2020 Q4 Form 10-K Financial Statement

#000128941921000039 Filed on February 26, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $380.4M $332.4M $313.8M
YoY Change 14.44% 26.53% 20.09%
Cost Of Revenue $149.6M $142.1M $128.4M
YoY Change 5.28% 30.49% 28.4%
Gross Profit $230.8M $190.3M $185.4M
YoY Change 21.28% 23.73% 14.94%
Gross Profit Margin 60.67% 57.25% 59.08%
Selling, General & Admin $129.9M $116.9M $101.2M
YoY Change 11.12% 47.97% 42.13%
% of Gross Profit 56.28% 61.43% 54.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.80M $33.70M $34.60M
YoY Change 6.23% 32.16% 40.08%
% of Gross Profit 15.51% 17.71% 18.66%
Operating Expenses $165.7M $150.6M $101.2M
YoY Change 10.03% 44.11% 42.13%
Operating Profit $65.10M $39.70M $49.60M
YoY Change 63.98% -19.47% -24.16%
Interest Expense $27.90M -$3.400M -$4.800M
YoY Change -920.59% 580.0% 2300.0%
% of Operating Profit 42.86% -8.56% -9.68%
Other Income/Expense, Net $28.30M -$4.000M $13.90M
YoY Change -807.5% 344.44% 90.41%
Pretax Income $93.40M $35.70M $63.50M
YoY Change 161.62% -26.24% -12.65%
Income Tax $19.10M $9.100M $13.30M
% Of Pretax Income 20.45% 25.49% 20.94%
Net Earnings $76.20M $27.60M $49.10M
YoY Change 176.09% -34.91% -13.71%
Net Earnings / Revenue 20.03% 8.3% 15.65%
Basic Earnings Per Share $1.15
Diluted Earnings Per Share $1.743M $634.5K $1.14
COMMON SHARES
Basic Shares Outstanding 42.90M shares 42.80M shares 42.80M shares
Diluted Shares Outstanding 43.20M shares 43.30M shares 43.20M shares

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $464.2M $367.5M $352.8M
YoY Change 26.31% -7.17% -3.79%
Cash & Equivalents $422.5M $334.1M $321.8M
Short-Term Investments $41.70M $33.40M $31.00M
Other Short-Term Assets $5.700M $24.00M $23.70M
YoY Change -76.25% 42.01% 3.95%
Inventory
Prepaid Expenses $31.70M
Receivables $205.1M $188.5M $168.0M
Other Receivables $2.200M $6.300M $400.0K
Total Short-Term Assets $730.0M $603.2M $560.7M
YoY Change 21.02% 0.27% -3.97%
LONG-TERM ASSETS
Property, Plant & Equipment $155.1M $154.7M $151.5M
YoY Change 0.26% 7.8% 4.84%
Goodwill $1.205B $1.039B $1.016B
YoY Change 15.97% 86.65% 81.65%
Intangibles
YoY Change
Long-Term Investments $32.60M $59.60M $59.90M
YoY Change -45.3% -5.55% 2.57%
Other Assets $14.40M $11.90M $9.000M
YoY Change 21.01% 153.19% 104.55%
Total Long-Term Assets $1.966B $1.768B $1.722B
YoY Change 11.22% 107.43% 101.24%
TOTAL ASSETS
Total Short-Term Assets $730.0M $603.2M $560.7M
Total Long-Term Assets $1.966B $1.768B $1.722B
Total Assets $2.696B $2.371B $2.283B
YoY Change 13.71% 63.08% 58.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.50M $58.90M $36.90M
YoY Change 9.51% 8.27% -13.18%
Accrued Expenses $209.1M $173.3M $141.0M
YoY Change 20.66% 58.26% 64.72%
Deferred Revenue $36.90M
YoY Change -80.48%
Short-Term Debt $0.00 $11.00M $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $11.00M $11.00M
YoY Change -100.0%
Total Short-Term Liabilities $626.5M $495.8M $431.7M
YoY Change 26.36% 36.66% 34.36%
LONG-TERM LIABILITIES
Long-Term Debt $449.1M $502.1M $534.8M
YoY Change -10.56% 617.29% 494.22%
Other Long-Term Liabilities $33.80M $11.40M $12.20M
YoY Change 196.49% -70.08% -34.41%
Total Long-Term Liabilities $482.9M $513.5M $547.0M
YoY Change -5.96% 375.02% 2840.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $626.5M $495.8M $431.7M
Total Long-Term Liabilities $482.9M $513.5M $547.0M
Total Liabilities $1.425B $1.287B $1.241B
YoY Change 10.67% 147.99% 142.35%
SHAREHOLDERS EQUITY
Retained Earnings $1.389B $1.218B $1.215B
YoY Change 14.08% 9.25% 10.99%
Common Stock $671.3M $655.0M $646.9M
YoY Change 2.49% 5.36% 4.97%
Preferred Stock
YoY Change
Treasury Stock (at cost) $767.3M $728.7M $729.4M
YoY Change 5.3% 0.26% 1.73%
Treasury Stock Shares 11.14M shares 10.84M shares 10.84M shares
Shareholders Equity $1.271B $1.084B $1.042B
YoY Change
