Morningstar (MORN) 10-Q 25 Oct 24 2024 Q3 Quarterly report Financial data

Cover page

Cover page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 18, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-51280
Entity Registrant Name	MORNINGSTAR, INC.
Entity Central Index Key	0001289419
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common stock, no par value
Entity Incorporation, State or Country Code	IL
Entity Tax Identification Number	36-3297908
Entity Address, Address Line One	22 West Washington Street
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60602
Trading Symbol	MORN
Security Exchange Name	NASDAQ
City Area Code	312
Local Phone Number	696-6000
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		42,884,181

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 569.4	$ 515.5	$ 1,684.1	$ 1,499.9
Operating expense:
Cost of revenue	222.7	202.9	663.5	638.1
Sales and marketing	107.9	106.3	323.8	323.4
General and administrative	77.6	89.7	238.2	263.8
Depreciation and amortization	45.7	46.6	142	138.4
Total operating expense	453.9	445.5	1,367.5	1,363.7
Operating income	115.5	70	316.6	136.2
Non-operating income (expense), net:
Interest expense, net	(8.9)	(12.8)	(30.7)	(40.2)
Realized gain on sale of investments, reclassified from other comprehensive income	0.5	1.9	3.3	2.4
Gain on sale of business	45.3	0	45.3	0
Expense from equity method transaction, net	0	0	0	(11.8)
Other income (expense), net	(0.5)	(1.7)	(6.1)	4.6
Non-operating income (expense), net	36.4	(12.6)	11.8	(45)
Income before income taxes and equity in investments of unconsolidated entities	151.9	57.4	328.4	91.2
Equity in investments of unconsolidated entities	(2.6)	(1.6)	(5.3)	(4.7)
Income tax expense	29.6	16.7	70.1	18.9
Consolidated net income	$ 119.7	$ 39.1	$ 253	$ 67.6
Net income per share:
Basic (in dollars per share)	$ 2.79	$ 0.92	$ 5.91	$ 1.59
Diluted (in dollars per share)	2.77	0.91	5.87	1.58
Dividends declared (in dollars per share)	0.41	0.38	1.22	1.13
Dividends paid per common share (in dollars per share)	$ 0.41	$ 0.38	$ 1.22	$ 1.13
Weighted average shares outstanding:
Basic (in shares)	42.9	42.7	42.8	42.6
Diluted (in shares)	43.2	42.9	43.1	42.8

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 119.7	$ 39.1	$ 253	$ 67.6
Other comprehensive income (loss), net
Foreign currency translation adjustment	24.3	(23)	12.3	(8)
Unrealized gains on securities:
Unrealized holding gains arising during period	0.4	1.5	2.5	1.7
Reclassification of realized gains on investments included in net income	(0.4)	(1.6)	(2.5)	(1.9)
Other comprehensive income (loss), net	24.3	(23.1)	12.3	(8.2)
Comprehensive income	$ 144	$ 16	$ 265.3	$ 59.4

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 552.9	$ 337.9
Investments	48.8	51.1
Accounts receivable, less allowance for credit losses of $8.1 million and $5.6 million, respectively	328.4	343.9
Income tax receivable, net	0	0.6
Deferred commissions	40.9	41.9
Prepaid expenses	44	34.9
Other current assets	7.8	5.4
Total current assets	1,022.8	815.7
Goodwill	1,579.6	1,578.8
Intangible assets, net	432.5	484.4
Property, equipment, and capitalized software, less accumulated depreciation and amortization of $789.7 million and $714.0 million, respectively	212.4	207.7
Operating lease assets	157.5	163.9
Investments in unconsolidated entities	96	100.2
Deferred tax assets, net	30.9	14.6
Deferred commissions	27.5	29.3
Other assets	7.1	8.8
Total assets	3,566.3	3,403.4
Current liabilities:
Deferred revenue	539.5	517.7
Accrued compensation	216	214.4
Accounts payable and accrued liabilities	80.4	78.4
Current portion of long-term debt	0	32.1
Operating lease liabilities	32.2	36.4
Other current liabilities	27.8	1.8
Total current liabilities	895.9	880.8
Operating lease liabilities	145.7	151.4
Accrued compensation	21.2	23.7
Deferred tax liabilities, net	29.9	35.6
Long-term debt	864.7	940.3
Deferred revenue	23.1	26.3
Other long-term liabilities	20.1	17.5
Total liabilities	2,000.6	2,075.6
Morningstar, Inc. shareholders’ equity:
Common stock, no par value, 200,000,000 shares authorized, of which 42,884,181 and 42,728,182 shares were outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Treasury stock at cost, 11,978,267 and 11,987,495 shares as of September 30, 2024 and December 31, 2023, respectively	(981.6)	(985.5)
Additional paid-in capital	809.8	789
Retained earnings	1,811.7	1,610.8
Accumulated other comprehensive loss:
Currency translation adjustment	(74.1)	(86.4)
Unrealized loss on available-for-sale investments	(0.1)	(0.1)
Total accumulated other comprehensive loss	(74.2)	(86.5)
Total equity	1,565.7	1,327.8
Total liabilities and equity	$ 3,566.3	$ 3,403.4

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 8.1	$ 5.6
Accumulated depreciation and amortization	$ 789.7	$ 714
Common Stock, No Par Value (in dollars per share)	$ 0	$ 0
Common Stock, Shares Authorized (in shares)	200,000,000	200,000,000
Common Stock, Shares, Outstanding (in shares)	42,884,181	42,728,182
Treasury Stock, Common, Shares	11,978,267	11,987,495

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity - USD ($) $ in Millions	Total	Common Stock	Treasury Stock, Common	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Balance (in shares) at Dec. 31, 2022		42,480,051
Balance at Dec. 31, 2022	$ 1,207.1	$ 0	$ (986.7)	$ 757.8	$ 1,535	$ (99)
Increase (Decrease) in Stockholders' Equity
Consolidated net income	(7.6)				(7.6)
Other comprehensive income (loss):
Unrealized gain on available-for-sale investments, net of tax	0.1					0.1
Reclassification of realized gain on investments included in net income, net of tax	(0.2)					(0.2)
Foreign currency translation adjustment	7.1					7.1
Other comprehensive income (loss), net	7					7
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards		70,892
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards	(9.4)			(9.4)
Reclassification of awards previously liability-classified that were converted to equity	11.4			11.4
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
Stock-based compensation	12.2			12.2
Dividends declared	$ (16)				(16)
Dividends declared (in dollars per share)	$ 0.38
Balance (in shares) at Mar. 31, 2023		42,550,943
Balance at Mar. 31, 2023	$ 1,204.7	$ 0	(986.7)	772	1,511.4	(92)
Balance (in shares) at Dec. 31, 2022		42,480,051
Balance at Dec. 31, 2022	1,207.1	$ 0	(986.7)	757.8	1,535	(99)
Increase (Decrease) in Stockholders' Equity
Consolidated net income	67.6
Other comprehensive income (loss):
Unrealized gain on available-for-sale investments, net of tax	1.7
Reclassification of realized gain on investments included in net income, net of tax	(1.9)
Foreign currency translation adjustment	(8)
Other comprehensive income (loss), net	$ (8.2)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
Dividends declared (in dollars per share)	$ 1.13
Balance (in shares) at Sep. 30, 2023		42,699,798
Balance at Sep. 30, 2023	$ 1,244.1	$ 0	(985.9)	782.6	1,554.6	(107.2)
Balance (in shares) at Mar. 31, 2023		42,550,943
Balance at Mar. 31, 2023	1,204.7	$ 0	(986.7)	772	1,511.4	(92)
Increase (Decrease) in Stockholders' Equity
Consolidated net income	36.1				36.1
Other comprehensive income (loss):
Unrealized gain on available-for-sale investments, net of tax	0.1					0.1
Reclassification of realized gain on investments included in net income, net of tax	(0.1)					(0.1)
Foreign currency translation adjustment	7.9					7.9
Other comprehensive income (loss), net	7.9					7.9
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards		111,102
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards	(10.4)		1.3	(11.7)
Reclassification of awards previously liability-classified that were converted to equity	(0.1)			(0.1)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
Stock-based compensation	14.8			14.8
Dividends declared	$ (16)				(16)
Dividends declared (in dollars per share)	$ 0.38
Common share repurchased (in shares)		(8,484)
Common shares repurchased	$ (1.4)		1.4
Balance (in shares) at Jun. 30, 2023		42,653,561
Balance at Jun. 30, 2023	1,235.6	$ 0	(986.8)	775	1,531.5	(84.1)
Increase (Decrease) in Stockholders' Equity
Consolidated net income	39.1				39.1
Other comprehensive income (loss):
Unrealized gain on available-for-sale investments, net of tax	1.5					1.5
Reclassification of realized gain on investments included in net income, net of tax	(1.6)					(1.6)
Foreign currency translation adjustment	(23)					(23)
Other comprehensive income (loss), net	(23.1)					(23.1)
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards		46,237
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards	(6.2)		0.9	(7.1)
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
Stock-based compensation	$ 14.7			14.7
Dividends declared					(16)
Dividends declared (in dollars per share)	$ 0.38
Common shares repurchased	$ (16)
Balance (in shares) at Sep. 30, 2023		42,699,798
Balance at Sep. 30, 2023	$ 1,244.1	$ 0	(985.9)	782.6	1,554.6	(107.2)
Balance (in shares) at Dec. 31, 2023	42,728,182	42,728,182
Balance at Dec. 31, 2023	$ 1,327.8	$ 0	(985.5)	789	1,610.8	(86.5)
Increase (Decrease) in Stockholders' Equity
Consolidated net income	64.2				64.2
Other comprehensive income (loss):
Unrealized gain on available-for-sale investments, net of tax	1.9					1.9
Reclassification of realized gain on investments included in net income, net of tax	(1.9)					(1.9)
Foreign currency translation adjustment	(10.6)					(10.6)
Other comprehensive income (loss), net	(10.6)					(10.6)
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards		17,388
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards	(3.2)			(3.2)
Reclassification of awards previously liability-classified that were converted to equity	10.8			10.8
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
Stock-based compensation	11.4			11.4
Dividends declared	$ (17.3)				(17.3)
Dividends declared (in dollars per share)	$ 0.41
Balance (in shares) at Mar. 31, 2024		42,745,570
Balance at Mar. 31, 2024	$ 1,383.1	$ 0	(985.5)	808	1,657.7	(97.1)
Balance (in shares) at Dec. 31, 2023	42,728,182	42,728,182
Balance at Dec. 31, 2023	$ 1,327.8	$ 0	(985.5)	789	1,610.8	(86.5)
Increase (Decrease) in Stockholders' Equity
Consolidated net income	253
Other comprehensive income (loss):
Unrealized gain on available-for-sale investments, net of tax	2.5
Reclassification of realized gain on investments included in net income, net of tax	(2.5)
Foreign currency translation adjustment	12.3
Other comprehensive income (loss), net	$ 12.3
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
Dividends declared (in dollars per share)	$ 1.22
Balance (in shares) at Sep. 30, 2024	42,884,181	42,884,181
Balance at Sep. 30, 2024	$ 1,565.7	$ 0	(981.6)	809.8	1,811.7	(74.2)
Balance (in shares) at Mar. 31, 2024		42,745,570
Balance at Mar. 31, 2024	1,383.1	$ 0	(985.5)	808	1,657.7	(97.1)
Increase (Decrease) in Stockholders' Equity
Consolidated net income	69.1				69.1
Other comprehensive income (loss):
Unrealized gain on available-for-sale investments, net of tax	0.2					0.2
Reclassification of realized gain on investments included in net income, net of tax	(0.2)					(0.2)
Foreign currency translation adjustment	(1.4)					(1.4)
Other comprehensive income (loss), net	(1.4)					(1.4)
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards		93,002
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards	(14.3)		1.6	(15.9)
Reclassification of awards previously liability-classified that were converted to equity	0.4			0.4
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
Stock-based compensation	14.2			14.2
Dividends declared	$ (17.4)				(17.4)
Dividends declared (in dollars per share)	$ 0.41
Balance (in shares) at Jun. 30, 2024		42,838,572
Balance at Jun. 30, 2024	$ 1,433.7	$ 0	(983.9)	806.7	1,709.4	(98.5)
Increase (Decrease) in Stockholders' Equity
Consolidated net income	119.7				119.7
Other comprehensive income (loss):
Unrealized gain on available-for-sale investments, net of tax	0.4					0.4
Reclassification of realized gain on investments included in net income, net of tax	(0.4)					(0.4)
Foreign currency translation adjustment	24.3					24.3
Other comprehensive income (loss), net	24.3					24.3
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards		45,609
Issuance of common stock related to vesting of stock awards, net of shares withheld for taxes on settlements of stock awards	(7.9)		2.3	(10.2)
Reclassification of awards previously liability-classified that were converted to equity	0.1			0.1
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition
Stock-based compensation	13.2			13.2
Dividends declared	$ (17.4)				(17.4)
Dividends declared (in dollars per share)	$ 0.41
Balance (in shares) at Sep. 30, 2024	42,884,181	42,884,181
Balance at Sep. 30, 2024	$ 1,565.7	$ 0	$ (981.6)	$ 809.8	$ 1,811.7	$ (74.2)

