Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 13, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 | |
Entity Registrant Name | CME GROUP INC. | |
Entity Central Index Key | 1,156,375 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 338,639,819 | |
Class B Common Stock, Class B-1 [Member] | ||
Entity Common Stock, Shares Outstanding | 625 | |
Class B Common Stock, Class B-2 [Member] | ||
Entity Common Stock, Shares Outstanding | 813 | |
Class B Common Stock, Class B-3 [Member] | ||
Entity Common Stock, Shares Outstanding | 1,287 | |
Class B Common Stock, Class B-4 [Member] | ||
Entity Common Stock, Shares Outstanding | 413 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and cash equivalents | $ 1,146 | $ 1,692.6 | |
Marketable securities | 79.2 | 72.5 | |
Accounts receivable, net of allowance | 389.3 | 357.8 | |
Other current assets | 141.5 | 228.6 | |
Cash performance bonds and guaranty fund contributions | 37,497.3 | 35,553 | |
Total current assets | 39,253.3 | 37,904.5 | |
Property, net of accumulated depreciation and amortization | 449.8 | 491.7 | |
Intangible assets - trading products | [1] | 17,175.3 | 17,175.3 |
Intangible assets - other, net | 2,513.9 | 2,537.9 | |
Goodwill | 7,569 | 7,569 | |
Other assets | 1,806.9 | 1,681 | |
Total Assets | 68,768.2 | 67,359.4 | |
Liabilities and Shareholders' Equity | |||
Accounts payable | 32.2 | 28.7 | |
Other current liabilities | 321.6 | 1,242.8 | |
Cash performance bonds and guaranty fund contributions | 37,494.3 | 35,553 | |
Total current liabilities | 37,848.1 | 36,824.5 | |
Long-term debt | 2,229.8 | 2,229.3 | |
Deferred Tax Liabilities, Net, Noncurrent | 7,330.8 | 7,358.3 | |
Other liabilities | 518.1 | 395.5 | |
Total Liabilities | 47,926.8 | 46,807.6 | |
Shareholders' Equity: | |||
Preferred stock, $0.01 par value, 10,000 shares authorized, none issued or outstanding | 0 | 0 | |
Additional paid-in capital | 17,737.6 | 17,721.6 | |
Retained earnings | 3,072.3 | 2,907.6 | |
Accumulated other comprehensive income (loss) | 28.1 | (80.8) | |
Total Shareholders' Equity | 20,841.4 | 20,551.8 | |
Total Liabilities and Shareholders' Equity | 68,768.2 | 67,359.4 | |
Class A Common Stock [Member] | |||
Shareholders' Equity: | |||
Common stock | 3.4 | 3.4 | |
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., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance | $ 3.7 | $ 1.9 |
Restricted cash, current | 32 | 32 |
Accumulated depreciation and amortization, property | 680.6 | 741 |
Restricted cash, noncurrent | $ 69.1 | $ 70.5 |
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) | 337,216 | 336,938 |
Common stock, shares outstanding (in shares) | 337,216 | 336,938 |
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 Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | ||
Clearing and transaction fees | $ 796.1 | $ 708.2 |
Market data and information services | 102.4 | 98 |
Access and communication fees | 21.6 | 21.3 |
Other | 14.1 | 15.2 |
Total Revenues | 934.2 | 842.7 |
Expenses | ||
Compensation and benefits | 131.9 | 141.3 |
Communications | 6.7 | 7.6 |
Technology support services | 17.4 | 15.6 |
Professional fees and outside services | 31.7 | 29.1 |
Amortization of purchased intangibles | 24 | 24.9 |
Depreciation and amortization | 33.9 | 31.8 |
Occupancy and building operations | 21.3 | 22.8 |
Licensing and other fee agreements | 39 | 30.6 |
Other | 54.4 | 31.7 |
Total Expenses | 360.3 | 335.4 |
Operating Income | 573.9 | 507.3 |
Non-Operating Income (Expense) | ||
Investment income | 17.6 | 5.7 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0 | (1.8) |
Interest and other borrowing costs | (29.8) | (31.6) |
Equity in net losses of unconsolidated subsidiaries | 26.8 | 22.5 |
Other non-operating income (expense) | (10) | 21.7 |
Total Non-Operating | 4.6 | 16.5 |
Income before Income Taxes | 578.5 | 523.8 |
Income tax provision | 210.7 | 193.4 |
Net income | $ 367.8 | $ 330.4 |
Earnings per Common Share Attributable to CME Group: | ||
Basic (in dollars per share) | $ 1.09 | $ 0.98 |
Diluted (in dollars per share) | $ 1.09 | $ 0.98 |
Weighted Average Number of Common Shares: | ||
Basic (in shares) | 337,014 | 335,680 |
Diluted (in shares) | 338,549 | 337,416 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 367.8 | $ 330.4 |
Other comprehensive income, net of tax | ||
Net unrealized holding gains arising during the period | 109.6 | (27.7) |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | (0.8) | 0 |
Investment securities, net | 108.8 | (27.7) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 3.1 | (0.3) |
Amortization of net actuarial (gains) losses included in pension expense | 0.8 | 0.7 |
Defined benefit plans, income tax benefit (expense) | (1.5) | (0.2) |
Defined benefit plans, net | 2.4 | 0.2 |
Net unrealized holding losses arising during the period | 0 | (4.7) |
Loss on Cash Flow Hedge Ineffectiveness | 0 | 1.8 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | (0.3) | (0.3) |
Derivative instruments, income tax benefit (expense) | 0.1 | 1.2 |
Derivative instruments, net | (0.2) | (2) |
Foreign currency translation adjustment | (3.3) | (4) |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 1.2 | 1.5 |
Foreign currency translation, net | (2.1) | (2.5) |
Other Comprehensive Income (Loss), Net of Tax | 108.9 | (32) |
Comprehensive income | $ 476.7 | $ 298.4 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Common Stock And Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Parent [Member] | Class A Common Stock [Member] | Class A Common Stock [Member]Common Stock And Additional Paid-In Capital [Member] | Class B Common Stock [Member] | Class B Common Stock [Member]Common Stock And Additional Paid-In Capital [Member] |
Balance (in shares) at Dec. 31, 2014 | 335,452 | 3 | |||||||
Balance at Dec. 31, 2014 | $ 20,923.5 | $ 17,600 | $ 3,317.3 | $ 6.2 | |||||
Net Income Attributable to CME Group | 330.4 | 330.4 | |||||||
Other Comprehensive Income (Loss), Net of Tax | (32) | (32) | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (32) | (32) | |||||||
