Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |||||
Sep. 30, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | Oct. 16, 2013 | |
Class A Common Stock [Member] | Class B Common Stock, Class B-1 [Member] | Class B Common Stock, Class B-2 [Member] | Class B Common Stock, Class B-3 [Member] | Class B Common Stock, Class B-4 [Member] | ||
Document Type | '10-Q | ' | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' | ' | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' | ' |
Entity Registrant Name | 'CME GROUP INC. | ' | ' | ' | ' | ' |
Entity Central Index Key | '0001156375 | ' | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 335,352,455 | 625 | 813 | 1,287 | 413 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $2,065 | $1,604.70 | ||
Marketable securities | 65 | 56.6 | ||
Accounts receivable, net of allowance of $1.5 and $0.8 | 311.9 | 267.5 | ||
Other current assets (includes $40.0 in restricted cash) | 413.4 | 204.3 | ||
Cash performance bonds and guaranty fund contributions | 16,192.80 | 6,584.80 | ||
Total current assets | 19,048.10 | 8,717.90 | ||
Property, net of accumulated depreciation and amortization of $688.5 and $640.4 | 714.2 | 724 | ||
Intangible assets - trading products | 17,175.30 | [1] | 17,175.30 | [1] |
Intangible assets - other, net | 2,776.20 | 2,853.70 | ||
Goodwill | 7,569 | 7,566.90 | ||
Other assets (includes $72.8 and $73.0 in restricted cash) | 1,697.10 | 1,825.40 | ||
Total Assets | 48,979.90 | 38,863.20 | ||
Liabilities and Shareholders' Equity | ' | ' | ||
Accounts payable | 41 | 41.7 | ||
Short-term debt | 749.7 | 749.7 | ||
Other current liabilities | 229.7 | 240.7 | ||
Cash performance bonds and guaranty fund contributions | 16,192.80 | 6,584.80 | ||
Total current liabilities | 17,213.20 | 7,616.90 | ||
Long-term debt | 2,107 | 2,106.80 | ||
Deferred income tax liabilities, net | 7,306.50 | 7,413.30 | ||
Other liabilities | 375.3 | 220.5 | ||
Total Liabilities | 27,002 | 17,357.50 | ||
Temporary Equity, Carrying Amount, Attributable to Noncontrolling Interest | 0 | 80.8 | ||
Shareholders' Equity: | ' | ' | ||
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued or outstanding | 0 | 0 | ||
Additional paid-in capital | 17,465.30 | 17,213.10 | ||
Retained earnings | 4,326.50 | 3,993.40 | ||
Accumulated other comprehensive income (loss) | 177.2 | 209.3 | ||
Total Shareholders' Equity | 21,972.30 | 21,419.10 | ||
Non-controlling interest | 5.6 | 5.8 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 21,977.90 | 21,424.90 | ||
Total Liabilities and Shareholders' Equity | 48,979.90 | 38,863.20 | ||
Class A Common Stock [Member] | ' | ' | ||
Shareholders' Equity: | ' | ' | ||
Common stock | 3.3 | 3.3 | ||
Class B Common Stock [Member] | ' | ' | ||
Shareholders' Equity: | ' | ' | ||
Common stock | $0 | $0 | ||
[1] | Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc. (CBOT Holdings), NYMEX Holdings, Inc. (NYMEX Holdings) and The Board of Trade of Kansas City, Missouri, Inc. (KCBT). Clearing and transaction fees revenues are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the CFTC. Product authorizations from the CFTC have no term limits. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data in Thousands, unless otherwise specified | ||
Accounts receivable, allowance | $1.50 | $0.80 |
Restricted cash, current | 40 | 40 |
Accumulated depreciation and amortization, property | 688.5 | 640.4 |
Restricted cash, noncurrent | $72.80 | $73 |
Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series A Junior Participating Preferred Stock [Member] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares issued (in shares) | 333,438 | 331,832 |
Common stock, shares outstanding (in shares) | 333,438 | 331,832 |
Class B Common Stock [Member] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 3 | 3 |
Common stock, shares issued (in shares) | 3 | 3 |
Common stock, shares outstanding (in shares) | 3 | 3 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | ' | ' | ' | ' |
Clearing and transaction fees | $597.90 | $562.20 | $1,883.60 | $1,826.90 |
Market data and information services | 78.6 | 82.8 | 238.9 | 307.8 |
Access and communication fees | 20.3 | 23.2 | 62.4 | 65.5 |
Other | 17.8 | 15 | 64.4 | 53.5 |
Total Revenues | 714.6 | 683.2 | 2,249.30 | 2,253.70 |
Expenses | ' | ' | ' | ' |
Compensation and benefits | 134 | 117.5 | 392.3 | 383.7 |
Communications | 9.2 | 9.8 | 26.7 | 30.8 |
Technology support services | 13.4 | 11.8 | 39.6 | 36.7 |
Professional fees and outside services | 35.6 | 26.7 | 85.4 | 99.2 |
Amortization of purchased intangibles | 25.6 | 26.2 | 77.4 | 90.3 |
Depreciation and amortization | 35 | 34.5 | 100.8 | 103 |
Occupancy and building operations | 19.2 | 18.8 | 56.7 | 57.8 |
Licensing and other fee agreements | 25.7 | 19.2 | 73.8 | 63.2 |
Other | 16.4 | 22.7 | 82.8 | 72.6 |
Total Expenses | 314.1 | 287.2 | 935.5 | 937.3 |
Operating Income | 400.5 | 396 | 1,313.80 | 1,316.40 |
Non-Operating Income (Expense) | ' | ' | ' | ' |
Investment income | 12.6 | 13.1 | 34.9 | 31.3 |
Interest and other borrowing costs | -34.6 | -30.2 | -112.8 | -88.2 |
Equity in net losses of unconsolidated subsidiaries | 20.4 | 16.5 | 58.1 | 14.8 |
Other nonoperating income (expense) | 0 | 0.4 | 0 | 65.6 |
Total Non-Operating | -1.6 | -0.2 | -19.8 | 23.5 |
Income before Income Taxes | 398.9 | 395.8 | 1,294 | 1,339.90 |
Income tax provision | 162.6 | 176.9 | 509 | 601.3 |
Net Income | 236.3 | 218.9 | 785 | 738.6 |
Net income attributable to Redeemable non-controlling interest and non-controlling interest | -0.4 | 0.9 | 1.3 | 9.1 |
Net Income Attributable to CME Group | $236.70 | $218 | $783.70 | $729.50 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,540 | 5,693 | 2,417 | 5,772 |
Earnings per Common Share Attributable to CME Group: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.71 | $0.66 | $2.36 | $2.20 |
Diluted (in dollars per share) | $0.71 | $0.66 | $2.35 | $2.20 |
Weighted Average Number of Common Shares: | ' | ' | ' | ' |
Basic (in shares) | 332,763 | 331,377 | 332,355 | 331,091 |
Diluted (in shares) | 334,674 | 332,458 | 334,055 | 332,147 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $236.30 | $218.90 | $785 | $738.60 |
Other comprehensive income, net of tax | ' | ' | ' | ' |
Net unrealized holding gains arising during the period | -18 | 109.5 | -138.9 | 84.4 |
Reclassification of gain on sale of security | -0.7 | 0 | -0.7 | 0 |
Investment securities, income tax benefit (expense) | 17.1 | -73.9 | 23 | -58.8 |
Investment securities, net | -1.6 | 35.6 | -116.6 | 25.6 |
Net change in defined benefit plans arising during the period | -0.2 | 0 | 0.9 | 0.5 |
Amortization of net actuarial (gains) losses included in pension expense | 0.8 | 0.7 | 2.3 | 1.9 |
Defined benefit plans, income tax benefit (expense) | -0.6 | -0.3 | -1.5 | -0.9 |
Defined benefit plans, net | 0 | 0.4 | 1.7 | 1.5 |
Net unrealized holding losses arising during the period | 43.5 | -54.4 | 128.8 | -54.4 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 0.5 | 0.2 | 1.9 | 0.4 |
Derivative instruments, income tax benefit (expense) | -17.4 | 19.8 | -49 | 19.8 |
Derivative instruments, net | 26.6 | -34.4 | 81.7 | -34.2 |
Foreign currency translation adjustment | -1.5 | 5.9 | 1.7 | 5.5 |
Reclassification adjustment for loss included in net income | 0 | 0 | 0 | 18.4 |
Foreign currency translation, income tax benefit (expense) | 0.5 | -2.1 | -0.6 | -8.7 |
Foreign currency translation, net | -1 | 3.8 | 1.1 | 15.2 |
Other comprehensive income, net of tax | 24 | 5.4 | -32.1 | 8.1 |
Comprehensive income | 260.3 | 224.3 | 752.9 | 746.7 |
Less: comprehensive income attributable to redeemable non-controlling interest | -0.4 | 0.9 | 1.3 | 9.1 |
Comprehensive income attributable to CME Group | $260.70 | $223.40 | $751.60 | $737.60 |
Consolidated_Statements_Of_Sha
Consolidated Statements Of Shareholders' Equity (USD $) | Total | Common Stock And Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Noncontrolling Interest [Member] | Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] |
In Millions, except Share data in Thousands | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Common Stock And Additional Paid-In Capital [Member] | Common Stock And Additional Paid-In Capital [Member] | ||
Balance at Dec. 31, 2011 | ' | $17,115.80 | $4,324.60 | $111.60 | $21,552 | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 330,653 | ' | 3 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 21,708.80 | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Net Income Attributable to CME Group | 729.5 | ' | 729.5 | ' | 729.5 | ' | ' | ' | ' | ' |
Net income | 729.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income attributable to CME Group | 8.1 | ' | ' | 8.1 | 8.1 | ' | ' | ' | ' | ' |
