gross intangible assets: Customer relationships 13 to 21 years $ 356,700 $ 356,700 Trademarks/trade names 10 to 21.5 years 207,300 208,320 Technology/software 3 to 8 years 263,719 238,692 Proprietary data 6 to 13 years 28,627 28,627 Subtotal 856,346 832,339 Foreign exchange translation adjustment (7,615 ) (9,569 ) Total gross intangible assets $ 848,731 $ 822,770 Accumulated amortization: Customer relationships $ (231,665 ) $ (209,867 ) Trademarks/trade names (133,305 ) (123,345 ) Technology/software (209,878 ) (198,974 ) Proprietary data (13,963 ) (12,197 ) Subtotal (588,811 ) (544,383 ) Foreign exchange translation adjustment 1,567 2,416 Total accumulated amortization $ (587,244 ) $ (541,967 ) Net intangible assets: Customer relationships $ 125,035 $ 146,833 Trademarks/trade names 73,995 84,975 Technology/software 53,841 39,718 Proprietary data 14,664 16,430 Subtotal 267,535 287,956 Foreign exchange translation adjustment (6,048 ) (7,153 ) Total net intangible assets $ 261,487 $ 280,803 |
Estimated Amortization Expense for Succeeding Years | Estimated amortization expense for succeeding years is presented below: Years Ending December 31, Amortization Expense (in thousands) 2020 $ 54,432 2021 50,368 2022 43,058 2023 34,731 2024 33,550 Thereafter 45,348 Total $ 261,487 |
Shareholders' Equity (Deficit)
Shareholders' Equity (Deficit) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Company's Common Stock Repurchases Pursuant to Open Market Repurchases | The following table provides information with respect to repurchases of the Company’s common stock pursuant to open market repurchases: Year Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands, except per share data) December 31, 2019 $ 147.97 690 $ 102,081 December 31, 2018 $ 148.34 6,236 $ 924,989 December 31, 2017 $ 87.96 1,556 $ 136,899 |
Schedule of Cash Dividends Declared and Distributed Per Common Share | The following table presents cash dividends declared and distributed per common share for the periods indicated: Dividends Per Share Declared Distributed Deferred 2019 (in thousands, except per share data) Three Months Ended March 31, $ 0.58 $ 55,339 $ 57,988 $ (2,649 ) Three Months Ended June 30, 0.58 49,613 49,365 248 Three Months Ended September 30, 0.68 58,176 57,882 294 Three Months Ended December 31, 0.68 58,176 57,916 260 Year Ended December 31, $ 2.52 $ 221,304 $ 223,151 $ (1,847 ) 2018 Three Months Ended March 31, $ 0.38 $ 34,848 $ 34,900 $ (52 ) Three Months Ended June 30, 0.38 34,254 33,935 319 Three Months Ended September 30, 0.58 52,264 51,764 500 Three Months Ended December 31, 0.58 50,907 50,434 473 Year Ended December 31, $ 1.92 $ 172,273 $ 171,033 $ 1,240 2017 Three Months Ended March 31, $ 0.28 $ 25,769 $ 25,500 $ 269 Three Months Ended June 30, 0.28 25,710 25,444 266 Three Months Ended September 30, 0.38 34,768 34,403 365 Three Months Ended December 31, 0.38 34,745 34,448 297 Year Ended December 31, $ 1.32 $ 120,992 $ 119,795 $ 1,197 |
Summary of Activity Related to Shares of Common Stock Issued and Repurchased | The following table presents activity related to shares of common stock issued and repurchased for the periods indicated: Common Treasury Common Stock Issued Stock Outstanding Balance At December 31, 2016 128,996,344 (37,716,754 ) 91,279,590 Dividend payable/paid 684 (528 ) 156 Common stock issued and exercise of stock options 538,448 — 538,448 Shares withheld for tax withholding and exercises — (157,667 ) (157,667 ) Shares repurchased under stock repurchase programs — (1,556,313 ) (1,556,313 ) Shares issued to directors 8,380 (7,709 ) 671 Balance At December 31, 2017 129,543,856 (39,438,971 ) 90,104,885 Dividend payable/paid 734 (579 ) 155 Common stock issued and exercise of stock options 479,277 — 479,277 Shares withheld for tax withholding and exercises — (174,991 ) (174,991 ) Shares repurchased under stock repurchase programs — (6,235,629 ) (6,235,629 ) Shares issued to directors 6,059 (5,618 ) 441 Balance At December 31, 2018 130,029,926 (45,855,788 ) 84,174,138 Dividend payable/paid 1,064 (585 ) 479 Common stock issued and exercise of stock options 2,387,145 — 2,387,145 Shares withheld for tax withholding and exercises — (1,077,815 ) (1,077,815 ) Shares repurchased under stock repurchase programs — (689,891 ) (689,891 ) Shares issued to directors 1,277 (403 ) 874 Balance At December 31, 2019 132,419,412 (47,624,482 ) 84,794,930 |
Components of Share-Based Compensation Expense | The components of share-based compensation expense related to the awards to Company employees and directors who are not employees of the Company are presented below: Years Ended December 31, December December 31, (in thousands) 2019 2018 2017 Share-based Awards $ 44,090 $ 40,563 $ 37,921 |
Summary of Share-based Compensation Expense | The following table presents the amount of share-based compensation expense by category for the periods indicated: Years Ended December 31, December 31, December 31, (in thousands) 2019 2018 2017 Cost of revenues $ 11,190 $ 10,334 $ 9,707 Selling and marketing 14,943 12,851 11,355 Research and development 5,966 4,175 3,477 General and administrative 11,991 13,203 13,382 Total share-based compensation expense $ 44,090 $ 40,563 $ 37,921 |
Summary of Fair Value of PSUs on the Award Dates Estimated Under the Monte Carlo Method Assumptions | The fair value of the PSUs on the award dates were estimated under the Monte Carlo method using the following assumptions: Years Ended December 31, December 31, December 31, 2019 2018 2017 Risk free interest rate 2.46 % 2.30 % 1.53 % Historical stock price volatility 21.98 % 20.51 % 20.52 % Term (in years) 3.7 3.5 3.5 |
Summary of Vested and Unvested Share-Based Awards Activity | The following table presents activity concerning the Company’s vested and unvested Share-based Awards applicable to its employees (share data in thousands) for the period indicated: Weighted Average Grant Number of Date Fair For the Year Ended December 31, 2019 Shares Value Vested and unvested Share-based Awards at December 31, 2018 1,288 $ 82.09 Granted 1,802 $ 82.50 Conversion to common stock (2,274 ) $ 68.17 Canceled (59 ) $ 113.59 Vested and unvested Share-based Awards at December 31, 2019 (1) 757 $ 122.42 (1) As of December 31, 2019, 696 Share-based Awards, with a weighted average grant date fair value of $123.01, were vested or expected to vest. |
Summary of Unvested Share-Based Awards Activity | The following table presents activity concerning the Company’s unvested Share-based Awards related to its employees (share data in thousands): Weighted Average Grant Number of Date Fair For the Year Ended December 31, 2019 Shares Value Unvested Share-based Awards at December 31, 2018 1,102 $ 84.14 Granted 1,520 $ 86.41 Vested (1,836 ) $ 69.58 Canceled (59 ) $ 113.59 Unvested Share-based Awards at December 31, 2019 727 $ 123.21 Unvested Share-based Awards expected to vest 666 $ 123.90 |
Summary of Stock Options Activity | The following table presents activity concerning MSCI stock options granted to the Company’s employees for the year ended December 31, 2019 (option data and dollar values in thousands, except exercise price): Weighted Weighted Average Number Average Remaining Aggregated of Exercise Life Intrinsic For the Year Ended December 31, 2019 Options Price (Years) Value Options outstanding at December 31, 2018 112 $ 28.96 1.28 $ 13,239 Granted or assumed — $ — N/A N/A Forfeited — $ — N/A N/A Conversion to common stock (112 ) $ 28.96 N/A N/A Options outstanding and exercisable at December 31, 2019 — $ — — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Provision for Income Taxes (Benefits) by Taxing Jurisdiction | The provision for income taxes (benefits) by taxing jurisdiction consisted of: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Current U.S. federal $ 31,493 $ 51,316 $ 133,250 U.S. state and local 6,841 31,680 16,312 Non U.S. 22,103 39,795 32,267 60,437 122,791 181,829 Deferred U.S. federal (11,941 ) (1,406 ) (12,502 ) U.S. state and local (4,001 ) 5,566 (2,119 ) Non U.S. (4,825 ) (4,940 ) (4,281 ) (20,767 ) (780 ) (18,902 ) Provision for income taxes $ 39,670 $ 122,011 $ 162,927 |
Reconciliation of U.S. Federal Statutory Income Tax Rate to the Effective Tax Rate | The following table reconciles the U.S. federal statutory income tax rate to the effective income tax rate: Years Ended December 31, December 31, December 31, 2019 2018 2017 U.S. federal statutory income tax rate 21.00 % 21.00 % 35.00 % U.S. state and local income taxes, net of U.S. federal income tax benefits 2.51 % 4.66 % 1.84 % Change in tax rates applicable to non-U.S. earnings (2.65 %) (2.20 %) (7.60 %) Domestic tax credits and incentives (0.74 %) (0.30 %) (0.24 %) Net tax charge related to Tax Reform — % (1.78 %) 7.40 % Valuation allowance (0.10 %) (1.41 %) — % Excess Stock Based Compensation (13.94 %) (1.14 %) (1.25 %) Other 0.50 % 0.54 % (0.25 %) Effective income tax rate 6.58 % 19.37 % 34.90 % |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018, were as follows: As of December 31, December 31, 2019 2018 (in thousands) Deferred tax assets: Right of use assets $ 43,584 $ — Interest expense carryforwards 19,028 — Employee compensation and benefit plans 17,438 19,698 Loss carryforwards 2,928 2,941 Pension 2,558 2,466 Deferred rent — 5,392 Subtotal 85,536 30,497 Less: valuation allowance — (632 ) Total deferred tax assets $ 85,536 $ 29,865 Deferred tax liabilities: Intangible assets $ (57,155 ) $ (65,538 ) Lease liabilities (38,666 ) — Property, equipment and leasehold improvements, net (20,531 ) (16,369 ) Unremitted foreign earnings (12,996 ) (12,872 ) Unearned revenue (1,079 ) (1,170 ) Other (837 ) (1,021 ) Total deferred tax liabilities $ (131,264 ) $ (96,970 ) Net deferred tax liabilities $ (45,728 ) $ (67,105 ) |
Summary of Deferred Tax Asset Valuation Allowance | The following table presents changes in the Company’s deferred tax asset valuation allowance for the periods indicated: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Beginning balance $ 632 $ 11,575 $ 17,807 Additions charged to cost and expenses — — 324 Deductions (632 ) (10,943 ) (6,556 ) Ending balance $ — $ 632 $ 11,575 |
Summary of Components of Income Before Provision for Income Taxes | The following table presents the components of income before provision for income taxes generated by domestic or foreign operations for the periods indicated: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Domestic $ 351,177 $ 399,000 $ 283,779 Foreign (1) 252,141 230,896 183,120 Total income before provision for income taxes $ 603,318 $ 629,896 $ 466,899 (1) Foreign income before provision for income taxes is defined as income generated from operations located outside the U.S., which includes income from foreign branches of U.S. companies. |
Reconciliation of Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2019, 2018 and 2017: Years Ended Gross unrecognized tax benefits December 31, December 31, December 31, (in thousands) 2019 2018 2017 Beginning balance $ 14,091 $ 10,022 $ 7,936 Increases based on tax positions related to the current period 2,413 3,928 3,389 Increases based on tax positions related to prior periods — 1,892 519 Decreases based on tax positions related to prior periods — (297 ) (6 ) Decreases related to settlements with taxing authorities — — (1,152 ) Decreases related to a lapse of applicable statute of limitations (663 ) (1,454 ) (664 ) Ending balance $ 15,841 $ 14,091 $ 10,022 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Operating Revenues by Reportable Segment | The following table presents operating revenues by reportable segment for the periods indicated: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Operating revenues Index $ 920,937 $ 835,475 $ 718,959 Analytics 496,925 479,939 458,269 All Other 139,934 118,570 96,944 Total $ 1,557,796 $ 1,433,984 $ 1,274,172 |
Segment Profitability and Reconciliation to Net Income | The following table presents segment profitability and a reconciliation to net income for the periods indicated: Years Ended December 31, December 31, December 31, 2019 2018 2017 (in thousands) Index Adjusted EBITDA $ 670,188 $ 607,853 $ 522,241 Analytics Adjusted EBITDA 152,113 143,645 125,624 All Other Adjusted EBITDA 28,198 20,935 11,892 Total operating segment profitability 850,499 772,433 659,757 2016 Multi-Year PSUs grant payroll tax expense 15,389 — — Amortization of intangible assets 49,410 54,189 44,547 Depreciation and amortization of property, equipment and leasehold improvements 29,999 31,346 35,440 Operating income 755,701 686,898 579,770 Other expense (income), net 152,383 57,002 112,871 Provision for income taxes 39,670 122,011 162,927 Net income $ 563,648 $ 507,885 $ 303,972 |
Revenue by Geographic Area | Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Years Ended December 31, December 31, December 31, (in thousands) 2019 2018 2017 Operating revenues Americas: United States $ 698,105 $ 662,345 $ 622,132 Other 65,997 58,065 48,139 Total Americas 764,102 720,410 670,271 Europe, the Middle East and Africa ("EMEA"): United Kingdom 234,926 214,204 193,831 Other 325,221 293,252 250,267 Total EMEA 560,147 507,456 444,098 Asia & Australia: Japan 71,629 67,100 54,351 Other 161,918 139,018 105,452 Total Asia & Australia 233,547 206,118 159,803 Total $ 1,557,796 $ 1,433,984 $ 1,274,172 |
Long-Lived Assets by Geographic Area | Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of December 31, December 31, 2019 2018 (in thousands) Long-lived assets Americas: United States $ 1,781,667 $ 1,803,321 Other 6,398 6,560 Total Americas 1,788,065 1,809,881 EMEA: United Kingdom 81,338 80,039 Other 36,433 19,369 Total EMEA 117,771 99,408 Asia & Australia: Japan 398 411 Other 8,829 7,741 Total Asia & Australia 9,227 8,152 Total $ 1,915,063 $ 1,917,441 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Results of Operations | 2019 2018 First Second Third Fourth First Second Third Fourth Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter (in thousands, except per share data) Operating revenues $ 371,381 $ 385,558 $ 394,251 $ 406,606 $ 351,316 $ 363,046 $ 357,934 $ 361,688 Cost of revenues 82,346 71,975 70,486 70,154 71,304 71,368 70,906 73,757 Selling and marketing 56,048 51,657 52,107 59,486 46,409 47,416 46,149 52,949 Research and development 23,172 23,752 24,310 27,100 20,707 19,801 20,591 20,312 General and administrative 27,497 26,378 26,559 29,659 26,187 24,036 24,751 24,908 Amortization of intangible assets 11,793 12,013 12,361 13,243 11,338 19,537 11,681 11,633 Depreciation and amortization of property, equipment and leasehold improvements 7,850 7,405 7,209 7,535 8,205 7,377 7,453 8,311 Total operating expenses 208,706 193,180 193,032 207,177 184,150 189,535 181,531 191,870 Operating income 162,675 192,378 201,219 199,429 167,166 173,511 176,403 169,818 Interest income (4,086 ) (3,345 ) (3,673 ) (5,299 ) (2,770 ) (4,281 ) (6,522 ) (6,096 ) Interest expense 35,915 35,915 35,922 40,289 29,560 31,761 35,902 35,891 Other expense (income) 2,554 63 222 17,906 938 (10,292 ) 177 (47,266 ) Other expense (income), net 34,383 32,633 32,471 52,896 27,728 17,188 29,557 (17,471 ) Income before provision for income taxes 128,292 159,745 168,748 146,533 139,438 156,323 146,846 187,289 Provision for income taxes (49,900 ) 34,055 31,765 23,750 24,346 39,494 23,014 35,157 Net income $ 178,192 $ 125,690 $ 136,983 $ 122,783 $ 115,092 $ 116,829 $ 123,832 $ 152,132 Earnings per basic common share $ 2.11 $ 1.48 $ 1.62 $ 1.45 $ 1.28 $ 1.31 $ 1.39 $ 1.75 Earnings per diluted common share $ 2.08 $ 1.47 $ 1.60 $ 1.44 $ 1.24 $ 1.28 $ 1.36 $ 1.70 Weighted average shares outstanding used in computing per share data Basic 84,253 84,750 84,765 84,802 90,075 89,112 88,796 86,968 Diluted 85,649 85,393 85,550 85,546 92,587 91,586 91,372 89,495 |
Introduction and Basis of Pre_4
Introduction and Basis of Presentation - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Customer | Dec. 31, 2018USD ($)Customer | Dec. 31, 2017USD ($)Customer | Jan. 01, 2019USD ($) | |
Introduction And Basis Of Presentation [Line Items] | ||||
Capitalized software development costs | $ 24,654,000 | $ 18,704,000 | $ 15,640,000 | |
Impairment of goodwill | 0 | 0 | $ 0 | |
Remaining unamortized value written off | $ 7,900,000 | |||
Right of use assets | 166,406,000 | |||
Operating lease liabilities | $ 186,288,000 | |||
Sales Revenue, Services, Net | Customer Concentration Risk | ||||
Introduction And Basis Of Presentation [Line Items] | ||||
Number of major customers accounted for 10.0% or more of revenues | Customer | 1 | 1 | 1 | |
Sales Revenue, Services, Net | Customer Concentration Risk | Blackrock Inc [Member] | ||||
Introduction And Basis Of Presentation [Line Items] | ||||
Percentage of operating revenues accounted for by major customer | 11.50% | 11.90% | 11.50% | |
Sales Revenue, Services, Net | Index [Member] | Customer Concentration Risk | Blackrock Inc [Member] | ||||
Introduction And Basis Of Presentation [Line Items] | ||||
Percentage of operating revenues accounted for by major customer | 18.90% | 20.10% | 20.00% | |
Sales Revenue, Services, Net | Analytics [Member] | Customer Concentration Risk | ||||
Introduction And Basis Of Presentation [Line Items] | ||||
Number of major customers accounted for 10.0% or more of revenues | Customer | 0 | 0 | 0 | |
Sales Revenue, Services, Net | All Other [Member] | Customer Concentration Risk | ||||
Introduction And Basis Of Presentation [Line Items] | ||||
Number of major customers accounted for 10.0% or more of revenues | Customer | 0 | 0 | 0 | |
ASC Topic 842 [Member] | ||||
Introduction And Basis Of Presentation [Line Items] | ||||
Right of use assets | $ 197,500,000 | |||
Operating lease liabilities | 197,500,000 | |||
Right of use assets offset for lease related assets and liabilities | 22,100,000 | |||
Initial right of use assets | $ 175,400,000 | |||
Minimum [Member] | Software and Software Development Costs [Member] | ||||
Introduction And Basis Of Presentation [Line Items] | ||||
Estimates of useful lives | 3 years | |||
Maximum [Member] | Software and Software Development Costs [Member] | ||||
Introduction And Basis Of Presentation [Line Items] | ||||
Estimates of useful lives | 5 years |
Introduction and Basis of Pre_5
Introduction and Basis of Presentation - Changes in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 1,027 | $ 1,700 | $ 1,035 |
Addition to provision | 1,024 | 1,422 | |
Reduction to provision | (224) | ||
Amounts written off, net of recoveries | (336) | (449) | (757) |
Balance at ending of year | $ 1,715 | $ 1,027 | $ 1,700 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | $ 406,606 | $ 394,251 | $ 385,558 | $ 371,381 | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 1,557,796 | $ 1,433,984 | $ 1,274,172 |
Index [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 920,937 | 835,475 | 718,959 | ||||||||
Analytics [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 496,925 | 479,939 | 458,269 | ||||||||
All Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 139,934 | 118,570 | $ 96,944 | ||||||||
Recurring Subscriptions [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 1,154,040 | 1,066,536 | |||||||||
Recurring Subscriptions [Member] | Index [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 530,968 | 477,612 | |||||||||
Recurring Subscriptions [Member] | Analytics [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 486,282 | 474,334 | |||||||||
Recurring Subscriptions [Member] | All Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 136,790 | 114,590 | |||||||||
Asset-based Fees [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 361,927 | 336,565 | |||||||||
Asset-based Fees [Member] | Index [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 361,927 | 336,565 | |||||||||
Non-recurring [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 41,829 | 30,883 | |||||||||
Non-recurring [Member] | Index [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 28,042 | 21,298 | |||||||||
Non-recurring [Member] | Analytics [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | 10,643 | 5,605 | |||||||||
Non-recurring [Member] | All Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Operating revenues | $ 3,144 | $ 3,980 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Change in Accounts Receivable and Deferred Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | Jan. 01, 2018 | |
Revenue From Contract With Customer [Abstract] | ||||
Accounts receivable, balance | $ 499,268 | $ 473,433 | $ 473,433 | $ 473,400 |
Accounts receivable, Increase/(decrease) | 25,835 | 33 | ||
Deferred revenue | 574,656 | 537,977 | $ 537,977 | $ 494,591 |
Deferred revenue, Increase/(decrease) | $ 36,679 | $ 43,386 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | ||
Revenue recognized during period included in deferred revenue | $ 522.7 | $ 478.8 |
Revenue, performance obligations and revenue recognition, description | For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. |
Revenue Recognition - Schedul_2
Revenue Recognition - Schedule of Remaining Performance Obligations (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 580,920 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | 324,998 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | 172,953 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | 65,253 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue Recognition [Line Items] | |
Remaining performance obligations | $ 17,716 |
Revenue Recognition - Schedul_3
Revenue Recognition - Schedule of Remaining Performance Obligations (Detail 1) $ in Thousands | Dec. 31, 2019USD ($) |
Revenue From Contract With Customer [Abstract] | |
Remaining performance obligations | $ 580,920 |
Revenue Recognition - Schedul_4
Revenue Recognition - Schedule of Remaining Performance Obligations (Parenthetical) (Detail) | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-01-01 | |
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: 2021-01-01 | |
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: 2022-01-01 | |
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: 2023-01-01 | |
Revenue Recognition [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Earnings Per Common Share - Com
Earnings Per Common Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 122,783 | $ 136,983 | $ 125,690 | $ 178,192 | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | $ 563,648 | $ 507,885 | $ 303,972 |
Basic weighted average common shares outstanding | 84,802 | 84,765 | 84,750 | 84,253 | 86,968 | 88,796 | 89,112 | 90,075 | 84,644 | 87,179 | 90,336 |
Effect of dilutive securities: | |||||||||||
Stock options and restricted stock units | 892 | 2,522 | 1,578 | ||||||||
Diluted weighted average common shares outstanding | 85,546 | 85,550 | 85,393 | 85,649 | 89,495 | 91,372 | 91,586 | 92,587 | 85,536 | 89,701 | 91,914 |
Earnings per basic common share | $ 1.45 | $ 1.62 | $ 1.48 | $ 2.11 | $ 1.75 | $ 1.39 | $ 1.31 | $ 1.28 | $ 6.66 | $ 5.83 | $ 3.36 |
