MSCI (MSCI) 10-Q 29 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 21, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Trading Symbol	MSCI
Entity Registrant Name	MSCI INC.
Entity Central Index Key	0001408198
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		83,595,699
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 Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,066,856	$ 1,506,567
Accounts receivable, net of allowances	481,990	499,268
Prepaid income taxes	27,836	31,590
Prepaid and other assets	43,091	44,352
Total current assets	1,619,773	2,081,777
Property, equipment and leasehold improvements, net	86,278	90,708
Right of use assets	163,704	166,406
Goodwill	1,559,425	1,562,868
Intangible assets, net	253,398	261,487
Equity method investment	190,822
Deferred tax assets	19,938	20,911
Other non-current assets	18,461	20,282
Total assets	3,911,799	4,204,439
Current liabilities:
Accounts payable	5,864	6,498
Income taxes payable	16,486	14,210
Accrued compensation and related benefits	62,661	166,273
Other accrued liabilities	138,796	139,149
Deferred revenue	574,472	574,656
Total current liabilities	798,279	900,786
Long-term debt	3,170,061	3,071,926
Long-term operating lease liabilities	161,550	164,144
Deferred tax liabilities	58,393	66,639
Other non-current liabilities	77,847	77,658
Total liabilities	4,266,130	4,281,153
Commitments and Contingencies (see Note 7)
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; 132,797,535 and 132,419,412 common shares issued and 83,709,132 and 84,794,930 common shares outstanding at March 31, 2020 and December 31, 2019, respectively)	1,328	1,324
Treasury shares, at cost (49,088,403 and 47,624,482 common shares held at March 31, 2020 and December 31, 2019, respectively)	(3,938,714)	(3,565,784)
Additional paid in capital	1,366,442	1,351,031
Retained earnings	2,288,817	2,199,294
Accumulated other comprehensive loss	(72,204)	(62,579)
Total shareholders' equity (deficit)	(354,331)	(76,714)
Total liabilities and shareholders' equity (deficit)	$ 3,911,799	$ 4,204,439

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	132,797,535	132,419,412
Common stock, shares outstanding	83,709,132	84,794,930
Treasury shares	49,088,403	47,624,482

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Operating revenues	$ 416,780	$ 371,381
Operating expenses:
Cost of revenues	74,609	82,346
Selling and marketing	55,549	56,048
Research and development	26,562	23,172
General and administrative	30,833	27,497
Amortization of intangible assets	13,776	11,793
Depreciation and amortization of property, equipment and leasehold improvements	7,567	7,850
Total operating expenses	208,896	208,706
Operating income	207,884	162,675
Interest income	(3,483)	(4,086)
Interest expense	40,231	35,915
Other expense (income)	8,287	2,554
Other expense (income), net	45,035	34,383
Income before provision for income taxes	162,849	128,292
Provision for income taxes	14,724	(49,900)
Net income	$ 148,125	$ 178,192
Earnings per basic common share	$ 1.75	$ 2.11
Earnings per diluted common share	$ 1.73	$ 2.08
Weighted average shares outstanding used in computing earnings per share
Basic	84,870	84,253
Diluted	85,548	85,649

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 148,125	$ 178,192
Other comprehensive (loss) income:
Foreign currency translation adjustments	(12,363)	1,533
Income tax effect	2,468	(347)
Foreign currency translation adjustments, net	(9,895)	1,186
Pension and other post-retirement adjustments	306	20
Income tax effect	(36)	(9)
Pension and other post-retirement adjustments, net	270	11
Other comprehensive (loss) income, net of tax	(9,625)	1,197
Comprehensive income	$ 138,500	$ 179,389

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2018	$ (166,494)	$ 1,300	$ (3,272,774)	$ 1,306,428	$ 1,856,951	$ (58,399)
Net income	178,192				178,192
Dividends	(55,339)				(55,339)
Dividends paid in shares	93			93
Other comprehensive income (loss), net of tax	1,197					1,197
Common stock issued	23	23
Shares withheld for tax withholding and exercises	(182,385)		(182,385)
Compensation payable in common stock and options	9,590			9,590
Common stock repurchased and held in treasury	(102,081)		(102,081)
Common stock issued to directors and held in treasury	(30)		(30)
Exercise of stock options	726			726
Balance at Mar. 31, 2019	(316,508)	1,323	(3,557,270)	1,316,837	1,979,804	(57,202)
Balance at Dec. 31, 2019	(76,714)	1,324	(3,565,784)	1,351,031	2,199,294	(62,579)
Net income	148,125				148,125
Cumulative-effect adjustment	631				631
Dividends	(59,233)				(59,233)
Dividends paid in shares	78			78
Other comprehensive income (loss), net of tax	(9,625)					(9,625)
Common stock issued	4	4
Shares withheld for tax withholding and exercises	(47,195)		(47,195)
Compensation payable in common stock and options	15,333			15,333
Common stock repurchased and held in treasury	(325,699)		(325,699)
Common stock issued to directors and held in treasury	(36)		(36)
Balance at Mar. 31, 2020	$ (354,331)	$ 1,328	$ (3,938,714)	$ 1,366,442	$ 2,288,817	$ (72,204)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]
Dividends per common share	$ 0.68	$ 0.58

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net income	$ 148,125	$ 178,192
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	13,776	11,793
Stock-based compensation expense	15,163	9,541
Depreciation and amortization of property, equipment and leasehold improvements	7,567	7,850
Amortization of right of use assets	5,989	5,583
Amortization of debt origination fees	1,089	986
Loss on extinguishment of debt	9,966
Deferred taxes	(5,165)	(8,397)
Other non-cash adjustments	337	(200)
Changes in assets and liabilities:
Accounts receivable	15,926	46,805
Prepaid income taxes	3,330	(53,613)
Prepaid and other assets	296	406
Accounts payable	(1,536)	(1,793)
Accrued compensation and related benefits	(98,658)	(81,170)
Income taxes payable	2,229	(5,843)
Other accrued liabilities	(3,563)	(7,107)
Deferred revenue	2,252	(13,352)
Long-term operating lease liabilities	(6,078)	(5,422)
Other	1,725	3,616
Net cash provided by operating activities	112,770	87,875
Cash flows from investing activities
Acquisition of equity method investment	(190,822)
Capitalized software development costs	(7,203)	(4,990)
Capital expenditures	(3,613)	(3,156)
Proceeds from the sale of capital equipment		10
Net cash used in investing activities	(201,638)	(8,136)
Cash flows from financing activities
Proceeds from borrowings	405,000
Repayment of long-term debt	(307,875)
Proceeds from exercise of stock options		726
Repurchase of common stock held in treasury	(372,894)	(284,466)
Payment of dividends	(59,378)	(57,895)
Payment of debt issuance costs in connection with debt	(4,934)
Net cash used in financing activities	(340,081)	(341,635)
Effect of exchange rate changes	(10,762)	501
Net decrease in cash	(439,711)	(261,395)
Cash and cash equivalent, beginning of period	1,506,567	904,176
Cash and cash equivalent, end of period	1,066,856	642,781
Supplemental disclosure of cash flow information:
Cash paid for interest	40,495	35,148
Cash paid for income taxes	5,684	17,312
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements accrued, but not yet paid	4,987	2,848
Supplemental disclosure of non-cash financing activities
Cash dividends declared, but not yet paid	$ 616	$ 237

