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 | Smaller reporting company o | ||
Emerging growth company o |
Title of each class | Trading symbol | Name of each exchange on which registered |
Class A Common Stock | CME | Nasdaq |
Page | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
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 globally offer our products and services; |
• | changes in regulations, including the impact of any changes in laws or government policy with respect to our products or services or 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 or changes to regulations in various jurisdictions; |
• | 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 credit and liquidity risk management practices to adequately protect us from the credit risks of clearing members and other counterparties, and to satisfy the margin and liquidity requirements associated with the BrokerTec matched principal business; |
• | 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; |
• | volatility in commodity, equity and fixed income prices, and price volatility of financial benchmarks and instruments such as interest rates, credit spreads, equity indices, fixed income instruments and foreign exchange rates; |
• | 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, control the costs and achieve the synergies associated with our strategy for acquisitions, investments and alliances, including those associated with the acquisition of NEX; |
• | 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; |
• | our ability to maintain our reputation; and |
• | the unfavorable resolution of material legal proceedings. |
ITEM 1. | FINANCIAL STATEMENTS |
March 31, 2019 | December 31, 2018 | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 997.4 | $ | 1,374.5 | ||||
Marketable securities | 82.4 | 72.9 | ||||||
Accounts receivable, net of allowance of $2.0 and $2.7 | 559.5 | 553.3 | ||||||
Other current assets (includes $1.6 and $1.5 in restricted cash) | 345.7 | 430.5 | ||||||
Performance bonds and guaranty fund contributions | 33,620.2 | 39,455.5 | ||||||
Total current assets | 35,605.2 | 41,886.7 | ||||||
Property, net of accumulated depreciation and amortization of $789.8 and $761.1 | 467.7 | 448.7 | ||||||
Intangible assets—trading products | 17,175.3 | 17,175.3 | ||||||
Intangible assets—other, net | 5,380.6 | 5,500.1 | ||||||
Goodwill | 10,850.3 | 10,805.3 | ||||||
Other assets (includes $1.1 and $1.2 in restricted cash) | 2,135.4 | 1,659.6 | ||||||
Total Assets | $ | 71,614.5 | $ | 77,475.7 | ||||
Liabilities and Equity | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 65.3 | $ | 116.0 | ||||
Short-term debt | — | 574.2 | ||||||
Other current liabilities | 592.5 | 1,126.9 | ||||||
Performance bonds and guaranty fund contributions | 33,614.6 | 39,455.5 | ||||||
Total current liabilities | 34,272.4 | 41,272.6 | ||||||
Long-term debt | 4,292.0 | 3,826.8 | ||||||
Deferred income tax liabilities, net | 5,662.7 | 5,665.9 | ||||||
Other liabilities | 1,200.9 | 745.1 | ||||||
Total Liabilities | 45,428.0 | 51,510.4 | ||||||
Shareholders’ Equity: | ||||||||
Preferred stock, $0.01 par value, 10,000 shares authorized at March 31, 2019 and December 31, 2018; none issued | — | — | ||||||
Class A common stock, $0.01 par value, 1,000,000 shares authorized at March 31, 2019 and December 31, 2018; 357,013 and 356,824 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively | 3.6 | 3.6 | ||||||
Class B common stock, $0.01 par value, 3 shares authorized, issued and outstanding as of March 31, 2019 and December 31, 2018 | — | — | ||||||
Additional paid-in capital | 21,062.1 | 21,054.3 | ||||||
Retained earnings | 5,091.1 | 4,855.3 | ||||||
Accumulated other comprehensive income (loss) | 0.8 | 5.3 | ||||||
Total CME Group Shareholders’ Equity | 26,157.6 | 25,918.5 | ||||||
Non-controlling interests | 28.9 | 46.8 | ||||||
Total Equity | 26,186.5 | 25,965.3 | ||||||
Total Liabilities and Equity | $ | 71,614.5 | $ | 77,475.7 |
Quarter Ended | |||||||
March 31, | |||||||
2019 | 2018 | ||||||
Revenues | |||||||
Clearing and transaction fees | $ | 952.6 | $ | 973.6 | |||
Market data and information services | 130.1 | 94.9 | |||||
Other | 96.9 | 40.5 | |||||
Total Revenues | 1,179.6 | 1,109.0 | |||||
Expenses | |||||||
Compensation and benefits | 230.3 | 152.7 | |||||
Technology | 47.1 | 25.5 | |||||
Professional fees and outside services | 39.4 | 42.6 | |||||
Amortization of purchased intangibles | 80.7 | 23.7 | |||||
Depreciation and amortization | 32.9 | 28.1 | |||||
Licensing and other fee agreements | 40.5 | 49.5 | |||||
Other | 77.7 | 46.0 | |||||
Total Expenses | 548.6 | 368.1 | |||||
Operating Income | 631.0 | 740.9 | |||||
Non-Operating Income (Expense) | |||||||
Investment income | 178.7 | 156.4 | |||||
Interest and other borrowing costs | (48.1 | ) | (30.1 | ) | |||
Equity in net earnings of unconsolidated subsidiaries | 40.5 | 40.1 | |||||
Other non-operating income (expense) | (161.9 | ) | (118.6 | ) | |||
Total Non-Operating Income (Expense) | 9.2 | 47.8 | |||||
Income before Income Taxes | 640.2 | 788.7 | |||||
Income tax provision | 144.3 | 189.9 | |||||
Net Income | 495.9 | 598.8 | |||||
Less: net (income) loss attributable to non-controlling interests | 1.0 | — | |||||
Net Income Attributable to CME Group | $ | 496.9 | $ | 598.8 | |||
Earnings per Common Share Attributable to CME Group: | |||||||
Basic | $ | 1.39 | $ | 1.76 | |||
Diluted | 1.39 | 1.76 | |||||
Weighted Average Number of Common Shares: | |||||||
Basic | 356,886 | 339,305 | |||||
Diluted | 358,047 | 340,747 |
Quarter Ended | |||||||
March 31, | |||||||
2019 | 2018 | ||||||
Net income | $ | 495.9 | $ | 598.8 | |||
Other comprehensive income (loss), net of tax: | |||||||
Investment securities: | |||||||
Net unrealized holding gains (losses) arising during the period | 0.8 | (0.9 | ) | ||||
Income tax benefit (expense) | (0.2 | ) | 0.2 | ||||
Investment securities, net | 0.6 | (0.7 | ) | ||||
Defined benefit plans: | |||||||
Net change in defined benefit plans arising during the period | (2.7 | ) | 1.7 | ||||
Amortization of net actuarial (gains) losses included in compensation and benefits expense | 1.2 | 0.7 | |||||
Income tax benefit (expense) | 0.4 | (0.6 | ) | ||||
Defined benefit plans, net | (1.1 | ) | 1.8 | ||||
Derivative investments: | |||||||
Net unrealized holding gains (losses) arising during the period | 0.3 | — | |||||
Amortization of effective portion of net (gains) losses on cash flow hedges included in interest expense | (0.3 | ) | (0.3 | ) | |||
Income tax benefit (expense) | — | 0.1 | |||||
Derivative investments, net | — | (0.2 | ) | ||||
Foreign currency translation: | |||||||
Foreign currency translation adjustments | (4.0 | ) | 0.9 | ||||
Foreign currency translation, net | (4.0 | ) | 0.9 | ||||
Other comprehensive income (loss), net of tax | (4.5 | ) | 1.8 | ||||
Comprehensive Income | 491.4 | 600.6 | |||||
Less: comprehensive (income) loss attributable to non-controlling interests | 1.0 | — | |||||
Comprehensive income attributable to CME Group | $ | 492.4 | $ | 600.6 |
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 CME Group Shareholders' Equity | Non-controlling Interest | Total Shareholders’ Equity | ||||||||||||||||||||||
Balance at December 31, 2018 | 356,824 | 3 | $ | 21,057.9 | $ | 4,855.3 | $ | 5.3 | $ | 25,918.5 | $ | 46.8 | $ | 25,965.3 | |||||||||||||||
Net income | 496.9 | 496.9 | (1.0 | ) | 495.9 | ||||||||||||||||||||||||
Other comprehensive income (loss) | (4.5 | ) | (4.5 | ) | — | (4.5 | ) | ||||||||||||||||||||||
Dividends on common stock of $0.75 per share | (268.0 | ) | (268.0 | ) | (268.0 | ) | |||||||||||||||||||||||
Impact of adoption of standards updates on leasing | 6.9 | 6.9 | 6.9 | ||||||||||||||||||||||||||
Changes in non-controlling interest due to measurement period adjustments | — | (16.9 | ) | (16.9 | ) | ||||||||||||||||||||||||
Exercise of stock options | 64 | 3.3 | 3.3 | 3.3 | |||||||||||||||||||||||||
Vesting of issued restricted Class A common stock | 125 | (13.8 | ) | (13.8 | ) | (13.8 | ) | ||||||||||||||||||||||
Stock-based compensation | 18.3 | 18.3 | 18.3 | ||||||||||||||||||||||||||
Balance at March 31, 2019 | 357,013 | 3 | $ | 21,065.7 | $ | 5,091.1 | $ | 0.8 | $ | 26,157.6 | $ | 28.9 | $ | 26,186.5 |
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, 2017 | 339,235 | 3 | $ | 17,900.3 | $ | 4,497.2 | $ | 14.3 | $ | 22,411.8 | |||||||||||
Net income | 598.8 | 598.8 | |||||||||||||||||||
Other comprehensive income (loss) | 1.8 | 1.8 | |||||||||||||||||||
Dividends on common stock of $0.70 per share | (238.1 | ) | (238.1 | ) | |||||||||||||||||
Impact of adoption of standards update on tax effects related to accumulated other comprehensive income and revenue recognition | (12.5 | ) | 3.8 | (8.7 | ) | ||||||||||||||||
Exercise of stock options | 59 | 4.2 | 4.2 | ||||||||||||||||||
Vesting of issued restricted Class A common stock | 141 | (14.7 | ) | (14.7 | ) | ||||||||||||||||
Stock-based compensation | 17.7 | 17.7 | |||||||||||||||||||
Balance at March 31, 2018 | 339,435 | 3 | $ | 17,907.5 | $ | 4,845.4 | $ | 19.9 | $ | 22,772.8 |
Quarter Ended March 31, | ||||||||
2019 | 2018 | |||||||
Cash Flows from Operating Activities | ||||||||
Net income | $ | 495.9 | $ | 598.8 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Stock-based compensation | 18.3 | 17.7 | ||||||
Amortization of purchased intangibles | 80.7 | 23.7 | ||||||
Depreciation and amortization | 32.9 | 28.1 | ||||||
Net loss on derivative contracts | 14.4 | — | ||||||
Net realized and unrealized gains on privately-held equity investments | 3.4 | — | ||||||
Undistributed earnings, net of losses, of unconsolidated subsidiaries | (22.6 | ) | 10.9 | |||||
Deferred income taxes | (0.6 | ) | (11.7 | ) | ||||
Change in: | ||||||||
Accounts receivable | (5.5 | ) | (85.0 | ) | ||||
Other current assets | 45.4 | (12.9 | ) | |||||
Other assets | (9.8 | ) | (3.8 | ) | ||||
Accounts payable | (50.6 | ) | (6.4 | ) | ||||
Income taxes payable | 141.3 | 264.8 | ||||||
Other current liabilities | (73.1 | ) | 0.3 | |||||
Other liabilities | 0.3 | (0.3 | ) | |||||
Other | (1.2 | ) | 0.8 | |||||
Net Cash Provided by Operating Activities | 669.2 | 825.0 | ||||||
Cash Flows from Investing Activities | ||||||||
Proceeds from maturities of available-for-sale marketable securities | 6.1 | 1.6 | ||||||
Purchases of available-for-sale marketable securities | (5.6 | ) | (0.8 | ) | ||||
Purchases of property, net | (49.1 | ) | (18.2 | ) | ||||
Net Cash Used in Investing Activities | (48.6 | ) | (17.4 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Issuance of commercial paper, net of maturities | 462.3 | — | ||||||