Earnings per diluted common share | $ 1.44 | $ 1.60 | $ 1.47 | $ 2.08 | $ 1.70 | $ 1.36 | $ 1.28 | $ 1.24 | $ 6.59 | $ 5.66 | $ 3.31 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Nov. 15, 2019 | May 15, 2018 | Aug. 04, 2016 | Dec. 31, 2019 | Nov. 30, 2019 | Nov. 20, 2019 | Nov. 07, 2019 | May 18, 2018 | Nov. 20, 2014 |
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Debt instrument principal amount | $ 3,100,000,000 | ||||||||
Loss on extinguishment | (16,794,000) | ||||||||
Long-term Debt [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Deferred financing fees | $ 28,100,000 | ||||||||
Revolving Credit Agreement [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Revolving credit facility, maximum borrowing | $ 400,000,000 | $ 250,000,000 | $ 220,000,000 | $ 200,000,000 | |||||
Revolving credit agreement, term | 5 years | ||||||||
Revolving credit agreement, extended term | 1 year | 1 year | 1 year | ||||||
5.25% Senior Unsecured Notes Due 2024 [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Debt instrument principal amount | $ 300,000,000 | $ 500,000,000 | |||||||
Debt instrument interest rate | 5.25% | ||||||||
Maturity date | Nov. 15, 2024 | ||||||||
Unamortized Debt Issuance Expense | $ 3,700,000 | ||||||||
5.25% Senior Unsecured Notes Due 2024 [Member] | Indenture [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Loss on extinguishment | 13,100,000 | ||||||||
5.25% Senior Unsecured Notes Due 2024 [Member] | Other expense (income) [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Loss on extinguishment | 16,800,000 | ||||||||
5.75% Senior Unsecured Notes Due 2025 [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Debt instrument principal amount | $ 800,000,000 | ||||||||
Debt instrument interest rate | 5.75% | ||||||||
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. | ||||||||
5.375% Senior Unsecured Notes Due 2027 [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Debt instrument principal amount | $ 500,000,000 | $ 500,000,000 | |||||||
Debt instrument interest rate | 5.375% | 5.375% | |||||||
Maturity date | May 15, 2027 | ||||||||
Redemption description | At any time prior to May 15, 2022, the Company may redeem all or part of the 2027 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | ||||||||
Percentage of aggregate principal amount redeemed | 35.00% | ||||||||
Redemption price | 105.375% | ||||||||
4.00% Senior Unsecured Notes Due 2029 [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Debt instrument principal amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 500,000,000 | $ 500,000,000 | |||||
Debt instrument interest rate | 4.00% | 4.00% | |||||||
Maturity date | Nov. 15, 2029 | ||||||||
Redemption description | At any time prior to November 15, 2024, the Company may redeem all or part of the 2029 Senior Notes 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 | 104.00% | ||||||||
Senior Notes [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Debt instrument principal amount | $ 3,100,000,000 | ||||||||
Senior Notes and Revolving Credit Facility [Member] | |||||||||
Schedule Of Commitments And Contingencies [Line Items] | |||||||||
Deferred financing fees | $ 30,300,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Senior Unsecured Notes Outstanding (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Nov. 30, 2019 | Nov. 20, 2019 | Nov. 07, 2019 | Dec. 31, 2018 | May 18, 2018 | |
Debt Instrument [Line Items] | ||||||
Principal amount outstanding | $ 3,100,000,000 | |||||
Carrying value | 3,071,926,000 | $ 2,575,502,000 | ||||
Fair Value | $ 3,236,017,000 | 2,574,929,000 | ||||
5.25% Senior Unsecured Notes Due 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Nov. 15, 2024 | |||||
Principal amount outstanding | $ 300,000,000 | $ 500,000,000 | ||||
Carrying value | 297,835,000 | 793,054,000 | ||||
Fair Value | $ 309,225,000 | 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 | 794,063,000 | 793,016,000 | ||||
Fair Value | $ 840,872,000 | 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 | 495,587,000 | 494,916,000 | ||||
Fair Value | $ 525,800,000 | 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 | $ 500,000,000 | ||||
Carrying value | 495,168,000 | 494,516,000 | ||||
Fair Value | $ 541,300,000 | $ 489,745,000 | ||||
4.00% Senior Unsecured Notes Due 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maturity Date | Nov. 15, 2029 | |||||
Principal amount outstanding | $ 1,000,000,000 | $ 1,000,000,000 | $ 500,000,000 | $ 500,000,000 | ||
Carrying value | 989,273,000 | |||||
Fair Value | $ 1,018,820,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Senior Unsecured Notes Outstanding (Parenthetical) (Detail) | Dec. 31, 2019 | Nov. 30, 2019 | May 18, 2018 |
5.25% Senior Unsecured Notes Due 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.25% | ||
5.75% Senior Unsecured Notes Due 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.75% | ||
4.75% Senior Unsecured Notes Due 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.75% | ||
5.375% Senior Unsecured Notes Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 5.375% | 5.375% | |
4.00% Senior Unsecured Notes Due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate | 4.00% | 4.00% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee Lease Description [Line Items] | |||
Rent expense for office space | $ 25.3 | $ 24.2 | |
Operating lease, expense | $ 35.6 | ||
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 23 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. | ||
Maximum [Member] | |||
Lessee Lease Description [Line Items] | |||
Operating lease, remaining lease terms | 13 years | ||
Operating lease, extended term | 23 years | ||
Operating lease, early termination term | 5 years |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Commitments Under Operating Leases with ASC 842 (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Maturity of Lease Liabilities | |
2020 | $ 28,162 |
2021 | 27,562 |
2022 | 23,801 |
2023 | 22,678 |
2024 | 17,231 |
Thereafter | 101,782 |
Total lease payments | 221,216 |
Less: Interest | (34,928) |
Present value of lease liabilities | 186,288 |
Other accrued liabilities | $ 22,144 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherAccruedLiabilitiesCurrent |
Long-term operating lease liabilities | $ 164,144 |
Leases - Summary of Lease Term
Leases - Summary of Lease Term and Discount Rate Under Operating Lease (Detail) | Dec. 31, 2019 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 9 years 8 months 8 days |
Weighted-average discount rate | 3.46% |
Leases - Summary of Other Infor
Leases - Summary of Other Information Under Operating Lease (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 29,886 |
Leased assets obtained in exchange for new operating lease liabilities | $ 210,784 |
Leases - Summary of Other Inf_2
Leases - Summary of Other Information Under Operating Lease (Parenthetical) (Detail) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 |
Lessee Lease Description [Line Items] | ||
Leased assets obtained in exchange for new operating lease liabilities | $ 210,784 | |
Restatement Adjustment [Member] | ASU 2016-02 [Member] | ||
Lessee Lease Description [Line Items] | ||
Leased assets obtained in exchange for new operating lease liabilities | $ 197,500 |
Property, Equipment and Lease_3
Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Computer & related equipment | $ 185,794 | $ 200,414 |
Furniture & fixtures | 12,478 | 12,033 |
Leasehold improvements | 52,339 | 53,429 |
Work-in-process | 8,667 | 10,506 |
Subtotal | 259,278 | 276,382 |
Accumulated depreciation and amortization | (168,570) | (185,505) |
