Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
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, $0.01 par value per share | |
Trading Symbol | ICE | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Smaller Reporting Company | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 558,551,625 | |
Entity Central Index Key | 0001571949 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 1,183 | $ 607 |
Short-term restricted cash and cash equivalents | 6,032 | 1,035 |
Cash and cash equivalent margin deposits and guaranty funds | 156,789 | 145,936 |
Invested deposits, delivery contracts receivable and unsettled variation margin | 7,902 | 4,493 |
Customer accounts receivable, net of allowance for doubtful accounts of $25 and $24 at September 30, 2022 and December 31, 2021, respectively | 1,248 | 1,208 |
Prepaid expenses and other current assets | 558 | 1,021 |
Total current assets | 173,712 | 154,300 |
Property and equipment, net | 1,720 | 1,699 |
Other non-current assets: | ||
Goodwill | 21,075 | 21,123 |
Other intangible assets, net | 13,210 | 13,736 |
Long-term restricted cash and cash equivalents | 405 | 398 |
Other non-current assets | 1,170 | 2,246 |
Total other non-current assets | 35,860 | 37,503 |
Total assets | 211,292 | 193,502 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 788 | 703 |
Section 31 fees payable | 58 | 57 |
Accrued salaries and benefits | 274 | 354 |
Deferred revenue | 315 | 194 |
Short-term debt | 7 | 1,521 |
Margin deposits and guaranty funds | 156,789 | 145,936 |
Invested deposits, delivery contracts payable and unsettled variation margin | 7,902 | 4,493 |
Other current liabilities | 188 | 153 |
Total current liabilities | 166,321 | 153,411 |
Non-current liabilities: | ||
Non-current deferred tax liability, net | 3,565 | 4,100 |
Long-term debt | 18,113 | 12,397 |
Accrued employee benefits | 189 | 200 |
Non-current operating lease liability | 267 | 252 |
Other non-current liabilities | 417 | 394 |
Total non-current liabilities | 22,551 | 17,343 |
Total liabilities | 188,872 | 170,754 |
Commitments and contingencies | ||
Intercontinental Exchange, Inc. stockholders’ equity: | ||
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 1,500 shares authorized; 634 and 631 issued at September 30, 2022 and December 31, 2021, respectively, and 559 and 561 shares outstanding at September 30, 2022 and December 31, 2021, respectively | 6 | 6 |
Treasury stock, at cost; 75 and 70 shares at September 30, 2022 and December 31, 2021, respectively | (6,224) | (5,520) |
Additional paid-in capital | 14,269 | 14,069 |
Retained earnings | 14,731 | 14,350 |
Accumulated other comprehensive loss | (403) | (196) |
Total Intercontinental Exchange, Inc. stockholders’ equity | 22,379 | 22,709 |
Non-controlling interest in consolidated subsidiaries | 41 | 39 |
Total equity | 22,420 | 22,748 |
Total liabilities and equity | $ 211,292 | $ 193,502 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Customer accounts receivable, net of allowance for doubtful accounts | $ 25 | $ 24 |
Equity: | ||
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) | 634,000,000 | 631,000,000 |
Common stock, outstanding (in shares) | 559,000,000 | 561,000,000 |
Treasury stock (in shares) | 75,000,000 | 70,000,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues: | ||||
Total revenues | $ 2,387 | $ 2,277 | $ 7,259 | $ 6,840 |
Transaction-based expenses: | ||||
Section 31 fees | 158 | 38 | 332 | 204 |
Cash liquidity payments, routing and clearing | 418 | 437 | 1,403 | 1,330 |
Total revenues, less transaction-based expenses | 1,811 | 1,802 | 5,524 | 5,306 |
Operating expenses: | ||||
Compensation and benefits | 344 | 374 | 1,058 | 1,093 |
Professional services | 32 | 43 | 101 | 124 |
Acquisition-related transaction and integration costs | 19 | 14 | 81 | 42 |
Technology and communication | 169 | 168 | 513 | 495 |
Rent and occupancy | 22 | 20 | 63 | 61 |
Selling, general and administrative | 54 | 52 | 166 | 163 |
Depreciation and amortization | 258 | 253 | 768 | 759 |
Total operating expenses | 898 | 924 | 2,750 | 2,737 |
Operating income | 913 | 878 | 2,774 | 2,569 |
Other income/(expense): | ||||
Interest income | 33 | 0 | 42 | 0 |
Interest expense | (176) | (108) | (440) | (321) |
Other income/(expense), net | (1,097) | 54 | (1,132) | 1,341 |
Other income/(expense), net | (1,240) | (54) | (1,530) | 1,020 |
Income/(loss) before income tax expense/(benefit) | (327) | 824 | 1,244 | 3,589 |
Income tax expense/(benefit) | (152) | 187 | 186 | 1,049 |
Net income/(loss) | (175) | 637 | 1,058 | 2,540 |
Net income attributable to non-controlling interest | (16) | (4) | (37) | (9) |
Net income/(loss) attributable to Intercontinental Exchange, Inc. | $ (191) | $ 633 | $ 1,021 | $ 2,531 |
Earnings/(loss) per share attributable to Intercontinental Exchange, Inc. common stockholders: | ||||
Basic (in dollars per share) | $ (0.34) | $ 1.12 | $ 1.83 | $ 4.50 |
Diluted (in dollars per share) | $ (0.34) | $ 1.12 | $ 1.82 | $ 4.48 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 558 | 563 | 559 | 563 |
Diluted (in shares) | 560 | 566 | 561 | 565 |
Exchanges | ||||
Revenues: | ||||
Total revenues | $ 1,577 | $ 1,434 | $ 4,824 | $ 4,376 |
Fixed income and data services | ||||
Revenues: | ||||
Total revenues | 534 | 477 | 1,555 | 1,403 |
Mortgage technology | ||||
Revenues: | ||||
Total revenues | $ 276 | $ 366 | $ 880 | $ 1,061 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income/(loss) | $ (175) | $ 637 | $ 1,058 | $ 2,540 |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustments, net of tax benefit of $1 for the nine months ended September 30, 2022 and $1 for both the nine and three months ended September 30, 2021 | (98) | (32) | (207) | (15) |
Change in equity method investment, net of tax expense of $1 for the nine months ended September 30, 2021 | 0 | 0 | 0 | 1 |
Other comprehensive loss | (98) | (32) | (207) | (14) |
Comprehensive income/(loss) | (273) | 605 | 851 | 2,526 |
Comprehensive income attributable to non-controlling interest | (16) | (4) | (37) | (9) |
Comprehensive income/(loss) attributable to Intercontinental Exchange, Inc. | $ (289) | $ 601 | $ 814 | $ 2,517 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax benefit | $ (1) | $ (1) | $ (1) | $ (1) |
Change in equity method investment, tax expense | $ 1 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Non- Controlling Interest in Consolidated Subsidiaries |
Common stock, shares beginning (in shares) at Sep. 30, 2021 | 631 | ||||||
Treasury stock, shares beginning (in shares) at Dec. 31, 2020 | (68) | ||||||
Beginning balance at Dec. 31, 2020 | $ 19,534 | $ 6 | $ (5,200) | $ 13,845 | $ 11,039 | $ (192) | $ 36 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive (loss) income | (14) | (14) | |||||
Exercise of common stock options | 10 | 10 | |||||
Payments relating to treasury shares (in shares) | (1) | ||||||
Payments relating to treasury shares | (69) | $ (69) | |||||
Stock-based compensation | 122 | 122 | |||||
Issuance under the employee stock purchase plan | 42 | 42 | |||||
Issuance of restricted stock (in shares) | 2 | ||||||
Distributions of profits | (21) | (21) | |||||
Dividends paid to stockholders | (561) | (561) | |||||
Net income/(loss) attributable to non-controlling interest | 9 | (9) | 18 | ||||
Net income/(loss) | 2,540 | 2,540 | |||||
Common stock, shares ending (in shares) at Dec. 31, 2020 | 629 | ||||||
Treasury stock, shares ending (in shares) at Sep. 30, 2021 | (69) | ||||||
Ending balance at Sep. 30, 2021 | 21,592 | $ 6 | $ (5,269) | 14,019 | 13,009 | (206) | 33 |
Redeemable non-controlling interest, beginning balance at Dec. 31, 2020 | 93 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Stock-based compensation | 3 | ||||||
Net income/(loss) attributable to non-controlling interest | (9) | ||||||
Redeemable non-controlling interest, ending balance at Sep. 30, 2021 | 87 | ||||||
Common stock, shares beginning (in shares) at Sep. 30, 2021 | 631 | ||||||
Treasury stock, shares beginning (in shares) at Jun. 30, 2021 | (68) | ||||||
Beginning balance at Jun. 30, 2021 | 21,116 | $ 6 | $ (5,267) | 13,952 | 12,563 | (174) | 36 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive (loss) income | (32) | (32) | |||||
Exercise of common stock options | 2 | 2 | |||||
Payments relating to treasury shares (in shares) | (1) | ||||||
Payments relating to treasury shares | (2) | $ (2) | |||||
Stock-based compensation | 41 | 41 | |||||
Issuance under the employee stock purchase plan | 24 | 24 | |||||
Distributions of profits | (10) | (10) | |||||
Dividends paid to stockholders | (187) | (187) | |||||
Net income/(loss) attributable to non-controlling interest | 3 | (4) | 7 | ||||
Net income/(loss) | 637 | 637 | |||||
Common stock, shares ending (in shares) at Jun. 30, 2021 | 631 | ||||||
Treasury stock, shares ending (in shares) at Sep. 30, 2021 | (69) | ||||||
Ending balance at Sep. 30, 2021 | 21,592 | $ 6 | $ (5,269) | 14,019 | 13,009 | (206) | 33 |
Redeemable non-controlling interest, beginning balance at Jun. 30, 2021 | 89 | ||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||
Stock-based compensation | 1 | ||||||
Net income/(loss) attributable to non-controlling interest | (3) | ||||||
Redeemable non-controlling interest, ending balance at Sep. 30, 2021 | $ 87 | ||||||
Common stock, shares beginning (in shares) at Sep. 30, 2022 | 559 | 634 | |||||
Treasury stock, shares beginning (in shares) at Dec. 31, 2021 | (70) | (70) | |||||
Beginning balance at Dec. 31, 2021 | $ 22,748 | $ 6 | $ (5,520) | 14,069 | 14,350 | (196) | 39 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive (loss) income | (207) | (207) | |||||
Exercise of common stock options | 22 | 22 | |||||
Repurchases of common stock | $ (632) | $ (632) | |||||
Repurchases of common stock (in shares) | (5) | (4) | |||||
Payments relating to treasury shares (in shares) | (1) | ||||||
Payments relating to treasury shares | $ (72) | $ (72) | |||||
Stock-based compensation | 129 | 129 | |||||
Issuance under the employee stock purchase plan (in shares) | 1 | ||||||
Issuance under the employee stock purchase plan | 49 | 49 | |||||
Issuance of restricted stock (in shares) | 2 | ||||||
Distributions of profits | (35) | (35) | |||||
Dividends paid to stockholders | (640) | (640) | |||||
Net income/(loss) attributable to non-controlling interest | 0 | (37) | 37 | ||||
Net income/(loss) | $ 1,058 | 1,058 | |||||
Common stock, shares ending (in shares) at Dec. 31, 2021 | 561 | 631 | |||||
Treasury stock, shares ending (in shares) at Sep. 30, 2022 | (75) | (75) | |||||
Ending balance at Sep. 30, 2022 | $ 22,420 | $ 6 | $ (6,224) | 14,269 | 14,731 | (403) | 41 |
Common stock, shares beginning (in shares) at Sep. 30, 2022 | 559 | 634 | |||||
Treasury stock, shares beginning (in shares) at Jun. 30, 2022 | (75) | ||||||
Beginning balance at Jun. 30, 2022 | $ 22,861 | $ 6 | $ (6,223) | 14,201 | 15,135 | (305) | 47 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Other comprehensive (loss) income | (98) | (98) | |||||
Exercise of common stock options | 2 | 2 | |||||
Payments relating to treasury shares | (1) | $ (1) | |||||
Stock-based compensation | 41 | 41 | |||||
Issuance under the employee stock purchase plan (in shares) | 1 | ||||||
Issuance under the employee stock purchase plan | 25 | 25 | |||||
Distributions of profits | (22) | (22) | |||||
Dividends paid to stockholders | (213) | (213) | |||||
Net income/(loss) attributable to non-controlling interest | 0 | (16) | 16 | ||||
Net income/(loss) | $ (175) | (175) | |||||
Common stock, shares ending (in shares) at Jun. 30, 2022 | 633 | ||||||
Treasury stock, shares ending (in shares) at Sep. 30, 2022 | (75) | (75) | |||||
Ending balance at Sep. 30, 2022 | $ 22,420 | $ 6 | $ (6,224) | $ 14,269 | $ 14,731 | $ (403) | $ 41 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating activities: | ||
Net income/(loss) | $ 1,058 | $ 2,540 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 768 | 759 |
Stock-based compensation | 116 | 112 |
Deferred taxes | (515) | 134 |
Gain on equity investments | 0 | (34) |
Net losses/(income) from unconsolidated investees | 1,112 | (42) |
Impairment of Bakkt investment | 40 | 0 |
Other | 31 | 36 |
Changes in assets and liabilities: | ||
Customer accounts receivable | (72) | (109) |
Other current and non-current assets | (170) | (63) |
Section 31 fees payable | 1 | (193) |
Deferred revenue | 130 | 163 |
Other current and non-current liabilities | 4 | 54 |
Total adjustments | 1,404 | (410) |
Net cash provided by operating activities | 2,462 | 2,130 |
Investing activities: | ||
Capital expenditures | (125) | (117) |
Capitalized software development costs | (200) | (211) |
Purchases of invested margin deposits | (6,935) | (2,828) |
Proceeds from sales of invested margin deposits | 4,285 | 3,281 |
Cash paid for acquisitions, net of cash acquired | (57) | (10) |
Purchases of equity and equity method investments | (69) | (23) |
Other | (1) | (4) |
Net cash provided by/(used in) investing activities | (2,361) | 1,325 |
Financing activities: | ||
Proceeds from debt facilities, net | 7,891 | 0 |
Repayments of debt facilities | (2,702) | (1,248) |
Redemption of commercial paper, net | (1,012) | (1,081) |
Repurchases of common stock | (632) | 0 |
Dividends to stockholders | (640) | (561) |
Change in cash and cash equivalent margin deposits and guaranty funds | 13,503 | 24,094 |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (72) | (69) |
Other | 37 | 31 |
Net cash provided by financing activities | 16,373 | 21,166 |
Effect of exchange rate changes on cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | (41) | (4) |
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 16,433 | 24,617 |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 147,976 | 83,619 |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | 164,409 | 108,236 |
Supplemental cash flow disclosure: | ||
Cash paid for income taxes | 710 | 809 |
Cash paid for interest | 368 | 329 |
Reconciliation of the components of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the balance sheet: | ||
Cash and cash equivalents | 1,183 | 618 |
Short-term restricted cash and cash equivalents | 6,032 | 1,045 |
Long-term restricted cash and cash equivalents | 405 | 398 |
Cash and cash equivalent margin deposits and guaranty funds | 156,789 | 106,175 |
Total | 164,409 | 108,236 |
Euroclear | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on sale of Coinbase investment | (41) | 0 |
Investing activities: | ||
Proceeds from sale of Coinbase investment | 741 | 0 |
Coinbase | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on sale of Coinbase investment | 0 | (1,227) |
Investing activities: | ||
Proceeds from sale of Coinbase investment | $ 0 | $ 1,237 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Nature of Business and Organization We are a provider of market infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. Our products, which span major asset classes including futures, equities, fixed income and residential mortgages in the United States, or U.S., provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. • In our Exchanges segment, we operate regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities. • In our Fixed Income and Data Services segment, we provide fixed income pricing, reference data, indices, analytics and execution services as well as global credit default swap, or CDS, clearing and multi-asset class data delivery solutions. • In our Mortgage Technology segment, we provide an end-to-end technology platform that offers customers comprehensive, digital workflow tools that aim to address the inefficiencies that exist in the U.S. residential mortgage market, from application through closing and the secondary market. We operate marketplaces and provide technology and data services in the U.S., United Kingdom, or U.K., European Union, or EU, Canada, Asia Pacific and the Middle East. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation We prepared the accompanying unaudited consolidated financial statements 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, 2021. 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 in conformity with U.S. GAAP 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, 2022 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. We have considered the impacts of the ongoing conflict between Russia, Belarus and Ukraine on our financial statements. As of September 30, 2022, our businesses and operations, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of these events. There continues to be uncertainty surrounding the extent and duration of this ongoing conflict and the impact that it may have on the global economy and on our business. Consolidated Statements of Cash Flows Presentation As of December 31, 2021, we revised our consolidated statements of cash flows to include changes in cash and cash equivalent margin within cash flows from financing activities and changes in invested margin deposits within cash flows from investing activities. This immaterial revision did not have an effect on our previously reported consolidated balance sheets, statements of income, statements of comprehensive income, or statements of changes in equity and redeemable non-controlling interest or the related disclosures. Cash and cash equivalent margin amounts cannot be used to satisfy the Company's operating or other liabilities, as further discussed in Note 12. The following table summarizes the immaterial revisions to our historical consolidated statements of cash flows for the nine months ended September 30, 2021 (in millions): Nine Months Ended September 30, 2021 As Previously Presented Adjustment As Adjusted Purchases of invested margin deposits (within investing activities) $ — $ (2,828) $ (2,828) Proceeds from sales of invested margin deposits (within investing activities) — 3,281 3,281 Net cash provided by investing activities 872 453 1,325 Change in cash and cash equivalent margin deposits and guaranty funds (within financing activities) — 24,094 24,094 Net cash provided by/(used in) financing activities (2,928) 24,094 21,166 Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds 70 24,547 24,617 Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period 1,991 81,628 83,619 Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period $ 2,061 $ 106,175 $ 108,236 Recently Adopted Accounting Pronouncements During the nine months ended September 30, 2022, there were no significant changes to the new and recently adopted accounting pronouncements applicable to us from those disclosed in Note 2 to the consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2021, or the 2021 Form 10-K. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions and Divestitures | Acquisitions and Divestitures Pending Acquisition of Black Knight, Inc. On May 4, 2022, we announced that we had entered into a definitive agreement to acquire Black Knight, Inc., or Black Knight, a software, data and analytics company that serves the housing finance continuum, including real estate data, mortgage lending and servicing, as well as the secondary markets. Pursuant to that certain Agreement and Plan of Merger, dated as of May 4, 2022, among ICE, Sand Merger Sub Corporation, a wholly owned subsidiary of ICE, or Sub, and Black Knight, which we refer to as the “merger agreement,” Sub will merge with and into Black Knight, which we refer to as the “merger,” with Black Knight surviving as a wholly owned subsidiary of ICE. As of May 4, 2022, the transaction was valued at approximately $13.1 billion, or $85 per share of Black Knight common stock, with cash comprising 80% of the value of the aggregate transaction consideration and shares of our common stock comprising 20% of the value of the aggregate transaction consideration at that time. The aggregate cash component of the transaction consideration is fixed at $10.5 billion, and the value of the aggregate stock component of the transaction consideration will fluctuate with the market price of our common stock and will be determined based on the average of the volume weighted averages of the trading prices of our common stock on each of the ten consecutive trading days ending three trading days prior to the closing of the merger. This transaction builds on our position as a provider of end-to-end electronic workflow solutions for the rapidly evolving U.S. residential mortgage industry. Black Knight provides a comprehensive and integrated ecosystem of software, data and analytics solutions serving the real estate and housing finance markets. We believe the Black Knight ecosystem adds value for clients of all sizes across the mortgage and real estate lifecycles by helping organizations lower costs, increase efficiencies, grow their businesses, and reduce risk. On August 19, 2022, our preliminary proxy statement/prospectus on Form S-4 was declared effective by the SEC, and on September 21, 2022, Black Knight stockholders approved the transaction. The transaction is expected to close in the first half of 2023 following the receipt of regulatory approvals and the satisfaction of customary closing conditions. Bakkt Transaction As discussed in Note 3 to the consolidated financial statements included in Part II, Item 8 of our 2021 Form 10-K, on October 15, 2021, Bakkt Holdings, LLC, or Bakkt, completed its merger with VPC Impact Acquisition Holdings, or VIH, a special purpose acquisition company sponsored by Victory Park Capital, or VPC. The newly combined company was renamed Bakkt Holdings, Inc. and is listed on the New York Stock Exchange, or NYSE. Following the transaction, we held an approximate 68% economic interest in the combined company. As a result of limitations on ICE from the Bakkt voting agreement entered into in connection with the transaction, we hold a minority voting interest in the combined company. Prior to the closing, Bakkt revenues and operating expenses were reported within our consolidated revenues and operating expenses. Following the closing, as a consequence of holding a minority voting interest in the combined company, during the fourth quarter of 2021 we deconsolidated Bakkt and treat it as an equity method investment within our financial statements. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments | Investments Equity Investments Our equity investments are subject to valuation under ASU 2016-01, Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. See Note 14 for a discussion of our determination of fair value of our financial instruments. Investment in Euroclear We previously owned a 9.8% stake in Euroclear, plc, or Euroclear, that we originally purchased for $631 million. We participated on the Euroclear Board of Directors, and classified our investment in Euroclear as an equity investment. On May 20, 2022, we completed the sale of our 9.8% stake in Euroclear. The carrying value of our investment was $700 million at the time of the sale and was classified within other current assets on our balance sheet. We recorded a net gain on the sale of $41 million, which is included in other income during the nine months ended September 30, 2022. We did not receive a dividend from Euroclear during the nine months ended September 30, 2022. We recognized dividend income of $60 million and $30 million during the nine and three months ended September 30, 2021 from Euroclear, which is included in other income. Investment in Coinbase On December 1, 2014, we acquired preferred stock of Coinbase Global, Inc., or Coinbase, which operates a cryptocurrency exchange platform, for $10 million, representing a 1.4% ownership share on a fully-diluted, as-converted basis. On April 14, 2021, Coinbase completed an initial public offering, or IPO. On April 15, 2021, we completed the sale of our investment in Coinbase for $1.24 billion and recorded a gain of $1.23 billion, or $892 million net of tax, as other income in our consolidated statement of income during the nine months ended September 30, 2021. Equity Method Investments Our equity method investments include the Options Clearing Corporation, or OCC, and Bakkt, among others. Our equity method investments are included in other non-current assets in the accompanying consolidated balance sheet. We carry our equity method investments at cost and assess the carrying value periodically if impairment indicators are present. At the end of each reporting period, we record our share of profits or losses of our equity method investments as equity earnings included in other income. We recognized ($1.1 billion) and $42 million as our share of estimated (losses)/profits, net, from our equity method investments during the nine months ended September 30, 2022 and 2021, respectively, and ($1.1 billion) and $8 million as our share of (losses)/profits, net, from our equity method investments during the three months ended September 30, 2022 and 2021, respectively. The estimated losses during the nine and three months ended September 30, 2022 are primarily related to our investment in Bakkt, and the estimated profits during the nine and three months ended September 30, 2021 are related to our investment in OCC. Both periods include adjustments to reflect the difference between reported prior period actual results from our original estimates. When performing our assessment of the carrying value of our investments, we consider, among other things, the length of time and the extent to which the market value has been less than our cost basis, if applicable, the investee's financial condition and near-term prospects, the economic or technological environment in which our investees operate, weakening of the general market condition of the related industry, whether an investee can continue as a going concern, any impairment charges recorded by an investee on goodwill, intangible or long-lived assets, and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value. Investment in OCC We own a 40% interest in OCC through a direct investment by the NYSE. OCC is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission, or CFTC, as a derivatives clearing organization. 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. Investment in Bakkt |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
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 rebates, 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, certain data services, clearing services, mortgage technology services and other revenues. Deferred revenue is our only significant contract liability. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition. For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration. 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, which are primarily our sales commissions. Certain judgments and estimates are 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. Refer to Note 5 to the consolidated financial statements included in Part II, Item 8 of our 2021 Form 10-K where our primary revenue contract classifications are described in detail. The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 15: Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Nine Months Ended September 30, 2022: Total revenues $ 4,824 $ 1,555 $ 880 $ 7,259 Transaction-based expenses 1,735 — — 1,735 Total revenues, less transaction-based expenses $ 3,089 $ 1,555 $ 880 $ 5,524 Timing of Revenue Recognition Services transferred at a point in time $ 1,760 $ 263 $ 374 $ 2,397 Services transferred over time 1,329 1,292 506 3,127 Total revenues, less transaction-based expenses $ 3,089 $ 1,555 $ 880 $ 5,524 Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Nine Months Ended September 30, 2021: Total revenues $ 4,376 $ 1,403 $ 1,061 $ 6,840 Transaction-based expenses 1,534 — — 1,534 Total revenues, less transaction-based expenses $ 2,842 $ 1,403 $ 1,061 $ 5,306 Timing of Revenue Recognition Services transferred at a point in time $ 1,590 $ 162 $ 631 $ 2,383 Services transferred over time 1,252 1,241 430 2,923 Total revenues, less transaction-based expenses $ 2,842 $ 1,403 $ 1,061 $ 5,306 Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Three Months Ended September 30, 2022: Total revenues $ 1,577 $ 534 $ 276 $ 2,387 Transaction-based expenses 576 — — 576 Total revenues, less transaction-based expenses $ 1,001 $ 534 $ 276 $ 1,811 Timing of Revenue Recognition Services transferred at a point in time $ 563 $ 104 $ 104 $ 771 Services transferred over time 438 430 172 1,040 Total revenues, less transaction-based expenses $ 1,001 $ 534 $ 276 $ 1,811 Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Three Months Ended September 30, 2021: Total revenues $ 1,434 $ 477 $ 366 $ 2,277 Transaction-based expenses 475 — — 475 Total revenues, less transaction-based expenses $ 959 $ 477 $ 366 $ 1,802 Timing of Revenue Recognition Services transferred at a point in time $ 534 $ 55 $ 214 $ 803 Services transferred over time 425 422 152 999 Total revenues, less transaction-based expenses $ 959 $ 477 $ 366 $ 1,802 The Exchanges segment and the Fixed Income and Data Services segment revenues above include data services revenues. Our data services revenues are transferred over time, and a majority of those revenues are performed over a short period of time of one month or less and relate to subscription-based data services billed monthly, quarterly or annually in advance. These revenues are recognized ratably over time as our data delivery performance obligations are met consistently throughout the period. The Exchanges segment revenues transferred over time in the table above also include services related to listings, services related to risk management of open interest performance obligations and services related to regulatory fees, trading permits, and software licenses. The Fixed Income and Data Services segment revenues transferred over time in the table above also include services related to risk management of open interest performance obligations, primarily in our CDS business. The Mortgage Technology segment revenues transferred over time in the table above primarily relate to our origination technology revenue where performance obligations consist of a series of distinct services and are recognized over the contract terms as subscription performance obligations are satisfied, and to a lesser extent, professional services revenues and revenues from certain of our data and analytics offerings. The components of services transferred over time for each of our segments are as follows: Nine Months Ended September 30, Three Months Ended September 30, 2022 2021 2022 2021 Exchanges Segment: Data services revenues $ 651 $ 623 $ 219 $ 208 Services transferred over time related to risk management of open interest performance obligations $ 201 $ 190 $ 62 $ 65 Services transferred over time related to listings $ 388 $ 356 $ 128 $ 123 Services transferred over time related to regulatory fees, trading permits, and software licenses $ 89 $ 83 $ 29 $ 29 Total $ 1,329 $ 1,252 $ 438 $ 425 Fixed Income Data Services Segment: Data services revenues $ 1,263 $ 1,220 $ 420 $ 414 Services transferred over time related to risk management of open interest performance obligations in our CDS business $ 29 $ 21 $ 10 $ 8 Total $ 1,292 $ 1,241 $ 430 $ 422 Mortgage Technology Segment: Subscription revenues $ 479 $ 404 $ 163 $ 143 Professional service revenues and other $ 27 $ 26 $ 9 $ 9 Total $ 506 $ 430 $ 172 $ 152 Total consolidated revenues transferred over time $ 3,127 $ 2,923 $ 1,040 $ 999 Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $410 million as of September 30, 2022, including $315 million in current deferred revenue and $95 million in other non-current liabilities. The changes in our deferred revenue during the nine months ended September 30, 2022 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Mortgage Technology Total Deferred revenue balance at December 31, 2021 $ — $ 19 $ 93 $ 93 $ 79 $ 284 Additions 434 32 39 330 62 897 Amortization (327) (28) (33) (301) (82) (771) Deferred revenue balance at September 30, 2022 $ 107 $ 23 $ 99 $ 122 $ 59 $ 410 The changes in our deferred revenue during the nine months ended September 30, 2021 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Mortgage Technology Total Deferred revenue balance at December 31, 2020 $ — $ 13 $ 92 $ 95 $ 59 $ 259 Additions 397 26 42 352 60 877 Amortization (301) (24) (31) (319) (39) (714) Deferred revenue balance at September 30, 2021 $ 96 $ 15 $ 103 $ 128 $ 80 $ 422 Included in the amortization recognized during the nine months ended September 30, 2022 is $144 million related to the deferred revenue balance as of December 31, 2021. Included in the amortization recognized for the nine months ended September 30, 2021 is $128 million related to the deferred revenue balance as of December 31, 2020. As of September 30, 2022, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 5. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 (in millions): Goodwill balance at December 31, 2021 $ 21,123 Acquisitions 46 Foreign currency translation (90) Other activity, net (4) Goodwill balance at September 30, 2022 $ 21,075 The following is a summary of the activity in the other intangible assets balance for the nine months ended September 30, 2022 (in millions): Other intangible assets balance at December 31, 2021 $ 13,736 Acquisitions 14 Foreign currency translation (84) Amortization of other intangible assets (459) Other activity, net 3 Other intangible assets balance at September 30, 2022 $ 13,210 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 changes in other activity, net, in the table above primarily relate to adjustments to the fair value of the net tangible and intangible assets made within one year of acquisitions, with a corresponding adjustment to goodwill. During the three months ended September 30, 2022, we considered potential indicators of impairment to goodwill and other intangible assets for each of our reporting units, which included declines in stock price, recent inflation spikes and rising interest rates, among others. As such, we performed a qualitative assessment to determine whether it was more- |
Deferred Revenue
Deferred Revenue | 9 Months Ended |
Sep. 30, 2022 | |
