MSCI (MSCI) 10-Q 26 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 19, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
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		82,446,714
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	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 1,284,664	$ 1,300,521
Accounts receivable, net of allowances	496,726	558,569
Prepaid income taxes	16,578	20,097
Prepaid and other assets	49,383	46,411
Total current assets	1,847,351	1,925,598
Property, equipment and leasehold improvements, net	70,543	80,446
Right of use assets	153,831	153,330
Goodwill	2,230,404	1,566,022
Intangible assets, net	597,644	234,748
Equity method investment	186,502	190,898
Deferred tax assets	28,720	23,627
Other non-current assets	27,674	23,978
Total assets	5,142,669	4,198,647
Current liabilities:
Accounts payable	9,884	14,253
Income taxes payable	36,642	26,195
Accrued compensation and related benefits	164,174	161,557
Other accrued liabilities	162,877	143,894
Deferred revenue	643,352	675,870
Total current liabilities	1,016,929	1,021,769
Long-term debt	4,160,379	3,366,777
Long-term operating lease liabilities	150,519	152,342
Deferred tax liabilities	3,292	12,774
Other non-current liabilities	91,575	88,219
Total liabilities	5,422,694	4,641,881
Commitments and Contingencies (see Note 8)
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; 133,160,230 and 132,829,175 common shares issued and 82,446,714 and 82,573,407 common shares outstanding at September 30, 2021 and December 31, 2020, respectively)	1,332	1,328
Treasury shares, at cost (50,713,516 and 50,255,768 common shares held at September 30, 2021 and December 31, 2020, respectively)	(4,534,810)	(4,342,535)
Additional paid in capital	1,446,001	1,402,537
Retained earnings	2,869,127	2,554,295
Accumulated other comprehensive loss	(61,675)	(58,859)
Total shareholders' equity (deficit)	(280,025)	(443,234)
Total liabilities and shareholders' equity (deficit)	$ 5,142,669	$ 4,198,647

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	133,160,230	132,829,175
Common stock, shares outstanding	82,446,714	82,573,407
Treasury shares	50,713,516	50,255,768

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Operating revenues	$ 517,099	$ 425,333	$ 1,493,702	$ 1,251,729
Operating expenses:
Cost of revenues	89,674	70,704	262,781	215,769
Selling and marketing	59,819	52,668	174,477	159,834
Research and development	28,352	24,901	80,745	73,997
General and administrative	38,110	27,613	103,020	86,755
Amortization of intangible assets	14,105	14,333	59,569	42,171
Depreciation and amortization of property, equipment and leasehold improvements	6,809	7,494	20,972	22,524
Total operating expenses	236,869	197,713	701,564	601,050
Operating income	280,230	227,620	792,138	650,679
Interest income	(396)	(475)	(1,129)	(4,729)
Interest expense	42,137	37,536	119,278	118,994
Other expense (income)	37,839	1,516	61,616	45,355
Other expense (income), net	79,580	38,577	179,765	159,620
Income before provision for income taxes	200,650	189,043	612,373	491,059
Provision for income taxes	30,774	6,685	80,255	45,453
Net income	$ 169,876	$ 182,358	$ 532,118	$ 445,606
Earnings per basic common share	$ 2.06	$ 2.18	$ 6.45	$ 5.30
Earnings per diluted common share	$ 2.03	$ 2.16	$ 6.38	$ 5.26
Weighted average shares outstanding used in computing earnings per share
Basic	82,470	83,602	82,521	84,044
Diluted	83,554	84,479	83,446	84,789

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 169,876	$ 182,358	$ 532,118	$ 445,606
Other comprehensive (loss) income:
Foreign currency translation adjustments	(3,226)	7,058	(4,052)	(3,743)
Income tax effect	422	(1,124)	999	965
Foreign currency translation adjustments, net	(2,804)	5,934	(3,053)	(2,778)
Pension and other post-retirement adjustments	186	(245)	383	(27)
Income tax effect	(48)	83	(146)	88
Pension and other post-retirement adjustments, net	138	(162)	237	61
Other comprehensive (loss) income, net of tax	(2,666)	5,772	(2,816)	(2,717)
Comprehensive income	$ 167,210	$ 188,130	$ 529,302	$ 442,889

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2019	$ (76,714)	$ 631	$ 1,324	$ (3,565,784)	$ 1,351,031	$ 2,199,294	$ 631	$ (62,579)
Net income	148,125					148,125
Dividends declared	(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	15,333				15,333
Common stock repurchased and held in treasury	(325,699)			(325,699)
Common stock issued to Directors and (held in)/released from treasury	(36)			(36)
Balance at Mar. 31, 2020	(354,331)		1,328	(3,938,714)	1,366,442	2,288,817		(72,204)
Balance at Dec. 31, 2019	(76,714)	$ 631	1,324	(3,565,784)	1,351,031	2,199,294	$ 631	(62,579)
Net income	445,606
Balance at Sep. 30, 2020	(386,586)		1,328	(4,177,563)	1,391,837	2,463,108		(65,296)
Balance at Mar. 31, 2020	(354,331)		1,328	(3,938,714)	1,366,442	2,288,817		(72,204)
Net income	115,123					115,123
Dividends declared	(57,360)					(57,360)
Dividends paid in shares	36				36
Other comprehensive income (loss), net of tax	1,136							1,136
Shares withheld for tax withholding and exercises	(603)			(603)
Compensation payable in common stock	14,294				14,294
Common stock repurchased and held in treasury	(31,071)			(31,071)
Common stock issued to Directors and (held in)/released from treasury	1,844			1,844
Balance at Jun. 30, 2020	(310,932)		1,328	(3,968,544)	1,380,772	2,346,580		(71,068)
Net income	182,358					182,358
Dividends declared	(65,830)					(65,830)
Dividends paid in shares	20				20
Other comprehensive income (loss), net of tax	5,772							5,772
Shares withheld for tax withholding and exercises	(2,433)			(2,433)
Compensation payable in common stock	11,045				11,045
Common stock repurchased and held in treasury	(206,566)			(206,566)
Common stock issued to Directors and (held in)/released from treasury	(20)			(20)
Balance at Sep. 30, 2020	(386,586)		1,328	(4,177,563)	1,391,837	2,463,108		(65,296)
Balance at Dec. 31, 2020	(443,234)		1,328	(4,342,535)	1,402,537	2,554,295		(58,859)
Net income	196,819					196,819
Dividends declared	(65,947)					(65,947)
Dividends paid in shares	66				66
Other comprehensive income (loss), net of tax	(957)							(957)
Common stock issued	3		3
Shares withheld for tax withholding and exercises	(52,814)			(52,814)
Compensation payable in common stock	18,842				18,842
Common stock repurchased and held in treasury	(134,340)			(134,340)
Common stock issued to Directors and (held in)/released from treasury	(20)			(20)
Balance at Mar. 31, 2021	(481,582)		1,331	(4,529,709)	1,421,445	2,685,167		(59,816)
Balance at Dec. 31, 2020	(443,234)		1,328	(4,342,535)	1,402,537	2,554,295		(58,859)
Net income	532,118
Balance at Sep. 30, 2021	(280,025)		1,332	(4,534,810)	1,446,001	2,869,127		(61,675)
Balance at Mar. 31, 2021	(481,582)		1,331	(4,529,709)	1,421,445	2,685,167		(59,816)
Net income	165,423					165,423
Dividends declared	(64,863)					(64,863)
Dividends paid in shares	20				20
Other comprehensive income (loss), net of tax	807							807
Shares withheld for tax withholding and exercises	(620)			(620)
Compensation payable in common stock	12,252				12,252
Common stock issued to Directors and (held in)/released from treasury	756			756
Balance at Jun. 30, 2021	(367,807)		1,331	(4,529,573)	1,433,717	2,785,727		(59,009)
Net income	169,876					169,876
Dividends declared	(86,476)					(86,476)
Dividends paid in shares	21				21
Other comprehensive income (loss), net of tax	(2,666)							(2,666)
Common stock issued	1		1
Shares withheld for tax withholding and exercises	(5,286)			(5,286)
Compensation payable in common stock	12,263				12,263
Common stock issued to Directors and (held in)/released from treasury	49			49
Balance at Sep. 30, 2021	$ (280,025)		$ 1,332	$ (4,534,810)	$ 1,446,001	$ 2,869,127		$ (61,675)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Shareholders' Equity (Deficit) (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Stockholders Equity [Abstract]
Dividends per common share	$ 1.04	$ 0.78	$ 0.78	$ 0.78	$ 0.68	$ 0.68	$ 2.60	$ 2.14

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income	$ 532,118	$ 445,606
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	59,569	42,171
Stock-based compensation expense	43,218	40,381
Depreciation and amortization of property, equipment and leasehold improvements	20,972	22,524
Amortization of right of use assets	18,255	18,061
Amortization of debt origination fees	3,658	3,338
Loss on extinguishment of debt	59,103	44,930
Deferred taxes	(101,840)	(4,622)
Other adjustments	5,706	1,680
Changes in assets and liabilities:
Accounts receivable	69,324	69,848
Prepaid income taxes	4,165	(31,923)
Prepaid and other assets	(2,178)	(2,854)
Accounts payable	(6,347)	(1,882)
Accrued compensation and related benefits	(206)	(33,532)
Income taxes payable	11,981	6,607
Other accrued liabilities	7,201	9,801
Deferred revenue	(57,932)	(43,186)
Long-term operating lease liabilities	(15,644)	(17,017)
Other	5,282	5,250
Net cash provided by operating activities	656,405	575,181
Cash flows from investing activities
Acquisition of a business, net of cash acquired	(948,695)
Acquisition of equity method investment	(77)	(190,816)
Capitalized software development costs	(29,078)	(21,931)
Capital expenditures	(7,119)	(12,152)
Other	(910)
Net cash used in investing activities	(985,879)	(224,899)
Cash flows from financing activities
Proceeds from borrowings, inclusive of premium	1,803,750	1,405,000
Repayment of borrowings	(1,051,810)	(1,142,382)
Repurchase of common stock held in treasury	(193,060)	(613,566)
Payment of dividends	(216,496)	(181,843)
Payment of debt issuance costs in connection with debt	(21,135)	(16,693)
Net cash provided by (used in) financing activities	321,249	(549,484)
Effect of exchange rate changes	(7,632)	(4,507)
Net decrease in cash	(15,857)	(203,709)
Cash and cash equivalent, beginning of period	1,300,521	1,506,567
Cash and cash equivalent, end of period	1,284,664	1,302,858
Supplemental disclosure of cash flow information:
Cash paid for interest	101,631	109,834
Cash paid for income taxes, net of refunds received	163,732	73,311
Supplemental disclosure of non-cash investing activities
Property, equipment and leasehold improvements in other accrued liabilities	4,821	3,281
Supplemental disclosure of non-cash financing activities
Cash dividends declared, but not yet paid	$ 2,096	$ 1,505

Introduction and Basis of Prese

Introduction and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
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”) is a leading provider of critical decision support tools and services for the global investment community. Our expertise in research, data and technology empower better investment decisions by enabling clients to understand and analyze key drivers of risk and return and confidently build more effective portfolios. We create industry-leading research-enhanced products and solutions including indexes; portfolio construction tools and risk-management services; environmental, social and governance (“ESG”) and climate solutions; and real estate data, return analytics services, market insights and climate solutions. 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 September 30, 2021 and December 31, 2020, the results of operations, comprehensive income and shareholders’ equity (deficit) for the three and nine months ended September 30, 2021 and 2020 and cash flows for the nine months ended September 30, 2021 and 2020. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2020 have been derived from the 2020 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, 2020. 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. The Company makes 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 operating revenues 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, valuation of assets acquired and liabilities assumed in a business combination 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. Effective January 1, 2021, the ESG and Climate operating segment is being presented as a separate reportable segment. The operating segments of Real Estate and The Burgiss Group, LLC (“Burgiss”) do not individually meet the segment reporting thresholds and have been combined and presented as part of the All Other – Private Assets reportable segment. The Company’s ownership interest in Burgiss, a global provider of investment decision tools for private capital, is classified as an equity-method investment. Therefore, the All Other – Private Assets segment does not include the Company’s proportionate share of operating revenues and Adjusted EBITDA related to Burgiss. The Company’s proportionate share of the income or loss from its equity method investment in Burgiss is not a component of Adjusted EBITDA as it is reported as a component of other (expense) income, net. Concentrations For the nine months ended September 30, 2021 and 2020, BlackRock, Inc. accounted for 12.9% and 10.9% of the Company’s consolidated operating revenues, respectively. For the nine months ended September 30, 2021 and 2020, BlackRock, Inc. accounted for 20.6% and 17.8% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics, ESG and Climate and All Other – Private Assets segments for the nine months ended September 30, 2021 and 2020. 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, 2019 to September 30, 2021 were as follows: Amount (in Balance as of December 31, 2019 $ 1,715 Addition (reduction) to credit loss expense 1,712 Write-offs, net of recoveries (1,844 ) Balance as of December 31, 2020 $ 1,583 Addition (reduction) to credit loss expense 1,051 Adjustments and write-offs, net of recoveries 9 Balance as of September 30, 2021 $ 2,643

Recent Accounting Standards Upd

Recent Accounting Standards Updates	9 Months Ended
	Sep. 30, 2021
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Standards Updates	2. RECENT ACCOUNTING STANDARDS UPDATES There are no pending accounting standards updates that are currently expected to have a material impact on the Company.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2021
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: For the Three Months ended September 30, 2021 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Revenue Types Recurring subscriptions $ 165,310 $ 134,320 $ 42,592 $ 15,418 $ 357,640 Asset-based fees 141,745 — — — 141,745 Non-recurring 14,448 1,978 1,099 189 17,714 Total $ 321,503 $ 136,298 $ 43,691 $ 15,607 $ 517,099 For the Nine Months ended September 30, 2021 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Revenue Types Recurring subscriptions $ 480,488 $ 399,360 $ 115,299 $ 48,355 $ 1,043,502 Asset-based fees 404,593 — — — 404,593 Non-recurring 34,876 6,857 2,450 1,424 45,607 Total $ 919,957 $ 406,217 $ 117,749 $ 49,779 $ 1,493,702 For the Three Months ended September 30, 2020 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Revenue Types Recurring subscriptions $ 146,387 $ 126,251 $ 28,152 $ 12,400 $ 313,190 Asset-based fees 100,371 — — — 100,371 Non-recurring 8,933 2,086 399 354 11,772 Total $ 255,691 $ 128,337 $ 28,551 $ 12,754 $ 425,333 For the Nine Months ended September 30, 2020 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Revenue Types Recurring subscriptions $ 431,631 $ 376,505 $ 78,961 $ 40,402 $ 927,499 Asset-based fees 288,642 — — — 288,642 Non-recurring 27,582 4,903 1,125 1,978 35,588 Total $ 747,855 $ 381,408 $ 80,086 $ 42,380 $ 1,251,729 The tables that follow present the change in accounts receivable and current deferred revenue between the dates indicated: Accounts receivable Deferred revenue (in thousands) Opening (December 31, 2020) $ 558,569 $ 675,870 Closing (September 30, 2021) 496,726 643,352 Increase/(decrease) $ (61,843 ) $ (32,518 ) Accounts receivable Deferred revenue (in thousands) Opening (December 31, 2019) $ 499,268 $ 574,656 Closing (September 30, 2020) 429,804 531,487 Increase/(decrease) $ (69,464 ) $ (43,169 ) The amounts of revenue recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $145.2 million and $623.8 million for the three and nine months ended September 30, 2021, respectively and $108.8 million and $494.4 million for the three and nine months ended September 30, 2020, 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 September 30, 2021, 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 September 30, 2021 (in thousands) First 12-month period $ 411,996 Second 12-month period 224,765 Third 12-month period 75,756 Periods thereafter 16,102 Total $ 728,619

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2021
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 the explicit vesting terms. Diluted EPS reflects the assumed conversion of all dilutive securities. The following table presents the computation of basic and diluted EPS: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except per share data) Net income $ 169,876 $ 182,358 $ 532,118 $ 445,606 Basic weighted average common shares outstanding 82,470 83,602 82,521 84,044 Effect of dilutive securities: Restricted stock units 1,084 877 925 745 Diluted weighted average common shares outstanding 83,554 84,479 83,446 84,789 Earnings per basic common share $ 2.06 $ 2.18 $ 6.45 $ 5.30 Earnings per diluted common share $ 2.03 $ 2.16 $ 6.38 $ 5.26

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Acquisitions	5. ACQUISITIONS On September 13, 2021, MSCI acquired all of the issued and outstanding preferred and common shares of Real Capital Analytics, Inc (“RCA”) for an aggregate cash purchase price of $948.7 million, subject to working capital adjustments. This acquisition expands MSCI’s suite of real estate solutions, providing the real estate industry with data, analytics, and support tools to manage investments and understand performance and risk, including climate risk, within their portfolios. RCA has been accounted for as a business combination using the acquisition method of accounting and will be integrated into the All Other – Private Assets reportable segment, as a component of the Real Estate operating segment. A portion of RCA’s client agreements do not have automatic renewal clauses at the end of the subscription period. Due to the historically high retention rate and expectation that a substantial portion of the client agreements will be renewed, the associated revenue is recorded as recurring subscription revenue. The components of the preliminary purchase price allocation were as follows: Estimated Useful Life Fair Value (in thousands) Accounts receivable $ 9,751 Other current assets 3,553 Property, equipment and leasehold improvements, net 1,392 Right of use assets 6,441 Other non-current assets 3,215 Deferred revenue (28,191 ) Other current liabilities (13,935 ) Long-term operating lease liabilities (4,849 ) Deferred tax liabilities (87,513 ) Intangible Assets: Customer relationships 20 years 175,800 Trademarks 2 years 890 Acquired technology and software 9 years 31,500 Proprietary data 11 years 185,500 Goodwill 665,141 Purchase price, net of cash acquired $ 948,695 The purchase price allocation is based on preliminary valuations and assessments, the estimates and assumptions used may be subject to change within the measurement period, particularly for acquired intangible assets, deferred taxes and certain operating assets and liabilities. The recorded goodwill is primarily attributable to the utilization of the acquired data as well as expanded market opportunities. Goodwill attributable to the acquisition is not deductible for income tax purposes. Revenue of RCA recognized within the condensed consolidated financial statements subsequent to the acquisition date was $3.4 million.

Property, Equipment and Leaseho

Property, Equipment and Leasehold Improvements, Net	9 Months Ended
	Sep. 30, 2021
Property Plant And Equipment [Abstract]
Property, Equipment and Leasehold Improvements, Net	6. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS, NET Property, equipment and leasehold improvements, net consisted of the following as of the specified dates: As of September 30, December 31, 2021 2020 (in thousands) Computer & related equipment $ 183,688 $ 186,786 Furniture & fixtures 14,936 15,276 Leasehold improvements 58,098 56,537 Work-in-process 1,729 2,996 Subtotal 258,451 261,595 Accumulated depreciation and amortization (187,908 ) (181,149 ) Property, equipment and leasehold improvements, net $ 70,543 $ 80,446 Depreciation and amortization expense of property, equipment and leasehold improvements was $6.8 million and $7.5 million for the three months ended September 30, 2021 and 2020, respectively. Depreciation and amortization expense of property, equipment and leasehold improvements was $21.0 million and $22.5 million for the nine months ended September 30, 2021 and 2020, respectively.