Property, equipment and leasehold improvements, net | $ 90,708 | $ 90,877 |
Computer & Related Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 2 years | |
Computer & Related Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Furniture & Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 years | |
Leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 1 year | |
Leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 21 years |
Property, Equipment and Lease_4
Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | $ 7,535 | $ 7,209 | $ 7,405 | $ 7,850 | $ 8,311 | $ 7,453 | $ 7,377 | $ 8,205 | $ 29,999 | $ 31,346 | $ 35,440 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Change to Company's Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Line Items] | ||
Goodwill, Beginning balance | $ 1,545,761 | $ 1,560,621 |
Changes to goodwill | 14,567 | (11,635) |
Foreign exchange translation adjustment | 2,540 | (3,225) |
Goodwill, Ending balance | 1,562,868 | 1,545,761 |
Index [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 1,203,404 | 1,205,400 |
Foreign exchange translation adjustment | 1,290 | (1,996) |
Goodwill, Ending balance | 1,204,694 | 1,203,404 |
Analytics [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 290,976 | 302,611 |
Changes to goodwill | (11,635) | |
Goodwill, Ending balance | 290,976 | 290,976 |
All Other [Member] | ||
Goodwill [Line Items] | ||
Goodwill, Beginning balance | 51,381 | 52,610 |
Changes to goodwill | 14,567 | |
Foreign exchange translation adjustment | 1,250 | (1,229) |
Goodwill, Ending balance | $ 67,198 | $ 51,381 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill by Reportable Segment (Parenthetical) (Detail) - Analytics [Member] $ in Millions | Dec. 31, 2019USD ($) |
Financial Engineering Associates, Inc [Member] | |
Goodwill [Line Items] | |
Impact of divestiture on goodwill | $ 2.9 |
Investor Force [Member] | |
Goodwill [Line Items] | |
Impact of divestiture on goodwill | $ 8.7 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||||||||||
Amortization of intangible assets | $ 13,243 | $ 12,361 | $ 12,013 | $ 11,793 | $ 11,633 | $ 11,681 | $ 19,537 | $ 11,338 | $ 49,410 | $ 54,189 | $ 44,547 |
Remaining unamortized value written off | 7,900 | ||||||||||
Acquired Intangible Assets [Member] | |||||||||||
Goodwill [Line Items] | |||||||||||
Amortization of intangible assets | 34,800 | 44,000 | 39,200 | ||||||||
Capitalized Software [Member] | |||||||||||
Goodwill [Line Items] | |||||||||||
Amortization of intangible assets | $ 14,600 | $ 10,200 | $ 5,400 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | $ 856,346 | $ 832,339 |
Foreign exchange translation adjustment | (7,615) | (9,569) |
Gross carrying value | 848,731 | 822,770 |
Accumulated amortization excluding foreign exchange translation adjustment | (588,811) | (544,383) |
Foreign exchange translation adjustment | 1,567 | 2,416 |
Accumulated amortization | (587,244) | (541,967) |
Net carrying value excluding foreign exchange translation adjustment | 267,535 | 287,956 |
Foreign exchange translation adjustment | (6,048) | (7,153) |
Net carrying value | 261,487 | 280,803 |
Customer Relationships [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | 356,700 | 356,700 |
Accumulated amortization excluding foreign exchange translation adjustment | (231,665) | (209,867) |
Net carrying value excluding foreign exchange translation adjustment | $ 125,035 | 146,833 |
Customer Relationships [Member] | Minimum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 13 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 21 years | |
Trademarks/Trade Names [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | $ 207,300 | 208,320 |
Accumulated amortization excluding foreign exchange translation adjustment | (133,305) | (123,345) |
Net carrying value excluding foreign exchange translation adjustment | $ 73,995 | 84,975 |
Trademarks/Trade Names [Member] | Minimum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 10 years | |
Trademarks/Trade Names [Member] | Maximum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 21 years 6 months | |
Technology/Software [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying value excluding foreign exchange translation adjustment | $ 263,719 | 238,692 |
Accumulated amortization excluding foreign exchange translation adjustment | (209,878) | (198,974) |
Net carrying value excluding foreign exchange translation adjustment | $ 53,841 | 39,718 |
Technology/Software [Member] | Minimum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 3 years | |
Technology/Software [Member] | Maximum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 8 years | |
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 | (13,963) | (12,197) |
Net carrying value excluding foreign exchange translation adjustment | $ 14,664 | $ 16,430 |
Proprietary Data [Member] | Minimum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 6 years | |
Proprietary Data [Member] | Maximum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated Remaining Useful Lives | 13 years |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Estimated Amortization Expense for Succeeding Years (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 54,432 | |
2021 | 50,368 | |
2022 | 43,058 | |
2023 | 34,731 | |
2024 | 33,550 | |
Thereafter | 45,348 | |
Net carrying value | $ 261,487 | $ 280,803 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | $ 24 | $ 22.8 | $ 22.5 |
Defined contribution plan expenses | 19.9 | 19.2 | 18.6 |
Net periodic benefit expense | 4.1 | 3.6 | 3.9 |
Fair value of the defined benefit plan assets | 25 | 21.7 | |
Switzerland Defined Benefit Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit expense | $ 1 | $ 1.3 | $ 1.3 |
Minimum investment return rate | 1.00% | 1.00% | 1.00% |
Defined benefit plan, net pension liability | $ 32.6 | $ 25.6 | |
Defined benefit plan, assets | $ 21.9 | $ 19.4 | |
Discount rate | 0.30% | 1.00% | |
Other Non-current Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, non-current liability | $ 30.4 | $ 21.3 | |
Cost of Revenues [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | 9.4 | 10.2 | $ 10.3 |
Selling and Marketing [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | 7.4 | 6.9 | 6.5 |
Research and Development [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | 4.7 | 3.8 | 3.8 |
General and Administrative [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and post-retirement benefit expenses | $ 1.8 | $ 1.8 | $ 1.3 |
Shareholders' Equity (Deficit_2
Shareholders' Equity (Deficit) - Additional Information 1 (Detail) - USD ($) | Dec. 31, 2019 | Oct. 29, 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] | ||||
Repurchase program authorizing the purchase of shares | $ 1,000,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 706,100,000 | |||
2019 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 | $ 1,456,100,000 |
Shareholders' Equity (Deficit_3
Shareholders' Equity (Deficit) - Schedule of Company's Common Stock Repurchases Pursuant to Open Market Repurchases (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity, Class of Treasury Stock [Line Items] | |||
Dollar Value of Shares Repurchased | $ 292,075 | $ 949,888 | $ 150,461 |
Open Market Purchases of Common Stock [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Average Price Paid Per Share | $ 147.97 | $ 148.34 | $ 87.96 |
Total Number of Shares Repurchased | 690 | 6,236 | 1,556 |
Dollar Value of Shares Repurchased | $ 102,081 | $ 924,989 | $ 136,899 |
Shareholders' Equity (Deficit_4
Shareholders' Equity (Deficit) - Schedule of Cash Dividends Declared and Distributed Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||||||||||||||
