Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue From Contract With Customer [Abstract]

Revenue Recognition

3. REVENUE RECOGNITION

MSCI’s operating revenues are reported by product type, which generally reflects the timing of recognition. The Company’s operating revenues types are recurring subscriptions, asset-based fees and non-recurring revenues. The Company also disaggregates operating revenues by segment.

The tables that follow present the disaggregated operating revenues for the periods indicated:

	For the Year Ended December 31, 2021
	Segments
(in thousands)	Index		Analytics		ESG and Climate		All Other - Private Assets		Total
Operating Revenues Types
Recurring subscriptions	$	650,629	$	533,178	$	162,609	$	79,624	$	1,426,040
Asset-based fees		553,991		—		—		—		553,991
Non-recurring		47,144		11,121		3,583		1,665		63,513
Total	$	1,251,764	$	544,299	$	166,192	$	81,289	$	2,043,544

	For the Year Ended December 31, 2020
	Segments
(in thousands)	Index		Analytics		ESG and Climate		All Other - Private Assets		Total
Operating Revenues Types
Recurring subscriptions	$	580,393	$	506,301	$	109,945	$	51,536	$	1,248,175
Asset-based fees		399,771		—		—		—		399,771
Non-recurring		36,331		7,507		1,419		2,187		47,444
Total	$	1,016,495	$	513,808	$	111,364	$	53,723	$	1,695,390

	For the Year Ended December 31, 2019
	Segments
(in thousands)	Index		Analytics		ESG and Climate		All Other - Private Assets		Total
Operating Revenues Types
Recurring subscriptions	$	530,968	$	486,282	$	89,563	$	47,227	$	1,154,040
Asset-based fees		361,927		—		—		—		361,927
Non-recurring		28,042		10,643		1,096		2,048		41,829
Total	$	920,937	$	496,925	$	90,659	$	49,275	$	1,557,796

The table that follows presents the change in accounts receivable and deferred revenue between the dates indicated:

	Accounts receivable		Deferred revenue
	(in thousands)
Opening (December 31, 2020)	$	558,569	$	675,870
Closing (December 31, 2021)		664,511		824,912
Increase/(decrease)	$	105,942	$	149,042

	Accounts receivable		Deferred revenue
	(in thousands)
Opening (December 31, 2019)	$	499,268	$	574,656
Closing (December 31, 2020)		558,569		675,870
Increase/(decrease)	$	59,301	$	101,214

The amount of revenue recognized in the period that was included in the opening current deferred revenue, which reflects the contract liability amounts, was $672.5 million, $555.8 million and $522.7 million for the years ended December 31, 2021, 2020 and 2019 respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in billings, partially offset by an increase in amortization of deferred revenue to operating revenues. As of December 31, 2021, 2020 and 2019, the Company carried a long-term deferred revenue balance of $23.4 million, $7.1 million and $4.3 million, respectively, in “Other non-current liabilities” on the Consolidated Statement of Financial Condition.

For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows: 

	As of
	December 31,
	2021
	(in thousands)
First 12-month period	$	476,131
Second 12-month period		273,355
Third 12-month period		96,332
Periods thereafter		40,901
Total	$	886,719