v3.25.4

Fair Value Measurements | 12 Months Ended
--- | ---
Dec. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities carried or disclosed at fair value as of December 31, 2025 and 2024 were classified in the fair value hierarchy based on the most significant lowest-level input used in their valuation. 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). As of December 31, 2025 and 2024, the fair value of these mutual funds was $20 million and $16 million, respectively. At our ICE NGX clearing house, unsettled variation margin is recorded at fair value based on the settlement prices of open contracts using level 2 inputs. See Notes 2 and 14 for more information. 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 our Mortgage Technology segment. As of December 31, 2025 and 2024, 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. During 2025, we recorded a net $34 million fair value gain consisting of $35 million of gains from identifying observable price changes in certain of our investments offset by a $1 million impairment. 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. Financial Instruments Not Measured at Fair Value The table below displays the fair value of our debt as of December 31, 2025 and December 31, 2024 (in millions). 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, 2025 |  | As of December 31, 2024
| Carrying Amount |  | Fair value |  | Carrying Amount |  | Fair value
Commercial Paper | $ | 1,035 |  |  | $ | 1,035 |  |  | $ | 529 |  |  | $ | 529 |
3.65% Senior Notes due May 23, 2025 | — |  |  | — |  |  | 1,249 |  |  | 1,245 |
3.75% Senior Notes due December 1, 2025 | — |  |  | — |  |  | 1,249 |  |  | 1,241 |
4.00% Senior Notes due September 15, 2027 | 1,495 |  |  | 1,504 |  |  | 1,492 |  |  | 1,478 |
3.10% Senior Notes due September 15, 2027 | 499 |  |  | 494 |  |  | 498 |  |  | 481 |
3.625% Senior Notes due September 1, 2028 | 954 |  |  | 993 |  |  | 937 |  |  | 960 |
3.75% Senior Notes due September 21, 2028 | 597 |  |  | 597 |  |  | 596 |  |  | 578 |
3.95% Senior Notes due December 1, 2028 | 594 |  |  | 602 |  |  | — |  |  | — |
4.35% Senior Notes due June 15, 2029 | 1,245 |  |  | 1,264 |  |  | 1,243 |  |  | 1,224 |
2.10% Senior Notes due June 15, 2030 | 1,242 |  |  | 1,149 |  |  | 1,240 |  |  | 1,081 |
4.20% Senior Notes due March 15, 2031 | 640 |  |  | 651 |  |  | — |  |  | — |
5.25% Senior Notes due June 15, 2031 | 745 |  |  | 786 |  |  | 743 |  |  | 758 |
1.85% Senior Notes due September 15, 2032 | 1,489 |  |  | 1,281 |  |  | 1,488 |  |  | 1,190 |
4.60% Senior Notes due March 15, 2033 | 1,491 |  |  | 1,519 |  |  | 1,490 |  |  | 1,441 |
2.65% Senior Notes due September 15, 2040 | 1,234 |  |  | 929 |  |  | 1,233 |  |  | 874 |
4.25% Senior Notes due September 21, 2048 | 1,234 |  |  | 1,043 |  |  | 1,233 |  |  | 1,011 |
3.00% Senior Notes due June 15, 2050 | 1,224 |  |  | 822 |  |  | 1,223 |  |  | 798 |
4.95% Senior Notes due June 15, 2052 | 1,468 |  |  | 1,379 |  |  | 1,467 |  |  | 1,343 |
3.00% Senior Notes due September 15, 2060 | 1,473 |  |  | 900 |  |  | 1,473 |  |  | 877 |
5.20% Senior Notes due June 15, 2062 | 985 |  |  | 919 |  |  | 985 |  |  | 911 |
Total debt | $ | 19,644 |  |  | $ | 17,867 |  |  | $ | 20,368 |  |  | $ | 18,020 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration