INTERCONTINENTAL EXCHANGE, INC., 10-Q filed on 8/1/2024
Quarterly Report
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Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 29, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
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, $0.01 par value per share  
Trading Symbol ICE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Smaller Reporting Company false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   574,142,089
Entity Central Index Key 0001571949  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
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Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 885 $ 899
Short-term restricted cash and cash equivalents 1,252 531
Short-term restricted investments 500 680
Cash and cash equivalent margin deposits and guaranty funds 80,129 78,980
Invested deposits, delivery contracts receivable and unsettled variation margin 2,000 1,814
Customer accounts receivable, net of allowance for doubtful accounts of $21 for both June 30, 2024 and December 31, 2023 1,548 1,366
Prepaid expenses and other current assets 677 703
Total current assets 86,991 84,973
Property and equipment, net 1,992 1,923
Other non-current assets:    
Goodwill 30,553 30,553
Other intangible assets, net 16,805 17,317
Long-term restricted cash and cash equivalents 370 340
Other non-current assets 971 978
Total other non-current assets 48,699 49,188
Total assets 137,682 136,084
Current liabilities:    
Accounts payable and accrued liabilities 1,008 1,003
Section 31 fees payable 203 79
Accrued salaries and benefits 263 459
Deferred revenue 497 200
Short-term debt 3,234 1,954
Margin deposits and guaranty funds 80,129 78,980
Invested deposits, delivery contracts payable and unsettled variation margin 2,000 1,814
Other current liabilities 130 137
Total current liabilities 87,464 84,626
Non-current liabilities:    
Non-current deferred tax liability, net 3,950 4,080
Long-term debt 18,573 20,659
Accrued employee benefits 179 193
Non-current operating lease liability 323 299
Other non-current liabilities 449 441
Total non-current liabilities 23,474 25,672
Total liabilities 110,938 110,298
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; 650 and 649 issued at June 30, 2024 and December 31, 2023, respectively, and 573 shares outstanding at both June 30, 2024 and December 31, 2023 7 6
Treasury stock, at cost; 77 and 76 shares at June 30, 2024 and December 31, 2023, respectively (6,377) (6,304)
Additional paid-in capital 16,130 15,953
Retained earnings 17,236 16,356
Accumulated other comprehensive loss (309) (294)
Total Intercontinental Exchange, Inc. stockholders’ equity 26,687 25,717
Non-controlling interest in consolidated subsidiaries 57 69
Total equity 26,744 25,786
Total liabilities and equity $ 137,682 $ 136,084
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Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Customer accounts receivable, net of allowance for doubtful accounts $ 21 $ 21
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) 650,000,000 649,000,000
Common stock, outstanding (in shares) 573,000,000 573,000,000
Treasury stock (in shares) 77,000,000 76,000,000
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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Total revenues $ 2,897 $ 2,336 $ 5,698 $ 4,808
Transaction-based expenses:        
Section 31 fees 138 56 205 175
Cash liquidity payments, routing and clearing 442 392 886 849
Total revenues, less transaction-based expenses 2,317 1,888 4,607 3,784
Operating expenses:        
Compensation and benefits 473 351 935 703
Professional services 38 29 74 57
Acquisition-related transaction and integration costs 15 25 51 46
Technology and communication 214 173 419 345
Rent and occupancy 30 25 59 45
Selling, general and administrative 100 63 178 137
Depreciation and amortization 381 267 762 527
Total operating expenses 1,251 933 2,478 1,860
Operating income/(loss) 1,066 955 2,129 1,924
Other income/(expense):        
Interest income 36 102 66 193
Interest expense (233) (175) (474) (351)
Other income/(expense), net (8) (35) 104 (70)
Total other income/(expense), net (205) (108) (304) (228)
Income before income tax expense 861 847 1,825 1,696
Income tax expense 222 32 403 207
Net income 639 815 1,422 1,489
Net income attributable to non-controlling interest (7) (16) (23) (35)
Net income attributable to Intercontinental Exchange, Inc. $ 632 $ 799 $ 1,399 $ 1,454
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:        
Basic (in dollars per share) $ 1.10 $ 1.43 $ 2.44 $ 2.60
Diluted (in dollars per share) $ 1.10 $ 1.42 $ 2.43 $ 2.59
Weighted average common shares outstanding:        
Basic (in shares) 573 560 573 560
Diluted (in shares) 575 561 575 561
Exchanges        
Revenues:        
Total revenues $ 1,826 $ 1,541 $ 3,560 $ 3,214
Fixed income and data services        
Revenues:        
Total revenues 565 546 1,133 1,109
Mortgage technology        
Revenues:        
Total revenues $ 506 $ 249 $ 1,005 $ 485
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 639 $ 815 $ 1,422 $ 1,489
Other comprehensive income/(loss):        
Foreign currency translation adjustments (4) 31 (22) 47
Change in equity method investment 0 0 7 0
Other comprehensive income/(loss) (4) 31 (15) 47
Comprehensive income 635 846 1,407 1,536
Comprehensive income attributable to non-controlling interest (7) (16) (23) (35)
Comprehensive income attributable to Intercontinental Exchange, Inc. $ 628 $ 830 $ 1,384 $ 1,501
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Consolidated Statements of Changes in Equity - 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 Jun. 30, 2023   636          
Treasury stock, shares beginning (in shares) at Dec. 31, 2022     (75)        
Beginning balance at Dec. 31, 2022 $ 22,761 $ 6 $ (6,225) $ 14,313 $ 14,943 $ (331) $ 55
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Other comprehensive income (loss) 47         47  
Exercise of common stock options 24     24      
Payments relating to treasury shares (in shares)     (1)        
Payments relating to treasury shares (51)   $ (51)        
Stock-based compensation 94     94      
Issuance under the employee stock purchase plan 18     18      
Contribution from equity partners 9           9
Issuance of restricted stock (in shares)   2          
Distributions of profits (30)           (30)
Dividends paid to stockholders (472)       (472)    
Net income attributable to non-controlling interest (35)       (35)   35
Net income 1,489       1,489    
Common stock, shares ending (in shares) at Dec. 31, 2022   634          
Treasury stock, shares ending (in shares) at Jun. 30, 2023     (76)        
Ending balance at Jun. 30, 2023 23,889 $ 6 $ (6,276) 14,449 15,925 (284) 69
Common stock, shares beginning (in shares) at Jun. 30, 2023   636          
Treasury stock, shares beginning (in shares) at Mar. 31, 2023     (76)        
Beginning balance at Mar. 31, 2023 23,211 $ 6 $ (6,274) 14,388 15,362 (315) 44
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Other comprehensive income (loss) 31         31  
Exercise of common stock options 14     14      
Payments relating to treasury shares (2)   $ (2)        
Stock-based compensation 47     47      
Issuance under the employee stock purchase plan 0            
Contribution from equity partners 9           9
Issuance of restricted stock (in shares)   1          
Dividends paid to stockholders (236)       (236)    
Net income attributable to non-controlling interest (16)       (16)   16
Net income 815       815    
Common stock, shares ending (in shares) at Mar. 31, 2023   635          
Treasury stock, shares ending (in shares) at Jun. 30, 2023     (76)        
Ending balance at Jun. 30, 2023 $ 23,889 $ 6 $ (6,276) 14,449 15,925 (284) 69
Common stock, shares beginning (in shares) at Jun. 30, 2024 573 650          
Treasury stock, shares beginning (in shares) at Dec. 31, 2023 (76)   (76)        
Beginning balance at Dec. 31, 2023 $ 25,786 $ 6 $ (6,304) 15,953 16,356 (294) 69
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Other comprehensive income (loss) (15)         (15)  
Exercise of common stock options 27     27      
Payments relating to treasury shares (in shares)     (1)        
Payments relating to treasury shares (73)   $ (73)        
Stock-based compensation 125     125      
Issuance under the employee stock purchase plan 25     25      
Issuance of restricted stock (in shares)   1          
Issuance of restricted stock 1 $ 1          
Distributions of profits (35)           (35)
Dividends paid to stockholders (519)       (519)    
Net income attributable to non-controlling interest (23)       (23)   23
Net income $ 1,422       1,422    
Common stock, shares ending (in shares) at Dec. 31, 2023 573 649          
Treasury stock, shares ending (in shares) at Jun. 30, 2024 (77)   (77)        
Ending balance at Jun. 30, 2024 $ 26,744 $ 7 $ (6,377) 16,130 17,236 (309) 57
Common stock, shares beginning (in shares) at Jun. 30, 2024 573 650          
Treasury stock, shares beginning (in shares) at Mar. 31, 2024     (77)        
Beginning balance at Mar. 31, 2024 $ 26,289 $ 7 $ (6,375) 16,047 16,865 (305) 50
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Other comprehensive income (loss) (4)         (4)  
Exercise of common stock options 21     21      
Payments relating to treasury shares (2)   $ (2)        
Stock-based compensation 62     62      
Dividends paid to stockholders (261)       (261)    
Net income attributable to non-controlling interest (7)       (7)   7
Net income $ 639       639    
Common stock, shares ending (in shares) at Mar. 31, 2024   650          
Treasury stock, shares ending (in shares) at Jun. 30, 2024 (77)   (77)        
Ending balance at Jun. 30, 2024 $ 26,744 $ 7 $ (6,377) $ 16,130 $ 17,236 $ (309) $ 57
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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 1,422 $ 1,489
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 762 527
Stock-based compensation 114 85
Deferred taxes (116) (239)
Loss on investments 3 0
Net losses from unconsolidated investees 45 65
Other 31 26
Changes in assets and liabilities:    
Customer accounts receivable (193) (181)
Other current and non-current assets (51) (66)
Section 31 fees payable 124 (50)
Deferred revenue 296 279
Other current and non-current liabilities (232) (130)
Total adjustments 783 316
Net cash provided by operating activities 2,205 1,805
Investing activities:    
Capital expenditures (133) (61)
Capitalized software development costs (177) (142)
Purchases of invested margin deposits (858) (771)
Proceeds from sales of invested margin deposits 990 3,078
Cash paid for acquisitions, net of cash acquired (8) (5)
Proceeds from sale of Promissory Note 75 0
Purchases of equity and equity method investments (18) (6)
Purchases of restricted investments (655) (949)
Proceeds from sales of restricted investments 856 0
Net cash provided by investing activities 72 1,144
Financing activities:    
Proceeds from debt issuances 739 0
Repayments of debt (1,600) (4)
Proceeds from commercial paper, net 33 0
Capital contributions from non-controlling interests 0 9
Dividends paid to stockholders (519) (472)
Change in cash and cash equivalent margin deposits and guaranty funds liability 1,017 (57,380)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises (73) (50)
Other 17 11
Net cash used in financing activities (386) (57,886)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds (5) 6
Net increase/(decrease) in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds 1,886 (54,931)
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period 80,750 150,343
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period 82,636 95,412
Supplemental cash flow disclosure:    
Cash paid for income taxes 516 536
Cash paid for interest 450 341
Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets:    
Cash and cash equivalents 885 2,877
Short-term restricted cash and cash equivalents 1,252 5,413
Long-term restricted cash and cash equivalents 370 205
Cash and cash equivalent margin deposits and guaranty funds 80,129 86,917
Total $ 82,636 $ 95,412
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Description of Business
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business Description of Business
Nature of Business and Organization
Intercontinental Exchange, Inc. is a leading global provider of technology and data 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 United States, or U.S., residential mortgages, provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Our business is conducted through three reportable business segments:
•Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses.
•Fixed Income and Data Services: 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 technology.
•Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing and the secondary market.
We operate marketplaces, technology and provide data services in the U.S., United Kingdom, or U.K., European Union, or EU, Canada, Asia Pacific and the Middle East.
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Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The unaudited consolidated financial statements have been prepared 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 notes 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, 2023. The 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 notes. Actual amounts could differ from those estimates. The results of operations for the six and three months ended June 30, 2024 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 macroeconomic conditions during the quarter, including interest rates, the inflationary environment, election outcomes, geopolitical events and military conflicts, including repercussions from the conflicts in Ukraine, Israel and Gaza and the impacts that any of the foregoing may have on the global economy and on our business. As of June 30, 2024, 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 current macroeconomic environment and the impact that it may have on the global economy and on our business.
Recently Adopted Accounting Pronouncements
During the six months ended June 30, 2024, 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, 2023, or the 2023 Form 10-K.
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Acquisitions and Divestitures
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures Acquisitions and Divestitures
Black Knight, Inc.
On September 5, 2023, we acquired 100% of the equity interests in Black Knight, Inc., or Black Knight, for aggregate transaction consideration of approximately $11.8 billion. The aggregate cash component of the transaction consideration was $10.5 billion. We issued 10.9 million shares of ICE common stock to Black Knight stockholders, which was based on the market price of our common stock and 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. We expect that this transaction will build on our position as a provider of end-to-end electronic workflow solutions for the rapidly evolving U.S. residential mortgage industry. 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 September 14, 2023, or the Divestiture Date, in connection with the merger agreement, we sold Black Knight's Optimal Blue and Empower loan origination system, or LOS, businesses, or the Divestitures, to subsidiaries of Constellation Software, Inc. The cash proceeds from the Divestitures were $241 million. The structure of the Optimal Blue transaction also included a promissory note with a face value of $500 million, or the Promissory Note, issued by the purchaser to Black Knight, as a subsidiary of ICE, at the closing of the transaction. The Promissory Note had a 40-year term with a maturity date of September 5, 2063, and a coupon interest rate of 7.0% per year. The Promissory Note was valued at $235 million on the Divestiture Date. In accordance with Accounting Standards Codification, or ASC, 805, Business Combinations, or ASC 805, as well as ASC 360, Impairment and Disposal of Long-Lived Assets, we are required to measure an acquired long-lived asset or disposal group that is classified as held for sale at the acquisition date at fair value less cost to sell. Accordingly, there was no gain or loss recognized on the Divestitures.
For the period between the acquisition date of September 5, 2023 through the Divestiture Date, the discontinued operations of Empower and Optimal Blue were immaterial.
Pursuant to the Agreement Containing Consent Orders entered into between the Federal Trade Commission, or the FTC, and ICE and Black Knight, the Promissory Note was required to be sold within six months of the Divestiture Date. We elected the fair value option for the right to receive the net proceeds of the sale of the Promissory Note. As of December 31, 2023, we wrote down the value of the Promissory Note to $75 million based on Level 3 inputs (Note 14), resulting in a fair value loss of $160 million. In February 2024, the FTC approved the buyer of the Promissory Note, and we completed the sale of the Promissory Note and received the $75 million of proceeds thereafter.
The estimated net fair value of the consideration transferred for Black Knight was approximately $11.4 billion as of the acquisition date, which consisted of the following (in millions):
Transaction Consideration
Cash$10,542 
ICE common stock*1,274 
Converted vested Black Knight awards22 
Total preliminary purchase price
$11,838 
Less: Divestitures(476)
Total net preliminary purchase price$11,362 
*Fair value of the ICE common stock is based on the ICE closing stock price on September 1, 2023, the last business day prior to the acquisition close.
The purchase price has been allocated to the net tangible and identifiable intangible assets and liabilities based on the preliminary respective estimated fair values on the date of acquisition. The excess of the purchase price over the net tangible and identifiable intangible assets has been recorded as goodwill, of which $186 million is expected to be deductible for tax purposes. Goodwill represents potential revenue synergies related to new product development, various expense synergies and opportunities to enter new markets, and is assigned to our Mortgage Technology business segment. The preliminary net purchase price allocation is as follows (in millions):
Net Preliminary Purchase Price Allocation
Cash and cash equivalents
$108 
Property and equipment
120 
Goodwill
9,421 
 Identifiable intangibles4,948 
Debt acquired(2,397)
 Other assets and liabilities, net62 
Deferred tax liabilities on identifiable intangibles
(1,266)
Other deferred tax assets366 
Net preliminary purchase price$11,362 
In performing the net preliminary purchase price allocation, we considered, among other factors, the intended future use of acquired assets, analysis of historical financial performance and estimates of future performance of the Black Knight business. For the identified intangible assets, the fair values have been preliminarily determined using the income and cost approaches and are partially based on inputs that are unobservable including forecasted future cash flows, revenue and margin growth rates, customer attrition rates and discount rates that require judgement and are subject to change. We have not yet obtained all of the information related to the fair value of the acquired assets and liabilities.
