Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 22, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MSCI | |
Entity Registrant Name | MSCI Inc. | |
Entity Central Index Key | 1408198 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 112,425,358 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Financial Condition (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $537,751 | $508,799 |
Accounts receivable (net of allowances of $822 and $857 at March 31, 2015 and December 31, 2014, respectively) | 184,827 | 178,717 |
Deferred taxes | 17,792 | 22,209 |
Prepaid income taxes | 16,344 | 29,180 |
Prepaid and other assets | 31,918 | 31,727 |
Total current assets | 788,632 | 770,632 |
Property, equipment and leasehold improvements (net of accumulated depreciation and amortization of $99,230 and $92,808 at March 31, 2015 and December 31, 2014, respectively) | 97,498 | 94,074 |
Goodwill | 1,561,852 | 1,564,904 |
Intangible assets (net of accumulated amortization of $383,487 and $372,209 at March 31, 2015 and December 31, 2014, respectively) | 417,610 | 433,628 |
Other non-current assets | 30,935 | 30,937 |
Total assets | 2,896,527 | 2,894,175 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts payable | 1,139 | 2,835 |
Accrued compensation and related benefits | 41,328 | 111,408 |
Other accrued liabilities | 65,026 | 47,894 |
Deferred revenue | 344,267 | 310,775 |
Total current liabilities | 451,760 | 472,912 |
Long-term debt | 800,000 | 800,000 |
Deferred taxes | 136,793 | 137,838 |
Other non-current liabilities | 52,274 | 50,592 |
Total liabilities | 1,440,827 | 1,461,342 |
Commitments and Contingencies (see Note 7) | ||
Shareholders' equity: | ||
Preferred stock (par value $0.01; 100,000,000 shares authorized; no shares issued) | ||
Common stock (par value $0.01; 750,000,000 common shares authorized; 127,165,535 and 126,637,390 common shares issued and 112,408,627 and 112,072,469 common shares outstanding at March 31, 2015 and December 31, 2014, respectively) | 1,272 | 1,266 |
Treasury shares, at cost (14,756,908 and 14,564,921 common shares held at March 31, 2015 and December 31, 2014, respectively) | -598,735 | -588,378 |
Additional paid in capital | 1,038,635 | 1,022,221 |
Retained earnings | 1,046,098 | 1,022,695 |
Accumulated other comprehensive loss | -31,570 | -24,971 |
Total shareholders' equity | 1,455,700 | 1,432,833 |
Total liabilities and shareholders' equity | $2,896,527 | $2,894,175 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $822 | $857 |
Property, equipment and leasehold improvements, accumulated depreciation and amortization | 99,230 | 92,808 |
Intangible assets, accumulated amortization | $383,487 | $372,209 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 750,000,000,000 | 750,000,000,000 |
Common stock, shares issued | 127,165,535,000 | 126,637,390,000 |
Common stock, shares outstanding | 112,408,627,000 | 112,072,469,000 |
Treasury shares | 14,756,908,000 | 14,564,921,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Operating revenues | $262,769 | $239,688 |
Operating expenses: | ||
Cost of services | 82,653 | 75,427 |
Selling, general and administrative | 72,465 | 67,658 |
Amortization of intangible assets | 11,702 | 11,270 |
Depreciation and amortization of property, equipment and leasehold improvements | 7,207 | 5,828 |
Total operating expenses | 174,027 | 160,183 |
Operating income | 88,742 | 79,505 |
Interest income | -204 | -156 |
Interest expense | 11,108 | 5,059 |
Other expense (income) | 178 | 1,071 |
Other expense (income), net | 11,082 | 5,974 |
Income from continuing operations before provision for income taxes | 77,660 | 73,531 |
Provision for income taxes | 28,036 | 26,385 |
Income from continuing operations | 49,624 | 47,146 |
Income (loss) from discontinued operations, net of income taxes | -5,797 | 33,253 |
Net income | $43,827 | $80,399 |
Earnings per basic common share: | ||
Earnings per basic common share from continuing operations | $0.44 | $0.40 |
Earnings per basic common share from discontinued operations | ($0.05) | $0.28 |
Earnings per basic common share | $0.39 | $0.68 |
Earnings per diluted common share: | ||
Earnings per diluted common share from continuing operations | $0.44 | $0.40 |
Earnings per diluted common share from discontinued operations | ($0.05) | $0.28 |
Earnings per diluted common share | $0.39 | $0.68 |
Weighted average shares outstanding used in computing earnings per share: | ||
Basic | 112,520 | 117,582 |
Diluted | 113,522 | 118,597 |
Dividend declared per common share | $0.18 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $43,827 | $80,399 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | -6,590 | 1,032 |
Income tax effect | -132 | -400 |
Foreign currency translation adjustments, net | -6,722 | 632 |
Pension and other post-retirement adjustments | 174 | -7 |
Income tax effect | -51 | 4 |
Pension and other post-retirement adjustments, net | 123 | -3 |
Other comprehensive (loss) income, net of tax | -6,599 | 629 |
Comprehensive income | $37,228 | $81,028 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income | $43,827 | $80,399 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of intangible assets | 11,702 | 14,010 |
Stock-based compensation expense | 7,350 | 5,171 |
Depreciation and amortization of property, equipment and leasehold improvements | 7,207 | 6,047 |
Amortization of debt origination fees | 446 | 445 |
Deferred taxes | 3,433 | -26,271 |
Amortization of discount on long-term debt | 121 | |
Excess tax benefits from share-based compensation | -2,990 | -1,174 |
Other non-cash adjustments | 3,700 | -102 |
Changes in assets and liabilities, net of assets and liabilities assumed: | ||
Accounts receivable | -7,181 | -38,879 |
Prepaid income taxes | 15,533 | 10,385 |
Prepaid and other assets | -517 | -618 |
Accounts payable | -1,681 | 349 |
Accrued compensation and related benefits | -63,351 | -68,646 |
Other accrued liabilities | 11,331 | 3,480 |
Deferred revenue | 34,717 | 46,167 |
Other | 3,157 | -5,635 |
Net cash provided by operating activities | 66,683 | 25,249 |
Cash flows from investing activities | ||
Capital expenditures | -4,934 | -8,501 |
Capitalized software development costs | -1,386 | -1,559 |
Proceeds from the sale of capital equipment | 7 | |
Net cash used in investing activities | -6,320 | -10,053 |
Cash flows from financing activities | ||
Repayment of long-term debt | -5,063 | |
Repurchase of treasury shares | -10,352 | -107,159 |
Proceeds from exercise of stock options | 632 | 1,710 |
Excess tax benefits from stock-based compensation | 2,990 | 1,174 |
Payment of dividends | -20,406 | |
Net cash used in financing activities | -27,136 | -109,338 |
Effect of exchange rate changes | -4,275 | 566 |
Net increase (decrease) in cash and cash equivalents | 28,952 | -93,576 |
Cash and cash equivalents, beginning of period | 508,799 | 358,434 |
Less: Cash and cash equivalents attributed to discontinued operations | -4,408 | |
Cash and cash equivalents, end of period | 537,751 | 260,450 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 161 | 4,542 |
Cash paid for income taxes | 13,976 | 21,131 |
Supplemental disclosure of non-cash investing activities: | ||
Property, equipment and leasehold improvements in other accrued liabilities | $12,970 | $2,842 |
Introduction_and_Basis_of_Pres
Introduction and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [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, including indexes, portfolio risk and performance analytics and multi-asset class market risk analytics products and services. The Company’s flagship products are its global equity indexes and environmental, social and governance (“ESG”) products marketed under the MSCI and MSCI ESG Research brands, its private real estate benchmarks marketed under the IPD brand, its portfolio risk and performance analytics covering global equity markets marketed under the Barra brand, its multi-asset class, market and credit risk analytics marketed under the RiskMetrics and Barra brands and its performance reporting products and services offered to the investment consultant community marketed under the InvestorForce brand. | |