Dividend declared per common share | $ 0.68 | $ 0.68 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.28 | $ 0.28 | $ 2.52 | $ 1.92 | $ 1.32 |
Cash dividends declared, Amount | $ 58,176 | $ 58,176 | $ 49,613 | $ 55,339 | $ 50,907 | $ 52,264 | $ 34,254 | $ 34,848 | $ 34,745 | $ 34,768 | $ 25,710 | $ 25,769 | $ 221,304 | $ 172,273 | $ 120,992 |
Cash dividends distributed, Amount | 57,916 | 57,882 | 49,365 | 57,988 | 50,434 | 51,764 | 33,935 | 34,900 | 34,448 | 34,403 | 25,444 | 25,500 | 223,151 | 171,033 | 119,795 |
Cash dividends deferred, Amount | $ 260 | $ 294 | $ 248 | $ (2,649) | $ 473 | $ 500 | $ 319 | $ (52) | $ 297 | $ 365 | $ 266 | $ 269 | $ (1,847) | $ 1,240 | $ 1,197 |
Shareholders' Equity (Deficit_5
Shareholders' Equity (Deficit) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock Issued [Member] | |||
Common Stock Outstanding [Line Items] | |||
Beginning balance | 130,029,926 | 129,543,856 | 128,996,344 |
Dividend payable/paid | 1,064 | 734 | 684 |
Common stock issued and exercise of stock options | 2,387,145 | 479,277 | 538,448 |
Shares issued to directors | 1,277 | 6,059 | 8,380 |
Ending balance | 132,419,412 | 130,029,926 | 129,543,856 |
Treasury Stock [Member] | |||
Common Stock Outstanding [Line Items] | |||
Beginning balance | (45,855,788) | (39,438,971) | (37,716,754) |
Dividend payable/paid | (585) | (579) | (528) |
Shares withheld for tax withholding and exercises | (1,077,815) | (174,991) | (157,667) |
Shares repurchased under stock repurchase programs | (689,891) | (6,235,629) | (1,556,313) |
Shares issued to directors | (403) | (5,618) | (7,709) |
Ending balance | (47,624,482) | (45,855,788) | (39,438,971) |
Common Stock Outstanding [Member] | |||
Common Stock Outstanding [Line Items] | |||
Beginning balance | 84,174,138 | 90,104,885 | 91,279,590 |
Dividend payable/paid | 479 | 155 | 156 |
Common stock issued and exercise of stock options | 2,387,145 | 479,277 | 538,448 |
Shares withheld for tax withholding and exercises | (1,077,815) | (174,991) | (157,667) |
Shares repurchased under stock repurchase programs | (689,891) | (6,235,629) | (1,556,313) |
Shares issued to directors | 874 | 441 | 671 |
Ending balance | 84,794,930 | 84,174,138 | 90,104,885 |
Shareholders' Equity (Deficit_6
Shareholders' Equity (Deficit) - Additional Information 2 (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 22, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares grants in period | 0 | 0 | 0 | |
Windfall tax benefits for share-based compensation expense related to share-based awards and stock options | $ 82.5 | $ 8.8 | $ 5.5 | |
Compensation cost related to unvested share-based awards not yet recognized | $ 32.6 | |||
Number of shares available for future grants | 5,200,000 | |||
Assumed dividend yield applied in valuation | 0.00% | |||
Total fair value of Share-Based Awards converted or vested to common stock | $ 401.7 | 63.6 | 30.3 | |
Intrinsic value of the stock options exercised | $ 22.1 | $ 4.8 | $ 10.9 | |
Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation cost related to unvested share-based awards not yet recognized, period for recognition | 1 year | |||
Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation cost related to unvested share-based awards not yet recognized, period for recognition | 5 years | |||
Subsequent Event [Member] | 2018 Bonus Award [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares grants in period | 287,540 | |||
Aggregate fair value | $ 59.4 | |||
Subsequent Event [Member] | 2018 Bonus Award [Member] | RSUs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period of awards | 3 years | |||
Fraction of bonus award vested per year | 33.00% | |||
Subsequent Event [Member] | 2018 Bonus Award [Member] | MSUs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Minimum performance period | 3 years | |||
Maximum Performance Period | 5 years | |||
Subsequent Event [Member] | 2018 Bonus Award [Member] | MSUs [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period of awards | 3 years | |||
Subsequent Event [Member] | 2018 Bonus Award [Member] | MSUs [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period of awards | 5 years |
Shareholders' Equity (Deficit_7
Shareholders' Equity (Deficit) - Components of Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Awards [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 44,090 | $ 40,563 | $ 37,921 |
Shareholders' Equity (Deficit_8
Shareholders' Equity (Deficit) - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | $ 44,090 | $ 40,563 | $ 37,921 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 11,190 | 10,334 | 9,707 |
Selling and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 14,943 | 12,851 | 11,355 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 5,966 | 4,175 | 3,477 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | $ 11,991 | $ 13,203 | $ 13,382 |
Shareholders' Equity (Deficit_9
Shareholders' Equity (Deficit) - Summary of Fair Value of PSUs on the Award Dates Estimated Under the Monte Carlo Method Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Risk free interest rate | 2.46% | 2.30% | 1.53% |
Historical stock price volatility | 21.98% | 20.51% | 20.52% |
Term (in years) | 3 years 8 months 12 days | 3 years 6 months | 3 years 6 months |
Shareholders' Equity (Defici_10
Shareholders' Equity (Deficit) - Summary of Vested and Unvested Share-Based Awards Activity (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Vested and unvested Share-based Awards at the beginning of period, Number of Shares | shares | 1,288 |
Granted, Number of Shares | shares | 1,802 |
Conversion to common stock, Number of Shares | shares | (2,274) |
Canceled, Number of Shares | shares | (59) |
Vested and unvested Share-based Awards at the end of period, Number of Shares | shares | 757 |
Vested and unvested Share-based Awards at the beginning of period, Weighted Average Grant Date Fair Value | $ / shares | $ 82.09 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 82.50 |
Conversion to common stock, Weighted Average Grant Date Fair Value | $ / shares | 68.17 |
Canceled, Weighted Average Grant Date Fair Value | $ / shares | 113.59 |
Vested and unvested Share-based Awards at the end of period, Weighted Average Grant Date Fair Value | $ / shares | $ 122.42 |
Shareholders' Equity (Defici_11
Shareholders' Equity (Deficit) - Summary of Vested and Unvested Share-Based Awards Activity (Parenthetical) (Detail) shares in Thousands | Dec. 31, 2019$ / sharesshares |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based Awards, vested or expected to vest | shares | 696 |
Share-based Awards , vested or expected to vest, weighted average price | $ / shares | $ 123.01 |
Shareholders' Equity (Defici_12
Shareholders' Equity (Deficit) - Summary of Unvested Share-Based Awards Activity (Detail) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted Average Grant Date Fair Value, balance at the beginning of the period | $ / shares | $ 84.14 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 86.41 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 69.58 |
Weighted Average Grant Date Fair Value, Canceled | $ / shares | 113.59 |
Weighted Average Grant Date Fair Value, balance at the end of the period | $ / shares | 123.21 |
Weighted Average Grant Date Fair Value, Expected to vest | $ / shares | $ 123.90 |
Unvested Shares [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unvested Share-based Awards at the beginning of period | shares | 1,102 |
Number of Shares, Granted | shares | 1,520 |
Number of Shares, Vested | shares | (1,836) |
Number of Shares, Canceled | shares | (59) |
