Document and Entity Information - shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Apr. 23, 2019 |
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| Document And Entity Information [Abstract] | ||
| Entity Registrant Name | Nasdaq, Inc. | |
| Entity Central Index Key | 0001120193 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Mar. 31, 2019 | |
| Document Fiscal Year Focus | 2019 | |
| Document Fiscal Period Focus | Q1 | |
| Trading Symbol | ndaq | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 165,704,510 | |
| Entity Emerging Growth Company | false | |
| Entity Small Business | false |
| X | ||||||||||
- Definition If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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| X | ||||||||||
- Definition End date of current fiscal year in the format --MM-DD. No definition available.
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| X | ||||||||||
- Definition This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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| X | ||||||||||
- Definition This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
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| X | ||||||||||
- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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| X | ||||||||||
- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated), (5) Smaller Reporting Accelerated Filer or (6) Smaller Reporting Company and Large Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
- Definition Indicates that the company is a smaller reporting company with both a public float and revenues of less than $75 million. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition Document And Entity Information [Abstract] No definition available.
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| X | ||||||||||
- Definition Nasdaq Clearing members cash contributions for regulatory capital requirements associated with default fund contributions and margin deposits. No definition available.
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- Definition Nasdaq Clearing members cash contributions for regulatory capital requirements associated with default fund contributions and margin deposits. No definition available.
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| X | ||||||||||
- Definition Section Thirty One Fees Payable No definition available.
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| X | ||||||||||
- Definition Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of short-term debt and current maturity of long-term debt and capital lease obligations due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences with jurisdictional netting. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of investment in marketable security, classified as current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of current assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of noncurrent assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of liabilities classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of cash restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
| Common stock, shares issued (in shares) | 171,592,982 | 170,709,425 |
| Common stock, shares outstanding (in shares) | 165,701,483 | 165,165,104 |
| Common stock in treasury (in shares) | 5,891,499 | 5,544,321 |
| X | ||||||||||
- Definition Face amount or stated value per share of common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Regulatory expense includes cost incurred during the period associated with regulation of trading activity and the surveillance and investigation functions of Nasdaq. No definition available.
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- Definition We credit a portion of the per share execution charge to market participants and record the transaction rebate as a cost of revenues in the Consolidated Statements of Income. No definition available.
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- Definition This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of expense in the period for communications and data processing expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The amount of expense during the period for floor brokerage fees paid to other broker-dealers to execute trades on their behalf, stock exchange fees, order flow fees, and clearance fees. No definition available.
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| X | ||||||||||
- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The total expense recognized in the period for promotion, public relations, and brand or product advertising. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Details
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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions |
3 Months Ended | ||||
|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
||||
| Statement of Comprehensive Income [Abstract] | |||||
| Net income attributable to Nasdaq | $ 247 | $ 177 | |||
| Other comprehensive loss: | |||||
| Foreign currency translation losses | (106) | (76) | |||
| Income tax expense | [1] | (9) | (115) | ||
| Foreign currency translation, net | (115) | (191) | |||
| Employee benefit plan income tax expense | [1] | 0 | (7) | ||
| Total other comprehensive loss, net of tax | (115) | (198) | |||
| Comprehensive income (loss) attributable to Nasdaq | $ 132 | $ (21) | |||
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| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount before tax, after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of tax expense (benefit) of reclassification adjustment from accumulated other comprehensive income (loss) for gain (loss) of defined benefit plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
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| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
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| X | ||||||||||
- Definition Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Value of stock issued as a result of the exercise of stock options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Number of shares that have been repurchased and retired during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition This element represents movements included in the statement of changes in stockholders' equity which are not separately disclosed or provided for elsewhere in the taxonomy. No definition available.
|
| X | ||||||||||
- Definition Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the par value method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
| Cash flows from operating activities: | |||
| Net income | $ 247 | $ 177 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 48 | 53 | |
| Share-based compensation | 16 | 15 | |
| Deferred income taxes | (16) | (9) | |
| Net gain on divestiture of business | (27) | 0 | |
| Net income from unconsolidated investees | (45) | (2) | |
| Other reconciling items included in net income | 0 | 3 | |
| Net change in operating assets and liabilities, net of effects of divestiture and acquisitions: | |||
| Receivables, net | (50) | (127) | |
| Other assets | (288) | 68 | |
| Accounts payable and accrued expenses | 34 | 65 | |
| Section 31 fees payable to SEC | (40) | 0 | |
| Accrued personnel costs | (79) | (59) | |
| Deferred revenue | 186 | 208 | |
| Other liabilities | 351 | (17) | |
| Net cash provided by operating activities | 337 | 375 | |
| Cash flows from investing activities: | |||
| Purchases of securities | (101) | (73) | |
| Proceeds from sales and redemptions of securities | 138 | 81 | |
| Proceeds from divestiture of business | 108 | 0 | |
| Acquisition of business, net of cash and cash equivalents acquired | (193) | 0 | |
| Purchases of property and equipment | (20) | (16) | |
| Other investing activities | (6) | 0 | |
| Net cash used in investing activities | (74) | (8) | |
| Cash flows from financing activities: | |||
| Proceeds from (repayments of) commercial paper, net | 265 | (18) | |
| Repayments of long-term debt | (515) | (115) | |
| Proceeds from long-term debt issuances | 15 | 0 | |
| Repurchases of common stock | 0 | (99) | |
| Dividends paid | (73) | (63) | |
| Payments related to employee shares withheld for taxes | (30) | (42) | |
| Proceeds of customer funds | 36 | 0 | |
| Net cash used in financing activities | (302) | (337) | |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (8) | 0 | |
| Net increase (decrease) in cash and cash equivalents and restricted cash | (47) | 30 | |
| Cash and cash equivalents and restricted cash at beginning of period | 586 | 399 | $ 399 |
| Cash and cash equivalents and restricted cash at end of period | 539 | 429 | $ 586 |
| Cash paid for: | |||
| Interest | 23 | 33 | |
| Income taxes, net of refund | $ 22 | $ 27 | |
| X | ||||||||||
- Definition Payments related to employee shares withheld for taxes No definition available.
|
| X | ||||||||||
- Definition Proceeds from (Disbursements of) Customer Funds No definition available.
|
| X | ||||||||||
- Definition The amount of cash paid during the period. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies. Excludes amounts for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the aggregate amount of obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of increase (decrease) in obligations classified as other, payable within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in operating assets classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase (decrease) in operating liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of income (expense) included in net income that results in no cash inflow (outflow), classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash (inflow) outflow from investing activities classified as other. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The cash outflow to reacquire common stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This element represents the cash inflow during the period from the sale of a component of the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The net cash inflow or cash outflow from issuing (borrowing) and repaying commercial paper. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition The cash inflow from sales, maturities, prepayments, calls and collections of all investments, including securities and other assets, having ready marketability and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Organization and Nature of Operations |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Nature of Operations | Organization and Nature of Operations Nasdaq, Inc. is a leading provider of trading, clearing, marketplace technology, regulatory, securities listing, information and public and private company services. Our global offerings are diverse and include trading and clearing across multiple asset classes, trade management services, market data products, financial indexes, investment data and analytics, capital formation solutions, corporate solutions, and market technology products and services. Our technology powers markets across the globe, supporting equity derivative trading, clearing and settlement, cash equity trading, fixed income trading, trading surveillance and many other functions. We manage, operate and provide our products and services in four business segments: Market Services, Corporate Services, Information Services and Market Technology. Market Services Our Market Services segment includes our Equity Derivative Trading and Clearing, Cash Equity Trading, FICC and Trade Management Services businesses. We operate multiple exchanges and other marketplace facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETPs. In addition, in some countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions, providing fee-based revenues. In the U.S., we operate six electronic options exchanges and three cash equity exchanges. The Nasdaq Stock Market, the largest of our cash equities exchanges, is the largest single venue of liquidity for trading U.S.-listed cash equities. We also operate an electronic platform for trading of U.S. Treasuries and NFX, a U.S. based designated contract market which lists cash-settled energy derivatives based on key energy benchmarks including oil, natural gas and U.S. power. In addition, we also operate a Canadian exchange for the trading of certain Canadian-listed securities. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Reykjavik (Iceland), as well as the clearing operations of Nasdaq Clearing, as Nasdaq Nordic. We also operate exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as Nasdaq Baltic. Collectively, Nasdaq Nordic and Nasdaq Baltic offer trading in cash equities, depository receipts, warrants, convertibles, rights, fund units and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Nasdaq Commodities is the brand name for Nasdaq’s European commodity-related products and services. Nasdaq Commodities’ offerings include derivatives in oil, power, natural gas and carbon emission markets, seafood, electricity certificates and clearing services. These products are listed on two of Nasdaq’s derivatives exchanges, Nasdaq Oslo ASA and NFX. Through our Trade Management Services business, we provide market participants with a wide variety of alternatives for connecting to and accessing our markets via a number of different protocols used for quoting, order entry, trade reporting, and connectivity to various data feeds. We also provide data center services, including co-location to market participants, whereby we offer firms cabinet space and power to house their own servers and other equipment within our data centers. Our broker services operations offer technology and customized securities administration solutions to financial participants in the Nordic market. In March 2019, we entered into an agreement to sell Nordic Fund Market, an electronic mutual fund service which is a smaller part of our Broker Services business. Corporate Services Our Corporate Services segment includes our Corporate Solutions and Listing Services businesses. Our Corporate Solutions business serves corporate clients, including companies listed on our exchanges and private companies. We help organizations enhance their ability to understand and expand their global shareholder base, and improve corporate governance through our suite of advanced technology, analytics, and consultative services. In March 2019, we sold our BWise enterprise governance, risk and compliance software platform and in April 2018, we sold our Public Relations Solutions and Digital Media Services businesses. See Note 5, “Acquisitions and Divestitures,” for further discussion. As of March 2019, our Corporate Solutions business includes our Investor Relations Intelligence and Governance Solutions businesses. As of December 31, 2018, BWise was classified as held for sale. See Note 6, “Assets and Liabilities Held for Sale,” for further discussion. For segment reporting purposes, we have included the revenues and expenses of the Public Relations Solutions and Digital Media Services businesses in corporate items, which were part of the Corporate Solutions business, within our Corporate Services segment, prior to the date of sale. For discussion of business segments, see Note 19, “Business Segments.” Our Listing Services business includes our U.S. and European Listing Services businesses. We operate a variety of listing platforms around the world to provide multiple global capital raising solutions for private and public companies. Our main listing markets are The Nasdaq Stock Market and the Nasdaq Nordic and Nasdaq Baltic exchanges. Through Nasdaq First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies and growth companies. Our Listing Services business also includes NPM, which provides liquidity solutions for private companies and private funds. In December 2018, we launched a Corporate Bond exchange for the listing and trading of corporate bonds. The new exchange operates pursuant to The Nasdaq Stock Market exchange license and is powered by the Nasdaq Financial Framework. As of March 31, 2019, there were 3,059 total listings on The Nasdaq Stock Market, including 388 ETPs. The combined market capitalization was approximately $12.9 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,018 listed companies with a combined market capitalization of approximately $1.4 trillion. Information Services Our Information Services segment includes our Market Data, Index and Investment Data & Analytics businesses. Our Market Data business sells and distributes historical and real-time quote and trade information to the sell-side, the buy-side, retail online brokers, proprietary trading shops, other venues, internet portals and data distributors. Our market data products enhance transparency of market activity within our exchanges and provide critical information to professional and non-professional investors globally. Our Index business develops and licenses Nasdaq-branded indexes, associated derivatives, and financial products and also provides custom calculation services for third-party clients. As of March 31, 2019, we had 346 ETPs licensed to Nasdaq’s indexes which had $196 billion in assets under management. Our Investment Data & Analytics business is a leading content and analytics cloud-based solutions provider used by asset managers, investment consultants and asset owners to help facilitate better investment decisions. Market Technology Our Market Technology segment is a leading global technology solutions provider and partner to exchanges, clearing organizations, central securities depositories, regulators, banks, brokers, buy-side firms and corporate businesses. Our Market Technology business is the sales channel for our complete global offering to other marketplaces. Market Technology provides technology solutions for trading, clearing, settlement, surveillance and information dissemination to markets with wide-ranging requirements, from the leading markets in the U.S., Europe and Asia to emerging markets in the Middle East, Latin America, and Africa. Our marketplace solutions can handle a wide array of assets, including cash equities, equity derivatives, currencies, various interest-bearing securities, commodities and energy products, and are currently powering more than 100 marketplaces in 50 countries. Market Technology also provides market surveillance services to broker-dealer firms worldwide, as well as risk management solutions. |
| X | ||||||||||
- Definition The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 | |||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 8, “Investments,” for further discussion of our equity method investments. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the condensed consolidated financial statements and accompanying notes included in Nasdaq’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. On January 1, 2019, we adopted ASU 2016-02, “Leases,” or ASU 2016-02. See Note 3, “Significant Accounting Policies Update,” for further discussion. Certain prior year amounts have been reclassified to conform to the current year presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Subsequent Events We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. Recent Accounting Pronouncements
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- References No definition available.
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| X | ||||||||||
- Definition The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Significant Accounting Policies Update |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Significant Accounting Policies Update | Significant Accounting Policies Update Our significant accounting policies are detailed in Note 2, “Summary of Significant Accounting Policies,” in our Annual Report on Form 10-K for the year ended December 31, 2018 that was filed with the SEC on February 22, 2019. A significant change to our accounting policies as a result of adopting ASU 2016-02 is discussed below. We adopted ASU 2016-02 on January 1, 2019, and elected the optional transition method to initially apply the standard at the January 1, 2019 adoption date. As a result, we applied the new lease standard prospectively to our leases existing or commencing on or after January 1, 2019. Comparative periods presented were not restated upon adoption. Similarly, new disclosures under the standard were made for periods beginning January 1, 2019, and not for prior comparative periods. Prior periods will continue to be reported under guidance in effect prior to January 1, 2019. In addition, we elected the package of practical expedients permitted under the transition guidance within the standard, which among other things, allowed us to not reassess contracts to determine if they contain leases, lease classification and initial direct costs. The standard did not impact our statements of income and had no impact on our cash flows. We have operating leases which are primarily real estate leases for our U.S. and European headquarters and for general office space. These leases have varying lease terms ranging from 3 months to 17 years. We determine if an arrangement is a lease at inception. Operating leases are included in operating lease assets, other current liabilities, and operating lease liabilities in our condensed consolidated balance sheets as of March 31, 2019. As of March 31, 2019, we do not have any finance leases. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Since our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease asset also includes any lease payments made and excludes lease incentives. Our lease terms include options to extend or terminate the lease when we are reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Certain of our lease agreements include rental payments adjusted periodically for inflation based on an index or rate. These payments are included in the initial measurement of the operating lease liability and operating lease asset. However, rental payments which are based on a change in an index or a rate are considered variable lease payments and are expensed as incurred. We have lease agreements with lease and non-lease components, which are accounted for as a single performance obligation to the extent that the timing and pattern of transfer are similar for the lease and non-lease components and the lease component qualifies as an operating lease. We do not recognize lease liabilities and operating lease assets for leases with a term of 12 months or less. We recognize these lease payments on a straight-line basis over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictions or covenants. We sublease certain real estate to third parties. Our sublease portfolio consists of operating leases. The following table provides supplemental balance sheet information related to Nasdaq's operating leases:
The following table summarizes Nasdaq's lease cost:
____________
The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in our condensed consolidated balance sheet.
____________
Total lease payments in the above table exclude $128 million of legally binding minimum lease payments for leases signed but not yet commenced related to expansion of our world headquarters. These leases will commence in 2020 with a lease term of 16 years. The following table provides information related to Nasdaq's lease term and discount rate:
The following table provides supplemental cash flow information related to Nasdaq's operating leases:
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- Definition The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Revenue From Contracts With Customers |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue From Contracts With Customers | Revenue From Contracts With Customers Disaggregation of Revenue The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2019 and 2018:
For the three months ended March 31, 2019, approximately 65.0% of Market Services revenues were recognized at a point in time and 35.0% were recognized over time. For the three months ended March 31, 2018, approximately 66.0% of Market Services revenues were recognized at a point in time and 34.0% were recognized over time. Substantially all revenues from the Corporate Services, Information Services and Market Technology segments were recognized over time for the three months ended March 31, 2019 and 2018. * * * * * * Contract Balances Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our Condensed Consolidated Balance Sheets as receivables which are net of allowance for doubtful accounts of $11 million as of March 31, 2019 and $13 million as of December 31, 2018. The changes in the balance between periods were immaterial. We do not have obligations for warranties, returns or refunds to customers. For the majority of our contracts with customers, except for our market technology and listings services contracts, our performance obligations are short-term in nature and there is no significant variable consideration. We do not have revenues recognized from performance obligations that were satisfied in prior periods. We have elected not to provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. Excluding our market technology contracts, for contract durations that are one-year or greater, materially all of the transaction price allocated to unsatisfied performance obligations is included in deferred revenue. For our market technology contracts, the portion of transaction price allocated to unsatisfied performance obligations is shown in the table below. Deferred revenue primarily represents our contract liabilities related to our fees for annual and initial listings, market technology, corporate solutions and information services contracts. Deferred revenue is the only significant contract asset or liability as of March 31, 2019. See Note 9, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. * * * * * * Transaction Price Allocated to Remaining Performance Obligations As stated above, for contract durations that are one-year or greater, we do not have a material portion of transaction price allocated to unsatisfied performance obligations that are not included in deferred revenue other than for our market technology contracts. For our market technology contracts, the following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2019:
____________
Market technology deferred revenue, as discussed in Note 9, “Deferred Revenue,” to the condensed consolidated financial statements, represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. Deferred Revenue Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the three months ended March 31, 2019 are reflected in the following table:
____________
As of March 31, 2019, we estimate that our deferred revenue will be recognized in the following years:
____________
The timing of recognition of our deferred market technology revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate. |
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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Acquisitions and Divestiture |
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| Acquisitions and Divestiture | Acquisitions and Divestitures 2019 Divestiture and Acquisition We completed the following divestiture and acquisition in 2019. Financial results of each transaction are included in our condensed consolidated financial statements from the date of each divestiture or acquisition. 2019 Divestiture In March 2019, we sold our BWise enterprise governance, risk and compliance software platform which was part of our Corporate Solutions business within our Corporate Services segment to SAI Global and recognized a pre-tax gain on the sale of $27 million, net of disposal costs ($20 million after tax). The pre-tax gain is included in net gain on divestiture of business in the Condensed Consolidated Statements of Income for the three months ended March 31, 2019. As of December 31, 2018, the assets and liabilities of BWise were held for sale. See Note 6, “Assets and Liabilities Held For Sale,” for further discussion. 2019 Acquisition
In January 2019, we acquired Cinnober, a major Swedish financial technology provider to brokers, exchanges and clearinghouses worldwide for $219 million. Cinnober is part of our Market Technology segment. Nasdaq used cash on hand to fund this acquisition. The amounts in the table above represent the preliminary allocation of purchase price as of March 31, 2019 and are subject to revision during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values, which may include tax and other estimates, during the measurement period will be recorded in the reporting period in which the adjustment amounts are determined. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill. See “Intangible Assets” below for further discussion of intangible assets acquired in the Cinnober acquisition. 2018 Acquisition and Divestiture We completed an acquisition during the year ended December 31, 2018 and a divestiture in April 2018. Financial results of each transaction are included in our condensed consolidated financial statements from the date of the acquisition or divestiture. 2018 Acquisition Acquisition of Quandl In November 2018, we acquired Quandl, Inc., a leading provider of alternative and core financial data. Quandl is part of our Information Services segment. Nasdaq used issuances of commercial paper to fund this acquisition. 2018 Divestiture In April 2018, we sold our Public Relations Solutions and Digital Media Services businesses which were part of our Corporate Solutions business to West Corporation. A pre-tax gain of $41 million, net of disposal costs ($19 million after tax) was included in the Condensed Consolidated Statements of Income in the second quarter of 2018. A post-closing working capital adjustment of $8 million ($5 million after tax) was included in the Condensed Consolidated Statements of Income in the third quarter of 2018 bringing the net gain on the sale to $33 million, ($14 million after tax) for the nine months ended September 30, 2018. Through a multi-year partnership with West, Nasdaq will continue to provide eligible Nasdaq-listed clients with access to public relations, webcasting and webhosting products and services as part of the terms of the transaction. As part of the terms of the transaction, we are providing transition services to West, such as technology, finance and facilities related services until mid-2019, and the compensation received for such transition services is being reflected as a reduction to the underlying expenses incurred by Nasdaq to provide such transition services. Intangible Assets The following table presents the details of the customer relationships intangible asset at the date of acquisition for Cinnober which was the significant acquired intangible asset for this acquisition. All acquired intangible assets with finite lives are amortized using the straight-line method.
Customer Relationships Customer relationships represent the non-contractual and contractual relationships with customers. Methodology Customer relationships were valued using the income approach, specifically an excess earnings method. The excess earnings method examines the economic returns contributed by the identified tangible and intangible assets of a company, and then isolates the excess return that is attributable to the intangible asset being valued. Discount Rate The discount rates used reflect the amount of risk associated with the hypothetical cash flows for the customer relationships relative to the overall business. In developing a discount rate for the customer relationships, we estimated a weighted-average cost of capital for the overall business and we employed this rate when discounting the cash flows. The resulting discounted cash flows were then tax-effected at the applicable statutory rate. For our acquisition of Cinnober, a discounted tax amortization benefit was added to the fair value of the assets under the assumption that the customer relationships would be amortized for tax purposes over a period of 5 years. Estimated Useful Life We estimate the useful life based on the historical behavior of the customers and a parallel analysis of the customers using the excess earnings method. |
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Assets and Liabilities Held For Sale |
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| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities Held For Sale | Assets and Liabilities Held For Sale In December 31, 2018, we decided to sell BWise, our enterprise governance, risk and compliance software platform and this business was recorded as held for sale. BWise was part of our Corporate Solutions business within our Corporate Services segment. We determined that we met all of the criteria to classify the assets and liabilities of BWise as held for sale. The disposal of BWise did not represent a strategic shift that would have a major effect on our operations and financial results and was, therefore, not classified as discontinued operations. As a result of this classification, the assets and liabilities of this business were recorded at the lower of their carrying amount or fair value less costs to sell. In February 2019, we entered into an agreement to sell BWise and in March 2019, we completed the sale and recognized a pre-tax gain on the sale of $27 million, net of disposal costs ($20 million after tax). See “2019 Divestiture,” of Note 5, “Acquisitions and Divestitures,” for further discussion. Based on the sales price in the agreement, no impairment charge was recorded at the time of the sale as the carrying amount of the net assets was less than the sales price in the agreement less costs to sell. Major Classes of Assets and Liabilities Held For Sale The carrying amounts of the major classes of assets and liabilities that were classified as held for sale at December 31, 2018 were as follows:
(2) Primarily represents customer relationships. (3) Included in other current assets in the Condensed Consolidated Balance Sheets as of December 31, 2018. (4) Included in other current liabilities in the Condensed Consolidated Balance Sheets as of December 31, 2018. |
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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Goodwill and Acquired Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Acquired Intangible Assets | Goodwill and Acquired Intangible Assets Goodwill The following table presents the changes in goodwill by business segment during the three months ended March 31, 2019:
The goodwill acquired for Market Technology shown above relates to our acquisition of Cinnober. See “2019 Acquisition,” of Note 5, “Acquisitions and Divestitures,” for further discussion. Goodwill represents the excess of purchase price over the value assigned to the net assets, including identifiable intangible assets, of a business acquired. Goodwill is allocated to our reporting units based on the assignment of the fair values of each reporting unit of the acquired company. We test goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying amount may be impaired, such as changes in the business climate, poor indicators of operating performance or the sale or disposition of a significant portion of a reporting unit. There was no impairment of goodwill for the three months ended March 31, 2019 and 2018; however, events such as extended economic weakness or unexpected significant declines in operating results of a reporting unit may result in goodwill impairment charges in the future. Acquired Intangible Assets The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:
Amortization expense for acquired finite-lived intangible assets was $26 million for the three months ended March 31, 2019 and $28 million for the three months ended March 31, 2018. Amortization expense decreased in 2019 primarily due to certain assets becoming fully amortized in the fourth quarter of 2018, partially offset by additional amortization expense associated with acquired intangible assets in 2019. These amounts are included in depreciation and amortization expense in the Condensed Consolidated Statements of Income. The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $109 million as of March 31, 2019) of acquired finite-lived intangible assets as of March 31, 2019 is as follows:
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- References No definition available.
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- Definition The entire disclosure for goodwill and intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Investments |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments | Investments The following table presents the details of our investments:
Financial Investments, at Fair Value Trading Securities Trading securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, are primarily comprised of highly rated European government debt securities, of which $194 million as of March 31, 2019 and $166 million as of December 31, 2018, are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing. Available-for-Sale Investment Securities As of December 31, 2018, available-for-sale investment securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were primarily comprised of commercial paper. As of March 31, 2019 and December 31, 2018, the cumulative unrealized gains and losses on these securities were immaterial. Equity Method Investments As of March 31, 2019 and December 31, 2018, our equity method investments primarily included our equity interest in OCC. The carrying amounts of our equity method investments are included in other non-current assets in the Condensed Consolidated Balance Sheets. Net income recognized from our equity interest in the earnings and losses of these equity method investments was $45 million for the three months ended March 31, 2019 and $2 million for the three months ended March 31, 2018. The change for the three months ended March 31, 2019 compared with the same period in 2018 is due to an increase in income recognized from our investment in OCC. Following the disapproval of the OCC capital plan in February 2019, described below, OCC suspended customer rebates and dividends to owners, including the unpaid dividend on 2018 results which Nasdaq expected to receive in March 2019. In 2018, we recorded $16 million of income relating to our share of OCC’s net income. We were not able to determine the impact of the disapproval of the OCC capital plan on OCC's 2018 net income until March 2019, when OCC's 2018 financial statements were made available to us. As a result, in March 2019, we recognized an additional $36 million of income relating to our share of OCC's net income for the year ended December 31, 2018. In March 2019, we also recognized our share of OCC's first quarter 2019 net income of $9 million. OCC Capital Plan In March 2015, OCC implemented a capital plan under which the options exchanges that are OCC’s stockholders contributed $150 million of new equity capital to OCC, committed to make future replenishment capital contributions under certain circumstances, and received commitments regarding future dividend payments and related matters. Nasdaq PHLX and ISE each contributed $30 million of new equity capital under the OCC capital plan. OCC adopted specific policies with respect to fees, customer refunds and stockholder dividends, which envisioned an annual dividend equal to the portion of OCC’s after-tax income that exceeded OCC’s capital requirements after payment of refunds to OCC’s clearing members (such refunds were generally 50% of the portion of OCC’s pre-tax income that exceeded OCC’s capital requirements). In 2018, 2017 and 2016, OCC disbursed annual dividends under the capital plan and Nasdaq, as the beneficial owner of shares held by Nasdaq PHLX and ISE, received $13 million in 2018, $10 million in 2017 and $4 million in 2016. The dividend recorded by Nasdaq in 2016 did not include the dividend due to ISE because our acquisition of ISE was completed in June 2016, after that year’s dividend had been paid. In February 2016, after the SEC approved the rule change establishing the OCC capital plan, certain industry participants appealed that approval in the U.S. Court of Appeals. In February 2019, on remand from the Court of Appeals, the SEC disapproved the OCC rule change that established the capital plan. OCC began a phased return of capital contributed under the capital plan, and we received $44 million in February 2019, with the remainder to be repaid at a later date. As a result of the SEC's disapproval of the rule change, we are also released from any future capital replenishment obligations under the 2015 capital plan. Equity Securities The carrying amounts of our equity securities are included in other non-current assets in the Condensed Consolidated Balance Sheets. We elected the measurement alternative for primarily all of our equity securities as they do not have a readily determinable fair value. Under the measurement alternative, these securities are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. For the three months ended March 31, 2019, no impairment charges were recorded on our equity securities and there were no upward or downward adjustments recorded. As of March 31, 2019 and December 31, 2018, our equity securities primarily represent various strategic investments made through our corporate venture program. |
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- References No definition available.
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- Definition The entire disclosure for investments in certain debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Deferred Revenue |
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| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Revenue | Revenue From Contracts With Customers Disaggregation of Revenue The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2019 and 2018:
For the three months ended March 31, 2019, approximately 65.0% of Market Services revenues were recognized at a point in time and 35.0% were recognized over time. For the three months ended March 31, 2018, approximately 66.0% of Market Services revenues were recognized at a point in time and 34.0% were recognized over time. Substantially all revenues from the Corporate Services, Information Services and Market Technology segments were recognized over time for the three months ended March 31, 2019 and 2018. * * * * * * Contract Balances Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our Condensed Consolidated Balance Sheets as receivables which are net of allowance for doubtful accounts of $11 million as of March 31, 2019 and $13 million as of December 31, 2018. The changes in the balance between periods were immaterial. We do not have obligations for warranties, returns or refunds to customers. For the majority of our contracts with customers, except for our market technology and listings services contracts, our performance obligations are short-term in nature and there is no significant variable consideration. We do not have revenues recognized from performance obligations that were satisfied in prior periods. We have elected not to provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. Excluding our market technology contracts, for contract durations that are one-year or greater, materially all of the transaction price allocated to unsatisfied performance obligations is included in deferred revenue. For our market technology contracts, the portion of transaction price allocated to unsatisfied performance obligations is shown in the table below. Deferred revenue primarily represents our contract liabilities related to our fees for annual and initial listings, market technology, corporate solutions and information services contracts. Deferred revenue is the only significant contract asset or liability as of March 31, 2019. See Note 9, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition. * * * * * * Transaction Price Allocated to Remaining Performance Obligations As stated above, for contract durations that are one-year or greater, we do not have a material portion of transaction price allocated to unsatisfied performance obligations that are not included in deferred revenue other than for our market technology contracts. For our market technology contracts, the following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2019:
____________
Market technology deferred revenue, as discussed in Note 9, “Deferred Revenue,” to the condensed consolidated financial statements, represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations. Deferred Revenue Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the three months ended March 31, 2019 are reflected in the following table:
____________
As of March 31, 2019, we estimate that our deferred revenue will be recognized in the following years:
____________
The timing of recognition of our deferred market technology revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate. |
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- References No definition available.
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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Debt Obligations |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Obligations | Debt Obligations The following table presents the changes in the carrying amount of our debt obligations during the three months ended March 31, 2019:
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Commercial Paper Program Our U.S. dollar commercial paper program is supported by our 2017 Credit Facility which provides liquidity support for the repayment of commercial paper issued through the commercial paper program. See “2017 Credit Facility” below for further discussion of our 2017 Credit Facility. The effective interest rate of commercial paper issuances fluctuates as short term interest rates and demand fluctuate. The fluctuation of these rates due to market conditions may impact our interest expense. As of March 31, 2019, commercial paper notes in the table above reflect the aggregate principal amount, less the unamortized discount which is being accreted through interest expense over the life of the applicable notes. The original maturities of these notes range from 3 days to 19 days and the weighted-average maturity is 2 days. The weighted-average effective interest rate is 2.78% per annum. Senior Unsecured Notes Our senior unsecured notes were all issued at a discount. As a result of the discount, the proceeds received from each issuance were less than the aggregate principal amount. As of March 31, 2019, the amounts in the table above reflect the aggregate principal amount, less the unamortized debt discount and the unamortized debt issuance costs which are being accreted through interest expense over the life of the applicable notes. Our senior unsecured notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations and they are not guaranteed by any of our subsidiaries. The senior unsecured notes were issued under indentures that, among other things, limit our ability to consolidate, merge or sell all or substantially all of our assets, create liens, and enter into sale and leaseback transactions. With the exception of the 2020 Notes, upon a change of control triggering event (as defined in the various note indentures), the terms require us to repurchase all or part of each holder’s notes for cash equal to 101% of the aggregate principal amount purchased plus accrued and unpaid interest, if any. Senior Unsecured Floating Rate Notes In March 2019, we used net proceeds from the sale of commercial paper and cash on hand to redeem all of our 2019 Notes. Nasdaq issued the 2019 Notes in September 2017. The 2019 Notes paid interest quarterly in arrears at a rate equal to the three-month U.S. dollar LIBOR as determined at the beginning of each quarterly period plus 0.39% per annum until March 22, 2019. 5.55% Senior Unsecured Notes Due 2020 In April 2019, we sent a redemption notice to the trustee to redeem all $600 million aggregate principal amount outstanding of our 2020 Notes, at a cash redemption price to be calculated as provided in the indenture governing the 2020 Notes, plus accrued and unpaid interest, if any, to the redemption date of May 1, 2019. Upon completion of the redemption, no 2020 Notes will remain outstanding. Payment of the redemption price will be made on or after the redemption date only upon presentation and surrender of the 2020 Notes to the trustee. Interest on the 2020 Notes called for redemption will cease to accrue from and after the redemption date. Nasdaq issued the 2020 Notes in January 2010. The 2020 Notes paid interest semiannually at a rate of 5.55%% per annum. Nasdaq will primarily use the net proceeds from the sale of the 2029 Notes to redeem the 2020 Notes. For further discussion of the 2029 Notes, see “1.75% Senior Unsecured Notes Due 2029” below. 3.875% Senior Unsecured Notes Due 2021 In June 2013, Nasdaq issued the 2021 Notes. The 2021 Notes pay interest annually at a rate of 3.875% per annum until June 7, 2021 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 5.875%. The 2021 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The decrease in the carrying amount of $15 million noted in the “Payments, Accretion and Other” column in the table above primarily reflects the translation of the 2021 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2019. 4.25% Senior Unsecured Notes Due 2024 In May 2014, Nasdaq issued the 2024 Notes. The 2024 Notes pay interest semiannually at a rate of 4.25% per annum until June 1, 2024 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 6.25%. 1.75% Senior Unsecured Notes Due 2023 In May 2016, Nasdaq issued the 2023 Notes. The 2023 Notes pay interest annually at a rate of 1.75% per annum until May 19, 2023 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 3.75%. The 2023 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange rate risk associated with certain investments in these subsidiaries. The decrease in the carrying amount of $15 million noted in the “Payments, Accretion and Other” column in the table above reflects the translation of the 2023 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2019. 3.85% Senior Unsecured Notes Due 2026 In June 2016, Nasdaq issued the 2026 Notes. The 2026 Notes pay interest semiannually at a rate of 3.85% per annum until June 30, 2026 and such rate may vary with Nasdaq’s debt rating up to a rate not to exceed 5.85%. 1.75% Senior Unsecured Notes Due 2029 In April 2019, Nasdaq issued €600 million aggregate principal amount of 1.75% senior notes due 2029, or the 2029 Notes, at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. The 2029 Notes are unsecured, pay interest annually in arrears, beginning on March 28, 2020 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The proceeds from the 2029 Notes, approximately $669 million after deducting the underwriting discount and expenses of this offering, will primarily be used to redeem the 2020 Notes. For further discussion of the 2020 Notes, see “5.55% Senior Unsecured Notes Due 2020” above. The 2029 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. Credit Facilities As of March 31, 2019, the amounts in the table above reflect the aggregate principal amount, less the unamortized debt issuance costs which are being accreted through interest expense over the life of the applicable credit facility. Nasdaq is permitted to repay borrowings under our credit facilities at any time in whole or in part, without penalty. Our credit facilities contain financial and operating covenants. Financial covenants include a minimum interest expense coverage ratio and a maximum leverage ratio. Operating covenants include, among other things, limitations on Nasdaq’s ability to incur additional indebtedness, grant liens on assets, dispose of assets and pay dividends. Our credit facilities allow us to pay cash dividends on our common stock. The facilities also contain customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of properties and insurance, and events of default, including cross-defaults to our material indebtedness. 2017 Credit Facility In April 2017, Nasdaq entered into the 2017 Credit Facility. The 2017 Credit Facility consists of a $1 billion five-year revolving credit facility (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit), which replaced a former credit facility. Nasdaq intends to use funds available under the 2017 Credit Facility for general corporate purposes and to provide liquidity support for the repayment of commercial paper issued through the commercial paper program. As of March 31, 2019, no amounts were outstanding on the 2017 Credit Facility. The $3 million balance represents unamortized debt issuance costs. Of the $1 billion that is available for borrowing, $541 million provides liquidity support for the commercial paper program and for a letter of credit. As such, as of March 31, 2019, the total remaining amount available under the 2017 Credit Facility was $459 million. See “Commercial Paper Program” above for further discussion of our commercial paper program. Under our 2017 Credit Facility, borrowings under the revolving credit facility and swingline borrowings bear interest on the principal amount outstanding at a variable interest rate based on either the LIBOR or the base rate (as defined in the credit agreement) (or other applicable rate with respect to non-dollar borrowings), plus an applicable margin that varies with Nasdaq’s debt rating. We are charged commitment fees of 0.125% to 0.4%, depending on our credit rating, whether or not amounts have been borrowed. These commitment fees are included in interest expense and were not material for the three months ended March 31, 2019 and 2018. The 2017 Credit Facility includes an option for Nasdaq to increase the available aggregate amount by up to $500 million, subject to the consent of the lenders funding the increase and certain other conditions. 2016 Credit Facility In March 2016, Nasdaq entered into the 2016 Credit Facility. Under our 2016 Credit Facility, borrowings bear interest on the principal amount outstanding at a variable interest rate based on either the LIBOR or the base rate (or other applicable rate with respect to non-dollar borrowings), plus an applicable margin that varies with Nasdaq’s debt rating. As of March 31, 2019, the amount outstanding of $100 million is due upon maturity at November 25, 2019, which we expect to repay with cash on hand and proceeds from issuances of commercial paper or borrowings from our revolving credit commitment under our 2017 Credit Facility. Other Credit Facilities We also have credit facilities related to our Nasdaq Clearing operations in order to provide further liquidity. Credit facilities, which are available in multiple currencies, totaled $210 million as of March 31, 2019 and $220 million as of December 31, 2018 in available liquidity, none of which was utilized. Debt Covenants As of March 31, 2019, we were in compliance with the covenants of all of our debt obligations. |
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Retirement Plans |
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| Retirement Benefits [Abstract] | |
| Retirement Plans | Retirement Plans Defined Contribution Savings Plan We sponsor a 401(k) Plan for U.S. employees. Employees are immediately eligible to make contributions to the plan and are also eligible for an employer contribution match at an amount equal to 100.0% of the first 6.0% of eligible employee contributions. Savings plan expense included in compensation and benefits expense in the Condensed Consolidated Statements of Income was $3 million for the three months ended March 31, 2019 and $4 million for three months ended March 31, 2018. Pension and Supplemental Executive Retirement Plans We maintain non-contributory, defined-benefit pension plans, non-qualified SERPs for certain senior executives and other post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the Nasdaq Benefit Plans. Our pension plans and SERPs are frozen. Future service and salary for all participants do not count toward an accrual of benefits under the pension plans and SERPs. Most employees outside the U.S. are covered by local retirement plans or by applicable social laws. Benefits under social laws are generally expensed in the periods in which the costs are incurred. The total expense for these plans is included in compensation and benefits expense in the Condensed Consolidated Statements of Income and was $5 million the three months ended March 31, 2019 and $6 million for three months ended March 31, 2018. |
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- Definition The entire disclosure for pension and other postretirement benefits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Share-Based Compensation |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Compensation | Share-Based Compensation We have a share-based compensation program for employees and non-employee directors. Share-based awards granted under this program include stock options, restricted stock (consisting of restricted stock units), and PSUs. For accounting purposes, we consider PSUs to be a form of restricted stock. Summary of Share-Based Compensation Expense The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three months ended March 31, 2019 and 2018 in the Condensed Consolidated Statements of Income:
Common Shares Available Under Our Equity Plan As of March 31, 2019, we had approximately 11.3 million shares of common stock authorized for future issuance under our Equity Plan. Restricted Stock We grant restricted stock to most active employees. The grant date fair value of restricted stock awards is based on the closing stock price at the date of grant less the present value of future cash dividends. Restricted stock awards granted generally vest 25.0% on the second anniversary of the grant date, 25.0% on the third anniversary of the grant date, and 50.0% on the fourth anniversary of the grant date. Summary of Restricted Stock Activity The following table summarizes our restricted stock activity for the three months ended March 31, 2019:
The awards granted in the above table do not include the all-employee grant which occurred on April 1, 2019. As of March 31, 2019, $45 million of total unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 1.7 years. PSUs PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. We have two performance-based long-term PSU programs for certain officers, a one-year performance-based program and a three-year cumulative performance-based program that focuses on TSR. One-Year PSU Program The grant date fair value of PSUs under the one-year performance-based program is based on the closing stock price at the date of grant less the present value of future cash dividends. Under this program, an eligible employee receives a target grant of PSUs, but may receive from 0.0% to 150.0% of the target amount granted, depending on the achievement of performance measures. These awards vest ratably on an annual basis over a three-year period commencing with the end of the one-year performance period. Compensation cost is recognized over the performance period and the three-year vesting period based on the probability that such performance measures will be achieved, taking into account an estimated forfeiture rate. During 2018, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 51,914 units above target were considered granted in the first quarter of 2019 and are included in the below table. Three-Year PSU Program Under the three-year performance-based program, each eligible individual receives PSUs, subject to market conditions, with a three-year cumulative performance period that vest at the end of the performance period. Compensation cost is recognized over the three-year vesting period, taking into account an estimated forfeiture rate, regardless of whether the market condition is satisfied, provided that the requisite service period has been completed. Performance will be determined by comparing Nasdaq’s TSR to two peer groups, each weighted 50.0%. The first peer group consists of exchange companies, and the second peer group consists of all companies in the S&P 500. Nasdaq’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The payout under this program will be between 0.0% and 200.0% of the number of PSUs granted and will be determined by Nasdaq’s overall performance against both peer groups. However, if Nasdaq’s TSR is negative for the three-year performance period, regardless of TSR ranking, the payout will not exceed 100.0% of the number of PSUs granted. We estimate the fair value of PSUs granted under the three-year PSU program using the Monte Carlo simulation model, as these awards contain a market condition. Certain grants of PSUs that were issued in 2016 with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 99,622 units above target were considered granted in the first quarter of 2019 and are included in the below table. The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program for the three months ended March 31, 2018:
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In addition, the annual dividend assumption utilized in the Monte Carlo simulation model is based on Nasdaq’s dividend yield at the date of grant. Summary of PSU Activity The following table summarizes our PSU activity for the three months ended March 31, 2019:
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As of March 31, 2019, $11 million of total unrecognized compensation cost related to the one-year PSU program is expected to be recognized over a weighted-average period of 1.5 years. For the three-year PSU program, $23 million of total unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.3 years. Stock Options In January 2017, our CEO received 268,817 performance-based non-qualified stock options which will vest annually over a three-year period, with each vesting contingent upon the achievement of annual performance parameters. On January 29, 2019, Nasdaq's management compensation committee and board of directors determined that the performance goal for 2018 was met, resulting in the settlement of the second one-third of the grant. There were no stock option awards granted during the three months ended March 31, 2019. The weighted-average grant date fair value for the 2017 grant was $66.68. We estimated the fair value of this stock option award using the Black-Scholes valuation model using the following assumptions:
Our computation of expected life was based on an estimate of the average length of time between option grant and exercise. The interest rate for periods within the expected life of the award was based on the U.S. Treasury yield curve in effect at the time of grant. Our computation of expected volatility was an estimate of the future upward/downward fluctuations in the underlying share price. We used Nasdaq's historical volatility for the trailing 6-year period as of the grant date. Our computation of dividend yield was based on annualized dividends expressed as a percentage of share price. Summary of Stock Option Activity A summary of stock option activity for the three months ended March 31, 2019 is as follows:
The net cash proceeds from the exercise of 8,666 stock options for the three months ended March 31, 2019 was immaterial. We received net cash proceeds of $1 million from the exercise of 34,195 stock options for the three months ended March 31, 2018. The aggregate intrinsic value in the above table represents the total pre-tax intrinsic value (i.e., the difference between our closing stock price on March 29, 2019 of $87.49 and the exercise price, times the number of shares) based on stock options with an exercise price less than Nasdaq’s closing price of $87.49 as of March 29, 2019, which would have been received by the option holders had the option holders exercised their stock options on that date. This amount can change based on the fair market value of our common stock. The total number of in-the-money stock options exercisable as of March 31, 2019 was 0.4 million and the weighted-average exercise price was $45.25. As of March 31, 2018, 0.4 million outstanding stock options were exercisable and the weighted-average exercise price was $34.28. The total pre-tax intrinsic value of stock options exercised was $1 million for the three months ended March 31, 2019 and $2 million for the three months ended March 31, 2018. ESPP We have an ESPP under which approximately 1.9 million shares of our common stock have been reserved for future issuance as of March 31, 2019. Under our ESPP, employees may purchase shares having a value not exceeding 10.0% of their annual compensation, subject to applicable annual Internal Revenue Service limitations. We record compensation expense related to the 15.0% discount that is given to our employees which totaled $1 million for both the three months ended March 31, 2019 and 2018. |
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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Nasdaq Stockholders’ Equity |
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| Nasdaq Stockholders' Equity | Nasdaq Stockholders’ Equity Common Stock As of March 31, 2019, 300,000,000 shares of our common stock were authorized, 171,592,982 shares were issued and 165,701,483 shares were outstanding. The holders of common stock are entitled to one vote per share, except that our certificate of incorporation limits the ability of any person to vote in excess of 5.0% of the then-outstanding shares of Nasdaq common stock. Common Stock in Treasury, at Cost We account for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Nasdaq stockholders’ equity and included in common stock in treasury, at cost in the Condensed Consolidated Balance Sheets. Shares repurchased under our share repurchase program are currently retired and canceled. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 5,891,499 shares of common stock in treasury as of March 31, 2019 and 5,544,321 shares as of December 31, 2018, most of which are related to shares of our common stock repurchased for the settlement of employee tax withholding obligations arising from the vesting of restricted stock and PSUs. Share Repurchase Program In January 2018, our board of directors authorized an additional $500 million for the share repurchase program bringing the total capacity to $726 million. These purchases may be made from time to time at prevailing market prices in open market purchases, privately-negotiated transactions, block purchase techniques or otherwise, as determined by our management. The purchases are primarily funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time. The share repurchase program has no defined expiration date. There was no share repurchase activity during the three months ended March 31, 2019. The following is a summary of our share repurchase activity, reported based on settlement date, for the three months ended March 31, 2018:
As discussed above in “Common Stock in Treasury, at Cost,” shares repurchased under our share repurchase program are currently retired and cancelled. As of March 31, 2019, the remaining amount authorized for share repurchases under the program was $332 million. Other Repurchases of Common Stock During the first three months of 2019, we repurchased 346,691 shares of our common stock in settlement of employee tax withholding obligations arising from the vesting of restricted stock and PSUs. Preferred Stock Our certificate of incorporation authorizes the issuance of 30,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. As of March 31, 2019 and December 31, 2018, no shares of preferred stock were issued or outstanding. * * * * * * Cash Dividends on Common Stock During the first three months of 2019, our board of directors declared the following cash dividends:
The total amount paid of $73 million was recorded in retained earnings in the Condensed Consolidated Balance Sheets at March 31, 2019. In April 2019, the board of directors approved a regular quarterly cash dividend of $0.47 per share on our outstanding common stock, which reflects a 7.0% increase from our prior quarterly cash dividend of $0.44. The dividend is payable on June 28, 2019 to shareholders of record at the close of business on June 14, 2019. The estimated amount of this dividend is $78 million. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors. Our board of directors maintains a dividend policy with the intention to provide stockholders with regular and growing dividends over the long term as earnings and cash flow grow. |
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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Earnings Per Share |
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| Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share:
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Securities that were not included in the computation of diluted earnings per share because their effect was antidilutive were immaterial for the three months ended March 31, 2019 and 2018. |
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- Definition The entire disclosure for earnings per share. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Fair Value of Financial Instruments |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | Fair Value of Financial Instruments The following tables present our financial assets and financial liabilities that are measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018.
As of March 31, 2019 and December 31, 2018, Level 1 financial investments, at fair value were primarily comprised of trading securities, mainly highly rated European government debt securities. As of March 31, 2019 and December 31, 2018, Level 2 financial investments, at fair value were primarily comprised of trading securities, mainly corporate bonds and European mortgage bonds. Of the Level 1 and Level 2 financial investments, at fair value, $194 million as of March 31, 2019 and $166 million as of December 31, 2018 are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing. Our Level 1 default fund and margin deposit investments were primarily comprised of highly rated European and U.S. government debt securities. Level 2 default fund and margin deposit investments were primarily comprised of central bank certificates and reverse repurchase agreements, as of March 31, 2019 and December 31, 2018. Our Level 2 other financial instruments include a liability associated with Nasdaq Clearing's requirement to fulfill the settlement of certain contracts of a defaulted member. The fair value of this guarantee was $99 million as of March 31, 2019 and $112 million as of December 31, 2018 and is included in other current liabilities in the Condensed Consolidated Balance Sheets. Collateral of $99 million as of March 31, 2019 and $112 million as of December 31, 2018 was recorded in other current assets which offsets this liability. See Note 16, “Clearing Operations,” for further discussion of default fund contributions and margin deposits. Financial Instruments Not Measured at Fair Value on a Recurring Basis Some of our financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, receivables, net, certain other current assets, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, commercial paper and certain other current liabilities. Our investment in OCC is accounted for under the equity method of accounting. We have elected the measurement alternative for the majority of our equity securities, which primarily represent various strategic investments made through our corporate venture program. See “Equity Method Investments,” and “Equity Securities,” of Note 8, “Investments,” for further discussion. We also consider our debt obligations to be financial instruments. The fair value of our debt obligations, utilizing discounted cash flow analyses for our floating rate debt and prevailing market rates for our fixed rate debt, was $3.7 billion as of March 31, 2019 and $3.9 billion as of December 31, 2018. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. The fair value of our commercial paper approximates the carrying value since the rates of interest on this short-term debt approximate market rates as of March 31, 2019. Our commercial paper and our fixed rate and floating rate debt are categorized as Level 2 in the fair value hierarchy. For further discussion of our debt obligations, see Note 10, “Debt Obligations.” Non-Financial Assets Measured at Fair Value on a Non-Recurring Basis Our non-financial assets, which include goodwill, intangible assets, and other long-lived assets, are not required to be carried at fair value on a recurring basis. Fair value measures of non-financial assets are primarily used in the impairment analysis of these assets. Any resulting asset impairment would require that the non-financial asset be recorded at its fair value. Nasdaq uses Level 3 inputs to measure the fair value of the above assets on a non-recurring basis. As of March 31, 2019 and December 31, 2018, there were no non-financial assets measured at fair value on a non-recurring basis. |
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| Due to and from Broker-Dealers and Clearing Organizations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Clearing Operations | Clearing Operations Nasdaq Clearing Nasdaq Clearing is authorized and supervised under EMIR as a multi-asset clearinghouse by the SFSA. Such authorization is effective for all member states of the European Union and certain other non-member states that are part of the European Economic Area, including Norway. The clearinghouse acts as the CCP for exchange and OTC trades in equity derivatives, fixed income derivatives, resale and repurchase contracts, power derivatives, emission allowance derivatives, fuel oil derivatives, and seafood derivatives. Through our clearing operations in the financial markets, which include the resale and repurchase market, the commodities markets, and the seafood market, Nasdaq Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by Nasdaq Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, Nasdaq Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, Nasdaq Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as the CCP on every contract cleared. In accordance with the rules and regulations of Nasdaq Clearing, default fund and margin collateral requirements are calculated for each clearing member’s positions in accounts with the CCP. See “Default Fund Contributions and Margin Deposits” below for further discussion of Nasdaq Clearing’s default fund and margin requirements. Nasdaq Clearing maintains four member sponsored default funds: one related to financial markets, one related to commodities markets, one related to the seafood market, and a mutualized fund. Under this structure, Nasdaq Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of Nasdaq Clearing. This structure applies an initial separation of default fund contributions for the financial, commodities and seafood markets in order to create a buffer for each market’s counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies to Nasdaq Clearing’s members with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of Nasdaq Clearing’s default fund. Power of assessment and a liability waterfall also have been implemented. See “Power of Assessment” and “Liability Waterfall” below for further discussion. These requirements align risk between Nasdaq Clearing and its clearing members. Nasdaq Commodities Clearing Default In September 2018, a member of the Nasdaq Clearing commodities market defaulted due to inability to post sufficient collateral to cover increased margin requirements for the positions of the relevant member, which had experienced losses due to sharp adverse movements in the Nordic - German power market spread. Nasdaq Clearing followed default procedures and offset the future market risk on the defaulting member’s positions. The default resulted in a loss of $133 million. In accordance with the liability waterfall, the first $8 million of the loss was allocated to Nasdaq Clearing’s junior capital and the remainder was allocated on a pro-rata basis to the commodities clearing members’ default funds. In September 2018, these funds were replenished. In December 2018, we initiated a capital relief program. The capital relief program was a voluntary program open to each commodities default fund participant; each such participant who agreed to the capital relief program received a proportion of the funds made available under the capital relief program as reflected by their proportionate share of the aggregate of the clearing members' default fund replenishments. As of March 31, 2019, we have disbursed substantially all of the $23 million offered through the program. As a result of the default, a liability of $99 million as of March 31, 2019 and $112 million as of December 31, 2018 was recorded in other current liabilities. Collateral of $99 million as of March 31, 2019 and $112 million as of December 31, 2018 was recorded in other current assets in the Condensed Consolidated Balance Sheets in order to allow Nasdaq Clearing to fulfill the settlement of certain contracts of the defaulted member arising from the default management process. We have established mitigating positions. The collateral and liability were previously included in default funds and margin deposits. Default Fund Contributions and Margin Deposits As of March 31, 2019, clearing member default fund contributions and margin deposits were as follows:
In accordance with its investment policy, of the total cash contributions of $3,274 million, Nasdaq Clearing has invested $1,249 million in highly rated European and U.S. government debt securities or central bank certificates with maturity dates primarily 90 days or less and $355 million in reverse repurchase agreements secured with highly rated government securities with maturity dates that range from 1 day to 11 days. The carrying value of these securities approximates their fair value due to the short-term nature of the instruments and reverse repurchase agreements. The remainder of this balance was held in cash in demand deposit accounts at central banks and large, highly rated financial institutions. Of the total default fund contributions of $553 million, Nasdaq Clearing can utilize $464 million as capital resources in the event of a counterparty default. The remaining balance of $89 million pertains to member posted surplus balances. In the investment activity related to default fund and margin contributions, we are exposed to counterparty risk related to reverse repurchase agreement transactions, which reflect the risk that the counterparty might become insolvent and, thus, fail to meet its obligations to Nasdaq Clearing. We mitigate this risk by only engaging in transactions with high credit quality reverse repurchase agreement counterparties and by limiting the acceptable collateral under the reverse repurchase agreement to high quality issuers, primarily government securities and other securities explicitly guaranteed by a government. The value of the underlying security is monitored during the lifetime of the contract and in the event the market value of the underlying security falls below the reverse repurchase amount our clearinghouse may require additional collateral or a reset of the contract. Default Fund Contributions Required contributions to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in more than one market, contributions must be made to all markets’ default funds in which the member is active. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are held in cash or invested by Nasdaq Clearing, in accordance with its investment policy, either in highly rated government debt securities, time deposits, central bank certificates or reverse repurchase agreements with highly rated government debt securities as collateral. Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing. Clearing members’ cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by Nasdaq Clearing. Non-cash contributions are pledged assets that are not recorded in the Consolidated Balance Sheets as Nasdaq Clearing does not take legal ownership of these assets and the risks and rewards remain with the clearing members. These balances may fluctuate over time due to changes in the amount of deposits required and whether members choose to provide cash or non-cash contributions. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. In addition to clearing members’ required contributions to the liability waterfall, Nasdaq Clearing is also required to contribute capital to the liability waterfall and overall regulatory capital as specified under its clearinghouse rules. As of March 31, 2019, Nasdaq Clearing committed capital totaling $151 million to the liability waterfall and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments, at fair value in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and Nasdaq Clearing is intended to secure the obligations of a clearing member exceeding such member’s own margin and default fund deposits and may be used to cover losses sustained by a clearing member in the event of a default. Margin Deposits Nasdaq Clearing requires all clearing members to provide collateral, which may consist of cash and non-cash contributions, to guarantee performance on the clearing members’ open positions, or initial margin. In addition, clearing members must also provide collateral to cover the daily margin call if needed. See “Default Fund Contributions” above for further discussion of cash and non-cash contributions. Similar to default fund contributions, Nasdaq Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to Nasdaq Clearing and are recorded in revenues. These cash deposits are recorded in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Pledged margin collateral is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty. Assets pledged are held at a nominee account in Nasdaq Clearing’s name for the benefit of the clearing members and are immediately accessible by Nasdaq Clearing in the event of a default. Nasdaq Clearing marks to market all outstanding contracts and requires payment from clearing members whose positions have lost value. The mark-to-market process helps identify any clearing members that may not be able to satisfy their financial obligations in a timely manner allowing Nasdaq Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, Nasdaq Clearing can access the defaulting member’s margin and default fund deposits to cover the defaulting member’s losses. Regulatory Capital and Risk Management Calculations Nasdaq Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and financial resources. The level of regulatory capital is determined in accordance with Nasdaq Clearing’s regulatory capital policy, as approved by the SFSA. Regulatory capital calculations are continuously updated through a proprietary capital-at-risk calculation model that establishes the appropriate level of capital. As mentioned above, Nasdaq Clearing is the legal counterparty for each contract cleared and thereby guarantees the fulfillment of each contract. Nasdaq Clearing accounts for this guarantee as a performance guarantee. We determine the fair value of the performance guarantee by considering daily settlement of contracts and other margining and default fund requirements, the risk management program, historical evidence of default payments, and the estimated probability of potential default payouts. The calculation is determined using proprietary risk management software that simulates gains and losses based on historical market prices, extreme but plausible market scenarios, volatility and other factors present at that point in time for those particular unsettled contracts. Based on this analysis, excluding any liability related to the Nasdaq commodities clearing default (see discussion above), the estimated liability was nominal and no liability was recorded as of March 31, 2019. Power of Assessment To further strengthen the contingent financial resources of the clearinghouse, Nasdaq Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to 100.0% of the clearing member’s aggregate contribution to the financial, commodities and seafood markets’ default funds. Liability Waterfall The liability waterfall is the priority order in which the capital resources would be utilized in the event of a default where the defaulting clearing member’s collateral would not be sufficient to cover the cost to settle its portfolio. If a default occurs and the defaulting clearing member’s collateral, including cash deposits and pledged assets, is depleted, then capital is utilized in the following amount and order:
If additional funds are needed after utilization of the liability waterfall, then Nasdaq Clearing will utilize its power of assessment and additional capital contributions will be required by non-defaulting members up to the limits established under the terms of the clearinghouse rules. In addition to the capital held to withstand counterparty defaults described above, Nasdaq Clearing also has committed capital of $96 million to ensure that it can handle an orderly wind-down of its operation, and that it is adequately protected against investment, operational, legal, and business risks. Market Value of Derivative Contracts Outstanding The following table includes the market value of derivative contracts outstanding prior to netting:
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Derivative Contracts Cleared The following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the three months ended March 31, 2019 and 2018:
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The outstanding contract value of resale and repurchase agreements was $5.5 billion as of March 31, 2019 and $3.3 billion as of March 31, 2018. The total number of contracts cleared was 1,885,698 for the three months ended March 31, 2019 and was 2,280,212 for the three months ended March 31, 2018. |
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- Definition The entire disclosure for Due to and from Broker-Dealers and Clearing Organizations, including data and tables. This may include amounts receivable from and payable to broker-dealers and clearing organizations, including securities failed to receive, deposits received for securities loaned, amounts payable to clearing organizations related to open transactions, floor brokerage payables and payables for commodities futures accounts liquidating to an equity balance on a broker-dealer's records. No definition available.