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 rebates, 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, certain data services, clearing services, mortgage technology services and other revenues. Deferred revenue is our only significant contract liability. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition. For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration. 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, which are primarily our sales commissions. Certain judgments and estimates are 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. Refer to Note 5 to the consolidated financial statements included in Part II, Item 8 of our 2021 Form 10-K where our primary revenue contract classifications are described in detail. The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 15: Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Nine Months Ended September 30, 2022: Total revenues $ 4,824 $ 1,555 $ 880 $ 7,259 Transaction-based expenses 1,735 — — 1,735 Total revenues, less transaction-based expenses $ 3,089 $ 1,555 $ 880 $ 5,524 Timing of Revenue Recognition Services transferred at a point in time $ 1,760 $ 263 $ 374 $ 2,397 Services transferred over time 1,329 1,292 506 3,127 Total revenues, less transaction-based expenses $ 3,089 $ 1,555 $ 880 $ 5,524 Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Nine Months Ended September 30, 2021: Total revenues $ 4,376 $ 1,403 $ 1,061 $ 6,840 Transaction-based expenses 1,534 — — 1,534 Total revenues, less transaction-based expenses $ 2,842 $ 1,403 $ 1,061 $ 5,306 Timing of Revenue Recognition Services transferred at a point in time $ 1,590 $ 162 $ 631 $ 2,383 Services transferred over time 1,252 1,241 430 2,923 Total revenues, less transaction-based expenses $ 2,842 $ 1,403 $ 1,061 $ 5,306 Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Three Months Ended September 30, 2022: Total revenues $ 1,577 $ 534 $ 276 $ 2,387 Transaction-based expenses 576 — — 576 Total revenues, less transaction-based expenses $ 1,001 $ 534 $ 276 $ 1,811 Timing of Revenue Recognition Services transferred at a point in time $ 563 $ 104 $ 104 $ 771 Services transferred over time 438 430 172 1,040 Total revenues, less transaction-based expenses $ 1,001 $ 534 $ 276 $ 1,811 Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Three Months Ended September 30, 2021: Total revenues $ 1,434 $ 477 $ 366 $ 2,277 Transaction-based expenses 475 — — 475 Total revenues, less transaction-based expenses $ 959 $ 477 $ 366 $ 1,802 Timing of Revenue Recognition Services transferred at a point in time $ 534 $ 55 $ 214 $ 803 Services transferred over time 425 422 152 999 Total revenues, less transaction-based expenses $ 959 $ 477 $ 366 $ 1,802 The Exchanges segment and the Fixed Income and Data Services segment revenues above include data services revenues. Our data services revenues are transferred over time, and a majority of those revenues are performed over a short period of time of one month or less and relate to subscription-based data services billed monthly, quarterly or annually in advance. These revenues are recognized ratably over time as our data delivery performance obligations are met consistently throughout the period. The Exchanges segment revenues transferred over time in the table above also include services related to listings, services related to risk management of open interest performance obligations and services related to regulatory fees, trading permits, and software licenses. The Fixed Income and Data Services segment revenues transferred over time in the table above also include services related to risk management of open interest performance obligations, primarily in our CDS business. The Mortgage Technology segment revenues transferred over time in the table above primarily relate to our origination technology revenue where performance obligations consist of a series of distinct services and are recognized over the contract terms as subscription performance obligations are satisfied, and to a lesser extent, professional services revenues and revenues from certain of our data and analytics offerings. The components of services transferred over time for each of our segments are as follows: Nine Months Ended September 30, Three Months Ended September 30, 2022 2021 2022 2021 Exchanges Segment: Data services revenues $ 651 $ 623 $ 219 $ 208 Services transferred over time related to risk management of open interest performance obligations $ 201 $ 190 $ 62 $ 65 Services transferred over time related to listings $ 388 $ 356 $ 128 $ 123 Services transferred over time related to regulatory fees, trading permits, and software licenses $ 89 $ 83 $ 29 $ 29 Total $ 1,329 $ 1,252 $ 438 $ 425 Fixed Income Data Services Segment: Data services revenues $ 1,263 $ 1,220 $ 420 $ 414 Services transferred over time related to risk management of open interest performance obligations in our CDS business $ 29 $ 21 $ 10 $ 8 Total $ 1,292 $ 1,241 $ 430 $ 422 Mortgage Technology Segment: Subscription revenues $ 479 $ 404 $ 163 $ 143 Professional service revenues and other $ 27 $ 26 $ 9 $ 9 Total $ 506 $ 430 $ 172 $ 152 Total consolidated revenues transferred over time $ 3,127 $ 2,923 $ 1,040 $ 999 Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $410 million as of September 30, 2022, including $315 million in current deferred revenue and $95 million in other non-current liabilities. The changes in our deferred revenue during the nine months ended September 30, 2022 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Mortgage Technology Total Deferred revenue balance at December 31, 2021 $ — $ 19 $ 93 $ 93 $ 79 $ 284 Additions 434 32 39 330 62 897 Amortization (327) (28) (33) (301) (82) (771) Deferred revenue balance at September 30, 2022 $ 107 $ 23 $ 99 $ 122 $ 59 $ 410 The changes in our deferred revenue during the nine months ended September 30, 2021 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Mortgage Technology Total Deferred revenue balance at December 31, 2020 $ — $ 13 $ 92 $ 95 $ 59 $ 259 Additions 397 26 42 352 60 877 Amortization (301) (24) (31) (319) (39) (714) Deferred revenue balance at September 30, 2021 $ 96 $ 15 $ 103 $ 128 $ 80 $ 422 Included in the amortization recognized during the nine months ended September 30, 2022 is $144 million related to the deferred revenue balance as of December 31, 2021. Included in the amortization recognized for the nine months ended September 30, 2021 is $128 million related to the deferred revenue balance as of December 31, 2020. As of September 30, 2022, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 5. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our total debt, including short-term and long-term debt, consisted of the following (in millions): As of September 30, 2022 As of December 31, 2021 Debt: Short-term debt: Commercial Paper $ — $ 1,012 2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022) — 499 Other short-term debt 7 10 Total short-term debt 7 1,521 Long-term debt: 2023 Senior Notes (0.70% senior unsecured notes due June 15, 2023) — 997 2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023) — 399 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) — 797 2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025) 1,243 — 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,247 1,246 2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) 1,485 — 2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) 497 497 2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) 594 594 2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) 1,239 — 2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) 1,235 1,234 2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) 1,484 1,483 2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) 1,488 — 2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) 1,231 1,230 2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) 1,231 1,230 2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050) 1,221 1,220 2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) 1,464 — 2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060) 1,471 1,470 2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) 983 — Total long-term debt 18,113 12,397 Total debt $ 18,120 $ 13,918 Our senior notes of $18.1 billion have a weighted average maturity of 17 years and a weighted average cost of 3.6% per annum. Credit Facilities We have a $3.9 billion senior unsecured revolving credit facility, or the Credit Facility, with future capacity to increase our borrowings under the Credit Facility by an additional $1.0 billion, subject to the consent of the lenders funding the increase and certain other conditions. On May 25, 2022, we agreed with the lenders to extend the maturity date of the Credit Facility from October 15, 2026, to May 25, 2027, among other items. We also exercised our option to increase the amount of the Credit Facility from $3.8 billion to $3.9 billion. We incurred new debt issuance costs of $4 million relating to the Credit Facility and these costs are represented in the accompanying consolidated balance sheet as other non-current assets and will be amortized over the remaining life of the Credit Facility. No amounts were outstanding under the Credit Facility as of September 30, 2022. As of September 30, 2022, of the $3.9 billion that was available for borrowing under the Credit Facility, $170 million was required to support certain broker-dealer and other subsidiary commitments. As there was no commercial paper outstanding as of September 30, 2022, there was no required amount to backstop our U.S. dollar commercial paper program, or the Commercial Paper Program. The amount required to backstop the amounts outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $3.7 billion was available for working capital and general corporate purposes including, but not limited to, acting as a backstop to future increases in the amounts outstanding under the Commercial Paper Program. On May 4, 2022, we entered into a 364-day senior unsecured bridge facility in an aggregate principal amount not to exceed $14.0 billion, or the Bridge Facility. The commitments that the Company obtained for the Bridge Facility have been permanently reduced from $14.0 billion and there were no amounts outstanding as of September 30, 2022 as a result of (i) the amendment and extension of the Credit Facility, (ii) the issuance by the Company of certain senior unsecured notes on May 23, 2022, (iii) Euroclear divestment proceeds, (iv) the generation of cash internally by the Company, and (v) the effectiveness of our term loan facility. On May 25, 2022, we entered into a $2.4 billion two-year senior unsecured delayed draw term loan facility, or Term Loan. Draws under the Term Loan bear interest on the principal amount outstanding at either (a) Term Secured Overnight Financing Rate, or Term SOFR, plus an applicable margin plus a credit spread adjustment of 10 basis points or (b) a "base rate" plus an applicable margin. The applicable margin ranges from 0.625% to 1.125% for Term SOFR loans and from 0.000% to 0.125% for base rate loans, in each case, based on a ratings-based pricing grid. The proceeds from borrowings under the Term Loan will be used to fund a portion of the purchase price for the Black Knight acquisition. We incurred new debt issuance costs of $4 million relating to the Term Loan and these costs are represented in the accompanying consolidated balance sheet as other non-current assets and will be amortized over the remaining life of the Term Loan. We have the option to prepay outstanding amounts under the Term Loan in whole or in part at any time. No amounts were outstanding under the Term Loan as of September 30, 2022. Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of September 30, 2022, they had borrowed $7 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, which fluctuate due to market conditions and as a result may impact our interest expense. During the nine months ended September 30, 2022, we had net paydowns of $1.0 billion under the Commercial Paper Program and did not have any notes outstanding under our Commercial Paper Program as of September 30, 2022. New Senior Notes On May 23, 2022, we issued $8.0 billion in aggregate principal amount of new senior notes, comprised of the following: • $1.25 billion in aggregate principal amount of 3.65% senior notes due in 2025, or the 2025 Notes; • $1.5 billion in aggregate principal amount of 4.00% senior notes due in 2027, or the 2027 Notes; • $1.25 billion in aggregate principal amount of 4.35% senior notes due in 2029, or the 2029 Notes; • $1.5 billion in aggregate principal amount of 4.60% senior notes due in 2033, or the 2033 Notes; • $1.5 billion in aggregate principal amount of 4.95% senior notes due in 2052, or the 2052 Notes; and • $1.0 billion in aggregate principal amount of 5.20% senior notes due in 2062, or the 2062 Notes, collectively, the Notes. We intend to use the net proceeds of $4.9 billion from the offering of the 2025 Notes, the 2027 Notes, the 2029 Notes and the 2062 Notes, or collectively, the SMR Notes, together with the issuance of commercial paper and/or borrowings under the Credit Facility, cash on hand or other immediately available funds and borrowings under the Term Loan, to finance the cash portion of the purchase price for Black Knight. The SMR Notes are subject to a special mandatory redemption feature pursuant to which we will be required to redeem all of the outstanding SMR Notes at a redemption price equal to 101% of the aggregate principal amount of the SMR Notes, plus accrued and unpaid interest, in the event that the Black Knight acquisition is not consummated on or prior to May 4, 2023, subject to two automatic extensions of three months each, to August 4, 2023 and to November 4, 2023, respectively, if U.S. antitrust clearance or a related law, injunction, order or other judgment, in each case whether temporary, preliminary or permanent, that restrains, enjoins or otherwise prohibits the consummation of the Black Knight merger remains outstanding and all other conditions to closing are satisfied (or in the case of conditions that by their terms are to be satisfied at the closing, are capable of being satisfied if the closing were to occur on such date) at each extension date, or if the Black Knight merger agreement is terminated at any time prior to such date. The $4.9 billion net proceeds from the SMR Notes are separately invested and recorded as short-term restricted cash and cash equivalents in our consolidated balance sheet as of September 30, 2022. We used the $3.0 billion of net proceeds from the offering of the 2033 Notes and the 2052 Notes to redeem $2.7 billion aggregate principal amount of four series of senior notes that would have matured in 2022 and 2023. The balance of the net proceeds was used for general corporate purposes, which included paying down a portion of the amounts outstanding under our Commercial Paper Program. We recorded $30 million in costs associated with the extinguishment and re-financing of our existing debt in connection with our May 2022 debt refinancing. These costs are included in interest expense in our consolidated statements of income for the nine months ended September 30, 2022. We incurred debt issuance costs of $67 million relating to the issuance of the Notes and these costs are presented in the accompanying consolidated balance sheet as a deduction from the carrying amount of the related debt liability and will be amortized over the remaining term of each series of the Notes. The Notes contain affirmative and negative covenants, including, but not limited to, certain redemption rights, limitations on liens and indebtedness and limitations on certain mergers, sales, dispositions and lease-back transactions. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
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, or Board, 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, net of amounts classified as capitalized software, were $116 million and $112 million for the nine months ended September 30, 2022 and 2021, respectively, and $40 million and $39 million for the three months ended September 30, 2022 and 2021, respectively. Stock Option Plans We use the Black-Scholes option pricing model to value our stock option awards. During the nine months ended September 30, 2022 and 2021, we used the assumptions in the table below to compute the value: Nine Months Ended September 30, Assumptions: 2022 2021 Risk-free interest rate 1.72% 0.64% Expected life in years 6.0 5.7 Expected volatility 23% 24% Expected dividend yield 1.17% 1.16% Estimated weighted-average fair value of options granted per share $28.18 $22.70 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 Restricted shares are used as an incentive to attract and retain qualified employees and to align our and our stockholders' interests by linking actual performance to both short and long-term stockholder return. We issue awards that may contain a combination of time, performance and/or market conditions. The grant date fair value of each award is based on the closing stock price of our stock at the date of grant. For time-based restricted stock, we recognize expense ratably over the vesting period, which is typically three In February 2022, we reserved a maximum of 0.7 million restricted shares for potential issuance as performance-based restricted shares to certain of our employees. The number of shares ultimately granted under this award will be based on our actual financial performance as compared to financial performance targets set by our Board and the Compensation Committee for the year ending December 31, 2022, and will also be subject to a market condition reduction based on how our 2022 total stockholder return, or TSR, compares to that of the S&P 500 Index. The maximum compensation expense to be recognized under these performance-based restricted shares is $84 million if the maximum financial performance target is met and all 0.7 million shares vest. The compensation expense to be recognized under these performance-based restricted shares will be $42 million if the target financial performance is met, which would result in 0.3 million shares vesting. For these awards with performance conditions, we recognize expense on an accelerated basis over the three |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | Equity Stock Repurchase Program In December 2021, our Board approved an aggregate of $3.15 billion for future repurchases of our common stock with no fixed expiration date that became effective on January 1, 2022. The $3.15 billion replaced the previous amount approved by the Board. 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 may increase or decrease the amount available for repurchases from time to time. We fund repurchases from our operating cash flow or 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 may begin or discontinue stock repurchases at any time and may amend or terminate a Rule 10b5-1 trading plan at any time or enter into additional plans. During the nine months ended September 30, 2022, we repurchased a total of 5.0 million shares of our outstanding common stock at a cost of $632 million, consisting of 4.6 million shares at a cost of $582 million under our Rule 10b5-1 trading plan and 0.4 million shares at a cost of $50 million on the open market during an open trading period. We did not have any stock repurchases during the three months ended September 30, 2022 or during the nine months ended September 30, 2021. As of September 30, 2022, the remaining balance of Board approved funds for future repurchases was $2.5 billion. In connection with our pending acquisition of Black Knight, on May 4, 2022 we terminated our Rule 10b5-1 trading plan and suspended share repurchases. Dividends During the nine months ended September 30, 2022 and 2021, we declared and paid cash dividends per share of $1.14 and $0.99, respectively, for an aggregate payout of $640 million and $561 million, respectively. During the three months ended September 30, 2022 and 2021, we declared and paid cash dividends per share of $0.38 and $0.33, respectively, for an aggregate payout of $213 million and $187 million, respectively. The declaration of dividends is subject to the discretion of our Board. Our Board has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be determined quarterly by the Board or the Audit Committee, taking into account such factors as our evolving business model, prevailing business conditions, our financial results and capital requirements and other considerations which our Board deems relevant, 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, 2021 $ (150) $ 2 $ (48) $ (196) Other comprehensive income/(loss) (208) — — (208) Income tax benefit/(expense) 1 — — 1 Net current period other comprehensive income/(loss) (207) — — (207) Balance, as of September 30, 2022 $ (357) $ 2 $ (48) $ (403) 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, 2022 $ (259) $ 2 $ (48) $ (305) Other comprehensive income/(loss) (98) — — (98) Income tax benefit/(expense) — — — — Net current period other comprehensive income/(loss) (98) — — (98) Balance, as of September 30, 2022 $ (357) $ 2 $ (48) $ (403) 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, 2020 $ (134) $ 1 $ (59) $ (192) Other comprehensive income/(loss) (16) 2 — (14) Income tax benefit/(expense) 1 (1) — — Net current period other comprehensive income/(loss) (15) 1 — (14) Balance, as of September 30, 2021 $ (149) $ 2 $ (59) $ (206) 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, 2021 $ (117) $ 2 $ (59) $ (174) Other comprehensive income/(loss) (33) — — (33) Income tax benefit/(expense) 1 — — 1 Net current period other comprehensive income/(loss) (32) — — (32) Balance, as of September 30, 2021 $ (149) $ 2 $ (59) $ (206) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur effective tax rate was 15% and 29% during the nine months ended September 30, 2022 and 2021, respectively, and 47% and 23% during the three months ended September 30, 2022 and 2021, respectively. The effective tax rate for the nine months ended September 30, 2022 was lower than the effective tax rate for the comparable period in 2021 primarily due to the deferred income tax benefit from the impairment to our equity method investment in Bakkt in the current year period, and the deferred income tax expense from U.K. tax law changes in the prior year period. During the nine months ended September 30, 2021, the U.K. Finance Act 2021 was enacted, which increased the U.K. corporate income tax rate from 19% to 25%, effective April 1, 2023. The effective tax rate for the three months ended September 30, 2022, was higher than the effective tax rate for the comparable period in 2021 primarily due to the deferred income tax benefit from the impairment to our equity method investment in Bakkt. |
