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Revenue (Contract Liabilities, Additional Information Narrative) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Increase in contract liabilities from cash payments received $ 52.9
Contract with Customer, Liability, Change in Timeframe, Performance Obligation Satisfied, Revenue Recognized 395.5
Accounts payable and accrued liabilities $ 616.1
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 June 30,Six months ended June 30,
(in millions)2025202420252024
License-based $428.4 $401.7 $846.4 $801.9 
Asset-based82.4 84.7 168.1 161.7 
Transaction-based94.3 85.5 172.5 151.1 
Consolidated revenue$605.1 $571.9 $1,187.0 $1,114.7 

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. As of June 30, 2025, the contract liabilities balance increased $52.9 million from December 31, 2024, primarily driven by cash payments received or payable in advance of satisfying our performance obligations. We recognized $395.5 million of revenue in the six months ended June 30, 2025 that was included in the contract liabilities balance as of December 31, 2024.

We expect to recognize revenue related to our contract liabilities, including future billings, for the remainder of 2025, each of the next four subsequent years and thereafter as follows:

(in millions)As of June 30, 2025
Remainder of 2025 (July 1 through December 31)$703.2 
2026517.4 
2027148.7 
202844.7 
202918.5 
Thereafter21.9 
Total$1,454.4 

The aggregate amount of revenue we expect to recognize for the remainder of 2025 and subsequent years is higher than our contract liability balance of $616.1 million as of June 30, 2025. 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 June 30, 2025. We are applying the optional exemption available under FASB ASC 606 Revenue from Contracts with Customers (FASB ASC 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 certain license-based contracts, variable consideration is received for services performed 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, all 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 the underlying value of fund assets due to client redemptions, additional investments, or movements in the market. For transaction-based contracts, the consideration received for most Internet advertising services 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 June 30, 2025, 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 FASB ASC 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 June 30, 2025. 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 June 30, 2025As of December 31, 2024
Accounts receivable, less allowance for credit losses$384.0 $358.1 
Deferred commissions67.4 65.8 
Total contract assets$451.4 $423.9