v3.25.1
SHAREHOLDERS' EQUITY (DEFICIT)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
SHAREHOLDERS' EQUITY (DEFICIT) SHAREHOLDERS’ EQUITY (DEFICIT)
Return of capital
On October 28, 2024, the Board of Directors authorized a stock repurchase program (the “2024 Repurchase Program”) for the purchase of up to $1,500.0 million worth of shares of MSCI’s common stock in addition to the $405.4 million of authorization then remaining under a previously existing share repurchase program that was replaced by, and incorporated into, the 2024 Repurchase Program for a total of $1,905.4 million of stock repurchase authorization available under the 2024 Repurchase Program.
Share repurchases made pursuant to the 2024 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 March 31, 2025, there was $1,380.2 million of available authorization remaining under the 2024 Repurchase Program.
The following table provides information with respect to repurchases of the Company’s common stock made on the open market:
Three months ended
(in thousands, except per share data)
Average
Price
Paid Per
Share		Total
Number of
Shares
Repurchased
Dollar
Value of
Shares
Repurchased(1)
March 31, 2025$590.60 263 $155,358 
March 31, 2024$— — $— 
___________________________
(1)The values in this column exclude the 1% excise tax incurred on share repurchases pursuant to the Inflation Reduction Act. Any excise tax incurred is recognized as part of the cost of the shares acquired in the Unaudited Condensed Consolidated Statement of Shareholders’ Equity (Deficit).

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 data)		Per ShareDeclaredDistributed(Released)/Deferred
Three Months Ended March 31, 2025$1.80 $141,392 $143,820 $(2,428)
Three Months Ended March 31, 2024$1.60 $129,444 $131,378 $(1,934)
Common Stock
The following table presents activity related to shares of common stock issued and repurchased during the three months ended March 31, 2025:
Common StockTreasury Common Stock
IssuedStockOutstanding
Balance at December 31, 2024
134,079,855(56,335,267)77,744,588
Dividend payable/paid45—45
Common stock issued and exercise of stock options218,647—218,647
Shares withheld for tax withholding —(98,463)(98,463)
Shares repurchased under stock repurchase programs—(263,051)(263,051)
Shares issued to directors14(14)—
Balance at March 31, 2025
134,298,561(56,696,795)77,601,766