v3.25.4

Pension and Other Benefit Programs | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Pension and Other Benefit Programs | Pension and Other Benefit Programs Defined Benefit Pension Plan We have a pension plan covering employees in certain of our U.S. operations whose benefit accrual has been frozen. Retirement benefits are derived from a formula, which is based on length of service and compensation. We did not make any contributions to our pension plan during 2025, 2024 or 2023. The plan’s target allocation is 5% equity securities and 95% fixed income securities. The fixed income allocation includes corporate bonds of companies from diversified industries and U.S. government bonds. Our long-term objective is to keep the plan at or near full funding, while minimizing the risk inherent in pension plans. As a result, we don't anticipate that there will be a strong need for contributions in future years, and the pension plan will not be required to pay the Pension Benefit Guaranty Corporation variable rate premiums. We do not expect to make contributions to the pension plan in 2026. We will continue to monitor the plan’s funded status, and we will consider modifying the plan’s investment policy based on the actuarial and funding characteristics of the retirement plan, the demographic profile of plan participants, and our business objectives. The fair values of our plan assets as of December 31, 2025, by asset category, are as follows (in millions):
| Fair Value Measurements
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |
Equity securities: |  |  |  |  |  |  |
U.S. large-cap | — |  |  | 19 |  |  | — |  |  | 19 |
U.S. small-cap | — |  |  | 5 |  |  | — |  |  | 5 |
International | — |  |  | 10 |  |  | — |  |  | 10 |
Fixed income securities | 109 |  |  | 533 |  |  | 6 |  |  | 648 |
Total | $ | 116 |  |  | $ | 567 |  |  | $ | 6 |  |  | $ | 689 |
The above table includes a total of $25 million of net unsettled securities purchases as of December 31, 2025. These trades settled in January 2026. The fair values of our plan assets as of December 31, 2024, by asset category, are as follows (in millions):
| Fair Value Measurements
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
Cash | $ | 8 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Equity securities: |  |  |  |  |  |  |
U.S. large-cap | — |  |  | 20 |  |  | — |  |  | 20 |
U.S. small-cap | — |  |  | 5 |  |  | — |  |  | 5 |
International | — |  |  | 10 |  |  | — |  |  | 10 |
Fixed income securities | 153 |  |  | 507 |  |  | 6 |  |  | 666 |
Total | $ | 161 |  |  | $ | 542 |  |  | $ | 6 |  |  | $ | 709 |
The above table includes a total of $56 million of net unsettled securities purchases as of December 31, 2024. These trades settled in January 2025. The measurement dates for the pension plan are December 31, 2025 and 2024. The following table provides a summary of the changes in the pension plan’s benefit obligations and the fair value of assets measured using the valuation techniques described in Note 18, as of December 31, 2025 and 2024 and a statement of funded status of the pension plan as of December 31, 2025 and 2024 (in millions):
| As of December 31,
| 2025 |  | 2024
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 598 |  |  | $ | 644 |
Interest cost | 29 |  |  | 29 |
Actuarial (gain)/loss | 15 |  |  | (28) |
Benefits paid | (47) |  |  | (47) |
Benefit obligation at year end | $ | 595 |  |  | $ | 598 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 653 |  |  | $ | 694 |
Actual return on plan assets | 58 |  |  | 6 |
Benefits paid | (47) |  |  | (47) |
Fair value of plan assets at end of year | $ | 664 |  |  | $ | 653 |
Funded status | $ | 69 |  |  | $ | 55 |
Accumulated benefit obligation | $ | 595 |  |  | $ | 598 |
Amounts recognized in the accompanying consolidated balance sheets: |  |  |
Other non-current assets | $ | 69 |  |  | $ | 55 |
The following shows the components of the pension plan expense for 2025, 2024 and 2023 (in millions):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Interest cost | $ | 29 |  |  | $ | 29 |  |  | $ | 30 |
Estimated return on plan assets | (34) |  |  | (33) |  |  | (35) |
Aggregate pension benefit | $ | (5) |  |  | $ | (4) |  |  | $ | (5) |
We use a market-related value of plan assets when determining the estimated return on plan assets. Gains/losses on plan assets are amortized over a four-year period and accumulate in other comprehensive income. We recognize deferred gains and losses in future net income based on a “corridor” approach, where the corridor is equal to 10% of the greater of the benefit obligation or the market-related value of plan assets at the beginning of the year. The following shows the projected payments for the pension plan based on actuarial assumptions (in millions):
2026 | $ | 52 |
2027 | 52 |
2028 | 51 |
2029 | 50 |
2030 | 49 |
Next 5 years | 225 |
Supplemental Executive Retirement Plan We have a U.S. nonqualified supplemental executive retirement plan, or SERP, which provides supplemental retirement benefits for certain employees. The future benefit accrual of the SERP plan is frozen. To provide for the future payments of these benefits, we have purchased insurance on the lives of certain of the participants through company-owned policies. The cash surrender value of these policies was $27 million and $60 million as of December 31, 2025 and 2024, respectively, and is included in other non-current assets in the accompanying consolidated balance sheets. We also acquired a SERP through both the ICE NGX and Chicago Stock Exchange acquisitions. The following table provides a summary of the changes in the SERP benefit obligations (in millions):
| As of December 31,
| 2025 |  | 2024
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 21 |  |  | $ | 23 |
Interest cost | 1 |  |  | 1 |
Benefits paid | (3) |  |  | (3) |
Benefit obligation at year end | $ | 19 |  |  | $ | 21 |
Funded status | $ | (19) |  |  | $ | (21) |
Amounts recognized in the accompanying consolidated balance sheets: |  |  |
Other current liabilities | $ | (3) |  |  | $ | (3) |
Accrued employee benefits | (16) |  |  | (18) |
SERP plan expense in the accompanying consolidated statements of income was $1 million each year in 2025, 2024 and 2023 and primarily consisted of interest cost. The following table shows the projected payments for the SERP plan based on the actuarial assumptions (in millions):
Projected SERP Plan Payments |
2026 | $ | 3 |
2027 | 3 |
2028 | 2 |
2029 | 2 |
2030 | 2 |
Next 5 years | 7 |
Pension and SERP Plans Assumptions The weighted-average assumptions used to develop the actuarial present value of the projected benefit obligation and net periodic pension/SERP costs in 2025, 2024 and 2023 are set forth below:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Weighted-average discount rate for determining benefit obligations (pension/SERP plans) | 5.2% / 4.7% |  | 5.4% / 5.2% |  | 4.7% / 4.6%
Weighted-average discount rate for determining interest costs (pension/SERP plans) | 5.1% / 4.9% |  | 4.6% / 4.6% |  | 4.8% / 4.7%
Expected long-term rate of return on plan assets (pension plan) | 5.0% / N/A |  | 4.3% / N/A |  | 4.4% / N/A
Rate of compensation increase | N/A |  | N/A |  | N/A
The assumed discount rate reflects the market rates for high-quality corporate bonds currently available. The discount rate was determined by considering the average of pension yield curves constructed on a large population of high-quality corporate bonds. The resulting discount rates reflect the matching of plan liability cash flows to yield curves. To develop the expected long-term rate of return on assets assumption, we considered the historical returns and the future expectations for returns for each asset class as well as the target asset allocation of the pension portfolio. The determination of the interest cost component utilizes a full yield curve approach by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to each year’s discounted cash flow. Post-retirement Benefit Plans Our defined benefit plans provide certain health care and life insurance benefits for certain eligible retired NYSE U.S. employees. These post-retirement benefit plans, which may be modified in accordance with their terms, are fully frozen. The net periodic post-retirement benefit costs were $4 million, $5 million and $3 million in 2025, 2024 and 2023, respectively. The defined benefit plans are unfunded, and we currently do not expect to fund the post-retirement benefit plans. The weighted-average discount rate for determining the benefit obligation as of December 31, 2025 and 2024 was 5.1% and 5.3%, respectively. The weighted-average discount rate for determining the interest cost as of December 31, 2025 and 2024 was 5.1% and 4.6%, respectively. The following table provides a summary of the changes in the benefit obligation (in millions):
| As of December 31,
Change in benefit obligation: | 2025 |  | 2024
Benefit obligation at beginning of year | $ | 116 |  |  | $ | 129 |
Interest cost | 6 |  |  | 5 |
Actuarial (gain)/loss | — |  |  | (7) |
Employee contributions | 2 |  |  | 2 |
Benefits paid | (9) |  |  | (13) |
Benefit obligation at the end of year | $ | 115 |  |  | $ | 116 |
Funded status | $ | (115) |  |  | $ | (116) |
Amounts recognized in the accompanying consolidated balance sheets: |  |  |
Other current liabilities | $ | (9) |  |  | $ | (9) |
Accrued employee benefits | $ | (106) |  |  | $ | (107) |
The following table shows the payments projected for our post-retirement benefit plans (net of expected Medicare subsidy receipts of $8 million in aggregate over the next ten fiscal years) based on actuarial assumptions (in millions):
Projected Post-Retirement Benefit by Year: | Projected Payment
2026 | $ | 9 |
2027 | 9 |
2028 | 9 |
2029 | 10 |
2030 | 10 |
Next 5 years | 47 |
For measurement purposes, we assumed a 7.3% annual rate of increase in the per capita cost of covered health care benefits in 2025 which will decrease on a graduated basis to 3.9% in the year 2048 and thereafter. Accumulated Other Comprehensive Loss The accumulated other comprehensive loss, after tax, as of December 31, 2025, consisted of the following amounts that have not yet been recognized in net periodic benefit cost (in millions):
| Pension Plans |  | SERP Plans |  | Post-retirement Benefit Plans |  | Total
Unrecognized net actuarial losses/(gains), after tax | $ | 71 |  |  | $ | 3 |  |  | $ | (27) |  |  | $ | 47 |
Other Benefit Plans and Defined Contribution Plans Our U.S. employees are eligible to participate in 401(k) and profit sharing plans and our non-U.S. employees are eligible to participate in defined contribution pension plans. Total contributions under the 401(k), profit sharing and defined contribution pension plans were $91 million, $74 million and $69 million in 2025, 2024 and 2023, respectively. No discretionary or profit sharing contributions were made during 2025, 2024 or 2023.

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