Introduction and Basis of Prese

Introduction and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Introduction and Basis of Presentation	1. INTRODUCTION AND BASIS OF PRESENTATION MSCI Inc., together with its wholly owned subsidiaries (the “Company” or “MSCI”) provides critical decision support tools and services that bring greater transparency to the global financial markets. MSCI’s tools and services include indexes; portfolio construction tools and risk-management services; environmental, social and governance (“ESG”) research and ratings; and real estate benchmarks, return analytics services and market insights; much of which can be accessed by clients through multiple channels and platforms. Basis of Presentation and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI and its wholly owned subsidiaries and include all adjustments of a normal, recurring nature necessary to state fairly the financial condition as of March 31, 2020 and December 31, 2019, the results of operations, comprehensive income, shareholders’ equity (deficit) and cash flows for the three months ended March 31, 2020 and 2019. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2019 have been derived from the 2019 audited consolidated financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, assessment of impairment of long-lived assets, accrued compensation, income taxes, incremental borrowing rates and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. Concentrations For the three months ended March 31, 2020 and 2019, BlackRock, Inc. accounted for 11.3% and 11.6% of the Company’s consolidated operating revenues, respectively. For the three months ended March 31, 2020 and 2019, BlackRock, Inc. accounted for 18.5% and 19.3% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics and All Other segments for the three months ended March 31, 2020 and 2019. Allowance for Credit Losses on Accounts Receivable Following the adoption of Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Changes in the allowance for credit losses on doubtful accounts receivable from December 31, 2018 to March 31, 2020 were as follows: Amount (in Balance as of December 31, 2018 $ 1,027 (Reduction) addition to credit loss expense 1,024 Write-offs, net of recoveries (336 ) Balance as of December 31, 2019 $ 1,715 (Reduction) addition to credit loss expense 333 Adjustments and write-offs, net of recoveries (844 ) Balance as of March 31, 2020 $ 1,204

Recent Accounting Standards Upd

Recent Accounting Standards Updates	3 Months Ended
	Mar. 31, 2020
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 adopted ASU 2016-13 and the related clarifications effective January 1, 2020. The adoption did not have a material effect on the Company’s condensed 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	3 Months Ended
	Mar. 31, 2020
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 reports revenues by segment. The tables that follow present the disaggregated revenues for the periods indicated (in thousands): For the Three Months ended March 31, 2020 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 139,840 $ 124,065 $ 40,520 $ 304,425 Asset-based fees 100,196 — — 100,196 Non-recurring 9,220 1,443 1,496 12,159 Total $ 249,256 $ 125,508 $ 42,016 $ 416,780 For the Three Months ended March 31, 2019 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 127,674 $ 120,110 $ 34,580 $ 282,364 Asset-based fees 81,808 — — 81,808 Non-recurring 5,291 1,325 593 7,209 Total $ 214,773 $ 121,435 $ 35,173 $ 371,381 The tables that follow present the change in accounts receivable and in deferred revenue between the dates indicated (in thousands): Accounts receivable Deferred revenue Opening (12/31/2019) $ 499,268 $ 574,656 Closing (03/31/2020) 481,990 574,472 Increase/(decrease) $ (17,278 ) $ (184 ) Accounts receivable Deferred revenue Opening (12/31/2018) $ 473,433 $ 537,977 Closing (03/31/2019) 427,099 524,988 Increase/(decrease) $ (46,334 ) $ (12,989 ) The amount of revenue recognized in the periods that was included in the opening current deferred revenue, which reflects contract liability amounts, were $212.4 million and $168.6 million for the three months ended March 31, 2020 and 2019, respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in the amortization of deferred revenue to operating revenues, partially offset by an increase in billings. MSCI had an insignificant long-term deferred revenue balance as of March 31, 2020, reflected as a part of “Other non-current liabilities” on its Unaudited Condensed Consolidated Statement of Financial Condition. For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows: As of March 31, 2020 (in thousands) First 12-month period $ 357,086 Second 12-month period 163,329 Third 12-month period 65,213 Periods thereafter 13,392 Total $ 599,020

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Common Share	4. EARNINGS PER COMMON SHARE Basic earnings per share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and vested restricted stock unit awards where recipients have satisfied either the explicit vesting terms or retirement-eligible requirements. Diluted EPS reflects the assumed conversion of all dilutive securities. The following table presents the computation of basic and diluted EPS: Three Months Ended March 31, 2020 2019 (in thousands, except per share data) Net income $ 148,125 $ 178,192 Basic weighted average common shares outstanding 84,870 84,253 Effect of dilutive securities: Stock options and restricted stock units 678 1,396 Diluted weighted average common shares outstanding 85,548 85,649 Earnings per basic common share $ 1.75 $ 2.11 Earnings per diluted common share $ 1.73 $ 2.08

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements, Net	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Property, Equipment and Leasehold Improvements, Net	5. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET Property, equipment and leasehold improvements, net consisted of the following as of the specified dates: As of March 31, December 31, 2020 2019 (in thousands) Computer & related equipment $ 188,788 $ 185,794 Furniture & fixtures 13,120 12,478 Leasehold improvements 54,826 52,339 Work-in-process 3,779 8,667 Subtotal 260,513 259,278 Accumulated depreciation and amortization (174,235 ) (168,570 ) Property, equipment and leasehold improvements, net $ 86,278 $ 90,708 Depreciation and amortization expense of property, equipment and leasehold improvements was $7.6 million and $7.9 million for the three months ended March 31, 2020 and 2019, respectively.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	6. GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2019 $ 1,204,694 $ 290,976 $ 67,198 $ 1,562,868 Foreign exchange translation adjustment (2,138 ) — (1,305 ) (3,443 ) Goodwill at March 31, 2020 $ 1,202,556 $ 290,976 $ 65,893 $ 1,559,425 Intangible Assets , Net Amortization expense related to intangible assets for the three months ended March 31, 2020 and 2019 was $13.8 million and $11.8 million, respectively. The amortization expense of acquired intangible assets for the three months ended March 31, 2020 and 2019 was $8.8 million and $8.7 million, respectively. The amortization expense of internally developed capitalized software for the three months ended March 31, 2020 and 2019 was $5.0 million and $3.1 million, respectively. The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows: As of March 31, December 31, 2020 2019 (in thousands) Gross intangible assets: Customer relationships $ 356,700 $ 356,700 Trademarks/trade names 207,300 207,300 Technology/software 268,978 263,719 Proprietary data 28,627 28,627 Subtotal 861,605 856,346 Foreign exchange translation adjustment (10,269 ) (7,615 ) Total gross intangible assets $ 851,336 $ 848,731 Accumulated amortization: Customer relationships $ (237,115 ) $ (231,665 ) Trademarks/trade names (136,051 ) (133,305 ) Technology/software (213,156 ) (209,878 ) Proprietary data (14,405 ) (13,963 ) Subtotal (600,727 ) (588,811 ) Foreign exchange translation adjustment 2,789 1,567 Total accumulated amortization $ (597,938 ) $ (587,244 ) Net intangible assets: Customer relationships $ 119,585 $ 125,035 Trademarks/trade names 71,249 73,995 Technology/software 55,822 53,841 Proprietary data 14,222 14,664 Subtotal 260,878 267,535 Foreign exchange translation adjustment (7,480 ) (6,048 ) Total net intangible assets $ 253,398 $ 261,487 The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2020 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder of 2020 $ 42,035 2021 52,471 2022 45,186 2023 35,300 2024 33,437 Thereafter 44,969 Total $ 253,398

