View Filing Data

Print Document View Excel Document

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2011	Oct. 31, 2011
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Entity Registrant Name	MSCI Inc.
Entity Central Index Key	0001408198
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common Class A [Member]
Entity Common Stock, Shares Outstanding		120,567,744
Common Class B [Member]
Entity Common Stock, Shares Outstanding		0

Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2011	Nov. 30, 2010
ASSETS
Cash and cash equivalents	$ 221,575	$ 226,575
Short-term investments	142,754	73,891
Trade receivables (net of allowances of $1,073 and $1,013 as of September 30, 2011 and November 30, 2010, respectively)	166,948	147,662
Deferred taxes	55,012	47,811
Prepaid taxes	19,132	21,010
Prepaid and other assets	27,015	19,334
Total current assets	632,436	536,283
Property, equipment and leasehold improvements (net of accumulated depreciation of $57,027 and $41,573 at September 30, 2011 and November 30, 2010, respectively)	36,911	34,368
Goodwill	1,708,585	1,706,671
Intangible assets (net of accumulated amortization of $239,311 and $190,311 at September 30, 2011 and November 30, 2010, respectively)	661,149	716,250
Other non-current assets	25,133	29,594
Total assets	3,064,214	3,023,166
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	431	2,162
Accrued compensation and related benefits	85,011	99,046
Other accrued liabilities	47,073	39,500
Current maturities of long-term debt	10,334	54,916
Deferred revenue	291,045	271,300
Total current liabilities	433,894	466,924
Long-term debt, net of current maturities	1,104,116	1,207,881
Deferred taxes	236,372	240,944
Other non-current liabilities	27,884	27,300
Total liabilities	1,802,266	1,943,049
Commitments and Contingencies (see Note 10)
Shareholders' equity:
Preferred stock (par value $0.01; 100,000,000 shares authorized; no shares issued)
Common stock (par value $0.01; 500,000,000 class A shares and 250,000,000 class B shares authorized; 121,708,373 and 120,544,551 class A shares issued and 120,559,212 and 119,522,043 class A shares outstanding at September 30, 2011 and November 30, 2010, respectively; no class B shares issued and outstanding at September 30, 2011 and November 30, 2010, respectively)	1,217	1,205
Treasury shares, at cost (1,149,161 and 1,022,508 shares at September 30, 2011 and November 30, 2010, respectively)	(38,142)	(33,319)
Additional paid in capital	984,253	938,014
Retained earnings	318,975	176,183
Accumulated other comprehensive loss	(4,355)	(1,966)
Total shareholders' equity	1,261,948	1,080,117
Total liabilities and shareholders' equity	$ 3,064,214	$ 3,023,166

Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2011	Nov. 30, 2010
Trade receivables, allowances	$ 1,073	$ 1,013
Property, equipment and leasehold improvements, accumulated depreciation	57,027	41,573
Intangible assets, accumulated amortization	$ 239,311	$ 190,311
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Treasury shares, at cost	1,149,161	1,022,508
Common Class A [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	121,708,373	120,544,551
Common stock, shares outstanding	120,559,212	119,522,043
Common Class B [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

Condensed Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Condensed Consolidated Statements Of Income
Operating revenues	$ 225,026	$ 202,733	$ 674,807	$ 449,583
Cost of services	68,968	69,741	208,026	129,495
Selling, general and administrative	53,724	63,306	158,463	140,944
Restructuring	(1,002)	6,953	3,469	6,953
Amortization of intangible assets	16,422	16,350	49,537	24,905
Depreciation and amortization of property, equipment and leasehold improvements	4,669	4,934	14,947	11,883
Total operating expenses	142,781	161,284	434,442	314,180
Operating income	82,245	41,449	240,365	135,403
Interest income	(184)	(114)	(513)	(865)
Interest expense	13,113	20,415	42,552	33,842
Other expense (income)	(983)	524	5,041	14
Other expense (income), net	11,946	20,825	47,080	32,991
Income before provision for income taxes	70,299	20,624	193,285	102,412
Provision for income taxes	20,512	10,305	64,317	40,508
Net income	$ 49,787	$ 10,319	$ 128,968	$ 61,904
Earnings per basic common share	$ 0.41	$ 0.09	$ 1.06	$ 0.56
Earnings per diluted common share	$ 0.40	$ 0.08	$ 1.05	$ 0.55
Weighted average shares outstanding used in computing earnings per share
Basic	120,831	118,339	120,570	109,672
Diluted	122,303	120,341	122,186	110,762

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010
Cash flows from operating activities
Net income	$ 128,968	$ 61,904
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	49,537	24,905
Share-based compensation	24,322	22,944
Depreciation of property, equipment and leasehold improvements	14,947	11,883
Amortization of debt origination fees	4,405	6,610
Deferred taxes	(12,950)	4,861
Amortization of discount on long-term debt	801	1,064
Excess tax benefits from share-based compensation	(4,076)	(2,503)
Other non-cash adjustments	1,420	321
Changes in assets and liabilities, net of assets and liabilities acquired:
Trade receivables	(28,883)	(1,800)
Prepaid income taxes	4,860	(7,943)
Prepaid and other assets	(9,649)	1,835
Accounts payable	237	(3,369)
Deferred revenue	21,166	16,042
Accrued compensation and related benefits	(15,139)	(7,377)
Other accrued liabilities	(3,083)	(9,871)
Other	(1,953)	1,732
Net cash provided by operating activities	174,930	121,238
Cash flows from investing activities
Acquisitions, net of cash acquired		(1,100,943)
Proceeds from redemption of short-term investments	73,103	375,044
Purchase of investments	(142,896)	(121,652)
Capital expenditures	(16,842)	(7,095)
Proceeds from the sale of property, equipment and leasehold improvements		22
Net cash used in investing activities	(86,635)	(854,624)
Cash flows from financing activities
Repayment of long-term debt	(1,274,249)	(383,688)
Proceeds from borrowing, net of discount	1,125,000	1,268,625
Repayment of RiskMetrics Group, Inc. debt acquired		(107,485)
Payment of financing fees		(34,029)
Repurchase of treasury shares	(2,941)	(4,207)
Proceeds from exercise of stock options	13,759	14,166
Excess tax benefits from share-based compensation	4,076	2,503
Net cash provided by (used in) financing activities	(134,355)	755,885
Effect of exchange rate changes	(1,788)	(788)
Net increase (decrease) in cash	(47,848)	21,711
Cash and cash equivalents, beginning of period	269,423	176,024
Cash and cash equivalents, end of period	221,575	197,735
Supplemental disclosure of cash flow information:
Cash paid for interest	41,277	24,148
Cash paid for income taxes	72,280	43,313
Supplemental disclosure of non-cash investing activities:
Property, equipment and leasehold improvements in other accrued liabilities	$ 2,271	3,200
Acquisition of RiskMetrics Group, Inc., class A common stock issued		371,815
Fair value of stock options and restricted stock awards assumed in connection with acquisition of RiskMetrics Group, Inc.		53,879
Unpaid portion of Measurisk, LLC acquisition price		$ 300

Introduction And Basis Of Presentation

9 Months Ended

Sep. 30, 2011

Introduction and basis of presentation [Abstract]

Introduction And Basis Of Presentation

1. INTRODUCTION AND BASIS OF PRESENTATION

MSCI Inc. together with its wholly-owned subsidiaries (the "Company" or "MSCI") is a global provider of investment decision support tools worldwide, including indices, portfolio risk and performance analytics and corporate governance products and services. The Company's flagship products are its global equity indices and environmental, social and governance ("ESG") products marketed under the MSCI 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 governance research and outsourced proxy voting and reporting services marketed under the ISS brand, its valuation models and risk management software for the energy and commodities markets marketed under the FEA brand and its forensic accounting risk research, legal and regulatory risk assessment and due diligence products marketed under the CFRA 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 indices, portfolio risk and performance analytics, credit analytics and ESG products. The Governance business, which was included in MSCI's operations following MSCI's acquisition of RiskMetrics Group, Inc. ("RiskMetrics"), is a provider of corporate governance and specialized financial research and analysis services to institutional shareholders and corporations around the world. (See Note 3, "Acquisitions," and Note 14, "Segment Information," for further information about MSCI's acquisitions and operating segments.)

Change in Fiscal Year End

On December 8, 2010, the Board of Directors of the Company approved a change in the Company's fiscal year end from November 30 to December 31 of each year. This change to the calendar year reporting cycle began January 1, 2011.

Financial information for the three months and nine months ended September 30, 2010 has not been included in this Form 10-Q for the following reasons: (i) the three months and nine months ended August 31, 2010, respectively, provide a meaningful comparison for the three and nine months ended September 30, 2011, respectively; (ii) there are no significant factors, seasonal or other, that would materially impact the comparability of information if the results for the three and nine months ended September 30, 2010, respectively, were presented in lieu of results for the three and nine months ended August 31, 2010, respectively; and (iii) it was not practicable or cost justified to prepare this information.

Basis of Presentation and Use of Estimates

These unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and include all adjustments of a normal, recurring nature necessary to present fairly the financial condition as of September 30, 2011 and November 30, 2010, the results of operations for the three and nine months ended September 30, 2011 and August 31, 2010 and cash flows for the nine months ended September 30, 2011 and August 31, 2010. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in MSCI's Annual Report on Form 10-K for the fiscal year ended November 30, 2010. The condensed consolidated financial statement information as of November 30, 2010 has been derived from the 2010 audited consolidated financial statements. The results of operations for interim periods are not necessarily indicative of results for the entire year.

The Company's condensed 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 condensed 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 income, the allowance for doubtful accounts, impairment of long-lived assets, accounting for income taxes and other matters that affect the condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates.

Inter-company balances and transactions are eliminated in consolidation.

Concentration of Credit Risk

The Company licenses its products and services primarily to investment managers principally in the United States, Europe and Asia. The Company evaluates the credit of its customers and does not require collateral. The Company maintains reserves on customer accounts where estimated losses may result from the inability of its customers to make required payments.

Financial instruments that may potentially subject the Company to concentrations of credit risk consist principally of cash deposits and short-term investments. At September 30, 2011 and November 30, 2010, cash and cash equivalents held primarily on deposit were $221.6 million and $226.6 million, respectively. At September 30, 2011 and November 30, 2010, the Company had invested $142.8 million and $73.9 million, respectively, in debt securities with maturity dates ranging from 91 to 365 days from the date of purchase.

For the three and nine months ended September 30, 2011 and for the three months ended August 31, 2010, no single customer accounted for 10.0% or more of the Company's operating revenues. For the nine months ended August 31, 2010, BlackRock Inc. accounted for 10.6% 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 AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: 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 5: 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=6359553&loc=d3e288-107754

Reference 6: 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 7: 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=6921930&loc=d3e5614-111684

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 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 10: 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 11: 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=6970148&loc=SL6228881-111685

Reference 12: 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 13: 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

Reference 14: 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 15: 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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Recent Accounting Standards Updates

9 Months Ended

Sep. 30, 2011

Recent Accounting Standards Updates

Recent Accounting Standards Updates

2. RECENT ACCOUNTING STANDARDS UPDATES

In October 2009, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2009-13, "Revenue Recognition (Topic 605): Multiple-Deliverable Revenue Arrangements," or ASU 2009-13. ASU 2009-13 addresses how to determine whether an arrangement involving multiple deliverables contains more than one unit of accounting and how the arrangement consideration should be allocated among the separate units of accounting. The adoption of ASU 2009-13 did not have a material impact on the Company's condensed consolidated financial statements.

In October 2009, the FASB issued ASU No. 2009-14, "Software (Topic 985): Certain Revenue Arrangements That Include Software Elements," or ASU 2009-14. ASU 2009-14 modifies the scope of the software revenue recognition guidance to exclude (a) non-software components of tangible products and (b) software components of tangible products that are sold, licensed or leased with tangible products when the software components and non-software components of the tangible product function together to deliver the tangible product's essential functionality. The adoption of ASU 2009-14 did not have a material impact on the Company's condensed consolidated financial statements.

In December 2010, the FASB issued ASU No. 2010-28, "Intangibles—Goodwill and Other (Topic 350)," or ASU 2010-28. This ASU amends ASC Topic 350. ASU 2010-28 clarifies the requirement to test for impairment of goodwill. ASC Topic 350 has required that goodwill be tested for impairment if the carrying amount of a reporting unit exceeds its fair value. Under ASU 2010-28, when the carrying amount of a reporting unit is zero or negative an entity must assume that it is more likely than not that a goodwill impairment exists, perform an additional test to determine whether goodwill has been impaired and calculate the amount of that impairment. The modifications to ASC Topic 350 resulting from the issuance of ASU 2010-28 are effective for fiscal years beginning after December 15, 2010 and interim periods within those years. The adoption of ASU 2010-28 did not have a material impact on the Company's condensed consolidated financial statements.

