Morningstar, Inc. (MORN) Financial Statements (2023 and earlier)

Company Profile

Business Address 22 WEST WASHINGTON STREET
CHICAGO, IL 60602
State of Incorp. IL
Fiscal Year End December 31
Industry (SIC) 6282 - Investment Advice (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

3/31/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments33415546464368396353
Cash and cash equivalents 377484423334369308
Short-term investments33386242332745
Receivables298308278207195174148
Prepaid expense483731    
Capitalized contract cost424131211715
Other current assets811237241728
Other undisclosed current assets352      
Total current assets:781811888730603602530
Noncurrent Assets
Operating lease, right-of-use asset185192149148145
Property, plant and equipment202199172155155144147
Long-term investments and receivables118966333606362
Long-term investments118966333606362
Intangible assets, net (including goodwill)2,1102,1201,5351,5851,373631660
Goodwill1,5771,5721,2071,2051,039557565
Intangible assets, net (excluding goodwill)5335493283803337495
Capitalized contract cost, net343531191410
Deferred income tax assets11111313 
Other noncurrent assets101112141256
Other undisclosed noncurrent assets    11  
Total noncurrent assets:2,6692,6641,9751,9661,768852876
TOTAL ASSETS:3,4513,4752,8632,6962,3711,4541,406
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Accounts payable and accrued liabilities13422027416913811092
Employee-related liabilities27416913811092
Accrued liabilities134220     
Deferred revenue502456377307250
Debt3232  11  
Deferred revenue and credits171
Other liabilities71112113311
Other undisclosed current liabilities1061641301399525049
Total current liabilities:844883784627496363323
Noncurrent Liabilities
Long-term debt and lease obligation  495587641  
Long-term debt, excluding current maturities  359449502  
Liabilities, other than long-term debt281287152176447586
Deferred revenue and credits27
Deferred revenue3134363432
Contract with customer, liability14
Deferred rent credit     25
Deferred tax liabilities, net2224
Deferred income tax liabilities6663102109 
Other liabilities14141434111435
Operating lease, liability170177136138139
Other undisclosed noncurrent liabilities1,1201,098163510782192
Total noncurrent liabilities:1,4021,385663798792156278
Total liabilities:2,2462,2681,4471,4251,287519601
Equity
Equity, attributable to parent1,2051,2071,4161,2711,084935805
Treasury stock, value(987)(987)(764)(767)(729)(727)(708)
Additional paid in capital772758689671655622601
Accumulated other comprehensive loss(92)(99)(35)(22)(61)(75)(47)
Retained earnings1,5111,5351,5271,3891,2181,115959
Total equity:1,2051,2071,4161,2711,084935805
TOTAL LIABILITIES AND EQUITY:3,4513,4752,8632,6962,3711,4541,406

Income Statement (P&L) ($ in millions)

3/31/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues1,8931,8711,6991,3901,1791,020912
Revenue, net912
Cost of revenue(875)(850)(785)(634)(562)(485)(452)
Cost of goods and services sold(807)(779)(698)(556)(483)(411)(387)
Gross profit:1,0191,021914755617535460
Operating expenses(883)(853)(657)(540)(427)(320)(290)
Operating income:136168257215190216170
Nonoperating income (expense)(66)(37)(7)6891711
Investment income, nonoperating  130201620
Other nonoperating income (expense)(12)(7)(4)(6)(3)2(5)
Income from continuing operations before equity method investments, income taxes:70131251283199233181
Income (loss) from equity method investments(5)(4)50(1)(2)(1)
Income from continuing operations before income taxes:64127256283198231180
Income tax expense(48)(57)(63)(60)(46)(48)(43)
Income from continuing operations:1771193224152183137
Income before gain (loss) on sale of properties:21193224152183137
Net income available to common stockholders, diluted:1771193224152183137

Comprehensive Income ($ in millions)

3/31/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:1771193224152183137
Other comprehensive income (loss)(46)(64)(13)3914(28)35
Comprehensive income (loss), net of tax, attributable to parent:(29)7180262166155172

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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