On March 17, 2014, MSCI entered into a definitive agreement to sell Institutional Shareholder Services Inc. (“ISS”). As a result, the Company reported the operating results of ISS in “Income (loss) from discontinued operations, net of income taxes” in the Unaudited Condensed Consolidated Statements of Income for the three months ended March 31, 2015 and 2014. Unless otherwise indicated, the disclosures accompanying these unaudited condensed consolidated financial statements reflect the Company’s continuing operations. | |
The Company completed the sale of ISS on April 30, 2014. See Note 3, “Disposition and Discontinued Operations,” for further details. | |
Basis of Presentation and Use of Estimates | |
These unaudited condensed consolidated financial statements include the accounts of MSCI Inc. and its subsidiaries and include all adjustments of a normal, recurring nature necessary to present fairly the financial condition as of March 31, 2015 and December 31, 2014, the results of operations and comprehensive income for the three months ended March 31, 2015 and 2014 and cash flows for the three months ended March 31, 2015 and 2014. The accompanying unaudited 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, as amended, for the year ended December 31, 2014. The unaudited condensed consolidated financial statement information as of December 31, 2014 has been derived from the 2014 audited consolidated financial statements. The results of operations for interim periods are not necessarily indicative of results for the entire year. | |
The Company’s unaudited 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 unaudited 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 revenue, research and development and software capitalization, the allowance for doubtful accounts, impairment of long-lived assets, accrued compensation, income taxes and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. | |
Intercompany balances and transactions are eliminated in consolidation. | |
Concentrations | |
For the three months ended March 31, 2015 and 2014, BlackRock, Inc. accounted for 10.1% and 10.4%, respectively, of the Company’s operating revenues. |
Recent_Accounting_Standards_Up
Recent Accounting Standards Updates | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Standards Updates | 2. RECENT ACCOUNTING STANDARDS UPDATES |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers,” or ASU 2014-09. The objective of ASU 2014-09 is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle of ASU 2014-09 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying the new guidance, an entity will (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the contract’s performance obligations; and (5) recognize revenue when, or as, the entity satisfies a performance obligation. On April 1, 2015, the FASB voted to propose a deferral of the effective date of the new revenue standard by one year, but to permit entities to adopt it one year earlier if they choose (that is, annual reporting periods beginning after December 15, 2016). The FASB has proposed to issue an Accounting Standards Update to defer the effective date such that the new date would be for annual reporting periods (including interim periods within those periods) beginning after December 15, 2017. Companies have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is evaluating the potential impact that the update will have on its unaudited condensed consolidated financial statements. | |
In April 2015, the FASB issued Accounting Standards Update No. 2015-03, “Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs,” or ASU 2015-03. The objective of ASU 2015-03 is to simplify the presentation of debt issuance costs requiring that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Currently, debt issuance costs are recognized and presented as a deferred charge (that is, an asset). The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The Company is evaluating the adoption of ASU 2015-03 but does not expect the adoption to have a material effect on its unaudited condensed consolidated financial statements. | |
In April 2015, the FASB issued Accounting Standards Update No. 2015-05, “Intangibles – Goodwill and Other – Internal-Use Software,” or ASU 2015-05. The amendments in this Update provide guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts. The new guidance is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2015, with early adoption permitted. The Company is evaluating the adoption of ASU 2015-05 but does not expect the adoption to have a material effect on its unaudited condensed consolidated financial statements. |
Disposition_and_Discontinued_O
Disposition and Discontinued Operations | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Disposition and Discontinued Operations | 3. DISPOSITION AND DISCONTINUED OPERATIONS | ||||||||
On March 17, 2014, MSCI entered into a definitive agreement to sell ISS which was completed on April 30, 2014. The results of operations from ISS are reflected in “Income (loss) from discontinued operations, net of income taxes” in the Unaudited Condensed Consolidated Statements of Income. | |||||||||
ISS was classified as a discontinued operation during the three months ended March 31, 2014 at which time MSCI segregated the operating results of ISS in “Income (loss) from discontinued operations, net of income taxes” in the Unaudited Condensed Consolidated Statements of Income for the three months ended March 31, 2015 and 2014. | |||||||||
Amounts associated with discontinued operations reflected in the Unaudited Condensed Consolidated Statements of Income for the three months ended March 31, 2015 and 2014 are as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Revenue from discontinued operations | $ | — | $ | 32,210 | |||||
Income from discontinued operations before provision for income taxes | $ | — | $ | 6,217 | |||||
Provision for (benefit from) income taxes | 5,797 | (27,036 | ) | ||||||
Income (loss) from discontinued operations, net of income taxes | $ | (5,797 | ) | $ | 33,253 | ||||
The three months ended March 31, 2015 reflects the impact of an out-of-period income tax charge associated with tax obligations triggered upon the sale of ISS. The three months ended March 31, 2014 included a $30.6 million income tax benefit associated with establishing a net deferred tax asset on the difference between the ISS tax basis and book basis. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Common Share | 4. EARNINGS PER COMMON SHARE | ||||||||
Basic earnings per share (“EPS”) is computed by dividing income available to MSCI common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and vested restricted stock unit awards where recipients have satisfied either the explicit vesting terms or retirement-eligible requirements. Diluted EPS reflects the assumed conversion of all dilutive securities. There were no stock options or restricted stock units excluded from the calculation of diluted EPS for the three months ended March 31, 2015 because of their anti-dilutive effect. There were 104,272 stock options excluded from the calculation of diluted EPS for the three months ended March 31, 2014 because of their anti-dilutive effect. | |||||||||
The Company computes EPS using the two-class method and determines whether instruments granted in share-based payment transactions are participating securities. The following table presents the computation of basic and diluted EPS: | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands, except per share data) | |||||||||