Dividends on common stock per share | -645.5 | ' | -645.5 | ' | -645.5 | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | 632 | ' | ' |
Exercise of stock options | 19.2 | 19.2 | ' | ' | 19.2 | ' | ' | ' | ' | ' |
Excess tax benefits from option exercises and restricted stock vesting | 3.7 | 3.7 | ' | ' | 3.7 | ' | ' | ' | ' | ' |
Vesting of issued restricted Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | 348 | ' | ' |
Vesting of issued restricted Class A common stock | -9.8 | -9.8 | ' | ' | -9.8 | ' | ' | ' | ' | ' |
Shares issued to Board of Directors (in shares) | ' | ' | ' | ' | ' | ' | ' | 40 | ' | ' |
Shares issued to Board of Directors | 2.1 | 2.1 | ' | ' | 2.1 | ' | ' | ' | ' | ' |
Shares issued under Employee Stock Purchase Plan (in shares) | ' | ' | ' | ' | ' | ' | ' | 13 | ' | ' |
Shares issued under Employee Stock Purchase Plan | 0.7 | 0.7 | ' | ' | 0.7 | ' | ' | ' | ' | ' |
Stock-based compensation | 48.8 | 48.8 | ' | ' | 48.8 | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2012 | ' | 17,180.50 | 4,408.60 | 119.7 | 21,708.80 | ' | ' | ' | ' | ' |
Balance (in shares) at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | 331,686 | ' | 3 |
Balance at Jun. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 21,708.80 | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Net Income Attributable to CME Group | 218 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Balance at Dec. 31, 2012 | 21,419.10 | 17,216.40 | 3,993.40 | 209.3 | 21,419.10 | ' | ' | ' | ' | ' |
Balance (in shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | 331,832 | 331,832 | 3 | 3 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 21,977.90 | ' | ' | ' | ' | 5.6 | ' | ' | ' | ' |
Net Income Attributable to CME Group | 783.7 | ' | 783.7 | ' | 783.7 | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | -0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | 783.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income attributable to CME Group | -32.1 | ' | ' | -32.1 | -32.1 | ' | ' | ' | ' | ' |
Dividends on common stock per share | -450.6 | ' | -450.6 | ' | -450.6 | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Other | 167.9 | 167.9 | ' | ' | 167.9 | ' | ' | ' | ' | ' |
Exercise of stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | 1,155 | ' | ' |
Exercise of stock options | 53.6 | 53.6 | ' | ' | 53.6 | ' | ' | ' | ' | ' |
Excess tax benefits from option exercises and restricted stock vesting | 5.4 | 5.4 | ' | ' | 5.4 | ' | ' | ' | ' | ' |
Vesting of issued restricted Class A common stock (in shares) | ' | ' | ' | ' | ' | ' | ' | 415 | ' | ' |
Vesting of issued restricted Class A common stock | -17.9 | -17.9 | ' | ' | -17.9 | ' | ' | ' | ' | ' |
Shares issued to Board of Directors (in shares) | ' | ' | ' | ' | ' | ' | ' | 27 | ' | ' |
Shares issued to Board of Directors | 2.1 | 2.1 | ' | ' | 2.1 | ' | ' | ' | ' | ' |
Shares issued under Employee Stock Purchase Plan (in shares) | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' |
Shares issued under Employee Stock Purchase Plan | 0.7 | 0.7 | ' | ' | 0.7 | ' | ' | ' | ' | ' |
Stock-based compensation | 40.4 | 40.4 | ' | ' | 40.4 | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | 21,972.30 | 17,468.60 | 4,326.50 | 177.2 | 21,972.30 | ' | ' | ' | ' | ' |
Balance (in shares) at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | 333,438 | 333,438 | 3 | 3 |
Balance at Jun. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 21,977.90 | ' | ' | ' | ' | 5.6 | ' | ' | ' | ' |
Net Income Attributable to CME Group | 236.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at Sep. 30, 2013 | $21,972.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance (in shares) at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | 333,438 | ' | 3 | 3 |
Consolidated_Statements_Of_Sha1
Consolidated Statements Of Shareholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Cash dividends on common stock, per share (in dollars per share) | $1.35 | $1.94 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities | ' | ' |
Net income | $785 | $738.60 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Stock-based compensation | 40.4 | 48.8 |
Amortization of purchased intangibles | 77.4 | 90.3 |
Depreciation and amortization | 100.8 | 103 |
Gain on contribution of Dow Jones Index Asset Group | 0 | -79.8 |
Loss on sale of Credit Market Analysis Ltd. | 0 | 19.9 |
Equity in net (gains) losses of unconsolidated subsidiaries | -58.1 | -14.8 |
Deferred income taxes | 45.1 | 67.6 |
Change in: | ' | ' |
Accounts receivable | -45 | -32.4 |
Other current assets | 6.9 | -36.1 |
Other assets | 29.9 | -19.2 |
Accounts payable | -0.7 | 14 |
Income taxes payable | -85.9 | 23.3 |
Other current liabilities | -8.7 | -41.7 |
Other liabilities | 4.3 | 12 |
Other | 7.2 | 3.7 |
Net Cash Provided by Operating Activities | 898.6 | 897.2 |
Cash Flows from Investing Activities | ' | ' |
Proceeds from maturities of available-for-sale marketable securities | 27.5 | 15.4 |
Purchases of available-for-sale marketable securities | -27.6 | -23.5 |
Purchases of property | -94.7 | -103.9 |
Proceeds from sale of building property | 0 | 151.5 |
Proceeds from sale of Credit Market Analysis Ltd., net of cash sold with business | 0 | 42.4 |
Investment in DME Holdings Limited | 0 | -107.1 |
Settlement of derivative related to debt issuance | -127.8 | 24.4 |
Net Cash Used in Investing Activities | 33 | -49.6 |
Cash Flows from Financing Activities | ' | ' |
Proceeds from other borrowings, net of issuance costs | 748.7 | 747.7 |
Repayment of other borrowings | -750 | 0 |
Cash dividends | -449.6 | -644.3 |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | -80 | 0 |
Proceeds from exercise of stock options | 53.6 | 19.2 |
Excess tax benefits related to employee option exercises and restricted stock vesting | 5.4 | 3.7 |
Other | 0.6 | 0.7 |
Net Cash Used in Financing Activities | -471.3 | 127 |
Net change in cash and cash equivalents | 460.3 | 974.6 |
Cash and cash equivalents, beginning of period | 1,604.70 | 1,042.30 |
Cash and Cash Equivalents, End of Period | 2,065 | 2,016.90 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Income taxes paid | 534.6 | 517.1 |
Interest paid | 133.4 | 110.6 |
Non-cash investing activities: | ' | ' |
Investment in S&P/Dow Jones Indices LLC | $0 | $878.40 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis Of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements consist of CME Group Inc. (CME Group) and its subsidiaries (collectively, the company), including Chicago Mercantile Exchange Inc. (CME), Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX), Commodity Exchange, Inc. (COMEX), The Board of Trade of Kansas City, Missouri, Inc. (KCBT), and their respective subsidiaries (collectively, the exchange). | |
The accompanying interim consolidated financial statements have been prepared by CME Group without audit. Certain notes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. In the opinion of management, the accompanying consolidated financial statements include all normal recurring adjustments considered necessary to present fairly the financial position of the company at September 30, 2013 and December 31, 2012 and the results of operations and cash flows for the periods indicated. Quarterly results are not necessarily indicative of results for any subsequent period. | |
The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in CME Group’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the Securities and Exchange Commission (SEC) on February 28, 2013. |
Intangible_Assets_And_Goodwill
Intangible Assets And Goodwill | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets And Goodwill | ' | ||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||
Intangible assets consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(in millions) | Assigned Value | Accumulated | Net Book | Assigned Value | Accumulated | Net Book | |||||||||||||||||||
Amortization | Value | Amortization | Value | ||||||||||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||||||||
Clearing firm, market data and other customer relationships | $ | 2,838.80 | $ | (539.2 | ) | $ | 2,299.60 | $ | 2,838.80 | $ | (467.4 | ) | $ | 2,371.40 | |||||||||||
Lease-related intangibles | 25.4 | (9.6 | ) | 15.8 | 25.4 | (8.2 | ) | 17.2 | |||||||||||||||||
Technology-related intellectual property | 29.4 | (18.6 | ) | 10.8 | 29.4 | (14.4 | ) | 15 | |||||||||||||||||
Trade name | 0.2 | (0.2 | ) | — | 0.2 | (0.1 | ) | 0.1 | |||||||||||||||||
Total amortizable intangible assets | $ | 2,893.80 | $ | (567.6 | ) | 2,326.20 | $ | 2,893.80 | $ | (490.1 | ) | 2,403.70 | |||||||||||||
Indefinite-Lived Intangible Assets: | |||||||||||||||||||||||||
Trade names | 450 | 450 | |||||||||||||||||||||||
Total intangible assets – other, net | $ | 2,776.20 | $ | 2,853.70 | |||||||||||||||||||||
