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FAIR VALUE MEASUREMENT (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis

The following tables present the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in millions):


	March 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
U.S. Treasury securities (1)	$	49.5	$	49.5	$	—	$	—
Marketable securities (1):
Mutual funds		14.2		14.2		—		—
Money market funds		16.5		16.5		—		—
Digital assets - safeguarded assets		42.0		42.0		—		—
Total assets	$	122.2	$	122.2	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	34.2	$	—	$	—	$	34.2
Digital assets - safeguarded liabilities		42.0		42.0		—		—
Cboe Digital restricted common units liability (2)		15.6		—		—		15.6
Cboe Digital warrant liability (2)		5.9		—		—		5.9
Total liabilities	$	97.7	$	42.0	$	—	$	55.7


	December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
U.S. Treasury securities (1)	$	64.2	$	64.2	$	—	$	—
Marketable securities (1):
Mutual funds		15.3		15.3		—		—
Money market funds		12.2		12.2		—		—
Digital assets - safeguarded assets		22.9		22.9		—		—
Total assets	$	114.6	$	114.6	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	39.1	$	—	$	—	$	39.1
Digital assets - safeguarded liabilities		22.9		22.9		—		—
Cboe Digital restricted common units liability (2)		15.5		—		—		15.5
Cboe Digital warrant liability (2)		5.9		—		—		5.9
Total liabilities	$	83.4	$	22.9	$	—	$	60.5

(1)	These amounts are reflected within financial investments in the condensed consolidated balance sheets.

(2)	These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.

Schedule of fair value hierarchy for assets and liabilities measured on a nonrecurring basis

The following tables present the Company’s fair value hierarchy for certain assets and liabilities held by the Company as of March 31, 2023 and December 31, 2022 (in millions):


	March 31, 2023
	Total		Level 1		Level 2		Level 3
Assets:
U.S. Treasury securities (1)	$	49.5	$	49.5	$	—	$	—
Deferred compensation plan assets (1)		30.7		30.7		—		—
Digital assets - safeguarded assets		42.0		42.0		—		—
Digital assets held (2)		0.1		0.1		—		—
Total assets	$	122.3	$	122.3	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	34.2	$	—	$	—	$	34.2
Deferred compensation plan liabilities (3)		30.7		30.7		—		—
Digital assets - safeguarded liabilities		42.0		42.0		—		—
Cboe Digital restricted common units liability (3)		15.6		—		—		15.6
Cboe Digital warrant liability (3)		5.9		—		—		5.9
Debt		1,595.7		—		1,595.7		—
Total liabilities	$	1,724.1	$	72.7	$	1,595.7	$	55.7


	December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
U.S. Treasury securities (1)	$	64.2	$	64.2	$	—	$	—
Deferred compensation plan assets (1)		27.5		27.5		—		—
Digital assets - safeguarded assets		22.9		22.9		—		—
Digital assets held (2)		0.9		0.9		—		—
Total assets	$	115.5	$	115.5	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	39.1	$	—	$	—	$	39.1
Deferred compensation plan liabilities (3)		27.5		27.5		—		—
Digital assets - safeguarded liabilities		22.9		22.9		—		—
Cboe Digital restricted common units liability (3)		15.5		—		—		15.5
Cboe Digital warrant liability (3)		5.9		—		—		5.9
Debt		1,573.9		—		1,573.9		—
Total liabilities	$	1,684.8	$	50.4	$	1,573.9	$	60.5

(1)	These amounts are reflected within financial investments in the condensed consolidated balance sheets.

(2)	These amounts are reflected within intangible assets, net in the condensed consolidated balance sheets.

(3)	These amounts are reflected within other non-current liabilities in the condensed consolidated balance sheets.

Schedule of fair value of debt obligation

At March 31, 2023 and December 31, 2022, the fair values of the Company’s debt obligations were as follows (in millions):


	Fair Value
	March 31, 2023		December 31, 2022
Term Loan Agreement	$	306.1	$	306.3
3.650% Senior Notes		627.7		623.6
1.625% Senior Notes		401.8		390.7
3.000% Senior Notes		260.1		253.3

Summary of changes in the fair value of Level 3 financial liabilities

The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities during the three months ended March 31, 2023 (in millions):


	Level 3 Financial Liabilities for the Three Months Ended March 31, 2023
	Balance at		Realized (Gains)								Foreign		Balances at
	Beginning of		Losses during								Currency		End of
	Period		Period		Adjustments		Additions		Settlements		Translation		Period
Liabilities
Contingent consideration liabilities	$	39.1	$	—	$	—	$	—	$	(4.9)	$	—	$	34.2
Cboe Digital restricted common units liability		15.5		—		0.1		—		—		—		15.6
Cboe Digital warrant liability		5.9		—		—		—		—		—		5.9
Total liabilities	$	60.5	$	—	$	0.1	$	—	$	(4.9)	$	—	$	55.7