v3.26.1
Acquisitions, Goodwill and Other Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]    
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes our preliminary allocation of the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:
(in millions)
Fair value of consideration transferred$363.0 
Cash and cash equivalents$3.4 
Accounts receivable6.4 
Other current and non-current assets15.1 
Intangible assets, net233.0 
Deferred revenue(22.8)
Other current and non-current liabilities(11.7)
Total fair value of net assets acquired$223.4 
Goodwill$139.6 
  
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 $233.0 million of acquired intangible assets, as follows:

(in millions)Weighted average useful life (years)
Customer-related assets$113.0 13
Technology-based assets115.0 8
Intellectual property5.0 7
Total intangible assets$233.0 
The allocation of the 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 allocation of the fair values of the assets acquired and liabilities assumed includes $21.3 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, 2025$608.6 $628.7 $119.6 $90.3 $93.5 $1,540.7 $70.1 $1,610.8 
Acquisition of CRSP— — — — — — 139.6 139.6 
Foreign currency translation and other(3.3)— (0.9)1.1 — (3.1)(0.1)(3.2)
Balance as of March 31, 2026$605.3 $628.7 $118.7 $91.4 $93.5 $1,537.6 $209.6 $1,747.2 
  
Schedule of Intangible Assets
The following table summarizes our intangible assets:
 As of March 31, 2026As of December 31, 2025
(in millions)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Customer-related assets$693.0 $(331.9)$361.1 $583.9 $(324.1)$259.8 
Technology-based assets439.5 (229.8)209.7 328.0 (225.5)102.5 
Intellectual property & other95.7 (75.1)20.6 91.2 (74.2)17.0 
Total intangible assets$1,228.2 $(636.8)$591.4 $1,003.1 $(623.8)$379.3 
  
Schedule of Intangible Asset, Amortization Expense
The following table summarizes our amortization expense related to intangible assets:

 Three months ended March 31,
(in millions)20262025
Amortization expense$19.0 $14.4 
  
Schedule of Expected Amortization Expense
Based on acquisitions completed through March 31, 2026, we expect intangible amortization expense for each of the next five years and thereafter as follows:

(in millions)
As of March 31, 2026
Remainder of 2026 (April 1 through December 31)$59.0 
202773.3 
202869.3 
202966.2 
203060.4 
Thereafter263.2 
Total$591.4