Trading products(1) | $ | 17,175.30 | $ | 17,175.30 | |||||||||||||||||||||
-1 | Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc. (CBOT Holdings), NYMEX Holdings, Inc. (NYMEX Holdings) and The Board of Trade of Kansas City, Missouri, Inc. (KCBT). Clearing and transaction fees revenues are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the CFTC. Product authorizations from the CFTC have no term limits. | ||||||||||||||||||||||||
Total amortization expense for intangible assets was $25.6 million and $26.2 million for the quarters ended September 30, 2013 and 2012, respectively. Total amortization expense for intangible assets was $77.4 million and $90.3 million for the first nine months of 2013 and 2012, respectively. As of September 30, 2013, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows: | |||||||||||||||||||||||||
(in millions) | Â Amortization Expense | ||||||||||||||||||||||||
Remainder of 2013 | $ | 25.3 | |||||||||||||||||||||||
2014 | 101.5 | ||||||||||||||||||||||||
2015 | 101.3 | ||||||||||||||||||||||||
2016 | 97.9 | ||||||||||||||||||||||||
2017 | 97.3 | ||||||||||||||||||||||||
2018 | 96.5 | ||||||||||||||||||||||||
Thereafter | 1,806.40 | ||||||||||||||||||||||||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Debt | |||||||||
On September 9, 2013, CME Group completed an offering of $750.0 million of 5.30% fixed rate notes due September 2043. CME Group intends to use the net proceeds from the offering, together with cash on hand, to retire its outstanding 5.75% notes due February 2014 upon maturity. | |||||||||
Short-term debt consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
(in millions) | September 30, 2013 | December 31, 2012 | |||||||
$750.0 million fixed rate notes due August 2013, stated rate of 5.40% | $ | — | $ | 749.7 | |||||
$750.0 million fixed rate notes due February 2014, stated rate of 5.75% | 749.7 | — | |||||||
Total short-term debt | $ | 749.7 | $ | 749.7 | |||||
Long-term debt consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
(in millions) | September 30, 2013 | December 31, 2012 | |||||||
$750.0 million fixed rate notes due February 2014, stated rate of 5.75% | $ | — | $ | 749 | |||||
$612.5 million fixed rate notes due March 2018, stated rate of 4.40%(1) | 610.4 | 610.1 | |||||||
$750.0 million fixed rate notes due September 2022, stated rate of 3.00%Â (2) | 747.9 | 747.7 | |||||||
$750.0 million fixed rates notes due September 2043, stated rate of 5.30% (3) | 748.7 | — | |||||||
Total long-term debt | $ | 2,107.00 | $ | 2,106.80 | |||||
-1 | In February 2010, CME Group entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.46%. | ||||||||
-2 | In August 2012, CME Group entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.32%. | ||||||||
-3 | In August 2012, CME Group entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73% | ||||||||
Long-term debt maturities, at par value, were as follows as of September 30, 2013:  | |||||||||
(in millions) | Par Value | ||||||||
2014 | $ | — | |||||||
2015 | — | ||||||||
2016 | — | ||||||||
2017 | — | ||||||||
2018 | 612.5 | ||||||||
Thereafter | 1,500.00 | ||||||||
The fair values of the fixed rate notes due 2014, 2022 and 2043 were estimated using quoted market prices and are considered level 2 liabilities under the classification hierarchy for fair value measurements. The fair value of the fixed rate notes due 2018, which is considered a level 3 liability, was derived using a standard valuation model with market-based observable inputs including U.S. Treasury yields and interest rate spreads. For further information on the three-level classification hierarchy of fair value measurements, see note 8. At September 30, 2013, the fair values of the fixed rate notes by maturity date were as follows: | |||||||||
(in millions) | Fair Value | ||||||||
$750.0 million fixed rate notes due February 2014, stated rate of 5.75% | $ | 764 | |||||||
$612.5 million fixed rate notes due March 2018, stated rate of 4.40% | 655 | ||||||||
$750.0 million fixed rate notes due September 2022, stated rate of 3.00%Â | 721 | ||||||||
$750.0 million fixed rates notes due September 2043, stated rate of 5.30% | 784.2 | ||||||||
Derivatives
Derivatives | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||||||||||||||
Derivative Investments | ||||||||||||||||||||||||||
The company mitigates certain financial exposures to interest rate risk through the use of derivative financial instruments as part of its risk management program. All derivatives have been designated as cash flow hedges. | ||||||||||||||||||||||||||
In August 2012, CME Group entered into two forward-starting interest rate swap contracts, with an aggregate notional value of $1.5 billion, to hedge the risk of changes in underlying benchmark interest rates associated with the expected issuances of fixed-rate debt. One of these swap contracts was settled in conjunction with the issuance of fixed rate debt in September 2012. The other swap contract was settled in conjunction with the issuance of the fixed rate debt in September 2013. The hedges were considered highly effective. The effective portion is included in other comprehensive income and is being amortized over the term of the debt. | ||||||||||||||||||||||||||
The fair value and location of outstanding derivative instruments in the consolidated balance sheets as of September 30, 2013 and December 31, 2012 were as follows: | ||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
(in millions) | Balance Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Interest rate contract | Other liabilities | $ | — | $ | (1.0 | ) | ||||||||||||||||||||
The effect of derivative instruments on the consolidated statements of income as well as accumulated other comprehensive income (OCI) within the consolidated statements of comprehensive income and consolidated statements of shareholders' equity for the nine months ended September 30, 2013 and 2012 were as follows. | ||||||||||||||||||||||||||
Gains (Losses) | Gains (Losses) Reclassified from | Gains (Losses) | ||||||||||||||||||||||||
 Recognized in OCI | Accumulated OCI | Recognized in Income | ||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | Location | 2013 | 2012 | Location | 2013 | 2012 | ||||||||||||||||||
Interest rate contracts | $ | 128.8 | $ | (54.4 | ) | Interest and other borrowing costs | $ | (1.9 | ) | $ | (0.4 | ) | Gains (losses) on derivative investments | $ | — | $ | — | |||||||||
At September 30, 2013, the company expects to reclassify $1.4 million of net gains on derivative instruments from accumulated other comprehensive income to net income as a net reduction in interest expense during the next twelve months. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Loss Contingency [Abstract] | ' |
Contingencies | ' |
Contingencies | |
Legal and Regulatory Matters. In 2008, Fifth Market, Inc. (Fifth Market) filed a complaint against CME Group and CME in the Delaware District Court seeking a permanent injunction against CME's Globex system and unquantified enhanced damages for what the plaintiff alleges is willful infringement of two patents, in addition to costs, expenses and attorneys' fees. The case was stayed pending the outcome of CME's request for reexamination by the U.S. Patent and Trademark Office (USPTO). The reexaminations resulted in some claims being rejected and others being confirmed. In June 2013, the court lifted the stay. The validity of the patents, however, remains subject to further review by the USPTO. Based on its investigation to date and advice from legal counsel, the company believes this suit is without merit and intends to defend itself vigorously against these charges. | |
In 2009, CME and CBOT filed a complaint against Howard Garber in the Northern District of Illinois seeking a declaratory judgment that neither CME nor CBOT infringed the Garber patent, which relates to electronic market makers, and that the patent is invalid and unenforceable. The Technology Research Group (TRG) was substituted for Mr. Garber in 2009 and TRG filed counterclaims alleging patent infringement and other related claims. In 2011, the case was dismissed with the right to reinstate pending the outcome of a reexamination by the USPTO. In August and October 2013, the USPTO issued actions resulting in the rejection of all TRG’s claims completing the reexamination process.  TRG may appeal the decision of the USPTO. Based on its investigation to date and advice from legal counsel, the company believes this suit is without merit and intends to defend itself vigorously against these charges. | |