Clearing Operations
Clearing Operations | 9 Months Ended |
Sep. 30, 2022 | |
Broker-Dealer [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 or participants, or 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 to third-party 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, ICE Futures Abu Dhabi and third-party venues U.K. ICE Clear U.S. Agricultural, metals, foreign exchange, or FX, interest rate, equity index and digital asset futures and/or options contracts ICE Futures U.S. U.S. ICE Clear Credit OTC North American, European, Asian-Pacific and Emerging Market CDS instruments Creditex 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 and digital assets futures contracts ICE Futures Singapore Singapore ICE NGX Physical North American natural gas and electricity ICE NGX Canada In June 2022, we announced our decision to cease our CDS clearing service at ICE Clear Europe, our clearing house in the U.K., and our CDS clearing offering will therefore be consolidated at our ICE Clear Credit clearing house in the U.S. Original and Variation Margin Each of the ICE Clearing Houses generally requires all Members 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 Members 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 Members of the other ICE Clearing Houses. Should a particular Member 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 the defaulting Member's open positions and use their original margin and guaranty fund deposits to pay any amount owed. In the event that the defaulting 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 and default insurance, or collect limited additional funds from their respective non-defaulting Members on a pro-rata basis, to pay any remaining amount owed. As of September 30, 2022 and December 31, 2021, the ICE Clearing Houses had received or had been pledged $290.2 billion and $239.9 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 and ICE Contribution As described above, mechanisms have been created, called guaranty funds, to provide partial protection in the event of a Member default. With the exception of ICE NGX, each of the ICE Clearing Houses requires that each Member make deposits into a guaranty fund. In addition, we have contributed our own capital that could be used if a defaulting 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 September 30, 2022 As of As of September 30, 2022 As of ICE Clear Europe $247 $247 $100 $75 ICE Clear U.S. 90 83 25 25 ICE Clear Credit 50 50 75 50 ICE Clear Netherlands 2 2 N/A N/A ICE Clear Singapore 1 1 N/A N/A ICE NGX 15 15 200 100 Total $405 $398 $400 $250 Of our total contribution to ICE Clear U.S. above, as of September 30, 2022, $15 million was solely applicable to any losses associated with a default in Bitcoin contracts and other digital assets that ICE Clear U.S. may clear in the future. We also maintain default insurance as an additional layer of clearing member default protection. The default insurance was renewed in September 2022 and has a three-year term for the following clearing houses in the following amounts: ICE Clear Europe - $100 million; ICE Clear U.S. - $25 million and ICE Clear Credit - $75 million. The default insurance layer resides after and in addition to the ICE Clear Europe, ICE Clear U.S. and ICE Clear Credit SITG contributions and before the guaranty fund contributions of the non-defaulting Members. 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 Members' guaranty fund contribution requirement. Instead, it serves as an additional, distinct, and separate default resource that should serve to further protect the non-defaulting Members’ guaranty fund contributions from being mutualized in the event of a default. As of September 30, 2022, ICE NGX maintained a guaranty fund of $215 million, comprising $15 million in cash and a $200 million letter of credit backed by a default insurance policy of the same amount, discussed below. Below is a depiction of our Default Waterfall which summarizes the lines of defense and layers of protection we maintain at ICE Clear Europe, ICE Clear U.S. and ICE Clear Credit. ICE Clearing House Default Waterfall Cash and Invested Deposits We have recorded cash and invested margin and guaranty fund deposits and amounts due in our balance sheets as current assets with corresponding current liabilities to the Members. As of September 30, 2022, our cash and invested margin and guaranty fund deposits were as follows (in millions): ICE Clear Europe (1) ICE Clear ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total Original margin $ 113,708 $ 37,563 $ 3,331 $ — $ 4 $ 154,606 Unsettled variation margin, net — — — 747 — 747 Guaranty fund 3,928 3,476 588 — 4 7,996 Delivery contracts receivable/payable, net — — — 1,342 — 1,342 Total $ 117,636 $ 41,039 $ 3,919 $ 2,089 $ 8 $ 164,691 As of December 31, 2021, our cash and invested margin and guaranty fund deposits were as follows (in millions): ICE Clear Europe (2) ICE Clear ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total Original margin $ 94,010 $ 39,372 $ 6,963 $ — $ 27 $ 140,372 Unsettled variation margin, net — — — 226 — 226 Guaranty fund 4,175 3,952 597 — 4 8,728 Delivery contracts receivable/payable, net — — — 1,103 — 1,103 Total $ 98,185 $ 43,324 $ 7,560 $ 1,329 $ 31 $ 150,429 (1) $110.8 billion and $6.8 billion is related to futures/options and CDS, respectively. (2) $92.0 billion and $6.2 billion is related to futures/options and CDS, respectively. Our cash and invested margin and guaranty fund deposits are maintained in accounts with national banks and highly-rated financial institutions or secured through direct investments, primarily in U.S. Treasury and other highly-rated foreign government securities, or reverse repurchase agreements with primarily overnight maturities. We primarily use Level 1 inputs when evaluating the fair value of the non-cash equivalent direct investments, as highly-rated government securities are quoted in active markets. The carrying value of these deposits is deemed to approximate fair value. 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, 2022, 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 (U.S. dollar based) to finance U.S. dollar denominated sovereign debt and euro deposits, €250 million in Committed Repo (euro based) to finance euro and U.S. dollar denominated sovereign debt 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 denominated sovereign debt deposits. • ICE Clear Netherlands: €10 million in Committed FX Facilities to finance euro payment obligations. Details of our deposits are as follows (in millions): Cash and Cash Equivalent Margin Deposits and Guaranty Funds Clearing House Investment Type As of As of ICE Clear Europe National bank account (1) $ 13,541 $ 59,948 ICE Clear Europe Reverse repo 71,360 25,518 ICE Clear Europe Sovereign debt 26,830 9,324 ICE Clear Europe Demand deposits 92 231 ICE Clear Credit National bank account 33,745 37,282 ICE Clear Credit Reverse repo 4,387 3,639 ICE Clear Credit Demand deposits 2,907 2,403 ICE Clear U.S. Reverse repo 3,445 6,485 ICE Clear U.S. Sovereign Debt 473 1,075 Other ICE Clearing Houses Demand deposits 9 31 Total cash and cash equivalent margin deposits and guaranty funds $ 156,789 $ 145,936 Clearing House Investment Type As of September 30, 2022 As of ICE NGX Unsettled variation margin and delivery contracts receivable/payable 2,088 1,329 ICE Clear Europe Invested deposits - sovereign debt 5,814 3,164 Total invested deposits, delivery contracts receivable and unsettled variation margin $ 7,902 $ 4,493 (1) As of September 30, 2022, ICE Clear Europe held €9.3 billion ($9.2 billion based on the euro/U.S. dollar exchange rate of 0.9802 as of September 30, 2022) at the European Central Bank, or ECB, £3.9 billion ($4.4 billion based on the pound sterling/U.S. dollar exchange rate of 1.1165 as of September 30, 2022) at the Bank of England, or BOE, and €10 million ($10 million based on the above exchange rate) at the BOE. As of December 31, 2021, ICE Clear Europe held €47.2 billion ($53.7 billion based on the euro/U.S. dollar exchange rate of 1.1372 as of December 31, 2021) at ECB, £1.7 billion ($2.3 billion based on the pound sterling/U.S. dollar exchange rate of 1.3524 as of December 31, 2021), as well as $4.0 billion at the BOE, and €10 million ($11 million based on the above exchange rate) at the BOE. Other Deposits Non-cash original margin and guaranty fund deposits are not reflected in the accompanying consolidated balance sheets as the risks and rewards of these assets remain with the clearing members unless the clearing houses have sold or re-pledged the assets or in the event of a clearing member default, where the clearing member is no longer entitled to redeem the assets. Any income, gain or loss accrues to the clearing members . In addition to the cash and invested deposits above, the ICE Clearing Houses have also received other assets from Members, which include government obligations, and may include other non-cash collateral such as letters of credit at ICE NGX, or gold on rare occasions at ICE Clear Europe, 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 Members. Any gain or loss accrues to the Member. The ICE Clearing Houses do not, in the ordinary course, 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, 2022 ICE Clear Europe ICE Clear ICE Clear U.S. ICE NGX Total Original margin: Government securities at face value $ 81,061 $ 23,480 $ 13,842 $ — $ 118,383 Letters of credit — — — 3,869 3,869 ICE NGX cash deposits — — — 1,621 1,621 Total $ 81,061 $ 23,480 $ 13,842 $ 5,490 $ 123,873 Guaranty fund: Government securities at face value $ 742 $ 618 $ 291 $ — $ 1,651 As of December 31, 2021 ICE Clear Europe ICE Clear ICE Clear U.S. ICE NGX Total Original margin: Government securities at face value $ 58,156 $ 8,425 $ 17,211 $ — $ 83,792 Letters of credit — — — 3,566 3,566 ICE NGX cash deposits — — — 987 987 Total $ 58,156 $ 8,425 $ 17,211 $ 4,553 $ 88,345 Guaranty fund: Government securities at face value $ 740 $ 152 $ 273 $ — $ 1,165 ICE NGX ICE NGX owns a clearing house which primarily administers the physical delivery of energy trading contracts. ICE NGX is the central counterparty to Members 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. There is no impact on our consolidated statements of income as an equal amount is recognized as both an asset and a liability. ICE NGX marks all its outstanding physical natural gas and physical power contracts to market daily, but only collects variation margin when a Member's open position falls outside a specified percentage of its pledged collateral. Due to the highly liquid nature and the short period of time to maturity, the fair values of our delivery contract net payable and net receivable are determined to approximate carrying value. ICE NGX requires Members 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 for the benefit of the Member, and remains the property of the Member, therefore, it is not included in our balance sheets. ICE NGX maintains a committed daylight-overnight liquidity facility in the amount of $100 million with an additional $150 million uncommitted with a third-party Canadian chartered bank which provides liquidity in the event of a settlement shortfall, subject to certain conditions. During the nine months ended September 30, 2022, ICE NGX increased its default insurance by $100 million, and as of September 30, 2022, ICE NGX maintains a guaranty fund of $215 million funded by a $200 million letter of credit issued by a major Canadian chartered bank, and backed by default insurance underwritten by Export Development Canada, or EDC, a Crown corporation operated at arm’s length from the Canadian government, plus $15 million held as restricted cash to fund the first loss amount that ICE NGX is responsible for under the default insurance policy. In the event of a participant default where the Member’s collateral is depleted, the shortfall would be covered by a draw down on the letter of credit following which ICE NGX would file a claim under the default insurance to recover additional losses up to $200 million beyond the $15 million first-loss amount that ICE NGX is responsible for under the default insurance policy. Clearing House Exposure The net notional value of unsettled contracts was $2.8 trillion as of September 30, 2022. Each ICE Clearing House bears financial counterparty credit risk and provides a central counterparty guarantee, or performance guarantee, to its Members. 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 and default insurance, the ICE Clearing Houses’ maximum estimated exposure for this guarantee is $244.6 billion as of September 30, 2022, 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, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal ProceedingsIn the ordinary course of our business, from time to time we are subject to legal proceedings, lawsuits, government investigations and other claims with respect to a variety of matters. In addition, we are subject to periodic reviews, inspections, examinations and investigations by regulators in the U.S. and other jurisdictions, any of which may result in claims, legal proceedings, assessments, fines, penalties, restrictions on our business or other sanctions. We record estimated expenses and reserves for legal or regulatory matters or other claims when these matters present loss contingencies that are 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. While the outcome of legal and regulatory matters is inherently difficult to predict and/or the range of loss often cannot be reasonably estimable, we do not believe that the liabilities, if any, which may ultimately result from the resolution of the various legal and regulatory matters that arise in the ordinary course of our business, including the matters described below and those described in Note 15 to the consolidated financial statements in Part II, Item 8 of our 2021 Form 10-K, are likely to 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 these legal and regulatory matters. A range of possible losses related to certain cases cannot be reasonably estimated at this time, except as otherwise disclosed below and in Note 15 to the consolidated financial statements in Part II, Item 8 of our 2021 Form 10-K. Individual matter disclosures in this Form 10-Q are limited to new significant matters or significant updates on existing matters since our most recent Form 10-K. City of Providence Litigation On March 28, 2022, the district court entered an order granting the defendant exchanges’ (including New York Stock Exchange LLC and NYSE Arca, Inc., two of our subsidiaries) motion for summary judgment on the ground that the plaintiffs lack standing under Article III of the U.S. Constitution, and dismissing without prejudice the plaintiffs’ claims on this basis. Among other things, the district court found that the plaintiffs failed to show that they have been injured and that, even putting aside this defect, the plaintiffs failed to produce evidence from which a jury could reasonably conclude that they suffered an injury traceable to any conduct of the exchanges. The district court also held that the opinions of the plaintiffs’ principal expert witness in this matter were fundamentally flawed and unreliable, and therefore inadmissible. In light of these holdings, the district court denied as moot the plaintiffs’ motion for class certification and the exchanges’ motion for summary judgment on the basis of preclusion. On April 25, 2022, the plaintiffs filed a notice of appeal of the district court's dismissal order. Effective as of June 6, 2022, the parties to the litigation executed settlement agreements pursuant to which, among other things, the plaintiffs withdrew their appeal with prejudice and provided the defendants a covenant not to sue (and additionally provided the NYSE and Cboe Global Markets, Inc. defendants a release of claims). No monetary payment was made by the defendants. The settlement agreements and dismissal of the appeal constitute the final resolution of this matter. LIBOR Litigation On February 14, 2022, the U.S. Court of Appeals for the Second Circuit, or the Second Circuit, issued a decision in the appeal of the March 2020 dismissal of the underlying complaint against the defendants, which include ICE and several of our subsidiaries. In its decision, the Second Circuit dismissed the appeal for lack of jurisdiction, holding that DYJ Holdings, LLC, the sole entity attempting to pursue the appeal, lacked standing to do so. The dismissal of the appeal constitutes the final resolution of this matter. ICE Data Pricing & Reference Data Matter As of April 28, 2022, our subsidiary ICE Data Pricing & Reference Data, LLC, or PRD, resolved the last known remaining claim of a Live Well Financial, Inc., or Live Well, financial institution creditor relating to PRD’s legacy business practices with respect to broker quotes received from Live Well. With the resolution of this putative claim, there are no known unresolved assertions of liability against PRD relating to broker quotes PRD received from Live Well. For further information on our legal and regulatory matters, please see Note 15 to the consolidated financial statements in Part II, Item 8 of our 2021 Form 10-K. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
