Investments in Unconsolidated Entities

12 Months Ended

Dec. 31, 2019

Investments in Unconsolidated Entities [Abstract]

Investments in Unconsolidated Entities

Investments in Unconsolidated Entities

Our investments in unconsolidated entities consist primarily of the following:

 

	As of December 31
(in millions)	2019		2018
Investment in MJKK	$	24.0	$	23.9
Investment in Sustainalytics	25.3		25.7
Other-equity method investments	6.6		10.3
Investments accounted for using the cost method	3.7		3.2
Total investments in unconsolidated entities	$	59.6	$	63.1

Morningstar Japan K.K. Morningstar Japan K.K. (MJKK) develops and markets financial information products and services customized for the Japanese market. MJKK’s shares are traded on the Tokyo Stock Exchange under the ticker 47650. We account for our investment in MJKK using the equity method. The following table summarizes our ownership percentage in MJKK and the market value of this investment based on MJKK’s publicly quoted share price:

	As of December 31
	2019			2018
Morningstar’s approximate ownership of MJKK	30.4		%	30.4		%
Approximate market value of Morningstar’s ownership in MJKK:
Japanese yen (¥ in millions)	¥	10,319.0		¥	7,525.4
Equivalent U.S. dollars ($ in millions)	$	95.0		$	68.4

Sustainalytics Holding B.V. In July 2017, we acquired a minority stake in Sustainalytics Holding B.V. (Sustainalytics), which is an independent environmental, social, and governance and corporate governance research, ratings, and analysis firm supporting investors around the world with the development and implementation of responsible investment strategies. Our ownership in Sustainalytics was 43.4% as of December 31, 2019 and 44.0% as of December 31, 2018.