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Regulated Disclosure January 2023
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Financial Exhibit
Other Events December 2022
Regulated Disclosure November 2022
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Earnings Release
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Financial Exhibit
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December 2022
Regulated Disclosure
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Earnings Release
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October 2022
Regulated Disclosure
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Regulated Disclosure
September 2022
Regulated Disclosure
August 2022
Earnings Release
Financial Exhibit
Regulated Disclosure
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July 2022
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July 2022
Last10K.com | 10-K Annual Report Fri Feb 25 2022
Cover Page Cover - USD ($) $ in Billions | 12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 | Feb. 11, 2022 | Jun. 30, 2021 | |
| Cover [Abstract] | |||
| Document Type | 10-K | ||
| Document Annual Report | true | ||
| Document Period End Date | Dec. 31, 2021 | ||
| Document Transition Report | false | ||
| Entity File Number | 000-51280 | ||
| Entity Registrant Name | MORNINGSTAR, INC. | ||
| Entity Incorporation, State or Country Code | IL | ||
| Entity Tax Identification Number | 36-3297908 | ||
| Entity Address, Address Line One | 22 West Washington Street | ||
| Entity Address, City or Town | Chicago | ||
| Entity Address, State or Province | IL | ||
| Entity Address, Postal Zip Code | 60602 | ||
| City Area Code | 312 | ||
| Local Phone Number | 696-6000 | ||
| Title of 12(b) Security | Common stock, no par value | ||
| Trading Symbol | MORN | ||
| Security Exchange Name | NASDAQ | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Interactive Data Current | Yes | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Entity Small Business | false | ||
| Entity Emerging Growth Company | false | ||
| Entity Shell Company | false | ||
| Entity Public Float | $ 6.2 | ||
| Entity Common Stock, Shares Outstanding | 42,962,319 | ||
| Entity Central Index Key | 0001289419 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Document Fiscal Year Focus | 2021 | ||
| Document Fiscal Period Focus | FY | ||
| Amendment Flag | false | ||
| Documents Incorporated by Reference [Text Block] | Certain parts of the registrant's Definitive Proxy Statement for the 2022 Annual Meeting of Shareholders are incorporated into Part III of this Form 10-K. | ||
| ICFR Auditor Attestation Flag | true | ||
| Auditor Firm ID | 185 | ||
| Auditor Location | Chicago, IL | ||
| Auditor Name | KPMG LLP |
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Morningstar, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Financial - Shares Highlight
In December 2020, the board of directors approved a new share repurchase program that authorizes the company to repurchase up to $400.0 million in shares of the company's outstanding common stock, effective January 1, 2021.
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Legal - Other Highlight
However, over time, either ESMA or the U.K. Financial Conduct Authority (FCA) may begin to make inconsistent modifications to those laws and regulations, which would increase the cost and complexity of regulatory compliance for our credit ratings business.
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Financial - Earnings Highlight
Cash provided by operating activities increased $65.6 million, or 17.1%, in 2021, primarily due to higher cash earnings.
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Financial - Earnings Highlight
Cash provided by operating activities increased primarily due to higher earnings and the timing of working capital.
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Financial - Expense Highlight
The increase was primarily attributable to minimum taxes and non-deductible expenses.