Income from continuing operations, net of income taxes | $ | 49,624 | $ | 47,146 | |||||
Income (loss) from discontinued operations, net of income taxes | (5,797 | ) | 33,253 | ||||||
Net income | 43,827 | 80,399 | |||||||
Less: Allocations of earnings to unvested restricted stock units(1) | (17 | ) | (132 | ) | |||||
Earnings available to MSCI common shareholders | $ | 43,810 | $ | 80,267 | |||||
Basic weighted average common shares outstanding | 112,520 | 117,582 | |||||||
Effect of dilutive securities: | |||||||||
Stock options and restricted stock units | 1,002 | 1,015 | |||||||
Diluted weighted average common shares outstanding | 113,522 | 118,597 | |||||||
Earnings per basic common share from continuing operations | $ | 0.44 | $ | 0.4 | |||||
Earnings per basic common share from discontinued operations | (0.05 | ) | 0.28 | ||||||
Earnings per basic common share | $ | 0.39 | $ | 0.68 | |||||
Earnings per diluted common share from continuing operations | $ | 0.44 | $ | 0.4 | |||||
Earnings per diluted common share from discontinued operations | (0.05 | ) | 0.28 | ||||||
Earnings per diluted common share | $ | 0.39 | $ | 0.68 | |||||
(1) | Restricted stock units granted to employees prior to 2013 and all restricted stock units granted to independent directors of the Company have a right to participate in all of the earnings of the Company in the computation of basic EPS and, therefore, these restricted stock units are not included as incremental shares in the diluted EPS computation. |
Property_Equipment_and_Leaseho
Property, Equipment and Leasehold Improvements | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Equipment and Leasehold Improvements | 5. PROPERTY, EQUIPMENT AND LEASEHOLD IMPROVEMENTS | ||||||||||
Property, equipment and leasehold improvements at March 31, 2015 and December 31, 2014 consisted of the following: | |||||||||||
As of | |||||||||||
Type | Estimated | March 31, | December 31, | ||||||||
Useful Lives | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Computer & related equipment | 3 to 5 years | $ | 124,544 | $ | 118,537 | ||||||
Furniture & fixtures | 7 years | 9,431 | 9,569 | ||||||||
Leasehold improvements | 1 to 21 years | 49,671 | 49,756 | ||||||||
Work-in-process | — | 13,082 | 9,020 | ||||||||
Subtotal | 196,728 | 186,882 | |||||||||
Accumulated depreciation and amortization | (99,230 | ) | (92,808 | ) | |||||||
Property, equipment and leasehold improvements, net | $ | 97,498 | $ | 94,074 | |||||||
Depreciation and amortization expense of property, equipment and leasehold improvements was $7.2 million and $5.8 million for the three months ended March 31, 2015 and 2014, respectively. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Goodwill and Intangible Assets | 6. GOODWLL AND INTANGIBLE ASSETS | ||||||||||
Goodwill | |||||||||||
The Company carries goodwill as reflected in the table below: | |||||||||||
Goodwill | |||||||||||
(in thousands) | |||||||||||
Goodwill at December 31, 2014 | $ | 1,564,904 | |||||||||
Foreign exchange translation adjustment | (3,052 | ) | |||||||||
Goodwill at March 31, 2015 | $ | 1,561,852 | |||||||||
Intangible Assets | |||||||||||
Amortization expense related to intangible assets for the three months ended March 31, 2015 and 2014 was $11.7 million and $11.3 million, respectively. | |||||||||||
The gross carrying amounts and accumulated amortization totals related to the Company’s identifiable intangible assets are as follows: | |||||||||||
As of | |||||||||||
Estimated | March 31, | December 31, | |||||||||
Useful Lives | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Gross intangible assets: | |||||||||||
Customer relationships | 5 to 21 years | $ | 360,835 | $ | 360,835 | ||||||
Trademarks/trade names | 5 to 21.5 years | 223,382 | 223,382 | ||||||||
Technology/software | 3 to 8.5 years | 191,677 | 193,681 | ||||||||
Proprietary data | 13 years | 28,627 | 28,627 | ||||||||
Covenant not to compete | 2 years | 900 | 900 | ||||||||
Subtotal | 805,421 | 807,425 | |||||||||
Foreign exchange translation adjustment | (4,324 | ) | (1,588 | ) | |||||||
Total gross intangible assets | $ | 801,097 | $ | 805,837 | |||||||
Accumulated amortization: | |||||||||||
Customer relationships | $ | (125,121 | ) | $ | (119,058 | ) | |||||
Trademarks/trade names | (84,534 | ) | (81,545 | ) | |||||||
Technology/software | (169,097 | ) | (167,083 | ) | |||||||
Proprietary data | (5,112 | ) | (4,589 | ) | |||||||
Covenant not to compete | (300 | ) | (187 | ) | |||||||
Subtotal | (384,164 | ) | (372,462 | ) | |||||||
Foreign exchange translation adjustment | 677 | 253 | |||||||||
Total accumulated amortization | $ | (383,487 | ) | $ | (372,209 | ) | |||||
Net intangible assets: | |||||||||||
Customer relationships | $ | 235,714 | $ | 241,777 | |||||||
Trademarks/trade names | 138,848 | 141,837 | |||||||||
Technology/software | 22,580 | 26,598 | |||||||||
Proprietary data | 23,515 | 24,038 | |||||||||
Covenant not to compete | 600 | 713 | |||||||||
Subtotal | 421,257 | 434,963 | |||||||||
Foreign exchange translation adjustment | (3,647 | ) | (1,335 | ) | |||||||
Total net intangible assets | $ | 417,610 | $ | 433,628 | |||||||
The estimated amortization expense for the remainder of 2015 and succeeding years is presented below: | |||||||||||
Years Ending December 31, | Amortization Expense | ||||||||||
(in thousands) | |||||||||||
Remainder 2015 | $ | 35,020 | |||||||||
2016 | 46,279 | ||||||||||
2017 | 41,013 | ||||||||||
2018 | 37,970 | ||||||||||
2019 | 36,609 | ||||||||||
Thereafter | 220,719 | ||||||||||
Total | $ | 417,610 | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments and Contingencies | 7. COMMITMENTS AND CONTINGENCIES | ||||||||||||
Legal matters. From time to time, the Company is party to various litigation matters incidental to the conduct of its business. The Company is not presently party to any legal proceedings the resolution of which the Company believes would have a material effect on its business, operating results, financial condition or cash flows. | |||||||||||||
Leases. The Company leases facilities under non-cancelable operating lease agreements. The terms of certain lease agreements provide for rental payments on a graduated basis. The Company recognizes rent expense on the straight-line basis over the lease period and has accrued for rent expense incurred but not paid. Rent expense for the three months ended March 31, 2015 and 2014 was $6.8 million and $6.3 million, respectively. | |||||||||||||
Return of capital. On December 13, 2012, the Board of Directors approved a stock repurchase program authorizing the purchase of up to $300.0 million worth of shares of MSCI’s common stock beginning immediately and continuing through December 31, 2014 (the “2012 Repurchase Program”). | |||||||||||||
Prior to 2014, the Company repurchased an aggregate of $200.0 million worth of shares through multiple accelerated share repurchase (“ASR”) agreements under the 2012 Repurchase Program. On February 6, 2014, MSCI utilized the remaining $100.0 million repurchase authorization provided by the 2012 Repurchase Program. | |||||||||||||
On February 4, 2014, the Board of Directors approved a stock repurchase program authorizing the purchase of up to $300.0 million worth of shares of MSCI’s common stock (the “2014 Repurchase Program”). On September 17, 2014, the Board of Directors increased the approval under the 2014 Repurchase Program from $300.0 million to $850.0 million. Share repurchases made pursuant to the 2014 Repurchase Program may take place through December 31, 2016 in the open market or in privately negotiated transactions from time to time based on market and other conditions. This authorization may be modified, suspended, terminated or extended by the Board of Directors at any time without prior notice. | |||||||||||||
On September 18, 2014, as part of the 2014 Repurchase Program, the Company entered into an ASR agreement to initiate share repurchases aggregating $300.0 million (the “September 2014 ASR Agreement”). On September 19, 2014, the Company paid $300.0 million in cash and received approximately 4.5 million shares of MSCI’s common stock under the September 2014 ASR Agreement. The total number of shares to be repurchased will be based primarily on an arithmetic average of the volume-weighted average prices of MSCI’s common stock on each trading day during the repurchase period. This average price will be capped such that only under limited circumstances will MSCI be required to deliver shares or pay cash at settlement. The Company may also receive additional shares at or prior to maturity of the September 2014 ASR Agreement in May 2015. | |||||||||||||
The $300.0 million payment for the September 2014 ASR Program was initially split and recorded as a $210.0 million increase to “Treasury stock” and a $90.0 million decrease to “Additional paid in capital” on the Company’s Consolidated Statement of Financial Condition to reflect the initial estimate of the value of shares received. | |||||||||||||
Since the introduction of the initial 2012 Repurchase Program, the Company has paid $600.0 million and has received an aggregate of approximately 12.3 million shares under the programs. | |||||||||||||
On September 17, 2014, the Board of Directors approved a plan to initiate a regular quarterly cash dividend. We expect the initial annual dividend rate to be $0.72 per share. Subsequent to the initial approval of the regular quarterly cash dividend, the Board of Directors has since approved two quarterly dividend payments of $0.18 per share of common stock. | |||||||||||||
Long-term debt. On November 20, 2014, the Company completed its private offering of $800.0 million in aggregate principal amount of 5.25% senior unsecured notes due 2024 (the “Senior Notes”) and also entered into a $200.0 million senior unsecured revolving credit agreement (the “2014 Revolving Credit Agreement”) by and among the Company, as borrower, certain of its subsidiaries, as guarantors (the “subsidiary guarantors”), the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The Company used the net proceeds from the offering of the Senior Notes, together with cash on hand, to prepay in full its then outstanding term loan indebtedness of $794.8 million, which bore interest at LIBOR plus a margin of 2.25%. | |||||||||||||
The Senior Notes are scheduled to mature and be paid in full on November 20, 2024. At any time prior to November 15, 2019, the Company may redeem all or part of the Senior Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. In addition, the Company may redeem all or part of the Senior Notes, together with accrued and unpaid interest, on or after November 15, 2019, at redemption prices set forth in the Indenture dated as of November 20, 2014, among the Company, the subsidiary guarantors and Wells Fargo Bank, National Association, as trustee. At any time prior to November 15, 2017, the Company may use the proceeds of certain equity offerings to redeem up to 35% of the aggregate principal amount of the Senior Notes, including any permitted additional notes, at a redemption price equal to 105.25% of the principal amount. | |||||||||||||
The 2014 Revolving Credit Agreement has an initial term of five years that may be extended, at the Company’s request, for two additional one year terms. | |||||||||||||
Interest on the Senior Notes accrues at a fixed rate of 5.25% per annum and is payable semiannually in arrears on May 15 and November 15 of each year, commencing May 15, 2015. The Company will make interest payments to holders of record of the Senior Notes on the immediately preceding May 1 and November 1. | |||||||||||||
Long-term debt was $800.0 million at both March 31, 2015 and December 31, 2014. | |||||||||||||
In connection with the closing of the Senior Notes offering and entering into the 2014 Revolving Credit Agreement, the Company paid certain fees which, together with the existing fees related to prior credit facilities, are being amortized over the life of the Senior Notes and the 2014 Revolving Credit Agreement. At March 31, 2015, $14.2 million of the deferred financing fees remain unamortized, $1.8 million of which is included in “Prepaid and other assets” and $12.4 million of which is included in “Other non-current assets” on the Unaudited Condensed Consolidated Statement of Financial Condition. | |||||||||||||
The Company amortized $0.4 million of deferred financing fees in interest expense during each of the three months ended March 31, 2015 and 2014. Approximately $0.1 million of debt discount was amortized in interest expense during the three months ended March 31, 2014. There was no debt discount outstanding as of March 31, 2015. | |||||||||||||
At March 31, 2015 and December 31, 2014, the fair market value of the Company’s debt obligations was $828.0 million and $831.0 million, respectively. The fair market value is determined in accordance with accounting standards related to the determination of fair value and represents Level 2 valuations, which are based on one or more quoted prices in markets that are not considered to be active or for which all significant inputs are observable, either directly or indirectly. The Company utilizes the market approach and obtains security pricing from a vendor who uses broker quotes and third-party pricing services to determine fair values. | |||||||||||||
Derivatives and Hedging Activities. The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. | |||||||||||||
Certain of the Company’s foreign operations expose the Company to fluctuations of foreign exchange rates. These fluctuations may impact the value of the Company’s cash receipts and payments in terms of the Company’s functional currency, the U.S. dollar. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency. | |||||||||||||
Non-designated Hedges of Foreign Exchange Risk. Derivatives not designated as hedges are not speculative and are used to manage the Company’s economic exposure to foreign exchange rate movements but do not meet the strict hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of March 31, 2015, the Company had outstanding foreign currency forwards with a notional amount of $32.2 million that were not designated as hedges in qualifying hedging relationships. | |||||||||||||
The following table presents the fair values of the Company’s derivative instruments and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition: | |||||||||||||
(in thousands) | Unaudited Condensed | As of | As of | ||||||||||
Consolidated Statements of | March 31, 2015 | December 31, 2014 | |||||||||||
Financial Condition Location | |||||||||||||
Non-designated hedging instruments: | |||||||||||||
Asset derivatives: | |||||||||||||
Foreign exchange contracts | Prepaid and other assets | $ | 602 | — | |||||||||
Liability derivatives: | |||||||||||||
Foreign exchange contracts | Other accrued liabilities | $ | (57 | ) | $ | (243 | ) | ||||||
The Company’s foreign exchange forward contracts were classified within Level 2, as they were valued using pricing models that took into account the contract terms as well as multiple observable inputs where applicable, such as prevailing spot rates and forward points. | |||||||||||||
The following tables present the effect of the Company’s financial derivatives and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition and Unaudited Condensed Consolidated Statements of Income for the periods indicated: | |||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or | Amount of Gain or (Loss) Recognized | |||||||||||
(in thousands) | (Loss) Recognized in | in Income on Derivatives for the | |||||||||||
Income on Derivatives | Three Months Ended March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Foreign exchange contracts | Other expense & income | $ | 1,412 | $ | 160 |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES |
The Company’s provision for income taxes was $28.0 million and $26.4 million for the three months ended March 31, 2015 and 2014, respectively. These amounts reflect effective tax rates of 36.1% and 35.9% for the three months ended March 31, 2015 and 2014, respectively. | |
The Company is under examination by the Internal Revenue Service and other tax authorities in certain jurisdictions, including foreign jurisdictions, such as India, and states in which the Company has significant business operations, such as New York. The tax years currently under examination vary by jurisdiction but include years ranging from 2005 through 2014. As a result of having previously been a member of the Morgan Stanley consolidated group, the Company may have future settlements with Morgan Stanley related to the ultimate disposition of their New York State and New York City examination relating to the tax years 2007 through 2008 and their IRS examination relating to the tax years 2006 through 2008. The Company does not believe it has any material exposure to the New York State and New York City examination. Additionally, the Company believes it has adequate reserves for any tax issues that may arise out of the IRS examination relating to the tax years 2006 through 2008 and therefore does not believe any related settlement with Morgan Stanley will have a material impact. | |
The Company regularly assesses the likelihood of additional assessments in each of the taxing jurisdictions in which it files income tax returns. The Company has established unrecognized tax benefits that the Company believes are adequate in relation to the potential for additional assessments. Once established, the Company adjusts unrecognized tax benefits only when more information is available or when an event occurs necessitating a change. As part of the Company’s periodic review of unrecognized tax benefits and based on new information regarding the status of federal and state examinations, the Company’s unrecognized tax benefits were remeasured. It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. At this time, however, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits and the impact on the effective tax rate over the next 12 months. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Information | 9. SEGMENT INFORMATION | ||||||||
ASC Subtopic 280-10, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or CODM, in deciding how to allocate resources and in assessing performance. MSCI’s Chief Executive Officer, who is considered to be its CODM, reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. | |||||||||
MSCI operates and reports as a single business segment. | |||||||||
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: | |||||||||
Revenues | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Americas: | |||||||||
United States | $ | 125,616 | $ | 110,832 | |||||
Other | 9,855 | 9,427 | |||||||
Total Americas | 135,471 | 120,259 | |||||||
EMEA: | |||||||||
United Kingdom | 40,241 | 37,476 | |||||||
Other | 54,929 | 51,128 | |||||||
Total EMEA | 95,170 | 88,604 | |||||||
Asia & Australia: | |||||||||
Japan | 11,602 | 11,960 | |||||||
Other | 20,526 | 18,865 | |||||||
Total Asia & Australia | 32,128 | 30,825 | |||||||
Total | $ | 262,769 | $ | 239,688 | |||||
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 | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Long-lived assets | (in thousands) | ||||||||
Americas: | |||||||||
United States | $ | 1,936,158 | $ | 1,944,433 | |||||
Other | 3,019 | 3,293 | |||||||
Total Americas | 1,939,177 | 1,947,726 | |||||||
EMEA: | |||||||||
United Kingdom | 114,044 | 120,781 | |||||||
Other | 12,521 | 13,345 | |||||||
Total EMEA | 126,565 | 134,126 | |||||||
Asia & Australia: | |||||||||
Japan | 771 | 837 | |||||||
Other | 10,447 | 9,917 | |||||||
Total Asia & Australia | 11,218 | 10,754 | |||||||
Total | $ | 2,076,960 | $ | 2,092,606 | |||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. SUBSEQUENT EVENTS |
On April 29, 2015, the Board of Directors declared a cash dividend of $0.18 per share for second quarter 2015. The second quarter 2015 dividend is payable on May 29, 2015 to shareholders of record as of the close of trading on May 15, 2015. |
Introduction_and_Basis_of_Pres1
Introduction and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Use of Estimates | Basis of Presentation and Use of Estimates |
These unaudited condensed consolidated financial statements include the accounts of MSCI Inc. and its subsidiaries and include all adjustments of a normal, recurring nature necessary to present fairly the financial condition as of March 31, 2015 and December 31, 2014, the results of operations and comprehensive income for the three months ended March 31, 2015 and 2014 and cash flows for the three months ended March 31, 2015 and 2014. The accompanying unaudited 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 , as amended, for the year ended December 31, 2014. The unaudited condensed consolidated financial statement information as of December 31, 2014 has been derived from the 2014 audited consolidated financial statements. The results of operations for interim periods are not necessarily indicative of results for the entire year. | |
The Company’s unaudited 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 unaudited 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 revenue, research and development and software capitalization, the allowance for doubtful accounts, impairment of long-lived assets, accrued compensation, income taxes and other matters that affect the unaudited condensed consolidated financial statements and related disclosures. The Company believes that estimates used in the preparation of these unaudited condensed consolidated financial statements are reasonable; however, actual results could differ materially from these estimates. | |
Intercompany balances and transactions are eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current year financial statement presentation. | |
Concentrations | Concentrations |
For the three months ended March 31, 2015 and 2014, BlackRock, Inc. accounted for 10.1% and 10.4%, respectively, of the Company’s operating revenues. |
Disposition_and_Discontinued_O1
Disposition and Discontinued Operations (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Schedule of Income (Loss) Amounts Associated with Discontinued Operations | Amounts associated with discontinued operations reflected in the Unaudited Condensed Consolidated Statements of Income for the three months ended March 31, 2015 and 2014 are as follows: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Revenue from discontinued operations | $ | — | $ | 32,210 | |||||
Income from discontinued operations before provision for income taxes | $ | — | $ | 6,217 | |||||
Provision for (benefit from) income taxes | 5,797 | (27,036 | ) | ||||||
Income (loss) from discontinued operations, net of income taxes | $ | (5,797 | ) | $ | 33,253 |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Computation of Basic and Diluted EPS | 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 | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands, except per share data) | |||||||||
Income from continuing operations, net of income taxes | $ | 49,624 | $ | 47,146 | |||||
Income (loss) from discontinued operations, net of income taxes | (5,797 | ) | 33,253 | ||||||
Net income | 43,827 | 80,399 | |||||||
Less: Allocations of earnings to unvested restricted stock units(1) | (17 | ) | (132 | ) | |||||
Earnings available to MSCI common shareholders | $ | 43,810 | $ | 80,267 | |||||
Basic weighted average common shares outstanding | 112,520 | 117,582 | |||||||
Effect of dilutive securities: | |||||||||
Stock options and restricted stock units | 1,002 | 1,015 | |||||||