The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the valuation of the identifiable intangible assets, income taxes and certain other tangible assets and liabilities. The allocation of the purchase price will be finalized upon the completion of the analysis of the acquired assets and liabilities within one year of the date of acquisition.
The following table sets forth the components of the preliminary intangible assets associated with the acquisition as of June 30, 2024 (in millions, except years):
Acquisition-Date Preliminary Fair Value
Weighted average life (Years)
Developed Technology
$1,176 10
Trademarks/Tradenames
159 19
Customer Relationships
3,034 13
Data and Databases579 10
Total
$4,948 12
Black Knight revenues of $536 million and $266 million and operating expenses of $563 million and $275 million were recorded in our consolidated statement of income for the six and three months ended June 30, 2024, respectively. Black Knight revenues are included in our mortgage technology revenues.
The financial information in the table below combines the historical results for us and Black Knight for the six and three months ended June 30, 2023, on a pro forma basis, as though the companies had been combined as of the beginning of the prior periods presented (in millions). The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the periods presented. Such unaudited pro forma financial information is based on the historical financial statements of ICE and Black Knight. This unaudited pro forma financial information is based on estimates and assumptions that have been made solely for purposes of developing such unaudited pro forma information, including, without limitation, purchase accounting adjustments, interest expense on debt issued to finance the purchase price, acquisition-related transaction costs, the removal of historical Black Knight intangible asset amortization and the addition of intangible asset amortization related to this acquisition. The unaudited pro forma financial information does not reflect any synergies or operating cost reductions that have been and may be achieved from the combined operations.
 
Six Months Ended June 30, 2023
Three Months Ended June 30, 2023
Total revenues, less transaction-based expenses$4,344 $2,169 
Net income attributable to ICE$1,281 $737 
Transaction-based expenses included within revenues, less transaction-based expenses in the table above were not impacted by pro forma adjustments and agree to the amounts presented historically in our consolidated statements of income as they relate solely to ICE and not to Black Knight.
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Investments
 6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments Investments
Equity Method Investments
Our equity method investments include the Options Clearing Corporation, or OCC, and Bakkt Holdings, Inc. and Bakkt Opco Holdings, LLC, or collectively, Bakkt, among others. Our equity method investments are included in other non-current assets in the consolidated balance sheets. We initially record our equity method investments at cost. 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 and adjust the carrying value of our equity method investment accordingly. In addition, if and when our equity method investments issue cash dividends to us, we deduct the amount of these dividends from the carrying amount of that investment. We assess the carrying value periodically if impairment indicators are present.
We recognized $45 million and $65 million as our share of estimated losses, net, from our equity method investments during the six months ended June 30, 2024 and 2023, respectively, and $3 million and $30 million as our share of estimated losses, net, from our equity method investments during the three months ended June 30, 2024 and 2023, respectively. The estimated losses are primarily related to our investment in Bakkt, partially offset by our share of OCC profits. 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.
OCC
We own a 40% interest in OCC through a direct investment by the New York Stock Exchange, or 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, securities 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.
Bakkt
As of June 30, 2024 and December 31, 2023, we held an approximate 55% and 64% economic interest in Bakkt, respectively. As a result of limitations on ICE from the Bakkt voting agreement entered into in connection with Bakkt's merger with Victory Park Capital Impact Acquisition Holdings, or VIH, we hold a minority voting interest in Bakkt and treat it as an equity method investment. The decrease in ownership during the six months ended June 30, 2024 is related to Bakkt's offering of shares of its Class A common stock and warrants to purchase shares of its Class A common stock, which diluted our ownership. As part of the offering, on February 29, 2024, we entered into a securities purchase agreement to purchase shares of Bakkt's Class A common stock and warrants to purchase additional shares of Bakkt's Class A common stock for a total of $10 million.
As of June 30, 2024, the carrying value of our investment in Bakkt was determined to be $19 million. As Bakkt is a public company with a readily available market price, the fair value of our investment was $141 million as of June 30, 2024, which was based on the quoted market price of Bakkt Class A common stock as of June 30, 2024.
v3.24.2.u1
Revenue Recognition
 6 Months Ended
Jun. 30, 2024
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 consolidated 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. 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.
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. 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.
Refer to Notes 2 and 5 to the consolidated financial statements included in Part II, Item 8 of our 2023 Form 10-K where we describe our revenue recognition accounting policies and our primary revenue contract classifications in detail.
Disaggregation of Revenues
The following table depicts the disaggregation of our revenues 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 SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2024:
Total revenues (1)
$3,560 $1,133 $1,005 $5,698 
Transaction-based expenses1,091 — — 1,091 
Total revenues, less transaction-based expenses$2,469 $1,133 $1,005 $4,607 
Timing of Revenue Recognition
Services transferred at a point in time$1,499 $212 $220 $1,931 
Services transferred over time970 921 785 2,676 
Total revenues, less transaction-based expenses$2,469 $1,133 $1,005 $4,607 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $47 million and $72 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2024:
Total revenues (1)
$1,826 $565 $506 $2,897 
Transaction-based expenses580 — — 580 
Total revenues, less transaction-based expenses$1,246 $565 $506 $2,317 
Timing of Revenue Recognition
Services transferred at a point in time$757 $101 $114 $972 
Services transferred over time489 464 392 1,345 
Total revenues, less transaction-based expenses$1,246 $565 $506 $2,317 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $23 million and $34 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2023:
Total revenues (1)
$3,214 $1,109 $485 $4,808 
Transaction-based expenses1,024 — — 1,024 
Total revenues, less transaction-based expenses$2,190 $1,109 $485 $3,784 
Timing of Revenue Recognition
Services transferred at a point in time$1,263 $229 $148 $1,640 
Services transferred over time927 880 337 2,144 
Total revenues, less transaction-based expenses$2,190 $1,109 $485 $3,784 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $44 million and $78 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2023:
Total revenues (1)
$1,541 $546 $249 $2,336 
Transaction-based expenses448 — — 448 
Total revenues, less transaction-based expenses$1,093 $546 $249 $1,888 
Timing of Revenue Recognition
Services transferred at a point in time$628 $106 $81 $815 
Services transferred over time465 440 168 1,073 
Total revenues, less transaction-based expenses$1,093 $546 $249 $1,888 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $20 million and $41 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.

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 tables above include services related to listings, risk management of open interest performance obligations and regulatory fees, trading permits, and software licenses.
The Fixed Income and Data Services segment revenues transferred over time in the tables above 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 tables above primarily relate to our origination and servicing 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:
Six Months Ended June 30,
Three Months Ended June 30,
 2024202320242023
Exchanges Segment:
Data services revenues
$475 $463 $240 $231 
Services transferred over time related to risk management of open interest performance obligations
187 151 94 75 
Services transferred over time related to listings244 252 122 126 
Services transferred over time related to regulatory fees, trading permits, and software licenses64 61 33 33 
Total
$970 $927 $489 $465 
Fixed Income Data Services Segment:
Data services revenues$906 $864 $457 $434 
Services transferred over time related to risk management of open interest performance obligations in our CDS business15 16 7 6 
Total
$921 $880 $464 $440 
Mortgage Technology Segment:
Recurring revenues$777 $329 $387 $164 
Other8 8 5 4 
Total$785 $337 $392 $168 
Total consolidated revenues transferred over time$2,676 $2,144 $1,345 $1,073 
Transaction Price Allocated to Future Performance Obligations
Our disclosure of transaction price allocated to future performance obligations excludes the following:
•Volume-based fees in excess of contractual minimums and other usage-based fees to the extent they are part of a single performance obligation and meet certain variable consideration allocation criteria;
•Performance obligations that are part of a contract with an original expected duration of one year or less; and
•Transactional fees based on a fixed fee per transaction when we have the right to invoice once we have completed the performance obligation.
As of June 30, 2024, the aggregate amount of the transaction price that is allocated to our future performance obligations was approximately $3.8 billion and was primarily related to contracts with customers in the Mortgage Technology segment. We expect this amount to be recognized as revenue as follows: 19% by December 31, 2024, 73% by December 31, 2026, 94% by December 31, 2028 and the rest thereafter.
Contract Assets
A contract asset represents our expectation of receiving consideration in exchange for products or services that we have provided to our customers, but invoicing is contingent on our completion of other performance obligations or contractual milestones. Substantially all of our contract assets are related to contracts with customers in our Mortgage Technology segment. As of June 30, 2024 and December 31, 2023, the balance of our contract assets was $83 million and $80 million, respectively.
Deferred Revenue
Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $602 million as of June 30, 2024, including $497 million in current deferred revenue and $105 million in other non-current liabilities in our consolidated balance sheets. The changes in our deferred revenue during the six months ended June 30, 2024 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2024$108 $93 $106 $307 
Additions475 265 66 806 
Amortization
(244)(191)(76)(511)
Deferred revenue balance at June 30, 2024
$339 $167 $96 $602 
The changes in our deferred revenue during the six months ended June 30, 2023 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2023$115 $88 $51 $254 
Additions
474 236 32 742 
Amortization
(252)(175)(40)(467)
Deferred revenue balance at June 30, 2023
$337 $149 $43 $529 

Included in the amortization recognized during the six and three months ended June 30, 2024 is $130 million and $46 million, respectively, related to the deferred revenue balance as of January 1, 2024. Included in the amortization recognized for the six and three months ended June 30, 2023 is $103 million and $36 million, respectively, related to the deferred revenue balance as of January 1, 2023. As of June 30, 2024, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 5.
v3.24.2.u1
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2024
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 our goodwill balance by segment for the six months ended June 30, 2024 (in millions):
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Goodwill balance at December 31, 2023
$8,155 $4,854 $17,544 $30,553 
Acquisition— — 5 5 
Foreign currency translation(8)(1)— (9)
Other activity, net
— — 4 4 
Goodwill balance at June 30, 2024
$8,147 $4,853 $17,553 $30,553 

The following is a summary of the activity in our other intangible assets balance for the six months ended June 30, 2024 (in millions):
Other intangible assets balance at December 31, 2023
$17,317 
Acquisition
3 
Foreign currency translation
(9)
Amortization of other intangible assets
(506)
Other intangible assets balance at June 30, 2024
$16,805 

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 assets made within one year of acquisitions, with a corresponding adjustment to goodwill.

During the six months ended June 30, 2024, we considered potential indicators of impairment to goodwill and other intangible assets for each of our reporting units, which included continued global inflation concerns and changing interest rates, including their effect on our forecasts, among other things. As such, we performed this assessment to determine whether it was more-likely-than-not that goodwill and indefinite lived intangibles within each of our reporting units were impaired. Additionally, we evaluated whether the carrying value of the finite lived intangible assets within our reporting units may not be recoverable. After evaluating events, circumstances and factors which could affect the significant inputs used in our evaluation of cash flows and related fair value, we determined it was not more-likely-than-not that an impairment existed in our goodwill and indefinite lived intangible assets. With the exception of a $3 million impairment of developed technology within our Exchanges Segment that we recorded in the first quarter of 2024, we determined it was not more-likely-than not that the carrying amount of our finite lived intangible assets was not recoverable. We plan to perform our annual impairment testing in the fourth quarter. The $3 million impairment is included in depreciation and amortization expense within the consolidated statement of income for the six months ended June 30, 2024.
v3.24.2.u1
Deferred Revenue
 6 Months Ended
Jun. 30, 2024
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 consolidated 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. 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.
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. 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.
Refer to Notes 2 and 5 to the consolidated financial statements included in Part II, Item 8 of our 2023 Form 10-K where we describe our revenue recognition accounting policies and our primary revenue contract classifications in detail.
Disaggregation of Revenues
The following table depicts the disaggregation of our revenues 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 SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2024:
Total revenues (1)
$3,560 $1,133 $1,005 $5,698 
Transaction-based expenses1,091 — — 1,091 
Total revenues, less transaction-based expenses$2,469 $1,133 $1,005 $4,607 
Timing of Revenue Recognition
Services transferred at a point in time$1,499 $212 $220 $1,931 
Services transferred over time970 921 785 2,676 
Total revenues, less transaction-based expenses$2,469 $1,133 $1,005 $4,607 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $47 million and $72 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2024:
Total revenues (1)
$1,826 $565 $506 $2,897 
Transaction-based expenses580 — — 580 
Total revenues, less transaction-based expenses$1,246 $565 $506 $2,317 
Timing of Revenue Recognition
Services transferred at a point in time$757 $101 $114 $972 
Services transferred over time489 464 392 1,345 
Total revenues, less transaction-based expenses$1,246 $565 $506 $2,317 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $23 million and $34 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2023:
Total revenues (1)
$3,214 $1,109 $485 $4,808 
Transaction-based expenses1,024 — — 1,024 
Total revenues, less transaction-based expenses$2,190 $1,109 $485 $3,784 
Timing of Revenue Recognition
Services transferred at a point in time$1,263 $229 $148 $1,640 
Services transferred over time927 880 337 2,144 
Total revenues, less transaction-based expenses$2,190 $1,109 $485 $3,784 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $44 million and $78 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2023:
Total revenues (1)
$1,541 $546 $249 $2,336 
Transaction-based expenses448 — — 448 
Total revenues, less transaction-based expenses$1,093 $546 $249 $1,888 
Timing of Revenue Recognition
Services transferred at a point in time$628 $106 $81 $815 
Services transferred over time465 440 168 1,073 
Total revenues, less transaction-based expenses$1,093 $546 $249 $1,888 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $20 million and $41 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.

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 tables above include services related to listings, risk management of open interest performance obligations and regulatory fees, trading permits, and software licenses.
The Fixed Income and Data Services segment revenues transferred over time in the tables above 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 tables above primarily relate to our origination and servicing 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:
Six Months Ended June 30,
Three Months Ended June 30,
 2024202320242023
Exchanges Segment:
Data services revenues
$475 $463 $240 $231 
Services transferred over time related to risk management of open interest performance obligations
187 151 94 75 
Services transferred over time related to listings244 252 122 126 
Services transferred over time related to regulatory fees, trading permits, and software licenses64 61 33 33 
Total
$970 $927 $489 $465 
Fixed Income Data Services Segment:
Data services revenues$906 $864 $457 $434 
Services transferred over time related to risk management of open interest performance obligations in our CDS business15 16 7 6 
Total
$921 $880 $464 $440 
Mortgage Technology Segment:
Recurring revenues$777 $329 $387 $164 
Other8 8 5 4 
Total$785 $337 $392 $168 
Total consolidated revenues transferred over time$2,676 $2,144 $1,345 $1,073 
Transaction Price Allocated to Future Performance Obligations
Our disclosure of transaction price allocated to future performance obligations excludes the following:
•Volume-based fees in excess of contractual minimums and other usage-based fees to the extent they are part of a single performance obligation and meet certain variable consideration allocation criteria;
•Performance obligations that are part of a contract with an original expected duration of one year or less; and
•Transactional fees based on a fixed fee per transaction when we have the right to invoice once we have completed the performance obligation.
As of June 30, 2024, the aggregate amount of the transaction price that is allocated to our future performance obligations was approximately $3.8 billion and was primarily related to contracts with customers in the Mortgage Technology segment. We expect this amount to be recognized as revenue as follows: 19% by December 31, 2024, 73% by December 31, 2026, 94% by December 31, 2028 and the rest thereafter.
Contract Assets
A contract asset represents our expectation of receiving consideration in exchange for products or services that we have provided to our customers, but invoicing is contingent on our completion of other performance obligations or contractual milestones. Substantially all of our contract assets are related to contracts with customers in our Mortgage Technology segment. As of June 30, 2024 and December 31, 2023, the balance of our contract assets was $83 million and $80 million, respectively.