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Equity (Parenthetical) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared (in dollars per share)	$ 0.41	$ 0.41	$ 0.41	$ 0.38	$ 0.38	$ 0.38	$ 1.22	$ 1.13

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Consolidated net income	$ 253	$ 67.6
Adjustments to reconcile consolidated net income to net cash flows from operating activities:
Depreciation and amortization	142	138.4
Deferred income taxes	(21)	(10.6)
Stock-based compensation expense	38.8	41.7
Provision for bad debt	6.3	3.6
Equity in investments of unconsolidated entities	5.3	4.7
Gain on equity method transaction	0	(49.6)
Gain on sale of business	(45.3)	0
Other, net	2.8	(8.9)
Changes in operating assets and liabilities:
Accounts receivable	8.2	5.3
Accounts payable and accrued liabilities	4.7	(5.8)
Accrued compensation and deferred commissions	16.1	(18.8)
Income taxes, current	25.2	(17.3)
Deferred revenue	18.5	27.8
Other assets and liabilities	(16.4)	0.5
Cash provided by operating activities	438.2	178.6
Investing activities
Purchases of investment securities	(12.5)	(8.9)
Proceeds from maturities and sales of investment securities	23.6	23.9
Capital expenditures	(102.1)	(89.1)
Proceeds from sale of business	52.2	0
Proceeds from sale of equity method investments, net	0	26.2
Purchases of investments in unconsolidated entities	(6.8)	(1.1)
Other, net	0.2	(0.1)
Cash used for investing activities	(45.4)	(49.1)
Financing activities
Common shares repurchased	0	(1.4)
Dividends paid	(52)	(47.9)
Proceeds from revolving credit facility	90	260
Repayment of revolving credit facility	(105)	(290)
Repayment of term facility	(93.1)	(24.4)
Employee taxes withheld for stock awards	(25.4)	(25.9)
Payment of acquisition-related earn-outs	0	(45.5)
Other, net	0.2	0.1
Cash used for financing activities	(185.3)	(175)
Effect of exchange rate changes on cash and cash equivalents	7.5	(6.1)
Net increase (decrease) in cash and cash equivalents	215	(51.6)
Cash and cash equivalents—beginning of period	337.9	376.6
Cash and cash equivalents—end of period	552.9	325
Supplemental disclosure of cash flow information
Cash paid for income taxes	66	46.7
Cash paid for interest	$ 36.9	$ 41.9

Basis of Presentation of Interi

Basis of Presentation of Interim Financial Information	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation of Interim Financial Information	Basis of Presentation of Interim Financial Information The accompanying unaudited consolidated financial statements of Morningstar, Inc. and subsidiaries (Morningstar, we, our, the company) have been prepared to conform to the rules and regulations of the Securities and Exchange Commission (SEC). The preparation of financial statements in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, revenues, and expenses. Actual results could differ from those estimates. In the opinion of management, the statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly our financial position, results of operations, equity, and cash flows. These financial statements and notes are unaudited and should be read in conjunction with our Audited Consolidated Financial Statements and Notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 (our Annual Report). The acronyms that appear in the Notes to our Unaudited Consolidated Financial Statements refer to the following: ASC: Accounting Standards Codification ASU: Accounting Standards Update FASB: Financial Accounting Standards Board

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Our significant accounting policies are included in Note 2 of the Notes to our Audited Consolidated Financial Statements included in our Annual Report. Divestitures : We may sell certain portions of our business from time to time for various reasons. In accordance with FASB ASC 360, Property, Plant, and Equipment (FASB ASC 360), we classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management commits to a plan to sell the disposal group; the disposal group is available for immediate sale; the sale and transfer of the disposal group is expected within one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell and the assets are not depreciated or amortized. If the disposal group meets the definition of a business, the goodwill within the reporting unit is allocated to the disposal group based on its relative fair value. When the disposal group is a component of a reporting unit, the remaining unallocated goodwill is assessed to determine if any triggering events have occurred in accordance with FASB ASC 350, Intangibles – Goodwill and Other (FASB ASC 350). We assess the fair value of a disposal group, less any costs to sell, each reporting period the disposal group remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the initial carrying value of the disposal group. We recognize a gain or loss on divestiture activity when we transfer control of the disposal group and when it is probable that we will collect substantially all of the related consideration. Recently Issued Accounting Pronouncements Not Yet Adopted Segment reporting: In November 2023, the FASB issued ASU No. 2023-07: Improvements to Reportable Segment Disclosures (Topic 280) (ASU No. 2023-07), which requires improved reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. This standard is effective for our fiscal year beginning on January 1, 2024 and interim periods beginning on January 1, 2025. Entities should apply the new guidance retrospectively to all prior periods presented in the financial statements. While the company is continuing to analyze the impact of the adoption on reportable segment disclosures, the standard will not impact the company's consolidated operating results, financial condition, or cash flows. Income Taxes : In December 2023, the FASB issued ASU No 2023-09: Improvements to Income Tax Disclosures (Topic 740) (ASU No. 2023-09), which requires additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. This standard is effective for our fiscal year beginning on January 1, 2025. Entities should apply the guidance prospectively. We are evaluating the effect that ASU No. 2023-09 will have on our consolidated financial statements and related disclosures.

Credit Arrangements

Credit Arrangements	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Credit Arrangements	Credit Arrangements Debt The following table summarizes our debt as of September 30, 2024 and December 31, 2023: (in millions) As of September 30, 2024 As of December 31, 2023 Amended 2022 Term Facility, net of unamortized debt issuance costs of $0.4 million and $0.5 million, respectively $ 515.9 $ 608.9 Amended 2022 Revolving Credit Facility — 15.0 2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $1.2 million and $1.5 million, respectively 348.8 348.5 Total debt $ 864.7 $ 972.4 Credit Agreement On May 6, 2022, the company entered into a senior credit agreement (the 2022 Credit Agreement), providing the company with a five-year multi-currency credit facility with an initial borrowing capacity of up to $1.1 billion, including a $650.0 million term loan and a $450.0 million revolving credit facility. The 2022 Credit Agreement also provided for the issuance of letters of credit and a swingline facility. The 2022 Credit Agreement was amended twice in September 2022 and again most recently in June 2024 (Amended 2022 Credit Agreement) to, among other items, eliminate the options for a second term loan draw and increase both the term loan and revolving credit facility to $650.0 million each, raising the total borrowing capacity to $1.3 billion (Amended 2022 Term Facility and Amended 2022 Revolving Credit Facility, respectively), and to update the reference rate for credit extensions in Canadian dollars. Aside from the increased borrowing capacity, the Amended 2022 Credit Agreement left the 2022 Credit Agreement terms largely unchanged. As of September 30, 2024, our total outstanding debt under the Amended 2022 Credit Agreement was $515.9 million, net of debt issuance costs, with borrowing availability of $650.0 million under the Amended 2022 Revolving Credit Facility. The interest rate applicable to any loan under the Amended 2022 Credit Agreement is, at the company's option, either: (i) the applicable Secured Overnight Financing Rate plus an applicable margin for such loans, which ranges between 1.00% and 1.48%, based on the company's consolidated leverage ratio or (ii) the lender's base rate plus the applicable margin for such loans, which ranges between 0.00% and 0.38%, based on the company's consolidated leverage ratio. The portions of deferred debt issuance costs related to the Amended 2022 Revolving Credit Facility are included in other current and non-current assets, and the portion of deferred debt issuance costs related to the Amended 2022 Term Facility is reported as a reduction to the carrying amount of the Amended 2022 Term Facility. Debt issuance costs related to the Amended 2022 Revolving Credit Facility are amortized on a straight-line basis to interest expense over the term of the Amended 2022 Credit Agreement. Debt issuance costs related to the Amended 2022 Term Facility are amortized to interest expense using the effective interest method over the term of the Amended 2022 Credit Agreement. Private Placement Debt Offering On October 26, 2020, we completed the issuance and sale of $350.0 million aggregate principal amount of 2.32% senior notes due October 26, 2030 (the 2030 Notes), in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended. Proceeds were primarily used to repay a portion of the company's outstanding debt under the company's prior credit facility. Interest on the 2030 Notes is paid semi-annually on each October 30 and A pril 30 during the term of the 2030 Notes and at maturity, with the first interest payment date having occurred on April 30, 2021. As of September 30, 2024, our total outstanding debt, net of issuance costs, under the 2030 Notes was $348.8 million. Compliance with Covenants Each of the Amended 2022 Credit Agreement and the 2030 Notes include customary representations, warranties, and covenants, including financial covenants, that require us to maintain specified ratios of consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) to consolidated interest charges and consolidated funded indebtedness to consolidated EBITDA, which are evaluated on a quarterly basis. We were in compliance with these financial covenants as of September 30, 2024.

Acquisitions, Goodwill and Othe

Acquisitions, Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisitions, Goodwill and Other Intangible Assets	Acquisitions, Goodwill, and Other Intangible Assets 2024 Acquisitions We did not make any acquisitions during the first nine months of 2024 . Goodwill The company has seven operating segments, w hich are presented as the following five reportable segments: Morningstar Data and Analytics, PitchBook, Morningstar Wealth, Morningstar Credit, and Morningstar Retirement. The company's operating segments also represent the company's reporting units to which goodwill is assigned. The company allocate d goodwill by reporting unit in accordance with FASB ASC 350 Intangibles—Goodwill and Other (FASB ASC 350). Under this reporting unit structure, the consolidated goodwill balance was allocated based on each reporting unit's relative fair value at January 1, 2021. The company used a market approach and assigned goodwill to the reporting units. The following table shows the changes in our goodwill balances from December 31, 2023 to September 30, 2024: (in millions) Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other Total Balance as of December 31, 2023 $ 605.5 $ 607.4 $ 94.2 $ 108.6 $ 93.5 $ 1,509.2 $ 69.6 $ 1,578.8 Divestiture of Commodity and Energy Data business (See Note 5) (3.9) — — — — (3.9) — (3.9) Foreign currency translation 3.7 — 0.8 0.1 — 4.6 0.1 4.7 Balance as of September 30, 2024 $ 605.3 $ 607.4 $ 95.0 $ 108.7 $ 93.5 $ 1,509.9 $ 69.7 $ 1,579.6 Changes in the carrying amount of the company’s recorded goodwill are mainly the result of business acquisitions, divestitures, and the effect of foreign currency translations. In accordance with FASB ASC 350, the company does not amortize goodwill; instead, goodwill is subject to an impairment test annually, or whenever indicators of impairment exist. When reviewing goodwill for impairment, we assess a number of qualitative factors to determine whether it is more likely than not that the fair value of our reporting units is less than their respective carrying values. Examples of qualitative factors that we assess include macroeconomic conditions affecting our reporting units, financial performance of our reporting units, market and competitive factors related to our reporting units, and other events specific to our reporting units. If we conclude that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative impairment test. The quantitative impairment test compares the estimated fair value of the reporting unit to its carrying value, and recognizes an impairment loss for the amount by which a reporting unit’s carrying amount exceeds its fair value, without exceeding the total amount of goodwill allocated to that reporting unit. We determine the fair value of a reporting unit using a market approach. Determining the fair value of a reporting unit involves judgment and the use of significant estimates and assumptions, which include assumptions regarding the revenue growth rates and operating margins used to calculate estimated future cash flows, as well as revenue and earnings multiples of publicly traded companies whose services and markets are comparable. We perform our annual impairment reviews in the fourth quarter or when impairment indicators and triggering events are identified. The company did not record any goodwill impairment in the first nine months of 2 024. R efer to Note 8 for detailed segment information. Intangible Assets The following table summarizes our intangible assets: As of September 30, 2024 As of December 31, 2023 (in millions) Gross Accumulated Amortization Net Weighted Average Useful Gross Accumulated Amortization Net Weighted Average Useful Life (years) Customer-related assets $ 587.9 $ (281.2) $ 306.7 14 $ 601.7 $ (263.8) $ 337.9 14 Technology-based assets 307.2 (204.2) 103.0 8 315.3 (197.0) 118.3 8 Intellectual property & other 91.7 (68.9) 22.8 8 93.2 (65.0) 28.2 8 Total intangible assets $ 986.8 $ (554.3) $ 432.5 12 $ 1,010.2 $ (525.8) $ 484.4 12 The following table summarizes our amortization expense related to intangible assets: Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Amortization expense $ 14.7 $ 17.7 $ 49.9 $ 52.9 We amortize intangible assets using the straight-line method over their estimated useful lives. As of September 30, 2024, we expect intangible amortization expense for the remainder of 2024 and subsequent years to be as follows: (in millions) Remainder of 2024 (October 1 through December 31) $ 15.2 2025 56.6 2026 52.8 2027 46.1 2028 42.1 Thereafter 219.7 Total $ 432.5 Our estimates of future amortization expense for intangible assets may be affected by future acquisitions, divestitur es, changes in the estimated useful lives, i mpairments, and foreign currency translation.

Divestitures

Divestitures	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Mergers, Acquisitions and Dispositions Disclosures	DivestituresEffective September 30, 2024, we sold our Commodity and Energy Data business within the Morningstar Data and Analytics segment for a purchase price of $52.4 million. We recorded a $45.3 million gain on sale of business in the Consolidated Statements of Income for the three and nine months ended September 30, 2024.