Repayment of debt | (569.2 | ) | — | |||||
Cash dividends | (892.1 | ) | (1,424.8 | ) | ||||
Settlement of derivative contracts | 16.0 | — | ||||||
Employee taxes paid on restricted stock vesting | (13.8 | ) | (14.7 | ) | ||||
Other | (0.9 | ) | 4.2 | |||||
Net Cash Used in Financing Activities | (997.7 | ) | (1,435.3 | ) |
Quarter Ended March 31, | ||||||||
2019 | 2018 | |||||||
Net change in cash, cash equivalents and restricted cash | $ | (377.1 | ) | $ | (627.7 | ) | ||
Cash, cash equivalents and restricted cash, beginning of period | 1,377.2 | 1,906.0 | ||||||
Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 1,000.1 | $ | 1,278.3 | ||||
Reconciliation of cash, cash equivalents and restricted cash: | ||||||||
Cash and cash equivalents | $ | 997.4 | $ | 784.6 | ||||
Short-term restricted cash | 1.6 | 492.3 | ||||||
Long-term restricted cash | 1.1 | 1.4 | ||||||
Total | $ | 1,000.1 | $ | 1,278.3 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Income taxes paid | $ | — | $ | 8.8 | ||||
Interest paid | 55.4 | 42.4 |
Quarters Ended March 31, | ||||||||
(in millions) | 2019 | 2018 | ||||||
Interest rates | $ | 302.8 | $ | 338.4 | ||||
Equity indexes | 145.9 | 195.0 | ||||||
Foreign exchange | 41.2 | 51.1 | ||||||
Agricultural commodities | 105.0 | 121.1 | ||||||
Energy | 165.0 | 191.5 | ||||||
Metals | 51.0 | 59.4 | ||||||
Cash markets business | 122.9 | — | ||||||
Interest rate swap | 18.8 | 17.1 | ||||||
Total clearing and transaction fees | 952.6 | 973.6 | ||||||
Market data and information services | 130.1 | 94.9 | ||||||
Other | 96.9 | 40.5 | ||||||
Total revenues | $ | 1,179.6 | $ | 1,109.0 | ||||
Timing of Revenue Recognition | ||||||||
Services transferred at a point in time | $ | 892.9 | $ | 957.7 | ||||
Services transferred over time | 277.7 | 148.8 | ||||||
One-time charges and miscellaneous revenues | 9.0 | 2.5 | ||||||
Total revenues | $ | 1,179.6 | $ | 1,109.0 |
March 31, 2019 | December 31, 2018 | |||||||||||||||||||||||
(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 | $ | 5,823.5 | $ | (1,137.2 | ) | $ | 4,686.3 | $ | 5,862.5 | $ | (1,065.6 | ) | $ | 4,796.9 | ||||||||||
Technology-related intellectual property | 177.7 | (31.2 | ) | 146.5 | 179.1 | (25.6 | ) | 153.5 | ||||||||||||||||
Other | 104.0 | (6.2 | ) | 97.8 | 102.8 | (3.1 | ) | 99.7 | ||||||||||||||||
Total amortizable intangible assets | $ | 6,105.2 | $ | (1,174.6 | ) | 4,930.6 | $ | 6,144.4 | $ | (1,094.3 | ) | 5,050.1 | ||||||||||||
Indefinite-Lived Intangible Assets: | ||||||||||||||||||||||||
Trade names | 450.0 | 450.0 | ||||||||||||||||||||||
Total intangible assets – other, net | $ | 5,380.6 | $ | 5,500.1 | ||||||||||||||||||||
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 2019 | $ | 236.3 | |
2020 | 315.1 | ||
2021 | 315.0 | ||
2022 | 314.5 | ||
2023 | 313.2 | ||
2024 | 306.5 | ||
Thereafter | 3,130.0 |
(in millions) | Balance at December 31, 2018 | Business Combinations | Other Activity (1) | Balance at March 31, 2019 | ||||||||||||
CBOT Holdings | $ | 5,066.4 | $ | — | $ | — | $ | 5,066.4 | ||||||||
NYMEX Holdings | 2,462.2 | — | — | 2,462.2 | ||||||||||||
NEX | 3,236.3 | — | 45.0 | 3,281.3 | ||||||||||||
Other | 40.4 | — | — | 40.4 | ||||||||||||
Total Goodwill | $ | 10,805.3 | $ | — | $ | 45.0 | $ | 10,850.3 | ||||||||
(in millions) | Balance at December 31, 2017 | Business Combinations | Other Activity | Balance at December 31, 2018 | ||||||||||||
CBOT Holdings | $ | 5,066.4 | $ | — | $ | — | $ | 5,066.4 | ||||||||
NYMEX Holdings | 2,462.2 | — | — | 2,462.2 | ||||||||||||
NEX | — | 3,236.3 | — | 3,236.3 | ||||||||||||
Other | 40.4 | — | — | 40.4 | ||||||||||||
Total Goodwill | $ | 7,569.0 | $ | 3,236.3 | $ | — | $ | 10,805.3 |
(in millions) | March 31, 2019 | December 31, 2018 | ||||||
€350.0 million fixed rate notes due March 2019, stated rate of 3.13% | $ | — | $ | 400.7 | ||||
¥19.1 billion term loan due March 2019, stated rate of 0.81% | — | 173.5 | ||||||
Total short-term debt | $ | — | $ | 574.2 |
(in millions) | March 31, 2019 | December 31, 2018 | ||||||
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% (1) | $ | 747.1 | $ | 746.9 | ||||
€15.0 million fixed rate notes due May 2023, stated rate of 4.30% | 16.3 | 16.6 | ||||||
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (2) | 745.8 | 745.6 | ||||||
$500.0 million fixed rate notes due June 2028, stated rate of 3.75% | 496.0 | 495.9 | ||||||
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (3) | 742.5 | 742.4 | ||||||
$700.0 million fixed rate notes due June 2048, stated rate of 4.15% | 689.6 | 689.5 | ||||||
Commercial paper (4) | 854.7 | 389.9 | ||||||
Total long-term debt | $ | 4,292.0 | $ | 3,826.8 |
(1) | The company maintained 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) | The company maintained 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) | The company maintained 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%. |
(4) | The commercial paper is backed by the five-year multi-currency revolving credit facility. |
(in millions) | Par Value | ||
2020 | $ | — | |
2021 | — | ||
2022 | 1,605.0 | ||
2023 | 16.8 | ||
2024 | — | ||
Thereafter | 2,700.0 |
(in millions) | Quarter Ended March 31, 2019 | ||
Operating lease expense: | |||
Operating lease cost | $ | 18.4 | |
Short-term lease cost | 3.4 | ||
Total operating lease expense included in other expense | $ | 21.8 | |
Finance lease expense: | |||
Interest expense associated with finance lease | $ | 0.9 | |
Depreciation on building | 2.2 | ||
Total finance lease expense | $ | 3.1 | |
Sublease revenue included in other revenue | $ | 3.3 |
(in millions) | Quarter Ended March 31, 2019 | ||
Cash flows from operating leases | $ | 15.2 | |
Cash flows from finance lease | 4.2 |
(in millions) | March 31, 2019 | ||
Operating lease right-of-use assets | $ | 430.1 | |
Operating lease liabilities: | |||
Other current liabilities | $ | 39.5 | |
Other liabilities | 521.5 | ||
Total operating lease liabilities | $ | 561.0 | |
(Gains) losses on sale and leaseback transactions, net | — | ||
Weighted average remaining lease term (in months) | 154 | ||
Weighted average discount rate | 4.0 | % |
(in millions) | |||
Remainder of 2019 | $ | 45.7 | |
2020 | 60.6 | ||
2021 | 57.1 | ||
2022 | 60.6 | ||
2023 | 57.3 | ||
2024 | 51.8 | ||
Thereafter | 392.2 | ||
Total lease payments | 725.3 | ||
Less: imputed interest | (164.3 | ) | |
Present value of lease liability | $ | 561.0 |
(in millions) | |||
Remainder of 2019 | $ | 12.6 | |
2020 | 16.9 | ||
2021 | 16.9 | ||
2022 | 17.1 | ||
2023 | 17.2 | ||
2024 | 17.4 | ||
Thereafter | 111.8 | ||
Total lease payments | 209.9 | ||
Less: imputed interest | (23.6 | ) | |
Present value of lease liability | $ | 186.3 |
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | ||||||||||||||
Balance at December 31, 2018 | $ | 0.1 | $ | (53.8 | ) | $ | 69.7 | $ | (10.7 | ) | $ | 5.3 | |||||||
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | 0.8 | (2.7 | ) | 0.3 | (4.0 | ) | (5.6 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1.2 | (0.3 | ) | — | 0.9 | |||||||||||||
Income tax benefit (expense) | (0.2 | ) | 0.4 | — | — | 0.2 | |||||||||||||
Net current period other comprehensive income (loss) | 0.6 | (1.1 | ) | — | (4.0 | ) | (4.5 | ) | |||||||||||
Balance at March 31, 2019 | $ | 0.7 | $ | (54.9 | ) | $ | 69.7 | $ | (14.7 | ) | $ | 0.8 |
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | ||||||||||||||
Balance at December 31, 2017 | $ | 0.6 | $ | (36.1 | ) | $ | 58.0 | $ | (8.2 | ) | $ | 14.3 | |||||||
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | (0.9 | ) | 1.7 | — | 0.9 | 1.7 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 0.7 | (0.3 | ) | — | 0.4 | |||||||||||||
Income tax benefit (expense) | 0.2 | (0.6 | ) | 0.1 | — | (0.3 | ) | ||||||||||||
Net current period other comprehensive income (loss) | (0.7 | ) | 1.8 | (0.2 | ) | 0.9 | 1.8 | ||||||||||||
Impact of adoption of standards update on tax effects related to accumulated other comprehensive income | 0.1 | (8.2 | ) | 11.9 | — | 3.8 | |||||||||||||
Balance at March 31, 2018 | $ | — | $ | (42.5 | ) | $ | 69.7 | $ | (7.3 | ) | $ | 19.9 |
• | 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. |
March 31, 2019 | ||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets at Fair Value: | ||||||||||||||||
Marketable securities: | ||||||||||||||||
Corporate debt securities | $ | 18.7 | $ | — | $ | — | $ | 18.7 | ||||||||
Municipal bonds | 1.5 | — | — | 1.5 | ||||||||||||
Mutual funds | 61.8 | — | — | 61.8 | ||||||||||||
Equity securities | 0.1 | — | — | 0.1 | ||||||||||||
Asset-backed securities | — | 0.3 | — | 0.3 | ||||||||||||
Total Marketable Securities | 82.1 | 0.3 | — | 82.4 | ||||||||||||
Performance bonds and guaranty fund contributions (1): | ||||||||||||||||
U.S. Treasury securities | 1,895.6 | — | — | 1,895.6 | ||||||||||||
U.S. government agency securities | 1,129.9 | — | — | 1,129.9 | ||||||||||||
Derivative contracts | — | 0.8 | — | 0.8 | ||||||||||||
Total Assets at Fair Value | $ | 3,107.6 | $ | 1.1 | $ | — | $ | 3,108.7 | ||||||||
Liabilities at Fair Value: | ||||||||||||||||
Derivative contracts | $ | — | $ | 2.7 | $ | — | $ | 2.7 | ||||||||
Contingent consideration | — | — | 6.9 | 6.9 | ||||||||||||
Total Liabilities at Fair Value | $ | — | $ | 2.7 | $ | 6.9 | $ | 9.6 |
(in millions) | Contingent Consideration | ||
Fair value of liability at December 31, 2018 | $ | 6.7 | |
Unrealized gains (losses) included in operating expense | 0.2 | ||
Fair Value of Liability at March 31, 2019 | $ | 6.9 |
(in millions) | Fair Value | Level | |||
$750.0 million fixed rate notes due September 2022 | $ | 762.3 | Level 2 | ||
€15.0 million fixed rate notes due May 2023 | 18.7 | Level 2 | |||
$750.0 million fixed rate notes due March 2025 | 753.8 | Level 2 | |||
$500.0 million fixed rate notes due June 2028 | 527.2 | Level 2 | |||
$750.0 million fixed rate notes due September 2043 | 921.8 | Level 2 | |||
$700.0 million fixed rate notes due June 2048 | 741.3 | Level 2 | |||
Commercial paper | 854.7 | Level 3 |
Quarter Ended March 31, | |||||
(in thousands) | 2019 | 2018 | |||
Restricted stock and performance shares | 76 | 49 | |||
Total | 76 | 49 |
Quarter Ended March 31, | |||||||
2019 | 2018 | ||||||
Net Income Attributable to CME Group (in millions) | $ | 496.9 | $ | 598.8 | |||
Weighted Average Number of Common Shares (in thousands): | |||||||
Basic | 356,886 | 339,305 | |||||
Effect of stock options, restricted stock and performance shares | 1,161 | 1,442 | |||||
Diluted | 358,047 | 340,747 | |||||
Earnings per Common Share Attributable to CME Group: | |||||||
Basic | $ | 1.39 | $ | 1.76 | |||
Diluted | 1.39 | 1.76 |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Quarter Ended March 31, | ||||||||||
(dollars in millions, except per share data) | 2019 | 2018 | Change | |||||||
Total revenues | $ | 1,179.6 | $ | 1,109.0 | 6 | % | ||||
Total expenses | 548.6 | 368.1 | 49 | |||||||
Operating margin | 53.5 | % | 66.8 | % | ||||||
Non-operating income (expense) | $ | 9.2 | $ | 47.8 | (81 | ) | ||||
Effective tax rate | 22.5 | % | 24.1 | % | ||||||
Net income attributable to CME Group | $ | 496.9 | $ | 598.8 | (17 | ) | ||||
Diluted earnings per common share attributable to CME Group | 1.39 | 1.76 | (21 | ) | ||||||
Cash flows from operating activities | 669.2 | 825.0 | (19 | ) |
Quarter Ended March 31, | ||||||||||
(dollars in millions) | 2019 | 2018 | Change | |||||||
Clearing and transaction fees | $ | 952.6 | $ | 973.6 | (2 | )% | ||||
Market data and information services | 130.1 | 94.9 | 37 | |||||||
Other | 96.9 | 40.5 | 139 | |||||||
Total Revenues | $ | 1,179.6 | $ | 1,109.0 | 6 |
Quarter Ended March 31, | |||||||||||
2019 | 2018 | Change | |||||||||
Total contract volume (in millions) | 1,136.6 | 1,354.4 | (16 | )% | |||||||
Clearing and transaction fees (in millions) | $ | 810.9 | $ | 956.4 | (15 | ) | |||||
Average rate per contract | $ | 0.713 | $ | 0.706 | 1 |
(in millions) | Quarter Ended | ||
Decrease due to change in total contract volume | $ | (155.4 | ) |
Increase due to change in average rate per contract | 9.9 | ||
Net decrease in clearing and transaction fees | $ | (145.5 | ) |
Quarter Ended March 31, | ||||||||
(amounts in thousands) | 2019 | 2018 | Change | |||||
Average Daily Volume by Product Line: | ||||||||
Interest rates | 10,314 | 11,948 | (14 | )% | ||||
Equity indexes | 3,161 | 4,096 | (23 | ) | ||||
Foreign exchange | 885 | 1,100 | (20 | ) | ||||
Agricultural commodities | 1,381 | 1,593 | (13 | ) | ||||
Energy | 2,331 | 2,754 | (15 | ) | ||||
Metals | 561 | 713 | (21 | ) | ||||
Aggregate average daily volume | 18,633 | 22,204 | (16 | ) | ||||
Average Daily Volume by Venue: | ||||||||
CME Globex | 16,576 | 19,797 | (16 | ) | ||||
Open outcry | 1,284 | 1,556 | (18 | ) | ||||
Privately negotiated | 773 | 851 | (9 | ) | ||||
Aggregate average daily volume | 18,633 | 22,204 | (16 | ) | ||||
Electronic Volume as a Percentage of Total Volume | 89 | % | 89 | % |
Quarter Ended March 31, | ||||||||
(amounts in thousands) | 2019 | 2018 | Change | |||||
Eurodollar futures and options: | ||||||||
Front 8 futures | 2,099 | 2,802 | (25 | )% | ||||
Back 32 futures | 720 | 1,171 | (38 | ) | ||||
Options | 1,720 | 1,988 | (13 | ) | ||||
U.S. Treasury futures and options: | ||||||||
10-Year | 2,269 | 2,537 | (11 | ) | ||||
5-Year | 1,373 | 1,370 | — | |||||
2-Year | 694 | 632 | 10 | |||||
Treasury bond | 459 | 503 | (9 | ) | ||||
Federal Funds futures and options | 274 | 283 | (3 | ) |
Quarter Ended March 31, | ||||||||
(amounts in thousands) | 2019 | 2018 | Change | |||||
E-mini S&P 500 futures and options | 2,166 | 2,957 | (27 | )% | ||||
E-mini NASDAQ 100 futures and options | 491 | 495 | (1 | ) | ||||
E-mini Russell 2000 futures and options | 150 | 154 | (3 | ) |
Quarter Ended March 31, | ||||||||
(amounts in thousands) | 2019 | 2018 | Change | |||||
Euro | 239 | 330 | (28 | )% | ||||
British pound | 140 | 156 | (10 | ) | ||||
Japanese yen | 133 | 187 | (28 | ) | ||||
Australian dollar | 111 | 133 | (16 | ) |
Quarter Ended March 31, | ||||||||
(amounts in thousands) | 2019 | 2018 | Change | |||||
Corn | 484 | 515 | (6 | )% | ||||
Wheat | 234 | 274 | (15 | ) | ||||
Soybean | 231 | 341 | (32 | ) |
Quarter Ended March 31, | ||||||||
(amounts in thousands) | 2019 | 2018 | Change | |||||
WTI crude oil | 1,346 | 1,542 | (13 | )% | ||||
Natural gas | 485 | 665 | (27 | ) | ||||
Refined products | 382 | 419 | (9 | ) |
Quarter Ended March 31, | ||||||||
(amounts in thousands) | 2019 | 2018 | Change | |||||
Gold | 340 | 437 | (22 | )% | ||||
Copper | 105 | 137 | (23 | ) | ||||
Silver | 85 | 109 | (22 | ) |
(amounts in billions) | Average Daily Notional Value | |||
U.S. Treasury | $ | 172.4 | ||
European Repo (in euros) | 271.4 | |||
Spot FX | 81.5 |
Quarter Ended March 31, | ||||||||||
(dollars in millions) | 2019 | 2018 | Change | |||||||
Compensation and benefits | $ | 230.3 | $ | 152.7 | 51 | % | ||||
Technology | 47.1 | 25.5 | 85 | % | ||||||
Professional fees and outside services | 39.4 | 42.6 | (7 | )% | ||||||
Amortization of purchased intangibles | 80.7 | 23.7 | n.m. | |||||||
Depreciation and amortization | 32.9 | 28.1 | 17 | % | ||||||
Licensing and other fee agreements | 40.5 | 49.5 | (18 | )% | ||||||
Other | 77.7 | 46.0 | 69 | % | ||||||
Total Expenses | $ | 548.6 | $ | 368.1 | 49 | % |
Quarter Ended March 31, 2019 | ||||||
Amount of Change | Change as a Percentage of Total Expenses | |||||
(dollars in millions) | ||||||
Salaries, benefits and employer taxes | $ | 61.5 | 17 | % | ||
Amortization of purchased intangibles | 57.0 | 15 | ||||
Technology | 21.7 | 6 | ||||
Occupancy and building operations | 17.5 | 5 | ||||
Bonus expense | 13.2 | 4 | ||||
Licensing and other fee agreements | (9.0 | ) | (2 | ) | ||
Other expenses, net | 18.6 | 4 | ||||
Total increase | $ | 180.5 | 49 | % |
• | Compensation and benefits expense increased as a result of headcount added from the NEX acquisition in the fourth quarter of 2018. |
• | Amortization of purchased intangibles related to the NEX acquisition contributed to the additional expense. |
• | Technology expense, specifically hardware and software maintenance expense, was higher largely due to the addition of our NEX operations. |
• | Bonus expense increased compared with the same period in 2018 largely due to the headcount added as part of the NEX acquisition. |
• | Occupancy and building operations expense increased due to the inclusion of leases for our NEX operations. |
• | Licensing and other fee sharing agreements expense decreased due to lower volume on certain equity products during the first quarter of 2019 compared to the same period in 2018, as well as decreased costs related to revenue sharing agreements for certain licensed products. |
Quarter Ended March 31, | ||||||||||
(dollars in millions) | 2019 | 2018 | Change | |||||||
Investment income | $ | 178.7 | $ | 156.4 | 14 | % | ||||
Interest and other borrowing costs | (48.1 | ) | (30.1 | ) | 60 | |||||
Equity in net earnings (losses) of unconsolidated subsidiaries | 40.5 | 40.1 | 1 | |||||||
Other non-operating income (expense) | (161.9 | ) | (118.6 | ) | 37 | |||||
Total Non-Operating | $ | 9.2 | $ | 47.8 | (81 | ) |
2019 | 2018 | |||||
Quarter ended March 31 | 22.5 | % | 24.1 | % |
(in millions) | Par Value | ||
Fixed rate notes due September 2022, stated rate of 3.00% (1) | $ | 750.0 | |
Fixed rate notes due May 2023, stated rate of 4.30% | € | 15.0 | |
Fixed rate notes due March 2025, stated rate of 3.00% (2) | $ | 750.0 | |
Fixed rate notes due June 2028, stated rate of 3.75% | $ | 500.0 | |
Fixed rate notes due September 2043, stated rate of 5.30% (3) | $ | 750.0 | |
Fixed rate notes due June 2048, stated rate of 4.15% | $ | 700.0 | |
Commercial Paper | $ | 855.0 |
(1) | We maintained 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) | We maintained 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) | We maintained 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) | ||||||||||
January 1 to January 31 | — | $ | — | — | $ | — | ||||||||
February 1 to February 28 | — | — | — | — | ||||||||||
March 1 to March 31 | 81,167 | 170.14 | — | — | ||||||||||
Total | 81,167 | $ | 170.14 | — |
(1) | Shares purchased consist of an aggregate of 81,167 shares of Class A common stock surrendered in the first quarter of 2019 to satisfy employees’ tax obligations upon the vesting of restricted stock. |
ITEM 6. | EXHIBITS |
10.1 | ||
31.1 | ||
31.2 | ||
32.1 | ||
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: May 8, 2019 | By: | /s/ John W. Pietrowicz | ||||
Chief Financial Officer & Senior Managing Director Finance |
Dated: May 8, 2019 | /s/ Terrence A. Duffy | |
Name: Terrence A. Duffy | ||
Title: Chief Executive Officer |
Dated: May 8, 2019 | /s/ John W. Pietrowicz | ||
Name: John W. Pietrowicz | |||
Title: Chief Financial Officer |
/s/ Terrence A. Duffy | |
Name: Terrence A. Duffy | |
Title: Chief Executive Officer |
/s/ John W. Pietrowicz | |
Name: John W. Pietrowicz | |
Title: Chief Financial Officer |
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Apr. 10, 2019 |
|
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Entity Registrant Name | CME GROUP INC. | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Current Fiscal Year End Date | --12-31 | |
Entity Central Index Key | 0001156375 | |
Amendment Flag | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Class A Common Stock [Member] | ||
Entity Common Stock, Shares Outstanding | 357,971,914 | |
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 |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accounts receivable, allowance | $ 2.0 | $ 2.7 |
Short-term restricted cash | 1.6 | 1.5 |
Accumulated depreciation and amortization, property | 789.8 | 761.1 |
Long-term restricted cash | $ 1.1 | $ 1.2 |
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 |
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) | 357,013 | 356,824 |
Common stock, shares outstanding (in shares) | 357,013 | 356,824 |
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 | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Revenues | ||
Total Revenues | $ 1,179.6 | $ 1,109.0 |
Expenses | ||
Compensation and benefits | 230.3 | 152.7 |
Technology | 47.1 | 25.5 |
Professional fees and outside services | 39.4 | 42.6 |
Amortization of purchased intangibles | 80.7 | 23.7 |
Depreciation and amortization | 32.9 | 28.1 |
Licensing and other fee agreements | 40.5 | 49.5 |
Other | 77.7 | 46.0 |
Total Expenses | 548.6 | 368.1 |
Operating Income | 631.0 | 740.9 |
Non-Operating Income (Expense) | ||
Investment income | 178.7 | 156.4 |
Interest and other borrowing costs | (48.1) | (30.1) |
Equity in net earnings of unconsolidated subsidiaries | 40.5 | 40.1 |
Other non-operating income (expense) | (161.9) | (118.6) |
Total Non-Operating Income (Expense) | 9.2 | 47.8 |
Income before Income Taxes | 640.2 | 788.7 |
Income tax provision | 144.3 | 189.9 |
Net Income | 495.9 | 598.8 |
Net (Income) Loss Attributable to Noncontrolling Interest | 1.0 | 0.0 |
Net Income (Loss) Attributable to CME Group | $ 496.9 | $ 598.8 |
Earnings per Common Share Attributable to CME Group: | ||
Basic (in dollars per share) | $ 1.39 | $ 1.76 |
