Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 21, 2017 | |
Document and Entity Information Abstract | ||
Entity Registrant Name | MORNINGSTAR, INC. | |
Entity Central Index Key | 1,289,419 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 42,930,624 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue | $ 209.5 | $ 192.1 |
Operating expense: | ||
Cost of revenue | 97 | 85.3 |
Sales and marketing | 32.4 | 22.3 |
General and administrative | 30.2 | 25.6 |
Depreciation and amortization | 21.5 | 16.6 |
Total operating expense | 181.1 | 149.8 |
Operating income | 28.4 | 42.3 |
Non-operating income (expense): | ||
Interest income (expense), net | (0.9) | 0.2 |
Gain on sale of investments, reclassified from other comprehensive income | 0.5 | (0.1) |
Other income (expense), net | (0.9) | 0.4 |
Non-operating income (expense), net | (1.3) | 0.5 |
Income before income taxes and equity in net income (loss) of unconsolidated entities | 27.1 | 42.8 |
Equity in net income (loss) of unconsolidated entities | (0.8) | 0.5 |
Income tax expense | 8.3 | 14.6 |
Consolidated net income | $ 18 | $ 28.7 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.42 | $ 0.67 |
Diluted (in dollars per share) | 0.42 | 0.67 |
Dividends declared per common share (in dollars per share) | 0.23 | 0.22 |
Dividends paid per common share (in dollars per share) | $ 0.23 | $ 0.22 |
Weighted average shares outstanding: | ||
Basic (in shares) | 42.9 | 43 |
Diluted (in shares) | 43.2 | 43.1 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Consolidated net income | $ 18 | $ 28.7 |
Other comprehensive income: | ||
Foreign currency translation adjustment | 7.4 | 4.5 |
Unrealized gains (losses) on securities, net of tax: | ||
Unrealized holding gains arising during period | 1.6 | 0.5 |
Reclassification (gains) losses included in net income | (0.3) | 0.1 |
Other comprehensive income | 8.7 | 5.1 |
Comprehensive income | $ 26.7 | $ 33.8 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 265.8 | $ 259.1 |
Investments | 51.7 | 44.9 |
Accounts receivable, less allowance of $2.2 and $2.1, respectively | 142.3 | 145.8 |
Other | 26.3 | 22.2 |
Total current assets | 486.1 | 472 |
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $230.5 and $214.8, respectively | 149.8 | 152.1 |
Investments in unconsolidated entities | 39.2 | 40.3 |
Goodwill | 558.3 | 556.8 |
Intangible assets, net | 114.7 | 120.9 |
Other assets | 7.5 | 8.8 |
Total assets | 1,355.6 | 1,350.9 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 47.1 | 44.6 |
Accrued compensation | 46.1 | 71.7 |
Deferred revenue | 187.9 | 165.4 |
Other | 18.8 | 13.2 |
Total current liabilities | 299.9 | 294.9 |
Accrued compensation | 10.7 | 10.3 |
Deferred tax liability, net | 36.3 | 38.2 |
Long-term debt | 235 | 250 |
Deferred rent | 24.2 | 24.8 |
Other long-term liabilities | 30.8 | 35.9 |
Total liabilities | 636.9 | 654.1 |
Morningstar, Inc. shareholders' equity: | ||
Common stock, no par value, 200,000,000 shares authorized, of which 42,930,624 and 42,932,994 shares were outstanding as of March 31, 2017 and December 31, 2016, respectively | 0 | 0 |
Treasury stock at cost, 10,109,043 and 10,106,249 shares as of March 31, 2017 and December 31, 2016, respectively | (668.1) | (667.9) |
Additional paid-in capital | 589.3 | 584 |
Retained earnings | 870 | 861.9 |
Accumulated other comprehensive income (loss): | ||
Currency translation adjustment | (73.9) | (81.3) |
Unrealized loss on available-for-sale securities | 1.1 | (0.2) |
Total accumulated other comprehensive loss | (72.8) | (81.5) |
Total Morningstar, Inc. shareholders' equity | 718.4 | 696.5 |
Noncontrolling interest | 0.3 | 0.3 |
Total equity | 718.7 | 696.8 |
Total liabilities and equity | $ 1,355.6 | $ 1,350.9 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 2.2 | $ 2.1 |
Accumulated depreciation and amortization | $ 230.5 | $ 214.8 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Outstanding | 42,930,624 | 42,932,994 |
Treasury Stock, Shares | 10,109,043 | 10,106,249 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Non Controlling Interests |
Balance at Dec. 31, 2016 | $ 696.8 | $ 0 | $ (667.9) | $ 584 | $ 861.9 | $ (81.5) | $ 0.3 |
Balance (in shares) at Dec. 31, 2016 | 42,932,994 | 42,932,994 | |||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | $ 18 | 18 | 0 | ||||
Other comprehensive income (loss): | |||||||
Unrealized gain on available-for-sale investments, net of income tax of $0.6 | 1.6 | 1.6 | 0 | ||||
Reclassification of adjustments for gain included in net income, net of income tax of $0.2 | (0.3) | (0.3) | 0 | ||||
Foreign currency translation adjustment | 7.4 | 7.4 | 0 | ||||
Other comprehensive income, net | 8.7 | 8.7 | 0 | ||||
Issuance of common stock related to stock-option exercises and vesting of restricted stock units, net of shares withheld for taxes on settlements of restricted stock units | 0 | $ 0 | 0 | 0 | |||
Issuance of common stock related to stock-option exercises and vesting of restricted stock units, net of shares withheld for taxes on settlements of restricted stock units (in shares) | 424 | ||||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition | |||||||
Stock-based compensation | 5.3 | 5.3 | |||||
Common share repurchased | (0.2) | (0.2) | |||||
Common share repurchased (in shares) | (2,794) | ||||||
Dividends declared | (9.9) | (9.9) | |||||
Balance at Mar. 31, 2017 | $ 718.7 | $ 0 | $ (668.1) | $ 589.3 | $ 870 | $ (72.8) | $ 0.3 |
Balance (in shares) at Mar. 31, 2017 | 42,930,624 | 42,930,624 |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Equity (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | $ 0.6 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | $ 0.2 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Consolidated net income | $ 18 | $ 28.7 |
Adjustments to reconcile consolidated net income to net cash flows from operating activities: | ||
Depreciation and amortization | 21.5 | 16.6 |
Deferred income taxes | (2.3) | (2.2) |
Stock-based compensation expense | 5.3 | 4 |
Provision for (recoveries of) bad debt | 0.5 | (0.2) |
Equity in net income (loss) of unconsolidated entities | 0.8 | (0.5) |
Other, net | 0.4 | (0.3) |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | 4 | (7.8) |
Other assets | (6.6) | (5.2) |
Accounts payable and accrued liabilities | 2.3 | 2.2 |
Accrued compensation | (25.7) | (41.2) |
Income taxes- current | 6.6 | (1.4) |
Deferred revenue | 22.1 | 19.3 |
Deferred rent | (0.5) | (0.8) |
Other liabilities | 0.1 | 0.2 |
Cash provided by operating activities | 46.5 | 11.4 |
Investing activities | ||
Purchases of investments | (9.2) | (9.2) |
Proceeds from maturities and sales of investments | 5.7 | 10.2 |
Capital expenditures | (14.3) | (13.5) |
Acquisitions, net of cash acquired | 0 | (2.5) |
Purchases of equity- and cost-method investments | (0.2) | (13.1) |
Other, net | 0.5 | 0 |
Cash used for investing activities | (17.5) | (28.1) |
Financing activities | ||
Common shares repurchased | (0.9) | (38.8) |
Dividends paid | (9.9) | (9.5) |
Proceeds from short-term debt | 0 | 40 |
Repayment of long-term debt | (15) | 0 |
Proceeds from stock-option exercises, net | 0 | 0.4 |
Other, net | (0.2) | 0 |
Cash used for financing activities | (26) | (7.9) |
Effect of exchange rate changes on cash and cash equivalents | 3.7 | 2.7 |
Net increase (decrease) in cash and cash equivalents | 6.7 | (21.9) |
Cash and cash equivalents-beginning of period | 259.1 | 207.1 |
Cash and cash equivalents-end of period | 265.8 | 185.2 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 4.1 | 18.2 |
Interest Paid | 1.2 | 0.2 |
Supplemental information of non-cash investing and financing activities: | ||
Unrealized gain on available-for-sale investments | $ 1.8 | $ 0.8 |
Basis of Presentation of Interi
Basis of Presentation of Interim Financial Information | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 , filed with the SEC on February 28, 2017 (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 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies We discuss our significant accounting policies in Note 2 of our Audited Consolidated Financial Statements included in our Annual Report. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The original effective date for ASU 2014-09 would have required us to adopt it beginning on January 1, 2017. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers — Deferral of the Effective Date , which defers the effective date of ASU 2014-09 for one year and permits early adoption as early as the original effective date of ASU 2014-09. We elected the deferral, and the new standard is effective for us on January 1, 2018. The company has obtained an understanding of ASU No. 2014-09 and has begun to analyze the impact of the new standard on its financial results. We have completed a high-level assessment of the attributes within the company’s contracts for its major products and services, and we have started assessing potential impacts to our internal processes, control environment, and disclosures. While the company does not currently anticipate that the adoption of ASU 2014-09 will result in a material change to the timing of when revenue is recognized and believes that it will retain similar accounting treatment used to recognize revenue under current standards, we are continuing to evaluate the impact of the new standard on our financial results and other possible impacts. The standard allows for both retrospective and modified retrospective methods of adoption. The company is in the process of determining the method of adoption it will elect and the impact on our consolidated financial statements and footnote disclosures. We will continue to provide enhanced disclosures as we continue our assessment. On March 17, 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which provides guidance on assessing whether an entity is a principal or an agent in a revenue transaction and whether an entity reports revenue on a gross or net basis. On April 14, 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing , which provides guidance on identifying performance obligations and accounting for licenses of intellectual property. On May 6, 2016, the FASB issued ASU No. 2016-11, Revenue Recognition and Derivatives and Hedging: Rescission of SEC guidance because of ASU No. 2014-09 and ASU No. 2014-16 pursuant to staff announcements at the March 3, 2016 EITF Meeting , which rescinds the following SEC Staff Observer comments from ASC 605, Revenue Recognition , upon an entity's early adoption of ASC 606, Revenue from Contracts with Customers : Revenue and expense recognition for freight services in process, accounting for shipping and handling fees and costs, and accounting for consideration given by a vendor to a customer (including a reseller of the vendor's products). On May 9, 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients , which makes narrow-scope amendments to ASU No. 2014-09 and provides practical expedients to simplify the transition to the new standard and clarify certain aspects of the standard. On December 21, 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which makes narrow-scope amendments to ASU No. 2014-09. The effective date and transition requirements for ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-11, ASU No. 2016-12, and ASU No. 2016-20 are the same as the effective date and transition requirements of ASU No. 2014-09. We are evaluating the effect that ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-11, ASU No. 2016-12, and ASU No. 2016-20 will have on our consolidated financial statements and related disclosures. On February 25, 2016, the FASB issued ASU No. 2016-02, Leases , which will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. The new standard is effective for us on January 1, 2019. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. We are evaluating the effect that ASU No. 2016-02 will have on our consolidated financial statements and related disclosures. On August 26, 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which reduces diversity in practice of how certain transactions are classified in the statement of cash flows. The new guidance clarifies the classification of cash activities related to debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate and bank-owned life insurance policies, distributions received from equity-method investments, and beneficial interests in securitization transactions. The guidance also describes a predominance principle in which cash flows with aspects of more than one class that cannot be separated should be classified based on the activity that is likely to be the predominant source or use of cash flow. The new standard is effective for us on January 1, 2018. Early adoption is permitted, including adoption in an interim period, but requires all elements of the amendments to be adopted at once rather than individually. The new standard must be adopted using a retrospective transition method. We are evaluating the effect that ASU No. 2016-15 will have on our consolidated financial statements and related disclosures. On January 5, 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business, which revises the definition of a business. When substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. To be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and substantive process are present (including for early-stage companies that have not generated outputs). To be a business without outputs, there will now need to be an organized workforce. The new guidance also narrows the definition of the term outputs to be consistent with how it is described in Topic 606 , Revenue from Contracts with Customers . The new standard is effective for us on January 1, 2018. Early adoption is permitted. We are evaluating the effect that ASU No. 2017-01 will have on our consolidated financial statements and related disclosures. On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other , which simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. The new standard is effective for us on January 1, 2020. The new standard should be applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. We are evaluating the effect that ASU No. 2017-04 will have on our consolidated financial statements and related disclosures. |