In December 2010, the FASB issued ASU No. 2010-29, "Business Combinations (Topic 805)—Disclosure of Supplementary Pro Forma Information for Business Combinations," or ASU 2010-29. This standard update clarifies that, when presenting comparative financial statements, SEC registrants should disclose revenue and earnings of the combined entity as though the current period business combinations had occurred as of the beginning of the comparable prior annual reporting period only. The update also expands the supplemental pro forma disclosures to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. ASU 2010-29 is effective prospectively for material (either on an individual or aggregate basis) business combinations entered into in fiscal years beginning on or after December 15, 2010. The adoption of ASU 2010-29 did not have a material impact on the Company's condensed consolidated financial statements.

In June 2011, the FASB issued ASU No. 2011-05, "Presentation of Comprehensive Income," or ASU 2011-05. The issuance of ASU 2011-05 is intended to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. The guidance in ASU 2011-05 supersedes the presentation options in ASC Topic 220 and facilitates convergence of U.S. generally accepted accounting principles and International Financial Reporting Standards by eliminating the option to present components of other comprehensive income as part of the statement of changes in stockholders' equity and requiring that all nonowner changes in stockholders' equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In October 2011, the FASB announced that they will discuss at a future meeting whether to delay the specific requirement under ASU 2011-05 to present items that are reclassified from other comprehensive income to net income alongside their respective components of net income and other comprehensive income. The provisions covered by ASU 2011-05 are effective for interim periods and years beginning after December 15, 2011 with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2011-05 on its condensed consolidated financial statements.

In September 2011, the FASB issued ASU 2011-08, "Testing Goodwill for Impairment," or ASU 2011-08, which amends the guidance in ASC subtopic 350-20, "Intangibles—Goodwill and Other—Goodwill." Under ASU 2011-08, entities have the option of performing a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. If the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, entities are then required to perform the two-step goodwill impairment test. ASU 2011-08 is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted, including for annual and interim goodwill impairment tests performed as of a date before September 15, 2011, if an entity's financial statements for the most recent annual or interim period have not yet been issued. The Company adopted ASU 2011-08 during the quarter ended September 30, 2011. The adoption of ASU 2011-08 did not have a material impact on the Company's condensed consolidated financial statements. See Note 9, "Goodwill and Intangible Assets," for further information regarding the Company's goodwill testing.

- 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 Statement of Financial Accounting Standard (FAS)
-Number 154
-Paragraph 2, 17, 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 28
-Paragraph 23, 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

Reference 4: 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=6801783&loc=d3e22499-107794

Reference 5: 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=6801783&loc=d3e22580-107794

Reference 6: 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 7: 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 8: 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 9: 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 10: 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=6958853&loc=d3e46468-122699

Reference 11: 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=6801783&loc=d3e22583-107794

Reference 12: 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 13: 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 14: 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

+ Details

Acquisitions

9 Months Ended

Sep. 30, 2011

Acquisitions

Acquisitions

3. ACQUISITIONS

Acquisition of RiskMetrics

On June 1, 2010, MSCI acquired RiskMetrics Group, Inc. ("RiskMetrics"). Under the terms of the Agreement and Plan of Merger dated as of February 28, 2010 by and among MSCI, Crossway Inc. ("Merger Sub"), a wholly owned subsidiary of MSCI, and RiskMetrics, Merger Sub merged with and into RiskMetrics, with RiskMetrics continuing as the surviving corporation and a wholly owned subsidiary of MSCI. MSCI and RiskMetrics began joint operations immediately after the merger became effective. MSCI acquired RiskMetrics to, among other things, offer clients a more expansive portfolio of investment decision support tools that will enable clients to understand risk across their entire investment processes as well as reduce the concentration of the Company's client base beyond asset owners, asset managers and broker dealers by including a greater number of hedge fund, mutual fund and bank clients.

The total purchase price for RiskMetrics was $1,572.4 million and was comprised of:


(in thousands)
Cash	$	1,146,702
MSCI class A common stock valued using the New York Stock Exchange closing price on June 1, 2010		371,815
Fair value of outstanding vested and unvested stock options and unvested restricted stock awards assumed		53,879

Total purchase price	$	1,572,396

MSCI issued approximately 12.6 million shares of class A common stock ("Common Stock") and reserved approximately 4.3 million shares of Common Stock for outstanding vested and unvested stock options and unvested restricted stock awards assumed as part of the acquisition of RiskMetrics.

The fair values of stock options assumed were estimated using a Hull-White Lattice option-pricing model. The fair value of the unearned portion of the unvested RiskMetrics stock options and restricted stock awards will be recorded as operating expense over the remaining service periods, while the fair values of the earned portion of the vested and unvested stock options and unvested restricted stock awards are included in the total purchase price.

During the nine months ended August 31, 2010, MSCI incurred approximately $21.2 million in transaction related costs related to the acquisition of RiskMetrics. These costs are reflected in "Selling, general and administrative" on the Condensed Consolidated Statements of Income.

Purchase Price Allocation

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 MSCI has adopted as required. The total purchase price for RiskMetrics was allocated to the net tangible and intangible assets based upon their fair values as of June 1, 2010 as set forth below. The excess of the purchase price over the fair values of the net tangible assets and intangible assets was recorded as goodwill. The purchase price allocation for RiskMetrics, which was based upon a valuation, is as follows:


(in thousands)
Cash and cash equivalents	$	76,459
Trade receivables		33,577
Other assets		32,398
Goodwill		1,245,862
Intangible assets		628,120
Accounts payable and other liabilities		(48,494	)
Debt		(107,485	)
Deferred revenues		(114,686	)
Deferred tax liabilities, net		(173,355	)

Total purchase price	$	1,572,396

As a result of the finalization of the acquired income and non-income based tax valuations, Other assets, Goodwill, Accounts payable and other liabilities and Deferred tax liabilities, net increased.

MSCI generally does not expect the goodwill recognized to be deductible for income tax purposes. Approximately $1,014.8 million and $231.1 million of the goodwill was allocated to the Performance and Risk and the Governance segments, respectively. These balances changed during the three months ended June 30, 2011 from those reported at November 30, 2010 as a result of the finalization of the acquired income and non-income based tax valuations.

Valuations of Intangible Assets Acquired

The following table sets forth the components of intangible assets acquired in connection with the RiskMetrics acquisition:


	Estimated Fair Value		Estimated Useful Life
	(in thousands)
Customer relationships	$	428,600	14 to 15 years
Technology/Software		52,640	3to 7 years
Proprietary processes		3,800	6years
Trademarks/trade names		140,300	10to 20 years
Non-compete agreements		2,780	1.5 years

Total	$	628,120

Actual Impact of RiskMetrics Acquisition

The following table presents the Company's estimates for information for RiskMetrics from the June 1, 2010 acquisition date that is included in MSCI's Condensed Consolidated Statements of Income:

RiskMetrics' Operations Included in MSCI's Results


(in thousands)	Three Months Ended September 30, 2011		Three Months Ended August 31, 2010		Nine Months Ended September 30, 2011		Nine Months Ended August 31, 2011
Total revenues	$	77,515	$	76,980	$	234,799		$	76,980
Net income	$	21,806	$	4,293	$	44,873		$	4,293

Acquisition of Measurisk

On July 30, 2010, MSCI acquired Measurisk, LLC ("Measurisk") to expand its product offerings to hedge fund investors. This was not deemed to be an individually significant acquisition. MSCI has accounted for this acquisition in accordance with the ASC Subtopic 805-10 and has included the financial results of Measurisk in its consolidated results from the July 30, 2010 acquisition date. For the three and nine months ended September 30, 2011, Measurisk contributed approximately $3.8 million and $10.9 million to MSCI's revenue, respectively. For the three and nine months ended August 31, 2010, Measurisk contributed approximately $1.1 million to MSCI's revenue and $0.3 million to MSCI's earnings. Other earnings contributions from Measurisk were not separately identifiable due to the Company's integration activities. The purchase price allocations for this acquisition were $2.3 million for other assets, $9.5 million for identifiable intangible assets, $1.9 million for other liabilities and $21.1 million for goodwill.

Unaudited Pro Forma Financial Information

The unaudited pro forma financial information in the table below summarizes the combined results of operations for MSCI and RiskMetrics as though the companies were combined as of December 1, 2009. The pro forma financial information for all periods presented also includes the business combination accounting effects resulting from the acquisition including the amortization charges from acquired intangible assets, adjustments to interest income for lower average cash balances, interest expense for borrowings and the amortization of deferred financing fees, debt discounts and prepaid agency fees and the related tax effects as though the aforementioned companies were combined as of December 1, 2009. No adjustments have been made for the Measurisk acquisition because it was not deemed to be an individually significant acquisition. The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions and any borrowings undertaken to finance the RiskMetrics acquisition had taken place at December 1, 2009.

The unaudited pro forma financial information for the nine months ended August 31, 2010 combine the historical results of MSCI for the nine months ended August 31, 2010, the historical results of RiskMetrics for the three-month period ended March 31, 2010 and the historical results of RiskMetrics for the three-month period ended December 31, 2009 (due to differences in reporting periods), adjusted to reflect the accounting effects described above.

The unaudited pro forma financial information and the effects of the pro forma adjustments described above were as follows for the nine months ended August 31, 2010:


	Nine Months Ended August 31, 2010
(in thousands)	(unaudited)
Operating revenues	$	603,101

Cost of services		203,808
Selling, general and administrative		149,990
Restructuring		6,953
Amortization of intangible assets		48,710
Depreciation and amortization of property, equipment and leasehold improvements		16,130

Total operating expenses		425,591

Operating income		177,510
Other expense (income), net		52,460

Income before provision for income taxes		125,050
Provision for income taxes		44,395

Net income	$	80,655

Earnings per diluted common share	$	0.67

The unaudited pro forma financial information by MSCI's operating segments' and the effects of the pro forma adjustments listed above are presented in the table below (See Note 14, "Segment Information," for further information about MSCI's operating segments):


	Nine Months Ended August 31, 2010
	(unaudited)
(in thousands)	Performance and Risk		Governance		Total
Operating revenues	$	508,146	$	94,955	$	603,101
Cost of services		151,675		52,133		203,808
Selling, general and administrative		130,629		19,361		149,990
Restructuring		6,032		921		6,953
Amortization of intangible assets		38,660		10,050		48,710
Depreciation expense		13,427		2,703		16,130

Total operating expenses		340,423		85,168		425,591

Operating income		167,723		9,787		177,510
Other expense (income), net						52,460

Income before provision for income taxes						125,050
Provision for income taxes						44,395

Net income					$	80,655

- 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 Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Appendix F
-Paragraph F4
-Subparagraph e

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: 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=6911361&loc=d3e6927-128479

Reference 6: 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=6972119&loc=d3e1490-128463

Reference 7: 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=6911361&loc=d3e7008-128479

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=6972119&loc=d3e1500-128463

Reference 9: 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 10: 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 11: 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=6911361&loc=d3e6996-128479

Reference 12: 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=6972119&loc=d3e1524-128463

Reference 13: 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=6972119&loc=d3e1392-128463

Reference 14: 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=6911361&loc=d3e7000-128479

Reference 15: 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 16: 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 17: 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=6972119&loc=d3e1497-128463

Reference 18: 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=6972119&loc=d3e1486-128463

Reference 19: 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=6972119&loc=d3e1383-128463

+ Details

Restructuring

9 Months Ended

Sep. 30, 2011

Restructuring

Restructuring

4. RESTRUCTURING

During the fiscal year 2010, MSCI's management approved, committed to and initiated a plan to restructure the Company's operations due to its acquisition of RiskMetrics (the "Restructuring Plan") in order to eliminate overlapping positions, eliminate duplicative occupancy costs, terminate overlapping vendor contracts and discontinue the planned integration of a product into RiskMetrics' standard product offering suite. The Company accounts for restructuring costs in accordance with ASC Subtopic 420-10, "Exit or Disposal Cost Obligations." The restructuring costs will be recorded to the "Restructuring expense" line item within the Company's Condensed Consolidated Statements of Income as they are recognized.