In 2009, Realtime Data LLC (Realtime) filed a complaint against CME Group and other exchanges in the Eastern District of Texas alleging willful infringement of four patents relating to the company's market data and information services, which was later amended to add CBOT and NYMEX as defendants. Subsequently, two additional lawsuits have been filed each adding a claim for the infringement of an additional patent. Both of these lawsuits have been consolidated with the original action. Realtime is seeking a permanent injunction, enhanced damages, attorneys' fees and costs. In 2011, the case was transferred to the Southern District of New York. Two of the original four patents were dropped from the case by Realtime. In 2012, the court entered judgment in CME's favor based on invalidity and non-infringement, which is being appealed. The USPTO conducted a parallel review of the four patents and in November 2013 ruled that the claims against CME were invalid. The decision of the USPTO is subject to appeal. Based on its investigation to date and advice from legal counsel, the company believes this suit is without merit and intends to defend itself vigorously against these charges. | |
The foregoing legal matters involve alleged infringements of intellectual property which, due to their nature, involve potential liability that is uncertain, difficult to quantify and involves a wide range of potential outcomes. The company believes that the matters are without merit, and the company intends to defend itself vigorously against the claims. We expect the re-examinations by the USPTO in the Fifth Market, Garber and Realtime matters, including any appeals thereof, to result in a determination of the validity of the patents at issue which we expect will have an impact on the merits of the matters. Given the uncertainty of the potential outcome of the re-examinations as well as other factors which may potentially impact the resolution of these matters, at this time the company is unable to estimate the reasonably possible loss or range of reasonably possible loss in the unlikely event it were found to be liable at trial in these matters. | |
A number of lawsuits were filed in federal court in New York on behalf of all commodity account holders or customers of MF Global who had not received a return of 100% of their funds. These matters have been consolidated into a single action in federal court in New York, and a consolidated amended class action complaint was filed on November 5, 2012. On November 6, 2013, CME announced that it has reached an agreement in principle to resolve the class action litigation. In an agreement between the trustee and CME, CME will be allowed to assert a $29.0 million claim against MF Global based on expenses incurred by CME as a result of MF Global’s bankruptcy. In a separate agreement between CME and the customer representatives, CME has agreed to deliver $14.5 million, one-half of the distribution that it will receive from the trustee, to the customer representatives for distribution to MF Global’s former customers. The agreements are subject to court approval before they can become effective. | |
In February 2013, the CFTC filed suit against NYMEX and two former employees alleging disclosure of confidential customer information in violation of the CEA. Based on the initial review of the complaint, the company believes that it has strong factual and legal defenses to the claim. | |
In the normal course of business, the company discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry and oversight. These matters could result in censures, fines, penalties or other sanctions. Management believes the outcome of any resulting actions will not have a material impact on its consolidated financial position or results of operations. However, the company is unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters. | |
In addition, the company is a defendant in, and has potential for, various other legal proceedings arising from its regular business activities. While the ultimate results of such proceedings against the company cannot be predicted with certainty, the company believes that the resolution of any of these matters on an individual basis will not have a material impact on its consolidated financial position or results of operations. | |
At September 30, 2013 and December 31, 2012, the company had accrued $13.3 million and $13.2 million, respectively, for legal and regulatory matters that were probable and estimable. | |
Intellectual Property Indemnifications. Certain agreements with customers and other third parties related to accessing the CME platforms; utilizing market data services; and licensing CME SPAN software may contain indemnifications from intellectual property claims that may be made against them as a result of their use of the applicable products and/or services. The potential future claims relating to these indemnifications cannot be estimated and, therefore, no liability has been recorded. |
Guarantees
Guarantees | 9 Months Ended |
Sep. 30, 2013 | |
Guarantees [Abstract] | ' |
Guarantees | ' |
Guarantees | |
Clearing House Contract Settlement. CME and CME Clearing Europe Limited (CMECE) mark-to-market open positions for most products at least twice a day. Based on values derived from the mark-to-market process, CME and CMECE require payment from clearing firms whose positions have lost value and make payments to clearing firms whose positions have gained value. For select cleared-only markets, positions are marked-to-market once daily, with the capability to mark-to-market more frequently as market conditions warrant. Under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses, the maximum exposure related to CME's and CMECE’s guarantee would be one half day of changes in fair value of all open positions, before considering CME's and CMECE’s ability to access defaulting clearing firms’ performance bond and guaranty fund balances as well as other available resources. During the first nine months of 2013, CME and CMECE transferred an average of approximately $2.4 billion a day through their clearing systems for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value. CME and CMECE reduce the guarantee exposure through initial and maintenance performance bond requirements and mandatory guaranty fund contributions. The company believes that its guarantee liability is immaterial and, therefore, has not recorded any liability at September 30, 2013. | |
Mutual Offset Agreement. CME and Singapore Exchange Limited (SGX) have a mutual offset agreement with a current term through October 2014. The term of the agreement will automatically renew for a one-year period unless either party provides advance notice of their intent to terminate. CME can maintain collateral in the form of U.S. Treasury securities or irrevocable letters of credit. At September 30, 2013, CME was contingently liable to SGX on irrevocable letters of credit totaling $360.0 million. Regardless of the collateral, CME guarantees all cleared transactions submitted through SGX and would initiate procedures designed to satisfy these financial obligations in the event of a default, such as the use of performance bonds and guaranty fund contributions of the defaulting clearing firm. | |
Cross-Margin Agreements. CME and The Options Clearing Corporation (OCC) have a cross-margin arrangement, whereby a common clearing firm may maintain a cross-margin account in which the clearing firm's positions in certain CME futures and options on futures contracts are combined with certain positions cleared by OCC for purposes of calculating performance bond requirements. The performance bond deposits are held jointly by CME and OCC. If a participating firm defaults, the gain or loss on the liquidation of the firm's open position and the proceeds from the liquidation of the cross-margin account would be allocated 50% each to CME and OCC. | |
A cross-margin agreement exists with CME and Fixed Income Clearing Corp (FICC) whereby the clearing firms' offsetting positions with CME are subject to reduced margin requirements. Clearing firms maintain separate performance bond deposits with each clearing house, but depending on the net offsetting positions between CME and FICC, each clearing house may reduce the firm's performance bond requirement. In the event of a firm default, the total liquidation net gain or loss on the firm's offsetting open positions and the proceeds from the liquidation of the performance bond collateral held by each clearing house's supporting offsetting positions would be divided evenly between CME and FICC. Additionally, if, after liquidation of all the positions and collateral of the defaulting firm at each respective clearing organization, and taking into account any cross-margining loss sharing payments, any of the participating clearing organizations has a remaining liquidating surplus, and any other participating clearing organization has a remaining liquidating deficit, any additional surplus from the liquidation would be shared with the other clearing house to the extent that it has a remaining liquidating deficit. Any remaining surplus funds would be passed to the bankruptcy trustee. | |
Family Farmer and Rancher Protection Fund. In April 2012, the company established the Family Farmer and Rancher Protection Fund (the Fund). The Fund is designed to provide payments, up to certain maximum levels, to family farmers, ranchers and other agricultural industry participants who use CME Group agricultural products and who suffer losses to their segregated account balances due to their CME clearing member becoming insolvent. Under the terms of the Fund, farmers and ranchers are eligible for up to $25,000 per participant. Farming and ranching cooperatives are eligible for up to $100,000 per cooperative. The Fund was established with a maximum payment amount of $100.0 million. Since its establishment, the Fund has made payments of approximately $2.0 million, which leaves $98.0 million available for future claims. If payments to participants were to exceed this amount, payments would be pro-rated. Clearing members and customers must register in advance with the company and provide certain documentation in order to substantiate their eligibility. The company believes that its guarantee liability is immaterial and, therefore, has not recorded any liability at September 30, 2013. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Notes) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
Accumulated Other Comprehensive Income | ||||||||||||||||||||
The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: | ||||||||||||||||||||
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | |||||||||||||||
Balance at December 31, 2012 | $ | 256.7 | $ | (32.4 | ) | $ | (16.4 | ) | $ | 1.4 | $ | 209.3 | ||||||||
Other comprehensive income before reclassifications | (138.9 | ) | 0.9 | 128.8 | 1.7 | (7.5 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.7 | ) | 2.3 | 1.9 | — | 3.5 | ||||||||||||||
Income tax benefit (expense) | 23 | (1.5 | ) | (49.0 | ) | (0.6 | ) | (28.1 | ) | |||||||||||
Net current period other comprehensive income | (116.6 | ) | 1.7 | 81.7 | 1.1 | (32.1 | ) | |||||||||||||
Balance at September 30, 2013 | $ | 140.1 | $ | (30.7 | ) | $ | 65.3 | $ | 2.5 | $ | 177.2 | |||||||||
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | |||||||||||||||
Balance at December 31, 2011 | $ | 148.4 | $ | (26.1 | ) | $ | (1.2 | ) | $ | (9.5 | ) | $ | 111.6 | |||||||
Other comprehensive income before reclassifications | 84.4 | 0.5 | (54.4 | ) | 5.5 | 36 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (1) | — | 1.9 | 0.4 | 18.4 | 20.7 | |||||||||||||||
Income tax benefit (expense) | (58.8 | ) | (0.9 | ) | 19.8 | (8.7 | ) | (48.6 | ) | |||||||||||
Net current period other comprehensive income | 25.6 | 1.5 | (34.2 | ) | 15.2 | 8.1 | ||||||||||||||
Balance at September 30, 2012 | $ | 174 | $ | (24.6 | ) | $ | (35.4 | ) | $ | 5.7 | $ | 119.7 | ||||||||
(1) In the second quarter of 2012, the company recognized an $18.4 million foreign currency translation loss related to the sale of Credit Market Analysis Ltd. (CMA) within other non-operating income (expense). |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes. | |||||||||||||||||
• | Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets. | ||||||||||||||||
• | Level 2 inputs consist of observable market data, other than level 1 inputs, such as quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are directly observable. | ||||||||||||||||
• | Level 3 inputs consist of unobservable inputs which are derived and cannot be corroborated by market data or other entity-specific inputs. | ||||||||||||||||
In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities and equity investments. Level 1 assets generally include U.S. Treasury securities and investments in publicly traded mutual funds with quoted market prices. If quoted prices are not available to determine fair value, the company uses other inputs that are directly observable. | |||||||||||||||||
Assets included in level 2 generally consist of asset-backed securities. Asset-backed securities were measured at fair value based on matrix pricing using prices of similar securities with similar inputs, such as maturity dates, interest rates and credit ratings. | |||||||||||||||||
The company determined the fair value of its contingent consideration liabilities, considered level 3 liabilities, using a discounted cash flow model to calculate the present value of future payouts. The liabilities were included in level 3 because management used significant unobservable inputs, including a discount rate of 20% and probability of payouts of either 75% or 100%. Significant increases or decreases in any of those inputs in isolation would result in a significantly higher or lower fair value. | |||||||||||||||||
Financial assets and liabilities recorded in the consolidated balance sheet as of September 30, 2013 were classified in their entirety based on the lowest level of input that was significant to each asset or liability's fair value measurement. | |||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets at Fair Value: | |||||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. Treasury securities | $ | 18.3 | $ | — | $ | — | $ | 18.3 | |||||||||
Mutual funds | 46.3 | — | — | 46.3 | |||||||||||||
Asset-backed securities | — | 0.4 | — | 0.4 | |||||||||||||
Total Marketable Securities | 64.6 | 0.4 | — | 65 | |||||||||||||
Equity investments | 582.1 | — | — | 582.1 | |||||||||||||
Total Assets at Fair Value | $ | 646.7 | $ | 0.4 | $ | — | $ | 647.1 | |||||||||
Liabilities at Fair Value: | |||||||||||||||||
Contingent consideration | — | — | 7.9 | 7.9 | |||||||||||||
Total Liabilities at Fair Value | $ | — | $ | — | $ | 7.9 | $ | 7.9 | |||||||||
There were no transfers of assets between level 1 and level 2 during the first nine months of 2013. The following is a reconciliation of liabilities valued at fair value on a recurring basis using significant unobservable inputs (level 3) during the first nine months of 2013. | |||||||||||||||||
(in millions) | Contingent Consideration | ||||||||||||||||
Fair value of liability at December 31, 2012 | $ | 12.6 | |||||||||||||||
Unrealized changes in fair value: | |||||||||||||||||
Included in other expenses | 2.6 | ||||||||||||||||
Settlements | (7.3 | ) | |||||||||||||||
Fair value of liability at September 30, 2013 | $ | 7.9 | |||||||||||||||
There were no assets or liabilities valued at fair value on a nonrecurring basis using significant unobservable inputs (level 3) during the first nine months of 2013. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
Basic earnings per share is computed by dividing net income attributable to the company by the weighted average number of shares of all classes of CME Group common stock outstanding for each reporting period. Diluted earnings per share reflects the increase in shares using the treasury stock method to reflect the impact of an equivalent number of shares of common stock if stock options were exercised and restricted stock awards were converted into common stock. Anti-dilutive stock options and restricted stock awards were as follows for the periods presented: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock options | 1,540 | 4,855 | 1,593 | 4,922 | |||||||||||||
Restricted stock awards | — | 838 | 824 | 850 | |||||||||||||
Total | 1,540 | 5,693 | 2,417 | 5,772 | |||||||||||||
The following table presents the earnings per share calculation for the periods presented: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Income Attributable to CME Group (in millions) | $ | 236.7 | $ | 218 | $ | 783.7 | $ | 729.5 | |||||||||
Weighted Average Number of Common Shares (in thousands): | |||||||||||||||||
Basic | 332,763 | 331,377 | 332,355 | 331,091 | |||||||||||||
Effect of stock options and restricted stock awards | 1,911 | 1,081 | 1,700 | 1,056 | |||||||||||||
Diluted | 334,674 | 332,458 | 334,055 | 332,147 | |||||||||||||
Earnings per Common Share Attributable to CME Group: | |||||||||||||||||
Basic | $ | 0.71 | $ | 0.66 | $ | 2.36 | $ | 2.2 | |||||||||
Diluted | 0.71 | 0.66 | 2.35 | 2.2 | |||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
The company has evaluated subsequent events through the date the financial statements were issued and has determined that there are no subsequent events that require disclosure. |
Intangible_Assets_And_Goodwill1
Intangible Assets And Goodwill (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Components of intangible assets | ' | ||||||||||||||||||||||||
Intangible assets consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(in millions) | Assigned Value | Accumulated | Net Book | Assigned Value | Accumulated | Net Book | |||||||||||||||||||
