XML 44 R27.htm IDEA: XBRL DOCUMENT
v3.25.2

Acquisitions, Goodwill and Other Intangible Assets (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Business Combination, Intangible Asset, Acquired, Finite-Lived and Indefinite-Lived | 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 allo cation 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 |  | 16.2 |  |  | — |  |  | 5.3 |  |  | 1.7 |  |  | — |  |  | 23.2 |  |  | 0.9 |  |  | 24.1 |
Balance as of June 30, 2025 |  | $ | 610.2 |  |  | $ | 629.8 |  |  | $ | 120.2 |  |  | $ | 94.4 |  |  | $ | 93.5 |  |  | $ | 1,548.1 |  |  | $ | 70.1 |  |  | $ | 1,618.2 |
Schedule of Intangible Assets | The following table summarizes our intangible assets:
|  | As of June 30, 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 |  | $ | 590.8 |  |  | $ | (309.7) |  |  | $ | 281.1 |  |  | 14 |  | $ | 572.4 |  |  | $ | (281.1) |  |  | $ | 291.3 |  |  | 14
Technology-based assets |  | 331.9 |  |  | (219.1) |  |  | 112.8 |  |  | 8 |  | 301.9 |  |  | (205.5) |  |  | 96.4 |  |  | 8
Intellectual property & other |  | 91.4 |  |  | (72.0) |  |  | 19.4 |  |  | 8 |  | 88.6 |  |  | (67.5) |  |  | 21.1 |  |  | 8
Total intangible assets |  | $ | 1,014.1 |  |  | $ | (600.8) |  |  | $ | 413.3 |  |  | 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 June 30, |  | Six months ended June 30,
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Amortization expense |  | $ | 15.3 |  |  | $ | 17.5 |  |  | $ | 29.7 |  |  | $ | 35.2 |
Schedule of Expected Amortization Expense | As of June 30, 2025, we expect intangible amortization expense for the remainder of 2025, each of the next four subsequent years and thereafter to be as follows:
(in millions) |  | As of June 30, 2025
Remainder of 2025 (July 1 through December 31) |  | $ | 30.9 |
2026 |  | 57.0 |
2027 |  | 50.4 |
2028 |  | 46.3 |
2029 |  | 43.1 |
Thereafter |  | 185.6 |
Total |  | $ | 413.3 |

X
- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired in business combination. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of amortization expense of assets, excluding financial assets, that lack physical substance, having a limited useful life. + References No definition available. + Details
Name: | us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 40 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 40 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration