ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 36-4459170 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
20 South Wacker Drive, Chicago, Illinois | 60606 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer x | Accelerated filer o | ||
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 4. | ||
Item 6. | ||
• | increasing competition by foreign and domestic entities, including increased competition from new entrants into our markets and consolidation of existing entities; |
• | our ability to keep pace with rapid technological developments, including our ability to complete the development, implementation and maintenance of the enhanced functionality required by our customers while maintaining reliability and ensuring that such technology is not vulnerable to security risks; |
• | our ability to continue introducing competitive new products and services on a timely, cost-effective basis, including through our electronic trading capabilities, and our ability to maintain the competitiveness of our existing products and services, including our ability to provide effective services to the swaps market; |
• | our ability to adjust our fixed costs and expenses if our revenues decline; |
• | our ability to maintain existing customers, develop strategic relationships and attract new customers; |
• | our ability to expand and offer our products outside the United States; |
• | changes in domestic and non-U.S. regulations, including the impact of any changes in domestic and foreign laws or government policy with respect to our industry, such as any changes to regulations and policies that require increased financial and operational resources from us or our customers; |
• | the costs associated with protecting our intellectual property rights and our ability to operate our business without violating the intellectual property rights of others; |
• | decreases in revenue from our market data as a result of decreased demand; |
• | changes in our rate per contract due to shifts in the mix of the products traded, the trading venue and the mix of customers (whether the customer receives member or non-member fees or participates in one of our various incentive programs) and the impact of our tiered pricing structure; |
• | the ability of our financial safeguards package to adequately protect us from the credit risks of clearing members; |
• | the ability of our compliance and risk management methods to effectively monitor and manage our risks, including our ability to prevent errors and misconduct and protect our infrastructure against security breaches and misappropriation of our intellectual property assets; |
• | changes in price levels and volatility in the derivatives markets and in underlying equity, foreign exchange, interest rate and commodities markets; |
• | economic, political and market conditions, including the volatility of the capital and credit markets and the impact of economic conditions on the trading activity of our current and potential customers; |
• | our ability to accommodate increases in contract volume and order transaction traffic and to implement enhancements without failure or degradation of the performance of our trading and clearing systems; |
• | our ability to execute our growth strategy and maintain our growth effectively; |
• | our ability to manage the risks and control the costs associated with our strategy for acquisitions, investments and alliances; |
• | our ability to continue to generate funds and/or manage our indebtedness to allow us to continue to invest in our business; |
• | industry and customer consolidation; |
• | decreases in trading and clearing activity; |
• | the imposition of a transaction tax or user fee on futures and options on futures transactions and/or repeal of the 60/40 tax treatment of such transactions; and |
• | the unfavorable resolution of material legal proceedings. |
ITEM 1. | FINANCIAL STATEMENTS |
September 30, 2016 | December 31, 2015 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 1,420.5 | $ | 1,692.6 | ||||
Marketable securities | 83.3 | 72.5 | ||||||
Accounts receivable, net of allowance of $3.6 and $1.9 | 395.7 | 357.8 | ||||||
Other current assets (includes $29.5 and $32.0 in restricted cash) | 269.4 | 228.6 | ||||||
Performance bonds and guaranty fund contributions | 31,607.1 | 35,553.0 | ||||||
Total current assets | 33,776.0 | 37,904.5 | ||||||
Property, net of accumulated depreciation and amortization of $577.4 and $788.6 | 426.7 | 491.7 | ||||||
Intangible assets—trading products | 17,175.3 | 17,175.3 | ||||||
Intangible assets—other, net | 2,465.9 | 2,537.9 | ||||||
Goodwill | 7,569.0 | 7,569.0 | ||||||
Other assets (includes $64.4 and $70.5 in restricted cash) | 1,838.4 | 1,681.0 | ||||||
Total Assets | $ | 63,251.3 | $ | 67,359.4 | ||||
Liabilities and Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 34.5 | $ | 28.7 | ||||
Other current liabilities | 247.0 | 1,242.8 | ||||||
Performance bonds and guaranty fund contributions | 31,604.9 | 35,553.0 | ||||||
Total current liabilities | 31,886.4 | 36,824.5 | ||||||
Long-term debt | 2,230.7 | 2,229.3 | ||||||
Deferred income tax liabilities, net | 7,317.7 | 7,358.3 | ||||||
Other liabilities | 551.6 | 395.5 | ||||||
Total Liabilities | 41,986.4 | 46,807.6 | ||||||
Shareholders’ Equity: | ||||||||
Preferred stock, $0.01 par value, 10,000 shares authorized at September 30, 2016 and December 31, 2015; none issued | — | — | ||||||
Class A common stock, $0.01 par value, 1,000,000 shares authorized at September 30, 2016 and December 31, 2015; 337,978 and 336,938 shares issued and outstanding as of September 30, 2016 and December 31, 2015, respectively | 3.4 | 3.4 | ||||||
Class B common stock, $0.01 par value, 3 shares authorized, issued and outstanding as of September 30, 2016 and December 31, 2015 | — | — | ||||||
Additional paid-in capital | 17,780.0 | 17,721.6 | ||||||
Retained earnings | 3,458.6 | 2,907.6 | ||||||
Accumulated other comprehensive income (loss) | 22.9 | (80.8 | ) | |||||
Total shareholders’ equity | 21,264.9 | 20,551.8 | ||||||
Total Liabilities and Equity | $ | 63,251.3 | $ | 67,359.4 |
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Revenues | ||||||||||||||||
Clearing and transaction fees | $ | 704.2 | $ | 715.0 | $ | 2,267.9 | $ | 2,105.0 | ||||||||
Market data and information services | 101.1 | 99.5 | 306.4 | 300.3 | ||||||||||||
Access and communication fees | 23.8 | 21.6 | 67.7 | 64.4 | ||||||||||||
Other | 12.6 | 14.2 | 40.3 | 43.3 | ||||||||||||
Total Revenues | 841.7 | 850.3 | 2,682.3 | 2,513.0 | ||||||||||||
Expenses | ||||||||||||||||
Compensation and benefits | 130.6 | 136.4 | 394.2 | 419.2 | ||||||||||||
Communications | 6.9 | 7.1 | 19.9 | 21.3 | ||||||||||||
Technology support services | 17.3 | 15.4 | 52.4 | 47.1 | ||||||||||||
Professional fees and outside services | 33.5 | 33.8 | 104.2 | 90.6 | ||||||||||||
Amortization of purchased intangibles | 24.0 | 24.9 | 72.0 | 74.8 | ||||||||||||
Depreciation and amortization | 31.2 | 32.4 | 95.5 | 97.5 | ||||||||||||
Occupancy and building operations | 19.6 | 23.1 | 65.3 | 69.4 | ||||||||||||
Licensing and other fee agreements | 31.5 | 33.1 | 103.3 | 92.5 | ||||||||||||
Other | 21.8 | 27.7 | 113.0 | 81.8 | ||||||||||||
Total Expenses | 316.4 | 333.9 | 1,019.8 | 994.2 | ||||||||||||
Operating Income | 525.3 | 516.4 | 1,662.5 | 1,518.8 | ||||||||||||
Non-Operating Income (Expense) | ||||||||||||||||
Investment income | 36.5 | 2.5 | 71.3 | 26.7 | ||||||||||||
Gains (losses) on derivative investments | — | — | — | (1.8 | ) | |||||||||||
Interest and other borrowing costs | (31.1 | ) | (28.3 | ) | (91.9 | ) | (88.5 | ) | ||||||||
Equity in net earnings (losses) of unconsolidated subsidiaries | 28.6 | 26.6 | 82.4 | 75.1 | ||||||||||||
Other non-operating income (expense) | (10.5 | ) | (0.8 | ) | (30.9 | ) | (42.0 | ) | ||||||||
Total Non-Operating | 23.5 | — | 30.9 | (30.5 | ) | |||||||||||
Income before Income Taxes | 548.8 | 516.4 | 1,693.4 | 1,488.3 | ||||||||||||
Income tax provision | 76.0 | 156.5 | 532.7 | 533.0 | ||||||||||||
Net Income | $ | 472.8 | $ | 359.9 | $ | 1,160.7 | $ | 955.3 | ||||||||
Earnings per Common Share: | ||||||||||||||||
Basic | $ | 1.40 | $ | 1.07 | $ | 3.44 | $ | 2.84 | ||||||||
Diluted | 1.39 | 1.06 | 3.43 | 2.83 | ||||||||||||
Weighted Average Number of Common Shares: | ||||||||||||||||
Basic | 337,592 | 336,323 | 337,299 | 336,015 | ||||||||||||
Diluted | 339,143 | 338,139 | 338,834 | 337,804 |
Quarter Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net income | $ | 472.8 | $ | 359.9 | $ | 1,160.7 | $ | 955.3 | ||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||
Investment securities: | ||||||||||||||||
Net unrealized holding gains (losses) arising during the period | (17.7 | ) | (100.2 | ) | 177.7 | (91.0 | ) | |||||||||
Reclassification of net (gains) losses on sales included in investment income | (6.3 | ) | 2.6 | (6.3 | ) | (3.4 | ) | |||||||||
Income tax benefit (expense) | (65.3 | ) | — | (65.9 | ) | 1.2 | ||||||||||
Investment securities, net | (89.3 | ) | (97.6 | ) | 105.5 | (93.2 | ) | |||||||||
Defined benefit plans: | ||||||||||||||||
Net change in defined benefit plans arising during the period | — | — | 3.1 | (0.3 | ) | |||||||||||
Amortization of net actuarial (gains) losses included in compensation and benefits expense | 0.8 | 0.6 | 2.4 | 2.0 | ||||||||||||
Income tax benefit (expense) | (0.3 | ) | (0.2 | ) | (2.1 | ) | (0.6 | ) | ||||||||
Defined benefit plans, net | 0.5 | 0.4 | 3.4 | 1.1 | ||||||||||||
Derivative investments: | ||||||||||||||||
Net unrealized holding gains (losses) arising during the period | — | — | — | (4.7 | ) | |||||||||||
Ineffectiveness on cash flow hedges included in (gains) losses on derivative investments | — | — | — | 1.8 | ||||||||||||
Amortization of effective portion of net (gains) losses on cash flow hedges included in interest expense | (0.3 | ) | (0.3 | ) | (0.9 | ) | (0.9 | ) | ||||||||
Income tax benefit (expense) | 0.1 | 0.1 | 0.3 | 1.5 | ||||||||||||
Derivative investments, net | (0.2 | ) | (0.2 | ) | (0.6 | ) | (2.3 | ) | ||||||||
Foreign currency translation: | ||||||||||||||||
Foreign currency translation adjustments | (0.6 | ) | (3.4 | ) | (5.6 | ) | (10.0 | ) | ||||||||
Income tax benefit (expense) | (0.8 | ) | 1.1 | 1.0 | 3.6 | |||||||||||
Foreign currency translation, net | (1.4 | ) | (2.3 | ) | (4.6 | ) | (6.4 | ) | ||||||||
Other comprehensive income (loss), net of tax | (90.4 | ) | (99.7 | ) | 103.7 | (100.8 | ) | |||||||||
Comprehensive Income | $ | 382.4 | $ | 260.2 | $ | 1,264.4 | $ | 854.5 |
Class A Common Stock (Shares) | Class B Common Stock (Shares) | Common Stock and Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | |||||||||||||||||