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Income Taxes |
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| Income Taxes | Income Taxes Income Tax Provision The following table shows our income tax provision and effective tax rate:
The lower effective tax rate in the first quarter of 2019 is primarily due to a tax benefit from a dividends received deduction related to capital distributions from the OCC and the reversal of a previously accrued tax penalty in Finland, partially offset by a net tax benefit recorded in 2018 related to Swedish interest expense. The effective tax rate may vary from period to period depending on, among other factors, the geographic and business mix of earnings and losses. These same and other factors, including history of pre-tax earnings and losses, are taken into account in assessing the ability to realize deferred tax assets. Tax Audits Nasdaq and its eligible subsidiaries file a consolidated U.S. federal income tax return and applicable state and local income tax returns and non-U.S. income tax returns. Federal income tax returns for the years 2008 through 2016 are currently under examination by the Internal Revenue Services and we are subject to examination by the Internal Revenue Service for the year 2017. Several state tax returns are currently under examination by the respective tax authorities for the years 2007 through 2016 and we are subject to examination for the year 2017. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2009 through 2017. Although the results of such examinations may have an impact on our unrecognized tax benefits, we do not anticipate that such impact will be material to our consolidated financial position or results of operations. In addition, we do not anticipate that the amount of unrecognized tax benefits as of March 31, 2019 will decrease in the next twelve months as we do not expect to settle any material tax audits. The Swedish Tax Agency has disallowed certain interest expense deductions for the years 2013 - 2016. We appealed to the Lower Administrative Court for the years 2013 - 2015. In the first quarter of 2018, the Lower Administrative Court denied our appeal. We have appealed to the Administrative Court of Appeal. Through March 31, 2018, we had recorded tax benefits of $56 million associated with this matter. We continue to pay all assessments from the Swedish Tax Agency while this matter is pending and have paid $40 million through March 31, 2019. In the second quarter of 2018, the Administrative Court of Appeal decided similar cases against other taxpayers. Although we continue to assert the validity of these interest expense deductions, the decisions of the court lead us to conclude that we can no longer assert that we are more than likely to be successful in our appeal. As such, in 2018, we recorded tax expense of $41 million, or $0.24 per diluted share, which is net of any related U.S. tax benefits and reflects the impact of foreign currency translation. We expect to record future quarterly net tax expense of $1 million related to this matter. We are subject to examination by federal, state and local, and foreign tax authorities. We regularly assess the likelihood of additional assessments by each jurisdiction and have established tax reserves that we believe are adequate in relation to the potential for additional assessments. We believe that the resolution of tax matters will not have a material effect on our financial condition but may be material to our operating results for a particular period and the effective tax rate for that period. Tax Cuts and Jobs Act On January 1, 2018, we adopted ASU 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220).” As a result of the adoption of this standard, we recorded a reclassification of $142 million for stranded tax effects related to the Tax Cuts and Jobs Act from accumulated other comprehensive loss to retained earnings within stockholders’ equity in the Condensed Consolidated Balance Sheets as of March 31, 2018. Of the $142 million of stranded tax effects, $135 million relates to the effect on net foreign currency translation gains and losses and $7 million relates to the effect on employee benefit plan adjustment gains and losses. These provisional amounts were finalized in the fourth quarter of 2018. |
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Commitments, Contingencies and Guarantees |
3 Months Ended |
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Mar. 31, 2019 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments, Contingencies and Guarantees | Commitments, Contingencies and Guarantees Guarantees Issued and Credit Facilities Available In addition to the default fund contributions and margin collateral pledged by clearing members discussed in Note 16, “Clearing Operations,” we have obtained financial guarantees and credit facilities which are guaranteed by us through counter indemnities, to provide further liquidity related to our clearing businesses. Financial guarantees issued to us totaled $11 million as of March 31, 2019 and $12 million as of December 31, 2018. As discussed in “Other Credit Facilities,” of Note 10, “Debt Obligations,” clearing-related credit facilities, which are available in multiple currencies, totaled $210 million as of March 31, 2019 and $220 million as of December 31, 2018, in available liquidity, none of which was utilized. Execution Access is an introducing broker which operates the trading platform for our Fixed Income business to trade in U.S. Treasury securities. Execution Access has a clearing arrangement with Industrial and Commercial Bank of China Financial Services LLC, or ICBC. As of March 31, 2019, we have contributed $15 million of clearing deposits to ICBC in connection with this clearing arrangement. These deposits are recorded in other current assets in our Condensed Consolidated Balance Sheets. Some of the trading activity in Execution Access is cleared by ICBC through the Fixed Income Clearing Corporation, with ICBC acting as agent. Execution Access assumes the counterparty risk of clients that do not clear through the Fixed Income Clearing Corporation. Counterparty risk of clients exists for Execution Access between the trade date and the settlement date of the individual transactions, which is at least one business day (or more, if specified by the U.S. Treasury issuance calendar). Counterparties that do not clear through the Fixed Income Clearing Corporation are subject to a credit due diligence process and may be required to post collateral, provide principal letters, or provide other forms of credit enhancement to Execution Access for the purpose of mitigating counterparty risk. Daily position trading limits are also enforced for such counterparties. We believe that the potential for us to be required to make payments under these arrangements is mitigated through the pledged collateral and our risk management policies. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. However, no guarantee can be provided that these arrangements will at all times be sufficient. Other Guarantees Through our clearing operations in the financial markets, Nasdaq Clearing is the legal counterparty for, and guarantees the performance of, its clearing members. See Note 16, “Clearing Operations,” for further discussion of Nasdaq Clearing performance guarantees. We have provided a guarantee related to lease obligations for The Nasdaq Entrepreneurial Center, Inc., which is a not-for-profit organization designed to convene, connect and engage aspiring and current entrepreneurs. This entity is not included in the condensed consolidated financial statements of Nasdaq. We believe that the potential for us to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for the above guarantees. Non-Cash Contingent Consideration As part of the purchase price consideration of a prior acquisition, we have agreed to future annual issuances of 992,247 shares of Nasdaq common stock which approximated certain tax benefits associated with the transaction. Such contingent future issuances of Nasdaq common stock will be paid ratably through 2027 if Nasdaq’s total gross revenues equal or exceed $25 million in each such year. The contingent future issuances of Nasdaq common stock are subject to anti-dilution protections and acceleration upon certain events. Escrow Agreements In connection with prior acquisitions, we entered into escrow agreements to secure the payment of post-closing adjustments and to ensure other closing conditions. As of March 31, 2019, these escrow agreements provide for future payment of $12 million which is included in other current liabilities in the Condensed Consolidated Balance Sheets. Routing Brokerage Activities One of our broker-dealer subsidiaries, Nasdaq Execution Services, provides a guarantee to securities clearinghouses and exchanges under its standard membership agreements, which require members to guarantee the performance of other members. If a member becomes unable to satisfy its obligations to a clearinghouse or exchange, other members would be required to meet its shortfalls. To mitigate these performance risks, the exchanges and clearinghouses often require members to post collateral, as well as meet certain minimum financial standards. Nasdaq Execution Services’ maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Offer for Oslo Børs VPS In February 2019, we, through our indirect wholly-owned subsidiary Nasdaq AB, made a public offer, or the Offer, to acquire all of the issued shares of Oslo Børs VPS Holding ASA, or Oslo Børs VPS. On March 4, 2019, we increased the Offer price from NOK 152 per share to NOK 158 per share, plus an interest payment of 6% per annum on the increased Offer price, pro-rated per day from January 29, 2019 until the conditions of the Offer have been fulfilled or waived. The Offer price values the entire issued share capital of Oslo Børs VPS at NOK 6,795 million, or approximately $795 million. Oslo Børs VPS’ board of directors has unanimously recommended that its shareholders accept the Offer. The Offer is subject to the fulfillment or waiver of certain customary conditions, including but not limited to acceptances from at least two-thirds of the shares of Oslo Børs VPS or such higher percentage as may be necessary to comply with any regulatory requirement, certain regulatory clearances, limited confirmatory due diligence and completion of the Offer by the date which is the later of: (i) March 4, 2020 and (ii) the date which is sixty (60) days after the Euronext offer lapses, closes or is withdrawn. In April 2019, we purchased approximately 2% of the shares in Oslo Børs VPS at NOK 158 per share, equal to our Offer price. As a result, over 37% of Oslo Børs VPS shares are either owned by Nasdaq or are subject to pre-commitments to accept the Offer. Legal and Regulatory Matters Litigation As previously disclosed, we are named as one of many defendants in City of Providence v. BATS Global Markets, Inc., et al., 14 Civ. 2811 (S.D.N.Y.), which was filed on April 18, 2014 in the United States District Court for the Southern District of New York. The district court appointed lead counsel, who filed an amended complaint on September 2, 2014. The amended complaint names as defendants seven national exchanges, as well as Barclays PLC, which operated a private alternative trading system. On behalf of a putative class of securities traders, the plaintiffs allege that the defendants engaged in a scheme to manipulate the markets through high-frequency trading; the amended complaint asserts claims against us under Section 10(b) of the Exchange Act and Rule 10b-5, as well as under Section 6(b) of the Exchange Act. The plaintiffs seek injunctive and monetary relief of an unspecified amount. We filed a motion to dismiss the amended complaint on November 3, 2014. In response, the plaintiffs filed a second amended complaint on November 24, 2014, which names the same defendants and alleges essentially the same violations. We then filed a motion to dismiss the second amended complaint on January 23, 2015. On August 26, 2015, the district court entered an order dismissing the second amended complaint in its entirety with prejudice, concluding that most of the plaintiffs’ theories were foreclosed by absolute immunity and in any event that the plaintiffs failed to state any claim. The plaintiffs appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit. On December 19, 2017, the Second Circuit issued an opinion vacating the district court’s judgment of dismissal and remanding to the district court for further proceedings. The exchanges filed a petition before the Second Circuit seeking panel or en banc rehearing on January 31, 2018, which the Second Circuit denied on March 13, 2018. On May 18, 2018, the exchanges filed a motion to dismiss the amended complaint, raising issues not addressed in the proceedings to date. Given the preliminary nature of the proceedings, we are unable to estimate what, if any, liability may result from this litigation. However, we believe that the claims are without merit and will continue to litigate vigorously. Nasdaq Commodities Clearing Default During September 2018, a clearing member of Nasdaq Clearing's commodities market was declared in default. Consistent with our regulatory obligations, we notified all relevant regulators and are cooperating fully with information requests. We are unable to predict the outcome or exact timing of this matter. See “Nasdaq Commodities Clearing Default,” of Note 16, “Clearing Operations,” for further information on this event. SEC Decisions In recent years, certain industry groups have challenged the level of fees that U.S. exchanges charge for market data and connectivity. We have defeated two challenges in federal appeals court pertaining to market data and an additional challenge at the administrative level within the SEC. However, in October 2018, the SEC reversed that administrative decision and found that Nasdaq had not met a burden of demonstrating that certain challenged fees were fair and reasonable; we estimate that this decision will reduce our revenues by approximately $1 million. Nasdaq has appealed this decision to the U.S. Court of Appeals for the District of Columbia Circuit. In addition, the SEC remanded a series of additional challenges to market data and connectivity fees back to Nasdaq for further consideration. Nasdaq has also appealed this decision to the U.S. Court of Appeals for the District of Columbia Circuit. We are unable to predict the outcome or the timing of the ultimate resolution of these matters. Other Matters Except as disclosed above and in prior reports filed under the Exchange Act, we are not currently a party to any litigation or proceeding that we believe could have a material adverse effect on our business, consolidated financial condition, or operating results. However, from time to time, we have been threatened with, or named as a defendant in, lawsuits or involved in regulatory proceedings. In the normal course of business, Nasdaq discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiries. Management believes that censures, fines, penalties or other sanctions that could result from any ongoing examinations or inquiries will not have a material impact on its consolidated financial position or results of operations. However, we are 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. Tax Audits We are engaged in ongoing discussions and audits with taxing authorities on various tax matters, the resolutions of which are uncertain. Currently, there are matters that may lead to assessments, some of which may not be resolved for several years. Based on currently available information, we believe we have adequately provided for any assessments that could result from those proceedings where it is more likely than not that we will be assessed. We review our positions on these matters as they progress. See “Tax Audits,” of Note 17, “Income Taxes,” for further discussion. |
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- Definition The entire disclosure for commitments, contingencies, and guarantees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Business Segments |
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| Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Segments | Business Segments We manage, operate and provide our products and services in four business segments: Market Services, Corporate Services, Information Services and Market Technology. See Note 1, “Organization and Nature of Operations,” for further discussion of our reportable segments. Our management allocates resources, assesses performance and manages these businesses as four separate segments. We evaluate the performance of our segments based on several factors, of which the primary financial measure is operating income. Results of individual businesses are presented based on our management accounting practices and structure. The following table presents certain information regarding our business segments for the three months ended March 31, 2019 and 2018:
Certain amounts are allocated to corporate items in our management reports as we believe they do not contribute to a meaningful evaluation of a particular segment's ongoing operating performance. These items include the following: Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the segments, and the relative operating performance of the segments between periods. Management does not consider intangible asset amortization expense for the purpose of evaluating the performance of our segments or their managers or when making decisions to allocate resources. Therefore, we believe performance measures excluding intangible asset amortization expense provide management with a more useful representation of our segments' ongoing activity in each period. Merger and strategic initiatives expense: We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. 2018 Divestiture: We have included in corporate items the revenues and expenses of the Public Relations Solutions and Digital Media Services businesses which were part of the Corporate Solutions business within our Corporate Services segment as these businesses were sold in April 2018. See “2018 Divestiture,” of Note 5, “Acquisitions and Divestitures,” for further discussion. Accordingly, we do not allocate these costs for purposes of disclosing segment results because they do not contribute to a meaningful evaluation of a particular segment’s ongoing operating performance. * * * * * * A summary of our corporate items is as follows:
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Significant Accounting Policies Update (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||
| Basis of Presentation | The condensed consolidated financial statements are prepared in accordance with U.S. GAAP and include the accounts of Nasdaq, its wholly-owned subsidiaries and other entities in which Nasdaq has a controlling financial interest. When we do not have a controlling interest in an entity but exercise significant influence over the entity’s operating and financial policies, such investment is accounted for under the equity method of accounting. We recognize our share of earnings or losses of an equity method investee based on our ownership percentage. See “Equity Method Investments,” of Note 8, “Investments,” for further discussion of our equity method investments. |
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| Consolidation | The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the condensed consolidated financial statements and accompanying notes included in Nasdaq’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018. On January 1, 2019, we adopted ASU 2016-02, “Leases,” or ASU 2016-02. See Note 3, “Significant Accounting Policies Update,” for further discussion. |
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| Reclassification | Certain prior year amounts have been reclassified to conform to the current year presentation. |
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| Use of Estimates | The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
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| Subsequent Events | Subsequent Events We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. |
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements
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| Leases | We adopted ASU 2016-02 on January 1, 2019, and elected the optional transition method to initially apply the standard at the January 1, 2019 adoption date. As a result, we applied the new lease standard prospectively to our leases existing or commencing on or after January 1, 2019. Comparative periods presented were not restated upon adoption. Similarly, new disclosures under the standard were made for periods beginning January 1, 2019, and not for prior comparative periods. Prior periods will continue to be reported under guidance in effect prior to January 1, 2019. In addition, we elected the package of practical expedients permitted under the transition guidance within the standard, which among other things, allowed us to not reassess contracts to determine if they contain leases, lease classification and initial direct costs. The standard did not impact our statements of income and had no impact on our cash flows. We have operating leases which are primarily real estate leases for our U.S. and European headquarters and for general office space. These leases have varying lease terms ranging from 3 months to 17 years. We determine if an arrangement is a lease at inception. Operating leases are included in operating lease assets, other current liabilities, and operating lease liabilities in our condensed consolidated balance sheets as of March 31, 2019. As of March 31, 2019, we do not have any finance leases. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Since our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease asset also includes any lease payments made and excludes lease incentives. Our lease terms include options to extend or terminate the lease when we are reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Certain of our lease agreements include rental payments adjusted periodically for inflation based on an index or rate. These payments are included in the initial measurement of the operating lease liability and operating lease asset. However, rental payments which are based on a change in an index or a rate are considered variable lease payments and are expensed as incurred. We have lease agreements with lease and non-lease components, which are accounted for as a single performance obligation to the extent that the timing and pattern of transfer are similar for the lease and non-lease components and the lease component qualifies as an operating lease. We do not recognize lease liabilities and operating lease assets for leases with a term of 12 months or less. We recognize these lease payments on a straight-line basis over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictions or covenants. We sublease certain real estate to third parties. Our sublease portfolio consists of operating leases. |
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- Definition Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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- Definition Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for leasing arrangement entered into by lessee. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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- Definition Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for reporting subsequent events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies (Tables) |
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| Schedule of the Recent Accounting Pronouncements | Recent Accounting Pronouncements
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- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Significant Accounting Policies Update (Tables) |
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| Supplemental Balance Sheet Information Related to Operating Leases | The following table provides supplemental balance sheet information related to Nasdaq's operating leases:
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| Lease Cost and Supplemental Cash Flow Information | The following table summarizes Nasdaq's lease cost:
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The following table provides information related to Nasdaq's lease term and discount rate:
The following table provides supplemental cash flow information related to Nasdaq's operating leases:
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| Operating Lease Maturity | The following table reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in our condensed consolidated balance sheet.
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- Definition Assets and Liabilities, Lessee [Table Text Block] No definition available.
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- References No definition available.
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Revenue From Contracts With Customers (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | The following tables summarize the disaggregation of revenue by major product and service and by segment for the three months ended March 31, 2019 and 2018:
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| Remaining Performance Obligation, Expected Timing of Satisfaction | For our market technology contracts, the following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of March 31, 2019:
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of expected timing for satisfying remaining performance obligation. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Acquisitions and Divestiture (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Business Acquisitions, by Acquisition | 2019 Acquisition
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| Acquired Finite Lived Intangible Assets in Acquisition | The following table presents the details of the customer relationships intangible asset at the date of acquisition for Cinnober which was the significant acquired intangible asset for this acquisition. All acquired intangible assets with finite lives are amortized using the straight-line method.
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- References No definition available.
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Assets and Liabilities Held For Sale (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of carrying amounts of assets and liabilities classified as held for sale | The carrying amounts of the major classes of assets and liabilities that were classified as held for sale at December 31, 2018 were as follows:
(2) Primarily represents customer relationships. (3) Included in other current assets in the Condensed Consolidated Balance Sheets as of December 31, 2018. (4) Included in other current liabilities in the Condensed Consolidated Balance Sheets as of December 31, 2018. |
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- References No definition available.
