Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Statement of Comprehensive Income [Abstract] | ||
Consolidated net income | $ 23.9 | $ 33.2 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (40.4) | 3.4 |
Unrealized gains (losses) on securities, net of tax: | ||
Unrealized holding gains (losses) arising during period | (4.1) | 1.9 |
Reclassification losses (gains) included in net income | 0.3 | (0.5) |
Other comprehensive income (loss) | (44.2) | 4.8 |
Comprehensive income | $ (20.3) | $ 38.0 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 4.8 | $ 4.1 |
Accumulated depreciation and amortization | $ 394.7 | $ 377.3 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Outstanding | 42,793,123 | 42,848,359 |
Treasury Stock, Shares | 11,017,098 | 10,840,173 |
Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Statement of Stockholders' Equity [Abstract] | ||
Dividends declared (in dollars per share) | $ 0.30 | $ 0.28 |
Basis of Presentation of Interim Financial Information |
3 Months Ended |
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Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation of Interim Financial Information | Basis of Presentation of Interim Financial Information The accompanying unaudited condensed consolidated financial statements of Morningstar, Inc. and subsidiaries (Morningstar, we, our, the Company) have been prepared to conform to the rules and regulations of the Securities and Exchange Commission (SEC). The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue, and expenses. Actual results could differ from those estimates. In the opinion of management, the statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly our financial position, results of operations, equity, and cash flows. These financial statements and notes are unaudited and should be read in conjunction with our Audited Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020 (our Annual Report). The acronyms that appear in the Notes to our Unaudited Condensed Consolidated Financial Statements refer to the following: ASC: Accounting Standards Codification ASU: Accounting Standards Update FASB: Financial Accounting Standards Board COVID-19 Update We are closely monitoring the impact of the COVID-19 pandemic on all aspects of our business and geographies, including how it will affect team members, customers, suppliers, and global markets. Since the situation surrounding the COVID-19 pandemic remains fluid, we are actively managing our response and have assessed potential impacts to our financial position and operating results related to our consolidated financial statements for the three months ended March 31, 2020. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. The CARES Act provides a substantial stimulus and assistance package intended to address the impact of the COVID-19 pandemic, including tax relief and government loans, grants and investments. The CARES Act had no impact on our consolidated financial statements for the three months ended March 31, 2020. We continue to monitor any effects that may result from the CARES Act and other similar legislation or actions in geographies in which our business operates. |
Summary of Significant Accounting Policies |
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Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies We discuss our other significant accounting policies in Note 2 of our Audited Consolidated Financial Statements included in our Annual Report. Recently adopted accounting pronouncements Current Expected Credit Losses: On June 16, 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU No. 2016-13), which requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. ASU No. 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. On April 25, 2019, the FASB issued ASU No. 2019-04, Codification Improvements (ASU No. 2019-04), which clarifies certain aspects of accounting for credit losses. On May 15, 2019, the FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief (ASU No. 2019-05), which allows entities to elect the fair value option on certain financial instruments. The new standard became effective for us on January 1, 2020 and was applied prospectively. As a result of the adoption of these standards, we made changes to our processes for the assessment of the adequacy of our allowance for credit losses on certain types of financial instruments, including accounts receivable. The adoption of ASU No. 2016-13, ASU No. 2019-04, and ASU No. 2019-05 did not have a material impact on the consolidated financial statements, related disclosures, and results of operations. Cloud Computing: On August 29, 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which helps entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (CCA) by providing guidance for determining when an arrangement includes a software license and when an arrangement is solely a hosted CCA service. The Company adopted this guidance prospectively beginning on January 1, 2020. Upon adoption, fees paid in a CCA will be evaluated for capitalization as a prepaid asset and expensed within the results of operations in the same financial statement line item as software license fees instead of depreciation and amortization expense. The adoption of this ASU did not have a material impact on the consolidated financial statements, related disclosures, and results of operations. Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement: On August 28, 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU No. 2018-13), which eliminates, adds, and modifies certain disclosure requirements around items such as transfers between Level 1 and 2, policy of timing of transfers, and valuation process for Level 3. The new standard became effective for us on January 1, 2020. As we only have Level 1 investments, the adoption of ASU No. 2018-13 had no impact on our consolidated financial statements and related disclosures. Recently issued accounting pronouncements not yet adopted Income Taxes: On December 18, 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, Income Taxes, and providing for simplification in several other areas. The new standard is effective for us on January 1, 2021. Early adoption is permitted. We have not decided on early adoption and are evaluating the effect that ASU No. 2019-12 may have on our consolidated financial statements, related disclosures, and results of operations. Reference Rate Reform: On March 12, 2020, the FASB issued ASU No. 2020-04: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contract modifications resulting from reference rate reform initiatives. The intention of the standard is to ease the potential accounting and financial reporting burden associated with transitioning away from the expiring London Interbank Offered Rate (LIBOR), and other interbank offered rates, to alternative benchmark rates. This guidance is temporary and only in effect during the reference rate transition period through December 31, 2022. We are evaluating the effect that ASU No. 2020-04 may have on our consolidated financial statements, related disclosures, and results of operations.
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Credit Arrangements |
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Credit Arrangements | Credit Arrangements Debt The following table summarizes our total debt and long-term debt as of March 31, 2020 and December 31, 2019.
Credit Agreement In connection with the acquisition of Ratings Acquisition Corp (DBRS) on July 2, 2019, the Company entered into a new senior credit agreement (the Credit Agreement). The Credit Agreement provides the Company with a five-year multi-currency credit facility with an initial borrowing capacity of up to $750.0 million, including a $300.0 million revolving credit facility (the Revolving Credit Facility) and a term loan facility of $450.0 million (the Term Facility). The Credit Agreement also provides for the issuance of up to $50.0 million of letters of credit and a $100.0 million sub-limit for a swingline facility under the Revolving Credit Facility. The Credit Agreement will expire on July 2, 2024. As of March 31, 2020, our total outstanding debt under the Credit Agreement was $530.4 million with borrowing availability of $210.0 million under the Revolving Credit Facility. The interest rate applicable to any loan under the Credit Agreement is, at our option, either: (i) the applicable London interbank offered rate (LIBOR) plus an applicable margin for such loans, which ranges between 1.00% and 1.50%, based on our consolidated leverage ratio or (ii) the lender's base rate plus the applicable margin for such loans, which ranges between 0.00% and 0.50%, based on our consolidated leverage ratio. The proceeds of the Term Facility and initial borrowings under the Revolving Credit Facility were used to finance the acquisition of DBRS. The proceeds of future borrowings under the Revolving Credit Facility may be used for working capital, capital expenditures or any other lawful corporate purpose. The portions of deferred debt issuance costs related to the Revolving Credit Facility are included in other current and other non-current assets, and the portion of deferred debt issuance costs related to the Term Facility is reported as a reduction to the carrying amount of the Term Facility. Amortization of debt issuance costs related to the Revolving Credit Facility are amortized on a straight-line to interest expense over the term of the Credit Agreement. Amortization of debt issuance costs related to the Term Facility are amortized to interest expense using the effective interest method over the term of the Credit Agreement. Compliance with Covenants The Credit Agreement contains financial covenants under which we: (i) may not exceed a maximum consolidated leverage ratio of 3.50 to 1.00 (or 3.75 to 1.00 for the four fiscal quarters following any material acquisition (as defined in the Credit Agreement)) and (ii) are required to maintain a minimum consolidated interest coverage ratio of not less than 3.00 to 1.00. We were in compliance with the financial covenants as of March 31, 2020 and December 31, 2019.
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Acquisitions, Goodwill and Other Intangible Assets |
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Acquisitions, Goodwill and Other Intangible Assets | Acquisitions, Goodwill, and Other Intangible Assets 2020 Acquisitions On January 31, 2020, we acquired Hueler Analytics' Stable Value Fund Comparative Universe Data and Stable Value Index (Hueler Analytics). We began consolidating the financial results of Hueler Analytics in our consolidated financial statements on January 31, 2020. 2019 Acquisitions During the first quarter of 2020, we did not record significant adjustments to the purchase price allocation related to our acquisition of DBRS, compared with the preliminary estimates disclosed in the Notes of the Audited Consolidated Financial Statements included in our Annual Report. The values assigned to various assets and liabilities in the preliminary purchase price allocation are subject to change as a result of information that may become available in the future. As of March 31, 2020, the primary areas of the preliminary purchase price allocation that are not yet finalized include current and deferred tax assets and liabilities. The following unaudited pro forma information presents a summary of our Condensed Consolidated Statements of Income for the year ended March 31, 2019 as if we had completed the acquisition as of January 1, 2019. This unaudited pro forma information is presented for illustrative purposes and is not intended to represent or be indicative of the actual results of operations or expected synergies of DBRS Morningstar that would have been achieved had the acquisition occurred at the beginning of the earliest period presented, nor is it intended to represent or be indicative of future results of operations. In calculating the pro forma information below, we included an estimate of amortization expense related to the intangible assets acquired, depreciation expense due to changes in estimated remaining useful lives of long-lived assets, and reduction in revenue as a result of the fair value adjustments to deferred revenue as well as the related income tax impacts.
