0001120193-21-000011 | 10-K | XBRL Viewer

Foreign currency translation gains (losses)

$ 933

$ 774

$ 458

Other comprehensive income (loss):

269

(122)

(240)

Income tax benefit (expense)

^[1]

(31)

(11)

Foreign currency translation, net

318

(153)

(251)

Employee benefit plan adjustment gains (losses)

(4)

Employee benefit plan income tax (benefit) expense

(9)

Employee benefit plan, net

(3)

Total other comprehensive income (loss), net of tax

^[2]

318

(156)

(251)

Comprehensive income attributable to Nasdaq

$ 1,251

$ 618

$ 207

[1]	Primarily relates to the tax effect of unrealized gains and losses on Euro denominated notes.
[2]	For 2018, excludes a reclassification impact of $417 million from accumulated other comprehensive income to retained earnings within stockholders' equity in the Consolidated Statements of Changes in Stockholders' Equity for stranded tax effects related to the Tax Cuts and Jobs Act.

Consolidated Statements of Comprehensive Income (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($)
Accounting Standards Update 2018-02
Reclassification from AOCI, tax amount	$ 417

Consolidated Statements of Changes in Stockholders' Equity - USD ($)
shares in Millions, $ in Millions

Total

Common stock

Additional paid-in capital

Common stock in treasury, at cost

Accumulated other comprehensive loss

Retained earnings

Cumulative effect, period of adoption

Total Nasdaq stockholders’ equity

Noncontrolling interests

Beginning balance (in shares) at Dec. 31, 2017

167

Beginning balance, stockholders' equity at Dec. 31, 2017

$ 2

$ 3,024

$ (247)

$ (862)

$ 3,963

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Shares repurchase program (in shares)

(5)

Share repurchase program

$ (394)

Share-based compensation (in shares)

Share-based compensation

$ 69

Stock option exercises, net

$ 3

Other issuances of common stock, net (in shares)

Other issuances of common stock, net

$ 14

Other employee stock activity

(50)

Other comprehensive income (loss)

$ (251)

^[1]

(251)

Reclassification impact of Tax Reform

(417)

417

Cash dividends declared per common share

$ 458

458

(280)

Ending balance (in shares) at Dec. 31, 2018

165

Ending balance, stockholders' equity at Dec. 31, 2018

$ 5,449

$ 2

$ 2,716

(297)

(1,530)

4,558

$ 5,449

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Shares repurchase program (in shares)

(2)

Share repurchase program

(200)

$ (200)

Share-based compensation (in shares)

Share-based compensation

$ 79

Stock option exercises, net

$ 2

Other issuances of common stock, net (in shares)

Other issuances of common stock, net

$ 35

Other employee stock activity

(39)

Other comprehensive income (loss)

$ (156)

^[1]

(156)

Accounting Standards Update [Extensible List]

us-gaap:AccountingStandardsUpdate201613Member

Cash dividends declared per common share

$ 774

774

(305)

Ending balance (in shares) at Dec. 31, 2019

165

Ending balance, stockholders' equity at Dec. 31, 2019

$ 5,639

$ 2

$ 2,632

(336)

(1,686)

5,027

$ (12)

5,639

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Shares repurchase program (in shares)

(2)

Share repurchase program

(222)

$ (222)

Share-based compensation (in shares)

Share-based compensation

$ 87

Stock option exercises, net

$ 2

Other issuances of common stock, net (in shares)

Other issuances of common stock, net

$ 48

Other employee stock activity

(40)

Other comprehensive income (loss)

318

^[1]

318

Cash dividends declared per common share

933

$ (320)

(320)

Ending balance (in shares) at Dec. 31, 2020

165

Ending balance, stockholders' equity at Dec. 31, 2020

$ 6,436

$ 2,547

$ (376)

$ (1,368)

$ 5,628

$ 6,433

$ 3

[1]	For 2018, excludes a reclassification impact of $417 million from accumulated other comprehensive income to retained earnings within stockholders' equity in the Consolidated Statements of Changes in Stockholders' Equity for stranded tax effects related to the Tax Cuts and Jobs Act.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 933	$ 774	$ 458
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	202	190	210
Share-based compensation	87	79	69
Deferred income taxes	41	35	301
Reversal of certain Swedish tax benefits	0	0	41
Extinguishment of debt	36	11	0
Net gain on divestiture of businesses	0	(27)	(33)
Gain on sale of investment security	0	0	(118)
Non-cash restructuring charges	14	25	0
Net income from unconsolidated investees	(70)	(84)	(18)
Other reconciling items included in net income	18	8	15
Net change in operating assets and liabilities, net of effects of divestiture and acquisitions:
Receivables, net	(167)	(42)	(35)
Other assets	26	(173)	(40)
Accounts payable and accrued expenses	5	(49)	33
Section 31 fees payable to SEC	92	23	(19)
Accrued personnel costs	32	(9)	37
Deferred revenue	15	(15)	7
Other liabilities	(12)	217	120
Net cash provided by operating activities	1,252	963	1,028
Cash flows from investing activities:
Purchases of securities	(283)	(579)	(421)
Proceeds from sales and redemptions of securities	402	543	374
Proceeds from divestiture of businesses	0	132	286
Proceeds from sale of investment securities	22	11	169
Acquisition of businesses, net of cash and cash equivalents acquired	(157)	(206)	(75)
Purchases of property and equipment	(188)	(127)	(111)
Other investing activities	(27)	(14)	(26)
Net cash provided by (used in) investing activities	(231)	(240)	196
Cash flows from financing activities:
Proceeds from (repayments of) commercial paper, net	(391)	116	(205)
Repayments of borrowings under our credit commitment and debt obligations	(1,468)	(1,215)	(115)
Payment of debt extinguishment cost	(36)	(11)	0
Proceeds from issuances of long-term debt, net of issuance costs and utilization of credit commitment	3,807	680	0
Repurchases of common stock	(222)	(200)	(394)
Dividends paid	(320)	(305)	(280)
Proceeds received from employee stock activity and other issuances	50	37	17
Payments related to employee shares withheld for taxes	(40)	(39)	(50)
Other financing activities	3	0	0
Net cash provided by (used in) financing activities	1,383	(937)	(1,027)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	16	(10)	(10)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	2,420	(224)	187
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	362	586	399
Cash and cash equivalents and restricted cash and cash equivalents at end of period	2,782	362	586
Cash paid for:
Interest	97	120	148
Income taxes, net of refund	$ 290	$ 205	$ 221

Organization and Nature of Operations	12 Months Ended
Organization and Nature of Operations	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	Organization and Nature of Operations Nasdaq is a global technology company serving the capital markets and other industries. Our diverse offerings of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. We manage, operate and provide our products and services in four business segments: Market Services, Corporate Platforms, Investment Intelligence and Market Technology. In the fourth quarter of 2020, we renamed the segment that was formerly known as the Corporate Services segment to the Corporate Platforms segment and renamed the business that was formerly known as the Corporate Solutions business to the IR & ESG Services business. We also renamed the segment that was formerly known as the Information Services segment to the Investment Intelligence segment and renamed the business that was formerly known as the Investment Data and Analytics business to the Analytics business. There was no impact to current or prior years' operating results as a result of these changes. 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 certain countries where we operate exchanges, we also provide broker services, clearing, settlement and central depository services. In November 2019, we sold NFX’s futures exchange business to a third party which acquired the core assets of NFX, including the portfolio of open interest in NFX contracts. During 2020, all open interest was migrated to other exchanges. In January 2020, we commenced an orderly wind-down of our Nordic broker services operations business. We expect this wind-down to continue through 2021. Also, in February 2021, we announced that we entered into a Purchase Agreement to sell NFI. See “Sale of U.S. Fixed Income Business,” of Note 21, “Subsequent Events,” for further discussion of this transaction. 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. For further discussion of our Market Services businesses, see “Products and Services - Market Services,” of “Item 1. Business.” Corporate Platforms Our Corporate Platforms segment includes our Listing Services and IR & ESG Services businesses. These businesses deliver critical capital market and governance solutions across the lifecycle of public and private companies. 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. We are continuing to grow our U.S. Corporate Bond exchange for the listing of corporate bonds. This exchange operates pursuant to The Nasdaq Stock Market exchange license and is powered by NFF. As of December 31, 2020, 86 corporate bonds were listed on the Corporate Bond exchange. We also continue to grow the Nasdaq Sustainable Bond Network, a platform for increased transparency in the global sustainable bond markets. As of December 31, 2020, there were 3,392 total listings on The Nasdaq Stock Market, including 412 ETPs. The combined market capitalization was approximately $22.0 trillion. In Europe, the Nasdaq Nordic and Nasdaq Baltic exchanges, together with Nasdaq First North, were home to 1,071 listed companies with a combined market capitalization of approximately $2.1 trillion. Our IR & ESG Services business includes our Investor Relations Intelligence and Governance Solutions businesses, which serve both public and private companies and organizations. Our public company clients can be companies listed on our exchanges or other U.S. and global exchanges. We help organizations enhance their ability to understand and expand their global shareholder base, improve corporate governance, and navigate the evolving ESG landscape through our suite of advanced technology, analytics, and consultative services. We provide clients with counsel on a range of governance and sustainability-related issues. Our acquisition of OneReport in January 2020 broadened our offerings which also include our ESG Advisory service and our board assessment and collaboration technology. For further discussion of our Corporate Platforms businesses, see “Products and Services - Corporate Platforms,” of “Item 1. Business.” Investment Intelligence Our Investment Intelligence segment includes our Market Data, Index and Analytics businesses. Our Market Data business sells and distributes historical and real-time market data to the sell-side, the institutional investing community, 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 and financial products. We also license cash-settled options, futures and options on futures on our indexes. As of December 31, 2020, 339 ETPs listed in over 20 countries and exchanges tracked a Nasdaq index and accounted for $359 billion in AUM. Our Analytics business provides asset managers, investment consultants and institutional asset owners with information and analytics to make data-driven investment decisions and deploy their resources more productively. Through eVestment and Solovis, we provide a suite of cloud-based solutions that help institutional investors and consultants conduct pre-investment due diligence, and monitor their portfolios post-investment. The eVestment platform also enables asset managers to market their institutional products worldwide. For further discussion of our Investment Intelligence businesses, see “Products and Services - Investment Intelligence,” of “Item 1. Business.” Market Technology Powering over 130 market infrastructure operators and new market clients in more than 50 countries, 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. Our solutions can handle a wide array of assets, including but not limited to cash equities, equity derivatives, currencies, various interest-bearing securities, commodities, energy products and digital currencies. Our solutions can also be used in the creation of new asset classes, and non-capital markets customers, including those in insurance liabilities securitization, cryptocurrencies and sports wagering. During 2020, we announced the launch of the cloud-deployed Nasdaq Automated Investigator, an automated solution for investigating anti-money laundering for retail and commercial banks and other financial institutions. Additionally, in February 2021, we completed the acquisition of Verafin, a SaaS technology provider specializing in combating fraud and money laundering. See “Acquisition of Verafin,” of Note 4, “Acquisitions and Divestiture,” for further discussion. For further discussion of our Market Technology businesses, see “Products and Services - Market Technology,” of “Item 1. Business.”

