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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 1,123 $ 1,187 $ 933
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 258 278 202
Share-based compensation 106 90 87
Deferred income taxes 38 94 41
Extinguishment of debt 16 33 36
Net gain on divestiture of business 0 (84) 0
Net income from unconsolidated investees (31) (52) (70)
Other reconciling items included in net income 28 6 32
Net change in operating assets and liabilities, net of effects of acquisitions:      
Receivables, net (101) (6) (167)
Other assets 98 (140) 26
Accounts payable and accrued expenses 19 (17) 5
Section 31 fees payable to SEC 181 (162) 92
Accrued personnel costs 0 28 32
Deferred revenue 16 106 15
Other liabilities [1] (45) (278) (12)
Net cash provided by operating activities 1,706 1,083 1,252
Cash flows from investing activities:      
Purchases of securities (322) (316) (283)
Proceeds from sales and redemptions of securities 320 285 402
Proceeds from divestiture of business, net of cash divested 0 190 0
Proceeds from sale of investment securities 0 0 22
Acquisition of businesses, net of cash and cash equivalents acquired (41) (2,430) (157)
Purchases of property and equipment (152) (163) (188)
Investments related to default funds and margin deposits, net [2] 211 (132) 109
Other investing activities 33 (87) (27)
Net cash provided by (used in) investing activities 49 (2,653) (122)
Cash flows from financing activities:      
Proceeds from (repayments of) commercial paper, net 238 420 (391)
Repayments of debt and credit commitment (1,097) (804) (1,468)
Payment of debt extinguishment cost (16) (33) (36)
Proceeds from issuances of debt, net of issuance costs and utilization of credit commitment 541 826 3,807
Dividends paid (383) (350) (320)
Payments related to employee shares withheld for taxes (78) (61) (40)
Default funds and margin deposits 2,440 2,330 527
Other financing activities 1 7 3
Net cash provided by financing activities 1,036 1,418 1,910
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (1,293) (331) 353
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents 1,498 (483) 3,393
Cash and cash equivalents, restricted cash and cash equivalents at beginning of period 5,496 5,979 2,586
Cash and cash equivalents, restricted cash and cash equivalents at end of period 6,994 5,496 5,979
Reconciliation of Cash, Cash Equivalents and Restricted Cash and Cash Equivalents      
Cash and cash equivalents 502 393 2,745
Restricted cash and cash equivalents 22 29 37
Restricted cash and cash equivalents (default funds and margin deposits) 6,470 5,074 3,197
Total 6,994 5,496 5,979
Supplemental Disclosure Cash Flow Information      
Interest paid 116 118 97
Income taxes, net of refund [1] 274 501 290
Share repurchase program      
Cash flows from financing activities:      
Repurchase of Common Stock And ASR Agreement (308) (468) (222)
Proceeds received from employee stock activity and other issuances 23 26 50
ASR agreement      
Cash flows from financing activities:      
Repurchase of Common Stock And ASR Agreement $ (325) $ (475) $ 0
[1] ncludes payment of an acquired tax liability related to the Verafin acquisition. See “2021 Acquisition,” of Note 4, “Acquisitions and Divestiture,” for further discussion.
[2] Includes purchases and proceeds from sales and redemptions related to the default funds and margin deposits of our clearing operations. For further information, see "Default Fund Contributions and Margin Deposits," within Note 15, "Clearing Operations."