Diluted (in dollars per share) | $ 1.39 | $ 1.76 |
Weighted Average Number of Common Shares: | ||
Basic (in shares) | 356,886 | 339,305 |
Diluted (in shares) | 358,047 | 340,747 |
Clearing and transaction fees [Member] | ||
Revenues | $ 952.6 | $ 973.6 |
Market data and information services | ||
Revenues | 130.1 | 94.9 |
Other | ||
Revenues | $ 96.9 | $ 40.5 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 495.9 | $ 598.8 |
Other comprehensive income (loss), net of tax: | ||
Net unrealized holding gains (losses) arising during the period | 0.8 | (0.9) |
Income tax benefit (expense) | (0.2) | 0.2 |
Investment securities, net | 0.6 | (0.7) |
Net change in defined benefit plans arising during the period | (2.7) | 1.7 |
Amortization of net actuarial (gains) losses included in compensation and benefits expense | 1.2 | 0.7 |
Income tax benefit (expense) | 0.4 | (0.6) |
Defined benefit plans, net | (1.1) | 1.8 |
Net unrealized holding gains (losses) during the period | 0.3 | 0.0 |
Amortization of effective portion of net (gains) losses on cash flow hedges included in interest expense | (0.3) | (0.3) |
Income tax benefit (expense) | 0.0 | 0.1 |
Derivative investments, net | 0.0 | (0.2) |
Foreign currency translation adjustments | (4.0) | 0.9 |
Foreign currency translation, net | (4.0) | 0.9 |
Other comprehensive income (loss), net of tax | (4.5) | 1.8 |
Comprehensive Income | 491.4 | 600.6 |
Comprehensive (Income) Loss Attributable to Noncontrolling Interest | 1.0 | 0.0 |
Comprehensive Income attributable to CME Group | $ 492.4 | $ 600.6 |
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] |
Parent [Member] |
Noncontrolling Interest [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]
|
---|---|---|---|---|---|---|---|---|---|---|
Balance (in shares) at Dec. 31, 2017 | 339,235 | 3 | ||||||||
Balance at December 31 at Dec. 31, 2017 | $ 22,411.8 | $ 17,900.3 | $ 4,497.2 | $ 14.3 | ||||||
Net Income (Loss) Attributable to CME Group | 598.8 | |||||||||
Net (Income) Loss Attributable to Noncontrolling Interest | 0.0 | |||||||||
Net Income | 598.8 | 598.8 | ||||||||
Other comprehensive income (loss), net of tax | 1.8 | 1.8 | ||||||||
Dividends on common stock | (238.1) | (238.1) | ||||||||
Impact of adoption of standards update | (8.7) | (12.5) | 3.8 | |||||||
Exercise of stock options, shares | 59 | |||||||||
Exercise of stock options | 4.2 | 4.2 | ||||||||
Vesting of issued restricted Class A common stock, shares | 141 | |||||||||
Vesting of issued restricted Class A common stock | (14.7) | (14.7) | ||||||||
Stock-based compensation | 17.7 | 17.7 | ||||||||
Balance (in shares) at Mar. 31, 2018 | 339,435 | 3 | ||||||||
Balance at March 31 at Mar. 31, 2018 | 22,772.8 | 17,907.5 | 4,845.4 | 19.9 | ||||||
Balance (in shares) at Dec. 31, 2018 | 356,824 | 356,824 | 3 | 3 | ||||||
Balance at December 31 at Dec. 31, 2018 | 25,918.5 | 21,057.9 | 4,855.3 | 5.3 | $ 25,918.5 | |||||
Balance at December 31 at Dec. 31, 2018 | $ 46.8 | |||||||||
Balance at December 31 at Dec. 31, 2018 | 25,965.3 | |||||||||
Net Income (Loss) Attributable to CME Group | 496.9 | 496.9 | 496.9 | |||||||
Net (Income) Loss Attributable to Noncontrolling Interest | 1.0 | (1.0) | ||||||||
Net Income | 495.9 | |||||||||
Other comprehensive income (loss), net of tax | (4.5) | (4.5) | (4.5) | |||||||
Dividends on common stock | (268.0) | (268.0) | (268.0) | |||||||
Impact of adoption of standards update | 6.9 | 6.9 | 6.9 | |||||||
Changes in non-controlling interest due to measurement period adjustments | (16.9) | (16.9) | ||||||||
Exercise of stock options, shares | 64 | |||||||||
Exercise of stock options | 3.3 | 3.3 | 3.3 | |||||||
Vesting of issued restricted Class A common stock, shares | 125 | |||||||||
Vesting of issued restricted Class A common stock | (13.8) | (13.8) | (13.8) | |||||||
Stock-based compensation | 18.3 | 18.3 | 18.3 | |||||||
Balance (in shares) at Mar. 31, 2019 | 357,013 | 357,013 | 3 | 3 | ||||||
Balance at March 31 at Mar. 31, 2019 | 26,157.6 | $ 21,065.7 | $ 5,091.1 | $ 0.8 | $ 26,157.6 | |||||
Balance at March 31 at Mar. 31, 2019 | $ 28.9 | |||||||||
Balance at March 31 at Mar. 31, 2019 | $ 26,186.5 |
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends on common stock, per share (in dollars per share) | $ 0.75 | $ 0.70 |
Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Cash Flows from Operating Activities | ||
Net Income | $ 495.9 | $ 598.8 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 18.3 | 17.7 |
Amortization of purchased intangibles | 80.7 | 23.7 |
Depreciation and amortization | 32.9 | 28.1 |
Net loss on derivatives | 14.4 | 0.0 |
Net realized and unrealized gains on privately-held equity investments | 3.4 | 0.0 |
Undistributed earnings, net of losses, of unconsolidated subsidiaries | (22.6) | 10.9 |
Deferred income taxes | (0.6) | (11.7) |
Change in: | ||
Accounts receivable | (5.5) | (85.0) |
Other current assets | 45.4 | (12.9) |
Other assets | (9.8) | (3.8) |
Accounts payable | (50.6) | (6.4) |
Income taxes payable | 141.3 | 264.8 |
Other current liabilities | (73.1) | 0.3 |
Other liabilities | 0.3 | (0.3) |
Other | (1.2) | 0.8 |
Net Cash Provided by (Used in) Operating Activities | 669.2 | 825.0 |
Cash Flows from Investing Activities | ||
Proceeds from maturities of available-for-sale marketable securities | 6.1 | 1.6 |
Purchases of available-for-sale marketable securities | (5.6) | (0.8) |
Purchases of property, net | (49.1) | (18.2) |
Net Cash Used in Investing Activities | (48.6) | (17.4) |
Cash Flows from Financing Activities | ||
Issuance of commercial paper, net of maturities | 462.3 | 0.0 |
Repayments of debt | 569.2 | 0.0 |
Cash dividends | (892.1) | (1,424.8) |
Settlement of derivative contracts | (16.0) | 0.0 |
Employee taxes paid on restricted stock vesting | (13.8) | (14.7) |
Other | (0.9) | 4.2 |
Net Cash Used in Financing Activities | (997.7) | (1,435.3) |
Net change in cash, cash equivalents and restricted cash | (377.1) | (627.7) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning balance | 1,377.2 | 1,906.0 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, ending balance | 1,000.1 | 1,278.3 |
Cash and cash equivalents | 997.4 | 784.6 |
Short-term restricted cash | 1.6 | 492.3 |
Long-term restricted cash | 1.1 | 1.4 |
Income taxes paid | 0.0 | 8.8 |
Interest paid | $ 55.4 | $ 42.4 |
Basis Of Presentation |
3 Months Ended |
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Mar. 31, 2019 | |
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) and NEX Group Limited (NEX). The clearing house is a division of CME. Effective November 2, 2018, CME Group completed its acquisition of NEX. NEX offers electronic trade execution platforms for the foreign exchange and fixed income over-the-counter markets as well as other services across the transaction lifecycle, including trade and portfolio management and portfolio compression. The financial statements and accompanying notes presented in this report include the financial results of NEX and its subsidiaries beginning on November 3, 2018. 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 March 31, 2019 and December 31, 2018 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, 2018, filed with the Securities and Exchange Commission (SEC) on February 28, 2019. |
Accounting Policies (Notes) |
3 Months Ended |
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Mar. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting Changes [Text Block] | Accounting Policies Newly Adopted Accounting Policies. In February 2016, the FASB issued a standards update that requires lessees to recognize on the balance sheet the assets and liabilities associated with the rights and obligations created by those leases. The guidance for lessors is largely unchanged from current accounting rules. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current accounting standards, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. The company implemented this standard as of January 1, 2019 using the modified retrospective approach with a cumulative effect of initially applying the guidance recognized on the date of initial adoption. Upon adoption of the new standard on January 1, 2019, the company recognized a lease liability of $568.0 million and right-of-use asset of $448.2 million. Recently Issued Accounting Pronouncements. In June 2016, the FASB issued guidance that changes how credit losses are measured for most financial assets measured at amortized cost and certain other instruments. The standard requires an entity to estimate its lifetime expected credit loss and record an allowance, that when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. This forward-looking expected loss model generally will result in the earlier recognition of allowances for losses. The standard also amends the impairment model for available for sale debt securities and requires entities to determine whether all or a portion of the unrealized loss on an available for sale debt security is a credit loss. Severity and duration of the unrealized loss are no longer permissible factors in concluding whether a credit loss exists. Entities will recognize improvements to estimated credit losses on available for sale debt securities immediately in earnings rather than as interest income over time. The standard is effective for reporting periods beginning after December 15, 2019. The standard’s provisions must be applied as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. Early adoption is permitted for reporting periods beginning in 2019. The company does not believe that the adoption of this guidance in 2020 will have a material impact on the consolidated financial statements. In August 2018, the FASB issued a standards update that modifies the disclosure requirements for employers that sponsor defined pension or other postretirement plans. The guidance clarifies certain existing disclosures and expands the requirements for others. Disclosures that are not considered cost beneficial are removed by the update. Also, there is a new disclosure requirement to include an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. This guidance is effective for reporting periods beginning in 2021. Early adoption is permitted. The company plans to update the disclosures for these changes upon adoption of the guidance in 2021. |