Income Per Share

Income Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Income Per Share	Income Per Share The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share: Three months ended September 30, Nine months ended September 30, (in millions, except per share amounts) 2024 2023 2024 2023 Basic net income per share: Consolidated net income $ 119.7 $ 39.1 $ 253.0 $ 67.6 Weighted average common shares outstanding 42.9 42.7 42.8 42.6 Basic net income per share $ 2.79 $ 0.92 $ 5.91 $ 1.59 Diluted net income per share: Consolidated net income $ 119.7 $ 39.1 $ 253.0 $ 67.6 Weighted average common shares outstanding 42.9 42.7 42.8 42.6 Net effect of dilutive stock awards 0.3 0.2 0.3 0.2 Weighted average common shares outstanding for computing diluted income per share 43.2 42.9 43.1 42.8 Diluted net income per share $ 2.77 $ 0.91 $ 5.87 $ 1.58 During the periods presented, we have outstanding restricted stock units (RSUs), performance share awards (PSUs), and market stock units (MSUs) that are excluded from our calculation of diluted earnings per share as their effect is antidilutive. The amount of these potential antidilutive shares was immaterial.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of Revenue The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue. Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Revenue by Type: (1) License-based $ 408.8 $ 384.5 $ 1,210.7 $ 1,124.5 Asset-based 83.8 71.5 245.5 204.1 Transaction-based 76.8 59.5 227.9 171.3 Consolidated revenue $ 569.4 $ 515.5 $ 1,684.1 $ 1,499.9 ____________________________________________________________________________________________ (1) Starting with the quarter ended March 31, 2024, revenue from PitchBook media sales product was reclassified from license-based to transaction-based. Prior periods have not been restated to reflect the updated classifications. License-based performance obligations are generally satisfied over time as the customer has access to the product or service during the term of the subscription license and the level of service is consistent during the contract period. License-based agreements typically have a term of 1 to 3 years and are accounted for as subscription services available to customers and not as a license under the accounting guidance. Asset-based performance obligations are satisfied over time as the customer receives continuous access to a service for the term of the agreement. Asset-based arrangements typically have a term of 1 to 3 years. Asset-based fees represent variable consideration, and the customer does not make separate purchasing decisions that result in additional performance obligations. Significant changes in the underlying fund assets and significant disruptions in the market are evaluated to determine whether estimates of earned asset-based fees need to be revised for the current quarter. The timing of client asset reporting and the structure of certain contracts can result in a lag between market movements and the impact on earned revenue. An estimate of variable consideration is included in the initial transaction price only to the extent it is probable that a significant reversal in the amount of the revenue recognized will not occur. Estimates of asset-based fees are based on the most recently completed quarter and, as a result, it is unlikely a significant reversal of revenue would occur. Transaction-based performance obligations are satisfied when the product or service is completed or delivered. Some transaction-based revenue includes revenue from surveillance services, which is recognized over time, as the customer has access to the service during the surveillance period. Contract Liabilities Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received or due in advance of our performance, including amounts which may be refundable. The contract liabilities balance as of September 30, 2024 had a net increase of $18.6 million, primarily driven by cash payments received or payable in advance of satisfying our performance obligations. We reco gn ized $453.6 million of revenue in the nine months ended September 30, 2024 that was included in the contract liabilities balance as of December 31, 2023. We expect to recognize revenue related to our contract liabilities, including future billings, for the remainder of 2024 and subsequent years as follows: (in millions) As of September 30, 2024 Remainder of 2024 (October 1 through December 31) $ 364.9 2025 721.0 2026 201.6 2027 41.4 2028 9.5 Thereafter 21.8 Total $ 1,360.2 The aggregate amount of revenue we expect to recognize for the remainder of 2024 and subsequent years is higher than our contract liability balance of $562.6 million as of September 30, 2024. The difference represents the value of future obligations for signed contracts that have yet to be billed. The table above does not include variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as of September 30, 2024. We are applying the optional exemption available under ASC Topic 606, as the variable consideration relates to these unsatisfied performance obligations being fulfilled as a series. The performance obligations related to these contracts are expected to be satisfied over the next 1 to 3 years as services are provided to the client. For license-based contracts, the consideration received for services performed is based on the number of future users, which is not known until the services are performed. The variable consideration for this revenue can be affected by the number of user licenses, which cannot be reasonably estimated. For asset-based contracts, the consideration received for services performed is based on future asset values, which are not known until the services are performed. The variable consideration for this revenue can be affected by changes in th e underlying value of fund assets due to client redemptions, additional investments, or movements in the market. For transaction-based contracts, the consideration receive d for most Internet advertising servic es performed is based on the number of impressions, which is not known until the impressions are created. The variable consideration for this revenue can be affected by the timing and quantity of impressions in any given period and cannot be reasonably estimated. As of September 30, 2024, the table above also does not include revenue for unsatisfied performance obligations related to certain of our license-based and transaction-based contracts with durations of one year or less since we are applying the optional exemption under ASC Topic 606. For certain license-based contracts, the remaining performance obligation is expected to be less than one year based on the corresponding subscription terms or the existence of cancellation terms that may be exercised causing the contract term to be less than one year from September 30, 2024. For transaction-based contracts, such as new credit rating issuances and Morningstar-sponsored conferences, the related performance obligations are expected to be satisfied within the next 12 months. Contract Assets Our contract assets represent accounts receivable, less allowance for credit losses, and deferred commissions. The following table summarizes our contract assets balance: (in millions) As of September 30, 2024 As of December 31, 2023 Accounts receivable, less allowance for credit losses $ 328.4 $ 343.9 Deferred commissions 68.4 71.2 Total contract assets $ 396.8 $ 415.1

Segment and Geographical Area I

Segment and Geographical Area Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment and Geographical Area Information	Segment and Geographical Area Information Segment Information Our segments are generally organized around the company's products offerings. The company concluded that it has seven operating segments which are presented as the following five reportable segments: • Morningstar Data and Analytics • PitchBook • Morningstar Wealth • Morningstar Credit • Morningstar Retirement The operating segments of Morningstar Sustainalytics and Morningstar Indexes do not individually meet the quantitative segment reporting thresholds and have been combined and presented as part of Corporate and All Other, which is not a reportable segment. Corporate and All Other provides a reconciliation between revenue from our total reportable segments and consolidated revenue amounts. Morningstar Data and Analytics provides investors comprehensive data, research and insights, and investment analysis to empower investment decision-making. Morningstar Data and Analytics includes product areas such as Morningstar Data, Morningstar Direct, and Morningstar Advisor Workstation. PitchBook provides investors with access to a broad collection of data and research covering the private capital markets, including venture capital, private equity, private credit and bank loans, and merger and acquisition (M&A) activities. Investors can also access Morningstar's data and research on public equities. Morningstar Wealth brings together our model portfolios and wealth platform; practice and portfolio management software for registered investment advisers; data aggregation and enrichment capabilities; and our individual investor platform. Morningstar Wealth includes the Investment Management product area. Morningstar Credit provides investors with credit ratings, research, data, and credit analytics solutions that contribute to the transparency of international and domestic credit markets. Morningstar Credit includes the Morningstar DBRS product area and the Morningstar Credit data and credit analytics product areas. Morningstar Retirement offers products designed to help individuals reach their retirement goals. Its offerings include managed retirement accounts, fiduciary services, Morningstar Lifetime Allocation funds, and custom models. FASB ASC 280 establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (CODM), in deciding how to allocate resources and assess performance. The company's chief executive officer, who is considered to be its CODM, reviews financial information presented on an operating segment basis for purposes of making operating decisions and assessing financial performance. The CODM allocates resources and assesses performance of segments based on segme nt revenue as well as Adjusted Operating Income. Segment Adjusted Operating Income excludes intangible amortization, M&A-related expenses (related to merger, acquisition, and divestiture activity including severance and earn-outs), and items related to the significant reduction and prior shift of the company's operations in China, such as severance and personnel expenses, transformation costs, and asset impairment costs. The CODM does not consider these items for the purposes of making decisions to allocate resources among segments or to assess segment performance. Although the amounts are excluded from segment Adjusted Operating Income, they are included in reported consolidated operating income and are included in the reconciliation to consolidated results. Expenses presented as part of the company's segments include both direct costs and allocations of shared costs. Shared costs include technology, investment research, sales, facilities, and marketing. These allocations are based on estimated utilization of shared resources and other factors. Adjusted Operating Income is the reported measure that the company believes is most consistent with those used in measuring the corresponding amount in the consolidated financial statements. The CODM does not review any information regarding total assets on a segment basis. Operating segments do not record intersegment revenues; therefore, there is none to be reported. The following tables present information about the company’s reportable segments for the three and nine months ended September 30, 2024 and 2023, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM. Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Revenue: Morningstar Data and Analytics $ 198.5 $ 188.7 $ 592.1 $ 554.5 PitchBook 156.6 139.6 455.9 407.5 Morningstar Wealth 61.8 58.0 183.4 168.7 Morningstar Credit 70.9 52.9 208.8 153.9 Morningstar Retirement 31.8 27.7 93.5 80.3 Total Reportable Segments $ 519.6 $ 466.9 $ 1,533.7 $ 1,364.9 Corporate and All Other (1) 49.8 48.6 150.4 135.0 Total Revenue $ 569.4 $ 515.5 $ 1,684.1 $ 1,499.9 Adjusted Operating Income (Loss): Morningstar Data and Analytics $ 91.4 $ 88.4 $ 269.9 $ 249.4 PitchBook 50.4 39.1 137.7 106.7 Morningstar Wealth (0.7) (8.2) (8.5) (35.1) Morningstar Credit 15.2 2.8 55.4 3.8 Morningstar Retirement 16.9 14.7 48.4 39.3 Total Reportable Segments $ 173.2 $ 136.8 $ 502.9 $ 364.1 Less reconciling items to Operating Income: Corporate and All Other (2) $ (42.9) $ (44.8) $ (130.8) $ (150.6) Intangible amortization expense (3) (14.7) (17.7) (49.9) (52.9) M&A-related expenses (4) (0.1) (1.7) (5.6) (8.9) Severance and personnel expenses (5) — (1.3) — (5.4) Transformation costs (5) — (0.6) — (7.0) Asset impairment costs (5) — (0.7) — (3.1) Operating Income 115.5 70.0 316.6 136.2 Non-operating expense, net 36.4 (12.6) 11.8 (45.0) Equity in investments of unconsolidated entities (2.6) (1.6) (5.3) (4.7) Income before income taxes $ 149.3 $ 55.8 $ 323.1 $ 86.5 ____________________________________________________________________________________________ (1) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $27.9 million and $31.0 million for the three months ended September 30, 2024 and 2023, respectively, and $87.9 million and $87.8 million for the nine months ended September 30, 2024 and 2023, respectively. Revenue from Morningstar Indexes was $21.9 million and $17.6 million for the three months ended September 30, 2024 and 2023, respectively, and $62.5 million and $47.2 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. During the third quarter of 2024 and 2023, unallocated corporate expenses were $43.5 million and $36.3 million, respectively. During first nine months of 2024 and 2023, unallocated corporate expenses were $130.4 million and $111.4 million, respectively. Unallocated corporate expenses include finance, human resources, legal, marketing, and other management-related costs that are not considered when segment performance is evaluated. (3) Excludes finance lease a mortization expense of $0.1 million and $0.5 million during the three months ended September 30, 2024 and 2023, respectively, and $0.5 million and $1.0 million during the nine months ended September 30, 2024 and 2023 , respectively. (4) Reflects non-recurring expenses related to merger, acquisition, and divestiture activity including pre-deal due diligence, transaction costs, severance, and post-close integration costs. (5) Reflects costs associated with the significant reduction of the company's operations in Shenzhen, China and the shift of work related to its global business functions to other Morningstar locations. Severance and personnel expenses include severance charges, incentive payments related to early signing of severance agreements, transition bonuses, and stock-based compensation related to the accelerated vesting of RSU and MSU awards. In addition, the reversal of accrued sabbatical liabilities is included in this category. Transformation costs include professional fees and the temporary duplication of headcount. As the company hired replacement roles in other markets and shifted capabilities, it employed certain Shenzhen-based staff through the transition period, which resulted in elevated compensation costs on a temporary basis. Asset impairment costs include the write-off or accelerated depreciation of fixed assets in the Shenzhen, China office that were not redeployed, in addition to lease abandonment costs as the company downsized its office space prior to the lease termination date. The following tables present segment revenue disaggregated by revenue type: Three months ended September 30, 2024 (in millions) Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other (6) Total Revenue by Type: (7) License-based $ 198.5 $ 154.7 $ 20.1 $ 4.3 $ 0.4 $ 378.0 $ 30.8 $ 408.8 Asset-based — — 35.5 — 31.4 66.9 16.9 83.8 Transaction-based — 1.9 6.2 66.6 — 74.7 2.1 76.8 Total $ 198.5 $ 156.6 $ 61.8 $ 70.9 $ 31.8 $ 519.6 $ 49.8 $ 569.4 Nine months ended September 30, 2024 (in millions) Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other (6) Total Revenue by Type: (7) License-based $ 590.9 $ 450.4 $ 60.5 $ 12.2 $ 1.4 $ 1,115.4 $ 95.3 $ 1,210.7 Asset-based — — 104.9 — 92.1 197.0 48.5 245.5 Transaction-based 1.2 5.5 18.0 196.6 — 221.3 6.6 227.9 Total $ 592.1 $ 455.9 $ 183.4 $ 208.8 $ 93.5 $ 1,533.7 $ 150.4 $ 1,684.1 Three months ended September 30, 2023 Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other (6) Total Revenue by Type: (7) License-based $ 188.7 $ 139.6 $ 20.2 $ 3.0 $ 0.5 $ 352.0 $ 32.5 $ 384.5 Asset-based — — 31.2 — 27.2 58.4 13.1 71.5 Transaction-based — — 6.6 49.9 — 56.5 3.0 59.5 Total $ 188.7 $ 139.6 $ 58.0 $ 52.9 $ 27.7 $ 466.9 $ 48.6 $ 515.5 Nine months ended September 30, 2023 (in millions) Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other (6) Total Revenue by Type: (7) License-based $ 553.1 $ 407.5 $ 60.6 $ 8.7 $ 1.4 $ 1,031.3 $ 93.2 $ 1,124.5 Asset-based — — 90.2 — 78.7 168.9 35.2 204.1 Transaction-based 1.4 — 17.9 145.2 0.2 164.7 6.6 171.3 Total $ 554.5 $ 407.5 $ 168.7 $ 153.9 $ 80.3 $ 1,364.9 $ 135.0 $ 1,499.9 ____________________________________________________________________________________________ (6) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. (7) Starting with the quarter ended March 31, 2024, revenue from PitchBook's media sales product was reclassified from license-based to transaction-based. Prior periods have not been restated to reflect the updated classifications. Geographical Area Information The tables below summarize our revenue, long-lived assets, which includes property, equipment, and capitalized software, net, and operating lease assets by geographical area: Revenue by geographical area Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 United States $ 411.3 $ 370.7 $ 1,212.5 $ 1,083.5 Asia 11.9 13.0 37.6 36.7 Australia 16.3 14.5 47.0 43.5 Canada 33.0 28.8 103.4 86.2 Continental Europe 51.6 47.3 151.4 136.0 United Kingdom 42.1 38.4 123.0 106.2 Other 3.2 2.8 9.2 7.8 Total International 158.1 144.8 471.6 416.4 Consolidated revenue $ 569.4 $ 515.5 $ 1,684.1 $ 1,499.9 Property, equipment, and capitalized software, net by geographical area (in millions) As of September 30, 2024 As of December 31, 2023 United States $ 187.1 $ 178.5 Asia 9.2 9.9 Australia 1.8 1.9 Canada 2.3 3.6 Continental Europe 5.4 6.5 United Kingdom 6.5 7.2 Other 0.1 0.1 Total International 25.3 29.2 Consolidated property, equipment, and capitalized software, net $ 212.4 $ 207.7 Operating lease assets by geographical area (in millions) As of September 30, 2024 As of December 31, 2023 United States $ 96.1 $ 100.7 Asia 11.3 16.5 Australia 2.6 3.2 Canada 13.2 8.2 Continental Europe 17.9 18.1 United Kingdom 16.2 16.9 Other 0.2 0.3 Total International 61.4 63.2 Consolidated operating lease assets $ 157.5 $ 163.9

