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Sale of BondPoint | 3 Months Ended
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Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Sale of BondPoint | Sale of BondPoint In October 2017, the Company entered into an Asset Purchase Agreement (the “BondPoint Agreement”) with ICE pursuant to which the Company has agreed to sell specified assets and to assign specified liabilities constituting its BondPoint division and fixed income venue (“BondPoint”). BondPoint is a provider of electronic fixed income trading solutions for the buy-side and sell-side offering access to centralized liquidity and automated trade execution services. As of December 31, 2017, the Company transferred the carrying value of BondPoint to assets held for sale, refer to Note 4 “Business held for sale” in the Company's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 13, 2018 (the "2017 Form 10-K"). On January 2, 2018, the Company completed the sale of BondPoint to Intercontinental Exchange for total gross proceeds of $400.2 million in cash. The Company incurred one-time transaction costs of $8.5 million, which include professional fees of $7.1 million related to the sale and $1.4 million compensation expense, which is recorded in Transaction advisory fees and expenses and Employee compensation and payroll taxes, respectively, on the condensed consolidated statement of comprehensive income. The Company recognized a gain on sale of $329.0 million, which is recorded in other, net on the condensed consolidated statement of comprehensive income for the three months ended March 31, 2018. A summary of the carrying value of BondPoint and gain on sale of BondPoint is as follows:
(in thousand) |  |
Total sale proceeds received |  | $ | 400,192 |
Business assets and liabilities held for sale as of December 31, 2017: |  |
Receivables from broker dealers and clearing organizations |  | 3,383 |
Intangibles and other assets |  | 51,687 |
Liabilities |  | (728 | )
Total carrying value of BondPoint as of December 31, 2017: |  | 54,342 |
Goodwill adjustment allocated to BondPoint |  | 8,300 |
Gain on sale of BondPoint |  | 337,550 |
Transaction costs |  | 8,568 |
Gain on sale of BondPoint, net of transaction costs |  | $ | 328,982 |

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