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 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
ITEM 1. | FINANCIAL STATEMENTS |
March 31, 2023 | December 31, 2022 | |||||||||||||
(unaudited) | ||||||||||||||
Assets | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Marketable securities | ||||||||||||||
Accounts receivable, net of allowance of $8.8 and $8.1 | ||||||||||||||
Other current assets (includes $5.1 and $4.9 in restricted cash) | ||||||||||||||
Performance bonds and guaranty fund contributions | ||||||||||||||
Total current assets | ||||||||||||||
Property, net of accumulated depreciation and amortization of $1,175.4 and $1,145.2 | ||||||||||||||
Intangible assets—trading products | ||||||||||||||
Intangible assets—other, net | ||||||||||||||
Goodwill | ||||||||||||||
Other assets (includes $0.0 and $0.1 in restricted cash) | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities and Equity | ||||||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Short-term debt | ||||||||||||||
Other current liabilities | ||||||||||||||
Performance bonds and guaranty fund contributions | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt | ||||||||||||||
Deferred income tax liabilities, net | ||||||||||||||
Other liabilities | ||||||||||||||
Total Liabilities | ||||||||||||||
Shareholders’ Equity: | ||||||||||||||
Preferred stock, $0.01 par value, 10,000 shares authorized as of March 31, 2023 and December 31, 2022; 4,584 issued and outstanding as of March 31, 2023 and December 31, 2022 | ||||||||||||||
Class A common stock, $0.01 par value, 1,000,000 shares authorized at March 31, 2023 and December 31, 2022; 358,931 and 358,929 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively | ||||||||||||||
Class B common stock, $0.01 par value, 3 shares authorized, issued and outstanding as of March 31, 2023 and December 31, 2022 | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive income (loss) | ( | ( | ||||||||||||
Total CME Group Shareholders’ Equity | ||||||||||||||
Total Liabilities and Equity | $ | $ |
Quarter Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Revenues | ||||||||||||||
Clearing and transaction fees | $ | $ | ||||||||||||
Market data and information services | ||||||||||||||
Other | ||||||||||||||
Total Revenues | ||||||||||||||
Expenses | ||||||||||||||
Compensation and benefits | ||||||||||||||
Technology | ||||||||||||||
Professional fees and outside services | ||||||||||||||
Amortization of purchased intangibles | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Licensing and other fee agreements | ||||||||||||||
Other | ||||||||||||||
Total Expenses | ||||||||||||||
Operating Income | ||||||||||||||
Non-Operating Income (Expense) | ||||||||||||||
Investment income | ||||||||||||||
Interest and other borrowing costs | ( | ( | ||||||||||||
Equity in net earnings of unconsolidated subsidiaries | ||||||||||||||
Other non-operating income (expense) | ( | ( | ||||||||||||
Total Non-Operating Income (Expense) | ||||||||||||||
Income before Income Taxes | ||||||||||||||
Income tax provision | ||||||||||||||
Net Income | ||||||||||||||
Net Income Attributable to Common Shareholders of CME Group | $ | $ | ||||||||||||
Earnings per Share Attributable to Common Shareholders of CME Group: | ||||||||||||||
Basic | $ | $ | ||||||||||||
Diluted | ||||||||||||||
Weighted Average Number of Common Shares: | ||||||||||||||
Basic | ||||||||||||||
Diluted |
Quarter Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net income | $ | $ | ||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Investment securities: | ||||||||||||||
Net unrealized holding gains (losses) arising during the period | ( | |||||||||||||
Income tax benefit (expense) | ( | |||||||||||||
Investment securities, net | ( | |||||||||||||
Defined benefit plans: | ||||||||||||||
Net change in defined benefit plans arising during the period | ( | ( | ||||||||||||
Amortization of net actuarial (gains) losses included in compensation and benefits expense | ||||||||||||||
Income tax benefit (expense) | ||||||||||||||
Defined benefit plans, net | ( | ( | ||||||||||||
Derivative investments: | ||||||||||||||
Reclassification of net unrealized (gains) losses to interest expense and other non-operating income (expense) | ( | |||||||||||||
Income tax benefit (expense) | ( | |||||||||||||
Derivative investments, net | ( | |||||||||||||
Foreign currency translation: | ||||||||||||||
Foreign currency translation adjustments | ( | |||||||||||||
Foreign currency translation, net | ( | |||||||||||||
Other comprehensive income (loss), net of tax | ( | |||||||||||||
Comprehensive income | $ | $ | ||||||||||||
Preferred Stock (Shares) | Class A Common Stock (Shares) | Class B Common Stock (Shares) | Preferred Stock, Common Stock and Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total CME Group Shareholders' Equity | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||||||||||||||||||
Dividends on common and preferred stock of $1.10 per share | ( | ( | |||||||||||||||||||||||||||||||||||||||
Vesting of issued restricted Class A common stock | ( | ( | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | ( | $ |
Preferred Stock (Shares) | 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 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 4,584 | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Dividends on common stock of $1.00 per share | ( | ( | |||||||||||||||||||||||||||||||||||||||
Vesting of issued restricted Class A common stock | ( | ( | |||||||||||||||||||||||||||||||||||||||
Shares issued to Board of Directors | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 4,584 | $ | $ | $ | $ |
Quarter Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Net income | $ | $ | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Stock-based compensation | ||||||||||||||
Amortization of purchased intangibles | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Net realized and unrealized (gains) losses on investments | ( | ( | ||||||||||||
Deferred income taxes | ( | ( | ||||||||||||
Change in: | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Other current assets | ( | |||||||||||||
Other assets | ||||||||||||||
Accounts payable | ( | |||||||||||||
Income taxes payable | ||||||||||||||
Other current liabilities | ( | |||||||||||||
Other liabilities | ( | ( | ||||||||||||
Other | ||||||||||||||
Net Cash Provided by Operating Activities | ||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||
Proceeds from maturities of available-for-sale marketable securities | ||||||||||||||
Purchases of available-for-sale marketable securities | ( | ( | ||||||||||||
Purchases of property, net | ( | ( | ||||||||||||
Investments in privately-held equity investments | ( | |||||||||||||
Net Cash Used in Investing Activities | ( | ( | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||
Proceeds from debt, net of issuance costs | ||||||||||||||
Repayment of debt, including call premium | ( | |||||||||||||
Cash dividends | ( | ( | ||||||||||||
Change in performance bond and guaranty fund contributions | ( | |||||||||||||
Employee taxes paid on restricted stock vesting | ( | ( | ||||||||||||
Other | ( | ( | ||||||||||||
Net Cash (Used in) Provided by Financing Activities | ( |
Quarter Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net change in cash, cash equivalents, restricted cash and restricted cash equivalents | $ | ( | $ | |||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period | ||||||||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Period | $ | $ | ||||||||||||
Reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Short-term restricted cash | ||||||||||||||
Long-term restricted cash | ||||||||||||||
Restricted cash and restricted cash equivalents (performance bonds and guaranty fund contributions) | ||||||||||||||
Total | $ | $ | ||||||||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||||
Income taxes paid | $ | $ | ||||||||||||
Interest paid | ||||||||||||||
Non-cash investing activities: | ||||||||||||||
Accrued proceeds from sale of investments | ||||||||||||||
Quarter Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Interest rates | $ | $ | ||||||||||||
Equity indexes | ||||||||||||||
Foreign exchange | ||||||||||||||
Agricultural commodities | ||||||||||||||
Energy | ||||||||||||||
Metals | ||||||||||||||
BrokerTec fixed income | ||||||||||||||
EBS foreign exchange | ||||||||||||||
Interest rate swap | ||||||||||||||
Total clearing and transaction fees | ||||||||||||||
Market data and information services | ||||||||||||||
Other | ||||||||||||||
Total revenues | $ | $ | ||||||||||||
Timing of Revenue Recognition | ||||||||||||||
Services transferred at a point in time | $ | $ | ||||||||||||
Services transferred over time | ||||||||||||||
One-time charges and miscellaneous revenues | ||||||||||||||
Total revenues | $ | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
(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 | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Technology-related intellectual property | ( | ( | ||||||||||||||||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||||||||||||||
Total amortizable intangible assets | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Indefinite-Lived Intangible Assets: | ||||||||||||||||||||||||||||||||||||||
Trade names | ||||||||||||||||||||||||||||||||||||||
Total intangible assets – other, net | $ | $ | ||||||||||||||||||||||||||||||||||||
Trading products (1) | $ | $ |
(in millions) | Amortization Expense | ||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter |
(in millions) | Balance at December 31, 2022 | Other Activity (1) | Balance at March 31, 2023 | ||||||||||||||||||||
CBOT Holdings | $ | $ | $ | ||||||||||||||||||||
NYMEX Holdings | |||||||||||||||||||||||
NEX | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Goodwill | $ | $ | $ | ||||||||||||||||||||
(in millions) | Balance at December 31, 2021 | Other Activity (1) | Balance at December 31, 2022 | ||||||||||||||||||||
CBOT Holdings | $ | $ | $ | ||||||||||||||||||||
NYMEX Holdings | |||||||||||||||||||||||
NEX | ( | ||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total Goodwill | $ | $ | ( | $ |
(in millions) | March 31, 2023 | December 31, 2022 | ||||||||||||
€15.0 million fixed rate notes due May 2023, stated rate of 4.30% | $ | 16.3 | $ | 16.0 | ||||||||||
Total short-term debt | $ | $ |
(in millions) | March 31, 2023 | December 31, 2022 | ||||||||||||
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (1) | $ | $ | ||||||||||||
$500.0 million fixed rate notes due June 2028, stated rate of 3.75% | ||||||||||||||
$750.0 million fixed rate notes due March 2032, stated rate of 2.65% | ||||||||||||||
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (2) | ||||||||||||||
$700.0 million fixed rate notes due June 2048, stated rate of 4.15% | ||||||||||||||
Total long-term debt | $ | $ |
(in millions) | Par Value | ||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter |
Quarter Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Operating lease expense: | ||||||||||||||
Operating lease cost | $ | $ | ||||||||||||
Short-term lease cost | ||||||||||||||
Total operating lease expense included in other expense | $ | $ | ||||||||||||
Finance lease expense: | ||||||||||||||
Interest expense | $ | $ | ||||||||||||
Depreciation expense | ||||||||||||||
Total finance lease expense | $ | $ | ||||||||||||
Sublease revenue included in other revenue | $ | $ |
Quarter Ended March 31, | ||||||||||||||
(in millions) | 2023 | 2022 | ||||||||||||
Cash outflows for operating leases | $ | $ | ||||||||||||
Cash outflows for finance leases |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Operating lease right-of-use assets | $ | $ | |||||||||
Operating lease liabilities: | |||||||||||
Other current liabilities | $ | $ | |||||||||
Other liabilities | |||||||||||
Total operating lease liabilities | $ | $ | |||||||||
Weighted average remaining lease term (in months) | |||||||||||
Weighted average discount rate | % | % |
(in millions) | March 31, 2023 | December 31, 2022 | |||||||||
Finance lease right-of-use assets | $ | $ | |||||||||
Finance lease liabilities: | |||||||||||
Other current liabilities | $ | $ | |||||||||
Other liabilities | |||||||||||
Total finance lease liabilities | $ | $ | |||||||||
Weighted average remaining lease term (in months) | |||||||||||
Weighted average discount rate | % | % |
(in millions) | Operating Leases | ||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: imputed interest | ( | ||||
Present value of lease liability | $ |
(in millions) | Finance Leases | ||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: imputed interest | ( | ||||
Present value of lease liability | $ |
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | ||||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | ( | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | ( | $ | ( | $ | $ | ( | $ | ( |
(in millions) | Investment Securities | Defined Benefit Plans | Derivative Investments | Foreign Currency Translation | Total | ||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | ( | ( | ( | ( | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | ( | $ | $ | ( | $ |
March 31, 2023 | ||||||||||||||||||||||||||
(in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Assets at Fair Value: | ||||||||||||||||||||||||||
Marketable securities: | ||||||||||||||||||||||||||
Corporate debt securities | $ | $ | $ | $ | ||||||||||||||||||||||
Mutual funds | ||||||||||||||||||||||||||
Equity securities | ||||||||||||||||||||||||||
Total Marketable Securities | ||||||||||||||||||||||||||
Total Assets at Fair Value | $ | $ | $ | $ | ||||||||||||||||||||||
(in millions) | Fair Value | Level | |||||||||
€15.0 million fixed rate notes due May 2023 | Level 2 | ||||||||||
$750.0 million fixed rate notes due March 2025 | Level 2 | ||||||||||
$500.0 million fixed rate notes due June 2028 | Level 2 | ||||||||||
$750.0 million fixed rate notes due March 2032 | Level 2 | ||||||||||
$750.0 million fixed rate notes due September 2043 | Level 2 | ||||||||||
$700.0 million fixed rate notes due June 2048 | Level 2 | ||||||||||
Quarter Ended March 31, | ||||||||||||||
(in thousands) | 2023 | 2022 | ||||||||||||
Stock awards | ||||||||||||||
Total |
Quarter Ended March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net Income (in millions) | $ | $ | ||||||||||||
Less: preferred stock dividends | ( | ( | ||||||||||||
Less: undistributed earnings allocated to preferred stock | ( | ( | ||||||||||||
Net Income Attributable to Common Shareholders of CME Group | $ | $ | ||||||||||||
Weighted Average Number of Common Shares (in thousands): | ||||||||||||||
Basic | ||||||||||||||
Effect of stock options, restricted stock and performance shares | ||||||||||||||
Diluted | ||||||||||||||
Earnings per Common Share Attributable to Common Shareholders of CME Group: | ||||||||||||||