Diluted weighted average common shares outstanding | 113,522 | 118,597 | |||||||
Earnings per basic common share from continuing operations | $ | 0.44 | $ | 0.4 | |||||
Earnings per basic common share from discontinued operations | (0.05 | ) | 0.28 | ||||||
Earnings per basic common share | $ | 0.39 | $ | 0.68 | |||||
Earnings per diluted common share from continuing operations | $ | 0.44 | $ | 0.4 | |||||
Earnings per diluted common share from discontinued operations | (0.05 | ) | 0.28 | ||||||
Earnings per diluted common share | $ | 0.39 | $ | 0.68 | |||||
(1) | Restricted stock units granted to employees prior to 2013 and all restricted stock units granted to independent directors of the Company have a right to participate in all of the earnings of the Company in the computation of basic EPS and, therefore, these restricted stock units are not included as incremental shares in the diluted EPS computation. |
Property_Equipment_and_Leaseho1
Property, Equipment and Leasehold Improvements (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Schedule of Property, Equipment and Leasehold Improvements | Property, equipment and leasehold improvements at March 31, 2015 and December 31, 2014 consisted of the following: | ||||||||||
As of | |||||||||||
Type | Estimated | March 31, | December 31, | ||||||||
Useful Lives | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Computer & related equipment | 3 to 5 years | $ | 124,544 | $ | 118,537 | ||||||
Furniture & fixtures | 7 years | 9,431 | 9,569 | ||||||||
Leasehold improvements | 1 to 21 years | 49,671 | 49,756 | ||||||||
Work-in-process | — | 13,082 | 9,020 | ||||||||
Subtotal | 196,728 | 186,882 | |||||||||
Accumulated depreciation and amortization | (99,230 | ) | (92,808 | ) | |||||||
Property, equipment and leasehold improvements, net | $ | 97,498 | $ | 94,074 | |||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Schedule of Goodwill | The Company carries goodwill as reflected in the table below: | ||||||||||
Goodwill | |||||||||||
(in thousands) | |||||||||||
Goodwill at December 31, 2014 | $ | 1,564,904 | |||||||||
Foreign exchange translation adjustment | (3,052 | ) | |||||||||
Goodwill at March 31, 2015 | $ | 1,561,852 | |||||||||
Components of Intangible Assets by Major Class | The gross carrying amounts and accumulated amortization totals related to the Company’s identifiable intangible assets are as follows: | ||||||||||
As of | |||||||||||
Estimated | March 31, | December 31, | |||||||||
Useful Lives | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Gross intangible assets: | |||||||||||
Customer relationships | 5 to 21 years | $ | 360,835 | $ | 360,835 | ||||||
Trademarks/trade names | 5 to 21.5 years | 223,382 | 223,382 | ||||||||
Technology/software | 3 to 8.5 years | 191,677 | 193,681 | ||||||||
Proprietary data | 13 years | 28,627 | 28,627 | ||||||||
Covenant not to compete | 2 years | 900 | 900 | ||||||||
Subtotal | 805,421 | 807,425 | |||||||||
Foreign exchange translation adjustment | (4,324 | ) | (1,588 | ) | |||||||
Total gross intangible assets | $ | 801,097 | $ | 805,837 | |||||||
Accumulated amortization: | |||||||||||
Customer relationships | $ | (125,121 | ) | $ | (119,058 | ) | |||||
Trademarks/trade names | (84,534 | ) | (81,545 | ) | |||||||
Technology/software | (169,097 | ) | (167,083 | ) | |||||||
Proprietary data | (5,112 | ) | (4,589 | ) | |||||||
Covenant not to compete | (300 | ) | (187 | ) | |||||||
Subtotal | (384,164 | ) | (372,462 | ) | |||||||
Foreign exchange translation adjustment | 677 | 253 | |||||||||
Total accumulated amortization | $ | (383,487 | ) | $ | (372,209 | ) | |||||
Net intangible assets: | |||||||||||
Customer relationships | $ | 235,714 | $ | 241,777 | |||||||
Trademarks/trade names | 138,848 | 141,837 | |||||||||
Technology/software | 22,580 | 26,598 | |||||||||
Proprietary data | 23,515 | 24,038 | |||||||||
Covenant not to compete | 600 | 713 | |||||||||
Subtotal | 421,257 | 434,963 | |||||||||
Foreign exchange translation adjustment | (3,647 | ) | (1,335 | ) | |||||||
Total net intangible assets | $ | 417,610 | $ | 433,628 | |||||||
Estimated Amortization Expense for Remainder of 2015 and Succeeding Years | The estimated amortization expense for the remainder of 2015 and succeeding years is presented below: | ||||||||||
Years Ending December 31, | Amortization Expense | ||||||||||
(in thousands) | |||||||||||
Remainder 2015 | $ | 35,020 | |||||||||
2016 | 46,279 | ||||||||||
2017 | 41,013 | ||||||||||
2018 | 37,970 | ||||||||||
2019 | 36,609 | ||||||||||
Thereafter | 220,719 | ||||||||||
Total | $ | 417,610 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Summary of Fair Values of Derivative Instruments | The following table presents the fair values of the Company’s derivative instruments and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition: | ||||||||||||
(in thousands) | Unaudited Condensed | As of | As of | ||||||||||
Consolidated Statements of | March 31, 2015 | December 31, 2014 | |||||||||||
Financial Condition Location | |||||||||||||
Non-designated hedging instruments: | |||||||||||||
Asset derivatives: | |||||||||||||
Foreign exchange contracts | Prepaid and other assets | $ | 602 | — | |||||||||
Liability derivatives: | |||||||||||||
Foreign exchange contracts | Other accrued liabilities | $ | (57 | ) | $ | (243 | ) | ||||||
Effect of Financial Derivatives on Statements of Income | The following tables present the effect of the Company’s financial derivatives and the location in which they are presented on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition and Unaudited Condensed Consolidated Statements of Income for the periods indicated: | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or | Amount of Gain or (Loss) Recognized | |||||||||||
(in thousands) | (Loss) Recognized in | in Income on Derivatives for the | |||||||||||
Income on Derivatives | Three Months Ended March 31, | ||||||||||||
2015 | 2014 | ||||||||||||
Foreign exchange contracts | Other expense & income | $ | 1,412 | $ | 160 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Revenue by Geographic Area | 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: | ||||||||
Revenues | Three Months Ended | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Americas: | |||||||||
United States | $ | 125,616 | $ | 110,832 | |||||
Other | 9,855 | 9,427 | |||||||
Total Americas | 135,471 | 120,259 | |||||||
EMEA: | |||||||||
United Kingdom | 40,241 | 37,476 | |||||||
Other | 54,929 | 51,128 | |||||||
Total EMEA | 95,170 | 88,604 | |||||||
Asia & Australia: | |||||||||
Japan | 11,602 | 11,960 | |||||||
Other | 20,526 | 18,865 | |||||||
Total Asia & Australia | 32,128 | 30,825 | |||||||
Total | $ | 262,769 | $ | 239,688 | |||||
Long-Lived Assets by Geographic Area | The following table sets forth long-lived assets on the dates indicated by geographic area: | ||||||||
As of | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Long-lived assets | (in thousands) | ||||||||
Americas: | |||||||||
United States | $ | 1,936,158 | $ | 1,944,433 | |||||
Other | 3,019 | 3,293 | |||||||
Total Americas | 1,939,177 | 1,947,726 | |||||||
EMEA: | |||||||||
United Kingdom | 114,044 | 120,781 | |||||||
Other | 12,521 | 13,345 | |||||||
Total EMEA | 126,565 | 134,126 | |||||||
Asia & Australia: | |||||||||
Japan | 771 | 837 | |||||||
Other | 10,447 | 9,917 | |||||||
Total Asia & Australia | 11,218 | 10,754 | |||||||
Total | $ | 2,076,960 | $ | 2,092,606 | |||||
Introduction_and_Basis_of_Pres2
Introduction and Basis of Presentation - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Operating Revenues [Member] | Customer Concentration Risk [Member] | Blackrock Inc [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Percentage of operating revenues accounted for by major customer | 10.10% | 10.40% |
Institutional Shareholder Services Inc. [Member] | ||