Fair Value Measurement of Inves

Fair Value Measurement of Investments	3 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements As of September 30, 2024 and December 31, 2023, our investment balances totaled $48.8 million and $51.1 million , respectively. We classify our investments into two categories: equity investments and debt securities. We further classify our debt securities into available-for-sale, held-to-maturity, and trading securities. 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. As of September 30, 2024 , all investments in our investment portfolio have valuations based on quoted prices in active markets for identical assets or liabilities that we hav e the ability to access, and, therefore, are classified as Level 1 within the fair value hierarchy. We recognize unrealized holding gains or losses within "Other income (expense), net" on our Consolidated Statements of Income.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2024
Investments in Unconsolidated Entities [Abstract]
Equity Method Investments and Joint Ventures Disclosure	Investments in Unconsolidated Entities As of September 30, 2024 and December 31, 2023, our investment in unconsolidated entities balance totaled $96.0 million and $100.2 million, respectively. We have investments in both equity method investments and investments in equity securities with and without a readily determinable fair value. The carrying amount of other investments in unconsolidated entities without a readily determinable fair value was $50.6 million and $49.9 million as of September 30, 2024 and December 31, 2023, respectively. We did not record any material adjustments or impairment losses in the first nine months of 2024 or 2023. On January 27, 2023, we entered into a Termination Agreement (the Termination Agreement) with Morningstar Japan K.K. (now known as SBI Global Asset Management Co., Ltd. (Wealth Advisors)), and a Tender Offer Agreement (the Tender Offer Agreement) with SBI Global Asset Management Co., Ltd. (now known as SBI Asset Management Group Co., Ltd. (SBI)). Pursuant to the Termination Agreement, Wealth Advisors agreed to cease use of the Morningstar brand and Morningstar and Wealth Advisors agreed to terminate the License Agreement originally entered into in 1998. As consideration for the transaction, Morningstar agreed to pay Wealth Advisors 8 billion Japanese yen upon the termination of the license agreement and the achievement of certain conditions related primarily to the termination of the use of the Morningstar brand by Wealth Advisors’ customers. On April 6, 2023, we made the first cash payment of 6 billion Japanese yen ($45.1 million) and on April 19, 2023, we made the second and final cash payment of 2 billion Japanese yen ($14.8 million), pursuant to the Termination Agreement. The expense related to the Termination Agreement is recorded within "Expense from equity method transaction, net" in our Consolidated Statements of Income for the nine months ended September 30, 2023. As part of this transaction, pursuant to the Tender Offer Agreement, Morningstar agreed to tender up to 10 million shares in Wealth Advisors to SBI. The tender offer closed on February 28, 2023, and SBI purchased 8,040,600 shares of Wealth Advisors from Morningstar, resulting in net proceeds of $26.2 million and a pre-tax gain of $18.4 million. The pre-tax gain is recorded within "Expense from equity method transaction, net" in our Consolidated Statements of Income for the nine months ended September 30, 2023. Immediately following the tender offer, the company's ownership percentage in Wealth Advisors decreased to 13.2% from 22.1%, and as a result, we no longer account for our investment in Wealth Advisors as an equity method investment. Each reporting period, we remeasure our remaining investment in Wealth Advisors, an equity security with a readily determinable value, at fair value and recognize unrealized holding gains or losses within "Other income (expense), net" on our Consolidated Statements of Income. During the first quarter of 2023, we recognized an unrealized holding gain of $31.2 million, which is recorded within "Expense from equity method transaction, net" in our Consolidated Statement of Income for the nine months ended September 30, 2023.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases We lease office space and certain equipment under various operating and finance leases, with most of our lease portfolio consisting of operating leases for office space. We determine whether an arrangement is, or includes, an embedded lease at contract inception. Operating lease assets and lease liabilities are recognized at the commencement date and are initially measured using the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term. For finance leases, we also recognize a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization. A contract is or contains an embedded lease if the contract meets all the below criteria: • there is an identified asset; • we obtain substantially all the economic benefits of the asset; and • we have the right to direct the use of the asset. For initial measurement of the present value of lease payments and for subsequent measurement of lease modifications, we are required to use the rate implicit in the lease, if available. However, as most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is a collateralized rate. To apply the incremental borrowing rate, we used a portfolio approach and grouped leases based on similar lease terms in a manner whereby we reasonably expect that the application does not differ materially from a lease-by-lease approach. Our leases have remaining lease terms of approximately 1 year to 11 years, which may include the option to extend the lease when it is reasonably certain we will exercise that option. We do not have lease agreements with residual value guarantees, sale leaseback terms, or material restrictive covenants. Leases with an initial term of 12 months or less are not recognized on the balance sheet. We recognize lease expense for these leases on a straight-line basis over the lease term. Our operating lease expense for each of the three months ended September 30, 2024 and 2023 wa s $11.2 mi llion. Charges related to our operating leases that are variable and, therefore, not included in the measurement of the lease liabilities, were $4.8 million for the three months ended September 30, 2024, compared with $4.9 million for the three months ended September 30, 2023. We made lease payments of $12.5 million during the three months ended September 30, 2024, compared with $11.3 million during the three months ended September 30, 2023. Our operating lease expense for the nine months ended September 30, 2024 was $32.0 million, compared with $36.3 million for the nine months ended September 30, 2023. Charges related to our operating leases that are variable and, therefore, not included in the measurement of the lease liabilities were $11.1 million for the nine months ended September 30, 2024, compared with $13.9 million for the nine months ended September 30, 2023. We made lease payments of $34.6 million during the nine months ended September 30, 2024, compared with $34.2 million during the nine months ended September 30, 2023. The following table shows our minimum future lease commitments due in each of the next five years and thereafter for operating leases: Minimum Future Lease Commitments (in millions) Operating Leases Remainder of 2024 (October 1 through December 31) $ 9.3 2025 40.3 2026 42.8 2027 33.9 2028 26.9 Thereafter 48.4 Total minimum lease commitments 201.6 Adjustment for discount to present value 23.7 Present value of lease liabilities $ 177.9 The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases: As of September 30, 2024 Weighted-average remaining lease term (in years) 5.6 Weighted-average discount rate 4.2 %

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-Based Compensation Plans Our employees and our non-employee directors are eligible for awards under the Morningstar Amended and Restated 2011 Stock Incentive Plan, which provides for a variety of stock-based awards, including stock options, RSUs, PSUs, MSUs, and restricted stock. The following table summarizes the stock-based compensation expense included in each of our operating expense categories: Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Cost of revenue $ 6.5 $ 7.1 $ 18.1 $ 19.3 Sales and marketing 2.5 2.3 7.0 6.4 General and administrative 4.2 5.3 13.7 16.0 Total stock-based compensation expense $ 13.2 $ 14.7 $ 38.8 $ 41.7 As of September 30, 2024, the total unrecognized stock-based compensation cost related to outstanding RSUs, PSUs, and MSUs expected to vest was $79.6 million, which we expect to recognize over a weighted average period of 29 months.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table shows our effective tax rate for the three months and nine months ended September 30, 2024 and September 30, 2023: Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Income before income taxes and equity in investments of unconsolidated entities $ 151.9 $ 57.4 $ 328.4 $ 91.2 Equity in investments of unconsolidated entities (2.6) (1.6) (5.3) (4.7) Income before income taxes $ 149.3 $ 55.8 $ 323.1 $ 86.5 Income tax expense $ 29.6 $ 16.7 $ 70.1 $ 18.9 Effective tax rate 19.8 % 29.9 % 21.7 % 21.8 % Our effective tax rate in the third quarter and first nine months of 2024 was 19.8% and 21.7%, respectively, reflecting decreases of 10.1 and 0.1 percentage points, respectively, compared with the same periods in the prior year. The decreases are primarily attributable to the book gain in excess of taxable gain on the sale of our Commodity and Energy Data business in the third quarter of 2024. In October 2021, the Organization for Economic Co-operation and Development (OECD) agreed to a two-pillar approach to global taxation focusing on global profit allocation (Pillar One) and a global minimum tax rate (Pillar Two). In December 2022, the European Union member states agreed to implement the OECD’s global corporate minimum tax rate of 15% under Pillar Two which became effective in January 2024. Other countries are also considering changes to their tax laws to adopt certain parts of the OECD’s proposals. This legislation represents a significant change in the international tax regime and could result in increases to our effective tax rate as a result of the imposition of minimum taxes. Pillar Two did not have a material impact to our consolidated financial statements as of September 30, 2024. We are continuing to monitor developments and administrative guidance in addition to evaluating the potential impact of Pillar Two on our consolidated financial statements for future periods. Unrecognized Tax Benefits The table below provides information concerning our gross unrecognized tax benefits as of September 30, 2024 and December 31, 2023, as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized. (in millions) As of September 30, 2024 As of December 31, 2023 Gross unrecognized tax benefits $ 14.5 $ 13.0 Gross unrecognized tax benefits that would affect income tax expense $ 14.5 $ 13.0 Decrease in income tax expense upon recognition of gross unrecognized tax benefits $ 14.2 $ 12.8 Our Unaudited Consolidated Balance Sheets include the following liabilities for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits. Liabilities for Unrecognized Tax Benefits (in millions) As of September 30, 2024 As of December 31, 2023 Current liability $ 7.6 $ 6.2 Non-current liability 9.0 8.3 Total liability for unrecognized tax benefits $ 16.6 $ 14.5 Because we conduct business globally, we file income tax returns in U.S. federal, state, local, and foreign jurisdictions. We are currently under audit by federal, state, and local tax authorities in the U.S. as well as tax authorities in certain non-U.S. jurisdictions. It is likely that the examination phase of some of these federal, state, local, and non-U.S. audits will conclude in 2024. It is not possible to estimate the effect of current audits on previously recorded unrecognized tax benefits. Approximatel y 73% o f our cash, cash equivalents, and investments balance as of September 30, 2024 was held by our operations outside of the United States. We generally consider our U.S. directly-owned foreign subsidiary earnings to be permanently reinvested. We believe that our cash balances and investments in the United States, along with cash generated from our U.S. operations, will be sufficient to meet our U.S. operating and cash needs for the foreseeable future, without requiring us to repatriate earnings from these foreign subsidiaries. Certain of our non-U.S. operations have incurred net operating losses (NOLs), which may become deductible to the extent these operations become profitable. For each of our operations, we evaluate whether it is more likely than not that the tax benefits related to NOLs will be realized. As part of this evaluation, we consider evidence such as tax planning strategies, historical operating results, forecasted taxable income, and recent financial performance. In the year that certain non-U.S. operations record a loss, we do not recognize a corresponding tax benefit, which increases our effective tax rate. Upon determining that it is more likely than not that the NOLs will be realized, we reduce the tax valuation allowances related to these NOLs, which results in a reduction to our income tax expense and our effective tax rate in that period.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies We record accrued liabilities for litigation, regulatory, and other business matters when those matters represent loss contingencies that are both probable and estimable. In these cases, there may be an exposure to loss in excess of any amounts accrued. Unless a loss contingency is both probable and estimable, we do not establish an accrued liability. As litigation, regulatory, or other business matters develop, we evaluate on an ongoing basis whether such matters present a loss contingency that is probable and estimable. Data Audits and Reviews In our global data business, we include in our products, or directly redistribute to our customers, data and information licensed from third-party vendors. Our compliance with the terms of these licenses is reviewed internally and is also subject to audit by the third-party vendors. At any given time, we may be undergoing several such internal reviews and third-party vendor audits, and the results and findings may indicate that we may be required to make a payment for prior data usage. Due to a lack of available information and data, as well as potential variations of any audit or internal review findings, we generally are not able to reasonably estimate a possible loss, or range of losses, for these matters. In situations where more information or specific areas subject to audit are available, we may be able to estimate a potential range of losses. While we cannot predict the outcome of these processes, we do not anticipate they will have a material adverse effect on our business, operating results, or financial position. Ratings and Regulatory Matters Our ratings and related research activities, including credit ratings, environmental, social, and governance (ESG) ratings, managed investment, and equity ratings, are or may in the future become subject to regulation or increased scrutiny from executive, legislative, regulatory, and private parties. As a result, those activities may be subject to governmental, regulatory, and legislative investigations, regulatory examinations in the ordinary course of business, subpoenas, and other forms of legal process, which may lead to claims and litigation that are based on these ratings and related research activities. Our regulated businesses are generally subject to periodic reviews, inspections, examinations, and investigations by regulators in the jurisdictions in which they operate, any of which may result in claims, legal proceedings, assessments, fines, penalties, disgorgement, or restrictions on business activities. While it is difficult to predict the outcome of any particular investigation or proceeding, we do not believe the result of any of these matters will have a material adverse effect on our business, operating results, or financial position. Other Matters We are involved from time to time in commercial disputes and legal proceedings that arise in the normal course of our business. While it is difficult to predict the outcome of any particular dispute or proceeding, we do not believe the result of any of these matters will have a material adverse effect on our business, operating results, or financial position.