Total Liabilities & Shareholders Equity $2.696B $2.371B $2.283B
YoY Change 13.71% 63.08% 58.56%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $76.20M $27.60M $49.10M
YoY Change 176.09% -34.91% -13.71%
Depreciation, Depletion And Amortization $35.80M $33.70M $34.60M
YoY Change 6.23% 32.16% 40.08%
Cash From Operating Activities $114.6M $82.50M $105.7M
YoY Change 38.91% -21.65% 32.46%
INVESTING ACTIVITIES
Capital Expenditures -$22.00M -$22.90M -$20.10M
YoY Change -3.93% 9.57% 2.55%
Acquisitions
YoY Change
Other Investing Activities $22.90M -$7.100M -$658.2M
YoY Change -422.54% -171.0% -10072.73%
Cash From Investing Activities $900.0K -$30.00M -$678.3M
YoY Change -103.0% 175.23% 5117.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.70
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -57.60M -49.60M 517.5M
YoY Change 16.13% 13.76% -1173.65%
NET CHANGE
Cash From Operating Activities 114.6M 82.50M 105.7M
Cash From Investing Activities 900.0K -30.00M -678.3M
Cash From Financing Activities -57.60M -49.60M 517.5M
Net Change In Cash 57.90M 2.900M -55.10M
YoY Change 1896.55% -94.29% -396.24%
FREE CASH FLOW
Cash From Operating Activities $114.6M $82.50M $105.7M
Capital Expenditures -$22.00M -$22.90M -$20.10M
Free Cash Flow $136.6M $105.4M $125.8M
YoY Change 29.6% -16.48% 26.56%

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TaxesWithheldForRestrictedStockUnits
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TaxesWithheldForRestrictedStockUnits
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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61100000 USD
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334100000 USD
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369300000 USD
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CY2019 us-gaap Income Taxes Paid Net
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63300000 USD
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CY2019 us-gaap Interest Paid Net
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11000000.0 USD
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53500000 USD
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1800000 USD
CY2019 morn Unrealized Gain Loss On Available For Sale Investments
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3900000 USD
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CY2020 us-gaap Nature Of Operations
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Description of Business<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Morningstar, Inc. and its subsidiaries (Morningstar, we, our, the company) provide independent investment research for investors around the world. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, retirement plan providers and sponsors, and private market/venture capital investors. We have operations in 29 countries.</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">COVID-19 Update</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We continue to closely monitor the impact of the COVID-19 pandemic on all aspects of our business and in the geographies in which we operate, including how it affects our 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 year ended December 31, 2020. </span></div>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. On December 27, 2020, an additional stimulus was approved as part of the Consolidated Appropriations Act, 2021 (CAA). Many of the more recent coronavirus relief provisions are extensions and modifications of CARES Act provisions. The CARES Act and CAA had no impact on our consolidated financial statements for the year ended December 31, 2020. We continue to monitor any effects that may result from the CARES Act, CAA, and other similar legislation or governmental actions in geographies in which our business operates.