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	7. GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The following table presents goodwill by reportable segment: (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Goodwill at December 31, 2020 $ 1,205,758 $ 290,976 $ 48,047 $ 21,241 $ 1,566,022 Acquisitions — — — 665,141 (1) 665,141 Foreign exchange translation adjustment (469 ) — — (290 ) (759 ) Goodwill at September 30, 2021 $ 1,205,289 $ 290,976 $ 48,047 $ 686,092 $ 2,230,404 (1) Reflects the impact of the acquisition of RCA. The Company completed its annual goodwill impairment test as of July 1, 2021 on its Index, Analytics, ESG and Climate and Real Estate reporting units, which are also the Company’s operating segments, and no impairments were noted. The Company performed a test for impairment and determined that it was more likely than not that the fair value for each was not less than the carrying value. See Note 12, “Segment Information,” for further descriptions of the operating segments. Intangible Assets, Net The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2021 2020 2021 2020 Amortization expense of acquired intangible assets $ 9,602 $ 8,325 $ 26,346 $ 25,710 Amortization expense of internally developed capitalized software 4,503 6,008 17,210 16,461 Write-off of internally developed capitalized software — — 16,013 — Total amortization of intangible assets expense $ 14,105 $ 14,333 $ 59,569 $ 42,171 As a result of management’s decision to discontinue development and cease related sales activities of certain Analytics segment products and transition existing customers to other product offerings, the Company wrote off $16.0 million of certain internally developed capitalized software intangible assets (consisting of $46.3 million of gross intangible assets less $30.3 million of accumulated amortization) during the three months ended June 30, 2021. The non-cash charge is recorded as a component of “Amortization of intangible assets” on the Condensed Consolidated Statement of Income. The gross carrying and accumulated amortization amounts related to the Company’s intangible assets were as follows: As of September 30, December 31, 2021 2020 (in thousands) Gross intangible assets: Customer relationships $ 532,500 $ 356,700 Trademarks 208,190 207,300 Acquired technology and software 209,220 177,720 Internally developed capitalized software 95,972 113,188 Proprietary data 214,127 28,627 Subtotal 1,260,009 883,535 Foreign exchange translation adjustment (6,026 ) (5,262 ) Total gross intangible assets $ 1,253,983 $ 878,273 Accumulated amortization: Customer relationships $ (270,212 ) $ (253,465 ) Trademarks (150,074 ) (143,207 ) Acquired technology and software (174,690 ) (174,032 ) Internally developed capitalized software (44,284 ) (57,464 ) Proprietary data (17,855 ) (15,730 ) Subtotal (657,115 ) (643,898 ) Foreign exchange translation adjustment 776 373 Total accumulated amortization $ (656,339 ) $ (643,525 ) Net intangible assets: Customer relationships $ 262,288 $ 103,235 Trademarks 58,116 64,093 Acquired technology and software 34,530 3,688 Internally developed capitalized software 51,688 55,724 Proprietary data 196,272 12,897 Subtotal 602,894 239,637 Foreign exchange translation adjustment (5,250 ) (4,889 ) Total net intangible assets $ 597,644 $ 234,748 The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2021 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder of 2021 $ 21,514 2022 83,721 2023 77,814 2024 69,965 2025 50,789 Thereafter 293,841 Total $ 597,644

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. COMMITMENTS AND CONTINGENCIES Senior Unsecured Notes. The Company had an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) outstanding at September 30, 2021, as presented in the table below: Principal Amount Outstanding at Carrying Value at Carrying Value at Fair Value at Fair Value at Maturity Date September 30, 2021 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (in thousands) Long-term debt 4.75% senior unsecured notes due 2026 August 1, 2026 - - 496,257 - 522,325 5.375% senior unsecured notes due 2027 May 15, 2027 - - 495,819 - 538,100 4.000% senior unsecured notes due 2029 November 15, 2029 1,000,000 991,182 990,364 1,059,890 1,073,040 3.625% senior unsecured notes due 2030 September 1, 2030 900,000 894,097 395,458 936,603 419,428 3.875% senior unsecured notes due 2031 February 15, 2031 1,000,000 989,700 988,879 1,050,000 1,063,430 3.625% senior unsecured notes due 2031 November 1, 2031 600,000 593,374 - 625,296 - 3.250% senior unsecured notes due 2033 August 15, 2033 700,000 692,026 - 709,268 - Total long-term debt $ 4,200,000 $ 4,160,379 $ 3,366,777 $ 4,381,057 $ 3,616,323 Interest payments attributable to the Senior Notes are due as presented in the following table: First semi-annual interest payment date Second semi-annual interest payment date Senior Notes 4.75% senior unsecured notes due 2026 February 1 August 1 5.375% senior unsecured notes due 2027 May 15 November 15 4.000% senior unsecured notes due 2029 May 15 November 15 3.625% senior unsecured notes due 2030 March 1 September 1 3.875% senior unsecured notes due 2031 June 1 December 1 3.625% senior unsecured notes due 2031 May 1 November 1 3.250% senior unsecured notes due 2033 February 15 August 15 The fair market value of the Company’s debt obligations represent Level 2 valuations. 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. On March 26, 2021, the Company issued $500.0 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 “Securities Act”). The 2030 Senior Notes constitute a further issuance of, are fully fungible with, rank equally with and form a single series with the $400.0 million aggregate principal amount of the 3.625% senior unsecured notes due 2030 issued on March 4, 2020. In connection with the completion of the offering, the Company announced that it intended to use a portion of the net proceeds from the offering, together with available cash, for the pre-maturity redemption of all $500.0 million aggregate principal amount outstanding of its 4.750% senior unsecured notes due 2026 (the “2026 Senior Notes”). On April 12, 2021 the Company completed the pre-maturity redemption of all of its 2026 Senior Notes. The pre-maturity redemption of the 2026 Senior Notes resulted in an approximately $21.8 million loss on extinguishment that was recorded in other expense (income) during the three months ended June 30, 2021, which includes an applicable premium of approximately $18.2 million (as set forth in the indenture governing the terms of the 2026 Senior Notes) and the write-off of approximately $3.6 million of unamortized debt issuance costs associated with the 2026 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. On May 14, 2021, the Company issued $600.0 million aggregate principal amount of 3.625% Senior Unsecured Notes due 2031 (the “2031 Senior Notes”) in a private offering that was exempt from the registration requirements of the Securities Act. The 2031 Senior Notes are scheduled to mature and be paid in full on November 1, 2031. At any time prior to November 1, 2026, the Company may redeem all or part of the 2031 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, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the 2031 Senior Notes, together with accrued and unpaid interest, on or after November 1, 2026, at redemption prices set forth in the indenture governing the 2031 Senior Notes. At any time prior to November 1, 2024, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2031 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. On August 17, 2021, the Company issued $700.0 million aggregate principal amount of 3.250% Senior Unsecured Notes due 2033 (the “2033 Senior Notes”) in a private offering that was exempt from the registration requirements of the Securities Act. In connection with the completion of the offering, the Company announced that it intended to use a portion of the net proceeds from the offering for the pre-maturity redemption of all $500.0 million aggregate principal amount outstanding of its 5.375% senior unsecured notes due 2027 (the “2027 Senior Notes”). On September 2, 2021 the Company completed the pre-maturity redemption of all of its 2027 Senior Notes, which are reflected in the three months ended September 30, 2021. The pre-maturity redemption of the 2027 Senior Notes resulted in an approximately $37.3 million loss on extinguishment that was recorded in other expense (income) during the three months ended September 30, 2021, which includes an applicable premium of approximately $33.6 million (as set forth in the indenture governing the terms of the 2027 Senior Notes) and the write-off of approximately $3.7 million of unamortized debt issuance costs associated with the 2027 Senior Notes. The 2033 Senior Notes are scheduled to mature and be paid in full on August 15, 2033. At any time prior to August 15, 2027, the Company may redeem all or part of the 2033 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 2033 Senior Notes, together with accrued and unpaid interest, on or after August 15, 2027, at redemption prices set forth in the indenture governing the 2033 Senior Notes. At any time prior to August 15, 2024, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the 2033 Senior Notes, including any permitted additional notes, at a redemption price equal to 103.250% of the principal amount plus accrued and unpaid interest, if any, to the redemption date. Revolver. Since November 20, 2014, the Company has maintained a revolving credit agreement with a syndicate of banks (as amended, the “Revolving Credit Agreement”). On March 29, 2021, the Company entered into Amendment No. 4 (the “Fourth Amendment”) to the Revolving Credit Agreement. The Fourth Amendment, among other things, (i) increased aggregate commitments available to be borrowed by $100.0 million to an aggregate of $500.0 million of availability thereunder until November 2024, at which point the aggregate commitments will be $467.5 million, and (ii) extended the term to March 2026. At September 30, 2021, the Revolving Credit Agreement was undrawn. In connection with the closings of the Senior Notes offerings, entry into the Revolving Credit Agreement and the subsequent 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 September 30, 2021, $41.8 million of the deferred financing fees and premium remain unamortized, $0.5 million of which is included in “Prepaid and other assets,” $1.7 million of which is included in “Other non-current assets” and $39.6 million of which is included in “Long-term debt” on the Unaudited Condensed Consolidated Statement of Financial Condition.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	9. LEASES The Company recognized $7.6 million and $7.5 million of operating lease expenses for the three months ended September 30, 2021 and 2020, respectively. The Company recognized $22.7 million and $25.4 million of operating lease expenses for the nine months ended September 30, 2021 and 2020, respectively. The amounts associated with variable lease costs, short-term lease costs and sublease income were not material for any of the three and nine months ended September 30, 2021 and 2020. Future minimum commitments for the Company’s operating leases in place as of September 30, 2021, 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 2021 $ 6,010 2022 29,889 2023 28,985 2024 23,101 2025 21,623 Thereafter 90,206 Total lease payments $ 199,814 Less: Interest (25,883 ) Present value of lease liabilities $ 173,931 Other accrued liabilities $ 23,412 Long-term operating lease liabilities $ 150,519 Lease term and discount rate for the Company’s operating leases in place as of September 30, 2021 are as follows: As of September 30, Lease Term and Discount Rate 2021 Weighted-average remaining lease term (years) 8.27 Weighted-average discount rate 3.14 % Other information for the Company’s operating leases in place for the nine months ended September 30, 2021 are as follows: Nine Months Ended Other Information September 30, (in thousands) 2021 2020 Operating cash flows used for operating leases $ 23,038 $ 22,735 Leased assets obtained in exchange for new operating lease liabilities $ 20,109 $ 7,491

Shareholders' Equity (Deficit)

Shareholders' Equity (Deficit)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Shareholders' Equity (Deficit)	10. SHAREHOLDERS’ EQUITY (DEFICIT) Return of capital On October 29, 2020, the Board of Directors authorized a stock repurchase program for the purchase of up to $1,000.0 million worth of shares of MSCI’s common stock in addition to the $804.5 million of authorization then remaining under a previously existing share repurchase program (the “2020 Repurchase Program”) for a total of $1,804.5 million of stock repurchase authorization. Share repurchases made pursuant to the 2020 Repurchase Program may take place in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended or terminated by the Board of Directors at any time without prior notice. As of September 30, 2021, there was $1,594.4 million of available authorization remaining under the 2020 Repurchase Program. The following table provides information with respect to repurchases of the Company’s common stock made on the open market: Nine Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) September 30, 2021 $ 407.70 330 $ 134,340 September 30, 2020 $ 278.69 2,021 $ 563,336 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 2021 Three Months Ended March 31, $ 0.78 $ 65,947 $ 66,153 $ (206 ) Three Months Ended June 30, 0.78 64,863 64,489 374 Three Months Ended September 30, 1.04 86,476 85,961 515 Total $ 2.60 $ 217,286 $ 216,603 $ 683 2020 Three Months Ended March 31, $ 0.68 $ 59,233 $ 59,455 $ (222 ) Three Months Ended June 30, 0.68 57,360 57,068 292 Three Months Ended September 30, 0.78 65,830 65,454 376 Total $ 2.14 $ 182,423 $ 181,977 $ 446 Common Stock. The following table presents activity related to shares of common stock issued and repurchased during the nine months ended September 30, 2021: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2020 132,829,175 (50,255,768 ) 82,573,407 Dividend payable/paid 160 (48 ) 112 Common stock issued 301,227 — 301,227 Shares withheld for tax withholding — (122,924 ) (122,924 ) Shares repurchased under stock repurchase programs — (329,508 ) (329,508 ) Shares issued to directors — — — Balance at March 31, 2021 133,130,562 (50,708,248 ) 82,422,314 Dividend payable/paid 43 (43 ) — Common stock issued 10,692 — 10,692 Shares withheld for tax withholding — (1,303 ) (1,303 ) Shares repurchased under stock repurchase programs — — — Shares issued to directors 1,308 4,826 6,134 Balance at June 30, 2021 133,142,605 (50,704,768 ) 82,437,837 Dividend payable/paid 33 (33 ) — Common stock issued 17,592 — 17,592 Shares withheld for tax withholding — (9,092 ) (9,092 ) Shares repurchased under stock repurchase programs — — — Shares issued to directors — 377 377 Balance at September 30, 2021 133,160,230 (50,713,516 ) 82,446,714