Basic | $ | $ | ||||||||||||
Diluted |
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) | 2023 | 2022 | Change | |||||||||||||||||
Total revenues | $ | 1,441.6 | $ | 1,346.6 | 7 | % | ||||||||||||||
Total expenses | 527.9 | 487.5 | 8 | |||||||||||||||||
Operating margin | 63.4 | % | 63.8 | % | ||||||||||||||||
Non-operating income (expense) | $ | 243.2 | $ | 57.2 | n.m. | |||||||||||||||
Effective tax rate | 23.6 | % | 22.4 | % | ||||||||||||||||
Net income | $ | 883.8 | $ | 711.0 | 24 | |||||||||||||||
Diluted earnings per common share | 2.43 | 1.95 | 25 | |||||||||||||||||
Cash flows from operating activities | 902.4 | 799.1 | 13 |
Quarter Ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | Change | |||||||||||||||||
Clearing and transaction fees | $ | 1,200.2 | $ | 1,138.1 | 5 | % | ||||||||||||||
Market data and information services | 165.8 | 151.7 | 9 | |||||||||||||||||
Other | 75.6 | 56.8 | 33 | |||||||||||||||||
Total Revenues | $ | 1,441.6 | $ | 1,346.6 | 7 |
Quarter Ended March 31, | ||||||||||||||||||||
2023 | 2022 | Change | ||||||||||||||||||
Total contract volume (in millions) | 1,666.1 | 1,607.1 | 4 | % | ||||||||||||||||
Clearing and transaction fees (in millions) | $ | 1,105.6 | $ | 1,034.3 | 7 | |||||||||||||||
Average rate per contract | $ | 0.664 | $ | 0.644 | 3 |
(in millions) | Quarter Ended | |||||||
Increase due to a change in total contract volume | $ | 39.2 | ||||||
Increase due to a change in average rate per contract | 32.1 | |||||||
Net increase in clearing and transaction fees | $ | 71.3 |
Quarter Ended March 31, | ||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Change | |||||||||||||||||
Average Daily Volume by Product Line: | ||||||||||||||||||||
Interest rates | 14,490 | 12,484 | 16 | % | ||||||||||||||||
Equity indexes | 7,303 | 7,950 | (8) | |||||||||||||||||
Foreign exchange | 969 | 904 | 7 | |||||||||||||||||
Agricultural commodities | 1,379 | 1,474 | (6) | |||||||||||||||||
Energy | 2,083 | 2,515 | (17) | |||||||||||||||||
Metals | 649 | 593 | 9 | |||||||||||||||||
Aggregate average daily volume | 26,873 | 25,920 | 4 | |||||||||||||||||
Average Daily Volume by Venue: | ||||||||||||||||||||
CME Globex | 24,170 | 24,060 | — | |||||||||||||||||
Open outcry | 1,623 | 1,030 | 58 | |||||||||||||||||
Privately negotiated | 1,080 | 830 | 30 | |||||||||||||||||
Aggregate average daily volume | 26,873 | 25,920 | 4 | |||||||||||||||||
Electronic Volume as a Percentage of Total Volume | 90 | % | 93 | % |
Quarter Ended March 31, | ||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Change | |||||||||||||||||
Eurodollar futures and options: | ||||||||||||||||||||
Futures expiring within two years | 325 | 1,869 | (83) | % | ||||||||||||||||
Options | 137 | 1,489 | (91) | |||||||||||||||||
Futures expiring beyond two years | 82 | 811 | (90) | |||||||||||||||||
SOFR futures and options: | ||||||||||||||||||||
Futures expiring within two years | 3,001 | 1,043 | n.m. | |||||||||||||||||
Options | 2,429 | 39 | n.m. | |||||||||||||||||
Futures expiring beyond two years | 907 | 156 | n.m. | |||||||||||||||||
U.S. Treasury futures and options: | ||||||||||||||||||||
10-Year | 2,921 | 2,855 | 2 | |||||||||||||||||
5-Year | 1,896 | 1,742 | 9 | |||||||||||||||||
2-Year | 828 | 711 | 16 | |||||||||||||||||
Treasury Bond | 560 | 557 | 1 | |||||||||||||||||
Federal Funds futures and options | 601 | 414 | 45 | |||||||||||||||||
Quarter Ended March 31, | ||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Change | |||||||||||||||||
E-mini S&P 500 futures and options | 4,601 | 4,477 | 3 | % | ||||||||||||||||
E-mini Nasdaq 100 futures and options | 1,896 | 2,381 | (20) | |||||||||||||||||
E-mini Russell 2000 futures and options | 332 | 452 | (26) |
Quarter Ended March 31, | ||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Change | |||||||||||||||||
Euro | 268 | 249 | 8 | % | ||||||||||||||||
Japanese Yen | 173 | 134 | 29 | |||||||||||||||||
British Pound | 112 | 118 | (5) | |||||||||||||||||
Australian dollar | 104 | 102 | 2 | |||||||||||||||||
Quarter Ended March 31, | ||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Change | |||||||||||||||||
Corn | 409 | 487 | (16) | % | ||||||||||||||||
Soybean | 296 | 323 | (8) | |||||||||||||||||
Wheat | 185 | 224 | (17) | |||||||||||||||||
Quarter Ended March 31, | ||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Change | |||||||||||||||||
WTI crude oil | 1,067 | 1,438 | (26) | % | ||||||||||||||||
Natural gas | 599 | 542 | 10 | |||||||||||||||||
Refined products | 328 | 408 | (20) | |||||||||||||||||
Quarter Ended March 31, | ||||||||||||||||||||
(amounts in thousands) | 2023 | 2022 | Change | |||||||||||||||||
Gold | 398 | 390 | 2 | % | ||||||||||||||||
Copper | 123 | 89 | 38 | |||||||||||||||||
Silver | 94 | 86 | 9 |
Quarter Ended March 31, | ||||||||||||||||||||
(amounts in millions) | 2023 | 2022 | Change | |||||||||||||||||
BrokerTec fixed income transaction fees | $ | 39.2 | $ | 44.4 | (12) | % | ||||||||||||||
EBS foreign exchange transaction fees | 35.8 | 42.3 | (15) | % | ||||||||||||||||
Quarter Ended March 31, | |||||||||||||||||
(amounts in billions) | 2023 | 2022 | Change | ||||||||||||||
European Repo (in euros) | $ | 354.7 | $ | 320.8 | 11 | % | |||||||||||
U.S. Treasury | 123.7 | 147.4 | (16) | ||||||||||||||
Spot FX | 64.4 | 68.1 | (5) |
Quarter Ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | Change | |||||||||||||||||
Compensation and benefits | $ | 204.5 | $ | 185.2 | 10 | % | ||||||||||||||
Technology | 51.3 | 45.9 | 12 | |||||||||||||||||
Professional fees and outside services | 38.3 | 31.8 | 21 | |||||||||||||||||
Amortization of purchased intangibles | 56.8 | 58.4 | (3) | |||||||||||||||||
Depreciation and amortization | 31.9 | 33.5 | (5) | |||||||||||||||||
Licensing and other fee agreements | 84.7 | 80.9 | 5 | |||||||||||||||||
Other | 60.4 | 51.8 | 17 | |||||||||||||||||
Total Expenses | $ | 527.9 | $ | 487.5 | 8 | % |
Quarter Ended March 31, 2023 | ||||||||||||||
Amount of Change | Change as a Percentage of Total Expenses | |||||||||||||
(dollars in millions) | ||||||||||||||
Non-qualified deferred compensation | $ | 11.0 | 2 | % | ||||||||||
Salaries, benefits and employer taxes | 8.0 | 2 | ||||||||||||
Professional fees and outside services | 6.6 | 1 | ||||||||||||
Technology support services | 5.8 | 1 | ||||||||||||
Currency fluctuation | 5.0 | 1 | ||||||||||||
Building maintenance | (4.5) | (1) | ||||||||||||
Other expenses, net | 8.5 | 2 | ||||||||||||
Total increase | $ | 40.4 | 8 | % |
Quarter Ended March 31, | ||||||||||||||||||||
(dollars in millions) | 2023 | 2022 | Change | |||||||||||||||||
Investment income | $ | 1,357.7 | $ | 73.1 | n.m. | |||||||||||||||
Interest and other borrowing costs | (39.9) | (42.5) | (6) | % | ||||||||||||||||
Equity in net earnings of unconsolidated subsidiaries | 78.2 | 73.3 | 7 | |||||||||||||||||
Other non-operating income (expense) | (1,152.8) | (46.7) | n.m. | |||||||||||||||||
Total Non-Operating | $ | 243.2 | $ | 57.2 | n.m. |
2023 | 2022 | |||||||||||||
Quarter ended March 31 | 23.6 | % | 22.4 | % |
(in millions) | Par Value | ||||
Fixed rate notes due May 2023, stated rate of 4.30% | € | 15.0 | |||
Fixed rate notes due March 2025, stated rate of 3.00% (1) | $ | 750.0 | |||
Fixed rate notes due June 2028, stated rate of 3.75% | $ | 500.0 | |||
Fixed rate notes due March 2032, stated rate of 2.65% | $ | 750.0 | |||
Fixed rate notes due September 2043, stated rate of 5.30% (2) | $ | 750.0 | |||
Fixed rate notes due June 2048, stated rate of 4.15% | $ | 700.0 | |||
Short-Term | Long-Term | |||||||||||||||||||
Rating Agency | Debt Rating | Debt Rating | Outlook | |||||||||||||||||
Standard & Poor’s Global Ratings | A1+ | AA- | Stable | |||||||||||||||||
Moody’s Investors Service, Inc. | 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) of shares that May Yet Be Purchased Under the Plans or Programs (in millions) | ||||||||||||||||||||||
January 1 to January 31 | — | $ | — | — | $ | — | ||||||||||||||||||||
February 1 to February 28 | 186 | 184.10 | — | — | ||||||||||||||||||||||
March 1 to March 31 | 878 | 182.20 | — | — | ||||||||||||||||||||||
Total | 1,064 | — |
ITEM 6. | EXHIBITS |
10.1 (1) | ||||||||
10.2 (1) | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101 | The following materials from CME Group Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, formatted in Inline XBRL (Xtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Equity, (v) the Consolidated Statements of Cash Flows and (vi) Notes to Unaudited Consolidated Financial Statements, tagged as blocks of text. | |||||||
104 | Cover Page Interactive Data File included in the Inline XBRL Document Set for Exhibit 101. | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
(1) | Management contract, compensatory plan or arrangement. | |||||||
CME Group Inc. (Registrant) | ||||||||||||||||||||
Dated: May 3, 2023 | By: | /s/ Lynne Fitzpatrick | ||||||||||||||||||
Lynne Fitzpatrick Senior Managing Director and Chief Financial Officer Principal Financial Offer and Duly Authorized Officer |
Dated: May 3, 2023 | /s/ Terrence A. Duffy | |||||||
Name: Terrence A. Duffy | ||||||||
Title: Chief Executive Officer |
Dated: May 3, 2023 | /s/ Lynne Fitzpatrick | ||||||||||
Name: Lynne Fitzpatrick | |||||||||||
Title: Chief Financial Officer |
/s/ Terrence A. Duffy | |||||
Name: Terrence A. Duffy | |||||
Title: Chief Executive Officer |
/s/ Lynne Fitzpatrick | |||||
Name: Lynne Fitzpatrick | |||||
Title: Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts receivable, allowance | $ 8.8 | $ 8.1 |
Short-term restricted cash | 5.1 | 4.9 |
Accumulated depreciation and amortization, property | 1,175.4 | 1,145.2 |
Long-term restricted cash | $ 0.0 | $ 0.1 |
Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 4,584,000 | 4,584,000 |
Preferred stock, shares outstanding (in shares) | 4,584,000 | 4,584,000 |
Class A Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (in shares) | 358,931,000 | 358,929,000 |
Common stock, shares outstanding (in shares) | 358,931,000 | 358,929,000 |
Class B Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,000 | 3,000 |
Common stock, shares issued (in shares) | 3,000 | 3,000 |
Common stock, shares outstanding (in shares) | 3,000 | 3,000 |
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Revenues | ||
Total Revenues | $ 1,441.6 | $ 1,346.6 |
Expenses | ||
Compensation and benefits | 204.5 | 185.2 |
Technology | 51.3 | 45.9 |
Professional fees and outside services | 38.3 | 31.8 |
Amortization of purchased intangibles | 56.8 | 58.4 |
Depreciation and amortization | 31.9 | 33.5 |
Licensing and other fee agreements | 84.7 | 80.9 |
Other | 60.4 | 51.8 |
Total Expenses | 527.9 | 487.5 |
Operating Income | 913.7 | 859.1 |
Non-Operating Income (Expense) | ||
Investment income | 1,357.7 | 73.1 |
Interest and other borrowing costs | (39.9) | (42.5) |
Equity in net earnings of unconsolidated subsidiaries | 78.2 | 73.3 |
Other non-operating income (expense) | (1,152.8) | (46.7) |
Total Non-Operating Income (Expense) | 243.2 | 57.2 |
Income before Income Taxes | 1,156.9 | 916.3 |
Income tax provision | 273.1 | 205.3 |
Net Income | 883.8 | 711.0 |
Net Income Attributable to Common Shareholders of CME Group | $ 872.7 | $ 702.0 |
Earnings per Share Attributable to Common Shareholders of CME Group: | ||
Basic (in dollars per share) | $ 2.43 | $ 1.96 |
Diluted (in dollars per share) | $ 2.43 | $ 1.95 |
Weighted Average Number of Common Shares: | ||
Basic (in shares) | 358,933 | 358,609 |
Diluted (in shares) | 359,313 | 359,180 |
Clearing and transaction fees [Member] | ||
Revenues | ||
Total Revenues | $ 1,200.2 | $ 1,138.1 |
Market data and information services | ||
Revenues | ||
Total Revenues | 165.8 | 151.7 |
Other | ||
Revenues | ||
Total Revenues | $ 75.6 | $ 56.8 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income | $ 883.8 | $ 711.0 |
Other comprehensive income (loss), net of tax: | ||
Net unrealized holding gains (losses) arising during the period | 0.4 | (1.3) |
Income tax benefit (expense) | (0.1) | 0.3 |
Investment securities, net | 0.3 | (1.0) |
Net change in defined benefit plans arising during the period | (3.5) | (3.7) |
Amortization of net actuarial (gains) losses included in compensation and benefits expense | 0.0 | 0.3 |
Income tax benefit (expense) | 0.9 | 0.9 |
Defined benefit plans, net | (2.6) | (2.5) |
Reclassification of net unrealized (gains) losses to interest expense and other non-operating income (expense) | (1.2) | 0.8 |
Income tax benefit (expense) | 0.3 | (0.2) |
Derivative investments, net | (0.9) | 0.6 |
Foreign currency translation adjustments | 5.9 | (22.6) |
Foreign currency translation, net | 5.9 | (22.6) |
Other comprehensive income (loss), net of tax | 2.7 | (25.5) |
Comprehensive income | $ 886.5 | $ 685.5 |
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions |
Total |
Common Stock And Additional Paid-In Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Parent [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]
|
Preferred Stock [Member]
Common Stock And Additional Paid-In Capital [Member]
|
---|---|---|---|---|---|---|---|---|---|---|
Balance (in shares) at Dec. 31, 2021 | 358,599 | 3 | ||||||||
Balance at Dec. 31, 2021 | $ 22,193.9 | $ 5,151.9 | $ 53.5 | $ 27,399.3 | ||||||
Net Income | 711.0 | 711.0 | ||||||||
Net Income | $ 711.0 | |||||||||
Other comprehensive income (loss), net of tax | (25.5) | (25.5) | (25.5) | |||||||
Dividends, Cash | (364.0) | (364.0) | ||||||||
Vesting of issued restricted Class A common stock, shares | 31 | |||||||||
Vesting of issued restricted Class A common stock | (4.3) | (4.3) | ||||||||
Stock Issued During Period, Shares, Issued for Services | 1 | |||||||||
Stock Issued During Period, Value, Issued for Services | 0.3 | 0.3 | ||||||||
Stock-based compensation | 20.0 | 20.0 | ||||||||
Balance (in shares) at Mar. 31, 2022 | 358,631 | 3 | ||||||||
Balance at Mar. 31, 2022 | 22,209.9 | 5,498.9 | 28.0 | 27,736.8 | ||||||
Balance (in shares) at Dec. 31, 2022 | 358,929 | 358,929 | 3 | 3 | 4,584 | |||||
Balance at Dec. 31, 2022 | 26,878.7 | 22,265.2 | 4,746.8 | (133.3) | 26,878.7 | |||||
Net Income | 883.8 | 883.8 | ||||||||
Net Income | 883.8 | |||||||||
Other comprehensive income (loss), net of tax | 2.7 | 2.7 | 2.7 | |||||||
Dividends, Cash | (400.7) | (400.7) | ||||||||
Vesting of issued restricted Class A common stock, shares | 2 | |||||||||
Vesting of issued restricted Class A common stock | (0.3) | (0.3) | ||||||||
Stock-based compensation | 20.2 | 20.2 | ||||||||
Balance (in shares) at Mar. 31, 2023 | 358,931 | 358,931 | 3 | 3 | 4,584 | |||||
Balance at Mar. 31, 2023 | $ 27,384.4 | $ 22,285.1 | $ 5,229.9 | $ (130.6) | $ 27,384.4 |
Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends on common stock, per share (in dollars per share) | $ 1.10 | $ 1.00 |
Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Cash Flows from Operating Activities | ||
