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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                 to
Commission File Number 001-36198
INTERCONTINENTAL EXCHANGE, INC.
(Exact name of registrant as specified in its charter)
 
Delaware46-2286804
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification Number)
5660 New Northside Drive,
Atlanta, Georgia
30328
(Address of principal executive offices) (Zip Code)
(770857-4700
Registrant’s telephone number, including area code 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per shareICENew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company  
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  
As of October 30, 2023, the number of shares of the registrant’s Common Stock outstanding was 572,363,906 shares.




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended September 30, 2023
TABLE OF CONTENTS
 
 
PART I.
Financial Statements
Item 1.
Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022
Consolidated Statements of Income for the nine and three months ended September 30, 2023 and 2022
Consolidated Statements of Comprehensive Income for the nine and three months ended September 30, 2023 and 2022
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the nine and three months ended September 30, 2023 and 2022
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022
Item 2.
Item 3.
Item 4.
PART II.
Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



PART I. Financial Statements
Item 1.    Consolidated Financial Statements

Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Balance Sheets
(In millions, except per share amounts)
As ofAs of
December 31, 2022
September 30, 2023
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents
$837 $1,799 
Short-term restricted cash and cash equivalents
471 6,149 
Restricted short-term investments730  
Cash and cash equivalent margin deposits and guaranty funds79,297 141,990 
Invested deposits, delivery contracts receivable and unsettled variation margin1,899 5,382 
Customer accounts receivable, net of allowance for doubtful accounts of $27 and $22 at September 30, 2023 and December 31, 2022, respectively
1,422 1,169 
Prepaid expenses and other current assets
741 458 
Total current assets
85,397 156,947 
Property and equipment, net
1,918 1,767 
Other non-current assets:
Goodwill
30,463 21,111 
Other intangible assets, net
17,595 13,090 
Long-term restricted cash and cash equivalents
190 405 
Long-term restricted investments199  
Other non-current assets
1,260 1,018 
Total other non-current assets
49,707 35,624 
Total assets
$137,022 $194,338 
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities
$964 $866 
Section 31 fees payable
18 223 
Accrued salaries and benefits
377 352 
Deferred revenue
334 170 
Short-term debt
2,257 4 
Margin deposits and guaranty funds
79,297 141,990 
Invested deposits, delivery contracts payable and unsettled variation margin1,899 5,382 
Other current liabilities
136 184 
Total current liabilities
85,282 149,171 
Non-current liabilities:
Non-current deferred tax liability, net
4,210 3,493 
Long-term debt
21,042 18,118 
Accrued employee benefits
177 160 
Non-current operating lease liability
306 254 
Other non-current liabilities
493 381 
Total non-current liabilities
26,228 22,406 
Total liabilities
111,510 171,577 
Commitments and contingencies
2


Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding
  
Common stock, $0.01 par value; 1,500 shares authorized; 648 and 634 issued at September 30, 2023 and December 31, 2022, respectively, and 572 and 559 shares outstanding at September 30, 2023 and December 31, 2022, respectively
6 6 
Treasury stock, at cost; 76 and 75 shares at September 30, 2023 and December 31, 2022, respectively
(6,278)(6,225)
Additional paid-in capital
15,837 14,313 
Retained earnings
16,225 14,943 
Accumulated other comprehensive loss
(331)(331)
Total Intercontinental Exchange, Inc. stockholders’ equity
25,459 22,706 
Non-controlling interest in consolidated subsidiaries
53 55 
Total equity
25,512 22,761 
Total liabilities and equity
$137,022 $194,338 

See accompanying notes.
3


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Income
(In millions, except per share amounts)
(Unaudited)