CY2020Q4 us-gaap Number Of Countries In Which Entity Operates
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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses during the reporting period. Actual results may differ from these estimates.</span>
CY2020 us-gaap Concentration Risk Credit Risk
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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Concentration of Credit Risk.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> For the years ended December 31, 2020, 2019, and 2018, no single customer represented 5% or more of our consolidated revenue. If receivables from our customers become delinquent, we begin a collections process. We maintain an allowance for credit losses based on our estimate of the probable losses of accounts receivable.</span>
CY2018 us-gaap Net Income Loss Available To Common Stockholders Basic
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183000000.0 USD
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42900000 shares
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42700000 shares
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449100000 USD
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502100000 USD
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300000000.0 USD
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152000000.0 USD
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183000000.0 USD
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42600000 shares
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300000 shares
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500000 shares
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400000 shares
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43200000 shares
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43200000 shares
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5.18
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OperatingLeaseLiabilityNoncurrent
137700000 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
138700000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
177600000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
174500000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
42400000 USD
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
33900000 USD
CY2018 us-gaap Operating Lease Cost
OperatingLeaseCost
32500000 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
14900000 USD
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
12700000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
45300000 USD
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
33100000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
47300000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
32000000.0 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
27800000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
21900000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
19800000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
56300000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
205100000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
27500000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
177600000 USD
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y7M6D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.043
CY2020 morn Share Based Compensation Shares Available For Future Grants
ShareBasedCompensationSharesAvailableForFutureGrants
<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the number of shares available for future grants under our 2011 Plan:</span></div><div style="margin-top:5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:80.571%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.496%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">As of December 31</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(in millions)</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Shares available for future grants</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.5 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div>
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2500000 shares
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
36600000 USD
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44400000 USD
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31700000 USD
CY2020 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
6700000 USD
CY2019 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
10000000.0 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
7000000.0 USD
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
36600000 USD
CY2019 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44400000 USD
CY2018 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31700000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
53500000 USD
CY2020 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P33M
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y4M13D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P0Y4M13D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P0Y4M13D
CY2020Q4 morn Closing Stock Price Used To Calculate Intrinsic Value
ClosingStockPriceUsedToCalculateIntrinsicValue
231.57
CY2020 morn Defined Contribution Plan Employer Matching Contribution Per Dollar
DefinedContributionPlanEmployerMatchingContributionPerDollar
0.75 USD
CY2020 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.07
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
14500000 USD
CY2019 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
12000000.0 USD
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
11000000.0 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
283000000.0 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
198500000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
232900000 USD
CY2020 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
300000 USD
CY2019 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-900000 USD
CY2018 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2100000 USD
CY2020 morn Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomesticAndForeign
283300000 USD
CY2019 morn Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomesticAndForeign
197600000 USD
CY2018 morn Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomesticAndForeign
230800000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59700000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45600000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47800000 USD
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.211
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.207
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.211
CY2020 morn Effective Income Tax Rate Reconciliation Increase Decrease From Prior Year Percent
EffectiveIncomeTaxRateReconciliationIncreaseDecreaseFromPriorYearPercent
0.020
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
CY2019 morn Effective Income Tax Rate Reconciliation Increase Decrease From Prior Year Percent
EffectiveIncomeTaxRateReconciliationIncreaseDecreaseFromPriorYearPercent
-0.024
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.207
CY2020Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
243500000 USD
CY2020 us-gaap Foreign Earnings Repatriated
ForeignEarningsRepatriated
45800000 USD
CY2020Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
243500000 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
59500000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
41500000 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
48500000 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
9500000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.034
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
7500000 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.038
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
7400000 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.032
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount
0 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Percent