Unvested Share-based Awards at the end of period | shares | 727 |
Unvested Share-based Awards expected to vest | shares | 666 |
Shareholders' Equity (Defici_13
Shareholders' Equity (Deficit) - Summary of Stock Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Options, Options outstanding, Beginning balance | 112,000 | ||
Number of Options, Granted or assumed | 0 | 0 | 0 |
Number of Options, Conversion to common stock | (112,000) | ||
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ 28.96 | ||
Weighted Average Exercise Price, Conversion to common stock | $ 28.96 | ||
Weighted Average Remaining Life (Years), Options outstanding | 1 year 3 months 10 days | ||
Aggregated Intrinsic Value, Options outstanding and exercisable | $ 13,239 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Benefits) by Taxing Jurisdiction (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current, U.S. federal | $ 31,493 | $ 51,316 | $ 133,250 | ||||||||
Current, U.S. state and local | 6,841 | 31,680 | 16,312 | ||||||||
Current, Non U.S. | 22,103 | 39,795 | 32,267 | ||||||||
Current provision for income taxes (benefits) | 60,437 | 122,791 | 181,829 | ||||||||
Deferred, U.S. federal | (11,941) | (1,406) | (12,502) | ||||||||
Deferred, U.S. state and local | (4,001) | 5,566 | (2,119) | ||||||||
Deferred, Non U.S. | (4,825) | (4,940) | (4,281) | ||||||||
Deferred provision for income taxes (benefits) | (20,767) | (780) | (18,902) | ||||||||
Provision for income taxes | $ 23,750 | $ 31,765 | $ 34,055 | $ (49,900) | $ 35,157 | $ 23,014 | $ 39,494 | $ 24,346 | $ 39,670 | $ 122,011 | $ 162,927 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate to the Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
U.S. state and local income taxes, net of U.S. federal income tax benefits | 2.51% | 4.66% | 1.84% |
Change in tax rates applicable to non-U.S. earnings | (2.65%) | (2.20%) | (7.60%) |
Domestic tax credits and incentives | (0.74%) | (0.30%) | (0.24%) |
Net tax charge related to Tax Reform | (1.78%) | 7.40% | |
Valuation allowance | (0.10%) | (1.41%) | |
Excess Stock Based Compensation | (13.94%) | (1.14%) | (1.25%) |
Other | 0.50% | 0.54% | (0.25%) |
Effective income tax rate | 6.58% | 19.37% | 34.90% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 22, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Examination [Line Items] | ||||
U.S. federal income tax rate reduction effective date | Jan. 1, 2018 | |||
Tax reform measurement period | 1 year | |||
Net charge (benefit) to provision for income taxes | $ (11,200,000) | $ 34,500,000 | ||
Estimated tax charge related to toll charge | 47,500,000 | |||
Estimated tax charge (benefit) related to change in assertion | (5,700,000) | 16,000,000 | ||
Estimated tax benefit related to revaluation of deferred tax assets | 2,900,000 | (29,000,000) | ||
Estimated tax benefit related to foreign withholding taxes | 2,600,000 | |||
Cumulative net charge of tax reform | 23,300,000 | |||
Interest carryforwards | $ 19,028,000 | |||
Valuation allowance | 0 | 632,000 | ||
Earnings attributable to foreign subsidiaries | 14,000,000 | |||
Estimated tax charge related to foreign withholding taxes | 2,500,000 | |||
Decrease in unrecognized tax benefit | 11,200,000 | |||
Total amount of unrecognized tax benefits | 15,800,000 | 13,800,000 | 9,400,000 | |
Unrecognized tax benefits, interest on income tax expense(benefit) | (400,000) | (200,000) | (200,000) | |
Penalties recognized during the year | 0 | 0 | 0 | |
Amount of accrued interest | $ 900,000 | 900,000 | $ 900,000 | |
Minimum [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years under examination | 2006 | |||
Maximum [Member] | ||||
Income Tax Examination [Line Items] | ||||
Tax years under examination | 2019 | |||
Domestic Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Interest carryforwards | $ 13,200,000 | 0 | ||
Net operating loss carryforwards | 13,800,000 | 16,000,000 | ||
Net operating loss carryforwards, tax value | $ 1,900,000 | 1,800,000 | ||
Expiration period | 2026 | |||
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 | |||
Foreign Tax Authority [Member] | ||||
Income Tax Examination [Line Items] | ||||
Interest carryforwards | $ 5,800,000 | 0 | ||
Net operating loss carryforwards, tax value | $ 1,000,000 | $ 600,000 | ||
Expiration period | 2021 | |||
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 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Right of use assets | $ 43,584,000 | |
Interest expense carryforwards | 19,028,000 | |
Employee compensation and benefit plans | 17,438,000 | $ 19,698,000 |
Loss carryforwards | 2,928,000 | 2,941,000 |
Pension | 2,558,000 | 2,466,000 |
Deferred rent | 5,392,000 | |
Subtotal | 85,536,000 | 30,497,000 |
Less: valuation allowance | 0 | (632,000) |
Total deferred tax assets | 85,536,000 | 29,865,000 |
Deferred tax liabilities: | ||
Intangible assets | (57,155,000) | (65,538,000) |
Lease liabilities | (38,666,000) | |
Property, equipment and leasehold improvements, net | (20,531,000) | (16,369,000) |
Unremitted foreign earnings | (12,996,000) | (12,872,000) |
Unearned revenue | (1,079,000) | (1,170,000) |
Other | (837,000) | (1,021,000) |
Total deferred tax liabilities | (131,264,000) | (96,970,000) |
Net deferred tax liabilities | $ (45,728,000) | $ (67,105,000) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Asset Valuation Allowance (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |||
Beginning balance | $ 632 | $ 11,575 | $ 17,807 |
Additions charged to cost and expenses | 324 | ||
Deductions | $ (632) | (10,943) | (6,556) |
Ending balance | $ 632 | $ 11,575 |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 351,177 | $ 399,000 | $ 283,779 | ||||||||
Foreign | 252,141 | 230,896 | 183,120 | ||||||||
Income before provision for income taxes | $ 146,533 | $ 168,748 | $ 159,745 | $ 128,292 | $ 187,289 | $ 146,846 | $ 156,323 | $ 139,438 | $ 603,318 | $ 629,896 | $ 466,899 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 14,091 | $ 10,022 | $ 7,936 |
Increases based on tax positions related to the current period | 2,413 | 3,928 | 3,389 |
Increases based on tax positions related to prior periods | 1,892 | 519 | |
Decreases based on tax positions related to prior periods | (297) | (6) | |
Decreases related to settlements with taxing authorities | (1,152) | ||
Decreases related to a lapse of applicable statute of limitations | (663) | (1,454) | (664) |
Ending balance | $ 15,841 | $ 14,091 | $ 10,022 |
Divestitures - Additional Infor
Divestitures - Additional Information (Detail) - USD ($) $ in Thousands | Oct. 12, 2018 | Apr. 09, 2018 | Dec. 31, 2018 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from divestiture | $ 83,825 | ||
Gain on divestiture | $ 61,402 | ||
Financial Engineering Associates, Inc [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from divestiture | $ 21,000 | ||
Goodwill | 2,900 | ||
Amortized identifiable intangible assets | 2,700 | ||
Other net assets | 6,100 | ||
Transaction costs | 1,400 | ||
Financial Engineering Associates, Inc [Member] | Other Expense (Income) [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Gain on divestiture | $ 10,600 | ||
Investor Force [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Proceeds from divestiture | $ 62,000 | ||
Goodwill | 8,700 | ||
Amortized identifiable intangible assets | 4,000 | ||
Other net assets | 700 | ||
Transaction costs | 2,800 | ||
Additional working capital adjustment | 800 | ||
Investor Force [Member] | Other Expense (Income) [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Gain on divestiture | $ 46,600 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Segment Information - Operating