Introduction And Basis Of Presentation [Line Items] | ||
Sale completion date | 30-Apr-14 |
Disposition_and_Discontinued_O2
Disposition and Discontinued Operations - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Definitive sale agreement date | 17-Mar-14 | |
Income tax benefit | $30.60 |
Disposition_and_Discontinued_O3
Disposition and Discontinued Operations - Schedule of Income (Loss) Amounts Associated with Discontinued Operations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Revenue from discontinued operations | $32,210 | |
Income from discontinued operations before provision for income taxes | 6,217 | |
Provision for (benefit from) income taxes | 5,797 | -27,036 |
Income (loss) from discontinued operations, net of income taxes | ($5,797) | $33,253 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of diluted EPS | 0 | 104,272 |
RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of diluted EPS | 0 |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share - Computation of Basic and Diluted EPS (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Income from continuing operations, net of income taxes | $49,624 | $47,146 |
Income (loss) from discontinued operations, net of income taxes | -5,797 | 33,253 |
Net income | 43,827 | 80,399 |
Less: Allocations of earnings to unvested restricted stock units | -17 | -132 |
Earnings available to MSCI common shareholders | $43,810 | $80,267 |
Basic weighted average common shares outstanding | 112,520 | 117,582 |
Effect of dilutive securities: | ||
Stock options and restricted stock units | 1,002 | 1,015 |
Diluted weighted average common shares outstanding | 113,522 | 118,597 |
Earnings per basic common share from continuing operations | $0.44 | $0.40 |
Earnings per basic common share from discontinued operations | ($0.05) | $0.28 |
Earnings per basic common share | $0.39 | $0.68 |
Earnings per diluted common share from continuing operations | $0.44 | $0.40 |
Earnings per diluted common share from discontinued operations | ($0.05) | $0.28 |
Earnings per diluted common share | $0.39 | $0.68 |
Property_Equipment_and_Leaseho2
Property, Equipment and Leasehold Improvements - Schedule of Property, Equipment and Leasehold Improvements (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Computer & related equipment | 124,544 | $118,537 |
Furniture & fixtures | 9,431 | 9,569 |
Leasehold improvements | 49,671 | 49,756 |
Work-in-process | 13,082 | 9,020 |
Subtotal | 196,728 | 186,882 |
Accumulated depreciation and amortization | -99,230 | -92,808 |
Property, equipment and leasehold improvements, net | 97,498 | $94,074 |
Computer & Related Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 3 years | |
Computer & Related Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 5 years | |
Furniture & Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 7 years | |
Leasehold improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 1 year | |
Leasehold improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives | 21 years |
Property_Equipment_and_Leaseho3
Property, Equipment and Leasehold Improvements - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization of property, equipment and leasehold improvements | $7,207 | $5,828 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning balance | $1,564,904 |
Foreign exchange translation adjustment | -3,052 |
Goodwill, Ending balance | $1,561,852 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of intangible assets | $11,702 | $11,270 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Components of Intangible Assets by Major Class (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | $801,097 | $805,837 |
Accumulated amortization | -383,487 | -372,209 |
Net carrying value | 417,610 | 433,628 |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 360,835 | 360,835 |
Accumulated amortization | -125,121 | -119,058 |
Net carrying value | 235,714 | 241,777 |
Customer Relationships [Member] | Minimum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 5 years | |
Customer Relationships [Member] | Maximum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 21 years | |
Trademarks and Trade Names [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 223,382 | 223,382 |
Accumulated amortization | -84,534 | -81,545 |
Net carrying value | 138,848 | 141,837 |
Trademarks and Trade Names [Member] | Minimum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 5 years | |
Trademarks and Trade Names [Member] | Maximum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 21 years 6 months | |
Technology/Software [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 191,677 | 193,681 |
Accumulated amortization | -169,097 | -167,083 |
Net carrying value | 22,580 | 26,598 |
Technology/Software [Member] | Minimum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 3 years | |
Technology/Software [Member] | Maximum [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 8 years 6 months | |
Proprietary Data [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 13 years | |
Gross carrying value | 28,627 | 28,627 |
Accumulated amortization | -5,112 | -4,589 |
Net carrying value | 23,515 | 24,038 |
Covenant Not to Compete [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives | 2 years | |
Gross carrying value | 900 | 900 |
Accumulated amortization | -300 | -187 |
Net carrying value | 600 | 713 |
Subtotal [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | 805,421 | 807,425 |
Accumulated amortization | -384,164 | -372,462 |
Net carrying value | 421,257 | 434,963 |
Foreign Exchange Translation Adjustment [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying value | -4,324 | -1,588 |
Accumulated amortization | 677 | 253 |
Net carrying value | ($3,647) | ($1,335) |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Estimated Amortization Expense for Remainder of 2015 and Succeeding Years (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder 2015 | $35,020 | |
2016 | 46,279 | |
2017 | 41,013 | |
2018 | 37,970 | |
2019 | 36,609 | |
Thereafter | 220,719 | |
Net carrying value | $417,610 | $433,628 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||||
Share data in Millions, except Per Share data, unless otherwise specified | Sep. 17, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 19, 2014 | Dec. 31, 2014 | Nov. 20, 2014 | Dec. 13, 2012 | Feb. 06, 2014 | Dec. 31, 2013 | Feb. 04, 2014 |
Dividends | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Annual rent expense | $6,800,000 | $6,300,000 | ||||||||
Shares repurchases, value | 600,000,000 | |||||||||
Common shares received | 12.3 | |||||||||
Quarterly cash dividend, approved date | 17-Sep-14 | |||||||||
Expected annual dividend, payment rate on common stock | $0.72 | |||||||||
Quarterly cash dividend, payment rate on common stock | $0.18 | $0.18 | ||||||||
Number of quarterly dividends declared | 2 | |||||||||
Long-term debt | 800,000,000 | 800,000,000 | ||||||||
Deferred financing fees unamortized | 14,200,000 | |||||||||
Amortized deferred financing fees | 446,000 | 445,000 | ||||||||
Amortization of discount on long-term debt | 121,000 | |||||||||
Debt discount outstanding | 0 | |||||||||
Fair market value of debt obligations | 828,000,000 | 831,000,000 | ||||||||
Foreign Currency Forwards [Member] | Derivatives not Designated as Hedging Instruments [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Foreign currency forwards, notional amount | 32,200,000 | |||||||||
Prepaid and Other Assets [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Deferred financing fees unamortized | 1,800,000 | |||||||||
Other Non-Current Assets [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Deferred financing fees unamortized | 12,400,000 | |||||||||
2014 Revolving Credit Agreement [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Revolving credit facility, maximum borrowing | 200,000,000 | |||||||||