Goodwill The following table shows the changes in our goodwill balances from December 31, 2019 to March 31, 2020:
We did not record any impairment losses in the first three months of 2020 and 2019. We perform our annual impairment reviews in the fourth quarter or when impairment indicators and triggering events are identified. Intangible Assets The following table summarizes our intangible assets:
The following table summarizes our amortization expense related to intangible assets:
We amortize intangible assets using the straight-line method over their expected economic useful lives. We expect intangible amortization expense for the remainder of 2020 and subsequent years to be as follows:
Our estimates of future amortization expense for intangible assets may be affected by additional acquisitions, divestitures, changes in the estimated average useful lives, impairments, and foreign currency translation.
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Income Per Share |
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Income Per Share | Income Per Share The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share:
During the periods presented, the number of anti-dilutive restricted stock units, performance share awards, or market stock units to exclude from our calculation of diluted earnings per share was immaterial.
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Revenue |
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Revenue | Revenue Disaggregation of Revenue The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue.
License-based performance obligations are generally satisfied over time as the customer has access to the product or service during the term of the subscription license and the level of service is consistent during the contract period. License-based agreements typically have a term of 12 to 36 months. License-based revenue is generated from the sale of Morningstar Data, Morningstar Direct, Morningstar Advisor Workstation, PitchBook, and other similar product lines. Asset-based performance obligations are satisfied over time as the customer receives continuous access to a service for the term. Asset-based arrangements typically have a term of 12 to 36 months. Asset-based fees represent variable consideration and the customer does not make separate purchasing decisions that result in additional performance obligations. Significant changes in the underlying fund assets and significant disruptions in the market are evaluated to determine whether estimates of earned asset-based fees need to be revised for the current quarter. The timing of client asset reporting and the structure of our contracts results in a one-quarter lag between market movements and the impact on earned revenue. An estimate of variable consideration is included in the initial transaction price only to the extent it is probable that a significant reversal in the amount of the revenue recognized will not occur. Estimates of asset-based fees are based on the most recently completed quarter and, as a result, it is unlikely a significant reversal of revenue would occur. Asset-based revenue is generated by Investment Management, Workplace Solutions, and Morningstar Indexes. Transaction-based performance obligations are satisfied when the product or service is completed or delivered. Transaction-based revenue is generated by DBRS Morningstar, Internet advertising, and conferences. DBRS Morningstar revenue includes revenue from surveillance services, which is recognized over time, as the customer has access to the service during the surveillance period. Contract liabilities Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received or due in advance of our performance, including amounts which are refundable. The contract liabilities balance for the three months ended March 31, 2020 had a net increase of $30.1 million, primarily driven by cash payments received or payable in advance of satisfying our performance obligations. We recognized $116.8 million of revenue in the three-month period ended March 31, 2020 that was included in the contract liabilities balance as of December 31, 2019. We expect to recognize revenue related to our contract liabilities for the remainder of 2020 and subsequent years as follows:
The aggregate amount of revenue we expect to recognize for the remainder of 2020 and subsequent years is higher than our contract liability balance of $312.4 million as of March 31, 2020. The difference represents the value of future obligations for signed contracts where we have not yet begun to satisfy the performance obligations or have not yet billed the customer. The table above does not include variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as of March 31, 2020. We are applying the optional exemption available under ASC Topic 606, as the variable consideration relates to these unsatisfied performance obligations being fulfilled as a series. The performance obligations related to these contracts are expected to be satisfied over the next 12 to 36 months as services are provided to the client. For license-based contracts, the consideration received for services performed is based on the number of future users, which is not known until the services are performed. The variable consideration for this revenue can be affected by the number of user licenses, which cannot be reasonably estimated. For asset-based contracts, the consideration received for services performed is based on future asset values, which are not known until the services are performed. The variable consideration for this revenue can be affected by changes in the underlying value of fund assets due to client redemptions, additional investments, or movements in the market. For transaction-based contracts for Internet advertising, the consideration received for services performed is based on the number of impressions, which is not known until the impressions are created. The variable consideration for this revenue can be affected by the timing and quantity of impressions in any given period and cannot be reasonably estimated. As of March 31, 2020, the table above also does not include revenue for unsatisfied performance obligations related to certain of our license-based and transaction-based contracts with durations of one year or less since we are applying the optional exemption under ASC Topic 606. For certain license-based contracts, the remaining performance obligation is expected to be less than one year based on the corresponding subscription terms. For transaction-based contracts, such as new credit rating issuances and conferences, the related performance obligations are expected to be satisfied within the next 12 months. Contract Assets Our contract assets represent accounts receivable, less allowance for credit losses and deferred commissions. We did not record any impairment losses on receivables or deferred commissions in the first three months of 2020. The following table summarizes our contract assets balance:
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Segment and Geographical Area Information |
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Segment and Geographical Area Information | Segment and Geographical Area Information Segment Information We report our results in a single reportable segment, which reflects how our chief operating decision maker allocates resources and evaluates our financial results. Because we have a single reportable segment, all required financial segment information can be found directly in the Consolidated Financial Statements. The accounting policies for our reportable segment are the same as those described in Note 2 of the Audited Consolidated Financial Statements included in our Annual Report. We evaluate the performance of our reporting segment based on revenue and operating income. Geographical Area Information The tables below summarize our revenue and long-lived assets, which includes property, equipment, and capitalized software, net and operating lease assets, by geographical area:
The long-lived asset by geographical area does not include deferred commissions, non-current as the balance is not significant.