Segment Information - Operating Revenues by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Operating revenues | $ 406,606 | $ 394,251 | $ 385,558 | $ 371,381 | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 1,557,796 | $ 1,433,984 | $ 1,274,172 |
Index [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Operating revenues | 920,937 | 835,475 | 718,959 | ||||||||
Analytics [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Operating revenues | 496,925 | 479,939 | 458,269 | ||||||||
All Other [Member] | |||||||||||
Segment Reporting, Revenue Reconciling Item [Line Items] | |||||||||||
Operating revenues | $ 139,934 | $ 118,570 | $ 96,944 |
Segment Information - Segment P
Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | $ 850,499 | $ 772,433 | $ 659,757 | ||||||||
2016 Multi-Year PSUs grant payroll tax expense | 15,389 | ||||||||||
Amortization of intangible assets | $ 13,243 | $ 12,361 | $ 12,013 | $ 11,793 | $ 11,633 | $ 11,681 | $ 19,537 | $ 11,338 | 49,410 | 54,189 | 44,547 |
Depreciation and amortization of property, equipment and leasehold improvements | 7,535 | 7,209 | 7,405 | 7,850 | 8,311 | 7,453 | 7,377 | 8,205 | 29,999 | 31,346 | 35,440 |
Operating income | 199,429 | 201,219 | 192,378 | 162,675 | 169,818 | 176,403 | 173,511 | 167,166 | 755,701 | 686,898 | 579,770 |
Other expense (income), net | 52,896 | 32,471 | 32,633 | 34,383 | (17,471) | 29,557 | 17,188 | 27,728 | 152,383 | 57,002 | 112,871 |
Provision for income taxes | 23,750 | 31,765 | 34,055 | (49,900) | 35,157 | 23,014 | 39,494 | 24,346 | 39,670 | 122,011 | 162,927 |
Net income | $ 122,783 | $ 136,983 | $ 125,690 | $ 178,192 | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | 563,648 | 507,885 | 303,972 |
Index [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | 670,188 | 607,853 | 522,241 | ||||||||
Analytics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | 152,113 | 143,645 | 125,624 | ||||||||
All Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Adjusted EBITDA | $ 28,198 | $ 20,935 | $ 11,892 |
Segment Information - Revenue b
Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | $ 406,606 | $ 394,251 | $ 385,558 | $ 371,381 | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 1,557,796 | $ 1,433,984 | $ 1,274,172 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 698,105 | 662,345 | 622,132 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 65,997 | 58,065 | 48,139 | ||||||||
Total Americas [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 764,102 | 720,410 | 670,271 | ||||||||
United Kingdom [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 234,926 | 214,204 | 193,831 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 325,221 | 293,252 | 250,267 | ||||||||
Europe, the Middle East and Africa ("EMEA") [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 560,147 | 507,456 | 444,098 | ||||||||
Japan [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 71,629 | 67,100 | 54,351 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | 161,918 | 139,018 | 105,452 | ||||||||
Total Asia & Australia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating revenues | $ 233,547 | $ 206,118 | $ 159,803 |
Segment Information - Long-Live
Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,915,063 | $ 1,917,441 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,781,667 | 1,803,321 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 6,398 | 6,560 |
Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,788,065 | 1,809,881 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 81,338 | 80,039 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 36,433 | 19,369 |
Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 117,771 | 99,408 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 398 | 411 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 8,829 | 7,741 |
Total Asia & Australia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 9,227 | $ 8,152 |
Quarterly Results of Operatio_3
Quarterly Results of Operations - Summary of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating revenues | $ 406,606 | $ 394,251 | $ 385,558 | $ 371,381 | $ 361,688 | $ 357,934 | $ 363,046 | $ 351,316 | $ 1,557,796 | $ 1,433,984 | $ 1,274,172 |
Cost of revenues | 70,154 | 70,486 | 71,975 | 82,346 | 73,757 | 70,906 | 71,368 | 71,304 | 294,961 | 287,335 | 273,681 |
Selling and marketing | 59,486 | 52,107 | 51,657 | 56,048 | 52,949 | 46,149 | 47,416 | 46,409 | 219,298 | 192,923 | 177,121 |
Research and development | 27,100 | 24,310 | 23,752 | 23,172 | 20,312 | 20,591 | 19,801 | 20,707 | 98,334 | 81,411 | 75,849 |
General and administrative | 29,659 | 26,559 | 26,378 | 27,497 | 24,908 | 24,751 | 24,036 | 26,187 | 110,093 | 99,882 | 87,764 |
Amortization of intangible assets | 13,243 | 12,361 | 12,013 | 11,793 | 11,633 | 11,681 | 19,537 | 11,338 | 49,410 | 54,189 | 44,547 |
Depreciation and amortization of property, equipment and leasehold improvements | 7,535 | 7,209 | 7,405 | 7,850 | 8,311 | 7,453 | 7,377 | 8,205 | 29,999 | 31,346 | 35,440 |
Total operating expenses | 207,177 | 193,032 | 193,180 | 208,706 | 191,870 | 181,531 | 189,535 | 184,150 | 802,095 | 747,086 | 694,402 |
Operating income | 199,429 | 201,219 | 192,378 | 162,675 | 169,818 | 176,403 | 173,511 | 167,166 | 755,701 | 686,898 | 579,770 |
Interest income | (5,299) | (3,673) | (3,345) | (4,086) | (6,096) | (6,522) | (4,281) | (2,770) | (16,403) | (19,669) | (6,314) |
Interest expense | 40,289 | 35,922 | 35,915 | 35,915 | 35,891 | 35,902 | 31,761 | 29,560 | 148,041 | 133,114 | 116,098 |
Other expense (income) | 17,906 | 222 | 63 | 2,554 | (47,266) | 177 | (10,292) | 938 | 20,745 | (56,443) | 3,087 |
Other expense (income), net | 52,896 | 32,471 | 32,633 | 34,383 | (17,471) | 29,557 | 17,188 | 27,728 | 152,383 | 57,002 | 112,871 |
Income before provision for income taxes | 146,533 | 168,748 | 159,745 | 128,292 | 187,289 | 146,846 | 156,323 | 139,438 | 603,318 | 629,896 | 466,899 |
Provision for income taxes | 23,750 | 31,765 | 34,055 | (49,900) | 35,157 | 23,014 | 39,494 | 24,346 | 39,670 | 122,011 | 162,927 |
Net income | $ 122,783 | $ 136,983 | $ 125,690 | $ 178,192 | $ 152,132 | $ 123,832 | $ 116,829 | $ 115,092 | $ 563,648 | $ 507,885 | $ 303,972 |
Earnings per basic common share | $ 1.45 | $ 1.62 | $ 1.48 | $ 2.11 | $ 1.75 | $ 1.39 | $ 1.31 | $ 1.28 | $ 6.66 | $ 5.83 | $ 3.36 |
Earnings per diluted common share | $ 1.44 | $ 1.60 | $ 1.47 | $ 2.08 | $ 1.70 | $ 1.36 | $ 1.28 | $ 1.24 | $ 6.59 | $ 5.66 | $ 3.31 |
Weighted average shares outstanding used in computing per share data | |||||||||||
Basic | 84,802 | 84,765 | 84,750 | 84,253 | 86,968 | 88,796 | 89,112 | 90,075 | 84,644 | 87,179 | 90,336 |
Diluted | 85,546 | 85,550 | 85,393 | 85,649 | 89,495 | 91,372 | 91,586 | 92,587 | 85,536 | 89,701 | 91,914 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 29, 2020 | Jan. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||||||||||||||||
Quarterly dividend declared | $ 0.68 | $ 0.68 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.58 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.38 | $ 0.28 | $ 0.28 | $ 2.52 | $ 1.92 | $ 1.32 | ||
Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Quarterly dividend declared | $ 0.68 | ||||||||||||||||
Quarterly dividend declared date | Jan. 29, 2020 | ||||||||||||||||
Quarterly dividend payable date | Mar. 6, 2020 | ||||||||||||||||
Quarterly dividend record date | Feb. 21, 2020 | ||||||||||||||||
Subsequent Event [Member] | The Burgiss Group, LLC [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Exchange for a non-controlling interest accounted for an equity method investment | $ 190 |