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	11. INCOME TAXES The Company’s provision for income taxes was $80.3 million and $45.5 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts reflect effective tax rates of 13.1% and 9.3% for the nine months ended September 30, 2021 and 2020, respectively. The effective tax rate of 13.1% for the nine months ended September 30, 2021 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $49.3 million, in relation to pretax income. For the nine months ended September 30, 2021, these discrete items primarily related to $22.7 million of excess tax benefits recognized on share-based compensation vested during the period and $15.2 million related to the tax impact of loss on debt extinguishment recognized during the period on the redemption of the 2027 Senior Notes and 2026 Senior Notes. Also included in the discrete items is a $5.1 million benefit related to prior year settlements, a $2.3 million benefit related to the revaluation of deferred taxes as a result of the enactment of an increase in the UK corporate tax rate, a $ 2.0 million benefit related to the filing of prior year refund claims and $ 2.0 million of tax benefits related to other prior year items. In addition, the effective tax rate was impacted by the level of earnings. The effective tax rate of 9.3% for the nine months ended September 30, 2020 reflects the Company’s estimate of the effective tax rate for the period and was impacted by certain favorable discrete items totaling $61.7 million. For the nine months ended September 30, 2020, these discrete items primarily related to $21.9 million of excess tax benefits recognized on share-based compensation vested during the period, $20.8 million related to the favorable impact on prior years of final regulations released during the three months ended September 30, 2020 clarifying certain provisions established in the Tax Cuts and Jobs Act that was enacted on December 22, 2017 (“2017 Tax Act”) and $11.5 million related to the tax impact of loss on debt extinguishment recognized during the period. The discrete items also included a $6.3 million benefit related to the revaluation of the cost of deemed repatriation of foreign earnings. The Company is under examination by 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 and California. The tax years currently under examination vary by jurisdiction but include years ranging from 2008 through 2020. 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. During the nine months ended September 30, 2021, the Company’s unrecognized tax benefits increased by $12.6 million principally due to the filing of prior year refund claims, partially offset by the resolution of prior year items. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. Based on the current status of income tax audits, the Company believes it is reasonably possible that the total amount of unrecognized benefits may decrease by approximately $26.7 million in the next twelve months as a result of the resolution of tax examinations.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment Information	12. SEGMENT INFORMATION The Company has five operating segments: Index, Analytics, ESG and Climate, Real Estate and Burgiss, which are presented as the following four reportable segments: Index, Analytics, ESG and Climate and All Other – Private Assets. Effective January 1, 2021, the Company began presenting four reportable segments with the ESG and Climate operating segment being presented as a separate reportable segment. The operating segments of Real Estate and Burgiss do not individually meet the segment reporting thresholds and have been combined and presented as part of All Other – Private Assets reportable segment. The Company’s ownership interest in Burgiss is classified as an equity-method investment. Therefore, the All Other – Private Assets segment does not include the Company’s proportionate share of operating revenues and Adjusted EBITDA related to Burgiss. The Company’s proportionate share of the income or loss from its equity-method investment in Burgiss is not a component of Adjusted EBITDA as it is reported as a component of other (expense) income, net. Prior period amounts have been recast to reflect the current presentation. The Index operating segment offers equity and fixed income indexes. The indexes are used in many areas of the investment process, including index-linked product creation (e.g., Exchange Traded Funds (“ETFs”) and futures and options), performance benchmarking, portfolio construction and rebalancing, broker-dealer structured products and asset allocation. The Analytics operating segment offers risk management, performance attribution and portfolio management content, applications and services that provide clients with an integrated view of risk and return and an analysis of market, credit, liquidity and counterparty risk across all major asset classes, spanning short-, medium- and long-term time horizons. Clients access 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 and Climate operating segment offers products and services that help institutional investors understand how ESG and climate considerations can impact the long-term risk and return of their portfolio and individual security-level investments. In addition, MSCI ESG Research data and ratings, as well as climate solutions, are used in the construction of equity and fixed income indexes to help institutional investors more effectively benchmark ESG and climate investment performance, issue index-based investment products, as well as manage, measure and report on ESG and climate mandates. The Real Estate operating segment offers research, reporting, market and transaction data and benchmarking and intelligence offerings that provide real estate performance analysis for funds, investors and managers. Real Estate performance and risk analytics, including climate solutions, range from enterprise-wide to property-specific analysis. The Real Estate operating segment also provides business intelligence and market simulation analysis to real estate owners, managers, developers and brokers worldwide. Financial results related to the acquisition of RCA have been included prospectively as a component of the Real Estate operating segment, presented as a component of the All Other – Private Assets reportable segment, as of September 13, 2021 . The Burgiss operating segment represents the Company’s equity method investment in Burgiss, a global provider of investment decision support tools for private capital. The change in reportable segments has not resulted in any changes to MSCI’s Chief Operating Decision Maker (“CODM”) or the basis for segment profitability from the information disclosed in our 2020 Annual Report on Form 10-K. The CODM continues to measure and evaluate 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 certain non-recurring acquisition-related integration and transaction costs, 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 following table presents operating revenues by reportable segment for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Operating revenues Index $ 321,503 $ 255,691 $ 919,957 $ 747,855 Analytics 136,298 128,337 406,217 381,408 ESG and Climate 43,691 28,551 117,749 80,086 All Other - Private Assets 15,607 12,754 49,779 42,380 Total $ 517,099 $ 425,333 $ 1,493,702 $ 1,251,729 The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Index Adjusted EBITDA $ 245,587 $ 194,720 $ 698,934 $ 561,563 Analytics Adjusted EBITDA 50,291 45,056 145,836 127,540 ESG and Climate Adjusted EBITDA 9,820 7,658 20,585 16,783 All Other - Private Assets Adjusted EBITDA 897 2,013 12,775 9,488 Total operating segment profitability 306,595 249,447 878,130 715,374 Acquisition-related integration and transaction costs 5,451 — 5,451 — Amortization of intangible assets 14,105 14,333 59,569 42,171 Depreciation and amortization of property, equipment and leasehold improvements 6,809 7,494 20,972 22,524 Operating income 280,230 227,620 792,138 650,679 Other expense (income), net 79,580 38,577 179,765 159,620 Provision for income taxes 30,774 6,685 80,255 45,453 Net income $ 169,876 $ 182,358 $ 532,118 $ 445,606 Operating revenues by geography are based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Operating revenues Americas: United States $ 213,756 $ 180,206 $ 611,226 $ 537,071 Other 22,060 18,039 63,259 52,686 Total Americas 235,816 198,245 674,485 589,757 Europe, the Middle East and Africa ("EMEA"): United Kingdom 87,101 65,155 250,984 193,042 Other 113,102 90,539 332,554 268,677 Total EMEA 200,203 155,694 583,538 461,719 Asia & Australia: Japan 23,384 19,885 68,019 59,002 Other 57,696 51,509 167,660 141,251 Total Asia & Australia 81,080 71,394 235,679 200,253 Total $ 517,099 $ 425,333 $ 1,493,702 $ 1,251,729 Long-lived assets consist of property, equipment and leasehold improvements, right of use assets and internally developed capitalized software, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of September 30, December 31, 2021 2020 (in thousands) Long-lived assets Americas: United States $ 172,207 $ 182,776 Other 13,854 13,949 Total Americas 186,061 196,725 EMEA: United Kingdom 19,384 19,678 Other 37,046 33,561 Total EMEA 56,430 53,239 Asia & Australia: Japan 1,347 1,896 Other 32,290 37,946 Total Asia & Australia 33,637 39,842 Total $ 276,128 $ 289,806

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	13. SUBSEQUENT EVENTS On October 25, 2021, the Board of Directors declared a quarterly cash dividend of $1.04 per share for the three months ending December 31, 2021 (“fourth quarter 2021”). The fourth quarter 2021 dividend is payable on November 30, 2021 to shareholders of record as of the close of trading on November 12, 2021.

Introduction and Basis of Pre_2

Introduction and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 and December 31, 2020, the results of operations, comprehensive income and shareholders’ equity (deficit) for the three and nine months ended September 30, 2021 and 2020 and cash flows for the nine months ended September 30, 2021 and 2020. The unaudited condensed consolidated statement of financial condition and related financial statement information as of December 31, 2020 have been derived from the 2020 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, 2020. 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. The Company makes 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 operating revenues 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, valuation of assets acquired and liabilities assumed in a business combination 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. Effective January 1, 2021, the ESG and Climate operating segment is being presented as a separate reportable segment. The operating segments of Real Estate and The Burgiss Group, LLC (“Burgiss”) do not individually meet the segment reporting thresholds and have been combined and presented as part of the All Other – Private Assets reportable segment. The Company’s ownership interest in Burgiss, a global provider of investment decision tools for private capital, is classified as an equity-method investment. Therefore, the All Other – Private Assets segment does not include the Company’s proportionate share of operating revenues and Adjusted EBITDA related to Burgiss. The Company’s proportionate share of the income or loss from its equity method investment in Burgiss is not a component of Adjusted EBITDA as it is reported as a component of other (expense) income, net.
Concentrations	Concentrations For the nine months ended September 30, 2021 and 2020, BlackRock, Inc. accounted for 12.9% and 10.9% of the Company’s consolidated operating revenues, respectively. For the nine months ended September 30, 2021 and 2020, BlackRock, Inc. accounted for 20.6% and 17.8% of the Index segment operating revenues, respectively. No single customer represented 10.0% or more of operating revenues within the Analytics, ESG and Climate and All Other – Private Assets segments for the nine months ended September 30, 2021 and 2020.
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, 2019 to September 30, 2021 were as follows: Amount (in Balance as of December 31, 2019 $ 1,715 Addition (reduction) to credit loss expense 1,712 Write-offs, net of recoveries (1,844 ) Balance as of December 31, 2020 $ 1,583 Addition (reduction) to credit loss expense 1,051 Adjustments and write-offs, net of recoveries 9 Balance as of September 30, 2021 $ 2,643
Recent Accounting Standards Updates	There are no pending accounting standards updates that are currently expected to have a material impact on the Company.