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Percent
0
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount
0 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Percent
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Percent
0
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Amount
-2300000 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Percent
EffectiveIncomeTaxRateReconciliationTaxCutsAndJobsActOf2017Percent
-0.010
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-4900000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.017
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-2200000 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.011
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
-2600000 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.011
CY2020 morn Effective Income Tax Rate Reconciliation Holding Gain Additional Ownership Acquiredin Unconsolidated Subsidiary Amount
EffectiveIncomeTaxRateReconciliationHoldingGainAdditionalOwnershipAcquiredinUnconsolidatedSubsidiaryAmount
-13800000 USD
CY2020 morn Effective Income Tax Rate Reconciliation Holding Gain Additional Ownership Acquiredin Unconsolidated Subsidiary Percent
EffectiveIncomeTaxRateReconciliationHoldingGainAdditionalOwnershipAcquiredinUnconsolidatedSubsidiaryPercent
-0.049
CY2019 morn Effective Income Tax Rate Reconciliation Holding Gain Additional Ownership Acquiredin Unconsolidated Subsidiary Amount
EffectiveIncomeTaxRateReconciliationHoldingGainAdditionalOwnershipAcquiredinUnconsolidatedSubsidiaryAmount
300000 USD
CY2019 morn Effective Income Tax Rate Reconciliation Holding Gain Additional Ownership Acquiredin Unconsolidated Subsidiary Percent
EffectiveIncomeTaxRateReconciliationHoldingGainAdditionalOwnershipAcquiredinUnconsolidatedSubsidiaryPercent
0.002
CY2018 morn Effective Income Tax Rate Reconciliation Holding Gain Additional Ownership Acquiredin Unconsolidated Subsidiary Amount
EffectiveIncomeTaxRateReconciliationHoldingGainAdditionalOwnershipAcquiredinUnconsolidatedSubsidiaryAmount
1000000.0 USD
CY2018 morn Effective Income Tax Rate Reconciliation Holding Gain Additional Ownership Acquiredin Unconsolidated Subsidiary Percent
EffectiveIncomeTaxRateReconciliationHoldingGainAdditionalOwnershipAcquiredinUnconsolidatedSubsidiaryPercent
0.004
CY2020 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
7600000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.027
CY2019 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
0 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0
CY2018 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
0 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2700000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.010
CY2019 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2100000 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.011
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-200000 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.001
CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-100000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0
CY2019 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
1100000 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.006
CY2018 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
200000 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.001
CY2020 morn Income Tax Rate Reconciliation Changes In Unrecognized Tax Benefits
IncomeTaxRateReconciliationChangesInUnrecognizedTaxBenefits
1200000 USD
CY2020 morn Effective Income Tax Rate Reconciliation Changes In Unrecognized Tax Benefits
EffectiveIncomeTaxRateReconciliationChangesInUnrecognizedTaxBenefits
0.004
CY2019 morn Income Tax Rate Reconciliation Changes In Unrecognized Tax Benefits
IncomeTaxRateReconciliationChangesInUnrecognizedTaxBenefits
-900000 USD
CY2019 morn Effective Income Tax Rate Reconciliation Changes In Unrecognized Tax Benefits
EffectiveIncomeTaxRateReconciliationChangesInUnrecognizedTaxBenefits
-0.005
CY2018 morn Income Tax Rate Reconciliation Changes In Unrecognized Tax Benefits
IncomeTaxRateReconciliationChangesInUnrecognizedTaxBenefits
1000000.0 USD
CY2018 morn Effective Income Tax Rate Reconciliation Changes In Unrecognized Tax Benefits
EffectiveIncomeTaxRateReconciliationChangesInUnrecognizedTaxBenefits
0.004
CY2020 us-gaap Income Tax Reconciliation Tax Credits Other
IncomeTaxReconciliationTaxCreditsOther
2200000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.008
CY2019 us-gaap Income Tax Reconciliation Tax Credits Other
IncomeTaxReconciliationTaxCreditsOther
2200000 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.011
CY2018 us-gaap Income Tax Reconciliation Tax Credits Other
IncomeTaxReconciliationTaxCreditsOther
3600000 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.016
CY2020 morn Effective Income Tax Rate Reconciliation Foreign Tax Provisions Amount
EffectiveIncomeTaxRateReconciliationForeignTaxProvisionsAmount
-2700000 USD
CY2020 morn Effective Income Tax Rate Reconciliation Foreign Tax Provisions Percent
EffectiveIncomeTaxRateReconciliationForeignTaxProvisionsPercent
-0.010
CY2019 morn Effective Income Tax Rate Reconciliation Foreign Tax Provisions Amount
EffectiveIncomeTaxRateReconciliationForeignTaxProvisionsAmount
-1400000 USD
CY2019 morn Effective Income Tax Rate Reconciliation Foreign Tax Provisions Percent
EffectiveIncomeTaxRateReconciliationForeignTaxProvisionsPercent
-0.007
CY2018 morn Effective Income Tax Rate Reconciliation Foreign Tax Provisions Amount
EffectiveIncomeTaxRateReconciliationForeignTaxProvisionsAmount
-3700000 USD
CY2018 morn Effective Income Tax Rate Reconciliation Foreign Tax Provisions Percent
EffectiveIncomeTaxRateReconciliationForeignTaxProvisionsPercent
-0.016
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2900000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.010
CY2019 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
4000000.0 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.020
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2100000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45600000 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.009
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59700000 USD
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.211
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47800000 USD
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.207
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
31500000 USD
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
28300000 USD
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
31000000.0 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
11700000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
9400000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
11100000 USD
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
23000000.0 USD
CY2019 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
14000000.0 USD
CY2018 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
12300000 USD
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
66200000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
51700000 USD
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
54400000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1200000 USD
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
200000 USD
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-3000000.0 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
400000 USD
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0 USD
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-1700000 USD
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-8100000 USD
CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-6300000 USD
CY2018 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-1900000 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-6500000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45600000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
47800000 USD
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-6100000 USD
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-6600000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59700000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
197400000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
159700000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
188200000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
85600000 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
38800000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
44700000 USD
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
283000000.0 USD
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
198500000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
232900000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
20600000 USD
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CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Deferred Rent
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46000000.0 USD
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CY2019Q4 us-gaap Deferred Tax Liabilities
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200000 USD
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CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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3800000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
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11800000 USD
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12600000 USD
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800000 USD
CY2020 morn Unrecognized Tax Benefits Result Of Tax Position Taken During Period
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100000 USD
CY2020 morn Unrecognized Tax Benefits Reductions Resulting From Settlements With Taxing And Lapse Of Applicable Statute Of Limitations Amount That Impacts Tax Expense
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100000 USD
CY2020 morn Unrecognized Tax Benefits Reductions Resulting From Settlements With Taxing And Lapse Of Applicable Statute Of Limitations Tax Effect
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324000000.0 USD
CY2020Q2 us-gaap Revenues
Revenues
327900000 USD
CY2020Q3 us-gaap Revenues
Revenues
357200000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11800000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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11800000 USD
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11600000 USD
CY2020 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
1400000 USD
CY2019 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
1600000 USD
CY2020Q4 us-gaap Stock Repurchase Program Authorized Amount1
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500000000.0 USD
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CY2020Q4 morn Shares Repurchased Program Life To Date Value
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67500000 USD
CY2020 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
Recent Accounting Pronouncements<div style="margin-bottom:5pt;margin-top:5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently adopted accounting pronouncements</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 25, 2016, the FASB issued ASU No. 2016-02, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (Topic 842), which requires lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability. Expenses are recognized in the Consolidated Statements of Income in a manner similar to previous accounting guidance. Topic 842 originally required the use of a modified retrospective approach upon adoption. In July 2018, the FASB issued ASU No. 2018-11, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Leases</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (Topic 842) - Targeted Improvements, which allows an additional transition method to adopt the new lease standard at the adoption date instead of the beginning of the earliest period presented. We elected this transition method at the adoption date of January 1, 2019. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also chose to elect the following practical expedients upon adoption: not to reassess whether any expired or existing contracts are or contain leases, not to reassess the lease classification for any expired or existing leases, not to reassess initial direct costs for any existing leases, and not to separately identify lease and nonlease components (i.e. maintenance costs) except for real estate leases. Additionally, we elected the short-term lease exemption, and are only applying the requirements of Topic 842 to long-term leases (leases greater than 1 year). </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The adoption of Topic 842 resulted in the presentation of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$118.8 million</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of operating lease assets and </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$145.8 million</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of operating lease liabilities on the consolidated balance sheet as of March 31, 2019. At implementation, we also reclassified </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$29.7 million</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in deferred rent liabilities related to these leases, which decreased recognized operating lease assets. The new standard did not have a material impact on the statement of income. See Note 12 for additional information. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Current Expected Credit Losses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: On June 16, 2016, the FASB issued ASU No. 2016-13, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments-Credit Losses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Topic 326)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">: Measurement of Credit Losses on Financial Instruments </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ASU No. 2016-13)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 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, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Codification Improvements </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ASU No. 2019-04), which clarifies certain aspects of accounting for credit losses. On May 15, 2019, the FASB issued ASU No. 2019-05, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Financial Instruments-Credit Losses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Topic 326)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">: Targeted Transition Relief </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(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, or results of operations.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Cloud Computing</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: On August 29, 2018, the FASB issued ASU No. 2018-15, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Customer's Accounting for Fees Paid in a Cloud Computing Arrangement </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ASU No. 2018-15), 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 ASU No. 2018-15 did not have a material impact on the consolidated financial statements, related disclosures, or results of operations.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 28, 2018, the FASB issued ASU No. 2018-13</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">, Fair Value Measurement </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Topic 820)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ASU No. 2018-13)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, 202</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">0. Except for limited additions to related disclosures, the adoption of ASU No. 2018-13 did not have a material impact on our consolidated financial statements.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Recently issued accounting pronouncements not yet adopted </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 18, 2019, the FASB issued ASU No. 2019-12, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Simplifying the Accounting for Income Taxes </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ASU No. 2019-12), which is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Income Taxes,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and providing for simplification in several other areas. The new standard became effective for us on January 1, 2021. The adoption of ASU No. 2019-12 is not e</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">xpected to have a material impact on our consolidated financial statements, related disclosures, and results of operations.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reference Rate Reform</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: On March 12, 2020, the FASB issued ASU No. 2020-04: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Facilitation of the Effects of Reference Rate Reform on Financial Reporting </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Topic 848) (ASU No. 2020-04), 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. The amendments in this update are applicable to contract modifications that replace a reference LIBOR rate beginning on March 12, 2020 through December 31, 2022. The optional expedients apply to our Credit Agreement and allow the Company to account for modifications due to reference rate reform by prospectively adjusting the effective interest rate on the Credit Agreement. As of December 31, 2020, we have not modified the Credit Agreement related to reference rate reform. We plan to apply the optional practical expedients and exceptions to modifications of the Credit Agreement affected by reference rate reform and are evaluating the effect on our consolidated financial statements, related disclosures, and results of operations.</span></div>
CY2020Q4 us-gaap Revenues
Revenues
380400000 USD
CY2019Q1 us-gaap Revenues
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258900000 USD
CY2019Q2 us-gaap Revenues
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CY2019Q3 us-gaap Revenues
Revenues
313800000 USD
CY2019Q4 us-gaap Revenues
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CY2020Q4 us-gaap Costs And Expenses
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CY2019Q1 us-gaap Costs And Expenses
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CY2019Q2 us-gaap Costs And Expenses
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223100000 USD
CY2019Q3 us-gaap Costs And Expenses
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44300000 USD
CY2020Q4 us-gaap Operating Income Loss
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65100000 USD
CY2019Q1 us-gaap Operating Income Loss
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49500000 USD
CY2019Q2 us-gaap Operating Income Loss
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50800000 USD
CY2019Q3 us-gaap Operating Income Loss
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49600000 USD
CY2019Q4 us-gaap Operating Income Loss
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39700000 USD
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CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2600000 USD
CY2020Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
48200000 USD
CY2020Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
28300000 USD
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3300000 USD
CY2019Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
2300000 USD
CY2019Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
13900000 USD
CY2019Q4 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-4000000.0 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
33200000 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
63900000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
92500000 USD
CY2020Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
93400000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
46200000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
53100000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
63500000 USD
CY2019Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
35700000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-800000 USD
CY2020Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-500000 USD
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
600000 USD
CY2020Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1000000.0 USD
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1500000 USD
CY2019Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
700000 USD
CY2019Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1100000 USD
CY2019Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1000000.0 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8500000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15200000 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16900000 USD
CY2020Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19100000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11500000 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11700000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13300000 USD
CY2019Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9100000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.56
CY2020Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.13
CY2020Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.78
CY2020Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.76
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.78
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.99
CY2019Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.15
CY2019Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.64
CY2020Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.55
CY2020Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.12
CY2020Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.76
CY2020Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.74
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.77
CY2019Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.98
CY2019Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.14
CY2019Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.64
CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.30
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.30
CY2020Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2020Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.62
CY2019Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28
CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.28
CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0
CY2019Q4 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.58
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
CY2020Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
CY2020Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.30
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.28
CY2019Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.28
CY2019Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.28
CY2019Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.28
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42900000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42600000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42700000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42800000 shares
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42800000 shares
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43300000 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43200000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43200000 shares
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43200000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43000000.0 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43100000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43200000 shares
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43300000 shares

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