Deferred Revenue
Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $602 million as of June 30, 2024, including $497 million in current deferred revenue and $105 million in other non-current liabilities in our consolidated balance sheets. The changes in our deferred revenue during the six months ended June 30, 2024 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2024$108 $93 $106 $307 
Additions475 265 66 806 
Amortization
(244)(191)(76)(511)
Deferred revenue balance at June 30, 2024
$339 $167 $96 $602 
The changes in our deferred revenue during the six months ended June 30, 2023 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2023$115 $88 $51 $254 
Additions
474 236 32 742 
Amortization
(252)(175)(40)(467)
Deferred revenue balance at June 30, 2023
$337 $149 $43 $529 

Included in the amortization recognized during the six and three months ended June 30, 2024 is $130 million and $46 million, respectively, related to the deferred revenue balance as of January 1, 2024. Included in the amortization recognized for the six and three months ended June 30, 2023 is $103 million and $36 million, respectively, related to the deferred revenue balance as of January 1, 2023. As of June 30, 2024, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 5.
v3.24.2.u1
Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
The carrying value of our total debt, including short-term and long-term debt, consisted of the following (in millions):
As of June 30, 2024As of December 31, 2023
Short-term debt:
Commercial Paper$1,987 $1,954 
2025 Senior Notes (3.65%; unsecured due May 23, 2025)
1,247 — 
Total short-term debt3,234 1,954 
Long-term debt:
2025 Term Loan due August 31, 2025— 1,600 
2025 Senior Notes (3.65%; unsecured due May 23, 2025)
— 1,246 
2025 Senior Notes (3.75%; unsecured due December 1, 2025)
1,249 1,248 
2027 Senior Notes (4.00%; unsecured due September 15, 2027)
1,490 1,489 
2027 Senior Notes (3.10%; unsecured due September 15, 2027)
498 498 
2028 Senior Notes (3.625%; unsecured due September 1, 2028)
929 920 
2028 Senior Notes (3.75%; unsecured due September 21, 2028)
596 596 
2029 Senior Notes (4.35%; unsecured due June 15, 2029)
1,242 1,241 
2030 Senior Notes (2.10%; unsecured due June 15, 2030)
1,239 1,238 
2031 Senior Notes (5.25%; unsecured due June 15, 2031)
743 — 
2032 Senior Notes (1.85%; unsecured due September 15, 2032)
1,487 1,486 
2033 Senior Notes (4.60%; unsecured due March 15, 2033)
1,490 1,489 
2040 Senior Notes (2.65%; unsecured due September 15, 2040)
1,233 1,232 
2048 Senior Notes (4.25%; unsecured due September 21, 2048)
1,232 1,232 
2050 Senior Notes (3.00%; unsecured due June 15, 2050)
1,223 1,222 
2052 Senior Notes (4.95%; unsecured due June 15, 2052)
1,466 1,466 
2060 Senior Notes (3.00%; unsecured due September 15, 2060)
1,472 1,472 
2062 Senior Notes (5.20%; unsecured due June 15, 2062)
984 984 
Total long-term debt18,573 20,659 
Total debt$21,807 $22,613 
As of June 30, 2024, our senior notes of $19.8 billion had a weighted average maturity of 14 years and a weighted average cost of 3.7% 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 31, 2024, we agreed with the lenders to extend the maturity date of the Credit Facility from May 25, 2027, to May 31, 2029, among other items. 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 June 30, 2024.
As of June 30, 2024, of the $3.9 billion that was available for borrowing under the Credit Facility, $2.0 billion was required to back-stop the notes outstanding under our U.S. dollar commercial paper program, or the Commercial Paper Program, and $172 million was required to support certain broker-dealer and other subsidiary commitments. Amounts required to back-stop notes outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $1.7 billion is available for working capital and general corporate purposes including, but not limited to, acting as a back-stop to future amounts outstanding under the Commercial Paper Program.
We previously had a $2.4 billion two-year senior unsecured delayed draw term loan facility, or the Term Loan, with a maturity date of August 31, 2025. Draws under the Term Loan bore interest on the principal amount outstanding at either (a) Term Secured Overnight Financing Rate, or Term SOFR, plus an applicable margin of 87.5 basis points plus a credit spread adjustment of 10 basis points or (b) a "base rate" plus an applicable margin. The applicable margin ranged 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. As of June 30, 2024, we fully repaid our outstanding obligations under the Term Loan. Debt issuance costs incurred in relation to the Term Loan were fully amortized at the time of repayment.
Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of June 30, 2024, there were no amounts outstanding under these credit lines.
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 six months ended June 30, 2024, we had net borrowings of $33 million under the Commercial Paper Program.
Commercial paper notes of $2.0 billion with original maturities ranging from 3 to 45 days were outstanding as of June 30, 2024, with a weighted average interest rate of 5.5% per annum, and a weighted average remaining maturity of 29 days.
New Senior Notes
On May 13, 2024, we issued $750 million in aggregate principal amount of 5.25% senior notes due 2031, or the 2031 Notes. We intend to use $500 million of the net proceeds from the offering of the 2031 Notes to repay a portion of the aggregate principal amount of the senior notes maturing in May 2025, or the 2025 Notes. The net proceeds intended to repay the 2025 Notes have been invested and recorded as short-term restricted investments in our consolidated balance sheet as of June 30, 2024. We used the remaining net proceeds to assist with the repayments of the outstanding borrowings under the Term Loan.
We incurred debt issuance costs of $6 million relating to the issuance of the 2031 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 the 2031 Notes.
Private Exchange Offer
On June 5, 2024, we completed a private offer to exchange the $1 billion aggregate principal amount of the outstanding 3.625% senior notes due 2028 issued by Black Knight InfoServ, LLC, or the Black Knight Notes, for new senior notes issued by ICE. As a result of the settlement of the private exchange offer, approximately $998 million in aggregate principal amount of outstanding Black Knight Notes were cancelled, and ICE issued approximately $998 million in aggregate principal amount of new senior notes with the same interest payment, maturity dates and interest rate as the Black Knight Notes. In the chart above, the newly issued approximately $998 million aggregate principal amount of ICE senior notes and the remaining approximately $2 million aggregate principal amount of outstanding Black Knight Notes are referred to together as the “2028 Senior Notes (3.625%; unsecured due September 1, 2028)”.
v3.24.2.u1
Share-Based Compensation
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Share-Based Compensation Share-Based Compensation
We currently have employee and non-employee director incentive plans from which we grant stock options, restricted shares, and restricted stock units with various service, performance, and/or market conditions. We also have an employee stock purchase plan available to our employees. 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 estimated 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 $114 million and $85 million for the six months ended June 30, 2024 and 2023, respectively, and $57 million and $45 million during the three months ended June 30, 2024 and 2023, respectively. For the six and three months ended June 30, 2024, $10 million and $4 million, respectively, of the total non-cash compensation expense was recorded within acquisition-related transaction and integration costs in the consolidated statement of income.
Stock Options
We use the Black-Scholes option pricing model to value our stock option awards. During the six months ended June 30, 2024 and 2023, we used the assumptions in the table below to compute the value:
Six Months Ended June 30,
Assumptions:20242023
Risk-free interest rate
4.14%3.47%
Expected life in years
6.06.1
Expected volatility
24%24%
Expected dividend yield
1.33%1.56%
Estimated weighted-average fair value of options granted per share
$37.56$27.39
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
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. The grant date fair value of time-based restricted stock is recognized as expense ratably over the vesting period, which is typically three or four years, net of forfeitures.
In February 2024, 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, 2024. The maximum compensation expense to be recognized under these performance-based restricted shares is $95 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 $48 million if the target financial performance is met, which would result in 0.4 million shares vesting. For these awards with performance conditions, we recognize expense on an accelerated basis over the three-year vesting period based on our quarterly assessment of the probable 2024 actual financial performance as compared to the 2024 financial performance targets. As of June 30, 2024, our best estimate is that the financial performance level will be above target for 2024. Based on this assessment, we recorded non-cash compensation expense of $14 million and $10 million for the six and three months ended June 30, 2024, respectively, related to these awards and the remaining $44 million in non-cash compensation expense will be recorded on an accelerated basis over the remaining vesting period, including $17 million which will be recorded over the remainder of 2024.
We also issue awards with a market condition but no performance condition. The fair value of these awards is estimated based on a simulation of various outcomes and includes inputs such as our stock price on the grant date and the valuation of historical awards with market conditions.
v3.24.2.u1
Equity
 6 Months Ended
Jun. 30, 2024
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 approval of our Board for the stock 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, subject to applicable rules.
In connection with our acquisition of Black Knight, on May 4, 2022 we terminated our Rule 10b5-1 trading plan and suspended share repurchases. Therefore, we did not have any share repurchases during the six and three months ended June 30, 2024 or 2023. As of June 30, 2024, the remaining balance of Board approved funds for future repurchases was $2.5 billion.
Dividends
During the six months ended June 30, 2024 and 2023, we declared and paid cash dividends per share of $0.90 and $0.84, respectively, for an aggregate payout of $519 million and $472 million, respectively. During the three months ended June 30, 2024 and 2023, we declared and paid cash dividends per share of $0.45 and $0.42, respectively, for an aggregate payout of $261 million and $236 million, respectively. Our Board has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be approved quarterly by the Board or the Audit Committee, taking into account such factors as our evolving business model, prevailing business conditions, our current and future planned strategic growth initiatives, 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 adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of December 31, 2023
$(230)$2 $(66)$(294)
Other comprehensive income/(loss)(22)9 — (13)
Income tax expense— (2)— (2)
Net current period other comprehensive income/(loss)(22)7 — (15)
Balance, as of June 30, 2024
$(252)$9 $(66)$(309)
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of March 31, 2024
$(248)$9 $(66)$(305)
Other comprehensive loss(4)— — (4)
Income tax expense— — — — 
Net current period other comprehensive loss(4)— — (4)
Balance, as of June 30, 2024
$(252)$9 $(66)$(309)
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of December 31, 2022
$(278)$2 $(55)$(331)
Other comprehensive income47 — — 47 
Income tax benefit/(expense)— — — — 
Net current period other comprehensive income47 — — 47 
Balance, as of June 30, 2023
$(231)$2 $(55)$(284)
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of March 31, 2023
$(262)$2 $(55)$(315)
Other comprehensive income31 — — 31 
Income tax benefit/(expense)— — — — 
Net current period other comprehensive income31 — — 31 
Balance, as of June 30, 2023
$(231)$2 $(55)$(284)
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Our effective tax rate was 22% and 12% during the six months ended June 30, 2024 and 2023, respectively, and 26% and 4% during the three months ended June 30, 2024 and 2023, respectively. The effective tax rates for the six and three months ended June 30, 2024 were higher than the effective tax rates for the comparable periods in 2023 primarily due to tax benefits resulting from favorable audit settlements and state apportionment changes in the prior periods and the U.K. corporate income tax rate increase to 25% effective for the full year in 2024.
The Organisation for Economic Cooperation and Development, or OECD, Global Anti-Base Erosion Pillar Two minimum tax rules, or Pillar Two, which generally provide for a minimum effective tax rate of 15%, are intended to apply to tax years beginning in 2024. The EU member states and many other countries, including the U.K., our most significant non-U.S. jurisdiction, have committed to implement or have already enacted legislation adopting the Pillar Two rules. In July 2023, the U.K. enacted the U.K. Finance Act 2023, effective as of January 1, 2024, which includes provisions to implement certain portions of the Pillar Two minimum tax rules and includes an election to apply a transitional safe harbor to extend certain effective dates to accounting periods ending on or before June 30, 2028. These new U.K. Pillar Two rules did not have a material impact on our income tax provision as of June 30, 2024.
v3.24.2.u1
Clearing Operations
 6 Months Ended
Jun. 30, 2024
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 HouseProducts ClearedExchange where ExecutedLocation
ICE Clear EuropeEnergy, agricultural, interest rates and equity index futures and options contractsICE Futures Europe, ICE Futures U.S., ICE Endex, ICE Futures Abu Dhabi and third-party venuesU.K.
ICE Clear U.S.Agricultural, metals, foreign exchange, or FX, interest rate and equity index futures and/or options contractsICE Futures U.S.U.S.
ICE Clear CreditOTC North American, European, Asian-Pacific and Emerging Market CDS instrumentsCreditex and third-party venuesU.S.
ICE Clear NetherlandsDerivatives on equities and equity indices traded on regulated marketsICE EndexThe Netherlands
ICE Clear SingaporeEnergy, metals and financial futures products ICE Futures Singapore Singapore
ICE NGXPhysical North American natural gas, environmental commodities and physical and financial electricityICE NGXCanada
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.” The ICE Clearing Houses mark all outstanding contracts to market, and, with the exception of ICE NGX’s physical natural gas, physical environmental and physical power products discussed separately below, 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 June 30, 2024 and December 31, 2023, the ICE Clearing Houses had received or had been pledged $179.0 billion and $175.9 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 ContributionDefault insurance
Clearing HouseAs of June 30, 2024As of December 31, 2023As of June 30, 2024As of December 31, 2023
ICE Clear Europe$197$197$100$100
ICE Clear U.S.75 75 25 25 
ICE Clear Credit50 50 75 75 
ICE Clear Netherlands2 2 N/AN/A
ICE Clear Singapore1 1 N/AN/A
ICE NGX45 15 200 200 
Total$370$340$400$400
We also maintain default insurance at ICE Clear Europe, ICE Clear U.S. and ICE Clear Credit as an additional layer of clearing member default protection, which is reflected in the table above. The default insurance was renewed in September 2022 and has a three-year term. 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 June 30, 2024, ICE NGX maintained a guaranty fund of $215 million, comprised of $15 million in cash and a $200 million letter of credit backed by a default insurance policy of the same amount, discussed below. Separately, ICE NGX has also set aside $30 million of its own capital that could be used for liquidity purposes if a direct participant of the ICE NGX clearinghouse, or Contracting Party, defaulted.
Below is a depiction of our Default Waterfall which summarizes the lines of defense and layers of protection we maintain for our mutualized clearing houses.
ICE Clearing House Default Waterfall
ICE Risk Waterfall graphic for clearing FN.jpg
Cash and Invested Margin 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 June 30, 2024, our cash and invested margin deposits were as follows (in millions):
ICE Clear EuropeICE Clear
Credit		ICE Clear U.S.ICE NGXOther ICE Clearing HousesTotal
Original margin
$43,777 $24,477 $5,580 $— $5 $73,839 
Unsettled variation margin, net
— — — 1,506 — 1,506 
Guaranty fund
2,474 3,288 621 — 5 6,388 
Delivery contracts receivable/payable, net
— — — 396 — 396 
Total
$46,251 $27,765 $6,201 $1,902 $10 $82,129 

As of December 31, 2023, our cash and invested margin deposits were as follows (in millions):
ICE Clear EuropeICE Clear
Credit		ICE Clear U.S.ICE NGXOther ICE Clearing HousesTotal
Original margin
$40,170 $28,353 $4,693 $— $5 $73,221 
Unsettled variation margin, net
— — — 984 — 984 
Guaranty fund
2,358 3,017 609 — 5 5,989 
Delivery contracts receivable/payable, net
— — — 600 — 600 
Total
$42,528 $31,370 $5,302 $1,584 $10 $80,794 
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. Reverse repos are valued daily and are subject to collateral maintenance provisions pursuant to which the counterparty must provide additional collateral if the underlying securities lose value, in an amount sufficient to maintain collateralization of at least 102%. 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 June 30, 2024, the following facilities were in place:
•ICE Clear Europe: $1.0 billion in Committed Repo to have the ability to convert securities held as collateral into U.S. dollar, euro and pound sterling deposits with same day liquidity.
•ICE Clear Credit: $300 million in Committed Repo (U.S. dollar based) to have the ability to convert U.S. dollar\euro denominated sovereign debt held as collateral into U.S. dollar\euro deposits with same day liquidity, €250 million in Committed Repo (euro based) to have the ability to convert euro\U.S. dollar denominated sovereign debt deposits held as collateral into euro\U.S. dollar denominated deposits with same day liquidity, and €1.9 billion in Committed FX Facilities to have the ability to convert available U.S. dollar denominated cash into euro denominated cash to meet a euro denominated payment obligation with same day liquidity.