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. COMMITMENTS AND CONTINGENCIES Legal matters . From time to time, the Company is party to various litigation matters incidental to the conduct of its business. The Company is not presently party to any legal proceedings the resolution of which the Company believes would have a material effect on its business, operating results, financial condition or cash flows. Senior Unsecured Notes. The Company had an aggregate of $3,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) outstanding at March 31, 2020, consisting of five discrete private offerings presented in the table below: Principal Amount Outstanding at Carrying Value at Carrying Value at Fair Value at Fair Value at Maturity Date March 31, 2020 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ - $ - $ 297,835 $ - $ 309,225 5.75% senior unsecured notes due 2025 August 15, 2025 800,000 794,325 794,063 836,568 840,872 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 495,754 495,587 498,050 525,800 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 495,331 495,168 516,605 541,300 4.00% senior unsecured notes due 2029 November 15, 2029 1,000,000 989,546 989,273 994,180 1,018,820 3.625% senior unsecured notes due 2030 September 1, 2030 400,000 395,105 - 382,952 - Total long-term debt $ 3,200,000 $ 3,170,061 $ 3,071,926 $ 3,228,355 $ 3,236,017 The fair market value of the Company’s debt obligations is determined in accordance with accounting standards related to the determination of fair value and represents Level 2 valuations, which are based on one or more quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly. The Company utilizes the market approach and obtains security pricing from a vendor who uses broker quotes and third-party pricing services to determine fair values. The $800.0 million aggregate principal amount of 5.75% 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. The $1,000.0 million aggregate principal amount of 4.000% senior unsecured notes due 2029 (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. On March 4, 2020, the Company issued $400.0 million aggregate principal amount of 3.625% senior unsecured notes due 2030 (the “2030 Senior Notes”) in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended. The Company used a portion of the net proceeds from the 2030 Senior Notes to redeem the $300.0 million aggregate principal amount that remained outstanding on its 5.250% senior unsecured notes due 2024 (the “2024 Senior Notes”). The early redemption of the 2024 Senior Notes resulted in a $10.0 million loss on debt extinguishment recorded in other expense (income), which included approximately $7.9 million of call premium paid in accordance with the redemption prices set forth in the indenture and the write-off of approximately $2.1 million unamortized costs associated with the $300.0 million aggregate principal amount of the 2024 Senior Notes. The 2030 Senior Notes are scheduled to mature and be paid in full on September 1, 2030. At any time prior to March 1, 2025, the Company may redeem all or part of the 2030 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 2030 Senior Notes, together with accrued and unpaid interest, on or after March 1, 2025, at redemption prices set forth in the indenture governing the 2030 Senior Notes. At any time prior to March 1, 2023, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2030 Senior Notes, including any permitted additional notes, at a redemption price equal to 103.625% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. Interest payments attributable to the 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. Interest payments attributable to the 2030 Senior Notes are due on March 1st and September 1st of each year, with the first payment occurring on September 1, 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 financing fees which, together with the existing fees related to prior credit facilities are being amortized over their related lives. At March 31, 2020, $32.0 million of the deferred financing fees remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.6 million of which is included in “Other non-current assets” and $29.9 million of which is grouped and presented as part of “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	8. LEASES The Company recognized a total of $9.0 million and $7.3 million of operating lease expenses for the three months ended March 31, 2020 and 2019, respectively. The amounts associated with variable lease costs, short-term lease costs and sublease income were not material for the three months ended March 31, 2020 and 2019. Future minimum commitments for the Company’s operating leases in place as of March 31, 2020, the interest and other relevant line items in the Unaudited Condensed Consolidated Statement of Financial Condition are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases Remainder of 2020 $ 20,352 2021 28,000 2022 24,497 2023 23,479 2024 18,254 Thereafter 102,102 Total lease payments $ 216,684 Less: Interest (33,313 ) Present value of lease liabilities $ 183,371 Other accrued liabilities $ 21,821 Long-term operating lease liabilities $ 161,550 Lease term and discount rate for the Company’s operating leases in place as of March 31, 2020 are as follows: As of March 31, Lease Term and Discount Rate 2020 Weighted-average remaining lease term (years) 12.92 Weighted-average discount rate 3.41 % Other information for the Company’s operating leases in place for the three months ended March 31, 2020 are as follows: Three Months Ended Other Information March 31, (in thousands) 2020 Operating cash flows from operating leases $ 7,690 Leased assets obtained in exchange for new operating lease liabilities $ 7,663

Shareholders' Equity (Deficit)

Shareholders' Equity (Deficit)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Shareholders' Equity (Deficit)	9. SHAREHOLDERS’ EQUITY (DEFICIT) Return of capital . On October 26, 2016, the Board of Directors approved a stock repurchase program for the purchase of up to $750.0 million worth of shares of the Company’s common stock (together with the amount then remaining under a previously existing share repurchase program, the “2016 Repurchase Program”). On May 1, 2018, the Board of Directors authorized an additional stock repurchase program for the purchase of up to $1,000.0 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 March 31, 2020, there was $1,130.4 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 made on the open market: Three Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) March 31, 2020 $ 248.65 1,310 $ 325,698 March 31, 2019 $ 147.97 690 $ 102,081 The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed (Released)/Deferred Three Months Ended March 31, 2020 $ 0.68 $ 59,233 $ 59,455 $ (222 ) Three Months Ended March 31, 2019 $ 0.58 $ 55,339 $ 57,988 $ (2,649 ) Common Stock. The following table presents activity related to shares of common stock issued and repurchased during the three months ended March 31, 2020: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2019 132,419,412 (47,624,482 ) 84,794,930 Dividend payable/paid 259 (120 ) 139 Common stock issued 377,843 — 377,843 Shares withheld for tax withholding — (153,923 ) (153,923 ) Shares repurchased under stock repurchase programs — (1,309,878 ) (1,309,878 ) Shares issued to directors 21 — 21 Balance at March 31, 2020 132,797,535 (49,088,403 ) 83,709,132