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 and equity method 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, 2022 and December 31, 2021 were 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 our supplemental executive savings plan and the supplemental executive retirement plan. These mutual funds are classified as equity investments and measured at fair value using Level 1 inputs with adjustments recorded in net income. The fair values of all other financial instruments are determined to materially 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, 2022 or December 31, 2021. We measure certain assets, such as intangible assets and equity method investments, 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, 2022, 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 2016-01 . During the nine months ended September 30, 2022, we evaluated these investments and determined that the value of our equity method investment in Bakkt was impaired using a Level 1 input, which was the publicly-traded closing stock price of Bakkt on September 30, 2022 (Note 4). No other fair value adjustments were required under our accounting policy election related to these investments. 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, 2022. The fair values of our fixed rate notes were estimated using quoted market prices for these instruments. The fair value of other short-term debt approximates par value since the interest rates on this short-term debt approximate market rates as of September 30, 2022. As of September 30, 2022 (in millions) Debt: Carrying Amount Fair value Other short-term debt $ 7 $ 7 2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025) 1,243 1,210 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,247 1,207 2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) 1,485 1,423 2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) 497 455 2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) 594 553 2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) 1,239 1,183 2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) 1,235 999 2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) 1,484 1,096 2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) 1,488 1,400 2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) 1,231 840 2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) 1,231 1,019 2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050) 1,221 817 2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) 1,464 1,332 2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060) 1,471 893 2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) 983 900 Total debt $ 18,120 $ 15,334 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment ReportingOur business is conducted through three reportable business segments, comprised of the following: • In our Exchanges segment, we operate regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities; • In our Fixed Income and Data Services segment, we provide fixed income pricing, reference data, indices, analytics and execution services as well as global CDS clearing and multi-asset class data delivery solutions; and • In our Mortgage Technology segment, we provide an end-to-end technology platform that offers customers comprehensive, digital workflow tools that aim to address the inefficiencies that exist in the U.S. residential mortgage market, from application through closing and the secondary market. While revenues are recorded specifically in the segment in which they are earned or to which they relate, a significant portion of our operating expenses are not solely related to a specific segment because the expenses serve functions that are necessary for the operation of more than one segment. We directly allocate expenses when reasonably possible to do so. Otherwise, we use a pro-rata revenue approach as the allocation method for the expenses that do not relate solely to one segment and serve functions that are necessary for the operation of all segments. 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 three 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, 2022 and 2021 (in millions): Nine Months Ended September 30, 2022 Exchanges Fixed Income and Data Services Mortgage Technology Consolidated Revenues: Energy futures and options $ 884 $ — $ — $ 884 Agricultural and metals futures and options 179 — — 179 Financial futures and options 375 — — 375 Cash equities and equity options 2,021 — — 2,021 OTC and other 326 — — 326 Data and connectivity services 651 — — 651 Listings 388 — — 388 Fixed income execution — 66 — 66 CDS clearing — 226 — 226 Fixed income data and analytics — 824 — 824 Other data and network services — 439 — 439 Origination technology — — 586 586 Closing solutions — — 187 187 Data and analytics — — 66 66 Other — — 41 41 Revenues 4,824 1,555 880 7,259 Transaction-based expenses 1,735 — — 1,735 Revenues, less transaction-based expenses 3,089 1,555 880 5,524 Operating expenses 904 1,029 817 2,750 Operating income $ 2,185 $ 526 $ 63 $ 2,774 Nine Months Ended September 30, 2021 Exchanges Fixed Income and Data Services Mortgage Technology Consolidated Revenues: Energy futures and options $ 900 $ — $ — $ 900 Agricultural and metals futures and options 177 — — 177 Financial futures and options 281 — — 281 Cash equities and equity options 1,800 — — 1,800 OTC and other 239 — — 239 Data and connectivity services 623 — — 623 Listings 356 — — 356 Fixed income execution — 39 — 39 CDS clearing — 144 — 144 Fixed income data and analytics — 804 — 804 Other data and network services — 416 — 416 Origination technology — — 740 740 Closing solutions — — 227 227 Data and analytics — — 55 55 Other — — 39 39 Revenues 4,376 1,403 1,061 6,840 Transaction-based expenses 1,534 — — 1,534 Revenues, less transaction-based expenses 2,842 1,403 1,061 5,306 Operating expenses 977 1,010 750 2,737 Operating income $ 1,865 $ 393 $ 311 $ 2,569 Three Months Ended September 30, 2022 Exchanges Fixed Income and Data Services Mortgage Technology Consolidated Revenues: Energy futures and options $ 266 $ — $ — $ 266 Agricultural and metals futures and options 57 — — 57 Financial futures and options 122 — — 122 Cash equities and equity options 664 — — 664 OTC and other 121 — — 121 Data and connectivity services 219 — — 219 Listings 128 — — 128 Fixed income execution — 26 — 26 CDS clearing — 88 — 88 Fixed income data and analytics — 273 — 273 Other data and network services — 147 — 147 Origination technology — — 187 187 Closing solutions — — 53 53 Data and analytics — — 22 22 Other — — 14 14 Revenues 1,577 534 276 2,387 Transaction-based expenses 576 — — 576 Revenues, less transaction-based expenses 1,001 534 276 1,811 Operating expenses 301 337 260 898 Operating income $ 700 $ 197 $ 16 $ 913 Three Months Ended September 30, 2021 Exchanges Fixed Income and Data Services Mortgage Technology Consolidated Revenues: Energy futures and options $ 316 $ — $ — $ 316 Agricultural and metals futures and options 56 — — 56 Financial futures and options 93 — — 93 Cash equities and equity options 554 — — 554 OTC and other 84 — — 84 Data and connectivity services 208 — — 208 Listings 123 — — 123 Fixed income execution — 12 — 12 CDS clearing — 51 — 51 Fixed income data and analytics — 272 — 272 Other data and network services — 142 — 142 Origination technology — — 245 245 Closing solutions — — 88 88 Data and analytics — — 19 19 Other — — 14 14 Revenues 1,434 477 366 2,277 Transaction-based expenses 475 — — 475 Revenues, less transaction-based expenses 959 477 366 1,802 Operating expenses 330 338 256 924 Operating income $ 629 $ 139 $ 110 $ 878 No customers or clearing members accounted for more than 10% of our Exchange revenues, less transaction-based expenses during the nine and three months ended September 30, 2022. Revenue from one member of the Exchanges segment comprised $326 million, or 11%, and $118 million, or 12%, of our Exchange revenues, less transaction-based expenses for the nine and three months ended September 30, 2021, 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 during the nine and three months ended September 30, 2022 or 2021. |
Earnings_(Loss) Per Common Shar
Earnings/(Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Common Share | Earnings/(Loss) Per Common Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings/(loss) per common share computations for the nine and three months ended September 30, 2022 and 2021 (in millions, except per share amounts): Nine Months Ended Three Months Ended September 30, 2022 2021 2022 2021 Basic: Net income/(loss) attributable to Intercontinental Exchange, Inc. $ 1,021 $ 2,531 $ (191) $ 633 Weighted average common shares outstanding 559 563 558 563 Basic earnings/(loss) per common share $ 1.83 $ 4.50 $ (0.34) $ 1.12 Diluted: Weighted average common shares outstanding 559 563 558 563 Effect of dilutive securities - stock options and restricted stock 2 2 2 3 Diluted weighted average common shares outstanding 561 565 560 566 Diluted earnings/(loss) per common share $ 1.82 $ 4.48 $ (0.34) $ 1.12 Basic earnings/(loss) 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, calculated 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, 2022 and 2021, 1 million and 0.3 million outstanding stock options and restricted stock awards, respectively, were not included in the computation of diluted earnings/(loss) per common share, because to do so would have had an antidilutive effect. In addition, for the nine months ended September 30, 2021, we excluded warrants and preferred and common incentive units under the Bakkt Equity Incentive Plan because they were also antidilutive. Certain figures in the table above may not recalculate due to rounding. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsWe have evaluated subsequent events, and determined that no 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, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation We prepared the accompanying unaudited consolidated financial statements 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, 2021. 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 in conformity with U.S. GAAP 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, 2022 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. We have considered the impacts of the ongoing conflict between Russia, Belarus and Ukraine on our financial statements. As of September 30, 2022, our businesses and operations, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of these events. There continues to be uncertainty surrounding the extent and duration of this ongoing conflict and the impact that it may have on the global economy and on our business. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements During the nine months ended September 30, 2022, there were no significant changes to the new and recently adopted accounting pronouncements applicable to us from those disclosed in Note 2 to the consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2021, or the 2021 Form 10-K. |
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 rebates, 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, certain data services, clearing services, mortgage technology services and other revenues. Deferred revenue is our only significant contract liability. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition. For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration. 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, which are primarily our sales commissions. Certain judgments and estimates are 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. Refer to Note 5 to the consolidated financial statements included in Part II, Item 8 of our 2021 Form 10-K where our primary revenue contract classifications are described in detail. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Schedule Statements of Cash Flows Each of the Years Presented | The following table summarizes the immaterial revisions to our historical consolidated statements of cash flows for the nine months ended September 30, 2021 (in millions): Nine Months Ended September 30, 2021 As Previously Presented Adjustment As Adjusted Purchases of invested margin deposits (within investing activities) $ — $ (2,828) $ (2,828) Proceeds from sales of invested margin deposits (within investing activities) — 3,281 3,281 Net cash provided by investing activities 872 453 1,325 Change in cash and cash equivalent margin deposits and guaranty funds (within financing activities) — 24,094 24,094 Net cash provided by/(used in) financing activities (2,928) 24,094 21,166 Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds 70 24,547 24,617 Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period 1,991 81,628 83,619 Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period $ 2,061 $ 106,175 $ 108,236 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 15: Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Nine Months Ended September 30, 2022: Total revenues $ 4,824 $ 1,555 $ 880 $ 7,259 Transaction-based expenses 1,735 — — 1,735 Total revenues, less transaction-based expenses $ 3,089 $ 1,555 $ 880 $ 5,524 Timing of Revenue Recognition Services transferred at a point in time $ 1,760 $ 263 $ 374 $ 2,397 Services transferred over time 1,329 1,292 506 3,127 Total revenues, less transaction-based expenses $ 3,089 $ 1,555 $ 880 $ 5,524 Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Nine Months Ended September 30, 2021: Total revenues $ 4,376 $ 1,403 $ 1,061 $ 6,840 Transaction-based expenses 1,534 — — 1,534 Total revenues, less transaction-based expenses $ 2,842 $ 1,403 $ 1,061 $ 5,306 Timing of Revenue Recognition Services transferred at a point in time $ 1,590 $ 162 $ 631 $ 2,383 Services transferred over time 1,252 1,241 430 2,923 Total revenues, less transaction-based expenses $ 2,842 $ 1,403 $ 1,061 $ 5,306 Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Three Months Ended September 30, 2022: Total revenues $ 1,577 $ 534 $ 276 $ 2,387 Transaction-based expenses 576 — — 576 Total revenues, less transaction-based expenses $ 1,001 $ 534 $ 276 $ 1,811 Timing of Revenue Recognition Services transferred at a point in time $ 563 $ 104 $ 104 $ 771 Services transferred over time 438 430 172 1,040 Total revenues, less transaction-based expenses $ 1,001 $ 534 $ 276 $ 1,811 Exchanges Segment Fixed Income and Data Services Segment Mortgage Technology Segment Total Consolidated Three Months Ended September 30, 2021: Total revenues $ 1,434 $ 477 $ 366 $ 2,277 Transaction-based expenses 475 — — 475 Total revenues, less transaction-based expenses $ 959 $ 477 $ 366 $ 1,802 Timing of Revenue Recognition Services transferred at a point in time $ 534 $ 55 $ 214 $ 803 Services transferred over time 425 422 152 999 Total revenues, less transaction-based expenses $ 959 $ 477 $ 366 $ 1,802 The components of services transferred over time for each of our segments are as follows: Nine Months Ended September 30, Three Months Ended September 30, 2022 2021 2022 2021 Exchanges Segment: Data services revenues $ 651 $ 623 $ 219 $ 208 Services transferred over time related to risk management of open interest performance obligations $ 201 $ 190 $ 62 $ 65 Services transferred over time related to listings $ 388 $ 356 $ 128 $ 123 Services transferred over time related to regulatory fees, trading permits, and software licenses $ 89 $ 83 $ 29 $ 29 Total $ 1,329 $ 1,252 $ 438 $ 425 Fixed Income Data Services Segment: Data services revenues $ 1,263 $ 1,220 $ 420 $ 414 Services transferred over time related to risk management of open interest performance obligations in our CDS business $ 29 $ 21 $ 10 $ 8 Total $ 1,292 $ 1,241 $ 430 $ 422 Mortgage Technology Segment: Subscription revenues $ 479 $ 404 $ 163 $ 143 Professional service revenues and other $ 27 $ 26 $ 9 $ 9 Total $ 506 $ 430 $ 172 $ 152 Total consolidated revenues transferred over time $ 3,127 $ 2,923 $ 1,040 $ 999 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 (in millions): Goodwill balance at December 31, 2021 $ 21,123 Acquisitions 46 Foreign currency translation (90) Other activity, net (4) Goodwill balance at September 30, 2022 $ 21,075 The following is a summary of the activity in the other intangible assets balance for the nine months ended September 30, 2022 (in millions): Other intangible assets balance at December 31, 2021 $ 13,736 Acquisitions 14 Foreign currency translation (84) Amortization of other intangible assets (459) Other activity, net 3 Other intangible assets balance at September 30, 2022 $ 13,210 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Mortgage Technology Total Deferred revenue balance at December 31, 2021 $ — $ 19 $ 93 $ 93 $ 79 $ 284 Additions 434 32 39 330 62 897 Amortization (327) (28) (33) (301) (82) (771) Deferred revenue balance at September 30, 2022 $ 107 $ 23 $ 99 $ 122 $ 59 $ 410 The changes in our deferred revenue during the nine months ended September 30, 2021 are as follows (in millions): Annual Listings Revenues Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Mortgage Technology Total Deferred revenue balance at December 31, 2020 $ — $ 13 $ 92 $ 95 $ 59 $ 259 Additions 397 26 42 352 60 877 Amortization (301) (24) (31) (319) (39) (714) Deferred revenue balance