•ICE Clear U.S.: $250 million in Committed Repo to have the ability to convert U.S. dollar denominated sovereign debt deposits held as collateral into U.S. dollar deposits with same day liquidity.
•ICE Clear Netherlands: €10 million in Committed FX Facilities to have the ability to convert available non-euro denominated cash into euro denominated cash to meet euro denominated payment obligations with same day liquidity.
Details of our deposits are as follows (in millions):
Cash and Cash Equivalent Margin Deposits and Guaranty Funds
Clearing HouseInvestment TypeAs of June 30, 2024As of December 31, 2023
ICE Clear Europe
National bank account (1)
$5,721 $5,819 
ICE Clear EuropeReverse repo36,480 32,695 
ICE Clear EuropeSovereign debt3,888 3,745 
ICE Clear EuropeDemand deposits64 40 
ICE Clear CreditNational bank account20,157 22,754 
ICE Clear Credit Reverse repo4,687 5,381 
ICE Clear Credit Demand deposits2,921 3,235 
ICE Clear U.S.Reverse repo5,854 4,955 
ICE Clear U.S.Sovereign Debt347 347 
Other ICE Clearing HousesDemand deposits10 9 
Total cash and cash equivalent margin deposits and guaranty funds$80,129 $78,980 

Invested Deposits, Delivery Contracts Receivable and Unsettled Variation Margin
Clearing HouseInvestment TypeAs of June 30, 2024As of December 31, 2023
ICE NGXUnsettled variation margin and delivery contracts receivable$1,902 $1,584 
ICE Clear EuropeInvested deposits - sovereign debt98 230 
Total invested deposits, delivery contracts receivable and unsettled variation margin$2,000 $1,814 
(1)    As of June 30, 2024, ICE Clear Europe held £4.5 billion ($5.7 billion based on the pound sterling/U.S. dollar exchange rate of 1.2645 as of June 30, 2024) at the Bank of England, or BOE. As of December 31, 2023, ICE Clear Europe held €11 million ($12 million based on the euro/U.S. dollar exchange rate of 1.1037 as of December 31, 2023) at the ECB, £4.6 billion ($5.8 billion based on the pound sterling/U.S. dollar exchange rate of 1.2732 as of December 31, 2023) at the BOE and €10 million ($11 million based on the above exchange rate) at the BOE.
Other Deposits
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, European emission allowance certificates 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. These other deposits are not reflected in the consolidated balance sheets as the risks and rewards of these assets remain with the Members unless the clearing houses have sold or re-pledged the assets or in the event of a clearing member default, where the Member is no longer entitled to redeem the assets. Any income, gain or loss accrues to the Members. 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 June 30, 2024
ICE Clear
Europe
ICE Clear
Credit		ICE Clear U.S.ICE NGXTotal
Original margin:
Government securities at face value
$43,819 $30,143 $13,589 $— $87,551 
Letters of credit and other
— — — 5,019 5,019 
Emissions certificates at fair value
1,117 — — — 1,117 
ICE NGX cash deposits
— — — 1,036 1,036 
Total$44,936 $30,143 $13,589 $6,055 $94,723 
Guaranty fund:
Government securities at face value
$589 $1,293 $271 $— $2,153 
As of December 31, 2023
ICE Clear
Europe
ICE Clear
Credit		ICE Clear U.S.ICE NGXTotal
Original margin:
Government securities at face value
$45,698 $26,992 $13,062 $— $85,752 
Letters of credit and other
— — — 5,006 5,006 
Emissions certificates at fair value
904 — — — 904 
ICE NGX cash deposits
— — — 1,219 1,219 
Total$46,602 $26,992 $13,062 $6,225 $92,881 
Guaranty fund:
Government securities at face value
$765 $1,119 $345 $— $2,229 
ICE NGX
ICE NGX owns a clearing house which administers the physical delivery of energy and environmental 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 of its outstanding physical natural gas, physical environmental and physical power contracts to market daily, and requires full collateralization of net accrued variation losses. 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 and, therefore, it is not included in our consolidated balance sheets. ICE NGX maintains a committed daylight-overnight liquidity facility in the amount of $100 million with an additional $200 million uncommitted with a third-party Canadian chartered bank which provides liquidity in the event of a settlement shortfall, subject to certain conditions.
As of June 30, 2024, 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. ICE NGX has also set aside $30 million of its own capital that could be used for liquidity purposes in the event of a Contracting Party default.
Clearing House Exposure
The net notional value of unsettled contracts was $2.2 trillion as of June 30, 2024. Each ICE Clearing House bears financial counterparty credit risk and provides a central counterparty guarantee, or performance guarantee, to its Members. In its guarantor role, each ICE Clearing House has equal and offsetting claims to and from Members on opposite sides of each contract, standing as an intermediary on every contract cleared. To reduce their exposure, the ICE Clearing Houses have a risk management program with both initial and ongoing membership standards. With the exception of ICE NGX, the ICE Clearing Houses mark all outstanding contracts to market and pay and collect variation margin at least once daily.
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 would be the intra-day or full day change in fair value if all Members who have open positions with unrealized losses simultaneously defaulted, which is an extremely unlikely scenario. The levels of original margin are calibrated such that a portfolio the ICE Clearing House may be required to liquidate post Member default can be closed or auctioned without recourse to resources other than those deposited by the defaulting Member, assuming an appropriate risk confidence level and liquidation period. In addition to the base margin model, each ICE Clearing House, depending on its products, employs a number of margin add-ons related to position concentration, clearing member capital, volatility, spread responses, recovery rate sensitivity, jump-to-default, and wrong way risk.
We also performed calculations to determine the fair value of our counterparty performance guarantee taking into consideration factors such as daily settlement of contracts, margining and collateral requirements, other elements of our risk management program, historical evidence of default payments, and estimated probability of potential default payouts by the ICE Clearing Houses. Based on these analyses, the estimated counterparty performance guarantee liability was determined to be nominal, and no liability was recorded as of June 30, 2024. The ICE Clearing Houses have never experienced an incident of a clearing member default which has required the use of the guaranty funds of non-defaulting clearing members or the assets of the ICE Clearing Houses.
v3.24.2.u1
Legal Proceedings
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings Legal Proceedings
In 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 PennyMac Arbitration matter described below and those described in Note 16 to the consolidated financial statements in Part II, Item 8 of our 2023 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 16 to the consolidated financial statements in Part II, Item 8 of our 2023 Form 10-K. Individual matter disclosures in this Form 10-Q are limited to new significant matters or significant updates on existing matters since the 2023 Form 10-K.
PennyMac Arbitration Update
In this matter, an American Arbitration Association arbitrator found, among other things, that PennyMac, in developing its Servicing Systems Environment, or SSE, software, engaged in the unauthorized use of Black Knight’s confidential information and granted Black Knight’s breach of contract claim on this basis. The arbitrator entered a final award of $157 million in favor of Black Knight on January 12, 2024. On February 14, 2024, PennyMac paid Black Knight $160 million in satisfaction of the final award (inclusive of applicable interest). In the same arbitration, PennyMac also brought claims under the Sherman and Clayton Acts, seeking $65 million in damages, subject to trebling. The arbitrator awarded PennyMac zero dollars in damages on its claims. The arbitrator also found unenforceable a legacy provision in Black Knight contracts preventing clients from servicing loans on multiple systems simultaneously. Black Knight never enforced that provision against any customer and has alerted current customers that this provision will not be enforced in the future.
For further information on our legal and regulatory matters, please see Note 16 to the consolidated financial statements in Part II, Item 8 of our 2023 Form 10-K.
v3.24.2.u1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
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 consolidated balance sheets as of June 30, 2024 and December 31, 2023 were classified in their entirety based on the lowest level of input that is significant to the asset or liability’s fair value measurement.
Recurring Fair Value Measurements
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 our 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.
Excluding our equity investments without a readily determinable fair value, all other financial instruments are determined to approximate carrying value due to the short period of time to their maturities.
As described in Note 3, we measured the right to receive the net proceeds of the sale of the Promissory Note obtained in connection with the Optimal Blue sale using Level 3 inputs. In February 2024, the FTC approved the buyer of the Promissory Note, and we completed the sale of the Promissory Note and received the $75 million of proceeds thereafter. Subsequent to the sale and as of June 30, 2024, we did not use Level 3 inputs to determine the fair value of assets or liabilities measured at fair value on a recurring basis.
See Note 12 for the fair value considerations related to our margin deposits, guaranty funds and delivery contracts receivable.
Non-Recurring Fair Value Measurements
We measure certain assets, such as intangible assets and equity investments, including 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 December 31, 2023, certain equity method investments were measured at fair value on a non-recurring basis. As of June 30, 2024, with the exception of a $3 million impairment of a developed technology intangible asset recorded during the three months ended March 31, 2024 within the Exchanges segment, none of our intangible assets or equity method investments 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 ASC 321, Investments - Equity Securities. During the six months ended June 30, 2024, we evaluated these investments and determined that with the exception of a fair value loss on our investments of $3 million, which we recorded during the three months ended March 31, 2024 within other income/(expense), net, in the consolidated statement of income, no other adjustments were necessary. As of June 30, 2024, the carrying amount of our investments without readily determinable fair values was $91 million.
Financial Instruments Not Measured at Fair Value
The table below displays the fair value of our debt as of June 30, 2024. The fair values of our fixed rate notes were estimated using Level 2 inputs including 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 June 30, 2024.
As of June 30, 2024
(in millions)
Debt:
Carrying Amount
Fair value
Commercial Paper$1,987 $1,987 
2025 Senior Notes (3.65%; unsecured due May 23, 2025)
1,247 1,230 
2025 Senior Notes (3.75%; unsecured due December 1, 2025)
1,249 1,222 
2027 Senior Notes (4.00%; unsecured due September 15, 2027)
1,490 1,451 
2027 Senior Notes (3.10%; unsecured due September 15, 2027)
498 470 
2028 Senior Notes (3.625%; unsecured due September 1, 2028)
929 943 
2028 Senior Notes (3.75%; unsecured due September 21, 2028)
596 572 
2029 Senior Notes (4.35%; unsecured due June 15, 2029)
1,242 1,211 
2030 Senior Notes (2.10%; unsecured due June 15, 2030)
1,239 1,061 
2031 Senior Notes (5.25%; unsecured due June 15, 2031)
743 756 
2032 Senior Notes (1.85%; unsecured due September 15, 2032)
1,487 1,164 
2033 Senior Notes (4.60%; unsecured due March 15, 2033)
1,490 1,433 
2040 Senior Notes (2.65%; unsecured due September 15, 2040)
1,233 869 
2048 Senior Notes (4.25%; unsecured due September 21, 2048)
1,232 1,026 
2050 Senior Notes (3.00%; unsecured due June 15, 2050)
1,223 813 
2052 Senior Notes (4.95%; unsecured due June 15, 2052)
1,466 1,367 
2060 Senior Notes (3.00%; unsecured due September 15, 2060)
1,472 898 
2062 Senior Notes (5.20%; unsecured due June 15, 2062)
984 933 
Total debt
$21,807 $19,406 
v3.24.2.u1
Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our business is conducted through three reportable business segments:
•Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses;
•Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services as well as global CDS clearing and multi-asset class data delivery technology; and
•Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing 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 six and three months ended June 30, 2024 and 2023 (in millions):
Six Months Ended June 30, 2024
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$926 $— $— $926 
Agricultural and metals futures and options143 — — 143 
Financial futures and options267 — — 267 
Cash equities and equity options1,301 — — 1,301 
OTC and other 204 — — 204 
Data and connectivity services475 — — 475 
Listings244 — — 244 
Fixed income execution— 56 — 56 
CDS clearing— 171 — 171 
Fixed income data and analytics— 581 — 581 
Other data and network services— 325 — 325 
Origination technology— — 354 354 
Closing solutions— — 96 96 
Servicing software— — 426 426 
Data and analytics— — 129 129 
Revenues3,560 1,133 1,005 5,698 
Transaction-based expenses1,091 — — 1,091 
Revenues, less transaction-based expenses2,469 1,133 1,005 4,607 
Operating expenses682 711 1,085 2,478 
Operating income/(loss)$1,787 $422 $(80)$2,129 
Three Months Ended June 30, 2024
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$469 $— $— $469 
Agricultural and metals futures and options71 — — 71 
Financial futures and options132 — — 132 
Cash equities and equity options691 — — 691 
OTC and other101 — — 101 
Data and connectivity services240 — — 240 
Listings122 — — 122 
Fixed income execution— 30 — 30 
CDS clearing— 78 — 78 
Fixed income data and analytics— 293 — 293 
Other data and network services— 164 — 164 
Origination technology— — 180 180 
Closing solutions— — 52 52 
Servicing software— — 212 212 
Data and analytics— — 62 62 
Revenues1,826 565 506 2,897 
Transaction-based expenses580 — — 580 
Revenues, less transaction-based expenses1,246 565 506 2,317 
Operating expenses356 357 538 1,251 
Operating income/(loss)$890 $208 $(32)$1,066 
Six Months Ended June 30, 2023
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$700 $— $— $700 
Agricultural and metals futures and options147 — — 147 
Financial futures and options232 — — 232 
Cash equities and equity options1,215 — — 1,215 
OTC and other 205 — — 205 
Data and connectivity services463 — — 463 
Listings252 — — 252 
Fixed income execution— 60 — 60 
CDS clearing— 185 — 185 
Fixed income data and analytics— 553 — 553 
Other data and network services— 311 — 311 
Origination technology— — 352 352 
Closing solutions— — 88 88 
Servicing software— — — — 
Data and analytics— — 45 45 
Revenues3,214 1,109 485 4,808 
Transaction-based expenses1,024 — — 1,024 
Revenues, less transaction-based expenses2,190 1,109 485 3,784 
Operating expenses631 699 530 1,860 
Operating income/(loss)$1,559 $410 $(45)$1,924 
Three Months Ended June 30, 2023
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$355 $— $— $355 
Agricultural and metals futures and options77 — — 77 
Financial futures and options104 — — 104 
Cash equities and equity options544 — — 544 
OTC and other104 — — 104 
Data and connectivity services231 — — 231 
Listings126 — — 126 
Fixed income execution— 28 — 28 
CDS clearing— 84 — 84 
Fixed income data and analytics— 277 — 277 
Other data and network services— 157 — 157 
Origination technology— — 178 178 
Closing solutions— — 47 47 
Servicing software— — — — 
Data and analytics— — 24 24 
Revenues1,541 546 249 2,336 
Transaction-based expenses448 — — 448 
Revenues, less transaction-based expenses1,093 546 249 1,888 
Operating expenses311 356 266 933 
Operating income/(loss)$782 $190 $(17)$955 
Revenues from one member of the Exchanges segment comprised $274 million, or 11%, and $117 million, or 9%, of our Exchange revenues, less transaction-based expenses for the six and three months ended June 30, 2024, respectively. Revenues from one member of the Exchanges segment comprised $254 million, or 12%, and $130 million, or 12%, of our Exchange revenues, less transaction-based expenses for the six and three months ended June 30, 2023, 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 six and three months ended June 30, 2024 or 2023.
v3.24.2.u1
Earnings Per Common Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Common Share Earnings Per Common Share
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the six and three months ended June 30, 2024 and 2023 (in millions, except per share amounts):
Six Months Ended June 30,
Three Months Ended June 30,
2024202320242023
Basic:
Net income attributable to Intercontinental Exchange, Inc.$1,399 $1,454 $632 $799 
Weighted average common shares outstanding
573 560 573 560 
Basic earnings per common share$2.44 $2.60 $1.10 $1.43 
Diluted:
Weighted average common shares outstanding
573 560 573 560 
Effect of dilutive securities - stock options and restricted stock2 1 2 1 
Diluted weighted average common shares outstanding
575 561 575 561 
Diluted earnings per common share$2.43 $2.59 $1.10 $1.42 
Basic earnings per common share is calculated using the weighted average common shares outstanding during the period.
Common equivalent shares from stock options and restricted stock awards, calculated using the treasury stock method, are included in the diluted per share calculations unless the effect of their inclusion would be antidilutive. During both the six months ended June 30, 2024 and 2023, 1 million outstanding stock options and restricted stock awards were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect.