Net Income | $ 883.8 | $ 711.0 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Stock-based compensation | 20.2 | 20.0 |
Amortization of purchased intangibles | 56.8 | 58.4 |
Depreciation and amortization | 31.9 | 33.5 |
Net realized and unrealized (gains) losses on investments | (74.8) | (3.5) |
Deferred income taxes | (8.7) | (5.1) |
Change in: | ||
Accounts receivable | (241.2) | (174.0) |
Other current assets | 54.7 | (69.7) |
Other assets | 19.4 | 19.0 |
Accounts payable | (24.2) | 32.0 |
Income taxes payable | 282.5 | 165.9 |
Other current liabilities | (106.7) | 6.3 |
Other liabilities | (7.2) | (14.7) |
Other | 15.9 | 20.0 |
Net Cash Provided by (Used in) Operating Activities | 902.4 | 799.1 |
Cash Flows from Investing Activities | ||
Proceeds from maturities of available-for-sale marketable securities | 0.7 | 2.7 |
Purchases of available-for-sale marketable securities | (0.3) | (2.2) |
Purchases of property, net | (15.2) | (23.4) |
Investments in privately-held equity investments | 2.4 | 0.0 |
Net Cash Used in Investing Activities | (17.2) | (22.9) |
Cash Flows from Financing Activities | ||
Proceeds from debt, net of issuance costs | 0.0 | 742.7 |
Repayment of debt, including call premium | 0.0 | 756.1 |
Cash dividends | (2,035.6) | (1,543.5) |
Change in performance bond and guaranty fund contributions | (7,158.5) | 9,787.1 |
Employee taxes paid on restricted stock vesting | (0.3) | (4.3) |
Other | (4.1) | (4.3) |
Net Cash (Used in) Provided by Financing Activities | (9,198.5) | 8,221.6 |
Net change in cash, cash equivalents and restricted cash | (8,313.3) | 8,997.8 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning balance | 137,974.3 | 160,789.9 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, ending balance | 129,661.0 | 169,787.7 |
Cash and cash equivalents | 1,565.2 | 2,045.7 |
Short-term restricted cash | 5.1 | 4.8 |
Long-term restricted cash | 0.0 | 0.5 |
Restricted cash and restricted cash equivalents (performance bonds and guaranty fund contributions) | 128,090.7 | 167,736.7 |
Income taxes paid | 30.9 | 44.6 |
Interest paid | 41.1 | 43.4 |
Accrued proceeds from sale of investments | $ 97.9 | $ 0.0 |
Basis Of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
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 operated by CME. 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 adjustments (consisting only of normal recurring adjustments) considered necessary to present fairly the financial position of the company at March 31, 2023 and December 31, 2022 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, 2022, filed with the Securities and Exchange Commission (SEC) on February 27, 2023.
|
Revenue Recognition (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 reduction. 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 certain access and communication fees, fees for collateral management, equity membership subscription fees, and fees for trade order routing through agreements from various strategic relationships. Access and communication fees are charged 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 the clearing house 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. The company also has an equity membership program which provides equity members the option to substitute a monthly subscription fee for their existing requirement to hold CME Group Class A common stock. Choosing to pay this fee in lieu of holding Class A shares is entirely voluntary and the client's choice. Fee revenue under this program is earned monthly as billed over the contractual term. 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 by product line for the quarter ended March 31, 2023 and 2022:
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 recognized on the consolidated balance sheets on a contract-by-contract basis upon commencement of services under the customer contract. These upfront customer payments are recognized as revenue over time as the obligations under the contracts are satisfied. Changes in the contract liability balances during the three months ended March 31, 2023 were not materially impacted by any other factors. The balance of contract liabilities was $50.8 million and $12.7 million as of March 31, 2023 and December 31, 2022, respectively.
|
Performance Bonds and Guaranty Fund Contributions (Notes) |
3 Months Ended |
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Mar. 31, 2023 | |
Performance Bonds and Guaranty Fund Contributions [Abstract] | |
Performance Bonds and Guaranty Fund Contributions | 3. Performance Bonds and Guaranty Fund Contributions Performance Bonds and Guaranty Fund Contribution Reinvestment. CME reinvests cash performance bonds and guaranty fund contributions and distributes a portion of the interest earned back to the clearing firms. The reinvestment of cash can include certain commercial and central bank deposits, government securities, reverse repurchase agreements, and money market funds. CME has been designated as a systemically important financial market utility by the Financial Stability Oversight Council and is authorized to maintain cash accounts at the Federal Reserve Bank of Chicago. At March 31, 2023, CME maintained $117.5 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. In the first quarter of 2023 and 2022, earnings from cash performance bond and guaranty fund contributions were $1,256.3 million and $73.6 million, respectively. In the first quarter of 2023 and 2022, expense related to the distribution of interest earned on collateral reinvestments was $1,163.5 million and $48.4 million, respectively. The earnings from cash performance bonds and guaranty fund contributions are included in investment income and the expense related to the distribution of interest earned is included in other non-operating income (expense) on the consolidated statements of income. Clearing House Contract Settlement. The clearing house marks-to-market open positions at least once a day (twice a day for all futures and options 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 cleared interest rate swap contracts, the maximum exposure at the time of default related to the clearing house's guarantee would be one full day of changes in fair value of all open positions, before considering the clearing house's ability to access defaulting clearing firms' collateral. During the first quarter of 2023, the clearing house transferred an average of approximately $5.7 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. Management has assessed the fair value of the company's settlement guarantee liability by taking the following factors into consideration: the design and operations of the clearing risk management process, the financial safeguard packages in place, historical evidence of default by a clearing member and the estimated probability of potential payouts by the clearing house. Based on the assessment performed, management estimates the guarantee liability to be nominal and therefore has not recorded any liability at March 31, 2023 and December 31, 2022. The company does not have a history of significant losses recognized on performance bond collateral as posted by our clearing members, and management currently does not anticipate any future credit losses on its performance bond assets. Accordingly, the company has not provided an allowance for credit losses on these performance bond deposits, nor has it recorded any liabilities to reflect an allowance for credit losses related to our off-balance sheet credit exposures and guarantees.