Nine Months Ended September 30,Three Months Ended September 30,
2023202220232022
Revenues:
Exchanges
$4,754 $4,824 $1,540 $1,577 
Fixed income and data services
1,668 1,555 559 534 
Mortgage technology
815 880 330 276 
Total revenues
7,237 7,259 2,429 2,387 
Transaction-based expenses:
Section 31 fees
231 332 56 158 
Cash liquidity payments, routing and clearing
1,219 1,403 370 418 
Total revenues, less transaction-based expenses
5,787 5,524 2,003 1,811 
Operating expenses:
Compensation and benefits
1,103 1,058 400 344 
Professional services
88 101 31 32 
Acquisition-related transaction and integration costs
201 81 155 19 
Technology and communication
529 513 184 169 
Rent and occupancy
65 63 20 22 
Selling, general and administrative
196 166 59 54 
Depreciation and amortization
836 768 309 258 
Total operating expenses
3,018 2,750 1,158 898 
Operating income
2,769 2,774 845 913 
Other income/(expense):
Interest income
287 42 94 33 
Interest expense
(557)(440)(206)(176)
Other expense, net
(121)(1,132)(51)(1,097)
Total other income/(expense), net
(391)(1,530)(163)(1,240)
Income/(loss) before income tax expense
2,378 1,244 682 (327)
Income tax expense/(benefit)
330 186 123 (152)
Net income/(loss)
$2,048 $1,058 $559 $(175)
Net income attributable to non-controlling interest
(53)(37)(18)(16)
Net income/(loss) attributable to Intercontinental Exchange, Inc.
$1,995 $1,021 $541 $(191)
Earnings/(loss) per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic
$3.56 $1.83 $0.96 $(0.34)
Diluted
$3.55 $1.82 $0.96 $(0.34)
Weighted average common shares outstanding:
Basic
561 559 563 558 
Diluted
562 561 565 560 

See accompanying notes.
4


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Nine Months Ended September 30,Three Months Ended September 30,
2023202220232022
Net income/(loss)$2,048 $1,058 $559 $(175)
Other comprehensive income/(loss):
Foreign currency translation adjustments (207)(47)(98)
Other comprehensive loss (207)(47)(98)
Comprehensive income/(loss)$2,048 $851 $512 $(273)
Comprehensive income attributable to non-controlling interest
(53)(37)(18)(16)
Comprehensive income/(loss) attributable to Intercontinental Exchange, Inc.$1,995 $814 $494 $(289)
See accompanying notes.
5


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest
(In millions)
(Unaudited)

Intercontinental Exchange, Inc. Stockholders’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
SharesValueSharesValue
Balance, as of December 31, 2022
634 $6 (75)$(6,225)$14,313 $14,943 $(331)$55 $22,761 
Stock consideration issued for acquisition
11 1,256 1,256 
Exercise of common stock options
— — — — 27 — — — 27 
Payments relating to treasury shares
— — (1)(53)— — — — (53)
Stock-based compensation
— — — — 198 — — — 198 
Issuance under the employee stock purchase plan
1 — — — 43 — — — 43 
Contribution from equity partners
— — — — — — — 9 9 
Issuance of restricted stock
2 — — — — — — — — 
Distributions of profits
— — — — — — — (64)(64)
Dividends paid to stockholders
— — — — — (713)— — (713)
Net income/(loss) attributable to non-controlling interest
— — — — — (53)— 53 — 
Net income
— — — — — 2,048 — — 2,048 
Balance, as of September 30, 2023
648 $6 (76)$(6,278)$15,837 $16,225 $(331)$53 $25,512 



Intercontinental Exchange, Inc. Stockholders’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
SharesValueSharesValue
Balance, as of June 30, 2023636 $6 (76)$(6,276)$14,449 $15,925 $(284)$69 $23,889 
Other comprehensive loss
— — — — — — (47)— (47)
Stock consideration issued for acquisition
11 1,256 1,256 
Exercise of common stock options
— — — — 3 — — — 3 
Payments relating to treasury shares
— — — (2)— — — — (2)
Stock-based compensation
— — — — 104 — — — 104 
Issuance under the employee stock purchase plan
1 — — — 25 — — — 25 
Distributions of profits
— — — — — — — (34)(34)
Dividends paid to stockholders
— — — — — (241)— — (241)
Net income/(loss) attributable to non-controlling interest
— — — — — (18)— 18 — 
Net income
— — — — — 559 — — 559 
Balance, as of September 30, 2023
648 $6 (76)$(6,278)$15,837 $16,225 $(331)$53 $25,512 
















6



Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest - (Continued)
(In millions)
(Unaudited)

Intercontinental Exchange, Inc. Stockholders’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
SharesValueSharesValue
Balance, as of December 31, 2021
631 $6 (70)$(5,520)$14,069 $14,350 $(196)$39 $22,748 
Other comprehensive loss
— — — — — — (207)— (207)
Exercise of common stock options
— — — — 22 — — — 22 
Repurchases of common stock
— — (4)(632)— — — — (632)
Payments relating to treasury shares
— — (1)(72)— — — — (72)
Stock-based compensation
— — — — 129 — — — 129 
Issuance under the employee stock purchase plan
1 — — — 49 — — — 49 
Issuance of restricted stock
2 — — — — — — — — 
Distributions of profits
— — — — — — — (35)(35)
Dividends paid to stockholders
— — — — — (640)— — (640)
Net income/(loss) attributable to non-controlling interest
— — — — — (37)— 37 — 
Net income
— — — — — 1,058 — — 1,058 
Balance, as of September 30, 2022
634 $6 (75)$(6,224)$14,269 $14,731 $(403)$41 $22,420 