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Fair Value Measurement of Investments |
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Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurements | Fair Value Measurements |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases We lease office space and certain equipment under various operating and finance leases, with most of our lease portfolio consisting of operating leases for office space. We determine whether an arrangement is, or includes, an embedded lease at contract inception. Operating lease assets and lease liabilities are recognized at the commencement date and initially measured using the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term. For finance leases, we also recognize a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization. A contract is or contains an embedded lease if the contract meets all the below criteria:
For initial measurement of the present value of lease payments and for subsequent measurement of lease modifications, we are required to use the rate implicit in the lease. However, as most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is a collateralized rate. To apply the incremental borrowing rate, we used a portfolio approach and grouped leases based on similar lease terms in a manner whereby we reasonably expect that the application does not differ materially from a lease-by-lease approach. Our leases have remaining lease terms of approximately 1 year to 14 years, which may include the option to extend the lease when it is reasonably certain we will exercise that option. We do not have lease agreements with residual value guarantees, sale leaseback terms, or material restrictive covenants. Leases with an initial term of 12 months or less are not recognized on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. The following table summarizes our operating lease assets and lease liabilities:
Our operating lease expense for the three months ended March 31, 2020 was $9.7 million, compared with $7.9 million for the same period in the prior year. Charges related to our operating leases that are variable, and therefore not included in the measurement of the lease liabilities were $3.4 million for the three months ended March 31, 2020 and $2.6 million for the three months ended March 31, 2019. We made lease payments of $10.5 million during the three months ended March 31, 2020, compared with $6.2 million of payments during the same period in 2019. The following table shows our minimum future lease commitments due in each of the next five years and thereafter for operating leases:
The following table summarizes the weighted-average lease terms and weighted-average discount rates for our operating leases:
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Stock-Based Compensation |
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Stock-Based Compensation | Stock-Based Compensation Stock-Based Compensation Plans All our employees and our non-employee directors are eligible for awards under the Morningstar 2011 Stock Incentive Plan, which provides for a variety of stock-based awards, including stock options, restricted stock units, performance share awards, market stock units, and restricted stock. The following table summarizes the stock-based compensation expense included in each of our operating expense categories:
As of March 31, 2020, the total unrecognized stock-based compensation cost related to outstanding restricted stock units, performance share awards, and market stock units expected to vest was $48.8 million, which we expect to recognize over a weighted average period of 26 months.
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Effective Tax Rate The following table shows our effective tax rate for the three months ended March 31, 2020 and March 31, 2019:
Our effective tax rate in the first quarter of 2020 was 26.2%, an increase of 0.5 percentage points, compared with the same period in the prior year. Unrecognized Tax Benefits The table below provides information concerning our gross unrecognized tax benefits as of March 31, 2020 and December 31, 2019, as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized.
Our Unaudited Condensed Consolidated Balance Sheets include the following liabilities for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.
