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Condensed Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues:        
Total revenues $ 675.4 $ 575.9 $ 1,897.5 $ 2,021.1
Cost of revenues:        
Total cost of revenues 381.4 305.4 1,040.9 1,138.6
Revenues less cost of revenues 294.0 270.5 856.6 882.5
Operating expenses:        
Compensation and benefits 49.7 51.8 150.0 168.1
Depreciation and amortization 42.9 50.3 133.8 154.9
Technology support services 10.6 10.6 34.3 34.5
Professional fees and outside services 17.5 16.6 52.9 51.9
Travel and promotional expenses 2.7 2.6 8.3 9.8
Facilities costs 2.7 3.3 7.8 8.6
Acquisition-related costs 16.7 5.9 39.8 23.3
Other expenses 3.8 3.3 11.7 8.5
Total operating expenses 146.6 144.4 438.6 459.6
Operating income 147.4 126.1 418.0 422.9
Non-operating (expenses) income:        
Interest expense, net (8.2) (9.6) (28.1) (28.5)
Other (expense) income 1.7 (0.2) (2.7) 1.1
Income before income tax provision 140.9 116.3 387.2 395.5
Income tax provision 35.0 30.6 102.7 108.7
Net income 105.9 85.7 284.5 286.8
Net loss attributable to redeemable noncontrolling interest 0.1 0.3 4.1 0.9
Net income excluding redeemable noncontrolling interest 106.0 86.0 288.6 287.7
Change in redemption value of redeemable noncontrolling interest (0.1) (0.3) (0.5) (0.9)
Net income allocated to participating securities (0.4) (0.7) (1.5) (2.1)
Net income allocated to common stockholders $ 105.5 $ 85.0 $ 286.6 $ 284.7
Basic earnings per share (in dollars per share) $ 0.95 $ 0.76 $ 2.57 $ 2.54
Diluted earnings per share (in dollars per share) $ 0.94 $ 0.76 $ 2.56 $ 2.53
Basic weighted average shares outstanding (in shares) 111.6 111.4 111.6 112.0
Diluted weighted average shares outstanding (in shares) 111.9 111.8 112.0 112.4
Transaction fees        
Revenues:        
Total revenues $ 465.8 $ 411.8 $ 1,322.0 $ 1,423.7
Access and capacity fees        
Revenues:        
Total revenues 55.7 53.6 164.6 156.4
Market data fees        
Revenues:        
Total revenues 56.3 47.6 159.7 154.3
Regulatory fees        
Revenues:        
Total revenues 88.1 55.2 226.5 260.8
Other revenue        
Revenues:        
Total revenues 9.5 7.7 24.7 25.9
Liquidity payments        
Cost of revenues:        
Total cost of revenues 269.7 229.2 749.2 803.2
Routing and clearing        
Cost of revenues:        
Total cost of revenues 9.3 8.7 27.7 28.8
Section 31 fees        
Cost of revenues:        
Total cost of revenues 79.4 46.8 197.9 236.7
Royalty fees        
Cost of revenues:        
Total cost of revenues 22.9 $ 20.7 65.8 $ 69.9
Other        
Cost of revenues:        
Total cost of revenues $ 0.1   $ 0.3