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Intangible Assets And Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets And Goodwill | Intangible Assets and Goodwill Intangible assets consisted of the following at March 31, 2023 and December 31, 2022:
(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. Total amortization expense for intangible assets was $56.8 million and $58.4 million for the quarters ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
Goodwill activity consisted of the following for the periods ended March 31, 2023 and December 31, 2022:
__________ (1) Other activity includes currency translation adjustments.
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Short-term debt consisted of the following at March 31, 2023 and December 31, 2022:
Long-term debt consisted of the following at March 31, 2023 and December 31, 2022:
(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 3.11%. (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 4.73%. Long-term debt maturities, at par value (in U.S. dollar equivalent), were as follows at March 31, 2023:
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Contingencies |
3 Months Ended |
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Mar. 31, 2023 | |
Loss Contingency [Abstract] | |
Contingencies | Contingencies Legal and Regulatory Matters. 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 the company's 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. A putative class action complaint was filed January 15, 2014 in the Circuit Court of Cook County, Chancery Division, against CME Group Inc. and the Board of Trade of the City of Chicago, Inc. The plaintiffs, certain Class B shareholders of CME Group and Class B members of CBOT, allege breach of contract and breach of the implied covenant of good faith and fair dealing for violations of their core rights granted in the defendants’ respective Certificates of Incorporation. On December 2, 2021, the court granted the plaintiffs’ motion for certification of a damages-only class. No trial date has been set. Given the uncertainty of factors that may potentially affect the resolution of the matter, at this time the company is unable to estimate the reasonably possible loss or range of reasonably possible losses in the unlikely event it were found to be liable at trial. Based on its investigation to date, the company believes that it has strong factual and legal defenses to the claims. In addition, the company is a defendant in, and may be subject to, 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 contingent legal and regulatory matters as none were probable and estimable as of March 31, 2023 and December 31, 2022. Intellectual Property Indemnifications. Certain agreements with customers and other third parties related to accessing the CME Group platforms, utilizing market data services and licensing CME SPAN software may contain indemnifications from intellectual property claims that may be made against them as a result of their use of the applicable products and/or services. The potential future claims relating to these indemnifications cannot be estimated and therefore no liability has been recorded.
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Leases (Notes) |
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Lessee, Leases [Policy Text Block] | Leases The company has operating leases for corporate offices. The operating leases have remaining lease terms of up to 15 years, some of which include options to extend or renew the leases for up to an additional five years, and some of which include options to early terminate the leases in less than 12 months. Management evaluates whether these options are exercisable 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 remains in effect with the landlord. The company also has one finance lease, which is related to the sale of our data center 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. 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 company's incremental borrowing rate. 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: Operating leases
Finance leases
Future minimum lease payments were as follows as of March 31, 2023 for operating and finance leases:
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Guarantees |
3 Months Ended |
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Mar. 31, 2023 | |
Guarantees [Abstract] | |
Guarantees | GuaranteesMutual Offset Agreement. CME and Singapore Exchange Limited (SGX) maintain a mutual offset agreement with a current term through May 2023. 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 after May 2023 unless either party provides advance notice of their intent to terminate. CME can maintain collateral in the form of irrevocable, standby letters of credit. At March 31, 2023, CME was contingently liable to SGX on letters of credit totaling $360.0 million. CME also maintains a $350.0 million line of credit to meet its obligations under this agreement. 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. Management has assessed the fair value of the company's guarantee liability under this mutual offset agreement by taking the following factors into consideration: the design and operations of the clearing risk management process, the financial safeguard packages in place, historical evidence of default by a clearing member and the estimated probability of potential payouts by the clearing house. Based on the assessment performed, management estimates the guarantee liability to be nominal and therefore has not recorded any liability at March 31, 2023 and December 31, 2022. 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 nominal and therefore has not recorded any liability at March 31, 2023 and December 31, 2022.
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Accumulated Other Comprehensive Income (Notes) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss):
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Fair Value Measurements |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value by Fair Value Hierarchy Level, Extensible Enumeration [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes: •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. The company's level 1 assets generally include investments in publicly traded mutual funds, equity securities and corporate debt securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities. The company's level 2 assets and liabilities generally consist of long-term debt notes. The fair values of the long-term debt notes were based on quoted market prices in an inactive market. The company's level 3 assets and liabilities include certain investments that were adjusted to fair value. Recurring Fair Value Measurements. Financial assets and liabilities recorded at fair value on the consolidated balance sheet as of March 31, 2023 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:
Non-Recurring Fair Value Measurements. The company recognized a net unrealized gain on investments of $1.3 million on equity investments without readily determinable fair value. The fair value of these investments was estimated to be $8.6 million at March 31, 2023. This fair value assessment was based on quantitative factors, including observable price changes. The fair value measurements of these investments 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 are classified as level 2 under the fair value hierarchy and were estimated using quoted market prices in inactive markets. At March 31, 2023, 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 The company uses the two-class method to calculate basic and diluted earnings per common share because its Series G preferred stock are participating securities. Under the two-class method, undistributed earnings are allocated to common stock and participating securities according to their respective rights in undistributed earnings, as if all of the earnings for the period had been distributed. Basic earnings per common share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding during the period. Net income attributable to common shareholders is reduced for preferred stock dividends earned during the period. Preferred stock also receives a proportionate allocation of undistributed or overdistributed earnings for the period because Series G preferred stock has a contractual obligation to share in profits and losses of the company. Diluted earnings per share is computed by dividing the net income attributable to common shareholders by the weighted average number of common shares outstanding plus potentially dilutive common shares. Anti-dilutive stock 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) |
3 Months Ended |
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Mar. 31, 2023 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent EventsThe company has evaluated subsequent events through the date the financial statements were issued. The company has determined that there were no subsequent events that met the requirement for recognition or disclosure in the consolidated financial statements. |
Revenue Recognition (Tables) |
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Revenue Recognition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following table represents a disaggregation of revenue from contracts with customers by product line for the quarter ended March 31, 2023 and 2022:
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Intangible Assets And Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of intangible assets | Intangible assets consisted of the following at March 31, 2023 and December 31, 2022:
(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.
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Future estimated amortization expense | As of March 31, 2023, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:
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Schedule of Goodwill | Goodwill activity consisted of the following for the periods ended March 31, 2023 and December 31, 2022:
__________ (1) Other activity includes currency translation adjustments.
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Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Long-term debt consisted of the following at March 31, 2023 and December 31, 2022:
(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 3.11%. (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 4.73%.