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The 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 6, “Investments,” for further discussion of our equity method investments. The accompanying 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. Certain prior year amounts have been reclassified to conform to the current year presentation. Use of Estimates In preparing our consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities in our consolidated balance sheets. At least quarterly, we evaluate our assumptions, judgments and estimates, and make changes as deemed necessary. Nasdaq has considered the impact of COVID-19 on the assumptions and estimates used in evaluating our assets and liabilities, including but not limited to our goodwill, intangible assets, equity method investments, equity securities and allowance for losses on accounts receivable. We determined that there were no material adverse impacts on our results of operations and financial position for the year ended December 31, 2020. In addition, there were no material impairment charges recorded for the year ended December 31, 2020. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions. Foreign Currency Foreign denominated assets and liabilities are remeasured into the functional currency at exchange rates in effect at the balance sheet date and recorded through the income statement. Gains or losses resulting from foreign currency transactions are remeasured using the rates on the dates on which those elements are recognized during the period, and are included in general, administrative and other expense in the Consolidated Statements of Income. Translation gains or losses resulting from translating our subsidiaries’ financial statements from the local functional currency to the reporting currency, net of tax, are included in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets. Assets and liabilities are translated at the balance sheet date while revenues and expenses are translated at the date the transaction occurs or at an applicable average rate. Cash and Cash Equivalents Cash and cash equivalents include all non-restricted cash in banks and highly liquid investments with original maturities of 90 days or less at the time of purchase. Such equivalent investments included in cash and cash equivalents in the Consolidated Balance Sheets were $2,509 million as of December 31, 2020 and $135 million as of December 31, 2019. Cash equivalents are carried at cost plus accrued interest, which approximates fair value due to the short maturities of these investments. The increase in cash equivalents in 2020 was primarily due to the investment of net proceeds of $1.9 billion from issuances of long-term debt in the fourth quarter of 2020 for the acquisition of Verafin, which closed in February 2021. See “Acquisition of Verafin,” of Note 4, “Acquisitions and Divestiture,” for further discussion. Restricted Cash Restricted cash and cash equivalents, which was $37 million as of December 31, 2020 and $30 million as of December 31, 2019, is restricted from withdrawal due to a contractual or regulatory requirement or not available for general use and as such is classified as restricted in the Consolidated Balance Sheets. As of December 31, 2020 and 2019, restricted cash and cash equivalents primarily includes funds held for our trading and clearing businesses. Receivables, net Our receivables are concentrated with our member firms, market data distributors, listed companies and investor relations and governance and market technology customers. Receivables are shown net of a reserve for uncollectible accounts. On January 1, 2020, we adopted ASU 2016-13. Implementation of this standard is discussed below under “Measurement of Credit Losses on Financial Instruments.” The reserve for bad debts is maintained at a level that management believes to be sufficient to absorb expected losses over the life of our accounts receivable portfolio. The reserve is increased by the provision for bad debts which is charged against operating results and decreased by the amount of charge-offs, net of recoveries. The provision for bad debts is included in general, administrative and other expense in the Consolidated Statements of Income. The amount charged against operating results is based on an aging methodology. This method applies loss rates based on historical loss information which is disaggregated by business segment and, as deemed necessary, is adjusted for other factors and considerations that could impact collectibility. In circumstances where a specific customer’s inability to meet its financial obligations is known (i.e., bankruptcy filings), we determine whether a specific provision for bad debts is required. Accounts receivable are written-off against the reserve for bad debts when collection efforts cease. Due to changing economic, business and market conditions, we review the reserve for bad debts monthly and make changes to the reserve through the provision for bad debts as appropriate. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to pay), our estimates of recoverability could be reduced by a material amount. The total reserve netted against receivables in the Consolidated Balance Sheets was $21 million as of December 31, 2020, $9 million as of December 31, 2019 and $13 million as of December 31, 2018. The changes in the balance between periods was immaterial. Measurement of Credit Losses on Financial Instruments ASU 2016-13 changed the impairment model for certain financial instruments. The new model is a forward looking expected loss model and applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees and trade receivables. For available-for-sale debt securities with unrealized losses, credit losses are measured in a manner similar to previous accounting, except that the losses are recognized as allowances rather than reductions in the amortized cost of the securities. We recorded a $12 million non-cash cumulative effect adjustment to retained earnings on our opening Consolidated Balance Sheets as of January 1, 2020 as a result of the adoption of this new standard. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an on-going basis. At the date of adoption, the adjustment impacted by the standard related primarily to an adjustment to trade receivables. We took into consideration all financial instruments held at the date of adoption which were impacted by the standard, including reverse repurchase agreements and commercial paper, and estimated the risk of loss to be immaterial. Therefore, no adjustment was recorded for these instruments. In accordance with the new standard, Nasdaq must recognize an allowance when a receivable or contract asset is established, regardless of whether there has been an incurred loss. In order to assess the appropriate allowance as of January 1, 2020, we disaggregated our trade receivables by business segment and the aging of receivables. We concluded that historical loss information is a reasonable starting point on which to determine expected credit losses for trade receivables held at the date of adoption as the composition of our trade receivables at adoption of the standard is materially consistent with that used in developing the historical loss percentages for each business unit. In order to incorporate our expectation of credit losses over the life of our receivables, we considered corporate default rate averages over an extended period as compared to the period covered by our historical loss data and included an adjustment to historical loss percentages for current conditions and expected future conditions at the date of adoption. Investments Purchases and sales of investment securities are recognized on settlement date. Financial investments Financial investments are comprised of trading securities. These investments are bought principally to meet regulatory capital requirements mainly for our clearing operations at Nasdaq Clearing. These investments are classified as trading securities as they are generally sold in the near term. Changes in fair value of trading securities are included in other income in the Consolidated Statements of Income. Fair value is generally obtained from third party pricing sources. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair values are estimated using pricing models with observable market inputs. The inputs to the valuation models vary by the type of security being priced but are typically benchmark yields, reported trades, broker-dealer quotes, and prices of similar assets. Pricing models generally do not entail material subjectivity because the methodologies employed use inputs observed from active markets. See “Fair Value Measurements,” below for further discussion of fair value measures. Equity Securities Investments in equity securities with readily determinable fair values (other than those accounted for under the equity method or those that result in consolidation of the investee) are measured at fair value and any changes in fair value are recognized in other income in the Consolidated Statements of Income. Equity investments without readily determinable fair values are accounted for under the measurement alternative, under which investments 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 on a prospective basis. We assess relevant transactions that occur on or before the balance sheet date to identify observable price changes, and we regularly monitor these investments to evaluate whether there is an indication that the investment is impaired, based on the share price from the investee's latest financing round, the performance of the investee in relation to its own operating targets, the investee's liquidity and cash position, and general market conditions. If a qualitative assessment indicates that the security is impaired, Nasdaq will estimate the fair value of the security, and if the fair value is less than the carrying amount of the security, recognize an impairment loss in net income equal to the difference in the period the impairment occurs. See Note 6, “Investments,” for further discussion of our equity securities. For the years ended December 31, 2020, 2019 and 2018, no material adjustments were made to the carrying value of our equity securities. Our investments in equity securities are included in other non-current assets in the Consolidated Balance Sheets, as we intend to hold these investments for more than one year. Equity Method Investments In general, the equity method of accounting is used when we own 20% to 50% of the outstanding voting stock of a company or when we are able to exercise significant influence over the operating and financial policies of a company. We have certain investments in which we have determined that we have significant influence and as such account for the investments under the equity method of accounting. We record our estimated pro-rata share of earnings or losses each reporting period and record any dividends as a reduction in the investment balance. We evaluate our equity method investments for other-than-temporary declines in value by considering a variety of factors such as the earnings capacity of the investment and the fair value of the investment compared to its carrying amount. In addition, for investments where the market value is readily determinable, we consider the underlying stock price. If the estimated fair value of the investment is less than the carrying amount and management considers the decline in value to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in net income in the period the impairment occurs. See Note 6, “Investments,” for further discussion of our equity method investments. No material impairments were recorded to reduce the carrying value of our equity method investments in 2020, 2019 or 2018. Default Funds and Margin Deposits Nasdaq Clearing members’ cash contributions are included in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and a current liability. 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. 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. Derivative Financial Instruments and Hedging Activities Non-Designated Derivatives We use foreign exchange forward contracts to manage foreign currency exposure of intercompany loans, accounts receivable, accounts payable and other balance sheet items. These contracts are not designated as hedges for financial reporting purposes. The change in fair value of these contracts is recognized in general, administrative and other expense in the Consolidated Statements of Income and offsets the foreign currency exposure. As of December 31, 2020 and 2019, the fair value amounts of our derivative instruments were immaterial. Net Investment Hedges Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We may utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries. Our 2023, 2029, and 2030 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. Any increase or decrease related to the remeasurement of the 2023, 2029, and 2030 Notes into U.S. dollars is recorded in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets. See “1.75% Senior Unsecured Notes Due 2023,” “1.75% Senior Unsecured Notes Due 2029,” and “0.875% Senior Unsecured Notes Due 2030,” of Note 9, “Debt Obligations,” for further discussion. Property and Equipment, net Property and equipment, including leasehold improvements, are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method over the estimated useful lives of the related assets, which range from 10 to 40 years for buildings and improvements, 2 to 5 years for data processing equipment, and 5 to 10 years for furniture and equipment. We develop systems solutions for both internal and external use. Certain costs incurred in connection with developing or obtaining internal use software are capitalized. In addition, certain costs of computer software to be sold, leased, or otherwise marketed as a separate product or as part of a product or process are capitalized beginning when a product’s technological feasibility has been established and ending when a product is available for general release. Technological feasibility is established upon completion of a detailed program design or, in its absence, completion. Prior to reaching technological feasibility, all costs are charged to expense. Unamortized capitalized costs are included in data processing equipment and software, within property and equipment, net in the Consolidated Balance Sheets. Capitalized software costs are amortized on a straight-line basis over the estimated useful lives of the software, generally 5 to 10 years. Amortization of these costs is included in depreciation and amortization expense in the Consolidated Statements of Income. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the remaining term of the related lease. See Note 7, “Property and Equipment, net,” for further discussion. Leases On January 1, 2019, we adopted ASU 2016-02, “Leases,” or ASU 2016-02, and elected the optional transition method to initially apply the standard at the January 1, 2019 adoption date. Prior periods continue to be reported under guidance in effect prior to January 1, 2019. At inception, we determine whether a contract is or contains a lease. We have operating leases which are primarily real estate leases for our U.S. and European headquarters and for general office space. As of December 31, 2020, these leases have varying lease terms with remaining maturities ranging from 1 month to 15 years. Operating lease balances are included in operating lease assets, other current liabilities, and operating lease liabilities in our Consolidated Balance Sheets. We do not have any leases classified as 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 estimated rate of interest for collateralized borrowing over a similar term of the lease payments 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 that 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. See Note 16, “Leases,” for further discussion. Goodwill and Indefinite-Lived Intangible Assets 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 assessed for impairment annually in the fourth quarter of our fiscal year using an October 1 measurement date, or more frequently if conditions exist that indicate that the asset 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. When testing goodwill for impairment, we have the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as the basis to determine if it is necessary to perform a quantitative goodwill impairment test. When assessing goodwill for impairment, our decision to perform a qualitative impairment assessment for a reporting unit in a given year is influenced by a number of factors, including but not limited to, the size of the reporting unit’s goodwill, the significance of the excess of the reporting unit’s estimated fair value over its carrying amount at the last quantitative assessment date, and the amount of time in between quantitative fair value assessments. In performing a qualitative assessment, we consider the extent to which unfavorable events or circumstances identified, such as changes in economic, industry and market conditions or company specific events, could affect the comparison of the reporting unit’s fair value with its carrying amount. If we choose not to complete a qualitative assessment for a given reporting unit, or if the initial assessment indicates that it is more likely than not that the carrying amount of a reporting unit exceeds its estimated fair value, a quantitative test is required. When performing a quantitative goodwill impairment test, we compare the fair value of a reporting unit with its carrying amount. If the fair value is less than the carrying amount, an impairment charge is recognized in an amount equal to the difference, limited to the total amount of goodwill allocated to that reporting unit. We also evaluate indefinite-lived intangible assets for impairment annually in the fourth quarter of our fiscal year using an October 1 measurement date, or more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. Such evaluation includes determining the fair value of the asset and comparing the fair value of the asset with its carrying amount. If the fair value of the indefinite-lived intangible asset is less than its carrying amount, an impairment charge is recognized in an amount equal to the difference. For indefinite-lived intangible assets impairment testing, we also have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than the carrying amount. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, then we must perform additional testing of the asset. Otherwise, we conclude that no impairment is indicated and further testing is not performed. There was no impairment of goodwill for the years ended December 31, 2020, 2019 and 2018 and there were no indefinite-lived intangible asset impairment charges in 2020, 2019 and 2018. Future disruptions to our business and events, such as prolonged economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses, may result in goodwill or indefinite-lived intangible asset impairment charges in the future. Valuation of Other Long-Lived Assets We review our other long-lived assets, such as finite-lived intangible assets and property and equipment, for potential impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of an asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Fair value of finite-lived intangible assets and property and equipment is based on various valuation techniques. Any required impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value and is recorded as a reduction in the carrying amount of the related asset and a charge to operating results. We recorded pre-tax, non-cash property and equipment asset impairment charges of $4 million in 2020 and $24 million in 2019. For the year ended December 31, 2018, no material adjustments were made to the carrying amounts of finite-lived intangible assets or property and equipment. Revenue Recognition and Transaction-Based Expenses Revenue From Contracts With Customers Our revenue recognition policies under ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” are described in the following paragraphs. 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 Consolidated Balance Sheets as receivables which is net of allowance for doubtful accounts of $21 million as of December 31, 2020 and $9 million as of December 31, 2019. 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 a material amount of revenues recognized from performance obligations that were satisfied in prior periods. We do not 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, for the portion of transaction price allocated to unsatisfied performance obligations, see Note 3, “Revenue From Contracts With Customers.” Deferred revenue primarily represents our contract liabilities related to our fees for annual and initial listings, market technology, IR & ESG services and investment intelligence contracts. Deferred revenue is the only significant contract asset or liability as of December 31, 2020. See Note 8, “Deferred Revenue,” for our discussion of deferred revenue balances, activity, and expected timing of recognition. See “Revenue Recognition” below for further descriptions of our revenue contracts. Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and amortized on a straight-line basis over the period of benefit that we have determined to be the contract term or estimated service period. Sales commissions for renewal contracts are deferred and amortized on a straight-line basis over the related contractual renewal period. Amortization expense is included in compensation and benefits expense in the Consolidated Statements of Income. The balance of deferred costs and related amortization expense are not material to our consolidated financial statements. Sales commissions are expensed when incurred if contract durations are one year or less. Sales taxes are excluded from transaction prices. Certain judgments and estimates were used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price and are discussed below. We believe that these represent a faithful depiction of the transfer of services to our customers. Revenue Recognition Our primary revenue contract classifications are described below. Although we may discuss additional revenue details in our “Management's Discussion and Analysis of Financial Condition and Results of Operations,” the categories below best represent those that depict similar economic characteristics of the nature, amount, timing and uncertainty of our revenues and cash flows. Market Services Transaction-Based Trading and Clearing Transaction-based trading and clearing includes equity derivative trading and clearing, cash equity trading and FICC revenues. Nasdaq charges transaction fees for trades executed on our exchanges, as well as on orders that are routed to and executed on other market venues. Nasdaq charges clearing fees for contracts cleared with Nasdaq Clearing. In the U.S., transaction fees are based on trading volumes for trades executed on our U.S. exchanges and in Europe, transaction fees are based on the volume and value of traded and cleared contracts. In Canada, transaction fees are based on trading volumes for trades executed on our Canadian exchange. Nasdaq satisfies its performance obligation for trading services upon the execution of a customer trade and clearing services when a contract is cleared, as trading and clearing transactions are substantially complete when they are executed and we have no further obligation to the customer at that time. Transaction-based trading and clearing fees can be variable and are based on trade volume tiered discounts. Transaction revenues, as well as any tiered volume discounts, are calculated and billed monthly in accordance with our published fee schedules. In the U.S., we also pay liquidity payments to customers based on our published fee schedules. We use these payments to improve the liquidity on our markets and therefore recognize those payments as a cost of revenue. The majority of our FICC trading and clearing customers are charged transaction fees, as discussed above, which are based on the volume and value of traded and cleared contracts. We also enter into annual fixed contracts with customers trading U.S. Treasury securities. The customers are charged an annual fixed fee which is billed per the agreement, on a monthly or quarterly basis. Revenues earned on fixed contracts are recognized over time on a ratable basis over the contract period beginning on the date that our service is made available to the customer since the customer receives and consumes the benefit as Nasdaq provides the service. For U.S. equity derivative trading, we credit a portion of the per share execution charge to the market participant that provides the liquidity. For U.S. cash equity trading, for The Nasdaq Stock Market, Nasdaq PSX and Nasdaq CXC, we credit a portion of the per share execution charge to the market participant that provides the liquidity, and for Nasdaq BX and Nasdaq CX2, we credit a portion of the per share execution charge to the market participant that takes the liquidity. We record these credits as transaction rebates that are included in transaction-based expenses in the Consolidated Statements of Income. These transaction rebates are paid on a monthly basis and the amounts due are included in accounts payable and accrued expenses in the Consolidated Balance Sheets. In the U.S., we pay Section 31 fees to the SEC for supervision and regulation of securities markets. We pass these costs along to our customers through our equity derivative trading and clearing fees and our cash equity trading fees. We collect the fees as a pass-through charge from organizations executing eligible trades on our options exchanges and our cash equity platforms and we recognize these amounts in transaction-based expenses when incurred. Section 31 fees received are included in cash and cash equivalents in the Consolidated Balance Sheets at the time of receipt and, as required by law, the amount due to the SEC is remitted semiannually and recorded as Section 31 fees payable to the SEC in the Consolidated Balance Sheets until paid. Since the amount recorded as revenues is equal to the amount recorded as transaction-based expenses, there is no impact on our revenues less transaction-based expenses. As we hold the cash received until payment to the SEC, we earn interest income on the related cash balances. Under our Limitation of Liability Rule and procedures, we may, subject to certain caps, provide compensation for losses directly resulting from our systems’ actual failure to correctly process an order, quote, message or other data into our platform. We do not record a liability for any potential claims that may be submitted under the Limitation of Liability Rule unless they meet the provisions required in accordance with U.S. GAAP. As such, losses arising as a result of the rule are accrued and charged to expense only if the loss is probable and estimable. Trade Management Services We provide market participants with a wide variety of alternatives for connecting to and accessing our markets for a fee. We also offer market participants colocation services, whereby we charge firms for cabinet space and power to house their own equipment and servers within our data centers. These participants are charged monthly fees for cabinet space, connectivity and support in accordance with our published fee schedules. These fees are recognized on a monthly basis when the performance obligation is met. We also earn revenues from annual and monthly exchange membership and registration fees. Revenues for monthly exchange membership and registration fees are recognized on a monthly basis as the service is provided. Revenues from annual fees for exchange membership and registration fees are recognized ratably over the following 12-month period since the customer receives and consumes the benefit as Nasdaq provides the service. We also offer broker services to financial participants in the Nordic market primarily offering technology and customized securities administration solutions. Revenues from broker services are based on a fixed basic fee for administration or licensing, maintenance and operations, and an incremental fee depending on the number of transactions completed. Broker services revenues are generally billed and recognized monthly. As previously noted, in January 2020, we commenced an orderly wind-down of this broker services operations business. We expect this wind-down to continue through 2021. Corporate Platforms Listing Services Listing services revenues primarily include initial listing fees and annual renewal fees. Under Topic 606, the initial listing fee is allocated to multiple performance obligations including initial and subsequent listing services and IR & ESG services (when a company qualifies to receive these services under the applicable Nasdaq rule), as well as a customer's material right to renew the option to list on our exchanges. In performing this allocation, the standalone selling price of the performance obligations is based on the initial and annual listing fees and the standalone selling price of the IR & ESG services is based on its market value. All listing fees are billed upfront and the identified performance obligations are satisfied over time since the customer receives and consumes the benefit as Nasdaq provides the listing service. The amount of revenue related to the IR & ESG services performance obligation is recognized ratably over a two-year period, which is based on contract terms, with the remaining revenue recognized ratably over six years which is based on our historical listing experience and projected future listing duration. In the U.S., annual renewal fees are charged to listed companies based on their number of outstanding shares at the end of the prior year and are recognized ratably over the following 12-month period since the customer receives and consumes the benefit as Nasdaq provides the service. Annual fees are charged to newly listed companies on a pro-rata basis, based on outstanding shares at the time of listing and recognized over the remainder of the year. European annual renewal fees, which are received from companies listed on our Nasdaq Nordic and Nasdaq Baltic exchanges and Nasdaq First North, are directly related to the listed companies’ market capitalization on a trailing 12-month basis and are recognized ratably over the following 12-month period since the customer receives and consumes the benefit as Nasdaq provides the service. IR & ESG Services Our IR & ESG Services business includes our Investor Relations Intelligence and Governance Solutions businesses, which serve both public and private companies and organizations. IR & ESG Services revenues primarily include subscription and transaction-based income from our investor relations intelligence and governance solutions products and services. Subscription-based revenues earned are recognized over time on a ratable basis over the contract period beginning on the date that our service is made available to the customer since the customer receives and consumes the benefit as Nasdaq provides the service. Generally, fees are billed in advance and the contract provides for automatic renewal. As part of subscription agreements, customers can also be charged usage fees based upon actual usage of the services provided. Revenues from usage fees are recognized at a point in time when the service is provided. Investment Intelligence Market Data Market data revenues are earned from U.S. and European proprietary market data products. In the U.S., we also earn revenues from U.S. shared tape plans. We earn revenues primarily based on the number of data subscribers and distributors of our data. Market data revenues are subscription-based and are recognized on a monthly basis. For U.S. tape plans, revenues are collected monthly based on published fee schedules and distributed quarterly to the U.S. exchanges based on a formula required by Regulation NMS that takes into account both trading and quoting activity. Revenues are presented on a net basis as we are acting as an agent in this arrangement. Market Data Revenue Sharing The most significant component of market data revenues recorded on a net basis is the UTP Plan revenue sharing in the U.S. All indicators of principal versus agent reporting under U.S. GAAP have been considered in analyzing the appropriate presentation of the revenue sharing. However, the following are the primary indicators of net reporting: •We are the administrator for the plan, in addition to being a participant in the plan. In our unique role as administrator, we facilitate the collection and dissemination of revenues on behalf of the plan participants. As a participant, we share in the net distribution of revenues according to the plan on the same terms as all other plan participants. •The operating committee of the plan, which is comprised of representatives from each of the participants, including us solely in our capacity as a plan participant, is responsible for setting the level of fees to be paid by distributors and subscribers and taking action in accordance with the provisions of the plan, subject to SEC approval. •Risk of loss on the revenue is shared equally among plan participants according to the plan. The exchanges that comprise Nasdaq Nordic and Nasdaq Baltic do not have any material market data revenue sharing agreements. Index We develop and license Nasdaq branded indexes and financial products as part of our Global Index Family. We also provide index data products and custom calculation services for third-party clients. Revenues primarily include license fees from these branded indexes and financial products in the U.S. and abroad. We primarily have two types of license agreements: transaction-based licenses and asset-based licenses. Transaction-based licenses are generally renewable agreements. Customers are charged based on transaction volume or a minimum contract amount, or both. If a customer is charged based on transaction volume, we recognize revenue when the transaction occurs. If a customer is charged based on a minimum contract amount, we recognize revenue on a pro-rata basis over the licensing term since the customer receives and consumes the benefit as Nasdaq provides the service. Asset-based licenses are also generally renewable agreements. Customers are charged based on a percentage of AUM for licensed products, per the agreement, on a monthly or quarterly basis. These revenues are recognized over the term of the license agreement since the customer receives and consumes the benefit as Nasdaq provides the service. Revenue from index data subscriptions are recognized on a monthly basis. Analytics Analytics revenues are earned from investment content and analytics products. We earn revenues primarily based on the number of content and analytics subscribers and distributors. Subscription agreements are generally annual in term, payable in advance, and provide for automatic renewal. Subscription-based revenues are recognized over time on a ratable basis over the contract period beginning on the date that our service is made available to the customer since the customer receives and consumes the benefit as Nasdaq provides the service. Market Technology Market Technology revenues primarily consist of software, license and support revenues, change request revenues, and SaaS revenues. In our Market Technology business, we enter into long-term contracts with customers to develop customized technology solutions, license the right to use software, and provide support and other services to our customers. We also enter into agreements to modify the system solutions sold by Nasdaq after delivery has occurred. In addition, we enter into subscription agreements which allow customers to connect to our servers to access our software. Our long-term contracts with customers to develop customized technology solutions, license the right to use software and provide support and other services to our customers have multiple performance obligations. The performance obligations are generally: (i) software license and installation service and (ii) software support. We have determined that the software license and installation service are not distinct as the license and the customized installation service are inputs to produce the combined output, a functional and integrated software system. For contracts with multiple performance obligations, we allocate the contract transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. In instances where standalone selling price is not directly observable, such as when we do not sell the product or service separately, we determine the standalone selling price predominantly through an expected cost plus a margin approach. Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in contract specifications or requirements. In most instances, contract modifications are for goods and services that are not distinct, and, therefore, are accounted for as part of the existing contract. For our long-term contracts, payments are generally made throughout the contract life and can be dependent on either reaching certain milestones or paid upfront in advance of the service period depending on the stage of the contract. For subscription agreements, contract payment terms can be quarterly, annually or monthly, in advance. For all other contracts, payment terms vary. We generally recognize revenue over time as our customers simultaneously receive and consume the benefits provided by our performance because our customer controls the asset for which we are creating, our performance does not create an asset with alternative use, and we have a right to payment for performance completed to date. For these services, we recognize revenue over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligation. Incurred costs represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Contract costs generally include labor and direct overhead. For software support and update services, and for subscription agreements which allow customers to connect to our servers to access our software, we generally recognize revenue ratably over the service period beginning on the date our service is made available to the customer since the customer receives and consumes the benefit consistently over the period as Nasdaq provides the services. Accounting for our long-term contracts requires judgment relative to assessing risks and their impact on the estimate of revenues and costs. Our estimates are impacted by factors such as the potential for schedule and technical issues, productivity, and the complexity of work performed. When adjustments in estimated total contract costs are required, any changes in the estimated revenues from prior estimates are recognized in the current period for the effect of such change. If estimates of total costs to be incurred on a contract exceed estimates of total revenues, a provision for the entire estimated loss on the contract is recorded in the period in which the loss is determined. During the fourth quarter, as part of our regular review of significant implementation projects, we refined and revised our plans relating to a large-scale post-trade clearing implementation project for a specific client. At that point it became probable that we would incur a loss over the remainder of that particular project, in part due to the logistical implications of COVID-19. As a result, we recorded a $25 million provision for the estimated loss in general, administrative and other expense in our Consolidated Statements of Income and is included in other current and other non-current liabilities in our Consolidated Balance Sheets. Other Revenues For the year ended December 31, 2019 and 2018, other revenues include the revenues from the BWise enterprise governance, risk and compliance software platform, which was sold in March 2019, and for the year ended December 31, 2018, other revenues also include revenues from the Public Relations Solutions and Digital Media Services businesses which were sold in April 2018. Prior to the sale dates, these revenues were included in our IR & ESG Services business within our Corporate Platforms segment and were both subscription and transaction-based revenues. Earnings Per Share We present both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to Nasdaq by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income attributable to Nasdaq by the weighted-average number of common shares and common share equivalents outstanding during the period and reflects the assumed conversion of all dilutive securities, which primarily consist of restricted stock, PSUs, and employee stock options. Common share equivalents are excluded from the computation in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation. Shares which are considered contingently issuable are included in the computation of dilutive earnings per share on a weighted average basis when management determines the applicable performance criteria would have been met if the performance period ended as of the date of the relevant computation. See Note 13, “Earnings Per Share,” for further discussion. Pension and Post-Retirement Benefits Pension and other post-retirement benefit plan information for financial reporting purposes is developed using actuarial valuations. We assess our pension and other post-retirement benefit plan assumptions on a regular basis. In evaluating these assumptions, we consider many factors, including evaluation of the discount rate, expected rate of return on plan assets, mortality rate, healthcare cost trend rate, retirement age assumption, our historical assumptions compared with actual results and analysis of current market conditions and asset allocations. See Note 10, “Retirement Plans,” for further discussion. Discount rates used for pension and other post-retirement benefit plan calculations are evaluated annually and modified to reflect the prevailing market rates at the measurement date of a high-quality fixed-income debt instrument portfolio that would provide the future cash flows needed to pay the benefits included in the benefit obligations as they come due. Actuarial assumptions are based upon management’s best estimates and judgment. The expected rate of return on plan assets for our U.S. pension plans represents our long-term assessment of return expectations which may change based on significant shifts in economic and financial market conditions. The long-term rate of return on plan assets is derived from return assumptions based on targeted allocations for various asset classes. While we consider the pension plans’ recent performance and other economic growth and inflation factors, which are supported by long-term historical data, the return expectations for the targeted asset categories represent a long-term prospective return. Share-Based Compensation Nasdaq uses the fair value method of accounting for share-based awards. Share-based awards, or equity awards, include restricted stock, PSUs, and stock options. The fair value of restricted stock awards and PSUs, other than PSUs granted with market conditions, is determined based on the grant date closing stock price less the present value of future cash dividends. We estimate the fair value of PSUs granted with market conditions using a Monte Carlo simulation model at the date of grant. The fair value of stock options are estimated using the Black-Scholes option-pricing model. We generally recognize compensation expense for equity awards on a straight-line basis over the requisite service period of the award, taking into account an estimated forfeiture rate. Granted but unvested shares are generally forfeited upon termination of employment. Excess tax benefits or expense related to employee share-based payments, if any, are recognized as income tax benefit or expense in the Consolidated Statements of Income when the awards vest or are settled. Nasdaq also has an ESPP that allows eligible employees to purchase a limited number of shares of our common stock at six-month intervals, called offering periods, at 85.0% of the lower of the fair market value on the first or the last day of each offering period. The 15.0% discount given to our employees is included in compensation and benefits expense in the Consolidated Statements of Income. See Note 11, “Share-Based Compensation,” for further discussion of our share-based compensation plans. Merger and Strategic Initiatives We incur incremental direct merger and strategic initiative costs relating to various completed and potential acquisitions, divestitures, and other strategic opportunities. These costs generally include integration costs, as well as legal, due diligence and other third party transaction costs. As of December 31, 2020, all planned integrations for our 2018 and 2017 acquisitions have been completed. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, we consider the principal or most advantageous market in which we would transact, and we also consider assumptions that market participants would use when pricing the asset or liability. Fair value measurement establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Nasdaq’s market assumptions. These two types of inputs create the following fair value hierarchy: •Level 1-Quoted prices for identical instruments in active markets. •Level 2-Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. •Level 3-Instruments whose significant value drivers are unobservable. This hierarchy requires the use of observable market data when available. See Note 14, “Fair Value of Financial Instruments,” for further discussion. Tax Matters We use the asset and liability method to determine income taxes on all transactions recorded in the consolidated financial statements. Deferred tax assets (net of valuation allowances) and deferred tax liabilities are presented net by jurisdiction as either a non-current asset or liability in our Consolidated Balance Sheets, as appropriate. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized. In order to recognize and measure our unrecognized tax benefits, management determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured to determine the amount of benefit to be recognized in the consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. Subsequent Events We have evaluated subsequent events through the issuance date of this Annual Report on Form 10-K. See Note 21, “Subsequent Events,” for further discussion.

Revenue From Contracts With Customers

12 Months Ended

Dec. 31, 2020

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 years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31, 2020
	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	809	$	—	$	—	$	—	$	809
Trade management services	299		—		—		—		299
Listing services	—		316		—		—		316
IR & ESG Services	—		214		—		—		214
Market data	—		—		409		—		409
Index	—		—		324		—		324
Analytics	—		—		175		—		175
Market technology	—		—		—		357		357
Revenues less transaction-based expenses	$	1,108	$	530	$	908	$	357	$	2,903


	Year End December 31, 2019
	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Other Revenues		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	621	$	—	$	—	$	—	$	—	$	621
Trade management services	291		—		—		—		—		291
Listing services	—		296		—		—		—		296
IR & ESG Services	—		200		—		—		—		200
Market data	—		—		398		—		—		398
Index	—		—		223		—		—		223
Analytics	—		—		158		—		—		158
Market technology	—		—		—		338		—		338
Other revenues	—		—		—		—		10		10
Revenues less transaction-based expenses	$	912	$	496	$	779	$	338	$	10	$	2,535


	Year End December 31, 2018
	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Other Revenues		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	666	$	—	$	—	$	—	$	—	$	666
Trade management services	292		—		—		—		—		292
Listing services	—		290		—		—		—		290
IR & ESG Services	—		197		—		—		—		197
Market data	—		—		390		—		—		390
Index	—		—		206		—		—		206
Analytics	—		—		118		—		—		118
Market technology	—		—		—		270		—		270
Other revenues	—		—		—		—		97		97
Revenues less transaction-based expenses	$	958	$	487	$	714	$	270	$	97	$	2,526

For the year ended December 31, 2020, approximately 69.8% of Market Services revenues were recognized at a point in time and 30.2% were recognized over time. For the year ended December 31, 2019, approximately 65.1% of Market Services revenues were recognized at a point in time and 34.9% were recognized over time. For the year ended December 31, 2018, approximately 63.6% of Market Services revenues were recognized at a point in time and 36.4% were recognized over time. The increase in Market Services revenues recognized at a point in time for the year ended December 31, 2020 compared with 2019 and 2018 was primarily due to higher U.S. industry trading volumes in our equity derivative trading and clearing business and higher U.S. industry trading volumes and higher European value traded in our cash equity trading business. Substantially all revenues from the Corporate Platforms, Investment Intelligence and Market Technology segments were recognized over time for the years ended December 31, 2020, 2019 and 2018.

As discussed in “Revenue From Contracts with Customers - Contract Balances,” of Note 2, “Summary of Significant Accounting Policies,” 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 December 31, 2020:


	(in millions)
2021	$	287
2022	174
2023	93
2024	68
2025	51
2026 and thereafter	112
Total	$	785

Market technology deferred revenue, as discussed in Note 8, “Deferred Revenue,” 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 year ended December 31, 2020 are reflected in the following table:


	Initial Listing Revenues		Annual Listings Revenues		IR & ESG Services Revenues		Investment Intelligence Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Balance at December 31, 2019	$	69	$	2	$	41	$	82	$	66	$	14	$	274
Deferred revenue billed in the current period, net of recognition	50		3		46		80		39		10		228
Revenue recognized that was included in the beginning of the period	(30)		(2)		(41)		(64)		(60)		(10)		(207)
Foreign currency translation adjustment	2		(1)		—		(1)		8		3		11
Balance at December 31, 2020	$	91	$	2	$	46	$	97	$	53	$	17	$	306

____________

(1) Balance at December 31, 2020 primarily includes deferred revenue from non-U.S. listing of additional shares fees. In the U.S., these fees will run-off in 2021 as a result of the implementation of our all-inclusive annual fee. Listing of additional shares fees are included in our Listing Services business.

As of December 31, 2020, we estimate that our deferred revenue will be recognized in the following years:


	Initial Listing Revenues		Annual Listings Revenues		IR & ESG Services Revenues		Investment Intelligence Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Fiscal year ended:
2021	$	35	$	2	$	42	$	95	$	51	$	10	$	235
2022	23		—		4		2		2		2		33
2023	13		—		—		—		—		3		16
2024	10		—		—		—		—		2		12
2025	7		—		—		—		—		—		7
2026 and thereafter	3		—		—		—		—		—		3
Total	$	91	$	2	$	46	$	97	$	53	$	17	$	306

____________

(1) For composition of “Other” see footnote (1) above.

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.

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://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Acquisitions and Divestiture

Acquisitions and Divestiture

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

The financial results of the below transactions are included in our consolidated financial statements from the date of each acquisition or divestiture.

2021 Acquisition

Acquisition of Verafin

In February 2021, we completed the acquisition of Verafin, a SaaS technology provider specializing in combating fraud and money laundering, for an aggregate purchase price of $2.75 billion, subject to certain adjustments. Verafin is part of our Market Technology segment.

Nasdaq used the net proceeds from our offering of new senior notes in December 2020, commercial paper issuances, and cash on hand to fund this acquisition. See “Commercial Paper Program,” and “Senior Unsecured Notes Due 2022, 2031 and 2040,” of Note 9, “Debt Obligations,” for further discussion.

We are currently reviewing the impact of this acquisition under FASB Accounting Standards Codification Topic 805, “Business Combinations.” Any additional disclosures would not be practicable for the year ended December 31, 2020. Such disclosures will be included in our Quarterly Report on Form 10-Q for the quarter ending March 31, 2021.

2020 Acquisition

Acquisition of Solovis

In March 2020, we acquired Solovis, a provider of multi-asset class portfolio management, analytics and reporting tools across public and private markets. Solovis is part of our Investment Intelligence segment.

2019 Acquisition and Divestiture

2019 Divestiture

Divestiture of BWise

In March 2019, we sold the BWise enterprise governance, risk and compliance software platform, which was part of our IR & ESG Services business within our Corporate Platforms 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 businesses in the Consolidated Statements of Income for the year ended December 31, 2019.

2019 Acquisition

Acquisition of Cinnober


	Purchase Consideration		Total Net Assets Acquired		Total Net Deferred Tax Liability		Acquired Intangible Assets		Goodwill
	(in millions)
Cinnober	$	219	$	18	$	(19)	$	74	$	146

In January 2019, we acquired Cinnober, a 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 final allocation of the purchase price.

See “Intangible Assets” below for further discussion of intangible assets acquired in the Cinnober acquisition.

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 (in millions)	$	67
Discount rate used	9.5		%
Estimated average useful life	13 years

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 rate used reflects 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.

Pro Forma Results and Acquisition-Related Costs

The consolidated financial statements for the years ended December 31, 2020 and 2019 include the financial results of the above acquisitions from the dates of these acquisitions. Pro forma financial results have not been presented since these acquisitions both individually and in the aggregate were not material to our financial results.

Acquisition-related costs for the transactions described above

were expensed as incurred and are included in merger and strategic initiatives expense in the Consolidated Statements of Income.

Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

The following table presents the changes in goodwill by business segment during the year ended December 31, 2020:


	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Total
	(in millions)
Balance at December 31, 2019	$	3,342	$	460	$	2,283	$	281	$	6,366
Goodwill acquired	—		—		135		—		135


Foreign currency translation adjustment	177		21		123		28		349
Balance at December 31, 2020	$	3,519	$	481	$	2,541	$	309	$	6,850

The goodwill acquired for Investment Intelligence shown above relates to our acquisition of Solovis. See “2020 Acquisition,” of Note 4, “Acquisitions and Divestiture,” for further discussion of this acquisition.

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 years ended December 31, 2020 and 2019; however, events such as prolonged economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses, 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:


	December 31, 2020						December 31, 2019
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
	(in millions)						(in millions)
Finite-Lived Intangible Assets
Technology	$	76	$	(24)	$	52	$	63	$	(19)	$	44
Customer relationships	1,599		(648)		951		1,596		(532)		1,064
Other	18		(6)		12		18		(5)		13
Foreign currency translation adjustment	(104)		58		(46)		(159)		55		(104)
Total finite-lived intangible assets	$	1,589	$	(620)	$	969	$	1,518	$	(501)	$	1,017
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	—	$	1,257	$	1,257	$	—	$	1,257
Trade names	121		—		121		121		—		121
Licenses	52		—		52		52		—		52
Foreign currency translation adjustment	(144)		—		(144)		(198)		—		(198)
Total indefinite-lived intangible assets	$	1,286	$	—	$	1,286	$	1,232	$	—	$	1,232
Total intangible assets	$	2,875	$	(620)	$	2,255	$	2,750	$	(501)	$	2,249

Amortization expense for acquired finite-lived intangible assets was $103 million for the year ended December 31, 2020, $101 million for the year ended December 31, 2019 and $109 for the year ended December 31, 2018. These amounts are included in depreciation and amortization expense in the Consolidated Statements of Income.

The estimated future amortization expense (excluding the impact of foreign currency translation adjustments of $46 million as of December 31, 2020) of acquired finite-lived intangible assets as of December 31, 2020 is as follows:


	(in millions)
2021	$	109
2022	106
2023	103
2024	98
2025	96
2026 and thereafter	503
Total	$	1,015

Investments

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investments

The following table presents the details of our investments:


	December 31, 2020		December 31, 2019
	(in millions)
Financial investments	$	195	$	291



Equity method investments	$	216	$	156
Equity securities	$	60	$	49

Financial Investments

As of December 31, 2020, financial investments are comprised of trading securities, and are primarily comprised of highly rated European government debt securities, of which $175 million are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing. As of December 31, 2019, financial investments are comprised of trading securities, and are primarily comprised of highly rated European government debt securities, time deposits and highly rated

corporate debt securities, of which $169 million are assets primarily utilized to meet regulatory capital requirements, mainly for our clearing operations at Nasdaq Clearing.

Equity Method Investments

We record our estimated pro-rata share of earnings or losses each reporting period and record any dividends as a reduction in the investment balance. As of December 31, 2020 and 2019, our equity method investments primarily included our 40.0% equity interest in the OCC.

The carrying amounts of our equity method investments are included in other non-current assets in the Consolidated Balance Sheets. No material impairments were recorded for the years end December 31, 2020, 2019 and 2018.

Net income recognized from our equity interest in the earnings and losses of these equity method investments, primarily the OCC, was $70 million for the year ended December 31, 2020, $84 million for the year ended December 31, 2019 and $18 million for the year ended December 31, 2018. For the year ended December 31, 2020, higher equity earnings in the OCC, driven by elevated U.S. industry trading volumes, were partially offset by a rebate to clearing members in the fourth quarter of 2020.

In 2019, the SEC disapproved the OCC capital plan that had been established in 2015. Following the SEC disapproval, the OCC suspended customer rebates and dividends to owners, including the unpaid dividend on 2018 results. 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, during the first quarter of 2019, we recognized $36 million of additional income relating to our share of OCC's 2018 net income, which is included in the $84 million for the year ended December 31, 2019.

Equity Securities

The carrying amounts of our equity securities are included in other non-current assets in the 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. No material adjustments were made to the carrying value of our equity securities for the years

ended December 31, 2020, 2019 and 2018. As of December 31, 2020 and December 31, 2019, our equity securities represent various strategic investments made through our corporate venture program as well as investments acquired through various acquisitions.

Property and Equipment, net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The following table presents our major categories of property and equipment, net:


	Year Ended December 31,
	2020		2019
	(in millions)
Data processing equipment and software	$	732	$	565
Furniture, equipment and leasehold improvements	300		305
Total property and equipment	1,032		870
Less: accumulated depreciation and amortization	(557)		(486)
Total property and equipment, net	$	475	$	384

Depreciation and amortization expense for property and equipment was $99 million for the year ended December 31, 2020, $89 million for the year ended December 31, 2019, and $101 million for the year ended December 31, 2018. These amounts are included in depreciation and amortization expense in the Consolidated Statements of Income.

We recorded pre-tax, non-cash property and equipment asset impairment charges on capitalized software that was retired and accelerated depreciation expense on certain assets as a result of a decrease in their useful life of $14 million in 2020 and $26 million in 2019. These charges are included in restructuring charges in the Consolidated Statements of Income. See Note 20, “Restructuring Charges,” for a discussion of our 2019 restructuring plan. There were no other material impairments of property and equipment recorded in 2020, 2019 or 2018.

As of December 31, 2020 and 2019, we did not own any real estate properties.

Deferred Revenue

12 Months Ended

Dec. 31, 2020

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 years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31, 2020
	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	809	$	—	$	—	$	—	$	809
Trade management services	299		—		—		—		299
Listing services	—		316		—		—		316
IR & ESG Services	—		214		—		—		214
Market data	—		—		409		—		409
Index	—		—		324		—		324
Analytics	—		—		175		—		175
Market technology	—		—		—		357		357
Revenues less transaction-based expenses	$	1,108	$	530	$	908	$	357	$	2,903


	Year End December 31, 2019
	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Other Revenues		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	621	$	—	$	—	$	—	$	—	$	621
Trade management services	291		—		—		—		—		291
Listing services	—		296		—		—		—		296
IR & ESG Services	—		200		—		—		—		200
Market data	—		—		398		—		—		398
Index	—		—		223		—		—		223
Analytics	—		—		158		—		—		158
Market technology	—		—		—		338		—		338
Other revenues	—		—		—		—		10		10
Revenues less transaction-based expenses	$	912	$	496	$	779	$	338	$	10	$	2,535


	Year End December 31, 2018
	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Other Revenues		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	666	$	—	$	—	$	—	$	—	$	666
Trade management services	292		—		—		—		—		292
Listing services	—		290		—		—		—		290
IR & ESG Services	—		197		—		—		—		197
Market data	—		—		390		—		—		390
Index	—		—		206		—		—		206
Analytics	—		—		118		—		—		118
Market technology	—		—		—		270		—		270
Other revenues	—		—		—		—		97		97
Revenues less transaction-based expenses	$	958	$	487	$	714	$	270	$	97	$	2,526

For our market technology contracts, the following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of December 31, 2020:


	(in millions)
2021	$	287
2022	174
2023	93
2024	68
2025	51
2026 and thereafter	112
Total	$	785

Market technology deferred revenue, as discussed in Note 8, “Deferred Revenue,” represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations.

Deferred Revenue


	Initial Listing Revenues		Annual Listings Revenues		IR & ESG Services Revenues		Investment Intelligence Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Balance at December 31, 2019	$	69	$	2	$	41	$	82	$	66	$	14	$	274
Deferred revenue billed in the current period, net of recognition	50		3		46		80		39		10		228
Revenue recognized that was included in the beginning of the period	(30)		(2)		(41)		(64)		(60)		(10)		(207)
Foreign currency translation adjustment	2		(1)		—		(1)		8		3		11
Balance at December 31, 2020	$	91	$	2	$	46	$	97	$	53	$	17	$	306

____________

As of December 31, 2020, we estimate that our deferred revenue will be recognized in the following years:


	Initial Listing Revenues		Annual Listings Revenues		IR & ESG Services Revenues		Investment Intelligence Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Fiscal year ended:
2021	$	35	$	2	$	42	$	95	$	51	$	10	$	235
2022	23		—		4		2		2		2		33
2023	13		—		—		—		—		3		16
2024	10		—		—		—		—		2		12
2025	7		—		—		—		—		—		7
2026 and thereafter	3		—		—		—		—		—		3
Total	$	91	$	2	$	46	$	97	$	53	$	17	$	306

____________

(1) For composition of “Other” see footnote (1) above.

Debt Obligations

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the year ended December 31, 2020:


	December 31, 2019		Additions		Payments, Foreign Currency Translation and Accretion		December 31, 2020
	(in millions)
Short-term debt - commercial paper	$	391	$	990	$	(1,381)	$	—
Long-term debt:
3.875% senior unsecured notes repaid on March 16, 2020	671		—		(671)		—
4.25% senior unsecured notes due June 1, 2024	497		—		1		498
1.75% senior unsecured notes due May 19, 2023	668		—		62		730
3.85% senior unsecured notes due June 30, 2026	497		—		—		497
1.75% senior unsecured notes due March 28, 2029	665		—		61		726
0.875% senior unsecured notes due February 13, 2030	—		644		82		726
3.25% senior unsecured notes due April 28, 2050	—		485		—		485
0.445% senior unsecured notes due December 21, 2022	—		597		—		597
1.650% senior unsecured notes due January 15, 2031	—		643		—		643
2.500% senior unsecured notes due December 21, 2040	—		643		—		643
$1 billion senior unsecured revolving credit facility terminated December 2020	(2)		799		(797)		—
$1.25 billion senior unsecured revolving credit facility due December 22, 2025	—		(4)		—		(4)
Total long-term debt	2,996		3,807		(1,262)		5,541
Total debt obligations	$	3,387	$	4,797	$	(2,643)	$	5,541

Commercial Paper Program

Our U.S. dollar commercial paper program is supported by our 2020 Credit Facility which provides liquidity support for the repayment of commercial paper issued through this program. Prior to the 2020 Credit Facility, the 2017 Credit Facility provided liquidity support for repayment of commercial paper. The 2017 Credit Facility was terminated in December 2020. See “Early Extinguishment of 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.

In March 2020, we observed that conditions for Tier 2 commercial paper issuers were deteriorating, impacting both costs and actionable duration of commercial paper issues. To mitigate funding uncertainties and as a precautionary measure to maximize our liquidity and increase our available cash on hand, Nasdaq borrowed $799 million under the revolving credit commitment of the 2017 Credit Facility. In April 2020, Nasdaq issued the 2050 Notes and used the net proceeds to repay a portion of amounts borrowed under the 2017 Credit Facility. In June 2020, the remaining outstanding amount under the 2017 Credit Facility was repaid using cash on hand. For further discussion of the 2050 Notes, see “3.25% Senior Unsecured Notes Due 2050” below and see “Early Extinguishment of 2017 Credit Facility” below for

further discussion of our 2017 Credit Facility. As of December 31, 2020, we had no outstanding borrowings under our commercial paper program. In January 2021, we increased the size of our commercial paper program from $1 billion to $1.25 billion. In February 2021, we issued $475 million of commercial paper to partially fund the acquisition of Verafin. For further discussion of the acquisition of Verafin, see “Acquisition of Verafin,” of Note 4, “Acquisitions and Divestiture.”

Senior Unsecured Notes

Our 2022 and 2040 Notes were issued at par. The remaining senior unsecured notes were 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 December 31, 2020, 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. For our Euro denominated notes, the “Payments, Accretion and Other” column also includes the impact of foreign currency translation. 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.

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.

Early Extinguishment of 3.875% Senior Unsecured Notes Due 2021

Nasdaq issued the 2021 Notes in June 2013. The 2021 Notes paid interest annually at a rate of 3.875% per annum.

In March 2020, we primarily used the net proceeds from the 2030 Notes to repay in full and terminate our 2021 Notes. For further discussion of the 2030 Notes, see “0.875% Senior Unsecured Notes Due 2030” below. In connection with the early extinguishment of the 2021 Notes, we recorded a charge of $36 million, which primarily included a make-whole redemption price premium. This charge is included in general, administrative and other expense in the Consolidated Statements of Income for the year ended December 31, 2020.

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. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, 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. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, 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 increase in the carrying amount of $62 million noted in the “Payments, Foreign Currency Translation and Accretion” column in the table above primarily reflects the translation of the 2023 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets as of December 31, 2020.

3.85% Senior Unsecured Notes Due 2026

In June 2016, Nasdaq issued the 2026 Notes. The 2026 Notes pay interest semi-annually at a rate of 3.85% per annum until June 30, 2026. Such interest rate may vary with Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.85%.

1.75% Senior Unsecured Notes Due 2029

In April 2019, Nasdaq issued the 2029 Notes. The 2029 Notes pay interest annually at a rate of 1.75% per annum until March 28, 2029. Such interest rate may vary with

Nasdaq’s debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 3.75%. The 2029 Notes may be redeemed by Nasdaq at any time, subject to a make-whole amount.

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. The increase in the carrying amount of $61 million noted in the “Payments, Foreign Currency Translation and Accretion” column in the table above primarily reflects the translation of the 2029 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets as of December 31, 2020.

0.875% Senior Unsecured Notes Due 2030

In February 2020, Nasdaq issued the 2030 Notes. The 2030 Notes pay interest annually in arrears, which began on February 13, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The interest rate of 0.875% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 1.875%. The proceeds from the 2030 Notes, approximately $644 million after issuing the notes at a discount and deducting underwriting fees of the offering, were primarily used to redeem the 2021 Notes and for other general corporate purposes. For further discussion of the 2021 Notes, see “Early Extinguishment of 3.875% Senior Unsecured Notes Due 2021” above.

The 2030 Notes were 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 increase in the carrying amount of $82 million noted in the “Payments, Foreign Currency Translation and Accretion” column in the table above primarily reflects the translation of the 2030 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets as of December 31, 2020.

3.25% Senior Unsecured Notes Due 2050

In April 2020, Nasdaq issued the 2050 Notes. The 2050 Notes pay interest semi-annually in arrears, which began on October 28, 2020 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The interest rate of 3.25% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 5.25%. The net proceeds from the 2050 Notes were approximately $485 million after issuing the notes at a discount and deducting underwriting fees of the offering. In April 2020, we used the net proceeds from the 2050 Notes to repay a portion of amounts previously borrowed under the 2017 Credit Facility. See “Early Extinguishment of 2017 Credit Facility” below for further discussion of our 2017 Credit Facility.

Senior Unsecured Notes Due 2022, 2031 and 2040

In December 2020, Nasdaq issued the 2022, 2031 and 2040 Notes. The net proceeds were used to partially finance the acquisition of Verafin. For further discussion of the acquisition of Verafin, see “Acquisition of Verafin,” of Note 4, “Acquisitions and Divestiture.”

0.445% Senior Unsecured Notes Due 2022

The 2022 Notes pay interest semi-annually in arrears, beginning on June 21, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The proceeds from the 2022 Notes were approximately $597 million after deducting underwriting fees of the offering. The interest rate of 0.445% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 1.445%.

1.650% Senior Unsecured Notes Due 2031

The 2031 Notes pay interest semi-annually in arrears, which began on January 15, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The proceeds from the 2031 Notes were approximately $643 million after issuing the notes at a discount and deducting underwriting fees of the offering. The interest rate of 1.650% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 2.65%.

2.500% Senior Unsecured Notes Due 2040

The 2040 Notes pay interest semi-annually in arrears, beginning on June 21, 2021 and may be redeemed by Nasdaq at any time, subject to a make-whole amount. The proceeds from the 2040 Notes were approximately $643 million after deducting the underwriting fees of the offering. The interest rate of 2.500% may vary with Nasdaq's debt rating, to the extent Nasdaq is downgraded below investment grade, up to a rate not to exceed 3.50%.

Credit Facilities

Early Extinguishment of 2017 Credit Facility

In April 2017, Nasdaq entered into the 2017 Credit Facility. Under our 2017 Credit Facility, borrowings bore 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 varied with Nasdaq’s debt rating.

In December 2020 we terminated our 2017 Credit Facility. No amounts were outstanding at the time of termination.

2020 Credit Facility

In December 2020, Nasdaq entered into the 2020 Credit Facility. The 2020 Credit Facility consists of a $1.25 billion five-year revolving credit facility (with sublimits for non-dollar borrowings, swingline borrowings and letters of credit), which replaced the 2017 Credit Facility. Nasdaq intends to use funds available under the 2020 Credit Facility for general corporate purposes and to provide liquidity

support for the repayment of commercial paper issued through the commercial paper program. Nasdaq is permitted to repay borrowings under our 2020 Credit Facility at any time in whole or in part, without penalty.

As of December 31, 2020, no amounts were outstanding on the 2020 Credit Facility. The $(4) million balance represents unamortized debt issuance costs which are being accreted through interest expense over the life of the credit facility.

Under our 2020 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 0.350%, 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 year ended December 31, 2020.

The 2020 Credit Facility contains financial and operating covenants. Financial covenants include 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 make certain restricted payments. The facility also contains customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of properties and insurance, and customary events of default, including cross-defaults to our material indebtedness.

The 2020 Credit Facility includes an option for Nasdaq to increase the available aggregate amount by up to $625 million subject to the consent of the lenders funding the increase and certain other conditions.

Other Credit Facilities

Certain of our European subsidiaries have several other credit facilities, which are available in multiple currencies, primarily to support our Nasdaq Clearing operations in Europe, as well to provide a cash pool credit line for one subsidiary. These credit facilities, in aggregate, totaled $232 million as of December 31, 2020 and $203 million as of December 31, 2019 in available liquidity, none of which was utilized as of December 31, 2020, and of which $15 million was utilized as of December 31, 2019. Generally, these facilities each have a one year term. The amounts borrowed under these various credit facilities bear interest on the principal amount outstanding at a variable interest rate based on a base rate (as defined in the applicable credit agreement), plus an applicable margin. We are charged commitment fees (as defined in the applicable credit agreement), whether or not amounts have been borrowed. These commitment fees are included in interest expense and were not material for the years ended December 31, 2020, 2019 and 2018.

These facilities include customary affirmative and negative operating covenants and events of default.

Debt Covenants

As of December 31, 2020, we were in compliance with the covenants of all of our debt obligations.

Transition from LIBOR

Nasdaq is currently evaluating the impact of the transition from LIBOR as an interest rate benchmark to other potential alternative reference rates. Currently, Nasdaq has debt instruments in place that reference LIBOR-based rates. As of December 31, 2020, we did not have material risk exposure to LIBOR through our outstanding debt instruments or other transactions.

Retirement Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

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 Consolidated Statements of Income was $14 million for the year ended December 31, 2020, $13 million for the year ended December 31, 2019 and $14 million for the year ended December 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 Consolidated Statements of Income and was $23 million for the year ended December 31, 2020, $20 million for the year ended December 31, 2019 and $22 million for the year ended December 31, 2018.

Nasdaq recognizes the funded status of the Nasdaq Benefit Plans, measured as the difference between the fair value of the plan assets and the benefit obligation, in the Consolidated Balance Sheets. The fair value of our U.S. defined-benefit pension plans' assets was $119 million as of December 31, 2020 and $110 million as of December 31, 2019 and the benefit obligation was $118 million as of December 31, 2020 and $110 million as of December 31, 2019. As a result, the U.S. defined-benefit pension plans are fully funded as of December 31, 2020 and 2019. During 2020 and 2019, we did not make any contributions to our U.S. defined-benefit pension plans. For our SERP and other post-retirement benefit plans, the net underfunded liability was $30 million as of December 31, 2020 and $33 million as of December 31,

2019. The underfunded liability for the above plans is included in accrued personnel costs and other non-current liabilities in the Consolidated Balance Sheets. The plan assets of the Nasdaq Benefit Plans are invested per target allocations adopted by Nasdaq’s Pension and 401(k) Committee and are primarily invested in collective fund investments that have underlying investments in fixed income securities. The collective fund investments are valued at net asset value which is a practical expedient to estimate fair value.

Accumulated Other Comprehensive Loss

As of December 31, 2020, accumulated other comprehensive

loss for the Nasdaq Benefit Plans was $25 million reflecting an unrecognized net loss of $32 million, partially offset by an income tax benefit of $7 million, primarily due to our pension plans.

Estimated Future Benefit Payments

We expect to make the following benefit payments to participants in the next ten fiscal years under the Nasdaq Benefit Plans:


	Pension		SERP		Total
Fiscal Year Ended:	(in millions)
2021	$	8	$	7	$	15
2022	7		2		9
2023	7		2		9
2024	8		2		10
2025	8		2		10
2026 through 2030	40		8		48
	$	78	$	23	$	101

The entire disclosure for retirement benefits.

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Share-based Payment Arrangement [Abstract]

Share-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-Based Compensation

We have a share-based compensation program for employees and non-employee directors. Share-based awards granted under this program include restricted stock (consisting of restricted stock units), PSUs and stock options. 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 years ended December 31, 2020, 2019 and 2018, which is included in compensation and benefits expense in the Consolidated Statements of Income:


	Year Ended December 31,
		2020		2019		2018
		(in millions)
Share-based compensation expense before income taxes		$	87	$	79	$	69
Income tax benefit		(23)		(21)		(19)
Share-based compensation expense after income taxes		$	64	$	58	$	50

Common Shares Available Under Our Equity Plan

As of December 31, 2020, we had approximately 9.8 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 to employees below the manager level generally vest 33.3% on the first anniversary of the grant date, 33.3% on the second anniversary of the grant date, and 33.3% on the third anniversary of the grant date. Restricted stock awards granted to employees at or above the manager level generally vest 33.3% on the second anniversary of the grant date, 33.3% on the third anniversary of the grant date, and 33.3% on the fourth anniversary of the grant date.

