View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2013	Feb. 21, 2014	Jun. 28, 2013
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Trading Symbol	MSCI
Entity Registrant Name	MSCI INC.
Entity Central Index Key	0001408198
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		116,608,423
Entity Public Float			$ 3,946,204,439

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents	$ 358,434	$ 183,309
Short-term investments		70,898
Accounts receivable (net of allowances of $1,280 and $964 at December 31, 2013 and 2012, respectively)	169,490	153,557
Deferred taxes	52,888	49,552
Prepaid income taxes	27,333	32,431
Prepaid and other assets	28,890	25,088
Total current assets	637,035	514,835
Property, equipment and leasehold improvements (net of accumulated depreciation of $75,371 and $59,078 at December 31, 2013 and 2012, respectively)	85,588	67,419
Goodwill	1,798,821	1,783,410
Intangible assets (net of accumulated amortization of $374,377 and $316,099 at December 31, 2013 and 2012, respectively)	595,707	641,074
Other non-current assets	17,386	12,901
Total assets	3,134,537	3,019,639
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	1,198	2,985
Accrued compensation and related benefits	121,124	113,359
Other accrued liabilities	41,212	42,486
Current maturities of long term debt	19,772	43,093
Deferred revenue	319,735	308,022
Total current liabilities	503,041	509,945
Long term debt, net of current maturities	788,010	811,623
Deferred taxes	221,054	234,245
Other non-current liabilities	46,068	38,595
Total liabilities	1,558,173	1,594,408
Commitments and Contingencies (see Note 6)
Shareholders' equity:
Preferred stock (par value $0.01; 100,000,000 shares authorized; no shares issued)
Common stock (par value $0.01; 750,000,000 common shares authorized at December 31, 2013 and 2012; 125,555,268 and 124,033,980 common shares issued at December 31, 2013 and 2012, respectively; and 118,083,111 and 120,114,586 common shares outstanding at December 31, 2013 and 2012, respectively)	1,256	1,240
Treasury shares, at cost (7,472,157 and 3,919,394 shares at December 31, 2013 and 2012, respectively)	(268,391)	(120,926)
Additional paid in capital	1,073,893	1,000,014
Retained earnings	770,256	547,699
Accumulated other comprehensive loss	(650)	(2,796)
Total shareholders' equity	1,576,364	1,425,231
Total liabilities and shareholders' equity	$ 3,134,537	$ 3,019,639

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 1,280	$ 964
Property, equipment and leasehold improvements, accumulated depreciation	75,371	59,078
Intangible assets, accumulated amortization	$ 374,377	$ 316,099
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	125,555,268	124,033,980
Common stock, shares outstanding	118,083,111	120,114,586
Treasury shares	7,472,157	3,919,394

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Statement [Abstract]
Operating revenues	$ 267,622	$ 258,238	$ 257,898	$ 251,909	$ 247,080	$ 235,444	$ 238,565	$ 229,052	$ 1,035,667	$ 950,141	$ 900,941
Cost of services	84,727	80,040	83,359	80,185	74,191	68,350	73,243	72,291	328,311	288,075	277,147
Selling, general and administrative	70,722	65,380	57,612	61,631	57,172	62,973	57,602	55,436	255,345	233,183	212,972
Restructuring							22	29		(51)	3,594
Amortization of intangible assets	14,760	14,448	14,509	14,486	15,421	15,959	15,959	15,959	58,203	63,298	65,805
Depreciation and amortization of property, equipment and leasehold improvements	6,042	5,934	5,246	5,080	4,989	4,633	4,662	4,416	22,302	18,700	19,425
Total operating expenses	176,251	165,802	160,726	161,382	151,773	151,915	151,444	148,073	664,161	603,205	578,943
Operating income	91,371	92,436	97,172	90,527	95,307	83,529	87,121	80,979	371,506	346,936	321,998
Interest income	(261)	(265)	(237)	(268)	(242)	(252)	(237)	(223)	(1,031)	(954)	(848)
Interest expense	6,914	5,827	6,504	7,020	7,178	7,314	29,581	12,355	26,265	56,428	55,819
Other expense	154	627	(354)	224	56	873	516	608	651	2,053	3,614
Other expense (income), net	6,807	6,189	5,913	6,976	6,992	7,935	29,860	12,740	25,885	57,527	58,585
Income before provision for income taxes	84,564	86,247	91,259	83,551	88,315	75,594	57,261	68,239	345,621	289,409	263,413
Provision for income taxes	37,307	30,937	30,206	24,614	33,863	27,320	19,715	24,273	123,064	105,171	89,959
Net income	$ 47,257	$ 55,310	$ 61,053	$ 58,937	$ 54,452	$ 48,274	$ 37,546	$ 43,966	$ 222,557	$ 184,238	$ 173,454
Earnings per basic common share	$ 0.40	$ 0.46	$ 0.50	$ 0.49	$ 0.44	$ 0.39	$ 0.31	$ 0.36	$ 1.85	$ 1.50	$ 1.43
Earnings per diluted common share	$ 0.39	$ 0.46	$ 0.50	$ 0.48	$ 0.44	$ 0.39	$ 0.30	$ 0.35	$ 1.83	$ 1.48	$ 1.41
Weighted average shares outstanding used in computing earnings per share:
Basic	118,828	119,607	121,149	120,746	122,082	122,261	122,030	121,754	120,100	122,023	120,717
Diluted	119,877	120,578	122,069	121,702	122,995	123,450	123,295	123,113	121,074	123,204	122,276

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 222,557	$ 184,238	$ 173,454
Other comprehensive income (loss):
Foreign currency translation adjustments	1,295	3,867	(4,363)
Income tax effect	(500)	(1,520)	1,711
Foreign currency translation adjustments, net	795	2,347	(2,652)
Unrealized gains (losses) on cash flow hedges	1,364	1,742	(2,445)
Income tax effect	(524)	(691)	957
Unrealized gains (losses) on cash flow hedges, net	840	1,051	(1,488)
Unrealized gains (losses) on available-for-sale securities	(5)		(11)
Income tax effect	2		4
Unrealized gains (losses) on available-for-sale securities, net	(3)		(7)
Pension and other post-retirement adjustments	624	(1,434)	(145)
Income tax effect	(110)	334	41
Pension and other post-retirement adjustments, net	514	(1,100)	(104)
Other comprehensive income (loss), net of tax	2,146	2,298	(4,251)
Comprehensive income	$ 224,703	$ 186,536	$ 169,203

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2010	$ 1,102,170	$ 1,207	$ (35,201)	$ 947,000	$ 190,007	$ (843)
Net income	173,454				173,454
Other comprehensive income (loss), net of tax	(4,251)					(4,251)
Common stock issued	10	10
Compensation payable in common stock and options	24,981			24,981
Common stock repurchased and held in treasury	(14,626)		(14,626)
Exercise of stock options	16,431	10		16,421
Excess tax benefits from employee stock incentive plans	7,263			7,263
Balance at Dec. 31, 2011	1,305,432	1,227	(49,827)	995,665	363,461	(5,094)
Net income	184,238				184,238
Other comprehensive income (loss), net of tax	2,298					2,298
Common stock issued	4	4
Compensation payable in common stock and options	24,997			24,997
Common stock repurchased and held in treasury	(105,989)		(70,989)	(35,000)
Common stock issued to directors and held in treasury	(110)		(110)
Exercise of stock options	13,313	9		13,304
Excess tax benefits from employee stock incentive plans	1,048			1,048
Balance at Dec. 31, 2012	1,425,231	1,240	(120,926)	1,000,014	547,699	(2,796)
Net income	222,557				222,557
Other comprehensive income (loss), net of tax	2,146					2,146
Common stock issued	8	8
Compensation payable in common stock and options	24,552			24,552
Common stock repurchased and held in treasury	(112,183)		(147,183)	35,000
Common stock issued to directors and held in treasury	(282)		(282)
Exercise of stock options	11,702	8		11,694
Excess tax benefits from employee stock incentive plans	2,633			2,633
Balance at Dec. 31, 2013	$ 1,576,364	$ 1,256	$ (268,391)	$ 1,073,893	$ 770,256	$ (650)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities
Net income	$ 222,557	$ 184,238	$ 173,454
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	58,203	63,298	65,805
Stock-based compensation expense	25,004	25,323	31,723
Depreciation of property, equipment and leasehold improvements	22,302	18,700	19,425
Amortization of debt origination fees	3,348	18,065	5,776
Deferred taxes	(15,066)	(30,195)	5,625
Amortization of discount on long-term debt	1,066	5,305	1,051
Excess tax benefits from share-based compensation	(2,633)	(1,048)	(7,263)
Other non-cash adjustments	(371)	(49)	1,542
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable	(16,412)	35,473	(42,284)
Prepaid income taxes	7,927	7,278	(10,743)
Prepaid and other assets	(4,459)	(1,395)	(8,525)
Accounts payable	(2,145)	1,979	57
Deferred revenue	11,399	18,345	19,379
Accrued compensation and related benefits	7,057	(834)	6,406
Other accrued liabilities	(260)	(8,233)	(3,400)
Other	2,930	10,825	(3,031)
Net cash provided by operating activities	320,447	347,075	254,997
Cash flows from investing activities
Acquisitions, net of cash acquired	(23,268)	(119,554)
Proceeds from redemption of short-term investments	70,900	207,032	150,292
Purchase of investments		(137,306)	(217,792)
Capitalized software development costs	(3,285)	0
Capital expenditures	(40,255)	(44,884)	(23,111)
Proceeds from the sale of property, equipment and leasehold improvements	29	351
Net cash used in investing activities	4,121	(94,361)	(90,611)
Cash flows from financing activities:
Proceeds from borrowing, net of discount		876,087	1,125,000
Repayment of long-term debt	(48,000)	(1,103,563)	(1,312,062)
Payment of issuance costs in connection with long term debt		(3,870)
Repurchase of treasury shares	(112,183)	(105,989)	(14,626)
Proceeds from the exercise of stock options	11,702	13,311	16,431
Excess tax benefits from stock-based compensation	2,633	1,048	7,263
Net cash (used in) provided by financing activities	(145,848)	(322,976)	(177,994)
Effect of exchange rates changes	(3,595)	1,360	(3,604)
Net increase (decrease) in cash and cash equivalents	175,125	(68,902)	(17,212)
Cash and cash equivalents, beginning of period	183,309	252,211	269,423
Cash and cash equivalents, end of period	358,434	183,309	252,211
Supplemental disclosure of cash flow information:
Cash paid for interest	20,429	36,744	52,713
Cash paid for income taxes	128,604	134,439	93,728
Supplemental disclosure of non-cash investing activities:
Property, equipment and leasehold improvements in other accrued liabilities	$ 3,396	$ 3,575	$ 1,781

Introduction and Basis of Presentation

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Introduction and Basis of Presentation

1. INTRODUCTION AND BASIS OF PRESENTATION

Organization

MSCI Inc. together with its wholly-owned subsidiaries (the “Company” or “MSCI”) is a global provider of investment decision support tools, including indexes, portfolio risk and performance analytics and corporate governance products and services. The Company’s flagship products are its global equity indexes and environmental, social and governance (“ESG”) products marketed under the MSCI and MSCI ESG Research brands, its private real estate benchmarks marketed under the IPD brand, its portfolio risk and performance analytics covering global equity and fixed income markets marketed under the Barra brand, its market and credit risk analytics marketed under the RiskMetrics and Barra brands, its performance reporting products and services offered to the investment consultant community marketed under the InvestorForce brand, its governance research and outsourced proxy voting and reporting services, and executive compensation analytics tools marketed under the ISS brand and its valuation models and risk management software for the energy and commodities markets marketed under the FEA brand.

MSCI operates as two segments, the Performance and Risk business and the Governance business. The Performance and Risk business is a global provider of investment decision support tools, including equity indexes, real estate indexes and benchmarks, portfolio risk and performance analytics, credit analytics and ESG products. The Governance business is a full spectrum provider of corporate governance solutions to institutional shareholders and governance data, analytics and advisory services to corporations around the world. (See Note 14, “Segment Information,” for further information about MSCI’s operating segments.)

Basis of Presentation

The consolidated financial statements include the accounts of MSCI Inc. and its wholly-owned subsidiaries. The Company’s policy is to consolidate all entities in which it owns more than 50% of the outstanding voting stock unless it does not control the entity. It is also the Company’s policy to consolidate any variable interest entity for which the Company is the primary beneficiary, as required by the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 810-10, “Consolidations.” For investments in any entities in which the Company owns 20% or less of the outstanding voting stock and significant influence does not exist, such investments are carried at cost.

Significant Accounting Policies

Basis of Financial Statements and Use of Estimates

The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). These accounting principles require the Company to make certain estimates and judgments that can affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, as well as the reported amounts of revenue and expenses during the periods presented. Significant estimates and assumptions made by management include the deferral and recognition of revenue, research and development and software capitalization, the allowance for doubtful accounts, impairment of long-lived assets, accrued compensation, income taxes and other matters that affect the consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these consolidated financial statements are reasonable; however, actual results could differ materially from these estimates.

Inter-company balances and transactions are eliminated in consolidation.

Revenue Recognition

In general, the Company applies Securities and Exchange Commission Staff Accounting Bulletin No. 104 (“SAB 104”), “Revenue Recognition,” in determining revenue recognition. Accordingly, the Company recognizes revenue when all the following criteria are met:

•

The Company has persuasive evidence of a legally binding arrangement,

•

Delivery has occurred,

•

Client fee is deemed fixed or determinable, and

•

Collection is probable.

When a sales arrangement requires the delivery of more than one product and service, revenue is recognized pursuant to the requirements of ASC Subtopic 605-25, “Revenue Arrangements with Multiple Deliverables.” Under the provisions of ASC Subtopic 605-25, elements within a multi-deliverable arrangement should be considered separate units of accounting if all of the following criteria are met:

•

The delivered items have value to the client on a standalone basis. The items have value on a standalone basis if they can be sold separately by any vendor or the client could resell the delivered items on a standalone basis; and

•

If the arrangement includes a general right of return relative to the delivered items, delivery or performance of the undelivered items is considered probable and substantially in the control of the vendor.

The Company provides products and services to its clients under various software and non-software related arrangements. The Company has signed contracts with substantially all clients that set forth the fees to be paid for its products and services. Further, the Company regularly assesses the receivable balances for each client for collectability. The Company’s application service license arrangements generally do not include acceptance provisions, which generally allow a client to test the solution for a defined period of time before committing to the license. If a license agreement includes an acceptance provision, the Company does not recognize subscription revenues until the earlier of the receipt of a written client acceptance or, if not notified by the client that it is cancelling the license agreement, the expiration of the acceptance period.

The Company’s subscription agreements for non-software-related application services include provisions that, among other things, allow clients, for no additional fee, to receive updates and modifications that may be made from time to time when and if available, for the term of the agreement, which is typically one year. These arrangements do not provide the client with the right to take possession of the application at any time. For sales arrangements with multiple deliverables, which may include application service subscription and professional services associated with implementation and other services, the Company evaluates each deliverable in these multiple-element arrangements to determine whether it represents a separate unit of accounting and allocates revenue accordingly.

In most cases, the Company recognizes revenues from subscription arrangements ratably over the term of the license agreement pursuant to contract terms. The contracts state the terms under which these fees are to be calculated. The fees are recognized as the Company supplies the product and service to the client over the license period and are generally billed in advance prior to the license start date. When implementation services are included, the Company recognizes revenues allocated to the subscription ratably from the date the application is put into production to the end of the license period. Revenues associated with the implementation services are recognized ratably over the period the client is expected to benefit from those services. For products and services whose fees are based on estimated assets under management linked to the Company’s indexes, or contract values related to futures and options, the Company recognizes revenues based on estimates from independent third-party sources or the most recently reported information from the client. Revenues from subscription agreements for the receipt of periodic benchmarks reports, digests, and other publications, which are most often associated with the Company’s IPD products, are recognized upon delivery of such reports or data updates.

The Company’s software-related arrangements do not require significant modification or customization of any underlying software applications being licensed. Accordingly, the Company recognizes software revenues pursuant to the requirements of ASC Subtopic 985-605, “Software-Revenue Recognition.” The Company’s subscription agreements for software products include provisions that, among other things, would allow clients to receive unspecified, when and if available, future software upgrades for no additional fee as well as the right to use the software products with maintenance and technical support for the term of the agreement, which is typically one year. Software agreements may include other consulting and professional services. In accordance with ASC Subtopic 985-605, the Company does not have vendor specific objective evidence (“VSOE”) for these elements and therefore recognizes software related revenue upon delivery, then ratably over the term of the license agreement.

Adjustment to Revenues

During the year ended December 31, 2012, as a result of a one-time non-cash adjustment, the Company recorded a $5.2 million cumulative revenue reduction to correct an immaterial error related to revenues previously reported through December 31, 2011. The effect of recording this adjustment in the first quarter resulted in a one-time decrease to the energy and commodity analytics products revenues in the Company’s Consolidated Statement of Income and an increase in deferred revenues in the Company’s Consolidated Statement of Financial Condition. It was determined that under ASC Subtopic 985-605, “Software Revenue Recognition,” the Company incorrectly established VSOE for certain energy and commodity analytics products and as a result should not have been recognizing a substantial portion of the revenue immediately upon delivery or renewal of a time based subscription license, the terms of which were generally one year. Rather, the entire license fee should be recognized ratably over the term of the license. As such, the Company made the cumulative adjustment effective January 1, 2012 and started recognizing revenue related to all contracts still in effect as of this date ratably over the remainder of the term. The Company began recognizing revenue ratably over the contract term for any new contracts entered into on or after January 1, 2012. Based upon an evaluation of all relevant factors, management believes the correcting adjustment did not have a material impact on the Company’s previously reported results and, accordingly, has determined that restatement of previously issued financial statements is not necessary.