Revolving credit agreement, term | 5 years | |||||||||
Revolving credit agreement, conditional description | The 2014 Revolving Credit Agreement has an initial term of five years that may be extended, at the Company's request, for two additional one year terms. | |||||||||
5.250% Senior Unsecured Notes Due 2024 [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Debt instrument interest rate | 5.25% | |||||||||
Maturity date | 20-Nov-24 | |||||||||
Redemption description | At any time prior to November 15, 2019, the Company may redeem all or part of the Senior Notes upon not less than 30 nor more than 60 days' prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) a make-whole premium as of the date of redemption, plus (iii) accrued and unpaid interest and additional interest, if any, thereon, to the date of redemption. | |||||||||
Percentage of aggregate principal amount redeemed | 35.00% | |||||||||
Redemption price | 105.25% | |||||||||
Debt instrument description | Interest on the Senior Notes accrues at a fixed rate of 5.25% per annum and is payable semiannually in arrears on May 15 and November 15 of each year, commencing May 15, 2015; the Company will make interest payments to holders of record of the Senior Notes on the immediately preceding May 1 and November 1. | |||||||||
5.250% Senior Unsecured Notes Due 2024 [Member] | Private Placement [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Debt instrument principal amount | 800,000,000 | |||||||||
Debt instrument interest rate | 5.25% | |||||||||
Term Loan [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Outstanding indebtedness, amount | 794,800,000 | |||||||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Bearing interest rate, percentage | 2.25% | |||||||||
2012 Repurchase Program [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Repurchase program authorizing the purchase of shares | 300,000,000 | |||||||||
2012 Repurchase Program [Member] | Accelerated Share Repurchase Program [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Shares repurchases, value | 100,000,000 | 200,000,000 | ||||||||
September 2014 ASR Agreement [Member] | Accelerated Share Repurchase Program [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Shares repurchases, value | 300,000,000 | |||||||||
Common shares received | 4.5 | |||||||||
Accelerated share repurchase agreement, description | On September 18, 2014, as part of the 2014 Repurchase Program, the Company entered into an ASR agreement to initiate share repurchases aggregating $300.0 million (the "September 2014 ASR Agreement"). On September 19, 2014, the Company paid $300.0 million in cash and received approximately 4.5 million shares of MSCI's common stock under the September 2014 ASR Agreement. | |||||||||
Stockholders equity period increase (decrease) | 300,000,000 | |||||||||
September 2014 ASR Agreement [Member] | Accelerated Share Repurchase Program [Member] | Treasury Stock [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Stockholders equity period increase (decrease) | 210,000,000 | |||||||||
September 2014 ASR Agreement [Member] | Accelerated Share Repurchase Program [Member] | Additional Paid-In Capital [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Stockholders equity period increase (decrease) | -90,000,000 | |||||||||
2014 Repurchase Program [Member] | ||||||||||
Schedule Of Commitments And Contingencies [Line Items] | ||||||||||
Repurchase program authorizing the purchase of shares | $850,000,000 | $300,000,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Fair Values of Derivative Instruments (Detail) (Derivatives not Designated as Hedging Instruments [Member], Foreign Exchange Contracts [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid and Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $602 | |
Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | ($57) | ($243) |
Commitments_and_Contingencies_3
Commitments and Contingencies - Effect of Financial Derivatives on Statements of Income (Detail) (Derivatives not Designated as Hedging Instruments [Member], Other Expense & Income [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivatives not Designated as Hedging Instruments [Member] | Other Expense & Income [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain or (Loss) Recognized in Income on Derivatives | $1,412 | $160 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Examination [Line Items] | ||
Provision for income taxes | $28,036 | $26,385 |
Effective tax rate | 36.10% | 35.90% |
Significant change in unrecognized tax benefits, reasonably possible | It is reasonably possible that significant changes in the balance of unrecognized tax benefits may occur within the next 12 months. | |
Significant change in unrecognized tax benefits, not possible | 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. | |
Minimum [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2005 | |
Maximum [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2014 | |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | Minimum [Member] | Morgan Stanley [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2007 | |
State and Local Jurisdiction [Member] | New York State Division of Taxation and Finance [Member] | Maximum [Member] | Morgan Stanley [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2008 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Minimum [Member] | Morgan Stanley [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2006 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Maximum [Member] | Morgan Stanley [Member] | ||
Income Tax Examination [Line Items] | ||
Tax years under examination | 2008 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Segment_Information_Revenue_by
Segment Information - Revenue by Geographic Area (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $262,769 | $239,688 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 125,616 | 110,832 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 9,855 | 9,427 |
Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 135,471 | 120,259 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 40,241 | 37,476 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 54,929 | 51,128 |
Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 95,170 | 88,604 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 11,602 | 11,960 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 20,526 | 18,865 |
Total Asia & Australia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $32,128 | $30,825 |
Segment_Information_LongLived_
Segment Information - Long-Lived Assets by Geographic Area (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $2,076,960 | $2,092,606 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,936,158 | 1,944,433 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 3,019 | 3,293 |
Total Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,939,177 | 1,947,726 |
United Kingdom [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 114,044 | 120,781 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 12,521 | 13,345 |
Total EMEA [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 126,565 | 134,126 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 771 | 837 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 10,447 | 9,917 |
Total Asia & Australia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $11,218 | $10,754 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended |
Sep. 17, 2014 | Mar. 31, 2015 | Apr. 29, 2015 | |
Subsequent Event [Line Items] | |||
Quarterly dividend declared | $0.18 | $0.18 | |
Quarterly dividend declared date | 17-Sep-14 | ||
Subsequent Events [Member] | |||
Subsequent Event [Line Items] | |||
Quarterly dividend declared | $0.18 | ||
Quarterly dividend declared date | 29-Apr-15 | ||
Quarterly dividend payable date | 29-May-15 | ||
Quarterly dividend record date | 15-May-15 |