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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Financial assets and liabilities recorded or disclosed at fair value in the accompanying consolidated balance sheets as of December 31, 2024 and 2023 were classified in their entirety based on the lowest level of input that is significant to the asset or liability’s fair value measurement.
Recurring Fair Value Measurements
Our mutual funds are equity and fixed income mutual funds held for the purpose of providing future payments for the supplemental executive savings plan and SERP. These mutual funds are classified as equity investments and measured at fair value using Level 1 inputs with adjustments recorded in net income (see Note 17).
Excluding our equity investments without a readily determinable fair value, all other financial instruments are determined to approximate carrying value due to the short period of time to their maturities. Our equity investment in D&B (Note 4) was measured at fair value on a recurring basis using Level 2 inputs including the directly observable D&B stock price, adjusted for a lack of marketability factor associated with the investment. We sold this investment in 2023 and no longer held it as of December 31, 2024.
As described in Note 3, we measured the Promissory Note obtained in connection with the Optimal Blue sale using Level 3 inputs as of December 31, 2023. The valuation technique used was a discounted cash flow model using key unobservable assumptions included an estimated prepayment rate of 2%, a discount rate of 30.8% and indicative price points from the ongoing Promissory Note sale process. In February 2024, the FTC approved the buyer of the Promissory Note, and we completed the sale of the Promissory Note and received the $75 million of proceeds thereafter. Subsequent to the sale and as of December 31, 2024, we did not use Level 3 inputs to determine the fair value of assets or liabilities measured at fair value on a recurring basis.
See Note 14 for the fair value considerations related to our margin deposits, guaranty funds and delivery contracts receivable.
Non-Recurring Fair Value Measurements
We measure certain assets, such as intangible assets and equity method investments, at fair value on a non-recurring basis. These assets are recognized at fair value if they are deemed to be impaired. During 2024, we recorded a $3 million impairment of a developed technology intangible asset within the Exchanges segment. During 2023, we recorded a $7 million impairment on certain trademark intangible assets within the Mortgage Technology segment. During 2022, we determined that the value of our equity method investment in Bakkt was impaired using a Level 1 input, which was the publicly-traded closing stock price of Bakkt on December 30, 2022, the last trading day of 2022. As of December 31, 2024 and 2023, no other intangible assets or equity method investments were required to be recorded at fair value since no other impairments were recorded.
We measure certain equity investments at fair value on a non-recurring basis using our policy election under ASC 321, Investments - Equity Securities. During 2024, we recorded a net $1 million fair value loss consisting of a $3 million fair value loss from impairment separately offset by a $2 million fair value gain from identifying an observable price change in one of our investments. These were recorded within other income/(expense), net, in the consolidated statement of income. With the exception of the items noted above, no other adjustments were necessary. As of December 31, 2024, the carrying amount of our investments without readily determinable fair values was $104 million.
Financial Instruments Not Measured at Fair Value
The table below displays the fair value of our debt as of December 31, 2024 and December 31, 2023. The fair values of our fixed rate notes were estimated using Level 2 inputs including quoted market prices for these instruments. The fair value of our commercial paper was estimated using Level 2 inputs. The commercial paper includes a discount and fair value was determined to approximate the carrying value due to the short term to maturity.
As of December 31, 2024As of December 31, 2023
(in millions)
(in millions)
Carrying Amount
Fair value
Carrying Amount
Fair value
Debt:
Commercial Paper
$529 $529 $1,954 $1,954 
2025 Term Loan due August 31, 2025— — 1,600 1,600 
3.65% Senior Notes due May 23, 2025
1,249 1,245 1,246 1,227 
3.75% Senior Notes due December 1, 2025
1,249 1,241 1,248 1,229 
4.00% Senior Notes due September 15, 2027
1,492 1,478 1,489 1,474 
3.10% Senior Notes due September 15, 2027
498 481 498 477 
3.625% Senior Notes due September 1, 2028
937 960 920 915 
3.75% Senior Notes due September 21, 2028
596 578 596 584 
4.35% Senior Notes due June 15, 2029
1,243 1,224 1,241 1,246 
2.10% Senior Notes due June 15, 2030
1,240 1,081 1,238 1,082 
5.25% Senior Notes due June 15, 2031
743 758 — — 
1.85% Senior Notes due September 15, 2032
1,488 1,190 1,486 1,205 
4.60% Senior Notes due March 15, 2033
1,490 1,441 1,489 1,499 
2.65% Senior Notes due September 15, 2040
1,233 874 1,232 935 
4.25% Senior Notes due September 21, 2048
1,233 1,011 1,232 1,125 
3.00% Senior Notes due June 15, 2050
1,223 798 1,222 898 
4.95% Senior Notes due June 15, 2052
1,467 1,343 1,466 1,503 
3.00% Senior Notes due September 15, 2060
1,473 877 1,472 1,019 
5.20% Senior Notes due June 15, 2062
985 911 984 1,026 
Total debt$20,368 $18,020 $22,613 $20,998