Summary of Restricted Stock Activity

The following table summarizes our restricted stock activity for the years ended December 31, 2020, 2019 and 2018:


	Restricted Stock
	Number of Awards	Weighted-Average Grant Date Fair Value

Unvested at December 31, 2017	1,988,500	$	57.34
Granted	550,544	81.66
Vested	(702,832)	48.64
Forfeited	(252,837)	63.86
Unvested at December 31, 2018	1,583,375	$	68.62
Granted	605,033	85.03
Vested	(548,588)	61.45
Forfeited	(153,064)	73.99
Unvested at December 31, 2019	1,486,756	$	77.38
Granted	743,300	89.93
Vested	(499,357)	72.95
Forfeited	(91,648)	81.17
Unvested at December 31, 2020	1,639,051	$	84.21

As of December 31, 2020, $70 million of total unrecognized compensation cost related to restricted stock is expected to be recognized over a weighted-average period of 1.8 years.

PSUs

PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. Prior to April 1, 2020, we had two performance-based PSU programs for certain officers, a one-year performance-based program and a three-year cumulative performance-based program that focuses on TSR. Effective with new equity awards issued on April 1, 2020, to better

align the equity programs for eligible officers, the one-year performance-based program was eliminated and all eligible officers will participate in the three-year cumulative performance-based program. While the performance periods are complete for all PSUs granted under the one-year performance-based program, some shares underlying these PSUs have not vested.

One-Year PSU Program

The grant date fair value of PSUs under the one-year performance-based program was 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 received a target grant of PSUs, but could have received 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.

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 performance 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 award issuance 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 award issuance 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.

Grants of PSUs that were issued in 2018 with a three-year performance period exceeded the applicable performance parameters. As a result, an additional 150,290 units above the original target were granted in the first quarter of 2021 and were fully vested upon issuance.

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 years ended December 31, 2020 and 2019:


	Year End December 31,
	2020		2019
Weighted-average risk free interest rate(1)	0.27	%	2.26	%
Expected volatility(2)	27.4	%	16.5	%
Weighted-average grant date share price	$92.34		$89.00
Weighted-average fair value at grant date	$111.50		$97.65

____________

(1) The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant.

(2) We use historic volatility for PSU awards issued under the three-year PSU program, as implied volatility data could not be obtained for all the companies in the peer groups used for relative performance measurement within the program.

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 years ended December 31, 2020, 2019 and 2018:


	PSUs
	One-Year Program			Three-Year Program
	Number of Awards	Weighted-Average Grant Date Fair Value		Number of Awards	Weighted-Average Grant Date Fair Value
Unvested at December 31, 2017	333,004	$	61.39	1,009,958	$	78.18
Granted(1)	177,831	80.97		484,075	90.92
Vested	(170,257)	58.49		(655,204)	64.08
Forfeited	(26,347)	61.83		(1,079)	81.57
Unvested at December 31, 2018	314,231	$	74.01	837,750	$	96.57
Granted(1)	179,599	83.56		397,553	96.55
Vested	(147,984)	70.64		(431,751)	93.25
Forfeited	(28,595)	75.43		(6,101)	103.29
Unvested at December 31, 2019	317,251	$	80.87	797,451	$	98.31
Granted(1)	26,780	84.17		320,328	107.42
Vested	(138,423)	78.09		(300,767)	81.57
Forfeited	(36,060)	82.41		(7,023)	98.26
Unvested at December 31, 2020	169,548	$	83.33	809,989	$	108.12

____________

(1) Includes target and additional awards granted based on overachievement of performance parameters. For the one-year PSUs in 2020, only includes overachievement

of performance parameters due to the elimination of the program.

As of December 31, 2020, $4 million of total unrecognized compensation cost related to the one-year PSU program is expected to be recognized over a weighted-average period of 1.2 years. For the three-year PSU program, $31 million of total unrecognized compensation cost is expected to be recognized over a weighted-average period of 1.3 years.

Stock Options

There were no stock option awards granted during the years ended December 31, 2020, 2019 and 2018.

Summary of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Number of Stock Options	Weighted-Average Exercise Price

Outstanding at December 31, 2017	571,380	$	43.84

Exercised	(118,094)	24.44
Forfeited	(4,320)	26.11
Outstanding at December 31, 2018	448,966	$	49.25

Exercised	(69,699)	20.84
Forfeited	(165)	25.28
Outstanding at December 31, 2019	379,102	$	54.32

Exercised	(85,195)	23.91
Forfeited	(554)	20.94
Outstanding and exercisable at December 31, 2020	293,353	$	63.22

We received net cash proceeds of $2 million from the exercise of 85,195 stock options for the year ended December 31, 2020, received net cash proceeds of $2 million from the exercise of 69,699 stock options for the year ended December 31, 2019, and received net cash proceeds of $3 million from the exercise of 118,094 stock options for the year ended December 31, 2018.

As of December 31, 2020, the aggregate pre-tax intrinsic value of the outstanding and exercisable stock options in the above table was $20 million and represents the difference between our closing stock price on December 31, 2020 of $132.74 and the exercise price, times the number of shares, 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. As of December 31, 2020, the weighted-average remaining contractual term of the outstanding and exercisable stock options included in the above table was 5.5 years. As of December 31, 2019, 0.3 million outstanding stock options were exercisable and the weighted-average exercise price was $50.50.

The total pre-tax intrinsic value of stock options exercised was $9 million for the year ended December 31, 2020, $6

million for the year ended December 31, 2019 and $7 million for the year ended December 31, 2018.

ESPP

We have an ESPP under which approximately 4.4 million shares of our common stock were available for future issuance as of December 31, 2020. In May 2020, we increased by 3,000,000 the number of shares authorized for issuance under the ESPP, and extended the term of the ESPP by approximately 10 years. 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. The following table summarizes employee activity and expense associated with the ESPP for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
Number of shares purchased	221,123		229,172		205,785
Weighted-average price of shares purchased	$	95.79	$	73.79	$	66.79
Compensation expense (in millions)	$	5	$	4	$	3

Nasdaq Stockholders’ Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Nasdaq Stockholders' Equity

Nasdaq Stockholders’ Equity

Common Stock

As of December 31, 2020, 300,000,000 shares of our common stock were authorized, 171,278,761 shares were issued and 164,933,678 shares were outstanding. As of December 31, 2019, 300,000,000 shares of our common stock were authorized, 171,075,011 shares were issued and 165,094,440 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 shareholder 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 Consolidated Balance Sheets. Shares repurchased under our share repurchase program are currently retired and canceled and are therefore not included in the common stock in treasury balance. If treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 6,345,083 shares of common stock in treasury as of December 31, 2020 and 5,980,571 shares as of December 31, 2019, most of which are related to shares of our common stock withheld for the settlement of employee tax withholding obligations arising from the vesting of restricted stock and PSUs.

Share Repurchase Program

As of December 31, 2020, the remaining aggregate authorized amount under the existing share repurchase program was $410 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.

The following is a summary of our share repurchase activity, reported based on settlement date, for the years ended December 31, 2020 and 2019:


	Year Ended December 31,
	2020		2019
Number of shares of common stock repurchased(1)	2,033,455		2,053,855
Average price paid per share	$	109.13	$	97.37
Total purchase price (in millions)	$	222	$	200

____________

(1) Excludes shares withheld upon vesting of restricted stock and PSUs of 364,512 for the year ended December 31, 2020 and 436,250 for the year ended December 31, 2019.

As discussed above in “Common Stock in Treasury, at Cost,” shares repurchased under our share repurchase program are currently retired and cancelled.

In January 2021, the board of directors authorized an increase to the share repurchase program of an additional $1 billion, subject to the closing of the NFI sale and acceleration of the issuance of Nasdaq common stock related to the sale. See “Sale of U.S. Fixed Income Business,” of Note 21, “Subsequent Events,” for further discussion of the sale of NFI and acceleration of share issuance.

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 December 31, 2020 and December 31, 2019, no shares of preferred stock were issued or outstanding.

Cash Dividends on Common Stock

During 2020, our board of directors declared the following cash dividends:


Declaration Date	Dividend Per Common Share		Record Date	Total Amount Paid		Payment Date
				(in millions)
January 28, 2020	$	0.47	March 13, 2020	$	78	March 27, 2020
April 22, 2020	0.49		June 12, 2020	80		June 26, 2020
July 22, 2020	0.49		September 11, 2020	81		September 25, 2020
October 21, 2020	0.49		December 4, 2020	81		December 18, 2020
				$	320

The total amount paid of $320 million was recorded in retained earnings in the Consolidated Balance Sheets at December 31, 2020.

In January 2021, the board of directors approved a regular quarterly cash dividend of $0.49 per share on our outstanding common stock. The dividend is payable on March 26, 2021 to shareholders of record at the close of business on March 12, 2021. The estimated amount of this dividend is $81 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.

Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Year Ended December 31,
		2020		2019		2018
Numerator:		(in millions, except share and per share amounts)
Net income attributable to common shareholders		$	933	$	774	$	458
Denominator:
Weighted-average common shares outstanding for basic earnings per share		164,415,191		164,931,628		165,349,471
Weighted-average effect of dilutive securities:
Employee equity awards(1)		2,135,532		1,679,922		1,988,610
Contingent issuance of common stock(2)		353,218		358,611		353,218
Weighted-average common shares outstanding for diluted earnings per share		166,903,941		166,970,161		167,691,299
Basic and diluted earnings per share:
Basic earnings per share		$	5.67	$	4.69	$	2.77
Diluted earnings per share		$	5.59	$	4.63	$	2.73

____________

(1) PSUs, which are considered contingently issuable, are included in the computation of dilutive earnings per share on a weighted average basis when management determines that the applicable performance criteria would have been met if the performance period ended as of the date of the relevant computation.

(2) See “Non-Cash Contingent Consideration,” of Note 18, “Commitments, Contingencies and Guarantees,” for further discussion.

Securities that were not included in the computation of diluted earnings per share because their effect was antidilutive were immaterial for the years ended 2020, 2019 and 2018.

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The following tables present our financial assets and financial liabilities that were measured at fair value on a recurring basis as of December 31, 2020 and December 31, 2019.


	December 31, 2020								December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in millions)								(in millions)
Assets at Fair Value
European government debt securities	$	156	$	156	$	—	$	—	$	157	$	157	$	—	$	—
Corporate debt securities	2		—		2		—		34		—		34		—
State owned enterprises and municipal securities	15		—		15		—		24		—		24		—
Swedish mortgage bonds	22		—		22		—		19		—		19		—
Time deposits	—		—		—		—		57		—		57		—
Total assets at fair value	$	195	$	156	$	39	$	—	$	291	$	157	$	134	$	—

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 and cash equivalents, 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 6, “Investments,” for further discussion.

We also consider our debt obligations to be financial instruments. As of December 31, 2020, the majority of our debt obligations were fixed-rate obligations. We were exposed to changes in interest rates as a result of borrowings under our 2017 Credit Facility and we are exposed to changes in interest rates under our 2020 Credit Facility, as the interest rates on these facility have a variable interest rate. We are also exposed to changes in interest rates as a result of the amounts outstanding from the sale of commercial paper under our commercial paper program. As of December 31, 2020, we had no outstanding borrowings under our 2020 Credit Facility or commercial paper program. The fair value of our debt obligations utilizing prevailing market rates for our fixed rate debt was $5.9 billion as of December 31, 2020 and 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 $3.6 billion as of December 31, 2019. 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 as of December 31, 2019 approximated the

carrying value since the rates of interest on this short-term debt approximated market rates. 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 9, “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 December 31, 2020 and December 31, 2019, there were no non-financial assets measured at fair value on a non-recurring basis.

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

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.

+ References + Details

Clearing Operations

12 Months Ended

Dec. 31, 2020

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, 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 an initial 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.

Immediately following the event, Nasdaq Clearing launched a comprehensive enhancement program to strengthen the resilience and robustness of the clearinghouse.

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. In 2018, we recorded a charge of $23 million related to this program.

Since the member default in 2018, Nasdaq Clearing has been working to maximize the recovery from the defaulted member. All funds recovered are applied towards the default fund participants on a pro rata basis. As of December 31, 2020, the expected recovery together with the capital relief program amounts to approximately 80% of the initial loss, of which the majority has been paid and the remainder is expected to be paid during 2021.

In December 2018, the SFSA initiated a review of Nasdaq Clearing. On January 27, 2021, the SFSA issued a warning combined with an administrative fine of approximately $36 million (SEK 300 million) to Nasdaq Clearing based on their review. Nasdaq Clearing has assessed the SFSA´s decision and has decided to appeal the decision to the Administrative Court. As of December 31, 2020, no accrual has been recorded related to this matter as the outcome cannot be reasonably estimated.

Default Fund Contributions and Margin Deposits

As of December 31, 2020, clearing member default fund contributions and margin deposits were as follows:


	December 31, 2020
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$	529	$	99	$	628
Margin deposits	3,413		5,511		8,924
Total	$	3,942	$	5,610	$	9,552

Of the total default fund contributions of $628 million, Nasdaq Clearing can utilize $556 million as capital resources in the event of a counterparty default. The remaining balance of $72 million pertains to member posted surplus balances.

Our clearinghouse holds material amounts of clearing member cash deposits which are held or invested primarily to provide security of capital while minimizing credit, market and liquidity risks. While we seek to achieve a reasonable rate of return, we are primarily concerned with preservation of capital and managing the risks associated with these deposits.

Clearing member cash contributions are maintained in demand deposits held at central banks and large, highly rated financial institutions or secured through direct investments, primarily central bank certificates and highly rated European government debt securities with original maturities of 90 days or less, reverse repurchase agreements and supranational debt securities. Investments in reverse repurchase agreements are secured with highly rated government securities with maturity dates that range from 4 days to 7 days. The carrying value of these securities approximates their fair value due to the short-term nature of the instruments and reverse repurchase agreements.

Nasdaq Clearing has invested the total cash contributions of $3,942 million as of December 31, 2020 and $2,996 million

as of December 31, 2019, in accordance with its investment policy as follows:


	December 31, 2020		December 31, 2019
	(in millions)
Demand deposits	$	2,086	$	1,328
Central bank certificates	1,111		896
European government debt securities	470		508
Reverse repurchase agreements	180		116
Supranational debt securities	95		148
Total	$	3,942	$	2,996

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 maintained in demand deposits held at central banks and large, highly rated financial institutions or invested by Nasdaq Clearing, in accordance with its investment policy, either in central bank certificates, highly rated government debt securities, reverse repurchase agreements with highly rated government debt securities as collateral, or supranational debt securities. 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 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 December 31, 2020, Nasdaq Clearing committed capital totaling $145 million to the liability waterfall and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments in the 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 Consolidated Balance Sheets as both a current asset and a current liability. Pledged margin collateral is not recorded in our 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 and default fund 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 December 31, 2020.

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 230.0% 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:

•junior capital contributed by Nasdaq Clearing, which totaled $39 million as of December 31, 2020;

•a loss sharing pool related only to the financial market that is contributed to by clearing members and only applies if the defaulting member’s portfolio includes interest rate swap products;

•specific market default fund where the loss occurred (i.e., the financial, commodities, or seafood market), which includes capital contributions of the clearing members on a pro-rata basis;

•senior capital contributed to each specific market by Nasdaq Clearing, calculated in accordance with clearinghouse rules, which totaled $24 million as of December 31, 2020; and

•mutualized default fund, which includes capital contributions of the clearing members on a pro-rata basis.

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 $82 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:


	December 31, 2020
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	122
Fixed-income options and futures(1)(2)	773
Stock options and futures(1)(2)	175
Index options and futures(1)(2)	68
Total	$	1,138

____________

(1)We determined the fair value of our option contracts using standard valuation models that were based on market-based observable inputs including implied volatility, interest rates and the spot price of the underlying instrument.

(2)We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

(3)We determined the fair value of our forward contracts using standard valuation models that were based on market-based observable inputs including LIBOR rates and the spot price of the underlying instrument.

Derivative Contracts Cleared

The following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the years ended December 31, 2020 and 2019:


	December 31, 2020	December 31, 2019
Commodity and seafood options, futures and forwards(1)	672,219	542,557
Fixed-income options and futures	21,299,713	21,464,522
Stock options and futures	19,757,733	23,777,980
Index options and futures	51,371,391	47,595,114
Total	93,101,056	93,380,173

____________

(1) The total volume in cleared power related to commodity contracts was 956 Terawatt hours (TWh) for the year ended December 31, 2020 and 842 TWh for the year ended December 31, 2019.

The outstanding contract value of resale and repurchase agreements was $0.3 billion as of December 31, 2020 and 2019. The total number of contracts cleared was 4,832,504 for the year ended December 31, 2020 and was 6,627,103 for the year ended December 31, 2019.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

We have operating leases which are primarily real estate leases for our U.S. and European headquarters and for general office space. The following table provides supplemental balance sheet information related to Nasdaq's operating leases:


Leases	Balance Sheet Classification	December 31, 2020		December 31, 2019
		(in millions)
Assets:
Operating lease assets	Operating lease assets	$	381	$	346

Liabilities:
Current lease liabilities	Other current liabilities	$	46	$	61
Non-current lease liabilities	Operating lease liabilities	389		331
Total lease liabilities		$	435	$	392

The following table summarizes Nasdaq's lease cost:


	Year Ended December 31,
		2020		2019
		(in millions)
Operating lease cost(1)		$	85	$	79
Variable lease cost		26		23
Sublease income		(4)		(5)
Total lease cost		$	107	$	97

____________

(1) Includes short-term lease cost, which was immaterial.

In 2018, prior to the adoption of ASU 2016-02, rent expense for operating leases was $82 million, which is net of immaterial amounts of sublease income.

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 Consolidated Balance Sheets.


	December 31, 2020
	(in millions)
2021	$	62
2022	56
2023	52
2024	45
2025	32
2026 and thereafter	311
Total lease payments	558
Less: interest(1)	(123)
Present value of lease liabilities(2)	$	435

____________

(1) Calculated using the interest rate for each lease.

(2) Includes the current portion of $46 million.