at September 30, 2021 $ 96 $ 15 $ 103 $ 128 $ 80 $ 422 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Our total debt, including short-term and long-term debt, consisted of the following (in millions): As of September 30, 2022 As of December 31, 2021 Debt: Short-term debt: Commercial Paper $ — $ 1,012 2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022) — 499 Other short-term debt 7 10 Total short-term debt 7 1,521 Long-term debt: 2023 Senior Notes (0.70% senior unsecured notes due June 15, 2023) — 997 2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023) — 399 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) — 797 2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025) 1,243 — 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,247 1,246 2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) 1,485 — 2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) 497 497 2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) 594 594 2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) 1,239 — 2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) 1,235 1,234 2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) 1,484 1,483 2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) 1,488 — 2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) 1,231 1,230 2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) 1,231 1,230 2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050) 1,221 1,220 2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) 1,464 — 2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060) 1,471 1,470 2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) 983 — Total long-term debt 18,113 12,397 Total debt $ 18,120 $ 13,918 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stock Options Valuation Assumptions | During the nine months ended September 30, 2022 and 2021, we used the assumptions in the table below to compute the value: Nine Months Ended September 30, Assumptions: 2022 2021 Risk-free interest rate 1.72% 0.64% Expected life in years 6.0 5.7 Expected volatility 23% 24% Expected dividend yield 1.17% 1.16% Estimated weighted-average fair value of options granted per share $28.18 $22.70 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 $ (150) $ 2 $ (48) $ (196) Other comprehensive income/(loss) (208) — — (208) Income tax benefit/(expense) 1 — — 1 Net current period other comprehensive income/(loss) (207) — — (207) Balance, as of September 30, 2022 $ (357) $ 2 $ (48) $ (403) 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, 2022 $ (259) $ 2 $ (48) $ (305) Other comprehensive income/(loss) (98) — — (98) Income tax benefit/(expense) — — — — Net current period other comprehensive income/(loss) (98) — — (98) Balance, as of September 30, 2022 $ (357) $ 2 $ (48) $ (403) 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, 2020 $ (134) $ 1 $ (59) $ (192) Other comprehensive income/(loss) (16) 2 — (14) Income tax benefit/(expense) 1 (1) — — Net current period other comprehensive income/(loss) (15) 1 — (14) Balance, as of September 30, 2021 $ (149) $ 2 $ (59) $ (206) 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, 2021 $ (117) $ 2 $ (59) $ (174) Other comprehensive income/(loss) (33) — — (33) Income tax benefit/(expense) 1 — — 1 Net current period other comprehensive income/(loss) (32) — — (32) Balance, as of September 30, 2021 $ (149) $ 2 $ (59) $ (206) |
Clearing Operations (Tables)
Clearing Operations (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Broker-Dealer [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 to third-party 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, ICE Futures Abu Dhabi and third-party venues U.K. ICE Clear U.S. Agricultural, metals, foreign exchange, or FX, interest rate, equity index and digital asset futures and/or options contracts ICE Futures U.S. U.S. ICE Clear Credit OTC North American, European, Asian-Pacific and Emerging Market CDS instruments Creditex 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 and digital assets futures contracts ICE Futures Singapore Singapore ICE NGX Physical North American natural gas and electricity 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 September 30, 2022 As of As of September 30, 2022 As of ICE Clear Europe $247 $247 $100 $75 ICE Clear U.S. 90 83 25 25 ICE Clear Credit 50 50 75 50 ICE Clear Netherlands 2 2 N/A N/A ICE Clear Singapore 1 1 N/A N/A ICE NGX 15 15 200 100 Total $405 $398 $400 $250 |
Schedule of Margin Deposits and Guaranty Funds Assets | As of September 30, 2022, our cash and invested margin and guaranty fund deposits were as follows (in millions): ICE Clear Europe (1) ICE Clear ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total Original margin $ 113,708 $ 37,563 $ 3,331 $ — $ 4 $ 154,606 Unsettled variation margin, net — — — 747 — 747 Guaranty fund 3,928 3,476 588 — 4 7,996 Delivery contracts receivable/payable, net — — — 1,342 — 1,342 Total $ 117,636 $ 41,039 $ 3,919 $ 2,089 $ 8 $ 164,691 As of December 31, 2021, our cash and invested margin and guaranty fund deposits were as follows (in millions): ICE Clear Europe (2) ICE Clear ICE Clear U.S. ICE NGX Other ICE Clearing Houses Total Original margin $ 94,010 $ 39,372 $ 6,963 $ — $ 27 $ 140,372 Unsettled variation margin, net — — — 226 — 226 Guaranty fund 4,175 3,952 597 — 4 8,728 Delivery contracts receivable/payable, net — — — 1,103 — 1,103 Total $ 98,185 $ 43,324 $ 7,560 $ 1,329 $ 31 $ 150,429 (1) $110.8 billion and $6.8 billion is related to futures/options and CDS, respectively. |
Schedule of Cash and Cash Equivalents | Details of our deposits are as follows (in millions): Cash and Cash Equivalent Margin Deposits and Guaranty Funds Clearing House Investment Type As of As of ICE Clear Europe National bank account (1) $ 13,541 $ 59,948 ICE Clear Europe Reverse repo 71,360 25,518 ICE Clear Europe Sovereign debt 26,830 9,324 ICE Clear Europe Demand deposits 92 231 ICE Clear Credit National bank account 33,745 37,282 ICE Clear Credit Reverse repo 4,387 3,639 ICE Clear Credit Demand deposits 2,907 2,403 ICE Clear U.S. Reverse repo 3,445 6,485 ICE Clear U.S. Sovereign Debt 473 1,075 Other ICE Clearing Houses Demand deposits 9 31 Total cash and cash equivalent margin deposits and guaranty funds $ 156,789 $ 145,936 Clearing House Investment Type As of September 30, 2022 As of ICE NGX Unsettled variation margin and delivery contracts receivable/payable 2,088 1,329 ICE Clear Europe Invested deposits - sovereign debt 5,814 3,164 Total invested deposits, delivery contracts receivable and unsettled variation margin $ 7,902 $ 4,493 (1) As of September 30, 2022, ICE Clear Europe held €9.3 billion ($9.2 billion based on the euro/U.S. dollar exchange rate of 0.9802 as of September 30, 2022) at the European Central Bank, or ECB, £3.9 billion ($4.4 billion based on the pound sterling/U.S. dollar exchange rate of 1.1165 as of September 30, 2022) at the Bank of England, or BOE, and €10 million ($10 million based on the above exchange rate) at the BOE. As of December 31, 2021, ICE Clear Europe held €47.2 billion ($53.7 billion based on the euro/U.S. dollar exchange rate of 1.1372 as of December 31, 2021) at ECB, £1.7 billion ($2.3 billion based on the pound sterling/U.S. dollar exchange rate of 1.3524 as of December 31, 2021), as well as $4.0 billion at the BOE, and €10 million ($11 million based on the above exchange rate) at the BOE. |
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, 2022 ICE Clear Europe ICE Clear ICE Clear U.S. ICE NGX Total Original margin: Government securities at face value $ 81,061 $ 23,480 $ 13,842 $ — $ 118,383 Letters of credit — — — 3,869 3,869 ICE NGX cash deposits — — — 1,621 1,621 Total $ 81,061 $ 23,480 $ 13,842 $ 5,490 $ 123,873 Guaranty fund: Government securities at face value $ 742 $ 618 $ 291 $ — $ 1,651 As of December 31, 2021 ICE Clear Europe ICE Clear ICE Clear U.S. ICE NGX Total Original margin: Government securities at face value $ 58,156 $ 8,425 $ 17,211 $ — $ 83,792 Letters of credit — — — 3,566 3,566 ICE NGX cash deposits — — — 987 987 Total $ 58,156 $ 8,425 $ 17,211 $ 4,553 $ 88,345 Guaranty fund: Government securities at face value $ 740 $ 152 $ 273 $ — $ 1,165 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 other short-term debt approximates par value since the interest rates on this short-term debt approximate market rates as of September 30, 2022. As of September 30, 2022 (in millions) Debt: Carrying Amount Fair value Other short-term debt $ 7 $ 7 2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025) 1,243 1,210 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,247 1,207 2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) 1,485 1,423 2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) 497 455 2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) 594 553 2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) 1,239 1,183 2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) 1,235 999 2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) 1,484 1,096 2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) 1,488 1,400 2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) 1,231 840 2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) 1,231 1,019 2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050) 1,221 817 2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) 1,464 1,332 2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060) 1,471 893 2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) 983 900 Total debt $ 18,120 $ 15,334 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021 (in millions): Nine Months Ended September 30, 2022 Exchanges Fixed Income and Data Services Mortgage Technology Consolidated Revenues: Energy futures and options $ 884 $ — $ — $ 884 Agricultural and metals futures and options 179 — — 179 Financial futures and options 375 — — 375 Cash equities and equity options 2,021 — — 2,021 OTC and other 326 — — 326 Data and connectivity services 651 — — 651 Listings 388 — — 388 Fixed income execution — 66 — 66 CDS clearing — 226 — 226 Fixed income data and analytics — 824 — 824 Other data and network services — 439 — 439 Origination technology — — 586 586 Closing solutions — — 187 187 Data and analytics — — 66 66 Other — — 41 41 Revenues 4,824 1,555 880 7,259 Transaction-based expenses 1,735 — — 1,735 Revenues, less transaction-based expenses 3,089 1,555 880 5,524 Operating expenses 904 1,029 817 2,750 Operating income $ 2,185 $ 526 $ 63 $ 2,774 Nine Months Ended September 30, 2021 Exchanges Fixed Income and Data Services Mortgage Technology Consolidated Revenues: Energy futures and options $ 900 $ — $ — $ 900 Agricultural and metals futures and options 177 — — 177 Financial futures and options 281 — — 281 Cash equities and equity options 1,800 — — 1,800 OTC and other 239 — — 239 Data and connectivity services 623 — — 623 Listings 356 — — 356 Fixed income execution — 39 — 39 CDS clearing — 144 — 144 Fixed income data and analytics — 804 — 804 Other data and network services — 416 — 416 Origination technology — — 740 740 Closing solutions — — 227 227 Data and analytics — — 55 55 Other — — 39 39 Revenues 4,376 1,403 1,061 6,840 Transaction-based expenses 1,534 — — 1,534 Revenues, less transaction-based expenses 2,842 1,403 1,061 5,306 Operating expenses 977 1,010 750 2,737 Operating income $ 1,865 $ 393 $ 311 $ 2,569 Three Months Ended September 30, 2022 Exchanges Fixed Income and Data Services Mortgage Technology Consolidated Revenues: Energy futures and options $ 266 $ — $ — $ 266 Agricultural and metals futures and options 57 — — 57 Financial futures and options 122 — — 122 Cash equities and equity options 664 — — 664 OTC and other 121 — — 121 Data and connectivity services 219 — — 219 Listings 128 — — 128 Fixed income execution — 26 — 26 CDS clearing — 88 — 88 Fixed income data and analytics — 273 — 273 Other data and network services — 147 — 147 Origination technology — — 187 187 Closing solutions — — 53 53 Data and analytics — — 22 22 Other — — 14 14 Revenues 1,577 534 276 2,387 Transaction-based expenses 576 — — 576 Revenues, less transaction-based expenses 1,001 534 276 1,811 Operating expenses 301 337 260 898 Operating income $ 700 $ 197 $ 16 $ 913 Three Months Ended September 30, 2021 Exchanges Fixed Income and Data Services Mortgage Technology Consolidated Revenues: Energy futures and options $ 316 $ — $ — $ 316 Agricultural and metals futures and options 56 — — 56 Financial futures and options 93 — — 93 Cash equities and equity options 554 — — 554 OTC and other 84 — — 84 Data and connectivity services 208 — — 208 Listings 123 — — 123 Fixed income execution — 12 — 12 CDS clearing — 51 — 51 Fixed income data and analytics — 272 — 272 Other data and network services — 142 — 142 Origination technology — — 245 245 Closing solutions — — 88 88 Data and analytics — — 19 19 Other — — 14 14 Revenues 1,434 477 366 2,277 Transaction-based expenses 475 — — 475 Revenues, less transaction-based expenses 959 477 366 1,802 Operating expenses 330 338 256 924 Operating income $ 629 $ 139 $ 110 $ 878 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings/(Loss) Per Common Share | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings/(loss) per common share computations for the nine and three months ended September 30, 2022 and 2021 (in millions, except per share amounts): Nine Months Ended Three Months Ended September 30, 2022 2021 2022 2021 Basic: Net income/(loss) attributable to Intercontinental Exchange, Inc. $ 1,021 $ 2,531 $ (191) $ 633 Weighted average common shares outstanding 559 563 558 563 Basic earnings/(loss) per common share $ 1.83 $ 4.50 $ (0.34) $ 1.12 Diluted: Weighted average common shares outstanding 559 563 558 563 Effect of dilutive securities - stock options and restricted stock 2 2 2 3 Diluted weighted average common shares outstanding 561 565 560 566 Diluted earnings/(loss) per common share $ 1.82 $ 4.48 $ (0.34) $ 1.12 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward] | ||
Purchases of invested margin deposits | $ (6,935) | $ (2,828) |
Proceeds from sales of invested margin deposits (within investing activities) | 4,285 | 3,281 |
Net cash provided by investing activities | (2,361) | 1,325 |
Change in cash and cash equivalent margin deposits and guaranty funds | 13,503 | 24,094 |
Net cash provided by/(used in) financing activities | 16,373 | 21,166 |
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 16,433 | 24,617 |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 147,976 | 83,619 |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | $ 164,409 | 108,236 |
As Previously Presented | ||
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward] | ||
Purchases of invested margin deposits | 0 | |
Proceeds from sales of invested margin deposits (within investing activities) | 0 | |
Net cash provided by investing activities | 872 | |
Change in cash and cash equivalent margin deposits and guaranty funds | 0 | |
Net cash provided by/(used in) financing activities | (2,928) | |
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 70 | |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 1,991 | |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | 2,061 | |
Adjustment | ||
Cash, Cash Equivalents, Restricted Cash And Restricted Cash Equivalents [Roll Forward] | ||
Purchases of invested margin deposits | (2,828) | |
Proceeds from sales of invested margin deposits (within investing activities) | 3,281 | |
Net cash provided by investing activities | 453 | |
Change in cash and cash equivalent margin deposits and guaranty funds | 24,094 | |
Net cash provided by/(used in) financing activities | 24,094 | |
Net increase in cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds | 24,547 | |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period | 81,628 | |
Cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period | $ 106,175 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Narrative (Details) - USD ($) $ / shares in Units, $ in Billions | May 04, 2022 | Sep. 30, 2022 | May 24, 2022 | Oct. 15, 2021 |
Bakkt | ||||
Business Acquisition [Line Items] | ||||
Ownership percentage | 68% | 68% | ||
Black Knight, Inc. | ||||
Business Acquisition [Line Items] | ||||
Total purchase price | $ 13.1 | |||
Share price (in dollars per share) | $ 85 | |||
Percentage of consideration in cash | 80% | |||
Percentage of consideration in stock | 20% | |||
Payments to acquire businesses, gross | $ 10.5 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Apr. 15, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | May 20, 2022 | Oct. 15, 2021 | Dec. 01, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Gains(losses) from equity method investments | $ 0 | $ 34,000,000 | ||||||
Impairment of Bakkt investment | $ 40,000,000 | 0 | ||||||
Euroclear | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 9.80% | 9.80% | 9.80% | |||||
Original investment | $ 631,000,000 | $ 631,000,000 | ||||||
Carrying value of investments | $ 700,000,000 | |||||||
Gain on sale of coinbase investment | 41,000,000 | 0 | ||||||
Dividend income | $ 30,000,000 | 0 | 60,000,000 | |||||
Proceeds from sale of equity method investment | $ 741,000,000 | 0 | ||||||
Coinbase Global, Inc | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 1.40% | |||||||
Carrying value of investments | $ 10,000,000 | |||||||
Gain on sale of coinbase investment | $ 1,230,000,000 | |||||||
Proceeds from sale of equity method investment | 1,240,000,000 | |||||||
Gain on sale of investment, net of tax | $ 892,000,000 | |||||||
Options Clearing Corporation | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 40% | 40% | ||||||
Gains(losses) from equity method investments | $ (1,100,000,000) | $ 8,000,000 | $ (1,100,000,000) | $ 42,000,000 | ||||
Bakkt | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership percentage | 68% | 68% | 68% | |||||
Carrying value of investments | $ 439,000,000 | $ 439,000,000 | ||||||
Gains(losses) from equity method investments | (1,000,000,000) | |||||||
Impairment of goodwill and intangible assets | $ 1,500,000,000 | |||||||
Impairment of Bakkt investment | $ 40,000,000 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 2,387 | $ 2,277 | $ 7,259 | $ 6,840 |
Transaction-based expenses | 576 | 475 | 1,735 | 1,534 |
Total revenues, less transaction-based expenses | 1,811 | 1,802 | 5,524 | 5,306 |
