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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2019
Accounting Policies [Abstract] |
Schedule of Allowance for Doubtful Accounts | A reconciliation of the beginning and ending amount of allowance for doubtful accounts is as follows for 2019, 2018 and 2017 (in millions):
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Beginning balance of allowance for doubtful accounts | $ | 7 |  |  | $ | 6 |  |  | $ | 7 |
Bad debt expense | 10 |  |  | 8 |  |  | 4 |
Charge-offs | (9 | ) |  | (7 | ) |  | (5 | )
Ending balance of allowance for doubtful accounts | $ | 8 |  |  | $ | 7 |  |  | $ | 6 |
Schedule of Adoption of Accounting Pronouncements Adopted And Not Yet Adopted | Our adoption of ASC 606 had the following impact on our reported results for the prior periods presented, driven primarily by the accelerated recognition of listings fee revenues in our NYSE businesses (in millions, except earnings per share):
| As Reported |  | New Revenue Standard Adjustment |  | As Adjusted
Year ended December 31, 2017 |  |  |  |  |
Total revenues | $ | 5,834 |  |  | $ | 9 |  |  | $ | 5,843 |
Total revenues, less transaction-based expenses | 4,629 |  |  | 9 |  |  | 4,638 |
Income tax benefit | (25 | ) |  | (3 | ) |  | (28 | )
Net income attributable to Intercontinental Exchange, Inc. | 2,514 |  |  | 12 |  |  | 2,526 |
Diluted earnings per share | $ | 4.23 |  |  | $ | 0.02 |  |  | $ | 4.25 |
| As Reported |  | New Revenue Standard Adjustment |  | As Adjusted
As of December 31, 2017 |  |  |  |  |
Deferred revenue, current | $ | 121 |  |  | $ | 4 |  |  | $ | 125 |
Deferred revenue, non-current | 143 |  |  | (52 | ) |  | 91 |
Net deferred tax liabilities | 2,280 |  |  | 15 |  |  | 2,295 |
Retained earnings | 6,825 |  |  | 33 |  |  | 6,858 |
Recently Adopted Accounting Pronouncements
Standard/Description | Effective Date and Adoption Considerations | Effect on Financial Statements
ASU No. 2016-02, Leases, requires entities to recognize both assets and liabilities arising from finance and operating leases, along with additional qualitative and quantitative disclosures. | Adopted on January 1, 2019. | Further disclosures and details on our adoption are discussed below.
ASU 2018-07, Compensation–Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting, or ASU 2018-07 aligns the accounting for share-based payment awards issued to employees and nonemployees. Under this new guidance, the existing employee guidance will now apply to nonemployee share-based transactions. | Effective for fiscal years beginning after December 15, 2018. Adopted on January 1, 2019. | This guidance will be applied to all new awards granted after the date of adoption, and adoption did not have a material impact on our consolidated financial statements or related disclosures.
ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans — General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans, or ASU 2018-14 was issued in August 2018 and removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. | Effective for fiscal years beginning after December 15, 2020 with early adoption permitted. We elected early adoption and adopted on December 31, 2019. The amendments in ASU 2018-14 are required to be applied retrospectively. | Upon adoption we eliminated certain disclosure requirements related to our defined benefit plans that were previously disclosed in Note 16. Certain other disclosure requirements described in Subtopic 715-20 were not applicable to us.
Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers, and ASC 340-40, Other Assets and Deferred Costs - Contracts with Customers, collectively referred to as ASC 606. | Adopted retrospectively on January 1, 2018 and restated each prior period presented. | Further disclosures and details on our adoption are discussed below.
Standard/Description | Effective Date and Adoption Considerations | Effect on Financial Statements
ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component in the same line item as other related compensation costs, and the other components of net benefit cost in the income statement outside of operating income. The guidance only allows the service cost component of net benefit cost to be eligible for capitalization. | Adopted on January 1, 2018 and applied retrospectively to each prior period presented | We have a pension plan, a U.S. nonqualified supplemental executive retirement plan, and post-retirement defined benefit plans that are all impacted by the guidance. Each of these plans are frozen and do not have a service cost component, which means the expense or benefit recognized under each plan represents other components of net benefit cost as defined in the guidance. The combined net periodic (expense) benefit of these plans was ($8 million) and $9 million in 2018 and 2017, respectively, and was previously reported as an adjustment to compensation and benefits expenses in the accompanying consolidated statements of income. Following our adoption, these amounts were reclassified to be included in other income, net, and these adjustments had no impact on net income.
ASU No. 2016-01, which provides updated guidance for the recognition, measurement, presentation, and disclosure of certain financial assets and liabilities, including the requirement that equity investments (except (i) those accounted for under the equity method of accounting or (ii) those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. See "Investments" section above for additional detail. | Adopted on January 1, 2018. | Our adoption did not result in any fair value adjustments on the date of adoption.
In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118, or SAB 118, which provided guidance for companies that have not completed their accounting for the income tax effects of the TCJA. | In the period of enactment of the TCJA, allowing for a measurement period of up to one year after the enactment date to finalize the recording of the related tax impacts. As of December 31, 2018, we completed our accounting for the tax effects of the enactment of the TCJA. | As of December 31, 2018, we reaffirmed our position that we were not subject to transition tax under the TCJA. In addition, we concluded that the $764 million deferred tax benefit recorded as of December 31, 2017 was a reasonable estimate of the TCJA impact on our deferred tax.
In January 2018, the FASB staff issued Question & Answer Topic 740, No. 5, Accounting for Global Intangible Low-Taxed Income, stating that a company may either elect to treat taxes due on future inclusions of its non-U.S. income in its U.S. taxable income under the newly enacted Global Intangible Low-Taxed Income provisions as a current period expense when incurred, or factor them into the company’s measurement of its deferred taxes. | In 2018, we completed our analysis of the two different accounting policies. | As of December 31, 2018, we made a policy election to recognize such tax as a current period expense when incurred.
Standard/Description | Effective Date and Adoption Considerations | Effect on Financial Statements
ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulative Other Comprehensive Income, or ASU 2018-02, gave entities the option to reclassify to retained earnings certain tax effects related to items in accumulated other comprehensive income, or OCI, that have been stranded in OCI as a result of the enactment of the TCJA. | Effective for fiscal years beginning after December 15, 2018 with early adoption permitted. We elected early adoption and adopted in the fourth quarter of 2018. | The impact of our adoption was a balance sheet reclassification from OCI to retained earnings of $26 million, which was reflected in our consolidated balance sheet as of December 31, 2018. In connection with our adoption, we made a policy election to use a portfolio approach with respect to pension, postretirement benefit plan obligations and currency translation matters when we determine the timing and extent to which stranded income tax effects from items that were previously recorded in accumulated other comprehensive income are released.
ASU 2016-18, Statement of Cash Flows: Restricted Cash, or ASU 2016-18, required us to show the changes in the total of cash, cash equivalents and restricted cash and cash equivalents in the statement of cash flows. | Adopted in the fourth quarter of 2017. | We no longer present transfers between cash, cash equivalents and restricted cash and cash equivalents in the statement of cash flows. We reclassified changes in restricted cash from cash flows provided by (used in) investing activities, to the total change in beginning and end-of-period balances. Our statements of cash flows for 2019, 2018 and 2017 reflect this change.
Accounting Pronouncements Not Yet Adopted in These Financial Statements
Standard/Description | Effective Date and Adoption Considerations | Effect on Financial Statements
ASU No. 2016-13, Financial Instruments - Measurement of Credit Losses on Financial Instruments applies to all financial instruments carried at amortized cost including held-to-maturity debt securities and trade receivables. Requires financial assets carried at amortized cost to be presented at the net amount expected to be collected and requires entities to record credit losses through an allowance for credit losses on available-for-sale debt securities. | We adopted on January 1, 2020. Our adoption was subject to the same internal controls over financial reporting that we apply to our consolidated financial statements. | We have evaluated this guidance to determine the impact on our consolidated financial statements. Based on our assessment, we concluded the impact of adoption of this guidance not to be material.
Operating Lease Balance Sheet Details | Details of our lease asset and liability balances are as follows (in millions):
|  | As of December 31, 2019 |  | As of January 1, 2019
Right-of-use lease assets |  | $287 |  | $317
Current operating lease liability |  | 53 |  |  | 53 |
Non-current operating lease liability |  | 281 |  |  | 315 |
Total operating lease liability |  | $334 |  | $368
Recognition of Operating Lease Liabilities | As of December 31, 2019, we estimate that our operating lease liability will be recognized in the following years (in millions):
2020 | 62 |
2021 | 65 |
2022 | 63 |
2023 | 45 |
2024 | 41 |
Thereafter | 100 |
Lease liability amounts repayable | 376 |
Interest costs | 42 |
Total operating lease liability | $ | 334 |
Supplemental Cash Flow Information and Non-Cash Activity Related to Operating Leases | Supplemental cash flow information and non-cash activity related to our operating leases are as follows:
| Year Ended December 31, 2019
Cash paid for amounts included in the measurement of operating lease liability | $ | 65 |
Right-of-use assets obtained in exchange for operating lease obligations | $ | 389 |

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