Acquisitions, Goodwill, and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2022

Acquisitions, Goodwill, and Other Intangible Assets [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes our allocation of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

	(in millions)
Fair value of consideration	$	645.5
Accounts receivable and other current assets	$	9.7
Intangible assets, net	275.6
Deferred revenue	(25.8)
Total fair value of net assets acquired	$	259.5
Goodwill	$	386.0

The following table summarizes our allocation of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

	(in millions)
Fair value of consideration transferred	$	44.9
Cash and cash equivalents	$	5.5
Accounts receivable and other current and non-current assets	3.3
Intangible assets, net	22.1
Deferred revenue	(0.3)
Deferred tax liability, net	(5.4)
Other current and non-current liabilities	(2.2)
Total fair value of net assets acquired	$	23.0
Goodwill	$	21.9

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The allocation of the estimated fair values of the assets acquired and liabilities assumed includes $275.6 million of acquired intangible assets, as follows:

	(in millions)		Weighted average useful life (years)
Customer-related assets	$	197.3	20
Technology-based assets	65.7		10
Intellectual property	12.6		10
Total intangible assets	$	275.6

The allocation of the estimated fair values of the assets acquired and liabilities assumed includes $22.1 million of acquired intangible assets, as follows:

	(in millions)		Weighted average useful life (years)
Customer-related assets	$	2.9	10
Technology-based assets	19.2		10
Total intangible assets	$	22.1

Schedule of Goodwill

(in millions)	Morningstar Data and Analytics		PitchBook		Morningstar Credit		Morningstar Wealth		Morningstar Retirement		Total Reportable Segments		Corporate and All Other		Total
Balance as of January 1, 2023	$	600.3	$	607.4	$	106.9	$	93.0	$	93.5	$	1,501.1	$	70.6	$	1,571.7
Foreign currency translation	5.2		—		1.7		1.2		—		8.1		(1.0)		7.1
Balance as of December 31, 2023	605.5		607.4		108.6		94.2		93.5		1,509.2		69.6		1,578.8
Divestiture of Commodity and Energy Data business (See Note 10)	(3.9)		—		—		—		—		(3.9)		—		(3.9)
Foreign currency translation	(7.6)		—		(3.4)		(1.5)		—		(12.5)		(0.4)		(12.9)
Balance as of December 31, 2024	$	594.0	$	607.4	$	105.2	$	92.7	$	93.5	$	1,492.8	$	69.2	$	1,562.0

Schedule of Intangible Assets

The following table summarizes our intangible assets: 

	As of December 31, 2024							As of December 31, 2023
(in millions)	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Customer-related assets	$	572.4	$	(281.1)	$	291.3	14	$	601.7	$	(263.8)	$	337.9	14
Technology-based assets	301.9		(205.5)		96.4		8	315.3		(197.0)		118.3		8
Intellectual property & other	88.6		(67.5)		21.1		8	93.2		(65.0)		28.2		8
Total intangible assets	$	962.9	$	(554.1)	$	408.8	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:

(in millions)	2024		2023		2022
Amortization expense	$	64.5	$	70.5	$	66.7

Schedule of Expected Amortization Expense

Based on acquisitions completed through December 31, 2024, we expect intangible amortization expense for 2025 and subsequent years to be as follows:

(in millions)	As of December 31, 2024
2025	$	55.1
2026	51.3
2027	44.7
2028	40.9
2029	37.9
Thereafter	178.9
Total	$	408.8