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
We have evaluated subsequent events and determined that no events or transactions met the definition of a subsequent event for purposes of recognition or disclosure in the consolidated financial statements.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income attributable to Intercontinental Exchange, Inc. $ 632 $ 799 $ 1,399 $ 1,454
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 30, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Judith A. Sprieser [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On May 28, 2024, Judith A. Sprieser, one of our directors, adopted a trading plan for the sale of shares of ICE common stock, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan expires on the earlier of (i) December 31, 2024 or (ii) upon the completion of the sale of the maximum number of shares under the plan. The aggregate number of shares to be sold under the plan is 2,600 shares.
Name Judith A. Sprieser  
Title directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 28, 2024  
Expiration Date December 31, 2024  
Arrangement Duration 217 days  
Aggregate Available 2,600 2,600
Martha A. Tirinnanzi [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On May 24, 2024, Martha A. Tirinnanzi, one of our directors, adopted a trading plan for the sale of shares of ICE common stock, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan expires on the earlier of (i) April 30, 2025 or (ii) upon the completion of the sale of the maximum number of shares under the plan. The aggregate number of shares to be sold under the plan is 1,018 shares.
Name Martha A. Tirinnanzi  
Title directors  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date May 24, 2024  
Expiration Date April 30, 2025  
Arrangement Duration 341 days  
Aggregate Available 1,018 1,018
Jeffrey C. Sprecher [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On June 7, 2024, Jeffrey C. Sprecher, our Chair and Chief Executive Officer, adopted a trading plan for the sale of shares of ICE common stock for himself and Continental Power Exchange, Inc., or CPEX, of which he owns 100% of the equity interests. The plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan expires on the earlier of (i) August 31, 2025; or (ii) upon the completion of the sale of the maximum number of shares under the plan. The aggregate number of shares held by Mr. Sprecher directly to be sold under the plan is 203,206 shares plus an undetermined number of shares to be sold resulting from the vesting of performance-based restricted stock units less the amount of shares that will be withheld to satisfy the payment of Mr. Sprecher's tax withholding obligations. The aggregate number of shares held by CPEX to be sold under the plan is 600,000 shares.
Name Jeffrey C. Sprecher  
Title Chair and Chief Executive Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date June 7, 2024  
Expiration Date August 31, 2025  
Arrangement Duration 450 days  
Stuart G. Williams [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   On June 10, 2024, Stuart G. Williams, our Chief Operating Officer, adopted a trading plan for the sale of shares of ICE common stock, which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan expires on the earlier of (i) December 31, 2024 or (ii) upon the completion of the sale of the maximum number of shares under the plan. The aggregate number of shares to be sold under the plan is 750 shares plus an undetermined number of shares to be sold resulting from the vesting of performance-based restricted stock units less the amount of shares that will be withheld to satisfy the payment of Mr. Williams' tax withholding obligations.
Name Stuart G. Williams  
Title Chief Operating Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date June 10, 2024  
Expiration Date December 31, 2024  
Arrangement Duration 204 days  
Aggregate Available 750 750
Sprecher Trading Arrangement Plan [Member] | Jeffrey C. Sprecher [Member]    
Trading Arrangements, by Individual    
Aggregate Available 203,206 203,206
CPEX Trading Arrangement Plan [Member] | Jeffrey C. Sprecher [Member]    
Trading Arrangements, by Individual    
Aggregate Available 600,000 600,000
v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The unaudited consolidated financial statements have been prepared 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 notes 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, 2023. The 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 notes. Actual amounts could differ from those estimates. The results of operations for the six and three months ended June 30, 2024 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 macroeconomic conditions during the quarter, including interest rates, the inflationary environment, election outcomes, geopolitical events and military conflicts, including repercussions from the conflicts in Ukraine, Israel and Gaza and the impacts that any of the foregoing may have on the global economy and on our business. As of June 30, 2024, 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 current macroeconomic environment 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 six months ended June 30, 2024, 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, 2023, or the 2023 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 consolidated 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. 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.
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. 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.
Refer to Notes 2 and 5 to the consolidated financial statements included in Part II, Item 8 of our 2023 Form 10-K where we describe our revenue recognition accounting policies and our primary revenue contract classifications in detail.
v3.24.2.u1
Acquisitions and Divestitures (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Estimated Fair Value of the Consideration
The estimated net fair value of the consideration transferred for Black Knight was approximately $11.4 billion as of the acquisition date, which consisted of the following (in millions):
Transaction Consideration
Cash$10,542 
ICE common stock*1,274 
Converted vested Black Knight awards22 
Total preliminary purchase price
$11,838 
Less: Divestitures(476)
Total net preliminary purchase price$11,362 
*Fair value of the ICE common stock is based on the ICE closing stock price on September 1, 2023, the last business day prior to the acquisition close.
Schedule of Preliminary Purchase Price Allocation The preliminary net purchase price allocation is as follows (in millions):
Net Preliminary Purchase Price Allocation
Cash and cash equivalents
$108 
Property and equipment
120 
Goodwill
9,421 
 Identifiable intangibles4,948 
Debt acquired(2,397)
 Other assets and liabilities, net62 
Deferred tax liabilities on identifiable intangibles
(1,266)
Other deferred tax assets366 
Net preliminary purchase price$11,362 
Schedule of Components of the Preliminary Intangible Assets Associated with the Acquisition
The following table sets forth the components of the preliminary intangible assets associated with the acquisition as of June 30, 2024 (in millions, except years):
Acquisition-Date Preliminary Fair Value
Weighted average life (Years)
Developed Technology
$1,176 10
Trademarks/Tradenames
159 19
Customer Relationships
3,034 13
Data and Databases579 10
Total
$4,948 12
Schedule of Business Acquisition Pro Forma Information
 
Six Months Ended June 30, 2023
Three Months Ended June 30, 2023
Total revenues, less transaction-based expenses$4,344 $2,169 
Net income attributable to ICE$1,281 $737 
v3.24.2.u1
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue Recognition
The following table depicts the disaggregation of our revenues 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 SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2024:
Total revenues (1)
$3,560 $1,133 $1,005 $5,698 
Transaction-based expenses1,091 — — 1,091 
Total revenues, less transaction-based expenses$2,469 $1,133 $1,005 $4,607 
Timing of Revenue Recognition
Services transferred at a point in time$1,499 $212 $220 $1,931 
Services transferred over time970 921 785 2,676 
Total revenues, less transaction-based expenses$2,469 $1,133 $1,005 $4,607 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $47 million and $72 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2024:
Total revenues (1)
$1,826 $565 $506 $2,897 
Transaction-based expenses580 — — 580 
Total revenues, less transaction-based expenses$1,246 $565 $506 $2,317 
Timing of Revenue Recognition
Services transferred at a point in time$757 $101 $114 $972 
Services transferred over time489 464 392 1,345 
Total revenues, less transaction-based expenses$1,246 $565 $506 $2,317 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $23 million and $34 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Six Months Ended June 30, 2023:
Total revenues (1)
$3,214 $1,109 $485 $4,808 
Transaction-based expenses1,024 — — 1,024 
Total revenues, less transaction-based expenses$2,190 $1,109 $485 $3,784 
Timing of Revenue Recognition
Services transferred at a point in time$1,263 $229 $148 $1,640 
Services transferred over time927 880 337 2,144 
Total revenues, less transaction-based expenses$2,190 $1,109 $485 $3,784 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $44 million and $78 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended June 30, 2023:
Total revenues (1)
$1,541 $546 $249 $2,336 
Transaction-based expenses448 — — 448 
Total revenues, less transaction-based expenses$1,093 $546 $249 $1,888 
Timing of Revenue Recognition
Services transferred at a point in time$628 $106 $81 $815 
Services transferred over time465 440 168 1,073 
Total revenues, less transaction-based expenses$1,093 $546 $249 $1,888 
(1) Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $20 million and $41 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.
The components of services transferred over time for each of our segments are as follows:
Six Months Ended June 30,
Three Months Ended June 30,
 2024202320242023
Exchanges Segment:
Data services revenues
$475 $463 $240 $231 
Services transferred over time related to risk management of open interest performance obligations
187 151 94 75 
Services transferred over time related to listings244 252 122 126 
Services transferred over time related to regulatory fees, trading permits, and software licenses64 61 33 33 
Total
$970 $927 $489 $465 
Fixed Income Data Services Segment:
Data services revenues$906 $864 $457 $434 
Services transferred over time related to risk management of open interest performance obligations in our CDS business15 16 7 6 
Total
$921 $880 $464 $440 
Mortgage Technology Segment:
Recurring revenues$777 $329 $387 $164 
Other8 8 5 4 
Total$785 $337 $392 $168 
Total consolidated revenues transferred over time$2,676 $2,144 $1,345 $1,073 
v3.24.2.u1
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedules of Intangible Assets and Goodwill
The following is a summary of the activity in our goodwill balance by segment for the six months ended June 30, 2024 (in millions):
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Goodwill balance at December 31, 2023
$8,155 $4,854 $17,544 $30,553 
Acquisition— — 5 5 
Foreign currency translation(8)(1)— (9)
Other activity, net
— — 4 4 
Goodwill balance at June 30, 2024
$8,147 $4,853 $17,553 $30,553 

The following is a summary of the activity in our other intangible assets balance for the six months ended June 30, 2024 (in millions):
Other intangible assets balance at December 31, 2023
$17,317 
Acquisition
3 
Foreign currency translation
(9)
Amortization of other intangible assets
(506)
Other intangible assets balance at June 30, 2024
$16,805 
v3.24.2.u1
Deferred Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Changes in Deferred Revenue The changes in our deferred revenue during the six months ended June 30, 2024 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2024$108 $93 $106 $307 
Additions475 265 66 806 
Amortization
(244)(191)(76)(511)
Deferred revenue balance at June 30, 2024
$339 $167 $96 $602 
The changes in our deferred revenue during the six months ended June 30, 2023 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2023$115 $88 $51 $254 
Additions
474 236 32 742 
Amortization
(252)(175)(40)(467)
Deferred revenue balance at June 30, 2023
$337 $149 $43 $529 
v3.24.2.u1
Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Total Debt
The carrying value of our total debt, including short-term and long-term debt, consisted of the following (in millions):
As of June 30, 2024As of December 31, 2023
Short-term debt:
Commercial Paper$1,987 $1,954 
2025 Senior Notes (3.65%; unsecured due May 23, 2025)
1,247 — 
Total short-term debt3,234 1,954 
Long-term debt:
2025 Term Loan due August 31, 2025— 1,600 
2025 Senior Notes (3.65%; unsecured due May 23, 2025)
— 1,246 
2025 Senior Notes (3.75%; unsecured due December 1, 2025)
1,249 1,248 
2027 Senior Notes (4.00%; unsecured due September 15, 2027)
1,490 1,489 
2027 Senior Notes (3.10%; unsecured due September 15, 2027)
498 498 
2028 Senior Notes (3.625%; unsecured due September 1, 2028)
929 920 
2028 Senior Notes (3.75%; unsecured due September 21, 2028)
596 596 
2029 Senior Notes (4.35%; unsecured due June 15, 2029)
1,242 1,241 
2030 Senior Notes (2.10%; unsecured due June 15, 2030)
1,239 1,238 
2031 Senior Notes (5.25%; unsecured due June 15, 2031)
743 — 
2032 Senior Notes (1.85%; unsecured due September 15, 2032)
1,487 1,486 
2033 Senior Notes (4.60%; unsecured due March 15, 2033)
1,490 1,489 
2040 Senior Notes (2.65%; unsecured due September 15, 2040)
1,233 1,232 
2048 Senior Notes (4.25%; unsecured due September 21, 2048)
1,232 1,232 
2050 Senior Notes (3.00%; unsecured due June 15, 2050)
1,223 1,222 
2052 Senior Notes (4.95%; unsecured due June 15, 2052)
1,466 1,466 
2060 Senior Notes (3.00%; unsecured due September 15, 2060)
1,472 1,472 
2062 Senior Notes (5.20%; unsecured due June 15, 2062)
984 984 
Total long-term debt18,573 20,659 
Total debt$21,807 $22,613 
v3.24.2.u1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Stock Options Valuation Assumptions During the six months ended June 30, 2024 and 2023, we used the assumptions in the table below to compute the value:
Six Months Ended June 30,
Assumptions:20242023
Risk-free interest rate
4.14%3.47%
Expected life in years
6.06.1
Expected volatility
24%24%
Expected dividend yield
1.33%1.56%
Estimated weighted-average fair value of options granted per share
$37.56$27.39
v3.24.2.u1
Equity (Tables)
 6 Months Ended
Jun. 30, 2024
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 adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of December 31, 2023
$(230)$2 $(66)$(294)
Other comprehensive income/(loss)(22)9 — (13)
Income tax expense— (2)— (2)
Net current period other comprehensive income/(loss)(22)7 — (15)
Balance, as of June 30, 2024
$(252)$9 $(66)$(309)
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of March 31, 2024
$(248)$9 $(66)$(305)
Other comprehensive loss(4)— — (4)
Income tax expense— — — — 
Net current period other comprehensive loss(4)— — (4)
Balance, as of June 30, 2024
$(252)$9 $(66)$(309)
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of December 31, 2022
$(278)$2 $(55)$(331)
Other comprehensive income47 — — 47 
Income tax benefit/(expense)— — — — 
Net current period other comprehensive income47 — — 47 
Balance, as of June 30, 2023
$(231)$2 $(55)$(284)
Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of March 31, 2023
$(262)$2 $(55)$(315)
Other comprehensive income31 — — 31 
Income tax benefit/(expense)— — — — 
Net current period other comprehensive income31 — — 31 
Balance, as of June 30, 2023
$(231)$2 $(55)$(284)
v3.24.2.u1
Clearing Operations (Tables)
 6 Months Ended
Jun. 30, 2024
Broker-Dealer [Abstract]  
Schedule of Guaranty Fund Contribution
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 HouseProducts ClearedExchange where ExecutedLocation
ICE Clear EuropeEnergy, agricultural, interest rates and equity index futures and options contractsICE Futures Europe, ICE Futures U.S., ICE Endex, ICE Futures Abu Dhabi and third-party venuesU.K.
ICE Clear U.S.Agricultural, metals, foreign exchange, or FX, interest rate and equity index futures and/or options contractsICE Futures U.S.U.S.
ICE Clear CreditOTC North American, European, Asian-Pacific and Emerging Market CDS instrumentsCreditex and third-party venuesU.S.
