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Intangible Assets And Goodwill (Tables) | 9 Months Ended
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Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Components of intangible assets | Intangible assets consisted of the following at September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024
(in millions) |  | Assigned Value |  | Accumulated Amortization |  |  |  | Net Book Value |  | Assigned Value |  | Accumulated Amortization |  |  |  | Net Book Value
Amortizable Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Clearing firm, market data and other customer relationships |  | $ | 4,705.0 |  |  | $ | (2,504.5) |  |  |  |  | $ | 2,200.5 |  |  | $ | 4,683.5 |  |  | $ | (2,334.4) |  |  |  |  | $ | 2,349.1 |
Technology-related intellectual property |  | 62.5 |  |  | (62.5) |  |  |  |  | — |  |  | 62.5 |  |  | (62.5) |  |  |  |  | — |
Other |  | 73.8 |  |  | (56.5) |  |  |  |  | 17.3 |  |  | 71.1 |  |  | (48.6) |  |  |  |  | 22.5 |
Total amortizable intangible assets |  | $ | 4,841.3 |  |  | $ | (2,623.5) |  |  |  |  | $ | 2,217.8 |  |  | $ | 4,817.1 |  |  | $ | (2,445.5) |  |  |  |  | $ | 2,371.6 |
Indefinite-Lived Intangible Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names |  |  |  |  |  |  |  | 450.0 |  |  |  |  |  |  |  |  | 450.0 |
Total intangible assets – other, net |  |  |  |  |  |  |  | $ | 2,667.8 |  |  |  |  |  |  |  |  | $ | 2,821.6 |
Trading products (1) |  |  |  |  |  |  |  | $ | 17,175.3 |  |  |  |  |  |  |  |  | $ | 17,175.3 |
(1)Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits.
Future estimated amortization expense | As of September 30, 2025, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
(in millions) | Amortization Expense
Remainder of 2025 | $ | 55.8 |
2026 | 223.1 |
2027 | 221.8 |
2028 | 215.1 |
2029 | 215.1 |
2030 | 215.1 |
Thereafter | 1,071.8 |
Schedule of Goodwill | Goodwill activity consisted of the following for the periods ended September 30, 2025 and December 31, 2024:
(in millions) |  | Goodwill
Balance at December 31, 2023 |  | $ | 10,495.3 |
Foreign currency translation |  | (8.4) |
Balance at December 31, 2024 |  | 10,486.9 |
Foreign currency translation |  | 27.6 |
Balance at September 30, 2025 |  | $ | 10,514.5 |

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