Revenue Recognition (Notes) |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition, Deferred Revenue [Policy Text Block] | Revenue Recognition The company generates revenue from customers from the following sources: Clearing and transaction fees. Clearing and transaction fees include electronic trading fees and brokerage commissions, surcharges for privately-negotiated transactions, portfolio reconciliation and compression services, risk mitigation and other volume-related charges for trade contracts. Clearing and transaction fees are assessed upfront at the time of trade execution. As such, the company recognizes the majority of the fee revenue upon successful execution of the trade. The minimal remaining portion of the fee revenue related to settlement activities performed after the trade execution is recognized over the short-term period that the contract is outstanding, based on management’s estimates of the average contract lifecycle. These estimates are based on various assumptions to approximate the amount of fee revenue to be attributed to services performed through contract settlement, expiration, or termination. For cleared trades, these assumptions include the average number of days that a contract remains in open interest, contract turnover, average revenue per day, and revenue remaining in open interest at the end of each period. The nature of contracts gives rise to several types of variable consideration, including volume-based pricing tiers, customer incentives associated with market maker programs and other fee discounts. The company includes fee discounts and incentives in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee. These estimates are based on historical experience, anticipated performance, and best judgment at the time. Because of the company's certainty in estimating these amounts, they are included in the transaction price of contracts. Market data and information services. Market data and information services represent revenue from the dissemination of market data to subscribers, distributors, and other third-party licensees of market data. Pricing for market data is primarily based on the number of reportable devices used as well as the number of subscribers enrolled under the arrangement. Fees for these services are generally billed monthly. Market data services are satisfied over time and revenue is recognized on a monthly basis as the customers receive and consume the benefit of the market data services. However, the company also maintains certain annual license arrangements with one-time upfront fees. The fees for annual licenses are initially recorded as a contract liability and recognized as revenue monthly over the term of the annual period. Other. Other revenues include access and communication fees, fees for collateral management, fees for trade order routing through agreements from various strategic relationships, as well as other post-trade services to customers and clearing firms. Access and communication fees are charges to customers that utilize various telecommunications networks and communications services. Fees for these services are generally billed monthly and the associated fee revenue is recognized as billed. Collateral management fees are charged to clearing firms that have collateral on deposit with CME to meet their minimum performance bond and guaranty fund obligations on the exchange. These fees are calculated based on daily collateral balances and are billed monthly. This fee revenue is recognized monthly as billed as the customers receive and consume the benefits of the services. Pricing for strategic relationships may be driven by customer levels and activity. There are fee arrangements which provide for monthly as well as quarterly payments in arrears. Revenue is recognized monthly for strategic relationship arrangements as the customers receive and consume the benefits of the services. The following table represents a disaggregation of revenue from contracts with customers for the quarters ended March 31, 2019 and 2018:
The timing of revenue recognition, billings and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Certain fees for transactions, annual licenses, and other revenue arrangements are billed upfront before revenue is recognized, which results in the recognition of contract liabilities. These liabilities are reported on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. For annual licenses and upfront fee arrangements, the company generally bills customers upon contract execution. These payments are recognized as revenue over time as the obligations under the contracts are satisfied. Changes in the contract liability balances during the quarter ended March 31, 2019 were not materially impacted by any other factors. The balance of contract liabilities was $64.4 million and $44.4 million as of March 31, 2019 and December 31, 2018, respectively. |
Performance Bonds and Guaranty Fund Contributions (Notes) |
3 Months Ended |
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Mar. 31, 2019 | |
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 March 31, 2019, 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 generally 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 market risks of ownership accrue to CME. Interest earned is included in investment income on the consolidated statements of income. These debt securities are classified as available-for-sale. At March 31, 2019, the amortized cost and fair value of the U.S. Treasury securities were both $1.9 billion. At March 31, 2019, the amortized cost and fair value of the U.S. government agency securities were both $1.1 billion. 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. At March 31, 2019, CME maintained $17.8 billion within the cash account at the Federal Reserve Bank of Chicago. The cash deposit at the Federal Reserve Bank of Chicago is included within performance bonds and guaranty fund contributions on the consolidated balance sheets. Clearing House Contract Settlement. The clearing house marks-to-market open positions for all futures and options contracts twice a day (once a day for CME's cleared-only interest rate swap contracts). Based on values derived from the mark-to-market process, the clearing house requires payments from clearing firms whose positions have lost value and makes 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 interest rate swap contracts would be one half day of changes in fair value of all open positions, before considering the clearing house's ability to access defaulting clearing firms' collateral deposits. For CME's cleared-only interest rate swap contracts, the maximum exposure related to CME's guarantee would be one full day of changes in fair value of all open positions, before considering CME's ability to access defaulting clearing firms' collateral. CME exited the credit default swap clearing business in March 2018. During the first quarter of 2019, the clearing house transferred an average of approximately $3.0 billion a day through its clearing systems for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value. The clearing house reduces its 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 March 31, 2019. |
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 March 31, 2019 and December 31, 2018:
Total amortization expense for intangible assets was $80.7 million and $23.7 million for the quarters ended March 31, 2019 and 2018, respectively. As of March 31, 2019, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
Goodwill activity consisted of the following at March 31, 2019 and December 31, 2018:
(1) Other activity includes measurement period adjustments, including adjustments to intangible assets, other assets and accrued liabilities. |
Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt In March 2019, the company repaid both the €350.0 million fixed rates notes and the ¥19.1 billion term loan. Short-term debt outstanding consisted of the following at March 31, 2019 and December 31, 2018 (in U.S. dollar equivalent):
Long-term debt consisted of the following at March 31, 2019 and December 31, 2018:
Commercial paper with an aggregate par value of $3.3 billion and maturities ranging from 3 to 18 days was issued during the first quarter of 2019. The weighted average discount rate of commercial paper outstanding at March 31, 2019 was 2.48%. The weighted average balance of commercial paper outstanding during the quarter was $469.2 million. Long-term debt maturities, at par value (in U.S. dollar equivalent), were as follows at March 31, 2019:
Commercial paper is considered to mature in 2022 because it is backed by the five-year multi-currency revolving credit facility, which expires in 2022. |
Contingencies |
3 Months Ended |
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Mar. 31, 2019 | |
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 2003, the U.S. Futures Exchange, L.L.C. (Eurex U.S.) and U.S. Exchange Holdings, Inc. filed suit in federal court alleging that CBOT and CME violated the antitrust laws and tortuously interfered with the business relationship and contract between Eurex U.S. and The Clearing Corporation. On October 31, 2018, the Court granted CBOT's and CME's motion for summary judgment and dismissed the case in its entirety. Eurex has appealed this decision. 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. No accrual was required for legal and regulatory matters as none were probable and estimable as of March 31, 2019 and December 31, 2018. Intellectual Property Indemnifications. Certain agreements with customers and other third parties related to accessing CME Group’s services may contain indemnifications from intellectual property claims that may be made against them as a result of their use of the applicable services. The potential future claims relating to these indemnifications cannot be estimated and therefore no liability has been recorded. |