The following table provides information related to Nasdaq's lease term and discount rate:


	December 31, 2020
Weighted-average remaining lease term (in years)	11.5

Weighted-average discount rate	4.2	%

The following table provides supplemental cash flow information related to Nasdaq's operating leases:


	Years End December 31,
	2020		2019
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	77	$	78

Lease assets obtained in exchange for new operating lease liabilities	$	100	$	26

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income TaxesThe Tax Cuts and Jobs Act was enacted in December 2017 and included a number of changes to previous U.S. tax laws that impacted Nasdaq, most notably a reduction of the U.S. corporate income tax rate from 35 percent to 21 percent for tax years beginning after December 31, 2017. In accordance with Staff Accounting Bulletin No.118, during the fourth quarter of 2018, we completed our accounting for the tax effects of the act, finalizing our analysis of the act and subsequent guidance issued by the U.S. Internal Revenue Service. As a result, we recorded a $290 million non-cash tax

charge, reducing deferred tax assets relating to foreign currency translation.

Income Before Income Tax Provision

The following table presents the domestic and foreign components of income before income tax provision:


	Year Ended December 31,
	2020		2019		2018
	(in millions)
Domestic	$	898	$	691	$	636
Foreign	314		328		428
Income before income tax provision	$	1,212	$	1,019	$	1,064

Income Tax Provision

The income tax provision consists of the following amounts:


	Year Ended December 31,
	2020		2019		2018
	(in millions)
Current income taxes provision:
Federal	$	114	$	120	$	103
State	50		40		56
Foreign	74		50		146
Total current income taxes provision	238		210		305
Deferred income taxes provision (benefit):
Federal	37		27		185
State	6		7		116
Foreign	(2)		1		—
Total deferred income taxes provision	41		35		301
Total income tax provision	$	279	$	245	$	606

We have determined that undistributed earnings of certain non-U.S. subsidiaries will be reinvested for an indefinite period of time. We have both the intent and ability to indefinitely reinvest these earnings. As of December 31, 2020, the cumulative amount of undistributed earnings in these subsidiaries is $280 million. Given our intent to reinvest these earnings for an indefinite period of time, we have not accrued a deferred tax liability on these earnings. A determination of an unrecognized deferred tax liability related to these earnings is not practicable.

A reconciliation of the income tax provision, based on the U.S. federal statutory rate, to our actual income tax provision for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Year Ended December 31,
	2020		2019		2018
Federal income tax provision at the statutory rate	21.0	%	21.0	%	21.0	%
State income tax provision, net of federal effect	4.2	%	4.1	%	3.7	%
Change in deferred taxes due to U.S. tax law changes	—	%	—	%	27.0	%
Excess tax benefits related to employee share-based compensation	(0.6)	%	(0.5)	%	(0.7)	%
Non-U.S. subsidiary earnings	0.5	%	1.0	%	0.4	%
Tax credits and deductions	(0.2)	%	(0.2)	%	(0.2)	%
Change in unrecognized tax benefits	(0.6)	%	(0.1)	%	4.7	%
Other, net	(1.3)	%	(1.3)	%	1.1	%
Actual income tax provision	23.0	%	24.0	%	57.0	%

The majority of the decrease in our effective tax rate in 2020 compared to 2019 was the result of favorable audit settlements and remeasurement of our deferred inventory, which is included in “Other, net” in the table above. The decrease in our effective tax rate in 2019 compared to 2018 was primarily due to the remeasurement of our U.S. deferred tax inventory in 2018 from the Tax Cuts and Jobs Act. The higher effective tax rate in 2018 was also impacted by the reversal of certain Swedish tax benefits recorded in prior years.

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.

Deferred Income Taxes

The temporary differences, which give rise to our deferred tax assets and (liabilities), consisted of the following:


	December 31,
	2020		2019
	(in millions)
Deferred tax assets:
Deferred revenues	$	8	$	10
U.S. federal net operating loss	3		—
Foreign net operating loss	4		4
State net operating loss	2		2
Compensation and benefits	28		32


Federal benefit of uncertain tax positions	5		6
Operating lease liabilities	97		101
Unrealized losses	54		—
Other	39		20
Gross deferred tax assets	240		175
Less: valuation allowance	(3)		—
Total deferred tax assets, net of valuation allowance	$	237	$	175

Deferred tax liabilities:
Amortization of software development costs and depreciation	$	(55)	$	(42)
Amortization of acquired intangible assets	(499)		(495)
Investments	(77)		(58)
Unrealized gains	—		(31)
Operating lease assets	(86)		(89)
Other	(19)		(11)
Gross deferred tax liabilities	$	(736)	$	(726)
Net deferred tax liabilities	$	(499)	$	(551)
Reported as:
Non-current deferred tax assets(1)	$	3	$	1
Deferred tax liabilities, net	(502)		(552)
Net deferred tax liabilities	$	(499)	$	(551)

____________

(1) Included in other non-current assets in the Consolidated Balance Sheets.

As of December 31, 2020, we recognized a valuation allowance of $3 million due to recurring operating losses in a foreign jurisdiction. As of December 31, 2019, we did not recognize a valuation allowance against Nasdaq’s deferred tax assets. Based on all available positive and negative evidence, we believe the sources of future taxable income are sufficient to realize the remainder of Nasdaq's deferred tax asset inventory.

As of December 31, 2020, Nasdaq has deferred tax assets associated with NOLs in U.S. state and local and non-U.S. jurisdictions with the following expiration dates:


Jurisdiction	Amount		Expiration Date
	(in millions)
Foreign NOL	$	4	No expiration
Federal NOL	3		No expiration
State NOL	2		2025-2036

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in millions)
Beginning balance	$	48	$	52	$	45
Additions as a result of tax positions taken in prior periods	9		10		28
Additions as a result of tax positions taken in the current period	2		1		6
Reductions related to settlements with taxing authorities	(6)		(10)		(23)
Reductions as a result of lapses of the applicable statute of limitations	(11)		(5)		(4)
Ending balance	$	42	$	48	$	52

We had $42 million of unrecognized tax benefits as of December 31, 2020, $48 million as of December 31, 2019, and $52 million as of December 31, 2018 which, if recognized in the future, would affect our effective tax rate. Nasdaq does not believe that our unrecognized tax benefits will materially change over the next 12 months.

We recognize interest and/or penalties related to income tax matters in the provision for income taxes in our Consolidated Statements of Income, which was a $2 million tax benefit for the year ended December 31, 2020 and a tax provision of $3 million for the year ended December 31, 2019 and $2 million for 2018. Accrued interest and penalties, net of tax effect were $8 million as of December 31, 2020 and $12 million as of December 31, 2019.

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. We are subject to examination by federal, state and local, and foreign tax authorities. Our Federal income tax return for the years 2017 through 2019 is subject to examination by the Internal Revenue Service. Several state tax returns are currently under examination by the respective tax authorities for the years 2007 through 2018. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2014 through 2019. 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. Examination outcomes and the timing of examination settlements are subject to uncertainty. 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. We do not expect to settle any material tax audits in the next twelve months.

The Swedish Tax Agency disallowed certain interest expense deductions for the years 2013 - 2018. We appealed this decision to the Lower Administrative Court which denied our appeal in 2018. During 2018, we further appealed to the Administrative Court of Appeal, however, we were no longer able to assert that we were more than likely to be successful and, as such, we recorded a related tax expense. In November 2019, the Administrative Court of Appeal upheld the disallowance of these deductions. As we have not recognized any benefits related to the disallowed deductions and we have paid the related assessments from the Swedish Tax Agency, the decision of the Administrative Court of Appeal does not impact our consolidated financial statements.

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.

+ References + Details

Commitments, Contingencies and Guarantees	12 Months Ended
Commitments, Contingencies and Guarantees	Dec. 31, 2020
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 15, “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 $5 million as of December 31, 2020 and $11 million as of December 31, 2019. As discussed in “Other Credit Facilities,” of Note 9, “Debt Obligations,” we also have credit facilities primarily related to our Nasdaq Clearing operations, which are available in multiple currencies, and totaled $232 million as of December 31, 2020 and $203 million as of December 31, 2019 in available liquidity, none of which was utilized as of December 31, 2020, and of which $15 million was utilized as of December 31, 2019. Execution Access is our 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 ICBC. As of December 31, 2020, we have contributed $13 million of clearing deposits to ICBC in connection with this clearing arrangement. These deposits are recorded in other current assets in our 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 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 15, “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 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 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 issued annually 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. In February 2021, we announced that we entered into a Purchase Agreement to sell NFI. Upon the consummation of this transaction, the aggregate number of Nasdaq shares that remain subject to this contingent obligation is expected to be reduced (pursuant to the discounting adjustment provisions set forth in the original purchase agreement for Nasdaq's acquisition of the business) and accelerated, which would result in an issuance of an aggregate of approximately 6.2 million shares of Nasdaq common stock. See “Sale of U.S. Fixed Income Business,” of Note 21, “Subsequent Events,” for further discussion of this transaction. 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 Consolidated Balance Sheets for these arrangements. Acquisition of Verafin For further discussion of our acquisition of Verafin, see “Acquisition of Verafin,” of Note 4, “Acquisitions and Divestiture.” 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. The plaintiffs appealed the judgment of dismissal to the United States Court of Appeals for the Second Circuit (although opting not to appeal the dismissal with respect to Barclays PLC or the dismissal of claims under Section 6(b) of the Exchange Act). 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. On May 18, 2018, the exchanges filed a motion to dismiss the amended complaint, raising issues not addressed in the proceedings to date. On May 28, 2019, the district court denied the exchanges’ renewed motion to dismiss. The parties are currently engaged in the discovery process. On June 17, 2019, the exchanges filed a motion to certify the district court’s order for immediate review by the Second Circuit and on July 16, 2019, the district court denied the motion. 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. In December 2018, the SFSA initiated a review of Nasdaq Clearing. We have been cooperating fully with the SFSA in their review. On January 27, 2021, the SFSA issued a warning combined with an administrative fine of approximately $36 million (SEK 300 million) to Nasdaq Clearing relating to its review. Nasdaq Clearing has assessed the SFSA's decision and has decided to appeal the decision to the Administrative Court. See “Nasdaq Commodities Clearing Default,” of Note 15, “Clearing Operations,” for further information. 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.

Business Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Business Segments

We manage, operate and provide our products and services in four business segments: Market Services, Corporate Platforms, Investment Intelligence 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. Our

chief operating decision maker does not review total assets or statements of income below operating income by segments as key performance metrics; therefore, such information is not presented below.

The following table presents certain information regarding our business segments for the years ended December 31, 2020, 2019 and 2018:


	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Corporate Items		Consolidated
	(in millions)










Year Ended December 31, 2020
Total revenues	$	3,832	$	530	$	908	$	357	$	—	$	5,627
Transaction-based expenses	(2,724)		—		—		—		—		(2,724)
Revenues less transaction-based expenses	1,108		530		908		357		—		2,903
Depreciation and amortization	78		34		57		$	33	—		202
Operating income (loss)	687		190		580		32		(255)		1,234
Purchase of property and equipment	63		30		52		43		—		188
Year Ended December 31, 2019
Total revenues	$	2,639	$	496	$	779	$	338	$	10	$	4,262
Transaction-based expenses	(1,727)		—		—		—		—		(1,727)
Revenues less transaction-based expenses	912		496		779		338		10		2,535
Depreciation and amortization	74		34		52		30		—		190
Operating income (loss)	516		178		490		54		(221)		1,017
Purchase of property and equipment	30		27		30		40		—		127
Year Ended December 31, 2018
Total revenues	$	2,709	$	487	$	714	$	270	$	97	$	4,277
Transaction-based expenses	(1,751)		—		—		—		—		(1,751)
Revenues less transaction-based expenses	958		487		714		270		97		2,526
Depreciation and amortization	95		36		51		21		7		210
Operating income (loss)	544		155		460		34		(165)		1,028
Purchase of property and equipment	28		29		17		37		—		111

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, which are shown in the table below, 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 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 that 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. Management does not consider merger and strategic initiatives 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 merger and strategic initiatives expense provide management with a useful representation of our segments' ongoing activity in each period.

Restructuring charges: We initiated the transition of certain technology platforms to advance our strategic opportunities as a technology and analytics provider and continue the re-alignment of certain business areas. See Note 20, “Restructuring Charges,” for further discussion of our 2019 restructuring plan. We believe performance measures

excluding restructuring charges provide management with a useful representation of our segments' ongoing activity in each period.

2019 and 2018 divestitures: We have included in corporate items the revenues and expenses of BWise and the Public Relations Solutions and Digital Media Services businesses which were part of the IR & ESG Services business within our Corporate Platforms segment as BWise was sold in March 2019 and the Public Relations Solutions and Digital Media Services businesses were sold in April 2018.

Other significant items: We have included certain other charges or gains in corporate items, to the extent we believe they should be excluded when evaluating the ongoing operating performance of each individual segment. Other significant items included:

•for the year ended December 31, 2020, charitable donations made to the Nasdaq Foundation, COVID-19 response and relief efforts, and social justice charities and charges associated with duplicative rent and impairment of leasehold assets related to our global headquarter move;

•for the years ended December 31, 2020 and 2019, a provision for notes receivable associated with the

funding of technology development for the CAT, a loss on extinguishment of debt, and a tax reserve for certain prior year examinations;

•for the years ended December 31, 2020, 2019 and 2018, certain litigation costs which are recorded in professional and contract services expense in the Consolidated Statements of Income; and

•for the year ended December 31, 2018, charges related to uncertain positions pertaining to sales and use tax and value added tax and charges associated with the clearing default that occurred in September 2018.

The above charges are recorded in general, administrative and other expense in our Consolidated Statements of Income unless noted otherwise.

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:


	Year End December 31,
		2020		2019		2018
		(in millions)
Revenues - divested business		$	—	$	10	$	97
Expenses:
Amortization expense of acquired intangible assets		103		101		109
Merger and strategic initiatives expense		33		30		21
Restructuring charges		48		39		—
Clearing default loss		—		—		31
Provision for notes receivable		6		20		—
Extinguishment of debt		36		11		—
Charitable donations		17		—		—

Expenses - divested businesses		—		8		83
Other		12		22		18
Total expenses		255		231		262
Operating loss		$	(255)	$	(221)	$	(165)

For further discussion of our segments’ results, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Segment Operating Results.”

Geographic Data

The following table presents total revenues and property and equipment, net by geographic area for 2020, 2019 and 2018. Revenues are classified based upon the location of the customer. Property and equipment information is based on the physical location of the assets.


	Total Revenues		Property and Equipment, Net
	(in millions)
2020:
United States	$	4,664	$	311
All other countries	963		164
Total	$	5,627	$	475
2019:
United States	$	3,409	$	250
All other countries	853		134
Total	$	4,262	$	384
2018:
United States	$	3,379	$	224
All other countries	898		152
Total	$	4,277	$	376

Our property and equipment, net for all other countries primarily includes assets held in Sweden. No single customer accounted for 10.0% or more of our revenues in 2020, 2019 and 2018.

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.

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Restructuring and Related Activities [Abstract]

Restructuring Charges

12 Months Ended

Dec. 31, 2020

Restructuring Charges

In September 2019, we initiated the transition of certain technology platforms to advance the company's strategic opportunities as a technology and analytics provider and continue the re-alignment of certain business areas. In connection with these restructuring efforts, we are retiring certain elements of our marketplace infrastructure and technology product offerings as we implement NFF and other technologies internally and externally. This represents a fundamental shift in our strategy and technology as well as executive re-alignment. As a result of these actions, we expect to incur approximately $100 million in pre-tax charges over a two year period related primarily to third-party consulting costs and non-cash items such as asset impairments and accelerated depreciation. Severance and employee-related charges also will be incurred. Restructuring charges are recorded on restructuring plans that have been committed to by management and are, in part, based upon management’s best estimates of future events.

The following table presents a summary of the 2019 restructuring plan charges in the Consolidated Statements of Income for the years ended December 31, 2020 and 2019 which primarily consisted of consulting services, asset impairment charges primarily related to capitalized software

that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life.