Data services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 219 | 208 | 651 | 623 |
Exchanges Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,577 | 1,434 | 4,824 | 4,376 |
Transaction-based expenses | 576 | 475 | 1,735 | 1,534 |
Total revenues, less transaction-based expenses | 1,001 | 959 | 3,089 | 2,842 |
Exchanges Segment | Data services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 219 | 208 | 651 | 623 |
Fixed Income and Data Services Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 534 | 477 | 1,555 | 1,403 |
Transaction-based expenses | 0 | 0 | 0 | 0 |
Total revenues, less transaction-based expenses | 534 | 477 | 1,555 | 1,403 |
Fixed Income and Data Services Segment | Data services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Mortgage Technology Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 276 | 366 | 880 | 1,061 |
Transaction-based expenses | 0 | 0 | 0 | 0 |
Total revenues, less transaction-based expenses | 276 | 366 | 880 | 1,061 |
Mortgage Technology Segment | Data services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Services transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 771 | 803 | 2,397 | 2,383 |
Services transferred at a point in time | Exchanges Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 563 | 534 | 1,760 | 1,590 |
Services transferred at a point in time | Fixed Income and Data Services Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 104 | 55 | 263 | 162 |
Services transferred at a point in time | Mortgage Technology Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 104 | 214 | 374 | 631 |
Services transferred over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 1,040 | 999 | 3,127 | 2,923 |
Services transferred over time | Exchanges Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 438 | 425 | 1,329 | 1,252 |
Services transferred over time | Exchanges Segment | Data services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 219 | 208 | 651 | 623 |
Services transferred over time | Exchanges Segment | Interest rates and other financial futures and options contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 62 | 65 | 201 | 190 |
Services transferred over time | Exchanges Segment | Listing revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 128 | 123 | 388 | 356 |
Services transferred over time | Exchanges Segment | Regulatory fees, trading permits, and software licenses | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 29 | 29 | 89 | 83 |
Services transferred over time | Fixed Income and Data Services Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 430 | 422 | 1,292 | 1,241 |
Services transferred over time | Fixed Income and Data Services Segment | Data services revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 420 | 414 | 1,263 | 1,220 |
Services transferred over time | Fixed Income and Data Services Segment | Interest rates and other financial futures and options contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 10 | 8 | 29 | 21 |
Services transferred over time | Mortgage Technology Segment | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 172 | 152 | 506 | 430 |
Services transferred over time | Mortgage Technology Segment | Subscription revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | 163 | 143 | 479 | 404 |
Services transferred over time | Mortgage Technology Segment | Professional service revenues and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues, less transaction-based expenses | $ 9 | $ 9 | $ 27 | $ 26 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) | Sep. 30, 2022 |
Fixed Income and Data Services Segment | Services transferred over time | Interest rates and other financial futures and options contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Disaggregation of Revenue [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, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 21,123 |
Acquisitions | 46 |
Foreign currency translation | (90) |
Other activity, net | (4) |
Goodwill, ending balance | $ 21,075 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Rollforward (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Other intangible assets, beginning balance | $ 13,736 |
Acquisitions | 14 |
Foreign currency translation | (84) |
Amortization of other intangible assets | (459) |
Other activity, net | 3 |
Other intangible assets, ending balance | $ 13,210 |
Deferred Revenue - Narrative (D
Deferred Revenue - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Total deferred revenue | $ 410 | $ 422 | $ 284 | $ 259 |
Deferred revenue, current | 315 | $ 194 | ||
Noncurrent deferred revenue | 95 | |||
Revenue recognized | $ 144 | $ 128 |
Deferred Revenue - Schedule of
Deferred Revenue - Schedule of Rollforward (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Roll Forward] | ||
Beginning balance | $ 284 | $ 259 |
Additions | 897 | 877 |
Amortization | (771) | (714) |
Ending balance | 410 | 422 |
Annual Listings Revenues | ||
Disaggregation Of Revenue [Roll Forward] | ||
Beginning balance | 0 | 0 |
Additions | 434 | 397 |
Amortization | (327) | (301) |
Ending balance | 107 | 96 |
Original Listings Revenues | ||
Disaggregation Of Revenue [Roll Forward] | ||
Beginning balance | 19 | 13 |
Additions | 32 | 26 |
Amortization | (28) | (24) |
Ending balance | 23 | 15 |
Other Listings Revenues | ||
Disaggregation Of Revenue [Roll Forward] | ||
Beginning balance | 93 | 92 |
Additions | 39 | 42 |
Amortization | (33) | (31) |
Ending balance | 99 | 103 |
Data Services and Other Revenues | ||
Disaggregation Of Revenue [Roll Forward] | ||
Beginning balance | 93 | 95 |
Additions | 330 | 352 |
Amortization | (301) | (319) |
Ending balance | 122 | 128 |
Mortgage technology | ||
Disaggregation Of Revenue [Roll Forward] | ||
Beginning balance | 79 | 59 |
Additions | 62 | 60 |
Amortization | (82) | (39) |
Ending balance | $ 59 | $ 80 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | May 23, 2022 | Dec. 31, 2021 |
Short-term debt: | |||
Commercial Paper | $ 0 | $ 1,012 | |
Other short-term debt | 7 | 10 | |
Total short-term debt | 7 | 1,521 | |
Long-term debt: | |||
Total long-term debt | 18,113 | 12,397 | |
Total debt | $ 18,120 | 13,918 | |
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022) | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 2.35% | ||
Short-term debt: | |||
Total short-term debt | $ 0 | 499 | |
Senior Notes | 2023 Senior Notes (0.70% senior unsecured notes due June 15, 2023) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 0.70% | ||
Long-term debt: | |||
Senior notes | $ 0 | 997 | |
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 | $ 0 | 399 | |
Senior Notes | 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 4% | ||
Long-term debt: | |||
Senior notes | $ 0 | 797 | |
Senior Notes | 2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.65% | ||
Long-term debt: | |||
Senior notes | $ 1,243 | 0 | |
Total debt | $ 1,243 | ||
Senior Notes | 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.75% | 3.65% | |
Long-term debt: | |||
Senior notes | $ 1,247 | 1,246 | |
Total debt | $ 1,247 | ||
Senior Notes | 2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 4% | 4% | |
Long-term debt: | |||
Senior notes | $ 1,485 | 0 | |
Total debt | $ 1,485 | ||
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 | $ 497 | 497 | |
Total debt | $ 497 | ||
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 | $ 594 | 594 | |
Total debt | $ 594 | ||
Senior Notes | 2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 4.35% | 4.35% | |
Long-term debt: | |||
Senior notes | $ 1,239 | 0 | |
Total debt | $ 1,239 | ||
Senior Notes | 2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 2.10% | ||
Long-term debt: | |||
Senior notes | $ 1,235 | 1,234 | |
Total debt | $ 1,235 | ||
Senior Notes | 2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 1.85% | ||
Long-term debt: | |||
Senior notes | $ 1,484 | 1,483 | |
Total debt | $ 1,484 | ||
Senior Notes | 2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 4.60% | 4.60% | |
Long-term debt: | |||
Senior notes | $ 1,488 | 0 | |
Total debt | $ 1,488 | ||
Senior Notes | 2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 2.65% | ||
Long-term debt: | |||
Senior notes | $ 1,231 | 1,230 | |
Total debt | $ 1,231 | ||
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 | $ 1,231 | 1,230 | |
Total debt | $ 1,231 | ||
Senior Notes | 2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3% | ||
Long-term debt: | |||
Senior notes | $ 1,221 | 1,220 | |
Total debt | $ 1,221 | ||
Senior Notes | 2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 4.95% | 4.95% | |
Long-term debt: | |||
Senior notes | $ 1,464 | 0 | |
Total debt | $ 1,464 | ||
Senior Notes | 2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3% | ||
Long-term debt: | |||
Senior notes | $ 1,471 | 1,470 | |
Total debt | $ 1,471 | ||
Senior Notes | 2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.20% | 5.20% | |
Long-term debt: | |||
Senior notes | $ 983 | $ 0 | |
Total debt | $ 983 |
Debt - Narrative (Details)
Debt - Narrative (Details) | 9 Months Ended | ||||||
May 25, 2022 USD ($) | May 23, 2022 USD ($) extension | May 04, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | May 24, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Other short-term debt | $ 7,000,000 | $ 10,000,000 | |||||
Repayments of commercial paper | 1,012,000,000 | $ 1,081,000,000 | |||||
India Subsidiaries | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | 14,000,000 | ||||||
Other short-term debt | 7,000,000 | ||||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 3,900,000,000 | 3,900,000,000 | $ 3,800,000,000 | ||||
Additional borrowing capacity | 1,000,000,000 | ||||||
Debt issuance costs | $ 4,000,000 | ||||||
Amount of debt outstanding | 0 | ||||||
Currently available for borrowing | 3,900,000,000 | ||||||
Amount required to stop broker-dealer subsidiary commitments | 170,000,000 | ||||||
Funds available to use for working capital and general and corporate purposes | 3,700,000,000 | ||||||
Senior Unsecured Bridge Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, term | 364 days | ||||||
Maximum borrowing capacity | $ 14,000,000,000 | 0 | |||||
Term Loan | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, term | 2 years | ||||||
Maximum borrowing capacity | $ 2,400,000,000 | ||||||
Debt issuance costs | $ 4,000,000 | ||||||
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.10% | ||||||
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.625% | ||||||
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 1.125% | ||||||
Term Loan | Base Rate | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0% | ||||||
Term Loan | Base Rate | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, basis spread on variable rate | 0.125% | ||||||
Senior Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 8,000,000,000 | $ 18,100,000,000 | |||||
Debt instrument, term | 17 years | ||||||
Weighted average interest rate | 3.60% | ||||||
Extinguishment of debt | 30,000,000 | ||||||
Senior Notes | 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 1,250,000,000 | ||||||
Interest rate, stated percentage | 3.65% | 3.75% | |||||
Senior Notes | 2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 1,500,000,000 | ||||||
Interest rate, stated percentage | 4% | 4% | |||||
Senior Notes | 2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 1,250,000,000 | ||||||
Interest rate, stated percentage | 4.35% | 4.35% | |||||
Senior Notes | 2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 1,500,000,000 | ||||||
Interest rate, stated percentage | 4.60% | 4.60% | |||||
Senior Notes | 2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 1,500,000,000 | ||||||
Interest rate, stated percentage | 4.95% | 4.95% | |||||
Senior Notes | 2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt instrument, face amount | $ 1,000,000,000 | ||||||
Interest rate, stated percentage | 5.20% | 5.20% | |||||
Senior Notes | SMR Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Proceeds from (repayments of) debt | $ 4,900,000,000 | ||||||
Debt instrument, redemption price, percentage | 101% | ||||||
Number of extension | extension | 2 | ||||||
Extension term | 3 months | ||||||
Debt issuance costs, net | $ 67,000,000 | ||||||
Senior Notes | 2033 and 2052 Senior Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Proceeds from (repayments of) debt | 3,000,000,000 | ||||||
Redemption amount | $ 2,700,000,000 | ||||||
Commercial Paper | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Amount of debt outstanding | $ 0 | ||||||
Repayments of commercial paper | $ 1,000,000,000 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Class of Stock [Line Items] | |||||
Non-cash expense recognized | $ 40 | $ 39 | $ 116 | $ 112 | |
Performance Based Restricted Stock Units | |||||
Class of Stock [Line Items] | |||||
Unrecognized compensation expense | $ 42 | 26 | 26 | ||
Vested stock options (in shares) | 0.3 | ||||
Cost not yet recognized, period for recognition (in years) | 3 years | ||||
Stock-based compensation | 5 | 14 | |||
Amount of non-cash compensation remaining in fiscal period | $ 8 | $ 8 | |||
Minimum | Employee Stock Option | |||||
Class of Stock [Line Items] | |||||
Award vesting period | 3 years | ||||
Maximum | Employee Stock Option | |||||
Class of Stock [Line Items] | |||||
Award vesting period | 4 years | ||||
Maximum | Performance Based Restricted Stock Units | |||||
Class of Stock [Line Items] | |||||
Shares reserved for future issuance (in shares) | 0.7 | ||||
Unrecognized compensation expense | $ 84 |
Share-Based Compensation - Valu
Share-Based Compensation - Valuation Assumptions (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Equity [Abstract] | ||
Risk-free interest rate | 1.72% | 0.64% |
Expected life in years | 6 years | 5 years 8 months 12 days |
Expected volatility | 23% | 24% |
Expected dividend yield | 1.17% | 1.16% |
Estimated weighted-average fair value of options granted per share (in dollars per share) | $ 28.18 | $ 22.70 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jan. 01, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Stock repurchase program, authorized amount | $ 3,150,000,000 | ||||
Repurchases of common stock (in shares) | 5 | ||||
Repurchases of common stock | $ 632,000,000 | ||||
Stock repurchase program, remaining authorized amount | $ 2,500,000,000 | $ 2,500,000,000 | |||
Cash dividends per share (in dollars per share) | $ 0.38 | $ 0.33 | $ 1.14 | $ 0.99 | |
Aggregate payout | $ 213,000,000 | $ 187,000,000 | $ 640,000,000 | $ 561,000,000 | |
Open Market, Trading Period | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Repurchases of common stock (in shares) | 0.4 | ||||
Repurchases of common stock | $ 50,000,000 | ||||
Rule 10b5-1 Trading Plan | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Repurchases of common stock (in shares) | 4.6 | ||||
Repurchases of common stock | $ 582,000,000 |
Equity - Accumulated Other Comp
Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 22,861 | $ 21,116 | $ 22,748 | $ 19,534 |
Other comprehensive loss | (98) | (32) | (207) | (14) |
Ending balance | 22,420 | 21,592 | 22,420 | 21,592 |
Accumulated other comprehensive loss | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (305) | (174) | (196) | (192) |
Other comprehensive income/(loss) | (98) | (33) | (208) | (14) |
Income tax benefit/(expense) | 0 | 1 | 1 | 0 |
Other comprehensive loss | (98) | (32) | (207) | (14) |
Ending balance | (403) | (206) | (403) | (206) |
Foreign currency translation adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (259) | (117) | (150) | (134) |
Other comprehensive income/(loss) | (98) | (33) | (208) | (16) |
Income tax benefit/(expense) | 0 | 1 | 1 | 1 |
Other comprehensive loss | (98) | (32) | (207) | (15) |
Ending balance | (357) | (149) | (357) | (149) |
Comprehensive income from equity method investment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | 2 | 2 | 2 | 1 |
Other comprehensive income/(loss) | 0 | 0 | 0 | 2 |
Income tax benefit/(expense) | 0 | 0 | 0 | (1) |
Other comprehensive loss | 0 | 0 | 0 | 1 |
Ending balance | 2 | 2 | 2 | 2 |
Employee benefit plans adjustments | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning balance | (48) | (59) | (48) | (59) |
Other comprehensive income/(loss) | 0 | 0 | 0 | 0 |
Income tax benefit/(expense) | 0 | 0 | 0 | 0 |
Other comprehensive loss | 0 | 0 | 0 | 0 |
Ending balance | $ (48) | $ (59) | $ (48) | $ (59) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 47% | 23% | 15% | 29% |
Clearing Operations - Narrative
Clearing Operations - Narrative (Details) € in Millions | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) clearing_house | Sep. 30, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
Principal Transaction Revenue [Line Items] | ||||
Number of clearing houses | clearing_house | 6 | |||
Margin deposits and guaranty funds assets received or pledged | $ 290,200,000,000 | $ 290,200,000,000 | $ 239,900,000,000 | |
Default insurance term (in years) | 3 years | |||
Default insurance | $ 400,000,000 | 400,000,000 | 250,000,000 | |
Cash deposits | 156,789,000,000 | 156,789,000,000 | 145,936,000,000 | |
Net notional value of unsettled contracts | 2,800,000,000,000 | 2,800,000,000,000 | ||
Maximum exposure, undiscounted | 244,600,000,000 | 244,600,000,000 | ||
ICE Clear U.S. | ||||
Principal Transaction Revenue [Line Items] | ||||
Contribution applicable to any losses associated with a default in bitcoin contracts and other digital asset contracts | 15,000,000 | 15,000,000 | ||
Default insurance | 25,000,000 | 25,000,000 | ||
Committed repo | 250,000,000 | 250,000,000 | ||
ICE Clear Europe | ||||
Principal Transaction Revenue [Line Items] | ||||
Default insurance | 100,000,000 | 100,000,000 | 75,000,000 | |
Committed repo | 1,000,000,000 | 1,000,000,000 | ||
ICE Clear Credit | ||||
Principal Transaction Revenue [Line Items] | ||||
Default insurance | 75,000,000 | 75,000,000 | 50,000,000 | |
Committed repo | 300,000,000 | 300,000,000 | € 250 | |
Committed FX facilities | € | 1,900 | |||
ICE NGX | ||||
Principal Transaction Revenue [Line Items] | ||||
Default insurance | 200,000,000 | 200,000,000 | $ 100,000,000 | |
Debt instrument, face amount | 215,000,000 | 215,000,000 | ||
Cash deposits | 15,000,000 | 15,000,000 | ||
Daylight liquidity | 100,000,000 | 100,000,000 | ||