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M & A - Other
Contingent payments are recognized at...Read more
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Revenue - Product
We provide the following measures...Read more
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Revenue - Product
Morningstar Indexes revenue increased 59.3%,...Read more
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Other - Other
Liquidity and Capital Resources As...Read more
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Other - Other
We intend to use our...Read more
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M & A - Other
Determining the fair value of...Read more
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Revenue - Product
Sales commissions also grew $23.3...Read more
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Financial - Earnings
In 2021, we reported an...Read more
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Revenue - Product
Organic revenue, adjusted operating income,...Read more
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Financial - Income
In 2021, we reported adjusted...Read more
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Revenue - Product
Workplace Solutions revenue growth of...Read more
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M & A - Other
Over half of the increase...Read more
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Financial - Earnings
In 2021, cash provided by...Read more
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Financial - Expense
In addition to increased compliance...Read more
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Financial - Debt
The increase reflects higher cash...Read more
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Revenue - Product
We had 9,556 employees worldwide...Read more
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Financial - Income
Consolidated Operating Income and Operating...Read more
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Financial - Expense
We believe the accounting estimates...Read more
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Revenue - Product
Sustainalytics revenue grew 168.1%, or...Read more
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Financial - Expense
Our capital expenditures mainly relate...Read more
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Other - Other
The change reflects a $65.6...Read more
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Revenue - Product
License-based revenue, which represents subscription...Read more
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Revenue - Product
DBRS Morningstar revenue grew 30.8%,...Read more
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M & A - Other
We also include amortization related...Read more
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Revenue - Product
Transaction-based revenue increased 31.2% during...Read more
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Other - Other
We amortize leasehold improvements over...Read more
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Other - Other
Estimate the fair value of...Read more
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Revenue - Product
Licensed-based organic revenue grew 15.4%....Read more
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Other - Other
Professional fees increased $18.2 million...Read more
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Other - Other
Professional fees increased $9.4 million...Read more
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Financial - Expense
Operating Expense We classify our...Read more
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Other - Other
We expect to continue making...Read more
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Revenue - Product
Asset-based revenue increased 18.4% during...Read more
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Other - Other
This initiative enables Morningstar Investment...Read more
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Other - Other
Approximately 57% of our cash,...Read more
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Financial - Cash Flow
We generated free cash flow...Read more
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Other - Other
Given the nature of our...Read more
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Other - Other
Workplace Solutions On October 30,...Read more
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Legal - Other
In 2021, Colorado and Virginia...Read more
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Financial - Expense
Continuous focus on the development...Read more
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Revenue - Product
PitchBook, DBRS Morningstar, Morningstar Data,...Read more
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M & A - Other
In evaluating the characterization of...Read more
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Other - Other
We present these measures because...Read more
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Other - Other
We amortize intangible assets using...Read more
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Financial - Expense
Depreciation and amortization Depreciation and...Read more
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Financial - Expense
In 2021, we capitalized $79.0...Read more
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Revenue - Product
We define organic revenue as...Read more
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Revenue - Product
Approximately 57% of international revenue...Read more
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Revenue - Product
We exclude revenue from acquired...Read more
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Revenue - Geography
Portions of the regulation relating...Read more
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Other - Other
Average assets under management and...Read more
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Revenue - Product
We experienced strong revenue growth...Read more
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Revenue - Product
Consolidated Results ___________________________________________________________________________________________ pp -...Read more
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Legal - Other
Even in its fragmented state,...Read more
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Financial - Expense
An increase of $16.1 million...Read more
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M & A - Other
Acquisitions, Goodwill, and Other Intangible...Read more
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Revenue - Product