Balance at December 31, 2015 | 336,938 | 3 | $ | 17,725.0 | $ | 2,907.6 | $ | (80.8 | ) | $ | 20,551.8 | |||||||||||
Net income | 1,160.7 | 1,160.7 | ||||||||||||||||||||
Other comprehensive income (loss) | 103.7 | 103.7 | ||||||||||||||||||||
Dividends on common stock of $1.80 per share | (609.7 | ) | (609.7 | ) | ||||||||||||||||||
Exercise of stock options | 434 | 29.5 | 29.5 | |||||||||||||||||||
Excess tax benefits from option exercises and restricted stock vesting | 10.0 | 10.0 | ||||||||||||||||||||
Vesting of issued restricted Class A common stock | 570 | (26.8 | ) | (26.8 | ) | |||||||||||||||||
Shares issued to Board of Directors | 26 | 2.5 | 2.5 | |||||||||||||||||||
Shares issued under Employee Stock Purchase Plan | 10 | 0.9 | 0.9 | |||||||||||||||||||
Stock-based compensation | 42.3 | 42.3 | ||||||||||||||||||||
Balance at September 30, 2016 | 337,978 | 3 | $ | 17,783.4 | $ | 3,458.6 | $ | 22.9 | $ | 21,264.9 |
Class A Common Stock (Shares) | Class B Common Stock (Shares) | Common Stock and Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | ||||||||||||||||
Balance at December 31, 2014 | 335,452 | 3 | $ | 17,600.0 | $ | 3,317.3 | $ | 6.2 | $ | 20,923.5 | |||||||||||
Net income | 955.3 | 955.3 | |||||||||||||||||||
Other comprehensive income (loss) | (100.8 | ) | (100.8 | ) | |||||||||||||||||
Dividends on common stock of $1.50 per share | (500.8 | ) | (500.8 | ) | |||||||||||||||||
Tax effect and gain related to purchase of non-controlling interests | 9.3 | 9.3 | |||||||||||||||||||
Exercise of stock options | 798 | 51.8 | 51.8 | ||||||||||||||||||
Excess tax benefits from option exercises and restricted stock vesting | 6.7 | 6.7 | |||||||||||||||||||
Vesting of issued restricted Class A common stock | 450 | (16.8 | ) | (16.8 | ) | ||||||||||||||||
Shares issued to Board of Directors | 26 | 2.4 | 2.4 | ||||||||||||||||||
Shares issued under Employee Stock Purchase Plan | 10 | 1.0 | 1.0 | ||||||||||||||||||
Stock-based compensation | 45.2 | 45.2 | |||||||||||||||||||
Balance at September 30, 2015 | 336,736 | 3 | $ | 17,699.6 | $ | 3,771.8 | $ | (94.6 | ) | $ | 21,376.8 |
Nine Months Ended September 30, | ||||||||
2016 | 2015 | |||||||
Cash Flows from Operating Activities | ||||||||
Net income | $ | 1,160.7 | $ | 955.3 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Stock-based compensation | 42.3 | 45.2 | ||||||
Amortization of purchased intangibles | 72.0 | 74.8 | ||||||
Depreciation and amortization | 95.5 | 97.5 | ||||||
Gain on sale of BM&FBOVESPA shares | (6.4 | ) | (3.4 | ) | ||||
Debt prepayment costs | — | 61.8 | ||||||
Loss on datacenter | 27.1 | — | ||||||
Undistributed earnings, net of losses, of unconsolidated subsidiaries | (29.3 | ) | (15.2 | ) | ||||
Deferred income taxes | (79.3 | ) | 49.8 | |||||
Change in: | ||||||||
Accounts receivable | (18.7 | ) | (22.3 | ) | ||||
Other current assets | (12.5 | ) | 12.4 | |||||
Other assets | 9.5 | (18.4 | ) | |||||
Accounts payable | 5.7 | 1.3 | ||||||
Income taxes payable | 21.3 | (70.1 | ) | |||||
Other current liabilities | (67.3 | ) | (31.3 | ) | ||||
Other liabilities | (14.3 | ) | (0.5 | ) | ||||
Other | (0.7 | ) | 4.3 | |||||
Net Cash Provided by Operating Activities | 1,205.6 | 1,141.2 | ||||||
Cash Flows from Investing Activities | ||||||||
Proceeds from maturities of available-for-sale marketable securities | 40.1 | 29.3 | ||||||
Purchases of available-for-sale marketable securities | (44.9 | ) | (29.3 | ) | ||||
Purchases of property, net | (62.9 | ) | (90.3 | ) | ||||
Investments in business ventures | (4.9 | ) | (7.0 | ) | ||||
Proceeds from sale of business venture | 8.8 | — | ||||||
Proceeds from sale of BM&FBOVESPA shares | — | 69.0 | ||||||
Settlement of derivative related to debt issuance | — | 7.0 | ||||||
Net Cash Used in Investing Activities | (63.8 | ) | (21.3 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Proceeds from debt, net of issuance costs | — | 743.7 | ||||||
Repayment of debt | — | (673.0 | ) | |||||
Cash dividends | (1,584.3 | ) | (1,174.9 | ) | ||||
Proceeds from finance lease obligation | 130.0 | — | ||||||
Proceeds from exercise of stock options | 29.5 | 51.8 | ||||||
Excess tax benefits related to employee option exercises and restricted stock vesting | 10.0 | 6.7 | ||||||
Settlement of contingent consideration | — | (7.0 | ) | |||||
Other | 0.9 | 1.0 | ||||||
Net Cash Used in Financing Activities | (1,413.9 | ) | (1,051.7 | ) | ||||
Net change in cash and cash equivalents | (272.1 | ) | 68.2 | |||||
Cash and cash equivalents, beginning of period | 1,692.6 | 1,366.1 | ||||||
Cash and Cash Equivalents, End of Period | $ | 1,420.5 | $ | 1,434.3 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Income taxes paid | $ | 545.5 | $ | 548.5 | ||||
Interest paid | 84.8 | 89.1 | ||||||
Non-cash investing activities: | ||||||||
Accrued proceeds from sale of BM&FBOVESPA shares | 20.8 | — |
Year | |||
Remainder of 2016 | $ | 4.2 | |
2017 | 16.7 | ||
2018 | 16.8 | ||
2019 | 16.8 | ||
2020 | 16.9 | ||
Thereafter | 180.5 | ||
Total | $ | 251.9 |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
(in millions) | Assigned Value | Accumulated Amortization | Net Book Value | Assigned Value | Accumulated Amortization | Net Book Value | ||||||||||||||||||
Amortizable Intangible Assets: | ||||||||||||||||||||||||
Clearing firm, market data and other customer relationships | $ | 2,838.8 | $ | (825.5 | ) | $ | 2,013.3 | $ | 2,838.8 | $ | (754.5 | ) | $ | 2,084.3 | ||||||||||
Technology-related intellectual property | 29.4 | (28.2 | ) | 1.2 | 29.4 | (27.2 | ) | 2.2 | ||||||||||||||||
Other | 2.4 | (1.0 | ) | 1.4 | 2.4 | (1.0 | ) | 1.4 | ||||||||||||||||
Total amortizable intangible assets | $ | 2,870.6 | $ | (854.7 | ) | 2,015.9 | $ | 2,870.6 | $ | (782.7 | ) | 2,087.9 | ||||||||||||
Indefinite-Lived Intangible Assets: | ||||||||||||||||||||||||
Trade names | 450.0 | 450.0 | ||||||||||||||||||||||
Total intangible assets – other, net | $ | 2,465.9 | $ | 2,537.9 | ||||||||||||||||||||
Trading products (1) | $ | 17,175.3 | $ | 17,175.3 |
(1) | Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits. |
(in millions) | Amortization Expense | ||
Remainder of 2016 | $ | 24.0 | |
2017 | 95.5 | ||
2018 | 94.7 | ||
2019 | 94.7 | ||
2020 | 94.7 | ||
2021 | 94.7 | ||
Thereafter | 1,517.6 |
(in millions) | September 30, 2016 | December 31, 2015 | ||||||
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% (1) | $ | 745.0 | $ | 744.4 | ||||
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (2) | 744.0 | 743.4 | ||||||
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (3) | 741.7 | 741.5 | ||||||
Total long-term debt | $ | 2,230.7 | $ | 2,229.3 |
(1) | In August 2012, the company entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.32%. |
(2) | In December 2014, the company entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%. |
(3) | In August 2012, the company entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73%. |
(in millions) | Par Value | ||
2017 | $ | — | |
2018 | — | ||
2019 | — | ||
2020 | — | ||
2021 | — | ||
Thereafter | 2,250.0 |
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | ||||||||||||||
Balance at December 31, 2015 | $ | (95.0 | ) | $ | (36.6 | ) | $ | 59.6 | $ | (8.8 | ) | $ | (80.8 | ) | |||||
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | 177.7 | 3.1 | — | (5.6 | ) | 175.2 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (6.3 | ) | 2.4 | (0.9 | ) | — | (4.8 | ) | |||||||||||
Income tax benefit (expense) | (65.9 | ) | (2.1 | ) | 0.3 | 1.0 | (66.7 | ) | |||||||||||
Net current period other comprehensive income (loss) | 105.5 | 3.4 | (0.6 | ) | (4.6 | ) | 103.7 | ||||||||||||
Balance at September 30, 2016 | $ | 10.5 | $ | (33.2 | ) | $ | 59.0 | $ | (13.4 | ) | $ | 22.9 |
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | ||||||||||||||
Balance at December 31, 2014 | $ | (22.9 | ) | $ | (31.3 | ) | $ | 62.6 | $ | (2.2 | ) | $ | 6.2 | ||||||
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | (91.0 | ) | (0.3 | ) | (4.7 | ) | (10.0 | ) | (106.0 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (3.4 | ) | 2.0 | 0.9 | — | (0.5 | ) | ||||||||||||
Income tax benefit (expense) | 1.2 | (0.6 | ) | 1.5 | 3.6 | 5.7 | |||||||||||||
Net current period other comprehensive income (loss) | (93.2 | ) | 1.1 | (2.3 | ) | (6.4 | ) | (100.8 | ) | ||||||||||
Balance at September 30, 2015 | $ | (116.1 | ) | $ | (30.2 | ) | $ | 60.3 | $ | (8.6 | ) | $ | (94.6 | ) |
• | Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets. |
• | Level 2 inputs consist of observable market data, such as quoted prices for similar assets and liabilities in active markets, or inputs other than quoted prices that are directly observable. |
• | Level 3 inputs consist of unobservable inputs which are derived and cannot be corroborated by market data or other entity-specific inputs. |
September 30, 2016 | ||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets at Fair Value: | ||||||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt securities | $ | 22.0 | $ | — | $ | — | $ | 22.0 | ||||||||
Mutual funds | 60.9 | — | — | 60.9 | ||||||||||||
Equity securities | 0.1 | — | — | 0.1 | ||||||||||||
Asset-backed securities | — | 0.3 | — | 0.3 | ||||||||||||
Total Marketable Securities | 83.0 | 0.3 | — | 83.3 | ||||||||||||
Performance bonds and guaranty fund contributions (1): | ||||||||||||||||
U.S. Treasury securities | 4,199.5 | — | — | 4,199.5 | ||||||||||||
U.S. government agencies securities | 3,682.6 | — | — | 3,682.6 | ||||||||||||
Equity investments | 369.7 | — | — | 369.7 | ||||||||||||
Total Assets at Fair Value | $ | 8,334.8 | $ | 0.3 | $ | — | $ | 8,335.1 |
(in millions) | Contingent Consideration | ||
Fair value of liability at December 31, 2015 | $ | 0.3 | |
Realized and unrealized (gains) losses: | |||
Included in other expenses | (0.3 | ) | |
Fair value of liability at September 30, 2016 | $ | — |
(in millions) | Fair Value | ||
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% | $ | 798.8 | |
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% | 789.8 | ||
$750.0 million fixed rates notes due September 2043, stated rate of 5.30% | 971.5 |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||
(in thousands) | 2016 | 2015 | 2016 | 2015 | |||||||
Stock options | 311 | 432 | 315 | 432 | |||||||
Restricted stock and performance shares | 530 | — | 530 | 538 | |||||||
Total | 841 | 432 | 845 | 970 |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Net Income (in millions) | $ | 472.8 | $ | 359.9 | $ | 1,160.7 | $ | 955.3 | ||||||||
Weighted Average Number of Common Shares (in thousands): | ||||||||||||||||
Basic | 337,592 | 336,323 | 337,299 | 336,015 | ||||||||||||
Effect of stock options, restricted stock and performance shares | 1,551 | 1,816 | 1,535 | 1,789 | ||||||||||||
Diluted | 339,143 | 338,139 | 338,834 | 337,804 | ||||||||||||
Earnings per Common Share: | ||||||||||||||||
Basic | $ | 1.40 | $ | 1.07 | $ | 3.44 | $ | 2.84 | ||||||||
Diluted | 1.39 | 1.06 | 3.43 | 2.83 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in millions, except per share data) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Total revenues | $ | 841.7 | $ | 850.3 | (1 | )% | $ | 2,682.3 | $ | 2,513.0 | 7 | % | ||||||||||
Total expenses | 316.4 | 333.9 | (5 | ) | 1,019.8 | 994.2 | 3 | |||||||||||||||
Operating margin | 62.4 | % | 60.7 | % | 62.0 | % | 60.4 | % | ||||||||||||||
Non-operating income (expense) | $ | 23.5 | $ | — | n.m. | $ | 30.9 | $ | (30.5 | ) | n.m. | |||||||||||
Effective tax rate | 13.8 | % | 30.3 | % | 31.5 | % | 35.8 | % | ||||||||||||||
Net income | $ | 472.8 | $ | 359.9 | 31 | $ | 1,160.7 | $ | 955.3 | 21 | ||||||||||||
Diluted earnings per common share | 1.39 | 1.06 | 31 | 3.43 | 2.83 | 21 | ||||||||||||||||
Cash flows from operating activities | 1,205.6 | 1,141.2 | 6 |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Clearing and transaction fees | $ | 704.2 | $ | 715.0 | (2 | )% | $ | 2,267.9 | $ | 2,105.0 | 8 | % | ||||||||||
Market data and information services | 101.1 | 99.5 | 2 | 306.4 | 300.3 | 2 | ||||||||||||||||
Access and communication fees | 23.8 | 21.6 | 10 | 67.7 | 64.4 | 5 | ||||||||||||||||
Other | 12.6 | 14.2 | (11 | ) | 40.3 | 43.3 | (7 | ) | ||||||||||||||
Total Revenues | $ | 841.7 | $ | 850.3 | (1 | ) | $ | 2,682.3 | $ | 2,513.0 | 7 |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||
Total contract volume (in millions) | 916.4 | 920.6 | — | % | 2,915.2 | 2,689.1 | 8 | % | ||||||||||||||
Clearing and transaction fees (in millions) | $ | 687.2 | $ | 698.7 | (2 | ) | $ | 2,222.9 | $ | 2,051.2 | 8 | |||||||||||
Average rate per contract | $ | 0.750 | $ | 0.759 | (1 | ) | $ | 0.763 | $ | 0.763 | — |
(in millions) | Quarter Ended | Nine Months Ended | ||||||
Increases (decreases) due to changes in total contract volume | $ | (3.1 | ) | $ | 172.4 | |||
Decreases due to changes in average rate per contract | (8.4 | ) | (0.7 | ) | ||||
Increases (decreases) in clearing and transaction fees | $ | (11.5 | ) | $ | 171.7 |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
(amounts in thousands) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
Average Daily Volume by Product Line: | ||||||||||||||||||
Interest rate | 6,791 | 6,658 | 2 | % | 7,255 | 6,930 | 5 | % | ||||||||||
Equity | 2,876 | 3,287 | (12 | ) | 3,123 | 2,808 | 11 | |||||||||||
Foreign exchange | 771 | 855 | (10 | ) | 850 | 903 | (6 | ) | ||||||||||
Agricultural commodity | 1,156 | 1,266 | (9 | ) | 1,364 | 1,287 | 6 | |||||||||||
Energy | 2,294 | 1,965 | 17 | 2,381 | 1,949 | 22 | ||||||||||||
Metal | 431 | 353 | 22 | 451 | 351 | 29 | ||||||||||||
Aggregate average daily volume | 14,319 | 14,384 | — | 15,424 | 14,228 | 8 | ||||||||||||
Average Daily Volume by Venue: | ||||||||||||||||||
Electronic | 12,672 | 12,620 | — | 13,562 | 12,444 | 9 | ||||||||||||
Open outcry | 982 | 1,111 | (12 | ) | 1,156 | 1,168 | (1 | ) | ||||||||||
Privately negotiated | 665 | 653 | 2 | 706 | 616 | 15 | ||||||||||||
Aggregate average daily volume | 14,319 | 14,384 | — | 15,424 | 14,228 | 8 | ||||||||||||
Electronic Volume as a Percentage of Total Volume | 88 | % | 88 | % | 88 | % | 87 | % |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
(amounts in thousands) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
Eurodollar futures and options: | ||||||||||||||||||
Front 8 futures | 1,665 | 1,544 | 8 | % | 1,773 | 1,640 | 8 | % | ||||||||||
Back 32 futures | 620 | 692 | (10 | ) | 647 | 760 | (15 | ) | ||||||||||
Options | 1,052 | 959 | 10 | 1,200 | 926 | 30 | ||||||||||||
U.S. Treasury futures and options: | ||||||||||||||||||
10-Year | 1,539 | 1,548 | (1 | ) | 1,664 | 1,701 | (2 | ) | ||||||||||
5-Year | 808 | 829 | (3 | ) | 862 | 846 | 2 | |||||||||||
Treasury bond | 326 | 362 | (10 | ) | 342 | 377 | (9 | ) | ||||||||||
2-Year | 316 | 346 | (9 | ) | 324 | 358 | (10 | ) |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
(amounts in thousands) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
E-mini S&P 500 futures and options | 2,347 | 2,593 | (9 | )% | 2,492 | 2,208 | 13 | % | ||||||||||
E-mini NASDAQ 100 futures and options | 236 | 315 | (25 | ) | 281 | 274 | 3 |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
(amounts in thousands) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
Euro | 184 | 279 | (34 | )% | 225 | 319 | (29 | )% | ||||||||||
Japanese yen | 140 | 162 | (14 | ) | 159 | 159 | — | |||||||||||
British pound | 114 | 101 | 13 | 122 | 112 | 9 | ||||||||||||
Australian dollar | 103 | 101 | 1 | 109 | 103 | 6 | ||||||||||||
Canadian dollar | 76 | 79 | (4 | ) | 82 | 76 | 7 |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
(amounts in thousands) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
Corn | 374 | 448 | (16 | )% | 452 | 436 | 4 | % | ||||||||||
Soybean | 253 | 266 | (5 | ) | 333 | 283 | 18 | |||||||||||
Wheat | 173 | 174 | — | 196 | 190 | 3 |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
(amounts in thousands) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
WTI crude oil | 1,248 | 1,001 | 25 | % | 1,290 | 1,000 | 29 | % | ||||||||||
Natural gas | 509 | 414 | 23 | 521 | 450 | 16 | ||||||||||||
Refined products | 365 | 323 | 13 | 369 | 327 | 13 | ||||||||||||
Brent crude oil | 81 | 110 | (27 | ) | 96 | 112 | (14 | ) |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
(amounts in thousands) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||
Gold | 255 | 205 | 24 | % | 270 | 202 | 34 | % | ||||||||||
Copper | 73 | 68 | 7 | 80 | 68 | 17 | ||||||||||||
Silver | 80 | 57 | 40 | 78 | 60 | 31 |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
(dollars in millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | ||||||||||||||||
Compensation and benefits | $ | 130.6 | $ | 136.4 | (4 | )% | $ | 394.2 | $ | 419.2 | (6 | )% | ||||||||||
Communications | 6.9 | 7.1 | (2 | ) | 19.9 | 21.3 | (6 | ) | ||||||||||||||
Technology support services | 17.3 | 15.4 | 12 | 52.4 | 47.1 | 11 | ||||||||||||||||
Professional fees and outside services | 33.5 | 33.8 | (1 | ) | 104.2 | 90.6 | 15 | |||||||||||||||
Amortization of purchased intangibles | 24.0 | 24.9 | (4 | ) | 72.0 | 74.8 | (4 | ) | ||||||||||||||
Depreciation and amortization | 31.2 | 32.4 | (4 | ) | 95.5 | 97.5 | (2 | ) | ||||||||||||||
Occupancy and building operations | 19.6 | 23.1 | (15 | ) | 65.3 | 69.4 | (6 | ) | ||||||||||||||
Licensing and other fee agreements | 31.5 | 33.1 | (5 | ) | 103.3 | 92.5 | 12 | |||||||||||||||
Other | 21.8 | 27.7 | (21 | ) | 113.0 | 81.8 | 38 | |||||||||||||||
Total Expenses | $ | 316.4 | $ | 333.9 | (5 | ) | $ | 1,019.8 | $ | 994.2 | 3 |
Quarter Ended, September 30, 2016 | Nine Months Ended, September 30, 2016 | |||||||||||||
Amount of Change | Change as a Percentage of Total Expenses | Amount of Change | Change as a Percentage of Total Expenses | |||||||||||
(dollars in millions) | ||||||||||||||
Loss on datacenter and related legal fees | $ | — | — | % | $ | 28.6 | 3 | % | ||||||
Professional fees and outside services | 3.4 | 1 | 16.5 | 2 | ||||||||||
Licensing and other fee agreements | (1.6 | ) | — | 10.8 | 1 | |||||||||
Foreign currency exchange rate fluctuation | (6.2 | ) | (2 | ) | 10.4 | 1 | ||||||||
Non-qualified deferred compensation plan | 7.0 | 2 | 5.4 | — | ||||||||||
Rent expense | (3.4 | ) | (1 | ) | (4.3 | ) | — | |||||||
Bonus expense | (3.8 | ) | (1 | ) | (4.4 | ) | — | |||||||
Real estate taxes and fees | — | — | (10.0 | ) | (1 | ) | ||||||||
Reorganization costs | (13.6 | ) | (4 | ) | (19.8 | ) | (2 | ) | ||||||
Other expenses, net | 0.7 | — | (7.6 | ) | (1 | ) | ||||||||
Total increase | $ | (17.5 | ) | (5 | )% | $ | 25.6 | 3 | % |
• | In the first quarter of 2016, we sold and leased back our datacenter in the Chicago area. The transaction was recognized under the financing method under generally accepted accounting principles. We recognized total losses and expenses of $28.6 million, including a net loss on write-down to fair value of the assets and certain other transaction fees of $27.1 million within other expenses and $1.5 million of legal and other fees. |
• | Professional fees and outside services expense increased in the first nine months of 2016 largely due to an increase in legal efforts related to our business activities and product offerings as well as an increase in professional fees related to a greater reliance on consultants for security and systems enhancement work. |
• | The increase in licensing and other fee sharing agreements expense in the first nine months of 2016 resulted from higher expense related to revenue sharing agreements for certain equity and energy contracts due to both higher volume and an increase in the license rates for certain equity and energy products. |
• | In the first nine months of 2016, we recognized a net loss of $16.5 million due to an unfavorable change in exchange rates on foreign cash balances, compared with a net loss of $6.1 million in the first nine months of 2015. In the third quarter of 2016, we recognized a net loss of $1.0 million due to an unfavorable change in exchange rates on foreign cash balances, compared with a net loss of $7.2 million in the third quarter of 2015. Gains and losses from exchange rate fluctuations result when subsidiaries with a U.S. dollar functional currency hold cash as well as certain other monetary assets and liabilities denominated in foreign currencies. |
• | Increases in our non-qualified deferred compensation liability, the impact of which does not affect net income because of an equal and offsetting change in investment income, contributed to increases in operating expenses. |
• | Rent expense decreased largely due to a reduction in office and data center space during 2016. |
• | Bonus expense decreased due to performance relative to our 2016 cash earnings target when compared with 2015 performance relative to our 2015 cash earnings target. |
• | In the second quarter of 2015, we recognized additional real estate taxes and fees related to the transfer of the ownership of the NYMEX building. |
• | Severance and other costs related to the reorganization announced in October 2014 and the reduction of our trading floors in mid-2015 were recognized in the first quarter of 2015, in addition to a reorganization in the third quarter of 2015. These factors resulted in decreases in compensation and benefits expenses in the third quarter and first nine months of 2016 when compared with the same periods in 2015. |
Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
(dollars in millions) | 2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||
Investment income | $ | 36.5 | $ | 2.5 | n.m. | $ | 71.3 | $ | 26.7 | 167 | % | ||||||||||
Gains (losses) on derivative investments | — | — | — | — | (1.8 | ) | n.m. | ||||||||||||||
Interest and other borrowing costs | (31.1 | ) | (28.3 | ) | 10 | (91.9 | ) | (88.5 | ) | 4 | |||||||||||
Equity in net earnings (losses) of unconsolidated subsidiaries | 28.6 | 26.6 | 8 | 82.4 | 75.1 | 10 | |||||||||||||||
Other non-operating income (expense) | (10.5 | ) | (0.8 | ) | n.m. | (30.9 | ) | (42.0 | ) | (26 | ) | ||||||||||
Total Non-Operating | $ | 23.5 | $ | — | n.m. | $ | 30.9 | $ | (30.5 | ) | n.m. |
Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2016 | 2015 | Change | 2016 | 2015 | Change | |||||||||||||||||||
Weighted average borrowings outstanding (in millions) | $ | 2,250.0 | $ | 2,250.0 | $ | — | $ | 2,250.0 | $ | 2,283.4 | $ | (33.4 | ) | |||||||||||
Weighted average effective yield | 3.71 | % | 3.71 | % | — | % | 3.71 | % | 3.83 | % | (0.12 | )% | ||||||||||||
Average cost of borrowings (1) | 3.91 | 3.86 | 0.05 | 3.91 | 4.05 | (0.14 | ) |
(1) | Average cost of borrowings includes interest, the effective portion of interest rate hedges, discount accretion and debt issuance costs. Commitment fees on line of credit agreements are not included in the average cost of borrowings. |
2016 | 2015 | |||||
Quarter ended September 30 | 13.8 | % | 30.3 | % | ||
Nine months ended September 30 | 31.5 | % | 35.8 | % |
(in millions) | Par Value | ||
Fixed rate notes due September 2022, stated rate of 3.00% (1) | $ | 750.0 | |
Fixed rate notes due March 2025, stated rate of 3.00% (2) | 750.0 | ||
Fixed rate notes due September 2043, stated rate of 5.30% (3) | 750.0 |
(1) | In August 2012, we entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 3.32%. |
(2) | In December 2014, we entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 3.11%. |
(3) | In August 2012, we entered into a forward starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 4.73%. |
Short-Term | Long-Term | |||||
Rating Agency | Debt Rating | Debt Rating | Outlook | |||
Standard & Poor’s | A1+ | AA- | Stable | |||
Moody’s Investors Service | P1 | Aa3 | Stable |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | (a) Total Number of Class A Shares Purchased (1) | (b) Average Price Paid Per Share | (c) Total Number of Class A Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Value) that May Yet Be Purchased Under the Plans or Programs (in millions) | ||||||||||
July 1 to July 31 | — | $ | — | — | $ | — | ||||||||
August 1 to August 31 | 346 | 103.32 | — | — | ||||||||||
September 1 to September 30 | 152,820 | 108.98 | — | — | ||||||||||
Total | 153,166 | $ | 108.97 | — |
(1) | Shares purchased consist of an aggregate of 153,166 shares of Class A common stock surrendered in the third quarter of 2016 to satisfy employees’ tax obligations upon the vesting of restricted stock. |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 6. | EXHIBITS |
10.1 | Amendment No. 1 to Credit Agreement, dated as of August 12, 2016 among Chicago Mercantile Exchange Inc. and Bank of America, N.A., as Administrative Agent. | |
31.1 | Section 302 Certification—Phupinder S. Gill | |
31.2 | Section 302 Certification—John W. Pietrowicz | |
32.1 | Section 906 Certification | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
CME Group Inc. (Registrant) | ||||||
Dated: November 4, 2016 | By: | /s/ John W. Pietrowicz | ||||
Chief Financial Officer & Senior Managing Director Finance |
Dated: November 4, 2016 | /s/ Phupinder S. Gill | |
Name: Phupinder S. Gill | ||
Title: Chief Executive Officer |
Dated: November 4, 2016 | /s/ John W. Pietrowicz | ||
Name: John W. Pietrowicz | |||
Title: Chief Financial Officer |
/s/ Phupinder S. Gill | |
Name: Phupinder S. Gill | |
Title: Chief Executive Officer |
/s/ John W. Pietrowicz | |
Name: John W. Pietrowicz | |
Title: Chief Financial Officer |
Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 12, 2016 |
|
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2016 | |
Entity Registrant Name | CME GROUP INC. | |
Entity Central Index Key | 0001156375 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 339,347,113 | |
Class B Common Stock, Class B-1 [Member] | ||
Entity Common Stock, Shares Outstanding | 625 | |
Class B Common Stock, Class B-2 [Member] | ||
Entity Common Stock, Shares Outstanding | 813 | |
Class B Common Stock, Class B-3 [Member] | ||
Entity Common Stock, Shares Outstanding | 1,287 | |
Class B Common Stock, Class B-4 [Member] | ||
Entity Common Stock, Shares Outstanding | 413 |
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Accounts receivable, allowance | $ 3.6 | $ 1.9 |
Restricted cash, current | 29.5 | 32.0 |
Accumulated depreciation and amortization, property | 577.4 | 788.6 |
Restricted cash, noncurrent | $ 64.4 | $ 70.5 |
Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000 | 10,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Series A Junior Participating Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Common stock, shares issued (in shares) | 337,978 | 336,938 |
Common stock, shares outstanding (in shares) | 337,978 | 336,938 |
Class B Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3 | 3 |
Common stock, shares issued (in shares) | 3 | 3 |
Common stock, shares outstanding (in shares) | 3 | 3 |
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Revenues | ||||
Clearing and transaction fees | $ 704.2 | $ 715.0 | $ 2,267.9 | $ 2,105.0 |
Market data and information services | 101.1 | 99.5 | 306.4 | 300.3 |
Access and communication fees | 23.8 | 21.6 | 67.7 | 64.4 |
Other | 12.6 | 14.2 | 40.3 | 43.3 |
Expenses | 841.7 | 850.3 | 2,682.3 | 2,513.0 |
Expenses | ||||
Compensation and benefits | 130.6 | 136.4 | 394.2 | 419.2 |
Communications | 6.9 | 7.1 | 19.9 | 21.3 |
Technology support services | 17.3 | 15.4 | 52.4 | 47.1 |
Professional fees and outside services | 33.5 | 33.8 | 104.2 | 90.6 |
Amortization of purchased intangibles | 24.0 | 24.9 | 72.0 | 74.8 |
Depreciation and amortization | 31.2 | 32.4 | 95.5 | 97.5 |
Occupancy and building operations | 19.6 | 23.1 | 65.3 | 69.4 |
Licensing and other fee agreements | 31.5 | 33.1 | 103.3 | 92.5 |
Other | 21.8 | 27.7 | 113.0 | 81.8 |
Total Expenses | 316.4 | 333.9 | 1,019.8 | 994.2 |
Operating Income | 525.3 | 516.4 | 1,662.5 | 1,518.8 |
Non-Operating Income (Expense) | ||||
Investment income | 36.5 | 2.5 | 71.3 | 26.7 |
Gains (losses) on derivative investments | 0.0 | 0.0 | 0.0 | (1.8) |
Interest and other borrowing costs | (31.1) | (28.3) | (91.9) | (88.5) |
Equity in net earnings (losses) of unconsolidated subsidiaries | 28.6 | 26.6 | 82.4 | 75.1 |
Other non-operating income (expense) | (10.5) | (0.8) | (30.9) | (42.0) |
Total Non-Operating | 23.5 | 0.0 | 30.9 | (30.5) |
Income before Income Taxes | 548.8 | 516.4 | 1,693.4 | 1,488.3 |
Income tax provision | 76.0 | 156.5 | 532.7 | 533.0 |
Net Income | $ 472.8 | $ 359.9 | $ 1,160.7 | $ 955.3 |
Earnings per Common Share: | ||||
Basic (in dollars per share) | $ 1.40 | $ 1.07 | $ 3.44 | $ 2.84 |
Diluted (in dollars per share) | $ 1.39 | $ 1.06 | $ 3.43 | $ 2.83 |
Weighted Average Number of Common Shares: | ||||
Basic (in shares) | 337,592 | 336,323 | 337,299 | 336,015 |
Diluted (in shares) | 339,143 | 338,139 | 338,834 | 337,804 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 472.8 | $ 359.9 | $ 1,160.7 | $ 955.3 |
Other comprehensive income (loss), net of tax: | ||||
Net unrealized holding gains (losses) arising during the period | (17.7) | (100.2) | 177.7 | (91.0) |
Reclassification of net (gains) losses on sales included in investment income | 6.3 | (2.6) | 6.3 | 3.4 |
Income tax benefit (expense) | (65.3) | 0.0 | (65.9) | 1.2 |
Investment securities, net | (89.3) | (97.6) | 105.5 | (93.2) |
Net change in defined benefit plans arising during the period | 0.0 | 0.0 | 3.1 | (0.3) |
Amortization of net actuarial (gains) losses included in compensation and benefits expense | 0.8 | 0.6 | 2.4 | 2.0 |
Income tax benefit (expense) | (0.3) | (0.2) | (2.1) | (0.6) |
Defined benefit plans, net | 0.5 | 0.4 | 3.4 | 1.1 |
Net unrealized holding gains (losses) arising during the period | 0.0 | 0.0 | 0.0 | (4.7) |
Ineffectiveness on cash flow hedges included in (gains) losses on derivative investments | 0.0 | 0.0 | 0.0 | 1.8 |
Amortization of effective portion of net (gains) losses on cash flow hedges included in interest expense | (0.3) | (0.3) | (0.9) | (0.9) |
Income tax benefit (expense) | 0.1 | 0.1 | 0.3 | 1.5 |
Derivative investments, net | (0.2) | (0.2) | (0.6) | (2.3) |
Foreign currency translation adjustments | (0.6) | (3.4) | (5.6) | (10.0) |
Income tax benefit (expense) | (0.8) | 1.1 | 1.0 | 3.6 |
Foreign currency translation, net | (1.4) | (2.3) | (4.6) | (6.4) |
Other comprehensive income (loss), net of tax | (90.4) | (99.7) | 103.7 | (100.8) |
Comprehensive Income | $ 382.4 | $ 260.2 | $ 1,264.4 | $ 854.5 |
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions |
Total |
Common Stock And Additional Paid-In Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Class A Common Stock [Member] |
Class A Common Stock [Member]
Common Stock And Additional Paid-In Capital [Member]
|
Class B Common Stock [Member] |
Class B Common Stock [Member]
Common Stock And Additional Paid-In Capital [Member]
|
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Balance (in shares) at Dec. 31, 2014 | 335,452 | 3 | ||||||
Balance at December 31, 2015 at Dec. 31, 2014 | $ 20,923.5 | $ 17,600.0 | $ 3,317.3 | $ 6.2 | ||||
Net income | 955.3 | 955.3 | ||||||
Other comprehensive income (loss), net of tax | (100.8) | (100.8) | ||||||
Dividends on common stock of $1.80 per share | (500.8) | (500.8) | ||||||
Adjustments to Additional Paid in Capital, Other | 9.3 | 9.3 | ||||||
Exercise of stock options (in shares) | 798 | |||||||
Exercise of stock options | 51.8 | 51.8 | ||||||
Excess tax benefits from option exercises and restricted stock vesting | 6.7 | 6.7 | ||||||
Vesting of issued restricted Class A common stock, in shares | 450 | |||||||
Vesting of issued restricted Class A common stock | (16.8) | (16.8) | ||||||
Shares issued to Board of Directors, in shares | 26 | |||||||
Shares issued to Board of Directors | 2.4 | 2.4 | ||||||
Shares issued under Employee Stock Purchase Plan, in shares | 10 | |||||||
Shares issued under Employee Stock Purchase Plan | 1.0 | 1.0 | ||||||
Stock-based compensation | 45.2 | 45.2 | ||||||
Balance (in shares) at Sep. 30, 2015 | 336,736 | 3 | ||||||
Balance at September 30, 2016 at Sep. 30, 2015 | 21,376.8 | 17,699.6 | 3,771.8 | (94.6) | ||||
Balance (in shares) at Dec. 31, 2015 | 336,938 | 336,938 | 3 | 3 | ||||
Balance at December 31, 2015 at Dec. 31, 2015 | 20,551.8 | 17,725.0 | 2,907.6 | (80.8) | ||||
Net income | 1,160.7 | 1,160.7 | ||||||
Other comprehensive income (loss), net of tax | 103.7 | 103.7 | ||||||
Dividends on common stock of $1.80 per share | (609.7) | (609.7) | ||||||
Exercise of stock options (in shares) | 434 | |||||||
Exercise of stock options | 29.5 | 29.5 | ||||||
Excess tax benefits from option exercises and restricted stock vesting | 10.0 | 10.0 | ||||||
Vesting of issued restricted Class A common stock, in shares | 570 | |||||||
Vesting of issued restricted Class A common stock | (26.8) | (26.8) | ||||||
Shares issued to Board of Directors, in shares | 26 | |||||||
Shares issued to Board of Directors | 2.5 | 2.5 | ||||||
Shares issued under Employee Stock Purchase Plan, in shares | 10 | |||||||
Shares issued under Employee Stock Purchase Plan | 0.9 | 0.9 | ||||||
Stock-based compensation | 42.3 | 42.3 | ||||||
Balance (in shares) at Sep. 30, 2016 | 337,978 | 337,978 | 3 | 3 | ||||
Balance at September 30, 2016 at Sep. 30, 2016 | $ 21,264.9 | $ 17,783.4 | $ 3,458.6 | $ 22.9 |
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares |
9 Months Ended | |
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Sep. 30, 2016 |
Sep. 30, 2015 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends on common stock, per share (in dollars per share) | $ 1.80 | $ 1.50 |
Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
9 Months Ended | |
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Sep. 30, 2016 |
Sep. 30, 2015 |
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Cash Flows from Operating Activities | ||
Net income | $ 1,160.7 | $ 955.3 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 42.3 | 45.2 |
Amortization of purchased intangibles | 72.0 | 74.8 |
Depreciation and amortization | 95.5 | 97.5 |
Gain on sale of BM&FBOVESPA shares | (6.4) | (3.4) |
Debt prepayment costs | 0.0 | 61.8 |
Loss on datacenter | 27.1 | 0.0 |
Undistributed earnings, net of losses, of unconsolidated subsidiaries | (29.3) | (15.2) |
Deferred income taxes | (79.3) | 49.8 |
Change in: | ||
Accounts receivable | (18.7) | (22.3) |
Other current assets | (12.5) | 12.4 |
Other assets | 9.5 | (18.4) |
Accounts payable | 5.7 | 1.3 |
Income taxes payable | 21.3 | (70.1) |
Other current liabilities | (67.3) | (31.3) |
Other liabilities | (14.3) | (0.5) |
Other | (0.7) | 4.3 |
Net Cash Provided by Operating Activities | 1,205.6 | 1,141.2 |
Cash Flows from Investing Activities | ||
Proceeds from maturities of available-for-sale marketable securities | 40.1 | 29.3 |
Purchases of available-for-sale marketable securities | (44.9) | (29.3) |
Purchases of available-for-sale marketable securities | (62.9) | (90.3) |
Investments in business ventures | (4.9) | (7.0) |
Proceeds from Sale of Other Assets, Investing Activities | 8.8 | 0.0 |
Proceeds from sale of BM&FBOVESPA shares | 0.0 | 69.0 |
Settlement of derivative related to debt issuance | 0.0 | 7.0 |
Net Cash Used in Investing Activities | (63.8) | (21.3) |
Cash Flows from Financing Activities | ||
Proceeds from debt, net of issuance costs | 0.0 | 743.7 |
Repayment of debt | 0.0 | (673.0) |
Cash dividends | (1,584.3) | (1,174.9) |
Proceeds from finance lease obligation | 130.0 | 0.0 |
Proceeds from exercise of stock options | 29.5 | 51.8 |
Excess tax benefits related to employee option exercises and restricted stock vesting | 10.0 | 6.7 |
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 0.0 | (7.0) |
Other | 0.9 | 1.0 |
Net Cash Used in Financing Activities | (1,413.9) | (1,051.7) |
Net change in cash and cash equivalents | (272.1) | 68.2 |
Cash and cash equivalents, beginning of period | 1,692.6 | 1,366.1 |
Cash and Cash Equivalents, End of Period | 1,420.5 | 1,434.3 |
Supplemental Disclosure of Cash Flow Information | ||
Income taxes paid | 545.5 | 548.5 |
Interest paid | 84.8 | 89.1 |
Accrued Proceeds from Sale of Investment | $ 20.8 | $ 0.0 |
Basis Of Presentation |
9 Months Ended |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The consolidated financial statements consist of CME Group Inc. (CME Group) and its subsidiaries (collectively, the company), including Chicago Mercantile Exchange Inc. (CME), Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX), Commodity Exchange, Inc. (COMEX), CME Clearing Europe Limited (CMECE) and CME Europe Limited (CME Europe). CME, CBOT, NYMEX, COMEX, CMECE and CME Europe and their subsidiaries are referred to collectively as “the exchange” in the notes to the consolidated financial statements. The clearing houses include CME Clearing, which is the U.S. clearing house and a division of CME, and CMECE. The accompanying interim consolidated financial statements have been prepared by CME Group without audit. Certain notes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. In the opinion of management, the accompanying consolidated financial statements include all normal recurring adjustments considered necessary to present fairly the financial position of the company at September 30, 2016 and December 31, 2015 and the results of operations and cash flows for the periods indicated. Quarterly results are not necessarily indicative of results for any subsequent period. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in CME Group’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the Securities and Exchange Commission (SEC) on February 26, 2016. |
Performance Bonds and Guaranty Fund Contributions (Notes) |
9 Months Ended |
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Sep. 30, 2016 | |
Performance Bonds and Guaranty Fund Contributions [Abstract] | |
Performance Bonds and Guaranty Fund Contributions | Performance Bonds and Guaranty Fund Contributions Performance Bonds and Guaranty Fund Contributions. At September 30, 2016, performance bonds and guaranty fund contribution assets on the consolidated balance sheets include cash as well as U.S. Treasury securities and U.S. government agency securities with maturity dates of 90 days or less. U.S. Treasury securities and U.S. government agency securities are purchased by CME, at its discretion, using cash collateral. The benefits, including interest earned, and risks of ownership accrue to CME. Interest earned is included in investment income on the consolidated statements of income. These securities are classified as available-for-sale. At September 30, 2016, the amortized cost and fair value of the U.S. Treasury securities were $4,198.9 million and $4,199.5 million, respectively. At September 30, 2016, the amortized cost and fair value of the U.S. government securities were both $3,682.6 million. The U.S. Treasury securities and U.S. government agency securities will mature in the fourth quarter of 2016. Performance bonds and guaranty fund contribution assets also include overnight reverse repurchase agreements that were purchased by CME, at its discretion, using cash collateral. The fair value of the overnight securities under the reverse repurchase agreements was $1,052.7 million at September 30, 2016. CME has been designated as a systemically important financial market utility by the Financial Stability Oversight Council and is authorized to establish and maintain a cash account at the Federal Reserve Bank of Chicago. CME has received approval to establish this account at the Federal Reserve Bank of Chicago for clearing members' proprietary cash balances and is currently operationalizing the account, including testing. Clearing House Contract Settlement. CME Clearing and CMECE mark-to-market open positions for all futures and options contracts twice a day (once a day for CME's cleared-only credit default swap and interest rate swap contracts). Based on values derived from the mark-to-market process, CME Clearing and CMECE require payments from clearing firms whose positions have lost value and make payments to clearing firms whose positions have gained value. Under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses, the maximum exposure related to positions other than cleared-only credit default and interest rate swap contracts would be one half day of changes in fair value of all open positions, before considering the clearing houses' ability to access defaulting clearing firms' collateral deposits. For CME's cleared-only credit default swap and interest rate swap contracts, the maximum exposure related to CME Clearing's guarantee would be one full day of changes in fair value of all open positions, before considering CME Clearing's ability to access defaulting clearing firms' collateral. During the first nine months of 2016, CME Clearing and CMECE transferred an average of approximately $3.3 billion a day through their clearing systems for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value. CME Clearing and CMECE reduce their guarantee exposure through initial and maintenance performance bond requirements and mandatory guaranty fund contributions. The company believes that its guarantee liability is immaterial and therefore has not recorded any liability at September 30, 2016. |
Property (Notes) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure | Property In March 2016, the company sold its datacenter in the Chicago area for $130.0 million. At the time of the sale, the company leased back a portion of the property. The sale-leaseback transaction was recognized under the financing method and not as a sale-leaseback arrangement under generally accepted accounting principles due to the company's participation in future revenues and development work, which constitutes continuing involvement in the datacenter. Under the financing method, the assets remain on the consolidated balance sheet throughout the term of the lease and the proceeds of $130.0 million from the transaction are recognized as a finance lease obligation within other liabilities and other current liabilities in the consolidated balance sheet. A portion of the lease payments will be recognized as a reduction of the finance lease obligation and a portion will be recognized as interest expense based on an imputed interest rate. The net cost basis of the property and equipment legally sold was $153.1 million at the date of the sale. At March 31, 2016, the company wrote down the property and equipment to a fair value of $130.0 million based on qualitative indications of impairment and a quantitative analysis based on undiscounted cash flows. The company recognized a net loss on the transaction of $27.1 million through other expenses, which includes the write down to fair value and certain other transaction-related costs. The company recognized a total net loss and expenses of $28.6 million, which also includes $1.5 million of legal and other fees incurred. The property and equipment legally sold will continue to be recognized on the consolidated balance sheets and will continue to be depreciated on the consolidated statements of income over the term of the lease. The lease has an initial lease term ending in March 2031 and contains two consecutive renewal options for five years. Future minimum lease payments under this non-cancellable lease will be payable as follows as of September 30, 2016 (in millions):
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Intangible Assets And Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets And Goodwill | Intangible Assets Intangible assets consisted of the following at September 30, 2016 and December 31, 2015:
Total amortization expense for intangible assets was $24.0 million and $24.9 million for the quarters ended September 30, 2016 and 2015, respectively. Total amortization expense for intangible assets was $72.0 million and $74.8 million for the nine months ended September 30, 2016 and 2015, respectively. As of September 30, 2016, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
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Long-Term Investments (Notes) |
9 Months Ended |
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Sep. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Investment [Text Block] | Long-Term Investments In September 2016, the company sold approximately 4.0 million shares of BM&FBOVESPA S.A. (BM&FBOVESPA) and recognized a net gain of $6.4 million within investment income on the consolidated statements of income. As of September 30, 2016, the company owned an approximate 4% interest in BM&FBOVESPA. At September 30, 2016, the fair value and cost basis of the remaining investment in BM&FBOVESPA was $351.1 million and $243.9 million, respectively. |
Debt |
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Debt | Debt In the first quarter of 2016, the company adopted the Financial Accounting Standards Board's (FASB) standards update on changes to the presentation of debt issuance costs. The update requires debt issuance costs related to a recognized debt liability to be presented as a deduction from the carrying value of the debt liability. Previously, debt issuance costs were recognized as deferred charges within other assets in the consolidated balance sheets. The standards update was applied on a retrospective basis, adjusting all prior periods presented, as if the new accounting methodology was in effect during those periods. At December 31, 2015, $12.1 million of debt issuance costs were reclassified in the consolidated balance sheet from other assets to long-term debt compared with what was previously reported. At September 30, 2016, $11.4 million of debt issuance costs were deducted from long-term debt. The change in accounting policy has been reflected in the table below. Long-term debt consisted of the following at September 30, 2016 and December 31, 2015:
Long-term debt maturities, at par value, were as follows at September 30, 2016:
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Income Tax (Notes) |
9 Months Ended |
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Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | Income Taxes In the first quarter of 2016, the company adopted the FASB's standards update that simplifies the classification of deferred tax assets and liabilities. The update eliminates the current requirement to present deferred tax assets and liabilities as current and non-current in a classified balance sheet. Instead, all deferred tax assets, along with valuation allowances, and deferred tax liabilities are required to be classified as non-current. Companies are still required to offset deferred tax assets and liabilities for each taxpaying component within a tax jurisdiction. Beginning in the first quarter of 2016, the company adopted this standards update on a prospective basis and classified all deferred tax assets and liabilities as non-current. Prior period deferred tax assets and liabilities were not retrospectively adjusted. A net current deferred tax asset of $27.9 million was included in other current assets at December 31, 2015. During the first quarter of 2016, net current deferred tax assets of $27.9 million were reclassified to net long-term liabilities. Total net current deferred tax assets are primarily attributable to stock-based compensation and accrued expenses. Net long-term deferred tax liabilities were $7.3 billion and $7.4 billion at September 30, 2016 and December 31, 2015. Net deferred tax liabilities are principally the result of purchase accounting for intangible assets in our various mergers, including CBOT Holdings, Inc. and NYMEX Holdings, Inc. Valuation allowances of $15.3 million and $122.3 million have been provided on deferred tax assets at September 30, 2016 and December 31, 2015, respectively. At September 30, 2016 and December 31, 2015, valuation allowances were related to certain domestic net operating losses, foreign net operating losses as well as built in capital losses for which we do not believe that we currently meet the more-likely-than-not-threshold for recognition. At September 30, 2016, the company released $106.3 million of valuation allowance on deferred tax assets relating to built-in losses on its investment in BM&FBOVESPA due to the implementation of a tax strategy to realize additional ordinary income tax losses on recent share sales and the remaining investment in BM&FBOVESPA. |
Contingencies |
9 Months Ended |
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Sep. 30, 2016 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Legal and Regulatory Matters. In 2013, the CFTC filed suit against NYMEX and two former employees alleging disclosure of confidential customer information in violation of the Commodity Exchange Act. NYMEX’s motion to dismiss was denied in 2014. Based on its investigation to date and advice from legal counsel, the company believes that it has strong factual and legal defenses to the claim. In the normal course of business, the company discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry and oversight. These matters could result in censures, fines, penalties or other sanctions. Management believes the outcome of any resulting actions will not have a material impact on its consolidated financial position or results of operations. However, the company is unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters. In addition, the company is a defendant in, and has potential for, various other legal proceedings arising from its regular business activities. While the ultimate results of such proceedings against the company cannot be predicted with certainty, the company believes that the resolution of any of these matters on an individual or aggregate basis will not have a material impact on its consolidated financial position or results of operations. At December 31, 2015, the company had accrued $3.5 million for legal and regulatory matters that were probable and estimable. No accrual was required for legal and regulatory matters that were probable and estimable as of September 30, 2016. Intellectual Property Indemnifications. Certain agreements with customers and other third parties related to accessing the CME platforms, utilizing market data services and licensing CME SPAN software may contain indemnifications from intellectual property claims that may be made against them as a result of their use of the applicable products and/or services. The potential future claims relating to these indemnifications cannot be estimated and therefore no liability has been recorded. |
Guarantees |
9 Months Ended |
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Sep. 30, 2016 | |
Guarantees [Abstract] | |
Guarantees | Guarantees Mutual Offset Agreement. CME and Singapore Exchange Limited (SGX) have a mutual offset agreement with a current term through October 2017. This agreement enables market participants to open a futures position on one exchange and liquidate it on the other. The term of the agreement will automatically renew for a one-year period unless either party provides advance notice of their intent to terminate. CME must maintain U.S. Treasury securities or irrevocable, standby letters of credit as collateral for this agreement. At September 30, 2016, CME was contingently liable to SGX on letters of credit totaling $760.0 million. Regardless of the collateral, CME guarantees all cleared transactions submitted through SGX and would initiate procedures designed to satisfy these financial obligations in the event of a default, such as the use of performance bonds and guaranty fund contributions of the defaulting clearing firm. The company believes that its guarantee liability is immaterial and therefore has not recorded any liability at September 30, 2016. Family Farmer and Rancher Protection Fund. In 2012, the company established the Family Farmer and Rancher Protection Fund (the Fund). The Fund is designed to provide payments, up to certain maximum levels, to family farmers, ranchers and other agricultural industry participants who use the company's agricultural commodity products and who suffer losses to their segregated account balances due to their CME clearing member becoming insolvent. Under the terms of the Fund, farmers and ranchers are eligible for up to $25,000 per participant. Farming and ranching cooperatives are eligible for up to $100,000 per cooperative. The Fund was established with a maximum of $100.0 million available for distribution to participants. Since its establishment, the Fund has made payments of approximately $2.0 million, which leaves $98.0 million available for future claims. If, at any time, payments due to participants were to exceed the amount remaining in the fund, payments would be pro-rated. Clearing members and customers must register with the company in advance and provide certain documentation in order to substantiate their eligibility. The company believes that its guarantee liability is immaterial and therefore has not recorded any liability at September 30, 2016. |
Accumulated Other Comprehensive Income (Notes) |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss):
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Fair Value Measurements |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes.
Level 1 assets generally include U.S. Treasury securities, U.S. government agency securities, investments in publicly traded mutual funds, equity securities and corporate debt securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities and equity investments. If quoted prices are not available to determine fair value, the company uses other inputs that are directly observable. Assets included in level 2 generally consist of asset-backed securities. Asset-backed securities were measured at fair value based on matrix pricing using prices of similar securities with similar inputs such as maturity dates, interest rates and credit ratings. Financial assets recorded in the consolidated balance sheet as of September 30, 2016 were classified in their entirety based on the lowest level of input that was significant to each asset's fair value measurement. There were no liabilities that were measured at fair value as of September 30, 2016. The following tables present financial instruments measured at fair value on a recurring basis:
(1) Performance bonds and guaranty fund contributions on the consolidated balance sheet at September 30, 2016 include U.S. Treasury securities and U.S. government agency securities purchased with cash collateral. There were no transfers of assets or liabilities between level 1, level 2 and level 3 during the first nine months of 2016. There were no level 3 assets valued at fair value on a recurring basis during the first nine months of 2016. The following is a reconciliation of level 3 liabilities valued at fair value on a recurring basis during the first nine months of 2016.
In the first quarter of 2016, the company sold a datacenter and leased back a portion of the property. Under generally accepted accounting principles, the transaction has been recognized under the financing method instead of recognized as a sale-leaseback arrangement. As a result, the property and equipment legally sold will continue to be recognized on the consolidated balance sheets and was written down to a fair value of $130.0 million at March 31, 2016. In the second and third quarters of 2016, the company also recorded impairment charges totaling $5.5 million on one of its strategic investments. The fair value of the investment was estimated to be zero at September 30, 2016. Both assessments were based on qualitative indications of impairment and a quantitative analysis of undiscounted cash flows. The fair values of the datacenter and strategic investment are considered level 3 and nonrecurring. There were no other level 3 assets or liabilities valued at fair value on a nonrecurring basis during the first nine months of 2016. The following presents the estimated fair values of long-term debt notes, which are carried at amortized cost on the consolidated balance sheets. The fair values, which are classified as level 2 under the fair value hierarchy, were estimated using quoted market prices. At September 30, 2016, the fair values were as follows:
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Earnings Per Share |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income attributable to the company by the weighted average number of shares of all classes of CME Group common stock outstanding for each reporting period. Diluted earnings per share reflects the increase in shares using the treasury stock method to reflect the impact of an equivalent number of shares of common stock if stock options were exercised and restricted stock awards were converted into common stock. Anti-dilutive stock options, restricted stock and performance share awards were as follows for the periods presented:
The following table presents the earnings per share calculation for the periods presented:
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Subsequent Events |
9 Months Ended |
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Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The company has evaluated subsequent events through the date the financial statements were issued and has determined that there are no subsequent events that require disclosure, except the following: In October 2016, the company sold approximately 24.0 million shares of BM&FBOVESPA and recognized a net gain of approximately $42.0 million within investment income on the consolidated statements of income during the fourth quarter. Following the sale, the company owned an approximate 2% interest in BM&FBOVESPA. |
Property (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Other Commitments | Future minimum lease payments under this non-cancellable lease will be payable as follows as of September 30, 2016 (in millions):
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Intangible Assets And Goodwill (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of intangible assets | Intangible assets consisted of the following at September 30, 2016 and December 31, 2015:
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Future estimated amortization expense | As of September 30, 2016, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
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Debt (Tables) |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Short-Term And Long-Term Debt | Long-term debt consisted of the following at September 30, 2016 and December 31, 2015:
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Long-term debt maturities at par value | Long-term debt maturities, at par value, were as follows at September 30, 2016:
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Accumulated Other Comprehensive Income (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss):
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Fair Value Measurements (Tables) |
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Fair Value, Assets, Liabilities and Stockholders' Equity Measured on Recurring Basis [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments measured at fair value on a recurring basis | The following tables present financial instruments measured at fair value on a recurring basis:
(1) Performance bonds and guaranty fund contributions on the consolidated balance sheet at September 30, 2016 include U.S. Treasury securities and U.S. government agency securities purchased with cash collateral. |
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Reconciliation of assets and liabilities valued at fair value on a recurring basis using significant unobservable inputs (level 3) | The following is a reconciliation of level 3 liabilities valued at fair value on a recurring basis during the first nine months of 2016.
