Acquisitions, Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

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

The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $9.7 million of goodwill, which is not deductible for income tax purposes, and $13.1 million of acquired intangible assets, as follows:

	(in millions)		Weighted average useful life (years)
Customer-related assets	$	0.6	10
Technology-based assets	12.5		5
Total intangible assets	$	13.1

The preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed includes $22.4 million of goodwill, which is not deductible for income tax purposes, and $10.6 million of acquired intangible assets, as follows:

	(in millions)		Weighted average useful life (years)
Customer-related assets	$	1.4	15
Technology-based assets	9.1		8
Intellectual property	0.1		3
Total intangible assets	$	10.6

Schedule of Goodwill

(in millions)	Morningstar Direct Platform		PitchBook		Morningstar Credit		Morningstar Wealth		Morningstar Retirement		Total Reportable Segments		Corporate and All Other		Total
Balance as of December 31, 2024	$	594.0	$	607.4	$	105.2	$	92.7	$	93.5	$	1,492.8	$	69.2	$	1,562.0
Acquisition of DealX	—		—		9.7		—		—		9.7		—		9.7
Acquisition of Lumonic	—		22.4		—		—		—		22.4		—		22.4
Foreign currency translation	4.9		—		1.4		0.4		—		6.7		0.3		7.0
Balance as of March 31, 2025	$	598.9	$	629.8	$	116.3	$	93.1	$	93.5	$	1,531.6	$	69.5	$	1,601.1

Schedule of Intangible Assets

The following table summarizes our intangible assets: 

	As of March 31, 2025							As of December 31, 2024
(in millions)	Gross		Accumulated Amortization		Net		Weighted Average Useful  Life (years)	Gross		Accumulated Amortization		Net		Weighted Average Useful Life (years)
Customer-related assets	$	577.7	$	(292.5)	$	285.2	14	$	572.4	$	(281.1)	$	291.3	14
Technology-based assets	326.1		(211.0)		115.1		8	301.9		(205.5)		96.4		8
Intellectual property & other	89.0		(68.9)		20.1		8	88.6		(67.5)		21.1		8
Total intangible assets	$	992.8	$	(572.4)	$	420.4	12	$	962.9	$	(554.1)	$	408.8	12

Schedule of Intangible Asset, Amortization Expense

The following table summarizes our amortization expense related to intangible assets:

	Three months ended March 31,
(in millions)	2025		2024
Amortization expense	$	14.4	$	17.7

Schedule of Expected Amortization Expense

As of March 31, 2025, we expect intangible amortization expense for the remainder of 2025 and subsequent years to be as follows:

(in millions)	As of March 31, 2025
Remainder of 2025 (April 1 through December 31)	$	44.7
2026	55.5
2027	48.9
2028	45.0
2029	42.0
Thereafter	184.3
Total	$	420.4