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Treasury Stock	Share Repurchase Program On December 6, 2022, the board of directors approved a share repurchase program that authorizes the company to repurchase up to $500.0 million in shares of the company's outstanding common stock, effective January 1, 2023. This authorization replaced the then-existing share repurchase program and expires on December 31, 2025. Under this authorization, we may repurchase shares from time to time at prevailing market prices on the open market or in private transactions in amounts that we deem appropriate. For the three and nine months ended September 30, 2024, we did not repurchase any shares under the share repurchase program . As of September 30, 2024, we have $498.6 million available for future repur chases under the current share repurchase program.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements Policy	Segment reporting: In November 2023, the FASB issued ASU No. 2023-07: Improvements to Reportable Segment Disclosures (Topic 280) (ASU No. 2023-07), which requires improved reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. This standard is effective for our fiscal year beginning on January 1, 2024 and interim periods beginning on January 1, 2025. Entities should apply the new guidance retrospectively to all prior periods presented in the financial statements. While the company is continuing to analyze the impact of the adoption on reportable segment disclosures, the standard will not impact the company's consolidated operating results, financial condition, or cash flows. Income Taxes : In December 2023, the FASB issued ASU No 2023-09: Improvements to Income Tax Disclosures (Topic 740) (ASU No. 2023-09), which requires additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. This standard is effective for our fiscal year beginning on January 1, 2025. Entities should apply the guidance prospectively. We are evaluating the effect that ASU No. 2023-09 will have on our consolidated financial statements and related disclosures.
Divestitures	Divestitures : We may sell certain portions of our business from time to time for various reasons. In accordance with FASB ASC 360, Property, Plant, and Equipment (FASB ASC 360), we classify a disposal group to be sold as held for sale in the period in which all of the following criteria are met: management commits to a plan to sell the disposal group; the disposal group is available for immediate sale; the sale and transfer of the disposal group is expected within one year; the disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. A disposal group that is classified as held for sale is initially measured at the lower of its carrying value or fair value less any costs to sell and the assets are not depreciated or amortized. If the disposal group meets the definition of a business, the goodwill within the reporting unit is allocated to the disposal group based on its relative fair value. When the disposal group is a component of a reporting unit, the remaining unallocated goodwill is assessed to determine if any triggering events have occurred in accordance with FASB ASC 350, Intangibles – Goodwill and Other (FASB ASC 350). We assess the fair value of a disposal group, less any costs to sell, each reporting period the disposal group remains classified as held for sale and report any subsequent changes as an adjustment to the carrying value of the disposal group, as long as the new carrying value does not exceed the initial carrying value of the disposal group. We recognize a gain or loss on divestiture activity when we transfer control of the disposal group and when it is probable that we will collect substantially all of the related consideration.

Fair Value Measurements (Polici

Fair Value Measurements (Policies)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Investments- Debt and Equity Securities Policy	We classify our investments into two categories: equity investments and debt securities. We further classify our debt securities into available-for-sale, held-to-maturity, and trading securities.

Leases, Codification Topic 842

Leases, Codification Topic 842 (Policies)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Lessee, Leases	We lease office space and certain equipment under various operating and finance leases, with most of our lease portfolio consisting of operating leases for office space. We determine whether an arrangement is, or includes, an embedded lease at contract inception. Operating lease assets and lease liabilities are recognized at the commencement date and are initially measured using the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term. For finance leases, we also recognize a finance lease asset and finance lease liability at inception, with lease expense recognized as interest expense and amortization. A contract is or contains an embedded lease if the contract meets all the below criteria: • there is an identified asset; • we obtain substantially all the economic benefits of the asset; and • we have the right to direct the use of the asset. For initial measurement of the present value of lease payments and for subsequent measurement of lease modifications, we are required to use the rate implicit in the lease, if available. However, as most of our leases do not provide an implicit rate, we use our incremental borrowing rate, which is a collateralized rate. To apply the incremental borrowing rate, we used a portfolio approach and grouped leases based on similar lease terms in a manner whereby we reasonably expect that the application does not differ materially from a lease-by-lease approach.

Credit Arrangements (Tables)

Credit Arrangements (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Summary of Total Debt and Long-term Debt	The following table summarizes our debt as of September 30, 2024 and December 31, 2023: (in millions) As of September 30, 2024 As of December 31, 2023 Amended 2022 Term Facility, net of unamortized debt issuance costs of $0.4 million and $0.5 million, respectively $ 515.9 $ 608.9 Amended 2022 Revolving Credit Facility — 15.0 2.32% Senior Notes due October 26, 2030, net of unamortized debt issuance costs of $1.2 million and $1.5 million, respectively 348.8 348.5 Total debt $ 864.7 $ 972.4

Acquisitions, Goodwill and Ot_2

Acquisitions, Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	(in millions) Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other Total Balance as of December 31, 2023 $ 605.5 $ 607.4 $ 94.2 $ 108.6 $ 93.5 $ 1,509.2 $ 69.6 $ 1,578.8 Divestiture of Commodity and Energy Data business (See Note 5) (3.9) — — — — (3.9) — (3.9) Foreign currency translation 3.7 — 0.8 0.1 — 4.6 0.1 4.7 Balance as of September 30, 2024 $ 605.3 $ 607.4 $ 95.0 $ 108.7 $ 93.5 $ 1,509.9 $ 69.7 $ 1,579.6
Schedule of Intangible Assets	The following table summarizes our intangible assets: As of September 30, 2024 As of December 31, 2023 (in millions) Gross Accumulated Amortization Net Weighted Average Useful Gross Accumulated Amortization Net Weighted Average Useful Life (years) Customer-related assets $ 587.9 $ (281.2) $ 306.7 14 $ 601.7 $ (263.8) $ 337.9 14 Technology-based assets 307.2 (204.2) 103.0 8 315.3 (197.0) 118.3 8 Intellectual property & other 91.7 (68.9) 22.8 8 93.2 (65.0) 28.2 8 Total intangible assets $ 986.8 $ (554.3) $ 432.5 12 $ 1,010.2 $ (525.8) $ 484.4 12
Schedule of Intangible Asset, Amortization Expense	The following table summarizes our amortization expense related to intangible assets: Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Amortization expense $ 14.7 $ 17.7 $ 49.9 $ 52.9
Schedule of Expected Amortization Expense	As of September 30, 2024, we expect intangible amortization expense for the remainder of 2024 and subsequent years to be as follows: (in millions) Remainder of 2024 (October 1 through December 31) $ 15.2 2025 56.6 2026 52.8 2027 46.1 2028 42.1 Thereafter 219.7 Total $ 432.5

Income Per Share (Tables)

Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table shows how we reconcile our net income and the number of shares used in computing basic and diluted net income per share: Three months ended September 30, Nine months ended September 30, (in millions, except per share amounts) 2024 2023 2024 2023 Basic net income per share: Consolidated net income $ 119.7 $ 39.1 $ 253.0 $ 67.6 Weighted average common shares outstanding 42.9 42.7 42.8 42.6 Basic net income per share $ 2.79 $ 0.92 $ 5.91 $ 1.59 Diluted net income per share: Consolidated net income $ 119.7 $ 39.1 $ 253.0 $ 67.6 Weighted average common shares outstanding 42.9 42.7 42.8 42.6 Net effect of dilutive stock awards 0.3 0.2 0.3 0.2 Weighted average common shares outstanding for computing diluted income per share 43.2 42.9 43.1 42.8 Diluted net income per share $ 2.77 $ 0.91 $ 5.87 $ 1.58

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue. Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Revenue by Type: (1) License-based $ 408.8 $ 384.5 $ 1,210.7 $ 1,124.5 Asset-based 83.8 71.5 245.5 204.1 Transaction-based 76.8 59.5 227.9 171.3 Consolidated revenue $ 569.4 $ 515.5 $ 1,684.1 $ 1,499.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	We expect to recognize revenue related to our contract liabilities, including future billings, for the remainder of 2024 and subsequent years as follows: (in millions) As of September 30, 2024 Remainder of 2024 (October 1 through December 31) $ 364.9 2025 721.0 2026 201.6 2027 41.4 2028 9.5 Thereafter 21.8 Total $ 1,360.2
Summary of Contract Assets and Change in Deferred Commissions	The following table summarizes our contract assets balance: (in millions) As of September 30, 2024 As of December 31, 2023 Accounts receivable, less allowance for credit losses $ 328.4 $ 343.9 Deferred commissions 68.4 71.2 Total contract assets $ 396.8 $ 415.1