Share-Based Compensation

Certain of the Company’s employees have received share-based compensation under certain compensation programs. The Company’s compensation expense reflects the fair value method of accounting for share-based payments under ASC Subtopic 718-10, “Compensation-Stock Compensation.” ASC Subtopic 718-10 requires measurement of compensation cost for equity-based awards at fair value and recognition of compensation cost over the service period, net of estimated forfeitures.

The fair value of MSCI restricted stock units (“RSUs”) is measured as the closing price of MSCI’s common stock on the day prior to grant. Restricted stock units subject to performance conditions (“PSUs”) are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. PSUs are granted at fair market value, which is measured as the closing price of MSCI’s common stock on the day prior to grant.

The fair value of MSCI standard stock options is determined using the Black-Scholes valuation model and the single grant life method. Under the single grant life method, option awards with graded vesting are valued using a single weighted-average expected option life. The fair value of MSCI stock options that contain stock price contingencies is determined using a Monte Carlo simulation model, which creates a normal distribution of future stock prices, which is then used to value the awards based on their individual terms.

Based on interpretive guidance related to Stock Compensation, the Company’s policy is to accrue the estimated cost of share-based awards that were granted to retirement-eligible employees over the course of the prior year in which they were earned rather than expensing the awards on the date of grant. A portion of the restricted stock units granted to employees are subject to certain performance conditions. The Company bases initial accruals of compensation cost on the estimated number of instruments for which the requisite service is expected to be rendered. If the estimated number of instruments changes from previous estimates, the cumulative effect on current and prior periods of a change is recognized in compensation cost in the period of the change.

Research and Development

The Company accounts for research and development costs in accordance with ASC Subtopic 730-10, “Research and Development.” ASC Subtopic 730-10 requires that research and development costs generally be expensed as incurred. The majority of the Company’s research and development costs are incurred in developing, reviewing and enhancing the methodologies and data models offered within its product portfolio.

The Company applies the provisions of ASC Subtopic 350-40, “Internal Use Software,” and accounts for the cost of computer software by capitalizing qualifying costs, which are incurred during the application development stage. The amounts capitalized include external direct costs of services used in developing software and the payroll and payroll-related costs of employees directly associated with the development activities. Additionally, costs incurred relating to upgrades and enhancements to the software are capitalized if it is determined that these upgrades or enhancements provide additional functionality to the software. The Company capitalized $3.3 million of costs related to developed software in the Consolidated Statement of Financial Condition for the year ended December 31, 2013. There were no costs capitalized related to developed software in the Consolidated Statement of Financial Condition for the year ended December 31, 2012.

Capitalized software development costs are amortized on a straight-line basis over the estimated useful life of the related product, which is typically three to five years, beginning with the date the software is placed into service. Costs incurred in the preliminary and post-implementation stages of our products are expensed as incurred.

Income Taxes

Income tax expense is provided for using the asset and liability method, under which deferred tax assets and deferred tax liabilities are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities using currently enacted tax rates.

The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it is required to file income tax returns. The Company recorded additional tax expense related to open tax years, which the Company’s management believes is adequate in relation to the potential for assessments. These amounts have been recorded in “Other non-current liabilities” on the Consolidated Statement of Financial Condition. The Company’s management believes the resolution of tax matters will not have a material effect on the Company’s consolidated financial condition. However, to the extent the Company is required to pay amounts in excess of its reserves, a resolution could have a material impact on its Consolidated Statement of Income for a particular future period. In addition, an unfavorable tax settlement could require use of cash and result in an increase in the effective tax rate in the period in which such resolution occurs.

Deferred Revenue

Deferred revenues represent amounts billed to customers for products and services in advance of delivery. The Company’s clients generally pay subscription fees annually or quarterly in advance. Deferred revenue is generally amortized over the service period as revenue recognition criteria are met. Where the service period has not begun and the client has not paid or the contract has not been renewed, deferred revenues and accounts receivable are not recognized.

Goodwill

Goodwill is recorded as part of the Company’s acquisitions of businesses when the purchase price exceeds the fair value of the net tangible and separately identifiable intangible assets acquired. The Company’s goodwill relates to the acquisitions of Barra, LLC (formerly Barra, Inc., “Barra”), RiskMetrics Group, LLC (formerly RiskMetrics Group, Inc., “RiskMetrics”), Measurisk, LLC (“Measurisk”), IPD Group Limited (“IPD”) and Investor Force Holdings, Inc. (“InvestorForce”). The Company’s goodwill is not amortized, but rather is subject to an impairment test each year, or more often if conditions indicate impairment may have occurred, pursuant to ASC Topic 350, “Intangibles—Goodwill and Other.”

The Company tests goodwill for impairment on an annual basis on July 1 and on an interim basis when certain events and circumstances exist. The testing for impairment is performed at the reporting unit level, which is deemed to be at the level of the MSCI operating segments. Goodwill impairment is determined by comparing the estimated fair value of a reporting unit with its respective book value. If the estimated fair value exceeds the book value, goodwill at the reporting unit level is not deemed to be impaired. If the estimated fair value is below book value, however, further analysis is required to determine the amount of impairment. Additionally, if the book value of a reporting unit is zero or a negative value and it is determined that it is more likely than not that the goodwill is impaired, further analysis is required. As the estimated fair value of its reporting units exceeded their respective book value on the testing dates, no impairment of goodwill was recorded during the years ended December 31, 2013, 2012 and 2011.

Intangible Assets

Intangible assets consist of those definite-lived intangibles from the acquisitions of Barra in June 2004, RiskMetrics in June 2010, Measurisk in July 2010, IPD in November 2012 and InvestorForce in January 2013, as well as capitalized software development costs. The Company’s intangible assets consist of customer relationships, trademarks and trade names, technology and software, proprietary processes and data and non-competition agreements. The Company amortizes definite-lived intangible assets over their estimated useful lives. Definite-lived intangible assets are tested for impairment when impairment indicators are present, and, if impaired, written down to fair value based on either discounted cash flows or appraised values. No impairment of intangible assets has been identified during any of the periods presented. The Company has no indefinite-lived intangibles. The intangible assets have remaining useful lives ranging from one to 20 years.

Foreign Currency Translation

Assets and liabilities of operations having non-U.S. dollar functional currencies are translated at year-end exchange rates, and income statement accounts are translated at weighted average exchange rates for the year. Gains or losses resulting from translating foreign currency financial statements, net of related tax effects, are reflected in accumulated other comprehensive loss, a separate component of shareholders’ equity. Gains or losses resulting from foreign currency transactions incurred in currencies other than the local functional currency are included in non-operating “Other expense (income), net” on the Consolidated Statement of Income.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits, money market funds and debt security investments of 90 days or less from the date of purchase.

Derivative Instruments

The Company applies ASC Subtopic 815-10, “Derivatives and Hedging,” which establishes accounting and reporting standards for derivative instruments and hedging activities. The Company may use interest rate swaps and forward contracts on foreign currency to manage risks generally associated with interest rate and foreign exchange rate fluctuations, respectively. The Company’s derivative financial instruments are used as risk management tools and not for speculative or trading purposes.

For derivative instruments that are designated and qualify as hedging instruments for accounting purposes, the Company documents and links the relationships between the hedging instruments and hedged items. The Company also assesses and documents at the hedge’s inception whether the derivatives used in hedging transactions were effective in offsetting changes in fair values associated with the hedged items. ASC Subtopic 815-10 provides that, for derivative instruments that qualify for hedge accounting being used to hedge cash flows, changes in the fair value are recognized in accumulated other comprehensive loss, a separate component of shareholders’ equity, until the hedged item is recognized in earnings. In addition, the ineffective portion of a derivative’s change in fair value is immediately recognized in earnings.

The Company manages foreign currency exchange rate risk through the use of derivative financial instruments comprised principally of forward contracts on foreign currency which are not designated as hedging instruments for accounting purposes. The objective of the derivative instruments is to minimize the income statement impact associated with intercompany loans that are denominated in certain foreign currencies. Derivative instruments that do not qualify for hedge accounting are carried at fair value on the Consolidated Statement of Financial Condition with gains and losses recorded in the Consolidated Statement of Income.

Fair Value of Financial Assets and Liabilities

The Company’s financial assets and liabilities include cash and cash equivalents, short-term investments, trade receivables, foreign exchange contracts and interest rate swaps.

The Company applies the fair value hierarchy of ASC Subtopic 820-10, “Fair Value Measurement,” to prioritize the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. A financial asset’s or financial liability’s level in the fair value hierarchy is based on the lowest level of any input that is significant to its fair value measurement. The three levels of the fair value hierarchy are:

Level 1

Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2

Valuations based on one or more quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly; and

Level 3

Valuations based on one or more inputs that are both significant to fair value measurement and unobservable.

The fair value of certain Level 2 financial liabilities may include valuation adjustments for our counterparties’ and our credit quality.

Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements are stated at cost less accumulated depreciation and amortization. Depreciation of furniture and fixtures and computer and communications equipment are amortized using the straight-line method over the estimated useful life of the asset. Estimates of useful lives are as follows: furniture & fixtures – five years; computer and related equipment – three to five years. Leasehold improvements are amortized on a straight-line basis over the lesser of the estimated useful life of the asset or, where applicable, the remaining term of the lease.

Treasury Stock

The Company holds repurchased shares of common stock as treasury stock. The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity.

In accordance with ASC Subtopic 505-10, “Equity,” the Company accounts for each capped accelerated share repurchase (“ASR”) agreement as two separate transactions: (a) as shares of common stock acquired in a treasury stock transaction recorded on the acquisition date of the shares and (b) as a forward contract indexed to the Company’s own common stock. As such, the Company accounts for the shares that it receives under a capped ASR agreement during the period as a repurchase of its common stock for the purpose of calculating earnings per common share. The Company has determined that the forward contracts indexed to the Company’s common stock meet all the applicable criteria for equity classification in accordance with ASC Subtopic 815-10 and, therefore, the capped ASR agreements are not accounted for as derivative instruments.

Allowance for Doubtful Accounts

The Company licenses its products and services to clients mainly in the United States, Europe and Asia (primarily Hong Kong and Japan). The Company evaluates the credit of its clients and does not require collateral. The Company maintains an allowance on client accounts where estimated losses may result from the inability of its clients to make required payments.

An allowance for doubtful accounts is recorded when it is probable and estimable that a receivable will not be collected. Changes in the allowance for doubtful accounts from December 31, 2010 to December 31, 2013 were as follows:


(in thousands)	Amount

Balance as of December 31, 2010	$	877
Addition to provision		545
Amounts written off, net of recoveries		(565	)


Balance as of December 31, 2011	$	857
Addition to provision		403
Amounts written off, net of recoveries		(296	)


Balance as of December 31, 2012	$	964
Addition to provision		876
Amounts written off, net of recoveries		(560	)


Balance as of December 31, 2013	$	1,280

Accrued Compensation

The Company makes significant estimates in determining its accrued non-stock based compensation and benefits expenses. A significant portion of the Company’s employee incentive compensation programs are discretionary. Each year end the Company determines the amount of discretionary cash bonus pools. The Company also reviews compensation and benefits expenses throughout the year to determine how overall performance compares to management’s expectations. These and other factors, including historical performance, are taken into account in reviewing accrued discretionary cash compensation estimates quarterly and adjusting accrual rates as appropriate.

Concentrations

Financial instruments that may potentially subject the Company to concentrations of credit risk consist principally of cash deposits and short-term investments. At December 31, 2013 and 2012, cash and cash equivalent amounts were $358.4 million and $183.3 million, respectively. The Company held no short-term investments at December 31, 2013. At December 31, 2012, the Company had invested $70.9 million in U.S. Treasury Securities with maturity dates ranging from 91 to 360 days from the date of purchase. The Company receives interest at prevailing money market fund rates on its cash deposits.

For the years ended December 31, 2013, 2012 and 2011, no single customer accounted for 10.0% or more of the Company’s operating revenues.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6228881-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7668296&loc=d3e288-107754

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

+ Details

Recent Accounting Standards Updates	12 Months Ended
Recent Accounting Standards Updates	Dec. 31, 2013
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Standards Updates	2. RECENT ACCOUNTING STANDARDS UPDATES In February 2013, the FASB issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” or ASU 2013-02. The amendments in this update require an entity to provide information about the amounts reclassified from accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the income statement or in the notes thereto, significant amounts reclassified from accumulated other comprehensive income by the respective net income line item. This new guidance is to be applied prospectively for interim and annual periods beginning after December 15, 2012. The adoption of ASU 2013-02 did not have a material impact on the Company’s consolidated financial statements. In July 2013, the FASB issued Accounting Standards Update No. 2013-10, “Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes,” or ASU 2013-10. The amendments in this update permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under ASC Topic 815, “Derivatives and Hedging,” in addition to the interest rates on direct Treasury obligations of the U.S. government and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. This new guidance is to be applied prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of ASU 2013-10 is not expected to have a material impact on the Company’s consolidated financial statements. In July 2013, the FASB issued Accounting Standards Update No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” or ASU 2013-11. The amendments in this update require that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except under a few limited circumstances. The amendments in this update do not require new recurring disclosures. This new guidance is to be applied prospectively for interim and annual periods beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on the Company’s consolidated financial statements.

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2013

Statement Of Income And Comprehensive Income [Abstract]

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

3. RECLASSIFICATIONS OUT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

As required by ASC Subtopic 220-10, “Comprehensive Income—Overall,” the following table presents the amounts reclassified from accumulated other comprehensive income (loss) by the respective line item in the Consolidated Statement of Income:

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)⁽¹⁾

(in thousands)


Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Consolidated Statement of Income
	Year Ended
	December 31, 2013
Unrealized losses on cash flow hedges
Interest rate contracts	$	(1,364	)	Interest expense
		524		Tax benefit

	$	(840	)	Net of tax

Unrealized gains on available-for-sale securities
Short-term investments	$	5		Interest income
		(2	)	Tax expense

	$	3		Net of tax

Defined benefit pension plans
Amount recognized as a component of net periodic benefit expense for curtailments and settlements	$	(32	)	(2)
		6		Tax expense

	$	(26	)	Net of tax

Total reclassifications for the period, net of tax	$	(863	)

⁽¹⁾	Amounts in parentheses indicate expenses or losses moved to the Consolidated Statement of Income.

⁽²⁾	These accumulated other comprehensive income (loss) components are included in net periodic benefit expense. See Note 10, “Employee Benefits,” for additional details.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

4. EARNINGS PER COMMON SHARE

Basic earnings per share (“EPS”) is computed by dividing income available to MSCI common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and vested restricted stock unit awards where recipients have satisfied either the explicit vesting terms or retirement-eligible requirements. Diluted EPS reflects the assumed conversion of all dilutive securities. There were 26,407, 6,714 and 19,754, stock options excluded from the calculation of diluted EPS for the years ended December 31, 2013, 2012 and 2011, respectively, because of their anti-dilutive effect.

The Company computes EPS using the two-class method and determines whether instruments granted in share-based payment transactions are participating securities. The following table presents the computation of basic and diluted EPS:


	For the Years Ended
(in thousands, except per share data)	December 31, 2013			December 31, 2012			December 31, 2011
Net income	$	222,557		$	184,238		$	173,454
Less: Allocations of earnings to unvested restricted stock units ⁽¹⁾		(633	)		(1,547	)		(627	)


Earnings available to MSCI common shareholders	$	221,924		$	182,691		$	172,827

Basic weighted average common stock outstanding		120,100			122,023			120,717

Basic weighted average common stock outstanding		120,100			122,023			120,717
Effect of dilutive securities:
Stock options and restricted stock units		974			1,181			1,559


Diluted weighted average common shares outstanding		121,074			123,204			122,276


Earnings per basic common share	$	1.85		$	1.50		$	1.43


Earnings per diluted common share	$	1.83		$	1.48		$	1.41

⁽¹⁾

Restricted stock units granted to employees prior to 2013 and all restricted stock units granted to independent directors of the Company have a right to participate in all of the earnings of the Company in the computation of basic EPS and, therefore, these restricted stock units are not included as incremental shares in the diluted EPS computation.

Short-Term Investments

12 Months Ended

Dec. 31, 2013

Investments Debt And Equity Securities [Abstract]

Short-Term Investments

5. SHORT-TERM INVESTMENTS

In the year ended December 31, 2013, the Company began investing excess cash in money market funds and other similar cash equivalents rather than in U.S. Treasury securities and other short-term investments as it had in prior periods. As a result, the Company held no short-term investments as of December 31, 2013.

The fair value and gross unrealized gains and losses of securities available-for-sale as of December 31, 2012 were as follows:


(in thousands)	Amortized Cost plus Accrued Interest		Gross unrealized gains		Gross unrealized losses		Estimated Fair value
Debt securities available-for-sale
U.S. Treasury securities	$	70,893	$	5	$	—	$	70,898

There were no investments with continuous unrealized losses as of December 31, 2012.

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. COMMITMENTS AND CONTINGENCIES

Legal matters. From time to time, the Company is party to various litigation matters incidental to the conduct of its business. The Company is not presently party to any legal proceedings the resolution of which the Company believes would have a material effect on its business, operating results, financial condition or cash flows.

Leases. The Company leases facilities under non-cancelable operating lease agreements. The terms of certain lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on the straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Rent expense for the years ended December 31, 2013, 2012 and 2011 was $26.0 million, $24.7 million and $18.5 million, respectively.

Future minimum commitments for the Company’s operating leases in place as of December 31, 2013 are as follows:


Years Ending December 31,	Amount
	(in thousands)
2014	$	32,806
2015		30,918
2016		30,445
2017		28,390
2018		27,308
Thereafter		176,311


Total	$	326,178

Share repurchase. On December 13, 2012, the Board of Directors approved a stock repurchase program authorizing the purchase of up to $300.0 million worth of shares of MSCI’s common stock beginning immediately and continuing through December 31, 2014 (the “2012 Repurchase Program”).

On December 13, 2012, as part of the 2012 Repurchase Program, the Company entered into an ASR agreement with a financial institution to initiate a repurchase aggregating $100.0 million (the “December 2012 ASR Program”). As a result of the December 2012 ASR Program, the Company received 2.2 million shares on December 14, 2012 and 0.8 million shares on July 31, 2013 for a combined average purchase price of $33.47 per share.

On August 1, 2013, MSCI entered into a second ASR agreement to initiate share repurchases aggregating $100.0 million (the “August 2013 ASR Program”). As a result of the August 2013 ASR Program, the Company received 1.9 million shares on August 2, 2013 and 0.5 million shares on December 30, 2013 for a combined average purchase price of $41.06 per share.

The $100.0 million payment for the December 2012 ASR Program was initially split and recorded as a $65.0 million increase to “Treasury stock” and a $35.0 million decrease to “Additional paid in capital” on the Company’s Consolidated Statement of Financial Condition as of December 31, 2012. Upon completion of the December 2012 ASR Program on July 31, 2013, the Company recorded a $35.0 million increase to “Treasury stock” and a $35.0 million increase to “Additional paid in capital” on the Company’s Consolidated Statement of Financial Condition as of December 31, 2013.

The remaining $100.0 million balance authorized under the 2012 Repurchase Program was utilized by MSCI to enter into a third ASR in February 2014. See Note 16, “Subsequent Events,” for further details.

Long-term debt. On June 1, 2010, the Company entered into a senior secured credit agreement comprised of (i) a six-year term loan facility (the “2010 Term Loan”) and (ii) a five-year revolving credit facility (the revolving credit facility, together with the 2010 Term Loan, the “2010 Credit Facility”).

On March 14, 2011, the Company completed the repricing of the 2010 Credit Facility pursuant to Amendment No. 2 to the 2010 Credit Facility (“Amendment No. 2”). Amendment No. 2 provided for the incurrence of a new senior secured term loan (the “2011 Term Loan”). The proceeds of the 2011 Term Loan, together with cash on hand, were used to repay the remaining outstanding balance of the 2010 Term Loan in full. The 2011 Term Loan was scheduled to mature in March 2017.

On May 4, 2012, the Company amended and restated its 2010 Credit Facility (the credit agreement as so amended and restated, the “Amended and Restated Credit Facility”). The Amended and Restated Credit Facility provides for the incurrence of a new senior secured five-year Term Loan A Facility in an aggregate amount of $880.0 million (the “2012 Term Loan”) and a $100.0 million senior secured revolving facility (the “2012 Revolving Credit Facility”). The proceeds of the Amended and Restated Credit Facility, together with cash on hand, were used to repay the remaining outstanding principal of the then-existing 2011 Term Loan. The 2012 Term Loan and the 2012 Revolving Credit Facility was scheduled to mature on May 4, 2017.

On December 12, 2013, the Company entered into an agreement that extended the maturity of the Amended and Restated Credit Facility from May 2017 to December 2018 (“New Amended and Restated Credit Facility”). It also amended the amortization schedule of required debt payments under the 2012 Term Loan. The Company is required to repay $5.1 million in quarterly payments over the first two years and $10.1 million in quarterly payments over the next three years, with the exception of the final payment on December 2018, which will be $658.1 million (assuming no prepayments).

In March 2013, the Company made a $15.0 million prepayment on the 2012 Term Loan.

The 2012 Term Loan bears interest equal to LIBOR plus a margin. As of December 31, 2013, the 2012 Term Loan bore interest at LIBOR plus a margin of 2.00%, or 2.17%.

Current maturities of long-term debt at December 31, 2013 was $19.8 million, net of a $0.5 million discount. Long-term debt, net of current maturities at December 31, 2013 was $788.0 million, net of a $1.7 million discount.

Current maturities of long-term debt at December 31, 2012 was $43.1 million, net of a $0.9 million discount. Long-term debt, net of current maturities at December 31, 2012 was $811.6 million, net of a $2.4 million discount.

In connection with entering into the New Amended and Restated Credit Facility, the Company paid $5.7 million in fees, $3.9 million of which are being deferred. These financing fees, together with the existing fees related to prior credit facilities, are being amortized over the life of the New Amended and Restated Credit Facility. At December 31, 2013, $8.3 million of the deferred financing fees remain unamortized, $1.8 million of which is included in “Prepaid and other assets” and $6.5 million of which is included in “Other non-current assets” on the Company’s Consolidated Statement of Financial Condition.

The Company amortized $3.3 million and $18.1 million of deferred financing fees in interest expense during the years ended December 31, 2013 and 2012, respectively. Approximately $1.1 million and $5.3 million of debt discount was amortized in interest expense during the years ended December 31, 2013 and 2012, respectively.

At December 31, 2013 and 2012, the fair market value of the Company’s debt obligations were $812.0 million and $862.3 million, respectively. The fair market value is determined in accordance with accounting standards related to the determination of fair value as discussed in Note 7, “Fair Value Measures,” and represents Level 2 valuations. The Company utilizes the market approach and obtains security pricing from a vendor who uses broker quotes and third-party pricing services to determine fair values.

The aggregate amount of all long-term debt principal to be repaid for the years following December 31, 2013, is as follows:


For the Years Ending December 31,	Amount
	(in thousands)
2014	$	20,250
2015		20,250
2016		40,500
2017		40,500
2018		688,500

Total	$	810,000

The Amended and Restated Credit Facility also amended certain negative covenants, including financial covenants.

As of December, 31, 2013, the Company’s retained earnings of $770.3 million were restricted as to the payments of dividends. As outlined in the New Amended and Restated Credit Facility, the Company cannot pay or declare any dividends except out of amounts available for restricted payments. As of December 31, 2013, the amount available for restricted payments was $355.7 million, reflecting the Company’s cumulative retained excess cash flows (“CRECF”), as defined in the New Amended and Restated Credit Facility, through December 31, 2012 and adjusted for any restricted payments made during the year ended December 31, 2013. To the extent the CRECF is utilized for other actions restricted under the New Amended and Restated Credit Facility, including stock repurchases, the amount available for restricted payments will be reduced.

Derivatives and Hedging Activities. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company had previously entered into derivative financial instruments to manage exposures that arose from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates, and may do so again in the future. The Company’s derivative financial instruments were used to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to the Company’s borrowings.

Certain of the Company’s foreign operations expose the Company to fluctuations of foreign exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency, the U.S. dollar. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency.

Cash Flow Hedges of Interest Rate Risk. As a result of the repayment of the 2011 Term Loan on May 4, 2012 and the 2010 Term Loan on March 14, 2011, the Company discontinued prospective hedge accounting on its then-existing interest rate swaps as they no longer met hedge accounting requirements. The Company has not entered into new interest rate swaps to hedge its debt and it is not required to do so under the New Amended and Restated Credit Facility. The Company continued to report the net loss related to the discontinued cash flow hedges in Accumulated Other Comprehensive Income (Loss) and reclassified this amount into earnings through the contractual term of the swap agreements which ended in August 2013.

Non-designated Hedges of Foreign Exchange Risk. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to foreign exchange rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of December 31, 2013, the Company had outstanding foreign currency forwards with a combined notional amount of $27.4 million that were not designated as hedges in qualifying hedging relationships.

The following table presents the fair values of the Company’s derivative instruments and the location in which they are presented on the Company’s Consolidated Statements of Financial Condition:


(in thousands)	Consolidated Statements of Financial Condition Location		As of December 31, 2013			As of December 31, 2012
Derivatives designated as hedging instruments:
Liability derivatives:
Foreign exchange contracts		Other accrued liabilities	$	(156	)	$	(203	)
Asset derivatives:
Foreign exchange contracts		Prepaid and other assets	$	—		$	3

The following tables present the effect of the Company’s financial derivatives and the location in which they are presented on the Company’s Consolidated Statements of Financial Condition and Consolidated Statements of Income:


Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion) for the Years Ended December 31,								Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)		Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Effective Portion) for the Years Ended December 31,								Location of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)		Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Years Ended December 31,
(in thousands)	2013		2012			2011					2013			2012		2011					2013		2012		2011
Interest rate swaps	$	—	$	(695	)	$	(4,506	)		Interest expense	$	(1,364	)	$	2,437	$	(2,062	)		Interest expense	$	—	$	—	$	35


Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivatives	Amount of Gain or (Loss) Recognized in Income on Derivatives for the Years Ended December 31,
(in thousands)		2013			2012			2011
Foreign exchange contracts	Other expense	$	(139	)	$	(200	)	$	—

Fair Value Measures

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Measures

7. FAIR VALUE MEASURES

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013:


Description	Balance as of December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
*Assets:*
Short-term investments	$	—	$	—	$	—	$	—


*Liabilities:*
Foreign exchange contracts	$	156	$	—	$	156	$	—

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:


Description	Balance as of December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
*Assets:*
Short-term investments:
U.S. Treasury securities	$	70,898	$	—	$	70,898	$	—

Total short-term investments		70,898		—		70,898		—

Foreign exchange contracts		3		—		3		—

Total financial assets	$	70,901	$	—	$	70,901	$	—


*Liabilities:*
Foreign exchange contracts	$	203	$	—	$	203	$	—

The Company’s financial assets and liabilities are valued using market prices on less active markets (Level 2). The Company did not have any transfers between any level during the periods presented. The Company does not hold any financial instruments that would be valued using Level 1 or Level 3 inputs as of the periods presented.

The Company’s short-term investments as of December 31, 2012 consisted of U.S. Treasury securities and were classified within Level 2, as there was not an active market for these securities, but the market pricing data used to calculate the value of the instruments was derived from similar securities traded in active markets.

The Company’s foreign exchange forward contracts were classified within Level 2, as they were valued using pricing models that took into account the contract terms as well as multiple observable inputs where applicable, such as prevailing spot rates and forward points.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Property, Equipment and Leasehold Improvements

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

Property, Equipment and Leasehold Improvements

8. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Property, equipment and leasehold improvements at December 31, 2013 and 2012 consisted of the following:


		As of
Type	Estimated Useful Lives	December 31, 2013			December 31, 2012
		(in thousands)
Computer & related equipment	3 to 5 years	$	86,384		$	67,529
Furniture & fixtures	7 years		9,108			7,847
Leasehold improvements	3 to 21 years		52,776			48,405
Work-in-process	—		12,691			2,716

Subtotal			160,959			126,497
Accumulated depreciation and amortization			(75,371	)		(59,078	)

Property, equipment and leasehold improvements, net		$	85,588		$	67,419

Depreciation and amortization expense of property, equipment and leasehold improvements was $22.3 million, $18.7 million and $19.4 million for the years ended December 31, 2013, 2012 and 2011, respectively.

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

9. GOODWILL AND INTANGIBLE ASSETS

Goodwill.

The Company carries goodwill as reflected in the table below:


	Performance and Risk		Governance			Total
(in thousands)

Goodwill at December 31, 2011 ⁽¹⁾	$	1,456,024	$	252,561		$	1,708,585
Goodwill from acquisition of IPD		73,773		—			73,773
Foreign exchange translation adjustment		1,052		—			1,052

Goodwill at December 31, 2012	$	1,530,849	$	252,561		$	1,783,410
Changes to goodwill ⁽²⁾		14,370		(468	)		13,902
Foreign exchange translation adjustment		1,509		—			1,509

Goodwill at December 31, 2013	$	1,546,728	$	252,093		$	1,798,821

⁽¹⁾

During the year ended December 31, 2013, the Company identified an error in the deferred tax allocation between its operating segments dating back to the June 1, 2010 acquisition of RiskMetrics. The Company determined that a deferred tax liability that was reflected as a component of the Performance and Risk segment’s books should have been recorded on the Governance segment’s books. The adjustment decreases the net deferred tax liability and goodwill value of the Performance and Risk segment’s books by $21.4 million while increasing the net deferred tax liability and goodwill on the Governance segments books by an offsetting $21.4 million. The correction was made during the year ended December 31, 2013 and the goodwill at December 31, 2011 has been adjusted to reflect the correct allocations between the operating segments. The correction did not have an effect on the Company’s consolidated financial statements or segment results of operations for any period.

⁽²⁾

Changes to goodwill resulted from the acquisition of InvestorForce, which contributed $11.6 million to the Performance and Risk segment, adjustments to the valuation of acquired IPD assets and liabilities, which contributed $2.7 million to the Performance and Risk segment, and the disposal of the CFRA product line, which removed $0.5 million from the Governance segment.

Intangible Assets.

Amortization expense related to intangible assets for the years ended December 31, 2013, 2012 and 2011, was $58.2 million, $63.3 million and $65.8 million, respectively.

The gross carrying amounts, accumulated amortization and net intangible asset totals related to the Company’s identifiable intangible assets are as follows:


	As of
(in thousands)	December 31, 2013			December 31, 2012
Gross intangible assets:
Customer relationships	$	478,735		$	474,236
Trademarks/trade names		257,282			256,582
Technology/software		199,778			193,192
Proprietary process		3,800			3,800
Proprietary data		28,527			28,527

Subtotal		968,122			956,337
Foreign exchange translation adjustment		1,962			836

Total gross intangible assets	$	970,084		$	957,173

Accumulated amortization:
Customer relationships	$	(125,359	)	$	(92,631	)
Trademarks/trade names		(75,696	)		(62,270	)
Technology/software		(168,481	)		(159,375	)
Proprietary process		(2,269	)		(1,636	)
Proprietary data		(2,326	)		(184	)

Subtotal		(374,131	)		(316,096	)
Foreign exchange translation adjustment		(246	)		(3	)

Total accumulated amortization	$	(374,377	)	$	(316,099	)

Net intangible assets:
Customer relationships	$	353,376		$	381,605
Trademarks/trade names		181,586			194,312
Technology/software		31,297			33,817
Proprietary process		1,531			2,164
Proprietary data		26,201			28,343

Subtotal		593,991			640,241
Foreign exchange translation adjustment		1,716			833

Total net intangible assets	$	595,707		$	641,074

Estimated amortization expense for succeeding years is presented below:


For the Years Ending December 31,	Amortization Expense
	(in thousands)
2014	$	58,412
2015		58,515
2016		56,337
2017		50,206
2018		47,659
Thereafter		324,578


Total	$	595,707

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2013
Compensation And Retirement Disclosure [Abstract]
Employee Benefits	10. EMPLOYEE BENEFITS The Company sponsors a 401(k) plan for eligible U.S. employees and defined contribution and defined benefit pension plans that cover substantially all of its non-U.S. employees. For the years ended December 31, 2013, 2012 and 2011, costs relating to 401(k), pension and post-retirement benefit expenses were $21.2 million, $19.0 million and $15.9 million, respectively. Amounts included in cost of services were $13.3 million, $12.0 million and $9.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amounts included in selling, general and administrative expense related to these pension and post-retirement expenses for the years ended December 31, 2013, 2012 and 2011 were $7.9 million, $7.0 million and $6.1 million, respectively. 401(k) and Other Defined Contribution Plans. Eligible employees may participate in the MSCI 401(k) plan (or any other regional defined contribution plan sponsored by MSCI) immediately upon hire. Eligible employees receive 401(k) and other defined contribution plan matching contributions and, in the case of the MSCI 401(k) plan, an additional Company contribution of 3% of the employees’ cash compensation, which is subject to vesting and certain other limitations. The Company’s expenses associated with the 401(k) plan and other defined contribution plans for the years ended December 31, 2013, 2012 and 2011 were $18.5 million, $15.9 million and $14.0 million, respectively. Net Periodic Benefit Expense. Net periodic benefit expense incurred by the Company related to defined benefit pension plans was $2.7 million, $3.1 million and $1.9 million for the years ended December 31, 2013, 2012 and 2011, respectively. The Company uses a measurement date of December 31 to calculate obligations under its pension and postretirement plans. As of December 31, 2013, the Company carried a $7.7 million net liability on its books related to its future pension obligations. The fair value of the defined benefit plan assets were $15.7 million at December 31, 2013.

Share-Based Compensation

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

11. SHARE-BASED COMPENSATION

On November 6, 2007, the Company’s Board of Directors approved the award of founders grants to its employees in the form of restricted stock units and/or options (“Founders Grant Award”). The restricted stock units and options vested over a four-year period beginning from the November 14, 2007 grant date through November 14, 2011.

On June 1, 2010, the Company awarded certain of its employees with a grant in the form of restricted stock units (“Performance Award”). The Performance Award performance-vested based upon the Company achieving specific performance targets over a measurement period ended on December 31, 2012. The Performance Award vested and converted to shares in February 2013.

On December 10, 2010, the Compensation Committee of the Board of Directors of the Company approved the grant of a special one-time price and time vested stock option award to the Company’s Chief Executive Officer (“2010 CEO Award”). The award was valued at $3.6 million using a Monte Carlo simulation based on the closing price of the Company’s common stock at the close of business on December 13, 2010. The 2010 CEO Award time-vests over a five-year period, with approximately 25% of the award vesting on each of the second, third, fourth and fifth anniversaries of the grant and is subject to certain market performance conditions.

On December 14, 2010, the Company, as a component of the 2010 annual bonus, awarded a portion of its employees with a grant in the form of restricted stock units (“2010 Bonus Award”). The aggregate value of the grants was $18.9 million. Approximately $6.2 million was awarded to retirement-eligible employees under the award terms. A portion of the 2010 Bonus Award consisted of restricted stock units vesting over a three-year period, with one-third vesting on each anniversary of the grant in 2011, 2012 and 2013, respectively. A smaller portion of the 2010 Bonus Award consisted of restricted stock units subject to achieving both specific performance targets over a measurement period ending on December 31, 2012 and a time-vesting period, with one-half time vesting on December 31, 2012 and December 31, 2013, respectively.