During the nine months ended September 30, 2011, the Company recorded $3.5 million of restructuring expenses in connection with the Restructuring Plan, of which $1.9 million was related to costs associated with the exit of certain leases, $0.9 million was related to the write-off of assets associated with the exit of certain leases, $0.7 million was related to severance and less than $0.1 million was related to the accelerated vesting of share-based compensation awards triggered by the elimination of overlapping positions. During the three months ended September 30, 2011, the Company reversed approximately $1.2 million of reserves that were associated with eliminating duplicative facilities as the final cost of exiting the facilities was lower than originally estimated. During the nine months ended August 31, 2010, the Company recorded $7.0 million of restructuring expenses in connection with the Restructuring Plan, of which approximately $3.4 million was related to severance and $2.5 million was related to the accelerated vesting of share-based compensation awards triggered by the elimination of overlapping positions, $0.9 million was related to costs associated with discontinuance of the planned integration of a product into RiskMetrics' standard product offering suite and $0.1 million was related to costs associated with the exit of certain leases. The accelerated vesting of share-based compensation awards is not accounted for as a restructuring liability under the line item "Other accrued liabilities" but is instead recorded under the line item "Additional paid in capital" in the Company's Condensed Consolidated Statement of Financial Condition.

During the nine months ended September 30, 2011, approximately $1.6 million of the restructuring expenses were recorded under the Company's Performance and Risk operating segment and $1.9 million were recorded under the Company's Governance operating segment. During the nine months ended August 31, 2010, approximately $6.0 million of the restructuring expenses were recorded under the Company's Performance and Risk operating segment and $0.9 million were recorded under the Company's Governance operating segment. The Company may incur additional future restructuring costs over the course of the current fiscal year. Any changes to the estimates in connection with executing the Restructuring Plan will be reflected in the Company's future results of operations.

The table below summarizes the accrual and charges incurred with respect to the Company's Restructuring Plan that are included in the line items "Other accrued liabilities" in the Company's Condensed Consolidated Statement of Financial Condition as of November 30, 2010 and September 30, 2011:

MSCI Restructuring Plan


(in thousands)	Severance			Lease termination			Other		Total
Accrued Balance, November 30, 2010	$	1,087		$	1,297		$	—	$	2,384
Restructuring costs		674			2,911			—		3,585
Cash payments		(1,411	)		(3,227	)		—		(4,638	)
Other		—			(39	)		—		(39	)

Accrued Balance, September 30, 2011	$	350		$	942		$	—	$	1,292

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References + Details

Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

Earnings Per Common Share

Earnings Per Common Share

5. EARNINGS PER COMMON SHARE

Basic 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-eligibility requirements. Diluted EPS reflects the assumed conversion of all dilutive securities. There were 32,757 and 17,174 anti-dilutive stock options excluded from the calculation of diluted EPS for the three and nine months ended September 30, 2011, respectively. There were 456,748 and 152,249 anti-dilutive stock options excluded from the calculation of diluted EPS for the three and nine months ended August 31, 2010, respectively.

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:


	Three Months Ended						Nine Months Ended
	September 30, 2011			August 31, 2010			September 30, 2011			August 31, 2010
	(in thousands, except per share data)
Net income	$	49,787		$	10,319		$	128,968		$	61,904
Less: Allocations of earnings to unvested restricted stock units ⁽¹⁾		(483	)		(118	)		(1,251	)		(709	)

Earnings available to MSCI common shareholders	$	49,304		$	10,201		$	127,717		$	61,195

Basic weighted average common shares outstanding		120,831			118,339			120,570			109,672

Basic weighted average common shares outstanding		120,831			118,339			120,570			109,672
Effect of dilutive securities:
Stock options		1,472			2,002			1,616			1,090

Diluted weighted average common shares outstanding		122,303			120,341			122,186			110,762

Earnings per basic common share	$	0.41		$	0.09		$	1.06		$	0.56

Earnings per diluted common share	$	0.40		$	0.08		$	1.05		$	0.55

⁽¹⁾	The restricted stock units participate in all of the earnings of the Company in the computation of basic EPS and, therefore, the restricted stock units are not included as incremental shares in the diluted EPS computation.

Comprehensive Income

9 Months Ended

Sep. 30, 2011

Comprehensive Income

Comprehensive Income

6. COMPREHENSIVE INCOME

The components of comprehensive income are as follows:


	Three Months Ended						Nine Months Ended
	September 30, 2011			August 31, 2010			September 30, 2011			August 31, 2010
	(in thousands)
Net income	$	49,787		$	10,319		$	128,968		$	61,904
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments		(6,753	)		1,211			(2,646	)		1,485
Income tax effect		2,642			(474	)		1,035			(581	)

		(4,111	)		737			(1,611	)		904

Unrealized gains (losses) on cash flow hedges		(617	)		(2,074	)		(3,140	)		3,305
Income tax effect		242			812			1,229			(1,288	)

		(375	)		(1,262	)		(1,911	)		2,017

Pension and other post-retirement adjustments		50			179			9			385
Income tax effect		(8	)		(40	)		—			(91	)

		42			139			9			294

Unrealized gains on available-for-sale securities		—			2			1			5
Income tax effect		—			(1	)		—			(2	)

		—			1			1			3

Other comprehensive (loss) income, net of tax		(4,444	)		(385	)		(3,512	)		3,218

Comprehensive income	$	45,343		$	9,934		$	125,456		$	65,122

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e709-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 55
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920433&loc=d3e998-108581

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e640-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e716-108580

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e689-108580

+ Details

Short-Term Investments

9 Months Ended

Sep. 30, 2011

Short-Term Investments

Short-Term Investments

7. SHORT-TERM INVESTMENTS

Short-term investments may include U.S. Treasury securities, state and municipal securities and highly rated corporate debt securities with maturity dates ranging from 91 to 365 days from the date of purchase.

The Company classifies its short-term investments as available-for-sale. Available-for-sale securities are carried at fair value, with the unrealized gains and losses, net of tax, reported as a separate component of shareholders' equity. Fair value is determined based on observable quoted prices in active markets for identical assets. The cost of securities sold is based on the specific-identification method. Realized gains and losses and declines in value judged to be other-than-temporary on available-for-sale securities are included as a component of interest income. Interest on securities classified as available-for-sale is included as a component of interest income.

The fair value and gross unrealized gains and losses of securities available-for-sale as of the dates indicated were as follows:


(in thousands)	Amortized Cost plus Accrued Interest		Gross unrealized gains		Gross unrealized losses			Estimated Fair value
September 30, 2011
Debt securities available-for-sale
U.S. Treasury securities	$	140,434	$	21	$	(5	)	$	140,450
Tradable certificates of deposit		2,304		—		—			2,304

Total	$	142,738	$	16	$	(5	)	$	142,754

November 30, 2010
Debt securities available-for-sale
U.S. Treasury securities	$	66,924	$	3	$	—		$	66,927
Commercial paper		5,350		1		—			5,351
State and municipal securities		1,612		1		—			1,613

Total	$	73,886	$	5	$	—		$	73,891

Unrealized Losses on Investments

Investments with continuous unrealized losses for less than 12 months and for 12 months or greater and their related fair values at September 30, 2011 were as follows:


	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Total Fair Value		Total Unrealized Losses
U.S. Treasury securities	$	45,829	$	(5	)	$	—	$	—	$	45,829	$	(5	)

Total	$	45,829	$	(5	)	$	—	$	—	$	45,829	$	(5	)

The Company had no investments with continuous unrealized losses for less than 12 months and for 12 months or greater at September 30, 2011 or November 30, 2010.

Evaluating Investments for Other-than-Temporary Impairments

If the fair values of the Company's debt security investments are less than the amortized costs at the balance sheet date, the Company assesses whether the impairments are other than temporary. As the Company currently invests only in U.S. Treasury securities, state and municipal securities and highly rated corporate debt securities with a short duration (one year or less), it would take a significant decline in fair value and U.S. economic conditions for the Company to determine that these investments are other than temporarily impaired.

Additionally, management assesses whether it intends to sell or would more-likely-than-not not be required to sell the investment before the expected recovery of the cost basis. Management has asserted that, given the short maturation period of the Company's investments, it believes it is more-likely-than-not that it will not be required to sell the investments before recovery of the cost basis.

As of September 30, 2011 and November 30, 2010, no other-than-temporary impairment had been recorded on any of the Company's investments.

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 3, 19, 20, 21, 22, 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6379141&loc=d3e15032-111544

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27232-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Debt Security
-URI http://asc.fasb.org/extlink&oid=6509901
-Topic 320

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Equity Security
-URI http://asc.fasb.org/extlink&oid=6511694
-Topic 320

+ Details

Property, Equipment And Leasehold Improvements

9 Months Ended

Sep. 30, 2011

Property, Equipment And Leasehold Improvements

Property, Equipment And Leasehold Improvements

8. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS

Property, equipment and leasehold improvements at September 30, 2011 and November 30, 2010 consisted of the following:


	As of
	September 30, 2011			November 30, 2010
	(in thousands)
Computer & related equipment	$	65,331		$	50,557
Furniture & fixtures		4,419			4,571
Leasehold improvements		20,585			19,912
Work-in-process		3,603			901

Subtotal		93,938			75,941
Accumulated depreciation and amortization		(57,027	)		(41,573	)

Property, equipment and leasehold improvements, net	$	36,911		$	34,368

Depreciation and amortization expense of property, equipment and leasehold improvements was $4.7 million and $4.9 million for the three months ended September 30, 2011 and August 31, 2010, respectively. Depreciation and amortization expense of property, equipment and leasehold improvements was $14.9 million and $11.9 million for the nine months ended September 30, 2011 and August 31, 2010, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details

Goodwill And Intangible Assets

9 Months Ended

Sep. 30, 2011

Goodwill And Intangible Assets

Goodwill And Intangible Assets

9. GOODWILL AND INTANGIBLE ASSETS

Goodwill

The Company tests goodwill for impairment on an annual basis and on an interim basis when certain events and circumstances exist. The testing for impairment is performed at the reporting unit level, which is generally at the level of its business 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.

The Company's accounting policy was to conduct the annual goodwill impairment test as of June 1, with the most recent annual goodwill impairment test completed as of June 1, 2011. Effective in the quarter ended September 30, 2011, the Company elected to prospectively change its accounting policy to begin conducting the annual goodwill impairment test annually on July 1. As a result, during the fiscal year 2011, the Company tested goodwill for impairment as of June 1, 2011 and July 1, 2011 and concluded that there was no impairment of the carrying value of the goodwill. The change to the annual goodwill impairment testing date is preferable under the circumstances as the impairment testing became consistent with the testing date prior to the change in fiscal year end (first day of third quarter), the impairment testing will use financial information as of the beginning of a quarter, which will have been subject to the prior quarter's closing process; and the new date provides sufficient time to accurately complete the annual goodwill impairment testing prior to the Company's quarterly reporting, thus avoiding interruptions with the quarterly reporting process. The resulting change in accounting principle related to the annual testing date will not delay, accelerate, or avoid an impairment charge of the Company's goodwill. As it was impracticable to objectively determine the estimates and assumptions necessary to perform the annual goodwill impairment test as of each July 1 for periods prior to July 1, 2011, the Company has prospectively applied the change in the annual goodwill impairment testing date from July 1, 2011. The application of this change in accounting policy did not result in any impairment charges recognized in the Company's Condensed Consolidated Financial Statements in any periods presented.

Effective July 1, 2011, the Company adopted the provisions of ASU 2011-08 which allows the Company the option of performing a qualitative assessment before calculating the fair value of the reporting unit when testing goodwill for impairment. If the fair value of the reporting unit is determined, based on qualitative factors, to be more likely than not less than the carrying amount of the reporting unit, then entities are required to perform the two-step goodwill impairment test.

Changes in the carrying amount of the Company's goodwill for the nine months ended September 30, 2011 were as follows:


	Total
Goodwill at November 30, 2010	$	1,706,671
Changes to goodwill ⁽¹⁾		1,914

Goodwill at September 30, 2011	$	1,708,585

⁽¹⁾	Resulting from the finalization of the valuation of the acquired RiskMetrics assets and liabilities.

Intangible Assets

Intangible assets consist of those definite-lived intangibles from the acquisitions of Barra in June 2004, RiskMetrics in June 2010 and Measurisk in July 2010. The Company amortizes definite-lived intangible assets over their estimated useful lives. Amortizable 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.

Amortization expense related to intangible assets for both of the three months ended September 30, 2011 and August 31, 2010 was $16.4 million. Amortization expense related to intangible assets for the nine months ended September 30, 2011 and August 31, 2010 was $49.5 million and $24.9 million, respectively.

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


	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
	(in thousands)
As of September 30, 2011
Customer relationships	$	459,010	$	(53,761	)	$	405,249
Trademarks/trade names		243,440		(43,426	)		200,014
Technology/software		191,430		(138,809	)		52,621
Proprietary process		3,800		(844	)		2,956
Non-compete agreements		2,780		(2,471	)		309
Transition agreements		—		—			—

Total intangible assets	$	900,460	$	(239,311	)	$	661,149

As of November 30, 2010
Customer relationships	$	461,690	$	(29,500	)	$	432,190
Trademarks/trade names		243,440		(35,381	)		208,059
Technology/software		194,131		(123,824	)		70,307
Proprietary process		3,800		(317	)		3,483
Non-compete agreements		2,780		(929	)		1,851
Transition agreements		720		(360	)		360

Total intangible assets	$	906,561	$	(190,311	)	$	716,250

During the nine months ended September 30, 2011, the Company retired approximately $2.7 million, $2.7 million and $0.7 million of fully amortized and expired intangible assets related to Customer relationships, Technology/software and transition agreements, respectively.

