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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