Credit Arrangements (Notes)
Credit Arrangements (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Credit Arrangements | Credit Arrangements Our credit agreement provides us with a three -year credit facility with a borrowing capacity of up to $300.0 million . The credit agreement also provides for issuance of up to $25.0 million of letters of credit 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 1.75% , based on our consolidated leverage ratio or (ii) the lender's base rate plus the applicable margin for such loans, which ranges between 2.00% and 2.75% , based on our consolidated leverage ratio. The credit agreement also contains financial covenants under which we: (i) may not exceed a maximum consolidated leverage ratio of 3.00 to 1.00 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, 2017 . We had an outstanding principal balance of $235.0 million at a one-month LIBOR interest rate plus 100 basis points as of March 31, 2017 , leaving borrowing availability of $65.0 million . |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | Acquisitions, Goodwill, and Other Intangible Assets 2017 Acquisitions We did not complete any acquisitions in the first quarter of 2017. 2016 Acquisitions In the first quarter of 2017, we did not make any significant changes to the preliminary purchase price allocation related to our acquisition of PitchBook Data, Inc. compared with the preliminary estimates at December 31, 2016. As of March 31, 2017, the primary areas that are not yet finalized due to information that may become available subsequently and may result in changes in the values assigned to various assets and liabilities, include the fair values of acquired intangible assets and related deferred tax liabilities, assumed deferred revenue, and assumed tax assets and liabilities. Additional information concerning this acquisition can be found in the Notes to our Consolidated Financial Statements included in our Annual Report. Goodwill The following table shows the changes in our goodwill balances from December 31, 2016 to March 31, 2017 : (in millions) Balance as of December 31, 2016 $ 556.8 Adjustments to purchase price allocation and foreign currency translation 1.5 Balance as of March 31, 2017 $ 558.3 We did not record any impairment losses in the first three months of 2017 or 2016 . We perform our annual impairment reviews in the fourth quarter. Intangible Assets The following table summarizes our intangible assets: As of March 31, 2017 As of December 31, 2016 (in millions) Gross Accumulated Amortization Net Weighted Average Useful Life (years) Gross Accumulated Amortization Net Weighted Average Useful Life (years) Intellectual property $ 31.2 $ (28.0 ) $ 3.2 9 $ 30.9 $ (27.4 ) $ 3.5 9 Customer-related assets 152.8 (100.0 ) 52.8 12 152.0 (97.7 ) 54.3 12 Supplier relationships 0.2 (0.1 ) 0.1 20 0.2 (0.1 ) 0.1 20 Technology-based assets 133.6 (76.8 ) 56.8 7 133.2 (72.1 ) 61.1 7 Non-competition agreements 5.1 (3.3 ) 1.8 5 5.0 (3.1 ) 1.9 5 Total intangible assets $ 322.9 $ (208.2 ) $ 114.7 10 $ 321.3 $ (200.4 ) $ 120.9 10 The following table summarizes our amortization expense related to intangible assets: Three months ended March 31 (in millions) 2017 2016 Amortization expense $ 6.5 $ 5.1 We amortize intangible assets using the straight-line method over their expected economic useful lives. We expect intangible amortization expense for the remainder of 2017 and subsequent years as follows: (in millions) Remainder of 2017 (from April 1 through December 31) $ 17.9 2018 22.4 2019 19.8 2020 16.2 2021 12.8 Thereafter 25.6 Our estimates of future amortization expense for intangible assets may be affected by acquisitions, divestitures, changes in the estimated average useful life, and foreign currency translation. |
Income Per Share
Income Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
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: Three months ended March 31 (in millions, except per share amounts) 2017 2016 Basic net income per share: Consolidated net income $ 18.0 $ 28.7 Weighted average common shares outstanding 42.9 43.0 Basic net income per share $ 0.42 $ 0.67 Diluted net income per share: Consolidated net income $ 18.0 $ 28.7 Weighted average common shares outstanding 42.9 43.0 Net effect of dilutive stock options, restricted stock units, and performance share awards 0.3 0.1 Weighted average common shares outstanding for computing diluted income per share 43.2 43.1 Diluted net income per share $ 0.42 $ 0.67 The number of weighted average restricted stock units and performance share awards excluded from our calculation of diluted earnings per share because their inclusion would have been anti-dilutive was immaterial during the periods presented. |
Segment and Geographical Area I
Segment and Geographical Area Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
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 one reportable segment, all required financial segment information can be found directly in the Unaudited Condensed Consolidated Financial Statements. The accounting policies for our single reportable segment are the same as those described in “Note 2. Summary of Significant Accounting Policies” 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 by geographical area: External revenue by geographical area Three months ended March 31 (in millions) 2017 2016 United States $ 156.9 $ 141.8 United Kingdom 14.9 15.3 Continental Europe 16.3 15.5 Australia 8.1 6.9 Canada 7.3 6.6 Asia 4.9 5.1 Other 1.1 0.9 Total International 52.6 50.3 Consolidated revenue $ 209.5 $ 192.1 Long-lived assets by geographical area As of March 31 As of December 31 (in millions) 2017 2016 United States $ 136.7 $ 139.1 United Kingdom 6.4 6.6 Continental Europe 1.8 1.9 Australia 0.5 0.6 Canada 0.3 0.4 Asia 4.0 3.4 Other 0.1 0.1 Total International 13.1 13.0 Consolidated property, equipment, and capitalized software, net $ 149.8 $ 152.1 |
Investments and Fair Value Meas
Investments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Investments and Fair Value Measurements | Investments and Fair Value Measurements 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. We classify our investment portfolio as shown below: As of March 31 As of December 31 (in millions) 2017 2016 Available-for-sale $ 30.1 $ 27.7 Held-to-maturity 20.1 15.7 Trading securities 1.5 1.5 Total $ 51.7 $ 44.9 The following table shows the cost, unrealized gains (losses), and fair value of investments classified as available-for-sale and held-to-maturity: As of March 31, 2017 As of December 31, 2016 (in millions) Cost Unrealized Gain Unrealized Loss Fair Value Cost Unrealized Gain Unrealized Loss Fair Value Available-for-sale: Equity securities and exchange-traded funds $ 26.1 $ 1.9 $ (0.4 ) $ 27.6 $ 25.6 $ 1.3 $ (1.5 ) $ 25.4 Mutual funds 2.2 0.3 — 2.5 2.2 0.1 — 2.3 Total $ 28.3 $ 2.2 $ (0.4 ) $ 30.1 $ 27.8 $ 1.4 $ (1.5 ) $ 27.7 Held-to-maturity: Certificates of deposit $ 18.2 $ — $ — $ 18.2 $ 13.8 $ — $ — $ 13.8 Convertible note 1.9 — — 1.9 1.9 — — 1.9 Total $ 20.1 $ — $ — $ 20.1 $ 15.7 $ — $ — $ 15.7 As of March 31, 