Segment and Geographical Area_2

Segment and Geographical Area Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	The tables below summarize our revenue, long-lived assets, which includes property, equipment, and capitalized software, net, and operating lease assets by geographical area: Revenue by geographical area Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 United States $ 411.3 $ 370.7 $ 1,212.5 $ 1,083.5 Asia 11.9 13.0 37.6 36.7 Australia 16.3 14.5 47.0 43.5 Canada 33.0 28.8 103.4 86.2 Continental Europe 51.6 47.3 151.4 136.0 United Kingdom 42.1 38.4 123.0 106.2 Other 3.2 2.8 9.2 7.8 Total International 158.1 144.8 471.6 416.4 Consolidated revenue $ 569.4 $ 515.5 $ 1,684.1 $ 1,499.9 Property, equipment, and capitalized software, net by geographical area (in millions) As of September 30, 2024 As of December 31, 2023 United States $ 187.1 $ 178.5 Asia 9.2 9.9 Australia 1.8 1.9 Canada 2.3 3.6 Continental Europe 5.4 6.5 United Kingdom 6.5 7.2 Other 0.1 0.1 Total International 25.3 29.2 Consolidated property, equipment, and capitalized software, net $ 212.4 $ 207.7 Operating lease assets by geographical area (in millions) As of September 30, 2024 As of December 31, 2023 United States $ 96.1 $ 100.7 Asia 11.3 16.5 Australia 2.6 3.2 Canada 13.2 8.2 Continental Europe 17.9 18.1 United Kingdom 16.2 16.9 Other 0.2 0.3 Total International 61.4 63.2 Consolidated operating lease assets $ 157.5 $ 163.9
Schedule of Segment Reporting Information, by Segment	The following tables present information about the company’s reportable segments for the three and nine months ended September 30, 2024 and 2023, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM. Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Revenue: Morningstar Data and Analytics $ 198.5 $ 188.7 $ 592.1 $ 554.5 PitchBook 156.6 139.6 455.9 407.5 Morningstar Wealth 61.8 58.0 183.4 168.7 Morningstar Credit 70.9 52.9 208.8 153.9 Morningstar Retirement 31.8 27.7 93.5 80.3 Total Reportable Segments $ 519.6 $ 466.9 $ 1,533.7 $ 1,364.9 Corporate and All Other (1) 49.8 48.6 150.4 135.0 Total Revenue $ 569.4 $ 515.5 $ 1,684.1 $ 1,499.9 Adjusted Operating Income (Loss): Morningstar Data and Analytics $ 91.4 $ 88.4 $ 269.9 $ 249.4 PitchBook 50.4 39.1 137.7 106.7 Morningstar Wealth (0.7) (8.2) (8.5) (35.1) Morningstar Credit 15.2 2.8 55.4 3.8 Morningstar Retirement 16.9 14.7 48.4 39.3 Total Reportable Segments $ 173.2 $ 136.8 $ 502.9 $ 364.1 Less reconciling items to Operating Income: Corporate and All Other (2) $ (42.9) $ (44.8) $ (130.8) $ (150.6) Intangible amortization expense (3) (14.7) (17.7) (49.9) (52.9) M&A-related expenses (4) (0.1) (1.7) (5.6) (8.9) Severance and personnel expenses (5) — (1.3) — (5.4) Transformation costs (5) — (0.6) — (7.0) Asset impairment costs (5) — (0.7) — (3.1) Operating Income 115.5 70.0 316.6 136.2 Non-operating expense, net 36.4 (12.6) 11.8 (45.0) Equity in investments of unconsolidated entities (2.6) (1.6) (5.3) (4.7) Income before income taxes $ 149.3 $ 55.8 $ 323.1 $ 86.5 ____________________________________________________________________________________________ (1) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. Revenue from Morningstar Sustainalytics was $27.9 million and $31.0 million for the three months ended September 30, 2024 and 2023, respectively, and $87.9 million and $87.8 million for the nine months ended September 30, 2024 and 2023, respectively. Revenue from Morningstar Indexes was $21.9 million and $17.6 million for the three months ended September 30, 2024 and 2023, respectively, and $62.5 million and $47.2 million for the nine months ended September 30, 2024 and 2023, respectively. (2) Corporate and All Other includes unallocated corporate expenses as well as adjusted operating income (loss) from Morningstar Sustainalytics and Morningstar Indexes. During the third quarter of 2024 and 2023, unallocated corporate expenses were $43.5 million and $36.3 million, respectively. During first nine months of 2024 and 2023, unallocated corporate expenses were $130.4 million and $111.4 million, respectively. Unallocated corporate expenses include finance, human resources, legal, marketing, and other management-related costs that are not considered when segment performance is evaluated. (3) Excludes finance lease a mortization expense of $0.1 million and $0.5 million during the three months ended September 30, 2024 and 2023, respectively, and $0.5 million and $1.0 million during the nine months ended September 30, 2024 and 2023 , respectively. (4) Reflects non-recurring expenses related to merger, acquisition, and divestiture activity including pre-deal due diligence, transaction costs, severance, and post-close integration costs. (5) Reflects costs associated with the significant reduction of the company's operations in Shenzhen, China and the shift of work related to its global business functions to other Morningstar locations. Severance and personnel expenses include severance charges, incentive payments related to early signing of severance agreements, transition bonuses, and stock-based compensation related to the accelerated vesting of RSU and MSU awards. In addition, the reversal of accrued sabbatical liabilities is included in this category. Transformation costs include professional fees and the temporary duplication of headcount. As the company hired replacement roles in other markets and shifted capabilities, it employed certain Shenzhen-based staff through the transition period, which resulted in elevated compensation costs on a temporary basis. Asset impairment costs include the write-off or accelerated depreciation of fixed assets in the Shenzhen, China office that were not redeployed, in addition to lease abandonment costs as the company downsized its office space prior to the lease termination date.
Disaggregation of Revenue by Reportable Segment	The following tables present segment revenue disaggregated by revenue type: Three months ended September 30, 2024 (in millions) Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other (6) Total Revenue by Type: (7) License-based $ 198.5 $ 154.7 $ 20.1 $ 4.3 $ 0.4 $ 378.0 $ 30.8 $ 408.8 Asset-based — — 35.5 — 31.4 66.9 16.9 83.8 Transaction-based — 1.9 6.2 66.6 — 74.7 2.1 76.8 Total $ 198.5 $ 156.6 $ 61.8 $ 70.9 $ 31.8 $ 519.6 $ 49.8 $ 569.4 Nine months ended September 30, 2024 (in millions) Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other (6) Total Revenue by Type: (7) License-based $ 590.9 $ 450.4 $ 60.5 $ 12.2 $ 1.4 $ 1,115.4 $ 95.3 $ 1,210.7 Asset-based — — 104.9 — 92.1 197.0 48.5 245.5 Transaction-based 1.2 5.5 18.0 196.6 — 221.3 6.6 227.9 Total $ 592.1 $ 455.9 $ 183.4 $ 208.8 $ 93.5 $ 1,533.7 $ 150.4 $ 1,684.1 Three months ended September 30, 2023 Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other (6) Total Revenue by Type: (7) License-based $ 188.7 $ 139.6 $ 20.2 $ 3.0 $ 0.5 $ 352.0 $ 32.5 $ 384.5 Asset-based — — 31.2 — 27.2 58.4 13.1 71.5 Transaction-based — — 6.6 49.9 — 56.5 3.0 59.5 Total $ 188.7 $ 139.6 $ 58.0 $ 52.9 $ 27.7 $ 466.9 $ 48.6 $ 515.5 Nine months ended September 30, 2023 (in millions) Morningstar Data and Analytics PitchBook Morningstar Wealth Morningstar Credit Morningstar Retirement Total Reportable Segments Corporate and All Other (6) Total Revenue by Type: (7) License-based $ 553.1 $ 407.5 $ 60.6 $ 8.7 $ 1.4 $ 1,031.3 $ 93.2 $ 1,124.5 Asset-based — — 90.2 — 78.7 168.9 35.2 204.1 Transaction-based 1.4 — 17.9 145.2 0.2 164.7 6.6 171.3 Total $ 554.5 $ 407.5 $ 168.7 $ 153.9 $ 80.3 $ 1,364.9 $ 135.0 $ 1,499.9 ____________________________________________________________________________________________ (6) Corporate and All Other provides a reconciliation between revenue from our Total Reportable Segments and consolidated revenue amounts. Corporate and All Other includes Morningstar Sustainalytics and Morningstar Indexes as sources of revenues. (7) Starting with the quarter ended March 31, 2024, revenue from PitchBook's media sales product was reclassified from license-based to transaction-based. Prior periods have not been restated to reflect the updated classifications.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Assets and Liabilities, Lessee	The following table summarizes the weighted-average remaining lease terms and weighted-average discount rates for our operating leases: As of September 30, 2024 Weighted-average remaining lease term (in years) 5.6 Weighted-average discount rate 4.2 %
Lessee, Operating Lease, Liability, Maturity	The following table shows our minimum future lease commitments due in each of the next five years and thereafter for operating leases: Minimum Future Lease Commitments (in millions) Operating Leases Remainder of 2024 (October 1 through December 31) $ 9.3 2025 40.3 2026 42.8 2027 33.9 2028 26.9 Thereafter 48.4 Total minimum lease commitments 201.6 Adjustment for discount to present value 23.7 Present value of lease liabilities $ 177.9

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule Of Compensation Cost By Expense Category	The following table summarizes the stock-based compensation expense included in each of our operating expense categories: Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Cost of revenue $ 6.5 $ 7.1 $ 18.1 $ 19.3 Sales and marketing 2.5 2.3 7.0 6.4 General and administrative 4.2 5.3 13.7 16.0 Total stock-based compensation expense $ 13.2 $ 14.7 $ 38.8 $ 41.7

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	The following table shows our effective tax rate for the three months and nine months ended September 30, 2024 and September 30, 2023: Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Income before income taxes and equity in investments of unconsolidated entities $ 151.9 $ 57.4 $ 328.4 $ 91.2 Equity in investments of unconsolidated entities (2.6) (1.6) (5.3) (4.7) Income before income taxes $ 149.3 $ 55.8 $ 323.1 $ 86.5 Income tax expense $ 29.6 $ 16.7 $ 70.1 $ 18.9 Effective tax rate 19.8 % 29.9 % 21.7 % 21.8 %
Schedule of Gross Unrecognized Tax Benefits	The table below provides information concerning our gross unrecognized tax benefits as of September 30, 2024 and December 31, 2023, as well as the effect these gross unrecognized tax benefits would have on our income tax expense, if they were recognized. (in millions) As of September 30, 2024 As of December 31, 2023 Gross unrecognized tax benefits $ 14.5 $ 13.0 Gross unrecognized tax benefits that would affect income tax expense $ 14.5 $ 13.0 Decrease in income tax expense upon recognition of gross unrecognized tax benefits $ 14.2 $ 12.8
Schedule of Liabilities for Unrecognized Tax Benefits	Our Unaudited Consolidated Balance Sheets include the following liabilities for unrecognized tax benefits. These amounts include interest and penalties, less any associated tax benefits. Liabilities for Unrecognized Tax Benefits (in millions) As of September 30, 2024 As of December 31, 2023 Current liability $ 7.6 $ 6.2 Non-current liability 9.0 8.3 Total liability for unrecognized tax benefits $ 16.6 $ 14.5

Credit Arrangements - Schedule

Credit Arrangements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2022	May 06, 2022	Oct. 26, 2020
Debt Instrument [Line Items]
Long-term debt	$ 864.7	$ 940.3
Long-term debt	864.7	972.4
Debt Instrument, Interest Rate, Stated Percentage					2.32%
Maximum borrowing capacity			$ 650
Medium-term Notes [Member] | Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term debt	515.9	608.9
Debt Issuance Costs, Gross	0.4	0.5
Notes Payable, Other Payables | Private Placement
Debt Instrument [Line Items]
Long-term debt	348.8	348.5
Debt Issuance Costs, Gross	$ 1.2	$ 1.5
Debt Instrument, Interest Rate, Stated Percentage	2.32%	2.32%
Revolving Credit Facility | Line of Credit [Member] | July 2019 Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Long-term debt		$ 15
Revolving Credit Facility | Line of Credit [Member] | May 2022 Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt	$ 0
Maximum borrowing capacity				$ 450

Credit Arrangements (Details)

Credit Arrangements (Details) - USD ($) $ in Millions		9 Months Ended
	May 06, 2022	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2022	Oct. 26, 2020
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 650
Remaining borrowing capacity		$ 650
Long-term debt, outstanding		515.9
Debt Instrument, Interest Rate, Stated Percentage					2.32%
Long-term debt		864.7	$ 940.3
Medium-term Notes [Member] | Term Loan Facility [Member]
Line of Credit Facility [Line Items]
Long-term debt		$ 515.9	608.9
Line of Credit [Member] | Credit Agreement [Member] | Maximum [member] | Lender's base rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate debt		0.38%
Line of Credit [Member] | Credit Agreement [Member] | Maximum [member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate debt		1.48%
Line of Credit [Member] | Credit Agreement [Member] | Minimum [Member] | Lender's base rate [Member]
Line of Credit Facility [Line Items]
Basis spread on variable rate debt		0%
Line of Credit [Member] | Credit Agreement [Member] | Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate debt		1%
Line of Credit [Member] | July 2019 Revolving Credit Facility [Member] | Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt			$ 15
Line of Credit [Member] | May 6, 2022 Credit Agreement | Line of Credit [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Term	5 years
Maximum borrowing capacity	$ 1,100
Line of Credit [Member] | May 2022 Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	450
Long-term debt		$ 0
Line of Credit [Member] | September 30, 2022, Credit Agreement Second Amendment | Line of Credit [Member]
Line of Credit Facility [Line Items]
Maximum borrowing capacity				$ 1,300
Notes Payable, Other Payables | Private Placement
Line of Credit Facility [Line Items]
Other Long-term Debt					$ 350
Debt Instrument, Interest Rate, Stated Percentage		2.32%	2.32%
Long-term debt		$ 348.8	$ 348.5
Long-Term Debt | May 6, 2022 Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 650

Acquisitions, Goodwill and Ot_3

Acquisitions, Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) segments	Sep. 30, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill, impairment loss | $	$ 0	$ 0
Number of Reportable Segments	5
Number of Reportable Segments	5