On February 2, 2012, the Company, as a component of the 2011 annual bonus, awarded a portion of its employees with a grant in the form of restricted stock units (“2011 Bonus Award”). The aggregate value of the grants was $21.2 million. Approximately $6.7 million of the aggregate value of the grants was awarded to retirement-eligible employees under the award terms which had been expensed in the year ended December 31, 2011. A portion of the 2011 Bonus Award consisted of restricted stock units vesting over a three-year period, with one-third vesting on each anniversary of the grant in 2013, 2014 and 2015, respectively. A smaller portion of the 2011 Bonus Award consisted of restricted stock units subject to achieving both specific performance targets over a measurement period ending on December 31, 2013 and a time-vesting period, with one-half time vesting on December 31, 2013 and December 31, 2014, respectively.

In January 2013, the Company, as a component of the 2012 annual bonus, awarded a portion of its employees with a grant in the form of restricted stock units (“2012 Bonus Award”). The aggregate value of the grants was $21.7 million. Approximately $6.2 million was awarded to retirement eligible employees under the award terms which had been expensed in the year ended December 31, 2012. A portion of the 2012 Bonus Award consisted of restricted stock units vesting over a three-year period, with one-third vesting on each anniversary of the grant in 2014, 2015 and 2016. A smaller portion of the 2012 Bonus Award consisted of restricted stock units subject to achieving both specific performance targets over a measurement period ending on December 31, 2014 and a time-vesting period, with one-half time vesting on December 31, 2014 and December 31, 2015, respectively.

In January 2014, the Company, as a component of the 2013 annual bonus, awarded a portion of its employees with a grant in the form of restricted stock units (“2013 Bonus Award”). The total number of units granted was 575,457. The aggregate value of the grants was $24.3 million. Approximately $6.8 million was awarded to retirement eligible employees under the award terms which had been expensed in the year ended December 31, 2013.

During the year ended December 31, 2013, the Company awarded 4,688 shares in MSCI common stock and 20,514 restricted stock units to directors who were not employees of the Company during the period. During the year ended December 31, 2012, the Company awarded 4,544 shares in MSCI common stock and 18,603 restricted stock units to directors who were not employees of the Company during the period.

For the Performance Award and the 2010 CEO Award, all or a portion of the award may be cancelled in certain limited situations, including termination for cause, if employment is terminated before the end of the relevant restriction period. For the remainder of the awards granted by the Company, all or a portion of the award may be cancelled if employment is terminated for certain reasons before the end of the relevant restriction period for non-retirement-eligible employees.

In connection with awards under its equity-based compensation and benefit plans, the Company is authorized to use newly issued shares or certain shares of common stock held in treasury.

The components of share-based compensation expense related to the awards to Company employees and directors who are not employees of the Company of restricted stock units and restricted stock awards (representing shares of common stock) and options to purchase shares of common stock, as applicable, are presented below:


	For the Years Ended
(in thousands)	December 31, 2013		December 31, 2012		December 31, 2011

Deferred stock	$	23,910	$	23,198	$	27,067
Stock options		1,643		2,398		4,682


Total	$	25,553	$	25,596	$	31,749

The amount of this expense included in cost of services for the years ended December 31, 2013, 2012 and 2011 was $10.3 million, $9.6 million and $12.4 million, respectively. The amount of this expense included in selling, general and administrative expense for the years ended December 31, 2013, 2012 and 2011 was $15.3 million, $16.0 million and $19.3 million, respectively. The amount of this expense included in restructuring expense was less than $0.1 million for the year ended December 31, 2011.

The tax benefits for share-based compensation expense related to deferred stock and stock options granted to Company employees and to directors who are not employees of the Company were $2.6 million, $1.0 million and $7.3 million for the year ended December 31, 2013, 2012 and 2011, respectively.

As of December 31, 2013, $13.1 million of compensation cost related to MSCI unvested share-based awards granted to the Company’s employees and to directors who are not employees of the Company had not yet been recognized. The unrecognized compensation cost relating to unvested stock-based awards expected to vest will be recognized primarily over the next one to three years.

In connection with awards under its equity-based compensation and benefit plans, the Company is authorized to issue shares of common stock. As of December 31, 2013, 6.7 million shares of common stock were available for future grant under these plans.

Deferred Stock Awards. Certain Company employees have been granted deferred stock awards pursuant to its share-based compensation plan. The plan provides for the deferral of a portion of certain employees’ discretionary compensation with awards made in the form of RSUs, PSUs and restricted stock awards (together, the “Deferred Stock Awards”). Recipients of deferred stock generally have rights to receive dividend equivalents that are not subject to vesting. The Company reports the target number of PSUs granted unless it has determined, based on the actual achievement of performance measures, that an employee will receive a different amount of shares underlying the PSUs, in which case the Company reports the amount of shares employees are likely to receive.

The following table sets forth activity concerning the Company’s vested and unvested deferred stock awards applicable to its employees:


For the Year Ended December 31, 2013	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Vested and unvested deferred stock awards at December 31, 2012		1,440		$	32.47
Granted		797		$	34.06
Conversion to common stock		(847	)	$	32.30
Canceled		(153	)	$	30.65


Vested and unvested deferred stock awards at December 31, 2013 ⁽¹⁾		1,237		$	33.84

⁽¹⁾	As of December 31, 2013, 1,212 restricted stock units and restricted stock awards, with a weighted average price of $33.84, were vested or expected to vest.

The total fair value of Deferred Stock Awards held by the Company’s employees converted to MSCI common stock during the years ended December 31, 2013, 2012 and 2011 was $28.2 million, $15.3 million and $35.2 million, respectively.

The following table sets forth activity concerning the Company’s unvested deferred stock awards related to its employees:


For the Year Ended December 31, 2013	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Unvested deferred stock awards at December 31, 2012⁽¹⁾		1,136		$	32.16
Granted		599		$	34.01
Vested		(688	)	$	31.91
Canceled		(153	)	$	30.65


Unvested deferred stock awards at December 31, 2013		894		$	33.85


Unvested deferred stock awards expected to vest		868		$	33.85

⁽¹⁾	Unvested deferred stock awards represent awards where recipients have yet to satisfy either the explicit vesting terms or retirement-eligibility requirements.

Stock Option Awards. During the year ended December 31, 2013, the Company awarded stock options. The award was valued using a Black-Scholes valuation model. No MSCI stock options were issued during the years ended December 31, 2012 and 2011. The weighted average fair value of MSCI stock options issued by the Company in the year ended December 31, 2013 was $19.18, utilizing the following assumptions:


	Assumptions
Risk free interest rate		1.87	%
Expected option life in years		6.50
Expected stock price volatility		46.07	%
Expected dividend yield		—

The expected stock price volatility assumption was determined using the historical volatility of the Company.

The following table sets forth activity concerning MSCI stock options granted to the Company’s employees for the year ended December 31, 2013:


For the Year Ended December 31, 2013	Number of Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Life (Years)		Aggregated Intrinsic Value (in thousands)
Options outstanding at December 31, 2012		2,607		$	19.62		5.82		N/A
Granted or assumed		104		$	40.23		N/A		N/A
Forfeited		(20	)	$	18.99		N/A		N/A
Conversion to common stock		(705	)	$	16.43		N/A		N/A


Options outstanding at December 31, 2013		1,986		$	21.85		4.55	$	43,445


Options exercisable at December 31, 2013		1,729		$	19.42		4.02	$	42,005


Options vested or expected to vest		1,986		$	21.85		4.55	$	43,445

The following table presents information relating to the Company’s outstanding stock options as of December 31, 2013:


At December 31, 2013	Options Outstanding
Range of Exercise Prices	Number Outstanding (in thousands)		Weighted Average Exercise Price		Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)
$2.76 to $16.48		204	$	11.95		3.20	$	6,481
$18.00		961	$	18.00		3.86	$	24,706
$20.45 to $25.64		509	$	23.23		4.32	$	10,433
$36.70 to $40.23		312	$	37.88		7.88	$	1,825


Total		1,986					$	43,445

The following table presents information relating to the Company’s exercisable stock options as of December 31, 2013:


At December 31, 2013	Options Exercisable
Range of Exercise Prices	Number Outstanding (in thousands)		Weighted Average Exercise Price		Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)
$2.76 to $16.48		204	$	11.95		3.20	$	6,481
$18.00		961	$	18.00		3.86	$	24,706
$20.45 to $25.64		509	$	23.23		4.32	$	10,433
$36.70 to $40.23		55	$	36.70		6.95	$	385


Total		1,729					$	42,005

The intrinsic value of the stock options exercised by the Company’s employees during the years ended December 31, 2013, 2012 and 2011 was $13.9 million, $14.5 million and $19.4 million, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

12. INCOME TAXES

The provision for income taxes (benefits) consisted of:


	For the Years Ended
(in thousands)	December 31, 2013			December 31, 2012			December 31, 2011
Current
U.S. federal	$	100,504		$	94,022		$	53,041
U.S. state and local		17,513			19,067			12,573
Non U.S.		20,113			22,277			18,720


		138,130			135,366			84,334

Deferred
U.S. federal		(9,044	)		(24,733	)		12,412
U.S. state and local		(3,614	)		(5,225	)		(2,643	)
Non U.S.		(2,408	)		(237	)		(4,144	)


		(15,066	)		(30,195	)		5,625


Provision for income taxes	$	123,064		$	105,171		$	89,959

The following table reconciles the provision to the U.S. federal statutory income tax rate:


	For the Years Ended
	December 31, 2013			December 31, 2012			December 31, 2011
U.S. federal statutory income tax rate		35.00	%		35.00	%		35.00	%
U.S. state and local income taxes, net of U.S. federal income tax benefits		3.06	%		2.10	%		2.45	%

Change in tax rates applicable to non-U.S. earnings		(0.95	%)		(1.90	%)		(3.33	%)
Domestic tax credits		(0.86	%)		—	%		(0.95	%)
Other		(0.64	%)		1.14	%		0.98	%


Effective income tax rate		35.61	%		36.34	%		34.15	%

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012, were as follows:


	As of
(in thousands)	December 31, 2013			December 31, 2012
Deferred tax assets:
Employee compensation and benefit plans	$	35,051		$	33,183
Deferred rent		9,810			8,592
Property, equipment and leasehold improvements, net		949			—
State taxes		3,847			1,716
Interest rate swap		—			523
Foreign currency translation		—			144
Pension		454			505
Unearned revenue		1,493			908
NOL carryforward – current		2,129			741
NOL carryforward – non-current		34,699			3,849
Other		3,043			3,239

Subtotal		91,475			53,400
Less: valuation allowance		(23,399	)		(209	)

Total deferred tax assets	$	68,076		$	53,191


Deferred tax liabilities:
Intangible assets	$	(235,102	)	$	(236,838	)
Foreign currency translation		(378	)		—
Property, equipment and leasehold improvements, net		—			(1,046	)
Other		(762	)		—


Total deferred tax liabilities	$	(236,242	)	$	(237,884	)


Net deferred tax liabilities	$	(168,166	)	$	(184,693	)


Net current deferred tax asset	$	52,888		$	49,552
Net non-current deferred tax liabilities		(221,054	)		(234,245	)


Net deferred tax liabilities	$	(168,166	)	$	(184,693	)

The following table presents the components of income before provision for income taxes generated by domestic or foreign operations for the periods indicated:


	For the Years Ended
(in thousands)	December 31, 2013		December 31, 2012		December 31, 2011
Domestic	$	301,697	$	237,816	$	220,302

Foreign ⁽¹⁾		43,924		51,593		43,111

Total income before provision for income taxes	$	345,621	$	289,409	$	263,413

⁽¹⁾	Foreign income before provision for income taxes is defined as income generated from operations located outside the U.S.

Cumulative earnings attributable to foreign subsidiaries were $188.6 million, $164.9 million and $121.1 million for the years ended December 31, 2013, 2012, and 2011, respectively. No provisions for U.S. income tax that could occur upon repatriation has been recorded on these earnings which are indefinitely invested abroad. It is not practicable to determine the amount of income taxes payable in the event all such foreign earnings are repatriated.

The Company intends to reinvest the undistributed earnings of all foreign operations indefinitely except for any entities that are branches of U.S. companies or check-the-box entities that have elected to be treated as disregarded entities for U.S. tax purposes and are held directly by a U.S. company or are not otherwise eligible for deferral. Accordingly, the Company does not accrue the U.S. taxes that would be recognized upon repatriation of these earnings.

The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. As part of the Company’s periodic review of unrecognized tax benefits and based on new information regarding the status of federal and state examinations, the Company’s unrecognized tax benefits were remeasured. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months.

The Company believes the resolution of tax matters will not have a material effect on the Consolidated Statement of Financial Condition of the Company, although a resolution could have a material impact on the Company’s Consolidated Statement of Income for a particular future period and on the Company’s effective tax rate for any period in which such resolution occurs.

The following table presents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2013, 2012 and 2011:


Gross unrecognized tax benefits	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
(amounts in thousands)
Beginning balance	$	6,827		$	13,168		$	13,392
Increases based on tax positions related to the current period		194			—			—
Increases based on tax positions related to prior periods		2,690			349			1,061
Decreases based on tax positions related to prior periods		(2,474	)		(427	)		(1,132	)
Increases/ (Decreases) related to settlements with taxing authorities		—			(6,263	)		(153	)
Increases/(Decreases) related to a lapse of applicable statute of limitations		(148	)		—			—


Ending balance	$	7,089		$	6,827		$	13,168

The total amount of unrecognized tax benefits was $6.4 million, net of federal benefit of state issues, competent authority and foreign tax credit offsets, as of December 31, 2013, which, if recognized, would favorably affect the effective tax rate in future periods. The Company recognizes the accrual of interest and penalties related to unrecognized tax benefits in the Provision for Income Taxes in the Consolidated Statement of Income. For the year ended December 31, 2013, the Company recognized $0.2 million of interest in the Consolidated Statement of Income. No penalties were recognized in the Consolidated Statement of Income for the year ended December 31, 2013.

The Company is under examination by the Internal Revenue Service and other tax authorities in certain countries, such as the United Kingdom, and states in which the Company has significant business operations, such as New York. The tax years currently under examination vary by jurisdiction. During 2010, Morgan Stanley reached a settlement with New York State and New York City tax authorities on issues relating to tax years 2002 through 2006. During the year ended December 31, 2012, it was determined that MSCI’s share of the assessed tax and interest was $12.0 million, which the Company paid in accordance with the tax sharing agreement between it and Morgan Stanley, dated as of November 20, 2007. The Company had recorded a reserve of $8.4 million to indemnify Morgan Stanley through December 31, 2011. As a result of the additional assessment, the Company recognized an additional $1.7 million of tax expense, which represents the additional assessment, net of federal tax benefit, in its Consolidated Statement of Income during the year ended December 31, 2012. This reflects the final settlement of the tax issues with Morgan Stanley relating to tax years 2002 through 2006.

The Company may have future settlements with Morgan Stanley related to the ultimate disposition of their New York State and New York City examination relating to the tax years 2007 through 2008 and their IRS examination relating to the tax years 2006 through 2008. The Company does not believe it has any material exposure for the New York State and New York City examination as the tax returns for those years were filed in a method consistent with the findings of the aforementioned settlement for the tax years 2002 through 2006. Additionally, the Company believes it has adequate reserves for any tax issues that may arise out of the IRS examination relating to the tax years 2006 through 2008 and therefore does not believe any related settlement with Morgan Stanley will have a material impact.

The following table summarizes the major taxing jurisdictions in which the Company and its affiliates operate and the open tax years for each major jurisdiction:


Tax Jurisdiction	Tax Years
United States		2005-2012
California		2009-2012
New York State		2007-2012
New York City		2007-2012
Hong Kong		2007-2012
United Kingdom		2011-2012
Canada		2006-2012
Japan		2009-2012
India		2008-2013

Acquisitions and Dispositions	12 Months Ended
Acquisitions and Dispositions	Dec. 31, 2013
Business Combinations [Abstract]
Acquisitions and Dispositions	13. ACQUISITIONS AND DISPOSITIONS The acquisition method of accounting is based on ASC Subtopic 805-10, “Business Combinations,” and uses the fair value concepts defined in ASC Subtopic 820-10, “Fair Value Measurements and Disclosures,” which the Company has adopted as required. The total purchase price is allocated to the net tangible and intangible assets based upon their fair values as of the acquisition dates. The excess of the purchase price over the fair values of the net tangible assets and intangible assets was recorded as goodwill. The allocation of the purchase price was based upon a valuation and is subject to change within the one-year measurement period following the acquisition. MSCI expects to continue to obtain information to assist it in determining the fair value of the net assets acquired at the acquisition date for InvestorForce during the measurement period. *Acquisition of IPD* On November 30, 2012, MSCI Limited, an indirect wholly-owned subsidiary of the Company, paid cash of $124.8 million to acquire real estate performance measurement group IPD. The acquisition of IPD expands the Company’s multi-asset class offering by facilitating the integration of private real estate assets into its models, as well as adding a family of real estate indexes to the Company’s family of equity indexes. Headquartered in London, with offices around the world, IPD is a provider of real estate performance analysis for funds, investors, managers, lenders and occupiers and offers a wide range of services that include research, reporting, benchmarking and indexes. IPD has been added as a component of the Performance and Risk segment. The final purchase price allocations for the IPD acquisition were $76.5 million for goodwill, $58.7 million for identifiable intangible assets, $18.6 million for assets other than identifiable intangible assets and $29.0 million for other liabilities. *Acquisition of InvestorForce* On January 29, 2013, MSCI completed the acquisition of InvestorForce by paying $23.6 million in cash. The acquisition of InvestorForce enhances MSCI’s position as a provider of performance analysis and risk transparency and furthers its goal of providing investment decision support tools to institutional investors across all client segments and asset classes. InvestorForce is a leading provider of performance reporting solutions to the institutional investment community in the United States, providing investment consultants with an integrated solution for daily monitoring, analysis of and reporting on institutional assets. InvestorForce has been added as a component of the Performance and Risk segment. As of December 31, 2013, the preliminary purchase price allocations for the InvestorForce acquisition were $11.6 million for goodwill, $9.1 million for identifiable intangible assets, $6.4 million for assets other than identifiable intangible assets and $3.5 million for other liabilities. *Disposition of CFRA* On March 31, 2013, MSCI completed the sale of its CFRA product line, which was a component of the Governance segment. The results of operations from the CFRA product line and the sale of CFRA were not material to the Company.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

+ Details

Segment Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Information

14. SEGMENT INFORMATION

ASC Subtopic 280-10, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or CODM, in deciding how to allocate resources and in assessing performance. MSCI’s Chief Executive Officer, who is considered to be its CODM, reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. MSCI operates as two segments, the Performance and Risk business and the Governance business. These designations have been made as the discrete operating results of these segments are reviewed by the Company’s CODM for purposes of making operating decisions and assessing financial performance.

