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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, 2024 |  | As 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 debt | 3,234 |  |  | 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 debt | 18,573 |  |  | 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)”.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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