	Year End December 31,
		2020		2019
		(in millions)
Asset impairment charges and accelerated depreciation expense		$	14	$	26
Consulting services		22		2
Contract terminations		3		2
Severance and employee-related costs		3		8
Other		6		1
Total restructuring charges		$	48	$	39

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Sale of U.S. Fixed Income Business On February 2, 2021, we announced that we entered into a Purchase Agreement to sell NFI to an affiliate of Tradeweb Markets Inc., or Tradeweb. Pursuant to the Purchase Agreement, an affiliate of Tradeweb will acquire all of the outstanding equity interests in certain subsidiaries of Nasdaq and certain assets and liabilities related to the transaction. The closing is subject to regulatory approvals and the satisfaction of other customary conditions, and is expected to occur later in 2021. As discussed in “Non-Cash Contingent Consideration,” of Note 18, “Commitments, Contingencies and Guarantees,” as part of the purchase price consideration of a prior acquisition, Nasdaq has a contingent obligation to issue 992,247 shares of Nasdaq common stock annually through 2027. Upon the consummation of the transaction with Tradeweb, the aggregate number of Nasdaq shares that remain subject to this contingent obligation is expected to be reduced (pursuant to the discounting adjustment provisions set forth in the original purchase agreement for Nasdaq's acquisition of the business) and accelerated, which would result in an issuance of an aggregate of approximately 6.2 million shares of Nasdaq common stock. Nasdaq intends to use the proceeds from the sale of NFI, available tax benefits and NFI working and clearing capital, as well as other sources of cash to repurchase shares in order to offset dilution. The proceeds from the sale, the remaining tax benefits related to the 2013 purchase, and the working and clearing capital to be released upon closing of the transaction are estimated to total approximately $700 million. To facilitate these repurchases, the board of directors has authorized an increase to the share repurchase program of an additional $1 billion, subject to the closing of the NFI sale and the acceleration of the share issuance. Acquisition of Verafin For further discussion of our acquisition of Verafin, see “Acquisition of Verafin,” of Note 4, “Acquisitions and Divestiture.” Nasdaq Commodities Clearing Default During September 2018, a clearing member of Nasdaq Clearing's commodities market was declared in default. In December 2018, the SFSA initiated a review of Nasdaq Clearing. We have been cooperating fully with the SFSA in their review. On January 27, 2021, the SFSA issued a warning combined with an administrative fine of approximately $36 million (SEK 300 million) to Nasdaq Clearing relating to its review. Nasdaq Clearing has assessed the SFSA's decision and has decided to appeal the decision to the Administrative Court. See “Nasdaq Commodities Clearing Default,” of Note 15, “Clearing Operations,” for further information.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	The 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 6, “Investments,” for further discussion of our equity method investments.
Principles of Consolidation	The accompanying 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.
Reclassification	Certain prior year amounts have been reclassified to conform to the current year presentation.
Use of Estimates	Use of Estimates In preparing our consolidated financial statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, operating income and net income, as well as on the value of certain assets and liabilities in our consolidated balance sheets. At least quarterly, we evaluate our assumptions, judgments and estimates, and make changes as deemed necessary. Nasdaq has considered the impact of COVID-19 on the assumptions and estimates used in evaluating our assets and liabilities, including but not limited to our goodwill, intangible assets, equity method investments, equity securities and allowance for losses on accounts receivable. We determined that there were no material adverse impacts on our results of operations and financial position for the year ended December 31, 2020. In addition, there were no material impairment charges recorded for the year ended December 31, 2020. These estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions.
Foreign Currency	Foreign Currency Foreign denominated assets and liabilities are remeasured into the functional currency at exchange rates in effect at the balance sheet date and recorded through the income statement. Gains or losses resulting from foreign currency transactions are remeasured using the rates on the dates on which those elements are recognized during the period, and are included in general, administrative and other expense in the Consolidated Statements of Income. Translation gains or losses resulting from translating our subsidiaries’ financial statements from the local functional currency to the reporting currency, net of tax, are included in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets. Assets and liabilities are translated at the balance sheet date while revenues and expenses are translated at the date the transaction occurs or at an applicable average rate.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all non-restricted cash in banks and highly liquid investments with original maturities of 90 days or less at the time of purchase. Such equivalent investments included in cash and cash equivalents in the Consolidated Balance Sheets were $2,509 million as of December 31, 2020 and $135 million as of December 31, 2019. Cash equivalents are carried at cost plus accrued interest, which approximates fair value due to the short maturities of these investments. The increase in cash equivalents in 2020 was primarily due to the investment of net proceeds of $1.9 billion from issuances of long-term debt in the fourth quarter of 2020 for the acquisition of Verafin, which closed in February 2021. See “Acquisition of Verafin,” of Note 4, “Acquisitions and Divestiture,” for further discussion.
Restricted Cash	Restricted Cash Restricted cash and cash equivalents, which was $37 million as of December 31, 2020 and $30 million as of December 31, 2019, is restricted from withdrawal due to a contractual or regulatory requirement or not available for general use and as such is classified as restricted in the Consolidated Balance Sheets. As of December 31, 2020 and 2019, restricted cash and cash equivalents primarily includes funds held for our trading and clearing businesses.
Receivables, net	Receivables, net Our receivables are concentrated with our member firms, market data distributors, listed companies and investor relations and governance and market technology customers. Receivables are shown net of a reserve for uncollectible accounts. On January 1, 2020, we adopted ASU 2016-13. Implementation of this standard is discussed below under “Measurement of Credit Losses on Financial Instruments.” The reserve for bad debts is maintained at a level that management believes to be sufficient to absorb expected losses over the life of our accounts receivable portfolio. The reserve is increased by the provision for bad debts which is charged against operating results and decreased by the amount of charge-offs, net of recoveries. The provision for bad debts is included in general, administrative and other expense in the Consolidated Statements of Income. The amount charged against operating results is based on an aging methodology. This method applies loss rates based on historical loss information which is disaggregated by business segment and, as deemed necessary, is adjusted for other factors and considerations that could impact collectibility. In circumstances where a specific customer’s inability to meet its financial obligations is known (i.e., bankruptcy filings), we determine whether a specific provision for bad debts is required. Accounts receivable are written-off against the reserve for bad debts when collection efforts cease. Due to changing economic, business and market conditions, we review the reserve for bad debts monthly and make changes to the reserve through the provision for bad debts as appropriate. If circumstances change (i.e., higher than expected defaults or an unexpected material adverse change in a major customer’s ability to pay), our estimates of recoverability could be reduced by a material amount.
Measurement of Credit Losses on Financial Instruments	Measurement of Credit Losses on Financial Instruments ASU 2016-13 changed the impairment model for certain financial instruments. The new model is a forward looking expected loss model and applies to financial assets subject to credit losses and measured at amortized cost and certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees and trade receivables. For available-for-sale debt securities with unrealized losses, credit losses are measured in a manner similar to previous accounting, except that the losses are recognized as allowances rather than reductions in the amortized cost of the securities. We recorded a $12 million non-cash cumulative effect adjustment to retained earnings on our opening Consolidated Balance Sheets as of January 1, 2020 as a result of the adoption of this new standard. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an on-going basis. At the date of adoption, the adjustment impacted by the standard related primarily to an adjustment to trade receivables. We took into consideration all financial instruments held at the date of adoption which were impacted by the standard, including reverse repurchase agreements and commercial paper, and estimated the risk of loss to be immaterial. Therefore, no adjustment was recorded for these instruments. In accordance with the new standard, Nasdaq must recognize an allowance when a receivable or contract asset is established, regardless of whether there has been an incurred loss. In order to assess the appropriate allowance as of January 1, 2020, we disaggregated our trade receivables by business segment and the aging of receivables. We concluded that historical loss information is a reasonable starting point on which to determine expected credit losses for trade receivables held at the date of adoption as the composition of our trade receivables at adoption of the standard is materially consistent with that used in developing the historical loss percentages for each business unit. In order to incorporate our expectation of credit losses over the life of our receivables, we considered corporate default rate averages over an extended period as compared to the period covered by our historical loss data and included an adjustment to historical loss percentages for current conditions and expected future conditions at the date of adoption.
Investments	Investments Purchases and sales of investment securities are recognized on settlement date. Financial investments Financial investments are comprised of trading securities. These investments are bought principally to meet regulatory capital requirements mainly for our clearing operations at Nasdaq Clearing. These investments are classified as trading securities as they are generally sold in the near term. Changes in fair value of trading securities are included in other income in the Consolidated Statements of Income. Fair value is generally obtained from third party pricing sources. When available, quoted market prices are used to determine fair value. If quoted market prices are not available, fair values are estimated using pricing models with observable market inputs. The inputs to the valuation models vary by the type of security being priced but are typically benchmark yields, reported trades, broker-dealer quotes, and prices of similar assets. Pricing models generally do not entail material subjectivity because the methodologies employed use inputs observed from active markets. See “Fair Value Measurements,” below for further discussion of fair value measures. Equity Securities Investments in equity securities with readily determinable fair values (other than those accounted for under the equity method or those that result in consolidation of the investee) are measured at fair value and any changes in fair value are recognized in other income in the Consolidated Statements of Income. Equity investments without readily determinable fair values are accounted for under the measurement alternative, under which investments 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 on a prospective basis. We assess relevant transactions that occur on or before the balance sheet date to identify observable price changes, and we regularly monitor these investments to evaluate whether there is an indication that the investment is impaired, based on the share price from the investee's latest financing round, the performance of the investee in relation to its own operating targets, the investee's liquidity and cash position, and general market conditions. If a qualitative assessment indicates that the security is impaired, Nasdaq will estimate the fair value of the security, and if the fair value is less than the carrying amount of the security, recognize an impairment loss in net income equal to the difference in the period the impairment occurs. See Note 6, “Investments,” for further discussion of our equity securities. For the years ended December 31, 2020, 2019 and 2018, no material adjustments were made to the carrying value of our equity securities. Our investments in equity securities are included in other non-current assets in the Consolidated Balance Sheets, as we intend to hold these investments for more than one year. Equity Method Investments In general, the equity method of accounting is used when we own 20% to 50% of the outstanding voting stock of a company or when we are able to exercise significant influence over the operating and financial policies of a company. We have certain investments in which we have determined that we have significant influence and as such account for the investments under the equity method of accounting. We record our estimated pro-rata share of earnings or losses each reporting period and record any dividends as a reduction in the investment balance. We evaluate our equity method investments for other-than-temporary declines in value by considering a variety of factors such as the earnings capacity of the investment and the fair value of the investment compared to its carrying amount. In addition, for investments where the market value is readily determinable, we consider the underlying stock price. If the estimated fair value of the investment is less than the carrying amount and management considers the decline in value to be other than temporary, the excess of the carrying amount over the estimated fair value is recognized in net income in the period the impairment occurs. See Note 6, “Investments,” for further discussion of our equity method investments. No material impairments were recorded to reduce the carrying value of our equity method investments in 2020, 2019 or 2018. Default Funds and Margin Deposits Nasdaq Clearing members’ cash contributions are included in default funds and margin deposits in the Consolidated Balance Sheets as both a current asset and a current liability. 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. 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. Derivative Financial Instruments and Hedging Activities Non-Designated Derivatives We use foreign exchange forward contracts to manage foreign currency exposure of intercompany loans, accounts receivable, accounts payable and other balance sheet items. These contracts are not designated as hedges for financial reporting purposes. The change in fair value of these contracts is recognized in general, administrative and other expense in the Consolidated Statements of Income and offsets the foreign currency exposure. As of December 31, 2020 and 2019, the fair value amounts of our derivative instruments were immaterial. Net Investment Hedges Net assets of our foreign subsidiaries are exposed to volatility in foreign currency exchange rates. We may utilize net investment hedges to offset the translation adjustment arising from re-measuring our investment in foreign subsidiaries. Our 2023, 2029, and 2030 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. Any increase or decrease related to the remeasurement of the 2023, 2029, and 2030 Notes into U.S. dollars is recorded in accumulated other comprehensive loss within stockholders’ equity in the Consolidated Balance Sheets.
Property and Equipment, net	Property and Equipment, net Property and equipment, including leasehold improvements, are carried at cost less accumulated depreciation and amortization. Depreciation and amortization are recognized using the straight-line method over the estimated useful lives of the related assets, which range from 10 to 40 years for buildings and improvements, 2 to 5 years for data processing equipment, and 5 to 10 years for furniture and equipment. We develop systems solutions for both internal and external use. Certain costs incurred in connection with developing or obtaining internal use software are capitalized. In addition, certain costs of computer software to be sold, leased, or otherwise marketed as a separate product or as part of a product or process are capitalized beginning when a product’s technological feasibility has been established and ending when a product is available for general release. Technological feasibility is established upon completion of a detailed program design or, in its absence, completion. Prior to reaching technological feasibility, all costs are charged to expense. Unamortized capitalized costs are included in data processing equipment and software, within property and equipment, net in the Consolidated Balance Sheets. Capitalized software costs are amortized on a straight-line basis over the estimated useful lives of the software, generally 5 to 10 years. Amortization of these costs is included in depreciation and amortization expense in the Consolidated Statements of Income. Leasehold improvements are amortized using the straight-line method over the shorter of their estimated useful lives or the remaining term of the related lease.
Leases	Leases On January 1, 2019, we adopted ASU 2016-02, “Leases,” or ASU 2016-02, and elected the optional transition method to initially apply the standard at the January 1, 2019 adoption date. Prior periods continue to be reported under guidance in effect prior to January 1, 2019. At inception, we determine whether a contract is or contains a lease. We have operating leases which are primarily real estate leases for our U.S. and European headquarters and for general office space. As of December 31, 2020, these leases have varying lease terms with remaining maturities ranging from 1 month to 15 years. Operating lease balances are included in operating lease assets, other current liabilities, and operating lease liabilities in our Consolidated Balance Sheets. We do not have any leases classified as 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 estimated rate of interest for collateralized borrowing over a similar term of the lease payments 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 that 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.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill and Indefinite-Lived Intangible Assets 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 assessed for impairment annually in the fourth quarter of our fiscal year using an October 1 measurement date, or more frequently if conditions exist that indicate that the asset 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. When testing goodwill for impairment, we have the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as the basis to determine if it is necessary to perform a quantitative goodwill impairment test. When assessing goodwill for impairment, our decision to perform a qualitative impairment assessment for a reporting unit in a given year is influenced by a number of factors, including but not limited to, the size of the reporting unit’s goodwill, the significance of the excess of the reporting unit’s estimated fair value over its carrying amount at the last quantitative assessment date, and the amount of time in between quantitative fair value assessments. In performing a qualitative assessment, we consider the extent to which unfavorable events or circumstances identified, such as changes in economic, industry and market conditions or company specific events, could affect the comparison of the reporting unit’s fair value with its carrying amount. If we choose not to complete a qualitative assessment for a given reporting unit, or if the initial assessment indicates that it is more likely than not that the carrying amount of a reporting unit exceeds its estimated fair value, a quantitative test is required. When performing a quantitative goodwill impairment test, we compare the fair value of a reporting unit with its carrying amount. If the fair value is less than the carrying amount, an impairment charge is recognized in an amount equal to the difference, limited to the total amount of goodwill allocated to that reporting unit. We also evaluate indefinite-lived intangible assets for impairment annually in the fourth quarter of our fiscal year using an October 1 measurement date, or more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. Such evaluation includes determining the fair value of the asset and comparing the fair value of the asset with its carrying amount. If the fair value of the indefinite-lived intangible asset is less than its carrying amount, an impairment charge is recognized in an amount equal to the difference. For indefinite-lived intangible assets impairment testing, we also have the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than the carrying amount. If, after assessing the totality of events or circumstances, we determine that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, then we must perform additional testing of the asset. Otherwise, we conclude that no impairment is indicated and further testing is not performed. There was no impairment of goodwill for the years ended December 31, 2020, 2019 and 2018 and there were no indefinite-lived intangible asset impairment charges in 2020, 2019 and 2018. Future disruptions to our business and events, such as prolonged economic weakness or unexpected significant declines in operating results of any of our reporting units or businesses, may result in goodwill or indefinite-lived intangible asset impairment charges in the future.
Valuation of Other Long-Lived Assets	Valuation of Other Long-Lived AssetsWe review our other long-lived assets, such as finite-lived intangible assets and property and equipment, for potential impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount of an asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Fair value of finite-lived intangible assets and property and equipment is based on various valuation techniques. Any required impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value and is recorded as a reduction in the carrying amount of the related asset and a charge to operating results.
Revenue From Contracts With Customers	Revenue From Contracts With Customers Our revenue recognition policies under ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” are described in the following paragraphs. 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 Consolidated Balance Sheets as receivables which is net of allowance for doubtful accounts of $21 million as of December 31, 2020 and $9 million as of December 31, 2019. 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 a material amount of revenues recognized from performance obligations that were satisfied in prior periods. We do not 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, for the portion of transaction price allocated to unsatisfied performance obligations, see Note 3, “Revenue From Contracts With Customers.” Deferred revenue primarily represents our contract liabilities related to our fees for annual and initial listings, market technology, IR & ESG services and investment intelligence contracts. Deferred revenue is the only significant contract asset or liability as of December 31, 2020. See Note 8, “Deferred Revenue,” for our discussion of deferred revenue balances, activity, and expected timing of recognition. See “Revenue Recognition” below for further descriptions of our revenue contracts. Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. These costs are deferred and amortized on a straight-line basis over the period of benefit that we have determined to be the contract term or estimated service period. Sales commissions for renewal contracts are deferred and amortized on a straight-line basis over the related contractual renewal period. Amortization expense is included in compensation and benefits expense in the Consolidated Statements of Income. The balance of deferred costs and related amortization expense are not material to our consolidated financial statements. Sales commissions are expensed when incurred if contract durations are one year or less. Sales taxes are excluded from transaction prices. Certain judgments and estimates were used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price and are discussed below. We believe that these represent a faithful depiction of the transfer of services to our customers. Revenue Recognition Our primary revenue contract classifications are described below. Although we may discuss additional revenue details in our “Management's Discussion and Analysis of Financial Condition and Results of Operations,” the categories below best represent those that depict similar economic characteristics of the nature, amount, timing and uncertainty of our revenues and cash flows. Market Services Transaction-Based Trading and Clearing Transaction-based trading and clearing includes equity derivative trading and clearing, cash equity trading and FICC revenues. Nasdaq charges transaction fees for trades executed on our exchanges, as well as on orders that are routed to and executed on other market venues. Nasdaq charges clearing fees for contracts cleared with Nasdaq Clearing. In the U.S., transaction fees are based on trading volumes for trades executed on our U.S. exchanges and in Europe, transaction fees are based on the volume and value of traded and cleared contracts. In Canada, transaction fees are based on trading volumes for trades executed on our Canadian exchange. Nasdaq satisfies its performance obligation for trading services upon the execution of a customer trade and clearing services when a contract is cleared, as trading and clearing transactions are substantially complete when they are executed and we have no further obligation to the customer at that time. Transaction-based trading and clearing fees can be variable and are based on trade volume tiered discounts. Transaction revenues, as well as any tiered volume discounts, are calculated and billed monthly in accordance with our published fee schedules. In the U.S., we also pay liquidity payments to customers based on our published fee schedules. We use these payments to improve the liquidity on our markets and therefore recognize those payments as a cost of revenue. The majority of our FICC trading and clearing customers are charged transaction fees, as discussed above, which are based on the volume and value of traded and cleared contracts. We also enter into annual fixed contracts with customers trading U.S. Treasury securities. The customers are charged an annual fixed fee which is billed per the agreement, on a monthly or quarterly basis. Revenues earned on fixed contracts are recognized over time on a ratable basis over the contract period beginning on the date that our service is made available to the customer since the customer receives and consumes the benefit as Nasdaq provides the service. For U.S. equity derivative trading, we credit a portion of the per share execution charge to the market participant that provides the liquidity. For U.S. cash equity trading, for The Nasdaq Stock Market, Nasdaq PSX and Nasdaq CXC, we credit a portion of the per share execution charge to the market participant that provides the liquidity, and for Nasdaq BX and Nasdaq CX2, we credit a portion of the per share execution charge to the market participant that takes the liquidity. We record these credits as transaction rebates that are included in transaction-based expenses in the Consolidated Statements of Income. These transaction rebates are paid on a monthly basis and the amounts due are included in accounts payable and accrued expenses in the Consolidated Balance Sheets. In the U.S., we pay Section 31 fees to the SEC for supervision and regulation of securities markets. We pass these costs along to our customers through our equity derivative trading and clearing fees and our cash equity trading fees. We collect the fees as a pass-through charge from organizations executing eligible trades on our options exchanges and our cash equity platforms and we recognize these amounts in transaction-based expenses when incurred. Section 31 fees received are included in cash and cash equivalents in the Consolidated Balance Sheets at the time of receipt and, as required by law, the amount due to the SEC is remitted semiannually and recorded as Section 31 fees payable to the SEC in the Consolidated Balance Sheets until paid. Since the amount recorded as revenues is equal to the amount recorded as transaction-based expenses, there is no impact on our revenues less transaction-based expenses. As we hold the cash received until payment to the SEC, we earn interest income on the related cash balances. Under our Limitation of Liability Rule and procedures, we may, subject to certain caps, provide compensation for losses directly resulting from our systems’ actual failure to correctly process an order, quote, message or other data into our platform. We do not record a liability for any potential claims that may be submitted under the Limitation of Liability Rule unless they meet the provisions required in accordance with U.S. GAAP. As such, losses arising as a result of the rule are accrued and charged to expense only if the loss is probable and estimable. Trade Management Services We provide market participants with a wide variety of alternatives for connecting to and accessing our markets for a fee. We also offer market participants colocation services, whereby we charge firms for cabinet space and power to house their own equipment and servers within our data centers. These participants are charged monthly fees for cabinet space, connectivity and support in accordance with our published fee schedules. These fees are recognized on a monthly basis when the performance obligation is met. We also earn revenues from annual and monthly exchange membership and registration fees. Revenues for monthly exchange membership and registration fees are recognized on a monthly basis as the service is provided. Revenues from annual fees for exchange membership and registration fees are recognized ratably over the following 12-month period since the customer receives and consumes the benefit as Nasdaq provides the service. We also offer broker services to financial participants in the Nordic market primarily offering technology and customized securities administration solutions. Revenues from broker services are based on a fixed basic fee for administration or licensing, maintenance and operations, and an incremental fee depending on the number of transactions completed. Broker services revenues are generally billed and recognized monthly. As previously noted, in January 2020, we commenced an orderly wind-down of this broker services operations business. We expect this wind-down to continue through 2021. Corporate Platforms Listing Services Listing services revenues primarily include initial listing fees and annual renewal fees. Under Topic 606, the initial listing fee is allocated to multiple performance obligations including initial and subsequent listing services and IR & ESG services (when a company qualifies to receive these services under the applicable Nasdaq rule), as well as a customer's material right to renew the option to list on our exchanges. In performing this allocation, the standalone selling price of the performance obligations is based on the initial and annual listing fees and the standalone selling price of the IR & ESG services is based on its market value. All listing fees are billed upfront and the identified performance obligations are satisfied over time since the customer receives and consumes the benefit as Nasdaq provides the listing service. The amount of revenue related to the IR & ESG services performance obligation is recognized ratably over a two-year period, which is based on contract terms, with the remaining revenue recognized ratably over six years which is based on our historical listing experience and projected future listing duration. In the U.S., annual renewal fees are charged to listed companies based on their number of outstanding shares at the end of the prior year and are recognized ratably over the following 12-month period since the customer receives and consumes the benefit as Nasdaq provides the service. Annual fees are charged to newly listed companies on a pro-rata basis, based on outstanding shares at the time of listing and recognized over the remainder of the year. European annual renewal fees, which are received from companies listed on our Nasdaq Nordic and Nasdaq Baltic exchanges and Nasdaq First North, are directly related to the listed companies’ market capitalization on a trailing 12-month basis and are recognized ratably over the following 12-month period since the customer receives and consumes the benefit as Nasdaq provides the service. IR & ESG Services Our IR & ESG Services business includes our Investor Relations Intelligence and Governance Solutions businesses, which serve both public and private companies and organizations. IR & ESG Services revenues primarily include subscription and transaction-based income from our investor relations intelligence and governance solutions products and services. Subscription-based revenues earned are recognized over time on a ratable basis over the contract period beginning on the date that our service is made available to the customer since the customer receives and consumes the benefit as Nasdaq provides the service. Generally, fees are billed in advance and the contract provides for automatic renewal. As part of subscription agreements, customers can also be charged usage fees based upon actual usage of the services provided. Revenues from usage fees are recognized at a point in time when the service is provided. Investment Intelligence Market Data Market data revenues are earned from U.S. and European proprietary market data products. In the U.S., we also earn revenues from U.S. shared tape plans. We earn revenues primarily based on the number of data subscribers and distributors of our data. Market data revenues are subscription-based and are recognized on a monthly basis. For U.S. tape plans, revenues are collected monthly based on published fee schedules and distributed quarterly to the U.S. exchanges based on a formula required by Regulation NMS that takes into account both trading and quoting activity. Revenues are presented on a net basis as we are acting as an agent in this arrangement. Market Data Revenue Sharing The most significant component of market data revenues recorded on a net basis is the UTP Plan revenue sharing in the U.S. All indicators of principal versus agent reporting under U.S. GAAP have been considered in analyzing the appropriate presentation of the revenue sharing. However, the following are the primary indicators of net reporting: •We are the administrator for the plan, in addition to being a participant in the plan. In our unique role as administrator, we facilitate the collection and dissemination of revenues on behalf of the plan participants. As a participant, we share in the net distribution of revenues according to the plan on the same terms as all other plan participants. •The operating committee of the plan, which is comprised of representatives from each of the participants, including us solely in our capacity as a plan participant, is responsible for setting the level of fees to be paid by distributors and subscribers and taking action in accordance with the provisions of the plan, subject to SEC approval. •Risk of loss on the revenue is shared equally among plan participants according to the plan. The exchanges that comprise Nasdaq Nordic and Nasdaq Baltic do not have any material market data revenue sharing agreements. Index We develop and license Nasdaq branded indexes and financial products as part of our Global Index Family. We also provide index data products and custom calculation services for third-party clients. Revenues primarily include license fees from these branded indexes and financial products in the U.S. and abroad. We primarily have two types of license agreements: transaction-based licenses and asset-based licenses. Transaction-based licenses are generally renewable agreements. Customers are charged based on transaction volume or a minimum contract amount, or both. If a customer is charged based on transaction volume, we recognize revenue when the transaction occurs. If a customer is charged based on a minimum contract amount, we recognize revenue on a pro-rata basis over the licensing term since the customer receives and consumes the benefit as Nasdaq provides the service. Asset-based licenses are also generally renewable agreements. Customers are charged based on a percentage of AUM for licensed products, per the agreement, on a monthly or quarterly basis. These revenues are recognized over the term of the license agreement since the customer receives and consumes the benefit as Nasdaq provides the service. Revenue from index data subscriptions are recognized on a monthly basis. Analytics Analytics revenues are earned from investment content and analytics products. We earn revenues primarily based on the number of content and analytics subscribers and distributors. Subscription agreements are generally annual in term, payable in advance, and provide for automatic renewal. Subscription-based revenues are recognized over time on a ratable basis over the contract period beginning on the date that our service is made available to the customer since the customer receives and consumes the benefit as Nasdaq provides the service. Market Technology Market Technology revenues primarily consist of software, license and support revenues, change request revenues, and SaaS revenues. In our Market Technology business, we enter into long-term contracts with customers to develop customized technology solutions, license the right to use software, and provide support and other services to our customers. We also enter into agreements to modify the system solutions sold by Nasdaq after delivery has occurred. In addition, we enter into subscription agreements which allow customers to connect to our servers to access our software. Our long-term contracts with customers to develop customized technology solutions, license the right to use software and provide support and other services to our customers have multiple performance obligations. The performance obligations are generally: (i) software license and installation service and (ii) software support. We have determined that the software license and installation service are not distinct as the license and the customized installation service are inputs to produce the combined output, a functional and integrated software system. For contracts with multiple performance obligations, we allocate the contract transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. In instances where standalone selling price is not directly observable, such as when we do not sell the product or service separately, we determine the standalone selling price predominantly through an expected cost plus a margin approach. Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in contract specifications or requirements. In most instances, contract modifications are for goods and services that are not distinct, and, therefore, are accounted for as part of the existing contract. For our long-term contracts, payments are generally made throughout the contract life and can be dependent on either reaching certain milestones or paid upfront in advance of the service period depending on the stage of the contract. For subscription agreements, contract payment terms can be quarterly, annually or monthly, in advance. For all other contracts, payment terms vary. We generally recognize revenue over time as our customers simultaneously receive and consume the benefits provided by our performance because our customer controls the asset for which we are creating, our performance does not create an asset with alternative use, and we have a right to payment for performance completed to date. For these services, we recognize revenue over time using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligation. Incurred costs represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Contract costs generally include labor and direct overhead. For software support and update services, and for subscription agreements which allow customers to connect to our servers to access our software, we generally recognize revenue ratably over the service period beginning on the date our service is made available to the customer since the customer receives and consumes the benefit consistently over the period as Nasdaq provides the services. Accounting for our long-term contracts requires judgment relative to assessing risks and their impact on the estimate of revenues and costs. Our estimates are impacted by factors such as the potential for schedule and technical issues, productivity, and the complexity of work performed. When adjustments in estimated total contract costs are required, any changes in the estimated revenues from prior estimates are recognized in the current period for the effect of such change. If estimates of total costs to be incurred on a contract exceed estimates of total revenues, a provision for the entire estimated loss on the contract is recorded in the period in which the loss is determined. During the fourth quarter, as part of our regular review of significant implementation projects, we refined and revised our plans relating to a large-scale post-trade clearing implementation project for a specific client. At that point it became probable that we would incur a loss over the remainder of that particular project, in part due to the logistical implications of COVID-19. As a result, we recorded a $25 million provision for the estimated loss in general, administrative and other expense in our Consolidated Statements of Income and is included in other current and other non-current liabilities in our Consolidated Balance Sheets. Other Revenues For the year ended December 31, 2019 and 2018, other revenues include the revenues from the BWise enterprise governance, risk and compliance software platform, which was sold in March 2019, and for the year ended December 31, 2018, other revenues also include revenues from the Public Relations Solutions and Digital Media Services businesses which were sold in April 2018. Prior to the sale dates, these revenues were included in our IR & ESG Services business within our Corporate Platforms segment and were both subscription and transaction-based revenues.
Earnings Per Share	Earnings Per Share We present both basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to Nasdaq by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income attributable to Nasdaq by the weighted-average number of common shares and common share equivalents outstanding during the period and reflects the assumed conversion of all dilutive securities, which primarily consist of restricted stock, PSUs, and employee stock options. Common share equivalents are excluded from the computation in periods for which they have an anti-dilutive effect. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation. Shares which are considered contingently issuable are included in the computation of dilutive earnings per share on a weighted average basis when management determines the applicable performance criteria would have been met if the performance period ended as of the date of the relevant computation.
Pension and Post-Retirement Benefits	Pension and Post-Retirement Benefits Pension and other post-retirement benefit plan information for financial reporting purposes is developed using actuarial valuations. We assess our pension and other post-retirement benefit plan assumptions on a regular basis. In evaluating these assumptions, we consider many factors, including evaluation of the discount rate, expected rate of return on plan assets, mortality rate, healthcare cost trend rate, retirement age assumption, our historical assumptions compared with actual results and analysis of current market conditions and asset allocations. See Note 10, “Retirement Plans,” for further discussion. Discount rates used for pension and other post-retirement benefit plan calculations are evaluated annually and modified to reflect the prevailing market rates at the measurement date of a high-quality fixed-income debt instrument portfolio that would provide the future cash flows needed to pay the benefits included in the benefit obligations as they come due. Actuarial assumptions are based upon management’s best estimates and judgment. The expected rate of return on plan assets for our U.S. pension plans represents our long-term assessment of return expectations which may change based on significant shifts in economic and financial market conditions. The long-term rate of return on plan assets is derived from return assumptions based on targeted allocations for various asset classes. While we consider the pension plans’ recent performance and other economic growth and inflation factors, which are supported by long-term historical data, the return expectations for the targeted asset categories represent a long-term prospective return.
Share-Based Compensation	Share-Based Compensation Nasdaq uses the fair value method of accounting for share-based awards. Share-based awards, or equity awards, include restricted stock, PSUs, and stock options. The fair value of restricted stock awards and PSUs, other than PSUs granted with market conditions, is determined based on the grant date closing stock price less the present value of future cash dividends. We estimate the fair value of PSUs granted with market conditions using a Monte Carlo simulation model at the date of grant. The fair value of stock options are estimated using the Black-Scholes option-pricing model. We generally recognize compensation expense for equity awards on a straight-line basis over the requisite service period of the award, taking into account an estimated forfeiture rate. Granted but unvested shares are generally forfeited upon termination of employment. Excess tax benefits or expense related to employee share-based payments, if any, are recognized as income tax benefit or expense in the Consolidated Statements of Income when the awards vest or are settled. Nasdaq also has an ESPP that allows eligible employees to purchase a limited number of shares of our common stock at six-month intervals, called offering periods, at 85.0% of the lower of the fair market value on the first or the last day of each offering period. The 15.0% discount given to our employees is included in compensation and benefits expense in the Consolidated Statements of Income.
Merger and Strategic Initiatives	Merger and Strategic Initiatives We incur incremental direct merger and strategic initiative costs relating to various completed and potential acquisitions, divestitures, and other strategic opportunities. These costs generally include integration costs, as well as legal, due diligence and other third party transaction costs. As of December 31, 2020, all planned integrations for our 2018 and 2017 acquisitions have been completed.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, we consider the principal or most advantageous market in which we would transact, and we also consider assumptions that market participants would use when pricing the asset or liability. Fair value measurement establishes a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect Nasdaq’s market assumptions. These two types of inputs create the following fair value hierarchy: •Level 1-Quoted prices for identical instruments in active markets. •Level 2-Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. •Level 3-Instruments whose significant value drivers are unobservable. This hierarchy requires the use of observable market data when available.
Tax Matters	Tax Matters We use the asset and liability method to determine income taxes on all transactions recorded in the consolidated financial statements. Deferred tax assets (net of valuation allowances) and deferred tax liabilities are presented net by jurisdiction as either a non-current asset or liability in our Consolidated Balance Sheets, as appropriate. Deferred tax assets and liabilities are determined based on differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities (i.e., temporary differences) and are measured at the enacted rates that will be in effect when these differences are realized. If necessary, a valuation allowance is established to reduce deferred tax assets to the amount that is more likely than not to be realized. In order to recognize and measure our unrecognized tax benefits, management determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Once it is determined that a position meets the recognition thresholds, the position is measured to determine the amount of benefit to be recognized in the consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense.
Subsequent Events	Subsequent Events We have evaluated subsequent events through the issuance date of this Annual Report on Form 10-K. See Note 21, “Subsequent Events,” for further discussion.