Leases (Notes) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Leases [Policy Text Block] | Leases The company adopted the new leasing standard on January 1, 2019, using the modified retrospective approach. The standard requires lessees to recognize on the balance sheet the assets and liabilities associated with the rights and obligations created by those leases. Upon implementation of the standard, the company utilized the package of practical expedients which did not require reassessment of the following: (a) whether any expired or existing contracts are or contain leases, (b) the lease classification for any expired or existing leases, and (c) any initial direct costs for existing leases. In addition, the company has elected to not separately account for lease and non-lease components, resulting in a greater amount of capitalized lease costs on the balance sheet. Upon adoption of the new standard on January 1, 2019, the company recognized a lease liability of $568.0 million and right-of-use asset of $448.2 million. The company has operating leases for datacenters, corporate offices, and certain information technology equipment. The operating leases have remaining lease terms of up to 19 years, some of which include options to extend or renew the leases for up to an additional 5 years, and some of which include options to early terminate the leases in less than 12 months. Management evaluates the exercisability of these options at least quarterly in order to determine whether the contract term must be reassessed. For a small number of the leases, primarily the international locations, management's approach is to enter into short-term leases for a lease term of 12 months or less in order to provide for greater flexibility in the local environment. For certain office spaces, the company has entered into arrangements to sublease excess space to third parties, while the original lease contract is in effect with the landlord. The company also has a finance lease related to the sale of our datacenter in March 2016. In connection with 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. Our finance lease has a remaining lease term of 144 months at a discount rate of 3.51%. The right-of-use lease asset is recorded within other assets, and the present value of the lease liability is recorded within other liabilities (segregated between short term and long term) on the consolidated balance sheets. The discount rate applied to the lease payments represents the incremental borrowing rate. Lease expense and sublease income are recorded within other expenses and other revenue, respectively. The company has elected to utilize the short term lease exception for purposes of adopting this standard, such that the company has not capitalized on the balance sheet a lease asset or lease liability associated with leases with terms of 12 months or less from the commencement date. The components of lease costs were as follows:
Supplemental cash flow information related to leases was as follows:
Supplemental balance sheet information related to leases was as follows:
Future minimum lease payments under operating leases are as follows:
Future minimum lease payments under the finance lease are as follows:
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Guarantees |
3 Months Ended |
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Mar. 31, 2019 | |
Guarantees [Abstract] | |
Guarantees | Guarantees Mutual Offset Agreement. CME and Singapore Exchange Limited (SGX) have a mutual offset agreement with a current term through October 2019. 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 can maintain collateral in the form of U.S. Treasury securities or irrevocable, standby letters of credit. At March 31, 2019, CME was contingently liable to SGX on letters of credit totaling $335.0 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 March 31, 2019. 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 March 31, 2019. |
Accumulated Other Comprehensive Income (Notes) |
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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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Fair Value by Fair Value Hierarchy Level Extensible List [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 investments in publicly traded mutual funds, equity securities, municipal bonds, corporate debt securities, U.S. Treasury securities and U.S. government agency 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. Level 2 assets and liabilities generally consist of asset-backed securities, derivatives, privately-held equity investments and long-term debt notes. 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. The derivative contracts were measured at fair value using standard valuation models with market-based observable inputs including forward exchange rates and discount rates. Gains and losses on these contracts are recognized in other non-operating income (expense) and accumulated comprehensive income. The fair values of the equity investments were based on quoted market prices for similar assets and long-term debt notes were based on quoted market prices in an inactive market. Level 3 liabilities include contingent consideration. The contingent consideration liabilities are considered level 3 liabilities because management used significant unobservable inputs, including discount rates of 4%. The fair value of the liabilities are determined using a discounted cash flow model to calculate the present value of the expected future payouts. Significant changes in these observable inputs may have a material impact on the fair value of the contingent consideration liabilities as these amounts affect the timing and extent of cash flows under the contract. Changes to the discount rate assumption do not have a material impact on the fair value of the liability. Under the valuation model, the estimated fair values ranged from $0.5 million to $23.3 million, depending on assumptions used. Changes in the fair value of the contingent consideration flow through the income statement. Level 3 assets also include fixed assets and privately-held equity investments that were impaired. Recurring Fair Value Measurements. Financial assets and liabilities recorded in the consolidated balance sheet as of March 31, 2019 were classified in their entirety based on the lowest level of input that was significant to each asset and liability's fair value measurement. The following table presents financial instruments measured at fair value on a recurring basis:
(1) Performance bonds and guaranty fund contributions on the consolidated balance sheet at March 31, 2019 include U.S. Treasury securities and U.S. government agency securities purchased with cash collateral. The following is a reconciliation of the level 3 liability valued at fair value on a recurring basis during the first quarter of 2019:
Non-Recurring Fair Value Measurements. During the first quarter of 2019, the company recognized an impairment charge of $3.4 million related to one of its privately-held equity investments. The investment's fair value was estimated to be zero at the impairment date. The company also recognized impairment charges of $1.7 million related to certain fixed assets. The fair value of the fixed assets were estimated to be zero at the impairment date. These assessments were based on qualitative indications of impairment. The fair values of the investment and fixed assets are considered level 3 and non-recurring. Fair Values of Long-Term Debt Notes. 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 below that are classified as level 2 under the fair value hierarchy were estimated using quoted market prices in inactive markets. The fair value of the debt facility that was classified as level 3 under the fair value hierarchy was estimated based on assumptions made by management regarding expectations of future settlement of the debt. At March 31, 2019, the fair values (in U.S. dollar equivalent) were as follows:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income 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 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 (Notes) |
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Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events The company has evaluated subsequent events through the date the financial statements were issued. The company has determined that there were no subsequent events. |
Revenue Recognition (Tables) |
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Disaggregation of Revenue [Table Text Block] | The following table represents a disaggregation of revenue from contracts with customers for the quarters ended March 31, 2019 and 2018:
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Intangible Assets And Goodwill (Tables) |
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Goodwill Disclosure [Text Block] | Goodwill activity consisted of the following at March 31, 2019 and December 31, 2018:
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Components of intangible assets | Intangible assets consisted of the following at March 31, 2019 and December 31, 2018:
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Future estimated amortization expense | As of March 31, 2019, 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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Schedule Of Short-Term And Long-Term Debt | Long-term debt consisted of the following at March 31, 2019 and December 31, 2018:
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Long-term debt maturities at par value | Long-term debt maturities, at par value (in U.S. dollar equivalent), were as follows at March 31, 2019:
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Leases (Tables) |
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Lease, Cost [Table Text Block] | The components of lease costs were as follows:
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Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental cash flow information related to leases was as follows:
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Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Supplemental balance sheet information related to leases was as follows:
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Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments under operating leases are as follows:
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Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Future minimum lease payments under the finance lease are as follows:
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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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial instruments measured at fair value on a recurring basis | The following table presents financial instruments measured at fair value on a recurring basis:
|
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Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | The following is a reconciliation of the level 3 liability valued at fair value on a recurring basis during the first quarter of 2019:
|
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Fair value of Debt Instruments | At March 31, 2019, the fair values (in U.S. dollar equivalent) were as follows:
|
Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Anti-dilutive 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:
|
Accounting Policies (Details) $ in Millions |
Mar. 31, 2019 |
Jan. 01, 2019
USD ($)
|
---|---|---|
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Lease Term Recognition-Balance Sheet | 12 | |
Finance Lease, Liability | $ 568.0 | |
Finance Lease, Right-of-Use Asset | $ 448.2 |
Revenue Recognition (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Revenue Recognition [Abstract] | ||
Deferred Revenue | $ 64.4 | $ 44.4 |
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Total Revenues | $ 1,179.6 | $ 1,109.0 |
Services transferred at a point in time [Member] | ||
Revenues | 892.9 | 957.7 |
Services transferred over time [Member] | ||
Revenues | 277.7 | 148.8 |
One-time charges and miscellaneous revenues [Member] | ||
Revenues | 9.0 | 2.5 |
Clearing and transaction fees [Member] | ||
Revenues | 952.6 | 973.6 |
Clearing and transaction fees [Member] | Interest rate [Member] | ||
Revenues | 302.8 | 338.4 |
Clearing and transaction fees [Member] | Equities [Member] | ||
Revenues | 145.9 | 195.0 |
Clearing and transaction fees [Member] | Foreign Exchange [Member] | ||
Revenues | 41.2 | 51.1 |
Clearing and transaction fees [Member] | Agricultural commodity [Member] | ||
Revenues | 105.0 | 121.1 |
Clearing and transaction fees [Member] | Energy [Member] | ||
Revenues | 165.0 | 191.5 |
Clearing and transaction fees [Member] | Metal [Member] | ||
Revenues | 51.0 | 59.4 |
Clearing and transaction fees [Member] | Cash Markets [Member] | ||
Revenues | 122.9 | 0.0 |
Clearing and transaction fees [Member] | Interest rate swap [Member] | ||
Revenues | 18.8 | 17.1 |
Market data and information services | ||
Revenues | 130.1 | 94.9 |
Other | ||
Revenues | $ 96.9 | $ 40.5 |
Performance Bonds and Guaranty Fund Contributions (Details) $ in Billions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Guarantor Obligations [Line Items] | |
Average Daily Clearing Settlement | $ 3.0 |
Federal Reserve Reinvestment [Member] | |
Guarantor Obligations [Line Items] | |
Cash Equivalents, at Carrying Value | 17.8 |
U.S. Treasury Performance Bond [Member] | |
Guarantor Obligations [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis | 1.9 |
Available-for-sale Securities at Fair Value | 1.9 |
U.S. Government Agency Security Performance Bond [Member] | |
Guarantor Obligations [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis | 1.1 |
Available-for-sale Securities at Fair Value | $ 1.1 |
Intangible Assets And Goodwill (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of purchased intangibles | $ 80.7 | $ 23.7 |
Intangible Assets And Goodwill (Components Of Intangible Assets) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
||
---|---|---|---|---|
Intangible Assets [Line Items] | ||||
Total intangible assets - other, net | $ 5,380.6 | $ 5,500.1 | ||
Intangible assets—trading products | [1] | 17,175.3 | 17,175.3 | |
Trade Names [Member] | ||||
Intangible Assets [Line Items] | ||||
Total intangible assets - other, net | 450.0 | 450.0 | ||
Clearing Firm, Market Data And Other Customer Relationships [Member] | ||||
Intangible Assets [Line Items] | ||||
Assigned Value | 5,823.5 | 5,862.5 | ||
Accumulated amortization | (1,137.2) | (1,065.6) | ||
Net book value | 4,686.3 | 4,796.9 | ||
Technology-Related Intellectual Property [Member] | ||||
Intangible Assets [Line Items] | ||||
Assigned Value | 177.7 | 179.1 | ||
Accumulated amortization | (31.2) | (25.6) | ||
Net book value | 146.5 | 153.5 | ||
Other [Member] | ||||
Intangible Assets [Line Items] | ||||
Assigned Value | 104.0 | 102.8 | ||
Accumulated amortization | (6.2) | (3.1) | ||
Net book value | 97.8 | 99.7 | ||
Total Amortizable Intangible Assets [Member] | ||||
Intangible Assets [Line Items] | ||||
Assigned Value | 6,105.2 | 6,144.4 | ||
Accumulated amortization | (1,174.6) | (1,094.3) | ||
Net book value | $ 4,930.6 | $ 5,050.1 | ||
|
Intangible Assets And Goodwill (Future Estimated Amortization Expense) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2019 | $ 236.3 |
2020 | 315.1 |
2021 | 315.0 |
2022 | 314.5 |
2023 | 313.2 |
2024 | 306.5 |
Thereafter | $ 3,130.0 |
Intangible Assets And Goodwill Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Goodwill [Line Items] | |||
Goodwill | $ 10,850.3 | $ 10,805.3 | |
CBOT [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 5,066.4 | 5,066.4 | $ 5,066.4 |
Goodwill, Acquired During Period | 0.0 | 0.0 | |
Goodwill, Other Increase (Decrease) | 0.0 | 0.0 | |
NYMEX [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 2,462.2 | 2,462.2 | 2,462.2 |
Goodwill, Acquired During Period | 0.0 | 0.0 | |
Goodwill, Other Increase (Decrease) | 0.0 | 0.0 | |
NEX [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 3,281.3 | 3,236.3 | 0.0 |
Goodwill, Acquired During Period | 0.0 | 3,236.3 | |
Goodwill, Other Increase (Decrease) | 45.0 | 0.0 | |
Consolidated Entities [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 40.4 | 40.4 | 40.4 |
Goodwill, Acquired During Period | 0.0 | 0.0 | |
Goodwill, Other Increase (Decrease) | 0.0 | 0.0 | |
Goodwill [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 10,850.3 | 10,805.3 | $ 7,569.0 |
Goodwill, Acquired During Period | 0.0 | 3,236.3 | |
Goodwill, Other Increase (Decrease) | $ 45.0 | $ 0.0 |
Debt Short Term Debt (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Short-term Debt [Line Items] | ||
Short-term Debt | $ 0.0 | $ 574.2 |
€350.0 million fixed rate notes due March 2019 [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 0.0 | 400.7 |
¥19.1 billion term loan due March 2019 [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 0.0 | $ 173.5 |
Debt (Schedule Of Short-Term And Long-Term Debt) (Details) € in Millions, $ in Millions, ¥ in Billions |
1 Months Ended | 3 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2015 |
Sep. 30, 2013 |
Sep. 30, 2012 |
Mar. 31, 2019
USD ($)
|
Mar. 31, 2019
EUR (€)
|
Mar. 31, 2019
JPY (¥)
|
Dec. 31, 2018
USD ($)
|
|
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 4,292.0 | $ 3,826.8 | |||||
Forward starting interest rate swap agreement fixed rate | 3.11% | 4.73% | 3.32% | ||||
€350.0 million fixed rate notes due March 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 350.0 | € 350.0 | |||||
Debt Instrument, Maturity Date | Mar. 31, 2019 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | 3.13% | 3.13% | ||||
¥19.1 billion term loan due March 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 19,100.0 | ¥ 19.1 | |||||
Debt Instrument, Maturity Date | Mar. 31, 2019 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.81% | 0.81% | 0.81% | ||||
$750.0 million Fixed Rate Notes Due September 2022, stated rate of 3.00% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 747.1 | 746.9 | |||||
Debt Instrument, Face Amount | $ 750.0 | ||||||
Debt Instrument, Maturity Date | Sep. 15, 2022 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | 3.00% | ||||
€15.0 million fixed rate notes due May 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 16.3 | 16.6 | |||||
$750.0 Million Fixed Rate Notes Due March 2025, stated rate of 3.00% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | 745.8 | 745.6 | |||||
Debt Instrument, Face Amount | $ 750.0 | ||||||
Debt Instrument, Maturity Date | Mar. 15, 2025 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | 3.00% | ||||
$500.0 Million Fixed Rate Notes Due June 2028, stated rate of 3.75% [Member] [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 496.0 | 495.9 | |||||
Debt Instrument, Face Amount | $ 500.0 | ||||||
Debt Instrument, Maturity Date | Jun. 15, 2028 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | 3.75% | 3.75% | ||||
$750.0 million Fixed Rate Notes Due September 2043, stated rate of 5.30% [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 742.5 | 742.4 | |||||
Debt Instrument, Face Amount | $ 750.0 | ||||||
Debt Instrument, Maturity Date | Sep. 15, 2043 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.30% | 5.30% | 5.30% | ||||
$700.0 Million Fixed Rate Notes Due June 2048, stated rate of 4.15% [Member] [Domain] [Domain] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 689.6 | 689.5 | |||||
Debt Instrument, Face Amount | $ 700.0 | ||||||
Debt Instrument, Maturity Date | Jun. 15, 2048 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | 4.15% | ||||
Commercial Paper [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 854.7 | $ 389.9 |
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2020 | $ 0.0 |
2021 | 0.0 |
2022 | 1,605.0 |
2023 | 16.8 |
2024 | 0.0 |
Thereafter | $ 2,700.0 |
Debt Narrative (details) (Details) € in Millions, $ in Millions, ¥ in Billions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2019
USD ($)
|
Mar. 31, 2019
EUR (€)
|
Mar. 31, 2019
JPY (¥)
|
|
Short-term Debt [Line Items] | |||
Weighted Average Discount Rate, Percent | 2.48% | 2.48% | 2.48% |
debt weighted average balance | $ 469.2 | ||
€350.0 million fixed rate notes due March 2019 [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Face Amount | 350.0 | € 350.0 | |
¥19.1 billion term loan due March 2019 [Member] | |||
Short-term Debt [Line Items] | |||
Debt Instrument, Face Amount | 19,100.0 | ¥ 19.1 | |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Proceeds from Issuance of Debt | $ 3,300.0 | ||
Minimum [Member] | |||
Short-term Debt [Line Items] | |||
commercial paper days outstanding | 3 | ||
Maximum [Member] | |||
Short-term Debt [Line Items] | |||
commercial paper days outstanding | 18 |
Leases (Details) $ in Millions |
Mar. 31, 2019 |
Jan. 01, 2019
USD ($)
|
---|---|---|
Leases [Abstract] | ||
Finance Lease, Liability | $ 568.0 | |
Finance Lease, Right-of-Use Asset | $ 448.2 | |
Operating Lease, Weighted Average Remaining Lease Term | 19 | |
Lessee, Operating Lease, Renewal Term | 5 | |
Lessee, Operating Lease, Option to Terminate | 12 | |
Lessee, Operating Lease, Term of Contract | 12 | |
Finance Lease, Weighted Average Remaining Lease Term | 144 | |
Lessee, Finance Lease, Discount Rate | 3.51% | |
Lease Term Recognition-Balance Sheet | 12 |
Leases Leases (Details) |
Mar. 31, 2019 |
---|---|
Leases [Abstract] | |
Lease Term Recognition-Balance Sheet | 12 |
Leases Operating Leases Future Minimum Payments (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due [Line Items] | |
Remainder of 2019 | $ 45.7 |
2020 | 60.6 |
2021 | 57.1 |
2022 | 60.6 |
2023 | 57.3 |
2024 | 51.8 |
Thereafter | 392.2 |
Total Operating Lease Payments | 725.3 |
Operating Lease Payments, Less Imputed Interest | (164.3) |
Present Value of Operating Lease Liability | $ 561.0 |
Leases Capital Leases, Future Minimum Payments Due (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
---|---|
Capital Leases, Future Minimum Payments Due [Line Items] | |
Remainder of 2019 | $ 12.6 |
2020 | 16.9 |
2021 | 16.9 |
2022 | 17.1 |
2023 | 17.2 |