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	10. INCOME TAXES The Company’s provision for income taxes was an expense of $14.7 million and a benefit of $49.9 million for the three months ended March 31, 2020 and 2019, respectively. These amounts reflect effective tax rates of 9.0% and negative 38.9% for the three months ended March 31, 2020 and 2019, respectively. The effective tax rate of 9.0% for the three months ended March 31, 2020 reflects the Company’s estimate of the effective tax rate for the period which was impacted by certain favorable discrete items totaling $22.4 million. For the three months ended March 31, 2020, these discrete items primarily related to $18.9 million of excess tax benefits recognized on share-based compensation vested during the period and $2.6 million related to the tax impact of loss on debt extinguishment recognized during the period. Also included in the discrete items is a $0.8 million benefit related to the revaluation of the cost of deemed repatriation of foreign earnings. The effective tax rate of negative 38.9% for the three months ended March 31, 2019 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain discrete items totaling $77.8 million. For the three months ended March 31, 2019, these discrete items primarily related to $66.6 million of excess tax benefits recognized upon vesting during the period of certain multi-year restricted stock units that were subject to the achievement of multi-year total shareholder return targets (performance targets subject to market conditions) granted in 2016 (“2016 Multi-Year PSUs”) and $9.8 million of excess tax benefits recognized on other share-based compensation vested during the period. During the three months ended March 31, 2020, a number of countries enacted economic stimulus laws including the CARES Act in the U.S. The company has evaluated the laws that were passed during the three months ended March 31, 2020 and does not believe the laws have a material impact on the Company’s effective tax rate or cash flows. A number of the laws, however, have enabled the Company to defer certain eligible tax payments that would have fallen due in later quarters. 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. The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. As part of the Company’s periodic review of unrecognized tax benefits and based on new information regarding the status of federal and state examinations, the Company’s unrecognized tax benefits were remeasured. 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	11. SEGMENT INFORMATION ASC Subtopic 280-10, “Segment Reporting,” The CODM measures and evaluates reportable segments based on segment operating revenues as well as Adjusted EBITDA and other measures. The Company excludes the following items from segment Adjusted EBITDA: provision for income taxes, other expense (income), net, depreciation and amortization of property, equipment and leasehold improvements, amortization of intangible assets and, at times, certain other transactions or adjustments, including the impact related to the vesting of the 2016 Multi-Year 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 revenues, 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 five operating segments: Index, Analytics, ESG, Real Estate and The Burgiss Group, LLC (“Burgiss”). The Index operating segment is a provider of primarily equity indexes. The indexes are used in many areas of the investment process, including index-linked product creation ( e.g. 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 own proprietary applications and application programming interfaces, third-party applications or directly through their own platforms. Additionally, the Analytics operating segment also provides various managed services to help clients operate more efficiently, including consolidation of client portfolio data from various sources, review and reconciliation of input data and results, and customized reporting. The ESG operating segment offers products and services that help institutional investors understand how ESG considerations can impact the long-term risk and re turn of their portfolio and individual security-level investments. In addition, MSCI ESG Research data and ratings are used in the construction of equity and fixed income indexes to help institutional investors more effectively benchmark ESG investment performance, issue index-based investment products, as well as manage, measure and report on ESG mandates. The Real Estate operating segment offers research, reporting, market data and benchmarking offerings that provide real estate performance analysis for funds, investors and managers. Real Estate performance and risk analytics range from enterprise-wide to property-specific analysis. The Real Estate operating segment also provides business intelligence to real estate owners, managers, developers and brokers worldwide. The Burgiss operating segment represents the Company’s equity method investment in Burgiss, a global provider of investment decision support tools for private capital. See Note 12, “Equity Method Investments,” for further information. The operating segments of ESG, Real Estate and Burgiss do not individually meet the segment reporting thresholds and have been combined and presented as part of All Other for disclosure purposes. Burgiss is an equity-method investment, therefore, the All Other segment does not include the Company’s proportionate share of operating revenues and Adjusted EBITDA related to Burgiss. The Company’s proportionate share of Burgiss’s equity earnings are not a component of Adjusted EBITDA as they are reported as a component of other (expense) income, net. The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Operating revenues Index $ 249,256 $ 214,773 Analytics 125,508 121,435 All Other 42,016 35,173 Total $ 416,780 $ 371,381 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Index Adjusted EBITDA $ 183,586 $ 152,211 Analytics Adjusted EBITDA 36,318 36,398 All Other Adjusted EBITDA 9,323 9,098 Total operating segment profitability 229,227 197,707 2016 Multi-Year PSUs grant payroll tax expense — 15,389 Amortization of intangible assets 13,776 11,793 Depreciation and amortization of property, equipment and leasehold improvements 7,567 7,850 Operating income 207,884 162,675 Other expense (income), net 45,035 34,383 Provision for income taxes 14,724 (49,900 ) Net income $ 148,125 $ 178,192 Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Operating revenues Americas: United States $ 181,046 $ 166,186 Other 17,756 15,983 Total Americas 198,802 182,169 Europe, the Middle East and Africa ("EMEA"): United Kingdom 65,061 55,207 Other 87,929 76,635 Total EMEA 152,990 131,842 Asia & Australia: Japan 19,392 17,948 Other 45,596 39,422 Total Asia & Australia 64,988 57,370 Total $ 416,780 $ 371,381 Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of March 31, December 31, 2020 2019 (in thousands) Long-lived assets Americas: United States $ 1,772,604 $ 1,781,667 Other 5,065 6,398 Total Americas 1,777,669 1,788,065 EMEA: United Kingdom 75,871 81,338 Other 36,116 36,433 Total EMEA 111,987 117,771 Asia & Australia: Japan 363 398 Other 9,082 8,829 Total Asia & Australia 9,445 9,227 Total $ 1,899,101 $ 1,915,063

Equity Method Investments

Equity Method Investments	3 Months Ended
	Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Equity Method Investments	12. EQUITY METHOD INVESTMENTS In January 2020, MSCI entered into a strategic relationship with Burgiss, a global provider of investment decision support tools for private capital. The Company acquired a 40% non-controlling interest for $190.8 million, including capitalized costs, which is accounted for as an equity method investment with the Company’s share of Burgiss’ earnings being recognized in “Other expense (income), net” in the Condensed Consolidated Statements of Income. The Company is applying a policy election to recognize its share of Burgiss’ earnings on a three-month lag. Accordingly, the Company has not recognized any earnings or amortization related to its investment in Burgiss in the three months ended March 31, 2020. MSCI has also elected to apply the nature of the distribution approach to determine the classification of the distributions it receives from its equity method investees. The Company’s investment substantially exceeds the Company’s share of the underlying equity of Burgiss. A portion of this excess, representing the excess of the fair value of Burgiss’ intangible assets over their book value, will be amortized into “Other expense (income), net” over the useful lives of the respective intangible assets.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	13. SUBSEQUENT EVENTS Subsequent to the three months ended March 31, 2020 and through April 24, 2020, the Company repurchased an additional 0.1 million shares of common stock at an average price of $273.77 per share for a total value of $31.1 million. On April 27, 2020, the Board of Directors declared a quarterly cash dividend of $0.68 per share for the three months ending March 31, 2020. This dividend is payable on May 29, 2020 to shareholders of record as of the close of trading on May 15, 2020.

