Intercontinental Exchange (ICE) 10-Q 31 Oct 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 28, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	001-36198
Entity Registrant name	INTERCONTINENTAL EXCHANGE, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-2286804
Entity Address, Address Line One	5660 New Northside Drive
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	770
Local Phone Number	857-4700
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	ICE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Smaller Reporting Company	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		556,849,511
Entity Central Index Key	0001571949
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 655	$ 724
Short-term restricted cash and cash equivalents	945	818
Customer accounts receivable, net of allowance for doubtful accounts of $8 and $7 at September 30, 2019 and December 31, 2018, respectively	1,056	953
Margin deposits, guaranty funds and delivery contracts receivable	65,988	63,955
Prepaid expenses and other current assets	227	242
Total current assets	68,871	66,692
Property and equipment, net	1,505	1,241
Other non-current assets:
Goodwill	13,310	13,085
Other intangible assets, net	10,330	10,462
Long-term restricted cash and cash equivalents	389	330
Other non-current assets	934	981
Total other non-current assets	24,963	24,858
Total assets	95,339	92,791
Current liabilities:
Accounts payable and accrued liabilities	543	521
Section 31 fees payable	34	105
Accrued salaries and benefits	228	280
Deferred revenue	247	135
Short-term debt	1,329	951
Margin deposits, guaranty funds and delivery contracts payable	65,988	63,955
Other current liabilities	165	161
Total current liabilities	68,534	66,108
Non-current liabilities:
Non-current deferred tax liability, net	2,281	2,337
Long-term debt	6,496	6,490
Accrued employee benefits	197	204
Non-current operating lease liability	287
Other non-current liabilities	287	350
Total non-current liabilities	9,548	9,381
Total liabilities	78,082	75,489
Commitments and contingencies
Redeemable non-controlling interest in consolidated subsidiaries	72	71
Intercontinental Exchange, Inc. stockholders’ equity:
Preferred stock, $0.01 par value; 100 shares authorized; no shares issued or outstanding at September 30, 2019 and December 31, 2018	0	0
Common stock, $0.01 par value; 1,500 shares authorized; 607 and 604 shares issued at September 30, 2019 and December 31, 2018, respectively, and 558 and 569 shares outstanding at September 30, 2019 and December 31, 2018, respectively	6	6
Treasury stock, at cost; 49 and 35 shares at September 30, 2019 and December 31, 2018, respectively	(3,538)	(2,354)
Additional paid-in capital	11,706	11,547
Retained earnings	9,335	8,317
Accumulated other comprehensive loss	(348)	(315)
Total Intercontinental Exchange, Inc. stockholders’ equity	17,161	17,201
Non-controlling interest in consolidated subsidiaries	24	30
Total equity	17,185	17,231
Total liabilities and equity	$ 95,339	$ 92,791

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 8	$ 7
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, issued (in shares)	607,000,000	604,000,000
Common stock, outstanding (in shares)	558,000,000	569,000,000
Treasury stock (in shares)	49,000,000	35,000,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Total revenues	$ 1,663	$ 1,463	$ 4,880	$ 4,599
Transaction-based expenses:
Section 31 fees	105	61	274	272
Cash liquidity payments, routing and clearing	222	202	702	656
Total revenues, less transaction-based expenses	1,336	1,200	3,904	3,671
Operating expenses:
Compensation and benefits	261	251	768	732
Professional services	35	32	97	91
Acquisition-related transaction and integration costs	0	6	1	33
Technology and communication	126	107	346	320
Rent and occupancy	17	17	52	50
Selling, general and administrative	33	37	116	109
Depreciation and amortization	158	148	473	429
Total operating expenses	630	598	1,853	1,764
Operating income	706	602	2,051	1,907
Other income (expense):
Interest income	8	6	27	15
Interest expense	(72)	(66)	(214)	(173)
Other income, net	(2)	12	30	33
Other income (expense), net	(66)	(48)	(157)	(125)
Income before income tax expense	640	554	1,894	1,782
Income tax expense	103	89	387	381
Net income	537	465	1,507	1,401
Net income attributable to non-controlling interest	(8)	(7)	(22)	(24)
Net income attributable to Intercontinental Exchange, Inc.	$ 529	$ 458	$ 1,485	$ 1,377
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic (in dollars per share)	$ 0.95	$ 0.80	$ 2.64	$ 2.39
Diluted (in dollars per share)	$ 0.94	$ 0.79	$ 2.62	$ 2.37
Weighted average common shares outstanding:
Basic (in shares)	559	572	563	577
Diluted (in shares)	563	576	566	581
Transaction and clearing, net
Revenues:
Total revenues	$ 929	$ 760	$ 2,698	$ 2,522
Data services
Revenues:
Total revenues	553	530	1,652	1,576
Listings
Revenues:
Total revenues	114	112	336	332
Other revenues
Revenues:
Total revenues	$ 67	$ 61	$ 194	$ 169

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 537	$ 465	$ 1,507	$ 1,401
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax benefit of $1 for both the nine months ended September 30, 2019 and 2018 and $1 for the three months ended September 30, 2019	(39)	(9)	(32)	(51)
Change in equity method investment	0	0	(1)	0
Other comprehensive income (loss)	(39)	(9)	(33)	(51)
Comprehensive income	498	456	1,474	1,350
Comprehensive income attributable to non-controlling interest	(8)	(7)	(22)	(24)
Comprehensive income attributable to Intercontinental Exchange, Inc.	$ 490	$ 449	$ 1,452	$ 1,326

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit	$ 1	$ 0	$ 1	$ 1

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest - USD ($) $ in Millions	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Non- Controlling Interest in Consolidated Subsidiaries	Redeemable Non-Controlling Interest
Beginning Balance (in shares) at Dec. 31, 2017		600,000,000	17,000,000
Beginning Balance at Dec. 31, 2017	$ 16,985	$ 6	$ (1,076)	$ 11,392	$ 6,858	$ (223)	$ 28	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(51)					(51)
Exercise of common stock options	19			19
Repurchases of common stock (in shares)			(14,000,000)
Repurchases of common stock	(1,059)		$ (1,059)
Payments relating to treasury shares (in shares)			(1,000,000)
Payments relating to treasury shares	(78)		$ (78)
Stock-based compensation	107			107
Issuance of restricted stock (in shares)		3,000,000
Issuance of restricted stock	0
Acquisition of non-controlling interest	(25)			(23)			(2)
Distributions of profits	(28)						(28)
Dividends paid to stockholders	(417)				(417)
Net income attributable to non-controlling interest	0				(24)		24
Net income	1,401				1,401
Ending Balance (in shares) at Sep. 30, 2018		603,000,000	32,000,000
Ending Balance at Sep. 30, 2018	16,854	$ 6	$ (2,213)	11,495	7,818	(274)	22	0
Beginning Balance (in shares) at Jun. 30, 2018		603,000,000	29,000,000
Beginning Balance at Jun. 30, 2018	16,840	$ 6	$ (1,911)	11,477	7,498	(265)	35	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(9)					(9)
Exercise of common stock options	7			7
Repurchases of common stock (in shares)			(4,000,000)
Repurchases of common stock	(300)		$ (300)
Payments relating to treasury shares (in shares)			1,000,000
Payments relating to treasury shares	(2)		$ (2)
Stock-based compensation	34			34
Acquisition of non-controlling interest	(25)			(23)			(2)
Distributions of profits	(18)						(18)
Dividends paid to stockholders	(138)				(138)
Net income attributable to non-controlling interest	0				(7)		7
Net income	465				465
Ending Balance (in shares) at Sep. 30, 2018		603,000,000	32,000,000
Ending Balance at Sep. 30, 2018	$ 16,854	$ 6	$ (2,213)	11,495	7,818	(274)	22	0
Beginning Balance (in shares) at Dec. 31, 2018	604,000,000	604,000,000	35,000,000
Beginning Balance at Dec. 31, 2018	$ 17,231	$ 6	$ (2,354)	11,547	8,317	(315)	30	71
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	$ (33)					(33)
Exercise of common stock options (in shares)	575,000	1,000,000
Exercise of common stock options	$ 22			22
Repurchases of common stock (in shares)			(14,000,000)
Repurchases of common stock	(1,120)		$ (1,120)
Payments relating to treasury shares	(64)		$ (64)
Stock-based compensation	109			109				3
Issuance under the employee stock purchase plan	28			28
Issuance of restricted stock (in shares)		2,000,000
Issuance of restricted stock	0
Distributions of profits	(29)						(29)
Dividends paid to stockholders	(467)				(467)
Net income attributable to non-controlling interest	1				(22)		23	(2)
Net income	$ 1,507				1,507
Ending Balance (in shares) at Sep. 30, 2019	607,000,000	607,000,000	49,000,000
Ending Balance at Sep. 30, 2019	$ 17,185	$ 6	$ (3,538)	11,706	9,335	(348)	24	72
Beginning Balance (in shares) at Jun. 30, 2019		606,000,000	45,000,000
Beginning Balance at Jun. 30, 2019	17,146	$ 6	$ (3,194)	11,651	8,961	(309)	31	72
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(39)					(39)
Exercise of common stock options (in shares)		1,000,000
Exercise of common stock options	5			5
Repurchases of common stock (in shares)			(4,000,000)
Repurchases of common stock	(340)		$ (340)
Payments relating to treasury shares	(4)		$ (4)
Stock-based compensation	36			36				1
Issuance under the employee stock purchase plan	14			14
Distributions of profits	(15)						(15)
Dividends paid to stockholders	(155)				(155)
Net income attributable to non-controlling interest	0				(8)		8	(1)
Net income	$ 537				537
Ending Balance (in shares) at Sep. 30, 2019	607,000,000	607,000,000	49,000,000
Ending Balance at Sep. 30, 2019	$ 17,185	$ 6	$ (3,538)	$ 11,706	$ 9,335	$ (348)	$ 24	$ 72

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net income	$ 1,507	$ 1,401
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	473	429
Stock-based compensation	100	93
Deferred taxes	(52)	(2)
Other	(34)	(11)
Changes in assets and liabilities:
Customer accounts receivable	(97)	(119)
Other current and non-current assets	22	(24)
Section 31 fees payable	(70)	(117)
Deferred revenue	114	124
Other current and non-current liabilities	(81)	(39)
Total adjustments	375	334
Net cash provided by operating activities	1,882	1,735
Investing activities:
Capital expenditures	(87)	(49)
Capitalized software development costs	(116)	(112)
Cash paid for acquisitions	(352)	(1,151)
Return of capital from equity method investment	44	0
Purchases of equity investments	0	(305)
Other	(1)	0
Net cash used in investing activities	(512)	(1,617)
Financing activities:
Proceeds from debt facilities	11	2,213
Repayments of debt facilities	0	(600)
Proceeds from/(repayments of) commercial paper, net	367	(35)
Repurchases of common stock	(1,120)	(1,059)
Dividends to stockholders	(467)	(417)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises	(64)	(78)
Acquisition of non-controlling interest	0	(35)
Other	22	(8)
Net cash used in financing activities	(1,251)	(19)
Effect of exchange rate changes on cash, cash equivalents and restricted cash and cash equivalents	(2)	(5)
Net increase in cash, cash equivalents, and restricted cash and cash equivalents	117	94
Cash, cash equivalents, and restricted cash and cash equivalents, beginning of period	1,872	1,568
Cash, cash equivalents, and restricted cash and cash equivalents, end of period	1,989	1,662
Supplemental cash flow disclosure:
Cash paid for income taxes	457	424
Cash paid for interest	$ 214	$ 136

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Nature of Business and Organization We are a leading global operator of regulated exchanges, clearing houses and listings venues, and a provider of data services for commodity, financial, fixed income and equity markets. We operate regulated marketplaces for listing, trading and clearing of a broad array of derivatives contracts and securities across major asset classes, including energy and agricultural commodities, metals, interest rates, equities, exchange-traded funds, or ETFs, credit derivatives, digital assets, bonds and currencies, as well as offer mortgage and technology services. We also offer comprehensive data services to support the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. Our exchanges include derivative exchanges in the United States, or U.S., United Kingdom, or U.K., European Union, or EU, Canada and Singapore, and cash equities, equity options and bond trading venues in the U.S. We also operate over-the-counter, or OTC, markets for physical energy, fixed income and credit default swaps, or CDS, trade execution. To serve global derivatives markets, we operate central counterparty clearing houses, or CCPs, in the U.S., U.K., EU, Canada and Singapore (Note 12). We offer a range of data services globally, for financial and commodity markets, including pricing and reference data, exchange data, analytics, feeds, index services, desktops and connectivity solutions. Through our markets, clearing houses, listings venues and data services, we provide comprehensive solutions for our customers to manage risk and raise capital through liquid markets, benchmark products, access to capital markets and related services. Our business is conducted as two reportable business segments, our Trading and Clearing segment and our Data and Listings segment, and the majority of our identifiable assets are located in the U.S. and U.K. (Note 15).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by us in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2018 . The accompanying unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. We believe that these adjustments are of a normal recurring nature. Preparing financial statements requires us to make certain estimates and assumptions that affect the amounts that are reported in our consolidated financial statements and accompanying disclosures. Actual amounts could differ from those estimates. The results of operations for the nine and three months ended September 30, 2019 are not necessarily indicative of the results to be expected for any future period or the full fiscal year. These statements include the accounts of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions between us and our wholly-owned and controlled subsidiaries have been eliminated in consolidation. For consolidated subsidiaries in which our ownership is less than 100% and for which we have control over the assets and liabilities and the management of the entity, the outside stockholders’ interests are shown as non-controlling interests. Recently Adopted Accounting Pronouncements Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements ASU No. 2016-02, Leases . Entities are required to recognize both assets and liabilities arising from finance and operating leases, along with additional qualitative and quantitative disclosures. We adopted ASU No. 2016-02 on January 1, 2019. Further disclosures and details on our adoption of ASU 2016-02 are discussed below. Accounting Pronouncements Not Yet Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements ASU No. 2016-13, Financial Instruments - Measurement of Credit Losses on Financial Instruments . Applies to all financial instruments carried at amortized cost including held-to-maturity debt securities and trade receivables. Requires financial assets carried at amortized cost to be presented at the net amount expected to be collected and requires entities to record credit losses through an allowance for credit losses on available-for-sale debt securities. Effective at the beginning of our first quarter of fiscal year 2020, with early adoption permitted. We do not expect to early-adopt. We are currently evaluating this guidance to determine its impact on our consolidated financial statements, and based on our preliminary assessment, we do not expect the impact of adoption of this guidance to be material. Adoption of ASU 2016-02, "Leases" On January 1, 2019, we adopted ASU 2016-02, Leases , or ASU 2016-02. This standard requires recognition of both assets and liabilities arising from finance and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 requires lessees to recognize a right-of-use asset representing a right to use the underlying asset over the lease term, and a corresponding lease liability on the balance sheet. Our operating leases primarily relate to our leased office space and data center facilities, and we do not have any leases classified as finance leases. We adopted ASU 2016-02 using the modified retrospective transition method and did not restate prior periods. Using the modified retrospective approach, we applied the provisions of ASU 2016-02 beginning in the period of adoption, and elected the package of practical expedients available to us. There was no impact to the opening balance of retained earnings as a result of a cumulative-effect adjustment on the adoption date. We elected the practical expedient to not reassess lease classifications, but alternatively to carry forward our historical classifications. In addition, we elected the practical expedient of not separating lease and non-lease components as our lease arrangements are not highly dependent on other underlying assets. Our implementation of the amended lease guidance was subject to the same internal controls over financial reporting that we apply to our consolidated financial statements. At lease inception, we review the service arrangement and components of a contract to identify if a lease or embedded lease arrangement exists. An indicator of a contract containing a lease is when we have the right to control and use an identified asset over a period of time in exchange for consideration. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, using our estimated incremental borrowing rate. Upon adoption of ASU 2016-02, we made the policy election to not record existing or future leases with a term of 12 months or less on the balance sheet, and to recognize lease expense on a straight-line basis over the lease term. For these leases, the impact on adoption was nominal. We have also made policy elections related to capitalization thresholds and discount rates. We have elected to use a portfolio approach in consideration of our incremental borrowing rate to our population of lease agreements. Our incremental borrowing rate was determined based on our recent debt issuances that we believe are reflective of current borrowing rates. Certain lease agreements include options to extend, renew or terminate the lease agreement. As of September 30, 2019 , the weighted-average remaining lease term was 6.9 years and the weighted average discount rate was 3.6% . Our lease agreements do not contain any residual value guarantees. Upon adoption of ASU 2016-02, we recorded $357 million in operating lease liabilities, of which $52 million is included in other current liabilities and $305 million is included in non-current operating lease liability within our accompanying consolidated balance sheet. We also recorded $308 million in operating lease right-of-use assets that are included as a component of property and equipment, net, in our balance sheet and are recorded in an amount equal to our lease liability, adjusted for any remaining unamortized lease incentives such as our deferred rent balances. As part of our adoption, we eliminated $49 million in deferred rent liabilities, of which $2 million had previously been included in other current liabilities and $47 million had been included in other non-current liabilities on our balance sheet. On the date of adoption, deferred rent liabilities were reclassified and presented as a reduction to the right-of-use asset, included in property and equipment, net, on our consolidated balance sheet. Our adoption did not have an impact on our consolidated income statement. We recognize rent expense monthly on a straight-line basis for each respective operating lease, as a reduction to the right-of-use asset. For the nine and three months ended September 30, 2019 , we recognized $29 million and $9 million , respectively, of rent expense for office space as rent and occupancy expense and $16 million and $5 million , respectively, of rent expense for data center facilities as technology and communication expense within our consolidated income statement. We do not have any significant variable lease costs related to building and maintenance costs, real estate taxes, or other charges. Details of our lease asset and liability balances are as follows (in millions): As of September 30, 2019 As of January 1, 2019 Right-of-use lease assets $292 $308 Current operating lease liability 52 52 Non-current operating lease liability 287 305 Total operating lease liability $339 $357 As of September 30, 2019 , we estimate that our operating lease liability will be recognized in the following years (in millions): Remainder of 2019 $ 14 2020 64 2021 63 2022 61 2023 44 Thereafter 137 Lease liability amounts repayable 383 Interest costs 44 Total operating lease liability $ 339 Supplemental cash flow information and non-cash activity related to our operating leases are as follows: Nine Months Ended September 30, 2019 Three Months Ended September 30, 2019 Cash paid for amounts included in the measurement of operating lease liability $ 46 $ 15 Right-of-use assets obtained in exchange for operating lease obligations $ 381 $ 2

