Morningstar, inc. (MORN)
Balance Sheet / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Dec'09
Assets:
Current assets:
Cash and cash equivalents

322,500

334,100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash and cash equivalents

-

-

321,800

383,800

349,100

369,300

323,000

307,100

311,000

308,200

270,300

285,600

265,800

259,100

219,400

202,400

185,200

207,100

223,700

225,600

204,600

185,200

189,318

176,254

204,633

168,160

176,959

169,810

224,892

163,889

152,181

147,499

165,348

200,437

174,270

195,023

193,374

180,176

175,872

154,377

130,496

Investments

26,300

33,400

31,000

30,100

29,500

26,600

43,700

44,800

44,400

45,100

53,700

54,000

51,700

44,900

45,700

43,800

41,500

41,500

39,300

33,000

38,600

39,400

38,490

44,696

59,340

130,407

165,918

144,973

103,436

157,529

190,899

242,379

278,298

269,755

258,749

235,216

191,886

185,240

163,469

165,973

212,057

Accounts receivable, less allowance for credit losses of $4.8 and $4.1, respectively

184,700

188,500

168,000

169,200

173,800

172,200

172,400

163,500

158,200

148,200

148,200

143,600

142,300

145,800

124,300

137,300

148,100

139,300

124,100

143,900

142,200

136,700

124,966

135,017

131,464

114,131

113,688

110,646

117,744

114,361

119,877

117,016

121,396

113,312

110,444

111,518

115,259

110,891

94,638

90,127

82,330

Deferred tax asset, net

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

10,500

10,500

10,800

0

7,524

6,437

4,381

3,892

3,155

3,590

3,343

3,741

2,156

4,898

4,570

5,104

3,814

2,787

2,648

2,860

1,081

1,464

1,109

Income tax receivable

5,700

6,300

400

1,100

0

1,800

7,800

7,800

-

0

-

-

-

-

-

-

-

-

0

0

0

-

4,427

18,616

0

3,942

3,451

6,492

2,672

14,267

5,277

7,911

3,554

7,445

10,045

14,381

9,361

10,459

9,554

13,114

5,541

Deferred commissions

17,100

16,900

15,800

13,500

16,100

14,800

14,200

14,900

16,700

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other current assets

24,400

24,000

23,700

22,200

18,000

16,900

22,800

28,000

19,400

28,300

25,700

24,200

26,300

22,200

23,700

25,500

25,600

22,000

22,500

22,400

22,300

29,500

23,619

21,565

25,124

26,361

26,229

26,874

28,091

20,823

22,546

22,288

20,864

15,980

16,076

16,497

15,450

17,654

14,316

12,550

12,564

Total current assets

580,700

603,200

560,700

619,900

586,500

601,600

583,900

566,100

549,700

529,800

497,900

507,400

486,100

472,000

413,100

409,000

400,400

409,900

420,100

435,400

418,500

390,800

388,344

402,585

424,942

446,893

489,400

462,385

480,178

474,610

492,936

541,991

594,030

612,033

573,398

575,422

527,978

507,280

458,930

437,605

444,097

Goodwill

1,013,200

1,039,100

1,015,800

556,500

557,300

556,700

559,200

560,700

567,400

564,900

565,400

561,500

558,300

556,800

370,700

371,500

367,900

364,200

359,900

364,200

359,800

370,100

378,969

388,837

327,936

326,450

326,741

321,425

315,784

320,845

321,134

316,963

322,016

318,492

319,367

326,543

325,318

317,661

311,249

281,813

249,492

Intangible assets, net

306,200

333,400

335,700

64,700

68,800

73,900

79,300

84,200

90,200

95,400

100,900

105,800

114,700

120,900

65,300

70,000

70,300

74,200

77,100

83,500

87,900

95,900

103,443

111,779

98,947

103,909

109,269

112,073

109,717

116,732

122,832

127,377

134,994

139,809

147,311

156,940

162,569

169,023

167,311

156,825

135,488

Property, equipment, and capitalized software, less accumulated depreciation and amortization of $394.7 and $377.3, respectively

149,500

154,700

151,500

140,400

142,700

143,500

144,500

146,100

147,400

147,400

151,200

153,900

149,800

152,100

150,000

141,300

134,000

134,500

124,300

122,600

121,400

117,600

112,584

109,900

107,438

104,986

99,007

95,550

91,815

84,022

77,873

77,376

73,576

68,196

63,703

62,062

62,364

62,105

57,716

56,453

59,828

Operating lease assets

147,000

144,800

138,200

111,800

118,800

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Investments in unconsolidated entities

58,800

59,600

59,900

61,400

61,900

63,100

58,400

57,100

61,200

62,000

61,500

37,100

39,200

40,300

51,000

50,600

49,300

35,600

35,400

34,900

29,300

28,800

30,428

30,287

39,176

38,714

38,376

36,087

35,635

35,305

38,278

34,271

34,943

27,642

24,761

24,424

24,664

24,262

24,043

24,099

24,079

Deferred tax asset, net

9,800

10,700

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred Tax Assets, Net

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred commissions

13,600

13,500

11,700

12,500

9,800

10,300

9,800

8,000

9,400

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other assets

13,200

11,900

9,000

5,100

5,800

4,700

4,400

5,000

11,200

6,200

6,800

10,300

7,500

8,800

9,400

9,600

10,800

10,600

6,800

7,000

8,900

7,100

6,407

7,835

8,978

9,716

11,357

11,537

12,420

10,438

8,330

7,801

6,826

5,912

5,726

7,675

7,335

5,971

6,948

5,731

6,099

Total assets

2,292,000

2,370,900

2,282,500

1,572,300

1,551,600

1,453,800

1,439,500

1,427,200

1,436,500

1,405,700

1,383,700

1,376,000

1,355,600

1,350,900

1,059,500

1,052,000

1,032,700

1,029,000

1,023,600

1,047,600

1,025,800

1,010,300

1,020,175

1,051,223

1,007,417

1,030,668

1,074,150

1,039,057

1,045,549

1,041,952

1,061,383

1,105,779

1,166,385

1,172,084

1,134,266

1,153,066

1,110,228

1,086,302

1,026,197

962,526

919,083

Liabilities and equity
Current liabilities:
Deferred revenue

279,100

250,100

240,000

232,900

233,000

54,400

42,500

47,300

49,100

49,200

32,600

46,200

47,100

44,600

35,000

40,100

41,300

39,200

34,400

36,000

35,800

34,300

38,495

97,251

39,790

42,131

35,984

47,639

44,777

43,777

40,356

45,858

46,032

41,403

42,184

38,646

40,528

42,680

37,504

33,845

30,524

Accrued compensation

70,200

137,500

107,700

72,000

55,700

109,500

85,600

69,800

52,800

92,000

72,400

63,700

46,100

71,700

57,700

50,400

38,900

80,900

68,000

58,900

41,300

80,500

67,692

58,409

41,718

71,403

60,745

50,326

36,139

67,317

55,131

48,383

39,951

73,124

59,908

50,089

36,799

62,404

47,893

37,744

48,902

Accounts payable and accrued liabilities

56,500

58,900

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued liabilities

-

-

36,900

45,300

46,500

195,800

189,000

208,000

205,800

171,300

174,100

185,300

187,900

165,400

144,900

154,900

161,000

140,700

155,100

163,100

160,200

146,000

150,051

161,921

159,591

149,225

151,850

155,059

162,074

146,015

164,360

167,531

171,013

155,494

146,877

156,760

157,660

146,267

135,843

140,802

127,114

Less: Current portion of long-term debt, net of unamortized debt issuance costs of $0.3 million

-

-

11,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Income tax payable

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

12,000

8,400

6,100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current portion of long-term debt

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Current portion of long-term debt