2017 and December 31, 2016 , investments with unrealized losses for greater than a 12-month period were not material to the Unaudited Condensed Consolidated Balance Sheets and were not deemed to have other than temporary declines in value. The table below shows the cost and fair value of investments classified as available-for-sale and held-to-maturity based on their contractual maturities as of March 31, 2017 and December 31, 2016 . As of March 31, 2017 As of December 31, 2016 (in millions) Cost Fair Value Cost Fair Value Available-for-sale: Equity securities, exchange-traded funds, and mutual funds $ 28.3 $ 30.1 $ 27.8 $ 27.7 Total $ 28.3 $ 30.1 $ 27.8 $ 27.7 Held-to-maturity: Due in one year or less $ 18.0 $ 18.0 $ 13.8 $ 13.8 Due in one to three years 1.9 1.9 1.9 1.9 Due more than three years 0.2 0.2 — — Total $ 20.1 $ 20.1 $ 15.7 $ 15.7 The following table shows the realized gains and losses arising from sales of our investments classified as available-for-sale recorded in our Unaudited Condensed Consolidated Statements of Income: Three months ended March 31 (in millions) 2017 2016 Realized gains $ 0.5 $ 0.5 Realized losses — (0.6 ) Realized gains (losses), net $ 0.5 $ (0.1 ) We determine realized gains and losses using the specific identification method. The table below shows the fair value of our assets subject to fair value measurements that are measured at fair value on a recurring basis using a fair value hierarchy: Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3: Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Fair Value Fair Value Measurements as of March 31, 2017 as of Using Fair Value Hierarchy (in millions) March 31, 2017 Level 1 Level 2 Level 3 Available-for-sale investments: Equity securities and exchange-traded funds $ 27.6 $ 27.6 $ — $ — Mutual funds 2.5 2.5 — — Trading securities 1.5 1.5 — — Cash equivalents 0.3 0.3 — — Total $ 31.9 $ 31.9 $ — $ — Fair Value Fair Value Measurements as of December 31, 2016 as of Using Fair Value Hierarchy (in millions) December 31, 2016 Level 1 Level 2 Level 3 Available-for-sale investments: Equity securities and exchange-traded funds $ 25.4 $ 25.4 $ — $ — Mutual funds 2.3 2.3 — — Trading securities 1.5 1.5 — — Cash equivalents 0.2 0.2 — — Total $ 29.4 $ 29.4 $ — $ — Based on our analysis of the nature and risks of our investments in equity securities and mutual funds, we have determined that presenting each of these investment categories in the aggregate is appropriate. We measure the fair value of money market funds, mutual funds, equity securities, and exchange-traded funds based on quoted prices in active markets for identical assets or liabilities. We did not hold any securities categorized as Level 2 or Level 3 as of March 31, 2017 and December 31, 2016 . |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Stock-Based Compensation Plans All of 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, performance share awards, restricted stock units, and restricted stock. The following table summarizes the stock-based compensation expense included in each of our operating expense categories: Three months ended March 31 (in millions) 2017 2016 Cost of revenue $ 2.1 $ 2.0 Sales and marketing 0.7 0.5 General and administrative 2.5 1.5 Total stock-based compensation expense $ 5.3 $ 4.0 As of March 31, 2017 , the total unrecognized stock-based compensation cost related to outstanding restricted stock units and performance share awards expected to vest was $33.8 million , which we expect to recognize over a weighted average period of 29 months. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and March 31, 2016 : Three months ended March 31 (in millions) 2017 2016 Income before income taxes and equity in net income (loss) of unconsolidated entities $ 27.1 $ 42.8 Equity in net income (loss) of unconsolidated entities (0.8 ) 0.5 Total $ 26.3 $ 43.3 Income tax expense $ 8.3 $ 14.6 Effective tax rate 31.6 % 33.7 % Our effective tax rate in the first quarter of 2017 was 31.6% compared with 33.7% in the first quarter of 2016, a decrease of 2.1 percentage points. The decrease in our effective tax rate generally reflects a lower percentage of net income in the United States in 2017, which is typically taxed at higher rates than our foreign net income. Unrecognized Tax Benefits The table below provides information concerning our gross unrecognized tax benefits as of March 31, 2017 and December 31, 2016 , as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized. As of March 31 As of December 31 (in millions) 2017 2016 Gross unrecognized tax benefits $ 18.7 $ 18.4 Gross unrecognized tax benefits that would affect income tax expense $ 14.7 $ 14.4 Decrease in income tax expense upon recognition of gross unrecognized tax benefits $ 13.6 $ 13.3 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. As of March 31 As of December 31 Liabilities for Unrecognized Tax Benefits (in millions) 2017 2016 Current liability $ 8.9 $ 8.9 Non-current liability 5.8 5.4 Total liability for unrecognized tax benefits $ 14.7 $ 14.3 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 and various state and local tax authorities in the United States, as well as tax authorities in certain non-U.S. jurisdictions. It is possible, though not likely, that the examination phase of some of these audits will conclude in 2017 . It is not possible to estimate the effect of current audits on previously recorded unrecognized tax benefits. We have not provided federal and state income taxes on accumulated undistributed earnings of certain foreign subsidiaries because these earnings have been permanently reinvested. Approximately 71% of our cash, cash equivalents, and investments balance as of March 31, 2017 was held by our operations outside of the United States. 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. It is not practical to determine the amount of the unrecognized deferred tax liability related to the undistributed earnings. 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, thus increasing 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
Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies We are involved in legal proceedings and litigation that have arisen in the normal course of our business. While it is difficult to predict the outcome of any particular 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. |
Share Repurchase Program