Dividends on common stock per share | (168.4) | (168.4) | |||||||
Exercise of stock options (in shares) | 436 | ||||||||
Exercise of stock options | 28.6 | 28.6 | |||||||
Excess tax benefits from option exercises and restricted stock vesting | 0.7 | 0.7 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 40 | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (2) | (2) | |||||||
Stock Granted, Value, Share-based Compensation, Gross | 14.7 | 14.7 | |||||||
Balance (in shares) at Mar. 31, 2015 | 335,928 | 3 | |||||||
Balance at Mar. 31, 2015 | 21,095.5 | 17,642 | 3,479.3 | (25.8) | |||||
Balance (in shares) at Dec. 31, 2015 | 336,938 | 336,938 | 3 | 3 | |||||
Balance at Dec. 31, 2015 | 20,551.8 | 17,725 | 2,907.6 | (80.8) | $ 20,551.8 | ||||
Net Income Attributable to CME Group | 367.8 | 367.8 | 367.8 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 108.9 | 108.9 | |||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 108.9 | ||||||||
Dividends on common stock per share | (203.1) | (203.1) | |||||||
Exercise of stock options (in shares) | 102 | ||||||||
Exercise of stock options | 6.4 | 6.4 | |||||||
Excess tax benefits from option exercises and restricted stock vesting | 3.9 | 3.9 | |||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 176 | ||||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (10.3) | (10.3) | |||||||
Stock Granted, Value, Share-based Compensation, Gross | 16 | 16 | |||||||
Balance (in shares) at Mar. 31, 2016 | 337,216 | 337,216 | 3 | 3 | |||||
Balance at Mar. 31, 2016 | $ 20,841.4 | $ 17,741 | $ 3,072.3 | $ 28.1 | $ 20,841.4 |
Consolidated Statements Of Sha7
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends on common stock, per share (in dollars per share) | $ 0.60 | $ 0.50 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities | ||
Net income | $ 367.8 | $ 330.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 16 | 14.7 |
Amortization of purchased intangibles | 24 | 24.9 |
Depreciation and amortization | 33.9 | 31.8 |
Asset Impairment Charges | 27.1 | 0 |
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 4.2 | 3.3 |
Deferred income taxes | (0.4) | 0.5 |
Change in: | ||
Accounts receivable | (33.3) | (41.8) |
Other current assets | (0.1) | 4.9 |
Other assets | (5.9) | (11.2) |
Accounts payable | 3.5 | (3) |
Income taxes payable | 178.5 | 149.1 |
Other current liabilities | (88.1) | (85.4) |
Other liabilities | (7.5) | (1.9) |
Other | 0 | 2.6 |
Net Cash Provided by Operating Activities | 519.7 | 418.9 |
Cash Flows from Investing Activities | ||
Proceeds from maturities of available-for-sale marketable securities | 31.8 | 10.2 |
Purchases of available-for-sale marketable securities | (35.9) | (10.2) |
Purchases of property | (20.2) | (31.4) |
Payments to Acquire Investments | (3) | 0 |
Settlement of derivative related to debt issuance | 0 | 7 |
Net Cash Used in Investing Activities | (27.3) | (24.4) |
Cash Flows from Financing Activities | ||
Proceeds from other borrowings, net of issuance costs | 0 | 743.7 |
Cash dividends | (1,179.3) | (838.8) |
Proceeds from lease financing obligation | 130 | 0 |
Proceeds from exercise of stock options | 6.4 | 28.6 |
Excess tax benefits related to employee option exercises and restricted stock vesting | 3.9 | 0.7 |
Net Cash Used in Financing Activities | (1,039) | (65.8) |
Net change in cash and cash equivalents | (546.6) | 328.7 |
Cash and cash equivalents, beginning of period | 1,692.6 | 1,366.1 |
Cash and Cash Equivalents, End of Period | 1,146 | 1,694.8 |
Supplemental Disclosure of Cash Flow Information | ||
Income taxes paid | 28.1 | 43.9 |
Interest paid | $ 42.4 | $ 44.6 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
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), CME Clearing Europe Limited (CMECE) and CME Europe Limited (CME Europe). CME, CBOT, NYMEX, COMEX, CMECE and CME Europe and their subsidiaries are referred to collectively as “the exchange” in the notes to the consolidated financial statements. The clearing houses include CME Clearing, which is the U.S. clearing house and a division of CME, and CMECE. 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 March 31, 2016 and December 31, 2015 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, 2015 , filed with the Securities and Exchange Commission (SEC) on February 26, 2016. |
Performance Bonds and Guaranty
Performance Bonds and Guaranty Fund Contributions (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Performance Bonds and Guaranty Fund Contributions [Abstract] | |
Performance Bonds and Guaranty Fund Contributions [Text Block] | Performance Bonds and Guaranty Fund Contributions Performance Bonds and Guaranty Fund Contributions. At March 31, 2016 , performance bonds and guaranty fund contribution assets on the consolidated balance sheets include cash and U.S. Treasury securities with maturity dates of 90 days or less. U.S. Treasury securities are purchased by CME, at its discretion, using cash collateral. The benefits, including interest earned, and risks of ownership accrue to CME. Interest earned is included in investment income on the consolidated statements of income. These securities are classified as available-for-sale. At March 31, 2016 , the amortized cost and fair value of the U.S. Treasury securities was $10,247.6 million and $10,248.7 million , respectively. The original cost of these U.S. Treasury securities was $10,245.7 million . The U.S. Treasury securities will mature in the second quarter of 2016. Performance bonds and guaranty fund contribution assets also include overnight reverse repurchase agreements that were purchased by CME, at its discretion, using cash collateral. The fair value of the overnight securities under the reverse repurchase agreements was $3.0 billion at March 31, 2016 . CME has been designated as a systemically important financial market utility by the Financial Stability Oversight Council and is authorized to establish and maintain a cash account at the Federal Reserve Bank of Chicago. This account is expected to be opened in the second quarter of 2016 and CME