The estimated amortization expense for succeeding years is presented below:


Fiscal Year	Amortization Expense
	(in thousands)
Remainder of 2011	$	16,267
2012		63,835
2013		53,087
2014		52,864
2015		52,787
2016		50,803
Thereafter		371,506

Total	$	661,149

- 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

Commitments And Contingencies

9 Months Ended

Sep. 30, 2011

Commitments And Contingencies [Abstract]

Commitments And Contingencies

10. 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 both of the three months ended September 30, 2011 and August 31, 2010 was $4.7 million. Rent expense for the nine months ended September 30, 2011 and August 31, 2010 was $13.8 million and $10.3 million, respectively.

On September 16, 2011, the Company entered into a new lease agreement with 7 World Trade Center, LLC, pursuant to which the Company will rent approximately 126,000 square feet of office space for its new corporate headquarters at 7 World Trade Center, New York, New York (the "Lease"). The Company will commence leasing its headquarters on or about February 1, 2012 (the "Commencement Date"), subject to certain customary conditions.

The Lease is initially scheduled to expire on February 28, 2033, subject to the Company's option to renew the Lease for an additional ten years after the initial expiration date. The Company also has the option to terminate the Lease early on February 1, 2028, subject to compliance with the terms and conditions of the Lease, including the payment of a termination fee. The aggregate rent over the life of the Lease is approximately $170.1 million plus certain customary expenses. From February 1, 2013 (the "Rent Commencement Date") through and including January 31, 2018, the day preceding the fifth anniversary of the Rent Commencement Date, the annual rent paid will be approximately $7.3 million. Thereafter, the annual rent to be paid increases 10% on each of the fifth, tenth and fifteenth anniversaries of the Rent Commencement Date.

Long-term debt. On November 14, 2007, the Company entered into a secured $500.0 million credit facility that consisted of a $425.0 million term loan facility and a $75.0 million revolving credit facility (the "2007 Credit Facility"). On April 1, 2010 and April 15, 2010, the Company prepaid principal balances on its term loan facility portion of the 2007 Credit Facility of approximately $147.0 million and $150.0 million, respectively. On June 1, 2010, the Company paid $70.9 million to retire the 2007 Credit Facility.

On June 1, 2010, the Company entered into a senior secured credit agreement with Morgan Stanley Senior Funding, Inc., as administrative agent, Morgan Stanley & Co. Incorporated, as collateral agent, and the other lenders party thereto, which was comprised of (i) a $1,275.0 million six-year term loan facility (the "2010 Term Loan") and (ii) a $100.0 million five-year revolving credit facility, which included a $25.0 million letter of credit subfacility and a $10.0 million swingline loan subfacility (the "Revolving Credit Facility" and together with the 2010 Term Loan, the "New Credit Facility"). The Company was required to repay 1.00% of the principal of the 2010 Term Loan per year in quarterly installments. The New Credit Facility also contained a number of mandatory prepayment requirements, including a requirement to repay a specified amount of the 2010 Term Loan annually from a portion of the Company's excess cash flows (as defined in the New Credit Facility, which varied based on the Company's leverage ratio). Any remaining principal of the 2010 Term Loan was to be payable on the final maturity date of the facility. In February 2011, the Company made a prepayment of $56.0 million on the 2010 Term Loan from its excess cash flows.

On March 14, 2011, MSCI completed the repricing of the New Credit Facility pursuant to Amendment No. 2 to the New Credit Facility ("Amendment No. 2"). Amendment No. 2 provided for the incurrence of a new senior secured loan (the "2011 Term Loan") in an aggregate principal amount of $1,125.0 million. The proceeds of the 2011 Term Loan, together with $87.6 million of cash on hand, were used to repay the remaining $1,212.6 million outstanding balance of the 2010 Term Loan in full. The 2011 Term Loan matures in March 2017. Amendment No. 2 decreased the interest rate applicable to the 2011 Term Loan from the London Interbank Offered Rate ("LIBOR") plus 3.25% (with a leverage-based stepdown) to LIBOR plus 2.75% (with a leverage-based stepdown) and reduced the LIBOR floor applicable to the 2011 Term Loan from 1.50% to 1.00%. Prepayments or amendments of the 2011 Term Loan that constitute a "repricing transaction" (as defined in Amendment No. 2) will be subject to a premium of 1.00% of the 2011 Term Loan if prepaid or amended on or prior to March 14, 2012. Prepayments and repricings made after March 14, 2012 will not be subject to premium or penalty. For unused credit under the Revolving Credit Facility, the Company pays an annual 0.75% non-usage fee. The Company incurred $6.1 million in fees associated with the repricing which are reflected in "other expense (income)" on the Company's Condensed Consolidated Statement of Income for the nine months ended September 30, 2011.

The obligations under the New Credit Facility, as amended, are guaranteed by each of our direct and indirect wholly-owned domestic subsidiaries, subject to limited exceptions. The obligations under the New Credit Facility, as amended, are secured by a lien on substantially all of the equity interests of MSCI's present and future domestic subsidiaries, up to 65% of the equity interests of MSCI's first-tier foreign subsidiaries, and substantially all of MSCI's and MSCI's domestic subsidiaries' present and future property and assets, subject to certain exceptions.

In connection with entering into the New Credit Facility, as amended, the Company recorded deferred financing fees which are being amortized over four to seven years. The Company amortized $1.3 million and $4.4 million of deferred financing fees associated with the New Credit Facility in interest expense during the three and nine months ended September 30, 2011, respectively. At September 30, 2011, $26.2 million of the deferred financing fees remain unamortized, $5.1 million of which is included in "prepaid and other assets" and $21.1 million of which is included in "other non-current assets" on the Company's Condensed Consolidated Statement of Financial Condition.

Current maturities of long term debt at September 30, 2011 was $10.3 million, net of a $0.9 million discount. Long term debt, net of current maturities at September 30, 2011 was $1,104.1 million, net of a $4.0 million discount. Approximately $0.2 million and $0.8 million of the debt discount associated with the New Credit Facility, as amended, was amortized in interest expense during the three and nine months ended September 30, 2011.

The fair market value of the Company's debt obligations were $1,119.5 million and $1,275.0 million at September 30, 2011 and November 30, 2010, respectively. The fair market value was estimated based on market bid quotes.

Interest Rate Swaps and Derivative Instruments. 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 enters into derivative financial instruments to manage exposures that arise 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. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings.

The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. During the nine months ending September 30, 2011, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As a result of the repayment of 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 will continue to report the net loss related to the discontinued cash flow hedges in Other Comprehensive Income and is expected to reclassify this amount into earnings during the contractual term of the swap agreements. On March 22, 2011, the Company terminated its then-existing interest rate swaps and simultaneously entered into new interest rate swaps to hedge its newly issued variable-rate debt. As of September 30, 2011, the Company had two outstanding interest rate swaps with a combined notional principal amount of $420.8 million that were designated as cash flow hedges of interest rate risk.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. During the next twelve months, the Company estimates that an additional $2.5 million will be reclassified as an increase to interest expense.

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 Condensed Consolidated Statements of Financial Condition:


(In thousands)	Condensed Consolidated Statements of Financial Condition Location		As of September 30, 2011			As of November 30, 2010
Liability derivatives:
Derivatives designated as hedging instruments:
Interest rate swaps		Other accrued liabilities	$	(2,956	)	$	(1,772	)

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


Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives (Effective Portion) for the Nine Months Ended						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 into Income (Effective Portion) for the Nine Months Ended						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 Nine Months Ended
(In thousands)	September 30, 2011			August 31, 2010					September 30, 2011			August 31, 2010					September 30, 2011		August 31, 2010
Interest rate swaps	$	(4,575	)	$	(2,510	)		Interest expense	$	(1,437	)	$	(2,651	)		Interest expense	$	35	$	(3,147	)


Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives (Effective Portion) for the Three Months Ended						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 into Income (Effective Portion) for the Three Months Ended						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 Three Months Ended
(In thousands)	September 30, 2011			August 31, 2010					September 30, 2011			August 31, 2010					September 30, 2011		August 31, 2010
Interest rate swaps	$	(1,243	)	$	(2,213	)		Interest expense	$	(627	)	$	(139	)		Interest expense	$	—	$	—

Credit-risk-related contingent features. The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. As of September 30, 2011, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $3.3 million. As of September 30, 2011, the Company has not posted any collateral related to these agreements. If the Company breaches any of these provisions, it could be required to settle its obligations under the agreements at their termination value.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Employee Benefits

9 Months Ended

Sep. 30, 2011

Employee Benefits

Employee Benefits

11. 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 three months ended September 30, 2011 and August 31, 2010, 401(k), pension and post-retirement benefit expenses were $3.3 million and $2.0 million, respectively. Of these amounts, $2.0 million and $1.3 million were recorded in cost of services and $1.3 million and $0.7 million were recorded in selling, general and administrative for the three months ended September 30, 2011 and August 31, 2010, respectively.

For the nine months ended September 30, 2011 and August 31, 2010, 401(k), pension and post-retirement benefit expenses were $11.6 million and $6.4 million, respectively. Of these amounts, $7.2 million and $3.8 million were recorded in cost of services and $4.4 million and $2.6 million were recorded in selling, general and administrative for the nine months ended September 30, 2011 and August 31, 2010, 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. Prior to January 1, 2011, legacy RiskMetrics employees participated in the legacy RiskMetrics 401(k) plan (or any other regional defined contribution plan sponsored) and received 401(k) and other defined contribution plan matching contributions. The Company's expenses associated with the 401(k) plan and other defined contribution plans for the three months ended September 30, 2011 and August 31, 2010 were $2.8 million and $1.6 million, respectively. The Company's expenses associated with the 401(k) plan and other defined contribution plans for the nine months ended September 30, 2011 and August 31, 2010 were $10.1 million and $4.9 million, respectively.

Net Periodic Benefit Expense. Net periodic benefit expense related to defined benefit pension plans was $0.5 million and $0.4 million for the three months ended September 30, 2011 and August 31, 2010, respectively. Net periodic benefit expense related to defined benefit pension plans was $1.5 million for both of the nine months ended September 30, 2011 and August 31, 2010.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph q
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2011

Share-Based Compensation

Share-Based Compensation

12. 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 aggregate value of the grants, which were made on November 14, 2007, was approximately $68.0 million. The restricted stock units and options vest over a four-year period, with 50% vesting on the second anniversary of the grant date and 25% vesting on each of the third and fourth anniversary of the grant date. The options have an exercise price per share of $18.00 and have a term of 10 years, subject to earlier cancellation in certain circumstances. The aggregate value of the options was calculated using the Black-Scholes valuation method consistent with ASC Subtopic 718-10, "Compensation-Stock Compensation." The final, unvested tranche of the Founders Grant Award, representing one-fourth of the total award, will vest on November 14, 2011.

On December 16, 2008, the Company, as a component of the 2008 annual bonus, awarded certain of its employees with a grant in the form of restricted stock units ("2008 Bonus Award"). The aggregate value of the grants was approximately $9.5 million of restricted stock units. The restricted stock units vest one-third per year over a three year period. Approximately $4.2 million of this grant was awarded to retirement-eligible employees under the award terms. Based on interpretive guidance related to ASC Subtopic 718-10, the Company accrues the estimated cost of these awards over the course of the fiscal year in which the award is earned. As such, the Company accrued the estimated cost of the 2008 Bonus Award related to retirement-eligible employees over the 2008 fiscal year. The final tranche of the 2008 Bonus Award will vest on January 9, 2012.

On December 16, 2009, the Company, as a component of the 2009 annual bonus, awarded certain of its employees with a grant in the form of restricted stock units ("2009 Bonus Award"). The aggregate value of the grants was approximately $13.2 million of restricted stock units. The restricted stock units vest over a three year period, with one-third vesting on December 20, 2010, December 19, 2011 and December 17, 2012, respectively. Approximately $5.1 million of this grant was awarded to retirement-eligible employees under the award terms. The Company accrued the estimated cost of the 2009 Bonus Award granted to retirement-eligible employees over the 2009 fiscal year. The first tranche of the 2009 Bonus Award vested on December 20, 2010.

