Revenue Recognition (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
Disaggregation of Revenue |
The table that follows presents the disaggregated revenues for the periods indicated (in thousands):
|
|
For the Three Months Ended March 31, 2018 |
|
|
|
Segments |
|
|
|
|
|
|
|
Index |
|
|
Analytics |
|
|
All Other |
|
|
Total |
|
Product Types |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring subscriptions |
|
$ |
113,205 |
|
|
$ |
118,244 |
|
|
$ |
29,367 |
|
|
$ |
260,815 |
|
Asset-based fees |
|
|
85,483 |
|
|
|
— |
|
|
|
— |
|
|
|
85,483 |
|
Non-recurring |
|
|
3,226 |
|
|
|
744 |
|
|
|
1,048 |
|
|
|
5,018 |
|
Total |
|
$ |
201,913 |
|
|
$ |
118,987 |
|
|
$ |
30,415 |
|
|
$ |
351,316 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounting Standards Update 2014-09 [Member] |
|
Cumulative Impact of Adoption on Company’s Unaudited Condensed Consolidated Statement of Financial Condition |
The cumulative impact of adoption on the Company’s Unaudited Condensed Consolidated Statement of Financial Condition was as follows (in thousands):
Selected line items |
|
As reported at December 31, 2017 |
|
|
Adjustments due to Adoption of ASC 606 |
|
|
Adjusted as of December 31, 2017 |
|
Statement of Financial Condition |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
$ |
327,597 |
|
|
$ |
145,803 |
|
|
$ |
473,400 |
|
Income taxes payable |
|
$ |
14,828 |
|
|
$ |
4,314 |
|
|
$ |
19,142 |
|
Other accrued liabilities |
|
$ |
85,710 |
|
|
$ |
5,128 |
|
|
$ |
90,838 |
|
Deferred revenue |
|
$ |
374,365 |
|
|
$ |
120,226 |
|
|
$ |
494,591 |
|
Retained earnings |
|
$ |
1,505,204 |
|
|
$ |
16,135 |
|
|
$ |
1,521,339 |
|
|
Schedule of Impact of Adopting New Standard on Company's Unaudited Condensed Consolidated Statement of Income and Statement of Financial Condition |
The impact of adopting the new revenue standard on the Company’s Unaudited Condensed Consolidated Statement of Income through the date of March 31, 2018 is as follows (in thousands):
|
|
For the period ended March 31, 2018 |
|
Selected line items |
|
As reported |
|
|
Impact of Change |
|
|
Without Adoption of ASC 606 |
|
Statement of Income |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
$ |
351,316 |
|
|
$ |
(2,286 |
) |
|
$ |
349,030 |
|
Operating income |
|
$ |
167,166 |
|
|
$ |
(2,286 |
) |
|
$ |
164,880 |
|
Income before provision for income taxes |
|
$ |
139,438 |
|
|
$ |
(2,286 |
) |
|
$ |
137,152 |
|
Provision for income taxes |
|
$ |
24,346 |
|
|
$ |
457 |
|
|
$ |
24,803 |
|
Net income |
|
$ |
115,092 |
|
|
$ |
(1,829 |
) |
|
$ |
113,263 |
|
Earnings per basic common share |
|
$ |
1.28 |
|
|
$ |
(0.02 |
) |
|
$ |
1.26 |
|
Earnings per diluted common share |
|
$ |
1.24 |
|
|
$ |
(0.02 |
) |
|
$ |
1.22 |
|
The impact of adopting the new revenue standard on the Company’s Unaudited Statement of Financial Condition through the date of March 31, 2018 is as follows (in thousands):
|
|
March 31, 2018 |
|
Selected line items |
|
As reported at March 31, 2018 |
|
|
Impact of Change |
|
|
Without Adoption of ASC 606 |
|
Statement of Financial Condition |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
$ |
462,577 |
|
|
$ |
(91,945 |
) |
|
$ |
370,632 |
|
Income taxes payable |
|
$ |
22,144 |
|
|
$ |
(4,771 |
) |
|
$ |
17,373 |
|
Other accrued liabilities |
|
$ |
83,106 |
|
|
$ |
(3,456 |
) |
|
$ |
79,650 |
|
Deferred revenue |
|
$ |
503,298 |
|
|
$ |
(65,818 |
) |
|
$ |
437,480 |
|
Retained earnings |
|
$ |
1,601,583 |
|
|
$ |
(17,900 |
) |
|
$ |
1,583,683 |
|
|
Schedule of Accounts Receivable and Deferred Revenue |
|
|
March 31, 2018 |
|
|
|
Accounts receivable |
|
|
Deferred revenue |
|
Opening (1/1/2018) |
|
$ |
473,400 |
|
|
$ |
494,591 |
|
Closing (03/31/2018) |
|
|
462,577 |
|
|
|
503,298 |
|
Increase/(decrease) |
|
$ |
(10,823 |
) |
|
$ |
8,707 |
|
|