The Performance and Risk business is a global provider of investment decision support tools, including equity indexes, real estate indexes and benchmarks, portfolio risk and performance analytics, credit analytics and ESG products. The business provides clients with a broad suite of products and services to assist them with managing equity, fixed income and multi-asset class portfolios. The products are used in many areas of the investment process, including portfolio construction and rebalancing, performance benchmarking and attribution, risk management, regulatory and client reporting, index-linked investment product creation, asset allocation, the assessment of corporate management of ESG risks and opportunities, investment manager selection and investment research.

The Governance business is a provider of corporate governance products and governance-related data solutions to institutional investors and corporations around the world. Among other things, the Governance business facilitates the voting of proxies by institutional investors and provides in-depth research and analysis to help inform their voting decisions and identify issuer-specific risk. It offers both global equity security coverage and fully integrated products and services, including proxy voting; policy creation, application and management; research; vote recommendations; vote execution; post-vote disclosure and reporting; and data and analytical tools. It also provides securities class action monitoring and claims filing services to aid institutional investors in the recovery of funds from securities class action settlements. Within a firewall, a separate unit of the Governance business also provides products and services to corporate clients who may use those products and services to learn about and improve their governance and executive compensation practices.

Revenues and expenses directly associated with each respective segment are included in determining its operating results. Other expenses that are not directly attributable to a particular segment are allocated based upon allocation methodologies, including time estimates, headcount, revenues and other relevant usage measures.

The CODM does not review any information regarding total assets on an operating segment basis. Operating segments do not record intersegment revenue, and, accordingly, there is none to be reported. The accounting policies for segment reporting are the same as for MSCI as a whole.

The following table presents MSCI’s operating segments’ results for the years ended December 31, 2013, 2012 and 2011:


	Years Ended
(in thousands)	December 31, 2013		December 31, 2012		December 31, 2011
Operating revenues
Performance and Risk	$	913,364	$	826,990	$	781,355
Governance		122,303		123,151		119,586

Consolidated	$	1,035,667	$	950,141	$	900,941


Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements
Performance and Risk	$	63,086	$	65,182	$	67,558
Governance		17,419		16,816		17,672

Consolidated	$	80,505	$	81,998	$	85,230


Operating income
Performance and Risk	$	356,500	$	334,547	$	310,504
Governance		15,006		12,389		11,494

Consolidated	$	371,506	$	346,936	$	321,998

Revenue by geography is based on the shipping address of the customer. The following table sets forth revenue for the periods indicated by geographic area:


	For the Years Ended
(in thousands)	December 31, 2013		December 31, 2012		December 31, 2011
Revenues
Americas:
United States	$	506,392	$	485,603	$	457,591
Other		38,653		31,929		32,188


Total Americas		545,045		517,532		489,779


Europe, the Middle East and Africa (“EMEA”):
United Kingdom		152,714		118,827		106,648
Other		214,316		189,465		180,600


Total EMEA		367,030		308,292		287,248


Asia & Australia:
Japan		50,701		57,419		58,023
Other		72,891		66,898		65,891


Total Asia & Australia		123,592		124,317		123,914

Total	$	1,035,667	$	950,141	$	900,941

Long-lived assets consist of property, equipment, leasehold improvements, goodwill and intangible assets, net of accumulated depreciation and amortization. The following table sets forth long-lived assets on the dates indicated by geographic area:


	As of
(in thousands)	December 31, 2013		December 31, 2012
Long-lived assets
Americas:
United States	$	2,323,781	$	2,334,877
Other		4,082		4,608


Total Americas		2,327,863		2,339,485


EMEA:
United Kingdom		133,411		139,714
Other		11,871		8,749


Total EMEA		145,282		148,463


Asia & Australia:
Japan		1,543		297
Other		5,428		3,658


Total Asia & Australia		6,971		3,955


Total	$	2,480,116	$	2,491,903

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

Quarterly Results of Operations

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Results of Operations

15. QUARTERLY RESULTS OF OPERATIONS (unaudited):


	2013												2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in thousands, except per share data)
Operating revenues	$	251,909		$	257,898		$	258,238		$	267,622		$	229,052		$	238,565		$	235,444		$	247,080

Cost of services		80,185			83,359			80,040			84,727			72,291			73,243			68,350			74,191
Selling, general and administrative		61,631			57,612			65,380			70,722			55,436			57,602			62,973			57,172
Restructuring		—			—			—			—			(29	)		(22	)		—			—
Amortization of intangible assets		14,486			14,509			14,448			14,760			15,959			15,959			15,959			15,421
Depreciation and amortization of property, equipment and leasehold improvements		5,080			5,246			5,934			6,042			4,416			4,662			4,633			4,989


Total operating expenses		161,382			160,726			165,802			176,251			148,073			151,444			151,915			151,773


Operating income		90,527			97,172			92,436			91,371			80,979			87,121			83,529			95,307
Interest income		(268	)		(237	)		(265	)		(261	)		(223	)		(237	)		(252	)		(242	)
Interest expense ⁽¹⁾		7,020			6,504			5,827			6,914			12,355			29,581			7,314			7,178
Other expense (income)		224			(354	)		627			154			608			516			873			56


Other expense (income), net		6,976			5,913			6,189			6,807			12,740			29,860			7,935			6,992


Income before provision for income taxes		83,551			91,259			86,247			84,564			68,239			57,261			75,594			88,315
Provision for income taxes		24,614			30,206			30,937			37,307			24,273			19,715			27,320			33,863


Net income	$	58,937		$	61,053		$	55,310		$	47,257		$	43,966		$	37,546		$	48,274		$	54,452


Earnings per basic common share	$	0.49		$	0.50		$	0.46		$	0.40		$	0.36		$	0.31		$	0.39		$	0.44


Earnings per diluted common share	$	0.48		$	0.50		$	0.46		$	0.39		$	0.35		$	0.30		$	0.39		$	0.44


Weighted average shares outstanding used in computing per share data
Basic		120,746			121,149			119,607			118,828			121,754			122,030			122,261			122,082


Diluted		121,702			122,069			120,578			119,877			123,113			123,295			123,450			122,995

⁽¹⁾	Increased Interest expense during the second quarter of 2012 was primarily the result of the accelerated recognition of deferred financing costs associated with the refinancing of the Company’s debt that occurred during the quarter.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS Authorization of the 2014 Repurchase Program On February 4, 2014, the Board of Directors approved a stock repurchase program authorizing the purchase of up to $300.0 million worth of shares of MSCI’s common stock which will be available from time to time at management’s discretion. Initiation of the February 2014 ASR Program On February 6, 2014, MSCI entered into a new ASR agreement to initiate share repurchases aggregating $100.0 million (the “February 2014 ASR Program”). The February 2014 ASR Program is structured as a capped ASR in which, on February 7, 2014, MSCI paid $100.0 million and received 1.7 million shares, representing the minimum number of common shares to be repurchased based on a calculation using a specific capped price per share. This price is capped such that only under limited circumstances may the Company be required to deliver shares or pay cash at settlement. MSCI anticipates that all repurchases under the February 2014 ASR Program will be completed no later than the final repurchase date in May 2014, although settlement may be accelerated under certain circumstances. Additionally, depending on the average share price through the completion date in May 2014, MSCI may receive additional shares under the February 2014 ASR Program.

Introduction and Basis of Presentation (Policies)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Basis of Financial Statements and Use of Estimates

Basis of Financial Statements and Use of Estimates

Inter-company balances and transactions are eliminated in consolidation.

Revenue Recognition

Revenue Recognition

•

The Company has persuasive evidence of a legally binding arrangement,

•

Delivery has occurred,

•

Client fee is deemed fixed or determinable, and

•

Collection is probable.

•

Adjustment to Revenues

Share-Based Compensation

Share-Based Compensation

Research and Development

Research and Development

Income Taxes

Income Taxes

Deferred Revenue

Deferred Revenue

Goodwill

Goodwill

Intangible Assets

Intangible Assets

Foreign Currency Translation

Foreign Currency Translation

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits, money market funds and debt security investments of 90 days or less from the date of purchase.

Derivative Instruments

Derivative Instruments

Fair Value of Financial Assets and Liabilities

Fair Value of Financial Assets and Liabilities

The Company’s financial assets and liabilities include cash and cash equivalents, short-term investments, trade receivables, foreign exchange contracts and interest rate swaps.

Level 1

Valuations based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2

Valuations based on one or more quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly; and

Level 3

Valuations based on one or more inputs that are both significant to fair value measurement and unobservable.

The fair value of certain Level 2 financial liabilities may include valuation adjustments for our counterparties’ and our credit quality.

Property, Equipment and Leasehold Improvements

Property, Equipment and Leasehold Improvements

Treasury Stock

Treasury Stock

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts


(in thousands)	Amount

Balance as of December 31, 2010	$	877
Addition to provision		545
Amounts written off, net of recoveries		(565	)


Balance as of December 31, 2011	$	857
Addition to provision		403
Amounts written off, net of recoveries		(296	)


Balance as of December 31, 2012	$	964
Addition to provision		876
Amounts written off, net of recoveries		(560	)


Balance as of December 31, 2013	$	1,280

Accrued Compensation

Accrued Compensation

Concentrations

Concentrations

For the years ended December 31, 2013, 2012 and 2011, no single customer accounted for 10.0% or more of the Company’s operating revenues.

Introduction and Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2013

Accounting Policies [Abstract]

Changes in Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts from December 31, 2010 to December 31, 2013 were as follows:


(in thousands)	Amount

Balance as of December 31, 2010	$	877
Addition to provision		545
Amounts written off, net of recoveries		(565	)


Balance as of December 31, 2011	$	857
Addition to provision		403
Amounts written off, net of recoveries		(296	)


Balance as of December 31, 2012	$	964
Addition to provision		876
Amounts written off, net of recoveries		(560	)


Balance as of December 31, 2013	$	1,280

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2013

Statement Of Income And Comprehensive Income [Abstract]

Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Reclassifications Out of Accumulated Other Comprehensive Income (Loss)⁽¹⁾

(in thousands)


Details about Accumulated Other Comprehensive Income (Loss) Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss)			Affected Line Item in the Consolidated Statement of Income
	Year Ended
	December 31, 2013
Unrealized losses on cash flow hedges
Interest rate contracts	$	(1,364	)	Interest expense
		524		Tax benefit

	$	(840	)	Net of tax

Unrealized gains on available-for-sale securities
Short-term investments	$	5		Interest income
		(2	)	Tax expense

	$	3		Net of tax

Defined benefit pension plans
Amount recognized as a component of net periodic benefit expense for curtailments and settlements	$	(32	)	(2)
		6		Tax expense

	$	(26	)	Net of tax

Total reclassifications for the period, net of tax	$	(863	)

⁽¹⁾	Amounts in parentheses indicate expenses or losses moved to the Consolidated Statement of Income.

⁽²⁾	These accumulated other comprehensive income (loss) components are included in net periodic benefit expense. See Note 10, “Employee Benefits,” for additional details.

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Computation of Basic and Diluted EPS

The following table presents the computation of basic and diluted EPS:


	For the Years Ended
(in thousands, except per share data)	December 31, 2013			December 31, 2012			December 31, 2011
Net income	$	222,557		$	184,238		$	173,454
Less: Allocations of earnings to unvested restricted stock units ⁽¹⁾		(633	)		(1,547	)		(627	)


Earnings available to MSCI common shareholders	$	221,924		$	182,691		$	172,827

Basic weighted average common stock outstanding		120,100			122,023			120,717

Basic weighted average common stock outstanding		120,100			122,023			120,717
Effect of dilutive securities:
Stock options and restricted stock units		974			1,181			1,559


Diluted weighted average common shares outstanding		121,074			123,204			122,276


Earnings per basic common share	$	1.85		$	1.50		$	1.43


Earnings per diluted common share	$	1.83		$	1.48		$	1.41

⁽¹⁾

Short-Term Investments (Tables)

12 Months Ended

Dec. 31, 2013

Investments Debt And Equity Securities [Abstract]

Summary of Fair Value and Gross Unrealized Gains and Losses of Debt Securities Available-for-Sale

The fair value and gross unrealized gains and losses of securities available-for-sale as of December 31, 2012 were as follows:


(in thousands)	Amortized Cost plus Accrued Interest		Gross unrealized gains		Gross unrealized losses		Estimated Fair value
Debt securities available-for-sale
U.S. Treasury securities	$	70,893	$	5	$	—	$	70,898

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Commitments And Contingencies Disclosure [Abstract]

Summary of Future Minimum Commitments Under Operating Leases

Future minimum commitments for the Company’s operating leases in place as of December 31, 2013 are as follows:


Years Ending December 31,	Amount
	(in thousands)
2014	$	32,806
2015		30,918
2016		30,445
2017		28,390
2018		27,308
Thereafter		176,311


Total	$	326,178

Summary of Aggregate Amount of All Long-Term Debt to be Repaid

The aggregate amount of all long-term debt principal to be repaid for the years following December 31, 2013, is as follows:


For the Years Ending December 31,	Amount
	(in thousands)
2014	$	20,250
2015		20,250
2016		40,500
2017		40,500
2018		688,500

Total	$	810,000

Summary of Fair Values of Derivative Instruments

The following table presents the fair values of the Company’s derivative instruments and the location in which they are presented on the Company’s Consolidated Statements of Financial Condition:


(in thousands)	Consolidated Statements of Financial Condition Location		As of December 31, 2013			As of December 31, 2012
Derivatives designated as hedging instruments:
Liability derivatives:
Foreign exchange contracts		Other accrued liabilities	$	(156	)	$	(203	)
Asset derivatives:
Foreign exchange contracts		Prepaid and other assets	$	—		$	3

Interest Rate Swaps and Derivative Instruments


Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion) for the Years Ended December 31,								Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)		Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Effective Portion) for the Years Ended December 31,								Location of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)		Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Years Ended December 31,
(in thousands)	2013		2012			2011					2013			2012		2011					2013		2012		2011
Interest rate swaps	$	—	$	(695	)	$	(4,506	)		Interest expense	$	(1,364	)	$	2,437	$	(2,062	)		Interest expense	$	—	$	—	$	35


Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivatives	Amount of Gain or (Loss) Recognized in Income on Derivatives for the Years Ended December 31,
(in thousands)		2013			2012			2011
Foreign exchange contracts	Other expense	$	(139	)	$	(200	)	$	—

Fair Value Measures (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013:


Description	Balance as of December 31, 2013		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
*Assets:*
Short-term investments	$	—	$	—	$	—	$	—


*Liabilities:*
Foreign exchange contracts	$	156	$	—	$	156	$	—

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:


Description	Balance as of December 31, 2012		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
*Assets:*
Short-term investments:
U.S. Treasury securities	$	70,898	$	—	$	70,898	$	—

Total short-term investments		70,898		—		70,898		—

Foreign exchange contracts		3		—		3		—

Total financial assets	$	70,901	$	—	$	70,901	$	—


*Liabilities:*
Foreign exchange contracts	$	203	$	—	$	203	$	—

Property, Equipment and Leasehold Improvements (Tables)

12 Months Ended

Dec. 31, 2013

Property Plant And Equipment [Abstract]

Schedule of Property, Equipment and Leasehold Improvements

Property, equipment and leasehold improvements at December 31, 2013 and 2012 consisted of the following:


		As of
Type	Estimated Useful Lives	December 31, 2013			December 31, 2012
		(in thousands)
Computer & related equipment	3 to 5 years	$	86,384		$	67,529
Furniture & fixtures	7 years		9,108			7,847
Leasehold improvements	3 to 21 years		52,776			48,405
Work-in-process	—		12,691			2,716

Subtotal			160,959			126,497
Accumulated depreciation and amortization			(75,371	)		(59,078	)

Property, equipment and leasehold improvements, net		$	85,588		$	67,419

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The Company carries goodwill as reflected in the table below:


	Performance and Risk		Governance			Total
(in thousands)

Goodwill at December 31, 2011 ⁽¹⁾	$	1,456,024	$	252,561		$	1,708,585
Goodwill from acquisition of IPD		73,773		—			73,773
Foreign exchange translation adjustment		1,052		—			1,052

Goodwill at December 31, 2012	$	1,530,849	$	252,561		$	1,783,410
Changes to goodwill ⁽²⁾		14,370		(468	)		13,902
Foreign exchange translation adjustment		1,509		—			1,509

Goodwill at December 31, 2013	$	1,546,728	$	252,093		$	1,798,821

⁽¹⁾

⁽²⁾

Components of Intangible Assets by Major Class

The gross carrying amounts, accumulated amortization and net intangible asset totals related to the Company’s identifiable intangible assets are as follows:


	As of
(in thousands)	December 31, 2013			December 31, 2012
Gross intangible assets:
Customer relationships	$	478,735		$	474,236
Trademarks/trade names		257,282			256,582
Technology/software		199,778			193,192
Proprietary process		3,800			3,800
Proprietary data		28,527			28,527

Subtotal		968,122			956,337
Foreign exchange translation adjustment		1,962			836

Total gross intangible assets	$	970,084		$	957,173

Accumulated amortization:
Customer relationships	$	(125,359	)	$	(92,631	)
Trademarks/trade names		(75,696	)		(62,270	)
Technology/software		(168,481	)		(159,375	)
Proprietary process		(2,269	)		(1,636	)
Proprietary data		(2,326	)		(184	)

Subtotal		(374,131	)		(316,096	)
Foreign exchange translation adjustment		(246	)		(3	)

Total accumulated amortization	$	(374,377	)	$	(316,099	)

Net intangible assets:
Customer relationships	$	353,376		$	381,605
Trademarks/trade names		181,586			194,312
Technology/software		31,297			33,817
Proprietary process		1,531			2,164
Proprietary data		26,201			28,343

Subtotal		593,991			640,241
Foreign exchange translation adjustment		1,716			833

Total net intangible assets	$	595,707		$	641,074

Estimated Amortization Expense for Succeeding Years

Estimated amortization expense for succeeding years is presented below:


For the Years Ending December 31,	Amortization Expense
	(in thousands)
2014	$	58,412
2015		58,515
2016		56,337
2017		50,206
2018		47,659
Thereafter		324,578


Total	$	595,707

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Components of Share-Based Compensation Expense


	For the Years Ended
(in thousands)	December 31, 2013		December 31, 2012		December 31, 2011

Deferred stock	$	23,910	$	23,198	$	27,067
Stock options		1,643		2,398		4,682


Total	$	25,553	$	25,596	$	31,749

Summary of Vested and Unvested Deferred Stock Awards Activity

The following table sets forth activity concerning the Company’s vested and unvested deferred stock awards applicable to its employees:


For the Year Ended December 31, 2013	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Vested and unvested deferred stock awards at December 31, 2012		1,440		$	32.47
Granted		797		$	34.06
Conversion to common stock		(847	)	$	32.30
Canceled		(153	)	$	30.65


Vested and unvested deferred stock awards at December 31, 2013 ⁽¹⁾		1,237		$	33.84

⁽¹⁾	As of December 31, 2013, 1,212 restricted stock units and restricted stock awards, with a weighted average price of $33.84, were vested or expected to vest.