Share Repurchase Program | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Share Repurchase Program | Share Repurchase Program We have an ongoing authorization, originally approved by our board of directors in September 2010 and subsequently amended, to repurchase up to $1.0 billion in shares of our outstanding common stock. The authorization expires on December 31, 2017. 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. As of March 31, 2017 , we had repurchased a total of 10,030,919 shares for $673.2 million under this authorization, leaving approximately $326.8 million available for future repurchases. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements Policy | We discuss our significant accounting policies in Note 2 of our Audited Consolidated Financial Statements included in our Annual Report. On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers , which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The original effective date for ASU 2014-09 would have required us to adopt it beginning on January 1, 2017. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers — Deferral of the Effective Date , which defers the effective date of ASU 2014-09 for one year and permits early adoption as early as the original effective date of ASU 2014-09. We elected the deferral, and the new standard is effective for us on January 1, 2018. The company has obtained an understanding of ASU No. 2014-09 and has begun to analyze the impact of the new standard on its financial results. We have completed a high-level assessment of the attributes within the company’s contracts for its major products and services, and we have started assessing potential impacts to our internal processes, control environment, and disclosures. While the company does not currently anticipate that the adoption of ASU 2014-09 will result in a material change to the timing of when revenue is recognized and believes that it will retain similar accounting treatment used to recognize revenue under current standards, we are continuing to evaluate the impact of the new standard on our financial results and other possible impacts. The standard allows for both retrospective and modified retrospective methods of adoption. The company is in the process of determining the method of adoption it will elect and the impact on our consolidated financial statements and footnote disclosures. We will continue to provide enhanced disclosures as we continue our assessment. On March 17, 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which provides guidance on assessing whether an entity is a principal or an agent in a revenue transaction and whether an entity reports revenue on a gross or net basis. On April 14, 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing , which provides guidance on identifying performance obligations and accounting for licenses of intellectual property. On May 6, 2016, the FASB issued ASU No. 2016-11, Revenue Recognition and Derivatives and Hedging: Rescission of SEC guidance because of ASU No. 2014-09 and ASU No. 2014-16 pursuant to staff announcements at the March 3, 2016 EITF Meeting , which rescinds the following SEC Staff Observer comments from ASC 605, Revenue Recognition , upon an entity's early adoption of ASC 606, Revenue from Contracts with Customers : Revenue and expense recognition for freight services in process, accounting for shipping and handling fees and costs, and accounting for consideration given by a vendor to a customer (including a reseller of the vendor's products). On May 9, 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients , which makes narrow-scope amendments to ASU No. 2014-09 and provides practical expedients to simplify the transition to the new standard and clarify certain aspects of the standard. On December 21, 2016, the FASB issued ASU No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , which makes narrow-scope amendments to ASU No. 2014-09. The effective date and transition requirements for ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-11, ASU No. 2016-12, and ASU No. 2016-20 are the same as the effective date and transition requirements of ASU No. 2014-09. We are evaluating the effect that ASU No. 2016-08, ASU No. 2016-10, ASU No. 2016-11, ASU No. 2016-12, and ASU No. 2016-20 will have on our consolidated financial statements and related disclosures. On February 25, 2016, the FASB issued ASU No. 2016-02, Leases , which will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. The new standard is effective for us on January 1, 2019. The new standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. We are evaluating the effect that ASU No. 2016-02 will have on our consolidated financial statements and related disclosures. On August 26, 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments , which reduces diversity in practice of how certain transactions are classified in the statement of cash flows. The new guidance clarifies the classification of cash activities related to debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate and bank-owned life insurance policies, distributions received from equity-method investments, and beneficial interests in securitization transactions. The guidance also describes a predominance principle in which cash flows with aspects of more than one class that cannot be separated should be classified based on the activity that is likely to be the predominant source or use of cash flow. The new standard is effective for us on January 1, 2018. Early adoption is permitted, including adoption in an interim period, but requires all elements of the amendments to be adopted at once rather than individually. The new standard must be adopted using a retrospective transition method. We are evaluating the effect that ASU No. 2016-15 will have on our consolidated financial statements and related disclosures. On January 5, 2017, the FASB issued ASU No. 2017-01, Business Combinations: Clarifying the Definition of a Business, which revises the definition of a business. When substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. To be considered a business, an acquisition would have to include an input and a substantive process that together significantly contribute to the ability to create outputs. The new guidance provides a framework to evaluate when an input and substantive process are present (including for early-stage companies that have not generated outputs). To be a business without outputs, there will now need to be an organized workforce. The new guidance also narrows the definition of the term outputs to be consistent with how it is described in Topic 606 , Revenue from Contracts with Customers . The new standard is effective for us on January 1, 2018. Early adoption is permitted. We are evaluating the effect that ASU No. 2017-01 will have on our consolidated financial statements and related disclosures. On January 26, 2017, the FASB issued ASU No. 2017-04, Intangibles — Goodwill and Other , which simplifies the accounting for goodwill impairment. The guidance removes Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. A goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance will remain largely unchanged. Entities will continue to have the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The same one-step impairment test will be applied to goodwill at all reporting units, even those with zero or negative carrying amounts. Entities will be required to disclose the amount of goodwill at reporting units with zero or negative carrying amounts. The new standard is effective for us on January 1, 2020. The new standard should be applied prospectively. Early adoption is permitted for any impairment tests performed after January 1, 2017. We are evaluating the effect that ASU No. 2017-04 will have on our consolidated financial statements and related disclosures. |