On June 1, 2010, the Company reserved approximately 4.2 million shares of Common Stock for outstanding vested and unvested stock options and 0.1 million shares of Common Stock for outstanding unvested restricted stock awards assumed as part of the acquisition of RiskMetrics. Over an approximate three and a half year period from the date assumed, $16.7 million is expected to be expensed for unvested stock options and $1.3 million for unvested restricted stock awards.

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 will performance-vest based upon the Company achieving specific performance targets over a measurement period ending on December 31, 2012 and time-vest over a 31 month period, with one-half time-vesting on December 1, 2011 and December 31, 2012, respectively. The aggregate value of the grants was approximately $15.9 million.

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 approximately $15.2 million. Approximately $6.2 million was awarded to retirement eligible employees under the award terms, $0.5 million of which was expensed during the one month ended December 31, 2010. 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 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 of 208,175 units to the Company's Chief Executive Officer ("2010 CEO Award"). The award was valued 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 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.

For the Founders Grant Award, 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 2008, 2009 and 2010 Bonus Awards, 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.

During the nine months ended September 30, 2011, the Company awarded 7,840 shares in MSCI common stock and 21,259 restricted stock units to directors who were not employees of the Company during the period. During the nine months ended August 31, 2010, the Company awarded 8,427 shares in MSCI common stock and 9,770 restricted stock units to directors who were not employees of the Company or Morgan Stanley during the period.

Share-based compensation expense was $7.9 million and $24.3 million for the three and nine months ended September 30, 2011, respectively, of which $0.9 million and $2.5 million was related to the Founders Grant Award and $0.4 million and $4.2 million was related to the Performance Award for the three and nine months ended September 30, 2011, respectively. Share-based compensation expense was $12.5 million and $22.9 million for the three and nine months ended August 31, 2010, respectively, of which $2.0 million and $4.1 million was related to the Founders Grant Award for the three and nine months ended August 31, 2010, respectively. For both the three and nine months ended August 31, 2010, $2.1 million of the share-based compensation expense was related to the Performance Award. No expense associated with the Performance Award was recognized prior to June 1, 2010.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 40
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929

+ Details

Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes

Income Taxes

13. INCOME TAXES

The Company's provision for income taxes was $64.3 million and $40.5 million for the nine months ended September 30, 2011 and August 31, 2010, respectively. These amounts reflect effective tax rates of 33.3% and 39.6% for the nine months ended September 30, 2011 and August 31, 2010, respectively.

The Company changed its intention to now permanently reinvest the undistributed earnings of MSCI Ltd. (except for the entities directly held by MSCI Ltd.), RiskMetrics (UK) Ltd., and RiskMetrics (Singapore) Pte Ltd. during the nine months ended September 30, 2011. With this change, the Company intends to permanently 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 MSCI Ltd. As a result of this change, the Company no longer accrues for the U.S. taxes that would be recognized upon repatriation of these earnings.

The Company is under examination by the Internal Revenue Service and other tax authorities in certain countries, such as Japan and 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. Additionally, during 2010 Morgan Stanley reached a preliminary settlement with New York State and New York City tax authorities on issues relating to years 2002-2006, a period of time when the Company was a member of the consolidated Morgan Stanley tax returns. The Company expects to settle during 2012 and to indemnify Morgan Stanley for any additional assessments deemed to be due in accordance with the Tax Sharing Agreement.

The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions resulting from these open examinations and subsequent years' examinations. The Company has established a liability for unrecognized tax benefits that the Company believes is 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. It is reasonably possible that further significant changes in the gross 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 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 summarizes the major taxing jurisdictions in which the Company and its affiliates operate and the open tax years for each major jurisdiction:


Tax Jurisdiction		Open Tax Years
United States		2005-2010
California		2004-2010
New York State and City		2002-2010
Hong Kong		2003-2010
United Kingdom		2007-2010
Canada		2005-2010
Japan		2009-2010

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Segment Information

9 Months Ended

Sep. 30, 2011

Segment Information

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 in deciding how to allocate resources and in assessing performance. MSCI's Chief Executive Officer, who is considered to be its chief operating decision maker, or CODM, reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. Prior to June 1, 2010, the Company assessed that it operated in a single business segment based on its historical integration and management strategies. As a result of MSCI's acquisition of RiskMetrics, MSCI began operating 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 leading global provider of investment decision support tools, including indices, 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 and analysis, index-linked investment product creation, asset allocation, assessment of social responsibility, environmental stewardship and the effects of climate change on investments, investment manager selection and investment research.

The Governance business is a leading provider of corporate governance products and specialized financial research and analysis services to institutional shareholders 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 security coverage and fully integrated products and services, including proxy voting, policy creation, research, vote recommendations, vote execution, post-vote disclosure and reporting and analytical tools. 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 the Company's allocation methodologies, generally based on each segment's respective net revenues, headcount or other relevant 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 three and nine months ended September 30, 2011 and August 31, 2010:


	Three Months Ended				Nine Months Ended
	September 30, 2011		August 31, 2010		September 30, 2011		August 31, 2010
Operating revenues
Performance and Risk	$	196,230	$	172,425	$	583,788	$	419,275
Governance		28,796		30,308		91,019		30,308

Consolidated	$	225,026	$	202,733	$	674,807	$	449,583

Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements
Performance and Risk	$	16,601	$	17,383	$	51,036	$	32,887
Governance		4,490		3,901		13,448		3,901

Consolidated	$	21,091	$	21,284	$	64,484	$	36,788

Operating income
Performance and Risk	$	78,957	$	38,672	$	231,458	$	132,626
Governance		3,288		2,777		8,907		2,777

Consolidated	$	82,245	$	41,449	$	240,365	$	135,403

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:


	Three Months Ended				Nine Months Ended
	September 30, 2011		August 31, 2010		September 30, 2011		August 31, 2010
	(in thousands)
Revenues
Americas:
United States	$	116,511	$	104,070	$	340,611	$	220,506
Other		7,450		7,576		23,620		15,724

Total Americas		123,961		111,646		364,231		236,230

EMEA:
United Kingdom		26,959		24,270		79,364		58,378
Other		44,361		40,779		143,519		87,425

Total EMEA		71,320		65,049		222,883		145,803

Asia & Australia:
Japan		14,655		12,179		42,480		34,093
Other		15,090		13,859		45,213		33,457

Total Asia & Australia		29,745		26,038		87,693		67,550

Total	$	225,026	$	202,733	$	674,807	$	449,583

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
	September 30, 2011		November 30, 2010
	(in thousands)
Long-lived assets
Americas:
United States	$	2,386,671	$	2,435,914
Other		4,015		2,424

Total Americas		2,390,686		2,438,338

EMEA:
United Kingdom		5,261		4,740
Other		5,640		7,826

Total EMEA		10,901		12,566

Asia & Australia:
Japan		376		452
Other		4,682		5,933

Total Asia & Australia		5,058		6,385

Total	$	2,406,645	$	2,457,289

- 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 Statement of Financial Accounting Standard (FAS)
-Number 131
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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

Reference 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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

+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2011
Subsequent Events
Subsequent Events	15. SUBSEQUENT EVENTS Management of the Company evaluated subsequent events from October 1, 2011 through the issuance date of this Form 10-Q.

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2011

Acquisitions

Purchase Price


(in thousands)
Cash	$	1,146,702
MSCI class A common stock valued using the New York Stock Exchange closing price on June 1, 2010		371,815
Fair value of outstanding vested and unvested stock options and unvested restricted stock awards assumed		53,879

Total purchase price	$	1,572,396

Purchase Price Allocation


(in thousands)
Cash and cash equivalents	$	76,459
Trade receivables		33,577
Other assets		32,398
Goodwill		1,245,862
Intangible assets		628,120
Accounts payable and other liabilities		(48,494	)
Debt		(107,485	)
Deferred revenues		(114,686	)
Deferred tax liabilities, net		(173,355	)

Total purchase price	$	1,572,396

Components Of Intangible Assets Acquired


	Estimated Fair Value		Estimated Useful Life
	(in thousands)
Customer relationships	$	428,600	14 to 15 years
Technology/Software		52,640	3to 7 years
Proprietary processes		3,800	6years
Trademarks/trade names		140,300	10to 20 years
Non-compete agreements		2,780	1.5 years

Total	$	628,120

Revenue Information


(in thousands)	Three Months Ended September 30, 2011		Three Months Ended August 31, 2010		Nine Months Ended September 30, 2011		Nine Months Ended August 31, 2011
Total revenues	$	77,515	$	76,980	$	234,799		$	76,980
Net income	$	21,806	$	4,293	$	44,873		$	4,293

Pro Forma Financial Information


	Nine Months Ended August 31, 2010
(in thousands)	(unaudited)
Operating revenues	$	603,101

Cost of services		203,808
Selling, general and administrative		149,990
Restructuring		6,953
Amortization of intangible assets		48,710
Depreciation and amortization of property, equipment and leasehold improvements		16,130

Total operating expenses		425,591

Operating income		177,510
Other expense (income), net		52,460

Income before provision for income taxes		125,050
Provision for income taxes		44,395

Net income	$	80,655

Earnings per diluted common share	$	0.67

Pro Forma Information By Segment


	Nine Months Ended August 31, 2010
	(unaudited)
(in thousands)	Performance and Risk		Governance		Total
Operating revenues	$	508,146	$	94,955	$	603,101
Cost of services		151,675		52,133		203,808
Selling, general and administrative		130,629		19,361		149,990
Restructuring		6,032		921		6,953
Amortization of intangible assets		38,660		10,050		48,710
Depreciation expense		13,427		2,703		16,130

Total operating expenses		340,423		85,168		425,591

Operating income		167,723		9,787		177,510
Other expense (income), net						52,460

Income before provision for income taxes						125,050
Provision for income taxes						44,395

Net income					$	80,655

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

Restructuring (Tables)

9 Months Ended

Sep. 30, 2011

Restructuring

Summary Of Changes In Accrued Restructuring Charges


(in thousands)	Severance			Lease termination			Other		Total
Accrued Balance, November 30, 2010	$	1,087		$	1,297		$	—	$	2,384
Restructuring costs		674			2,911			—		3,585
Cash payments		(1,411	)		(3,227	)		—		(4,638	)
Other		—			(39	)		—		(39	)

Accrued Balance, September 30, 2011	$	350		$	942		$	—	$	1,292

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2011

Earnings Per Common Share

Computation Of Basic And Diluted EPS


	Three Months Ended						Nine Months Ended
	September 30, 2011			August 31, 2010			September 30, 2011			August 31, 2010
	(in thousands, except per share data)
Net income	$	49,787		$	10,319		$	128,968		$	61,904
Less: Allocations of earnings to unvested restricted stock units ⁽¹⁾		(483	)		(118	)		(1,251	)		(709	)

Earnings available to MSCI common shareholders	$	49,304		$	10,201		$	127,717		$	61,195

Basic weighted average common shares outstanding		120,831			118,339			120,570			109,672

Basic weighted average common shares outstanding		120,831			118,339			120,570			109,672
Effect of dilutive securities:
Stock options		1,472			2,002			1,616			1,090

Diluted weighted average common shares outstanding		122,303			120,341			122,186			110,762

Earnings per basic common share	$	0.41		$	0.09		$	1.06		$	0.56

Earnings per diluted common share	$	0.40		$	0.08		$	1.05		$	0.55

⁽¹⁾	The restricted stock units participate in all of the earnings of the Company in the computation of basic EPS and, therefore, the restricted stock units are not included as incremental shares in the diluted EPS computation.

Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2011

Comprehensive Income

Components Of Comprehensive Income


	Three Months Ended						Nine Months Ended
	September 30, 2011			August 31, 2010			September 30, 2011			August 31, 2010
	(in thousands)
Net income	$	49,787		$	10,319		$	128,968		$	61,904
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments		(6,753	)		1,211			(2,646	)		1,485
Income tax effect		2,642			(474	)		1,035			(581	)

		(4,111	)		737			(1,611	)		904

Unrealized gains (losses) on cash flow hedges		(617	)		(2,074	)		(3,140	)		3,305
Income tax effect		242			812			1,229			(1,288	)

		(375	)		(1,262	)		(1,911	)		2,017

Pension and other post-retirement adjustments		50			179			9			385
Income tax effect		(8	)		(40	)		—			(91	)

		42			139			9			294

Unrealized gains on available-for-sale securities		—			2			1			5
Income tax effect		—			(1	)		—			(2	)

		—			1			1			3

Other comprehensive (loss) income, net of tax		(4,444	)		(385	)		(3,512	)		3,218

Comprehensive income	$	45,343		$	9,934		$	125,456		$	65,122

Short-Term Investments (Tables)

9 Months Ended

Sep. 30, 2011

Short-Term Investments

Summary Of Fair Value And Gross Unrealized Gains (Losses) Of Debt Securities Available-For-Sale


(in thousands)	Amortized Cost plus Accrued Interest		Gross unrealized gains		Gross unrealized losses			Estimated Fair value
September 30, 2011
Debt securities available-for-sale
U.S. Treasury securities	$	140,434	$	21	$	(5	)	$	140,450
Tradable certificates of deposit		2,304		—		—			2,304

Total	$	142,738	$	16	$	(5	)	$	142,754

November 30, 2010
Debt securities available-for-sale
U.S. Treasury securities	$	66,924	$	3	$	—		$	66,927
Commercial paper		5,350		1		—			5,351
State and municipal securities		1,612		1		—			1,613

Total	$	73,886	$	5	$	—		$	73,891

Unrealized Losses On Investments


	Less than 12 Months					12 Months or Greater				Total
(in thousands)	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses		Total Fair Value		Total Unrealized Losses
U.S. Treasury securities	$	45,829	$	(5	)	$	—	$	—	$	45,829	$	(5	)

Total	$	45,829	$	(5	)	$	—	$	—	$	45,829	$	(5	)

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-1
-Paragraph 21
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 17
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 19, 20, 21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27337-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27198-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27161-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27290-111563

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62586-112803

+ Details

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 7, 13, 16, 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section M

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6379932&loc=d3e22054-111558

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (c)-(e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27405-111563

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.M)
-URI http://asc.fasb.org/extlink&oid=6784337&loc=d3e87990-122713

+ Details

Property, Equipment and Leasehold Improvements (Tables)

9 Months Ended

Sep. 30, 2011

Property, Equipment And Leasehold Improvements

Components Of Property, Equipment And Leasehold Improvements


	As of
	September 30, 2011			November 30, 2010
	(in thousands)
Computer & related equipment	$	65,331		$	50,557
Furniture & fixtures		4,419			4,571
Leasehold improvements		20,585			19,912
Work-in-process		3,603			901

Subtotal		93,938			75,941
Accumulated depreciation and amortization		(57,027	)		(41,573	)

Property, equipment and leasehold improvements, net	$	36,911		$	34,368

Goodwill And Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2011

Goodwill And Intangible Assets

Schedule Of Goodwill


	Total
Goodwill at November 30, 2010	$	1,706,671
Changes to goodwill ⁽¹⁾		1,914

Goodwill at September 30, 2011	$	1,708,585

⁽¹⁾	Resulting from the finalization of the valuation of the acquired RiskMetrics assets and liabilities.

Components Of Intangible Assets By Major Class


	Gross Carrying Value		Accumulated Amortization			Net Carrying Value
	(in thousands)
As of September 30, 2011
Customer relationships	$	459,010	$	(53,761	)	$	405,249
Trademarks/trade names		243,440		(43,426	)		200,014
Technology/software		191,430		(138,809	)		52,621
Proprietary process		3,800		(844	)		2,956
Non-compete agreements		2,780		(2,471	)		309
Transition agreements		—		—			—

Total intangible assets	$	900,460	$	(239,311	)	$	661,149

As of November 30, 2010
Customer relationships	$	461,690	$	(29,500	)	$	432,190
Trademarks/trade names		243,440		(35,381	)		208,059
Technology/software		194,131		(123,824	)		70,307
Proprietary process		3,800		(317	)		3,483
Non-compete agreements		2,780		(929	)		1,851
Transition agreements		720		(360	)		360

Total intangible assets	$	906,561	$	(190,311	)	$	716,250

Estimated Amortization Expense For Succeeding Years


Fiscal Year	Amortization Expense
	(in thousands)
Remainder of 2011	$	16,267
2012		63,835
2013		53,087
2014		52,864
2015		52,787
2016		50,803
Thereafter		371,506

Total	$	661,149

- Definition

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

+ References + Details

Commitment And Contingencies (Tables)

9 Months Ended

Sep. 30, 2011

Commitments And Contingencies [Abstract]

Leases And Long-Term Debt


(In thousands)	Condensed Consolidated Statements of Financial Condition Location		As of September 30, 2011			As of November 30, 2010
Liability derivatives:
Derivatives designated as hedging instruments:
Interest rate swaps		Other accrued liabilities	$	(2,956	)	$	(1,772	)

Interest Rate Swaps And Derivative Instruments


Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives (Effective Portion) for the Nine Months Ended						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 into Income (Effective Portion) for the Nine Months Ended						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 Nine Months Ended
(In thousands)	September 30, 2011			August 31, 2010					September 30, 2011			August 31, 2010					September 30, 2011		August 31, 2010
Interest rate swaps	$	(4,575	)	$	(2,510	)		Interest expense	$	(1,437	)	$	(2,651	)		Interest expense	$	35	$	(3,147	)


Derivatives in Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated Other Comprehensive Income on Derivatives (Effective Portion) for the Three Months Ended						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 into Income (Effective Portion) for the Three Months Ended						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 Three Months Ended
(In thousands)	September 30, 2011			August 31, 2010					September 30, 2011			August 31, 2010					September 30, 2011		August 31, 2010
Interest rate swaps	$	(1,243	)	$	(2,213	)		Interest expense	$	(627	)	$	(139	)		Interest expense	$	—	$	—

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2011

Income Taxes

Summary Of Open Tax Years By Major Tax Jurisdiction


Tax Jurisdiction		Open Tax Years
United States		2005-2010
California		2004-2010
New York State and City		2002-2010
Hong Kong		2003-2010
United Kingdom		2007-2010
Canada		2005-2010
Japan		2009-2010

Segment Information (Tables)

9 Months Ended

Sep. 30, 2011

Segment Information

Key Financial Information By Operating Segments


	Three Months Ended				Nine Months Ended
	September 30, 2011		August 31, 2010		September 30, 2011		August 31, 2010
Operating revenues
Performance and Risk	$	196,230	$	172,425	$	583,788	$	419,275
Governance		28,796		30,308		91,019		30,308

Consolidated	$	225,026	$	202,733	$	674,807	$	449,583

Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements
Performance and Risk	$	16,601	$	17,383	$	51,036	$	32,887
Governance		4,490		3,901		13,448		3,901

Consolidated	$	21,091	$	21,284	$	64,484	$	36,788

Operating income
Performance and Risk	$	78,957	$	38,672	$	231,458	$	132,626
Governance		3,288		2,777		8,907		2,777

Consolidated	$	82,245	$	41,449	$	240,365	$	135,403

Revenues By Geographic Area


	Three Months Ended				Nine Months Ended
	September 30, 2011		August 31, 2010		September 30, 2011		August 31, 2010
	(in thousands)
Revenues
Americas:
United States	$	116,511	$	104,070	$	340,611	$	220,506
Other		7,450		7,576		23,620		15,724

Total Americas		123,961		111,646		364,231		236,230

EMEA:
United Kingdom		26,959		24,270		79,364		58,378
Other		44,361		40,779		143,519		87,425

Total EMEA		71,320		65,049		222,883		145,803

Asia & Australia:
Japan		14,655		12,179		42,480		34,093
Other		15,090		13,859		45,213		33,457

Total Asia & Australia		29,745		26,038		87,693		67,550

Total	$	225,026	$	202,733	$	674,807	$	449,583

Long-Lived Assets By Geographic Area


	As of
	September 30, 2011		November 30, 2010
	(in thousands)
Long-lived assets
Americas:
United States	$	2,386,671	$	2,435,914
Other		4,015		2,424

Total Americas		2,390,686		2,438,338

EMEA:
United Kingdom		5,261		4,740
Other		5,640		7,826

Total EMEA		10,901		12,566

Asia & Australia:
Japan		376		452
Other		4,682		5,933

Total Asia & Australia		5,058		6,385

Total	$	2,406,645	$	2,457,289

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Introduction And Basis Of Presentation (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011 USD ($)	Aug. 31, 2010 USD ($)	Sep. 30, 2011 USD ($)	Aug. 31, 2010 USD ($)	Dec. 31, 2010 USD ($)	Nov. 30, 2010 USD ($)	Nov. 30, 2009 USD ($)
Cash and cash equivalents	$ 221,575	$ 197,735	$ 221,575	$ 197,735	$ 269,423	$ 226,575	$ 176,024
Short-term investments	$ 142,754		$ 142,754			73,891
Number of major customers accounted for 10% or more of operating revenue	0	0	0
BlackRock Inc. [Member]
Percentage of operating revenues accounted for by major customer		10.00%		10.60%
Deposits [Member]
Cash and cash equivalents	$ 221,600		$ 221,600			226,600
Debt Securities [Member]
Short-term investments	$ 142,800		$ 142,800			$ 73,900
Minimum [Member]
Debt security maturity date range (days)			91
Maximum [Member]
Debt security maturity date range (days)			365

Acquisitions (RiskMetrics Acquisition) (Narrative) (Details) - RiskMetrics Group Inc [Member] - USD ($) shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010
Date of acquisition	June 1, 2010
Number of class A common shares issued	12.6
Number of class A common shares reserved for awards assumed	4.3
Transaction related costs related to the acquisition		$ 21.2
Performance And Risk [Member]
Purchase price allocated to goodwill	$ 1,014.8
Governance [Member]
Purchase price allocated to goodwill	$ 231.1

Acquisitions (Other Fiscal 2010 Acquisition) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010	Jul. 30, 2010
Revenues	$ 225,026	$ 202,733	$ 674,807	$ 449,583
Earnings	49,787	10,319	128,968	61,904
Measurisk LLC [Member]
Revenues	$ 3,800	1,100	$ 10,900	1,100
Earnings		$ 300		$ 300
Purchase price allocated to other assets					$ 2,300
Purchase price allocated to identifiable intangible assets					9,500
Purchase price allocated to other liabilities					1,900
Purchase price allocated to goodwill					$ 21,100

- 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 Emerging Issues Task Force (EITF)
-Number 87-21
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

Reference 7: 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=6943989&loc=d3e3602-108585

Reference 8: 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 9: 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 10: 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 11: 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=6880815&loc=d3e20235-122688

Reference 12: 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 13: 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=6920043&loc=d3e565-108580

Reference 14: 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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

+ Details

Acquisitions ( Purchase Price) (Details) - As Of June 1, 2010 [Member] - RiskMetrics Group Inc [Member] $ in Thousands	Sep. 30, 2011 USD ($)
Cash	$ 1,146,702
MSCI class A common stock valued using the New York Stock Exchange closing price on June 1, 2010	371,815
Fair value of outstanding vested and unvested stock options and unvested restricted stock awards assumed	53,879
Total purchase price	$ 1,572,396

- Definition

The acquisition-date fair value of the equity interests of the acquirer, including the number of instruments or interests issued or issuable in consideration for the business combination.

+ References + Details

Acquisitions ( Purchase Price Allocation) (Details) - As Of June 1, 2010 [Member] - RiskMetrics Group Inc [Member] $ in Thousands	Sep. 30, 2011 USD ($)
Cash and cash equivalents	$ 76,459
Trade receivables	33,577
Other assets	32,398
Goodwill	1,245,862
Intangible assets	628,120
Accounts payable and other liabilities	(48,494)
Debt	(107,485)
Deferred revenues	(114,686)
Deferred tax liabilities, net	(173,355)
Total purchase price	$ 1,572,396

Acquisitions ( Components Of Intangible Assets Acquired) (Details) - As Of June 1, 2010 [Member] - RiskMetrics Group Inc [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2011 USD ($)
Estimated Fair Value	$ 628,120
Customer Relationships [Member]
Estimated Fair Value	$ 428,600
Estimated Useful Life (in years), minimum	14
Estimated Useful Life (in years), maximum	15
Technology/Software [Member]
Estimated Fair Value	$ 52,640
Estimated Useful Life (in years), minimum	3
Estimated Useful Life (in years), maximum	7
Proprietary Process [Member]
Estimated Fair Value	$ 3,800
Estimated Useful Life (in years)	6
Trademarks/Trade Names [Member]
Estimated Fair Value	$ 140,300
Estimated Useful Life (in years), minimum	10
Estimated Useful Life (in years), maximum	20
Non-Compete Agreements [Member]
Estimated Fair Value	$ 2,780
Estimated Useful Life (in years)	1.5

Acquisitions (Revenue Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Total revenues	$ 225,026	$ 202,733	$ 674,807	$ 449,583
Net income	49,787	10,319	128,968	61,904
RiskMetrics Group Inc [Member]
Total revenues	77,515	76,980	234,799	76,980
Net income	$ 21,806	$ 4,293	$ 44,873	$ 4,293