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- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Goodwill and Acquired Intangible Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Changes in Goodwill | The following table presents the changes in goodwill by business segment during the three months ended March 31, 2019:
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| Schedule of Acquired Finite-Lived Intangible Assets | The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:
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| Schedule of Acquired Indefinite-lived Intangible Assets | The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:
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| Estimated Future Amortization Expense | The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $109 million as of March 31, 2019) of acquired finite-lived intangible assets as of March 31, 2019 is as follows:
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of acquired indefinite-lived intangible assets. Indefinite-lived intangible assets are assets that have no physical form, but have expected future economic benefit. Indefinite-lived assets are assets that are not subject to amortization. Acquired indefinite-lived intangible assets are disclosed by major class (assets that can be grouped together because they are similar, either by their nature or by their use in operations of the entity) and in total. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Investments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Investments | The following table presents the details of our investments:
|
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| X | ||||||||||
- Definition Schedule of Investments No definition available.
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| X | ||||||||||
- References No definition available.
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Deferred Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Deferred Revenue | The changes in our deferred revenue during the three months ended March 31, 2019 are reflected in the following table:
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| Estimated Deferred Revenue | As of March 31, 2019, we estimate that our deferred revenue will be recognized in the following years:
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| X | ||||||||||
- Definition The year in which deferred revenue is expected to be recognized. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of contract balances and changes in contract balances. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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Debt Obligations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Debt Obligations | The following table presents the changes in the carrying amount of our debt obligations during the three months ended March 31, 2019:
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Share-Based Compensation Expense | The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three months ended March 31, 2019 and 2018 in the Condensed Consolidated Statements of Income:
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| Summary of Restricted Stock Activity | The following table summarizes our restricted stock activity for the three months ended March 31, 2019:
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| Schedule of Weighted-Average Assumptions Used to Determine the Weighted-Average Fair Values | The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the three-year PSU program for the three months ended March 31, 2018:
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| Summary of PSU Activity | The following table summarizes our PSU activity for the three months ended March 31, 2019:
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| Summary of Stock Options, Valuation Assumptions | We estimated the fair value of this stock option award using the Black-Scholes valuation model using the following assumptions:
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| Summary of Stock Option Activity | A summary of stock option activity for the three months ended March 31, 2019 is as follows:
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| X | ||||||||||
- Definition Schedule of Share-Based Compensation Expense Resulting From Equity Awards [Text Block] No definition available.
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| X | ||||||||||
- Definition Weighted Average Estimated Fair Value Table No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Nasdaq Stockholders’ Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock in Treasury, at Cost | There was no share repurchase activity during the three months ended March 31, 2019. The following is a summary of our share repurchase activity, reported based on settlement date, for the three months ended March 31, 2018:
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| Schedule of Dividends Declared | During the first three months of 2019, our board of directors declared the following cash dividends:
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- Definition Tabular disclosure of information related to dividends declared, including paid and unpaid dividends. No definition available.
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- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share:
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- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Fair Value of Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Assets Measured at Fair Value on Recurring Basis | The following tables present our financial assets and financial liabilities that are measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018.
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| X | ||||||||||
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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Clearing Operations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Due to and from Broker-Dealers and Clearing Organizations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Clearing Member Default Fund Contributions | As of March 31, 2019, clearing member default fund contributions and margin deposits were as follows:
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| Schedule of Derivative Contracts Outstanding | The following table includes the market value of derivative contracts outstanding prior to netting:
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| Schedule of Derivative Contracts Cleared | The following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the three months ended March 31, 2019 and 2018:
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| X | ||||||||||
- Definition Schedule Of Default Fund Contributions Table No definition available.
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| X | ||||||||||
- Definition Schedule of Derivative Contracts Cleared. No definition available.
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Components of Income Tax Expense (Benefit) | The following table shows our income tax provision and effective tax rate:
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- References No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Business Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Segments | The following table presents certain information regarding our business segments for the three months ended March 31, 2019 and 2018:
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| Schedule of Corporate Items | A summary of our corporate items is as follows:
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| X | ||||||||||
- Definition Schedule of Corporate Items and Elimination [Table Text Block] No definition available.
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| X | ||||||||||
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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Organization and Nature of Operations (Details) $ in Billions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
marketplace
segment
company
exchange
exchange_traded_product
country
| |
| Organization And Basis Of Presentation [Line Items] | |
| Number of operating segments | segment | 4 |
| Market Services | |
| Organization And Basis Of Presentation [Line Items] | |
| Number of derivative exchanges listing commodities offerings | exchange | 2 |
| Market Services | United States | Options Markets | |
| Organization And Basis Of Presentation [Line Items] | |
| Number of exchanges | exchange | 6 |
| Market Services | United States | Cash Equities Trading Markets | |
| Organization And Basis Of Presentation [Line Items] | |
| Number of exchanges | exchange | 3 |
| Corporate Services | |
| Organization And Basis Of Presentation [Line Items] | |
| Total number of listings on The Nasdaq Stock Market | company | 3,059 |
| ETPs and other listings listed on Nasdaq Stock Market | company | 388 |
| Approximate combined market capitalization, U.S. | $ | $ 12,900 |
| Total number of listed companies within Nordic and Baltic exchanges | company | 1,018 |
| Approximate combined market capitalization within Nordic and Baltic exchanges | $ | $ 1,400 |
| Information Services | |
| Organization And Basis Of Presentation [Line Items] | |
| Number of exchange traded products licensed to Nasdaq's Indexes | exchange_traded_product | 346 |
| Assets management value | $ | $ 196 |
| Market Technology | |
| Organization And Basis Of Presentation [Line Items] | |
| Number of exchanges | marketplace | 100 |
| Number of countries services are provided | country | 50 |
| X | ||||||||||
- Definition Approximate Combined Market Capitalization United States. No definition available.
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| X | ||||||||||
- Definition Approximate Combined Market Capitalization within Nordic and Baltic exchanges No definition available.
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| X | ||||||||||
- Definition Assets under management value of ETPs licensed to Nasdaq's indexes. No definition available.
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| X | ||||||||||
- Definition Number Of ETPs Licensed No definition available.
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| X | ||||||||||
- Definition Number Of Exchange Traded Products and Other Listings Companies No definition available.
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| X | ||||||||||
- Definition Number of Derivative Exchanges Listing Commodities Offerings No definition available.
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| X | ||||||||||
- Definition Organization And Basis Of Presentation [Line Items] No definition available.
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| X | ||||||||||
- Definition Services Provided Over Number Of Countries No definition available.
|
| X | ||||||||||
- Definition Number of marketplaces No definition available.
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| X | ||||||||||
- Definition Total Number of Listed Companies within Nordic and Baltic Exchanges No definition available.
|
| X | ||||||||||
- Definition Total Number Of U.S. Companies Listed On The Nasdaq Stock Market. No definition available.
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| X | ||||||||||
- Definition Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues. No definition available.
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- Details
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Significant Accounting Policies Update (Narrative) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|---|---|
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Future minimum payments on lease not yet commenced | $ 128 |
| Terms of lease not yet commenced | 16 years |
| Minimum | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Lease terms of contract | 3 months |
| Maximum | |
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
| Lease terms of contract | 17 years |
| X | ||||||||||
- Definition Lessee, Operating Lease, Lease Not Yet Commenced, Future Minimum Payments Due No definition available.
|
| X | ||||||||||
- Definition Term of lessee's operating lease not yet commenced, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Term of lessee's operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Significant Accounting Policies Update (Summary of Supplemental Balance Sheet Information Related to Operating Leases) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|---|---|
| Assets: | |
| Operating lease assets | $ 378 |
| Liabilities: | |
| Current lease liabilities | 61 |
| Non-current lease liabilities | 357 |
| Total lease liabilities | $ 418 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Significant Accounting Policies Update (Lease Cost) (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Accounting Policies [Abstract] | |
| Operating lease cost | $ 20 |
| Variable lease cost | 5 |
| Sublease income | (1) |
| Total lease cost | $ 24 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of lease cost recognized by lessee for lease contract. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of sublease income excluding finance and operating lease expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of variable lease cost, excluded from lease liability, recognized when obligation for payment is incurred for finance and operating leases. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Significant Accounting Policies Update (Operating Lease Maturity) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|---|---|
| Accounting Policies [Abstract] | |
| 2019 | $ 60 |
| 2020 | 76 |
| 2021 | 66 |
| 2022 | 44 |
| 2023 | 39 |
| Thereafter | 260 |
| Total lease payments | 545 |
| Less: interest | (127) |
| Present value of lease liabilities | 418 |
| Current lease liabilities | $ 61 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due after fifth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in fifth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in fourth fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in third fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease, due in second fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments for operating lease having an initial or remaining lease term in excess of one year due in remainder of fiscal year following latest fiscal year. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Amount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Significant Accounting Policies Update (Lease Terms and Discount Rate) (Details) |
Mar. 31, 2019 |
|---|---|
| Accounting Policies [Abstract] | |
| Weighted-average remaining lease term (in years) | 10 years 5 months 1 day |
| Weighted-average discount rate | 4.60% |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Weighted average discount rate for operating lease calculated at point in time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
Significant Accounting Policies Update (Supplemental Cash Flow Information) (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Accounting Policies [Abstract] | |
| Cash paid for amounts included in the measurement of operating lease liabilities | $ 18 |
| Lease assets obtained in exchange for new operating lease liabilities | $ 16 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cash outflow from operating lease, excluding payments to bring another asset to condition and location necessary for its intended use. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of increase in right-of-use asset obtained in exchange for operating lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
Revenue From Contracts With Customers (Revenue by Product, Service and Segment) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | $ 634 | $ 666 |
| Transaction-based trading and clearing, net | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 160 | 175 |
| Trade management services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 73 | 75 |
| Corporate solutions | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 60 | 60 |
| Listing services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 71 | 72 |
| Market data products | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 100 | 100 |
| Index | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 54 | 50 |
| Investment data & analytics | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 39 | 24 |
| Market technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 77 | 60 |
| Other revenues | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 50 | |
| Operating Segments | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 233 | 250 |
| Operating Segments | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 131 | 132 |
| Operating Segments | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 193 | 174 |
| Operating Segments | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 77 | 60 |
| Operating Segments | Transaction-based trading and clearing, net | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 160 | 175 |
| Operating Segments | Transaction-based trading and clearing, net | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Transaction-based trading and clearing, net | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Transaction-based trading and clearing, net | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Trade management services | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 73 | 75 |
| Operating Segments | Trade management services | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Trade management services | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Trade management services | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Corporate solutions | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Corporate solutions | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 60 | 60 |
| Operating Segments | Corporate solutions | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Corporate solutions | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Listing services | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Listing services | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 71 | 72 |
| Operating Segments | Listing services | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Listing services | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Market data products | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Market data products | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Market data products | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 100 | 100 |
| Operating Segments | Market data products | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Index | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Index | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Index | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 54 | 50 |
| Operating Segments | Index | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Investment data & analytics | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Investment data & analytics | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Investment data & analytics | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 39 | 24 |
| Operating Segments | Investment data & analytics | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Market technology | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Market technology | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Market technology | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | 0 |
| Operating Segments | Market technology | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | $ 77 | 60 |
| Operating Segments | Other revenues | Market Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Operating Segments | Other revenues | Corporate Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Operating Segments | Other revenues | Information Services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Operating Segments | Other revenues | Market Technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Segment Reconciling Items | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 50 | |
| Segment Reconciling Items | Transaction-based trading and clearing, net | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Segment Reconciling Items | Trade management services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Segment Reconciling Items | Corporate solutions | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Segment Reconciling Items | Listing services | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Segment Reconciling Items | Market data products | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Segment Reconciling Items | Index | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Segment Reconciling Items | Investment data & analytics | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Segment Reconciling Items | Market technology | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | 0 | |
| Segment Reconciling Items | Other revenues | ||
| Disaggregation of Revenue [Line Items] | ||
| Revenues less transaction-based expenses | $ 50 | |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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Revenue From Contracts With Customers Revenue From Contracts With Customers (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Receivables net of allowance for doubtful acounts | $ 11 | $ 13 | |
| Market Services | Services transferred at a point in time | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Revenue recognized (percentage) | 65.00% | 66.00% | |
| Market Services | Services transferred over time | |||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
| Revenue recognized (percentage) | 35.00% | 34.00% | |
| X | ||||||||||
- Definition Gross Profit, Percentage No definition available.
|
| X | ||||||||||
- Definition Carrying amount as of the balance sheet date, net of allowance for doubtful accounts, of account and note receivables due from other than related parties. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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- Details
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Revenue From Contracts With Customers (Remaining Performance Obligation) (Details) - Market Technology $ in Millions |
Mar. 31, 2019
USD ($)
|
|---|---|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue, remaining performance obligation | $ 231 |
| Revenue, remaining performance obligation, expected timing of satisfaction | 9 months |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue, remaining performance obligation | $ 257 |
| Revenue, remaining performance obligation, expected timing of satisfaction | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue, remaining performance obligation | $ 125 |
| Revenue, remaining performance obligation, expected timing of satisfaction | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue, remaining performance obligation | $ 82 |
| Revenue, remaining performance obligation, expected timing of satisfaction | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue, remaining performance obligation | $ 43 |
| Revenue, remaining performance obligation, expected timing of satisfaction | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue, remaining performance obligation | $ 820 |
| Revenue, remaining performance obligation, expected timing of satisfaction |
| X | ||||||||||
- Definition Amount of transaction price allocated to performance obligation that has not been recognized as revenue. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Period in which remaining performance obligation is expected to be recognized as revenue, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Acquisitions and Divestiture (2019 Divestiture and Acquisition) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Jan. 31, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
|
| 2019 Acquisition [Abstract] | |||||||
| Purchase Consideration | $ 193 | $ 0 | |||||
| Goodwill | $ 6,380 | 6,380 | $ 6,363 | ||||
| Cinnober | |||||||
| 2019 Acquisition [Abstract] | |||||||
| Purchase Consideration | $ 219 | ||||||
| Total Net Liabilities Acquired | 22 | ||||||
| Total Net Deferred Tax Liability | (19) | ||||||
| Acquired Intangible Assets | 79 | ||||||
| Goodwill | $ 137 | ||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Public Relations Solutions and Digital Media Services | |||||||
| 2019 Divestiture [Abstract] | |||||||
| Gain on divestiture of business, after tax | $ 19 | $ 14 | |||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Public Relations Solutions and Digital Media Services | Cinnober | |||||||
| 2019 Divestiture [Abstract] | |||||||
| Payments to acquire businesses | 27 | 27 | |||||
| Gain on divestiture of business, after tax | $ 20 | $ 20 | |||||
| X | ||||||||||
- Definition 2019 Acquisition [Abstract] No definition available.
|
| X | ||||||||||
- Definition 2019 Divestiture [Abstract] No definition available.
|
| X | ||||||||||
- Definition Gain (Loss) On Disposition Of Business, Net Of Tax No definition available.
|
| X | ||||||||||
- Definition Amount of deferred tax liability attributable to taxable temporary differences assumed at the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of identifiable intangible assets recognized as of the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount recognized as of the acquisition date for the identifiable assets acquired in excess of (less than) the aggregate liabilities assumed. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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Acquisitions and Divestiture (2018 Divestiture) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|
Mar. 31, 2019 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Sep. 30, 2018 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Net gain on divestiture of businesses | $ 27 | $ 0 | |||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | Public Relations Solutions and Digital Media Services | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Net gain on divestiture of businesses | $ (41) | $ (33) | |||
| Gain on divestiture of business, after tax | $ 19 | $ 14 | |||
| Working capital adjustment | $ (8) | ||||
| Working capital adjustment, after tax | $ 5 | ||||
| X | ||||||||||
- Definition Disposal Group, Working Capital Adjustment No definition available.
|
| X | ||||||||||
- Definition Disposal Group, Working Capital Adjustment, Net of Tax No definition available.
|
| X | ||||||||||
- Definition Gain (Loss) On Disposition Of Business, Net Of Tax No definition available.
|
| X | ||||||||||
- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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Acquisitions and Divestiture (Intangible Assets) (Details) - Cinnober $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
|
Mar. 31, 2019
USD ($)
|
Dec. 31, 2018 |
Jan. 31, 2019
USD ($)
|
|
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
| Intangible assets, finite-lived | $ 79 | ||
| Customer relationships | |||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
| Intangible assets, finite-lived | $ 67 | ||
| Estimated average useful life | 13 years | ||
| Amortization period of intangible assets for tax purposes | 5 years | ||
| Discount rate used | Customer relationships | |||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | |||
| Discount rate used | 0.095 |
| X | ||||||||||
- Definition Amortization period of intangible assets for tax purposes. No definition available.
|
| X | ||||||||||
- Definition Finite Lived And Indefinite Lived Intangible Assets [Line Items] No definition available.
|
| X | ||||||||||
- Definition Value of input used to measure contingent consideration liability from business combination. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of identifiable intangible assets recognized as of the acquisition date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Remaining amortization period of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
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Assets and Liabilities Held For Sale (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2019 |
Jun. 30, 2018 |
Sep. 30, 2018 |
Dec. 31, 2018 |
|
| Carrying Amount of Assets and Liabilities Held for Sale [Abstract] | |||||
| Deferred revenue | $ 402 | $ 402 | $ 194 | ||
| Public Relations Solutions and Digital Media Services | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Gain on divestiture of business, after tax | $ 19 | $ 14 | |||
| Public Relations Solutions and Digital Media Services | Disposal Group, Not Discontinued Operations | |||||
| Carrying Amount of Assets and Liabilities Held for Sale [Abstract] | |||||
| Receivables, net | 13 | ||||
| Property and equipment, net | 10 | ||||
| Goodwill | 47 | ||||
| Intangible assets, net | 16 | ||||
| Other assets | 3 | ||||
| Total assets held for sale | 89 | ||||
| Deferred tax liabilities | 4 | ||||
| Deferred revenue | 12 | ||||
| Other current liabilities | 4 | ||||
| Total liabilities held for sale | $ 20 | ||||
| Cinnober | Public Relations Solutions and Digital Media Services | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
| Payments to acquire businesses | 27 | 27 | |||
| Gain on divestiture of business, after tax | $ 20 | $ 20 | |||
| X | ||||||||||
- Definition Carrying Amount of Assets and Liabilities Held for Sale [Abstract] No definition available.
|
| X | ||||||||||
- Definition Gain (Loss) On Disposition Of Business, Net Of Tax No definition available.
|
| X | ||||||||||
- Definition Amount classified as assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount classified as accounts, notes and loans receivable attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount classified as deferred tax liabilities attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount classified as goodwill attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount classified as intangible assets, excluding goodwill, attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount classified as other assets attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount classified as other liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount classified as property, plant and equipment attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount classified as liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
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| X | ||||||||||
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Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Goodwill [Roll Forward] | |
| Balance at beginning of period | $ 6,363 |
| Goodwill acquired | 137 |
| Foreign currency translation adjustment | (120) |
| Balance at end of period | 6,380 |
| Market Services | |
| Goodwill [Roll Forward] | |
| Balance at beginning of period | 3,430 |
| Goodwill acquired | 0 |
| Foreign currency translation adjustment | (62) |
| Balance at end of period | 3,368 |
| Corporate Services | |
| Goodwill [Roll Forward] | |
| Balance at beginning of period | 455 |
| Goodwill acquired | 0 |
| Foreign currency translation adjustment | (4) |
| Balance at end of period | 451 |
| Information Services | |
| Goodwill [Roll Forward] | |
| Balance at beginning of period | 2,333 |
| Goodwill acquired | 0 |
| Foreign currency translation adjustment | (44) |
| Balance at end of period | 2,289 |
| Market Technology | |
| Goodwill [Roll Forward] | |
| Balance at beginning of period | 145 |
| Goodwill acquired | 137 |
| Foreign currency translation adjustment | (10) |
| Balance at end of period | $ 272 |
| X | ||||||||||
- Definition Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of increase in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of foreign currency translation gain (loss) which increases (decreases) an asset representing future economic benefits from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
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|
| X | ||||||||||
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Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
| Indefinite-lived Intangible Assets [Line Items] | |||
| Goodwill, impairment loss | $ 0 | $ 0 | |
| Amortization expense of acquired intangible assets | 26,000,000 | $ 28,000,000 | |
| Net future amortization expense | 1,094,000,000 | $ 1,045,000,000 | |
| Foreign currency translation adjustment | |||
| Indefinite-lived Intangible Assets [Line Items] | |||
| Net future amortization expense | $ (109,000,000) | $ (85,000,000) | |
| X | ||||||||||
- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
|---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Amount | $ 1,522 | $ 1,454 |
| Accumulated Amortization | (428) | (409) |
| Net Amount | 1,094 | 1,045 |
| Indefinite-lived Intangible Assets [Line Items] | ||
| Indefinite-Lived Intangible Assets | 1,235 | 1,255 |
| Total intangible assets | 2,757 | 2,709 |
| Intangible assets, net | 2,329 | 2,300 |
| Exchange and clearing registrations | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Indefinite-Lived Intangible Assets | 1,257 | 1,257 |
| Trade names | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Indefinite-Lived Intangible Assets | 122 | 122 |
| Licenses | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Indefinite-Lived Intangible Assets | 52 | 52 |
| Foreign currency translation adjustment | ||
| Indefinite-lived Intangible Assets [Line Items] | ||
| Indefinite-Lived Intangible Assets | (196) | (176) |
| Technology | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Amount | 65 | 54 |
| Accumulated Amortization | (16) | (15) |
| Net Amount | $ 49 | $ 39 |
| Weighted-Average Useful Life (in Years) | 9 years | 9 years |
| Customer relationships | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Amount | $ 1,599 | $ 1,532 |
| Accumulated Amortization | (460) | (456) |
| Net Amount | $ 1,139 | $ 1,076 |
| Weighted-Average Useful Life (in Years) | 18 years | 18 years |
| Other | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Amount | $ 18 | $ 17 |
| Accumulated Amortization | (3) | (2) |
| Net Amount | $ 15 | $ 15 |
| Weighted-Average Useful Life (in Years) | 8 years | 8 years |
| Foreign currency translation adjustment | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Amount | $ (160) | $ (149) |
| Accumulated Amortization | 51 | 64 |
| Net Amount | $ (109) | $ (85) |
| X | ||||||||||
- Definition Weighted average amortization period of finite-lived intangible assets acquired either individually or as part of a group of assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of assets, excluding financial assets and goodwill, lacking physical substance and having a projected indefinite period of benefit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before accumulated amortization of intangible assets, excluding goodwill. No definition available.
|
| X | ||||||||||
- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| 2019 | $ 80 |
| 2020 | 104 |
| 2021 | 103 |
| 2022 | 100 |
| 2023 | 98 |
| 2024 and thereafter | 718 |
| Total | $ 1,203 |
| X | ||||||||||
- Definition Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Excluding the impact of foreign currency translation adjustment. No definition available.