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 one reportable segment, all required financial segment information can be found directly in the Unaudited Condensed Consolidated Financial Statements. The accounting policies for our single reportable segment are the same as those described in “Note 2. Summary of Significant Accounting Policies” 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. We classify our investment portfolio as shown below: |
Acquisitions, Goodwill and Ot21
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table shows the changes in our goodwill balances from December 31, 2016 to March 31, 2017 : (in millions) Balance as of December 31, 2016 $ 556.8 Adjustments to purchase price allocation and foreign currency translation 1.5 Balance as of March 31, 2017 $ 558.3 |
Schedule of Intangible Assets | The following table summarizes our intangible assets: As of March 31, 2017 As of December 31, 2016 (in millions) Gross Accumulated Amortization Net Weighted Average Useful Life (years) Gross Accumulated Amortization Net Weighted Average Useful Life (years) Intellectual property $ 31.2 $ (28.0 ) $ 3.2 9 $ 30.9 $ (27.4 ) $ 3.5 9 Customer-related assets 152.8 (100.0 ) 52.8 12 152.0 (97.7 ) 54.3 12 Supplier relationships 0.2 (0.1 ) 0.1 20 0.2 (0.1 ) 0.1 20 Technology-based assets 133.6 (76.8 ) 56.8 7 133.2 (72.1 ) 61.1 7 Non-competition agreements 5.1 (3.3 ) 1.8 5 5.0 (3.1 ) 1.9 5 Total intangible assets $ 322.9 $ (208.2 ) $ 114.7 10 $ 321.3 $ (200.4 ) $ 120.9 10 |
Schedule of Intangible Asset, Amortization Expense | The following table summarizes our amortization expense related to intangible assets: Three months ended March 31 (in millions) 2017 2016 Amortization expense $ 6.5 $ 5.1 |
Schedule of Expected Amortization Expense | We expect intangible amortization expense for the remainder of 2017 and subsequent years as follows: (in millions) Remainder of 2017 (from April 1 through December 31) $ 17.9 2018 22.4 2019 19.8 2020 16.2 2021 12.8 Thereafter 25.6 Our estimates of future amortization expense for intangible assets may be affected by acquisitions, divestitures, changes in the estimated average useful life, and foreign currency translation. |
Income Per Share (Tables)
Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
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: Three months ended March 31 (in millions, except per share amounts) 2017 2016 Basic net income per share: Consolidated net income $ 18.0 $ 28.7 Weighted average common shares outstanding 42.9 43.0 Basic net income per share $ 0.42 $ 0.67 Diluted net income per share: Consolidated net income $ 18.0 $ 28.7 Weighted average common shares outstanding 42.9 43.0 Net effect of dilutive stock options, restricted stock units, and performance share awards 0.3 0.1 Weighted average common shares outstanding for computing diluted income per share 43.2 43.1 Diluted net income per share $ 0.42 $ 0.67 |
Segment and Geographical Area23
Segment and Geographical Area Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Revenue from External Customer [Line Items] | |
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 by geographical area: External revenue by geographical area Three months ended March 31 (in millions) 2017 2016 United States $ 156.9 $ 141.8 United Kingdom 14.9 15.3 Continental Europe 16.3 15.5 Australia 8.1 6.9 Canada 7.3 6.6 Asia 4.9 5.1 Other 1.1 0.9 Total International 52.6 50.3 Consolidated revenue $ 209.5 $ 192.1 Long-lived assets by geographical area As of March 31 As of December 31 (in millions) 2017 2016 United States $ 136.7 $ 139.1 United Kingdom 6.4 6.6 Continental Europe 1.8 1.9 Australia 0.5 0.6 Canada 0.3 0.4 Asia 4.0 3.4 Other 0.1 0.1 Total International 13.1 13.0 Consolidated property, equipment, and capitalized software, net $ 149.8 $ 152.1 |
Investments and Fair Value Me24
Investments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Investments | We classify our investment portfolio as shown below: As of March 31 As of December 31 (in millions) 2017 2016 Available-for-sale $ 30.1 $ 27.7 Held-to-maturity 20.1 15.7 Trading securities 1.5 1.5 Total $ 51.7 $ 44.9 |
Unrealized Gain (Loss) on Investments | The following table shows the cost, unrealized gains (losses), and fair value of investments classified as available-for-sale and held-to-maturity: As of March 31, 2017 As of December 31, 2016 (in millions) Cost Unrealized Gain Unrealized Loss Fair Value Cost Unrealized Gain Unrealized Loss Fair Value Available-for-sale: Equity securities and exchange-traded funds $ 26.1 $ 1.9 $ (0.4 ) $ 27.6 $ 25.6 $ 1.3 $ (1.5 ) $ 25.4 Mutual funds 2.2 0.3 — 2.5 2.2 0.1 — 2.3 Total $ 28.3 $ 2.2 $ (0.4 ) $ 30.1 $ 27.8 $ 1.4 $ (1.5 ) $ 27.7 Held-to-maturity: Certificates of deposit $ 18.2 $ — $ — $ 18.2 $ 13.8 $ — $ — $ 13.8 Convertible note 1.9 — — 1.9 1.9 — — 1.9 Total $ 20.1 $ — $ — $ 20.1 $ 15.7 $ — $ — $ 15.7 |
Investments Classified by Contractual Maturity Date | The table below shows the cost and fair value of investments classified as available-for-sale and held-to-maturity based on their contractual maturities as of March 31, 2017 and December 31, 2016 . As of March 31, 2017 As of December 31, 2016 (in millions) Cost Fair Value Cost Fair Value Available-for-sale: Equity securities, exchange-traded funds, and mutual funds $ 28.3 $ 30.1 $ 27.8 $ 27.7 Total $ 28.3 $ 30.1 $ 27.8 $ 27.7 Held-to-maturity: Due in one year or less $ 18.0 $ 18.0 $ 13.8 $ 13.8 Due in one to three years 1.9 1.9 1.9 1.9 Due more than three years 0.2 0.2 — — Total $ 20.1 $ 20.1 $ 15.7 $ 15.7 |
Schedule of Realized Gain (Loss) on Available-For-Sale Securities | The following table shows the realized gains and losses arising from sales of our investments classified as available-for-sale recorded in our Unaudited Condensed Consolidated Statements of Income: Three months ended March 31 (in millions) 2017 2016 Realized gains $ 0.5 $ 0.5 Realized losses — (0.6 ) Realized gains (losses), net $ 0.5 $ (0.1 ) |
Fair Value, Assets Measured on Recurring Basis | The table below shows the fair value of our assets subject to fair value measurements that are measured at fair value on a recurring basis using a fair value hierarchy: Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2: Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3: Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Fair Value Fair Value Measurements as of March 31, 2017 as of Using Fair Value Hierarchy (in millions) March 31, 2017 Level 1 Level 2 Level 3 Available-for-sale investments: Equity securities and exchange-traded funds $ 27.6 $ 27.6 $ — $ — Mutual funds 2.5 2.5 — — Trading securities 1.5 1.5 — — Cash equivalents 0.3 0.3 — — Total $ 31.9 $ 31.9 $ — $ — Fair Value Fair Value Measurements as of December 31, 2016 as of Using Fair Value Hierarchy (in millions) December 31, 2016 Level 1 Level 2 Level 3 Available-for-sale investments: Equity securities and exchange-traded funds $ 25.4 $ 25.4 $ — $ — Mutual funds 2.3 2.3 — — Trading securities 1.5 1.5 — — Cash equivalents 0.2 0.2 — — Total $ 29.4 $ 29.4 $ — $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [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: Three months ended March 31 (in millions) 2017 2016 Cost of revenue $ 2.1 $ 2.0 Sales and marketing 0.7 0.5 General and administrative 2.5 1.5 Total stock-based compensation expense $ 5.3 $ 4.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and March 31, 2016 : Three months ended March 31 (in millions) 2017 2016 Income before income taxes and equity in net income (loss) of unconsolidated entities $ 27.1 $ 42.8 Equity in net income (loss) of unconsolidated entities (0.8 ) 0.5 Total $ 26.3 $ 43.3 Income tax expense $ 8.3 $ 14.6 Effective tax rate 31.6 % 33.7 % |