Intercontinental Exchange, Inc. Stockholders’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income/(Loss)
SharesValueSharesValue
Balance, as of June 30, 2022633 $6 (75)$(6,223)$14,201 $15,135 $(305)$47 $22,861 
Other comprehensive loss
— — — — — — (98)— (98)
Exercise of common stock options
— — — — 2 — — — 2 
Payments relating to treasury shares
— — — (1)— — — — (1)
Stock-based compensation
— — — — 41 — — — 41 
Issuance under the employee stock purchase plan
1 — — — 25 — — — 25 
Distributions of profits
— — — — — — — (22)(22)
Dividends paid to stockholders
— — — — — (213)— — (213)
Net income/(loss) attributable to non-controlling interest
— — — — — (16)— 16 — 
Net loss
— — — — — (175)— — (175)
Balance, as of September 30, 2022
634 $6 (75)$(6,224)$14,269 $14,731 $(403)$41 $22,420 

See accompanying notes.



7


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Nine Months Ended September 30,
20232022
Operating activities:
Net income
$2,048 $1,058 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
836 768 
Stock-based compensation
164 116 
Deferred taxes
(247)(515)
Loss/(gain) on sale of investments8 (41)
Net losses from and impairment of unconsolidated investees91 1,152 
Other
54 31 
Changes in assets and liabilities:
Customer accounts receivable
(112)(72)
  Other current and non-current assets(35)(170)
Section 31 fees payable
(205)1 
Deferred revenue
127 130 
Other current and non-current liabilities
(156)4 
Total adjustments
525 1,404 
Net cash provided by operating activities
2,573 2,462 
 Investing activities:
Capital expenditures
(104)(125)
Capitalized software development costs
(222)(200)
Purchases of invested margin deposits(1,360)(6,935)
Proceeds from sales of invested margin deposits3,396 4,285 
Cash paid for acquisitions, net of cash acquired
(10,247)(57)
Proceeds from sale of/(purchases of) equity and equity method investments90 (69)
Proceeds from sale of Euroclear investment 741 
Purchases of investments(956) 
Other
 (1)
Net cash used in investing activities
(9,403)(2,361)
Financing activities:
 Proceeds from/(repayments of) debt facilities, net514 5,189 
 Proceeds from/(redemption of) commercial paper, net2,257 (1,012)
Repurchases of common stock
 (632)
Dividends to stockholders
(713)(640)
 Change in cash and cash equivalent margin deposits and guaranty funds(64,729)13,503 
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises
(53)(72)
Other
13 37 
Net cash (used in)/provided by financing activities
(62,711)16,373 
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds(7)(41)
Net (decrease)/increase in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
(69,548)16,433 
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period
150,343 147,976 
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period
$80,795 $164,409 




Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Cash Flows (Continued)
(In millions)
(Unaudited)

Nine Months Ended September 30,
20232022
Supplemental cash flow disclosure:
Cash paid for income taxes
$658 $710 
Cash paid for interest
$524 $368 
Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the balance sheet:
As of
September 30, 2023
As of
 September 30, 2022
Cash and cash equivalents$837 $1,183 
Short-term restricted cash and cash equivalents471 6,032 
Long-term restricted cash and cash equivalents190 405 
Cash and cash equivalent margin deposits and guaranty funds79,297 156,789 
Total$80,795 $164,409 

See accompanying notes.
8


Intercontinental Exchange, Inc. and Subsidiaries
Notes to Consolidated Financial Statements
(Unaudited)

1.Description of Business
Nature of Business and Organization
Intercontinental Exchange, Inc. is a provider of market infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. These products, which span major asset classes including futures, equities, fixed income and United States, or U.S., residential mortgages provide our customers with access to mission critical tools that are designed to increase asset class transparency and workflow efficiency. Our business is conducted through three reportable business segments:
Exchanges: We operate regulated marketplaces for the listing, trading and clearing of a broad array of derivatives contracts and financial securities.
Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services as well as global credit default swap, or CDS, clearing and multi-asset class data delivery solutions.
Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing and the secondary market.
We operate marketplaces, technology and provide data services in the U.S., United Kingdom, or U.K., European Union, or EU, Canada, Asia Pacific and the Middle East.

