Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

A reconciliation of the components of cash and cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds as presented in the consolidated statements of cash flows to the balance sheet is as follows (in millions):


	As of December 31, 2023		As of December 31, 2022		As of December 31, 2021
Cash and cash equivalents	$	899	$	1,799	$	607
Short-term restricted cash and cash equivalents	531		6,149		1,035
Long-term restricted cash and cash equivalents	340		405		398
Cash and cash equivalent margin deposits and guaranty funds	78,980		141,990		145,936
Total	$	80,750	$	150,343	$	147,976

Details of our deposits are as follows (in millions):


Cash and Cash Equivalent Margin Deposits and Guaranty Funds
Clearing House	Investment Type	As of December 31, 2023		As of December 31, 2022
ICE Clear Europe	National bank account (1)	$	5,819	$	17,390
ICE Clear Europe	Reverse repo	32,695		65,352
ICE Clear Europe	Sovereign debt	3,745		19,894
ICE Clear Europe	Demand deposits	40		153
ICE Clear Credit	National bank account	22,754		27,145
ICE Clear Credit	Reverse repo	5,381		3,916
ICE Clear Credit	Demand deposits	3,235		3,393
ICE Clear U.S.	Reverse repo	4,955		4,266
ICE Clear U.S.	Sovereign debt	347		472
Other ICE Clearing Houses	Demand deposits	9		9
Total cash and cash equivalent margin deposits and guaranty funds		$	78,980	$	141,990

Invested Deposits, Delivery Contracts Receivable and Unsettled Variation Margin
Clearing House	Investment Type	As of December 31, 2023		As of December 31, 2022
ICE NGX	Unsettled variation margin and delivery contracts receivable/payable	$	1,584	$	2,766
ICE Clear Europe	Invested deposits - sovereign debt	230		2,616
Total invested deposits, delivery contracts receivable and unsettled variation margin		$	1,814	$	5,382

(1) As of December 31, 2023, ICE Clear Europe held €11 million ($12.0 million based on the euro/U.S. dollar exchange rate of 1.1037 as of December 31, 2023) at the European Central Bank, or ECB, £4.6 billion ($5.8 billion based on the pound sterling/U.S. dollar exchange rate of 1.2732 as of December 31, 2023) at the Bank of England, or BOE, and €10 million ($11 million based on the above exchange rate) at the BOE. As of December 31, 2022, ICE Clear Europe held €11.7 billion ($12.5 billion based on the euro/U.S. dollar exchange rate of 1.0704 as of December 31, 2022) at ECB, £4.0 billion ($4.9 billion based on the pound sterling/U.S. dollar exchange rate of 1.2093 as of December 31, 2022) at the BOE and €10 million ($11 million based on the above exchange rate) at the BOE.

Schedule of Restricted Cash and Cash Equivalents


	As of December 31, 2023		As of December 31, 2022		As of December 31, 2021
Cash and cash equivalents	$	899	$	1,799	$	607
Short-term restricted cash and cash equivalents	531		6,149		1,035
Long-term restricted cash and cash equivalents	340		405		398
Cash and cash equivalent margin deposits and guaranty funds	78,980		141,990		145,936
Total	$	80,750	$	150,343	$	147,976

Our total restricted cash, cash equivalents, and investments including short-term and long-term portions, consisted of the following (in millions):


	As of December 31,
	2023		2022
Restricted cash, cash equivalents, and investments:
Short-term restricted cash and cash equivalents:
ICE Futures Europe	$	100	$	100
ICE Clear Europe	50		730
CFTC Regulated Entities	292		287


	As of December 31,
	2023		2022
Other Regulated Entities	79		73
Other	10		4,959
Total short-term restricted cash and cash equivalents	531		6,149
Restricted short-term investments:
ICE Clear Europe	680		—
Total restricted short-term investments	680		—
Long-term restricted cash and cash equivalents:
ICE Clearing House Portion of the Guaranty Fund Contribution	340		405
Total long-term restricted cash and cash equivalents	340		405
Total restricted cash, cash equivalents, and investments	$	1,551	$	6,554

Schedule of Reconciliation of Allowance for Doubtful Accounts

A reconciliation of the beginning and ending amount of allowance for doubtful accounts is as follows for the years ended December 31, 2023, 2022, and 2021 (in millions):


	Year Ended December 31,
	2023		2022		2021
Beginning balance of allowance for doubtful accounts	$	22	$	24	$	27
Bad debt expense	17		11		13
Charge-offs	(18)		(13)		(16)
Ending balance of allowance for doubtful accounts	$	21	$	22	$	24

Schedule of Adoption of Accounting Pronouncements Adopted And Not Yet Adopted

Recently Adopted Accounting Pronouncements


Standard/Description	Adoption Considerations	Effect on Financial Statements
ASU 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, requires the recognition and measurement of contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. Considerations to determine the amount of contract assets and contract liabilities to record at the acquisition date include the terms of the acquired contract, such as timing of payment, identification of each performance obligation in the contract and allocation of the contract transaction price to each identified performance obligation on a relative standalone selling price basis as of contract inception. This standard is effective beginning in the first quarter of 2023 and should be applied prospectively for acquisitions occurring on or after the effective date of the amendment, with early adoption permitted.	We adopted this standard early as of December 31, 2022.	We applied the recently adopted pronouncement to our evaluation of the contract assets acquired and contract liabilities assumed as part of the Black Knight acquisition. Refer to Note 3 for more information.

Accounting Pronouncements Not Yet Adopted in These Financial Statements


Standard/Description	Adoption Considerations	Effect on Financial Statements
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, requires enhanced disclosures primarily regarding significant segment expenses that are regularly provided to the chief operating decision maker and a description of other segment items. The ASU also requires all annual disclosures required by Topic 280 to be included in interim periods. This standard is effective for our 2024 fiscal year and interim periods beginning in the first quarter of 2025, with early adoption permitted. This standard should be applied retrospectively once adopted.	We will adopt this ASU for our 2024 annual financial statements.	We are currently evaluating the impact of adopting this ASU on our consolidated financial statements and disclosures.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, requires greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. The ASU also requires disclosure of income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and disclosure of income tax expense (or benefit) from continuing operations broken out between federal, state/local and foreign. This standard is effective for our annual periods beginning after December 15, 2024, with early adoption permitted. The ASU applies on a prospective basis to the annual financial statements for the periods beginning after the effective date. Retrospective application in all prior periods presented is permitted.	We do not expect to adopt this ASU early and plan to adopt the ASU for our 2025 annual financial statements.	We are currently evaluating the impact of adopting this ASU on our income taxes disclosures.