11,000

11,000

-

-

-

-

-

-

-

-

-

-

-

-

60,000

75,000

75,000

35,000

0

35,000

45,000

30,000

30,017

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Operating lease liabilities

35,900

35,800

33,300

29,600

29,100

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other current liabilities

3,700

2,500

2,800

1,600

8,500

3,100

4,200

5,700

19,600

10,700

15,500

6,600

18,800

13,200

16,600

8,200

7,600

8,600

3,500

3,600

4,800

3,000

4,632

4,607

6,758

6,786

6,760

272

242

256

319

367

370

612

322

761

1,446

1,373

532

950

962

Total current liabilities

456,400

495,800

431,700

381,400

372,800

362,800

321,300

330,800

327,300

323,200

294,600

301,800

299,900

294,900

314,200

328,600

323,800

304,400

273,000

305,000

293,200

293,800

290,887

322,188

247,857

269,545

255,339

253,296

243,232

257,365

260,166

262,139

257,366

270,633

249,291

246,256

236,433

252,724

221,772

213,341

207,502

Operating lease liabilities

136,000

138,700

132,300

109,400

116,700

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accrued compensation

12,700

12,100

12,500

12,500

12,300

11,800

11,900

12,000

11,900

11,700

11,000

10,800

10,700

10,300

9,900

9,900

9,400

8,900

8,500

8,200

8,100

7,900

6,905

7,512

7,495

8,193

8,467

8,144

8,569

8,281

6,802

6,483

6,171

5,724

5,427

4,855

5,071

4,965

5,094

4,752

4,739

Deferred tax liability, net

90,100

95,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Long-term debt

519,400

502,100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred tax liability, net

-

-

85,100

21,100

22,100

22,200

30,200

29,100

28,800

23,600

39,900

38,600

36,300

38,200

17,300

19,900

17,700

19,800

24,800

28,700

26,300

17,000

17,565

19,183

21,743

23,755

22,188

24,072

18,332

21,583

14,262

16,183

14,556

15,940

17,490

19,477

18,503

19,975

18,353

3,418

14,640

Long-term debt

-

-

534,800

15,000

30,000

70,000

90,000

125,000

150,000

180,000

205,000

230,000

235,000

250,000

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred rent

-

-

-

-

-

-

25,300

24,700

25,800

26,900

23,900

23,400

24,200

24,800

22,600

23,900

24,600

25,400

26,200

26,300

26,200

26,400

23,460

23,158

23,541

23,938

13,966

14,457

15,046

15,368

15,160

15,199

15,613

14,604

-

-

-

-

-

-

-

Deferred revenue

33,300

32,200

32,000

14,400

14,900

14,200

14,600

13,900

13,800

14,200

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Other long-term liabilities

11,400

11,400

12,200

15,100

14,600

38,100

18,600

20,300

20,600

21,200

30,100

32,300

30,800

35,900

33,500

30,300

26,700

29,900

11,000

9,500

11,000

10,800

10,839

10,520

10,064

13,947

15,714

21,812

21,248

12,460

8,262

8,550

8,413

8,167

25,930

26,256

26,468

27,213

25,552

24,949

26,413

Total liabilities

1,259,300

1,287,300

1,240,600

568,900

583,400

519,100

511,900

555,800

578,200

600,800

604,500

636,900

636,900

654,100

397,500

412,600

402,200

388,400

343,500

377,700

364,800

355,900

349,656

382,561

310,700

339,378

315,674

321,781

306,427

315,057

304,652

308,554

302,119

315,068

298,138

296,844

286,475

304,877

270,771

246,460

253,294

Equity:
Morningstar, Inc. shareholders’ equity:
Common stock, no par value, 200,000,000 shares authorized, of which 42,793,123 and 42,848,359 shares were outstanding as of March 31, 2020 and December 31, 2019, respectively

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

5

5

5

5

5

5

5

5

5

5

5

5

5

5

5

5

5

5

5

Treasury stock at cost, 11,017,098 and 10,840,173 shares as of March 31, 2020 and December 31, 2019, respectively

