Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 502.7	$ 337.9
Investments	48.3	51.1
Accounts receivable, less allowance for credit losses of $7.1 million and $5.6 million, respectively	358.1	343.9
Income tax receivable	12.4	0.6
Deferred commissions	39.2	41.9
Prepaid expenses	42.1	34.9
Other current assets	11.3	5.4
Total current assets	1,014.1	815.7
Goodwill	1,562.0	1,578.8
Intangible assets, net	408.8	484.4
Property, equipment, and capitalized software, net	218.9	207.7
Operating lease assets	181.2	163.9
Investments in unconsolidated entities	85.3	100.2
Deferred tax asset, net	43.2	14.6
Deferred commissions	26.6	29.3
Other assets	8.8	8.8
Total assets	3,548.9	3,403.4
Current liabilities:
Deferred revenue	540.8	517.7
Accrued compensation	272.2	214.4
Accounts payable and accrued liabilities	87.3	78.4
Current portion of long-term debt	0.0	32.1
Operating lease liabilities	35.1	36.4
Income tax payable	30.5	0.0
Other current liabilities	1.4	1.8
Total current liabilities	967.3	880.8
Operating lease liabilities	170.3	151.4
Accrued compensation	21.0	23.7
Deferred tax liabilities, net	27.6	35.6
Long-term debt	698.6	940.3
Deferred revenue	22.4	26.3
Income tax payable	11.7	8.3
Other long-term liabilities	11.4	9.2
Total liabilities	1,930.3	2,075.6
Morningstar, Inc. shareholders’ equity:
Common stock, no par value, 200,000,000 shares authorized, of which 42,869,380 and 42,728,182 shares were outstanding as of December 31, 2024 and December 31, 2023, respectively	0.0	0.0
Treasury stock at cost, 12,010,630 and 11,987,495 shares as of December 31, 2024 and December 31, 2023 respectively	(993.9)	(985.5)
Additional paid-in capital	822.7	789.0
Retained earnings	1,909.2	1,610.8
Accumulated other comprehensive loss:
Currency translation adjustment	(119.3)	(86.4)
Unrealized gain on available-for-sale investments, net of tax	(0.1)	(0.1)
Total accumulated other comprehensive loss	(119.4)	(86.5)
Total equity	1,618.6	1,327.8
Total liabilities and equity	$ 3,548.9	$ 3,403.4