Morningstar, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Morningstar, Inc. has submitted its 2023 annual report (10-K), detailing financial performance and segment data for the fiscal year ending December 31, 2023.</b>

AI Summary

Morningstar, Inc. (MORN) filed a Annual Report (10-K) with the SEC on February 29, 2024. Morningstar, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 22 West Washington Street, Chicago, IL 60602. The filing includes data for various operating segments such as Morningstar Data and Analytics, PitchBook, Morningstar Wealth, Morningstar Credit, and Morningstar Retirement. Key financial figures such as retained earnings and common stock balances are detailed for fiscal years 2020, 2021, and 2023.

Why It Matters

For investors and stakeholders tracking Morningstar, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Morningstar's financial health and operational performance for the past fiscal year, crucial for investors assessing the company's trajectory. The detailed segment information allows stakeholders to understand the revenue drivers and growth areas within Morningstar's diverse business units, including data analytics, wealth management, and credit services.

Risk Assessment

Risk Level: low — Morningstar, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative disclosures, indicating a routine update on the company's financial status.

Analyst Insight

Review the detailed segment performance within the 10-K to identify growth trends and potential investment opportunities in Morningstar's core business areas.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-02-29 — Filing Date (Date the 10-K was submitted to the SEC.)
• 000-51280 — SEC File Number (Morningstar's SEC file number.)
• 60602 — ZIP Code (Morningstar's business address ZIP code.)

Key Players & Entities

• Morningstar, Inc. (company) — Filer of the 10-K report.
• 22 West Washington Street, Chicago, IL 60602 (company) — Business and mailing address for Morningstar, Inc.
• SEC (regulator) — Regulator overseeing the filing of Form 10-K.
• 1934 Act (regulator) — Legislation under which the filing is made.

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted.

Filing Documents

• morn-20231231.htm (10-K) — 2856KB
• morn_exhibitx211x12312023.htm (EX-21.1) — 81KB
• morn_exhibitx23112312023.htm (EX-23.1) — 2KB
• morn_exhibitx311x12312023.htm (EX-31.1) — 14KB
• morn_exhibitx312x12312023.htm (EX-31.2) — 15KB
• morn_exhibitx321x12312023.htm (EX-32.1) — 5KB
• morn_exhibitx322x12312023.htm (EX-32.2) — 6KB
• morn_exhibitx97x12312023.htm (EX-97) — 21KB
• morn-20231231_g1.jpg (GRAPHIC) — 28KB
• morn-20231231_g10.jpg (GRAPHIC) — 40KB
• morn-20231231_g11.jpg (GRAPHIC) — 40KB
• morn-20231231_g12.jpg (GRAPHIC) — 37KB
• morn-20231231_g13.jpg (GRAPHIC) — 24KB
• morn-20231231_g2.jpg (GRAPHIC) — 35KB
• morn-20231231_g3.jpg (GRAPHIC) — 25KB
• morn-20231231_g4.jpg (GRAPHIC) — 81KB
• morn-20231231_g5.jpg (GRAPHIC) — 33KB
• morn-20231231_g6.jpg (GRAPHIC) — 44KB
• morn-20231231_g7.jpg (GRAPHIC) — 26KB
• morn-20231231_g8.jpg (GRAPHIC) — 283KB
• morn-20231231_g9.jpg (GRAPHIC) — 49KB
• 0001289419-24-000010.txt (&nbsp;) — 16264KB
• morn-20231231.xsd (EX-101.SCH) — 90KB
• morn-20231231_cal.xml (EX-101.CAL) — 120KB
• morn-20231231_def.xml (EX-101.DEF) — 551KB
• morn-20231231_lab.xml (EX-101.LAB) — 1042KB
• morn-20231231_pre.xml (EX-101.PRE) — 786KB
• morn-20231231_htm.xml (XML) — 2437KB

Risk Factors

Item 1A. Risk Factors 31

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 51

Cybersecurity

Item 1C. Cybersecurity 51

Properties

Item 2. Properties 53

Legal Proceedings

Item 3. Legal Proceedings 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53 Part II 54

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54

[Reserved]

Item 6. [Reserved] 55

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 55

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 83

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 84

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 127

Controls and Procedures

Item 9A. Controls and Procedures 128

Other Information

Item 9B. Other Information 129

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 130 Part III 130

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 130

Executive Compensation

Item 11. Executive Compensation 131

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 131

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 131

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 131 Part IV. 132

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 132

Form 10-K Summary

Item 16. Form 10-K Summary 134 2 Table of Contents Part I

Business

Item 1. Business Our Mission Our mission is to empower investor success and everything we do at Morningstar is in the service of the investor. The investing ecosystem is complex, and navigating it with confidence requires a trusted, independent voice. We deliver our perspective to institutions, advisors, and individuals with a single-minded purpose: to empower every investor with conviction that they can make better-informed decisions and realize success on their own terms. Our Business Morningstar, Inc. is a leading global provider of independent investment insights. Our core competencies are data, research, and design, and we employ each of these to create products that clearly convey complex investment information. We started with affordable publications for individuals, then moved to creating technology solutions for professionals to help them research and select investments for clients. Today, we offer a variety of products and solutions that serve a wide range of market participants, including individual and institutional investors in public and private capital markets, financial advisors and wealth managers, asset managers, retirement plan providers and sponsors, and issuers of fixed-income securities. We also apply our investing expertise to managing assets for clients who prefer to employ the expertise of professional portfolio management teams. Since our founding in 1984, we've expanded our presence in global markets where investors need an independent view they can trust. We structure our business to help investors in three key areas. First, we support individuals, financial advisors and wealth managers, asset managers, and institutions who make their own investment decisions. Through our Morningstar Data and Analytics and PitchBook segments and our Morningstar Sustainalytics products, our customers have access to a wide selection of investment data, fundamental equity research, manager research, private capital markets research, environmental,

View Full Filing

View this 10-K filing on SEC EDGAR