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Fair value of Debt Instruments | At September 30, 2016, the fair values were as follows:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Anti-dilutive stock options, restricted stock and performance share awards were as follows for the periods presented:
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Basic And Diluted Earnings Per Share | The following table presents the earnings per share calculation for the periods presented:
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Performance Bonds and Guaranty Fund Contributions (Details) $ in Millions |
9 Months Ended |
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Sep. 30, 2016
USD ($)
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Guarantor Obligations [Line Items] | |
Average Daily Clearing Settlement | $ 3,300.0 |
US Treasury Securities [Member] | |
Guarantor Obligations [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis | 4,198.9 |
Available-for-sale Securities at Fair Value | 4,199.5 |
US Government Agencies Debt Securities [Member] | |
Guarantor Obligations [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis | 3,682.6 |
Available-for-sale Securities at Fair Value | 3,682.6 |
Repurchase Agreements [Member] | |
Guarantor Obligations [Line Items] | |
Cash and Cash Equivalents, Fair Value Disclosure | $ 1,052.7 |
Property (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Property, Plant and Equipment [Abstract] | |
Remainder of 2016 | $ 4.2 |
2017 | 16.7 |
2018 | 16.8 |
2019 | 16.8 |
2020 | 16.9 |
Thereafter | 180.5 |
Other Commitment | $ 251.9 |
Property Details (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Mar. 31, 2016 |
|
Property, Plant and Equipment [Abstract] | ||
Proceeds from Sale of Buildings | $ 130.0 | |
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 153.1 | |
Property, Plant, and Equipment, Fair Value Disclosure | 130.0 | $ 130.0 |
Impairment of Real Estate | 27.1 | |
Total Cost of Transaction | 28.6 | |
Legal Fees for Sale-Leaseback | $ 1.5 |
Intangible Assets And Goodwill (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of purchased intangibles | $ 24.0 | $ 24.9 | $ 72.0 | $ 74.8 |
Intangible Assets And Goodwill (Components Of Intangible Assets) (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets | $ 2,465.9 | $ 2,537.9 | ||
Other Indefinite-lived Intangible Assets | [1] | 17,175.3 | 17,175.3 | |
Trade Names [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets | 450.0 | 450.0 | ||
Clearing Firm, Market Data And Other Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 2,838.8 | 2,838.8 | ||
Accumulated amortization | (825.5) | (754.5) | ||
Net book value | 2,013.3 | 2,084.3 | ||
Technology-Related Intellectual Property [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 29.4 | 29.4 | ||
Accumulated amortization | (28.2) | (27.2) | ||
Net book value | 1.2 | 2.2 | ||
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 2.4 | 2.4 | ||
Accumulated amortization | (1.0) | (1.0) | ||
Net book value | 1.4 | 1.4 | ||
Total Amortizable Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 2,870.6 | 2,870.6 | ||
Accumulated amortization | (854.7) | (782.7) | ||
Net book value | $ 2,015.9 | $ 2,087.9 | ||
|
Intangible Assets And Goodwill (Future Estimated Amortization Expense) (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2016 | $ 24.0 |
2017 | 95.5 |
2018 | 94.7 |
2019 | 94.7 |
2020 | 94.7 |
2021 | 94.7 |
Thereafter | $ 1,517.6 |
Long-Term Investments (Details) shares in Millions, $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
shares
| |
Investments, All Other Investments [Abstract] | |
Investment shares sold | shares | 4.0 |
Gain on Sale of Investments | $ 6.4 |
Sale of Stock, Percentage of Ownership after Transaction | 4.00% |
Investment Owned, at Fair Value | $ 351.1 |
Investment Owned, at Cost | $ 243.9 |
Debt (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Disclosure [Abstract] | ||
Unamortized Debt Issuance Expense | $ 11.4 | $ 12.1 |
Debt (Schedule Of Short-Term And Long-Term Debt) (Details) - USD ($) $ in Millions |
1 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2015 |
Sep. 30, 2013 |
Sep. 30, 2012 |
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | |||||
Long-term debt | $ 2,230.7 | $ 2,229.3 | |||
Forward starting interest rate swap agreement fixed rate | 3.11% | 4.73% | 3.32% | ||
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | 745.0 | 744.4 | |||
Debt Instrument, Face Amount | $ 750.0 | ||||
Debt Instrument, Maturity Date | Sep. 01, 2022 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 744.0 | 743.4 | |||
Debt Instrument, Face Amount | $ 750.0 | ||||
Debt Instrument, Maturity Date | Mar. 01, 2025 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | ||||
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 741.7 | $ 741.5 | |||
Debt Instrument, Face Amount | $ 750.0 | ||||
Debt Instrument, Maturity Date | Sep. 01, 2043 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% |
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2017 | $ 0.0 |
2018 | 0.0 |
2019 | 0.0 |
2020 | 0.0 |
2021 | 0.0 |
Thereafter | $ 2,250.0 |
Income Tax (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Gross, Current | $ 27.9 | $ 27.9 |
Deferred income tax liabilities, net | 7,317.7 | 7,358.3 |
Deferred Tax Assets, Valuation Allowance, Noncurrent | 15.3 | $ 122.3 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 106.3 |
Contingencies (Details) - USD ($) $ in Millions |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Loss Contingency [Abstract] | ||
Accrued liability related to all outstanding legal matters | $ 0.0 | $ 3.5 |
Guarantees (Details) |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
years
| |
Guarantor Obligations [Line Items] | |
Agreement automatic renewal period (in years) | years | 1 |
Contingent liability to SGX, amount of irrevocable letters of credit | $ 760,000,000 |
Family Farmer and Ranchers Protection Fund [Member] | |
Guarantor Obligations [Line Items] | |
Payment per participant | 25,000 |
Payment per cooperative | 100,000 |
FutureLosses | 100,000,000 |
Payments under Guarantee | 2,000,000 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 98,000,000 |
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Balance at December 31, 2015 | $ 20,551.8 | $ 20,923.5 | ||
Other comprehensive income (loss), net of tax | $ (90.4) | $ (99.7) | 103.7 | (100.8) |
Balance at September 30, 2016 | 21,264.9 | 21,376.8 | 21,264.9 | 21,376.8 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Balance at December 31, 2015 | (80.8) | 6.2 | ||
Comprehensive Income Before Reclassification Adjustments | 175.2 | (106.0) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (4.8) | (0.5) | ||
Other Comprehensive Income (Loss), Net of Tax | (66.7) | 5.7 | ||
Other comprehensive income (loss), net of tax | 103.7 | (100.8) | ||
Balance at September 30, 2016 | 22.9 | (94.6) | 22.9 | (94.6) |
Foreign Currency Translation [Member] | ||||
Balance at December 31, 2015 | (8.8) | (2.2) | ||
Comprehensive Income Before Reclassification Adjustments | (5.6) | (10.0) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0.0 | 0.0 | ||
Other Comprehensive Income (Loss), Net of Tax | 1.0 | 3.6 | ||
Other comprehensive income (loss), net of tax | (4.6) | (6.4) | ||
Balance at September 30, 2016 | (13.4) | (8.6) | (13.4) | (8.6) |
Derivative Investments [Member] | ||||
Balance at December 31, 2015 | 59.6 | 62.6 | ||
Comprehensive Income Before Reclassification Adjustments | 0.0 | (4.7) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (0.9) | 0.9 | ||
Other Comprehensive Income (Loss), Net of Tax | 0.3 | 1.5 | ||
Other comprehensive income (loss), net of tax | (0.6) | (2.3) | ||
Balance at September 30, 2016 | 59.0 | 60.3 | 59.0 | 60.3 |
Defined Benefit Plans [Member] | ||||
Balance at December 31, 2015 | (36.6) | (31.3) | ||
Comprehensive Income Before Reclassification Adjustments | 3.1 | (0.3) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 2.4 | 2.0 | ||
Other Comprehensive Income (Loss), Net of Tax | (2.1) | (0.6) | ||
Other comprehensive income (loss), net of tax | 3.4 | 1.1 | ||
Balance at September 30, 2016 | (33.2) | (30.2) | (33.2) | (30.2) |
Investment Securities [Member] | ||||
Balance at December 31, 2015 | (95.0) | (22.9) | ||
Comprehensive Income Before Reclassification Adjustments | 177.7 | (91.0) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (6.3) | (3.4) | ||
Other Comprehensive Income (Loss), Net of Tax | (65.9) | 1.2 | ||
Other comprehensive income (loss), net of tax | 105.5 | (93.2) | ||
Balance at September 30, 2016 | $ 10.5 | $ (116.1) | $ 10.5 | $ (116.1) |
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Mar. 31, 2016 |
|
Debt Disclosure [Abstract] | ||
Property, Plant, and Equipment, Fair Value Disclosure | $ 130.0 | $ 130.0 |
Other than Temporary Impairment Losses, Investments | $ 5.5 |
Fair Value Measurements (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investment Owned, at Fair Value | $ 351.1 |
Fair Value, Measurements, Recurring [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 83.3 |
Performance bond reinvestment U.S. Treasuries | 4,199.5 |
Performance bond reinvestment U.S. Agency Securities | 3,682.6 |
Investment Owned, at Fair Value | 369.7 |
Total Assets at Fair Value | 8,335.1 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 22.0 |
Fair Value, Measurements, Recurring [Member] | Exchange Traded Funds [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Trading Securities at Fair Value | 60.9 |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 0.1 |
Fair Value, Measurements, Recurring [Member] | Asset Backed Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 0.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 83.0 |
Performance bond reinvestment U.S. Treasuries | 4,199.5 |
Performance bond reinvestment U.S. Agency Securities | 3,682.6 |
Investment Owned, at Fair Value | 369.7 |
Total Assets at Fair Value | 8,334.8 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 22.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Exchange Traded Funds [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Trading Securities at Fair Value | 60.9 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 0.1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset Backed Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 0.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 0.3 |
Performance bond reinvestment U.S. Treasuries | 0.0 |
Performance bond reinvestment U.S. Agency Securities | 0.0 |
Investment Owned, at Fair Value | 0.0 |
Total Assets at Fair Value | 0.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 0.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange Traded Funds [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Trading Securities at Fair Value | 0.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 0.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset Backed Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 0.3 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 0.0 |
Performance bond reinvestment U.S. Treasuries | 0.0 |
Performance bond reinvestment U.S. Agency Securities | 0.0 |
Investment Owned, at Fair Value | 0.0 |
Total Assets at Fair Value | 0.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 0.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange Traded Funds [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Trading Securities at Fair Value | 0.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | 0.0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset Backed Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Available-for-sale Securities at Fair Value | $ 0.0 |
Fair Value Measurements (Reconciliation Using Significant Unobservable Inputs) (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value of liability, beginning balance | $ 0.3 |
Included in other expenses | (0.3) |
Fair value of liability, ending balance | $ 0.0 |
Fair Value Measurements (Estimated Fair Values of Long-Term Debt) (Details) $ in Millions |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% [Member] | |
Debt Instrument, Face Amount | $ 750.0 |
Debt Instrument, Maturity Date | Sep. 01, 2022 |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% [Member] | |
Debt Instrument, Face Amount | $ 750.0 |
Debt Instrument, Maturity Date | Mar. 01, 2025 |
Debt Instrument, Interest Rate, Stated Percentage | 3.00% |
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% [Member] | |
Debt Instrument, Face Amount | $ 750.0 |
Debt Instrument, Maturity Date | Sep. 01, 2043 |
Debt Instrument, Interest Rate, Stated Percentage | 5.30% |
Fair Value, Inputs, Level 2 [Member] | $750.0 million fixed rate notes due September 2022, stated rate of 3.00% [Member] | |
Debt Instrument, Fair Value Disclosure | $ 798.8 |
Fair Value, Inputs, Level 2 [Member] | $750.0 million fixed rate notes due March 2025, stated rate of 3.00% [Member] | |
Debt Instrument, Fair Value Disclosure | 789.8 |
Fair Value, Inputs, Level 2 [Member] | $750.0 million fixed rate notes due September 2043, stated rate of 5.30% [Member] | |
Debt Instrument, Fair Value Disclosure | $ 971.5 |
Earnings Per Share (Narrative) (Details) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 841 | 432 | 845 | 970 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 311 | 432 | 315 | 432 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 530 | 0 | 530 | 538 |
Earnings Per Share (Net Income Attributable To CME Group) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 472.8 | $ 359.9 | $ 1,160.7 | $ 955.3 |
Basic (in shares) | 337,592 | 336,323 | 337,299 | 336,015 |
Dilutive Securities, Effect on EPS | 1,551 | 1,816 | 1,535 | 1,789 |
Diluted (in shares) | 339,143 | 338,139 | 338,834 | 337,804 |
Earnings per common share, basic (in dollars per share) | $ 1.40 | $ 1.07 | $ 3.44 | $ 2.84 |
Earnings per common share, diluted (in dollars per share) | $ 1.39 | $ 1.06 | $ 3.43 | $ 2.83 |
Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions |
1 Months Ended | 9 Months Ended |
---|---|---|
Oct. 31, 2016 |
Sep. 30, 2016 |
|
Subsequent Event [Line Items] | ||
Investment shares sold | 4.0 | |
Gain on Sale of Investments | $ 6.4 | |
Sale of Stock, Percentage of Ownership after Transaction | 4.00% | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Investment shares sold | 24.0 | |
Gain on Sale of Investments | $ 42.0 | |
Sale of Stock, Percentage of Ownership after Transaction | 2.00% |
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