Because we conduct business globally, we file income tax returns in U.S. federal, state, local, and foreign jurisdictions. We are currently under audit by federal, state, and local tax authorities in the U.S. as well as tax authorities in certain non-U.S. jurisdictions. It is likely that the examination phase of some of these federal, state, local, and non-U.S. audits will conclude in 2020. It is not possible to estimate the effect of current audits on previously recorded unrecognized tax benefits. Approximately 70% of our cash, cash equivalents, and investments balance as of March 31, 2020 was held by our operations outside of the United States. We generally consider our U.S. directly owned foreign subsidiary earnings to be permanently reinvested. We believe that our cash balances and investments in the United States, along with cash generated from our U.S. operations, will be sufficient to meet our U.S. operating and cash needs for the foreseeable future, without requiring us to repatriate earnings from these foreign subsidiaries. Certain of our non-U.S. operations have incurred net operating losses (NOLs), which may become deductible to the extent these operations become profitable. For each of our operations, we evaluate whether it is more likely than not that the tax benefits related to NOLs will be realized. As part of this evaluation, we consider evidence such as tax planning strategies, historical operating results, forecasted taxable income, and recent financial performance. In the year that certain non-U.S. operations record a loss, we do not recognize a corresponding tax benefit, which increases our effective tax rate. Upon determining that it is more likely than not that the NOLs will be realized, we reduce the tax valuation allowances related to these NOLs, which results in a reduction to our income tax expense and our effective tax rate in the period. |
Contingencies |
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Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We record accrued liabilities for litigation, regulatory, and other business matters when those matters represent loss contingencies that are both probable and estimable. In these cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, we do not establish an accrued liability. As litigation, regulatory, or other business matters develop, we evaluate whether such matters present a loss contingency that is probable and estimable on an ongoing basis. Data Audits and Reviews In our global data business, we include in our products, or directly redistribute to our customers, data, and information licensed from third-party vendors. Our compliance with the terms of these licenses is reviewed internally and is also subject to audit by the third-party vendors. We are undergoing several such internal reviews and third-party vendor audits and the results and findings of which may indicate that we may be required to make a payment for prior data usage. Due to a lack of available information and data, as well as potential variations of any audit or internal review findings, we are not able to reasonably estimate a possible loss, or range of losses for some matters. While we cannot predict the outcome of these processes, we do not believe the results of any audits or reviews will have a material adverse effect on our business, operating results, or financial position. Credit Ratings Matters In November 2019, Morningstar Credit Ratings, LLC (“MCR”) reached an agreement in principle with the staff of the SEC to settle an investigation relating to certain sales and marketing practices at MCR's asset-backed securities group in 2015 and 2016. Assuming it is approved by the full Commission, the proposed settlement would involve a censure, a cease-and-desist order, certain undertakings by MCR, and a civil money penalty of $3.5 million, which was accrued as of December 31, 2019. The settlement remains subject to approval by the SEC. In April 2020, in an unrelated matter, the staff of the SEC notified MCR that they had reached a preliminary decision to recommend that the Commission authorize an enforcement action related to MCR’s former commercial mortgage-backed securities ratings methodology. MCR intends to make a written submission to the staff responding to its recommendation. At this time, we do not believe any result will have a material adverse effect on our business, operating results, or financial position. Other Matters We are involved from time to time in regulatory investigations and legal proceedings that arise in the normal course of our business. While it is difficult to predict the outcome of any particular investigation or proceeding, we do not believe the result of any of these matters will have a material adverse effect on our business, operating results, or financial position.
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Share Repurchase Program |
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Mar. 31, 2020 | |
Equity [Abstract] | |
Share Repurchase Program | Share Repurchase Program In December 2017, the board of directors approved a share repurchase program that authorizes the Company to repurchase up to $500.0 million in shares of the Company's outstanding common stock effective January 1, 2018. The authorization expires on December 31, 2020. We may repurchase shares from time to time at prevailing market prices on the open market or in private transactions in amounts that we deem appropriate. |
Subsequent Events (Notes) |
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Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of PlanPlus Global On April 1, 2020, we completed our previously announced acquisition of PlanPlus Global, a financial-planning and risk-profiling software firm. The acquisition expands our financial-planning capabilities for advisors. Acquisition of Sustainalytics On April 21, 2020, we announced it reached an agreement to acquire Sustainalytics, a globally recognized leader in environmental, social, and governance (ESG) ratings and research. The Company currently owns an approximate 40% ownership stake in Sustainalytics, first acquired in 2017, and will purchase the remaining approximate 60% of Sustainalytics shares upon closing of the transaction. The transaction consideration includes a cash payment at closing of approximately EUR 55.0 million (subject to certain potential adjustments) and additional cash payments in 2021 and 2022 based on a multiple of Sustainalytics’ 2020 and 2021 fiscal year revenues. Based on the upfront consideration, the Company estimates the enterprise value of Sustainalytics to be EUR 170.0 million. The closing of the transaction is subject to customary closing conditions and is expected to occur early in the third quarter of 2020. Senior Revolving Credit Facility On April 21, 2020, we entered into a commitment with Bank of America to provide a 364-day senior revolving credit facility in an aggregate principal amount of up to $50.0 million, which is expected to close early in the third quarter of 2020. The proceeds of our borrowing under the new facility will be used to finance our acquisition of Sustainalytics and the proceeds of future borrowings may be used for working capital, capital expenditures, and any other lawful corporate purpose.