Revenue Renewal Rates As discussed...Read more
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Financial - Earnings
Operating margin was 15.1% in...Read more
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Other - Other
In addition, the trend towards...Read more
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Revenue - Product
Revenue growth from fundamental ratings...Read more
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Other - Other
Professional fees increased $8.4 million...Read more
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Revenue - Product
PitchBook revenue increased 44.3% during...Read more
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M & A - Other
These intangible assets generally consist...Read more
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Financial - Expense
Compensation expense increased $19.6 million....Read more
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Revenue - Product
Organic revenue is not equivalent...Read more
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Revenue - Product
We present organic revenue because...Read more
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Revenue - Product
We present organic revenue because...Read more
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Revenue - Product
The definition of organic revenue...Read more
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Revenue - Geography
Foreign currency translations had an...Read more
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Other - Other
We had an outstanding principal...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Cover Page Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Equity
Consolidated Statement Of Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Acquisitions, Goodwill, And Other Intangible Assets
Acquisitions, Goodwill, And Other Intangible Assets (Allocation Of Acquired Intangible Assets) (Details)
Acquisitions, Goodwill, And Other Intangible Assets (Amortization Expense) (Details)
Acquisitions, Goodwill, And Other Intangible Assets (Narrative) (Details)
Acquisitions, Goodwill, And Other Intangible Assets (Purchase Price Allocation) (Details) (Details)
Acquisitions, Goodwill, And Other Intangible Assets (Schedule Of Goodwill) (Details)
Acquisitions, Goodwill, And Other Intangible Assets (Schedule Of Intangible Assets) (Details)
Acquisitions, Goodwill, And Other Intangible Assets (Tables)
Acquisitions, Goodwill, And Other Intangible Assets Acquisition, Goodwill, And Other Intangible Assets - Pro Forma (Details)
Contingencies
Contingencies Settlement (Details)
Credit Arrangements
Credit Arrangements (Details)
Credit Arrangements (Tables)
Defined Contribution Plan
Defined Contribution Plan (Details)
Defined Contribution Plan (Tables)
Description Of Business
Description Of Business (Details)
Income Per Share
Income Per Share (Details)
Income Per Share (Tables)
Income Taxes
Income Taxes (Accounting For Uncertainty In Tax Positions) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Components Of Income Tax Expense) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities Included In Consolidated Balance Sheets) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Income Before Income Taxes And Equity In Net Income Of Unconsolidated Entities) (Details)
Income Taxes (Schedule Of Income Tax Expense And Effective Tax Rate) (Details)
Income Taxes (Summary Of Income Tax Examinations) (Details)
Income Taxes (Summary Of Operating Loss Carryforwards - U.S And Non-U.S) (Details)
Income Taxes (Tables)
Investments And Fair Value Measurements
Investments And Fair Value Measurements (Classification Of Securities) (Details)
Investments And Fair Value Measurements (Cost And Fair Value Of Securities) (Details)
Investments And Fair Value Measurements (Fair Value Of Assets) (Details)
Investments And Fair Value Measurements (Gains (Losses) On Investments) (Details)
Investments And Fair Value Measurements (Tables)
Investments And Fair Value Measurements (Unrealized Gains On Trading Securities) (Details)
Investments In Unconsolidated Entities
Investments In Unconsolidated Entities (Details)
Investments In Unconsolidated Entities (Tables)
Leases
Leases (Operating Leases) (Details)
Leases (Schedule Of Operating Lease Assets And Liabilities) (Details)
Leases Leases (Tables)
Property, Equipment, And Capitalized Software
Property, Equipment, And Capitalized Software (Details)
Property, Equipment, And Capitalized Software (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements Recent Accounting Pronouncements (Recently Adopted Accounting Pronouncements) (Details)
Revenue
Revenue (Contract Liabilities, Expected Recognition) (Details)
Revenue (Contract Liabilities, Narrative) (Details)
Revenue (Disaggregation Of Revenue) (Details)
Revenue (Disaggregation Of Revenue, Narrative) (Details)
Revenue (Summary Of Contract Assets) (Details)
Revenue (Tables)
Revenue Contract Liabilities (Details)
Segment And Geographical Area Information
Segment And Geographical Area Information (External Revenue And Long-Lived Assets) (Details)
Segment And Geographical Area Information (Operating Lease Assets) (Details)
Segment And Geographical Area Information (Tables)
Selected Quarterly Financial Data - Schedule Of Quarterly Financial Data (Details)
Share Repurchase Program
Share Repurchase Program (Details)
Stock-Based Compensation
Stock-Based Compensation (Additional Information On Options) (Details)
Stock-Based Compensation (Allocation Of Stock-Based Compensation Costs) (Details)
Stock-Based Compensation (Assumptions For Black-Scholes Option Pricing Model) (Details)
Stock-Based Compensation (Assumptions Used To Estimate Fair Value Of Market Units (Details)
Stock-Based Compensation (Market Units) (Details)
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Pitchbook Bonus Plan) (Details)
Stock-Based Compensation (Restricted Stock Units Activity) (Details)
Stock-Based Compensation (Shares Available For Future Grants) (Details)
Stock-Based Compensation (Stock Option Activity) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation (Total Stock-Based Compensation Expense) (Details)
Stock-Based Compensation (Unrecognized Stock-Based Compensation Expense) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Material Contracts, Statements, Certifications & more
Morningstar, Inc. provided additional information to their SEC Filing as exhibits
Ticker: MORN
CIK: 1289419
Form Type: 10-K Annual Report
Accession Number: 0001289419-22-000005
Submitted to the SEC: Fri Feb 25 2022 3:33:03 PM EST
Accepted by the SEC: Fri Feb 25 2022
Period: Friday, December 31, 2021
Industry: Investment Advice
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