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 assets12.5 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 assets9.1 8
Intellectual property0.1 3
Total intangible assets$10.6 
Schedule of Goodwill
 (in millions)Morningstar Direct PlatformPitchBookMorningstar CreditMorningstar WealthMorningstar RetirementTotal Reportable SegmentsCorporate and All OtherTotal
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 translation16.2 — 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, 2025As of December 31, 2024
(in millions)GrossAccumulated AmortizationNetWeighted Average Useful
 Life (years)		GrossAccumulated AmortizationNetWeighted Average Useful Life (years)
Customer-related assets$590.8 $(309.7)$281.1 14$572.4 $(281.1)$291.3 14
Technology-based assets331.9 (219.1)112.8 8301.9 (205.5)96.4 8
Intellectual property & other91.4 (72.0)19.4 888.6 (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)2025202420252024
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 
202657.0 
202750.4 
202846.3 
202943.1 
Thereafter185.6 
Total$413.3