Morningstar, Inc. and Subsidiaries  Consolidated Balance Sheets As of December 31 (in thousands except share amounts)  2010 2009 Assets Current assets: Cash and cash equivalents  $  180,176 $ 130,496 Investments  185,240  212,057 Accounts receivable, less allowance of $1,056 and $1,339, respectively  110,891 82,330 Deferred tax asset, net  2,860 1,109 Income tax receivable, net  10,459 5,541 Other  17,654 12,564 Total current assets  507,280  444,097 Property, equipment, and capitalized software, net  62,105 59,828 Investments in unconsolidated entities  24,262 24,079 Goodwill  317,661  249,492 Intangible assets, net  169,023  135,488 Other assets  5,971 6,099 Total assets  $ 1,086,302 $ 919,083 Liabilities and equity Current liabilities: Accounts payable and accrued liabilities  $  42,680 $ 30,524 Accrued compensation  62,404 48,902 Deferred revenue  146,267 127,114 Other  1,373 962 Total current liabilities  252,724  207,502 Accrued compensation  4,965 4,739 Deferred tax liability, net  19,975 14,640 Other long-term liabilities  27,213 26,413 Total liabilities  304,877  253,294 Morningstar, Inc. shareholders’ equity: Common stock, no par value, 200,000,000 shares authorized, of which 49,874,392 and 48,768,541 shares 5 5 were outstanding as of December 31, 2010 and 2009, respectively Treasury stock at cost, 279,456 shares as of December 31, 2010 and 222,653 shares as of December 31, 2009  (6,641) (3,130) Additional paid-in capital  458,426  428,139 Retained earnings  323,408  239,573 Accumulated other comprehensive income (loss): Currency translation adjustment  4,503 (337) Unrealized gain on available-for-sale investments  615 370 Total accumulated other comprehensive income (loss)  5,118 33 Total Morningstar, Inc. shareholders’ equity 780,316  664,620 Noncontrolling interests  1,109 1,169 Total equity  781,425  665,789 Total liabilities and equity  $ 1,086,302 $ 919,083 See notes to consolidated financial statements. Morningstar, Inc. 2010 Annual Report 101