Related Party Transactions |
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | (6)Related Party Transactions Our service arrangements with related parties are priced within the range of prices we offer to third parties. We believe the amounts earned from or charged by us under each of the following arrangements are fair and reasonable. However, the amounts we earned or that were charged under these arrangements were not negotiated at arm's length and may not represent the terms that we might have obtained from an unrelated third party. ICE ICE is considered a related party for the period subsequent to the ICE Transaction. On September 12, 2023 we entered into an Intercompany Master Promissory Note with ICE. The intercompany note is a revolving commitment up to $5 billion. There are no mandatory repayments and principal and interest are due upon maturity on September 29, 2028. The interest rate is based on the 3-month ICE Term Secured Overnight Financing Rate in effect on the first business day of each fiscal quarter and was 5.27% as of September 30, 2023. As of September 30, 2023, the and interest receivable were $402.2 million and $0.9 million, respectively, and are included in Note receivable with Parent in our Condensed Consolidated Balance Sheets (Unaudited).As of September 30, 2023, we also have a due to ICE balance of $2.2 million included in Trade accounts payable and other accrued liabilities in our Condensed Consolidated Balance Sheets (Unaudited). DNB Prior to June 30, 2023, DNB was considered to be a related party primarily due to the combination of accounting for our investment in DNB as an equity method investment and our former Executive Chairman, who is also the Chief Executive Officer of DNB. As of June 30, 2023, we no longer have significant influence over DNB and we account for our DNB investment at fair value in accordance with ASC 321. Refer to Note 4 — Investments for additional information. As of June 30, 2023, DNB was no longer considered to be a related party. Below is a summary of related party agreements and transactions with DNB prior to June 30, 2023. In 2021, we entered into a five-year agreement with DNB to provide them with certain products and data over the term of the agreement, as well as professional services, for an aggregate fee of approximately $34 million over the term of the agreement. During the same period, we also entered into an agreement with DNB for access to certain of their data assets for an aggregate fee of approximately $24 million over the term of the agreement. In addition, we jointly market certain solutions and data. We have a services agreement with DNB that is cancellable upon mutual agreement. Pursuant to the agreement, we provide DNB certain support services in exchange for fees in an amount of our cost plus a 10% markup. The following is a summary of amounts related to agreements with DNB included in our Condensed Consolidated Balance Sheets (Unaudited) (in millions):
The following is a summary of amounts related to agreements with DNB included in our Condensed Consolidated Statements of (Loss) Earnings and Comprehensive (Loss) Earnings (Unaudited) (in millions):
Prior to June 30, 2023, we received cash dividends of $1.8 million from DNB. Refer to Note 4 – Investments for additional information. |