Introduction and Basis of Pre_3

Introduction and Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2019 to September 30, 2021 were as follows: Amount (in Balance as of December 31, 2019 $ 1,715 Addition (reduction) to credit loss expense 1,712 Write-offs, net of recoveries (1,844 ) Balance as of December 31, 2020 $ 1,583 Addition (reduction) to credit loss expense 1,051 Adjustments and write-offs, net of recoveries 9 Balance as of September 30, 2021 $ 2,643

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	The tables that follow present the disaggregated revenues for the periods indicated: For the Three Months ended September 30, 2021 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Revenue Types Recurring subscriptions $ 165,310 $ 134,320 $ 42,592 $ 15,418 $ 357,640 Asset-based fees 141,745 — — — 141,745 Non-recurring 14,448 1,978 1,099 189 17,714 Total $ 321,503 $ 136,298 $ 43,691 $ 15,607 $ 517,099 For the Nine Months ended September 30, 2021 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Revenue Types Recurring subscriptions $ 480,488 $ 399,360 $ 115,299 $ 48,355 $ 1,043,502 Asset-based fees 404,593 — — — 404,593 Non-recurring 34,876 6,857 2,450 1,424 45,607 Total $ 919,957 $ 406,217 $ 117,749 $ 49,779 $ 1,493,702 For the Three Months ended September 30, 2020 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Revenue Types Recurring subscriptions $ 146,387 $ 126,251 $ 28,152 $ 12,400 $ 313,190 Asset-based fees 100,371 — — — 100,371 Non-recurring 8,933 2,086 399 354 11,772 Total $ 255,691 $ 128,337 $ 28,551 $ 12,754 $ 425,333 For the Nine Months ended September 30, 2020 Segments (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Revenue Types Recurring subscriptions $ 431,631 $ 376,505 $ 78,961 $ 40,402 $ 927,499 Asset-based fees 288,642 — — — 288,642 Non-recurring 27,582 4,903 1,125 1,978 35,588 Total $ 747,855 $ 381,408 $ 80,086 $ 42,380 $ 1,251,729
Schedule of Change in Accounts Receivable and Current Deferred Revenue	The tables that follow present the change in accounts receivable and current deferred revenue between the dates indicated: Accounts receivable Deferred revenue (in thousands) Opening (December 31, 2020) $ 558,569 $ 675,870 Closing (September 30, 2021) 496,726 643,352 Increase/(decrease) $ (61,843 ) $ (32,518 ) Accounts receivable Deferred revenue (in thousands) Opening (December 31, 2019) $ 499,268 $ 574,656 Closing (September 30, 2020) 429,804 531,487 Increase/(decrease) $ (69,464 ) $ (43,169 )
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 September 30, 2021 (in thousands) First 12-month period $ 411,996 Second 12-month period 224,765 Third 12-month period 75,756 Periods thereafter 16,102 Total $ 728,619

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The following table presents the computation of basic and diluted EPS: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands, except per share data) Net income $ 169,876 $ 182,358 $ 532,118 $ 445,606 Basic weighted average common shares outstanding 82,470 83,602 82,521 84,044 Effect of dilutive securities: Restricted stock units 1,084 877 925 745 Diluted weighted average common shares outstanding 83,554 84,479 83,446 84,789 Earnings per basic common share $ 2.06 $ 2.18 $ 6.45 $ 5.30 Earnings per diluted common share $ 2.03 $ 2.16 $ 6.38 $ 5.26

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combinations [Abstract]
Components of Preliminary Purchase Price Allocation	The components of the preliminary purchase price allocation were as follows: Estimated Useful Life Fair Value (in thousands) Accounts receivable $ 9,751 Other current assets 3,553 Property, equipment and leasehold improvements, net 1,392 Right of use assets 6,441 Other non-current assets 3,215 Deferred revenue (28,191 ) Other current liabilities (13,935 ) Long-term operating lease liabilities (4,849 ) Deferred tax liabilities (87,513 ) Intangible Assets: Customer relationships 20 years 175,800 Trademarks 2 years 890 Acquired technology and software 9 years 31,500 Proprietary data 11 years 185,500 Goodwill 665,141 Purchase price, net of cash acquired $ 948,695

Property, Equipment and Lease_2

Property, Equipment and Leasehold Improvements, Net (Tables)	9 Months Ended
	Sep. 30, 2021
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 September 30, December 31, 2021 2020 (in thousands) Computer & related equipment $ 183,688 $ 186,786 Furniture & fixtures 14,936 15,276 Leasehold improvements 58,098 56,537 Work-in-process 1,729 2,996 Subtotal 258,451 261,595 Accumulated depreciation and amortization (187,908 ) (181,149 ) Property, equipment and leasehold improvements, net $ 70,543 $ 80,446

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Reportable Segment	The following table presents goodwill by reportable segment: (in thousands) Index Analytics ESG and Climate All Other - Private Assets Total Goodwill at December 31, 2020 $ 1,205,758 $ 290,976 $ 48,047 $ 21,241 $ 1,566,022 Acquisitions — — — 665,141 (1) 665,141 Foreign exchange translation adjustment (469 ) — — (290 ) (759 ) Goodwill at September 30, 2021 $ 1,205,289 $ 290,976 $ 48,047 $ 686,092 $ 2,230,404 (1) Reflects the impact of the acquisition of RCA.
Schedule of Amortization Expense Related to Intangible Assets by Category	The following table presents the amount of amortization expense related to intangible assets by category for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (in thousands) 2021 2020 2021 2020 Amortization expense of acquired intangible assets $ 9,602 $ 8,325 $ 26,346 $ 25,710 Amortization expense of internally developed capitalized software 4,503 6,008 17,210 16,461 Write-off of internally developed capitalized software — — 16,013 — Total amortization of intangible assets expense $ 14,105 $ 14,333 $ 59,569 $ 42,171
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 September 30, December 31, 2021 2020 (in thousands) Gross intangible assets: Customer relationships $ 532,500 $ 356,700 Trademarks 208,190 207,300 Acquired technology and software 209,220 177,720 Internally developed capitalized software 95,972 113,188 Proprietary data 214,127 28,627 Subtotal 1,260,009 883,535 Foreign exchange translation adjustment (6,026 ) (5,262 ) Total gross intangible assets $ 1,253,983 $ 878,273 Accumulated amortization: Customer relationships $ (270,212 ) $ (253,465 ) Trademarks (150,074 ) (143,207 ) Acquired technology and software (174,690 ) (174,032 ) Internally developed capitalized software (44,284 ) (57,464 ) Proprietary data (17,855 ) (15,730 ) Subtotal (657,115 ) (643,898 ) Foreign exchange translation adjustment 776 373 Total accumulated amortization $ (656,339 ) $ (643,525 ) Net intangible assets: Customer relationships $ 262,288 $ 103,235 Trademarks 58,116 64,093 Acquired technology and software 34,530 3,688 Internally developed capitalized software 51,688 55,724 Proprietary data 196,272 12,897 Subtotal 602,894 239,637 Foreign exchange translation adjustment (5,250 ) (4,889 ) Total net intangible assets $ 597,644 $ 234,748
Estimated Amortization Expense for Remainder of 2021 and Succeeding Years	The following table presents the estimated amortization expense for the remainder of the year ending December 31, 2021 and succeeding years: Years Ending December 31, Amortization Expense (in thousands) Remainder of 2021 $ 21,514 2022 83,721 2023 77,814 2024 69,965 2025 50,789 Thereafter 293,841 Total $ 597,644

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Senior Unsecured Notes	The Company had an aggregate of $4,200.0 million in senior unsecured notes (collectively, the “Senior Notes”) outstanding at September 30, 2021, as presented in the table below: Principal Amount Outstanding at Carrying Value at Carrying Value at Fair Value at Fair Value at Maturity Date September 30, 2021 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 (in thousands) Long-term debt 4.75% senior unsecured notes due 2026 August 1, 2026 - - 496,257 - 522,325 5.375% senior unsecured notes due 2027 May 15, 2027 - - 495,819 - 538,100 4.000% senior unsecured notes due 2029 November 15, 2029 1,000,000 991,182 990,364 1,059,890 1,073,040 3.625% senior unsecured notes due 2030 September 1, 2030 900,000 894,097 395,458 936,603 419,428 3.875% senior unsecured notes due 2031 February 15, 2031 1,000,000 989,700 988,879 1,050,000 1,063,430 3.625% senior unsecured notes due 2031 November 1, 2031 600,000 593,374 - 625,296 - 3.250% senior unsecured notes due 2033 August 15, 2033 700,000 692,026 - 709,268 - Total long-term debt $ 4,200,000 $ 4,160,379 $ 3,366,777 $ 4,381,057 $ 3,616,323
Schedule of Interest Payments Due Attributable to Senior Notes	Interest payments attributable to the Senior Notes are due as presented in the following table: First semi-annual interest payment date Second semi-annual interest payment date Senior Notes 4.75% senior unsecured notes due 2026 February 1 August 1 5.375% senior unsecured notes due 2027 May 15 November 15 4.000% senior unsecured notes due 2029 May 15 November 15 3.625% senior unsecured notes due 2030 March 1 September 1 3.875% senior unsecured notes due 2031 June 1 December 1 3.625% senior unsecured notes due 2031 May 1 November 1 3.250% senior unsecured notes due 2033 February 15 August 15

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Summary of Future Minimum Commitments Under Operating Leases	Future minimum commitments for the Company’s operating leases in place as of September 30, 2021, 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 2021 $ 6,010 2022 29,889 2023 28,985 2024 23,101 2025 21,623 Thereafter 90,206 Total lease payments $ 199,814 Less: Interest (25,883 ) Present value of lease liabilities $ 173,931 Other accrued liabilities $ 23,412 Long-term operating lease liabilities $ 150,519
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 September 30, 2021 are as follows: As of September 30, Lease Term and Discount Rate 2021 Weighted-average remaining lease term (years) 8.27 Weighted-average discount rate 3.14 %
Summary of Other Information Under Operating Leases	Other information for the Company’s operating leases in place for the nine months ended September 30, 2021 are as follows: Nine Months Ended Other Information September 30, (in thousands) 2021 2020 Operating cash flows used for operating leases $ 23,038 $ 22,735 Leased assets obtained in exchange for new operating lease liabilities $ 20,109 $ 7,491