will be able to begin holding cash collateral at the Federal Reserve Bank of Chicago. Clearing House Contract Settlement. CME Clearing and CMECE mark-to-market open positions for all futures and options contracts twice a day (once a day for CME's cleared-only credit default swap and interest rate swap contracts). Based on values derived from the mark-to-market process, CME Clearing and CMECE require payments from clearing firms whose positions have lost value and make payments to clearing firms whose positions have gained value. Under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses, the maximum exposure related to positions other than cleared-only credit default and interest rate swap contracts would be one half day of changes in fair value of all open positions, before considering the clearing houses' ability to access defaulting clearing firms' collateral deposits. For CME's cleared-only credit default swap and interest rate swap contracts, the maximum exposure related to CME Clearing's guarantee would be one full day of changes in fair value of all open positions, before considering CME Clearing's ability to access defaulting clearing firms' collateral. During the first quarter of 2016, CME Clearing and CMECE transferred an average of approximately $3.8 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 Clearing and CMECE reduce their 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 March 31, 2016 . |
Property (Notes)
Property (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property In March 2016, the company sold its datacenter in the Chicago area for $130.0 million . At the time of the sale, the company leased back a portion of the property. The sale leaseback transaction was recognized under the financing method and not as a sale leaseback arrangement under generally accepted accounting principles due to the company's participation in future revenues and development work, which constitutes continuing involvement in the datacenter. Under the financing method, the assets remain on the consolidated balance sheet throughout the term of the lease and the proceeds of $130.0 million from the transaction are recognized as a finance lease obligation within other liabilities and other current liabilities in the consolidated balance sheet. A portion of the lease payments will be recognized as a reduction of the finance lease obligation and a portion will be recognized as interest expense based on an imputed interest rate. The net cost basis of the property and equipment legally sold was $153.1 million at the date of the sale. At March 31, 2016, the company wrote down the property and equipment to a fair value of $130.0 million based on qualitative indications of impairment and a quantitative analysis based on undiscounted cash flows. The company recognized a net loss on the transaction of $27.1 million through other expenses, which includes the write down to fair value and certain other transaction-related costs. The company recognized a total net loss and expenses of $28.6 million , which also includes $1.5 million of legal and other fees incurred. The property and equipment legally sold will continue to be recognized on the consolidated balance sheets and will continue to be depreciated on the consolidated statements of income over the term of the lease. The lease has an initial lease term ending in March 2031 and contains two consecutive renewal options for five years. Future minimum lease payments under this non-cancellable lease will be payable as follows as of March 31, 2016 (in millions): Year Remainder of 2016 $ 12.5 2017 16.7 2018 16.8 2019 16.8 2020 16.9 Thereafter 181.6 Total $ 261.3 |
Intangible Assets And Goodwill
Intangible Assets And Goodwill | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets And Goodwill | Intangible Assets Intangible assets consisted of the following at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (in millions) Assigned Value Accumulated Amortization Net Book Value Assigned Value Accumulated Amortization Net Book Value Amortizable Intangible Assets: Clearing firm, market data and other customer relationships $ 2,838.8 $ (778.2 ) $ 2,060.6 $ 2,838.8 $ (754.5 ) $ 2,084.3 Technology-related intellectual property 29.4 (27.5 ) 1.9 29.4 (27.2 ) 2.2 Other 2.4 (1.0 ) 1.4 2.4 (1.0 ) 1.4 Total amortizable intangible assets $ 2,870.6 $ (806.7 ) 2,063.9 $ 2,870.6 $ (782.7 ) 2,087.9 Indefinite-Lived Intangible Assets: Trade names 450.0 450.0 Total intangible assets – other, net $ 2,513.9 $ 2,537.9 Trading products (1) $ 17,175.3 $ 17,175.3 (1) Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits. Total amortization expense for intangible assets was $24.0 million and $24.9 million for the quarters ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , the future estimated amortization expense related to amortizable intangible assets is expected to be as follows: (in millions) Amortization Expense Remainder of 2016 $ 72.1 2017 95.5 2018 94.7 2019 94.7 2020 94.7 2021 94.7 Thereafter 1,517.5 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt In the first quarter of 2016, the company adopted the Financial Accounting Standards Board's (FASB) standards update on changes to the presentation of debt issue costs. The update requires debt issuance costs related to a recognized debt liability to be presented as a deduction of the carrying value of the debt liability. Previously debt issuance costs were recognized as deferred charges within other assets in the consolidated balance sheets. The standards update was applied on a retrospective basis, adjusting all prior periods presented, as if the new accounting methodology was in effect during those periods. As of December 31, 2015, $12.1 million of debt issuance costs were reclassified in the consolidated balance sheet from other assets to long-term debt compared with what was previously reported. At March 31, 2016, $11.9 million of debt issuance costs were deducted from long-term debt. The change in accounting policy has been reflected in the table below. Long-term debt consisted of the following at March 31, 2016 and December 31, 2015 : (in millions) March 31, 2016 December 31, 2015 $750.0 million fixed rate notes due September 2022, stated rate of 3.00% (1) $ 744.6 $ 744.4 $750.0 million fixed rate notes due March 2025, stated rate of 3.00% (2) 743.6 743.4 $750.0 million fixed rate notes due September 2043, stated rate of 5.30% (3) 741.6 741.5 Total long-term debt $ 2,229.8 $ 2,229.3 (1) In August 2012, the company 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% . (2) In December 2014, the company 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 3.11% . (3) In August 2012, the company 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 at March 31, 2016 : (in millions) Par Value 2017 $ — 2018 — 2019 — 2020 — 2021 — Thereafter 2,250.0 |
Income Tax (Notes)
Income Tax (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes In the first quarter of 2016, the company adopted the FASB's standards update that simplifies the classification of deferred tax assets and liabilities. The update eliminates the current requirement to present deferred tax assets and liabilities as current and non-current in a classified balance sheet. Instead, all deferred tax assets, along with valuation allowances, and deferred tax liabilities will be required to be classified as non-current. Companies are still required to offset deferred tax assets and liabilities for each taxpaying component within a tax jurisdiction. Beginning in the first quarter of 2016, the company adopted this standards update on a prospective basis and classified all deferred tax assets and liabilities as non-current. Prior period deferred tax assets and liabilities were not retrospectively adjusted. A net current deferred tax asset of $27.9 million was included in other current assets at December 31, 2015 . As of March 31, 2016 , net current deferred tax assets of $ 27.9 million were reclassified to net long-term liabilities. Total net current deferred tax assets are primarily attributable to stock-based compensation and accrued expenses. Net long-term deferred tax liabilities were $7.3 billion and $7.4 billion at March 31, 2016 and December 31, 2015 , respectively. Net deferred tax liabilities are principally the result of purchase accounting for intangible assets in our various mergers, including CBOT Holdings, Inc. and NYMEX Holdings, Inc. Valuation allowances of $85.3 million and $122.3 million have been provided on deferred tax assets at March 31, 2016 and December 31, 2015 , respectively. At March 31, 2016 and December 31, 2015 , valuation allowances were related to certain domestic net operating losses, foreign net operating losses as well as built in capital losses for which we do not believe that we currently meet the more-likely-than-not-threshold for recognition. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
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. CME and Fifth Market reached a settlement agreement resolving all pending matters including the federal litigation in the District of Delaware, the two appeals pending at the Court of Appeals for the Federal Circuit from the first two covered business method review and the third covered business method review pending at the U.S. Patent and Trademark Office. As part of the settlement, Fifth Market agreed to a consent judgment against each of its patents holding the patents to be invalid and not infringed by CME. The parties agreed to waive any claim for attorney fees or cost recovery. The judge ordered the dismissal of the case in Delaware with prejudice on March 9, 2016. In a separate agreement, CME acquired Fifth Market’s last patent that was not part of any of the disputes. In 2013, the CFTC filed suit against NYMEX and two former employees alleging disclosure of confidential customer information in violation of the Commodity Exchange Act. NYMEX’s motion to dismiss was denied in 2014. Based on its investigation to date and advice from legal counsel, 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 December 31, 2015 , the company had accrued $3.5 million for legal and regulatory matters that were probable and estimable. No accrual was required for legal and regulatory matters that were probable and estimable as of March 31, 2016. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Guarantees | Guarantees Mutual Offset Agreement. CME and Singapore Exchange Limited (SGX) have a mutual offset agreement with a current term through October 2016. This agreement enables market participants to open a futures position on one exchange and liquidate it on the other. 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 must maintain U.S. Treasury securities or irrevocable, standby letters of credit as collateral for this agreement. At March 31, 2016 , CME was contingently liable to SGX on letters of credit totaling $610.0 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. The company believes that its guarantee liability is immaterial and therefore has not recorded any liability at March 31, 2016 . Family Farmer and Rancher Protection Fund. In 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 the company's agricultural commodity 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 of $100.0 million available for distribution to participants. Since its establishment, the Fund has made payments of approximately $2.0 million , which leaves $98.0 million available for future claims. If, at any time, payments due to participants were to exceed the amount remaining in the fund, payments would be pro-rated. Clearing members and customers must register with the company in advance 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 March 31, 2016 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Comprehensive Income (Loss) The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss): (in millions) Investment Securities Defined Benefit Plans Derivative Investments Foreign Currency Translation Total Balance at December 31, 2015 $ (95.0 ) $ (36.6 ) $ 59.6 $ (8.8 ) $ (80.8 ) Other comprehensive income (loss) before