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Investments (Schedule of Investments) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Investments, Debt and Equity Securities [Abstract] | ||
| Trading securities | $ 220 | $ 259 |
| Available-for-sale investment securities | 0 | 9 |
| Financial investments, at fair value | 220 | 268 |
| Equity method investments | 136 | 135 |
| Equity securities | $ 61 | $ 44 |
| X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of investment in equity security without readily determinable fair value. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Investments (Narrative) (Details) - USD ($) $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Feb. 28, 2019 |
Mar. 31, 2015 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
| Investments, Debt and Securities [Line Items] | ||||||||
| Trading securities | $ 220 | $ 220 | $ 259 | |||||
| Cumulative unrealized gains | 0 | 0 | ||||||
| Net income from unconsolidated investees | 45 | $ 2 | ||||||
| OCC | ||||||||
| Investments, Debt and Securities [Line Items] | ||||||||
| Net income from unconsolidated investees | 16 | |||||||
| Committed equity contribution | $ 150 | |||||||
| Capital contribution | $ 30 | |||||||
| Annual dividend from shareholders percentage | 50.00% | |||||||
| Annual dividend received | 13 | $ 10 | $ 4 | |||||
| Proceeds from contributed capital | $ 44 | |||||||
| OCC, Prior Period Results | ||||||||
| Investments, Debt and Securities [Line Items] | ||||||||
| Net income from unconsolidated investees | 36 | |||||||
| OCC, Current Period Results | ||||||||
| Investments, Debt and Securities [Line Items] | ||||||||
| Net income from unconsolidated investees | 9 | |||||||
| Foreign Government Debt Securities | ||||||||
| Investments, Debt and Securities [Line Items] | ||||||||
| Trading securities | $ 194 | $ 194 | $ 166 | |||||
| X | ||||||||||
- Definition Commitment to pay annual dividend, in excess of the amount required to maintain its target capital requirement and satisfy other capital requirements, and after refunds, the percentage of distributable earnings before tax No definition available.
|
| X | ||||||||||
- Definition OCC's new capital plan – each existing exchange stockholder agrees to contribute a pro-rata share of the total commitment if certain thresholds are breached No definition available.
|
| X | ||||||||||
- Definition Investments, Debt and Securities [Line Items] No definition available.
|
| X | ||||||||||
- Definition Amount of distribution received from equity method investee for return on investment, classified as operating activities. Excludes distribution for return of investment, classified as investing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount before tax, after reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities. Excludes amounts related to other than temporary impairment (OTTI) loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The cash inflow associated with the amount received by a corporation from a shareholder during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Deferred Revenue (Changes in Deferred Revenue) (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
USD ($)
| |
| Change in Contract with Customer Liability [Roll Forward] | |
| Beginning balance | $ 281 |
| Additions | 399 |
| Revenue recognized | (198) |
| Translation adjustment | (4) |
| Ending balance | 478 |
| Initial Listing Revenues | |
| Change in Contract with Customer Liability [Roll Forward] | |
| Beginning balance | 66 |
| Additions | 8 |
| Revenue recognized | (8) |
| Translation adjustment | (1) |
| Ending balance | 65 |
| Annual Listings Revenues | |
| Change in Contract with Customer Liability [Roll Forward] | |
| Beginning balance | 4 |
| Additions | 229 |
| Revenue recognized | (56) |
| Translation adjustment | 0 |
| Ending balance | 177 |
| Market Technology Revenues | |
| Change in Contract with Customer Liability [Roll Forward] | |
| Beginning balance | 75 |
| Additions | 55 |
| Revenue recognized | (49) |
| Translation adjustment | (3) |
| Ending balance | 78 |
| Corporate Solutions Revenues | |
| Change in Contract with Customer Liability [Roll Forward] | |
| Beginning balance | 36 |
| Additions | 42 |
| Revenue recognized | (38) |
| Translation adjustment | 0 |
| Ending balance | 40 |
| Information Services Revenues | |
| Change in Contract with Customer Liability [Roll Forward] | |
| Beginning balance | 80 |
| Additions | 56 |
| Revenue recognized | (40) |
| Translation adjustment | 0 |
| Ending balance | 96 |
| Other | |
| Change in Contract with Customer Liability [Roll Forward] | |
| Beginning balance | 20 |
| Additions | 9 |
| Revenue recognized | (7) |
| Translation adjustment | 0 |
| Ending balance | $ 22 |
| X | ||||||||||
- Definition Change In Contract With Customer Liability [Roll Forward] No definition available.
|
| X | ||||||||||
- Definition Contract With Customer, Liability, New Contract Additions No definition available.
|
| X | ||||||||||
- Definition Contract With Customer, Liability, Revenue Translation Adjustment No definition available.
|
| X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of revenue recognized that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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| X | ||||||||||
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|
Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Fiscal year ended: | ||
| 2019 | $ 381 | |
| 2020 | 61 | |
| 2021 | 21 | |
| 2022 | 8 | |
| 2023 | 5 | |
| 2024 and thereafter | 2 | |
| Total | 478 | $ 281 |
| Initial Listing Revenues | ||
| Fiscal year ended: | ||
| 2019 | 19 | |
| 2020 | 20 | |
| 2021 | 11 | |
| 2022 | 8 | |
| 2023 | 5 | |
| 2024 and thereafter | 2 | |
| Total | 65 | 66 |
| Annual Listings Revenues | ||
| Fiscal year ended: | ||
| 2019 | 177 | |
| 2020 | 0 | |
| 2021 | 0 | |
| 2022 | 0 | |
| 2023 | 0 | |
| 2024 and thereafter | 0 | |
| Total | 177 | 4 |
| Market Technology Revenues | ||
| Fiscal year ended: | ||
| 2019 | 49 | |
| 2020 | 22 | |
| 2021 | 7 | |
| 2022 | 0 | |
| 2023 | 0 | |
| 2024 and thereafter | 0 | |
| Total | 78 | 75 |
| Corporate Solutions Revenues | ||
| Fiscal year ended: | ||
| 2019 | 37 | |
| 2020 | 3 | |
| 2021 | 0 | |
| 2022 | 0 | |
| 2023 | 0 | |
| 2024 and thereafter | 0 | |
| Total | 40 | 36 |
| Information Services Revenues | ||
| Fiscal year ended: | ||
| 2019 | 87 | |
| 2020 | 9 | |
| 2021 | 0 | |
| 2022 | 0 | |
| 2023 | 0 | |
| 2024 and thereafter | 0 | |
| Total | 96 | 80 |
| Other | ||
| Fiscal year ended: | ||
| 2019 | 12 | |
| 2020 | 7 | |
| 2021 | 3 | |
| 2022 | 0 | |
| 2023 | 0 | |
| 2024 and thereafter | 0 | |
| Total | $ 22 | $ 20 |
| X | ||||||||||
- Definition Contract With Customer, Liability, Expected To Be Recognized After Year Five No definition available.
|
| X | ||||||||||
- Definition Contract With Customer, Liability, Expected To Be Recognized In Next Twelve Months No definition available.
|
| X | ||||||||||
- Definition Contract With Customer, Liability, Expected To Be Recognized In Year Five No definition available.
|
| X | ||||||||||
- Definition Contract With Customer, Liability, Expected To Be Recognized In Year Four No definition available.
|
| X | ||||||||||
- Definition Contract With Customer, Liability, Expected To Be Recognized In Year Three No definition available.
|
| X | ||||||||||
- Definition Contract With Customer, Liability, Expected To Be Recognized In Year Two No definition available.
|
| X | ||||||||||
- Definition Fiscal Year Ended [Abstract] No definition available.
|
| X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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Debt Obligations (Changes in Debt Obligations) (Details) - USD ($) |
3 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Jan. 31, 2019 |
Apr. 30, 2017 |
Jun. 30, 2016 |
May 31, 2016 |
May 31, 2014 |
Jun. 30, 2013 |
Jan. 31, 2010 |
|
| Changes In Short-Term Debt Obligations [Roll Forward] | ||||||||
| Short-term debt - commercial paper beginning balance | $ 1,474,000,000 | |||||||
| Additions | 692,000,000 | |||||||
| Payments, Accretion and Other | (927,000,000) | |||||||
| Short-term debt - commercial paper ending balance | 1,239,000,000 | |||||||
| Changes in Long-Term Debt Obligations [Roll Forward] | ||||||||
| Long-term debt obligations at beginning of period | 2,357,000,000 | |||||||
| Additions | 15,000,000 | |||||||
| Payments, Accretion and Other | (44,000,000) | |||||||
| Long-term debt obligations at end of period | 2,328,000,000 | |||||||
| Changes In Debt Obligations [Roll Forward] | ||||||||
| Total debt obligations at beginning of period | 3,831,000,000 | |||||||
| Additions | 707,000,000 | |||||||
| Payments, Accretion and Other | (971,000,000) | |||||||
| Total debt obligations at end of period | $ 3,567,000,000 | |||||||
| Senior Notes | 5.55% senior unsecured notes due January 15, 2020 | ||||||||
| Schedule of Debt [Line Items] | ||||||||
| Stated rate | 5.55% | 5.55% | 5.55% | |||||
| Senior Notes | 3.875% senior unsecured notes due June 7, 2021 | ||||||||
| Schedule of Debt [Line Items] | ||||||||
| Stated rate | 3.875% | 3.875% | ||||||
| Changes in Long-Term Debt Obligations [Roll Forward] | ||||||||
| Long-term debt obligations at beginning of period | $ 686,000,000 | |||||||
| Additions | 0 | |||||||
| Payments, Accretion and Other | (15,000,000) | |||||||
| Long-term debt obligations at end of period | $ 671,000,000 | |||||||
| Senior Notes | 4.25% senior unsecured notes due June 1, 2024 | ||||||||
| Schedule of Debt [Line Items] | ||||||||
| Stated rate | 4.25% | 4.25% | ||||||
| Changes in Long-Term Debt Obligations [Roll Forward] | ||||||||
| Long-term debt obligations at beginning of period | $ 497,000,000 | |||||||
| Additions | 0 | |||||||
| Payments, Accretion and Other | 0 | |||||||
| Long-term debt obligations at end of period | $ 497,000,000 | |||||||
| Senior Notes | 1.75% senior unsecured notes due May 19, 2023 | ||||||||
| Schedule of Debt [Line Items] | ||||||||
| Stated rate | 1.75% | 1.75% | ||||||
| Changes in Long-Term Debt Obligations [Roll Forward] | ||||||||
| Long-term debt obligations at beginning of period | $ 682,000,000 | |||||||
| Additions | 0 | |||||||
| Payments, Accretion and Other | (15,000,000) | |||||||
| Long-term debt obligations at end of period | $ 667,000,000 | |||||||
| Senior Notes | 3.85% senior unsecured notes due June 30, 2026 | ||||||||
| Schedule of Debt [Line Items] | ||||||||
| Stated rate | 3.85% | 3.85% | ||||||
| Changes in Long-Term Debt Obligations [Roll Forward] | ||||||||
| Long-term debt obligations at beginning of period | $ 496,000,000 | |||||||
| Additions | 0 | |||||||
| Payments, Accretion and Other | 0 | |||||||
| Long-term debt obligations at end of period | 496,000,000 | |||||||
| Revolving Credit Facility | $1 billion revolving credit commitment due April 25, 2022 (average interest rate of 5.60% for the period January 1, 2019 through March 31, 2019) | ||||||||
| Schedule of Debt [Line Items] | ||||||||
| Facility borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | ||||||
| Interest rate | 5.60% | |||||||
| Changes in Long-Term Debt Obligations [Roll Forward] | ||||||||
| Long-term debt obligations at beginning of period | $ (4,000,000) | |||||||
| Additions | 15,000,000 | |||||||
| Payments, Accretion and Other | (14,000,000) | |||||||
| Long-term debt obligations at end of period | (3,000,000) | |||||||
| Commercial paper | ||||||||
| Changes In Short-Term Debt Obligations [Roll Forward] | ||||||||
| Short-term debt - commercial paper beginning balance | 275,000,000 | |||||||
| Additions | 692,000,000 | |||||||
| Payments, Accretion and Other | (427,000,000) | |||||||
| Short-term debt - commercial paper ending balance | 540,000,000 | |||||||
| Senior unsecured floating rate notes due March 22, 2019 | ||||||||
| Changes In Short-Term Debt Obligations [Roll Forward] | ||||||||
| Short-term debt - commercial paper beginning balance | 500,000,000 | |||||||
| Additions | 0 | |||||||
| Payments, Accretion and Other | (500,000,000) | |||||||
| Short-term debt - commercial paper ending balance | 0 | |||||||
| 5.55% senior unsecured notes due January 15, 2020 | 5.55% senior unsecured notes due January 15, 2020 | ||||||||
| Changes In Short-Term Debt Obligations [Roll Forward] | ||||||||
| Short-term debt - commercial paper beginning balance | 599,000,000 | |||||||
| Additions | 0 | |||||||
| Payments, Accretion and Other | 0 | |||||||
| Short-term debt - commercial paper ending balance | 599,000,000 | |||||||
| $400 million senior unsecured term loan facility due November 25, 2019 (average interest rate of 4.00% for the period January 1, 2019 through March 31, 2019) | ||||||||
| Schedule of Debt [Line Items] | ||||||||
| Facility borrowing capacity | $ 400,000,000 | |||||||
| Interest rate | 4.00% | |||||||
| Changes In Short-Term Debt Obligations [Roll Forward] | ||||||||
| Short-term debt - commercial paper beginning balance | $ 100,000,000 | |||||||
| Additions | 0 | |||||||
| Payments, Accretion and Other | 0 | |||||||
| Short-term debt - commercial paper ending balance | $ 100,000,000 |
| X | ||||||||||
- Definition Changes In Debt Obligations [Roll Forward] No definition available.
|
| X | ||||||||||
- Definition Changes In Short-Term Debt Obligations [Roll Forward] No definition available.
|
| X | ||||||||||
- Definition Changes in Long-Term Debt Obligations [Roll Forward] No definition available.
|
| X | ||||||||||
- Definition Payments (Accretions) And Other Of Long-Term And Short-Term Debt No definition available.
|
| X | ||||||||||
- Definition Payments (Accretions) And Other of Long-term Debt No definition available.
|
| X | ||||||||||
- Definition [Line Items] for Schedule of Debt [Table] No definition available.
|
| X | ||||||||||
- Definition The average effective interest rate during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Represents the aggregate of total long-term debt, including current maturities and short-term debt. No definition available.
|
| X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition The net cash inflow or outflow for borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
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- Definition The cash inflow from a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Debt Obligations (Commercial Paper) (Details) - Commercial paper |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Short-term Debt [Line Items] | |
| Weighted average interest rate | 2.78% |
| Minimum | |
| Short-term Debt [Line Items] | |
| Maturity period | 3 days |
| Maximum | |
| Short-term Debt [Line Items] | |
| Maturity period | 19 days |
| Weighted Average | |
| Short-term Debt [Line Items] | |
| Maturity period | 2 days |
| X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition Weighted average interest rate of debt outstanding. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Debt Obligations (Senior Unsecured Notes) (Details) |
3 Months Ended |
|---|---|
Mar. 31, 2019 | |
| Senior Notes | Senior Notes Excluding 2020 Notes | |
| Debt Instrument [Line Items] | |
| Aggregate principal amount purchased plus accrued and unpaid interest | 101.00% |
| X | ||||||||||
- Definition Aggregate Principal Amount Purchased Plus Accrued And Unpaid Interest No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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Debt Obligations (Senior Unsecured Floating Rate Notes) (Details) |
1 Months Ended |
|---|---|
Sep. 30, 2017 | |
| Senior unsecured floating rate notes due March 22, 2019 | Senior Notes | LIBOR | |
| Debt Instrument [Line Items] | |
| Spread on variable rate | 0.39% |
| X | ||||||||||
- Definition Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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Debt Obligations (5.55% Senior Unsecured Notes) (Details) - USD ($) $ in Millions |
Apr. 30, 2019 |
Mar. 31, 2019 |
Jan. 31, 2019 |
Dec. 31, 2018 |
Jan. 31, 2010 |
|---|---|---|---|---|---|
| Debt Instrument [Line Items] | |||||
| Short-term debt | $ 1,239 | $ 1,474 | |||
| 5.55% senior unsecured notes due January 15, 2020 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Stated rate | 5.55% | 5.55% | 5.55% | ||
| 1.75% senior unsecured notes due 2029 | Senior Notes | |||||
| Debt Instrument [Line Items] | |||||
| Stated rate | 1.75% | ||||
| 5.55% senior unsecured notes due January 15, 2020 | 5.55% senior unsecured notes due January 15, 2020 | |||||
| Debt Instrument [Line Items] | |||||
| Short-term debt | $ 599 | $ 599 | |||
| Subsequent Event | 5.55% senior unsecured notes due January 15, 2020 | 5.55% senior unsecured notes due January 15, 2020 | |||||
| Debt Instrument [Line Items] | |||||
| Short-term debt | $ 600 |
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
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- Definition Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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Debt Obligations (3.875% Senior Unsecured Notes) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Jun. 30, 2013 |
|
| Debt Instrument [Line Items] | ||
| Decrease in carrying amount | $ 44 | |
| Senior Notes | 3.875% senior unsecured notes due June 7, 2021 | ||
| Debt Instrument [Line Items] | ||
| Stated rate | 3.875% | 3.875% |
| Decrease in carrying amount | $ 15 | |
| Senior Notes | 3.875% senior unsecured notes due June 7, 2021 | Maximum | ||
| Debt Instrument [Line Items] | ||
| Maximum interest rate on debt instrument | 5.875% |
| X | ||||||||||
- Definition Payments (Accretions) And Other of Long-term Debt No definition available.