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions On June 12, 2019, we acquired Simplifile, LC, or Simplifile, for $338 million in cash. The cash consideration was gross of $12 million in cash held by Simplifile on the date of acquisition. Simplifile offers an array of mortgage services, primarily serving as an electronic liaison between lenders, settlement agents and county recording offices, streamlining the local recording of residential mortgage transactions. The transaction expands the ICE Mortgage Services portfolio, which includes MERSCORP Holdings, Inc., or MERS. The Simplifile purchase price was allocated to the preliminary net tangible and identifiable intangible assets and liabilities based on their estimated fair values as of June 12, 2019. The identifiable intangible assets acquired were $113 million and included (i) customer relationships of $104 million which have been assigned a useful life of 20 years (ii) developed technology of $7 million which has been assigned a useful life of 7 years and (iii) trade names of $2 million which have been assigned a useful life of 5 years . The excess of the purchase price over the preliminary net tangible and identifiable intangible assets was $218 million and was recorded as goodwill. Simplifile is included in our Trading and Clearing segment. During the nine months ended September 30, 2019 , our consolidated subsidiary Bakkt Holdings, LLC, or Bakkt, acquired two other companies which are not material to our operations.

Investments

Investments	9 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Our equity investments, including our investments in Euroclear plc, or Euroclear, and Coinbase Global, Inc., among others, are subject to valuation under ASU 2016-01, Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . See Note 14 for a discussion of our determination of fair value of our financial instruments. In addition, we own a 40% interest in the Options Clearing Corporation, or OCC, through a direct investment by the New York Stock Exchange, or NYSE, that we treat as an equity method investment. OCC serves as a clearing house for securities options, security futures, commodity futures and options on futures traded on various independent exchanges. OCC clears securities options traded on NYSE Arca and NYSE Amex Options, along with other non-affiliated exchanges, and is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission, or CFTC, as a derivatives clearing organization. Under equity method accounting, each reporting period we adjust the carrying value of our OCC investment on our balance sheet by recognizing our pro-rata 40% share of the earnings or losses of OCC, with a corresponding adjustment in our statement of income to other income, after eliminating any intra-entity income or expenses. In addition, if and when OCC issues cash dividends to us, we deduct the amount of these dividends from the carrying amount of our investment. OCC adopted a new capital plan during the first quarter of 2015, which raised $150 million in equity capital from OCC's shareholders, including $60 million contributed by us. Pursuant to the terms of the capital plan, in exchange for the contributions of equity capital from its shareholders, OCC was required, subject to determination by its board of directors and compliance with legal requirements, to pay an annual dividend to its shareholders on a pro rata basis. The dividend was intended to be equal to the amount (i) of after-tax income of OCC, in excess of the amount required to maintain its target capital requirement and satisfy other capital requirements, and (ii) remaining after refunds to its clearing members equal to 50% of distributable earnings before tax. Related to that capital plan, from 2015-2017 we received a total of $31 million in dividends from OCC. Subsequent to our $60 million investment, certain industry participants appealed the SEC's approval of the OCC capital plan in the U.S. Court of Appeals, and in August 2017, the Court of Appeals remanded the capital plan to the SEC. On February 13, 2019, the SEC disapproved the OCC capital plan established in 2015. Consistent with the SEC's disapproval of the OCC capital plan, the OCC returned $44 million of our original $60 million contribution during the nine months ended September 30, 2019 as a result of the disapproval. The remaining $16 million is expected to be returned during the fourth quarter of 2019 and will allow the OCC to maintain target capital requirements. Following the SEC disapproval, the OCC also announced they will not be providing a refund to clearing members or declaring a dividend to shareholders for the year ended December 31, 2018, which resulted in higher reported OCC 2018 net income than we had estimated. Therefore, during the nine months ended September 30, 2019 , we adjusted equity earnings in OCC by recording an additional $19 million earnings in other income to reflect our share of OCC's 2018 net income. In addition, we recognized $32 million and $15 million during the nine and three months ended September 30, 2019

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our balance sheets as customer accounts receivable. We do not have obligations for warranties, returns or refunds to customers, other than the rebates discussed below, which are settled each period and therefore do not result in variable consideration. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our deferred revenue. Deferred revenue represents our contract liabilities related to our annual, original and other listings revenues as well as certain data services, clearing services and other revenues. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition. As permitted by U.S. GAAP, we have elected not to provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year, or if we are not required to estimate the transaction price. For all of our contracts with customers, except for listings and certain data and clearing services, our performance obligations are short-term in nature and there is no significant variable consideration. See the bullets below for further descriptions of our revenue contracts. In addition, we have elected the practical expedient of excluding sales taxes from transaction prices. We have assessed the costs incurred to obtain or fulfill a contract with a customer and determined them to be immaterial. Certain judgments and estimates were used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price. We believe that these represent a faithful depiction of the transfer of services to our customers. Our primary revenue contract classifications are described below. These categories best represent those with similar economic characteristics of the nature, amount, timing and uncertainty of revenues and cash flows. • Transaction and clearing, net - Transaction and clearing revenues represent fees charged for the performance obligations of derivatives trading and clearing, cash, equity options and fixed income trading, as well as mortgage services. The derivatives trading and clearing fees contain two performance obligations: (1) trade execution/clearing novation and (2) risk management of open interest. While we allocate the transaction price between these two performance obligations, since they generally are satisfied almost simultaneously there is no significant deferral of revenue. Cash trading, equity options, mortgage services and fixed income fees contain one performance obligation related to each transaction which occurs instantaneously, and the revenue is recorded at the point in time of the transaction. Our transaction and clearing revenues are reported net of rebates, except for the NYSE transaction-based expenses. Rebates were $653 million and $615 million for the nine months ended September 30, 2019 and 2018 , respectively, and $218 million and $183 million for the three months ended September 30, 2019 and 2018 , respectively. Transaction and clearing fees can be variable based on trade volume discounts used in the determination of rebates, however virtually all volume discounts are calculated and recorded on a monthly basis. Transaction and clearing fees, as well as any volume discounts rebated to our customers, are calculated and billed monthly in accordance with our published fee schedules. We make liquidity payments to certain customers in our NYSE businesses and recognize those payments as a cost of revenue. In addition, we pay NYSE regulatory oversight fees to the SEC and collect equal amounts from our customers. These are also considered a cost of revenue, and both of these NYSE-related fees are included in transaction-based expenses. Transaction and clearing revenues and the related transaction-based expenses are all recognized in our Trading and Clearing segment. In certain of our revenue share arrangements with third parties we control the delivered contract; in these arrangements we are acting as a principal and the revenue is recorded gross. • Data services - Data service revenues represent the following: ◦ Pricing and analytics services provide global securities evaluations, reference data, market indices, risk analytics, derivatives pricing and other information designed to meet our customers' portfolio management, trading, risk management, reporting and regulatory compliance needs. ◦ Exchange data and feeds services provide real-time, historical and derived pricing data, order book and transaction information related to our trading venues, as well as data from a broad array of third-party trading venues and news feeds. ◦ Desktops and connectivity services provide the connection to our exchanges, clearing houses and data centers and comprise hosting, colocation, infrastructure, technology-based information platforms, workstations and connectivity solutions through the ICE Global Network. The nature and timing of each contract type for the data services above are similar in nature. Data services revenues are primarily subscription-based, billed monthly, quarterly or annually in advance and recognized ratably over time as our performance obligations of data delivery are met consistently throughout the period. Considering these contracts primarily consist of single performance obligations with fixed prices, there is no variable consideration and no need to allocate the transaction price. In certain of our data contracts, where third parties are involved, we arrange for the third party to transfer the services to our customers; in these arrangements we are acting as an agent and revenue is recorded net. All data services fees are included in our Data and Listings segment. • Listings - Listings revenues include original and annual listings fees, and other corporate action fees. Each distinct listing fee is allocated to multiple performance obligations including original and incremental listing and investor relations services, as well as a customer’s material right to renew the option to list on our exchanges. In performing this allocation, the standalone selling price of the listing services is based on the original and annual listing fees and the standalone selling price of the investor relations services is based on its market value. All listings fees are billed upfront and the identified performance obligations are satisfied over time. Revenue related to the investor relations performance obligation is recognized ratably over a two -year period, with the remaining revenue recognized ratably over time as customers continue to list on our exchanges, which is generally estimated to be over a period of up to nine years for NYSE and up to five years for NYSE Arca and NYSE American. Listings fees related to other corporate actions are considered contract modifications of our listing contracts and are recognized ratably over time as customers continue to list on our exchanges, which is generally estimated to be a period of six years for NYSE and three years for NYSE Arca and NYSE American. All listings fees are recognized in our Data and Listings segment. • Other revenues - Other revenues primarily include interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees. Generally, fees for other revenues contain one performance obligation. Because these contracts primarily consist of single performance obligations with fixed prices, there is no variable consideration and no need to allocate the transaction price. Services for other revenues are primarily satisfied at a point in time. Therefore, there is no need to allocate the fee and no deferral results as we have no further obligation to the customer at that time. Other revenues are recognized in our Trading and Clearing segment. The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Segment totals here are consistent with the segment totals in Note 15: Trading and Clearing Segment Data and Listings Segment Total Consolidated Nine months ended September 30, 2019: Transaction and clearing, net $ 2,698 $ — $ 2,698 Data services — 1,652 1,652 Listings — 336 336 Other revenues 194 — 194 Total revenues 2,892 1,988 4,880 Transaction-based expenses 976 — 976 Total revenues, less transaction-based expenses $ 1,916 $ 1,988 $ 3,904 Timing of Revenue Recognition Services transferred at a point in time $ 1,653 $ — $ 1,653 Services transferred over time 263 1,988 2,251 Total revenues, less transaction-based expenses $ 1,916 $ 1,988 $ 3,904 Trading and Clearing Segment Data and Listings Segment Total Consolidated Nine months ended September 30, 2018: Transaction and clearing, net $ 2,522 $ — $ 2,522 Data services — 1,576 1,576 Listings — 332 332 Other revenues 169 — 169 Total revenues 2,691 1,908 4,599 Transaction-based expenses 928 — 928 Total revenues, less transaction-based expenses $ 1,763 $ 1,908 $ 3,671 Timing of Revenue Recognition Services transferred at a point in time $ 1,507 $ — $ 1,507 Services transferred over time 256 1,908 2,164 Total revenues, less transaction-based expenses $ 1,763 $ 1,908 $ 3,671 Trading and Clearing Segment Data and Listings Segment Total Consolidated Three months ended September 30, 2019: Transaction and clearing, net $ 929 $ — $ 929 Data services — 553 553 Listings — 114 114 Other revenues 67 — 67 Total revenues 996 667 1,663 Transaction-based expenses 327 — 327 Total revenues, less transaction-based expenses $ 669 $ 667 $ 1,336 Timing of Revenue Recognition Services transferred at a point in time $ 578 $ — $ 578 Services transferred over time 91 667 758 Total revenues, less transaction-based expenses $ 669 $ 667 $ 1,336 Trading and Clearing Segment Data and Listings Segment Total Consolidated Three months ended September 30, 2018: Transaction and clearing, net $ 760 $ — $ 760 Data services — 530 530 Listings — 112 112 Other revenues 61 — 61 Total revenues 821 642 1,463 Transaction-based expenses 263 — 263 Total revenues, less transaction-based expenses $ 558 $ 642 $ 1,200 Timing of Revenue Recognition Services transferred at a point in time $ 477 $ — $ 477 Services transferred over time 81 642 723 Total revenues, less transaction-based expenses $ 558 $ 642 $ 1,200 The Trading and Clearing segment revenues above include $188 million and $184 million for the nine months ended September 30, 2019 and 2018 , respectively, and $66 million and $56 million for the three months ended September 30, 2019 and 2018 , respectively, for services transferred over time related to risk management of open interest performance obligations. A majority of these performance obligations are performed over a short period of time of one month or less. Beginning in the second quarter of 2019, we have reflected amounts owed under certain third-party revenue share arrangements as technology and communication operating expenses rather than as had been previously recorded net within transaction and clearing revenues. These are included within our Trading and Clearing segment. Deferred Revenue Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $332 million as of September 30, 2019 , including $247 million in current deferred revenue and $85 million in non-current deferred revenue. The changes in our deferred revenue during the nine months ended September 30, 2019 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Total Deferred revenue balance at December 31, 2018 $ — $ 25 $ 100 $ 92 $ 217 Additions 387 11 30 300 728 Amortization (289 ) (17 ) (30 ) (277 ) (613 ) Deferred revenue balance at September 30, 2019 $ 98 $ 19 $ 100 $ 115 $ 332 The changes in our deferred revenue during the nine months ended September 30, 2018 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Total Deferred revenue balance at December 31, 2017 $ — $ 25 $ 98 $ 93 $ 216 Additions 383 17 36 291 727 Amortization (288 ) (17 ) (27 ) (272 ) (604 ) Deferred revenue balance at September 30, 2018 $ 95 $ 25 $ 107 $ 112 $ 339 Included in the amortization recognized during the nine months ended September 30, 2019 is $94 million related to the deferred revenue balance as of January 1, 2019. Included in the amortization recognized for the nine months ended September 30, 2018 is $98 million related to the deferred revenue balance as of January 1, 2018. As of September 30, 2019

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets The following is a summary of the activity in the goodwill balance for the nine months ended September 30, 2019 (in millions): Goodwill balance at December 31, 2018 $ 13,085 Acquisitions 235 Foreign currency translation (12 ) Other activity, net 2 Goodwill balance at September 30, 2019 $ 13,310 The following is a summary of the activity in the other intangible assets balance for the nine months ended September 30, 2019 (in millions): Other intangible assets balance at December 31, 2018 $ 10,462 Acquisitions 116 Foreign currency translation (13 ) Amortization of other intangible assets (235 ) Other intangible assets balance at September 30, 2019 $ 10,330 We completed our acquisition of Simplifile and several other acquisitions during the nine months ended September 30, 2019 (Note 3). Foreign currency translation adjustments result from a portion of our goodwill and other intangible assets being held at our U.K., EU and Canadian subsidiaries, whose functional currencies are not the U.S. dollar. The change in other activity, net, in the goodwill table above primarily relates to adjustments to the fair value of the net tangible assets relating to acquisitions, with a corresponding adjustment to goodwill. We did no t recognize any impairment losses on goodwill or other intangible assets during the nine and three months ended September 30, 2019

Deferred Revenue

Deferred Revenue	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Deferred Revenue	Revenue Recognition Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our balance sheets as customer accounts receivable. We do not have obligations for warranties, returns or refunds to customers, other than the rebates discussed below, which are settled each period and therefore do not result in variable consideration. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our deferred revenue. Deferred revenue represents our contract liabilities related to our annual, original and other listings revenues as well as certain data services, clearing services and other revenues. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition. As permitted by U.S. GAAP, we have elected not to provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year, or if we are not required to estimate the transaction price. For all of our contracts with customers, except for listings and certain data and clearing services, our performance obligations are short-term in nature and there is no significant variable consideration. See the bullets below for further descriptions of our revenue contracts. In addition, we have elected the practical expedient of excluding sales taxes from transaction prices. We have assessed the costs incurred to obtain or fulfill a contract with a customer and determined them to be immaterial. Certain judgments and estimates were used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price. We believe that these represent a faithful depiction of the transfer of services to our customers. Our primary revenue contract classifications are described below. These categories best represent those with similar economic characteristics of the nature, amount, timing and uncertainty of revenues and cash flows. • Transaction and clearing, net - Transaction and clearing revenues represent fees charged for the performance obligations of derivatives trading and clearing, cash, equity options and fixed income trading, as well as mortgage services. The derivatives trading and clearing fees contain two performance obligations: (1) trade execution/clearing novation and (2) risk management of open interest. While we allocate the transaction price between these two performance obligations, since they generally are satisfied almost simultaneously there is no significant deferral of revenue. Cash trading, equity options, mortgage services and fixed income fees contain one performance obligation related to each transaction which occurs instantaneously, and the revenue is recorded at the point in time of the transaction. Our transaction and clearing revenues are reported net of rebates, except for the NYSE transaction-based expenses. Rebates were $653 million and $615 million for the nine months ended September 30, 2019 and 2018 , respectively, and $218 million and $183 million for the three months ended September 30, 2019 and 2018 , respectively. Transaction and clearing fees can be variable based on trade volume discounts used in the determination of rebates, however virtually all volume discounts are calculated and recorded on a monthly basis. Transaction and clearing fees, as well as any volume discounts rebated to our customers, are calculated and billed monthly in accordance with our published fee schedules. We make liquidity payments to certain customers in our NYSE businesses and recognize those payments as a cost of revenue. In addition, we pay NYSE regulatory oversight fees to the SEC and collect equal amounts from our customers. These are also considered a cost of revenue, and both of these NYSE-related fees are included in transaction-based expenses. Transaction and clearing revenues and the related transaction-based expenses are all recognized in our Trading and Clearing segment. In certain of our revenue share arrangements with third parties we control the delivered contract; in these arrangements we are acting as a principal and the revenue is recorded gross. • Data services - Data service revenues represent the following: ◦ Pricing and analytics services provide global securities evaluations, reference data, market indices, risk analytics, derivatives pricing and other information designed to meet our customers' portfolio management, trading, risk management, reporting and regulatory compliance needs. ◦ Exchange data and feeds services provide real-time, historical and derived pricing data, order book and transaction information related to our trading venues, as well as data from a broad array of third-party trading venues and news feeds. ◦ Desktops and connectivity services provide the connection to our exchanges, clearing houses and data centers and comprise hosting, colocation, infrastructure, technology-based information platforms, workstations and connectivity solutions through the ICE Global Network. The nature and timing of each contract type for the data services above are similar in nature. Data services revenues are primarily subscription-based, billed monthly, quarterly or annually in advance and recognized ratably over time as our performance obligations of data delivery are met consistently throughout the period. Considering these contracts primarily consist of single performance obligations with fixed prices, there is no variable consideration and no need to allocate the transaction price. In certain of our data contracts, where third parties are involved, we arrange for the third party to transfer the services to our customers; in these arrangements we are acting as an agent and revenue is recorded net. All data services fees are included in our Data and Listings segment. • Listings - Listings revenues include original and annual listings fees, and other corporate action fees. Each distinct listing fee is allocated to multiple performance obligations including original and incremental listing and investor relations services, as well as a customer’s material right to renew the option to list on our exchanges. In performing this allocation, the standalone selling price of the listing services is based on the original and annual listing fees and the standalone selling price of the investor relations services is based on its market value. All listings fees are billed upfront and the identified performance obligations are satisfied over time. Revenue related to the investor relations performance obligation is recognized ratably over a two -year period, with the remaining revenue recognized ratably over time as customers continue to list on our exchanges, which is generally estimated to be over a period of up to nine years for NYSE and up to five years for NYSE Arca and NYSE American. Listings fees related to other corporate actions are considered contract modifications of our listing contracts and are recognized ratably over time as customers continue to list on our exchanges, which is generally estimated to be a period of six years for NYSE and three years for NYSE Arca and NYSE American. All listings fees are recognized in our Data and Listings segment. • Other revenues - Other revenues primarily include interest income on certain clearing margin deposits, regulatory penalties and fines, fees for use of our facilities, regulatory fees charged to member organizations of our U.S. securities exchanges, designated market maker service fees, exchange membership fees and agricultural grading and certification fees. Generally, fees for other revenues contain one performance obligation. Because these contracts primarily consist of single performance obligations with fixed prices, there is no variable consideration and no need to allocate the transaction price. Services for other revenues are primarily satisfied at a point in time. Therefore, there is no need to allocate the fee and no deferral results as we have no further obligation to the customer at that time. Other revenues are recognized in our Trading and Clearing segment. The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Segment totals here are consistent with the segment totals in Note 15: Trading and Clearing Segment Data and Listings Segment Total Consolidated Nine months ended September 30, 2019: Transaction and clearing, net $ 2,698 $ — $ 2,698 Data services — 1,652 1,652 Listings — 336 336 Other revenues 194 — 194 Total revenues 2,892 1,988 4,880 Transaction-based expenses 976 — 976 Total revenues, less transaction-based expenses $ 1,916 $ 1,988 $ 3,904 Timing of Revenue Recognition Services transferred at a point in time $ 1,653 $ — $ 1,653 Services transferred over time 263 1,988 2,251 Total revenues, less transaction-based expenses $ 1,916 $ 1,988 $ 3,904 Trading and Clearing Segment Data and Listings Segment Total Consolidated Nine months ended September 30, 2018: Transaction and clearing, net $ 2,522 $ — $ 2,522 Data services — 1,576 1,576 Listings — 332 332 Other revenues 169 — 169 Total revenues 2,691 1,908 4,599 Transaction-based expenses 928 — 928 Total revenues, less transaction-based expenses $ 1,763 $ 1,908 $ 3,671 Timing of Revenue Recognition Services transferred at a point in time $ 1,507 $ — $ 1,507 Services transferred over time 256 1,908 2,164 Total revenues, less transaction-based expenses $ 1,763 $ 1,908 $ 3,671 Trading and Clearing Segment Data and Listings Segment Total Consolidated Three months ended September 30, 2019: Transaction and clearing, net $ 929 $ — $ 929 Data services — 553 553 Listings — 114 114 Other revenues 67 — 67 Total revenues 996 667 1,663 Transaction-based expenses 327 — 327 Total revenues, less transaction-based expenses $ 669 $ 667 $ 1,336 Timing of Revenue Recognition Services transferred at a point in time $ 578 $ — $ 578 Services transferred over time 91 667 758 Total revenues, less transaction-based expenses $ 669 $ 667 $ 1,336 Trading and Clearing Segment Data and Listings Segment Total Consolidated Three months ended September 30, 2018: Transaction and clearing, net $ 760 $ — $ 760 Data services — 530 530 Listings — 112 112 Other revenues 61 — 61 Total revenues 821 642 1,463 Transaction-based expenses 263 — 263 Total revenues, less transaction-based expenses $ 558 $ 642 $ 1,200 Timing of Revenue Recognition Services transferred at a point in time $ 477 $ — $ 477 Services transferred over time 81 642 723 Total revenues, less transaction-based expenses $ 558 $ 642 $ 1,200 The Trading and Clearing segment revenues above include $188 million and $184 million for the nine months ended September 30, 2019 and 2018 , respectively, and $66 million and $56 million for the three months ended September 30, 2019 and 2018 , respectively, for services transferred over time related to risk management of open interest performance obligations. A majority of these performance obligations are performed over a short period of time of one month or less. Beginning in the second quarter of 2019, we have reflected amounts owed under certain third-party revenue share arrangements as technology and communication operating expenses rather than as had been previously recorded net within transaction and clearing revenues. These are included within our Trading and Clearing segment. Deferred Revenue Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $332 million as of September 30, 2019 , including $247 million in current deferred revenue and $85 million in non-current deferred revenue. The changes in our deferred revenue during the nine months ended September 30, 2019 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Total Deferred revenue balance at December 31, 2018 $ — $ 25 $ 100 $ 92 $ 217 Additions 387 11 30 300 728 Amortization (289 ) (17 ) (30 ) (277 ) (613 ) Deferred revenue balance at September 30, 2019 $ 98 $ 19 $ 100 $ 115 $ 332 The changes in our deferred revenue during the nine months ended September 30, 2018 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Total Deferred revenue balance at December 31, 2017 $ — $ 25 $ 98 $ 93 $ 216 Additions 383 17 36 291 727 Amortization (288 ) (17 ) (27 ) (272 ) (604 ) Deferred revenue balance at September 30, 2018 $ 95 $ 25 $ 107 $ 112 $ 339 Included in the amortization recognized during the nine months ended September 30, 2019 is $94 million related to the deferred revenue balance as of January 1, 2019. Included in the amortization recognized for the nine months ended September 30, 2018 is $98 million related to the deferred revenue balance as of January 1, 2018. As of September 30, 2019

Debt

Debt	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Our total debt, including short-term and long-term debt, consisted of the following as of September 30, 2019 and December 31, 2018 (in millions): As of As of Debt: Short-term debt: Commercial Paper $ 1,318 $ 951 Other short-term debt 11 — Total short-term debt 1,329 951 Long-term debt: 2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020) 1,247 1,246 2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022) 497 496 2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023) 397 397 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) 794 793 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,244 1,243 2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) 496 496 2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) 592 591 2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) 1,229 1,228 Total long-term debt 6,496 6,490 Total debt $ 7,825 $ 7,441 Credit Facilities We have a $3.4 billion senior unsecured revolving credit facility, or the Credit Facility, with a maturity date of August 9, 2023. The Credit Facility includes an option for us to propose an increase in the aggregate amount available for borrowing by up to $975 million , subject to the consent of the lenders funding the increase and certain other conditions. No amounts were outstanding under the Credit Facility as of September 30, 2019 . As of September 30, 2019 , of the $3.4 billion that is currently available for borrowing under the Credit Facility, $1.3 billion is required to back-stop the amount outstanding under our U.S. dollar commercial paper program, or the Commercial Paper Program, and $160 million is required to support certain broker-dealer subsidiary commitments. The amount required to back-stop the amounts outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $1.9 billion is available for working capital and general corporate purposes including, but not limited to, acting as a back-stop to future increases in the amounts outstanding under the Commercial Paper Program. During the nine months ended September 30, 2019 , a subsidiary of ours entered into a new $20 million line of credit for their general corporate purposes. As of September 30, 2019 , the subsidiary had borrowed $11 million , which is reflected as “other short-term debt” in the table above. Commercial Paper Program Our Commercial Paper Program is currently backed by the borrowing capacity available under the Credit Facility, as described above. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates (such as USD LIBOR) which fluctuate due to market conditions and as a result may impact our interest expense. During the nine months ended September 30, 2019 , we had net issuances of $367 million under the Commercial Paper Program, the proceeds of which were used to fund the acquisition of Simplifile and for general corporate purposes. Commercial paper notes of $1.3 billion with original maturities ranging from one to 77 days were outstanding as of September 30, 2019 under our Commercial Paper Program, with a weighted average interest rate of 2.2% per annum and a weighted average maturity of 27

Shared-Based Compensation

Shared-Based Compensation	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Share-Based Compensation	Share-Based Compensation We currently sponsor employee and director stock option, restricted stock and employee stock purchase plans. Stock options and restricted stock are granted at the discretion of the Compensation Committee of our Board of Directors based on the estimated fair value on the date of grant. The fair value of the stock options and restricted stock on the date of grant is recognized as expense over the vesting period, net of forfeitures. The non-cash compensation expenses recognized in our consolidated statements of income for stock options, restricted stock and under our employee stock purchase plan were $100 million and $93 million for the nine months ended September 30, 2019 and 2018 , respectively, and $36 million and $32 million for the three months ended September 30, 2019 and 2018 , respectively. Stock Option Plans The following is a summary of stock option activity for the nine months ended September 30, 2019 : Number of Options (in thousands) Weighted Average Outstanding at December 31, 2018 3,610 $ 46.44 Granted 493 76.16 Exercised (575 ) 38.71 Outstanding at September 30, 2019 3,528 51.86 Details of stock options outstanding as of September 30, 2019 are as follows: Number of Options (in thousands) Weighted Average Weighted Average Aggregate Vested or expected to vest 3,528 $ 51.86 6.4 $ 143 Exercisable 2,458 $ 44.27 5.4 $ 118 The total intrinsic value of stock options exercised was $25 million for both the nine months ended September 30, 2019 and 2018 , and $7 million and $6 million for the three months ended September 30, 2019 and 2018 , respectively. As of September 30, 2019 , there were $10 million in total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 1.6 years as the stock options vest. We use the Black-Scholes option pricing model to value our stock option awards. During the nine months ended September 30, 2019 and 2018 , we used the weighted-average assumptions in the table below to compute the value of all options for shares of common stock granted to employees: Nine Months Ended September 30, Assumptions: 2019 2018 Risk-free interest rate 2.49 % 2.67 % Expected life in years 5.9 6.0 Expected volatility 20 % 20 % Expected dividend yield 1.44 % 1.43 % Estimated weighted-average fair value of options granted per share $ 15.45 $ 14.08 The risk-free interest rate is based on the zero-coupon U.S. Treasury yield curve in effect at the date of grant. The expected life is derived from historical and anticipated future exercise patterns. Expected volatility is based on historical volatility data of our stock. Restricted Stock Plans Our restricted shares have vesting conditions based on company performance linked to both short-term and long-term stockholder return as well as retention objectives. The grant date fair value of our restricted stock awards is based on the closing stock price on the date of grant. In February 2019, we reserved a maximum of 1.1 million restricted shares for potential issuance as performance-based restricted shares to certain of our employees. The number of shares that will ultimately be granted under this award will be based on our actual financial performance as compared to financial performance targets set by our Board of Directors and the Compensation Committee of our Board of Directors for the year ending December 31, 2019, as well as our 2019 total stockholder return, or TSR, as compared to that of the S&P 500 Index. The maximum compensation expense to be recognized under these performance-based restricted shares is $82 million if the maximum financial performance target is met and all 1.1 million shares vest. The compensation expense to be recognized under these performance-based restricted shares will be $41 million if the target financial performance is met, which would result in 0.6 million shares vesting. We recognize expense on an accelerated basis over the three -year vesting period based on our quarterly assessment of the probable 2019 actual financial performance as compared to the 2019 financial performance targets. As of September 30, 2019 , we determined that it is probable that the financial performance level will be at target for 2019 . Based on this assessment, we recorded non-cash compensation expense of $15 million and $6 million for the nine and three months ended September 30, 2019 , respectively, related to these shares and the remaining $26 million in non-cash compensation expense will be recorded on an accelerated basis over the remaining vesting period, including $7 million which will be recorded over the remainder of 2019 . The following is a summary of the non-vested restricted share activity for the nine months ended September 30, 2019 : Number of (in thousands) Weighted Average Non-vested at December 31, 2018 4,470 $ 60.56 Granted 1,675 76.65 Vested (2,191) 57.64 Forfeited (189) 66.38 Non-vested at September 30, 2019 3,765 69.13 The shares granted include 1 million time-based restricted shares and the remainder are performance-based. Performance-based restricted shares have been presented to reflect the actual shares to be issued based on the achievement of past performance targets, also considering the impact of any market conditions. Non-vested performance-based restricted shares granted are presented in the table above at the target number of restricted shares that would vest if the performance targets are met. As of September 30, 2019 , there were $137 million in total unrecognized compensation costs related to time-based and performance-based restricted stock. These costs are expected to be recognized over a weighted-average period of 1.4 years as the restricted stock vests. These unrecognized compensation costs assume that a target performance level will be met on the performance-based restricted shares granted in February 2019. During the nine months ended September 30, 2019 and 2018 , the total fair value of restricted stock vested under all restricted stock plans was $166 million and $201 million , respectively. Bakkt Incentive Units In February 2019, our Board approved the adoption of the Bakkt Equity Incentive Plan to issue various Bakkt equity unit awards. Under this plan, during the nine months ended September 30, 2019 , Bakkt issued 101 million , 4 million and 8 million of its preferred, common and phantom incentive units, respectively, to certain employees and Board members. The issued units are unvested at the issuance date, are subject to the vesting terms in the award agreements and upon vesting are converted into Bakkt equity or cash. With the assistance of third-party valuation experts and based on our assumptions as of the issuance date, we estimate that approximately $46 million of compensation expense will be recognized over an eight -year period associated with these awards.

Equity

Equity	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Equity	Equity Stock Repurchase Program In September 2018, our Board of Directors approved an aggregate of $2.0 billion for repurchases of our common stock with no fixed expiration date that became effective January 1, 2019. During the nine months ended September 30, 2019 , we repurchased 12.5 million shares of our outstanding common stock at a cost of $1.0 billion under our Rule 10b5-1 trading plan and 1.3 million shares at a cost of $100 million on the open market. As of September 30, 2019 , up to $880 million remains from the Board authorization for repurchases of our common stock. We expect to fund repurchases from our operating cash flow, borrowings under our debt facilities or our Commercial Paper Program. Repurchases may be made from time to time on the open market, through established trading plans, in privately-negotiated transactions or otherwise, in accordance with all applicable securities laws, rules and regulations. We have entered into a Rule 10b5-1 trading plan, as authorized by our Board, to govern some of the repurchases of our shares of common stock. We may discontinue the stock repurchases at any time and may amend or terminate the Rule 10b5-1 trading plan at any time. The approval of our Board for the share repurchases does not obligate us to acquire any particular amount of our common stock. In addition, our Board of Directors may increase or decrease the amount available for repurchases from time to time. Dividends During the nine months ended September 30, 2019 and 2018 , we declared and paid cash dividends per share of $0.825 and $0.72 , respectively, for an aggregate payout of $467 million and $417 million , respectively, and during the three months ended September 30, 2019 and 2018 , we declared and paid cash dividends per share of $0.275 and $0.24 , respectively, for an aggregate payout of $155 million and $138 million , respectively. The declaration of dividends is subject to the discretion of our Board, and may be affected by various factors, including our future earnings, financial condition, capital requirements, levels of indebtedness, credit ratings and other considerations which our Board of Directors deem relevant. Our Board has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be determined quarterly by the Board or its Audit Committee, taking into account such factors as our evolving business model, prevailing business conditions and our financial results and capital requirements, without a predetermined annual net income payout ratio. Accumulated Other Comprehensive Income (Loss) The following tables present changes in the accumulated balances for each component of other comprehensive income (loss) (in millions): Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total Balance, as of December 31, 2018 $ (227 ) $ 2 $ (90 ) $ (315 ) Other comprehensive income (loss) (33 ) (1 ) — (34 ) Income tax benefit (expense) 1 — — 1 Net current period other comprehensive income (loss) (32 ) (1 ) — (33 ) Balance, as of September 30, 2019 $ (259 ) $ 1 $ (90 ) $ (348 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total Balance, as of June 30, 2019 $ (220 ) $ 1 $ (90 ) $ (309 ) Other comprehensive income (loss) (40 ) — — (40 ) Income tax benefit (expense) 1 — — 1 Net current period other comprehensive income (loss) (39 ) — — (39 ) Balance, as of September 30, 2019 $ (259 ) $ 1 $ (90 ) $ (348 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total Balance, as of December 31, 2017 $ (136 ) $ 2 $ (89 ) $ (223 ) Other comprehensive income (loss) (52 ) — — (52 ) Income tax benefit (expense) 1 — — 1 Net current period other comprehensive income (loss) (51 ) — — (51 ) Balance, as of September 30, 2018 $ (187 ) $ 2 $ (89 ) $ (274 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total Balance, as of June 30, 2018 $ (178 ) $ 2 $ (89 ) $ (265 ) Other comprehensive income (loss) (9 ) — — (9 ) Income tax benefit (expense) — — — — Net current period other comprehensive income (loss) (9 ) — — (9 ) Balance, as of September 30, 2018 $ (187 ) $ 2 $ (89 ) $ (274 )

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our effective tax rate was 20% and 21% for the nine months ended September 30, 2019 and 2018 , respectively, and 16% for both the three months ended September 30, 2019 and 2018 . The effective tax rate for the nine months ended September 30, 2019 is lower than the effective tax rate for the same period in 2018 primarily due to changes in estimates of certain international tax provisions enacted as part of the U.S. Federal Tax Cuts and Jobs Act, or TCJA, and reductions of income tax reserves resulting from the expiration of certain statutes of limitation.

Clearing Operations

Clearing Operations	9 Months Ended
	Sep. 30, 2019
Brokers and Dealers [Abstract]
Clearing Operations	Clearing Operations We operate six clearing houses, each of which acts as a central counterparty that becomes the buyer to every seller and the seller to every buyer for its clearing members. Through this central counterparty function, the clearing houses provide financial security for each transaction for the duration of the position by limiting counterparty credit risk. Our clearing houses are responsible for providing clearing services to each of our futures exchanges, and in some cases outside of our execution venues, and are as follows, referred to herein collectively as "the ICE Clearing Houses": Clearing House Products Cleared Exchange where Executed Location ICE Clear Europe Energy, agricultural, interest rates and equity index futures and options contracts and OTC European CDS instruments ICE Futures Europe, ICE Futures U.S., ICE Endex and third-party venues U.K. ICE Clear U.S. Agricultural, metals, FX and equity index futures and options contracts ICE Futures U.S. U.S. ICE Clear Credit North American, European, Asian-Pacific and Emerging Market CDS instruments Creditex, OTC and third-party venues U.S. ICE Clear Netherlands Derivatives on equities and equity indices traded on regulated markets ICE Endex The Netherlands ICE Clear Singapore Energy, metals and financial futures products ICE Futures Singapore Singapore ICE NGX Physical North American natural gas, electricity and oil futures ICE NGX Canada Original & Variation Margin Each of the ICE Clearing Houses generally requires all clearing members or participants to deposit collateral in cash or certain pledged assets. The collateral deposits are known as “original margin.” In addition, the ICE Clearing Houses may make intraday original margin calls in circumstances where market conditions require additional protection. The daily profits and losses to and from the ICE Clearing Houses due to the marking-to-market of open contracts is known as “variation margin.” With the exception of ICE NGX’s physical natural gas and physical power products discussed separately below, the ICE Clearing Houses mark all outstanding contracts to market, and therefore pay and collect variation margin, at least once daily. The amounts that the clearing members and participants are required to maintain are determined by proprietary risk models established by each ICE Clearing House and reviewed by the relevant regulators, independent model validators, risk committees and the boards of directors of the respective ICE Clearing House. The amounts required may fluctuate over time. Each of the ICE Clearing Houses is a separate legal entity and is not subject to the liabilities of the others, or the obligations of the members of the other ICE Clearing Houses. Should a particular clearing member or participant fail to deposit its original margin or fail to make a variation margin payment, when and as required, the relevant ICE Clearing House may liquidate or hedge its open positions and use their original margin and guaranty fund deposits to pay any amount owed. In the event that the defaulting clearing member's deposits are not sufficient to pay the amount owed in full, the ICE Clearing Houses will first use their respective contributions to the guaranty fund, often referred to as Skin In The Game, or SITG, to pay any remaining amount owed. In the event that the SITG is not sufficient, the ICE Clearing Houses may utilize the respective guaranty fund deposits, or collect additional funds from their respective non-defaulting clearing members on a pro-rata basis, to pay any remaining amount owed. As of September 30, 2019 and December 31, 2018 , the ICE Clearing Houses have received or have been pledged $122.1 billion and $121.4 billion , respectively, in cash and non-cash collateral in original margin and guaranty fund deposits to cover price movements of underlying contracts for both periods. Guaranty Funds & ICE Contribution As described above, mechanisms have been created, called guaranty funds, to provide partial protection in the event of a clearing member default. With the exception of ICE NGX, each of the ICE Clearing Houses requires that each clearing member make deposits into a guaranty fund. In addition, we have contributed our own capital which could be used if a defaulting clearing member’s original margin and guaranty fund deposits are insufficient. Such amounts are recorded as long-term restricted cash and cash equivalents in our balance sheets and are as follows (in millions): ICE Portion of Guaranty Fund Contribution Default insurance Clearing House As of As of As of As of ICE Clear Europe $233 $206 $75 N/A ICE Clear U.S. 103 61 25 N/A ICE Clear Credit 50 50 50 N/A ICE Clear Netherlands 2 2 N/A N/A ICE Clear Singapore 1 1 N/A N/A ICE NGX N/A N/A 100 $100 Total $389 $320 $250 $100 In January 2019, we increased our contribution to ICE Clear Europe’s guaranty fund by $27 million , in March 2019, we increased our ICE Clear U.S. guaranty fund contribution by $7 million and in September 2019, in connection with the launch of Bakkt, Bakkt contributed $35 million to the ICE Clear U.S. guaranty fund, solely applicable to any losses associated with a default in Bitcoin contracts and other digital asset contracts that ICE Clear U.S. might clear in the future. In September 2019, we added a layer of insurance to our clearing member default protection. The default insurance layer resides after and in addition to the ICE Clear Credit, ICE Clear Europe, and ICE Clear U.S. SITG contributions and before the guaranty fund contributions of the non-defaulting clearing members. The default insurance has a three-year term, subject to renewal. Similar to SITG, the default insurance layer is not intended to replace or reduce the position risk-based amount of the guaranty fund. As a result, the default insurance layer is not a factor that is included in the calculation of the clearing members’ guaranty fund contribution requirement. Instead, it serves as a new, additional, distinct, and separate default resource that should serve to further protect the non-defaulting clearing members’ guaranty fund contributions from being mutualized in the event of a default. As of September 30, 2019 , ICE NGX maintains a guaranty fund utilizing a $100 million letter of credit and a default insurance policy, discussed below. Cash and Cash Equivalent Deposits We have recorded cash and cash equivalent margin deposits and amounts due in our balance sheets as current assets with corresponding current liabilities to the clearing members. As of September 30, 2019 , our cash and cash equivalent margin deposits are as follows (in millions): ICE Clear Europe (1) ICE Clear ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total Original margin $ 28,971 $ 22,534 $ 7,157 $ — $ 5 $ 58,667 Unsettled variation margin, net — — — 229 — 229 Guaranty fund 4,198 2,120 445 — 5 6,768 Delivery contracts receivable/payable, net — — — 324 — 324 Total $ 33,169 $ 24,654 $ 7,602 $ 553 $ 10 $ 65,988 As of December 31, 2018 , our cash and cash equivalent deposits, are as follows (in millions): ICE Clear Europe (2) ICE Clear ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total Original margin $ 27,597 $ 22,770 $ 6,260 $ — $ 3 $ 56,630 Unsettled variation margin, net — — — 417 — 417 Guaranty fund 3,267 2,456 460 — 5 6,188 Delivery contracts receivable/payable, net — — — 720 — 720 Total $ 30,864 $ 25,226 $ 6,720 $ 1,137 $ 8 $ 63,955 (1) $27.9 billion and $5.3 billion is related to futures/options and CDS, respectively. (2) $25.8 billion and $5.1 billion is related to futures/options and CDS, respectively. Our cash and cash equivalent margin and guaranty fund deposits are maintained in accounts with national banks and reputable financial institutions or secured through direct investments, primarily in U.S. Treasury securities with original maturities of less than three months, or reverse repurchase agreements with primarily overnight maturities. To provide a tool to address the liquidity needs of our clearing houses and manage the liquidation of margin and guaranty fund deposits held in the form of cash and high quality sovereign debt, ICE Clear Europe, ICE Clear Credit and ICE Clear U.S. have entered into Committed Repurchase Agreement Facilities, or Committed Repo. Additionally, ICE Clear Credit and ICE Clear Netherlands have entered into Committed FX Facilities to support these liquidity needs. As of September 30, 2019 the following facilities were in place: • ICE Clear Europe: $1.0 billion in Committed Repo to finance U.S. dollar, euro and pound sterling deposits. • ICE Clear Credit: $300 million in Committed Repo to finance U.S. dollar and euro deposits, €250 million in Committed Repo to finance euro deposits, and €1.9 billion in Committed FX Facilities to finance euro payment obligations. • ICE Clear U.S.: $250 million in Committed Repo to finance U.S. dollar deposits. • ICE Clear Netherlands: €10 million in Committed FX Facilities to finance euro payment obligations. Details of our cash and cash equivalent deposits are as follows (in millions): Clearing House Investment Type As of As of ICE Clear Europe National Bank Account (1) $ 5,886 $ 8,647 ICE Clear Europe Reverse repo 24,184 18,097 ICE Clear Europe Sovereign Debt 2,940 4,035 ICE Clear Europe Demand deposits 159 85 ICE Clear Credit National Bank Account (2) 19,947 19,484 ICE Clear Credit Reverse repo 2,997 1,935 ICE Clear Credit Demand deposits 1,710 3,807 ICE Clear U.S. Reverse repo 5,061 4,380 ICE Clear U.S. U.S. Treasuries 2,541 2,340 Other ICE Clearing Houses Demand deposits 10 8 ICE NGX Unsettled Variation Margin and Delivery Contracts Receivable/Payable 553 1,137 Total $ 65,988 $ 63,955 (1) As of September 30, 2019 , ICE Clear Europe held €4.1 billion ( $4.4 billion based on the euro/U.S. dollar exchange rate of 1.0899 as of September 30, 2019 ) at De Nederlandsche Bank, or DNB, £1.1 million ( $1.4 million based on the pound sterling/U.S. dollar exchange rate of 1.2295 as of September 30, 2019 ) at the Bank of England, or BOE and €10 million ( $11 million based on the above exchange rate) at the BOE. As of December 31, 2018, ICE Clear Europe held €7.0 billion ( $8.0 billion based on the euro/U.S. dollar exchange rate of 1.1466 as of December 31, 2018) at DNB and £500 million ( $638 million based on the pound sterling/U.S. dollar exchange rate of 1.2756 as of December 31, 2018) at the BOE. (2) ICE Clear Credit is a systemically important financial market utility, or SIFMU, as designated by the Financial Stability Oversight Council, and holds its U.S. dollar cash margin in cash accounts at the Federal Reserve Bank of Chicago. Other Deposits In addition to the cash deposits above, the ICE Clearing Houses have also received other assets from clearing members, which include government obligations, and may include other cash deposits and non-cash collateral such as letters of credit or gold to mitigate credit risk. For certain deposits, we may impose discount or “haircut” rates to ensure adequate collateral if market values fluctuate. The value-related risks and rewards of these assets remain with the clearing members. Any gain or loss accrues to the clearing member. The ICE Clearing Houses do not rehypothecate or re-pledge these assets. These pledged assets are not reflected in our balance sheets, and are as follows (in millions): As of September 30, 2019 ICE Clear Europe ICE Clear ICE Clear U.S. ICE NGX Total Original margin: Government securities at face value $ 29,305 $ 13,420 $ 9,881 $ — $ 52,606 Letters of credit — — — 2,247 2,247 ICE NGX cash deposits — — — 322 322 Total $ 29,305 $ 13,420 $ 9,881 $ 2,569 $ 55,175 Guaranty fund: Government securities at face value $ 407 $ 284 $ 274 $ — $ 965 As of December 31, 2018 ICE Clear Europe ICE Clear ICE Clear U.S. ICE NGX Total Original margin: Government securities at face value $ 29,887 $ 12,990 $ 10,208 $ — $ 53,085 Letters of credit — — — 2,556 2,556 ICE NGX cash deposits — — — 605 605 Total $ 29,887 $ 12,990 $ 10,208 $ 3,161 $ 56,246 Guaranty fund: Government securities at face value $ 654 $ 256 $ 264 $ — $ 1,174 ICE NGX ICE NGX is the central counterparty to participants on opposite sides of its physically-settled contracts, and the balance related to delivered but unpaid contracts is recorded as a delivery contract net receivable, with an offsetting delivery contract net payable in our balance sheets. Unsettled variation margin equal to the fair value of open contracts is recorded as of each balance sheet date. ICE NGX marks all outstanding contracts to market daily, but only collects variation margin when a clearing member's or participant’s open position falls outside a specified percentage of its pledged collateral. ICE NGX requires participants to maintain cash or letters of credit to serve as collateral in the event of default. The cash is maintained in a segregated bank account, held in trust and remains the property of the participant; therefore, it is not included in our balance sheets. ICE NGX maintains the following accounts with a third-party Canadian chartered bank which are available in the event of physical settlement shortfalls, subject to certain conditions: Account Type As of September 30, 2019 (In C$ millions) As of September 30, 2019 (In $USD millions) Daylight liquidity facility C$300 $227 Overdraft facility 20 15 Total C$320 $242 As of September 30, 2019 , ICE NGX maintains a guaranty fund utilizing a $100 million letter of credit that has been entered into with a major Canadian chartered bank and backed by a default insurance policy underwritten by Export Development Corporation, or EDC, a Canadian government agency. In the event of a participant default, where a participant’s collateral becomes depleted, the remaining shortfall would be covered by a draw down on the letter of credit following which ICE NGX would pay the first $15 million in losses per its deductible and recover additional losses under the insurance policy up to $100 million . Clearing House Exposure Each ICE Clearing House bears financial counterparty credit risk and provides a central counterparty guarantee, or performance guarantee, to its clearing members or participants. To reduce their exposure, the ICE Clearing Houses have a risk management program with both initial and ongoing membership standards. Excluding the effects of original and variation margin, guaranty fund and collateral requirements, the ICE Clearing Houses’ maximum estimated exposure for this guarantee is $105.6 billion as of September 30, 2019 , which represents the maximum estimated value by the ICE Clearing Houses of a hypothetical one-day movement in pricing of the underlying unsettled contracts. This value was determined using proprietary risk management software that simulates gains and losses based on historical market prices, volatility and other factors present at that point in time for those particular unsettled contracts. Future actual market price volatility could result in the exposure being significantly different than this amount.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings We are subject to legal proceedings, claims and investigations that arise in the ordinary course of our business. These include the matters described in Part I, Item 3 “Legal Proceedings” and Note 15 to the consolidated financial statements in Part II, Item 8 of our 2018 Form 10-K. We establish accruals for those matters in circumstances when a loss contingency is considered probable and the related amount is reasonably estimable. Any such accruals may be adjusted as circumstances change. Assessments of losses are inherently subjective and involve unpredictable factors. We do not believe that the resolution of these legal matters, including the matters described below, will have a material adverse effect on our consolidated financial condition, results of operations, or liquidity. It is possible, however, that future results of operations for any particular quarterly or annual period could be materially and adversely affected by any developments relating to the legal proceedings, claims and investigations. LIBOR Litigation On January 15, 2019 and January 31, 2019, two virtually identical purported class action complaints were filed by, respectively, Putnam Bank, a savings bank based in Putnam, Connecticut, and two municipal pension funds affiliated with the City of Livonia, Michigan in the U.S. District Court for the Southern District of New York against ICE and several of its subsidiaries, including ICE Benchmark Administration Limited (“IBA”) (the “ICE Defendants”), as well as 18 multinational banks and various of their respective subsidiaries and affiliates (the “Panel Bank Defendants”). On March 4, 2019, a virtually identical complaint was filed on behalf of four retirement and benefit funds affiliated with the Hawaii Sheet Metal Workers Union. IBA is the administrator for various regulated benchmarks, including the ICE LIBOR benchmark that is calculated daily based upon the submissions from a reference panel (which includes the Panel Bank Defendants). On July 1, 2019, the various plaintiffs referenced above filed a consolidated amended complaint against the ICE and Panel Bank Defendants. The plaintiffs seek to litigate on behalf of a purported class of all U.S.-based persons or entities who transacted with a Panel Bank Defendant by receiving a payment on an interest rate indexed to a one-month or three-month USD LIBOR-benchmarked rate during the period February 1, 2014 to the present. The plaintiffs allege that the ICE and Panel Bank Defendants engaged in a conspiracy to set the LIBOR benchmark at artificially low levels, with an alleged purpose and effect of depressing payments by the Panel Bank Defendants to members of the purported class. As with the individual complaints, the consolidated amended complaint asserts a claim for violations of the Sherman and Clayton Antitrust Acts and seeks unspecified treble damages and other relief. The ICE and Panel Bank Defendants filed motions to dismiss the consolidated amended complaint on August 30, 2019 and briefing of these motions is not yet complete. ICE intends to vigorously defend the matter. City of Providence Litigation In the City of Providence litigation, the district court entered an order on May 28, 2019 denying the motions to dismiss filed by the defendant exchanges (which include New York Stock Exchange LLC and NYSE Arca, Inc., two of our subsidiaries). The exchanges filed a motion in the district court on June 17, 2019 asking the court to certify the matter for an immediate appeal to the U.S. Court of Appeals for the Second Circuit; on July 16, 2019 the court denied the motion. On July 25, 2019, the exchanges filed answers to the second amended complaint, denying the principal allegations of the plaintiffs, denying liability in the matter, and asserting various affirmative defenses. The discovery period in the matter has commenced and is scheduled to continue into 2020. For further information on the City of Providence litigation, see our 2018 Form 10-K.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is the price that would be received from selling an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Our financial instruments consist primarily of certain short-term and long-term assets and liabilities, customer accounts receivable, margin deposits and guaranty funds, equity investments, and short-term and long-term debt. The fair value of our financial instruments is measured based on a three-level hierarchy: • Level 1 inputs — quoted prices for identical assets or liabilities in active markets. • Level 2 inputs — observable inputs 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 — unobservable inputs supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Financial assets and liabilities recorded or disclosed at fair value in the accompanying consolidated balance sheets as of September 30, 2019 and December 31, 2018 are classified in their entirety based on the lowest level of input that is significant to the asset or liability’s fair value measurement. Our mutual funds are equity and fixed income mutual funds held for the purpose of providing future payments for the supplemental executive savings plan and the supplemental executive retirement plan and are classified as equity investments and measured at fair value using Level 1 inputs with adjustments recorded in net income. We hold money market funds measured at fair value using Level 1 inputs with adjustments recorded in net income. MERS is part of our ICE Mortgage Services business and holds fixed income investments as part of a reserve fund in order to satisfy the original terms of the governing documents of our June 2016 acquisition of a majority equity position in MERS. These investments are measured at fair value using Level 2 inputs with adjustments recorded in net income. In June 2019 we sold $41 million of these investments in anticipation of the payment due to the original shareholders of MERS in accordance with the acquisition agreement. The proceeds from the sale of the investments were distributed to the original shareholders of MERS in July 2019. Excluding our equity investments without a readily determinable fair value, all other financial instruments are determined to approximate carrying value due to the short period of time to their maturities. We did not use Level 3 inputs to determine the fair value of assets or liabilities measured at fair value on a recurring basis as of September 30, 2019 or December 31, 2018 . We measure certain assets, such as intangible assets, at fair value on a non-recurring basis. These assets are recognized at fair value if they are deemed to be impaired. As of September 30, 2019 and December 31, 2018 , none of our intangible assets were required to be recorded at fair value since no impairments were recorded. We measure certain equity investments at fair value on a non-recurring basis using our policy election under ASU No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. During the nine months ended September 30, 2019 , we evaluated a transaction involving one of these investments and concluded that no fair value adjustment was required under this election. See Note 12 for the fair value considerations related to our margin deposits, guaranty funds and delivery contracts receivable. The table below displays the fair value of our debt as of September 30, 2019 . The fair values of our fixed rate notes were estimated using quoted market prices for these instruments. The fair value of our commercial paper includes a discount and other short-term debt approximates par value since the interest rates on this short-term debt approximate market rates as of September 30, 2019 . As of September 30, 2019 (in millions) Debt: Carrying Amount Fair value Commercial Paper $ 1,318 $ 1,323 Other short-term debt 11 11 2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020) 1,247 1,260 2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022) 497 505 2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023) 397 419 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) 794 855 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,244 1,349 2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) 496 524 2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) 592 660 2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) 1,229 1,493 Total debt $ 7,825 $ 8,399

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting We operate two business segments: our Trading and Clearing segment and our Data and Listings segment. This presentation is reflective of how our chief operating decision maker reviews and operates our business. Our Trading and Clearing segment comprises our transaction-based execution and clearing businesses. Our Data and Listings segment comprises our data services and our securities listings businesses, which are both largely subscription-based. Our chief operating decision maker does not review total assets or statements of income below operating income by segments; therefore, such information is not presented below. Our two segments do not engage in intersegment transactions. Financial data for our business segments is as follows for the nine and three months ended September 30, 2019 and 2018 (in millions): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Trading and Clearing Segment Data and Listings Segment Consolidated Trading and Clearing Segment Data and Listings Segment Consolidated Revenues: Energy futures and options contracts $ 749 $ — $ 749 $ 708 $ — $ 708 Agricultural and metals futures and options contracts 194 — 194 197 — 197 Financial futures and options contracts 252 — 252 262 — 262 Cash equities and equity options 1,201 — 1,201 1,162 — 1,162 Fixed income and credit 268 — 268 157 — 157 OTC and other transactions 34 — 34 36 — 36 Pricing and analytics — 809 809 — 779 779 Exchange data and feeds — 528 528 — 496 496 Desktops and connectivity — 315 315 — 301 301 Listings — 336 336 — 332 332 Other revenues 194 — 194 169 — 169 Revenues 2,892 1,988 4,880 2,691 1,908 4,599 Transaction-based expenses 976 — 976 928 — 928 Revenues, less transaction-based expenses 1,916 1,988 3,904 1,763 1,908 3,671 Operating expenses 732 1,121 1,853 655 1,109 1,764 Operating income $ 1,184 $ 867 $ 2,051 $ 1,108 $ 799 $ 1,907 Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Trading and Clearing Segment Data and Listings Segment Consolidated Trading and Clearing Segment Data and Listings Segment Consolidated Revenues: Energy futures and options contracts $ 265 $ — $ 265 $ 223 $ — $ 223 Agricultural and metals futures and options contracts 60 — 60 58 — 58 Financial futures and options contracts 91 — 91 77 — 77 Cash equities and equity options 401 — 401 335 — 335 Fixed income and credit 101 — 101 56 — 56 OTC and other transactions 11 — 11 11 — 11 Pricing and analytics — 273 273 — 263 263 Exchange data and feeds — 172 172 — 168 168 Desktops and connectivity — 108 108 — 99 99 Listings — 114 114 — 112 112 Other revenues 67 — 67 61 — 61 Revenues 996 667 1,663 821 642 1,463 Transaction-based expenses 327 — 327 263 — 263 Revenues, less transaction-based expenses 669 667 1,336 558 642 1,200 Operating expenses 255 375 630 230 368 598 Operating income $ 414 $ 292 $ 706 $ 328 $ 274 $ 602 Revenue from one clearing member of the Trading and Clearing segment comprised $286 million , or 15% and $92 million , or 14% of our Trading and Clearing revenues, less transaction-based expenses for the nine and three months ended September 30, 2019 , respectively. Revenue from one clearing member of the Trading and Clearing segment comprised $300 million , or 17% , and $89 million , or 16% of our Trading and Clearing revenues, less transaction-based expenses for the nine and three months ended September 30, 2018 , respectively. Clearing members are primarily intermediaries and represent a broad range of principal trading firms. If a clearing member ceased its operations, we believe that the trading firms would continue to conduct transactions and would clear those transactions through another clearing member firm. No additional customers or clearing members accounted for more than 10% of our segment revenues or consolidated revenues for the nine and three months ended September 30, 2019 and 2018 .

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the nine and three months ended September 30, 2019 and 2018 (in millions, except per share amounts): Nine Months Ended Three Months Ended September 30, 2019 2018 2019 2018 Basic: Net income attributable to Intercontinental Exchange, Inc. $ 1,485 $ 1,377 $ 529 $ 458 Weighted average common shares outstanding 563 577 559 572 Basic earnings per common share $ 2.64 $ 2.39 $ 0.95 $ 0.80 Diluted: Weighted average common shares outstanding 563 577 559 572 Effect of dilutive securities - stock options and restricted shares 3 4 4 4 Diluted weighted average common shares outstanding 566 581 563 576 Diluted earnings per common share $ 2.62 $ 2.37 $ 0.94 $ 0.79 Basic earnings per common share is calculated using the weighted average common shares outstanding during the period. Common equivalent shares from stock options and restricted stock awards, using the treasury stock method, are included in the diluted per share calculations unless the effect of their inclusion would be antidilutive. During the nine months ended September 30, 2019 and 2018 , 437,000 and 451,000 outstanding stock options, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect. Certain figures in the table above may not recalculate due to rounding.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events We have evaluated subsequent events and determined that no other events or transactions met the definition of a subsequent event for purposes of recognition or disclosure in the accompanying consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by us in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2018 . The accompanying unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. We believe that these adjustments are of a normal recurring nature. Preparing financial statements requires us to make certain estimates and assumptions that affect the amounts that are reported in our consolidated financial statements and accompanying disclosures. Actual amounts could differ from those estimates. The results of operations for the nine and three months ended September 30, 2019 are not necessarily indicative of the results to be expected for any future period or the full fiscal year. These statements include the accounts of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions between us and our wholly-owned and controlled subsidiaries have been eliminated in consolidation. For consolidated subsidiaries in which our ownership is less than 100% and for which we have control over the assets and liabilities and the management of the entity, the outside stockholders’ interests are shown as non-controlling interests.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements ASU No. 2016-02, Leases . Entities are required to recognize both assets and liabilities arising from finance and operating leases, along with additional qualitative and quantitative disclosures. We adopted ASU No. 2016-02 on January 1, 2019. Further disclosures and details on our adoption of ASU 2016-02 are discussed below. Accounting Pronouncements Not Yet Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements ASU No. 2016-13, Financial Instruments - Measurement of Credit Losses on Financial Instruments . Applies to all financial instruments carried at amortized cost including held-to-maturity debt securities and trade receivables. Requires financial assets carried at amortized cost to be presented at the net amount expected to be collected and requires entities to record credit losses through an allowance for credit losses on available-for-sale debt securities. Effective at the beginning of our first quarter of fiscal year 2020, with early adoption permitted. We do not expect to early-adopt. We are currently evaluating this guidance to determine its impact on our consolidated financial statements, and based on our preliminary assessment, we do not expect the impact of adoption of this guidance to be material. Adoption of ASU 2016-02, "Leases" On January 1, 2019, we adopted ASU 2016-02, Leases , or ASU 2016-02. This standard requires recognition of both assets and liabilities arising from finance and operating leases, along with additional qualitative and quantitative disclosures. ASU 2016-02 requires lessees to recognize a right-of-use asset representing a right to use the underlying asset over the lease term, and a corresponding lease liability on the balance sheet. Our operating leases primarily relate to our leased office space and data center facilities, and we do not have any leases classified as finance leases. We adopted ASU 2016-02 using the modified retrospective transition method and did not restate prior periods. Using the modified retrospective approach, we applied the provisions of ASU 2016-02 beginning in the period of adoption, and elected the package of practical expedients available to us. There was no impact to the opening balance of retained earnings as a result of a cumulative-effect adjustment on the adoption date. We elected the practical expedient to not reassess lease classifications, but alternatively to carry forward our historical classifications. In addition, we elected the practical expedient of not separating lease and non-lease components as our lease arrangements are not highly dependent on other underlying assets. Our implementation of the amended lease guidance was subject to the same internal controls over financial reporting that we apply to our consolidated financial statements. At lease inception, we review the service arrangement and components of a contract to identify if a lease or embedded lease arrangement exists. An indicator of a contract containing a lease is when we have the right to control and use an identified asset over a period of time in exchange for consideration. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, using our estimated incremental borrowing rate. Upon adoption of ASU 2016-02, we made the policy election to not record existing or future leases with a term of 12 months or less on the balance sheet, and to recognize lease expense on a straight-line basis over the lease term. For these leases, the impact on adoption was nominal. We have also made policy elections related to capitalization thresholds and discount rates. We have elected to use a portfolio approach in consideration of our incremental borrowing rate to our population of lease agreements. Our incremental borrowing rate was determined based on our recent debt issuances that we believe are reflective of current borrowing rates. Certain lease agreements include options to extend, renew or terminate the lease agreement. As of September 30, 2019 , the weighted-average remaining lease term was 6.9 years and the weighted average discount rate was 3.6% . Our lease agreements do not contain any residual value guarantees. Upon adoption of ASU 2016-02, we recorded $357 million in operating lease liabilities, of which $52 million is included in other current liabilities and $305 million is included in non-current operating lease liability within our accompanying consolidated balance sheet. We also recorded $308 million in operating lease right-of-use assets that are included as a component of property and equipment, net, in our balance sheet and are recorded in an amount equal to our lease liability, adjusted for any remaining unamortized lease incentives such as our deferred rent balances. As part of our adoption, we eliminated $49 million in deferred rent liabilities, of which $2 million had previously been included in other current liabilities and $47 million had been included in other non-current liabilities on our balance sheet. On the date of adoption, deferred rent liabilities were reclassified and presented as a reduction to the right-of-use asset, included in property and equipment, net, on our consolidated balance sheet. Our adoption did not have an impact on our consolidated income statement. We recognize rent expense monthly on a straight-line basis for each respective operating lease, as a reduction to the right-of-use asset. For the nine and three months ended September 30, 2019 , we recognized $29 million and $9 million , respectively, of rent expense for office space as rent and occupancy expense and $16 million and $5 million

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Recently Adopted Accounting Pronouncements Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements ASU No. 2016-02, Leases . Entities are required to recognize both assets and liabilities arising from finance and operating leases, along with additional qualitative and quantitative disclosures. We adopted ASU No. 2016-02 on January 1, 2019. Further disclosures and details on our adoption of ASU 2016-02 are discussed below. Accounting Pronouncements Not Yet Adopted Standard/Description Effective Date and Adoption Considerations Effect on Financial Statements ASU No. 2016-13, Financial Instruments - Measurement of Credit Losses on Financial Instruments . Applies to all financial instruments carried at amortized cost including held-to-maturity debt securities and trade receivables. Requires financial assets carried at amortized cost to be presented at the net amount expected to be collected and requires entities to record credit losses through an allowance for credit losses on available-for-sale debt securities. Effective at the beginning of our first quarter of fiscal year 2020, with early adoption permitted. We do not expect to early-adopt. We are currently evaluating this guidance to determine its impact on our consolidated financial statements, and based on our preliminary assessment, we do not expect the impact of adoption of this guidance to be material.
Operating Lease Balance Sheet Details	Details of our lease asset and liability balances are as follows (in millions): As of September 30, 2019 As of January 1, 2019 Right-of-use lease assets $292 $308 Current operating lease liability 52 52 Non-current operating lease liability 287 305 Total operating lease liability $339 $357
Recognition of Operating Lease Liabilities	As of September 30, 2019 , we estimate that our operating lease liability will be recognized in the following years (in millions): Remainder of 2019 $ 14 2020 64 2021 63 2022 61 2023 44 Thereafter 137 Lease liability amounts repayable 383 Interest costs 44 Total operating lease liability $ 339
Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases	Supplemental cash flow information and non-cash activity related to our operating leases are as follows: Nine Months Ended September 30, 2019 Three Months Ended September 30, 2019 Cash paid for amounts included in the measurement of operating lease liability $ 46 $ 15 Right-of-use assets obtained in exchange for operating lease obligations $ 381 $ 2

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Recognition	The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Segment totals here are consistent with the segment totals in Note 15: Trading and Clearing Segment Data and Listings Segment Total Consolidated Nine months ended September 30, 2019: Transaction and clearing, net $ 2,698 $ — $ 2,698 Data services — 1,652 1,652 Listings — 336 336 Other revenues 194 — 194 Total revenues 2,892 1,988 4,880 Transaction-based expenses 976 — 976 Total revenues, less transaction-based expenses $ 1,916 $ 1,988 $ 3,904 Timing of Revenue Recognition Services transferred at a point in time $ 1,653 $ — $ 1,653 Services transferred over time 263 1,988 2,251 Total revenues, less transaction-based expenses $ 1,916 $ 1,988 $ 3,904 Trading and Clearing Segment Data and Listings Segment Total Consolidated Nine months ended September 30, 2018: Transaction and clearing, net $ 2,522 $ — $ 2,522 Data services — 1,576 1,576 Listings — 332 332 Other revenues 169 — 169 Total revenues 2,691 1,908 4,599 Transaction-based expenses 928 — 928 Total revenues, less transaction-based expenses $ 1,763 $ 1,908 $ 3,671 Timing of Revenue Recognition Services transferred at a point in time $ 1,507 $ — $ 1,507 Services transferred over time 256 1,908 2,164 Total revenues, less transaction-based expenses $ 1,763 $ 1,908 $ 3,671 Trading and Clearing Segment Data and Listings Segment Total Consolidated Three months ended September 30, 2019: Transaction and clearing, net $ 929 $ — $ 929 Data services — 553 553 Listings — 114 114 Other revenues 67 — 67 Total revenues 996 667 1,663 Transaction-based expenses 327 — 327 Total revenues, less transaction-based expenses $ 669 $ 667 $ 1,336 Timing of Revenue Recognition Services transferred at a point in time $ 578 $ — $ 578 Services transferred over time 91 667 758 Total revenues, less transaction-based expenses $ 669 $ 667 $ 1,336 Trading and Clearing Segment Data and Listings Segment Total Consolidated Three months ended September 30, 2018: Transaction and clearing, net $ 760 $ — $ 760 Data services — 530 530 Listings — 112 112 Other revenues 61 — 61 Total revenues 821 642 1,463 Transaction-based expenses 263 — 263 Total revenues, less transaction-based expenses $ 558 $ 642 $ 1,200 Timing of Revenue Recognition Services transferred at a point in time $ 477 $ — $ 477 Services transferred over time 81 642 723 Total revenues, less transaction-based expenses $ 558 $ 642 $ 1,200

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedules of Intangible Assets and Goodwill	The following is a summary of the activity in the goodwill balance for the nine months ended September 30, 2019 (in millions): Goodwill balance at December 31, 2018 $ 13,085 Acquisitions 235 Foreign currency translation (12 ) Other activity, net 2 Goodwill balance at September 30, 2019 $ 13,310 The following is a summary of the activity in the other intangible assets balance for the nine months ended September 30, 2019 (in millions): Other intangible assets balance at December 31, 2018 $ 10,462 Acquisitions 116 Foreign currency translation (13 ) Amortization of other intangible assets (235 ) Other intangible assets balance at September 30, 2019 $ 10,330

Deferred Revenue (Tables)

Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Changes in Deferred Revenue	The changes in our deferred revenue during the nine months ended September 30, 2019 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Total Deferred revenue balance at December 31, 2018 $ — $ 25 $ 100 $ 92 $ 217 Additions 387 11 30 300 728 Amortization (289 ) (17 ) (30 ) (277 ) (613 ) Deferred revenue balance at September 30, 2019 $ 98 $ 19 $ 100 $ 115 $ 332 The changes in our deferred revenue during the nine months ended September 30, 2018 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Total Deferred revenue balance at December 31, 2017 $ — $ 25 $ 98 $ 93 $ 216 Additions 383 17 36 291 727 Amortization (288 ) (17 ) (27 ) (272 ) (604 ) Deferred revenue balance at September 30, 2018 $ 95 $ 25 $ 107 $ 112 $ 339

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Our total debt, including short-term and long-term debt, consisted of the following as of September 30, 2019 and December 31, 2018 (in millions): As of As of Debt: Short-term debt: Commercial Paper $ 1,318 $ 951 Other short-term debt 11 — Total short-term debt 1,329 951 Long-term debt: 2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020) 1,247 1,246 2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022) 497 496 2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023) 397 397 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) 794 793 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,244 1,243 2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) 496 496 2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) 592 591 2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) 1,229 1,228 Total long-term debt 6,496 6,490 Total debt $ 7,825 $ 7,441

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Summary of Stock Options	The following is a summary of stock option activity for the nine months ended September 30, 2019 : Number of Options (in thousands) Weighted Average Outstanding at December 31, 2018 3,610 $ 46.44 Granted 493 76.16 Exercised (575 ) 38.71 Outstanding at September 30, 2019 3,528 51.86
Details of Stock Options Outstanding	Details of stock options outstanding as of September 30, 2019 are as follows: Number of Options (in thousands) Weighted Average Weighted Average Aggregate Vested or expected to vest 3,528 $ 51.86 6.4 $ 143 Exercisable 2,458 $ 44.27 5.4 $ 118
Stock Options Valuation Assumptions	During the nine months ended September 30, 2019 and 2018 , we used the weighted-average assumptions in the table below to compute the value of all options for shares of common stock granted to employees: Nine Months Ended September 30, Assumptions: 2019 2018 Risk-free interest rate 2.49 % 2.67 % Expected life in years 5.9 6.0 Expected volatility 20 % 20 % Expected dividend yield 1.44 % 1.43 % Estimated weighted-average fair value of options granted per share $ 15.45 $ 14.08
Summary of Nonvested Restricted Stock Options	The following is a summary of the non-vested restricted share activity for the nine months ended September 30, 2019 : Number of (in thousands) Weighted Average Non-vested at December 31, 2018 4,470 $ 60.56 Granted 1,675 76.65 Vested (2,191) 57.64 Forfeited (189) 66.38 Non-vested at September 30, 2019 3,765 69.13

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables present changes in the accumulated balances for each component of other comprehensive income (loss) (in millions): Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total Balance, as of December 31, 2018 $ (227 ) $ 2 $ (90 ) $ (315 ) Other comprehensive income (loss) (33 ) (1 ) — (34 ) Income tax benefit (expense) 1 — — 1 Net current period other comprehensive income (loss) (32 ) (1 ) — (33 ) Balance, as of September 30, 2019 $ (259 ) $ 1 $ (90 ) $ (348 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total Balance, as of June 30, 2019 $ (220 ) $ 1 $ (90 ) $ (309 ) Other comprehensive income (loss) (40 ) — — (40 ) Income tax benefit (expense) 1 — — 1 Net current period other comprehensive income (loss) (39 ) — — (39 ) Balance, as of September 30, 2019 $ (259 ) $ 1 $ (90 ) $ (348 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total Balance, as of December 31, 2017 $ (136 ) $ 2 $ (89 ) $ (223 ) Other comprehensive income (loss) (52 ) — — (52 ) Income tax benefit (expense) 1 — — 1 Net current period other comprehensive income (loss) (51 ) — — (51 ) Balance, as of September 30, 2018 $ (187 ) $ 2 $ (89 ) $ (274 ) Changes in Accumulated Other Comprehensive Income (Loss) by Component Foreign currency translation adjustments Comprehensive income from equity method investment Employee benefit plans adjustments Total Balance, as of June 30, 2018 $ (178 ) $ 2 $ (89 ) $ (265 ) Other comprehensive income (loss) (9 ) — — (9 ) Income tax benefit (expense) — — — — Net current period other comprehensive income (loss) (9 ) — — (9 ) Balance, as of September 30, 2018 $ (187 ) $ 2 $ (89 ) $ (274 )

Clearing Operations (Tables)

Clearing Operations (Tables)	9 Months Ended
	Sep. 30, 2019
Brokers and Dealers [Abstract]
Schedule of Clearing Houses Information	Our clearing houses are responsible for providing clearing services to each of our futures exchanges, and in some cases outside of our execution venues, and are as follows, referred to herein collectively as "the ICE Clearing Houses": Clearing House Products Cleared Exchange where Executed Location ICE Clear Europe Energy, agricultural, interest rates and equity index futures and options contracts and OTC European CDS instruments ICE Futures Europe, ICE Futures U.S., ICE Endex and third-party venues U.K. ICE Clear U.S. Agricultural, metals, FX and equity index futures and options contracts ICE Futures U.S. U.S. ICE Clear Credit North American, European, Asian-Pacific and Emerging Market CDS instruments Creditex, OTC and third-party venues U.S. ICE Clear Netherlands Derivatives on equities and equity indices traded on regulated markets ICE Endex The Netherlands ICE Clear Singapore Energy, metals and financial futures products ICE Futures Singapore Singapore ICE NGX Physical North American natural gas, electricity and oil futures ICE NGX Canada
Schedule Of Guaranty Fund Contribution and Default Insurance	Such amounts are recorded as long-term restricted cash and cash equivalents in our balance sheets and are as follows (in millions): ICE Portion of Guaranty Fund Contribution Default insurance Clearing House As of As of As of As of ICE Clear Europe $233 $206 $75 N/A ICE Clear U.S. 103 61 25 N/A ICE Clear Credit 50 50 50 N/A ICE Clear Netherlands 2 2 N/A N/A ICE Clear Singapore 1 1 N/A N/A ICE NGX N/A N/A 100 $100 Total $389 $320 $250 $100
Schedule of Margin Deposits and Guaranty Funds Assets	As of September 30, 2019 , our cash and cash equivalent margin deposits are as follows (in millions): ICE Clear Europe (1) ICE Clear ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total Original margin $ 28,971 $ 22,534 $ 7,157 $ — $ 5 $ 58,667 Unsettled variation margin, net — — — 229 — 229 Guaranty fund 4,198 2,120 445 — 5 6,768 Delivery contracts receivable/payable, net — — — 324 — 324 Total $ 33,169 $ 24,654 $ 7,602 $ 553 $ 10 $ 65,988 As of December 31, 2018 , our cash and cash equivalent deposits, are as follows (in millions): ICE Clear Europe (2) ICE Clear ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total Original margin $ 27,597 $ 22,770 $ 6,260 $ — $ 3 $ 56,630 Unsettled variation margin, net — — — 417 — 417 Guaranty fund 3,267 2,456 460 — 5 6,188 Delivery contracts receivable/payable, net — — — 720 — 720 Total $ 30,864 $ 25,226 $ 6,720 $ 1,137 $ 8 $ 63,955 (1) $27.9 billion and $5.3 billion is related to futures/options and CDS, respectively. (2) $25.8 billion and $5.1 billion is related to futures/options and CDS, respectively.
Schedule of Cash and Cash Equivalents	Details of our cash and cash equivalent deposits are as follows (in millions): Clearing House Investment Type As of As of ICE Clear Europe National Bank Account (1) $ 5,886 $ 8,647 ICE Clear Europe Reverse repo 24,184 18,097 ICE Clear Europe Sovereign Debt 2,940 4,035 ICE Clear Europe Demand deposits 159 85 ICE Clear Credit National Bank Account (2) 19,947 19,484 ICE Clear Credit Reverse repo 2,997 1,935 ICE Clear Credit Demand deposits 1,710 3,807 ICE Clear U.S. Reverse repo 5,061 4,380 ICE Clear U.S. U.S. Treasuries 2,541 2,340 Other ICE Clearing Houses Demand deposits 10 8 ICE NGX Unsettled Variation Margin and Delivery Contracts Receivable/Payable 553 1,137 Total $ 65,988 $ 63,955 (1) As of September 30, 2019 , ICE Clear Europe held €4.1 billion ( $4.4 billion based on the euro/U.S. dollar exchange rate of 1.0899 as of September 30, 2019 ) at De Nederlandsche Bank, or DNB, £1.1 million ( $1.4 million based on the pound sterling/U.S. dollar exchange rate of 1.2295 as of September 30, 2019 ) at the Bank of England, or BOE and €10 million ( $11 million based on the above exchange rate) at the BOE. As of December 31, 2018, ICE Clear Europe held €7.0 billion ( $8.0 billion based on the euro/U.S. dollar exchange rate of 1.1466 as of December 31, 2018) at DNB and £500 million ( $638 million based on the pound sterling/U.S. dollar exchange rate of 1.2756 as of December 31, 2018) at the BOE. (2)
Schedule of Assets Pledged by Clearing Members	These pledged assets are not reflected in our balance sheets, and are as follows (in millions): As of September 30, 2019 ICE Clear Europe ICE Clear ICE Clear U.S. ICE NGX Total Original margin: Government securities at face value $ 29,305 $ 13,420 $ 9,881 $ — $ 52,606 Letters of credit — — — 2,247 2,247 ICE NGX cash deposits — — — 322 322 Total $ 29,305 $ 13,420 $ 9,881 $ 2,569 $ 55,175 Guaranty fund: Government securities at face value $ 407 $ 284 $ 274 $ — $ 965 As of December 31, 2018 ICE Clear Europe ICE Clear ICE Clear U.S. ICE NGX Total Original margin: Government securities at face value $ 29,887 $ 12,990 $ 10,208 $ — $ 53,085 Letters of credit — — — 2,556 2,556 ICE NGX cash deposits — — — 605 605 Total $ 29,887 $ 12,990 $ 10,208 $ 3,161 $ 56,246 Guaranty fund: Government securities at face value $ 654 $ 256 $ 264 $ — $ 1,174
Schedule of Financial Instruments Owned and Pledged as Collateral	ICE NGX maintains the following accounts with a third-party Canadian chartered bank which are available in the event of physical settlement shortfalls, subject to certain conditions: Account Type As of September 30, 2019 (In C$ millions) As of September 30, 2019 (In $USD millions) Daylight liquidity facility C$300 $227 Overdraft facility 20 15 Total C$320 $242

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The fair values of our fixed rate notes were estimated using quoted market prices for these instruments. The fair value of our commercial paper includes a discount and other short-term debt approximates par value since the interest rates on this short-term debt approximate market rates as of September 30, 2019 . As of September 30, 2019 (in millions) Debt: Carrying Amount Fair value Commercial Paper $ 1,318 $ 1,323 Other short-term debt 11 11 2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020) 1,247 1,260 2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022) 497 505 2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023) 397 419 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) 794 855 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,244 1,349 2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) 496 524 2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) 592 660 2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) 1,229 1,493 Total debt $ 7,825 $ 8,399

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial data for our business segments is as follows for the nine and three months ended September 30, 2019 and 2018 (in millions): Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2018 Trading and Clearing Segment Data and Listings Segment Consolidated Trading and Clearing Segment Data and Listings Segment Consolidated Revenues: Energy futures and options contracts $ 749 $ — $ 749 $ 708 $ — $ 708 Agricultural and metals futures and options contracts 194 — 194 197 — 197 Financial futures and options contracts 252 — 252 262 — 262 Cash equities and equity options 1,201 — 1,201 1,162 — 1,162 Fixed income and credit 268 — 268 157 — 157 OTC and other transactions 34 — 34 36 — 36 Pricing and analytics — 809 809 — 779 779 Exchange data and feeds — 528 528 — 496 496 Desktops and connectivity — 315 315 — 301 301 Listings — 336 336 — 332 332 Other revenues 194 — 194 169 — 169 Revenues 2,892 1,988 4,880 2,691 1,908 4,599 Transaction-based expenses 976 — 976 928 — 928 Revenues, less transaction-based expenses 1,916 1,988 3,904 1,763 1,908 3,671 Operating expenses 732 1,121 1,853 655 1,109 1,764 Operating income $ 1,184 $ 867 $ 2,051 $ 1,108 $ 799 $ 1,907 Three Months Ended September 30, 2019 Three Months Ended September 30, 2018 Trading and Clearing Segment Data and Listings Segment Consolidated Trading and Clearing Segment Data and Listings Segment Consolidated Revenues: Energy futures and options contracts $ 265 $ — $ 265 $ 223 $ — $ 223 Agricultural and metals futures and options contracts 60 — 60 58 — 58 Financial futures and options contracts 91 — 91 77 — 77 Cash equities and equity options 401 — 401 335 — 335 Fixed income and credit 101 — 101 56 — 56 OTC and other transactions 11 — 11 11 — 11 Pricing and analytics — 273 273 — 263 263 Exchange data and feeds — 172 172 — 168 168 Desktops and connectivity — 108 108 — 99 99 Listings — 114 114 — 112 112 Other revenues 67 — 67 61 — 61 Revenues 996 667 1,663 821 642 1,463 Transaction-based expenses 327 — 327 263 — 263 Revenues, less transaction-based expenses 669 667 1,336 558 642 1,200 Operating expenses 255 375 630 230 368 598 Operating income $ 414 $ 292 $ 706 $ 328 $ 274 $ 602

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Earnings Per Common Share	The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the nine and three months ended September 30, 2019 and 2018 (in millions, except per share amounts): Nine Months Ended Three Months Ended September 30, 2019 2018 2019 2018 Basic: Net income attributable to Intercontinental Exchange, Inc. $ 1,485 $ 1,377 $ 529 $ 458 Weighted average common shares outstanding 563 577 559 572 Basic earnings per common share $ 2.64 $ 2.39 $ 0.95 $ 0.80 Diluted: Weighted average common shares outstanding 563 577 559 572 Effect of dilutive securities - stock options and restricted shares 3 4 4 4 Diluted weighted average common shares outstanding 566 581 563 576 Diluted earnings per common share $ 2.62 $ 2.37 $ 0.94 $ 0.79

Description of Business (Detail

Description of Business (Details)	9 Months Ended
	Sep. 30, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Weighted average remaining lease term for operating lease	6 years 10 months 24 days	6 years 10 months 24 days
Weighted average discount rate (percent)	3.60%	3.60%
Operating lease liabilities	$ 339	$ 339	$ 357
Current operating lease liability	52	52	52
Non-current operating lease liability	287	287	305
Operating lease right of use assets	292	292	308
Rent And Occupancy Expense
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease rent expense	9	29
Technology And Communication Expense
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Lease rent expense	$ 5	$ 16
Accounting Standards Update 2016-02
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating lease liabilities			357
Current operating lease liability			52
Non-current operating lease liability			305
Operating lease right of use assets			308
Deferred rent liabilities eliminated			49
Accounting Standards Update 2016-02 | Other Current Liabilities
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred rent liabilities eliminated			2
Accounting Standards Update 2016-02 | Other Noncurrent Liabilities
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Deferred rent liabilities eliminated			$ 47

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Operating Lease Details (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Accounting Policies [Abstract]
Right-of-use lease assets	$ 292	$ 308
Current operating lease liability	52	52
Non-current operating lease liability	287	305
Total operating lease liability	$ 339	$ 357

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019
Accounting Policies [Abstract]
Remainder of 2019	$ 14
2020	64
2021	63
2022	61
2023	44
Thereafter	137
Lease liability amounts repayable	383
Interest costs	44
Total operating lease liability	$ 339	$ 357

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liability	$ 15	$ 46
Right-of-use assets obtained in exchange for operating lease obligations	$ 2	$ 381

Acquisitions (Details)

Acquisitions (Details) $ in Millions	Jun. 12, 2019USD ($)	Sep. 30, 2019USD ($)business	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Goodwill		$ 13,310	$ 13,085
Simplifile
Business Acquisition [Line Items]
Cash consideration	$ 338
Cash and restricted cash held by Simplifile	12
Identifiable intangible assets	113
Goodwill	218
Simplifile | Customer Relationships
Business Acquisition [Line Items]
Identifiable intangible assets	$ 104
Useful life of intangible asset	20 years
Simplifile | Developed Technology
Business Acquisition [Line Items]
Identifiable intangible assets	$ 7
Useful life of intangible asset	7 years
Simplifile | Trade Names
Business Acquisition [Line Items]
Identifiable intangible assets	$ 2
Useful life of intangible asset	5 years
Bakkt
Business Acquisition [Line Items]
Number of businesses acquired | business		2

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended		36 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2015	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investment contribution				$ 0	$ 305
Return of capital from equity method investment				$ 44	$ 0
Options Clearing Corporation
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		40.00%		40.00%
Equity capital			$ 150
Investment contribution			$ 60
Dividends received						$ 31
Return of capital from equity method investment				$ 44
Scenario, Forecast | Options Clearing Corporation
Schedule of Equity Method Investments [Line Items]
Return of capital from equity method investment	$ 16
2018 Net Income | Options Clearing Corporation
Schedule of Equity Method Investments [Line Items]
Equity earnings in other income				19
2019 Net Income | Options Clearing Corporation
Schedule of Equity Method Investments [Line Items]
Equity earnings in other income		$ 15		$ 32

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)obligation	Sep. 30, 2018USD ($)
Disaggregation of Revenue [Line Items]
Number of performance obligations | obligation			2
Number of performance obligations related to trade execution | obligation			1
Rebates	$ 218	$ 183	$ 653	$ 615
Total revenues	1,663	1,463	4,880	4,599
Interest rates and other financial futures and options contracts
Disaggregation of Revenue [Line Items]
Total revenues	929	760	2,698	2,522
Trading and Clearing Segment
Disaggregation of Revenue [Line Items]
Total revenues	996	821	2,892	2,691
Trading and Clearing Segment | Interest rates and other financial futures and options contracts
Disaggregation of Revenue [Line Items]
Total revenues	929	760	2,698	2,522
Trading and Clearing Segment | Interest rates and other financial futures and options contracts | Transferred over Time
Disaggregation of Revenue [Line Items]
Total revenues	$ 66	$ 56	$ 188	$ 184

Revenue Recognition - Schedule

Revenue Recognition - Schedule of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,663	$ 1,463	$ 4,880	$ 4,599
Transaction-based expenses	327	263	976	928
Total revenues, less transaction-based expenses	1,336	1,200	3,904	3,671
Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues, less transaction-based expenses	578	477	1,653	1,507
Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues, less transaction-based expenses	758	723	2,251	2,164
Trading and Clearing Segment
Disaggregation of Revenue [Line Items]
Total revenues	996	821	2,892	2,691
Transaction-based expenses	327	263	976	928
Total revenues, less transaction-based expenses	669	558	1,916	1,763
Trading and Clearing Segment | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues, less transaction-based expenses	578	477	1,653	1,507
Trading and Clearing Segment | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues, less transaction-based expenses	91	81	263	256
Data and Listings Segment
Disaggregation of Revenue [Line Items]
Total revenues	667	642	1,988	1,908
Transaction-based expenses	0	0	0	0
Total revenues, less transaction-based expenses	667	642	1,988	1,908
Data and Listings Segment | Services transferred at a point in time
Disaggregation of Revenue [Line Items]
Total revenues, less transaction-based expenses	0	0	0	0
Data and Listings Segment | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues, less transaction-based expenses	667	642	1,988	1,908
Transaction and clearing, net
Disaggregation of Revenue [Line Items]
Total revenues	929	760	2,698	2,522
Transaction and clearing, net | Trading and Clearing Segment
Disaggregation of Revenue [Line Items]
Total revenues	929	760	2,698	2,522
Transaction and clearing, net | Trading and Clearing Segment | Services transferred over time
Disaggregation of Revenue [Line Items]
Total revenues	66	56	188	184
Transaction and clearing, net | Data and Listings Segment
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Data services
Disaggregation of Revenue [Line Items]
Total revenues	553	530	1,652	1,576
Data services | Trading and Clearing Segment
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Data services | Data and Listings Segment
Disaggregation of Revenue [Line Items]
Total revenues	553	530	1,652	1,576
Listings
Disaggregation of Revenue [Line Items]
Total revenues	114	112	336	332
Listings | Trading and Clearing Segment
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Listings | Data and Listings Segment
Disaggregation of Revenue [Line Items]
Total revenues	114	112	336	332
Other revenues
Disaggregation of Revenue [Line Items]
Total revenues	67	61	194	169
Other revenues | Trading and Clearing Segment
Disaggregation of Revenue [Line Items]
Total revenues	67	61	194	169
Other revenues | Data and Listings Segment
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Revenue R

Revenue Recognition - Revenue Related to Investor Relations Performance Obligations Recognized (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01	9 Months Ended
	Sep. 30, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, period of customer revenue list recognized for NYSE	9 years
Revenue, period of customer revenue list recognized for NYSE area and NYSE American	5 years
Revenue, period of customer revenue list recognized for NYSE, modifications	6 years
Revenue, period of customer revenue list recognized for NYSE area and NYSE American, modifications	3 years
Interest rates and other financial futures and options contracts | Transferred over Time | Trading and Clearing Segment
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 month

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Goodwill Rollforward (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Goodwill [Roll Forward]
Goodwill balance at December 31, 2018	$ 13,085
Acquisitions	235
Foreign currency translation	(12)
Other activity, net	2
Goodwill balance at September 30, 2019	$ 13,310

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangible Rollforward (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)
Finite-lived Intangible Assets [Roll Forward]
Other intangible assets balance at December 31, 2018	$ 10,462
Acquisitions	116
Foreign currency translation	(13)
Amortization of other intangible assets	(235)
Other intangible assets balance at September 30, 2019	$ 10,330

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment loss recognized on goodwill or other intangible assets	$ 0	$ 0

Deferred Revenue - Narrative (D

Deferred Revenue - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Revenue from Contract with Customer [Abstract]
Total deferred revenue	$ 332	$ 339	$ 217	$ 216
Deferred revenue, current	247		$ 135
Noncurrent deferred revenue	85
Revenue recognized	$ 94	$ 98

Deferred Revenue - Schedule of

Deferred Revenue - Schedule of Rollforward (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation Of Revenue [Roll Forward]
Beginning balance	$ 217	$ 216
Additions	728	727
Amortization	(613)	(604)
Ending balance	332	339
Annual Listings Revenues
Disaggregation Of Revenue [Roll Forward]
Beginning balance	0	0
Additions	387	383
Amortization	(289)	(288)
Ending balance	98	95
Original Listings Revenues
Disaggregation Of Revenue [Roll Forward]
Beginning balance	25	25
Additions	11	17
Amortization	(17)	(17)
Ending balance	19	25
Other Listings Revenues
Disaggregation Of Revenue [Roll Forward]
Beginning balance	100	98
Additions	30	36
Amortization	(30)	(27)
Ending balance	100	107
Data Services and Other Revenues
Disaggregation Of Revenue [Roll Forward]
Beginning balance	92	93
Additions	300	291
Amortization	(277)	(272)
Ending balance	$ 115	$ 112

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Short-term debt:
Commercial Paper	$ 1,318	$ 951
Other short-term debt	11	0
Total short-term debt	1,329	951
Long-term debt:
Senior notes	7,825
Total long-term debt	6,496	6,490
Total debt	$ 7,825	7,441
2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.75%
Long-term debt:
Senior notes	$ 1,247
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.35%
Long-term debt:
Senior notes	$ 497
2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.45%
Long-term debt:
Senior notes	$ 397
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.00%
Long-term debt:
Senior notes	$ 794
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.75%
Long-term debt:
Senior notes	$ 1,244
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.10%
Long-term debt:
Senior notes	$ 496
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.75%
Long-term debt:
Senior notes	$ 592
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.25%
Long-term debt:
Senior notes	$ 1,229
Senior Notes | 2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.75%
Long-term debt:
Senior notes	$ 1,247	1,246
Senior Notes | 2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022)
Debt Instrument [Line Items]
Interest rate, stated percentage	2.35%
Long-term debt:
Senior notes	$ 497	496
Senior Notes | 2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.45%
Long-term debt:
Senior notes	$ 397	397
Senior Notes | 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.00%
Long-term debt:
Senior notes	$ 794	793
Senior Notes | 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.75%
Long-term debt:
Senior notes	$ 1,244	1,243
Senior Notes | 2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.10%
Long-term debt:
Senior notes	$ 496	496
Senior Notes | 2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028)
Debt Instrument [Line Items]
Interest rate, stated percentage	3.75%
Long-term debt:
Senior notes	$ 592	591
Senior Notes | 2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048)
Debt Instrument [Line Items]
Interest rate, stated percentage	4.25%
Long-term debt:
Senior notes	$ 1,229	$ 1,228

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Line of Credit Facility [Line Items]
Other short-term debt	$ 11,000,000		$ 0
Proceeds from commercial paper	367,000,000	$ (35,000,000)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	3,400,000,000
Additional borrowing capacity (up to)	975,000,000
Amount of debt outstanding	0
Amount required to stop broker-dealer subsidiary commitments	160,000,000
Funds available to use for working capital and general and corporate purposes	1,900,000,000
Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	20,000,000
Other short-term debt	11,000,000
Commercial Paper | Revolving Credit Facility
Line of Credit Facility [Line Items]
Funds reserved for commercial paper program	$ 1,300,000,000
Weighted average interest rate	2.20%
Weighted average maturity period	27 days
Commercial Paper | Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Commercial paper maturities	1 day
Commercial Paper | Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Commercial paper maturities	77 days
BondPoint and TMC Bonds
Line of Credit Facility [Line Items]
Proceeds from commercial paper	$ 367,000,000

Shared-Based Compensation - Nar

Shared-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class of Stock [Line Items]
Non-cash expense recognized		$ 36	$ 32	$ 100	$ 93
Fair value of restricted stock				166	201
Performance Based Restricted Stock Units
Class of Stock [Line Items]
Unrecognized compensation expense	$ 41	26		26
Cost not yet recognized, period for recognition	3 years
Vested stock options (in shares)	600,000
Stock-based compensation		6		15
Amount of non-cash compensation remaining in fiscal period		7		$ 7
Time Based Restricted Units
Class of Stock [Line Items]
Vested stock options (in shares)				1,000,000
Time Based And Performance Based Restricted Stock
Class of Stock [Line Items]
Unrecognized compensation expense		137		$ 137
Cost not yet recognized, period for recognition				1 year 4 months 24 days
Maximum | Performance Based Restricted Stock Units
Class of Stock [Line Items]
Unrecognized compensation expense	$ 82
Shares reserved for future issuance (in shares)	1,100,000
Employee Stock Option
Class of Stock [Line Items]
Intrinsic value of shares		7	$ 6	$ 25	$ 25
Unrecognized compensation expense		10		$ 10
Cost not yet recognized, period for recognition				1 year 7 months 6 days
Bakkt
Class of Stock [Line Items]
Unrecognized compensation expense		$ 46		$ 46
Cost not yet recognized, period for recognition				8 years
Preferred units, issued		101,000,000		101,000,000
Common units, issued		4,000,000		4,000,000
Phantom incentive units, issued		8,000,000		8,000,000

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Options (in thousands)
Outstanding beginning balance (in shares) | shares	3,610
Granted (in shares) | shares	493
Exercised (in shares) | shares	(575)
Outstanding ending balance (in shares) | shares	3,528
Weighted Average Exercise Price per Option
Outstanding beginning balance (in dollars per share) | $ / shares	$ 46.44
Granted (in dollars per share) | $ / shares	76.16
Exercised (in dollars per share) | $ / shares	38.71
Outstanding ending balance (in dollars per share) | $ / shares	$ 51.86

Share-Based Compensation - Deta

Share-Based Compensation - Details of Stock Options (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)$ / sharesshares
Vested or expected to vest
Number of Options (in shares) | shares	3,528
Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 51.86
Weighted Average Remaining Contractual Life	6 years 4 months 24 days
Aggregate Intrinsic Value | $	$ 143
Exercisable
Number of Options (in shares) | shares	2,458
Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 44.27
Weighted Average Remaining Contractual Life	5 years 4 months 24 days
Aggregate Intrinsic Value | $	$ 118

Share-Based Compensation - Valu

Share-Based Compensation - Valuation Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Equity [Abstract]
Risk-free interest rate	2.49%	2.67%
Expected life in years	5 years 10 months 24 days	6 years
Expected volatility	20.00%	20.00%
Expected dividend yield	1.44%	1.43%
Estimated weighted-average fair value of options granted per share (in dollars per share)	$ 15.45	$ 14.08

Share-Based Compensation - Nonv

Share-Based Compensation - Nonvested Restricted Stock Activity (Details) - Restricted Stock shares in Thousands	9 Months Ended
	Sep. 30, 2019$ / sharesshares
Number of Restricted Shares (in thousands)
Non-vested beginning balance (in shares) | shares	4,470
Granted (in shares) | shares	1,675
Vested (in shares) | shares	(2,191)
Forfeited (in shares) | shares	(189)
Non-vested ending balance (in shares) | shares	3,765
Weighted Average Grant-Date Fair Value per Share
Non-vested beginning balance (in dollars per share) | $ / shares	$ 60.56
Granted (in dollars per share) | $ / shares	76.65
Vested (in dollars per share) | $ / shares	57.64
Forfeited (in dollars per share) | $ / shares	66.38
Non-vested ending balance (in dollars per share) | $ / shares	$ 69.13

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Jan. 01, 2019
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 2,000,000,000
Repurchases of common stock	$ 340,000,000	$ 300,000,000	$ 1,120,000,000	$ 1,059,000,000
Stock repurchase program, remaining authorized amount	$ 880,000,000		$ 880,000,000
Cash dividends per share (in dollars per share)	$ 0.275	$ 0.24	$ 0.825	$ 0.72
Aggregate payout	$ 155,000,000	$ 138,000,000	$ 467,000,000	$ 417,000,000
Rule 10b5-1 Trading Plan
Class of Stock [Line Items]
Repurchases of common stock (in shares)			12.5
Repurchases of common stock			$ 1,000,000,000
Open Market
Class of Stock [Line Items]
Repurchases of common stock (in shares)			1.3
Repurchases of common stock			$ 100,000,000

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 17,146	$ 16,840	$ 17,231	$ 16,985
Other comprehensive income (loss)	(39)	(9)	(33)	(51)
Ending Balance	17,185	16,854	17,185	16,854
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(220)	(178)	(227)	(136)
Other comprehensive income (loss)	(40)	(9)	(33)	(52)
Income tax benefit (expense)	1	0	1	1
Other comprehensive income (loss)	(39)	(9)	(32)	(51)
Ending Balance	(259)	(187)	(259)	(187)
Comprehensive income from equity method investment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	1	2	2	2
Other comprehensive income (loss)	0	0	(1)	0
Income tax benefit (expense)	0	0	0	0
Other comprehensive income (loss)	0	0	(1)	0
Ending Balance	1	2	1	2
Employee benefit plans adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(90)	(89)	(90)	(89)
Other comprehensive income (loss)	0	0	0	0
Income tax benefit (expense)	0	0	0	0
Other comprehensive income (loss)	0	0	0	0
Ending Balance	(90)	(89)	(90)	(89)
Accumulated other comprehensive loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(309)	(265)	(315)	(223)
Other comprehensive income (loss)	(40)	(9)	(34)	(52)
Income tax benefit (expense)	1	0	1	1
Other comprehensive income (loss)	(39)	(9)	(33)	(51)
Ending Balance	$ (348)	$ (274)	$ (348)	$ (274)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	16.00%	16.00%	20.00%	21.00%

Clearing Operations - Narrative

Clearing Operations - Narrative (Details) € in Millions	1 Months Ended			9 Months Ended
	Sep. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jan. 31, 2019USD ($)	Sep. 30, 2019USD ($)clearing_house	Sep. 30, 2019EUR (€)	Dec. 31, 2018USD ($)
Principal Transaction Revenue [Line Items]
Number of clearing houses | clearing_house				6
Margin deposits and guaranty funds assets received or pledged	$ 122,100,000,000			$ 122,100,000,000		$ 121,400,000,000
Default insurance term (in years)				3 years
Maximum exposure, undiscounted	105,600,000,000			$ 105,600,000,000
ICE Clear Europe
Principal Transaction Revenue [Line Items]
Increase in contribution to guaranty fund			$ 27,000,000
Committed repo	1,000,000,000			1,000,000,000
ICE Clear Credit
Principal Transaction Revenue [Line Items]
Committed repo	300,000,000			300,000,000	€ 250
Committed FX facilities | €					1,900
ICE Clear U.S.
Principal Transaction Revenue [Line Items]
Increase in contribution to guaranty fund	35,000,000	$ 7,000,000
Committed repo	250,000,000			250,000,000
ICE Clear Netherlands
Principal Transaction Revenue [Line Items]
Committed FX facilities | €					€ 10
Letter of Credit | ICE NGX
Principal Transaction Revenue [Line Items]
Debt instrument, face amount	$ 100,000,000			100,000,000
Repayments of secured debt				15,000,000
Additional losses under insurance policy				$ 100,000,000

Clearing Operations - Guaranty

Clearing Operations - Guaranty Fund Contributions and Default Insurance (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Clearing Organizations [Line Items]
ICE Portion of Guaranty Fund Contribution	$ 389	$ 320
Default insurance	250	100
ICE Clear Europe
Clearing Organizations [Line Items]
ICE Portion of Guaranty Fund Contribution	233	206
Default insurance	75
ICE Clear U.S.
Clearing Organizations [Line Items]
ICE Portion of Guaranty Fund Contribution	103	61
Default insurance	25
ICE Clear Credit
Clearing Organizations [Line Items]
ICE Portion of Guaranty Fund Contribution	50	50
Default insurance	50
ICE Clear Netherlands
Clearing Organizations [Line Items]
ICE Portion of Guaranty Fund Contribution	2	2
ICE Clear Singapore
Clearing Organizations [Line Items]
ICE Portion of Guaranty Fund Contribution	1	1
ICE NGX
Clearing Organizations [Line Items]
Default insurance	$ 100	$ 100

Clearing Operations - Cash and

Clearing Operations - Cash and Cash Equivalent Deposits (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Clearing Organizations [Line Items]
Original margin	$ 58,667	$ 56,630
Unsettled variation margin, net	229	417
Guaranty fund	6,768	6,188
Delivery contracts receivable/payable, net	324	720
Total	65,988	63,955
ICE Clear Europe
Clearing Organizations [Line Items]
Original margin	28,971	27,597
Unsettled variation margin, net	0	0
Guaranty fund	4,198	3,267
Delivery contracts receivable/payable, net	0	0
Total	33,169	30,864
ICE Clear Credit
Clearing Organizations [Line Items]
Original margin	22,534	22,770
Unsettled variation margin, net	0	0
Guaranty fund	2,120	2,456
Delivery contracts receivable/payable, net	0	0
Total	24,654	25,226
ICE Clear U.S.
Clearing Organizations [Line Items]
Original margin	7,157	6,260
Unsettled variation margin, net	0	0
Guaranty fund	445	460
Delivery contracts receivable/payable, net	0	0
Total	7,602	6,720
ICE NGX
Clearing Organizations [Line Items]
Original margin	0	0
Unsettled variation margin, net	229	417
Guaranty fund	0	0
Delivery contracts receivable/payable, net	324	720
Total	553	1,137
Other ICE Clearing Houses
Clearing Organizations [Line Items]
Original margin	5	3
Unsettled variation margin, net	0	0
Guaranty fund	5	5
Delivery contracts receivable/payable, net	0	0
Total	10	8
Futures and options | ICE Clear Europe
Clearing Organizations [Line Items]
Total	27,900	25,800
CDS | ICE Clear Europe
Clearing Organizations [Line Items]
Total	$ 5,300	$ 5,100

Clearing Operations - Separate

Clearing Operations - Separate Cash Accounts (Details) € in Millions, £ in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2019GBP (£)	Sep. 30, 2019EUR (€)	Dec. 31, 2018GBP (£)	Dec. 31, 2018EUR (€)
Clearing Organizations [Line Items]
Cash deposits	$ 65,988	$ 63,955
National Bank Account | ICE Clear Europe
Clearing Organizations [Line Items]
Cash deposits	5,886	8,647
National Bank Account | ICE Clear Credit
Clearing Organizations [Line Items]
Cash deposits	19,947	19,484
Reverse repo | ICE Clear Europe
Clearing Organizations [Line Items]
Cash deposits	24,184	18,097
Reverse repo | ICE Clear Credit
Clearing Organizations [Line Items]
Cash deposits	2,997	1,935
Reverse repo | ICE Clear U.S.
Clearing Organizations [Line Items]
Cash deposits	5,061	4,380
Sovereign Debt | ICE Clear Europe
Clearing Organizations [Line Items]
Cash deposits	2,940	4,035
Demand deposits | ICE Clear Europe
Clearing Organizations [Line Items]
Cash deposits	159	85
Demand deposits | ICE Clear Credit
Clearing Organizations [Line Items]
Cash deposits	1,710	3,807
Demand deposits | Other ICE Clearing Houses
Clearing Organizations [Line Items]
Cash deposits	10	8
U.S. Treasuries | ICE Clear U.S.
Clearing Organizations [Line Items]
Cash deposits	2,541	2,340
Unsettled Variation Margin and Delivery Contracts Receivable/Payable | ICE NGX
Clearing Organizations [Line Items]
Cash deposits	553	1,137
Cash Deposit Based On Euro/US Dollar Exchange Rate | De Nederlandsche Bank | ICE Clear Europe
Clearing Organizations [Line Items]
Cash deposits	$ 4,400	$ 8,000		€ 4,100		€ 7,000
Exchange rate to USD	1.0899	1.1466
Cash Deposit Based On Euro/US Dollar Exchange Rate | Bank of England | ICE Clear Europe
Clearing Organizations [Line Items]
Cash deposits	$ 11			€ 10
Cash Deposit Based On Pound Sterling/US Dollar Exchange Rate | Bank of England | ICE Clear Europe
Clearing Organizations [Line Items]
Cash deposits	$ 1.4	$ 638	£ 1.1		£ 500
Exchange rate to USD	1.2295	1.2756

Clearing Operations - Assets Pl

Clearing Operations - Assets Pledged by Clearing Members (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Original Margin
Original margin:
Government securities at face value	$ 52,606	$ 53,085
Letters of credit	2,247	2,556
ICE NGX cash deposits	322	605
Total	55,175	56,246
Guaranty Fund
Guaranty fund:
Government securities at face value	965	1,174
ICE Clear Europe | Original Margin
Original margin:
Government securities at face value	29,305	29,887
Letters of credit	0	0
ICE NGX cash deposits	0	0
Total	29,305	29,887
ICE Clear Europe | Guaranty Fund
Guaranty fund:
Government securities at face value	407	654
ICE Clear Credit | Original Margin
Original margin:
Government securities at face value	13,420	12,990
Letters of credit	0	0
ICE NGX cash deposits	0	0
Total	13,420	12,990
ICE Clear Credit | Guaranty Fund
Guaranty fund:
Government securities at face value	284	256
ICE Clear U.S. | Original Margin
Original margin:
Government securities at face value	9,881	10,208
Letters of credit	0	0
ICE NGX cash deposits	0	0
Total	9,881	10,208
ICE Clear U.S. | Guaranty Fund
Guaranty fund:
Government securities at face value	274	264
ICE NGX | Original Margin
Original margin:
Government securities at face value	0	0
Letters of credit	2,247	2,556
ICE NGX cash deposits	322	605
Total	2,569	3,161
ICE NGX | Guaranty Fund
Guaranty fund:
Government securities at face value	$ 0	$ 0

Clearing Operations - Cash as C

Clearing Operations - Cash as Collateral with NGX (Details) - Sep. 30, 2019 - ICE NGX $ in Millions, $ in Millions	USD ($)	CAD ($)
Clearing Organizations [Line Items]
Daylight liquidity facility	$ 227	$ 300
Overdraft facility	15	20
Total	$ 242	$ 320

Legal Proceedings (Details)

Legal Proceedings (Details)	Mar. 04, 2019retirement_and_benefit_fund	Jan. 31, 2019lawsuitmultinational_bankmunicipal_pension_fund
Commitments and Contingencies Disclosure [Abstract]
Number of class action lawsuits | lawsuit		2
Number of retirement and benefit funds | municipal_pension_fund		2
Number of multinational banks | multinational_bank		18
Number of retirement and benefit funds | retirement_and_benefit_fund	4

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Millions	1 Months Ended
	Jun. 30, 2019USD ($)
Fair Value Disclosures [Abstract]
Investments sold	$ 41

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of commercial paper	$ 1,318	$ 951
Fair value of commercial paper	1,323
Carrying value of other short-term debt	11	$ 0
Fair value of other short-term debt	11
Carrying amount of debt	7,825
Fair value of debt	8,399
2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of debt	1,247
Fair value of debt	$ 1,260
Interest rate, stated percentage	2.75%
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of debt	$ 497
Fair value of debt	$ 505
Interest rate, stated percentage	2.35%
2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of debt	$ 397
Fair value of debt	$ 419
Interest rate, stated percentage	3.45%
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of debt	$ 794
Fair value of debt	$ 855
Interest rate, stated percentage	4.00%
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of debt	$ 1,244
Fair value of debt	$ 1,349
Interest rate, stated percentage	3.75%
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of debt	$ 496
Fair value of debt	$ 524
Interest rate, stated percentage	3.10%
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of debt	$ 592
Fair value of debt	$ 660
Interest rate, stated percentage	3.75%
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying amount of debt	$ 1,229
Fair value of debt	$ 1,493
Interest rate, stated percentage	4.25%

Segment Reporting (Details)

Segment Reporting (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)segmentmember	Sep. 30, 2018USD ($)member
Segment Reporting Information [Line Items]
Number of reportable segments | segment			2
Revenues:
Total revenues	$ 1,663	$ 1,463	$ 4,880	$ 4,599
Transaction-based expenses	327	263	976	928
Total revenues, less transaction-based expenses	1,336	1,200	3,904	3,671
Operating expenses	630	598	1,853	1,764
Operating income	706	602	2,051	1,907
Trading and Clearing Segment
Revenues:
Total revenues	996	821	2,892	2,691
Transaction-based expenses	327	263	976	928
Total revenues, less transaction-based expenses	669	558	1,916	1,763
Operating expenses	255	230	732	655
Operating income	414	328	1,184	1,108
Data and Listings Segment
Revenues:
Total revenues	667	642	1,988	1,908
Transaction-based expenses	0	0	0	0
Total revenues, less transaction-based expenses	667	642	1,988	1,908
Operating expenses	375	368	1,121	1,109
Operating income	292	274	867	799
Sales Revenue, Net | Trading and Clearing Segment
Revenues:
Total revenues	$ 92	$ 89	$ 286	$ 300
Number of members | member			1	1
Concentration risk, percentage	14.00%	16.00%	15.00%	17.00%
Energy futures and options contracts
Revenues:
Total revenues	$ 265	$ 223	$ 749	$ 708
Energy futures and options contracts | Trading and Clearing Segment
Revenues:
Total revenues	265	223	749	708
Energy futures and options contracts | Data and Listings Segment
Revenues:
Total revenues	0	0	0	0
Agricultural and metals futures and options contracts
Revenues:
Total revenues	60	58	194	197
Agricultural and metals futures and options contracts | Trading and Clearing Segment
Revenues:
Total revenues	60	58	194	197
Agricultural and metals futures and options contracts | Data and Listings Segment
Revenues:
Total revenues	0	0	0	0
Financial futures and options contracts
Revenues:
Total revenues	91	77	252	262
Financial futures and options contracts | Trading and Clearing Segment
Revenues:
Total revenues	91	77	252	262
Financial futures and options contracts | Data and Listings Segment
Revenues:
Total revenues	0	0	0	0
Cash equities and equity options
Revenues:
Total revenues	401	335	1,201	1,162
Cash equities and equity options | Trading and Clearing Segment
Revenues:
Total revenues	401	335	1,201	1,162
Cash equities and equity options | Data and Listings Segment
Revenues:
Total revenues	0	0	0	0
Fixed income and credit
Revenues:
Total revenues	101	56	268	157
Fixed income and credit | Trading and Clearing Segment
Revenues:
Total revenues	101	56	268	157
Fixed income and credit | Data and Listings Segment
Revenues:
Total revenues	0	0	0	0
OTC and other transactions
Revenues:
Total revenues	11	11	34	36
OTC and other transactions | Trading and Clearing Segment
Revenues:
Total revenues	11	11	34	36
OTC and other transactions | Data and Listings Segment
Revenues:
Total revenues	0	0	0	0
Pricing and analytics
Revenues:
Total revenues	273	263	809	779
Pricing and analytics | Trading and Clearing Segment
Revenues:
Total revenues	0	0	0	0
Pricing and analytics | Data and Listings Segment
Revenues:
Total revenues	273	263	809	779
Exchange data and feeds
Revenues:
Total revenues	172	168	528	496
Exchange data and feeds | Trading and Clearing Segment
Revenues:
Total revenues	0	0	0	0
Exchange data and feeds | Data and Listings Segment
Revenues:
Total revenues	172	168	528	496
Desktops and connectivity
Revenues:
Total revenues	108	99	315	301
Desktops and connectivity | Trading and Clearing Segment
Revenues:
Total revenues	0	0	0	0
Desktops and connectivity | Data and Listings Segment
Revenues:
Total revenues	108	99	315	301
Listings
Revenues:
Total revenues	114	112	336	332
Listings | Trading and Clearing Segment
Revenues:
Total revenues	0	0	0	0
Listings | Data and Listings Segment
Revenues:
Total revenues	114	112	336	332
Other revenues
Revenues:
Total revenues	67	61	194	169
Other revenues | Trading and Clearing Segment
Revenues:
Total revenues	67	61	194	169
Other revenues | Data and Listings Segment
Revenues:
Total revenues	$ 0	$ 0	$ 0	$ 0

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic:
Net income attributable to Intercontinental Exchange, Inc.	$ 529	$ 458	$ 1,485	$ 1,377
Weighted average common shares outstanding (in shares)	559,000	572,000	563,000	577,000
Basic earnings per common share (in dollars per share)	$ 0.95	$ 0.80	$ 2.64	$ 2.39
Diluted:
Weighted average common shares outstanding (in shares)	559,000	572,000	563,000	577,000
Effect of dilutive securities - stock options and restricted (in shares) shares	4,000	4,000	3,000	4,000
Diluted weighted average common shares outstanding (in shares)	563,000	576,000	566,000	581,000
Diluted earnings per common share (in dollars per share)	$ 0.94	$ 0.79	$ 2.62	$ 2.37
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)			437	451