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Acquisitions and Divestitures (Tables) | 3 Months Ended
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Mar. 31, 2024
Business Combination and Asset Acquisition [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 awards | 22 |  |
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 | 119 |  |
Goodwill | 9,421 |  |
Identifiable intangibles | 4,948 |  |
Debt acquired | (2,397) |  |
Other assets and liabilities, net | 78 |  |
Deferred tax liabilities on identifiable intangibles | (1,266) |  |
Other deferred tax assets | 351 |  |
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 March 31, 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 Databases | 579 |  |  | 10 |
Total | $ | 4,948 |  |  | 12 |
Schedule of Business Acquisition Pro Forma Information |
| Three months ended March 31, 2023
Total revenues, less transaction-based expenses | $ | 2,175 |
Net income attributable to ICE | $ | 544 |

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