ICE Clear NetherlandsDerivatives on equities and equity indices traded on regulated marketsICE EndexThe Netherlands
ICE Clear SingaporeEnergy, metals and financial futures products ICE Futures Singapore Singapore
ICE NGXPhysical North American natural gas, environmental commodities and physical and financial electricityICE NGXCanada
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 ContributionDefault insurance
Clearing HouseAs of June 30, 2024As of December 31, 2023As of June 30, 2024As of December 31, 2023
ICE Clear Europe$197$197$100$100
ICE Clear U.S.75 75 25 25 
ICE Clear Credit50 50 75 75 
ICE Clear Netherlands2 2 N/AN/A
ICE Clear Singapore1 1 N/AN/A
ICE NGX45 15 200 200 
Total$370$340$400$400
Schedule of Cash and Invested Deposits As of June 30, 2024, our cash and invested margin deposits were as follows (in millions):
ICE Clear EuropeICE Clear
Credit		ICE Clear U.S.ICE NGXOther ICE Clearing HousesTotal
Original margin
$43,777 $24,477 $5,580 $— $5 $73,839 
Unsettled variation margin, net
— — — 1,506 — 1,506 
Guaranty fund
2,474 3,288 621 — 5 6,388 
Delivery contracts receivable/payable, net
— — — 396 — 396 
Total
$46,251 $27,765 $6,201 $1,902 $10 $82,129 

As of December 31, 2023, our cash and invested margin deposits were as follows (in millions):
ICE Clear EuropeICE Clear
Credit		ICE Clear U.S.ICE NGXOther ICE Clearing HousesTotal
Original margin
$40,170 $28,353 $4,693 $— $5 $73,221 
Unsettled variation margin, net
— — — 984 — 984 
Guaranty fund
2,358 3,017 609 — 5 5,989 
Delivery contracts receivable/payable, net
— — — 600 — 600 
Total
$42,528 $31,370 $5,302 $1,584 $10 $80,794 
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 HouseInvestment TypeAs of June 30, 2024As of December 31, 2023
ICE Clear Europe
National bank account (1)
$5,721 $5,819 
ICE Clear EuropeReverse repo36,480 32,695 
ICE Clear EuropeSovereign debt3,888 3,745 
ICE Clear EuropeDemand deposits64 40 
ICE Clear CreditNational bank account20,157 22,754 
ICE Clear Credit Reverse repo4,687 5,381 
ICE Clear Credit Demand deposits2,921 3,235 
ICE Clear U.S.Reverse repo5,854 4,955 
ICE Clear U.S.Sovereign Debt347 347 
Other ICE Clearing HousesDemand deposits10 9 
Total cash and cash equivalent margin deposits and guaranty funds$80,129 $78,980 

Invested Deposits, Delivery Contracts Receivable and Unsettled Variation Margin
Clearing HouseInvestment TypeAs of June 30, 2024As of December 31, 2023
ICE NGXUnsettled variation margin and delivery contracts receivable$1,902 $1,584 
ICE Clear EuropeInvested deposits - sovereign debt98 230 
Total invested deposits, delivery contracts receivable and unsettled variation margin$2,000 $1,814 
(1)    As of June 30, 2024, ICE Clear Europe held £4.5 billion ($5.7 billion based on the pound sterling/U.S. dollar exchange rate of 1.2645 as of June 30, 2024) at the Bank of England, or BOE. As of December 31, 2023, ICE Clear Europe held €11 million ($12 million based on the euro/U.S. dollar exchange rate of 1.1037 as of December 31, 2023) at the ECB, £4.6 billion ($5.8 billion based on the pound sterling/U.S. dollar exchange rate of 1.2732 as of December 31, 2023) at the BOE and €10 million ($11 million based on the above exchange rate) at the BOE.
Schedule of Assets Pledged by Clearing Members as Original Margin and Guaranty Fund Deposits These pledged assets are not reflected in our balance sheets, and are as follows (in millions):
 As of June 30, 2024
ICE Clear
Europe
ICE Clear
Credit		ICE Clear U.S.ICE NGXTotal
Original margin:
Government securities at face value
$43,819 $30,143 $13,589 $— $87,551 
Letters of credit and other
— — — 5,019 5,019 
Emissions certificates at fair value
1,117 — — — 1,117 
ICE NGX cash deposits
— — — 1,036 1,036 
Total$44,936 $30,143 $13,589 $6,055 $94,723 
Guaranty fund:
Government securities at face value
$589 $1,293 $271 $— $2,153 
As of December 31, 2023
ICE Clear
Europe
ICE Clear
Credit		ICE Clear U.S.ICE NGXTotal
Original margin:
Government securities at face value
$45,698 $26,992 $13,062 $— $85,752 
Letters of credit and other
— — — 5,006 5,006 
Emissions certificates at fair value
904 — — — 904 
ICE NGX cash deposits
— — — 1,219 1,219 
Total$46,602 $26,992 $13,062 $6,225 $92,881 
Guaranty fund:
Government securities at face value
$765 $1,119 $345 $— $2,229 
v3.24.2.u1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
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 Level 2 inputs including 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 June 30, 2024.
As of June 30, 2024
(in millions)
Debt:
Carrying Amount
Fair value
Commercial Paper$1,987 $1,987 
2025 Senior Notes (3.65%; unsecured due May 23, 2025)
1,247 1,230 
2025 Senior Notes (3.75%; unsecured due December 1, 2025)
1,249 1,222 
2027 Senior Notes (4.00%; unsecured due September 15, 2027)
1,490 1,451 
2027 Senior Notes (3.10%; unsecured due September 15, 2027)
498 470 
2028 Senior Notes (3.625%; unsecured due September 1, 2028)
929 943 
2028 Senior Notes (3.75%; unsecured due September 21, 2028)
596 572 
2029 Senior Notes (4.35%; unsecured due June 15, 2029)
1,242 1,211 
2030 Senior Notes (2.10%; unsecured due June 15, 2030)
1,239 1,061 
2031 Senior Notes (5.25%; unsecured due June 15, 2031)
743 756 
2032 Senior Notes (1.85%; unsecured due September 15, 2032)
1,487 1,164 
2033 Senior Notes (4.60%; unsecured due March 15, 2033)
1,490 1,433 
2040 Senior Notes (2.65%; unsecured due September 15, 2040)
1,233 869 
2048 Senior Notes (4.25%; unsecured due September 21, 2048)
1,232 1,026 
2050 Senior Notes (3.00%; unsecured due June 15, 2050)
1,223 813 
2052 Senior Notes (4.95%; unsecured due June 15, 2052)
1,466 1,367 
2060 Senior Notes (3.00%; unsecured due September 15, 2060)
1,472 898 
2062 Senior Notes (5.20%; unsecured due June 15, 2062)
984 933 
Total debt
$21,807 $19,406 
v3.24.2.u1
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
Financial data for our business segments is as follows for the six and three months ended June 30, 2024 and 2023 (in millions):
Six Months Ended June 30, 2024
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$926 $— $— $926 
Agricultural and metals futures and options143 — — 143 
Financial futures and options267 — — 267 
Cash equities and equity options1,301 — — 1,301 
OTC and other 204 — — 204 
Data and connectivity services475 — — 475 
Listings244 — — 244 
Fixed income execution— 56 — 56 
CDS clearing— 171 — 171 
Fixed income data and analytics— 581 — 581 
Other data and network services— 325 — 325 
Origination technology— — 354 354 
Closing solutions— — 96 96 
Servicing software— — 426 426 
Data and analytics— — 129 129 
Revenues3,560 1,133 1,005 5,698 
Transaction-based expenses1,091 — — 1,091 
Revenues, less transaction-based expenses2,469 1,133 1,005 4,607 
Operating expenses682 711 1,085 2,478 
Operating income/(loss)$1,787 $422 $(80)$2,129 
Three Months Ended June 30, 2024
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$469 $— $— $469 
Agricultural and metals futures and options71 — — 71 
Financial futures and options132 — — 132 
Cash equities and equity options691 — — 691 
OTC and other101 — — 101 
Data and connectivity services240 — — 240 
Listings122 — — 122 
Fixed income execution— 30 — 30 
CDS clearing— 78 — 78 
Fixed income data and analytics— 293 — 293 
Other data and network services— 164 — 164 
Origination technology— — 180 180 
Closing solutions— — 52 52 
Servicing software— — 212 212 
Data and analytics— — 62 62 
Revenues1,826 565 506 2,897 
Transaction-based expenses580 — — 580 
Revenues, less transaction-based expenses1,246 565 506 2,317 
Operating expenses356 357 538 1,251 
Operating income/(loss)$890 $208 $(32)$1,066 
Six Months Ended June 30, 2023
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$700 $— $— $700 
Agricultural and metals futures and options147 — — 147 
Financial futures and options232 — — 232 
Cash equities and equity options1,215 — — 1,215 
OTC and other 205 — — 205 
Data and connectivity services463 — — 463 
Listings252 — — 252 
Fixed income execution— 60 — 60 
CDS clearing— 185 — 185 
Fixed income data and analytics— 553 — 553 
Other data and network services— 311 — 311 
Origination technology— — 352 352 
Closing solutions— — 88 88 
Servicing software— — — — 
Data and analytics— — 45 45 
Revenues3,214 1,109 485 4,808 
Transaction-based expenses1,024 — — 1,024 
Revenues, less transaction-based expenses2,190 1,109 485 3,784 
Operating expenses631 699 530 1,860 
Operating income/(loss)$1,559 $410 $(45)$1,924 
Three Months Ended June 30, 2023
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$355 $— $— $355 
Agricultural and metals futures and options77 — — 77 
Financial futures and options104 — — 104 
Cash equities and equity options544 — — 544 
OTC and other104 — — 104 
Data and connectivity services231 — — 231 
Listings126 — — 126 
Fixed income execution— 28 — 28 
CDS clearing— 84 — 84 
Fixed income data and analytics— 277 — 277 
Other data and network services— 157 — 157 
Origination technology— — 178 178 
Closing solutions— — 47 47 
Servicing software— — — — 
Data and analytics— — 24 24 
Revenues1,541 546 249 2,336 
Transaction-based expenses448 — — 448 
Revenues, less transaction-based expenses1,093 546 249 1,888 
Operating expenses311 356 266 933 
Operating income/(loss)$782 $190 $(17)$955 
v3.24.2.u1
Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Earnings Per Common Share
The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the six and three months ended June 30, 2024 and 2023 (in millions, except per share amounts):
Six Months Ended June 30,
Three Months Ended June 30,
2024202320242023
Basic:
Net income attributable to Intercontinental Exchange, Inc.$1,399 $1,454 $632 $799 
Weighted average common shares outstanding
573 560 573 560 
Basic earnings per common share$2.44 $2.60 $1.10 $1.43 
Diluted:
Weighted average common shares outstanding
573 560 573 560 
Effect of dilutive securities - stock options and restricted stock2 1 2 1 
Diluted weighted average common shares outstanding
575 561 575 561 
Diluted earnings per common share$2.43 $2.59 $1.10 $1.42 
v3.24.2.u1
Description of Business (Details)
 6 Months Ended
Jun. 30, 2024
segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of reportable segments 3
v3.24.2.u1
Acquisitions and Divestitures - Narrative (Details)
shares in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Dec. 31, 2023
USD ($)
Sep. 14, 2023
USD ($)
Sep. 05, 2023
USD ($)
trading_day
shares
Feb. 29, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Business Acquisition [Line Items]              
Proceeds from sale of Promissory Note           $ 75,000,000 $ 0
Black Knight, Inc. | Term Loan              
Business Acquisition [Line Items]              
Debt instrument, face amount   $ 500,000,000          
Debt instrument, term   40 years          
Interest rate, stated percentage   7.00%          
Long-term debt $ 75,000,000 $ 235,000,000          
Fair value, option, changes in fair value, gain (loss) $ 160,000,000            
Proceeds from sale of Promissory Note       $ 75,000,000      
Optimal Blue | Black Knight, Inc.              
Business Acquisition [Line Items]              
Disposal group, including discontinued operation, consideration   $ 241,000,000          
Black Knight, Inc.              
Business Acquisition [Line Items]              
Percentage of voting interests acquired     100.00%        
Preliminary purchase price     $ 11,838,000,000        
Cash     $ 10,542,000,000        
Equity interests issued and issuable (in shares) | shares     10.9        
Business combination, common stock, consecutive trading days | trading_day     10        
Business combination, common stock, trading days prior to closing | trading_day     3        
Total purchase price     $ 11,362,000,000        
Expected tax deductible amount     $ 186,000,000        
Revenue of acquiree since acquisition date         $ 266,000,000 536,000,000  
Business combination, pro forma information, operating expenses of acquire since acquisition date, actual         $ 275,000,000 $ 563,000,000  
v3.24.2.u1
Acquisitions and Divestitures - Schedule of Estimated Fair Value of the Consideration Transferred (Details) - Black Knight, Inc.
$ in Millions
Sep. 05, 2023
USD ($)
Business Acquisition [Line Items]  
Cash $ 10,542
ICE common stock 1,274
Converted vested Black Knight awards 22
Total preliminary purchase price 11,838
Less: Divestitures (476)
Total net preliminary purchase price $ 11,362
v3.24.2.u1
Acquisitions and Divestitures - Schedule of The Preliminary Purchase Price Allocation (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Sep. 05, 2023
Business Acquisition [Line Items]      
Goodwill $ 30,553 $ 30,553  
Black Knight, Inc.      
Business Acquisition [Line Items]      
Cash and cash equivalents     $ 108
Property and equipment     120
Goodwill     9,421
Identifiable intangibles     4,948
Debt acquired     (2,397)
Other assets and liabilities, net     62
Deferred tax liabilities on identifiable intangibles     (1,266)
Other deferred tax assets     366
Net preliminary purchase price     $ 11,362
v3.24.2.u1
Acquisitions and Divestitures - Schedule of Components of the Preliminary Intangible Assets Associated with the Acquisition (Details) - Black Knight, Inc.