Amortization | Value | Amortization | Value | ||||||||||||||||||||||
Amortizable Intangible Assets: | |||||||||||||||||||||||||
Clearing firm, market data and other customer relationships | $ | 2,838.80 | $ | (539.2 | ) | $ | 2,299.60 | $ | 2,838.80 | $ | (467.4 | ) | $ | 2,371.40 | |||||||||||
Lease-related intangibles | 25.4 | (9.6 | ) | 15.8 | 25.4 | (8.2 | ) | 17.2 | |||||||||||||||||
Technology-related intellectual property | 29.4 | (18.6 | ) | 10.8 | 29.4 | (14.4 | ) | 15 | |||||||||||||||||
Trade name | 0.2 | (0.2 | ) | — | 0.2 | (0.1 | ) | 0.1 | |||||||||||||||||
Total amortizable intangible assets | $ | 2,893.80 | $ | (567.6 | ) | 2,326.20 | $ | 2,893.80 | $ | (490.1 | ) | 2,403.70 | |||||||||||||
Indefinite-Lived Intangible Assets: | |||||||||||||||||||||||||
Trade names | 450 | 450 | |||||||||||||||||||||||
Total intangible assets – other, net | $ | 2,776.20 | $ | 2,853.70 | |||||||||||||||||||||
Trading products(1) | $ | 17,175.30 | $ | 17,175.30 | |||||||||||||||||||||
-1 | Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc. (CBOT Holdings), NYMEX Holdings, Inc. (NYMEX Holdings) and The Board of Trade of Kansas City, Missouri, Inc. (KCBT). Clearing and transaction fees revenues are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the CFTC. Product authorizations from the CFTC have no term limits. | ||||||||||||||||||||||||
Future estimated amortization expense | ' | ||||||||||||||||||||||||
As of September 30, 2013, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows: | |||||||||||||||||||||||||
(in millions) | Â Amortization Expense | ||||||||||||||||||||||||
Remainder of 2013 | $ | 25.3 | |||||||||||||||||||||||
2014 | 101.5 | ||||||||||||||||||||||||
2015 | 101.3 | ||||||||||||||||||||||||
2016 | 97.9 | ||||||||||||||||||||||||
2017 | 97.3 | ||||||||||||||||||||||||
2018 | 96.5 | ||||||||||||||||||||||||
Thereafter | 1,806.40 | ||||||||||||||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Short-term Debt [Table Text Block] | ' | ||||||||
Short-term debt consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
(in millions) | September 30, 2013 | December 31, 2012 | |||||||
$750.0 million fixed rate notes due August 2013, stated rate of 5.40% | $ | — | $ | 749.7 | |||||
$750.0 million fixed rate notes due February 2014, stated rate of 5.75% | 749.7 | — | |||||||
Total short-term debt | $ | 749.7 | $ | 749.7 | |||||
Schedule Of Short-Term And Long-Term Debt | ' | ||||||||
Long-term debt consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
(in millions) | September 30, 2013 | December 31, 2012 | |||||||
$750.0 million fixed rate notes due February 2014, stated rate of 5.75% | $ | — | $ | 749 | |||||
$612.5 million fixed rate notes due March 2018, stated rate of 4.40%(1) | 610.4 | 610.1 | |||||||
$750.0 million fixed rate notes due September 2022, stated rate of 3.00%Â (2) | 747.9 | 747.7 | |||||||
$750.0 million fixed rates notes due September 2043, stated rate of 5.30% (3) | 748.7 | — | |||||||
Total long-term debt | $ | 2,107.00 | $ | 2,106.80 | |||||
-1 | In February 2010, CME Group entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.46%. | ||||||||
-2 | In August 2012, CME Group entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.32%. | ||||||||
-3 | In August 2012, CME Group entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73% | ||||||||
Long-term debt maturities at par value | ' | ||||||||
Long-term debt maturities, at par value, were as follows as of September 30, 2013:  | |||||||||
(in millions) | Par Value | ||||||||
2014 | $ | — | |||||||
2015 | — | ||||||||
2016 | — | ||||||||
2017 | — | ||||||||
2018 | 612.5 | ||||||||
Thereafter | 1,500.00 | ||||||||
Fair value of fixed rate notes by maturity date | ' | ||||||||
At September 30, 2013, the fair values of the fixed rate notes by maturity date were as follows: | |||||||||
(in millions) | Fair Value | ||||||||
$750.0 million fixed rate notes due February 2014, stated rate of 5.75% | $ | 764 | |||||||
$612.5 million fixed rate notes due March 2018, stated rate of 4.40% | 655 | ||||||||
$750.0 million fixed rate notes due September 2022, stated rate of 3.00%Â | 721 | ||||||||
$750.0 million fixed rates notes due September 2043, stated rate of 5.30% | 784.2 | ||||||||
Derivatives_Tables
Derivatives (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | |||||||||||||||||||||||||
The fair value and location of outstanding derivative instruments in the consolidated balance sheets as of September 30, 2013 and December 31, 2012 were as follows: | ||||||||||||||||||||||||||
Fair Value | ||||||||||||||||||||||||||
(in millions) | Balance Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||||||||||||
Interest rate contract | Other liabilities | $ | — | $ | (1.0 | ) | ||||||||||||||||||||
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||||||||
The effect of derivative instruments on the consolidated statements of income as well as accumulated other comprehensive income (OCI) within the consolidated statements of comprehensive income and consolidated statements of shareholders' equity for the nine months ended September 30, 2013 and 2012 were as follows. | ||||||||||||||||||||||||||
Gains (Losses) | Gains (Losses) Reclassified from | Gains (Losses) | ||||||||||||||||||||||||
 Recognized in OCI | Accumulated OCI | Recognized in Income | ||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion) | ||||||||||||||||||||||||
(in millions) | 2013 | 2012 | Location | 2013 | 2012 | Location | 2013 | 2012 | ||||||||||||||||||
Interest rate contracts | $ | 128.8 | $ | (54.4 | ) | Interest and other borrowing costs | $ | (1.9 | ) | $ | (0.4 | ) | Gains (losses) on derivative investments | $ | — | $ | — | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||||||||||||||
The following tables present changes in the accumulated balances for each component of other comprehensive income, including current period other comprehensive income and reclassifications out of accumulated other comprehensive income: | ||||||||||||||||||||
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | |||||||||||||||
Balance at December 31, 2012 | $ | 256.7 | $ | (32.4 | ) | $ | (16.4 | ) | $ | 1.4 | $ | 209.3 | ||||||||
Other comprehensive income before reclassifications | (138.9 | ) | 0.9 | 128.8 | 1.7 | (7.5 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | (0.7 | ) | 2.3 | 1.9 | — | 3.5 | ||||||||||||||
Income tax benefit (expense) | 23 | (1.5 | ) | (49.0 | ) | (0.6 | ) | (28.1 | ) | |||||||||||
Net current period other comprehensive income | (116.6 | ) | 1.7 | 81.7 | 1.1 | (32.1 | ) | |||||||||||||
Balance at September 30, 2013 | $ | 140.1 | $ | (30.7 | ) | $ | 65.3 | $ | 2.5 | $ | 177.2 | |||||||||
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | |||||||||||||||
Balance at December 31, 2011 | $ | 148.4 | $ | (26.1 | ) | $ | (1.2 | ) | $ | (9.5 | ) | $ | 111.6 | |||||||
Other comprehensive income before reclassifications | 84.4 | 0.5 | (54.4 | ) | 5.5 | 36 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (1) | — | 1.9 | 0.4 | 18.4 | 20.7 | |||||||||||||||
Income tax benefit (expense) | (58.8 | ) | (0.9 | ) | 19.8 | (8.7 | ) | (48.6 | ) | |||||||||||
Net current period other comprehensive income | 25.6 | 1.5 | (34.2 | ) | 15.2 | 8.1 | ||||||||||||||
Balance at September 30, 2012 | $ | 174 | $ | (24.6 | ) | $ | (35.4 | ) | $ | 5.7 | $ | 119.7 | ||||||||
(1) In the second quarter of 2012, the company recognized an $18.4 million foreign currency translation loss related to the sale of Credit Market Analysis Ltd. (CMA) within other non-operating income (expense). |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Abstract] | ' | ||||||||||||||||
Financial instruments measured at fair value on a recurring basis | ' | ||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis: | |||||||||||||||||
September 30, 2013 | |||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets at Fair Value: | |||||||||||||||||
Marketable securities: | |||||||||||||||||
U.S. Treasury securities | $ | 18.3 | $ | — | $ | — | $ | 18.3 | |||||||||
Mutual funds | 46.3 | — | — | 46.3 | |||||||||||||
Asset-backed securities | — | 0.4 | — | 0.4 | |||||||||||||
Total Marketable Securities | 64.6 | 0.4 | — | 65 | |||||||||||||
Equity investments | 582.1 | — | — | 582.1 | |||||||||||||
Total Assets at Fair Value | $ | 646.7 | $ | 0.4 | $ | — | $ | 647.1 | |||||||||
Liabilities at Fair Value: | |||||||||||||||||
Contingent consideration | — | — | 7.9 | 7.9 | |||||||||||||
Total Liabilities at Fair Value | $ | — | $ | — | $ | 7.9 | $ | 7.9 | |||||||||
Reconciliation of assets and liabilities valued at fair value on a recurring basis using significant unobservable inputs (level 3) | ' | ||||||||||||||||
