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Acquisitions and Divestitures (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Fair Value of the Consideration | The 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 purchase price | $ | 11,838 |  |
Less: Divestitures | (476) |  |
Total net purchase price | $ | 11,362 |  |
*Fair value of the ICE common stock was based on the ICE closing stock price on September 1, 2023, the last business day prior to the acquisition close.
Schedule of Purchase Price Allocation | The net purchase price allocation is as follows (in millions):
| Net Purchase Price Allocation |
Cash and cash equivalents | $ | 108 |  |
Property and equipment | 120 |  |
Goodwill | 9,441 |  |
Identifiable intangibles | 4,948 |  |
Debt acquired | (2,397) |  |
Other assets and liabilities, net | 25 |  |
Deferred tax liabilities on identifiable intangibles | (1,270) |  |
Other deferred tax assets | 387 |  |
Net purchase price | $ | 11,362 |  |
Schedule of Components of the Intangible Assets Associated with the Acquisition | The following table sets forth the components of the intangible assets associated with the acquisition as of September 30, 2024 (in millions, except years):
| Acquisition-Date 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 |
| Nine Months Ended September 30, 2023 |  | Three Months Ended September 30, 2023
Total revenues, less transaction-based expenses | $ | 6,534 |  |  | $ | 2,190 |
Net income attributable to ICE | $ | 1,755 |  |  | $ | 474 |

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