Introduction and Basis of Pre_2

Introduction and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates These unaudited condensed consolidated financial statements include the accounts of MSCI and its wholly owned subsidiaries and include all adjustments of a normal, recurring nature necessary to state fairly the financial condition as of March 31, 2020 and December 31, 2019, the results of operations, comprehensive income, shareholders’ equity (deficit) and cash flows for the three months ended March 31, 2020 and 2019. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2019 have been derived from the 2019 audited consolidated financial statements but do not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for interim periods are not necessarily indicative of results for the entire year. The Company’s unaudited condensed consolidated financial statements are prepared in accordance with GAAP. These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the unaudited condensed consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, assessment of impairment of long-lived assets, accrued compensation, income taxes, incremental borrowing rates and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. Intercompany balances and transactions are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.
Concentrations	Concentrations For the three months ended March 31, 2020 and 2019, BlackRock, Inc. accounted for 11.3% and 11.6% of the Company’s consolidated operating revenues, respectively. For the three months ended March 31, 2020 and 2019, BlackRock, Inc. accounted for 18.5% and 19.3% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics and All Other segments for the three months ended March 31, 2020 and 2019.
Allowance for Credit Losses on Accounts Receivable	Allowance for Credit Losses on Accounts Receivable Following the adoption of Accounting Standards Update No. 2016-13, “ Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Changes in the allowance for credit losses on doubtful accounts receivable from December 31, 2018 to March 31, 2020 were as follows: Amount (in Balance as of December 31, 2018 $ 1,027 (Reduction) addition to credit loss expense 1,024 Write-offs, net of recoveries (336 ) Balance as of December 31, 2019 $ 1,715 (Reduction) addition to credit loss expense 333 Adjustments and write-offs, net of recoveries (844 ) Balance as of March 31, 2020 $ 1,204
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 adopted ASU 2016-13 and the related clarifications effective January 1, 2020. The adoption did not have a material effect on the Company’s condensed 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)	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Changes in Allowance for Credit Losses on Doubtful Accounts Receivable	Changes in the allowance for credit losses on doubtful accounts receivable from December 31, 2018 to March 31, 2020 were as follows: Amount (in Balance as of December 31, 2018 $ 1,027 (Reduction) addition to credit loss expense 1,024 Write-offs, net of recoveries (336 ) Balance as of December 31, 2019 $ 1,715 (Reduction) addition to credit loss expense 333 Adjustments and write-offs, net of recoveries (844 ) Balance as of March 31, 2020 $ 1,204

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	The tables that follow present the disaggregated revenues for the periods indicated (in thousands): For the Three Months ended March 31, 2020 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 139,840 $ 124,065 $ 40,520 $ 304,425 Asset-based fees 100,196 — — 100,196 Non-recurring 9,220 1,443 1,496 12,159 Total $ 249,256 $ 125,508 $ 42,016 $ 416,780 For the Three Months ended March 31, 2019 Segments Index Analytics All Other Total Revenue Types Recurring subscriptions $ 127,674 $ 120,110 $ 34,580 $ 282,364 Asset-based fees 81,808 — — 81,808 Non-recurring 5,291 1,325 593 7,209 Total $ 214,773 $ 121,435 $ 35,173 $ 371,381
Schedule of Change in Accounts Receivable and Deferred Revenue	The tables that follow present the change in accounts receivable and in deferred revenue between the dates indicated (in thousands): Accounts receivable Deferred revenue Opening (12/31/2019) $ 499,268 $ 574,656 Closing (03/31/2020) 481,990 574,472 Increase/(decrease) $ (17,278 ) $ (184 ) Accounts receivable Deferred revenue Opening (12/31/2018) $ 473,433 $ 537,977 Closing (03/31/2019) 427,099 524,988 Increase/(decrease) $ (46,334 ) $ (12,989 )
Schedule of Remaining Performance Obligations	The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows: As of March 31, 2020 (in thousands) First 12-month period $ 357,086 Second 12-month period 163,329 Third 12-month period 65,213 Periods thereafter 13,392 Total $ 599,020

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The following table presents the computation of basic and diluted EPS: Three Months Ended March 31, 2020 2019 (in thousands, except per share data) Net income $ 148,125 $ 178,192 Basic weighted average common shares outstanding 84,870 84,253 Effect of dilutive securities: Stock options and restricted stock units 678 1,396 Diluted weighted average common shares outstanding 85,548 85,649 Earnings per basic common share $ 1.75 $ 2.11 Earnings per diluted common share $ 1.73 $ 2.08

Property, Equipment and Lease_2

Property, Equipment and Leasehold Improvements, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Property, Equipment and Leasehold Improvements, Net	Property, equipment and leasehold improvements, net consisted of the following as of the specified dates: As of March 31, December 31, 2020 2019 (in thousands) Computer & related equipment $ 188,788 $ 185,794 Furniture & fixtures 13,120 12,478 Leasehold improvements 54,826 52,339 Work-in-process 3,779 8,667 Subtotal 260,513 259,278 Accumulated depreciation and amortization (174,235 ) (168,570 ) Property, equipment and leasehold improvements, net $ 86,278 $ 90,708

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Reportable Segment	The following table presents goodwill by reportable segment: (in thousands) Index Analytics All Other Total Goodwill at December 31, 2019 $ 1,204,694 $ 290,976 $ 67,198 $ 1,562,868 Foreign exchange translation adjustment (2,138 ) — (1,305 ) (3,443 ) Goodwill at March 31, 2020 $ 1,202,556 $ 290,976 $ 65,893 $ 1,559,425
Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Intangible Assets	The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows: As of March 31, December 31, 2020 2019 (in thousands) Gross intangible assets: Customer relationships $ 356,700 $ 356,700 Trademarks/trade names 207,300 207,300 Technology/software 268,978 263,719 Proprietary data 28,627 28,627 Subtotal 861,605 856,346 Foreign exchange translation adjustment (10,269 ) (7,615 ) Total gross intangible assets $ 851,336 $ 848,731 Accumulated amortization: Customer relationships $ (237,115 ) $ (231,665 ) Trademarks/trade names (136,051 ) (133,305 ) Technology/software (213,156 ) (209,878 ) Proprietary data (14,405 ) (13,963 ) Subtotal (600,727 ) (588,811 ) Foreign exchange translation adjustment 2,789 1,567 Total accumulated amortization $ (597,938 ) $ (587,244 ) Net intangible assets: Customer relationships $ 119,585 $ 125,035 Trademarks/trade names 71,249 73,995 Technology/software 55,822 53,841 Proprietary data 14,222 14,664 Subtotal 260,878 267,535 Foreign exchange translation adjustment (7,480 ) (6,048 ) Total net intangible assets $ 253,398 $ 261,487
Estimated Amortization Expense for Remainder of 2020 and Succeeding Years	The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2020 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder of 2020 $ 42,035 2021 52,471 2022 45,186 2023 35,300 2024 33,437 Thereafter 44,969 Total $ 253,398

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Schedule of Senior Unsecured Notes	The Company had an aggregate of $3,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) outstanding at March 31, 2020, consisting of five discrete private offerings presented in the table below: Principal Amount Outstanding at Carrying Value at Carrying Value at Fair Value at Fair Value at Maturity Date March 31, 2020 March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 (in thousands) Long-term debt 5.25% senior unsecured notes due 2024 November 15, 2024 $ - $ - $ 297,835 $ - $ 309,225 5.75% senior unsecured notes due 2025 August 15, 2025 800,000 794,325 794,063 836,568 840,872 4.75% senior unsecured notes due 2026 August 1, 2026 500,000 495,754 495,587 498,050 525,800 5.375% senior unsecured notes due 2027 May 15, 2027 500,000 495,331 495,168 516,605 541,300 4.00% senior unsecured notes due 2029 November 15, 2029 1,000,000 989,546 989,273 994,180 1,018,820 3.625% senior unsecured notes due 2030 September 1, 2030 400,000 395,105 - 382,952 - Total long-term debt $ 3,200,000 $ 3,170,061 $ 3,071,926 $ 3,228,355 $ 3,236,017