|
| X | ||||||||||
- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Debt Obligations (4.25% Senior Unsecured Notes) (Details) - Senior Notes - 4.25% senior unsecured notes due June 1, 2024 |
Mar. 31, 2019 |
May 31, 2014 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Stated rate | 4.25% | 4.25% |
| Maximum | ||
| Debt Instrument [Line Items] | ||
| Maximum interest rate on debt instrument | 6.25% |
| X | ||||||||||
- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Debt Obligations (1.75% Senior Unsecured Notes) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
May 31, 2016 |
|
| Debt Instrument [Line Items] | ||
| Decrease in carrying amount | $ 44 | |
| Senior Notes | 1.75% senior unsecured notes due May 19, 2023 | ||
| Debt Instrument [Line Items] | ||
| Stated rate | 1.75% | 1.75% |
| Decrease in carrying amount | $ 15 | |
| Senior Notes | 1.75% senior unsecured notes due May 19, 2023 | Maximum | ||
| Debt Instrument [Line Items] | ||
| Maximum interest rate on debt instrument | 3.75% |
| X | ||||||||||
- Definition Payments (Accretions) And Other of Long-term Debt No definition available.
|
| X | ||||||||||
- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Debt Obligations (3.85% Senior Unsecured Notes) (Details) - Senior Notes - 3.85% senior unsecured notes due June 30, 2026 |
Mar. 31, 2019 |
Jun. 30, 2016 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Stated rate | 3.85% | 3.85% |
| Maximum | ||
| Debt Instrument [Line Items] | ||
| Maximum interest rate on debt instrument | 5.85% |
| X | ||||||||||
- Definition Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Debt Obligations Debt Obligations (1.75% Senior Unsecured Notes Due 2029) (Details) € in Millions, $ in Millions |
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Mar. 31, 2019
USD ($)
|
Apr. 30, 2019
EUR (€)
|
Jan. 31, 2019 |
Dec. 31, 2018
USD ($)
|
Jan. 31, 2010 |
|
| Debt Instrument [Line Items] | |||||
| Long-term Debt | $ 2,328 | $ 2,357 | |||
| Senior Notes | 1.75% senior unsecured notes due 2029 | |||||
| Debt Instrument [Line Items] | |||||
| Stated rate | 1.75% | ||||
| Proceeds from issuance of senior long-term debt | $ 669 | ||||
| Senior Notes | 5.55% senior unsecured notes due January 15, 2020 | |||||
| Debt Instrument [Line Items] | |||||
| Stated rate | 5.55% | 5.55% | 5.55% | ||
| Subsequent Event | Senior Notes | 1.75% senior unsecured notes due 2029 | |||||
| Debt Instrument [Line Items] | |||||
| Long-term Debt | € | € 600 |
| X | ||||||||||
- Definition Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Debt Obligations (2017 Credit Facility) (Details) - Revolving Credit Facility - $1 billion revolving credit commitment due April 25, 2022 (average interest rate of 5.60% for the period January 1, 2019 through March 31, 2019) - USD ($) |
1 Months Ended | 3 Months Ended |
|---|---|---|
Apr. 30, 2017 |
Mar. 31, 2019 |
|
| Debt Instrument [Line Items] | ||
| Credit facility, borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 |
| Credit facility term | 5 years | |
| Line of credit facility, fair value of amount outstanding | 0 | |
| Unamortized debt issuance expense | 3,000,000 | |
| Remaining amount available | 459,000,000 | |
| Option to increase available aggregate amount | 500,000,000 | |
| Commercial Paper And Letter Of Credit | ||
| Debt Instrument [Line Items] | ||
| Credit facility, remaining residual borrowing capacity | $ 541,000,000 | |
| Minimum | ||
| Debt Instrument [Line Items] | ||
| Line of credit facility, commitment fee percentage | 0.125% | |
| Maximum | ||
| Debt Instrument [Line Items] | ||
| Line of credit facility, commitment fee percentage | 0.40% |
| X | ||||||||||
- Definition Line Of Credit Facility, Optional Increase In Maximum Borrowing Capacity No definition available.
|
| X | ||||||||||
- Definition Line Of Credit Facility used for Liquidity Support No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
- Definition The fee, expressed as a percentage of the line of credit facility, for the line of credit facility regardless of whether the facility has been used. No definition available.
|
| X | ||||||||||
- Definition Fair value of the amount outstanding under the credit facility. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The remaining balance of debt issuance expenses that were capitalized and are being amortized against income over the lives of the respective bond issues. This does not include the amounts capitalized as part of the cost of the utility plant or asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
Debt Obligations (2016 Credit Facility) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|---|---|
| $400 million senior unsecured term loan facility due November 25, 2019 (average interest rate of 4.00% for the period January 1, 2019 through March 31, 2019) | |
| Debt Instrument [Line Items] | |
| Remaining amount outstanding | $ 100 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Debt Obligations (Other Credit Facilities) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Commercial Paper And Letter Of Credit | Clearinghouse Credit Facilities | ||
| Debt Instrument [Line Items] | ||
| Remaining amount available | $ 210 | $ 220 |
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Retirement Plans (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Retirement Benefits [Abstract] | ||
| Employer contribution match, percent match | 100.00% | 100.00% |
| Employer contribution match, percentage of employee contribution | 6.00% | 6.00% |
| Defined contributions plan expense | $ 3 | $ 4 |
| Cost or expenses included in compensation and benefit expense | $ 5 | $ 6 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of cost for defined contribution plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Percentage of employees' gross pay for which the employer contributes a matching contribution to a defined contribution plan. No definition available.
|
| X | ||||||||||
- Definition Percentage employer matches of the employee's percentage contribution matched. No definition available.
|
| X | ||||||||||
- Definition Amount of cost (reversal of cost) for pension and other postretirement benefits. No definition available.
|
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions |
1 Months Ended | 3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Jan. 30, 2018 |
Jan. 31, 2017
$ / shares
shares
|
Mar. 31, 2019
USD ($)
program
$ / shares
peer_group
shares
|
Mar. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2018
$ / shares
shares
|
Mar. 29, 2019
$ / shares
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Common stock shares reserved for future issuance (in shares) | 11,300,000 | |||||
| Stock options exercised in period (in shares) | 8,666 | 34,195 | ||||
| Net cash proceeds from the exercise of stock options | $ | $ 1 | |||||
| Share price (in dollars per share) | $ / shares | $ 87.49 | |||||
| Stock options, exercisable (in shares) | 350,694 | 400,000 | ||||
| Options exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 45.25 | $ 34.28 | ||||
| Total pre-tax intrinsic value of stock options exercised | $ | $ 1 | 2 | ||||
| Share-based compensation expense before income taxes | $ | $ 16 | $ 15 | ||||
| Employee Stock Purchase Plan | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Discount from market price | 15.00% | 15.00% | ||||
| Common stock shares reserved for future issuance (in shares) | 1,900,000 | |||||
| Maximum percentage of shares purchased from annual compensation | 10.00% | |||||
| Discount given to employees | 15.00% | |||||
| Share-based compensation expense before income taxes | $ | $ 1 | $ 1 | ||||
| Restricted stock | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Total unrecognized compensation cost | $ | $ 45 | |||||
| Weighted-average period unrecognized compensation cost is expected to be recognized, in years | 1 year 7 months 25 days | |||||
| PSUs | One-Year Program | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Total unrecognized compensation cost | $ | $ 11 | |||||
| Weighted-average period unrecognized compensation cost is expected to be recognized, in years | 1 year 6 months 10 days | |||||
| Performance period | 1 year | 1 year | ||||
| Percentage of target amount granted, minimum | 0.00% | |||||
| Percentage of target amount granted, maximum | 150.00% | |||||
| Vesting period | 3 years | |||||
| Additional units granted above target (in shares) | 51,914 | |||||
| PSUs | Three-Year Program | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Total unrecognized compensation cost | $ | $ 23 | |||||
| Weighted-average period unrecognized compensation cost is expected to be recognized, in years | 1 year 4 months 5 days | |||||
| Performance period | 3 years | |||||
| Vesting period | 3 years | |||||
| Additional units granted above target (in shares) | 99,622 | |||||
| Number of peer groups | peer_group | 2 | |||||
| Performance-based long-term incentive program weighted percentage | 50.00% | |||||
| Minimum payout | 0.00% | |||||
| Maximum payout | 200.00% | |||||
| Share price (in dollars per share) | $ / shares | $ 86.22 | |||||
| PSUs | Officer | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of performance-based programs | program | 2 | |||||
| PSUs, Negative TSR | Three-Year Program | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Maximum payout | 100.00% | |||||
| Employee Stock Option | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Stock option awards granted (in shares) | 0 | |||||
| Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 66.68 | |||||
| Expected life (in years) | 6 years | |||||
| Employee Stock Option | CEO | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting period | 3 years | |||||
| Stock option awards granted (in shares) | 268,817 | |||||
| Second Anniversary | Restricted stock | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting percentage | 25.00% | |||||
| Second Anniversary | Employee Stock Option | CEO | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting percentage | 33.33% | |||||
| Third Anniversary | Restricted stock | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting percentage | 25.00% | |||||
| Fourth Anniversary | Restricted stock | ||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Vesting percentage | 50.00% | |||||
| X | ||||||||||
- Definition Maximum Percentage of Shares Purchased from Annual Compensation. No definition available.
|
| X | ||||||||||
- Definition Number of peer groups. No definition available.
|
| X | ||||||||||
- Definition Number of Performance-Based Programs No definition available.
|
| X | ||||||||||
- Definition Percentage Of Target Amount Granted Maximum No definition available.
|
| X | ||||||||||
- Definition Percentage Of Target Amount Granted Minimum No definition available.
|
| X | ||||||||||
- Definition Performance Based Long Term Incentive Program Weighted Percentage No definition available.
|
| X | ||||||||||
- Definition Rate of Discount given to Employees. No definition available.
|
| X | ||||||||||
- Definition Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Shares Earned Maximum No definition available.
|
| X | ||||||||||
- Definition Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Shares Earned Minimum No definition available.
|
| X | ||||||||||
- Definition Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Grants in Period No definition available.
|
| X | ||||||||||
- Definition Share-based Compensation Arrangement by Share-based Payment Award, Performance Period No definition available.
|
| X | ||||||||||
- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Aggregate number of common shares reserved for future issuance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Unrecognized cost of unvested share-based compensation awards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash inflow from exercise of stock options granted under share-based compensation arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Discount rate from fair value on purchase date that participants pay for shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of accumulated difference between fair value of underlying shares on dates of exercise and exercise price on options exercised (or share units converted) into shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Gross number of share options (or share units) granted during the period. No definition available.
|
| X | ||||||||||
- Definition Price of a single share of a number of saleable stocks of a company. No definition available.
|
| X | ||||||||||
- Definition Percentage of vesting of share-based compensation awards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average grant-date fair value of options vested. No definition available.
|
| X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
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| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
| Share-based compensation expense before income taxes | $ 16 | $ 15 |
| Income tax benefit | (4) | (4) |
| Share-based compensation expense after income taxes | $ 12 | $ 11 |
| X | ||||||||||
- Definition Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of other income tax expense (benefit). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted stock |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
$ / shares
shares
| |
| Number of Awards | |
| Unvested balances at beginning of period (in shares) | shares | 1,583,375 |
| Granted (in shares) | shares | 250 |
| Vested (in shares) | shares | (435,765) |
| Forfeited (in shares) | shares | (65,798) |
| Unvested balances at end of period (in shares) | shares | 1,082,062 |
| Weighted-Average Grant Date Fair Value | |
| Unvested balances at beginning of period (in dollars per share) | $ / shares | $ 68.62 |
| Granted (in dollars per share) | $ / shares | 77.54 |
| Vested (in dollars per share) | $ / shares | 57.07 |
| Forfeited (in dollars per share) | $ / shares | 70.35 |
| Unvested balances at end of period (in dollars per share) | $ / shares | $ 73.12 |
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Share-Based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) - $ / shares |
3 Months Ended | |
|---|---|---|
Mar. 31, 2018 |
Mar. 29, 2019 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Weighted-average grant date share price (in dollars per share) | $ 87.49 | |
| PSUs | Three-Year Program | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Weighted-average risk free interest rate | 2.36% | |
| Expected volatility | 18.70% | |
| Weighted-average grant date share price (in dollars per share) | $ 86.22 | |
| Weighted-average fair value at grant date (in dollars per share) | $ 116.79 |
| X | ||||||||||
- Definition The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Price of a single share of a number of saleable stocks of a company. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Share-Based Compensation (Summary of PSU Activity) (Details) - PSUs |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
$ / shares
shares
| |
| One-Year Program | |
| Number of Awards | |
| Unvested balances at beginning of period (in shares) | shares | 314,231 |
| Granted (in shares) | shares | 51,914 |
| Vested (in shares) | shares | (6,888) |
| Forfeited (in shares) | shares | (13,984) |
| Unvested balances at end of period (in shares) | shares | 345,273 |
| Weighted-Average Grant Date Fair Value | |
| Unvested balances at beginning of period (in dollars per share) | $ / shares | $ 74.01 |
| Granted (in dollars per share) | $ / shares | 82.08 |
| Vested (in dollars per share) | $ / shares | 64.93 |
| Forfeited (in dollars per share) | $ / shares | 74.54 |
| Unvested balances at end of period (in dollars per share) | $ / shares | $ 75.38 |
| Three-Year Program | |
| Number of Awards | |
| Unvested balances at beginning of period (in shares) | shares | 837,750 |
| Granted (in shares) | shares | 99,622 |
| Vested (in shares) | shares | (431,751) |
| Forfeited (in shares) | shares | (6,101) |
| Unvested balances at end of period (in shares) | shares | 499,520 |
| Weighted-Average Grant Date Fair Value | |
| Unvested balances at beginning of period (in dollars per share) | $ / shares | $ 96.57 |
| Granted (in dollars per share) | $ / shares | 93.25 |
| Vested (in dollars per share) | $ / shares | 93.25 |
| Forfeited (in dollars per share) | $ / shares | 103.29 |
| Unvested balances at end of period (in dollars per share) | $ / shares | $ 98.70 |
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Share-Based Compensation (Summary of Stock Options Valuation Assumptions) (Details) - Employee Stock Option |
1 Months Ended |
|---|---|
|
Jan. 31, 2017
USD ($)
| |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
| Expected life (in years) | 6 years |
| Weighted-average risk free interest rate | 2.10% |
| Expected volatility | 25.60% |
| Dividend yield | $ 0.0192 |
| X | ||||||||||
- Definition The estimated amount of dividends to be paid to holders of the underlying shares (expected dividends) over the option's term. Dividends are taken into account because payment of dividends to shareholders reduces the fair value of the underlying shares, and option holders generally do not receive dividends. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition Expected term of share-based compensation awards, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
Share-Based Compensation (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
|
| Number of Stock Options | |||
| Outstanding at Beginning of period (in shares) | 448,966 | ||
| Exercised (in shares) | (8,666) | (34,195) | |
| Outstanding at End of period (in shares) | 440,300 | ||
| Stock options, exercisable (in shares) | 350,694 | 400,000 | |
| Weighted-Average Exercise Price | |||
| Outstanding at Beginning of period (in dollars per share) | $ 49.11 | ||
| Exercised (in dollars per share) | 23.81 | ||
| Outstanding at End of period (in dollars per share) | 49.61 | ||
| Options exercisable, weighted average exercise price (in dollars per share) | $ 45.25 | $ 34.28 | |
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
| Outstanding beginning balance, Weighted-Average Remaining Contractual Term (in years) | 5 years 3 months 28 days | 5 years 6 months 2 days | |
| Outstanding ending balance, Weighted-Average Remaining Contractual Term (in years) | 4 years 8 months 15 days | ||
| Outstanding beginning balance, Aggregate Intrinsic Value | $ 17 | $ 15 | |
| Outstanding ending balance, Aggregate Intrinsic Value | $ 15 | ||
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of options outstanding, including both vested and non-vested options. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period. No definition available.
|
| X | ||||||||||
- Definition Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
| X | ||||||||||
- Definition Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Nasdaq Stockholders' Equity (Narrative) (Details) |
1 Months Ended | 3 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jan. 29, 2019
USD ($)
$ / shares
|
Apr. 30, 2019
USD ($)
$ / shares
|
Mar. 31, 2019
USD ($)
vote
$ / shares
shares
|
Mar. 31, 2018
USD ($)
$ / shares
shares
|
Dec. 31, 2018
shares
|
Jan. 31, 2018
USD ($)
|
|
| Stockholders Equity [Line Items] | ||||||
| Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 | ||||
| Common stock, shares issued (in shares) | 171,592,982 | 170,709,425 | ||||
| Common stock, shares outstanding (in shares) | 165,701,483 | 165,165,104 | ||||
| Common stock (in votes per share) | vote | 1 | |||||
| Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock | 5.00% | |||||
| Common stock in treasury (in shares) | 5,891,499 | 5,544,321 | ||||
| Share repurchase program additional amount authorized | $ | $ 500,000,000 | |||||
| Share repurchase program, authorized amount | $ | $ 726,000,000 | |||||
| Remaining authorized share repurchase amounts under repurchase program | $ | $ 332,000,000 | |||||
| Number of shares of common stock repurchased (in shares) | 1,258,946 | |||||
| Preferred stock, shares authorized (in shares) | 30,000,000 | |||||
| Preferred stock par value (in dollars per share) | $ / shares | $ 0.01 | |||||
| Payments of dividends | $ | $ 73,000,000 | |||||
| Cash dividends declared per common share (in dollars per share) | $ / shares | $ 0.44 | $ 0.44 | $ 0.82 | |||
| Percent increase over prior quarter dividend | 7.00% | |||||
| Dividends declared | $ | $ 73,000,000 | $ 73,000,000 | $ 136,000,000 | |||
| Other Repurchases of Common Stock | ||||||
| Stockholders Equity [Line Items] | ||||||
| Number of shares of common stock repurchased (in shares) | 346,691 | |||||
| Series A Preferred Stock | ||||||
| Stockholders Equity [Line Items] | ||||||
| Preferred stock, series A convertible preferred stock, shares issued (in shares) | 0 | 0 | ||||
| Preferred stock, series A convertible preferred stock, shares outstanding (in shares) | 0 | 0 | ||||
| Subsequent Event | ||||||
| Stockholders Equity [Line Items] | ||||||
| Cash dividends declared per common share (in dollars per share) | $ / shares | $ 0.47 | |||||
| Dividends declared | $ | $ 78,000,000 | |||||
| X | ||||||||||
- Definition Common Stock, Dividends, Percent Increase Over Prior Quarter No definition available.
|
| X | ||||||||||
- Definition Common Stock Holder Voting Rights No definition available.
|
| X | ||||||||||
- Definition Share Repurchase Program, Additional Amount Authorized No definition available.
|
| X | ||||||||||
- Definition Stockholders Equity [Line Items] No definition available.
|
| X | ||||||||||
- Definition Stockholders' Equity, Number Of Votes No definition available.
|
| X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of stock repurchase plan authorized. No definition available.
|
| X | ||||||||||
- Definition Amount remaining of a stock repurchase plan authorized. No definition available.