reclassifications and income tax benefit (expense) 109.6 3.1 — (3.3 ) 109.4 Amounts reclassified from accumulated other comprehensive income (loss) — 0.8 (0.3 ) — 0.5 Income tax benefit (expense) (0.8 ) (1.5 ) 0.1 1.2 (1.0 ) Net current period other comprehensive income (loss) 108.8 2.4 (0.2 ) (2.1 ) 108.9 Balance at March 31, 2016 $ 13.8 $ (34.2 ) $ 59.4 $ (10.9 ) $ 28.1 (in millions) Investment Securities Defined Benefit Plans Derivative Investments Foreign Currency Translation Total Balance at December 31, 2014 $ (22.9 ) $ (31.3 ) $ 62.6 $ (2.2 ) $ 6.2 Other comprehensive income (loss) before reclassifications and income tax benefit (expense) (27.7 ) (0.3 ) (4.7 ) (4.0 ) (36.7 ) Amounts reclassified from accumulated other comprehensive income (loss) — 0.7 1.5 — 2.2 Income tax benefit (expense) — (0.2 ) 1.2 1.5 2.5 Net current period other comprehensive income (loss) (27.7 ) 0.2 (2.0 ) (2.5 ) (32.0 ) Balance at March 31, 2015 $ (50.6 ) $ (31.1 ) $ 60.6 $ (4.7 ) $ (25.8 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value, Assets, Liabilities and Stockholders' Equity 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, 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. Level 1 assets generally include U.S. Treasury securities, investments in publicly traded mutual funds, equity securities and corporate debt securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities and equity investments. 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. Financial assets recorded in the consolidated balance sheet as of March 31, 2016 were classified in their entirety based on the lowest level of input that was significant to each asset's fair value measurement. There were no liabilities that were measured at fair value as of March 31, 2016 . The following tables present financial instruments measured at fair value on a recurring basis: March 31, 2016 (in millions) Level 1 Level 2 Level 3 Total Assets at Fair Value: Marketable securities: Corporate debt securities $ 21.0 $ — $ — $ 21.0 Mutual funds 57.8 — — 57.8 Equity securities 0.1 — — 0.1 Asset-backed securities — 0.3 — 0.3 Total Marketable Securities 78.9 0.3 — 79.2 Performance bonds and guaranty fund contributions: U.S. Treasury securities (1) 10,248.7 — — 10,248.7 Equity investments 322.2 — — 322.2 Total Assets at Fair Value $ 10,649.8 $ 0.3 $ — $ 10,650.1 (1) Performance bonds and guaranty fund contributions on the consolidated balance sheet at March 31, 2016 include U.S. Treasury securities purchased with cash collateral. There were no transfers of assets or liabilities between level 1, level 2 and level 3 during the first quarter of 2016 . There were no level 3 assets valued at fair value on a recurring basis during the first quarter of 2016. The following is a reconciliation of level 3 liabilities valued at fair value on a recurring basis during the first quarter of 2016. (in millions) Contingent Consideration Fair value of liability at December 31, 2015 $ 0.3 Realized and unrealized (gains) losses: Included in other expenses (0.3 ) Fair value of liability at March 31, 2016 $ — In the first quarter of 2016 , we sold a datacenter and leased back a portion of the property. Under generally accepted accounting principles, the transaction has been recognized under the financing method instead of recognized as a sale-leaseback arrangement. As a result, the property and equipment legally sold will continue to be recognized on the consolidated balance sheets and was written down to fair value of $130.0 million at March 31, 2016, based on qualitative indications of impairment and a quantitative analysis of undiscounted cash flows. The fair value of the datacenter is considered a level 3 and nonrecurring. There were no other level 3 assets or liabilities valued at fair value on a nonrecurring basis during the first quarter of 2016. The following presents the estimated fair values of long-term debt notes, which are carried at amortized cost on the consolidated balance sheets. The fair values, which are classified as level 2 under the fair value hierarchy, were estimated using quoted market prices. At March 31, 2016 , the fair values were as follows: (in millions) Fair Value $750.0 million fixed rate notes due September 2022, stated rate of 3.00% $ 776.5 $750.0 million fixed rate notes due March 2025, stated rate of 3.00% 759.9 $750.0 million fixed rates notes due September 2043, stated rate of 5.30% 901.6 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
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, restricted stock and performance share awards were as follows for the periods presented: Quarter Ended (in thousands) 2016 2015 Stock options 329 514 Restricted stock and performance shares 14 24 Total 343 538 The following table presents the earnings per share calculation for the periods presented: Quarter Ended 2016 2015 Net Income (in millions) $ 367.8 $ 330.4 Weighted Average Number of Common Shares (in thousands): Basic 337,014 335,680 Effect of stock options, restricted stock and performance shares 1,535 1,736 Diluted 338,549 337,416 Earnings per Common Share: Basic $ 1.09 $ 0.98 Diluted 1.09 0.98 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
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. |
Property (Tables)
Property (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Other Commitments [Table Text Block] | Future minimum lease payments under this non-cancellable lease will be payable as follows as of March 31, 2016 (in millions): Year Remainder of 2016 $ 12.5 2017 16.7 2018 16.8 2019 16.8 2020 16.9 Thereafter 181.6 Total $ 261.3 |
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Components of intangible assets | Intangible assets consisted of the following at March 31, 2016 and December 31, 2015 : March 31, 2016 December 31, 2015 (in millions) Assigned Value Accumulated Amortization Net Book Value Assigned Value Accumulated Amortization Net Book Value Amortizable Intangible Assets: Clearing firm, market data and other customer relationships $ 2,838.8 $ (778.2 ) $ 2,060.6 $ 2,838.8 $ (754.5 ) $ 2,084.3 Technology-related intellectual property 29.4 (27.5 ) 1.9 29.4 (27.2 ) 2.2 Other 2.4 (1.0 ) 1.4 2.4 (1.0 ) 1.4 Total amortizable intangible assets $ 2,870.6 $ (806.7 ) 2,063.9 $ 2,870.6 $ (782.7 ) 2,087.9 Indefinite-Lived Intangible Assets: Trade names 450.0 450.0 Total intangible assets – other, net $ 2,513.9 $ 2,537.9 Trading products (1) $ 17,175.3 $ 17,175.3 (1) Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits |
Future estimated amortization expense | As of March 31, 2016 , the future estimated amortization expense related to amortizable intangible assets is expected to be as follows: (in millions) Amortization Expense Remainder of 2016 $ 72.1 2017 95.5 2018 94.7 2019 94.7 2020 94.7 2021 94.7 Thereafter 1,517.5 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule Of Short-Term And Long-Term Debt | Long-term debt consisted of the following at March 31, 2016 and December 31, 2015 : (in millions) March 31, 2016 December 31, 2015 $750.0 million fixed rate notes due September 2022, stated rate of 3.00% (1) $ 744.6 $ 744.4 $750.0 million fixed rate notes due March 2025, stated rate of 3.00% (2) 743.6 743.4 $750.0 million fixed rate notes due September 2043, stated rate of 5.30% (3) 741.6 741.5 Total long-term debt $ 2,229.8 $ 2,229.3 (1) In August 2012, the company 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% . (2) In December 2014, the company 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 3.11% . (3) In August 2012, the company 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 at March 31, 2016 : (in millions) Par Value 2017 $ — 2018 — 2019 — 2020 — 2021 — Thereafter 2,250.0 |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [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 (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss): (in millions) Investment Securities Defined Benefit Plans Derivative Investments Foreign Currency Translation Total Balance at December 31, 2015 $ (95.0 ) $ (36.6 ) $ 59.6 $ (8.8 ) $ (80.8 ) Other comprehensive income (loss) before reclassifications and income tax benefit (expense) 109.6 3.1 — (3.3 ) 109.4 Amounts reclassified from accumulated other comprehensive income (loss) — 0.8 (0.3 ) — 0.5 Income tax benefit (expense) (0.8 ) (1.5 ) 0.1 1.2 (1.0 ) Net current period other comprehensive income (loss) 108.8 2.4 (0.2 ) (2.1 ) 108.9 Balance at March 31, 2016 $ 13.8 $ (34.2 ) $ 59.4 $ (10.9 ) $ 28.1 (in millions) Investment Securities Defined Benefit Plans Derivative Investments Foreign Currency Translation Total Balance at December 31, 2014 $ (22.9 ) $ (31.3 ) $ 62.6 $ (2.2 ) $ 6.2 Other comprehensive income (loss) before reclassifications and income tax benefit (expense) (27.7 ) (0.3 ) (4.7 ) (4.0 ) (36.7 ) Amounts reclassified from accumulated other comprehensive income (loss) — 0.7 1.5 — 2.2 Income tax benefit (expense) — (0.2 ) 1.2 1.5 2.5 Net current period other comprehensive income (loss) (27.7 ) 0.2 (2.0 ) (2.5 ) (32.0 ) Balance at March 31, 2015 $ (50.6 ) $ (31.1 ) $ 60.6 $ (4.7 ) $ (25.8 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |
Financial instruments measured at fair value on a recurring basis | The following tables present financial instruments measured at fair value on a recurring basis: March 31, 2016 (in millions) Level 1 Level 2 Level 3 Total Assets at Fair Value: Marketable securities: Corporate debt securities $ 21.0 $ — $ — $ 21.0 Mutual funds 57.8 — — 57.8 Equity securities 0.1 — — 0.1 Asset-backed securities — 0.3 — 0.3 Total Marketable Securities 78.9 0.3 — 79.2 Performance bonds and guaranty fund contributions: U.S. Treasury securities (1) 10,248.7 — — 10,248.7 Equity investments 322.2 — — 322.2 Total Assets at Fair Value $ 10,649.8 $ 0.3 $ — $ 10,650.1 (1) Performance bonds and guaranty fund contributions on the consolidated balance sheet at March 31, 2016 include U.S. Treasury securities purchased with cash collateral. |
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 level 3 liabilities valued at fair value on a recurring basis during the first quarter of 2016. (in millions) Contingent Consideration Fair value of liability at December 31, 2015 $ 0.3 Realized and unrealized (gains) losses: Included in other expenses (0.3 ) Fair value of liability at March 31, 2016 $ — |
Fair value of Debt Instruments [Table Text Block] | At March 31, 2016 , the fair values were as follows: (in millions) Fair Value $750.0 million fixed rate notes due September 2022, stated rate of 3.00% $ 776.5 $750.0 million fixed rate notes due March 2025, stated rate of 3.00% 759.9 $750.0 million fixed rates notes due September 2043, stated rate of 5.30% 901.6 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Anti-dilutive stock options, restricted stock and performance share awards were as follows for the periods presented: Quarter Ended (in thousands) 2016 2015 Stock options 329 514 Restricted stock and performance shares 14 24 Total 343 538 |
Basic And Diluted Earnings Per Share | The following table presents the earnings per share calculation for the periods presented: Quarter Ended 2016 2015 Net Income (in millions) $ 367.8 $ 330.4 Weighted Average Number of Common Shares (in thousands): Basic 337,014 335,680 Effect of stock options, restricted stock and performance shares 1,535 1,736 Diluted 338,549 337,416 Earnings per Common Share: Basic $ 1.09 $ 0.98 Diluted 1.09 0.98 |
Performance Bonds and Guarant27
Performance Bonds and Guaranty Fund Contributions (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Guarantor Obligations [Line Items] | |
Average Daily Clearing Settlement | $ 3,800 |
US Treasury Securities [Member] | |
Guarantor Obligations [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis | 10,247.6 |
Available-for-sale Securities at Fair Value | 10,248.7 |
Investment Owned, at Cost | 10,245.7 |
Repurchase Agreements [Member] | |
Guarantor Obligations [Line Items] | |
Cash and Cash Equivalents, Fair Value Disclosure | $ 3,000 |
Property (Details)
Property (Details) $ in Millions | Mar. 31, 2016USD ($) |
Property, Plant and Equipment [Abstract] | |