Acquisitions, Goodwill and Ot_4

Acquisitions, Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Business Acquisition [Line Items]
Goodwill	$ 1,579.6
Goodwill, Written off Related to Sale of Business Unit	(3.9)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,578.8
Foreign currency translation	4.7
Goodwill, Ending Balance	1,579.6
Operating Segments
Business Acquisition [Line Items]
Goodwill	1,509.9
Goodwill, Written off Related to Sale of Business Unit	(3.9)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	1,509.2
Foreign currency translation	4.6
Goodwill, Ending Balance	1,509.9
Morningstar Data and Analytics Segment | Operating Segments
Business Acquisition [Line Items]
Goodwill	605.3
Goodwill, Written off Related to Sale of Business Unit	(3.9)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	605.5
Foreign currency translation	3.7
Goodwill, Ending Balance	605.3
PitchBook Segment | Operating Segments
Business Acquisition [Line Items]
Goodwill	607.4
Goodwill, Written off Related to Sale of Business Unit	0
Goodwill [Roll Forward]
Goodwill, Beginning Balance	607.4
Foreign currency translation	0
Goodwill, Ending Balance	607.4
Morningstar Credit Segment | Operating Segments
Business Acquisition [Line Items]
Goodwill	108.7
Goodwill, Written off Related to Sale of Business Unit	0
Goodwill [Roll Forward]
Goodwill, Beginning Balance	108.6
Foreign currency translation	0.1
Goodwill, Ending Balance	108.7
Morningstar Wealth Segment | Operating Segments
Business Acquisition [Line Items]
Goodwill	95
Goodwill, Written off Related to Sale of Business Unit	0
Goodwill [Roll Forward]
Goodwill, Beginning Balance	94.2
Foreign currency translation	0.8
Goodwill, Ending Balance	95
Morningstar Retirement Segment | Operating Segments
Business Acquisition [Line Items]
Goodwill	93.5
Goodwill, Written off Related to Sale of Business Unit	0
Goodwill [Roll Forward]
Goodwill, Beginning Balance	93.5
Foreign currency translation	0
Goodwill, Ending Balance	93.5
Corporate and Other | Operating Segments
Business Acquisition [Line Items]
Goodwill	69.7
Goodwill, Written off Related to Sale of Business Unit	0
Goodwill [Roll Forward]
Goodwill, Beginning Balance	69.6
Foreign currency translation	0.1
Goodwill, Ending Balance	$ 69.7

Acquisitions, Goodwill and Ot_5

Acquisitions, Goodwill and Other Intangible Assets (Schedule of Intangible Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 986.8	$ 1,010.2
Accumulated Amortization	(554.3)	(525.8)
Total	$ 432.5	$ 484.4
Weighted-Average Useful Life (years)	12 years	12 years
Customer-related assets
Finite-Lived Intangible Assets [Line Items]
Gross	$ 587.9	$ 601.7
Accumulated Amortization	(281.2)	(263.8)
Total	$ 306.7	$ 337.9
Weighted-Average Useful Life (years)	14 years	14 years
Intellectual property & other
Finite-Lived Intangible Assets [Line Items]
Gross	$ 91.7	$ 93.2
Accumulated Amortization	(68.9)	(65)
Total	$ 22.8	$ 28.2
Weighted-Average Useful Life (years)	8 years	8 years
Technology-Based Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Gross	$ 307.2	$ 315.3
Accumulated Amortization	(204.2)	(197)
Total	$ 103	$ 118.3
Weighted-Average Useful Life (years)	8 years	8 years

Acquisitions, Goodwill and Ot_6

Acquisitions, Goodwill and Other Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14.7	$ 17.7	$ 49.9	$ 52.9
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024 (October 1 through December 31)	15.2		15.2
2025	56.6		56.6
2026	52.8		52.8
2027	46.1		46.1
2028	42.1		42.1
Thereafter	219.7		219.7
Total	$ 432.5		$ 432.5		$ 484.4

Acquisitions, Goodwill and Ot_7

Acquisitions, Goodwill and Other Intangible Assets - Acquired Intangibles (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 986.8	$ 1,010.2
Accumulated Amortization	(554.3)	(525.8)
Intangible assets, net	$ 432.5	$ 484.4
Weighted-Average Useful Life (years)	12 years	12 years
Customer-related assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 587.9	$ 601.7
Accumulated Amortization	(281.2)	(263.8)
Intangible assets, net	$ 306.7	$ 337.9
Weighted-Average Useful Life (years)	14 years	14 years
Intellectual property & other
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 91.7	$ 93.2
Accumulated Amortization	(68.9)	(65)
Intangible assets, net	$ 22.8	$ 28.2
Weighted-Average Useful Life (years)	8 years	8 years
Technology-Based Intangible Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross	$ 307.2	$ 315.3
Accumulated Amortization	(204.2)	(197)
Intangible assets, net	$ 103	$ 118.3
Weighted-Average Useful Life (years)	8 years	8 years

Business Combinations, Asset Ac

Business Combinations, Asset Acquisitions, and Joint Venture Formation (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Gain on sale of business		$ 45.3	$ 0	$ 45.3	$ 0
Proceeds from sale of business	$ 52.4			$ 52.2	$ 0

Income Per Share (Details)

Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share, Basic [Abstract]
Consolidated net income	$ 119.7	$ 69.1	$ 64.2	$ 39.1	$ 36.1	$ (7.6)	$ 253	$ 67.6
Weighted average common shares outstanding	42.9			42.7			42.8	42.6
Basic net income per share attributable to Morningstar, Inc.	$ 2.79			$ 0.92			$ 5.91	$ 1.59
Earnings Per Share, Diluted [Abstract]
Consolidated net income	$ 119.7			$ 39.1			$ 253	$ 67.6
Weighted average common shares outstanding	42.9			42.7			42.8	42.6
Net effect of dilutive stock options and restricted stock units	0.3			0.2			0.3	0.2
Weighted average common shares outstanding for computing diluted income per share	43.2			42.9			43.1	42.8
Diluted net income per share attributable to Morningstar, Inc.	$ 2.77			$ 0.91			$ 5.87	$ 1.58

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenue) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Consolidated revenue	$ 569.4	$ 515.5	$ 1,684.1	$ 1,499.9
License-based
Disaggregation of Revenue [Line Items]
Consolidated revenue	408.8	384.5	1,210.7	1,124.5
Asset-based
Disaggregation of Revenue [Line Items]
Consolidated revenue	83.8	71.5	245.5	204.1
Transaction-based
Disaggregation of Revenue [Line Items]
Consolidated revenue	$ 76.8	$ 59.5	$ 227.9	$ 171.3

Revenue (Disaggregation of Re_2

Revenue (Disaggregation of Revenue, Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	$ 569.4	$ 515.5	$ 1,684.1	$ 1,499.9
Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	1 year		1 year
Maximum [member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	3 years		3 years
Licensed-based Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	$ 408.8	384.5	$ 1,210.7	1,124.5
Licensed-based Revenue | Minimum [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	1 year		1 year
Licensed-based Revenue | Maximum [member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	3 years		3 years
Asset-based Revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues	$ 83.8	$ 71.5	$ 245.5	$ 204.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	2 years		2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	3 years		3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	4 years		4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue performance period	5 years		5 years

Revenue (Schedule of Contract L

Revenue (Schedule of Contract Liabilities) (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,360.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 364.9
Revenue performance period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 721
Revenue performance period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 201.6
Revenue performance period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 41.4
Revenue performance period	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 9.5
Revenue performance period	4 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 21.8
Revenue performance period	5 years

Revenue (Contract Liabilities,

Revenue (Contract Liabilities, Additional Information Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Increase in contract liabilities from cash payments received	$ 18.6
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized	453.6
Accounts payable and accrued liabilities	$ 562.6
Revenue	Revenue Disaggregation of Revenue The following table presents our revenue disaggregated by revenue type. Sales and usage-based taxes are excluded from revenue. Three months ended September 30, Nine months ended September 30, (in millions) 2024 2023 2024 2023 Revenue by Type: (1) License-based $ 408.8 $ 384.5 $ 1,210.7 $ 1,124.5 Asset-based 83.8 71.5 245.5 204.1 Transaction-based 76.8 59.5 227.9 171.3 Consolidated revenue $ 569.4 $ 515.5 $ 1,684.1 $ 1,499.9 ____________________________________________________________________________________________ (1) Starting with the quarter ended March 31, 2024, revenue from PitchBook media sales product was reclassified from license-based to transaction-based. Prior periods have not been restated to reflect the updated classifications. License-based performance obligations are generally satisfied over time as the customer has access to the product or service during the term of the subscription license and the level of service is consistent during the contract period. License-based agreements typically have a term of 1 to 3 years and are accounted for as subscription services available to customers and not as a license under the accounting guidance. Asset-based performance obligations are satisfied over time as the customer receives continuous access to a service for the term of the agreement. Asset-based arrangements typically have a term of 1 to 3 years. Asset-based fees represent variable consideration, and the customer does not make separate purchasing decisions that result in additional performance obligations. Significant changes in the underlying fund assets and significant disruptions in the market are evaluated to determine whether estimates of earned asset-based fees need to be revised for the current quarter. The timing of client asset reporting and the structure of certain contracts can result in a lag between market movements and the impact on earned revenue. An estimate of variable consideration is included in the initial transaction price only to the extent it is probable that a significant reversal in the amount of the revenue recognized will not occur. Estimates of asset-based fees are based on the most recently completed quarter and, as a result, it is unlikely a significant reversal of revenue would occur. Transaction-based performance obligations are satisfied when the product or service is completed or delivered. Some transaction-based revenue includes revenue from surveillance services, which is recognized over time, as the customer has access to the service during the surveillance period. Contract Liabilities Our contract liabilities represent deferred revenue. We record contract liabilities when cash payments are received or due in advance of our performance, including amounts which may be refundable. The contract liabilities balance as of September 30, 2024 had a net increase of $18.6 million, primarily driven by cash payments received or payable in advance of satisfying our performance obligations. We reco gn ized $453.6 million of revenue in the nine months ended September 30, 2024 that was included in the contract liabilities balance as of December 31, 2023. We expect to recognize revenue related to our contract liabilities, including future billings, for the remainder of 2024 and subsequent years as follows: (in millions) As of September 30, 2024 Remainder of 2024 (October 1 through December 31) $ 364.9 2025 721.0 2026 201.6 2027 41.4 2028 9.5 Thereafter 21.8 Total $ 1,360.2 The aggregate amount of revenue we expect to recognize for the remainder of 2024 and subsequent years is higher than our contract liability balance of $562.6 million as of September 30, 2024. The difference represents the value of future obligations for signed contracts that have yet to be billed. The table above does not include variable consideration for unsatisfied performance obligations related to certain of our license-based, asset-based, and transaction-based contracts as of September 30, 2024. We are applying the optional exemption available under ASC Topic 606, as the variable consideration relates to these unsatisfied performance obligations being fulfilled as a series. The performance obligations related to these contracts are expected to be satisfied over the next 1 to 3 years as services are provided to the client. For license-based contracts, the consideration received for services performed is based on the number of future users, which is not known until the services are performed. The variable consideration for this revenue can be affected by the number of user licenses, which cannot be reasonably estimated. For asset-based contracts, the consideration received for services performed is based on future asset values, which are not known until the services are performed. The variable consideration for this revenue can be affected by changes in th e underlying value of fund assets due to client redemptions, additional investments, or movements in the market. For transaction-based contracts, the consideration receive d for most Internet advertising servic es performed is based on the number of impressions, which is not known until the impressions are created. The variable consideration for this revenue can be affected by the timing and quantity of impressions in any given period and cannot be reasonably estimated. As of September 30, 2024, the table above also does not include revenue for unsatisfied performance obligations related to certain of our license-based and transaction-based contracts with durations of one year or less since we are applying the optional exemption under ASC Topic 606. For certain license-based contracts, the remaining performance obligation is expected to be less than one year based on the corresponding subscription terms or the existence of cancellation terms that may be exercised causing the contract term to be less than one year from September 30, 2024. For transaction-based contracts, such as new credit rating issuances and Morningstar-sponsored conferences, the related performance obligations are expected to be satisfied within the next 12 months. Contract Assets Our contract assets represent accounts receivable, less allowance for credit losses, and deferred commissions. The following table summarizes our contract assets balance: (in millions) As of September 30, 2024 As of December 31, 2023 Accounts receivable, less allowance for credit losses $ 328.4 $ 343.9 Deferred commissions 68.4 71.2 Total contract assets $ 396.8 $ 415.1

Revenue (Summary of Contract As

Revenue (Summary of Contract Assets) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accounts receivable, less allowance for credit losses	$ 328.4	$ 343.9
Deferred commissions, current and non-current	68.4	71.2
Total contract assets	$ 396.8	$ 415.1

Segment and Geographical Area_3

Segment and Geographical Area Information (Segment Profitability Details) $ in Millions, ¥ in Billions					3 Months Ended		9 Months Ended
	Apr. 19, 2023 USD ($)	Apr. 19, 2023 JPY (¥)	Apr. 06, 2023 USD ($)	Apr. 06, 2023 JPY (¥)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segments	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of Reportable Segments | segments							5
Number of Operating Segments | segments							7
Segment Reporting Information [Line Items]
Document Period End Date							Sep. 30, 2024
Revenue					$ 569.4	$ 515.5	$ 1,684.1	$ 1,499.9
Amortization expense					(14.7)	(17.7)	(49.9)	(52.9)
Business Combination, Acquisition and Integration Related Costs					(0.1)	(1.7)	(5.6)	(8.9)
Severance and personnel expenses					0	(1.3)	0	(5.4)
Business Exit Costs	$ (14.8)	¥ (2)	$ (45.1)	¥ (6)	0	(0.6)	0	(7)
Asset Impairment Charges					0	(0.7)	0	(3.1)
Operating income					115.5	70	316.6	136.2
Nonoperating Income (Expense)					36.4	(12.6)	11.8	(45)
Equity in investments of unconsolidated entities					(2.6)	(1.6)	(5.3)	(4.7)
Income Loss From Continuing Operations Before Income Taxes Domestic And Foreign					149.3	55.8	323.1	86.5
Unallocated Corporate Expenses					43.5	36.3	130.4	111.4
Finance Lease, Right-of-Use Asset, Amortization					0.1	0.5	0.5	1
Sustainalytics
Segment Reporting Information [Line Items]
Revenue					27.9	31	87.9	87.8
Morningstar Indexes [Member]
Segment Reporting Information [Line Items]
Revenue					21.9	17.6	62.5	47.2
Operating Segments
Segment Reporting Information [Line Items]
Revenue					519.6	466.9	1,533.7	1,364.9
Reportable Segment Profitability					173.2	136.8	502.9	364.1
Morningstar Data and Analytics Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue					198.5	188.7	592.1	554.5
Reportable Segment Profitability					91.4	88.4	269.9	249.4
PitchBook Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue					156.6	139.6	455.9	407.5
Reportable Segment Profitability					50.4	39.1	137.7	106.7
Morningstar Credit Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue					70.9	52.9	208.8	153.9
Reportable Segment Profitability					15.2	2.8	55.4	3.8
Corporate and Other | Operating Segments
Segment Reporting Information [Line Items]
Revenue					49.8	48.6	150.4	135
Reportable Segment Profitability					(42.9)	(44.8)	(130.8)	(150.6)
Morningstar Wealth Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue					61.8	58	183.4	168.7
Reportable Segment Profitability					(0.7)	(8.2)	(8.5)	(35.1)
Morningstar Retirement Segment | Operating Segments
Segment Reporting Information [Line Items]
Revenue					31.8	27.7	93.5	80.3
Reportable Segment Profitability					$ 16.9	$ 14.7	$ 48.4	$ 39.3

