Investments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure

Investments

We classify our investments into two categories: equity investments and debt securities. We further classify our debt securities into available-for-sale and held-to-maturity. 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. All investments in our investment portfolio have valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access, and, therefore, are classified as Level 1 within the fair value hierarchy. We classify our investment portfolio as shown below:

 

	As of December 31,
(in millions)	2024		2023
Equity investments	$	42.3	$	44.9
Available-for-sale	2.4		2.2
Held-to-maturity	3.6		4.0
Total	$	48.3	$	51.1

The following table shows the cost, unrealized gains, and fair values related to investments classified as equity investments, available-for-sale, and held-to-maturity:

	As of December 31, 2024								As of December 31, 2023
(in millions)	Cost		Unrealized Gain		Unrealized Loss		Fair Value		Cost		Unrealized Gain		Unrealized Loss		Fair Value
Equity investments:
Marketable equity investments, exchange traded funds, and mutual funds	$	29.1	$	13.2	$	—	$	42.3	$	37.7	$	7.2	$	—	$	44.9
Available-for-sale:
Marketable debt securities	2.6		—		(0.2)		2.4		2.3		—		(0.1)		2.2
Held-to-maturity:
Certificates of deposit	3.6		—		—		3.6		4.0		—		—		4.0
Total	$	35.3	$	13.2	$	(0.2)	$	48.3	$	44.0	$	7.2	$	(0.1)	$	51.1

As of December 31, 2024 and 2023, debt securities with unrealized losses for greater than a 12-month period were not material to the 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 held-to-maturity based on their contractual maturities as of December 31, 2024 and 2023.

	As of December 31, 2024				As of December 31, 2023
(in millions)	Cost		Fair Value		Cost		Fair Value
Held-to-maturity:
Due in one year or less	$	3.6	$	3.6	$	4.0	$	4.0
Due in one to three years	—		—		—		—
Total	$	3.6	$	3.6	$	4.0	$	4.0

The following table shows the realized gains and losses arising from sales of our investments classified as equity investments and available-for-sale recorded in our Consolidated Statements of Income: 

(in millions)	2024		2023		2022
Realized gains	$	3.8	$	2.9	$	1.0
Realized losses	—		—		(3.1)
Realized gains (losses), net	$	3.8	$	2.9	$	(2.1)

We determine realized gains and losses using the specific identification method.

The following table shows the net unrealized gains on the equity securities as recorded in our Consolidated Statements of Income:

 

(in millions)	2024		2023		2022
Unrealized gains, net	$	0.9	$	4.2	$	5.4