2024 | 17.4 |
Thereafter | 111.8 |
Total Capital Lease Payments | 209.9 |
Capital Lease Payments, Less Imputed Interest | (23.6) |
Present Value of Capital Lease Liability | $ 186.3 |
Leases Lease Costs (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Operating Lease, Cost | $ 18.4 |
Short-term Lease, Cost | 3.4 |
Operating Lease, Expense | 21.8 |
Finance Lease, Interest Expense | 0.9 |
Finance Lease, Right-of-Use Asset, Amortization | 2.2 |
Finance Lease, Expense | 3.1 |
Sublease Income | $ 3.3 |
Leases Supplemental Cash Flow Information-Leases (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Operating Lease, Payments | $ 15.2 |
Finance Lease, Principal Payments | $ 4.2 |
Leases Supplemental Balance Sheet Information-Leases (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Operating Lease, Right-of-Use Asset | $ 430.1 |
Operating Lease, Liability, Current | 39.5 |
Operating Lease, Liability, Noncurrent | 521.5 |
Operating Lease, Liability | 561.0 |
Sale and Leaseback Transaction, Gain (Loss), Net | $ 0.0 |
Operating Lease, Weighted Average Remaining Lease Term | 154 months |
Operating Lease, Weighted Average Discount Rate, Percent | 4.00% |
Guarantees (Details) |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
years
| |
Guarantor Obligations [Line Items] | |
Agreement automatic renewal period (in years) | years | 1 |
Contingent liability to SGX, amount of irrevocable letters of credit | $ 335,000,000 |
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 | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Balance at December 31 | $ 25,918.5 | $ 22,411.8 |
Other comprehensive income (loss), net of tax | (4.5) | 1.8 |
Impact of adoption of standards update | (6.9) | 8.7 |
Balance at March 31 | 26,157.6 | 22,772.8 |
Investment Securities [Member] | ||
Balance at December 31 | 0.1 | 0.6 |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | 0.8 | (0.9) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 |
Income tax benefit (expense) | (0.2) | 0.2 |
Other comprehensive income (loss), net of tax | 0.6 | (0.7) |
Impact of adoption of standards update | 0.1 | |
Balance at March 31 | 0.7 | 0.0 |
Defined Benefit Plans [Member] | ||
Balance at December 31 | (53.8) | (36.1) |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | (2.7) | 1.7 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1.2 | 0.7 |
Income tax benefit (expense) | 0.4 | (0.6) |
Other comprehensive income (loss), net of tax | (1.1) | 1.8 |
Impact of adoption of standards update | (8.2) | |
Balance at March 31 | (54.9) | (42.5) |
Derivative Investments [Member] | ||
Balance at December 31 | 69.7 | 58.0 |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | 0.3 | 0.0 |
Amounts reclassified from accumulated other comprehensive income (loss) | (0.3) | (0.3) |
Income tax benefit (expense) | 0.0 | 0.1 |
Other comprehensive income (loss), net of tax | 0.0 | (0.2) |
Impact of adoption of standards update | 11.9 | |
Balance at March 31 | 69.7 | 69.7 |
Foreign Currency Translation [Member] | ||
Balance at December 31 | (10.7) | (8.2) |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | (4.0) | 0.9 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 |
Income tax benefit (expense) | 0.0 | 0.0 |
Other comprehensive income (loss), net of tax | (4.0) | 0.9 |
Impact of adoption of standards update | 0.0 | |
Balance at March 31 | (14.7) | (7.3) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Balance at December 31 | 5.3 | 14.3 |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | (5.6) | 1.7 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.9 | 0.4 |
Income tax benefit (expense) | 0.2 | (0.3) |
Other comprehensive income (loss), net of tax | (4.5) | 1.8 |
Impact of adoption of standards update | 3.8 | |
Balance at March 31 | $ 0.8 | $ 19.9 |
Fair Value Measurements (Narrative) (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Other than Temporary Impairment Losses, Investments | $ 3,400,000 | |
Investment Owned, at Fair Value | 0 | |
Other Asset Impairment Charges | $ 1,700,000 | |
Fair Value Level 3 discount rate | 4.00% | |
Business Combination, Contingent Consideration, Liability | $ 6,900,000 | $ 6,700,000 |
Minimum [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Business Combination, Contingent Consideration, Liability | 500,000 | |
Maximum [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 23,300,000 |
Fair Value Measurements (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 6.9 | $ 6.7 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 82.4 | |
Derivative Contract Asset | 0.8 | |
Total Assets at Fair Value | 3,108.7 | |
Derivative Contract Liability | 2.7 | |
Business Combination, Contingent Consideration, Liability | 6.9 | |
Total Liabilities at Fair Value | 9.6 | |
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 | 18.7 | |
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 1.5 | |
Fair Value, Measurements, Recurring [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading Securities at Fair Value | 61.8 | |
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] | U.S. Treasury Performance Bond [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 1,895.6 | |
Fair Value, Measurements, Recurring [Member] | U.S. Government Agency Security Performance Bond [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 1,129.9 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 82.1 | |
Derivative Contract Asset | 0.0 | |
Total Assets at Fair Value | 3,107.6 | |
Derivative Contract Liability | 0.0 | |
Business Combination, Contingent Consideration, Liability | 0.0 | |
Total Liabilities at Fair Value | 0.0 | |
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 | 18.7 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 1.5 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Trading Securities at Fair Value | 61.8 | |
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 1 [Member] | U.S. Treasury Performance Bond [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 1,895.6 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | U.S. Government Agency Security Performance Bond [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | 1,129.9 | |
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 | |
Derivative Contract Asset | 0.8 | |
Total Assets at Fair Value | 1.1 | |
Derivative Contract Liability | 2.7 | |
Business Combination, Contingent Consideration, Liability | 0.0 | |
Total Liabilities at Fair Value | 2.7 | |
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] | Municipal Bonds [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] | Mutual 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 2 [Member] | U.S. Treasury Performance Bond [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] | U.S. Government Agency Security Performance Bond [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] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable Securities | 0.0 | |
Derivative Contract Asset | 0.0 | |
Total Assets at Fair Value | 0.0 | |
Derivative Contract Liability | 0.0 | |
Business Combination, Contingent Consideration, Liability | 6.9 | |
Total Liabilities at Fair Value | 6.9 | |
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] | Municipal Bonds [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] | Mutual 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, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | U.S. Treasury Performance Bond [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] | U.S. Government Agency Security Performance Bond [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities at Fair Value | $ 0.0 |
Fair Value Measurements Reconciliation of Level 3 Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 6.9 | $ 6.7 |
Unrealized losses included in other non-operating (income) expense | $ 0.2 |
Fair Value Measurements (Estimated Fair Values of Long-Term Debt) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2019
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. 15, 2022 |
$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. 15, 2025 |
$500.0 Million Fixed Rate Notes Due June 2028, stated rate of 3.75% [Member] [Domain] | |
Debt Instrument, Face Amount | $ 500.0 |
Debt Instrument, Maturity Date | Jun. 15, 2028 |
$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. 15, 2043 |
$700.0 Million Fixed Rate Notes Due June 2048, stated rate of 4.15% [Member] [Domain] [Domain] | |
Debt Instrument, Face Amount | $ 700.0 |
Debt Instrument, Maturity Date | Jun. 15, 2048 |
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 | $ 762.3 |
Debt Instrument, Face Amount | $ 750.0 |
Debt Instrument, Maturity Date | Sep. 15, 2022 |
Fair Value, Inputs, Level 2 [Member] | €15.0 million fixed rate notes due May 2023 [Member] | |
Debt Instrument, Fair Value Disclosure | $ 18.7 |
Debt Instrument, Face Amount | $ 15.0 |
Debt Instrument, Maturity Date | May 31, 2023 |
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 | $ 753.8 |
Debt Instrument, Face Amount | $ 750.0 |
Debt Instrument, Maturity Date | Mar. 15, 2025 |
Fair Value, Inputs, Level 2 [Member] | $500.0 Million Fixed Rate Notes Due June 2028, stated rate of 3.75% [Member] [Domain] | |
Debt Instrument, Fair Value Disclosure | $ 527.2 |
Debt Instrument, Face Amount | $ 500.0 |
Debt Instrument, Maturity Date | Jun. 15, 2028 |
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 | $ 921.8 |
Debt Instrument, Face Amount | $ 750.0 |
Debt Instrument, Maturity Date | Sep. 15, 2043 |
Fair Value, Inputs, Level 2 [Member] | $700.0 Million Fixed Rate Notes Due June 2048, stated rate of 4.15% [Member] [Domain] [Domain] | |
Debt Instrument, Fair Value Disclosure | $ 741.3 |
Debt Instrument, Face Amount | $ 700.0 |
Debt Instrument, Maturity Date | Jun. 15, 2048 |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | |
Debt Instrument, Fair Value Disclosure | $ 854.7 |
Earnings Per Share (Narrative) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 76 | 49 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 76 | 49 |
Earnings Per Share (Net Income Attributable To CME Group) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Earnings Per Share [Abstract] | ||
Net Income | $ 495.9 | $ 598.8 |
Net Income (Loss) Attributable to CME Group | $ 496.9 | $ 598.8 |
Basic (in shares) | 356,886 | 339,305 |
Effect of stock options, restricted stock and performance shares | 1,161 | 1,442 |
Diluted (in shares) | 358,047 | 340,747 |
Earnings per common share, basic (in dollars per share) | $ 1.39 | $ 1.76 |
Earnings per common share, diluted (in dollars per share) | $ 1.39 | $ 1.76 |
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