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Summary of Significant Accounting Policies (Policies) |
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Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements Policy | Recently adopted accounting pronouncements Current Expected Credit Losses: On June 16, 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU No. 2016-13), which requires that expected credit losses relating to financial assets measured on an amortized cost basis and available-for-sale debt securities be recorded through an allowance for credit losses. ASU No. 2016-13 limits the amount of credit losses to be recognized for available-for-sale debt securities to the amount by which carrying value exceeds fair value and requires the reversal of previously recognized credit losses if fair value increases. On April 25, 2019, the FASB issued ASU No. 2019-04, Codification Improvements (ASU No. 2019-04), which clarifies certain aspects of accounting for credit losses. On May 15, 2019, the FASB issued ASU No. 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief (ASU No. 2019-05), which allows entities to elect the fair value option on certain financial instruments. The new standard became effective for us on January 1, 2020 and was applied prospectively. As a result of the adoption of these standards, we made changes to our processes for the assessment of the adequacy of our allowance for credit losses on certain types of financial instruments, including accounts receivable. The adoption of ASU No. 2016-13, ASU No. 2019-04, and ASU No. 2019-05 did not have a material impact on the consolidated financial statements, related disclosures, and results of operations. Cloud Computing: On August 29, 2018, the FASB issued ASU No. 2018-15, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement, which helps entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (CCA) by providing guidance for determining when an arrangement includes a software license and when an arrangement is solely a hosted CCA service. The Company adopted this guidance prospectively beginning on January 1, 2020. Upon adoption, fees paid in a CCA will be evaluated for capitalization as a prepaid asset and expensed within the results of operations in the same financial statement line item as software license fees instead of depreciation and amortization expense. The adoption of this ASU did not have a material impact on the consolidated financial statements, related disclosures, and results of operations. Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement: On August 28, 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU No. 2018-13), which eliminates, adds, and modifies certain disclosure requirements around items such as transfers between Level 1 and 2, policy of timing of transfers, and valuation process for Level 3. The new standard became effective for us on January 1, 2020. As we only have Level 1 investments, the adoption of ASU No. 2018-13 had no impact on our consolidated financial statements and related disclosures. Recently issued accounting pronouncements not yet adopted Income Taxes: On December 18, 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes, which is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, Income Taxes, and providing for simplification in several other areas. The new standard is effective for us on January 1, 2021. Early adoption is permitted. We have not decided on early adoption and are evaluating the effect that ASU No. 2019-12 may have on our consolidated financial statements, related disclosures, and results of operations. Reference Rate Reform: On March 12, 2020, the FASB issued ASU No. 2020-04: Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides temporary optional expedients and exceptions for applying generally accepted accounting principles to contract modifications resulting from reference rate reform initiatives. The intention of the standard is to ease the potential accounting and financial reporting burden associated with transitioning away from the expiring London Interbank Offered Rate (LIBOR), and other interbank offered rates, to alternative benchmark rates. This guidance is temporary and only in effect during the reference rate transition period through December 31, 2022. We are evaluating the effect that ASU No. 2020-04 may have on our consolidated financial statements, related disclosures, and results of operations.
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Segment Reporting Policy | We report our results in a single reportable segment, which reflects how our chief operating decision maker allocates resources and evaluates our financial results. Because we have a single reportable segment, all required financial segment information can be found directly in the Consolidated Financial Statements. The accounting policies for our reportable segment are the same as those described in Note 2 of the Audited Consolidated Financial Statements included in our Annual Report. We evaluate the performance of our reporting segment based on revenue and operating income. |
Investments- Debt and Equity Securities Policy | We classify our investments into three categories: available-for-sale, held-to-maturity, and trading securities. Our investment portfolio consists of stocks, bonds, options, mutual funds, money market funds, or exchange-traded products that replicate the model portfolios and strategies created by Morningstar. These investment accounts may also include exchange-traded products where Morningstar is an index provider. |
(Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Total Debt and Long-term Debt | The following table summarizes our total debt and long-term debt as of March 31, 2020 and December 31, 2019.
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Acquisitions, Goodwill and Other Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] |
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Schedule of Goodwill | The following table shows the changes in our goodwill balances from December 31, 2019 to March 31, 2020:
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Schedule of Intangible Assets | The following table summarizes our intangible assets:
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Schedule of Intangible Asset, Amortization Expense | The following table summarizes our amortization expense related to intangible assets:
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Schedule of Expected Amortization Expense | We expect intangible amortization expense for the remainder of 2020 and subsequent years to be as follows:
Our estimates of future amortization expense for intangible assets may be affected by additional acquisitions, divestitures, changes in the estimated average useful lives, impairments, and foreign currency translation.