Segment Reporting (Segment Reve

Segment Reporting (Segment Revenue by Type Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	$ 569.4	$ 515.5	$ 1,684.1	$ 1,499.9
Operating Segments
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	519.6	466.9	1,533.7	1,364.9
Morningstar Data and Analytics Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	198.5	188.7	592.1	554.5
PitchBook Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	156.6	139.6	455.9	407.5
Morningstar Credit Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	70.9	52.9	208.8	153.9
Morningstar Wealth Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	61.8	58	183.4	168.7
Morningstar Retirement Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	31.8	27.7	93.5	80.3
Corporate and Other
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	49.8	48.6	150.4	135
License-based
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	408.8	384.5	1,210.7	1,124.5
License-based | Operating Segments
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	378	352	1,115.4	1,031.3
License-based | Morningstar Data and Analytics Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	198.5	188.7	590.9	553.1
License-based | PitchBook Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	154.7	139.6	450.4	407.5
License-based | Morningstar Credit Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	4.3	3	12.2	8.7
License-based | Morningstar Wealth Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	20.1	20.2	60.5	60.6
License-based | Morningstar Retirement Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	0.4	0.5	1.4	1.4
License-based | Corporate and Other
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	30.8	32.5	95.3	93.2
Asset-based
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	83.8	71.5	245.5	204.1
Asset-based | Operating Segments
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	66.9	58.4	197	168.9
Asset-based | Morningstar Data and Analytics Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	0	0	0	0
Asset-based | PitchBook Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	0	0	0	0
Asset-based | Morningstar Credit Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	0	0	0	0
Asset-based | Morningstar Wealth Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	35.5	31.2	104.9	90.2
Asset-based | Morningstar Retirement Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	31.4	27.2	92.1	78.7
Asset-based | Corporate and Other
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	16.9	13.1	48.5	35.2
Transaction-based
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	76.8	59.5	227.9	171.3
Transaction-based | Operating Segments
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	74.7	56.5	221.3	164.7
Transaction-based | Morningstar Data and Analytics Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	0	0	1.2	1.4
Transaction-based | PitchBook Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	1.9	0	5.5	0
Transaction-based | Morningstar Credit Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	66.6	49.9	196.6	145.2
Transaction-based | Morningstar Wealth Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	6.2	6.6	18	17.9
Transaction-based | Morningstar Retirement Segment
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	0	0	0	0.2
Transaction-based | Corporate and Other
Disaggregation of Revenue by Reportable Segment [Line Items]
Consolidated revenue	$ 2.1	$ 3	$ 6.6	$ 6.6

Segment and Geographical Area_4

Segment and Geographical Area Information (External Revenue and Long-Lived Assets) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
External revenue	$ 569.4	$ 515.5	$ 1,684.1	$ 1,499.9
Long-lived assets	212.4		212.4		$ 207.7
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
External revenue	411.3	370.7	1,212.5	1,083.5
Long-lived assets	187.1		187.1		178.5
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
External revenue	158.1	144.8	471.6	416.4
Long-lived assets	25.3		25.3		29.2
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
External revenue	42.1	38.4	123	106.2
Long-lived assets	6.5		6.5		7.2
Continental Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
External revenue	51.6	47.3	151.4	136
Long-lived assets	5.4		5.4		6.5
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
External revenue	16.3	14.5	47	43.5
Long-lived assets	1.8		1.8		1.9
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
External revenue	33	28.8	103.4	86.2
Long-lived assets	2.3		2.3		3.6
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
External revenue	11.9	13	37.6	36.7
Long-lived assets	9.2		9.2		9.9
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
External revenue	3.2	$ 2.8	9.2	$ 7.8
Long-lived assets	$ 0.1		$ 0.1		$ 0.1

Segment and Geographical Area_5

Segment and Geographical Area Information Segment and Geographical Area Information - Operating Lease Assets by Geographical Area (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated operating lease assets	$ 157.5	$ 163.9
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated operating lease assets	96.1	100.7
Total International
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated operating lease assets	61.4	63.2
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated operating lease assets	16.2	16.9
Continental Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated operating lease assets	17.9	18.1
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated operating lease assets	2.6	3.2
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated operating lease assets	13.2	8.2
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated operating lease assets	11.3	16.5
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Consolidated operating lease assets	$ 0.2	$ 0.3

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment balances	$ 48.8	$ 51.1

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Details) $ in Millions, ¥ in Billions							1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Apr. 19, 2023 USD ($)	Apr. 19, 2023 JPY (¥)	Apr. 06, 2023 USD ($)	Apr. 06, 2023 JPY (¥)	Feb. 28, 2023 USD ($) shares	Jan. 27, 2023 JPY (¥) shares	Mar. 31, 2023	Feb. 27, 2023	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investments in Unconsolidated Entities [Line Items]
Business Exit Costs	$ 14.8	¥ 2	$ 45.1	¥ 6					$ 0	$ 0.6	$ 0	$ 7
Investments in unconsolidated entities									96		96		$ 100.2
Sale of Stock, Percentage of Ownership after Transaction							13.20%
Sale of Stock, Percentage of Ownership before Transaction								22.10%
Realized gain on sale of investments, reclassified from other comprehensive income									0.5	$ 1.9	$ 3.3	$ 2.4
Equity Method Investments and Joint Ventures Disclosure											Investments in Unconsolidated Entities As of September 30, 2024 and December 31, 2023, our investment in unconsolidated entities balance totaled $96.0 million and $100.2 million, respectively. We have investments in both equity method investments and investments in equity securities with and without a readily determinable fair value. The carrying amount of other investments in unconsolidated entities without a readily determinable fair value was $50.6 million and $49.9 million as of September 30, 2024 and December 31, 2023, respectively. We did not record any material adjustments or impairment losses in the first nine months of 2024 or 2023. On January 27, 2023, we entered into a Termination Agreement (the Termination Agreement) with Morningstar Japan K.K. (now known as SBI Global Asset Management Co., Ltd. (Wealth Advisors)), and a Tender Offer Agreement (the Tender Offer Agreement) with SBI Global Asset Management Co., Ltd. (now known as SBI Asset Management Group Co., Ltd. (SBI)). Pursuant to the Termination Agreement, Wealth Advisors agreed to cease use of the Morningstar brand and Morningstar and Wealth Advisors agreed to terminate the License Agreement originally entered into in 1998. As consideration for the transaction, Morningstar agreed to pay Wealth Advisors 8 billion Japanese yen upon the termination of the license agreement and the achievement of certain conditions related primarily to the termination of the use of the Morningstar brand by Wealth Advisors’ customers. On April 6, 2023, we made the first cash payment of 6 billion Japanese yen ($45.1 million) and on April 19, 2023, we made the second and final cash payment of 2 billion Japanese yen ($14.8 million), pursuant to the Termination Agreement. The expense related to the Termination Agreement is recorded within "Expense from equity method transaction, net" in our Consolidated Statements of Income for the nine months ended September 30, 2023. As part of this transaction, pursuant to the Tender Offer Agreement, Morningstar agreed to tender up to 10 million shares in Wealth Advisors to SBI. The tender offer closed on February 28, 2023, and SBI purchased 8,040,600 shares of Wealth Advisors from Morningstar, resulting in net proceeds of $26.2 million and a pre-tax gain of $18.4 million. The pre-tax gain is recorded within "Expense from equity method transaction, net" in our Consolidated Statements of Income for the nine months ended September 30, 2023. Immediately following the tender offer, the company's ownership percentage in Wealth Advisors decreased to 13.2% from 22.1%, and as a result, we no longer account for our investment in Wealth Advisors as an equity method investment. Each reporting period, we remeasure our remaining investment in Wealth Advisors, an equity security with a readily determinable value, at fair value and recognize unrealized holding gains or losses within "Other income (expense), net" on our Consolidated Statements of Income. During the first quarter of 2023, we recognized an unrealized holding gain of $31.2 million, which is recorded within "Expense from equity method transaction, net" in our Consolidated Statement of Income for the nine months ended September 30, 2023.
Equity Securities without Readily Determinable Fair Value, Amount									50.6		$ 50.6		$ 49.9
Wealth Advisors [Member]
Investments in Unconsolidated Entities [Line Items]
Business Exit Costs | ¥						¥ 8
SBI
Investments in Unconsolidated Entities [Line Items]
Sale of Stock, Number of Shares Issued in Transaction | shares					8,040,600	10,000,000
Sale of Stock, Consideration Received Per Transaction					$ 26.2
Gain on equity method transaction									$ 31.2
Realized gain on sale of investments, reclassified from other comprehensive income											$ 18.4

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 11.2		$ 32	$ 36.3
Variable lease, cost	4.8	$ 4.9	11.1	13.9
Operating lease payments	$ 12.5	$ 11.3	$ 34.6	$ 34.2
Minimum [Member]
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	1 year		1 year
Maximum [member]
Lessee, Lease, Description [Line Items]
Operating lease, weighted average remaining lease term	11 years		11 years

Leases - Operating Lease Minimu

Leases - Operating Lease Minimum Future Lease Commitments (Details) $ in Millions	Sep. 30, 2024 USD ($)
Leases [Abstract]
Remainder of 2019	$ 9.3
2020	40.3
2021	42.8
2022	33.9
2023	26.9
Thereafter	48.4
Total minimum lease commitments	201.6
Adjustment for discount to present value	23.7
Present value of lease liabilities	$ 177.9

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Terms and Discount Rates (Details)	Sep. 30, 2024
Weighted-average remaining lease term (in years)
Weighted-average remaining lease term (in years)	5 years 7 months 6 days
Weighted-average discount rate
Weighted-average discount rate	4.20%

Stock-Based Compensation (Alloc

Stock-Based Compensation (Allocation of Stock-Based Compensation Costs by Plan) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 13.2	$ 14.7	$ 38.8	$ 41.7
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	6.5	7.1	18.1	19.3
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	2.5	2.3	7	6.4
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense	$ 4.2	$ 5.3	$ 13.7	$ 16

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - Restricted Stock Units and Performance Share Awards $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 79.6
Expected amortization period (months)	29 months

Income Taxes (Income Tax Reconc

Income Taxes (Income Tax Reconciliation and Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income before income taxes and equity in net income (loss) of unconsolidated entities	$ 151.9	$ 57.4	$ 328.4	$ 91.2
Equity in investments of unconsolidated entities	(2.6)	(1.6)	(5.3)	(4.7)
Total	149.3	55.8	323.1	86.5
Income tax expense	$ 29.6	$ 16.7	$ 70.1	$ 18.9
Effective income tax rate	19.80%	29.90%	21.70%
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract]
Current liability	$ 7.6		$ 7.6		$ 6.2
Non-current liability	9		9		8.3
Total liability for unrecognized tax benefits	$ 16.6		$ 16.6		14.5
Concentration Risk [Line Items]
Effective Income Tax Rate Reconciliation, Increase (Decrease) From Prior Year, PercentTaxes	(10.10%)		(0.10%)
Unrecognized Tax Benefits	$ 14.5		$ 14.5		13
Total Liability For Unrecognized Tax Benefits	$ 16.6		$ 16.6		$ 14.5
Effective tax rate				21.8
Geographic Concentration Risk | Cash, Cash Equivalents and Investments | Total International
Concentration Risk [Line Items]
Percentage of cash, cash equivalents and investments held by operations outside of US			73%

Income Taxes (Income Tax Contin

Income Taxes (Income Tax Contingency) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Gross unrecognized tax benefits	$ 14.5	$ 13
Gross unrecognized tax benefits that would affect income tax expense	14.5	13
Decrease in income tax expense upon recognition of gross unrecognized tax benefits	$ 14.2	$ 12.8

Contingencies Contingencies (De

Contingencies Contingencies (Details)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Document Period End Date	Sep. 30, 2024

Share Repurchase Program (Detai

Share Repurchase Program (Details) $ in Millions	Sep. 30, 2024 USD ($)
Subsequent Event [Line Items]
Share repurchase program, authorized amount	$ 500
Stock repurchase program, remaining authorized repurchase amount	$ 498.6