Schedule of Gross Unrecognized Tax Benefits | The table below provides information concerning our gross unrecognized tax benefits as of March 31, 2017 and December 31, 2016 , as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized. As of March 31 As of December 31 (in millions) 2017 2016 Gross unrecognized tax benefits $ 18.7 $ 18.4 Gross unrecognized tax benefits that would affect income tax expense $ 14.7 $ 14.4 Decrease in income tax expense upon recognition of gross unrecognized tax benefits $ 13.6 $ 13.3 |
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. As of March 31 As of December 31 Liabilities for Unrecognized Tax Benefits (in millions) 2017 2016 Current liability $ 8.9 $ 8.9 Non-current liability 5.8 5.4 Total liability for unrecognized tax benefits $ 14.7 $ 14.3 |
Credit Arrangements (Details)
Credit Arrangements (Details) | Mar. 31, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |||
Outstanding principal balance | $ 235,000,000 | $ 235,000,000 | $ 250,000,000 |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility term of agreement | 3 years | ||
Credit facility borrowing capacity | 300,000,000 | $ 300,000,000 | |
Outstanding principal balance | 235,000,000 | 235,000,000 | |
Borrowing availability | 65,000,000 | 65,000,000 | |
Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Credit facility borrowing capacity | $ 25,000,000 | $ 25,000,000 | |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percent) | 1.00% | ||
Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Minimum consolidated interest coverage ratio | 3 | ||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percent) | 1.00% | ||
Minimum [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percent) | 2.00% | ||
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum consolidated leverage ratio | 3 | ||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percent) | 1.75% | ||
Maximum [Member] | Base Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable rate (percent) | 2.75% |
Acquisitions, Goodwill and Ot28
Acquisitions, Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Impairment Loss | $ 0 | $ 0 |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 556.8 | |
Adjustments to purchase price allocation and foreign currency translation | 1.5 | |
Goodwill, Ending Balance | $ 558.3 |
Acquisitions, Goodwill and Ot29
Acquisitions, Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 322.9 | $ 321.3 |
Accumulated Amortization | (208.2) | (200.4) |
Intangible assets, Net | $ 114.7 | $ 120.9 |
Weighted-Average Useful Life (years) | 10 years | 10 years |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 31.2 | $ 30.9 |
Accumulated Amortization | (28) | (27.4) |
Intangible assets, Net | $ 3.2 | $ 3.5 |
Weighted-Average Useful Life (years) | 9 years | 9 years |
Customer Related Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 152.8 | $ 152 |
Accumulated Amortization | (100) | (97.7) |
Intangible assets, Net | $ 52.8 | $ 54.3 |
Weighted-Average Useful Life (years) | 12 years | 12 years |
Supplier Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 0.2 | $ 0.2 |
Accumulated Amortization | (0.1) | (0.1) |
Intangible assets, Net | $ 0.1 | $ 0.1 |
Weighted-Average Useful Life (years) | 20 years | 20 years |
Technology-Based Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 133.6 | $ 133.2 |
Accumulated Amortization | (76.8) | (72.1) |
Intangible assets, Net | $ 56.8 | $ 61.1 |
Weighted-Average Useful Life (years) | 7 years | 7 years |
Non-competition Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 5.1 | $ 5 |
Accumulated Amortization | (3.3) | (3.1) |
Intangible assets, Net | $ 1.8 | $ 1.9 |
Weighted-Average Useful Life (years) | 5 years | 5 years |
Acquisitions, Goodwill and Ot30
Acquisitions, Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 6.5 | $ 5.1 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2017 (from April 1 through December 31) | 17.9 | |
2,017 | 22.4 | |
2,018 | 19.8 | |
2,019 | 16.2 | |
2,020 | 12.8 | |
Thereafter | $ 25.6 |
Income Per Share (Details)
Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share, Basic [Abstract] | ||
Consolidated net income | $ 18 | $ 28.7 |
Weighted average common shares outstanding | 42.9 | 43 |
Basic net income per share attributable to Morningstar, Inc. | $ 0.42 | $ 0.67 |
Earnings Per Share, Diluted [Abstract] | ||
Consolidated net income | $ 18 | $ 28.7 |
Weighted average common shares outstanding | 42.9 | 43 |
Net effect of dilutive stock options and restricted stock units | 0.3 | 0.1 |
Weighted average common shares outstanding for computing diluted income per share | 43.2 | 43.1 |
Diluted net income per share attributable to Morningstar, Inc. | $ 0.42 | $ 0.67 |
Segment and Geographical Area32
Segment and Geographical Area Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||
External revenue | $ 209.5 | $ 192.1 |
U.S. [Member] | ||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||
External revenue | 156.9 | 141.8 |
Non-U.S. [Member] | ||
Segment Reporting Information, Operating Income (Loss) [Abstract] | ||
External revenue | $ 52.6 | $ 50.3 |
Segment and Geographical Area33
Segment and Geographical Area Information (External Revenue and Long-Lived Assets) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
External revenue | $ 209.5 | $ 192.1 | |
Long-lived assets | 149.8 | $ 152.1 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
External revenue | 156.9 | 141.8 | |
Long-lived assets | 136.7 | 139.1 | |
Total International | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
External revenue | 52.6 | 50.3 | |
Long-lived assets | 13.1 | 13 | |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
External revenue | 14.9 | 15.3 | |
Long-lived assets | 6.4 | 6.6 | |
Continental Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
External revenue | 16.3 | 15.5 | |
Long-lived assets | 1.8 | 1.9 | |
Australia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
External revenue | 8.1 | 6.9 | |
Long-lived assets | 0.5 | 0.6 | |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
External revenue | 7.3 | 6.6 | |
Long-lived assets | 0.3 | 0.4 | |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
External revenue | 4.9 | 5.1 | |
Long-lived assets | 4 | 3.4 | |
Other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
External revenue | 1.1 | $ 0.9 | |
Long-lived assets | $ 0.1 | $ 0.1 |
Investments and Fair Value Me34
Investments and Fair Value Measurements (Classification of Securities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Available-for-sale | $ 30.1 | $ 27.7 |