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Summary of Future Maturity of Lease Liabilities Under Operating Leases	Future minimum commitments for the Company’s operating leases in place as of March 31, 2020, the interest and other relevant line items in the Unaudited Condensed Consolidated Statement of Financial Condition are as follows: Maturity of Lease Liabilities Operating (in thousands) Leases Remainder of 2020 $ 20,352 2021 28,000 2022 24,497 2023 23,479 2024 18,254 Thereafter 102,102 Total lease payments $ 216,684 Less: Interest (33,313 ) Present value of lease liabilities $ 183,371 Other accrued liabilities $ 21,821 Long-term operating lease liabilities $ 161,550
Summary of Lease Term and Discount Rate Under Operating Leases	Lease term and discount rate for the Company’s operating leases in place as of March 31, 2020 are as follows: As of March 31, Lease Term and Discount Rate 2020 Weighted-average remaining lease term (years) 12.92 Weighted-average discount rate 3.41 %
Summary of Other Information Under Operating Leases	Other information for the Company’s operating leases in place for the three months ended March 31, 2020 are as follows: Three Months Ended Other Information March 31, (in thousands) 2020 Operating cash flows from operating leases $ 7,690 Leased assets obtained in exchange for new operating lease liabilities $ 7,663

Shareholders' Equity (Deficit)

Shareholders' Equity (Deficit) (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Company's Common Stock Repurchases Made on Open Market	The following table provides information with respect to repurchases of the Company’s common stock made on the open market: Three Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) March 31, 2020 $ 248.65 1,310 $ 325,698 March 31, 2019 $ 147.97 690 $ 102,081
Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred	The following table presents dividends declared per common share as well as total amounts declared, distributed and deferred for the periods indicated: Dividends (in thousands, except per share amounts) Per Share Declared Distributed (Released)/Deferred Three Months Ended March 31, 2020 $ 0.68 $ 59,233 $ 59,455 $ (222 ) Three Months Ended March 31, 2019 $ 0.58 $ 55,339 $ 57,988 $ (2,649 )
Summary of Activity Related to Shares of Common Stock Issued and Repurchased	The following table presents activity related to shares of common stock issued and repurchased during the three months ended March 31, 2020: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2019 132,419,412 (47,624,482 ) 84,794,930 Dividend payable/paid 259 (120 ) 139 Common stock issued 377,843 — 377,843 Shares withheld for tax withholding — (153,923 ) (153,923 ) Shares repurchased under stock repurchase programs — (1,309,878 ) (1,309,878 ) Shares issued to directors 21 — 21 Balance at March 31, 2020 132,797,535 (49,088,403 ) 83,709,132

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Operating Revenue by Reportable Segment	The following table presents operating revenue by reportable segment for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Operating revenues Index $ 249,256 $ 214,773 Analytics 125,508 121,435 All Other 42,016 35,173 Total $ 416,780 $ 371,381
Segment Profitability and Reconciliation to Net Income	The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Index Adjusted EBITDA $ 183,586 $ 152,211 Analytics Adjusted EBITDA 36,318 36,398 All Other Adjusted EBITDA 9,323 9,098 Total operating segment profitability 229,227 197,707 2016 Multi-Year PSUs grant payroll tax expense — 15,389 Amortization of intangible assets 13,776 11,793 Depreciation and amortization of property, equipment and leasehold improvements 7,567 7,850 Operating income 207,884 162,675 Other expense (income), net 45,035 34,383 Provision for income taxes 14,724 (49,900 ) Net income $ 148,125 $ 178,192
Revenue by Geographic Area	Revenue by geography is based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended March 31, 2020 2019 (in thousands) Operating revenues Americas: United States $ 181,046 $ 166,186 Other 17,756 15,983 Total Americas 198,802 182,169 Europe, the Middle East and Africa ("EMEA"): United Kingdom 65,061 55,207 Other 87,929 76,635 Total EMEA 152,990 131,842 Asia & Australia: Japan 19,392 17,948 Other 45,596 39,422 Total Asia & Australia 64,988 57,370 Total $ 416,780 $ 371,381
Long-Lived Assets by Geographic Area	Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of March 31, December 31, 2020 2019 (in thousands) Long-lived assets Americas: United States $ 1,772,604 $ 1,781,667 Other 5,065 6,398 Total Americas 1,777,669 1,788,065 EMEA: United Kingdom 75,871 81,338 Other 36,116 36,433 Total EMEA 111,987 117,771 Asia & Australia: Japan 363 398 Other 9,082 8,829 Total Asia & Australia 9,445 9,227 Total $ 1,899,101 $ 1,915,063

Introduction and Basis of Pre_4

Introduction and Basis of Presentation - Additional Information (Detail) - Sales Revenue, Services, Net [Member] - Customer Concentration Risk [Member] - Customer	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of operating revenues	1	1
Blackrock Inc [Member]
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer	11.30%	11.60%
Index [Member] | Blackrock Inc [Member]
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer	18.50%	19.30%
Analytics [Member]
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of operating revenues	0	0
All Other [Member]
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of operating revenues	0	0

Introduction and Basis of Pre_5

Introduction and Basis of Presentation - Changes in Allowance for Credit Losses on Doubtful Accounts Receivable (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Balance at beginning of year	$ 1,715	$ 1,027
(Reduction) addition to credit loss expense	333	1,024
Write-offs, net of recoveries		(336)
Adjustments and write-offs, net of recoveries	(844)
Balance at ending of year	$ 1,204	$ 1,715

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Operating revenues	$ 416,780	$ 371,381
Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	249,256	214,773
Analytics [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	125,508	121,435
All Other [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	42,016	35,173
Recurring Subscriptions [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	304,425	282,364
Recurring Subscriptions [Member] | Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	139,840	127,674
Recurring Subscriptions [Member] | Analytics [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	124,065	120,110
Recurring Subscriptions [Member] | All Other [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	40,520	34,580
Asset-based Fees [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	100,196	81,808
Asset-based Fees [Member] | Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	100,196	81,808
Non-recurring [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	12,159	7,209
Non-recurring [Member] | Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	9,220	5,291
Non-recurring [Member] | Analytics [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	1,443	1,325
Non-recurring [Member] | All Other [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	$ 1,496	$ 593

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Change in Accounts Receivable and Deferred Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Revenue From Contract With Customer [Abstract]
Accounts receivable, balance	$ 481,990	$ 427,099	$ 499,268	$ 473,433
Accounts receivable, Increase/(decrease)	(17,278)	(46,334)
Deferred revenue	574,472	524,988	$ 574,656	$ 537,977
Deferred revenue, Increase/(decrease)	$ (184)	$ (12,989)

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue From Contract With Customer [Abstract]
Revenue recognized during period included in deferred revenue	$ 212.4	$ 168.6
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	Mar. 31, 2020USD ($)
Revenue Recognition [Line Items]
Remaining performance obligations	$ 599,020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Recognition [Line Items]
Remaining performance obligations	357,086
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Recognition [Line Items]
Remaining performance obligations	163,329
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Recognition [Line Items]
Remaining performance obligations	65,213
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Revenue Recognition [Line Items]
Remaining performance obligations	$ 13,392

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Remaining Performance Obligations (Detail 1) $ in Thousands	Mar. 31, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Remaining performance obligations	$ 599,020

