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FAIR VALUE MEASUREMENT (Tables) | 12 Months Ended
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Dec. 31, 2023
FAIR VALUE MEASUREMENT |
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 December 31, 2023 and 2022 (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 |
​ |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities (1) | ​ | $ | 20.8 | ​ | $ | 20.8 | ​ | $ | — | ​ | $ | — | ​
Marketable securities (1): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Mutual funds | ​ | ​ | 17.1 | ​ | ​ | 17.1 | ​ | ​ | — | ​ | ​ | — | ​
Money market funds | ​ | ​ | 19.6 | ​ | ​ | 19.6 | ​ | ​ | — | ​ | ​ | — | ​
Digital assets - safeguarded assets | ​ | ​ | 51.3 | ​ | ​ | — | ​ | ​ | 51.3 | ​ | ​ | — | ​
Total assets | ​ | $ | 108.8 | ​ | $ | 57.5 | ​ | $ | 51.3 | ​ | $ | — | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration liabilities | ​ | $ | 11.8 | ​ | $ | — | ​ | $ | — | ​ | $ | 11.8 | ​
Digital assets - safeguarded liabilities | ​ | ​ | 51.3 | ​ | ​ | — | ​ | ​ | 51.3 | ​ | ​ | — | ​
Cboe Digital restricted common units liability (2) | ​ | ​ | 18.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18.7 | ​
Cboe Digital warrant liability (2) | ​ | ​ | 5.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5.9 | ​
Total liabilities | ​ | $ | 87.7 | ​ | $ | — | ​ | $ | 51.3 | ​ | $ | 36.4 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 consolidated balance sheets.
(2) | These amounts are reflected within other non-current liabilities in the 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 December 31, 2023 and 2022 (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 |
​ |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Assets: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasury securities (1) | ​ | $ | 20.8 | ​ | $ | 20.8 | ​ | $ | — | ​ | $ | — | ​
Deferred compensation plan assets (1) | ​ |  | 36.7 | ​ |  | 36.7 | ​ |  | — | ​ |  | — | ​
Digital assets - safeguarded assets | ​ | ​ | 51.3 | ​ | ​ | — | ​ | ​ | 51.3 | ​ | ​ | — | ​
Digital assets held (2) | ​ | ​ | 0.1 | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | — | ​
Total assets | ​ | $ | 108.9 | ​ | $ | 57.6 | ​ | $ | 51.3 | ​ | $ | — | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration liabilities | ​ | $ | 11.8 | ​ | $ | — | ​ | $ | — | ​ | $ | 11.8 | ​
Deferred compensation plan liabilities (3) | ​ | ​ | 36.7 | ​ | ​ | 36.7 | ​ | ​ | — | ​ | ​ | — | ​
Digital assets - safeguarded liabilities | ​ | ​ | 51.3 | ​ | ​ | — | ​ | ​ | 51.3 | ​ | ​ | — | ​
Cboe Digital restricted common units liability (3) | ​ | ​ | 18.7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18.7 | ​
Cboe Digital warrant liability (3) | ​ | ​ | 5.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5.9 | ​
Debt | ​ |  | 1,305.7 | ​ |  | — | ​ |  | 1,305.7 | ​ |  | — | ​
Total liabilities | ​ | $ | 1,430.1 | ​ | $ | 36.7 | ​ | $ | 1,357.0 | ​ | $ | 36.4 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 consolidated balance sheets.
(2) | These amounts are reflected within intangible assets, net in the consolidated balance sheets.
(3) | These amounts are reflected within other non-current liabilities in the consolidated balance sheets.
Schedule of fair value of debt obligation | At December 31, 2023 and 2022, the fair values of the Company’s debt obligations were as follows (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value
​ | ​ | December 31, 2023 | ​ | December 31, 2022
Term Loan Agreement | ​ | $ | — | ​ | $ | 306.3
3.650% Senior Notes | ​ | ​ | 628.5 | ​ | ​ | 623.6
1.625% Senior Notes | ​ | ​ | 412.7 | ​ | ​ | 390.7
3.000% Senior Notes | ​ | ​ | 264.5 | ​ | ​ | 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 year ended December 31, 2023 and 2022 (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level 3 Financial Liabilities for the Year Ended December 31, 2023 |
​ | ​ | Balance at | ​ | Realized (Gains) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | ​ |
​ | ​ | Beginning of | ​ | Losses during | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Currency | ​ | Balance at |
​ |  | Period | ​ | Period | ​ | Adjustments | ​ | Additions |  | Settlements |  | Translation |  | End of Period |
Liabilities: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration liabilities |  | $ | 39.1 | ​ | $ | (14.4) | ​ | $ | — | ​ | $ | — |  | $ | (13.1) |  | $ | 0.2 |  | $ | 11.8 | ​
Cboe Digital restricted common units liability | ​ | ​ | 15.5 | ​ | ​ | ​ | ​ | ​ | 0.1 | ​ | ​ | 3.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 18.7 | ​
Cboe Digital warrant liability | ​ | ​ | 5.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5.9 | ​
Total liabilities | ​ | $ | 60.5 | ​ | $ | (14.4) | ​ | $ | 0.1 | ​ | $ | 3.1 | ​ | $ | (13.1) | ​ | $ | 0.2 | ​ | $ | 36.4 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level 3 Financial Liabilities for the Year Ended December 31, 2022 |
​ | ​ | Balance at | ​ | Realized (Gains) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Foreign | ​ | ​ |
​ | ​ | Beginning of | ​ | Losses during | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Currency | ​ | Balances at |
​ |  | Period | ​ | Period | ​ | Adjustments | ​ | Additions |  | Settlements |  | Translation |  | End of Period |
Liabilities: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Contingent consideration liabilities |  | $ | 70.5 | ​ | $ | (5.2) | ​ | $ | (44.3) | ​ | $ | 57.7 |  | $ | (38.7) |  | $ | (0.9) |  | $ | 39.1 | ​
Cboe Digital restricted common units liability | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15.5 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15.5 | ​
Cboe Digital warrant liability | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5.9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5.9 | ​
Total liabilities | ​ | $ | 70.5 | ​ | $ | (5.2) | ​ | $ | (44.3) | ​ | $ | 79.1 | ​ | $ | (38.7) | ​ | $ | (0.9) | ​ | $ | 60.5 | ​
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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