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REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
MSCI’s operating revenues are reported by product type, which generally reflects the timing of recognition. The Company’s operating revenue 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 Three Months Ended March 31, 2024
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$212,952 $160,551 $76,418 $63,134 $513,055 
Asset-based fees150,259 — — — 150,259 
Non-recurring10,661 3,415 1,466 1,109 16,651 
Total$373,872 $163,966 $77,884 $64,243 $679,965 
For the Three Months Ended March 31, 2023
Segments
(in thousands)IndexAnalyticsESG and ClimateAll Other - Private AssetsTotal
Operating Revenue Types
Recurring subscriptions$196,678 $144,503 $65,732 $38,334 $445,247 
Asset-based fees133,126 — — — 133,126 
Non-recurring9,578 2,567 1,326 374 13,845 
Total$339,382 $147,070 $67,058 $38,708 $592,218 
The tables that follow present the change in accounts receivable, net of allowances, and current deferred revenue between the dates indicated:
(in thousands) Accounts receivable, net of allowancesDeferred revenue
Opening (December 31, 2023)
$839,555 $1,083,864 
Closing (March 31, 2024)
745,611 1,053,961 
Increase/(decrease)$(93,944)$(29,903)
(in thousands) Accounts receivable, net of allowancesDeferred revenue
Opening (December 31, 2022)
$663,236 $882,886 
Closing (March 31, 2023)
641,584 920,255 
Increase/(decrease)$(21,652)$37,369 
The amounts of revenues recognized in the periods that were included in the opening current deferred revenue, which reflects contract liability amounts, were $420.3 million and $356.6 million for the three months ended March 31, 2024 and 2023 respectively. The difference between the opening and closing balances of the Company’s deferred revenue was primarily driven by an increase in amortization of deferred revenue to operating revenues, partially offset by an increase in billings. As of March 31, 2024 and December 31, 2023, the Company carried a long-term deferred revenue balance of $28.2 million and $28.8 million, respectively, in “Other non-current liabilities” on the Unaudited Condensed Consolidated Statement of Financial Condition.
For contracts that have a duration of one year or less, the Company has not disclosed either the remaining performance obligation as of the end of the reporting period or when the Company expects to recognize the revenue. The remaining performance obligations for contracts that have a duration of greater than one year and the periods in which they are expected to be recognized are as follows:
As of
March 31,
(in thousands)2024
First 12-month period
$843,534 
Second 12-month period
519,558 
Third 12-month period
246,238 
Periods thereafter171,962 
Total$1,781,292