Revenue Recognition - Schedul_4

Revenue Recognition - Schedule of Remaining Performance Obligations (Parenthetical) (Detail)	Mar. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-04-01
Revenue Recognition [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Revenue Recognition [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Revenue Recognition [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
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
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 148,125	$ 178,192
Basic weighted average common shares outstanding	84,870	84,253
Effect of dilutive securities:
Stock options and restricted stock units	678	1,396
Diluted weighted average common shares outstanding	85,548	85,649
Earnings per basic common share	$ 1.75	$ 2.11
Earnings per diluted common share	$ 1.73	$ 2.08

Property, Equipment and Lease_3

Property, Equipment and Leasehold Improvements, Net - Schedule of Property, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Abstract]
Computer & related equipment	$ 188,788	$ 185,794
Furniture & fixtures	13,120	12,478
Leasehold improvements	54,826	52,339
Work-in-process	3,779	8,667
Subtotal	260,513	259,278
Accumulated depreciation and amortization	(174,235)	(168,570)
Property, equipment and leasehold improvements, net	$ 86,278	$ 90,708

Property, Equipment and Lease_4

Property, Equipment and Leasehold Improvements, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation and amortization of property, equipment and leasehold improvements	$ 7,567	$ 7,850

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Schedule of Goodwill by Reportable Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Line Items]
Goodwill, Beginning balance	$ 1,562,868
Foreign exchange translation adjustment	(3,443)
Goodwill, Ending balance	1,559,425
Index [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	1,204,694
Foreign exchange translation adjustment	(2,138)
Goodwill, Ending balance	1,202,556
Analytics [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	290,976
Goodwill, Ending balance	290,976
All Other [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	67,198
Foreign exchange translation adjustment	(1,305)
Goodwill, Ending balance	$ 65,893

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill [Line Items]
Amortization of intangible assets	$ 13,776	$ 11,793
Acquired Intangible Assets [Member]
Goodwill [Line Items]
Amortization of intangible assets	8,800	8,700
Capitalized Software [Member]
Goodwill [Line Items]
Amortization of intangible assets	$ 5,000	$ 3,100

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	$ 861,605	$ 856,346
Foreign exchange translation adjustment	(10,269)	(7,615)
Gross carrying value	851,336	848,731
Accumulated amortization excluding foreign exchange translation adjustment	(600,727)	(588,811)
Foreign exchange translation adjustment	2,789	1,567
Accumulated amortization	(597,938)	(587,244)
Net carrying value excluding foreign exchange translation adjustment	260,878	267,535
Foreign exchange translation adjustment	(7,480)	(6,048)
Net carrying value	253,398	261,487
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	(237,115)	(231,665)
Net carrying value excluding foreign exchange translation adjustment	119,585	125,035
Trademarks/Trade Names [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	207,300	207,300
Accumulated amortization excluding foreign exchange translation adjustment	(136,051)	(133,305)
Net carrying value excluding foreign exchange translation adjustment	71,249	73,995
Technology/Software [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	268,978	263,719
Accumulated amortization excluding foreign exchange translation adjustment	(213,156)	(209,878)
Net carrying value excluding foreign exchange translation adjustment	55,822	53,841
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	(14,405)	(13,963)
Net carrying value excluding foreign exchange translation adjustment	$ 14,222	$ 14,664

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Estimated Amortization Expense for Remainder of 2020 and Succeeding Years (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2020	$ 42,035
2021	52,471
2022	45,186
2023	35,300
2024	33,437
Thereafter	44,969
Net carrying value	$ 253,398	$ 261,487

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	Apr. 20, 2020	Nov. 15, 2019	May 15, 2018	Aug. 04, 2016	Mar. 31, 2020	Mar. 04, 2020	Nov. 20, 2014
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount					$ 3,200,000,000
Loss on extinguishment of debt					9,966,000
Prepaid and Other Assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees					500,000
Other Non-Current Assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees					1,600,000
Long-term Debt [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees					$ 29,900,000
Revolving Credit Agreement [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument interest rate					2.25%
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
Revolving credit agreement, drawn and outstanding amount					$ 5,000,000
Revolving Credit Agreement [Member] | Subsequent Event [Member]
Schedule Of Commitments And Contingencies [Line Items]
Revolving credit paid	$ 5,000,000
Revolving Credit Agreement [Member] | LIBOR [Member]
Schedule Of Commitments And Contingencies [Line Items]
Revolving credit agreement, variable interest rate					1.50%
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
Debt instrument interest rate					5.375%
Maturity date					May 15, 2027
Redemption description					At any time prior to May 15, 2022, the Company may redeem all or part of the 2027 Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption.
Percentage of aggregate principal amount redeemed					35.00%
Redemption price					105.375%
4.00% Senior Unsecured Notes Due 2029 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount					$ 1,000,000,000
Debt instrument interest rate					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%
3.625% Senior Unsecured Notes Due 2030 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount					$ 400,000,000	$ 400,000,000
Debt instrument interest rate					3.625%	3.625%
Maturity date					Sep. 1, 2030
Redemption description					At any time prior to March 1, 2025, the Company may redeem all or part of the 2030 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.
Redemption price					103.625%
3.625% Senior Unsecured Notes Due 2030 [Member] | Maximum [Member]
Schedule Of Commitments And Contingencies [Line Items]
Percentage of aggregate principal amount redeemed					35.00%
5.25% Senior Unsecured Notes Due 2024 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount						$ 300,000,000
Debt instrument interest rate					5.25%	5.25%
Maturity date					Nov. 15, 2024
5.25% Senior Unsecured Notes Due 2024 [Member] | Other expense (income) [Member]
Schedule Of Commitments And Contingencies [Line Items]
Loss on extinguishment of debt					$ 10,000,000
Write-off of unamortized costs					2,100,000
5.25% Senior Unsecured Notes Due 2024 [Member] | Other expense (income) [Member] | Indenture [Member]
Schedule Of Commitments And Contingencies [Line Items]
Loss on debt extinguishment includes call premium paid in accordance with redemption prices					7,900,000
Senior Unsecured Notes [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount					3,200,000,000
Senior Notes and Revolving Credit Facility [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees					$ 32,000,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Senior Unsecured Notes (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 04, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Amount Outstanding	$ 3,200,000,000
Carrying Value	3,170,061,000		$ 3,071,926,000
Fair Value	$ 3,228,355,000		3,236,017,000
5.25% Senior Unsecured Notes Due 2024 [Member]
Debt Instrument [Line Items]
Maturity Date	Nov. 15, 2024
Principal Amount Outstanding		$ 300,000,000
Carrying Value			297,835,000
Fair Value			309,225,000
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	794,325,000		794,063,000
Fair Value	$ 836,568,000		840,872,000
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	495,754,000		495,587,000
Fair Value	$ 498,050,000		525,800,000
5.375% Senior Unsecured Notes Due 2027 [Member]
Debt Instrument [Line Items]
Maturity Date	May 15, 2027
Principal Amount Outstanding	$ 500,000,000
Carrying Value	495,331,000		495,168,000
Fair Value	$ 516,605,000		541,300,000
4.00% Senior Unsecured Notes Due 2029 [Member]
Debt Instrument [Line Items]
Maturity Date	Nov. 15, 2029
Principal Amount Outstanding	$ 1,000,000,000
Carrying Value	989,546,000		989,273,000
Fair Value	$ 994,180,000		$ 1,018,820,000
3.625% Senior Unsecured Notes Due 2030 [Member]
Debt Instrument [Line Items]
Maturity Date	Sep. 1, 2030
Principal Amount Outstanding	$ 400,000,000	$ 400,000,000
Carrying Value	395,105,000
Fair Value	$ 382,952,000