Shareholders' Equity (Deficit)

Shareholders' Equity (Deficit) (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of Company's Common Stock Repurchases Made on Open Market	The following table provides information with respect to repurchases of the Company’s common stock made on the open market: Nine Months Ended Average Price Paid Per Share Total Number of Shares Repurchased Dollar Value of Shares Repurchased (in thousands) September 30, 2021 $ 407.70 330 $ 134,340 September 30, 2020 $ 278.69 2,021 $ 563,336
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 2021 Three Months Ended March 31, $ 0.78 $ 65,947 $ 66,153 $ (206 ) Three Months Ended June 30, 0.78 64,863 64,489 374 Three Months Ended September 30, 1.04 86,476 85,961 515 Total $ 2.60 $ 217,286 $ 216,603 $ 683 2020 Three Months Ended March 31, $ 0.68 $ 59,233 $ 59,455 $ (222 ) Three Months Ended June 30, 0.68 57,360 57,068 292 Three Months Ended September 30, 0.78 65,830 65,454 376 Total $ 2.14 $ 182,423 $ 181,977 $ 446
Summary of Activity Related to Shares of Common Stock Issued and Repurchased	The following table presents activity related to shares of common stock issued and repurchased during the nine months ended September 30, 2021: Common Stock Treasury Common Stock Issued Stock Outstanding Balance at December 31, 2020 132,829,175 (50,255,768 ) 82,573,407 Dividend payable/paid 160 (48 ) 112 Common stock issued 301,227 — 301,227 Shares withheld for tax withholding — (122,924 ) (122,924 ) Shares repurchased under stock repurchase programs — (329,508 ) (329,508 ) Shares issued to directors — — — Balance at March 31, 2021 133,130,562 (50,708,248 ) 82,422,314 Dividend payable/paid 43 (43 ) — Common stock issued 10,692 — 10,692 Shares withheld for tax withholding — (1,303 ) (1,303 ) Shares repurchased under stock repurchase programs — — — Shares issued to directors 1,308 4,826 6,134 Balance at June 30, 2021 133,142,605 (50,704,768 ) 82,437,837 Dividend payable/paid 33 (33 ) — Common stock issued 17,592 — 17,592 Shares withheld for tax withholding — (9,092 ) (9,092 ) Shares repurchased under stock repurchase programs — — — Shares issued to directors — 377 377 Balance at September 30, 2021 133,160,230 (50,713,516 ) 82,446,714

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Operating Revenues by Reportable Segment	The following table presents operating revenues by reportable segment for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Operating revenues Index $ 321,503 $ 255,691 $ 919,957 $ 747,855 Analytics 136,298 128,337 406,217 381,408 ESG and Climate 43,691 28,551 117,749 80,086 All Other - Private Assets 15,607 12,754 49,779 42,380 Total $ 517,099 $ 425,333 $ 1,493,702 $ 1,251,729
Segment Profitability and Reconciliation to Net Income	The following table presents segment profitability and a reconciliation to net income for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Index Adjusted EBITDA $ 245,587 $ 194,720 $ 698,934 $ 561,563 Analytics Adjusted EBITDA 50,291 45,056 145,836 127,540 ESG and Climate Adjusted EBITDA 9,820 7,658 20,585 16,783 All Other - Private Assets Adjusted EBITDA 897 2,013 12,775 9,488 Total operating segment profitability 306,595 249,447 878,130 715,374 Acquisition-related integration and transaction costs 5,451 — 5,451 — Amortization of intangible assets 14,105 14,333 59,569 42,171 Depreciation and amortization of property, equipment and leasehold improvements 6,809 7,494 20,972 22,524 Operating income 280,230 227,620 792,138 650,679 Other expense (income), net 79,580 38,577 179,765 159,620 Provision for income taxes 30,774 6,685 80,255 45,453 Net income $ 169,876 $ 182,358 $ 532,118 $ 445,606
Operating Revenues by Geographic Area	Operating revenues by geography are based on the shipping address of the ultimate customer utilizing the product. The following table presents revenue by geographic area for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (in thousands) Operating revenues Americas: United States $ 213,756 $ 180,206 $ 611,226 $ 537,071 Other 22,060 18,039 63,259 52,686 Total Americas 235,816 198,245 674,485 589,757 Europe, the Middle East and Africa ("EMEA"): United Kingdom 87,101 65,155 250,984 193,042 Other 113,102 90,539 332,554 268,677 Total EMEA 200,203 155,694 583,538 461,719 Asia & Australia: Japan 23,384 19,885 68,019 59,002 Other 57,696 51,509 167,660 141,251 Total Asia & Australia 81,080 71,394 235,679 200,253 Total $ 517,099 $ 425,333 $ 1,493,702 $ 1,251,729
Long-Lived Assets by Geographic Area	Long-lived assets consist of property, equipment and leasehold improvements, right of use assets and internally developed capitalized software, net of accumulated depreciation and amortization. The following table presents long-lived assets by geographic area on the dates indicated: As of September 30, December 31, 2021 2020 (in thousands) Long-lived assets Americas: United States $ 172,207 $ 182,776 Other 13,854 13,949 Total Americas 186,061 196,725 EMEA: United Kingdom 19,384 19,678 Other 37,046 33,561 Total EMEA 56,430 53,239 Asia & Australia: Japan 1,347 1,896 Other 32,290 37,946 Total Asia & Australia 33,637 39,842 Total $ 276,128 $ 289,806

Introduction and Basis of Pre_4

Introduction and Basis of Presentation - Additional Information (Detail) - Sales Revenue, Services, Net [Member] - Customer Concentration Risk [Member] - Customer	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
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	12.90%	10.90%
Index [Member] | Blackrock Inc [Member]
Introduction And Basis Of Presentation [Line Items]
Percentage of operating revenues accounted for by major customer	20.60%	17.80%
Analytics [Member]
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of operating revenues	0	0
ESG and Climate [Member]
Introduction And Basis Of Presentation [Line Items]
Number of major customers represented 10.0% or more of operating revenues	0	0
All Other – Private Assets [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	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Receivables [Abstract]
Balance at beginning of year	$ 1,583	$ 1,715
Addition (reduction) to credit loss expense	1,051	1,712
Adjustments and write-offs, net of recoveries	9	(1,844)
Balance at ending of year	$ 2,643	$ 1,583

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation Of Revenue [Line Items]
Operating revenues	$ 517,099	$ 425,333	$ 1,493,702	$ 1,251,729
Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	321,503	255,691	919,957	747,855
Analytics [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	136,298	128,337	406,217	381,408
ESG and Climate [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	43,691	28,551	117,749	80,086
All Other – Private Assets [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	15,607	12,754	49,779	42,380
Recurring Subscriptions [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	357,640	313,190	1,043,502	927,499
Recurring Subscriptions [Member] | Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	165,310	146,387	480,488	431,631
Recurring Subscriptions [Member] | Analytics [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	134,320	126,251	399,360	376,505
Recurring Subscriptions [Member] | ESG and Climate [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	42,592	28,152	115,299	78,961
Recurring Subscriptions [Member] | All Other – Private Assets [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	15,418	12,400	48,355	40,402
Asset-based Fees [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	141,745	100,371	404,593	288,642
Asset-based Fees [Member] | Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	141,745	100,371	404,593	288,642
Non-recurring [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	17,714	11,772	45,607	35,588
Non-recurring [Member] | Index [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	14,448	8,933	34,876	27,582
Non-recurring [Member] | Analytics [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	1,978	2,086	6,857	4,903
Non-recurring [Member] | ESG and Climate [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	1,099	399	2,450	1,125
Non-recurring [Member] | All Other – Private Assets [Member]
Disaggregation Of Revenue [Line Items]
Operating revenues	$ 189	$ 354	$ 1,424	$ 1,978

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Change in Accounts Receivable and Current Deferred Revenue (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Accounts receivable, balance	$ 496,726	$ 429,804	$ 558,569	$ 499,268
Accounts receivable, Increase/(decrease)	(61,843)	(69,464)
Deferred revenue	643,352	531,487	$ 675,870	$ 574,656
Deferred revenue, Increase/(decrease)	$ (32,518)	$ (43,169)

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Revenue recognized during period included in deferred revenue	$ 145.2	$ 108.8	$ 623.8	$ 494.4
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	Sep. 30, 2021USD ($)
Revenue Recognition [Line Items]
Remaining performance obligations	$ 728,619
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
Revenue Recognition [Line Items]
Remaining performance obligations	411,996
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Revenue Recognition [Line Items]
Remaining performance obligations	224,765
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-10-01
Revenue Recognition [Line Items]
Remaining performance obligations	75,756
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Recognition [Line Items]
Remaining performance obligations	$ 16,102

Revenue Recognition - Schedul_3

Revenue Recognition - Schedule of Remaining Performance Obligations (Detail 1) $ in Thousands	Sep. 30, 2021USD ($)
Revenue From Contract With Customer [Abstract]
Remaining performance obligations	$ 728,619

Revenue Recognition - Schedul_4

Revenue Recognition - Schedule of Remaining Performance Obligations (Parenthetical) (Detail)	Sep. 30, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01
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: 2022-10-01
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: 2023-10-01
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: 2024-10-01
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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 169,876	$ 165,423	$ 196,819	$ 182,358	$ 115,123	$ 148,125	$ 532,118	$ 445,606
Basic weighted average common shares outstanding	82,470			83,602			82,521	84,044
Effect of dilutive securities:
Restricted stock units	1,084			877			925	745
Diluted weighted average common shares outstanding	83,554			84,479			83,446	84,789
Earnings per basic common share	$ 2.06			$ 2.18			$ 6.45	$ 5.30
Earnings per diluted common share	$ 2.03			$ 2.16			$ 6.38	$ 5.26

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 13, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Operating revenues		$ 517,099	$ 425,333	$ 1,493,702	$ 1,251,729
Real Capital Analytics [Member]
Business Acquisition [Line Items]
Date of acquisition	Sep. 13, 2021
Aggregate cash purchase price	$ 948,700
Operating revenues				$ 3,400