Remainder of 2016 | $ 12.5 |
2,017 | 16.7 |
2,018 | 16.8 |
2,019 | 16.8 |
2,020 | 16.9 |
Thereafter | 181.6 |
Other Commitment | $ 261.3 |
Property Details (Details)
Property Details (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Property, Plant and Equipment [Abstract] | |
Proceeds from Sale of Buildings | $ 130 |
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 153.1 |
Property, Plant, and Equipment, Fair Value Disclosure | 130 |
Impairment of Real Estate | 27.1 |
Total Cost of Transaction | 28.6 |
Legal Fees for Sale-Leaseback | $ 1.5 |
Intangible Assets And Goodwil30
Intangible Assets And Goodwill (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of purchased intangibles | $ 24 | $ 24.9 |
Intangible Assets And Goodwil31
Intangible Assets And Goodwill (Components Of Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | $ 2,513.9 | $ 2,537.9 | |
Other Indefinite-lived Intangible Assets | [1] | 17,175.3 | 17,175.3 |
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 | 2,838.8 | 2,838.8 | |
Accumulated amortization | (778.2) | (754.5) | |
Net book value | 2,060.6 | 2,084.3 | |
Technology-Related Intellectual Property [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 29.4 | 29.4 | |
Accumulated amortization | (27.5) | (27.2) | |
Net book value | 1.9 | 2.2 | |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 2.4 | 2.4 | |
Accumulated amortization | (1) | (1) | |
Net book value | 1.4 | 1.4 | |
Total Amortizable Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 2,870.6 | 2,870.6 | |
Accumulated amortization | (806.7) | (782.7) | |
Net book value | $ 2,063.9 | $ 2,087.9 | |
[1] | )Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits |
Intangible Assets And Goodwil32
Intangible Assets And Goodwill (Future Estimated Amortization Expense) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2016 | $ 72.1 |
2,017 | 95.5 |
2,018 | 94.7 |
2,019 | 94.7 |
2,020 | 94.7 |
2,021 | 94.7 |
Thereafter | $ 1,517.5 |
Debt (Schedule Of Short-Term An
Debt (Schedule Of Short-Term And Long-Term Debt) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |||
Mar. 31, 2015 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 2,229.8 | $ 2,229.3 | |||
Forward starting interest rate swap agreement fixed rate | 3.11% | 4.73% | 3.32% | ||
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] | |||||
Long-term debt | 744.6 | 744.4 | |||
Debt Instrument, Face Amount | $ 750 | ||||
Debt Instrument, Maturity Date | Sep. 1, 2022 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||
$750.0 Million Fixed Rate Notes Due March 2025, Interest Equal To 3.00% | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 743.6 | 743.4 | |||
Debt Instrument, Face Amount | $ 750 | ||||
Debt Instrument, Maturity Date | Mar. 1, 2025 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||
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] | |||||
Long-term debt | $ 741.6 | $ 741.5 | |||
Debt Instrument, Face Amount | $ 750 | ||||
Debt Instrument, Maturity Date | Sep. 1, 2043 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Thereafter | $ 2,250 |
Debt Details (Details)
Debt Details (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Unamortized Debt Issuance Expense | $ 11.9 | $ 12.1 |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Gross, Current | $ 27.9 | $ 27.9 |
Deferred Tax Liabilities, Net, Noncurrent | 7,330.8 | 7,358.3 |
Deferred Tax Assets, Valuation Allowance, Noncurrent | $ 85.3 | $ 122.3 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Loss Contingency [Abstract] | ||
Accrued liability related to all outstanding legal matters | $ 0 | $ 3.5 |
Guarantees (Details)
Guarantees (Details) | 3 Months Ended |
Mar. 31, 2016USD ($)years | |
Guarantor Obligations [Line Items] | |
Agreement automatic renewal period (in years) | years | 1 |
Contingent liability to SGX, amount of irrevocable letters of credit | $ 610,000,000 |
Family Farmer and Ranchers Protection Fund [Member] | |
Guarantor Obligations [Line Items] | |
Payment per participant | 25,000 |
Payment per cooperative | 100,000 |
FutureLosses | 100,000,000 |
Payments under Guarantee | 2,000,000 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 98,000,000 |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Balance | $ 20,551.8 | $ 20,923.5 |
Net unrealized holding gains arising during the period | 109.6 | (27.7) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 3.1 | (0.3) |
Net unrealized holding losses arising during the period | 0 | (4.7) |
Foreign currency translation adjustment | (3.3) | (4) |
Amortization of net actuarial (gains) losses included in pension expense | 0.8 | 0.7 |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | 0.3 | 0.3 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | 0.8 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | 1.5 | 0.2 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (1.2) | (1.5) |
Other Comprehensive Income (Loss), Net of Tax | 108.9 | (32) |
Balance | 20,841.4 | 21,095.5 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Balance | 59.6 | 62.6 |
Net unrealized holding losses arising during the period | 0 | (4.7) |
Other Comprehensive Income (Loss), Reclassification Adjustment on Derivatives Included in Net Income, before Tax | (0.3) | 1.5 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0.1 | 1.2 |
Other Comprehensive Income (Loss), Net of Tax | (0.2) | (2) |
Balance | 59.4 | 60.6 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Balance | (95) | (22.9) |
Net unrealized holding gains arising during the period | 109.6 | (27.7) |
Reclassification adjustment for gains included in investment income | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax | (0.8) | 0 |
Other Comprehensive Income (Loss), Net of Tax | 108.8 | (27.7) |
Balance | 13.8 | (50.6) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Balance | (80.8) | 6.2 |
Comprehensive Income Before Reclassification Adjustments | 109.4 | (36.7) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0.5 | 2.2 |
Other Comprehensive Income (Loss), Net of Tax | (1) | 2.5 |
