Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 511.5	$ 502.7
Investments	47.7	48.3
Accounts receivable, less allowance for credit losses of $8.5 million and $7.1 million, respectively	342.1	358.1
Income tax receivable	9.4	12.4
Deferred commissions	37.2	39.2
Prepaid expenses	53.5	42.1
Other current assets	10.9	11.3
Total current assets	1,012.3	1,014.1
Goodwill	1,601.1	1,562.0
Intangible assets, net	420.4	408.8
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $821.5 million and $790.4 million, respectively	221.6	218.9
Operating lease assets	172.1	181.2
Investments in unconsolidated entities	76.2	85.3
Deferred tax assets	45.9	43.2
Deferred commissions	27.6	26.6
Other assets	9.1	8.8
Total assets	3,586.3	3,548.9
Current liabilities:
Deferred revenue	595.3	540.8
Accrued compensation	132.6	272.2
Accounts payable and accrued liabilities	92.6	87.3
Operating lease liabilities	37.7	35.1
Income tax payable	46.7	30.5
Other current liabilities	7.4	1.4
Total current liabilities	912.3	967.3
Operating lease liabilities	161.7	170.3
Accrued compensation	22.6	21.0
Deferred tax liabilities	29.8	27.6
Long-term debt	803.7	698.6
Deferred revenue	21.7	22.4
Income tax payable	12.5	11.7
Other long-term liabilities	12.8	11.4
Total liabilities	1,977.1	1,930.3
Morningstar, Inc. shareholders’ equity:
Common stock, no par value, 200,000,000 shares authorized, of which 42,501,250 and 42,869,380 shares were outstanding as of March 31, 2025 and December 31, 2024, respectively	0.0	0.0
Treasury stock at cost, 12,378,739 and 12,010,630 shares as of March 31, 2025 and December 31, 2024, respectively	(1,104.6)	(993.9)
Additional paid-in capital	847.8	822.7
Retained earnings	1,968.4	1,909.2
Accumulated other comprehensive loss:
Currency translation adjustment	(102.3)	(119.3)
Unrealized loss on available-for-sale investments	(0.1)	(0.1)
Total accumulated other comprehensive loss	(102.4)	(119.4)
Total equity	1,609.2	1,618.6
Total liabilities and equity	$ 3,586.3	$ 3,548.9