|
| X | ||||||||||
- Definition Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Nasdaq Stockholders' Equity (Common Stock in Treasury) (Details) $ / shares in Units, $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2018
USD ($)
$ / shares
shares
| |
| Equity [Abstract] | |
| Number of shares of common stock repurchased (in shares) | shares | 1,258,946 |
| Average price paid per share (in dollars per share) | $ / shares | $ 78.75 |
| Total purchase price | $ | $ 99 |
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Total cost of shares repurchased divided by the total number of shares repurchased. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the par value method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Jan. 29, 2019 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Equity [Abstract] | |||
| Dividend Per Common Share | $ 0.44 | $ 0.44 | $ 0.82 |
| Total Amount Paid | $ 73 | $ 73 | $ 136 |
| X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
Earnings Per Share (Summary of Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Numerator: | ||
| Net income attributable to common shareholders | $ 247 | $ 177 |
| Denominator: | ||
| Weighted-average common shares outstanding for basic earnings per share (in shares) | 165,343,968 | 166,921,542 |
| Weighted-average effect of dilutive securities: | ||
| Employee equity awards (in shares) | 1,682,787 | 2,070,997 |
| Weighted-average common shares outstanding for diluted earnings per share (in shares) | 167,026,755 | 168,992,539 |
| Basic and diluted earnings per share: | ||
| Basic earnings per share (in dollars per share) | $ 1.49 | $ 1.06 |
| Diluted earnings per share (in dollars per share) | $ 1.48 | $ 1.05 |
| X | ||||||||||
- Definition Denominator [Abstract] No definition available.
|
| X | ||||||||||
- Definition Numerator [Abstract] No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Assets at Fair Value | ||
| Financial investments, at fair value | $ 220 | $ 268 |
| Fair Value, Measurements, Recurring | ||
| Assets at Fair Value | ||
| Financial investments, at fair value | 220 | 268 |
| Default fund and margin deposit investments | 1,604 | 1,649 |
| Total Assets at Fair Value | 1,824 | 1,917 |
| Liabilities at Fair Value | ||
| Other financial instruments | 99 | 112 |
| Total Liabilities at Fair Value | 99 | 112 |
| Fair Value, Measurements, Recurring | Level 1 | ||
| Assets at Fair Value | ||
| Financial investments, at fair value | 162 | 133 |
| Default fund and margin deposit investments | 180 | 327 |
| Total Assets at Fair Value | 342 | 460 |
| Liabilities at Fair Value | ||
| Other financial instruments | 0 | 0 |
| Total Liabilities at Fair Value | 0 | 0 |
| Fair Value, Measurements, Recurring | Level 2 | ||
| Assets at Fair Value | ||
| Financial investments, at fair value | 58 | 135 |
| Default fund and margin deposit investments | 1,424 | 1,322 |
| Total Assets at Fair Value | 1,482 | 1,457 |
| Liabilities at Fair Value | ||
| Other financial instruments | 99 | 112 |
| Total Liabilities at Fair Value | 99 | 112 |
| Fair Value, Measurements, Recurring | Level 3 | ||
| Assets at Fair Value | ||
| Financial investments, at fair value | 0 | 0 |
| Default fund and margin deposit investments | 0 | 0 |
| Total Assets at Fair Value | 0 | 0 |
| Liabilities at Fair Value | ||
| Other financial instruments | 0 | 0 |
| Total Liabilities at Fair Value | $ 0 | $ 0 |
| X | ||||||||||
- Definition Clearing member cash contribution invested in highly rated government debt securities. No definition available.
|
| X | ||||||||||
- Definition Other Financial Liabilities, Fair Value Disclosure No definition available.
|
| X | ||||||||||
- Definition Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Fair value of financial obligations, including, but not limited to, debt instruments, derivative liabilities, federal funds purchased and sold under agreements to repurchase, securities loaned or sold under agreements to repurchase, financial instruments sold not yet purchased, guarantees, line of credit, loans and notes payable, servicing liability, and trading liabilities. No definition available.
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of investment in marketable security, classified as current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Trading securities | $ 220 | $ 259 |
| Fair Value, Measurements, Recurring | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Other financial instruments | 99 | 112 |
| Collateral due to market default | 99 | 112 |
| Fair Value, Measurements, Recurring | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Other financial instruments | 99 | 112 |
| Fair Value, Measurements, Nonrecurring | Level 2 | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Fair value of debt utilizing discounted cash flow analyses | 3,700 | 3,900 |
| Foreign Government Debt Securities | ||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
| Trading securities | $ 194 | $ 166 |
| X | ||||||||||
- Definition Collateral Due To Market Default No definition available.
|
| X | ||||||||||
- Definition Other Financial Liabilities, Fair Value Disclosure No definition available.
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Definition The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
| X | ||||||||||
- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Clearing Operations (Narrative) (Details) |
1 Months Ended | 3 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2018
USD ($)
|
Sep. 30, 2018
USD ($)
|
Mar. 31, 2019
USD ($)
fund
contract
|
Mar. 31, 2018
USD ($)
contract
|
|
| Clearing Operations [Line Items] | ||||
| Number of member sponsored default funds | fund | 4 | |||
| Loss due to commodities market default | $ 133,000,000 | |||
| Loss due to commodities market default allocated to junior capital | $ 8,000,000 | |||
| Capital relief program expense | $ 23,000,000 | |||
| Liability due to market default | $ 0 | |||
| Default funds and margin deposits | 4,742,000,000 | 3,274,000,000 | ||
| Default fund contributions | 553,000,000 | |||
| Committed capital | 268,000,000 | 220,000,000 | ||
| Liability Waterfall | ||||
| Clearing Operations [Line Items] | ||||
| Junior capital, cash deposits and pledged assets | 33,000,000 | |||
| Senior capital, cash deposits and pledged assets | 22,000,000 | |||
| Committed capital | 96,000,000 | |||
| Utilize as capital resources | ||||
| Clearing Operations [Line Items] | ||||
| Default fund contributions | 464,000,000 | |||
| Utilize as member posted surplus balance | ||||
| Clearing Operations [Line Items] | ||||
| Default fund contributions | 89,000,000 | |||
| Nasdaq Clearing | ||||
| Clearing Operations [Line Items] | ||||
| Default fund cash contributions invested in highly rated government debt securities | $ 1,249,000,000 | |||
| Maturity period of time deposits | 90 days | |||
| Committed capital | $ 151,000,000 | |||
| Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds | 100.00% | |||
| Contract value of resale and repurchase agreements | $ 5,500,000,000 | $ 3,300,000,000 | ||
| Total number of derivative contracts cleared | contract | 1,885,698 | 2,280,212 | ||
| Nasdaq Clearing | Reverse Repurchase Agreements | ||||
| Clearing Operations [Line Items] | ||||
| Default funds and margin deposits | $ 355,000,000 | |||
| Minimum | ||||
| Clearing Operations [Line Items] | ||||
| Reverse purchase agreements, maturity range | 1 day | |||
| Maximum | ||||
| Clearing Operations [Line Items] | ||||
| Reverse purchase agreements, maturity range | 11 days | |||
| Fair Value, Measurements, Recurring | ||||
| Clearing Operations [Line Items] | ||||
| Liability due to market default | $ 99,000,000 | |||
| Collateral due to market default | 112,000,000 | 99,000,000 | ||
| Committed capital | $ 268,000,000 | $ 220,000,000 | ||
| X | ||||||||||
- Definition Capital Relief Program Expense No definition available.
|
| X | ||||||||||
- Definition Clearing Operations [Line Items] No definition available.
|
| X | ||||||||||
- Definition Collateral Due To Market Default No definition available.
|
| X | ||||||||||
- Definition Committed Capital No definition available.
|
| X | ||||||||||
- Definition Contract value of resale and repurchase agreements. No definition available.
|
| X | ||||||||||
- Definition Contribution to the financial markets. No definition available.
|
| X | ||||||||||
- Definition Default fund Contributions. No definition available.
|
| X | ||||||||||
- Definition Nasdaq Clearing members cash contributions for regulatory capital requirements associated with default fund contributions and margin deposits. No definition available.
|
| X | ||||||||||
- Definition Gain (Loss) Due To Commodities Market Default No definition available.
|
| X | ||||||||||
- Definition Highly Rated Government Debt Securities No definition available.
|
| X | ||||||||||
- Definition Junior capital, cash deposits and pledged assets. No definition available.
|
| X | ||||||||||
- Definition Liability Due To Market Default No definition available.
|
| X | ||||||||||
- Definition Loss Due To Commodities Market Default Allocated To Junior Capital No definition available.
|
| X | ||||||||||
- Definition Number of member sponsored default funds No definition available.
|
| X | ||||||||||
- Definition Reverse Purchase Agreements, Maturity Date Range No definition available.
|
| X | ||||||||||
- Definition Senior capital, cash deposits and pledged assets. No definition available.
|
| X | ||||||||||
- Definition Total number of derivative contracts cleared No definition available.
|
| X | ||||||||||
- Definition Amount of investment in marketable security, classified as current. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Period of time between issuance and maturity of customer deposits, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) $ in Millions |
Mar. 31, 2019
USD ($)
|
|---|---|
| Clearing Operations [Line Items] | |
| Default fund contributions | $ 553 |
| Margin deposits | 6,340 |
| Total | 6,893 |
| Cash Contributions | |
| Clearing Operations [Line Items] | |
| Default fund contributions | 475 |
| Margin deposits | 2,799 |
| Total | 3,274 |
| Non-Cash Contributions | |
| Clearing Operations [Line Items] | |
| Default fund contributions | 78 |
| Margin deposits | 3,541 |
| Total | $ 3,619 |
| X | ||||||||||
- Definition Clearing Operations [Line Items] No definition available.
|
| X | ||||||||||
- Definition Default fund Contributions. No definition available.
|
| X | ||||||||||
- Definition Default fund contributions and margin deposits No definition available.
|
| X | ||||||||||
- Definition Margin deposits No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Clearing Operations (Schedule of Derivative Contracts) (Details) $ in Millions |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2019
USD ($)
TWh
shares
|
Mar. 31, 2018
TWh
shares
|
|
| Clearing Operations [Line Items] | ||
| Market value of derivative contracts | $ | $ 1,475 | |
| Total number of cleared contracts (in shares) | shares | 24,148,465 | 25,716,247 |
| Total volume in cleared power, in Terawatt hours (TWh) | TWh | 250 | 272 |
| Commodity and seafood options, futures and forwards | ||
| Clearing Operations [Line Items] | ||
| Market value of derivative contracts | $ | $ 577 | |
| Total number of cleared contracts (in shares) | shares | 146,249 | 570,057 |
| Fixed-income options and futures | ||
| Clearing Operations [Line Items] | ||
| Market value of derivative contracts | $ | $ 674 | |
| Total number of cleared contracts (in shares) | shares | 5,404,135 | 6,047,859 |
| Stock options and futures | ||
| Clearing Operations [Line Items] | ||
| Market value of derivative contracts | $ | $ 151 | |
| Total number of cleared contracts (in shares) | shares | 6,854,813 | 5,738,212 |
| Index options and futures | ||
| Clearing Operations [Line Items] | ||
| Market value of derivative contracts | $ | $ 73 | |
| Total number of cleared contracts (in shares) | shares | 11,743,268 | 13,360,119 |
| X | ||||||||||
- Definition Clearing Operations [Line Items] No definition available.
|
| X | ||||||||||
- Definition Derivative contracts market value No definition available.
|
| X | ||||||||||
- Definition Total volume in cleared power. No definition available.
|
| X | ||||||||||
- Definition The number of derivative instruments of a particular group held by the entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Income Taxes (Components of Income Tax Provision) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
|
| Income Tax Disclosure [Abstract] | |||
| Income tax provision | $ 66 | $ 62 | |
| Percent change in income tax provision | 6.50% | ||
| Effective tax rate | 21.10% | 25.90% | |
| X | ||||||||||
- Definition Increase (Decrease) In Income Tax Expense (Benefit), Percent No definition available.
|
| X | ||||||||||
- Definition Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Income Taxes (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2018 |
Dec. 31, 2018 |
Jun. 30, 2018 |
|
| Income Tax Disclosure [Line Items] | |||
| Payments for tax settlements | $ 40 | ||
| Foreign Tax Authority | Sweden | |||
| Income Tax Disclosure [Line Items] | |||
| Tax expense (benefits) associated with foreign tax agency | $ (56) | $ 41 | |
| Tax expense (benefits), per diluted share (in dollars per share) | $ 0.24 | ||
| Quarterly recurring tax expense | $ 1 | ||
| Accumulated Other Comprehensive Loss | Accounting Standards Update 2018-02 | |||
| Income Tax Disclosure [Line Items] | |||
| Reclassification from AOCI, tax amount | 142 | ||
| Employee Benefit Plan Adjustment Gains and Losses | Accounting Standards Update 2018-02 | |||
| Income Tax Disclosure [Line Items] | |||
| Reclassification from AOCI, tax amount | 135 | ||
| Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | Accounting Standards Update 2018-02 | |||
| Income Tax Disclosure [Line Items] | |||
| Reclassification from AOCI, tax amount | $ 7 |
| X | ||||||||||
- Definition Income Tax Disclosure [Line Items] No definition available.
|
| X | ||||||||||
- Definition Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority Per Diluted Share No definition available.
|
| X | ||||||||||
- Definition Payments For Tax Settlements No definition available.
|
| X | ||||||||||
- Definition Recurring Tax Expense (Benefits) No definition available.
|
| X | ||||||||||
- Definition Tax Cuts and Jobs Act of 2017, Reclassification from AOCI to Retained Earnings, Tax Effect No definition available.
|
| X | ||||||||||
- Definition The amount of the additional liability or refund received or expected based on a final settlement with a taxing authority. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Commitments, Contingencies and Guarantees (Details) $ / shares in Units, kr in Millions |
3 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Mar. 04, 2019
USD ($)
$ / shares
|
Mar. 04, 2019
NOK (kr)
|
Sep. 02, 2014
exchange
|
Mar. 31, 2019
USD ($)
shares
|
Apr. 30, 2019
$ / shares
|
Mar. 03, 2019
$ / shares
|
Dec. 31, 2018
USD ($)
|
Oct. 31, 2018
USD ($)
|
|
| Commitments and Contingencies Disclosure [Line Items] | ||||||||
| Financial guarantees obtained | $ 11,000,000 | $ 12,000,000 | ||||||
| National exchanges named as defendants | exchange | 7 | |||||||
| Estimate of possible legal fees | $ 1,000,000 | |||||||
| eSpeed | ||||||||
| Commitments and Contingencies Disclosure [Line Items] | ||||||||
| Contingent future issuance of common stock (in shares) | shares | 992,247 | |||||||
| Revenue required to trigger annual issuance of Nasdaq common stock | $ 25,000,000 | |||||||
| Escrow Agreement | ||||||||
| Commitments and Contingencies Disclosure [Line Items] | ||||||||
| Contingency, accrual | 12,000,000 | |||||||
| ICBC | ||||||||
| Commitments and Contingencies Disclosure [Line Items] | ||||||||
| Margin deposits contributed to brokers | 15,000,000 | |||||||
| Clearinghouse Credit Facilities | ||||||||
| Commitments and Contingencies Disclosure [Line Items] | ||||||||
| Credit facility, available liquidity | $ 210,000,000 | $ 220,000,000 | ||||||
| OSLO BORS ASA | ||||||||
| Commitments and Contingencies Disclosure [Line Items] | ||||||||
| NOK per share offering (in NOK per share) | $ / shares | $ 158 | $ 152 | ||||||
| Interest rate on offer price | 6.00% | 6.00% | ||||||
| Purchase price | $ 795,000,000 | kr 6,795 | ||||||
| Scenario, Forecast | OSLO BORS ASA | ||||||||
| Commitments and Contingencies Disclosure [Line Items] | ||||||||
| NOK per share offering (in NOK per share) | $ / shares | $ 158 | |||||||
| Percentage of common stock acquired | 2.00% | |||||||
| Percentage of common stock owned | 37.00% | |||||||
| X | ||||||||||
- Definition Business Acquisition, Percentage of Voting Interests Owned, After Transaction No definition available.
|
| X | ||||||||||
- Definition Business Combinations, Interest Rate On Offer Price Payments No definition available.
|
| X | ||||||||||
- Definition Commitments and Contingencies Disclosure [Line Items] No definition available.
|
| X | ||||||||||
- Definition Minimum amount of revenue required to trigger annual issuance of stock No definition available.
|
| X | ||||||||||
- Definition Credit Facility Available Liquidity No definition available.
|
| X | ||||||||||
- Definition Financial guarantees obtained to provide further liquidity and default protection related to clearing businesses No definition available.
|
| X | ||||||||||
- Definition Number Of National Exchanges Named As Defendants No definition available.
|
| X | ||||||||||
- Definition Percentage of voting equity interests acquired at the acquisition date in the business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Price of a single share of a number of saleable stocks paid or offered to be paid in a business combination. No definition available.
|
| X | ||||||||||
- Definition Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of loss contingency liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Reflects the estimated amount of loss from the specified contingency as of the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount receivable from broker-dealers and clearing organizations, including, but not limited to, securities failed-to-deliver, certain deposits for securities borrowed, open transactions, good faith and margin deposits, commissions and floor brokerage receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Number of shares of stock issued during the period pursuant to acquisitions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Business Segments (Narrative) (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2019
segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segments | 4 |
| X | ||||||||||
- Definition Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues. No definition available.
|
| X | ||||||||||
- References No definition available.
|
Business Segments (Schedule of Operating Segments) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Segment Reporting Information [Line Items] | ||
| Total revenues | $ 1,039 | $ 1,151 |
| Transaction-based expenses | (405) | (485) |
| Revenues less transaction-based expenses | 634 | 666 |
| Operating income (loss) | 275 | 273 |
| Operating Segments | Market Services | ||
| Segment Reporting Information [Line Items] | ||
| Total revenues | 638 | 735 |
| Transaction-based expenses | (405) | (485) |
| Revenues less transaction-based expenses | 233 | 250 |
| Operating income (loss) | 135 | 147 |
| Operating Segments | Corporate Services | ||
| Segment Reporting Information [Line Items] | ||
| Total revenues | 131 | 132 |
| Transaction-based expenses | 0 | 0 |
| Revenues less transaction-based expenses | 131 | 132 |
| Operating income (loss) | 46 | 43 |
| Operating Segments | Information Services | ||
| Segment Reporting Information [Line Items] | ||
| Total revenues | 193 | 174 |
| Transaction-based expenses | 0 | 0 |
| Revenues less transaction-based expenses | 193 | 174 |
| Operating income (loss) | 124 | 113 |
| Operating Segments | Market Technology | ||
| Segment Reporting Information [Line Items] | ||
| Total revenues | 77 | 60 |
| Transaction-based expenses | 0 | 0 |
| Revenues less transaction-based expenses | 77 | 60 |
| Operating income (loss) | 7 | 2 |
| Corporate Items | ||
| Segment Reporting Information [Line Items] | ||
| Total revenues | 0 | 50 |
| Transaction-based expenses | 0 | 0 |
| Revenues less transaction-based expenses | 0 | 50 |
| Operating income (loss) | $ (37) | $ (32) |
| X | ||||||||||
- Definition The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
| X | ||||||||||
- Details
|
Business Segments (Corporate Items) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
| Segment Reporting Information [Line Items] | ||
| Revenues - divested businesses | $ 1,039 | $ 1,151 |
| Expenses: | ||
| Amortization expense of acquired intangible assets | 26 | 28 |
| Merger and strategic initiatives expense | 9 | 10 |
| Operating income | 275 | 273 |
| Corporate Items | ||
| Segment Reporting Information [Line Items] | ||
| Revenues - divested businesses | 0 | 50 |
| Expenses: | ||
| Amortization expense of acquired intangible assets | 26 | 28 |
| Merger and strategic initiatives expense | 9 | 10 |
| Expenses - divested businesses | 0 | 42 |
| Other | 2 | 2 |
| Total expenses | 37 | 82 |
| Operating income | $ (37) | $ (32) |
| X | ||||||||||
- Definition Sublease loss reserve No definition available.
|
| X | ||||||||||
- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition Amount of general expenses not normally included in Other Operating Costs and Expenses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
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- Details
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