Other Comprehensive Income (Loss), Net of Tax | 108.9 | (32) |
Balance | 28.1 | (25.8) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (36.6) | (31.3) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 3.1 | (0.3) |
Amortization of net actuarial (gains) losses included in pension expense | 0.8 | 0.7 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | (1.5) | (0.2) |
Other Comprehensive Income (Loss), Net of Tax | 2.4 | 0.2 |
Balance | (34.2) | (31.1) |
Foreign Currency Gain (Loss) [Member] | ||
Balance | (8.8) | (2.2) |
Foreign currency translation adjustment | (3.3) | (4) |
Reclassification adjustment for loss included in net income | 0 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | 1.2 | 1.5 |
Other Comprehensive Income (Loss), Net of Tax | (2.1) | (2.5) |
Balance | $ (10.9) | $ (4.7) |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Good Faith and Margin Deposits with Broker-Dealers | $ 37,497.3 | $ 35,553 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 79.2 | |
Good Faith and Margin Deposits with Broker-Dealers | 10,248.7 | |
Investment Owned, at Fair Value | 322.2 | |
Total Assets at Fair Value | 10,650.1 | |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 21 | |
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 | 0.3 | |
Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading Securities at Fair Value | 57.8 | |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 0.1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 78.9 | |
Good Faith and Margin Deposits with Broker-Dealers | 10,248.7 | |
Investment Owned, at Fair Value | 322.2 | |
Total Assets at Fair Value | 10,649.8 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 21 | |
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 1 [Member] | Exchange Traded Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading Securities at Fair Value | 57.8 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 0.1 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 0.3 | |
Good Faith and Margin Deposits with Broker-Dealers | 0 | |
Investment Owned, at Fair Value | 0 | |
Total Assets at Fair Value | 0.3 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt 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] | Asset Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 0.3 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange Traded 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] | Equity 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 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 0 | |
Good Faith and Margin Deposits with Broker-Dealers | 0 | |
Investment Owned, at Fair Value | 0 | |
Total Assets at Fair Value | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt 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 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, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange Traded 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] | Equity 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) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of liability, beginning balance | $ 0.3 |
Included in other expenses | (0.3) |
Fair value of liability, ending balance | $ 0 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value of Debt Instruments (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Forty Three, Interest Equal To Five Point Three Percent [Member] | |
Debt Instrument, Face Amount | $ 750 |
Debt Instrument, Maturity Date | Sep. 1, 2043 |
Debt Instrument, Interest Rate, Stated Percentage | 5.30% |
$750.0 Million Fixed Rate Notes Due March 2025, Interest Equal To 3.00% | |
Debt Instrument, Face Amount | $ 750 |
Debt Instrument, Maturity Date | Mar. 1, 2025 |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Twenty Two, Interest Equal To Three Point Zero Percent [Member] [Member] | |
Debt Instrument, Face Amount | $ 750 |
Debt Instrument, Maturity Date | Sep. 1, 2022 |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
Fair Value, Inputs, Level 2 [Member] | Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Forty Three, Interest Equal To Five Point Three Percent [Member] | |
Debt Instrument, Fair Value Disclosure | $ 901.6 |
Fair Value, Inputs, Level 2 [Member] | $750.0 Million Fixed Rate Notes Due March 2025, Interest Equal To 3.00% | |
Debt Instrument, Fair Value Disclosure | 759.9 |
Fair Value, Inputs, Level 2 [Member] | Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Twenty Two, Interest Equal To Three Point Zero Percent [Member] [Member] | |
Debt Instrument, Fair Value Disclosure | $ 776.5 |
Fair Value Measurements Fair 43
Fair Value Measurements Fair Value of Debt (Details) - Fair Value, Inputs, Level 2 [Member] $ in Millions | Mar. 31, 2016USD ($) |
Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Twenty Two, Interest Equal To Three Point Zero Percent [Member] [Member] | |
Schedule of Debt, Fair Value [Line Items] | |
Debt Instrument, Fair Value Disclosure | $ 776.5 |
$750.0 Million Fixed Rate Notes Due March 2025, Interest Equal To 3.00% | |
Schedule of Debt, Fair Value [Line Items] | |
Debt Instrument, Fair Value Disclosure | 759.9 |
Seven Hundred Fifty Million Fixed Rate Notes Due March Two Thousand Forty Three, Interest Equal To Five Point Three Percent [Member] | |
Schedule of Debt, Fair Value [Line Items] | |
Debt Instrument, Fair Value Disclosure | $ 901.6 |
Earnings Per Share Anti-Dilutiv
Earnings Per Share Anti-Dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 343 | 538 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 329 | 514 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 14 | 24 |
Earnings Per Share (Net Income
Earnings Per Share (Net Income Attributable To CME Group) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net Income Attributable to CME Group | $ 367.8 | $ 330.4 |
Basic (in shares) | 337,014 | 335,680 |
Dilutive Securities, Effect on EPS | 1,535 | 1,736 |
Diluted (in shares) | 338,549 | 337,416 |
Earnings per common share, basic (in dollars per share) | $ 1.09 | $ 0.98 |
Earnings per common share, diluted (in dollars per share) | $ 1.09 | $ 0.98 |