Acquisitions - Components of Pr

Acquisitions - Components of Preliminary Purchase Price Allocation (Detail) - USD ($) $ in Thousands	Sep. 13, 2021	Sep. 30, 2021	Dec. 31, 2020
Intangible Assets:
Goodwill		$ 2,230,404	$ 1,566,022
Real Capital Analytics [Member]
Business Acquisition [Line Items]
Accounts receivable	$ 9,751
Other current assets	3,553
Property, equipment and leasehold improvements, net	1,392
Right of use assets	6,441
Other non-current assets	3,215
Deferred revenue	(28,191)
Other current liabilities	(13,935)
Long-term operating lease liabilities	(4,849)
Deferred tax liabilities	(87,513)
Intangible Assets:
Goodwill	665,141
Purchase price, net of cash acquired	948,695
Real Capital Analytics [Member] | Customer Relationships [Member]
Intangible Assets:
Intangible assets	$ 175,800
Estimated useful life	20 years
Real Capital Analytics [Member] | Trademarks [Member]
Intangible Assets:
Intangible assets	$ 890
Estimated useful life	2 years
Real Capital Analytics [Member] | Acquired Technology and Software [Member]
Intangible Assets:
Intangible assets	$ 31,500
Estimated useful life	9 years
Real Capital Analytics [Member] | Proprietary Data [Member]
Intangible Assets:
Intangible assets	$ 185,500
Estimated useful life	11 years

Property, Equipment and Lease_3

Property, Equipment and Leasehold Improvements, Net - Schedule of Property, Equipment and Leasehold Improvements, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Abstract]
Computer & related equipment	$ 183,688	$ 186,786
Furniture & fixtures	14,936	15,276
Leasehold improvements	58,098	56,537
Work-in-process	1,729	2,996
Subtotal	258,451	261,595
Accumulated depreciation and amortization	(187,908)	(181,149)
Property, equipment and leasehold improvements, net	$ 70,543	$ 80,446

Property, Equipment and Lease_4

Property, Equipment and Leasehold Improvements, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Depreciation and amortization of property, equipment and leasehold improvements	$ 6,809	$ 7,494	$ 20,972	$ 22,524

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Schedule of Goodwill by Reportable Segment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Line Items]
Goodwill, Beginning balance	$ 1,566,022
Acquisitions	665,141
Foreign exchange translation adjustment	(759)
Goodwill, Ending balance	2,230,404
Index [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	1,205,758
Foreign exchange translation adjustment	(469)
Goodwill, Ending balance	1,205,289
Analytics [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	290,976
Goodwill, Ending balance	290,976
ESG and Climate [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	48,047
Goodwill, Ending balance	48,047
All Other – Private Assets [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	21,241
Acquisitions	665,141
Foreign exchange translation adjustment	(290)
Goodwill, Ending balance	$ 686,092

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Additional Information (Detail) - USD ($)	Jul. 01, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Goodwill [Line Items]
Impairment of goodwill	$ 0
Amortization of intangible assets		$ 14,105,000		$ 14,333,000	$ 59,569,000	$ 42,171,000
Gross intangible assets		1,253,983,000			1,253,983,000		$ 878,273,000
Accumulated amortization		$ 656,339,000			656,339,000		$ 643,525,000
Write Off of Internally Developed Capitalized Software [Member]
Goodwill [Line Items]
Amortization of intangible assets			$ 16,000,000		$ 16,013,000
Gross intangible assets			46,300,000
Accumulated amortization			$ 30,300,000

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets, Net - Schedule of Amortization Expense Related to Intangible Assets by Category (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 14,105		$ 14,333	$ 59,569	$ 42,171
Acquired Intangible Assets [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	9,602		8,325	26,346	25,710
Capitalized Software [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 4,503		$ 6,008	17,210	$ 16,461
Write Off of Internally Developed Capitalized Software [Member]
Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 16,000		$ 16,013

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets, Net - Schedule of Gross Carrying and Accumulated Amortization Amounts Related to Company's Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	$ 1,260,009	$ 883,535
Foreign exchange translation adjustment	(6,026)	(5,262)
Gross carrying value	1,253,983	878,273
Accumulated amortization excluding foreign exchange translation adjustment	(657,115)	(643,898)
Foreign exchange translation adjustment	776	373
Accumulated amortization	(656,339)	(643,525)
Net carrying value excluding foreign exchange translation adjustment	602,894	239,637
Foreign exchange translation adjustment	(5,250)	(4,889)
Net carrying value	597,644	234,748
Customer Relationships [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	532,500	356,700
Accumulated amortization excluding foreign exchange translation adjustment	(270,212)	(253,465)
Net carrying value excluding foreign exchange translation adjustment	262,288	103,235
Trademarks [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	208,190	207,300
Accumulated amortization excluding foreign exchange translation adjustment	(150,074)	(143,207)
Net carrying value excluding foreign exchange translation adjustment	58,116	64,093
Acquired Technology and Software [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	209,220	177,720
Accumulated amortization excluding foreign exchange translation adjustment	(174,690)	(174,032)
Net carrying value excluding foreign exchange translation adjustment	34,530	3,688
Capitalized Software [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	95,972	113,188
Accumulated amortization excluding foreign exchange translation adjustment	(44,284)	(57,464)
Net carrying value excluding foreign exchange translation adjustment	51,688	55,724
Proprietary Data [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying value excluding foreign exchange translation adjustment	214,127	28,627
Accumulated amortization excluding foreign exchange translation adjustment	(17,855)	(15,730)
Net carrying value excluding foreign exchange translation adjustment	$ 196,272	$ 12,897

Goodwill and Intangible Asset_7

Goodwill and Intangible Assets, Net - Estimated Amortization Expense for Remainder of 2021 and Succeeding Years (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 21,514
2022	83,721
2023	77,814
2024	69,965
2025	50,789
Thereafter	293,841
Net carrying value	$ 597,644	$ 234,748

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	May 14, 2021	Mar. 29, 2021	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Nov. 30, 2024	Aug. 17, 2021	Mar. 31, 2021	Mar. 26, 2021	Mar. 04, 2020
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount			$ 4,200,000,000		$ 4,200,000,000
Redemption date				Apr. 12, 2021
Loss on extinguishment of debt					59,103,000	$ 44,930,000
Prepaid and Other Assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees and premium remain unamortized			500,000		500,000
Other Non-Current Assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees and premium remain unamortized			1,700,000		1,700,000
Long-term Debt [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees and premium remain unamortized			39,600,000		39,600,000
Revolving Credit Agreement [Member]
Schedule Of Commitments And Contingencies [Line Items]
Revolving credit facility, maximum borrowing		$ 500,000,000
Revolving credit facility, increase in aggregate commitments		$ 100,000,000
Revolving Credit Agreement [Member] | Scenario Forecast [Member]
Schedule Of Commitments And Contingencies [Line Items]
Revolving credit facility, maximum borrowing							$ 467,500,000
3.625% Senior Unsecured Notes Due 2030 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount			$ 900,000,000		$ 900,000,000					$ 500,000,000	$ 400,000,000
Debt instrument interest rate			3.625%		3.625%					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%
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%		4.75%				4.75%
Maturity date					Aug. 1, 2026
4.75% Senior Unsecured Notes Due 2026 [Member] | Other expense (income) [Member]
Schedule Of Commitments And Contingencies [Line Items]
Loss on extinguishment of debt				$ 21,800,000
Write-off of unamortized debt issuance costs				3,600,000
4.75% Senior Unsecured Notes Due 2026 [Member] | Other expense (income) [Member] | Indenture [Member]
Schedule Of Commitments And Contingencies [Line Items]
Loss on debt extinguishment includes applicable premium and redemption price				$ 18,200,000
3.625% Senior Unsecured Notes Due 2031 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount	$ 600,000,000		$ 600,000,000		$ 600,000,000
Debt instrument interest rate	3.625%		3.625%		3.625%
Redemption date	Nov. 1, 2026
Maturity date					Nov. 1, 2031
Redemption description					At any time prior to November 1, 2026, the Company may redeem all or part of the 2031 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, if any, thereon, to the date of redemption.
Redemption price					103.625%
3.625% Senior Unsecured Notes Due 2031 [Member] | Maximum [Member]
Schedule Of Commitments And Contingencies [Line Items]
Percentage of aggregate principal amount redeemed					35.00%
3.250% Senior Unsecured Notes Due 2033 [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount			$ 700,000,000		$ 700,000,000			$ 700,000,000
Debt instrument interest rate			3.25%		3.25%			3.25%
Maturity date					Aug. 15, 2033
Redemption description					At any time prior to August 15, 2027, the Company may redeem all or part of the 2033 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					103.25%
3.250% Senior Unsecured Notes Due 2033 [Member] | Maximum [Member]
Schedule Of Commitments And Contingencies [Line Items]
Percentage of aggregate principal amount redeemed					35.00%
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%		5.375%			5.375%
Redemption date			Sep. 2, 2021
Maturity date					May 15, 2027
5.375% Senior Unsecured Notes Due 2027 [Member] | Other expense (income) [Member]
Schedule Of Commitments And Contingencies [Line Items]
Loss on extinguishment of debt			$ 37,300,000
Write-off of unamortized debt issuance costs			3,700,000
5.375% Senior Unsecured Notes Due 2027 [Member] | Other expense (income) [Member] | Indenture [Member]
Schedule Of Commitments And Contingencies [Line Items]
Loss on debt extinguishment includes applicable premium and redemption price			33,600,000
Senior Unsecured Notes [Member]
Schedule Of Commitments And Contingencies [Line Items]
Debt instrument principal amount			4,200,000,000		$ 4,200,000,000
Senior Notes and Revolving Credit Facility [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees and premium remain unamortized			$ 41,800,000		$ 41,800,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Senior Unsecured Notes (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2021	Aug. 17, 2021	May 14, 2021	Mar. 31, 2021	Mar. 26, 2021	Dec. 31, 2020	Mar. 04, 2020
Debt Instrument [Line Items]
Principal Amount Outstanding	$ 4,200,000,000
Carrying Value	4,160,379,000					$ 3,366,777,000
Fair Value	$ 4,381,057,000					3,616,323,000
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						496,257,000
Fair Value						522,325,000
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						495,819,000
Fair Value						538,100,000
4.000% Senior Unsecured Notes Due 2029 [Member]
Debt Instrument [Line Items]
Maturity Date	Nov. 15, 2029
Principal Amount Outstanding	$ 1,000,000,000
Carrying Value	991,182,000					990,364,000
Fair Value	$ 1,059,890,000					1,073,040,000
3.625% Senior Unsecured Notes Due 2030 [Member]
Debt Instrument [Line Items]
Maturity Date	Sep. 1, 2030
Principal Amount Outstanding	$ 900,000,000				$ 500,000,000		$ 400,000,000
Carrying Value	894,097,000					395,458,000
Fair Value	$ 936,603,000					419,428,000
3.875% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
Maturity Date	Feb. 15, 2031
Principal Amount Outstanding	$ 1,000,000,000
Carrying Value	989,700,000					988,879,000
Fair Value	$ 1,050,000,000					$ 1,063,430,000
3.625% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
Maturity Date	Nov. 1, 2031
Principal Amount Outstanding	$ 600,000,000		$ 600,000,000
Carrying Value	593,374,000
Fair Value	$ 625,296,000
3.250% Senior Unsecured Notes Due 2033 [Member]
Debt Instrument [Line Items]
Maturity Date	Aug. 15, 2033
Principal Amount Outstanding	$ 700,000,000	$ 700,000,000
Carrying Value	692,026,000
Fair Value	$ 709,268,000