$ in Millions
Sep. 05, 2023
USD ($)
Business Acquisition [Line Items]  
Identifiable intangibles $ 4,948
Useful life (in years) 12 years
Developed Technology  
Business Acquisition [Line Items]  
Finite-lived, gross $ 1,176
Useful life (in years) 10 years
Trademarks/Tradenames  
Business Acquisition [Line Items]  
Finite-lived, gross $ 159
Useful life (in years) 19 years
Customer Relationships  
Business Acquisition [Line Items]  
Finite-lived, gross $ 3,034
Useful life (in years) 13 years
Data and Databases  
Business Acquisition [Line Items]  
Finite-lived, gross $ 579
Useful life (in years) 10 years
v3.24.2.u1
Acquisitions and Divestitures - Business Acquisition Pro Forma Information (Details) - Black Knight, Inc. - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]    
Total revenues, less transaction-based expenses $ 2,169 $ 4,344
Net income attributable to ICE $ 737 $ 1,281
v3.24.2.u1
Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Feb. 29, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]            
Gains (losses) from equity method investments     $ (3) $ 0    
Equity securities without readily determinable fair value, amount $ 91   91      
Options Clearing Corporation            
Schedule of Equity Method Investments [Line Items]            
Gains (losses) from equity method investments $ 3 $ 30 $ 45 $ 65    
Ownership percentage 40.00%   40.00%      
Bakkt            
Schedule of Equity Method Investments [Line Items]            
Ownership percentage 55.00%   55.00%     64.00%
Aggregate cost         $ 10  
Carrying value of investments $ 19   $ 19      
Equity securities without readily determinable fair value, amount $ 141   $ 141      
v3.24.2.u1
Revenue Recognition - Schedule of Revenue Recognition (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Total revenues $ 2,897 $ 2,336 $ 5,698 $ 4,808
Transaction-based expenses 580 448 1,091 1,024
Total revenues, less transaction-based expenses 2,317 1,888 4,607 3,784
Data services revenues        
Disaggregation of Revenue [Line Items]        
Total revenues 240 231 475 463
Listings        
Disaggregation of Revenue [Line Items]        
Total revenues 122 126 244 252
Exchanges Segment        
Disaggregation of Revenue [Line Items]        
Total revenues 1,826 1,541 3,560 3,214
Transaction-based expenses 580 448 1,091 1,024
Total revenues, less transaction-based expenses 1,246 1,093 2,469 2,190
Exchanges Segment | Data services revenues        
Disaggregation of Revenue [Line Items]        
Total revenues 240 231 475 463
Exchanges Segment | Net Interest Income        
Disaggregation of Revenue [Line Items]        
Total revenues 23 20 47 44
Exchanges Segment | Listings        
Disaggregation of Revenue [Line Items]        
Total revenues 122 126 244 252
Fixed Income and Data Services Segment        
Disaggregation of Revenue [Line Items]        
Total revenues 565 546 1,133 1,109
Transaction-based expenses 0 0 0 0
Total revenues, less transaction-based expenses 565 546 1,133 1,109
Fixed Income and Data Services Segment | Data services revenues        
Disaggregation of Revenue [Line Items]        
Total revenues 0 0 0 0
Fixed Income and Data Services Segment | Net Interest Income        
Disaggregation of Revenue [Line Items]        
Total revenues 34 41 72 78
Fixed Income and Data Services Segment | Listings        
Disaggregation of Revenue [Line Items]        
Total revenues 0 0 0 0
Mortgage Technology Segment        
Disaggregation of Revenue [Line Items]        
Total revenues 506 249 1,005 485
Transaction-based expenses 0 0 0 0
Total revenues, less transaction-based expenses 506 249 1,005 485
Mortgage Technology Segment | Data services revenues        
Disaggregation of Revenue [Line Items]        
Total revenues 0 0 0 0
Mortgage Technology Segment | Listings        
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 972 815 1,931 1,640
Services transferred at a point in time | Exchanges Segment        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 757 628 1,499 1,263
Services transferred at a point in time | Fixed Income and Data Services Segment        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 101 106 212 229
Services transferred at a point in time | Mortgage Technology Segment        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 114 81 220 148
Services transferred over time        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 1,345 1,073 2,676 2,144
Services transferred over time | Exchanges Segment        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 489 465 970 927
Services transferred over time | Exchanges Segment | Data services revenues        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 240 231 475 463
Services transferred over time | Exchanges Segment | Services transferred over time related to risk management of open interest performance obligations        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 94 75 187 151
Services transferred over time | Exchanges Segment | Services transferred over time related to listings        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 122 126 244 252
Services transferred over time | Exchanges Segment | Services transferred over time related to regulatory fees, trading permits, and software licenses        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 33 33 64 61
Services transferred over time | Fixed Income and Data Services Segment        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 464 440 921 880
Services transferred over time | Fixed Income and Data Services Segment | Data services revenues        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 457 434 906 864
Services transferred over time | Fixed Income and Data Services Segment | Services transferred over time related to risk management of open interest performance obligations        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 7 6 15 16
Services transferred over time | Mortgage Technology Segment        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 392 168 785 337
Services transferred over time | Mortgage Technology Segment | Recurring revenues        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses 387 164 777 329
Services transferred over time | Mortgage Technology Segment | Other        
Disaggregation of Revenue [Line Items]        
Total revenues, less transaction-based expenses $ 5 $ 4 $ 8 $ 8
v3.24.2.u1
Revenue Recognition - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Remaining performance obligation, amount $ 3,800  
Contract assets $ 83 $ 80
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01    
Disaggregation of Revenue [Line Items]    
Revenue, remaining performance obligation, expected timing of satisfaction, period 6 months  
Remaining performance obligation, percentage 19.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01    
Disaggregation of Revenue [Line Items]    
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years  
Remaining performance obligation, percentage 73.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01    
Disaggregation of Revenue [Line Items]    
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years  
Remaining performance obligation, percentage 94.00%  
Fixed Income and Data Services Segment | Services transferred over time | Services transferred over time related to risk management of open interest performance obligations | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01    
Disaggregation of Revenue [Line Items]    
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 month  
v3.24.2.u1
Goodwill and Other Intangible Assets - Schedule of Goodwill Rollforward (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 30,553
Acquisition 5
Foreign currency translation (9)
Other activity, net 4
Goodwill, ending balance 30,553
Exchanges Segment  
Goodwill [Roll Forward]  
Goodwill, beginning balance 8,155
Acquisition 0
Foreign currency translation (8)
Other activity, net 0
Goodwill, ending balance 8,147
Fixed Income and Data Services Segment  
Goodwill [Roll Forward]  
Goodwill, beginning balance 4,854
Acquisition 0
Foreign currency translation (1)
Other activity, net 0
Goodwill, ending balance 4,853
Mortgage Technology Segment  
Goodwill [Roll Forward]  
Goodwill, beginning balance 17,544
Acquisition 5
Foreign currency translation 0
Other activity, net 4
Goodwill, ending balance $ 17,553
v3.24.2.u1
Goodwill and Other Intangible Assets - Schedule of Other Intangible Rollforward (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Finite-lived Intangible Assets [Roll Forward]  
Other intangible assets, beginning balance $ 17,317
Acquisition 3
Foreign currency translation (9)
Amortization of other intangible assets (506)
Other intangible assets, ending balance $ 16,805
v3.24.2.u1
Goodwill and Other Intangible Assets - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Developed technology | Exchanges Segment  
Finite-Lived Intangible Assets [Line Items]  
Impairment of assets $ 3
v3.24.2.u1
Deferred Revenue - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]            
Total deferred revenue $ 602 $ 529 $ 602 $ 529 $ 307 $ 254
Deferred revenue, current 497   497   $ 200  
Deferred revenue, noncurrent 105   105      
Revenue recognized $ 46 $ 36 $ 130 $ 103    
v3.24.2.u1
Deferred Revenue - Schedule of Changes in Deferred Revenue (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Disaggregation Of Revenue [Roll Forward]    
Beginning balance $ 307 $ 254
Additions 806 742
Amortization (511) (467)
Ending balance 602 529
Listings Revenues    
Disaggregation Of Revenue [Roll Forward]    
Beginning balance 108 115
Additions 475 474
Amortization (244) (252)
Ending balance 339 337
Data Services and Other Revenues    
Disaggregation Of Revenue [Roll Forward]    
Beginning balance 93 88
Additions 265 236
Amortization (191) (175)
Ending balance 167 149
Mortgage technology    
Disaggregation Of Revenue [Roll Forward]    
Beginning balance 106 51
Additions 66 32
Amortization (76) (40)
Ending balance $ 96 $ 43
v3.24.2.u1
Debt - Schedule of Total Debt (Details) - USD ($)
Jun. 30, 2024
Jun. 05, 2024
May 13, 2024
Dec. 31, 2023
Short-term debt:        
Commercial Paper $ 1,987,000,000     $ 1,954,000,000
Total short-term debt 3,234,000,000     1,954,000,000
Long-term debt:        
Total long-term debt 18,573,000,000     20,659,000,000
Total debt 21,807,000,000     22,613,000,000
2025 Senior Notes (3.65%; unsecured due May 23, 2025)        
Short-term debt:        
Senior notes 1,247,000,000     0
Line of Credit | 2025 Term Loan due August 31, 2025        
Long-term debt:        
Senior notes $ 0     1,600,000,000
Senior Notes | 2025 Senior Notes (3.65%; unsecured due May 23, 2025)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 3.65%      
Long-term debt:        
Senior notes $ 0     1,246,000,000
Total debt $ 1,247,000,000      
Senior Notes | 2025 Senior Notes (3.75%; unsecured due December 1, 2025)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 3.75%      
Long-term debt:        
Senior notes $ 1,249,000,000     1,248,000,000
Total debt $ 1,249,000,000      
Senior Notes | 2027 Senior Notes (4.00%; unsecured due September 15, 2027)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 4.00%      
Long-term debt:        
Senior notes $ 1,490,000,000     1,489,000,000
Total debt $ 1,490,000,000      
Senior Notes | 2027 Senior Notes (3.10%; unsecured due September 15, 2027)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 3.10%      
Long-term debt:        
Senior notes $ 498,000,000     498,000,000
Total debt $ 498,000,000      
Senior Notes | 2028 Senior Notes (3.625%; unsecured due September 1, 2028)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 3.625% 3.625%    
Long-term debt:        
Senior notes $ 929,000,000 $ 1,000,000,000   920,000,000
Total debt $ 929,000,000      
Senior Notes | 2028 Senior Notes (3.75%; unsecured due September 21, 2028)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 3.75%      
Long-term debt:        
Senior notes $ 596,000,000     596,000,000
Total debt $ 596,000,000      
Senior Notes | 2029 Senior Notes (4.35%; unsecured due June 15, 2029)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 4.35%      
Long-term debt:        
Senior notes $ 1,242,000,000     1,241,000,000
Total debt $ 1,242,000,000      
Senior Notes | 2030 Senior Notes (2.10%; unsecured due June 15, 2030)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 2.10%      
Long-term debt:        
Senior notes $ 1,239,000,000     1,238,000,000
Total debt $ 1,239,000,000      
Senior Notes | 2031 Senior Notes (5.25%; unsecured due June 15, 2031)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 5.25%   5.25%  
Long-term debt:        
Senior notes $ 743,000,000     0
Total debt $ 743,000,000      
Senior Notes | 2032 Senior Notes (1.85%; unsecured due September 15, 2032)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 1.85%      
Long-term debt:        
Senior notes $ 1,487,000,000     1,486,000,000
Total debt $ 1,487,000,000      
Senior Notes | 2033 Senior Notes (4.60%; unsecured due March 15, 2033)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 4.60%      
Long-term debt:        
Senior notes $ 1,490,000,000     1,489,000,000
Total debt $ 1,490,000,000      
Senior Notes | 2040 Senior Notes (2.65%; unsecured due September 15, 2040)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 2.65%      
Long-term debt:        
Senior notes $ 1,233,000,000     1,232,000,000
Total debt $ 1,233,000,000      
Senior Notes | 2048 Senior Notes (4.25%; unsecured due September 21, 2048)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 4.25%      
Long-term debt:        
Senior notes $ 1,232,000,000     1,232,000,000
Total debt $ 1,232,000,000      
Senior Notes | 2050 Senior Notes (3.00%; unsecured due June 15, 2050)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 3.00%      
Long-term debt:        
Senior notes $ 1,223,000,000     1,222,000,000
Total debt $ 1,223,000,000      
Senior Notes | 2052 Senior Notes (4.95%; unsecured due June 15, 2052)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 4.95%      
Long-term debt:        
Senior notes $ 1,466,000,000     1,466,000,000
Total debt $ 1,466,000,000      
Senior Notes | 2060 Senior Notes (3.00%; unsecured due September 15, 2060)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 3.00%      
Long-term debt:        
Senior notes $ 1,472,000,000     1,472,000,000
Total debt $ 1,472,000,000      
Senior Notes | 2062 Senior Notes (5.20%; unsecured due June 15, 2062)        
Debt Instrument [Line Items]        
Interest rate, stated percentage 5.20%      
Long-term debt:        
Senior notes $ 984,000,000     $ 984,000,000
Total debt $ 984,000,000      
v3.24.2.u1
Debt - Narrative (Details) - USD ($)
 6 Months Ended
Jun. 05, 2024
May 13, 2024
May 25, 2022
Jun. 30, 2024
May 31, 2024
Dec. 31, 2023
Line of Credit Facility [Line Items]            
Short term debt       $ 3,234,000,000   $ 1,954,000,000
India Subsidiaries            
Line of Credit Facility [Line Items]            
Maximum borrowing capacity       14,000,000    
Amount of debt outstanding       0    
Revolving Credit Facility            
Line of Credit Facility [Line Items]            
Maximum borrowing capacity       3,900,000,000    
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       172,000,000    
Funds available to use for working capital and general and corporate purposes       $ 1,700,000,000    
Revolving Credit Facility | Commercial Paper            
Line of Credit Facility [Line Items]            
Weighted average interest rate       5.50%    
Short term debt       $ 2,000,000,000    
Repayments of commercial paper       $ 33,000,000    
Weighted average remaining maturity       29 days    
Revolving Credit Facility | Minimum | Commercial Paper            
Line of Credit Facility [Line Items]            
Debt instrument, term       3 days    
Revolving Credit Facility | Maximum | Commercial Paper            
Line of Credit Facility [Line Items]            
Debt instrument, term       45 days    
Senior Notes            
Line of Credit Facility [Line Items]            
Debt instrument, face amount       $ 19,800,000,000    
Debt instrument, term       14 years    
Weighted average interest rate       3.70%    
Senior Notes | 2031 Senior Notes (5.25%; unsecured due June 15, 2031)            
Line of Credit Facility [Line Items]            
Debt instrument, face amount   $ 750,000,000        
Debt issuance costs   $ 6,000,000        
Interest rate, stated percentage   5.25%   5.25%    
Proceeds from (repayments of) debt   $ 500,000,000        
Senior notes       $ 743,000,000   0
Senior Notes | 2025 Senior Notes (3.65%; unsecured due May 23, 2025)            
Line of Credit Facility [Line Items]            
Interest rate, stated percentage       3.65%    
Senior notes       $ 0   1,246,000,000
Senior Notes | 2028 Senior Notes (3.625%; unsecured due September 1, 2028)            
Line of Credit Facility [Line Items]            
Debt instrument, face amount $ 998,000,000          
Interest rate, stated percentage 3.625%     3.625%    
Senior notes $ 1,000,000,000     $ 929,000,000   920,000,000
Extinguishment of debt 998,000,000          
Long term debt $ 2,000,000          
Line of Credit | 2025 Term Loan due August 31, 2025            
Line of Credit Facility [Line Items]            
Senior notes       $ 0   $ 1,600,000,000
Line of Credit | Term Loan            
Line of Credit Facility [Line Items]            
Debt instrument, term     2 years      
Maximum borrowing capacity     $ 2,400,000,000      
Credit spread adjustment     0.10%      
Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR)            
Line of Credit Facility [Line Items]            
Debt instrument, basis spread on variable rate     0.875%      
Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR) | Minimum            
Line of Credit Facility [Line Items]            
Debt instrument, basis spread on variable rate     0.625%      
Line of Credit | Term Loan | Secured Overnight Financing Rate (SOFR) | Maximum            
Line of Credit Facility [Line Items]            
Debt instrument, basis spread on variable rate     1.125%      
Line of Credit | Term Loan | Base Rate | Minimum            
Line of Credit Facility [Line Items]            
Debt instrument, basis spread on variable rate     0.00%      
Line of Credit | Term Loan | Base Rate | Maximum            
Line of Credit Facility [Line Items]            
Debt instrument, basis spread on variable rate     0.125%      
v3.24.2.u1
Share-Based Compensation - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Feb. 29, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Class of Stock [Line Items]          
Stock-based compensation   $ 57 $ 45 $ 114 $ 85
Performance Based Restricted Stock Units          
Class of Stock [Line Items]          
Award vesting period 3 years        
Unrecognized compensation expense $ 48 44   44  
Target reserved (in shares) 0.4        
Stock-based compensation   10   14  
Amount of non-cash compensation remaining in fiscal period   17   $ 17  
Minimum | Employee Stock Option          
Class of Stock [Line Items]          
Award vesting period       3 years  
Maximum | Performance Based Restricted Stock Units          
Class of Stock [Line Items]          
Shares reserved for future issuance (in shares) 0.7        
Unrecognized compensation expense $ 95        
Maximum | Employee Stock Option          
Class of Stock [Line Items]          
Award vesting period       4 years  
Acquisition-Related Transaction and Integration Costs          
Class of Stock [Line Items]          
Stock-based compensation   $ 4   $ 10  
v3.24.2.u1
Share-Based Compensation - Schedule of Stock Options Valuation Assumptions (Details) - $ / shares
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Equity [Abstract]    
Risk-free interest rate 4.14% 3.47%
Expected life in years 6 years 6 years 1 month 6 days
Expected volatility 24.00% 24.00%
Expected dividend yield 1.33% 1.56%
Estimated weighted-average fair value of options granted per share (in dollars per share) $ 37.56 $ 27.39
v3.24.2.u1
Equity - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Jan. 01, 2022
Equity [Abstract]          
Stock repurchase program, authorized amount         $ 3,150,000,000
Repurchases of common stock (in shares) 0 0 0 0  
Stock repurchase program, remaining authorized amount $ 2,500,000,000   $ 2,500,000,000    
Cash dividends per share (in dollars per share) $ 0.45 $ 0.42 $ 0.90 $ 0.84  
Aggregate payout $ 261,000,000 $ 236,000,000 $ 519,000,000 $ 472,000,000  
v3.24.2.u1
Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 26,289 $ 23,211 $ 25,786 $ 22,761
Other comprehensive income/(loss) (4) 31 (13) 47
Income tax benefit/(expense) 0 0 (2) 0
Other comprehensive income/(loss) (4) 31 (15) 47
Ending balance 26,744 23,889 26,744 23,889
Total        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (305) (315) (294) (331)
Other comprehensive income/(loss) (4) 31 (15) 47
Ending balance (309) (284) (309) (284)
Foreign currency translation adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (248) (262) (230) (278)
Other comprehensive income/(loss) (4) 31 (22) 47
Income tax benefit/(expense) 0 0 0 0
Other comprehensive income/(loss) (4) 31 (22) 47
Ending balance (252) (231) (252) (231)
Comprehensive income from equity method investment        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 9 2 2 2
Other comprehensive income/(loss) 0 0 9 0
Income tax benefit/(expense) 0 0 (2) 0
Other comprehensive income/(loss) 0 0 7 0
Ending balance 9 2 9 2
Employee benefit plans adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (66) (55) (66) (55)
Other comprehensive income/(loss) 0 0 0 0
Income tax benefit/(expense) 0 0 0 0
Other comprehensive income/(loss) 0 0 0 0
Ending balance $ (66) $ (55) $ (66) $ (55)
v3.24.2.u1
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Effective income tax rate 26.00% 4.00% 22.00% 12.00%
v3.24.2.u1
Clearing Operations - Narrative (Details)
€ in Millions
 1 Months Ended 6 Months Ended
Sep. 30, 2022
Jun. 30, 2024
USD ($)
clearing_house
Jun. 30, 2024
EUR (€)
Dec. 31, 2023
USD ($)
Principal Transaction Revenue [Line Items]        
Number of clearing houses | clearing_house   6    
Margin deposits and guaranty funds assets received or pledged   $ 179,000,000,000.0   $ 175,900,000,000
Default insurance term (in years) 3 years      
Cash deposits   80,129,000,000   $ 78,980,000,000
Net notional value of unsettled contracts   2,200,000,000,000    
ICE Clear Europe        
Principal Transaction Revenue [Line Items]        
Committed repo   1,000,000,000.0    
ICE Clear Credit        
Principal Transaction Revenue [Line Items]        
Committed repo   300,000,000 € 250  
Committed FX facilities | €     1,900  
ICE Clear U.S.        