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Income Per Share (Tables) |
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Schedule of Earnings Per Share, Basic and Diluted | The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share:
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Revenue (Tables) |
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Disaggregation of Revenue | The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue.
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | We expect to recognize revenue related to our contract liabilities for the remainder of 2020 and subsequent years as follows:
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Summary of Contract Assets and Change in Deferred Commissions | The following table summarizes our contract assets balance:
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Segment and Geographical Area Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The tables below summarize our revenue and long-lived assets, which includes property, equipment, and capitalized software, net and operating lease assets, by geographical area:
The long-lived asset by geographical area does not include deferred commissions, non-current as the balance is not significant.
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities, Lessee | The following table summarizes our operating lease assets and lease liabilities:
The following table summarizes the weighted-average lease terms and weighted-average discount rates for our operating leases:
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Lessee, Operating Lease, Liability, Maturity | The following table shows our minimum future lease commitments due in each of the next five years and thereafter for operating leases:
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Stock-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Compensation Cost By Expense Category | The following table summarizes the stock-based compensation expense included in each of our operating expense categories:
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Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The following table shows our effective tax rate for the three months ended March 31, 2020 and March 31, 2019:
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Schedule of Gross Unrecognized Tax Benefits | The table below provides information concerning our gross unrecognized tax benefits as of March 31, 2020 and December 31, 2019, as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized.
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Schedule of Liabilities for Unrecognized Tax Benefits | Our Unaudited Condensed Consolidated Balance Sheets include the following liabilities for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits.
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Summary of Significant Accounting Policies (Impact of Adoption of Topic 842) (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease assets | $ 147.0 | $ 144.8 |
Operating lease liabilities | 171.9 | $ 174.5 |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease assets | $ 147.0 |
Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 519.4 | $ 502.1 |
Long-term Debt and Lease Obligation, Including Current Maturities | 530.4 | 513.1 |
Long-term Debt, Current Maturities | 11.0 | 11.0 |
Long-term debt | 519.4 | 502.1 |
Medium-term Notes [Member] | Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 440.4 | 443.1 |
Revolving Credit Facility | Line of Credit [Member] | July 2019 Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 90.0 | $ 70.0 |
Acquisitions, Goodwill and Other Intangible Assets Acquisitions, Goodwill and Other Intangible Assets (Proforma Information) (Details) - DBRS $ / shares in Units, $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
$ / shares
| |
Business Acquisition [Line Items] | |
Business Acquisition, Pro Forma Revenue | $ 297.3 |
Business Acquisition, Pro Forma Operating Income (Loss) | 49.4 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 28.6 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ / shares | $ 0.67 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ / shares | $ 0.66 |
Acquisitions, Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Sep. 30, 2017 |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill, impairment loss | $ 0.0 | $ 0.0 | |
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $ 1,039.1 | ||
Foreign currency translation | (25.9) | ||
Goodwill, Ending Balance | $ 1,013.2 |
Acquisitions, Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
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Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Remainder of 2020 (from April 1 through December 31) | $ 39.0 | ||
2019 | 49.6 | ||
2020 | 41.6 | ||
2021 | 37.8 | ||
2022 | 32.2 | ||
Thereafter | 106.0 | ||
Intangible assets, Net | 306.2 | $ 333.4 | |
Amortization expense | $ 14.0 | $ 4.9 |
Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Earnings Per Share, Basic [Abstract] | ||
Consolidated net income | $ 23.9 | $ 33.2 |
Weighted average common shares outstanding | 42.9 | 42.6 |
Basic net income per share attributable to Morningstar, Inc. | $ 0.56 | $ 0.78 |
Earnings Per Share, Diluted [Abstract] | ||
Consolidated net income | $ 23.9 | $ 33.2 |
Weighted average common shares outstanding | 42.9 | 42.6 |
Net effect of dilutive stock options and restricted stock units | 0.4 | 0.4 |
Weighted average common shares outstanding for computing diluted income per share | 43.3 | 43.0 |