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Senior Unsecured Notes (Parenthetical) (Detail)	Sep. 30, 2021	Aug. 17, 2021	May 14, 2021	Mar. 31, 2021	Mar. 26, 2021	Mar. 04, 2020
4.75% Senior Unsecured Notes Due 2026 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	4.75%			4.75%
5.375% Senior Unsecured Notes Due 2027 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	5.375%	5.375%
4.000% 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%	3.625%
3.875% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	3.875%
3.625% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	3.625%		3.625%
3.250% Senior Unsecured Notes Due 2033 [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	3.25%	3.25%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Interest Payments Due Attributable to Senior Notes (Detail)	9 Months Ended
	Sep. 30, 2021
4.75% Senior Unsecured Notes Due 2026 [Member]
Debt Instrument [Line Items]
First semi-annual interest payment date	--02-01
Second semi-annual interest payment date	--08-01
5.375% Senior Unsecured Notes Due 2027 [Member]
Debt Instrument [Line Items]
First semi-annual interest payment date	--05-15
Second semi-annual interest payment date	--11-15
4.000% Senior Unsecured Notes Due 2029 [Member]
Debt Instrument [Line Items]
First semi-annual interest payment date	--05-15
Second semi-annual interest payment date	--11-15
3.625% Senior Unsecured Notes Due 2030 [Member]
Debt Instrument [Line Items]
First semi-annual interest payment date	--03-01
Second semi-annual interest payment date	--09-01
3.875% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
First semi-annual interest payment date	--06-01
Second semi-annual interest payment date	--12-01
3.625% Senior Unsecured Notes Due 2031 [Member]
Debt Instrument [Line Items]
First semi-annual interest payment date	--05-01
Second semi-annual interest payment date	--11-01
3.250% Senior Unsecured Notes Due 2033 [Member]
Debt Instrument [Line Items]
First semi-annual interest payment date	--02-15
Second semi-annual interest payment date	--08-15

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease, expense	$ 7.6	$ 7.5	$ 22.7	$ 25.4

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Commitments Under Operating Leases (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Maturity of Lease Liabilities
Remainder of 2021	$ 6,010
2022	29,889
2023	28,985
2024	23,101
2025	21,623
Thereafter	90,206
Total lease payments	199,814
Less: Interest	(25,883)
Present value of lease liabilities	173,931
Other accrued liabilities	$ 23,412
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Long-term operating lease liabilities	$ 150,519	$ 152,342

Leases - Summary of Lease Term

Leases - Summary of Lease Term and Discount Rate Under Operating Lease (Detail)	Sep. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term (years)	8 years 3 months 7 days
Weighted-average discount rate	3.14%

Leases - Summary of Other Infor

Leases - Summary of Other Information Under Operating Lease (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating cash flows used for operating leases	$ 23,038	$ 22,735
Leased assets obtained in exchange for new operating lease liabilities	$ 20,109	$ 7,491

Shareholders' Equity (Deficit_2

Shareholders' Equity (Deficit) - Additional Information (Detail) - USD ($)	Sep. 30, 2021	Oct. 29, 2020
2020 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	$ 1,594,400,000	1,804,500,000
2019 Repurchase Program [Member]
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount		$ 804,500,000

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				9 Months Ended
	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity, Class of Treasury Stock [Line Items]
Dollar Value of Shares Repurchased	$ 134,340	$ 206,566	$ 31,071	$ 325,699
Open Market Purchases of Common Stock [Member]
Equity, Class of Treasury Stock [Line Items]
Average Price Paid Per Share					$ 407.70	$ 278.69
Total Number of Shares Repurchased					330	2,021
Dollar Value of Shares Repurchased					$ 134,340	$ 563,336

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						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Stockholders Equity [Abstract]
Dividend declared per common share	$ 1.04	$ 0.78	$ 0.78	$ 0.78	$ 0.68	$ 0.68	$ 2.60	$ 2.14
Cash dividends declared, Amount	$ 86,476	$ 64,863	$ 65,947	$ 65,830	$ 57,360	$ 59,233	$ 217,286	$ 182,423
Cash dividends distributed, Amount	85,961	64,489	66,153	65,454	57,068	59,455	216,603	181,977
Cash dividends (released)/deferred, Amount	$ 515	$ 374	$ (206)	$ 376	$ 292	$ (222)	$ 683	$ 446

Shareholders' Equity (Deficit_5

Shareholders' Equity (Deficit) - Summary of Activity Related to Shares of Common Stock Issued and Repurchased (Detail) - shares	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2021
Common Stock Issued [Member]
Common Stock Outstanding [Line Items]
Beginning balance	133,142,605	133,130,562	132,829,175	132,829,175
Dividend payable/paid	33	43	160
Common stock issued	17,592	10,692	301,227
Shares issued to directors		1,308
Ending balance	133,160,230	133,142,605	133,130,562	133,160,230
Treasury Stock [Member]
Common Stock Outstanding [Line Items]
Beginning balance	(50,704,768)	(50,708,248)	(50,255,768)	(50,255,768)
Dividend payable/paid	(33)	(43)	(48)
Shares withheld for tax withholding	(9,092)	(1,303)	(122,924)
Shares repurchased under stock repurchase programs			(329,508)
Shares issued to directors	377	4,826
Ending balance	(50,713,516)	(50,704,768)	(50,708,248)	(50,713,516)
Common Stock Outstanding [Member]
Common Stock Outstanding [Line Items]
Beginning balance	82,437,837	82,422,314	82,573,407	82,573,407
Dividend payable/paid			112
Common stock issued	17,592	10,692	301,227
Shares withheld for tax withholding	(9,092)	(1,303)	(122,924)
Shares repurchased under stock repurchase programs			(329,508)
Shares issued to directors	377	6,134
Ending balance	82,446,714	82,437,837	82,422,314	82,446,714

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Examination [Line Items]
Provision for income taxes	$ 30,774	$ 6,685	$ 80,255	$ 45,453
Effective tax rate			13.10%	9.30%
Amounts effect on effective tax rate	$ 49,300	61,700	$ 49,300	$ 61,700
Amount of excess tax benefits recognized on share-based compensation vested			22,700	21,900
Tax Impact of loss on debt extinguishment			15,200	11,500
Benefit related to revaluation of cost of deemed repatriation of foreign earnings				$ 6,300
Benefit related to prior year settlements			5,100
Tax benefit related to revaluation of deferred tax assets			2,300
Tax benefit from filing of prior year refund claims			2,000
Tax benefit from other prior year earnings			2,000
Tax favorable impact on prior years of final regulations		$ 20,800
Decrease in unrecognized tax benefit			26,700
Increase in unrecognized tax benefit			$ 12,600
Minimum [Member]
Income Tax Examination [Line Items]
Tax years under examination			2008
Maximum [Member]
Income Tax Examination [Line Items]
Tax years under examination			2020

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2021SegmentReporting_unit
Segment Reporting [Abstract]
Number of operating segments | Segment	5
Number of reportable segments | Reporting_unit	4

Segment Information - Operating

Segment Information - Operating Revenues by Reportable Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 517,099	$ 425,333	$ 1,493,702	$ 1,251,729
Index [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	321,503	255,691	919,957	747,855
Analytics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	136,298	128,337	406,217	381,408
ESG and Climate [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	43,691	28,551	117,749	80,086
All Other – Private Assets [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating revenues	$ 15,607	$ 12,754	$ 49,779	$ 42,380

Segment Information - Segment P

Segment Information - Segment Profitability and Reconciliation to Net Income (Detail) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 306,595			$ 249,447			$ 878,130	$ 715,374
Acquisition-related integration and transaction costs	5,451						5,451
Amortization of intangible assets	14,105			14,333			59,569	42,171
Depreciation and amortization of property, equipment and leasehold improvements	6,809			7,494			20,972	22,524
Operating income	280,230			227,620			792,138	650,679
Other expense (income), net	79,580			38,577			179,765	159,620
Provision for income taxes	30,774			6,685			80,255	45,453
Net income	169,876	$ 165,423	$ 196,819	182,358	$ 115,123	$ 148,125	532,118	445,606
Index [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	245,587			194,720			698,934	561,563
Analytics [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	50,291			45,056			145,836	127,540
ESG and Climate [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	9,820			7,658			20,585	16,783
All Other – Private Assets [Member]
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 897			$ 2,013			$ 12,775	$ 9,488

Segment Information - Operati_2

Segment Information - Operating Revenues by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 517,099	$ 425,333	$ 1,493,702	$ 1,251,729
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	213,756	180,206	611,226	537,071
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	22,060	18,039	63,259	52,686
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	235,816	198,245	674,485	589,757
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	87,101	65,155	250,984	193,042
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	113,102	90,539	332,554	268,677
Europe, the Middle East and Africa ("EMEA") [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	200,203	155,694	583,538	461,719
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	23,384	19,885	68,019	59,002
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	57,696	51,509	167,660	141,251
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Operating revenues	$ 81,080	$ 71,394	$ 235,679	$ 200,253

Segment Information - Long-Live

Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 276,128	$ 289,806
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	172,207	182,776
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	13,854	13,949
Total Americas [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	186,061	196,725
United Kingdom [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	19,384	19,678
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	37,046	33,561
Total EMEA [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	56,430	53,239
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,347	1,896
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	32,290	37,946
Total Asia & Australia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 33,637	$ 39,842

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - $ / shares	Oct. 25, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Subsequent Event [Line Items]
Quarterly dividend declared		$ 1.04	$ 0.78	$ 0.78	$ 0.78	$ 0.68	$ 0.68	$ 2.60	$ 2.14
Subsequent Event [Member]
Subsequent Event [Line Items]
Quarterly dividend declared	$ 1.04
Quarterly dividend declared date	Oct. 25, 2021
Quarterly dividend payable date	Nov. 30, 2021
Quarterly dividend record date	Nov. 12, 2021