The following is a reconciliation of liabilities valued at fair value on a recurring basis using significant unobservable inputs (level 3) during the first nine months of 2013. | |||||||||||||||||
(in millions) | Contingent Consideration | ||||||||||||||||
Fair value of liability at December 31, 2012 | $ | 12.6 | |||||||||||||||
Unrealized changes in fair value: | |||||||||||||||||
Included in other expenses | 2.6 | ||||||||||||||||
Settlements | (7.3 | ) | |||||||||||||||
Fair value of liability at September 30, 2013 | $ | 7.9 | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||||||||||
Anti-dilutive stock options and restricted stock awards were as follows for the periods presented: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Stock options | 1,540 | 4,855 | 1,593 | 4,922 | |||||||||||||
Restricted stock awards | — | 838 | 824 | 850 | |||||||||||||
Total | 1,540 | 5,693 | 2,417 | 5,772 | |||||||||||||
Basic And Diluted Earnings Per Share | ' | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net Income Attributable to CME Group (in millions) | $ | 236.7 | $ | 218 | $ | 783.7 | $ | 729.5 | |||||||||
Weighted Average Number of Common Shares (in thousands): | |||||||||||||||||
Basic | 332,763 | 331,377 | 332,355 | 331,091 | |||||||||||||
Effect of stock options and restricted stock awards | 1,911 | 1,081 | 1,700 | 1,056 | |||||||||||||
Diluted | 334,674 | 332,458 | 334,055 | 332,147 | |||||||||||||
Earnings per Common Share Attributable to CME Group: | |||||||||||||||||
Basic | $ | 0.71 | $ | 0.66 | $ | 2.36 | $ | 2.2 | |||||||||
Diluted | 0.71 | 0.66 | 2.35 | 2.2 | |||||||||||||
Intangible_Assets_And_Goodwill2
Intangible Assets And Goodwill (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization of purchased intangibles | $25.60 | $26.20 | $77.40 | $90.30 |
Intangible_Assets_And_Goodwill3
Intangible Assets And Goodwill (Components Of Intangible Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Indefinite-lived Intangible Assets | $2,776.20 | $2,853.70 | ||
Other Indefinite-lived Intangible Assets | 17,175.30 | [1] | 17,175.30 | [1] |
Trade Names [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Indefinite-lived Intangible Assets | 450 | 450 | ||
Clearing Firm, Market Data And Other Customer Relationships [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-Lived Intangible Assets, Gross | 2,838.80 | 2,838.80 | ||
Accumulated amortization | -539.2 | -467.4 | ||
Net book value | 2,299.60 | 2,371.40 | ||
Lease-Related Intangibles [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-Lived Intangible Assets, Gross | 25.4 | 25.4 | ||
Accumulated amortization | -9.6 | -8.2 | ||
Net book value | 15.8 | 17.2 | ||
Technology-Related Intellectual Property [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-Lived Intangible Assets, Gross | 29.4 | 29.4 | ||
Accumulated amortization | -18.6 | -14.4 | ||
Net book value | 10.8 | 15 | ||
Trade Names [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-Lived Intangible Assets, Gross | 0.2 | 0.2 | ||
Accumulated amortization | -0.2 | -0.1 | ||
Net book value | 0 | 0.1 | ||
Total Amortizable Intangible Assets [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-Lived Intangible Assets, Gross | 2,893.80 | 2,893.80 | ||
Accumulated amortization | -567.6 | -490.1 | ||
Net book value | $2,326.20 | $2,403.70 | ||
[1] | Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc. (CBOT Holdings), NYMEX Holdings, Inc. (NYMEX Holdings) and The Board of Trade of Kansas City, Missouri, Inc. (KCBT). Clearing and transaction fees revenues are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the CFTC. Product authorizations from the CFTC have no term limits. |
Intangible_Assets_And_Goodwill4
Intangible Assets And Goodwill (Future Estimated Amortization Expense) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Remainder of 2013 | $25.30 |
2014 | 101.5 |
2015 | 101.3 |
2016 | 97.9 |
2017 | 97.3 |
2018 | 96.5 |
Thereafter | $1,806.40 |
Debt_Schedule_Of_ShortTerm_And
Debt (Schedule Of Short-Term And Long-Term Debt) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 28, 2010 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 |
Seven Hundred Fifty Million Fixed Rate Notes Due August Two Thousand Thirteen, Interest Equal To Five Point Four Zero Percent [Member] | Seven Hundred Fifty Million Fixed Rate Notes Due August Two Thousand Thirteen, Interest Equal To Five Point Four Zero Percent [Member] | $750.0 million fixed rate notes due February 2014, interest equal to 5.75% [Member] | $750.0 million fixed rate notes due February 2014, interest equal to 5.75% [Member] | $612.5 million fixed rate notes due March 2018, interest equal to 4.40% [Member] | $612.5 million fixed rate notes due March 2018, interest equal to 4.40% [Member] | Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Twenty Two, Interest Equal To Three Point Zero Percent [Member] [Member] | Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Twenty Two, Interest Equal To Three Point Zero Percent [Member] [Member] | Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Forty Three, Interest Equal To Five Point Three Percent [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term debt | $749.70 | ' | ' | $749.70 | $0 | $749.70 | $749.70 | $749 | ' | ' | ' | ' | ' |
Long-term debt | 2,107 | ' | ' | 2,106.80 | ' | ' | ' | ' | 610.4 | 610.1 | 747.9 | 747.7 | 748.7 |
Forward starting interest rate swap agreement fixed rate | 4.73% | 3.32% | 4.46% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | $750 | ' | $750 | ' | $612.50 | ' | $750 | ' | $750 |
Debt instrument, maturity date | ' | ' | ' | ' | 1-Aug-13 | ' | 1-Feb-14 | ' | 1-Mar-18 | ' | 1-Sep-22 | ' | 1-Sep-43 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | 5.40% | ' | 5.75% | ' | 4.40% | ' | 3.00% | ' | 5.30% |
Debt_Schedule_Of_Maturities_Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $0 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 612.5 |
Thereafter | $1,500 |
Debt_Fair_Value_Of_Fixed_Rate_
Debt (Fair Value Of Fixed Rate Notes) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Seven Hundred Fifty Million Fixed Rate Notes Due August Two Thousand Thirteen, Interest Equal To Five Point Four Zero Percent [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Face Amount | $750 |
Debt instrument, maturity date | 1-Aug-13 |
$750.0 million fixed rate notes due February 2014, interest equal to 5.75% [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, fair value | 764 |
Debt Instrument, Face Amount | 750 |
Debt instrument, maturity date | 1-Feb-14 |
$612.5 million fixed rate notes due March 2018, interest equal to 4.40% [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, fair value | 655 |
Debt Instrument, Face Amount | 612.5 |
Debt instrument, maturity date | 1-Mar-18 |
Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Twenty Two, Interest Equal To Three Point Zero Percent [Member] [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, fair value | 721 |
Debt Instrument, Face Amount | $750 |
Debt instrument, maturity date | 1-Sep-22 |
Debt_Debt_ShortTerm_Debt_Detai
Debt Debt (Short-Term Debt) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Short-term debt | $749.70 | $749.70 |
Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Forty Three, Interest Equal To Five Point Three Percent [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Debt Instrument, Face Amount | 750 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | ' |
Seven Hundred Fifty Million Fixed Rate Notes Due August Two Thousand Thirteen, Interest Equal To Five Point Four Zero Percent [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Debt Instrument, Face Amount | 750 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | ' |
Short-term debt | 0 | 749.7 |
$750.0 million fixed rate notes due February 2014, interest equal to 5.75% [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Debt Instrument, Face Amount | 750 | ' |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | ' |
Short-term debt | $749.70 | $749 |
Derivatives_Details
Derivatives (Details) (USD $) | Sep. 30, 2013 | Aug. 31, 2012 |
Derivative Instruments [Abstract] | ' | ' |
Derivative, Notional Amount | ' | $1,500,000,000 |
Expected Reclassification Adjustment | $1,400,000 | ' |
Derivatives_Derivative_Fair_Va
Derivatives Derivative Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative Instruments [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | $0 | ' |
Derivative Liability, Fair Value, Gross Liability | ' | ($1) |
Derivatives_Derivative_Gains_a
Derivatives Derivative Gains and Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments [Abstract] | ' | ' | ' | ' |
Net unrealized holding losses arising during the period | $43.50 | ($54.40) | $128.80 | ($54.40) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | -0.5 | -0.2 | -1.9 | -0.4 |