- Definition

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

+ References

+ Details

Acquisitions (Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Operating revenues	$ 225,026	$ 202,733	$ 674,807	$ 449,583
Cost of services	68,968	69,741	208,026	129,495
Selling, general and administrative	53,724	63,306	158,463	140,944
Restructuring	(1,002)	6,953	3,469	6,953
Amortization of intangible assets	16,422	16,350	49,537	24,905
Depreciation and amortization of property, equipment and leasehold improvements	4,669	4,934	14,947	11,883
Total operating expenses	142,781	161,284	434,442	314,180
Operating income	82,245	41,449	240,365	135,403
Other expense (income), net	(11,946)	(20,825)	(47,080)	(32,991)
Income before provision for income taxes	70,299	20,624	193,285	102,412
Provision for income taxes	20,512	10,305	64,317	40,508
Net income	49,787	10,319	128,968	61,904
RiskMetrics Group Inc [Member]
Operating revenues	77,515	76,980	234,799	76,980
Net income	$ 21,806	$ 4,293	$ 44,873	4,293
Unaudited And Effect Of Pro-Forma Adjustments [Member] \| RiskMetrics Group Inc [Member]
Operating revenues				603,101
Cost of services				203,808
Selling, general and administrative				149,990
Restructuring				6,953
Amortization of intangible assets				48,710
Depreciation and amortization of property, equipment and leasehold improvements				16,130
Total operating expenses				425,591
Operating income				177,510
Other expense (income), net				52,460
Income before provision for income taxes				125,050
Provision for income taxes				44,395
Net income				$ 80,655
Earnings per diluted common share				$ 0.67

Acquisitions (Pro Forma Information By Segment) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Operating revenues	$ 225,026	$ 202,733	$ 674,807	$ 449,583
Cost of services	68,968	69,741	208,026	129,495
Selling, general and administrative	53,724	63,306	158,463	140,944
Restructuring	(1,002)	6,953	3,469	6,953
Amortization of intangible assets	16,422	16,350	49,537	24,905
Depreciation expense	4,669	4,934	14,947	11,883
Total operating expenses	142,781	161,284	434,442	314,180
Operating income	82,245	41,449	240,365	135,403
Other expense (income), net	(11,946)	(20,825)	(47,080)	(32,991)
Income before provision for income taxes	70,299	20,624	193,285	102,412
Provision for income taxes	20,512	10,305	64,317	40,508
Net income	49,787	10,319	128,968	61,904
Performance And Risk [Member]
Operating revenues	196,230	172,425	583,788	419,275
Restructuring			1,600	6,000
Operating income	78,957	38,672	231,458	132,626
Governance [Member]
Operating revenues	28,796	30,308	91,019	30,308
Restructuring			1,900	900
Operating income	3,288	2,777	8,907	2,777
RiskMetrics Group Inc [Member]
Operating revenues	77,515	76,980	234,799	76,980
Net income	$ 21,806	$ 4,293	$ 44,873	4,293
RiskMetrics Group Inc [Member] \| Performance And Risk [Member]
Operating revenues				508,146
Cost of services				151,675
Selling, general and administrative				130,629
Restructuring				6,032
Amortization of intangible assets				38,660
Depreciation expense				13,427
Total operating expenses				340,423
Operating income				167,723
RiskMetrics Group Inc [Member] \| Governance [Member]
Operating revenues				94,955
Cost of services				52,133
Selling, general and administrative				19,361
Restructuring				921
Amortization of intangible assets				10,050
Depreciation expense				2,703
Total operating expenses				85,168
Operating income				9,787
Unaudited And Effect Of Pro-Forma Adjustments [Member] \| RiskMetrics Group Inc [Member]
Operating revenues				603,101
Cost of services				203,808
Selling, general and administrative				149,990
Restructuring				6,953
Amortization of intangible assets				48,710
Depreciation expense				16,130
Total operating expenses				425,591
Operating income				177,510
Other expense (income), net				52,460
Income before provision for income taxes				125,050
Provision for income taxes				44,395
Net income				$ 80,655

Restructuring (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Restructuring expense	$ (1,002)	$ 6,953	$ 3,469	$ 6,953
Reversed restructuring reserve			1,200
Severance costs			700	3,400
Accelerated vesting of share-based compensation awards				2,500
Costs associated with exit of certain lease			1,900	100
Costs associated with discontinuance of the planned integration				900
Write-off of assets associated with the exit of certain leases			900
Performance And Risk [Member]
Restructuring expense			1,600	6,000
Governance [Member]
Restructuring expense			1,900	$ 900
Maximum [Member]
Accelerated vesting of share-based compensation awards			$ 100

Restructuring (Summary Of Changes In Accrued Restructuring Charges) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2011 USD ($)
Restructuring Costs	$ 3,585
Cash payments	(4,638)
Other	(39)
Accrued ending balance	1,292
Severance [Member]
Restructuring Costs	674
Cash payments	(1,411)
Accrued ending balance	350
Lease Termination [Member]
Restructuring Costs	2,911
Cash payments	(3,227)
Other	(39)
Accrued ending balance	942
Other Restructuring Charges [Member]
Restructuring Costs
Cash payments
Other
Accrued ending balance

Earnings Per Common Share (Computation Of Basic And Diluted EPS) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2011

Aug. 31, 2010

Sep. 30, 2011

Aug. 31, 2010

Earnings Per Common Share

Net income

$ 49,787

$ 10,319

$ 128,968

$ 61,904

Less: Allocations of earnings to unvested restricted stock units

^[1]

(483)

(118)

(1,251)

(709)

Earnings available to MSCI common shareholders

$ 49,304

$ 10,201

$ 127,717

$ 61,195

Basic weighted average common shares outstanding

120,831

118,339

120,570

109,672

Stock options

$ 1,472

$ 2,002

$ 1,616

$ 1,090

Diluted weighted average common shares outstanding

122,303

120,341

122,186

110,762

Earnings per basic common share

$ 0.41

$ 0.09

$ 1.06

$ 0.56

Earnings per diluted common share

$ 0.40

$ 0.08

$ 1.05

$ 0.55

Anti-dilutive stock options excluded from the calculation of diluted EPS

32,757

456,748

17,174

152,249

[1]	The restricted stock units participate in all of the earnings of the Company in the computation of basic EPS and, therefore, the restricted stock units are not included as incremental shares in the diluted EPS computation.

Comprehensive Income (Components Of Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Comprehensive Income
Net income	$ 49,787	$ 10,319	$ 128,968	$ 61,904
Foreign currency translation adjustments	(6,753)	1,211	(2,646)	1,485
Income tax effect	2,642	(474)	1,035	(581)
Foreign currency translation adjustments, net of tax	(4,111)	737	(1,611)	904
Unrealized gains (losses) on cash flow hedges	(617)	(2,074)	(3,140)	3,305
Income tax effect	242	812	1,229	(1,288)
Unrealized gain (losses) on cash flow hedges, net of tax	(375)	(1,262)	(1,911)	2,017
Pension and other post-retirement adjustments	50	179	9	385
Income tax effect	(8)	(40)		(91)
Pension and other post-retirement adjustments, net of tax	42	139	9	294
Unrealized gains on available-for-sale securities		2	1	5
Income tax effect		(1)		(2)
Unrealized gains on available-for-sale securities, net of tax		1	1	3
Other comprehensive (loss) income, net of tax	(4,444)	(385)	(3,512)	3,218
Comprehensive income	$ 45,343	$ 9,934	$ 125,456	$ 65,122

Short-Term Investments (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2011	Nov. 30, 2010
Short-Term Investments
Short-term investments maturity dates, minimum	91
Short-term investments maturity dates, maximum	365
Investments with continuous unrealized losses for 12 months or greater	$ 0	$ 0
Other-than-temporary impairment on investments		$ 0

Short-Term Investments (Summary Of Fair Value And Gross Unrealized Gains (Losses) Of Debt Securities Available-For-Sale) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Nov. 30, 2010
Amortized Cost plus Accrued Interest	$ 142,738	$ 73,886
Gross unrealized gains	16	5
Gross unrealized losses	(5)
Estimated Fair value	142,754	73,891
U.S. Treasury Securities [Member]
Amortized Cost plus Accrued Interest	140,434	66,924
Gross unrealized gains	21	3
Gross unrealized losses	(5)
Estimated Fair value	140,450	66,927
Tradable Certificates Of Deposit [Member]
Amortized Cost plus Accrued Interest	2,304
Gross unrealized gains
Gross unrealized losses
Estimated Fair value	$ 2,304
Commercial Paper [Member]
Amortized Cost plus Accrued Interest		5,350
Gross unrealized gains		1
Gross unrealized losses
Estimated Fair value		5,351
State And Municipal Securities [Member]
Amortized Cost plus Accrued Interest		1,612
Gross unrealized gains		1
Gross unrealized losses
Estimated Fair value		$ 1,613

- Definition

For an unclassified balance sheet, total of debt securities categorized neither as held-to-maturity nor trading.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 22
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 137
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6379932&loc=d3e22054-111558

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6871852&loc=d3e26610-111562

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 320
-Section 50
-Paragraph 2
-Subparagraph (b)-(g)
-URI http://asc.fasb.org/extlink&oid=6957658&loc=d3e62557-112803

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15C
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Short-Term Investments (Unrealized Losses On Investments) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Nov. 30, 2010
Fair Value, Less than 12 Months	$ 45,829
Unrealized Losses, Less than 12 Months	(5)
Fair Value, 12 Months or Greater	0	$ 0
Unrealized Losses, 12 Months or Greater
Fair Value, Total	45,829
Unrealized Losses, Total	(5)
U.S. Treasury Securities [Member]
Fair Value, Less than 12 Months	45,829
Unrealized Losses, Less than 12 Months	(5)
Fair Value, 12 Months or Greater
Unrealized Losses, 12 Months or Greater
Fair Value, Total	45,829
Unrealized Losses, Total	$ (5)

Property, Equipment And Leasehold Improvements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010	Nov. 30, 2010
Property, Equipment And Leasehold Improvements
Computer & related equipment	$ 65,331		$ 65,331		$ 50,557
Furniture & fixtures	4,419		4,419		4,571
Leasehold improvements	20,585		20,585		19,912
Work-in-process	3,603		3,603		901
Subtotal	93,938		93,938		75,941
Accumulated depreciation and amortization	(57,027)		(57,027)		(41,573)
Property, equipment and leasehold improvements, net	36,911		36,911		$ 34,368
Depreciation of property, equipment and leasehold improvements	$ 4,669	$ 4,934	$ 14,947	$ 11,883

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References + Details

Goodwill And Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Goodwill, Impairment Loss			$ 0
New Date of Annual Goodwill Impairment Test			July 1
Amortization of intangible assets	$ 16,422	$ 16,350	$ 49,537	$ 24,905
Customer Relationships [Member]
Fully amortized intangible assets written off			2,700
Technology/Software [Member]
Fully amortized intangible assets written off			2,700
Transition Agreements [Member]
Fully amortized intangible assets written off			$ 700

- Definition

Loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 47
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 20
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13854-109267

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13777-109266

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill And Intangible Assets (Schedule Of Goodwill) (Details)
$ in Thousands

9 Months Ended

Sep. 30, 2011

USD ($)

Goodwill And Intangible Assets

Changes to goodwill

$ 1,914

^[1]

Goodwill, Ending Balance

$ 1,708,585

[1]	Resulting from the finalization of the valuation of the acquired RiskMetrics assets and liabilities.