Diluted net income per share attributable to Morningstar, Inc. | $ 0.55 | $ 0.77 |
Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Disaggregation of Revenue [Line Items] | ||
Consolidated revenue | $ 324.0 | $ 258.9 |
License-based | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenue | 216.0 | 195.5 |
Asset-based | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenue | 57.2 | 48.8 |
Transaction-based | ||
Disaggregation of Revenue [Line Items] | ||
Consolidated revenue | $ 50.8 | $ 14.6 |
Revenue (Contract Liabilities, Additional Information Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2020
USD ($)
| |
Revenue from Contract with Customer [Abstract] | |
Increase in contract liabilities from cash payments received | $ 30.1 |
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized | 116.8 |
Accounts payable and accrued liabilities | $ 312.4 |
Revenue (Summary of Contract Assets) (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Accounts receivable, less allowance for credit losses | $ 184.7 | $ 188.5 |
Deferred commissions, current and non-current | 30.7 | 30.4 |
Total contract assets | $ 215.4 | $ 218.9 |
Fair Value Measurement of Investments Fair Value Measurement of Investments - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Investment balances | $ 26.3 | $ 33.4 |
Leases - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Lessee, Lease, Description [Line Items] | ||
Operating lease expense | $ 9.7 | $ 7.9 |
Variable lease, cost | 3.4 | 2.6 |
Operating lease payments | $ 10.5 | $ 6.2 |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, weighted average remaining lease term | 1 year | |
Maximum [member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease, weighted average remaining lease term | 14 years |
Leases - Assets and Lease Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Assets | ||
Operating lease assets | $ 147.0 | $ 144.8 |
Liabilities | ||
Operating lease liabilities | 35.9 | 35.8 |
Operating lease liabilities | 136.0 | 138.7 |
Total lease liabilities | $ 171.9 | $ 174.5 |
Leases - Operating Lease Minimum Future Lease Commitments (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
Remainder of 2019 | $ 31.4 | |
2020 | 39.2 | |
2021 | 26.1 | |
2022 | 23.6 | |
2023 | 18.3 | |
Thereafter | 60.8 | |
Total lease payments | 199.4 | |
Adjustment for discount to present value | 27.5 | |
Total | $ 171.9 | $ 174.5 |
Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details) |
Mar. 31, 2020 |
---|---|
Weighted-average remaining lease term (in years) | |
Weighted-average remaining lease term (in years) | 6 years 8 months 12 days |
Weighted-average discount rate | |
Weighted-average discount rate | 4.20% |
Stock-Based Compensation (Allocation of Stock-Based Compensation Costs by Plan) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 7.3 | $ 10.0 |
Cost of revenue | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 2.4 | 3.1 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 1.0 | 1.4 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 3.9 | $ 5.5 |
Stock-Based Compensation (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2020
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Document Period End Date | Mar. 31, 2020 |
Restricted Stock Units and Performance Share Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 48.8 |
Expected amortization period (months) | 26 months |
Income Taxes (Income Tax Reconciliation and Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
Dec. 31, 2019 |
|
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income before income taxes and equity in net loss of unconsolidated entities | $ 33.2 | $ 46.2 | |
Equity in net loss of unconsolidated entities | (0.8) | (1.5) | |
Total | 32.4 | 44.7 | |
Income tax expense | $ 8.5 | $ 11.5 | |
Effective income tax rate | 26.20% | 25.70% | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Current liability | $ 11.0 | $ 10.8 | |
Non-current liability | 3.2 | 3.0 | |
Total liability for unrecognized tax benefits | $ 14.2 | $ 13.8 | |
Concentration Risk [Line Items] | |||
Respective decrease in taxes (as a percent) | 0.50% | ||
Geographic Concentration Risk | Cash, Cash Equivalents and Investments | Total International | |||
Concentration Risk [Line Items] | |||
Percentage of cash, cash equivalents and investments held by operations outside of US | 70.00% |
Income Taxes (Income Tax Contingency) (Details) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits | $ 12.9 | $ 12.6 |
Gross unrecognized tax benefits that would affect income tax expense | 12.9 | 12.6 |
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ 12.7 | $ 12.4 |
Contingencies Contingencies (Details) $ in Millions |
1 Months Ended |
---|---|
Nov. 30, 2019
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation Settlement, Amount Awarded to Other Party | $ 3.5 |
Share Repurchase Program (Details) |
Mar. 31, 2020
USD ($)
shares
|
---|---|
Equity [Abstract] | |
Share repurchase program, authorized amount | $ 500,000,000.0 |
Shares repurchased, program life to date, shares | shares | 421,105 |
Shares repurchased, program life to date, value | $ 45,600,000 |
Stock repurchase program, remaining authorized repurchase amount | $ 454,400,000 |
Subsequent Events (Details) - Apr. 21, 2020 - Subsequent Event [Member] € in Millions, $ in Millions |
EUR (€) |
USD ($) |
---|---|---|
Credit Agreement [Member] | Credit Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50.0 | |
Sustainalytics_ [Member] | ||
Subsequent Event [Line Items] | ||
Payments to Acquire Businesses, Gross | € | € 55.0 | |
Enterprise Value | $ 170.0 |