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Schedule of Maturities of Long-term Debt [Table Text Block] | Long-term debt maturities, at par value (in U.S. dollar equivalent), were as follows at March 31, 2023:
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Schedule of Short-term Debt | Short-term debt consisted of the following at March 31, 2023 and December 31, 2022:
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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: Operating leases
Finance leases
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Finance Lease, Liability, Fiscal Year Maturity |
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Lessee, Operating Lease, Liability, Maturity | Future minimum lease payments were as follows as of March 31, 2023 for operating and finance leases:
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Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss):
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 of Debt Instruments | At March 31, 2023, the fair values (in U.S. dollar equivalent) were as follows:
|
Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Anti-dilutive stock awards were as follows for the periods presented:
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Basic And Diluted Earnings Per Share | The following table presents the earnings per share calculation for the periods presented:
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Revenue Recognition (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenue Recognition [Abstract] | ||
Deferred Revenue | $ 50.8 | $ 12.7 |
Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Total Revenues | $ 1,441.6 | $ 1,346.6 |
Services transferred at a point in time [Member] | ||
Revenues | 1,177.5 | 1,077.3 |
Services transferred over time [Member] | ||
Revenues | 259.5 | 264.7 |
One-time charges and miscellaneous revenues [Member] | ||
Revenues | 4.6 | 4.6 |
Clearing and transaction fees [Member] | ||
Revenues | 1,200.2 | 1,138.1 |
Total Revenues | 1,200.2 | 1,138.1 |
Clearing and transaction fees [Member] | Interest rate [Member] | ||
Revenues | 444.8 | 374.8 |
Clearing and transaction fees [Member] | Equities [Member] | ||
Revenues | 269.2 | 259.1 |
Clearing and transaction fees [Member] | Foreign Exchange [Member] | ||
Revenues | 47.5 | 44.8 |
Clearing and transaction fees [Member] | Agricultural commodity [Member] | ||
Revenues | 115.3 | 126.0 |
Clearing and transaction fees [Member] | Energy [Member] | ||
Revenues | 167.9 | 175.2 |
Clearing and transaction fees [Member] | Metal [Member] | ||
Revenues | 60.9 | 54.4 |
Clearing and transaction fees [Member] | Interest Rate Swap [Member] | ||
Revenues | 19.6 | 17.1 |
Clearing and transaction fees [Member] | BrokerTec Fixed Income | ||
Revenues | 39.2 | 44.4 |
Clearing and transaction fees [Member] | EBS Foreign Exchange | ||
Revenues | 35.8 | 42.3 |
Market data and information services | ||
Revenues | 165.8 | 151.7 |
Total Revenues | 165.8 | 151.7 |
Other | ||
Revenues | 75.6 | 56.8 |
Total Revenues | $ 75.6 | $ 56.8 |
Performance Bonds and Guaranty Fund Contributions (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Guarantor Obligations [Line Items] | ||||
Average Daily Clearing Settlement | $ 5,700.0 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 129,661.0 | $ 169,787.7 | $ 137,974.3 | $ 160,789.9 |
Margin Deposits And Guaranty Funds Liabilities Current | 128,090.7 | $ 135,249.2 | ||
Other non-operating income (expense) | (1,152.8) | (46.7) | ||
Investment income | 1,357.7 | 73.1 | ||
Total Revenues | 1,441.6 | 1,346.6 | ||
Interest from Performance Bonds [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Total Revenues | 1,256.3 | 73.6 | ||
Expense related to Performance Bonds | ||||
Guarantor Obligations [Line Items] | ||||
Other non-operating income (expense) | 1,163.5 | $ 48.4 | ||
Federal Reserve Bank Advances | ||||
Guarantor Obligations [Line Items] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 117,500.0 |
Intangible Assets And Goodwill (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization of purchased intangibles | $ 56.8 | $ 58.4 |
Intangible Assets And Goodwill (Components Of Intangible Assets) (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Intangible Assets [Line Items] | ||||
Intangible assets—other, net | $ 3,217.4 | $ 3,269.7 | ||
Intangible assets—other, net | 3,217.4 | 3,269.7 | ||
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 | 4,691.3 | 4,685.8 | ||
Accumulated amortization | (1,964.2) | (1,909.7) | ||
Intangible assets—other, net | 2,727.1 | 2,776.1 | ||
Technology-Related Intellectual Property [Member] | ||||
Intangible Assets [Line Items] | ||||
Assigned Value | 62.5 | 62.5 | ||
Accumulated amortization | (57.7) | (55.8) | ||
Intangible assets—other, net | 4.8 | 6.7 | ||
Other [Member] | ||||
Intangible Assets [Line Items] | ||||
Assigned Value | 70.4 | 69.5 | ||
Accumulated amortization | (34.9) | (32.6) | ||
Intangible assets—other, net | 35.5 | 36.9 | ||
Total Amortizable Intangible Assets [Member] | ||||
Intangible Assets [Line Items] | ||||
Assigned Value | 4,824.2 | 4,817.8 | ||
Accumulated amortization | (2,056.8) | (1,998.1) | ||
Intangible assets—other, net | $ 2,767.4 | $ 2,819.7 | ||
|
Intangible Assets And Goodwill (Future Estimated Amortization Expense) (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 171.1 |
2024 | 221.8 |
2025 | 221.8 |
2026 | 221.8 |
2027 | 220.5 |
2028 | 214.2 |
Thereafter | $ 1,496.2 |
Intangible Assets And Goodwill (Components of Goodwill) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Goodwill [Line Items] | |||
Goodwill | $ 10,490.5 | $ 10,482.5 | |
CBOT | |||
Goodwill [Line Items] | |||
Goodwill | 5,066.4 | 5,066.4 | $ 5,066.4 |
Goodwill, Other Increase (Decrease) | 0.0 | 0.0 | |
NYMEX | |||
Goodwill [Line Items] | |||
Goodwill | 2,462.2 | 2,462.2 | 2,462.2 |
Goodwill, Other Increase (Decrease) | 0.0 | 0.0 | |
NEX | |||
Goodwill [Line Items] | |||
Goodwill | 2,921.5 | 2,913.5 | 2,959.0 |
Goodwill, Other Increase (Decrease) | 8.0 | (45.5) | |
Other CME Segments | |||
Goodwill [Line Items] | |||
Goodwill | 40.4 | 40.4 | 40.4 |
Goodwill, Other Increase (Decrease) | 0.0 | 0.0 | |
CME Group Inc. | |||
Goodwill [Line Items] | |||
Goodwill | 10,490.5 | 10,482.5 | $ 10,528.0 |
Goodwill, Other Increase (Decrease) | $ 8.0 | $ (45.5) |
Debt (Schedule Of Short-Term And Long-Term Debt) (Details) € in Millions, $ in Millions |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2015 |
Sep. 30, 2013 |
Mar. 31, 2023
USD ($)
|
Mar. 31, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
|
Debt Instrument [Line Items] | |||||
Long-term debt | $ 3,423.1 | $ 3,422.4 | |||
Forward starting interest rate swap agreement fixed rate | 3.11% | 4.73% | |||
Short-term Debt | 16.3 | 16.0 | |||
$750.0 million Fixed Rate Notes Due September 2022, stated rate of 3.00% [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 750.0 | ||||
Debt Instrument, Maturity Date | Sep. 15, 2022 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% | |||
€15.0 million fixed rate notes due May 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | € | € 15.0 | ||||
Debt Instrument, Maturity Date | May 01, 2023 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.30% | 4.30% | |||
$750.0 Million Fixed Rate Notes Due March 2025, stated rate of 3.00% [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 748.6 | 748.4 | |||
Debt Instrument, Face Amount | $ 750.0 | ||||
Debt Instrument, Maturity Date | Mar. 15, 2025 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 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 | $ 497.8 | 497.7 | |||
Debt Instrument, Face Amount | $ 500.0 | ||||
Debt Instrument, Maturity Date | Jun. 15, 2028 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 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 | $ 743.7 | 743.7 | |||
Debt Instrument, Face Amount | $ 750.0 | ||||
Debt Instrument, Maturity Date | Sep. 15, 2043 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 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 | $ 691.0 | 690.9 | |||
Debt Instrument, Face Amount | $ 700.0 | ||||
Debt Instrument, Maturity Date | Jun. 15, 2048 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | |||
$750.0 Million Fixed Rate Notes Due March 2032, Interest Equal To 2.65% | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 742.0 | $ 741.7 | |||
Debt Instrument, Face Amount | $ 750.0 | ||||
Debt Instrument, Maturity Date | Mar. 15, 2032 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.65% | 2.65% |
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2022 | $ 0.0 |
2023 | 750.0 |
2024 | 0.0 |
2025 | 0.0 |
2026 | 0.0 |
Thereafter | $ 2,700.0 |
Leases (Details) |
Mar. 31, 2023 |
---|---|
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 15 |
Lessee, Operating Lease, Renewal Term | 5 |
Lessee, Operating Lease, Option to Terminate | 12 |
Lessee, Operating Lease, Term of Contract | 12 |
Leases Lease Costs (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Leases [Abstract] | ||
Operating Lease, Cost | $ 14.0 | $ 14.7 |
Short-term Lease, Cost | 0.1 | 0.1 |
Operating Lease, Expense | 14.1 | 14.8 |
Finance Lease, Interest Expense | 0.7 | 0.7 |
Finance Lease, Right-of-Use Asset, Amortization | 2.2 | 2.2 |
Finance Lease, Expense | 2.9 | 2.9 |
Sublease Income | $ 2.4 | $ 2.7 |
Leases Supplemental Cash Flow Information-Leases (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Leases [Abstract] | ||
Operating Lease, Payments | $ 17.0 | $ 16.9 |
Finance Lease, Principal Payments | $ 4.3 | $ 4.3 |
Leases Supplemental Balance Sheet Information-Leases (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 301.1 | $ 310.6 |
Operating Lease, Liability, Current | 49.1 | 49.9 |
Operating Lease, Liability, Noncurrent | 375.2 | 383.5 |
Operating Lease, Liability | $ 424.3 | $ 433.4 |
Operating Lease, Weighted Average Remaining Lease Term | 121 months | 121 months |
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% | 3.80% |
Finance Lease, Right-of-Use Asset | $ 69.3 | $ 71.5 |
Finance Lease, Liability, Current | 8.2 | 8.2 |
Finance Lease, Liability, Noncurrent | 65.7 | 67.8 |
Finance Lease, Liability | $ 73.9 | $ 76.0 |
Finance Lease, Weighted Average Remaining Lease Term | 96 months | 99 months |
Finance Lease, Weighted Average Discount Rate, Percent | 3.50% | 3.50% |
Leases Operating Leases Future Minimum Payments (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Operating Leases, Future Minimum Payments Due [Line Items] | |
Remainder of 2023 | $ 50.0 |
2024 | 60.9 |
2025 | 57.7 |
2026 | 53.1 |
2027 | 50.8 |
2028 | 50.1 |
Thereafter | 197.0 |
Total Operating Lease Payments | 519.6 |
Operating Lease Payments, Less Imputed Interest | (95.3) |
Present Value of Operating Lease Liability | $ 424.3 |
Leases Capital Leases, Future Minimum Payments Due (Details) $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Finance Leases, Future Minimum Payments Due [Line Items] | |
Remainder of 2023 | $ 12.9 |
2024 | 17.4 |
2025 | 17.5 |
2026 | 17.6 |
2027 | 17.8 |
2028 | 17.9 |
Thereafter | 41.0 |
Total Finance Lease Payments | 142.1 |
Finance Lease Payments, Less Imputed Interest | (68.2) |
Present Value of Finance Lease Liability | $ 73.9 |
Guarantees (Details) |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
years
| |
Guarantor Obligations [Line Items] | |
Agreement automatic renewal period (in years) | years | 1 |
Contingent liability to SGX, amount of irrevocable letters of credit | $ 360,000,000 |
Line of Credit Facility, Commitment Fee Amount | 350,000,000 |
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, 2023 |
Mar. 31, 2022 |
|
Balance | $ 26,878.7 | |
Other comprehensive income (loss), net of tax | 2.7 | $ (25.5) |
Balance | 27,384.4 | |
Investment Securities [Member] | ||
Balance | (0.9) | 1.1 |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | 0.4 | (1.3) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.0 |
Income tax benefit (expense) | (0.1) | 0.3 |
Other comprehensive income (loss), net of tax | 0.3 | (1.0) |
Balance | (0.6) | 0.1 |
Defined Benefit Plans [Member] | ||
Balance | (22.8) | (34.8) |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | (3.5) | (3.7) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0.0 | 0.3 |
Income tax benefit (expense) | 0.9 | 0.9 |
Other comprehensive income (loss), net of tax | (2.6) | (2.5) |
Balance | (25.4) | (37.3) |
Derivative Investments [Member] | ||
Balance | 64.7 | 66.1 |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | 0.0 | 0.0 |
Amounts reclassified from accumulated other comprehensive income (loss) | (1.2) | 0.8 |
Income tax benefit (expense) | 0.3 | (0.2) |
Other comprehensive income (loss), net of tax | (0.9) | 0.6 |
Balance | 63.8 | 66.7 |
Foreign Currency Translation [Member] | ||
Balance | (174.3) | 21.1 |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | 5.9 | (22.6) |
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 | 5.9 | (22.6) |
Balance | (168.4) | (1.5) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Balance | (133.3) | 53.5 |
Other comprehensive income (loss) before reclassifications and income tax benefit (expense) | 2.8 | (27.6) |
Amounts reclassified from accumulated other comprehensive income (loss) | (1.2) | 1.1 |
Income tax benefit (expense) | 1.1 | 1.0 |
Other comprehensive income (loss), net of tax | 2.7 | (25.5) |
Balance | $ (130.6) | $ 28.0 |
Fair Value Measurements (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Unrealized Loss on Investments | $ 1.3 |
Investments, Fair Value Disclosure | $ 8.6 |
Fair Value Measurements (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) - Fair Value, Recurring [Member] $ in Millions |
Mar. 31, 2023
USD ($)
|
---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | $ 105.0 |
Total Assets at Fair Value | 105.0 |
Corporate Debt Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 11.5 |
Mutual Funds [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Trading Securities at Fair Value | 93.4 |
Equity Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 0.1 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 105.0 |
Total Assets at Fair Value | 105.0 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 11.5 |
Fair Value, Inputs, Level 1 [Member] | Mutual Funds [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Trading Securities at Fair Value | 93.4 |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 0.1 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 0.0 |
Total Assets at Fair Value | 0.0 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 0.0 |
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, Inputs, Level 2 [Member] | Equity Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 0.0 |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 0.0 |
Total Assets at Fair Value | 0.0 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | 0.0 |
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, Inputs, Level 3 [Member] | Equity Securities [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Marketable Securities | $ 0.0 |
Fair Value Measurements (Estimated Fair Values of Long-Term Debt) (Details) - 3 months ended Mar. 31, 2023 € in Millions, $ in Millions |
USD ($) |
EUR (€) |
---|---|---|
$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 | |
€15.0 million fixed rate notes due May 2023 [Member] | ||
Debt Instrument, Face Amount | € | € 15.0 | |
Debt Instrument, Maturity Date | May 01, 2023 | |
$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 | |
$750.0 Million Fixed Rate Notes Due March 2032, Interest Equal To 2.65% | ||
Debt Instrument, Face Amount | $ 750.0 | |
Debt Instrument, Maturity Date | Mar. 15, 2032 | |
Fair Value, Inputs, Level 2 [Member] | $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 | |
Fair Value, Inputs, Level 2 [Member] | €15.0 million fixed rate notes due May 2023 [Member] | ||
Debt Instrument, Fair Value Disclosure | $ 16.3 | |
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 | $ 726.3 | |
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 | $ 488.1 | |
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 | $ 792.5 | |
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 | $ 657.9 | |
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 March 2032, Interest Equal To 2.65% | ||
Debt Instrument, Fair Value Disclosure | $ 650.8 |
Earnings Per Share (Narrative) (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 160 | 78 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 160 | 78 |
Earnings Per Share (Net Income Attributable To CME Group) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Dividends, Preferred Stock | $ (5.0) | $ (4.6) |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | (6.1) | (4.4) |
Net Income Attributable to Common Shareholders of CME Group | $ 872.7 | $ 702.0 |
Basic (in shares) | 358,933 | 358,609 |
Effect of stock options, restricted stock and performance shares | 380 | 571 |
Diluted (in shares) | 359,313 | 359,180 |
Earnings per common share, basic (in dollars per share) | $ 2.43 | $ 1.96 |
Earnings per common share, diluted (in dollars per share) | $ 2.43 | $ 1.95 |