2.     Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2022. The accompanying unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. We believe that these adjustments are of a normal recurring nature.
Preparing financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the amounts that are reported in our consolidated financial statements and accompanying disclosures. Actual amounts could differ from those estimates. The results of operations for the nine and three months ended September 30, 2023 are not necessarily indicative of the results to be expected for any future period or the full fiscal year.
These statements include the accounts of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions between us and our wholly-owned and controlled subsidiaries have been eliminated in consolidation. For consolidated subsidiaries in which our ownership is less than 100% and for which we have control over the assets and liabilities and the management of the entity, the outside stockholders’ interests are shown as non-controlling interests.
We have considered the impacts of macroeconomic conditions during the quarter, including interest rates, the inflationary environment, geopolitical events and military conflicts, including repercussions from the conflicts in Ukraine, Israel and Gaza and the impacts that any of the foregoing may have on the global economy and on our business. As of September 30, 2023, our businesses and operations, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of these events. There continues to be uncertainty surrounding the current macroeconomic environment and the impact that it may have on the global economy and on our business.
Recently Adopted Accounting Pronouncements
During the nine months ended September 30, 2023, there were no significant changes to the new and recently adopted accounting pronouncements applicable to us from those disclosed in Note 2 to the consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022, or the 2022 Form 10-K.

9


3.     Acquisitions and Divestitures
Black Knight, Inc.
On September 5, 2023 we acquired Black Knight, Inc., or Black Knight, a software, data and analytics company that serves the housing finance continuum, including real estate data, mortgage lending and servicing, as well as the secondary markets. Pursuant to the Agreement and Plan of Merger, dated as of May 4, 2022, among ICE, Sand Merger Sub Corporation, a wholly owned subsidiary of ICE, or Sub, and Black Knight, which we refer to as the "merger agreement," Sub merged with and into Black Knight, which we refer to as the "merger," with Black Knight surviving as a wholly-owned subsidiary of ICE.
The aggregate transaction consideration was approximately $11.8 billion, or $76 per share of Black Knight common stock, with cash comprising 90% of the value of the aggregate transaction consideration and shares of our common stock comprising 10% of the value of the aggregate transaction consideration. The aggregate cash component of the transaction consideration was $10.5 billion, and the value of the aggregate stock component of the transaction consideration was based on the market price of our common stock and the average of the volume weighted averages of the trading prices of our common stock on each of the ten consecutive trading days ending three trading days prior to the closing of the merger. We expect that this transaction will build on our position as a provider of end-to-end electronic workflow solutions for the rapidly evolving U.S. residential mortgage industry. We believe the Black Knight ecosystem adds value for clients of all sizes across the mortgage and real estate lifecycles by helping organizations lower costs, increase efficiencies, grow their businesses, and reduce risk.
On September 14, 2023, or the Divestiture Date, in connection with the merger agreement, we sold Black Knight's Optimal Blue and Empower loan origination system, or LOS, businesses, or the Divestitures, to subsidiaries of Constellation Software, Inc. The cash proceeds from the Divestitures were $241 million. The structure of the Optimal Blue transaction also included a promissory note with a face value of $500 million, or the Promissory Note, issued by the purchaser to Black Knight, as a subsidiary of ICE, at the closing of the transaction. The Promissory Note has a 40-year term with a maturity date of September 5, 2063, and a coupon interest rate of 7.0% per year. As discussed in more detail below, the Promissory Note was valued at $235 million on the Divestiture Date. In accordance with Accounting Standards Codification, or ASC, 805, Business Combinations, or ASC 805, as well as ASC 360, Impairment and Disposal of Long-Lived Assets, we are required to measure an acquired long-lived asset or disposal group that is classified as held for sale at the acquisition date at fair value less cost to sell. Accordingly, there was no gain or loss recognized on the Divestitures.
For the period between the acquisition date of September 5, 2023 through the Divestiture Date, the discontinued operations of Empower and Optimal Blue were immaterial and have been included in acquisition-related transaction and integration costs in our consolidated statements of income for the nine and three months ending September 30, 2023.
Pursuant to the Agreement Containing Consent Orders entered into between the Federal Trade Commission, or the FTC, and ICE and Black Knight, all rights, title and interest in the promissory note were transferred to a trustee appointed by the FTC for the purpose of selling the promissory note within six months of the Divestiture Date. Proceeds of the promissory note sale, net of trustee expenses, will be paid to ICE and Black Knight once the sale is final and approved by the FTC. We have elected the fair value option for the right to receive the net proceeds of the sale of the Promissory Note, which was $235 million based on Level 3 inputs on the Divestiture Date (Note 14).
The estimated fair value of the consideration transferred for Black Knight was approximately $11.3 billion as of the acquisition date, which consisted of the following (in millions):
Transaction Consideration
Cash$10,542 
ICE common stock1,256 
Converted unvested Black Knight awards22 
Total preliminary purchase price
$11,820 
Less: Divestitures(476)
Total net preliminary purchase price$11,344 
The purchase price has been allocated to the net tangible and identifiable intangible assets and liabilities based on the preliminary respective estimated fair values on the date of acquisition. The excess of purchase price over the net tangible and identifiable intangible assets has been recorded as goodwill. Goodwill represents potential revenue synergies related to new product development, various expense synergies and opportunities to enter new markets, and is assigned to our
10