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill And Intangible Assets (Components Of Intangible Assets By Major Class) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Nov. 30, 2010
Gross carrying value	$ 900,460	$ 906,561
Accumulated amortization	(239,311)	(190,311)
Net carrying value	661,149	716,250
Customer Relationships [Member]
Gross carrying value	459,010	461,690
Accumulated amortization	(53,761)	(29,500)
Net carrying value	405,249	432,190
Trademarks/Trade Names [Member]
Gross carrying value	243,440	243,440
Accumulated amortization	(43,426)	(35,381)
Net carrying value	200,014	208,059
Technology/Software [Member]
Gross carrying value	191,430	194,131
Accumulated amortization	(138,809)	(123,824)
Net carrying value	52,621	70,307
Proprietary Process [Member]
Gross carrying value	3,800	3,800
Accumulated amortization	(844)	(317)
Net carrying value	2,956	3,483
Non-Compete Agreements [Member]
Gross carrying value	2,780	2,780
Accumulated amortization	(2,471)	(929)
Net carrying value	$ 309	1,851
Transition Agreements [Member]
Gross carrying value		720
Accumulated amortization		(360)
Net carrying value		$ 360

Goodwill And Intangible Assets (Estimated Amortization Expense For Succeeding Years) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2011 USD ($)
Goodwill And Intangible Assets
Remainder of 2011	$ 16,267
2012	63,835
2013	53,087
2014	52,864
2015	52,787
2016	50,803
Thereafter	371,506
Total	$ 661,149

Commitments And Contingencies (Leases And Long-Term Debt) (Details)		3 Months Ended		6 Months Ended	9 Months Ended		10 Months Ended
	Mar. 14, 2011 USD ($)	Sep. 30, 2011 USD ($)	Aug. 31, 2010 USD ($)	May 31, 2010	Sep. 30, 2011 USD ($)	Aug. 31, 2010 USD ($)	Sep. 16, 2011 USD ($)	Nov. 30, 2010 USD ($)	Apr. 15, 2010 USD ($)	Apr. 01, 2010 USD ($)	Nov. 14, 2007 USD ($)
Operating leases rent expense		$ 4,700,000	$ 4,700,000		$ 13,800,000	$ 10,300,000
Square footage of office space rented							126,000
Aggregate future lease expense							$ 170,100,000
Approximate annual rent payable							$ 7,300,000
Percentage of annual rent increase							10.00%
Scheduled lease expiry date							February 28, 2033
Early lease termination date							February 1, 2028
Current maturities of long-term debt		10,334,000			10,334,000			$ 54,916,000
Net discount of debt current maturities		900,000			900,000
Long term debt, net of current maturities		1,104,116,000			1,104,116,000			1,207,881,000
Net discount of longterm debt, net of current maturities		$ 4,000,000			4,000,000
Repayment of outstanding amount of credit facility					1,274,249,000	383,688,000
Amortization of debt origination fees					$ 4,405,000	6,610,000
Debt instrument amended interest rate description		2.75%			2.75%
Amortization of debt discount					$ 801,000	1,064,000
Fair market value of debt obligations		$ 1,119,500,000			1,119,500,000			$ 1,275,000,000
Termination of derivatives liability, Net					3,300,000
2007 Credit Facility [Member]
Secured credit facility											$ 500,000,000
Prepayment of principal balances									$ 150,000,000	$ 147,000,000
Repayment of credit facility						$ 70,900,000
New Credit Facility [Member]
Amortization of debt origination fees		$ 1,300,000			$ 4,400,000
Repayment of principal (in percentage)		1.00%			1.00%
Frequency of payments				quarterly installments
Secured lien of equity interests (in percentage)		65.00%			65.00%
Minimum amortization period (in years)					4
Maximum amortization period (in years)					7
Unamortized deferred finance costs		$ 26,200,000			$ 26,200,000
Amortization of debt discount		200,000			800,000
Term Loan Facility [Member]
Principal balance outstanding on debt instrument	$ 1,212,600,000
Prepayment of principal balances		$ 56,000,000			$ 56,000,000
Cash on hand used to repay term loan credit facility	87,600,000
Term Loan Facility [Member] \| 2007 Credit Facility [Member]
Face amount of debt											425,000,000
2011 Term Loan [Member]
Face amount of debt	$ 1,125,000,000
Maturity period of the facility	Mar. 01, 2017
Debt instrument interest rate description		3.25%			3.25%
LIBOR floor applicable to term loan before amendment	1.50%
LIBOR floor applicable to term loan after amendment	1.00%
Prepayment or repricing amendment premium or penalty on term loan facility		1.00%			1.00%
Non-usage fee on unused credit					0.75%
Fees incurred associated with repricing of term loan facility					$ 6,100,000
Revolving Credit Facility [Member] \| 2007 Credit Facility [Member]
Secured credit facility											$ 75,000,000
Six - Year Term Loan Facility [Member] \| New Credit Facility [Member]
Face amount of debt		$ 1,275,000,000			1,275,000,000
Five - Year Revolving Credit Facility [Member] \| New Credit Facility [Member]
Secured credit facility		100,000,000			100,000,000
Letter of Credit Subfacility [Member] \| New Credit Facility [Member]
Value of letter of credit subfacility		25,000,000			25,000,000
Swingline Loan Subfacility [Member] \| New Credit Facility [Member]
Value of swingline loan subfacility		10,000,000			10,000,000
Prepaid and Other Assets [Member] \| New Credit Facility [Member]
Unamortized deferred finance costs		5,100,000			5,100,000
Other Non-Current Assets [Member] \| New Credit Facility [Member]
Unamortized deferred finance costs		$ 21,100,000			$ 21,100,000

Commitments And Contingencies (Interest Rate Swaps And Derivative Instruments) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011 USD ($)	Aug. 31, 2010 USD ($)	Sep. 30, 2011 USD ($)	Aug. 31, 2010 USD ($)	Nov. 30, 2010 USD ($)
Notional amount of interest rate derivatives	$ 420,800		$ 420,800
Amount to be reclassified to interest expense within twelve months			2,500
Derivatives in a net liability position	$ 0		$ 0
Interest Rate Swaps [Member]
Number of derivatives held	2		2
Amount of Gain or Loss Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion)	$ (1,243)	$ (2,213)	$ (4,575)	$ (2,510)
Other Accrued Liabilities [Member] \| Interest Rate Swaps [Member]
Fair value of derivative liabilities	(2,956)		(2,956)		$ (1,772)
Interest Expense [Member]
Amount of Gain or Loss)Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion)	$ (627)	$ (139)	(1,437)	(2,651)
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) and Amount Excluded from Effectiveness Testing)			$ 35	$ (3,147)

Employee Benefits (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Employee Benefits (Details) - USD ($) $ in Millions	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Pension and post-retirement benefit expenses	$ 3.3	$ 2.0	$ 11.6	$ 6.4
Percentage of additional contribution from the company			3.00%
Defined contribution plan expenses	2.8	1.6	$ 10.1	4.9
Net periodic benefit expense	0.5	0.4	1.5	1.5
Cost Of Services [Member]
Pension and post-retirement benefit expenses	2.0	1.3	7.2	3.8
Selling, General And Administrative [Member]
Pension and post-retirement benefit expenses	$ 1.3	$ 0.7	$ 4.4	$ 2.6

- Definition

The amount of pension and other (such as medical, dental and life insurance) postretirement benefit costs recognized during the period for (1) defined benefit plans (periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss) on assets, prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments) and for (2) defined contribution plans (to the extent that a plan's defined contributions to an individual's account are to be made for periods in which that individual renders services, the net cost for a period is the contribution called for in that period; if a plan calls for contributions for periods after an individual retires or terminates, the estimated cost is accrued during the employee's service period).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 11
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: 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=6943989&loc=d3e3602-108585

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 210.5-03.4)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6414718&loc=d3e28014-114942

+ Details

Share-Based Compensation (Details) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Dec. 10, 2010 shares	Dec. 10, 2010	Dec. 31, 2010 USD ($)	Sep. 30, 2011 USD ($) shares	Aug. 31, 2010 USD ($) shares	May 31, 2010 USD ($)	Sep. 30, 2011 USD ($) shares	Aug. 31, 2010 USD ($) shares	Dec. 14, 2010 USD ($)	Dec. 16, 2009 USD ($)	Dec. 16, 2008 USD ($)	Nov. 14, 2007 USD ($) years $ / shares
Number of common shares reserved \| shares				4,200,000			4,200,000
Share-based compensation expense				$ 7,900	$ 12,500		$ 24,322	$ 22,944
Common Stock [Member]
Number of shares awarded \| shares							7,840	8,427
Restricted Stock Units (RSUs) [Member]
Number of common shares reserved \| shares				21,259	9,770		21,259	9,770
Founders Grant Award [Member]
Aggregate fair value												$ 68,000
Length of Founders Grant Award vesting period (in years)												four
Award vesting rights, percentage vested												50.00%
Exercise price per share of options granted \| $ / shares												$ 18.00
Term (in years) of the awards \| years												10
First tranche of awards vested												November 14, 2011
Share-based compensation expense				$ 900	$ 2,000		$ 2,500	$ 4,100
Founders Grant Award [Member] \| Third And Fourth Anniversary [Member]
Award vesting rights, percentage vested												25.00%
2008 Bonus Award [Member]
Aggregate fair value											$ 9,500
Fraction of 2008 Bonus Award vested per year											<font class="_mt">one</font>-third
Length of 2008 Bonus Award vesting period (in years)											three
Amount of the award granted to retirement - eligible employees											$ 4,200
First tranche of awards vested											January 9, 2012
2009 Bonus Award [Member]
Aggregate fair value										$ 13,200
Amount of the award granted to retirement - eligible employees										$ 5,100
First tranche of awards vested										December 20, 2010
2010 Bonus Award [Member]
Amount of the award granted to retirement - eligible employees									$ 6,200
Share-based compensation expense			$ 500
2010 Bonus Award [Member] \| Restricted Stock Units (RSUs) [Member]
Aggregate fair value									$ 15,200
2010 CEO Award [Member]
CEO Award Vesting Period (in years)		five
Percentage of the award vesting on each anniversary		25.00%
Number of shares awarded \| shares	208,175
Performance Award [Member]
Aggregate fair value						$ 15,900
Length of Performance Award time-vest (in months)						31
Share-based compensation expense				$ 400	$ 2,100	$ 0	4,200	$ 2,100
Unvested Stock Options [Member]
Expected amount from the reserved stock							$ 16,700
Unvested Restricted Stock Awards [Member]
Number of common shares reserved \| shares				100,000			100,000
Expected amount from the reserved stock							$ 1,300

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Provision for income taxes	$ 20,512	$ 10,305	$ 64,317	$ 40,508
Effective tax rate			33.30%	39.60%
New York State And City [Member]
Tax years under examination			2002-2006

Income Taxes (Summary Of Open Tax Years By Major Tax Jurisdiction) (Details)	9 Months Ended
	Sep. 30, 2011
United States [Member]
Open Tax Years	2005-2010
California [Member]
Open Tax Years	2004-2010
New York State And City [Member]
Open Tax Years	2002-2010
Hong Kong [Member]
Open Tax Years	2003-2010
United Kingdom [Member]
Open Tax Years	2007-2010
Canada [Member]
Open Tax Years	2005-2010
Japan [Member]
Open Tax Years	2009-2010

Segment Information (Key Financial Information By Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Operating revenues	$ 225,026	$ 202,733	$ 674,807	$ 449,583
Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements	21,091	21,284	64,484	36,788
Operating income	82,245	41,449	240,365	135,403
Performance And Risk [Member]
Operating revenues	196,230	172,425	583,788	419,275
Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements	16,601	17,383	51,036	32,887
Operating income	78,957	38,672	231,458	132,626
Governance [Member]
Operating revenues	28,796	30,308	91,019	30,308
Amortization of intangible assets and depreciation and amortization of property, equipment and leasehold improvements	4,490	3,901	13,448	3,901
Operating income	$ 3,288	$ 2,777	$ 8,907	$ 2,777

- Definition

The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

+ References + Details

Segment Information (Revenues By Geographic Area) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Aug. 31, 2010	Sep. 30, 2011	Aug. 31, 2010
Revenues	$ 225,026	$ 202,733	$ 674,807	$ 449,583
United States [Member]
Revenues	116,511	104,070	340,611	220,506
Other Than US [Member]
Revenues	7,450	7,576	23,620	15,724
Total Americas [Member]
Revenues	123,961	111,646	364,231	236,230
United Kingdom [Member]
Revenues	26,959	24,270	79,364	58,378
Other Than UK [Member]
Revenues	44,361	40,779	143,519	87,425
Total EMEA [Member]
Revenues	71,320	65,049	222,883	145,803
Japan [Member]
Revenues	14,655	12,179	42,480	34,093
Other [Member]
Revenues	15,090	13,859	45,213	33,457
Total Asia & Australia [Member]
Revenues	$ 29,745	$ 26,038	$ 87,693	$ 67,550

Segment Information (Long-Lived Assets By Geographic Area) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Nov. 30, 2010
Long-Lived Assets	$ 2,406,645	$ 2,457,289
United States [Member]
Long-Lived Assets	2,386,671	2,435,914
Other Than US [Member]
Long-Lived Assets	4,015	2,424
Total Americas [Member]
Long-Lived Assets	2,390,686	2,438,338
United Kingdom [Member]
Long-Lived Assets	5,261	4,740
Other Than UK [Member]
Long-Lived Assets	5,640	7,826
Total EMEA [Member]
Long-Lived Assets	10,901	12,566
Japan [Member]
Long-Lived Assets	376	452
Other [Member]
Long-Lived Assets	4,682	5,933
Total Asia & Australia [Member]
Long-Lived Assets	$ 5,058	$ 6,385

Label	Element	Value
Restructuring Reserve	us-gaap_RestructuringReserve	$ 2,384,000
Other Restructuring Member
Restructuring Reserve	us-gaap_RestructuringReserve
Lease Termination [Member]
Restructuring Reserve	us-gaap_RestructuringReserve	1,297,000
Severance [Member]
Restructuring Reserve	us-gaap_RestructuringReserve	$ 1,087,000