Summary of Unvested Deferred Stock Awards Activity

The following table sets forth activity concerning the Company’s unvested deferred stock awards related to its employees:


For the Year Ended December 31, 2013	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Unvested deferred stock awards at December 31, 2012⁽¹⁾		1,136		$	32.16
Granted		599		$	34.01
Vested		(688	)	$	31.91
Canceled		(153	)	$	30.65


Unvested deferred stock awards at December 31, 2013		894		$	33.85


Unvested deferred stock awards expected to vest		868		$	33.85

⁽¹⁾	Unvested deferred stock awards represent awards where recipients have yet to satisfy either the explicit vesting terms or retirement-eligibility requirements.

Weighted Average Fair Value of Stock Options Assumed

The weighted average fair value of MSCI stock options issued by the Company in the year ended December 31, 2013 was $19.18, utilizing the following assumptions:


	Assumptions
Risk free interest rate		1.87	%
Expected option life in years		6.50
Expected stock price volatility		46.07	%
Expected dividend yield		—

Summary of Stock Options Activity

The following table sets forth activity concerning MSCI stock options granted to the Company’s employees for the year ended December 31, 2013:


For the Year Ended December 31, 2013	Number of Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Life (Years)		Aggregated Intrinsic Value (in thousands)
Options outstanding at December 31, 2012		2,607		$	19.62		5.82		N/A
Granted or assumed		104		$	40.23		N/A		N/A
Forfeited		(20	)	$	18.99		N/A		N/A
Conversion to common stock		(705	)	$	16.43		N/A		N/A


Options outstanding at December 31, 2013		1,986		$	21.85		4.55	$	43,445


Options exercisable at December 31, 2013		1,729		$	19.42		4.02	$	42,005


Options vested or expected to vest		1,986		$	21.85		4.55	$	43,445

Summary of Stock Options Outstanding by Exercise Price Range

The following table presents information relating to the Company’s outstanding stock options as of December 31, 2013:


At December 31, 2013	Options Outstanding
Range of Exercise Prices	Number Outstanding (in thousands)		Weighted Average Exercise Price		Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)
$2.76 to $16.48		204	$	11.95		3.20	$	6,481
$18.00		961	$	18.00		3.86	$	24,706
$20.45 to $25.64		509	$	23.23		4.32	$	10,433
$36.70 to $40.23		312	$	37.88		7.88	$	1,825


Total		1,986					$	43,445

Summary of Stock Options Exercisable by Exercise Price Range

The following table presents information relating to the Company’s exercisable stock options as of December 31, 2013:


At December 31, 2013	Options Exercisable
Range of Exercise Prices	Number Outstanding (in thousands)		Weighted Average Exercise Price		Average Remaining Life (Years)		Aggregate Intrinsic Value (in thousands)
$2.76 to $16.48		204	$	11.95		3.20	$	6,481
$18.00		961	$	18.00		3.86	$	24,706
$20.45 to $25.64		509	$	23.23		4.32	$	10,433
$36.70 to $40.23		55	$	36.70		6.95	$	385


Total		1,729					$	42,005

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes (Benefits)

The provision for income taxes (benefits) consisted of:


	For the Years Ended
(in thousands)	December 31, 2013			December 31, 2012			December 31, 2011
Current
U.S. federal	$	100,504		$	94,022		$	53,041
U.S. state and local		17,513			19,067			12,573
Non U.S.		20,113			22,277			18,720


		138,130			135,366			84,334

Deferred
U.S. federal		(9,044	)		(24,733	)		12,412
U.S. state and local		(3,614	)		(5,225	)		(2,643	)
Non U.S.		(2,408	)		(237	)		(4,144	)


		(15,066	)		(30,195	)		5,625


Provision for income taxes	$	123,064		$	105,171		$	89,959

Reconciliation of Provision to U. S. Federal Statutory Income Tax Rate

The following table reconciles the provision to the U.S. federal statutory income tax rate:


	For the Years Ended
	December 31, 2013			December 31, 2012			December 31, 2011
U.S. federal statutory income tax rate		35.00	%		35.00	%		35.00	%
U.S. state and local income taxes, net of U.S. federal income tax benefits		3.06	%		2.10	%		2.45	%

Change in tax rates applicable to non-U.S. earnings		(0.95	%)		(1.90	%)		(3.33	%)
Domestic tax credits		(0.86	%)		—	%		(0.95	%)
Other		(0.64	%)		1.14	%		0.98	%


Effective income tax rate		35.61	%		36.34	%		34.15	%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012, were as follows:


	As of
(in thousands)	December 31, 2013			December 31, 2012
Deferred tax assets:
Employee compensation and benefit plans	$	35,051		$	33,183
Deferred rent		9,810			8,592
Property, equipment and leasehold improvements, net		949			—
State taxes		3,847			1,716
Interest rate swap		—			523
Foreign currency translation		—			144
Pension		454			505
Unearned revenue		1,493			908
NOL carryforward – current		2,129			741
NOL carryforward – non-current		34,699			3,849
Other		3,043			3,239

Subtotal		91,475			53,400
Less: valuation allowance		(23,399	)		(209	)

Total deferred tax assets	$	68,076		$	53,191


Deferred tax liabilities:
Intangible assets	$	(235,102	)	$	(236,838	)
Foreign currency translation		(378	)		—
Property, equipment and leasehold improvements, net		—			(1,046	)
Other		(762	)		—


Total deferred tax liabilities	$	(236,242	)	$	(237,884	)


Net deferred tax liabilities	$	(168,166	)	$	(184,693	)


Net current deferred tax asset	$	52,888		$	49,552
Net non-current deferred tax liabilities		(221,054	)		(234,245	)


Net deferred tax liabilities	$	(168,166	)	$	(184,693	)

Summary of Components of Income Before Provision for Income Taxes

The following table presents the components of income before provision for income taxes generated by domestic or foreign operations for the periods indicated:


	For the Years Ended
(in thousands)	December 31, 2013		December 31, 2012		December 31, 2011
Domestic	$	301,697	$	237,816	$	220,302

Foreign ⁽¹⁾		43,924		51,593		43,111

Total income before provision for income taxes	$	345,621	$	289,409	$	263,413

⁽¹⁾	Foreign income before provision for income taxes is defined as income generated from operations located outside the U.S.

Reconciliation of Unrecognized Tax Benefits


Gross unrecognized tax benefits	Year Ended December 31, 2013			Year Ended December 31, 2012			Year Ended December 31, 2011
(amounts in thousands)
Beginning balance	$	6,827		$	13,168		$	13,392
Increases based on tax positions related to the current period		194			—			—
Increases based on tax positions related to prior periods		2,690			349			1,061
Decreases based on tax positions related to prior periods		(2,474	)		(427	)		(1,132	)
Increases/ (Decreases) related to settlements with taxing authorities		—			(6,263	)		(153	)
Increases/(Decreases) related to a lapse of applicable statute of limitations		(148	)		—			—


Ending balance	$	7,089		$	6,827		$	13,168

Summary of Major Tax Jurisdictions and Open Tax Years

The following table summarizes the major taxing jurisdictions in which the Company and its affiliates operate and the open tax years for each major jurisdiction:


Tax Jurisdiction	Tax Years
United States		2005-2012
California		2009-2012
New York State		2007-2012
New York City		2007-2012
Hong Kong		2007-2012
United Kingdom		2011-2012
Canada		2006-2012
Japan		2009-2012
India		2008-2013

Segment Information (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Key Financial Information by Operating Segments

The following table presents MSCI’s operating segments’ results for the years ended December 31, 2013, 2012 and 2011:


	Years Ended
(in thousands)	December 31, 2013		December 31, 2012		December 31, 2011
Operating revenues
Performance and Risk	$	913,364	$	826,990	$	781,355
Governance		122,303		123,151		119,586

Consolidated	$	1,035,667	$	950,141	$	900,941


Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements
Performance and Risk	$	63,086	$	65,182	$	67,558
Governance		17,419		16,816		17,672

Consolidated	$	80,505	$	81,998	$	85,230


Operating income
Performance and Risk	$	356,500	$	334,547	$	310,504
Governance		15,006		12,389		11,494

Consolidated	$	371,506	$	346,936	$	321,998

Revenue by Geographic Area

The following table sets forth revenue for the periods indicated by geographic area:


	For the Years Ended
(in thousands)	December 31, 2013		December 31, 2012		December 31, 2011
Revenues
Americas:
United States	$	506,392	$	485,603	$	457,591
Other		38,653		31,929		32,188


Total Americas		545,045		517,532		489,779


Europe, the Middle East and Africa (“EMEA”):
United Kingdom		152,714		118,827		106,648
Other		214,316		189,465		180,600


Total EMEA		367,030		308,292		287,248


Asia & Australia:
Japan		50,701		57,419		58,023
Other		72,891		66,898		65,891


Total Asia & Australia		123,592		124,317		123,914

Total	$	1,035,667	$	950,141	$	900,941

Long-Lived Assets by Geographic Area

The following table sets forth long-lived assets on the dates indicated by geographic area:


	As of
(in thousands)	December 31, 2013		December 31, 2012
Long-lived assets
Americas:
United States	$	2,323,781	$	2,334,877
Other		4,082		4,608


Total Americas		2,327,863		2,339,485


EMEA:
United Kingdom		133,411		139,714
Other		11,871		8,749


Total EMEA		145,282		148,463


Asia & Australia:
Japan		1,543		297
Other		5,428		3,658


Total Asia & Australia		6,971		3,955


Total	$	2,480,116	$	2,491,903

Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Results of Operations


	2013												2012
	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			First Quarter			Second Quarter			Third Quarter			Fourth Quarter
	(in thousands, except per share data)
Operating revenues	$	251,909		$	257,898		$	258,238		$	267,622		$	229,052		$	238,565		$	235,444		$	247,080

Cost of services		80,185			83,359			80,040			84,727			72,291			73,243			68,350			74,191
Selling, general and administrative		61,631			57,612			65,380			70,722			55,436			57,602			62,973			57,172
Restructuring		—			—			—			—			(29	)		(22	)		—			—
Amortization of intangible assets		14,486			14,509			14,448			14,760			15,959			15,959			15,959			15,421
Depreciation and amortization of property, equipment and leasehold improvements		5,080			5,246			5,934			6,042			4,416			4,662			4,633			4,989


Total operating expenses		161,382			160,726			165,802			176,251			148,073			151,444			151,915			151,773


Operating income		90,527			97,172			92,436			91,371			80,979			87,121			83,529			95,307
Interest income		(268	)		(237	)		(265	)		(261	)		(223	)		(237	)		(252	)		(242	)
Interest expense ⁽¹⁾		7,020			6,504			5,827			6,914			12,355			29,581			7,314			7,178
Other expense (income)		224			(354	)		627			154			608			516			873			56


Other expense (income), net		6,976			5,913			6,189			6,807			12,740			29,860			7,935			6,992


Income before provision for income taxes		83,551			91,259			86,247			84,564			68,239			57,261			75,594			88,315
Provision for income taxes		24,614			30,206			30,937			37,307			24,273			19,715			27,320			33,863


Net income	$	58,937		$	61,053		$	55,310		$	47,257		$	43,966		$	37,546		$	48,274		$	54,452


Earnings per basic common share	$	0.49		$	0.50		$	0.46		$	0.40		$	0.36		$	0.31		$	0.39		$	0.44


Earnings per diluted common share	$	0.48		$	0.50		$	0.46		$	0.39		$	0.35		$	0.30		$	0.39		$	0.44


Weighted average shares outstanding used in computing per share data
Basic		120,746			121,149			119,607			118,828			121,754			122,030			122,261			122,082


Diluted		121,702			122,069			120,578			119,877			123,113			123,295			123,450			122,995

⁽¹⁾	Increased Interest expense during the second quarter of 2012 was primarily the result of the accelerated recognition of deferred financing costs associated with the refinancing of the Company’s debt that occurred during the quarter.

Introduction and Basis of Presentation - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($) Segment	Dec. 31, 2012 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)
Introduction And Basis Of Presentation [Line Items]
Number of operating segments \| Segment	2
Minimum percentage of voting stock for consolidation	50.00%
Maximum percentage of voting stock in variable interest entity for consolidation	20.00%
Cumulative revenue reduction of one-time adjustment		$ 5,200
Capitalized software development costs	$ 3,285	0
Remaining useful life, minimum	1 year
Remaining useful life, maximum	20 years
Period of cash and cash equivalents	90 days or less
Cash and cash equivalents	$ 358,434	183,309	$ 252,211	$ 269,423
Short-term investments		$ 70,898
Percentage of operating revenues accounted for by major customer	10.00%	10.00%	10.00%
Furniture & Fixtures [Member]
Introduction And Basis Of Presentation [Line Items]
Estimates of useful lives	7 years
Estimates of useful lives	Five years
Minimum [Member]
Introduction And Basis Of Presentation [Line Items]
Estimates of useful lives	3 years
Minimum [Member] \| U.S. Treasury securities [Member]
Introduction And Basis Of Presentation [Line Items]
Debt security maturity (days)	91 days
Minimum [Member] \| Computer & Related Equipment [Member]
Introduction And Basis Of Presentation [Line Items]
Estimates of useful lives	3 years
Maximum [Member]
Introduction And Basis Of Presentation [Line Items]
Estimates of useful lives	5 years
Maximum [Member] \| U.S. Treasury securities [Member]
Introduction And Basis Of Presentation [Line Items]
Debt security maturity (days)	360 days
Maximum [Member] \| Computer & Related Equipment [Member]
Introduction And Basis Of Presentation [Line Items]
Estimates of useful lives	5 years

Introduction and Basis of Presentation - Changes in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Receivables [Abstract]
Balance at beginning of year	$ 964	$ 857	$ 877
Addition to provision	876	403	545
Amounts written off, net of recoveries	(560)	(296)	(565)
Balance at ending of year	$ 1,280	$ 964	$ 857

Reclassifications Out of Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense	$ (6,914)	$ (5,827)	$ (6,504)	$ (7,020)	$ (7,178)	$ (7,314)	$ (29,581)	$ (12,355)	$ (26,265)	$ (56,428)	$ (55,819)
Tax benefit (expense)	(37,307)	(30,937)	(30,206)	(24,614)	(33,863)	(27,320)	(19,715)	(24,273)	(123,064)	(105,171)	(89,959)
Net income	47,257	55,310	61,053	58,937	54,452	48,274	37,546	43,966	222,557	184,238	173,454
Interest income	$ 261	$ 265	$ 237	$ 268	$ 242	$ 252	$ 237	$ 223	1,031	954	848
Net periodic benefit expense									(2,700)	$ (3,100)	$ (1,900)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Net income									(863)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] \| Unrealized losses on cash flow hedges [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax benefit (expense)									524
Net income									(840)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] \| Unrealized losses on cash flow hedges [Member] \| Interest rate swaps [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest expense									(1,364)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] \| Unrealized gains on available-for-sale securities [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax benefit (expense)									(2)
Net income									3
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] \| Unrealized gains on available-for-sale securities [Member] \| Short-term investments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Interest income									5
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] \| Defined benefit pension plans Amount recognized as a component of net periodic benefit expense [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax benefit (expense)									6
Net income									(26)
Amount Reclassified from Accumulated Other Comprehensive Income (Loss) [Member] \| Defined benefit pension plans Amount recognized as a component of net periodic benefit expense [Member] \| Curtailments and Settlements [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Net periodic benefit expense									$ (32)

Earnings Per Common Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share [Abstract]
Anti-dilutive stock options excluded from the calculation of diluted EPS	26,407	6,714	19,754