mortgage technology reporting unit. The preliminary purchase price allocation is as follows (in millions):
Preliminary Purchase Price
Cash and cash equivalents
$58 
Property and equipment
147 
Goodwill
9,349 
 Identifiable intangibles4,991 
Debt acquired(2,389)
 Other assets and liabilities, net154 
Deferred tax liabilities on identifiable intangibles
(1,276)
Other deferred tax assets310 
Preliminary purchase price$11,344 
In performing the preliminary purchase price allocation, we considered, among other factors, the intended future use of acquired assets, analysis of historical financial performance and estimates of future performance of the Black Knight business. We have not yet obtained all of the information related to the fair value of the acquired assets and liabilities.
The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the valuation of the identifiable intangible assets, income taxes, and certain other tangible assets and liabilities. The allocation of the purchase price will be finalized upon the completion of the analysis of the acquired assets and liabilities within one year of the date of acquisition.
The following table sets forth the components of the preliminary intangible assets associated with the acquisition as of September 30, 2023 (in millions, except years):
Acquisition-Date Preliminary Fair Value
Accumulated AmortizationNet Book ValueUseful Life (Years)
Developed Technology
$1,129 $(9)$1,120 
2 to 10
Trademarks/Tradenames
159 (1)158 
5 to 20
Customer Relationships
3,077 (19)3,058 
1 to 15
Data and Databases579 (5)574 10
In-process Research & Development47 — 47 N/A
Total
$4,991 $(34)$4,957 
From the acquisition date through September 30, 2023, Black Knight revenues of $87 million, which were included in our mortgage technology revenues and operating expenses of $139 million were recorded in our consolidated income statement for the nine and three months ended September 30, 2023.
We are currently reviewing the impact of this acquisition under ASC 805. Any additional disclosures would not be practical for the nine and three months ending September 30, 2023 due to the size and timing of the acquisition. Such disclosures, if any, will be included in our Annual Report on Form 10-K for the fiscal year ending December 31, 2023.
See Note 13 where additional details of this transaction are discussed.

4. Investments
Dun & Bradstreet
In connection with our acquisition of Black Knight, we acquired an investment in Dun & Bradstreet Holdings, Inc., or D&B, a global provider of business decisioning data and analytics, which we classify as an equity investment. During the three months ended September 30, 2023, we sold 51% of our investment for $97 million and recorded a loss on the sale of $1 million. As of September 30, 2023, we maintain an investment of approximately 2% ownership in D&B, which we
11