Increase in fund | 100,000,000 | |||
First-loss amount | 15,000,000 | |||
ICE NGX | Canadian Chartered Bank | ||||
Principal Transaction Revenue [Line Items] | ||||
Daylight liquidity | 150,000,000 | 150,000,000 | ||
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 | 200,000,000 | 200,000,000 | ||
Additional losses under insurance policy | 200,000,000 | |||
Letter of Credit | ICE NGX | Canadian Chartered Bank | ||||
Principal Transaction Revenue [Line Items] | ||||
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 |
Clearing Operations - Guaranty
Clearing Operations - Guaranty Fund Contributions and Default Insurance (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Clearing Organizations [Line Items] | ||
ICE Portion of Guaranty Fund Contribution | $ 405 | $ 398 |
Default insurance | 400 | 250 |
ICE Clear Europe | ||
Clearing Organizations [Line Items] | ||
ICE Portion of Guaranty Fund Contribution | 247 | 247 |
Default insurance | 100 | 75 |
ICE Clear U.S. | ||
Clearing Organizations [Line Items] | ||
ICE Portion of Guaranty Fund Contribution | 90 | 83 |
Default insurance | 25 | 25 |
ICE Clear Credit | ||
Clearing Organizations [Line Items] | ||
ICE Portion of Guaranty Fund Contribution | 50 | 50 |
Default insurance | 75 | 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] | ||
ICE Portion of Guaranty Fund Contribution | 15 | 15 |
Default insurance | $ 200 | $ 100 |
Clearing Operations - Cash and
Clearing Operations - Cash and Invested Deposits (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Clearing Organizations [Line Items] | ||
Original margin | $ 154,606 | $ 140,372 |
Unsettled variation margin, net | 747 | 226 |
Guaranty fund | 7,996 | 8,728 |
Delivery contracts receivable/payable, net | 1,342 | 1,103 |
Total | 164,691 | 150,429 |
ICE Clear Europe | ||
Clearing Organizations [Line Items] | ||
Original margin | 113,708 | 94,010 |
Unsettled variation margin, net | 0 | 0 |
Guaranty fund | 3,928 | 4,175 |
Delivery contracts receivable/payable, net | 0 | 0 |
Total | 117,636 | 98,185 |
ICE Clear Europe | Futures and options | ||
Clearing Organizations [Line Items] | ||
Total | 110,800 | 92,000 |
ICE Clear Europe | CDS | ||
Clearing Organizations [Line Items] | ||
Total | 6,800 | 6,200 |
ICE Clear Credit | ||
Clearing Organizations [Line Items] | ||
Original margin | 37,563 | 39,372 |
Unsettled variation margin, net | 0 | 0 |
Guaranty fund | 3,476 | 3,952 |
Delivery contracts receivable/payable, net | 0 | 0 |
Total | 41,039 | 43,324 |
ICE Clear U.S. | ||
Clearing Organizations [Line Items] | ||
Original margin | 3,331 | 6,963 |
Unsettled variation margin, net | 0 | 0 |
Guaranty fund | 588 | 597 |
Delivery contracts receivable/payable, net | 0 | 0 |
Total | 3,919 | 7,560 |
ICE NGX | ||
Clearing Organizations [Line Items] | ||
Original margin | 0 | 0 |
Unsettled variation margin, net | 747 | 226 |
Guaranty fund | 0 | 0 |
Delivery contracts receivable/payable, net | 1,342 | 1,103 |
Total | 2,089 | 1,329 |
Other ICE Clearing Houses | ||
Clearing Organizations [Line Items] | ||
Original margin | 4 | 27 |
Unsettled variation margin, net | 0 | 0 |
Guaranty fund | 4 | 4 |
Delivery contracts receivable/payable, net | 0 | 0 |
Total | $ 8 | $ 31 |
Clearing Operations - Separate
Clearing Operations - Separate Cash Accounts (Details) € in Millions, $ in Millions, £ in Billions | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2022 EUR (€) | Sep. 30, 2022 GBP (£) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 GBP (£) | |
Clearing Organizations [Line Items] | ||||||
Cash deposits | $ 156,789 | $ 145,936 | ||||
Invested deposits, delivery contracts receivable and unsettled variation margin | 7,902 | 4,493 | ||||
ICE NGX | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 15 | |||||
Bank of England | ICE Clear Europe | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 4,000 | |||||
Cash Deposit Based On Euro/US Dollar Exchange Rate | De Nederlandsche Bank | ICE Clear Europe | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | $ 9,200 | $ 53,700 | € 9,300 | € 47,200 | ||
Exchange rate to USD | 0.9802 | 1.1372 | ||||
Cash Deposit Based On Euro/US Dollar Exchange Rate | Bank of England | ICE Clear Europe | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | $ 10 | $ 11 | € 10 | € 10 | ||
Cash Deposit Based On Pound Sterling/US Dollar Exchange Rate | Bank of England | ICE Clear Europe | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | $ 4,400 | $ 2,300 | £ 3.9 | £ 1.7 | ||
Exchange rate to USD | 1.1165 | 1.3524 | ||||
National bank account | ICE Clear Europe | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | $ 13,541 | $ 59,948 | ||||
National bank account | ICE Clear Credit | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 33,745 | 37,282 | ||||
Reverse repo | ICE Clear Europe | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 71,360 | 25,518 | ||||
Reverse repo | ICE Clear Credit | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 4,387 | 3,639 | ||||
Reverse repo | ICE Clear U.S. | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 3,445 | 6,485 | ||||
Sovereign debt | ICE Clear Europe | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 26,830 | 9,324 | ||||
Sovereign debt | ICE Clear U.S. | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 473 | 1,075 | ||||
Demand deposits | ICE Clear Europe | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 92 | 231 | ||||
Demand deposits | ICE Clear Credit | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 2,907 | 2,403 | ||||
Demand deposits | Other ICE Clearing Houses | ||||||
Clearing Organizations [Line Items] | ||||||
Cash deposits | 9 | 31 | ||||
Unsettled Variation Margin and Delivery Contracts Receivable/Payable | ICE NGX | ||||||
Clearing Organizations [Line Items] | ||||||
Invested deposits, delivery contracts receivable and unsettled variation margin | 2,088 | 1,329 | ||||
Invested deposits - sovereign debt | ICE Clear Europe | ||||||
Clearing Organizations [Line Items] | ||||||
Invested deposits, delivery contracts receivable and unsettled variation margin | $ 5,814 | $ 3,164 |
Clearing Operations - Assets Pl
Clearing Operations - Assets Pledged by Clearing Members (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Original Margin | ||
Original margin: | ||
Government securities at face value | $ 118,383 | $ 83,792 |
Letters of credit | 3,869 | 3,566 |
ICE NGX cash deposits | 1,621 | 987 |
Total | 123,873 | 88,345 |
Guaranty Fund | ||
Guaranty fund: | ||
Government securities at face value | 1,651 | 1,165 |
ICE Clear Europe | Original Margin | ||
Original margin: | ||
Government securities at face value | 81,061 | 58,156 |
Letters of credit | 0 | 0 |
ICE NGX cash deposits | 0 | 0 |
Total | 81,061 | 58,156 |
ICE Clear Europe | Guaranty Fund | ||
Guaranty fund: | ||
Government securities at face value | 742 | 740 |
ICE Clear Credit | Original Margin | ||
Original margin: | ||
Government securities at face value | 23,480 | 8,425 |
Letters of credit | 0 | 0 |
ICE NGX cash deposits | 0 | 0 |
Total | 23,480 | 8,425 |
ICE Clear Credit | Guaranty Fund | ||
Guaranty fund: | ||
Government securities at face value | 618 | 152 |
ICE Clear U.S. | Original Margin | ||
Original margin: | ||
Government securities at face value | 13,842 | 17,211 |
Letters of credit | 0 | 0 |
ICE NGX cash deposits | 0 | 0 |
Total | 13,842 | 17,211 |
ICE Clear U.S. | Guaranty Fund | ||
Guaranty fund: | ||
Government securities at face value | 291 | 273 |
ICE NGX | Original Margin | ||
Original margin: | ||
Government securities at face value | 0 | 0 |
Letters of credit | 3,869 | 3,566 |
ICE NGX cash deposits | 1,621 | 987 |
Total | 5,490 | 4,553 |
ICE NGX | Guaranty Fund | ||
Guaranty fund: | ||
Government securities at face value | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2022 | May 23, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Amount | $ 18,120 | $ 13,918 | |
Fair value | 15,334 | ||
Other short-term debt | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Amount | 7 | ||
Fair value | $ 7 | ||
2025 Senior Notes (3.65% senior unsecured notes due May 23, 2025) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 3.65% | ||
Carrying Amount | $ 1,243 | ||
Fair value | $ 1,210 | ||
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 3.75% | 3.65% | |
Carrying Amount | $ 1,247 | ||
Fair value | $ 1,207 | ||
2027 Senior Notes (4.00% senior unsecured notes due September 15, 2027) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 4% | 4% | |
Carrying Amount | $ 1,485 | ||
Fair value | $ 1,423 | ||
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 3.10% | ||
Carrying Amount | $ 497 | ||
Fair value | $ 455 | ||
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 3.75% | ||
Carrying Amount | $ 594 | ||
Fair value | $ 553 | ||
2029 Senior Notes (4.35% senior unsecured notes due June 15, 2029) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 4.35% | 4.35% | |
Carrying Amount | $ 1,239 | ||
Fair value | $ 1,183 | ||
2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 2.10% | ||
Carrying Amount | $ 1,235 | ||
Fair value | $ 999 | ||
2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 1.85% | ||
Carrying Amount | $ 1,484 | ||
Fair value | $ 1,096 | ||
2033 Senior Notes (4.60% senior unsecured notes due March 15, 2033) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 4.60% | 4.60% | |
Carrying Amount | $ 1,488 | ||
Fair value | $ 1,400 | ||
2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 2.65% | ||
Carrying Amount | $ 1,231 | ||
Fair value | $ 840 | ||
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 4.25% | ||
Carrying Amount | $ 1,231 | ||
Fair value | $ 1,019 | ||
2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 3% | ||
Carrying Amount | $ 1,221 | ||
Fair value | $ 817 | ||
2052 Senior Notes (4.95% senior unsecured notes due June 15, 2052) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 4.95% | 4.95% | |
Carrying Amount | $ 1,464 | ||
Fair value | $ 1,332 | ||
2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 3% | ||
Carrying Amount | $ 1,471 | ||
Fair value | $ 893 | ||
2062 Senior Notes (5.20% senior unsecured notes due June 15, 2062) | Senior Notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest rate, stated percentage | 5.20% | 5.20% | |
Carrying Amount | $ 983 | ||
Fair value | $ 900 |
Segment Reporting - Narrative (
Segment Reporting - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) member | Sep. 30, 2022 USD ($) segment | Sep. 30, 2021 USD ($) member | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Total revenues | $ 2,387 | $ 2,277 | $ 7,259 | $ 6,840 |
Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 1,577 | $ 1,434 | $ 4,824 | $ 4,376 |
Revenue | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Number of members | member | 1 | 1 | ||
Total revenues | $ 118 | $ 326 | ||
Revenue | Exchanges Segment | Customer Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk, percentage | 12% | 11% |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 2,387 | $ 2,277 | $ 7,259 | $ 6,840 |
Transaction-based expenses | 576 | 475 | 1,735 | 1,534 |
Total revenues, less transaction-based expenses | 1,811 | 1,802 | 5,524 | 5,306 |
Operating expenses | 898 | 924 | 2,750 | 2,737 |
Operating income | 913 | 878 | 2,774 | 2,569 |
Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,577 | 1,434 | 4,824 | 4,376 |
Transaction-based expenses | 576 | 475 | 1,735 | 1,534 |
Total revenues, less transaction-based expenses | 1,001 | 959 | 3,089 | 2,842 |
Operating expenses | 301 | 330 | 904 | 977 |
Operating income | 700 | 629 | 2,185 | 1,865 |
Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 534 | 477 | 1,555 | 1,403 |
Transaction-based expenses | 0 | 0 | 0 | 0 |
Total revenues, less transaction-based expenses | 534 | 477 | 1,555 | 1,403 |
Operating expenses | 337 | 338 | 1,029 | 1,010 |
Operating income | 197 | 139 | 526 | 393 |
Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 276 | 366 | 880 | 1,061 |
Transaction-based expenses | 0 | 0 | 0 | 0 |
Total revenues, less transaction-based expenses | 276 | 366 | 880 | 1,061 |
Operating expenses | 260 | 256 | 817 | 750 |
Operating income | 16 | 110 | 63 | 311 |
Energy futures and options | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 266 | 316 | 884 | 900 |
Energy futures and options | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 266 | 316 | 884 | 900 |
Energy futures and options | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Energy futures and options | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Agricultural and metals futures and options | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 57 | 56 | 179 | 177 |
Agricultural and metals futures and options | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 57 | 56 | 179 | 177 |
Agricultural and metals futures and options | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Agricultural and metals futures and options | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Financial futures and options | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 122 | 93 | 375 | 281 |
Financial futures and options | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 122 | 93 | 375 | 281 |
Financial futures and options | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Financial futures and options | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Cash equities and equity options | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 664 | 554 | 2,021 | 1,800 |
Cash equities and equity options | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 664 | 554 | 2,021 | 1,800 |
Cash equities and equity options | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Cash equities and equity options | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
OTC and other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 121 | 84 | 326 | 239 |
OTC and other | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 121 | 84 | 326 | 239 |
OTC and other | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
OTC and other | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Data and connectivity services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 219 | 208 | 651 | 623 |
Data and connectivity services | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 219 | 208 | 651 | 623 |
Data and connectivity services | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Data and connectivity services | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Listings | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 128 | 123 | 388 | 356 |
Listings | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 128 | 123 | 388 | 356 |
Listings | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Listings | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Fixed income execution | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 26 | 12 | 66 | 39 |
Fixed income execution | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Fixed income execution | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 26 | 12 | 66 | 39 |
Fixed income execution | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
CDS clearing | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 88 | 51 | 226 | 144 |
CDS clearing | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
CDS clearing | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 88 | 51 | 226 | 144 |
CDS clearing | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Fixed income data and analytics | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 273 | 272 | 824 | 804 |
Fixed income data and analytics | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Fixed income data and analytics | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 273 | 272 | 824 | 804 |
Fixed income data and analytics | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Other data and network services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 147 | 142 | 439 | 416 |
Other data and network services | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Other data and network services | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 147 | 142 | 439 | 416 |
Other data and network services | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Origination technology | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 187 | 245 | 586 | 740 |
Origination technology | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Origination technology | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Origination technology | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 187 | 245 | 586 | 740 |
Closing solutions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 53 | 88 | 187 | 227 |
Closing solutions | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Closing solutions | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Closing solutions | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 53 | 88 | 187 | 227 |
Data and analytics | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 22 | 19 | 66 | 55 |
Data and analytics | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Data and analytics | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Data and analytics | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 22 | 19 | 66 | 55 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 14 | 14 | 41 | 39 |
Other | Exchanges Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Other | Fixed Income and Data Services Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Other | Mortgage Technology Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 14 | $ 14 | $ 41 | $ 39 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic: | ||||
Net income/(loss) attributable to Intercontinental Exchange, Inc. | $ (191) | $ 633 | $ 1,021 | $ 2,531 |
Weighted average common shares outstanding (in shares) | 558 | 563 | 559 | 563 |
Basic earnings/(loss) per common share (in dollars per share) | $ (0.34) | $ 1.12 | $ 1.83 | $ 4.50 |
Diluted: | ||||
Weighted average common shares outstanding (in shares) | 558 | 563 | 559 | 563 |
Effect of dilutive securities - stock options and restricted stock (in shares) | 2 | 3 | 2 | 2 |
Diluted weighted average common shares outstanding (in shares) | 560 | 566 | 561 | 565 |
Diluted earnings/(loss) per common share (in dollars per share) | $ (0.34) | $ 1.12 | $ 1.82 | $ 4.48 |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 1 | 0.3 |