Earnings Per Common Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share [Abstract]
Net income	$ 47,257	$ 55,310	$ 61,053	$ 58,937	$ 54,452	$ 48,274	$ 37,546	$ 43,966	$ 222,557	$ 184,238	$ 173,454
Less: Allocations of earnings to unvested restricted stock units									(633)	(1,547)	(627)
Earnings available to MSCI common shareholders									$ 221,924	$ 182,691	$ 172,827
Basic weighted average common stock outstanding	118,828	119,607	121,149	120,746	122,082	122,261	122,030	121,754	120,100	122,023	120,717
Stock options and restricted stock units									974	1,181	1,559
Diluted weighted average common shares outstanding	119,877	120,578	122,069	121,702	122,995	123,450	123,295	123,113	121,074	123,204	122,276
Earnings per basic common share	$ 0.40	$ 0.46	$ 0.50	$ 0.49	$ 0.44	$ 0.39	$ 0.31	$ 0.36	$ 1.85	$ 1.50	$ 1.43
Earnings per diluted common share	$ 0.39	$ 0.46	$ 0.50	$ 0.48	$ 0.44	$ 0.39	$ 0.30	$ 0.35	$ 1.83	$ 1.48	$ 1.41

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Short-Term Investments - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Amortized Cost And Fair Value Debt Securities [Abstract]
Short-term investment held by company		$ 70,898

Short-Term Investments - Summary of Fair Value and Gross Unrealized Gains and Losses of Debt Securities Available-for-Sale (Detail) - U.S. Treasury securities [Member] $ in Thousands	Dec. 31, 2012 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost plus Accrued Interest	$ 70,893
Gross unrealized gains	5
Gross unrealized losses
Estimated Fair value	$ 70,898

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions				12 Months Ended
	Mar. 31, 2013	May 04, 2012	Mar. 14, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 30, 2013	Aug. 02, 2013	Jul. 31, 2013	Dec. 14, 2012	Dec. 13, 2012
Schedule Of Commitments And Contingencies [Line Items]
Annual rent expense				$ 26,000,000	$ 24,700,000	$ 18,500,000
Repurchase program authorizing the purchase of shares											$ 300,000,000
Stockholders equity period increase decrease					100,000,000
Remaining stock to be repurchased				100,000,000
Debt principal repayment over first two years		$ 5,100,000		20,250,000
Debt principal repayment over next three years		10,100,000		40,500,000
Debt principal repayment final year		$ 658,100,000
Term loan description		The Company is required to repay $5.1 million in quarterly payments over the first two years and $10.1 million in quarterly payments over the next three years, with the exception of the final payment on December 2018, which will be $658.1 million (assuming no prepayments).
Prepayment of Term Loan	$ 15,000,000
Current maturities of long-term debt				19,772,000	43,093,000
Discount on long-term debt current				0.5	0.9
Long-term debt, net of current maturities				788,010,000	811,623,000
Discount on long-term debt non current				1.7	2.4
Deferred financing fees unamortized				8,300,000
Amortized deferred financing fees				3,300,000	18,100,000
Amortized debt discount				1,066,000	5,305,000	$ 1,051,000
Fair market value of debt obligations				812,000,000	862,300,000
Retained earnings were restricted as to the payments of dividends				770,256,000	547,699,000
Amount available for restricted payments				355,700,000
Prepaid and other assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees unamortized				1,800,000
Other non-current assets [Member]
Schedule Of Commitments And Contingencies [Line Items]
Deferred financing fees unamortized				6,500,000
Treasury Stock [Member]
Schedule Of Commitments And Contingencies [Line Items]
Stockholders equity period increase decrease				35,000,000	65,000,000
Additional Paid-In Capital [Member]
Schedule Of Commitments And Contingencies [Line Items]
Stockholders equity period increase decrease				35,000,000	$ 35,000,000
Foreign Currency Forwards [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Schedule Of Commitments And Contingencies [Line Items]
Foreign currency forwards, notional amount				$ 27,400,000
December 2012 ASR Program [Member] \| Accelerated Share Repurchase Program [Member]
Schedule Of Commitments And Contingencies [Line Items]
Shares repurchases, value								$ 100,000,000			$ 100,000,000
Repurchased common shares							0.5	1.9	0.8	2.2
Repurchased common shares, average purchase price paid per share				$ 33.47
Repurchased common shares, average purchase price paid per share				$ 41.06
2010 Term Loan [Member]
Schedule Of Commitments And Contingencies [Line Items]
Credit facility expiration period				6 years
2011 Term Loan [Member]
Schedule Of Commitments And Contingencies [Line Items]
Maturity period of the facility			Mar. 01, 2017
Revolving Credit Facility [Member]
Schedule Of Commitments And Contingencies [Line Items]
Credit facility expiration period				5 years
Amended and Restated Credit Facility [Member]
Schedule Of Commitments And Contingencies [Line Items]
Amended and Restated Credit Facility fee paid				$ 5,700,000
Deferred financing fees				$ 3,900,000
Term Loan [Member] \| Minimum [Member]
Schedule Of Commitments And Contingencies [Line Items]
Initial bearing interest rate, percentage				2.00%
Term Loan [Member] \| Maximum [Member]
Schedule Of Commitments And Contingencies [Line Items]
Initial bearing interest rate, percentage				2.17%
Term Loan A [Member] \| Amended and Restated Credit Facility [Member]
Schedule Of Commitments And Contingencies [Line Items]
Maturity period of the facility		May 04, 2017
Aggregate amount of debt		$ 880,000,000
Senior Secured Revolving Facility [Member]
Schedule Of Commitments And Contingencies [Line Items]
Maturity period of the facility		Dec. 31, 2018
Senior Secured Revolving Facility [Member] \| Amended and Restated Credit Facility [Member]
Schedule Of Commitments And Contingencies [Line Items]
Maturity period of the facility		May 04, 2017
Aggregate amount of debt		$ 100,000,000

Commitments and Contingencies - Summary of Future Minimum Commitments Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Leases [Abstract]
2014	$ 32,806
2015	30,918
2016	30,445
2017	28,390
2018	27,308
Thereafter	176,311
Total	$ 326,178

Commitments and Contingencies - Summary of Aggregate Amount of All Long-Term Debt to be Repaid (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	May 04, 2012
Commitments And Contingencies Disclosure [Abstract]
2014	$ 20,250
2015	20,250	$ 5,100
2016	40,500	$ 10,100
2017	40,500
2018	688,500
Total	$ 810,000

Commitments and Contingencies - Summary of Fair Values of Derivative Instruments (Detail) - Derivatives designated as hedging instruments [Member] - Foreign Exchange Contracts [Member] - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Other accrued liabilities [Member]
Debt Instrument [Line Items]
Liability derivatives	$ (156)	$ (203)
Prepaid and other assets [Member]
Debt Instrument [Line Items]
Asset derivatives		$ 3

Commitments and Contingencies - Interest Rate Swaps and Derivative Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Income (Effective Portion)	$ (1,364)	$ 2,437	$ (2,062)
Amount of Gain or (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)			35
Other expense [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives (Effective Portion)	$ (139)	(200)
Interest rate swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income (Loss) on Derivatives (Effective Portion)		$ (695)	$ (4,506)

Fair Value Measures - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		$ 70,898
Foreign exchange contracts		3
Total financial assets		70,901
Foreign exchange contracts	156	203
U.S. Treasury securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		70,898
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments
Foreign exchange contracts
Total financial assets
Foreign exchange contracts
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] \| U.S. Treasury securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		70,898
Foreign exchange contracts		3
Total financial assets		70,901
Foreign exchange contracts	156	203
Significant Other Observable Inputs (Level 2) [Member] \| U.S. Treasury securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments		70,898
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments
Foreign exchange contracts
Total financial assets
Foreign exchange contracts
Significant Unobservable Inputs (Level 3) [Member] \| U.S. Treasury securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments

Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Line Items]
Computer & related equipment	$ 86,384	$ 67,529
Furniture & fixtures	9,108	7,847
Leasehold improvements	52,776	48,405
Work-in-process	12,691	2,716
Subtotal	160,959	126,497
Accumulated depreciation and amortization	(75,371)	(59,078)
Property, equipment and leasehold improvements, net	$ 85,588	$ 67,419
Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Computer & Related Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Computer & Related Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Furniture & Fixtures [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	21 years
Work-In-Process [Member]
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	0 years

Property, Equipment and Leasehold Improvements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Property Plant And Equipment [Abstract]
Depreciation and amortization expense of property, equipment and leasehold improvements	$ 6,042	$ 5,934	$ 5,246	$ 5,080	$ 4,989	$ 4,633	$ 4,662	$ 4,416	$ 22,302	$ 18,700	$ 19,425

Goodwill and Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Goodwill [Line Items]
Goodwill, Beginning balance	$ 1,783,410	$ 1,708,585
Goodwill from acquisition of IPD		73,773
Foreign exchange translation adjustment	1,509	1,052
Goodwill, Ending balance	1,798,821	1,783,410
Changes to goodwill	13,902
Performance and Risk [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	1,530,849	1,456,024
Goodwill from acquisition of IPD		73,773
Foreign exchange translation adjustment	1,509	1,052
Goodwill, Ending balance	1,546,728	1,530,849
Changes to goodwill	14,370
Governance [Member]
Goodwill [Line Items]
Goodwill, Beginning balance	252,561	252,561
Goodwill from acquisition of IPD
Foreign exchange translation adjustment
Goodwill, Ending balance	252,093	$ 252,561
Changes to goodwill	$ (468)

Goodwill and Intangible Assets - Schedule of Goodwill (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Goodwill [Line Items]
Adjustments to goodwill from acquisitions of IPD and InvestorForce		$ 73,773
Performance and Risk [Member]
Goodwill [Line Items]
Adjustments to goodwill from acquisitions of IPD and InvestorForce		73,773
Performance and Risk [Member] \| Investor Force Holdings, Inc. [Member]
Goodwill [Line Items]
Adjustments to goodwill from acquisitions of IPD and InvestorForce	$ 11,600
Performance and Risk [Member] \| IPD [Member]
Goodwill [Line Items]
Adjustments to goodwill from acquisitions of IPD and InvestorForce	2,700
Governance [Member]
Goodwill [Line Items]
Adjustments to goodwill from acquisitions of IPD and InvestorForce
Adjustments to goodwill from sale of CFRA	500
Performance and Risk Segments Books [Member] \| Error Correction [Member]
Goodwill [Line Items]
Increase (decrease) in net deferred tax liability and goodwill value	(21,400)
Governance Segments Books [Member] \| Error Correction [Member]
Goodwill [Line Items]
Increase (decrease) in net deferred tax liability and goodwill value	$ 21,400

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14,760	$ 14,448	$ 14,509	$ 14,486	$ 15,421	$ 15,959	$ 15,959	$ 15,959	$ 58,203	$ 63,298	$ 65,805

Goodwill and Intangible Assets - Components of Intangible Assets by Major Class (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 970,084	$ 957,173
Accumulated amortization	(374,377)	(316,099)
Net carrying value	595,707	641,074
Subtotal [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	968,122	956,337
Accumulated amortization	(374,131)	(316,096)
Net carrying value	593,991	640,241
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	478,735	474,236
Accumulated amortization	(125,359)	(92,631)
Net carrying value	353,376	381,605
Trademarks/Trade names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	257,282	256,582
Accumulated amortization	(75,696)	(62,270)
Net carrying value	181,586	194,312
Technology/Software [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	199,778	193,192
Accumulated amortization	(168,481)	(159,375)
Net carrying value	31,297	33,817
Proprietary Process [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	3,800	3,800
Accumulated amortization	(2,269)	(1,636)
Net carrying value	1,531	2,164
Proprietary Data [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	28,527	28,527
Accumulated amortization	(2,326)	(184)
Net carrying value	26,201	28,343
Foreign Exchange Translation Adjustment [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	1,962	836
Accumulated amortization	(246)	(3)
Net carrying value	$ 1,716	$ 833

Goodwill and Intangible Assets - Estimated Amortization Expense for Succeeding Years (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Goodwill And Intangible Assets Disclosure [Abstract]
2014	$ 58,412
2015	58,515
2016	56,337
2017	50,206
2018	47,659
Thereafter	324,578
Total	$ 595,707	$ 641,074

Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Employee Benefit Plans [Line Items]
Pension and post-retirement benefit expenses	$ 21.2	$ 19.0	$ 15.9
Percentage of additional contribution from the Company to employees' cash compensation	3.00%
Defined contribution plan expenses	$ 18.5	15.9	14.0
Net periodic benefit expense	2.7	3.1	1.9
Defined benefit plan, liability	7.7
Defined benefit plan, assets	15.7
Cost of services [Member]
Employee Benefit Plans [Line Items]
Pension and post-retirement benefit expenses	13.3	12.0	9.8
Selling, General and Administrative [Member]
Employee Benefit Plans [Line Items]
Pension and post-retirement benefit expenses	$ 7.9	$ 7.0	$ 6.1

Share-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions		1 Months Ended		12 Months Ended
	Dec. 31, 2013 USD ($) shares	Jan. 31, 2014 USD ($) shares	Dec. 10, 2010 USD ($)	Dec. 31, 2013 USD ($) $ / shares shares	Dec. 31, 2012 USD ($) shares	Dec. 31, 2011 USD ($)	Dec. 14, 2010 USD ($)	Nov. 14, 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
CEO Award vesting period			5 years
Stock option award value			$ 3.6
Award vesting rights, percentage vested			25.00%
Number of shares grants in period \| shares				104,000
Tax benefits for share-based compensation expense related to deferred stock and stock options				$ 2.6	$ 1.0	$ 7.3
Compensation cost related to unvested share-based awards not yet recognized	$ 13.1			$ 13.1
Number of shares available for future grant \| shares	6,700,000			6,700,000
Total fair value of restricted stock units and restricted stock awards converted or vested to common stock				$ 28.2	15.3	35.2
Weighted average fair value of stock options assumed \| $ / shares				$ 19.18
Intrinsic value of the stock options exercised				$ 13.9	14.5	19.4
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost related to unvested share-based awards not yet recognized, period for recognition	1 year
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost related to unvested share-based awards not yet recognized, period for recognition	3 years
Cost of Services [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense				10.3	9.6	12.4
Selling, General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense				$ 15.3	$ 16.0	19.3
Restructuring Charges [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share based compensation expense						$ 0.1
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded \| shares				4,688	4,544
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares awarded \| shares				20,514	18,603
Founders Grant Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards								Four-year
2010 Bonus Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards							Three-year
Amount of the award granted to retirement-eligible employees							$ 6.2
Aggregate fair value							$ 18.9
Fraction of bonus award vested per year							33.33
Award annual fraction of time-vesting							One-half
2011 Bonus Award [Member] \| Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards						Three-year
Amount of the award granted to retirement-eligible employees						$ 6.7
Aggregate fair value						$ 21.2
Fraction of bonus award vested per year						33.33
Award annual fraction of time-vesting						One-half
Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of awards	Three-year			Three-year
Amount of the award granted to retirement-eligible employees	$ 6.2			$ 6.2
Aggregate fair value	$ 21.7			$ 21.7
Award annual fraction of time-vesting	One-half			One-half
Restricted Stock Units [Member] \| Subsequent Events [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amount of the award granted to retirement-eligible employees		$ 6.8
Aggregate fair value		$ 24.3
Number of shares grants in period \| shares		575,457

Share-Based Compensation - Components of Share-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 25,553	$ 25,596	$ 31,749
Deferred stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	23,910	23,198	27,067
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total	$ 1,643	$ 2,398	$ 4,682

Share-Based Compensation - Summary of Vested and Unvested Deferred Stock Awards Activity (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2013 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Vested and unvested deferred stock awards at the beginning of period, Number of Shares \| shares	1,440
Granted, Number of Shares \| shares	797
Conversion to common stock, Number of Shares \| shares	(847)
Canceled, Number of Shares \| shares	(153)
Vested and unvested deferred stock awards at the end of period, Number of Shares \| shares	1,237
Vested and unvested deferred stock awards at the beginning of period, Weighted Average Grant Date Fair Value \| $ / shares	$ 32.47
Granted, Weighted Average Grant Date Fair Value \| $ / shares	34.06
Conversion to common stock, Weighted Average Grant Date Fair Value \| $ / shares	32.30
Canceled, Weighted Average Grant Date Fair Value \| $ / shares	30.65
Vested and unvested deferred stock awards at the end of period, Weighted Average Grant Date Fair Value \| $ / shares	$ 33.84

Share-Based Compensation - Summary of Vested and Unvested Deferred Stock Awards Activity (Parenthetical) (Detail) shares in Thousands	Dec. 31, 2013 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Restricted stock units and restricted stock awards, vested or expected to vest \| shares	1,212
Restricted stock units and restricted stock awards vested or expected to vest, weighted average price \| $ / shares	$ 33.84

Share-Based Compensation - Summary of Unvested Deferred Stock Awards Activity (Detail) shares in Thousands	12 Months Ended
	Dec. 31, 2013 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted Average Grant Date Fair Value, balance at the beginning of the period \| $ / shares	$ 32.16
Weighted Average Grant Date Fair Value, Granted \| $ / shares	34.01
Weighted Average Grant Date Fair Value, Vested \| $ / shares	31.91
Weighted Average Grant Date Fair Value, Canceled \| $ / shares	30.65
Weighted Average Grant Date Fair Value, balance at the end of the period \| $ / shares	33.85
Weighted Average Grant Date Fair Value, Expected to vest \| $ / shares	$ 33.85
Unvested Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested deferred stock awards, balance at the beginning of period \| shares	1,136
Number of Shares, Granted \| shares	599
Number of Shares, Vested \| shares	(688)
Number of Shares, Canceled \| shares	(153)
Unvested deferred stock awards, balance at the end of period \| shares	894
Number of shares, Expected to vest \| shares	868