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Senior Unsecured Notes (Parenthetical) (Detail)	Mar. 31, 2020	Mar. 04, 2020
5.25% Senior Unsecured Notes Due 2024 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.25%	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%
4.00% Senior Unsecured Notes Due 2029 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	4.00%
3.625% Senior Unsecured Notes Due 2030 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	3.625%	3.625%

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease, expense	$ 9	$ 7.3

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Commitments Under Operating Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Maturity of Lease Liabilities
Remainder of 2020	$ 20,352
2021	28,000
2022	24,497
2023	23,479
2024	18,254
Thereafter	102,102
Total lease payments	216,684
Less: Interest	(33,313)
Present value of lease liabilities	183,371
Other accrued liabilities	$ 21,821
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:OtherAccruedLiabilitiesCurrent
Long-term operating lease liabilities	$ 161,550	$ 164,144

Leases - Summary of Lease Term

Leases - Summary of Lease Term and Discount Rate Under Operating Lease (Detail)	Mar. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term (years)	12 years 11 months 1 day
Weighted-average discount rate	3.41%

Leases - Summary of Other Infor

Leases - Summary of Other Information Under Operating Lease (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 7,690
Leased assets obtained in exchange for new operating lease liabilities	$ 7,663

Shareholders' Equity (Deficit_2

Shareholders' Equity (Deficit) - Additional Information (Detail) - USD ($)	Mar. 31, 2020	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	$ 1,130,400,000	$ 1,456,100,000

Shareholders' Equity (Deficit_3

Shareholders' Equity (Deficit) - Schedule of Company's Common Stock Repurchases Made on Open Market (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased	$ 325,699	$ 102,081
Open Market Purchases of Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Average Price Paid Per Share	$ 248.65	$ 147.97
Total Number of Shares Repurchased	1,310	690
Dollar Value of Shares Repurchased	$ 325,698	$ 102,081

Shareholders' Equity (Deficit_4

Shareholders' Equity (Deficit) - Schedule of Dividends Declared Per Common Share and Total Amounts Declared, Distributed and Deferred (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Stockholders Equity [Abstract]
Dividend declared per common share	$ 0.68	$ 0.58
Cash dividends declared, Amount	$ 59,233	$ 55,339
Cash dividends distributed, Amount	59,455	57,988
Cash dividends (released)/deferred, Amount	$ (222)	$ (2,649)

Shareholders' Equity (Deficit_5

Shareholders' Equity (Deficit) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail)	3 Months Ended
	Mar. 31, 2020shares
Common Stock Issued [Member]
Common Stock Outstanding [Line Items]
Beginning balance	132,419,412
Dividend payable/paid	259
Common stock issued	377,843
Shares issued to directors	21
Ending balance	132,797,535
Treasury Stock [Member]
Common Stock Outstanding [Line Items]
Beginning balance	(47,624,482)
Dividend payable/paid	(120)
Shares withheld for tax withholding	(153,923)
Shares repurchased under stock repurchase programs	(1,309,878)
Ending balance	(49,088,403)
Common Stock Outstanding [Member]
Common Stock Outstanding [Line Items]
Beginning balance	84,794,930
Dividend payable/paid	139
Common stock issued	377,843
Shares withheld for tax withholding	(153,923)
Shares repurchased under stock repurchase programs	(1,309,878)
Shares issued to directors	21
Ending balance	83,709,132

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Examination [Line Items]
Provision for income tax expense	$ 14,724	$ (49,900)
Effective tax rate	9.00%	(38.90%)
Amounts effect on effective tax rate	$ 22,400	$ 77,800
Tax Impact of loss on debt extinguishment	2,600
Benefit related to revaluation of cost of deemed repatriation of foreign earnings	800
Decrease in unrecognized tax benefit	$ 11,200
Minimum [Member]
Income Tax Examination [Line Items]
Tax years under examination	2006
Maximum [Member]
Income Tax Examination [Line Items]
Tax years under examination	2019
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | Minimum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination	2007
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | Maximum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination	2008
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination	2006
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member] | Morgan Stanley [Member]
Income Tax Examination [Line Items]
Tax years under examination	2008
2016 Multi-Year PSUs
Income Tax Examination [Line Items]
Excess tax benefit recognized upon vesting of restricted stock unit		66,600
Accounting Standards Update 2016-09 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member]
Income Tax Examination [Line Items]
Amount of excess tax benefits recognition	$ 18,900	$ 9,800

Segment Information - Additiona

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2020Segment
Segment Reporting [Abstract]
Number of operating segments	5

Segment Information - Operating

Segment Information - Operating Revenue by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 416,780	$ 371,381
Index [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	249,256	214,773
Analytics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	125,508	121,435
All Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 42,016	$ 35,173

Segment Information - Segment P

Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 229,227	$ 197,707
2016 Multi-Year PSUs grant payroll tax expense		15,389
Amortization of intangible assets	13,776	11,793
Depreciation and amortization of property, equipment and leasehold improvements	7,567	7,850
Operating income	207,884	162,675
Other expense (income), net	45,035	34,383
Provision for income taxes	14,724	(49,900)
Net income	148,125	178,192
Index [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	183,586	152,211
Analytics [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	36,318	36,398
All Other [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 9,323	$ 9,098

Segment Information - Revenue b

Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 416,780	$ 371,381
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	181,046	166,186
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	17,756	15,983
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	198,802	182,169
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	65,061	55,207
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	87,929	76,635
Europe, the Middle East and Africa ("EMEA") [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	152,990	131,842
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	19,392	17,948
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	45,596	39,422
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 64,988	$ 57,370

Segment Information - Long-Live

Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 1,899,101	$ 1,915,063
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,772,604	1,781,667
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	5,065	6,398
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,777,669	1,788,065
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	75,871	81,338
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	36,116	36,433
Total EMEA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	111,987	117,771
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	363	398
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	9,082	8,829
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 9,445	$ 9,227

Equity Method Investments - Add

Equity Method Investments - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2020	Mar. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Acquisition of equity method investment including capitalized costs		$ 190,822,000
The Burgiss Group, LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Acquisition of equity method investment including capitalized costs	$ 190,800,000
Equity method investment, non controlling interest percentage	40.00%
Earnings recognized from equity method investment		0
Amortization related to equity method investment		$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Apr. 27, 2020	Apr. 24, 2020	Mar. 31, 2020	Mar. 31, 2019
Subsequent Event [Line Items]
Common stock repurchased, value			$ 325,699	$ 102,081
Dividend declared per common share			$ 0.68	$ 0.58
Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock repurchased, shares		0.1
Average price paid per share		$ 273.77
Common stock repurchased, value		$ 31,100
Dividend declared per common share	$ 0.68
Quarterly dividend declared date	Apr. 27, 2020
Quarterly dividend payable date	May 29, 2020
Quarterly dividend record date	May 15, 2020