record at fair value with gains and losses recognized in net income using Level 2 inputs (Note 14). During the three months ended September 30, 2023, we recorded a fair value loss of $7 million, which is included as other expense.
Euroclear
We previously owned a 9.8% stake in Euroclear, plc, or Euroclear, that we originally purchased for $631 million. We participated on the Euroclear Board of Directors, and we classified our investment in Euroclear as an equity investment.
On May 20, 2022, we completed the sale of our 9.8% stake in Euroclear. The carrying value of our investment was $700 million at the time of the sale and was classified within other current assets on our balance sheet. We recorded a net gain on the sale of $41 million, which was included in other income, during the nine months ended September 30, 2022.
Equity Method Investments
Our equity method investments include the Options Clearing Corporation, or OCC, and Bakkt Holdings, LLC, or Bakkt, among others. Our equity method investments are included in other non-current assets in the accompanying consolidated balance sheet. We initially record our equity method investments at cost. At the end of each reporting period, we record our share of profits or losses of our equity method investments as equity earnings included in other income, and adjust the carrying value of our equity method investment accordingly. In addition, if and when our equity method investments issue cash dividends to us, we deduct the amount of these dividends from the carrying amount of that investment. We assess the carrying value periodically if impairment indicators are present.
We recognized $91 million and $1.1 billion as our share of estimated losses, net, from our equity method investments during the nine months ended September 30, 2023 and 2022, respectively, and $26 million and $1.1 billion as our share of losses, net, from our equity method investments during the three months ended September 30, 2023 and 2022, respectively. The estimated losses during both the nine and three months ended September 30, 2023 and 2022 are primarily related to our investment in Bakkt, partially offset by our share of OCC profits. Both periods include adjustments to reflect the difference between reported prior period actual results from our original estimates.
When performing our assessment of the carrying value of our investments, we consider, among other things, the length of time and the extent to which the market value has been less than our cost basis, if applicable, the investee's financial condition and near-term prospects, the economic or technological environment in which our investees operate, weakening of the general market condition of the related industry, whether an investee can continue as a going concern, any impairment charges recorded by an investee on goodwill, intangible or long-lived assets, and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value.
OCC
We own a 40% interest in OCC through a direct investment by the New York Stock Exchange, or NYSE. OCC is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission, or CFTC, as a derivatives clearing organization. OCC serves as a clearing house for securities options, security futures, commodity futures and options on futures traded on various independent exchanges. OCC clears securities options traded on NYSE Arca and NYSE Amex Options, along with other non-affiliated exchanges.
Bakkt
As of September 30, 2023, we held an approximate 64% economic interest in Bakkt. As a result of limitations on ICE from the Bakkt voting agreement entered into in connection with Bakkt's merger with VIH, we hold a minority voting interest in Bakkt and treat it as an equity method investment. During the three months ended September 30, 2022, Bakkt reported an impairment of goodwill and intangible assets of approximately $1.5 billion, of which $1.0 billion was included in our share of estimated losses. We also recorded an impairment of $40 million in our investment in Bakkt to its fair value as of September 30, 2022 as other expense. This was based on what we considered to be an other than temporary decline in fair value as a result of the factors noted above, including consideration for the impairment charge recorded by Bakkt.

5. Revenue Recognition
Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our balance sheets as customer accounts receivable. We do not have obligations for warranties, returns or refunds to customers, other than rebates, which are settled each period and therefore do not result in variable consideration. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods, and we do not have any transaction price allocated to unsatisfied performance obligations other than in our deferred revenue. Certain judgments and estimates are used in the identification and timing of satisfaction of
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performance obligations and the related allocation of transaction price. We believe that these represent a faithful depiction of the transfer of services to our customers.
Deferred revenue represents our contract liabilities related to our annual, original and other listings revenues, certain data services, clearing services, mortgage technology services and other revenues. Deferred revenue is our only significant contract liability. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition.
For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration. In addition, we have elected the practical expedient of excluding sales taxes from transaction prices. We have assessed the costs incurred to obtain or fulfill a contract with a customer, which are primarily our sales commissions.
Refer to Note 5 to the consolidated financial statements included in Part II, Item 8 of our 2022 Form 10-K where our primary revenue contract classifications are described in detail.

The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 15:
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Nine Months Ended September 30, 2023:
Total revenues$4,754 $1,668 $815 $7,237 
Transaction-based expenses1,450   1,450 
Total revenues, less transaction-based expenses$3,304 $1,668 $815 $5,787 
Timing of Revenue Recognition
Services transferred at a point in time$1,902 $343 $240 $2,485 
Services transferred over time1,402 1,325 575 3,302 
Total revenues, less transaction-based expenses$3,304 $1,668 $815 $5,787 


 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended September 30, 2023:
Total revenues$1,540 $559 $330 $2,429 
Transaction-based expenses426   426 
Total revenues, less transaction-based expenses$1,114 $559 $330 $2,003 
Timing of Revenue Recognition
Services transferred at a point in time$639 $114 $92 $845 
Services transferred over time475 445 238 1,158 
Total revenues, less transaction-based expenses$1,114 $559 $330 $2,003 


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 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Nine Months Ended September 30, 2022:
Total revenues$4,824 $