Held-to-maturity | 20.1 | 15.7 |
Trading securities | 1.5 | 1.5 |
Total | $ 51.7 | $ 44.9 |
Investments and Fair Value Me35
Investments and Fair Value Measurements (Gains (Losses) on Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Available-for-sale: | |||
Available-for-sale securities, Cost | $ 28.3 | $ 27.8 | |
Available-for-sale Securities, Unrealized Gain | 2.2 | 1.4 | |
Available-for-sale Securities, Unrealized Loss | (0.4) | (1.5) | |
Available-for-sale securities, Fair Value | 30.1 | 27.7 | |
Held-to-maturity: | |||
Held-to-maturity securities, Cost | 20.1 | 15.7 | |
Held-to-maturity Securities, Unrecognized Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Loss | 0 | 0 | |
Held-to-maturity | 20.1 | 15.7 | |
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Available-for-sale securities, realized gains | 0.5 | $ 0.5 | |
Available-for-sale securities, realized losses | 0 | (0.6) | |
Available-for-sale securities, realized gains (losses), net | 0.5 | $ (0.1) | |
Equity Securities and Exchange-traded Funds [Member] | |||
Available-for-sale: | |||
Available-for-sale securities, Cost | 26.1 | 25.6 | |
Available-for-sale Securities, Unrealized Gain | 1.9 | 1.3 | |
Available-for-sale Securities, Unrealized Loss | (0.4) | (1.5) | |
Available-for-sale securities, Fair Value | 27.6 | 25.4 | |
Mutual Funds [Member] | |||
Available-for-sale: | |||
Available-for-sale securities, Cost | 2.2 | 2.2 | |
Available-for-sale Securities, Unrealized Gain | 0.3 | 0.1 | |
Available-for-sale Securities, Unrealized Loss | 0 | 0 | |
Available-for-sale securities, Fair Value | 2.5 | 2.3 | |
Certificates of Deposit [Member] | |||
Held-to-maturity: | |||
Held-to-maturity securities, Cost | 18.2 | 13.8 | |
Held-to-maturity Securities, Unrecognized Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Loss | 0 | 0 | |
Held-to-maturity | 18.2 | 13.8 | |
Convertible Debt Securities [Member] | |||
Held-to-maturity: | |||
Held-to-maturity securities, Cost | 1.9 | 1.9 | |
Held-to-maturity Securities, Unrecognized Gain | 0 | 0 | |
Held-to-maturity Securities, Unrecognized Loss | 0 | 0 | |
Held-to-maturity | $ 1.9 | $ 1.9 |
Investments and Fair Value Me36
Investments and Fair Value Measurements (Cost and Fair Value of Investments Classified by Maturity) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Debt Maturities [Abstract] | ||
Available-for-sale securities, Equity securities, exchange-traded funds, and mutual funds, Cost | $ 28.3 | $ 27.8 |
Available-for-sale securities, Equity securities, exchange-traded funds, and mutual funds, Fair Value | 30.1 | 27.7 |
Available-for-sale securities, Cost | 28.3 | 27.8 |
Available-for-sale securities, Fair Value | 30.1 | 27.7 |
Held-to-maturity Securities, Debt Maturities [Abstract] | ||
Held-to-maturity securities, Due in one year or less, Cost | 18 | 13.8 |
Held-to-maturity securities, Due within one year or less, Fair Value | 18 | 13.8 |
Held-to-maturity securities, Due in one to three years, Cost | 1.9 | 1.9 |
Held-to-maturity securities, Due in one to three years, Fair Value | 1.9 | 1.9 |
Held-to-maturity securities, Due more than three years, Cost | 0.2 | 0 |
Held-to-maturity securities, Due more than three years, Fair value | 0.2 | 0 |
Held-to-maturity securities, Cost | 20.1 | 15.7 |
Held-to-maturity securities, Fair Value | $ 20.1 | $ 15.7 |
Investments and Fair Value Me37
Investments and Fair Value Measurements (Fair Value of Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, fair value | $ 1.5 | $ 1.5 |
Fair Value, Measurements, Recurring [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, fair value | 1.5 | 1.5 |
Cash equivalents, fair value | 0.3 | 0.2 |
Total investments, fair value | 31.9 | 29.4 |
Fair Value, Measurements, Recurring [Member] | Equity Securities and Exchange-traded Funds [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 27.6 | 25.4 |
Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 2.5 | 2.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, fair value | 1.5 | 1.5 |
Cash equivalents, fair value | 0.3 | 0.2 |
Total investments, fair value | 31.9 | 29.4 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities and Exchange-traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 27.6 | 25.4 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 2.5 | 2.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, fair value | 0 | 0 |
Cash equivalents, fair value | 0 | 0 |
Total investments, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities and Exchange-traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities, fair value | 0 | 0 |
Cash equivalents, fair value | 0 | 0 |
Total investments, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities and Exchange-traded Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, fair value | $ 0 | $ 0 |
Stock-Based Compensation (Alloc
Stock-Based Compensation (Allocation of Stock-Based Compensation Costs by Plan) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 5.3 | $ 4 |
Cost of Revenue [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 2.1 | 2 |
Selling and Marketing Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | 0.7 | 0.5 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Allocated Share-based Compensation Expense | $ 2.5 | $ 1.5 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - Restricted Stock Units and Performance Share Awards [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation expense | $ 33.8 |
Expected amortization period (months) | 29 months |
Income Taxes (Income Tax Reconc
Income Taxes (Income Tax Reconciliation and Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income before income taxes and equity in net income (loss) of unconsolidated entities | $ 27.1 | $ 42.8 | |
Equity in net income (loss) of unconsolidated entities | (0.8) | 0.5 | |
Total | 26.3 | 43.3 | |
Income tax expense | $ 8.3 | $ 14.6 | |
Effective income tax rate | 31.60% | 33.70% | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | |||
Current liabilities | $ 8.9 | $ 8.9 | |
Non-current liabilities | 5.8 | 5.4 | |
Total liability for unrecognized tax benefits | $ 14.7 | $ 14.3 | |
Concentration Risk [Line Items] | |||
Respective decrease in taxes (as a percent) | 2.10% | ||
Geographic Concentration Risk [Member] | Cash, Cash Equivalents and Investments [Member] | Non-U.S. [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of cash, cash equivalents and investments held by operations outside of US | 71.00% |
Income Taxes (Income Tax Contin
Income Taxes (Income Tax Contingency) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits | $ 18.7 | $ 18.4 |
Gross unrecognized tax benefits which would affect income tax expense | 14.7 | 14.4 |
Decrease in income tax expense upon recognition of gross unrecognized tax benefits | $ 13.6 | $ 13.3 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) | Mar. 31, 2017USD ($)shares |
Equity [Abstract] | |
Share repurchase program, authorized amount | $ 1,000,000,000 |
Shares repurchased, program life to date, shares | shares | 10,030,919 |
Shares repurchased, program life to date, value | $ 673,200,000 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 326,800,000 |