Gain (Loss) on Derivative Instruments, Net, Pretax | ' | ' | $0 | $0 |
Contingencies_Details
Contingencies (Details) (USD $) | Nov. 01, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Loss Contingency [Abstract] | ' | ' | ' |
Bankruptcy Claims, Amount of Claims Settled | $29 | ' | ' |
Bankruptcy Settlement Returned to Customers | 14.5 | ' | ' |
Accrued liability related to all outstanding legal matters | ' | $13.30 | $13.20 |
Guarantees_Details
Guarantees (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
years | |
Guarantor Obligations [Line Items] | ' |
Average daily clearing settlement | $2,400,000,000 |
Agreement automatic renewal period (in years) | 1 |
Contingent liability to SGX, amount of irrevocable letters of credit | 360,000,000 |
Percentage allocated to CME and OCC of gains (losses) on liquidation of open position and cross margin account | 50.00% |
Family Farmer and Ranchers Protection Fund [Member] | ' |
Guarantor Obligations [Line Items] | ' |
Payment per participant | 25,000 |
Payment per cooperative | 100,000 |
Future losses | 100,000,000 |
Payments under Guarantee | 2,000,000 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $98,000,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Investment Securities [Member] | Investment Securities [Member] | Investment Securities [Member] | Investment Securities [Member] | Foreign Currency Translation Adjustments [Member] | Foreign Currency Translation Adjustments [Member] | Foreign Currency Translation Adjustments [Member] | Foreign Currency Translation Adjustments [Member] | Derivative Financial Instruments, Assets [Member] | Derivative Financial Instruments, Assets [Member] | Derivative Financial Instruments, Assets [Member] | Derivative Financial Instruments, Assets [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||||||||||
Reclassification adjustment for loss included in net income | $0 | $18.40 | $0 | $0 | $18.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $18.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent | 21,972.30 | ' | ' | 21,972.30 | ' | 21,419.10 | 177.2 | 119.7 | 209.3 | 111.6 | 140.1 | 174 | 256.7 | 148.4 | 2.5 | 5.7 | 1.4 | -9.5 | 65.3 | -35.4 | -16.4 | -1.2 | -30.7 | -24.6 | -32.4 | -26.1 |
Net unrealized holding gains arising during the period | -18 | ' | 109.5 | -138.9 | 84.4 | ' | ' | ' | ' | ' | -138.9 | 84.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0.2 | ' | 0 | -0.9 | -0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0.5 | ' | ' |
Net unrealized holding losses arising during the period | 43.5 | ' | -54.4 | 128.8 | -54.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 128.8 | -54.4 | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustment | -1.5 | ' | 5.9 | 1.7 | 5.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | 5.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income Before Reclassification Adjustments | ' | ' | ' | ' | ' | ' | -7.5 | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Net of Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.7 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of net actuarial (gains) losses included in pension expense | 0.8 | ' | 0.7 | 2.3 | 1.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.3 | 1.9 | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 0.5 | ' | 0.2 | 1.9 | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | 0.4 | ' | ' | ' | ' | ' | ' |
Comprehensive Income Reclassification Adjustments | ' | ' | ' | ' | ' | ' | 3.5 | 20.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | -17.1 | ' | 73.9 | -23 | 58.8 | ' | ' | ' | ' | ' | 23 | -58.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plans, income tax benefit (expense) | -0.6 | ' | -0.3 | -1.5 | -0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.5 | -0.9 | ' | ' |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -49 | 19.8 | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | -0.5 | ' | 2.1 | 0.6 | 8.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.6 | -8.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Comprehensive Income, Tax | ' | ' | ' | ' | ' | ' | -28.1 | -48.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | $24 | ' | $5.40 | ($32.10) | $8.10 | ' | ($32.10) | $8.10 | ' | ' | ($116.60) | $25.60 | ' | ' | $1.10 | $15.20 | ' | ' | $81.70 | ($34.20) | ' | ' | $1.70 | $1.50 | ' | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swap contracts | ' | $1 |
Derivative Asset, Fair Value, Gross Asset | 0 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable Securities | 65 | ' |
Investment Owned, at Fair Value | 582.1 | ' |
Total Assets at Fair Value | 647.1 | ' |
Contingent consideration at Fair Value | 7.9 | ' |
Total liabilities at fair value | 7.9 | ' |
Fair Value, Measurements, Recurring [Member] | US Treasury Securties [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities at Fair Value | 18.3 | ' |
Fair Value, Measurements, Recurring [Member] | Mutual funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading Securities at Fair Value | 46.3 | ' |
Fair Value, Measurements, Recurring [Member] | Asset Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities at Fair Value | 0.4 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable Securities | 64.6 | ' |
Investment Owned, at Fair Value | 582.1 | ' |
Total Assets at Fair Value | 646.7 | ' |
Contingent consideration at Fair Value | 0 | ' |
Total liabilities at fair value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securties [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities at Fair Value | 18.3 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading Securities at Fair Value | 46.3 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities at Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable Securities | 0.4 | ' |
Investment Owned, at Fair Value | 0 | ' |
Total Assets at Fair Value | 0.4 | ' |
Contingent consideration at Fair Value | 0 | ' |
Total liabilities at fair value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securties [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities at Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mutual funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading Securities at Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities at Fair Value | 0.4 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Marketable Securities | 0 | ' |
Investment Owned, at Fair Value | 0 | ' |
Total Assets at Fair Value | 0 | ' |
Contingent consideration at Fair Value | 7.9 | 12.6 |
Total liabilities at fair value | 7.9 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securties [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities at Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mutual funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Trading Securities at Fair Value | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available-for-sale Securities at Fair Value | $0 | ' |
Fair_Value_Measurements_Reconc
Fair Value Measurements (Reconciliation Using Significant Unobservable Inputs) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | ($7.30) |
Fair Value, Measurements, Recurring [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Fair value of liability at End of Period | 7.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' |
Fair value of liability at Beginning of Period | 12.6 |
Included in operating expense | 2.6 |
Fair value of liability at End of Period | $7.90 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements Narrative (Detail) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Fair Value Measurements [Abstract] | ' |
Valuation model discount rate | 20.00% |
Valulation Model Probability Low Range | 75.00% |
Valuation Model Probability High Range | 100.00% |
Earnings_Per_Share_Net_Income_
Earnings Per Share (Net Income Attributable To CME Group) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Net Income Attributable to CME Group | $236.70 | $218 | $783.70 | $729.50 |
Basic (in shares) | 332,763 | 331,377 | 332,355 | 331,091 |
Dilutive Securities, Effect on EPS | 1,911 | 1,081 | 1,700 | 1,056 |
Diluted (in shares) | 334,674 | 332,458 | 334,055 | 332,147 |
Earnings per common share, basic (in dollars per share) | $0.71 | $0.66 | $2.36 | $2.20 |
Earnings per common share, diluted (in dollars per share) | $0.71 | $0.66 | $2.35 | $2.20 |
Retained Earnings [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Net Income Attributable to CME Group | ' | ' | $783.70 | $729.50 |
Earnings_Per_Share_AntiDilutiv
Earnings Per Share Anti-Dilutive Securities (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,540 | 5,693 | 2,417 | 5,772 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,540 | 4,855 | 1,593 | 4,922 |
Restricted Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 838 | 824 | 850 |