Principal Transaction Revenue [Line Items]        
Committed repo   250,000,000    
ICE Clear Netherlands        
Principal Transaction Revenue [Line Items]        
Committed FX facilities | €     € 10  
ICE NGX        
Principal Transaction Revenue [Line Items]        
Debt instrument, face amount   215,000,000    
Cash deposits   15,000,000    
Liquidity purposes, own capital, amount   30,000,000    
Daylight liquidity   100,000,000    
First-loss amount   15,000,000    
ICE NGX | Canadian Chartered Bank        
Principal Transaction Revenue [Line Items]        
Daylight liquidity   200,000,000    
Letter of Credit | ICE NGX        
Principal Transaction Revenue [Line Items]        
Debt instrument, face amount   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    
v3.24.2.u1
Clearing Operations - Schedule of Guaranty Fund Contributions and Default Insurance (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Clearing Organizations [Line Items]    
ICE Portion of Guaranty Fund Contribution $ 370 $ 340
Default insurance 400 400
ICE Clear Europe    
Clearing Organizations [Line Items]    
ICE Portion of Guaranty Fund Contribution 197 197
Default insurance 100 100
ICE Clear U.S.    
Clearing Organizations [Line Items]    
ICE Portion of Guaranty Fund Contribution 75 75
Default insurance 25 25
ICE Clear Credit    
Clearing Organizations [Line Items]    
ICE Portion of Guaranty Fund Contribution 50 50
Default insurance 75 75
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 45 15
Default insurance $ 200 $ 200
v3.24.2.u1
Clearing Operations - Schedule of Cash and Invested Deposits (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Clearing Organizations [Line Items]    
Original margin $ 73,839 $ 73,221
Unsettled variation margin, net 1,506 984
Guaranty fund 6,388 5,989
Delivery contracts receivable/payable, net 396 600
Total 82,129 80,794
ICE Clear Europe    
Clearing Organizations [Line Items]    
Original margin 43,777 40,170
Unsettled variation margin, net 0 0
Guaranty fund 2,474 2,358
Delivery contracts receivable/payable, net 0 0
Total 46,251 42,528
ICE Clear Credit    
Clearing Organizations [Line Items]    
Original margin 24,477 28,353
Unsettled variation margin, net 0 0
Guaranty fund 3,288 3,017
Delivery contracts receivable/payable, net 0 0
Total 27,765 31,370
ICE Clear U.S.    
Clearing Organizations [Line Items]    
Original margin 5,580 4,693
Unsettled variation margin, net 0 0
Guaranty fund 621 609
Delivery contracts receivable/payable, net 0 0
Total 6,201 5,302
ICE NGX    
Clearing Organizations [Line Items]    
Original margin 0 0
Unsettled variation margin, net 1,506 984
Guaranty fund 0 0
Delivery contracts receivable/payable, net 396 600
Total 1,902 1,584
Other ICE Clearing Houses    
Clearing Organizations [Line Items]    
Original margin 5 5
Unsettled variation margin, net 0 0
Guaranty fund 5 5
Delivery contracts receivable/payable, net 0 0
Total $ 10 $ 10
v3.24.2.u1
Clearing Operations - Schedule of Cash and Cash Equivalents (Details)
€ in Millions, $ in Millions, £ in Billions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2024
GBP (£)
Dec. 31, 2023
GBP (£)
Dec. 31, 2023
EUR (€)
Clearing Organizations [Line Items]          
Cash deposits $ 80,129 $ 78,980      
Invested deposits, delivery contracts receivable and unsettled variation margin 2,000 1,814      
ICE NGX          
Clearing Organizations [Line Items]          
Cash deposits 15        
Cash Deposit Based On Euro/US Dollar Exchange Rate | De Nederlandsche Bank | ICE Clear Europe          
Clearing Organizations [Line Items]          
Cash deposits   $ 12     € 11
Exchange rate to USD   1.1037      
Cash Deposit Based On Euro/US Dollar Exchange Rate | Bank of England | ICE Clear Europe          
Clearing Organizations [Line Items]          
Cash deposits   $ 11     € 10
Cash Deposit Based On Pound Sterling/US Dollar Exchange Rate | Bank of England | ICE Clear Europe          
Clearing Organizations [Line Items]          
Cash deposits $ 5,700 $ 5,800 £ 4.5 £ 4.6  
Exchange rate to USD 1.2645 1.2732      
National bank account | ICE Clear Europe          
Clearing Organizations [Line Items]          
Cash deposits $ 5,721 $ 5,819      
National bank account | ICE Clear Credit          
Clearing Organizations [Line Items]          
Cash deposits 20,157 22,754      
Reverse repo | ICE Clear Europe          
Clearing Organizations [Line Items]          
Cash deposits 36,480 32,695      
Reverse repo | ICE Clear Credit          
Clearing Organizations [Line Items]          
Cash deposits 4,687 5,381      
Reverse repo | ICE Clear U.S.          
Clearing Organizations [Line Items]          
Cash deposits 5,854 4,955      
Sovereign debt | ICE Clear Europe          
Clearing Organizations [Line Items]          
Cash deposits 3,888 3,745      
Sovereign debt | ICE Clear U.S.          
Clearing Organizations [Line Items]          
Cash deposits 347 347      
Demand deposits | ICE Clear Europe          
Clearing Organizations [Line Items]          
Cash deposits 64 40      
Demand deposits | ICE Clear Credit          
Clearing Organizations [Line Items]          
Cash deposits 2,921 3,235      
Demand deposits | Other ICE Clearing Houses          
Clearing Organizations [Line Items]          
Cash deposits 10 9      
Unsettled variation margin and delivery contracts receivable | ICE NGX          
Clearing Organizations [Line Items]          
Invested deposits, delivery contracts receivable and unsettled variation margin 1,902 1,584      
Invested deposits - sovereign debt | ICE Clear Europe          
Clearing Organizations [Line Items]          
Invested deposits, delivery contracts receivable and unsettled variation margin $ 98 $ 230      
v3.24.2.u1
Clearing Operations - Assets Pledged by Clearing Members (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Original Margin    
Original margin:    
Government securities at face value $ 87,551 $ 85,752
Letters of credit and other 5,019 5,006
Emissions certificates at fair value 1,117 904
ICE NGX cash deposits 1,036 1,219
Total 94,723 92,881
Guaranty Fund    
Guaranty fund:    
Government securities at face value 2,153 2,229
ICE Clear Europe | Original Margin    
Original margin:    
Government securities at face value 43,819 45,698
Letters of credit and other 0 0
Emissions certificates at fair value 1,117 904
ICE NGX cash deposits 0 0
Total 44,936 46,602
ICE Clear Europe | Guaranty Fund    
Guaranty fund:    
Government securities at face value 589 765
ICE Clear Credit | Original Margin    
Original margin:    
Government securities at face value 30,143 26,992
Letters of credit and other 0 0
Emissions certificates at fair value 0 0
ICE NGX cash deposits 0 0
Total 30,143 26,992
ICE Clear Credit | Guaranty Fund    
Guaranty fund:    
Government securities at face value 1,293 1,119
ICE Clear U.S. | Original Margin    
Original margin:    
Government securities at face value 13,589 13,062
Letters of credit and other 0 0
Emissions certificates at fair value 0 0
ICE NGX cash deposits 0 0
Total 13,589 13,062
ICE Clear U.S. | Guaranty Fund    
Guaranty fund:    
Government securities at face value 271 345
ICE NGX | Original Margin    
Original margin:    
Government securities at face value 0 0
Letters of credit and other 5,019 5,006
Emissions certificates at fair value 0 0
ICE NGX cash deposits 1,036 1,219
Total 6,055 6,225
ICE NGX | Guaranty Fund    
Guaranty fund:    
Government securities at face value $ 0 $ 0
v3.24.2.u1
Legal Proceedings (Details) - USD ($)
$ in Millions
Feb. 14, 2024
Jan. 12, 2024
Claims Under Sherman And Clayton Acts    
Loss Contingencies [Line Items]    
Damages awarded $ 0.0  
Damages sought 65.0  
Black Knight, Inc.    
Loss Contingencies [Line Items]    
Damages awarded $ 160.0 $ 157.0
v3.24.2.u1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2024
Jun. 30, 2024
Jun. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Proceeds from sale of Promissory Note   $ 75 $ 0
Fair value loss on equity securities $ 3    
Equity securities without readily determinable fair value, amount   91  
Developed technology | Exchanges Segment      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Impairment of assets   $ 3  
v3.24.2.u1
Fair Value Measurements - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount $ 21,807 $ 22,613
Fair value 19,406  
2025 Senior Notes (3.65%; unsecured due May 23, 2025) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,247  
Fair value 1,230  
2027 Senior Notes (4.00%; unsecured due September 15, 2027) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,249  
Fair value 1,222  
2027 Senior Notes (3.10%; unsecured due September 15, 2027) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,490  
Fair value 1,451  
2028 Senior Notes (3.625%; unsecured due September 1, 2028) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 498  
Fair value 470  
2028 Senior Notes (3.75%; unsecured due September 21, 2028) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 929  
Fair value 943  
2029 Senior Notes (4.35%; unsecured due June 15, 2029) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 596  
Fair value 572  
2030 Senior Notes (2.10%; unsecured due June 15, 2030) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,242  
Fair value 1,211  
2031 Senior Notes (5.25%; unsecured due June 15, 2031) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,239  
Fair value 1,061  
2031 Senior Notes (5.25%; unsecured due June 15, 2031) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 743  
Fair value 756  
2032 Senior Notes (1.85%; unsecured due September 15, 2032) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,487  
Fair value 1,164  
2033 Senior Notes (4.60%; unsecured due March 15, 2033) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,490  
Fair value 1,433  
2040 Senior Notes (2.65%; unsecured due September 15, 2040) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,233  
Fair value 869  
2048 Senior Notes (4.25%; unsecured due September 21, 2048) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,232  
Fair value 1,026  
2050 Senior Notes (3.00%; unsecured due June 15, 2050) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,223  
Fair value 813  
2052 Senior Notes (4.95%; unsecured due June 15, 2052) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,466  
Fair value 1,367  
2060 Senior Notes (3.00%; unsecured due September 15, 2060) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,472  
Fair value 898  
2062 Senior Notes (5.20%; unsecured due June 15, 2062) | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 984  
Fair value 933  
Commercial Paper    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying Amount 1,987  
Fair value $ 1,987  
v3.24.2.u1
Segment Reporting - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
operating_segment
Jun. 30, 2023
USD ($)
operating_segment
Jun. 30, 2024
USD ($)
segment
operating_segment
Jun. 30, 2023
USD ($)
operating_segment
Segment Reporting Information [Line Items]        
Number of reportable segments | segment     3  
Total revenues $ 2,897 $ 2,336 $ 5,698 $ 4,808
Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues $ 1,826 $ 1,541 $ 3,560 $ 3,214
Revenue | Exchanges Segment | Customer Concentration Risk        
Segment Reporting Information [Line Items]        
Number of members | operating_segment 1 1 1 1
Total revenues $ 117 $ 130 $ 274 $ 254
Concentration risk, percentage 9.00% 12.00% 11.00% 12.00%
v3.24.2.u1
Segment Reporting - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Total revenues $ 2,897 $ 2,336 $ 5,698 $ 4,808
Transaction-based expenses 580 448 1,091 1,024
Total revenues, less transaction-based expenses 2,317 1,888 4,607 3,784
Operating expenses 1,251 933 2,478 1,860
Operating income/(loss) 1,066 955 2,129 1,924
Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues 1,826 1,541 3,560 3,214
Transaction-based expenses 580 448 1,091 1,024
Total revenues, less transaction-based expenses 1,246 1,093 2,469 2,190
Operating expenses 356 311 682 631
Operating income/(loss) 890 782 1,787 1,559
Fixed Income and Data Services Segment        
Segment Reporting Information [Line Items]        
Total revenues 565 546 1,133 1,109
Transaction-based expenses 0 0 0 0
Total revenues, less transaction-based expenses 565 546 1,133 1,109
Operating expenses 357 356 711 699
Operating income/(loss) 208 190 422 410
Mortgage Technology Segment        
Segment Reporting Information [Line Items]        
Total revenues 506 249 1,005 485
Transaction-based expenses 0 0 0 0
Total revenues, less transaction-based expenses 506 249 1,005 485
Operating expenses 538 266 1,085 530
Operating income/(loss) (32) (17) (80) (45)
Energy futures and options        
Segment Reporting Information [Line Items]        
Total revenues 469 355 926 700
Energy futures and options | Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues 469 355 926 700
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 71 77 143 147
Agricultural and metals futures and options | Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues 71 77 143 147
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 132 104 267 232
Financial futures and options | Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues 132 104 267 232
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 691 544 1,301 1,215
Cash equities and equity options | Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues 691 544 1,301 1,215
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 101 104 204 205
OTC and other | Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues 101 104 204 205
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 240 231 475 463
Data and connectivity services | Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues 240 231 475 463
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 122 126 244 252
Listings | Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues 122 126 244 252
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 30 28 56 60
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 30 28 56 60
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 78 84 171 185
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 78 84 171 185
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 293 277 581 553
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 293 277 581 553
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 164 157 325 311
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 164 157 325 311
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 180 178 354 352
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 180 178 354 352
Closing solutions        
Segment Reporting Information [Line Items]        
Total revenues 52 47 96 88
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 52 47 96 88
Servicing software        
Segment Reporting Information [Line Items]        
Total revenues 212 0 426 0
Servicing software | Exchanges Segment        
Segment Reporting Information [Line Items]        
Total revenues 0 0 0 0
Servicing software | Fixed Income and Data Services Segment        
Segment Reporting Information [Line Items]        
Total revenues 0 0 0 0
Servicing software | Mortgage Technology Segment        
Segment Reporting Information [Line Items]        
Total revenues 212 0 426 0
Data and analytics        
Segment Reporting Information [Line Items]        
Total revenues 62 24 129 45
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 $ 62 $ 24 $ 129 $ 45
v3.24.2.u1
Earnings Per Common Share - Schedule of Reconciliation of the Numerators and Denominators of the Basic and Diluted Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Basic:        
Net income attributable to Intercontinental Exchange, Inc. $ 632 $ 799 $ 1,399 $ 1,454
Weighted average common shares outstanding (in shares) 573 560 573 560
Basic earnings per common share (in dollars per share) $ 1.10 $ 1.43 $ 2.44 $ 2.60
Diluted:        
Weighted average common shares outstanding (in shares) 573 560 573 560
Effect of dilutive securities - stock options and restricted stock (in shares) 2 1 2 1
Diluted weighted average common shares outstanding (in shares) 575 561 575 561
Diluted earnings per common share (in dollars per share) $ 1.10 $ 1.42 $ 2.43 $ 2.59
v3.24.2.u1
Earnings Per Common Share - Narrative (Details) - shares
shares in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Employee Stock Option    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 1 1