Share-Based Compensation - Weighted Average Fair Value of Stock Options Assumed (Detail)	12 Months Ended
	Dec. 31, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Risk free interest rate	1.87%
Expected option life in years	6 years 6 months
Expected stock price volatility	46.07%
Expected dividend yield

Share-Based Compensation - Summary of Stock Options Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Options outstanding, Beginning balance	2,607
Number of Options, Granted or assumed	104
Number of Options, Forfeited	(20)
Number of Options, Conversion to common stock	(705)
Number of Options, Options outstanding, Ending balance	1,986	2,607
Number of Options, Options exercisable	1,729
Number of Options, Options vested or expected to vest	1,986
Weighted Average Exercise Price, Options outstanding, Beginning balance	$ 19.62
Weighted Average Exercise Price, Granted or assumed	40.23
Weighted Average Exercise Price, Forfeited	18.99
Weighted Average Exercise Price, Conversion to common stock	16.43
Weighted Average Exercise Price, Options outstanding, Ending balance	21.85	$ 19.62
Weighted Average Exercise Price, Options Exercisable	19.42
Weighted Average Exercise Price, Options vested or expected to vest	$ 21.85
Weighted Average Remaining Life (Years), Options outstanding	4 years 6 months 18 days	5 years 9 months 26 days
Weighted Average Remaining Life (Years), Options exercisable	4 years 7 days
Weighted Average Remaining Life (Years), Options vested or expected to vest	4 years 6 months 18 days
Aggregated Intrinsic Value, Options outstanding	$ 43,445
Aggregated Intrinsic Value, Options exercisable	42,005
Aggregated Intrinsic Value, Options vested or expected to vest	$ 43,445

Share-Based Compensation - Summary of Stock Options Outstanding by Exercise Price Range (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($) $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding, Options Outstanding \| shares	1,986
Aggregate Intrinsic Value, Options Outstanding \| $	$ 43,445
Fourth Exercise Price Range [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Minimum	$ 36.70
Range of Exercise Price, Maximum	$ 40.23
Number Outstanding, Options Outstanding \| shares	312
Weighted Average Exercise Price, Options Outstanding	$ 37.88
Average Remaining Life (Years), Options Outstanding	7 years 10 months 17 days
Aggregate Intrinsic Value, Options Outstanding \| $	$ 1,825
Third Exercise Price Range [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Minimum	$ 20.45
Range of Exercise Price, Maximum	$ 25.64
Number Outstanding, Options Outstanding \| shares	509
Weighted Average Exercise Price, Options Outstanding	$ 23.23
Average Remaining Life (Years), Options Outstanding	4 years 3 months 26 days
Aggregate Intrinsic Value, Options Outstanding \| $	$ 10,433
Second Exercise Price Range [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices	$ 18.00
Number Outstanding, Options Outstanding \| shares	961
Weighted Average Exercise Price, Options Outstanding	$ 18.00
Average Remaining Life (Years), Options Outstanding	3 years 10 months 10 days
Aggregate Intrinsic Value, Options Outstanding \| $	$ 24,706
First Exercise Price Range [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Minimum	$ 2.76
Range of Exercise Price, Maximum	$ 16.48
Number Outstanding, Options Outstanding \| shares	204
Weighted Average Exercise Price, Options Outstanding	$ 11.95
Average Remaining Life (Years), Options Outstanding	3 years 2 months 12 days
Aggregate Intrinsic Value, Options Outstanding \| $	$ 6,481

Share-Based Compensation - Summary of Stock Options Exercisable by Exercise Price Range (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2013 USD ($) $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding, Options Exercisable \| shares	1,729
Weighted Average Exercise Price, Options Exercisable	$ 19.42
Aggregate Intrinsic Value, Options Exercisable \| $	$ 42,005
Fourth Exercise Price Range [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Minimum	$ 36.70
Range of Exercise Price, Maximum	$ 40.23
Number Outstanding, Options Exercisable \| shares	55
Weighted Average Exercise Price, Options Exercisable	$ 36.70
Average Remaining Life (Years), Options Exercisable	6 years 11 months 12 days
Aggregate Intrinsic Value, Options Exercisable \| $	$ 385
Third Exercise Price Range [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Minimum	$ 20.45
Range of Exercise Price, Maximum	$ 25.64
Number Outstanding, Options Exercisable \| shares	509
Weighted Average Exercise Price, Options Exercisable	$ 23.23
Average Remaining Life (Years), Options Exercisable	4 years 3 months 26 days
Aggregate Intrinsic Value, Options Exercisable \| $	$ 10,433
Second Exercise Price Range [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Prices	$ 18.00
Number Outstanding, Options Exercisable \| shares	961
Weighted Average Exercise Price, Options Exercisable	$ 18.00
Average Remaining Life (Years), Options Exercisable	3 years 10 months 10 days
Aggregate Intrinsic Value, Options Exercisable \| $	$ 24,706
First Exercise Price Range [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Range of Exercise Price, Minimum	$ 2.76
Range of Exercise Price, Maximum	$ 16.48
Number Outstanding, Options Exercisable \| shares	204
Weighted Average Exercise Price, Options Exercisable	$ 11.95
Average Remaining Life (Years), Options Exercisable	3 years 2 months 12 days
Aggregate Intrinsic Value, Options Exercisable \| $	$ 6,481

Income Taxes - Summary of Provision for Income Taxes (Benefits) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Current, U.S. federal									$ 100,504	$ 94,022	$ 53,041
Current, U.S. state and local									17,513	19,067	12,573
Current, Non U.S.									20,113	22,277	18,720
Current provision for income taxes (benefits)									138,130	135,366	84,334
Deferred, U.S. federal									(9,044)	(24,733)	12,412
Deferred, U.S. state and local									(3,614)	(5,225)	(2,643)
Deferred, Non U.S.									(2,408)	(237)	(4,144)
Deferred provision for income taxes (benefits)									(15,066)	(30,195)	5,625
Provision for income taxes	$ 37,307	$ 30,937	$ 30,206	$ 24,614	$ 33,863	$ 27,320	$ 19,715	$ 24,273	$ 123,064	$ 105,171	$ 89,959

Income Taxes - Reconciliation of Provision to U.S. Federal Statutory Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
U.S. state and local income taxes, net of U.S. federal income tax benefits	3.06%	2.10%	2.45%
Change in tax rates applicable to non-U.S. earnings	(0.95%)	(1.90%)	(3.33%)
Domestic tax credits	(0.86%)		(0.95%)
Other	(0.64%)	1.14%	0.98%
Effective income tax rate	35.61%	36.34%	34.15%

Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Deferred tax assets:
Employee compensation and benefit plans	$ 35,051	$ 33,183
Deferred rent	9,810	8,592
Property, equipment and leasehold improvements, net	949
State taxes	3,847	1,716
Interest rate swap		523
Foreign currency translation		144
Pension	454	505
Unearned revenue	1,493	908
NOL carryforward - current	2,129	741
NOL carryforward - non-current	34,699	3,849
Other	3,043	3,239
Subtotal	91,475	53,400
Less: valuation allowance	(23,399)	(209)
Total deferred tax assets	68,076	53,191
Deferred tax liabilities:
Intangible assets	(235,102)	(236,838)
Foreign currency translation	(378)
Property, equipment and leasehold improvements, net		(1,046)
Other	(762)
Total deferred tax liabilities	(236,242)	(237,884)
Net deferred tax liabilities	(168,166)	(184,693)
Net current deferred tax asset	52,888	49,552
Net non-current deferred tax liabilities	(221,054)	(234,245)
Net deferred tax liabilities	$ (168,166)	$ (184,693)

Income Taxes - Summary of Components of Income Before Provision for Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Domestic									$ 301,697	$ 237,816	$ 220,302
Foreign									43,924	51,593	43,111
Income before provision for income taxes	$ 84,564	$ 86,247	$ 91,259	$ 83,551	$ 88,315	$ 75,594	$ 57,261	$ 68,239	$ 345,621	$ 289,409	$ 263,413

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Taxes And Tax Related [Line Items]
Earnings attributable to foreign subsidiaries	$ 188.6	$ 164.9	$ 121.1
Significant change in unrecognized tax benefits, reasonably possible (in months)	12
Significant change in unrecognized tax benefits, not possible (in months)	12
Total amount of unrecognized tax benefits	$ 6.4
Unrecognized tax benefits, interest on income tax expenses	$ 0.2
Reserve to indemnify tax settlement		12.0	$ 8.4
New York State and City [Member] \| Minimum [Member]
Income Taxes And Tax Related [Line Items]
Tax years under examination	2002
New York State and City [Member] \| Minimum [Member] \| Morgan Stanley [Member]
Income Taxes And Tax Related [Line Items]
Tax years under examination	2007
New York State and City [Member] \| Maximum [Member]
Income Taxes And Tax Related [Line Items]
Tax years under examination	2006
New York State and City [Member] \| Maximum [Member] \| Morgan Stanley [Member]
Income Taxes And Tax Related [Line Items]
Tax years under examination	2008
Internal Revenue Service (IRS) [Member] \| Minimum [Member] \| Morgan Stanley [Member]
Income Taxes And Tax Related [Line Items]
Tax years under examination	2006
Internal Revenue Service (IRS) [Member] \| Maximum [Member] \| Morgan Stanley [Member]
Income Taxes And Tax Related [Line Items]
Tax years under examination	2008
Settlement with Taxing Authority [Member]
Income Taxes And Tax Related [Line Items]
Reserve to indemnify tax settlement		$ 1.7

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Beginning balance	$ 6,827	$ 13,168	$ 13,392
Increases based on tax positions related to the current period	194
Increases based on tax positions related to prior periods	2,690	349	1,061
Decreases based on tax positions related to prior periods	(2,474)	(427)	(1,132)
Increases/ (Decreases) related to settlements with taxing authorities		(6,263)	(153)
Increases/(Decreases) related to a lapse of applicable statute of limitations	(148)
Ending balance	$ 7,089	$ 6,827	$ 13,168

Income Taxes - Summary of Major Tax Jurisdictions and Open Tax Years (Detail)	12 Months Ended
	Dec. 31, 2013
United States [Member]
Income Tax Examination [Line Items]
Tax Years	2005-2012
California [Member]
Income Tax Examination [Line Items]
Tax Years	2009-2012
New York State [Member]
Income Tax Examination [Line Items]
Tax Years	2007-2012
New York City [Member]
Income Tax Examination [Line Items]
Tax Years	2007-2012
Hong Kong [Member]
Income Tax Examination [Line Items]
Tax Years	2007-2012
United Kingdom [Member]
Income Tax Examination [Line Items]
Tax Years	2011-2012
Canada [Member]
Income Tax Examination [Line Items]
Tax Years	2006-2012
Japan [Member]
Income Tax Examination [Line Items]
Tax Years	2009-2012
INDIA
Income Tax Examination [Line Items]
Tax Years	2008-2013

Acquisitions and Dispositions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items]
Purchase price allocated to goodwill	$ 1,798,821	$ 1,783,410	$ 1,708,585
IPD [Member]
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items]
Company paid cash to acquire property	$ 124,800
Date of acquisition	Nov. 30, 2012
Purchase price allocated to goodwill	$ 76,500
Purchase price allocated to identifiable intangible assets	58,700
Purchase price allocated for assets other than identifiable intangible assets	18,600
Purchase price allocated to other liabilities	29,000
Investor Force Holdings, Inc. [Member]
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items]
Company paid cash to acquire property	$ 23,600
Date of acquisition	Jan. 29, 2013
Purchase price allocated to goodwill	$ 11,600
Purchase price allocated to identifiable intangible assets	9,100
Purchase price allocated for assets other than identifiable intangible assets	6,400
Purchase price allocated to other liabilities	$ 3,500

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2013 Segment
Segment Reporting [Abstract]
Number of operating segments	2

Segment Information - Key Financial Information by Operating Segments (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Operating revenues	$ 267,622	$ 258,238	$ 257,898	$ 251,909	$ 247,080	$ 235,444	$ 238,565	$ 229,052	$ 1,035,667	$ 950,141	$ 900,941
Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements									80,505	81,998	85,230
Operating income	$ 91,371	$ 92,436	$ 97,172	$ 90,527	$ 95,307	$ 83,529	$ 87,121	$ 80,979	371,506	346,936	321,998
Performance and Risk [Member]
Segment Reporting Information [Line Items]
Operating revenues									913,364	826,990	781,355
Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements									63,086	65,182	67,558
Operating income									356,500	334,547	310,504
Governance [Member]
Segment Reporting Information [Line Items]
Operating revenues									122,303	123,151	119,586
Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements									17,419	16,816	17,672
Operating income									$ 15,006	$ 12,389	$ 11,494

Segment Information - Revenue by Geographic Area (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Geographical Information [Line Items]
Revenues	$ 267,622	$ 258,238	$ 257,898	$ 251,909	$ 247,080	$ 235,444	$ 238,565	$ 229,052	$ 1,035,667	$ 950,141	$ 900,941
United States [Member]
Schedule Of Geographical Information [Line Items]
Revenues									506,392	485,603	457,591
Other [Member]
Schedule Of Geographical Information [Line Items]
Revenues									38,653	31,929	32,188
Total Americas [Member]
Schedule Of Geographical Information [Line Items]
Revenues									545,045	517,532	489,779
United Kingdom [Member]
Schedule Of Geographical Information [Line Items]
Revenues									152,714	118,827	106,648
Other [Member]
Schedule Of Geographical Information [Line Items]
Revenues									214,316	189,465	180,600
Total EMEA [Member]
Schedule Of Geographical Information [Line Items]
Revenues									367,030	308,292	287,248
Japan [Member]
Schedule Of Geographical Information [Line Items]
Revenues									50,701	57,419	58,023
Other [Member]
Schedule Of Geographical Information [Line Items]
Revenues									72,891	66,898	65,891
Total Asia & Australia [Member]
Schedule Of Geographical Information [Line Items]
Revenues									$ 123,592	$ 124,317	$ 123,914

Segment Information - Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands	Dec. 31, 2013	Dec. 31, 2012
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	$ 2,480,116	$ 2,491,903
United States [Member]
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	2,323,781	2,334,877
Other [Member]
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	4,082	4,608
Total Americas [Member]
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	2,327,863	2,339,485
United Kingdom [Member]
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	133,411	139,714
Other [Member]
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	11,871	8,749
Total EMEA [Member]
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	145,282	148,463
Japan [Member]
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	1,543	297
Other [Member]
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	5,428	3,658
Total Asia & Australia [Member]
Geographic Information For Property Plant And Equipment [Line Items]
Long-lived assets	$ 6,971	$ 3,955

Quarterly Results Of Operations - Summary Of Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]
Operating revenues	$ 267,622	$ 258,238	$ 257,898	$ 251,909	$ 247,080	$ 235,444	$ 238,565	$ 229,052	$ 1,035,667	$ 950,141	$ 900,941
Cost of services	84,727	80,040	83,359	80,185	74,191	68,350	73,243	72,291	328,311	288,075	277,147
Selling, general and administrative	70,722	65,380	57,612	61,631	57,172	62,973	57,602	55,436	255,345	233,183	212,972
Restructuring							(22)	(29)		51	(3,594)
Amortization of intangible assets	14,760	14,448	14,509	14,486	15,421	15,959	15,959	15,959	58,203	63,298	65,805
Depreciation and amortization of property, equipment and leasehold improvements	6,042	5,934	5,246	5,080	4,989	4,633	4,662	4,416	22,302	18,700	19,425
Total operating expenses	176,251	165,802	160,726	161,382	151,773	151,915	151,444	148,073	664,161	603,205	578,943
Operating income	91,371	92,436	97,172	90,527	95,307	83,529	87,121	80,979	371,506	346,936	321,998
Interest income	(261)	(265)	(237)	(268)	(242)	(252)	(237)	(223)	(1,031)	(954)	(848)
Interest expense	6,914	5,827	6,504	7,020	7,178	7,314	29,581	12,355	26,265	56,428	55,819
Other expense (income)	154	627	(354)	224	56	873	516	608	651	2,053	3,614
Other expense (income), net	6,807	6,189	5,913	6,976	6,992	7,935	29,860	12,740	25,885	57,527	58,585
Income before provision for income taxes	84,564	86,247	91,259	83,551	88,315	75,594	57,261	68,239	345,621	289,409	263,413
Provision for income taxes	37,307	30,937	30,206	24,614	33,863	27,320	19,715	24,273	123,064	105,171	89,959
Net income	$ 47,257	$ 55,310	$ 61,053	$ 58,937	$ 54,452	$ 48,274	$ 37,546	$ 43,966	$ 222,557	$ 184,238	$ 173,454
Earnings per basic common share	$ 0.40	$ 0.46	$ 0.50	$ 0.49	$ 0.44	$ 0.39	$ 0.31	$ 0.36	$ 1.85	$ 1.50	$ 1.43
Earnings per diluted common share	$ 0.39	$ 0.46	$ 0.50	$ 0.48	$ 0.44	$ 0.39	$ 0.30	$ 0.35	$ 1.83	$ 1.48	$ 1.41
Basic	118,828	119,607	121,149	120,746	122,082	122,261	122,030	121,754	120,100	122,023	120,717
Diluted	119,877	120,578	122,069	121,702	122,995	123,450	123,295	123,113	121,074	123,204	122,276

Subsequent Events - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions	Feb. 06, 2014	Feb. 04, 2014	Dec. 13, 2012
Subsequent Event [Line Items]
Repurchase program authorizing the purchase of shares			$ 300.0
Subsequent Events [Member]
Subsequent Event [Line Items]
Repurchase program authorizing the purchase of shares		$ 300.0
Subsequent Events [Member] \| February 2013 ASR Program [Member]
Subsequent Event [Line Items]
ASR agreement, authorized amount	$ 100.0
ASR agreement, shares repurchased	1.7