748,700

728,700

729,400

730,400

731,400

726,800

717,000

717,500

717,100

708,200

707,500

697,600

668,100

667,900

657,300

657,300

658,600

619,800

553,000

550,600

526,600

524,300

493,642

484,560

470,751

449,054

358,616

352,503

312,412

301,839

232,685

155,139

73,476

46,701

38,319

6,391

6,561

6,641

2,913

2,936

3,130

Additional paid-in capital

657,200

655,000

646,900

640,100

633,700

621,700

616,300

611,700

607,900

601,000

595,400

589,900

589,300

584,000

580,800

578,000

579,900

575,500

571,700

569,000

568,300

561,100

553,172

545,624

545,358

539,507

533,146

529,334

528,754

521,285

509,896

503,480

502,488

491,432

483,822

476,456

471,079

458,426

448,485

446,305

428,139

Retained earnings

1,229,000

1,217,900

1,215,300

1,166,200

1,136,100

1,114,800

1,095,000

1,038,100

1,007,000

958,700

940,200

906,300

870,000

861,900

801,500

780,800

758,400

739,200

711,400

686,400

662,800

641,500

618,484

595,911

613,326

594,626

576,828

545,347

520,096

496,354

469,295

447,026

424,086

409,022

386,148

367,310

343,402

323,408

303,196

284,935

239,573

Accumulated other comprehensive loss:
Currency translation adjustment

-103,400

-63,000

-92,200

-73,900

-71,100

-74,500

-68,100

-62,000

-40,400

-47,900

-51,400

-61,400

-73,900

-81,300

-63,300

-61,600

-49,000

-53,500

-49,100

-36,100

-44,900

-25,100

-8,833

9,922

7,056

4,609

4,126

-7,132

-47

8,925

7,548

191

8,984

1,936

4,431

17,070

13,819

4,503

5,240

-12,992

-337

Unrealized gain (loss) on available-for-sale investments

-1,400

2,400

1,300

1,400

900

-500

1,400

1,100

900

1,300

2,500

1,900

1,100

-200

0

-800

-500

-1,100

-1,200

100

400

300

398

742

695

564

1,855

1,053

1,490

787

1,103

77

640

-324

-1,016

762

1,012

615

413

-217

370

Total accumulated other comprehensive loss

-104,800

-60,600

-90,900

-72,500

-70,200

-75,000

-66,700

-60,900

-39,500

-46,600

-48,900

-59,500

-72,800

-81,500

-63,300

-62,400

-49,500

-54,600

-50,300

-36,000

-44,500

-24,800

-8,435

10,664

7,751

5,173

5,981

-6,079

1,443

9,712

8,651

268

9,624

1,612

3,415

17,832

14,831

5,118

5,653

-13,209

33

Total Morningstar, Inc. shareholders' equity

-

-

-

-

-

-

-

-

858,300

-

779,200

739,100

718,400

696,500

661,700

639,100

630,200

640,300

679,800

668,800

660,000

653,500

669,584

667,644

695,689

690,257

757,344

716,104

737,886

725,517

755,162

795,640

862,727

855,370

835,071

855,212

822,756

780,316

754,426

715,100

664,620

Noncontrolling interest

-

-

-

-

-

-

-

-

0

-

0

0

300

300

300

300

300

300

300

1,100

1,000

900

935

1,018

1,028

1,033

1,132

1,172

1,236

1,378

1,569

1,585

1,539

1,646

1,057

1,010

997

1,109

1,000

966

1,169

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest

1,032,700

1,083,600

1,041,900

1,003,400

968,200

934,700

927,600

871,400

858,300

804,900

779,200

739,100

718,700

696,800

662,000

639,400

630,500

640,600

680,100

669,900

661,000

654,400

670,519

668,662

696,717

691,290

758,476

717,276

739,122

726,895

756,731

797,225

864,266

857,016

836,128

856,222

823,753

781,425

755,426

716,066

665,789

Total liabilities and equity

2,292,000

2,370,900

2,282,500

1,572,300

1,551,600

1,453,800

1,439,500

1,427,200

1,436,500

1,405,700

1,383,700

1,376,000

1,355,600

1,350,900

1,059,500

1,052,000

1,032,700

1,029,000

1,023,600

1,047,600

1,025,800

1,010,300

1,020,175

1,051,223

1,007,417

1,030,668

1,074,150

1,039,057

1,045,549

1,041,952

1,061,383

1,105,779

1,166,385

1,172,084

1,134,266

1,153,066

1,110,228

1,086,302

1,026,197

962,526

919,083