Revenue From Contracts With Customers (Tables)

12 Months Ended

Dec. 31, 2020

Disaggregation of Revenue

The following tables summarize the disaggregation of revenue by major product and service and by segment for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31, 2020
	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	809	$	—	$	—	$	—	$	809
Trade management services	299		—		—		—		299
Listing services	—		316		—		—		316
IR & ESG Services	—		214		—		—		214
Market data	—		—		409		—		409
Index	—		—		324		—		324
Analytics	—		—		175		—		175
Market technology	—		—		—		357		357
Revenues less transaction-based expenses	$	1,108	$	530	$	908	$	357	$	2,903


	Year End December 31, 2019
	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Other Revenues		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	621	$	—	$	—	$	—	$	—	$	621
Trade management services	291		—		—		—		—		291
Listing services	—		296		—		—		—		296
IR & ESG Services	—		200		—		—		—		200
Market data	—		—		398		—		—		398
Index	—		—		223		—		—		223
Analytics	—		—		158		—		—		158
Market technology	—		—		—		338		—		338
Other revenues	—		—		—		—		10		10
Revenues less transaction-based expenses	$	912	$	496	$	779	$	338	$	10	$	2,535


	Year End December 31, 2018
	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Other Revenues		Consolidated
	(in millions)
Transaction-based trading and clearing, net	$	666	$	—	$	—	$	—	$	—	$	666
Trade management services	292		—		—		—		—		292
Listing services	—		290		—		—		—		290
IR & ESG Services	—		197		—		—		—		197
Market data	—		—		390		—		—		390
Index	—		—		206		—		—		206
Analytics	—		—		118		—		—		118
Market technology	—		—		—		270		—		270
Other revenues	—		—		—		—		97		97
Revenues less transaction-based expenses	$	958	$	487	$	714	$	270	$	97	$	2,526

Remaining Performance Obligation

For our market technology contracts, the following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of December 31, 2020:


	(in millions)
2021	$	287
2022	174
2023	93
2024	68
2025	51
2026 and thereafter	112
Total	$	785

Acquisitions and Divestiture (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition


	Purchase Consideration		Total Net Assets Acquired		Total Net Deferred Tax Liability		Acquired Intangible Assets		Goodwill
	(in millions)
Cinnober	$	219	$	18	$	(19)	$	74	$	146

Acquired Finite Lived Intangible Assets in Acquisition


Customer relationships (in millions)	$	67
Discount rate used	9.5		%
Estimated average useful life	13 years

Goodwill and Acquired Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill

The following table presents the changes in goodwill by business segment during the year ended December 31, 2020:


	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Total
	(in millions)
Balance at December 31, 2019	$	3,342	$	460	$	2,283	$	281	$	6,366
Goodwill acquired	—		—		135		—		135


Foreign currency translation adjustment	177		21		123		28		349
Balance at December 31, 2020	$	3,519	$	481	$	2,541	$	309	$	6,850

Schedule of Acquired Finite-Lived Intangible Assets

The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:


	December 31, 2020						December 31, 2019
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
	(in millions)						(in millions)
Finite-Lived Intangible Assets
Technology	$	76	$	(24)	$	52	$	63	$	(19)	$	44
Customer relationships	1,599		(648)		951		1,596		(532)		1,064
Other	18		(6)		12		18		(5)		13
Foreign currency translation adjustment	(104)		58		(46)		(159)		55		(104)
Total finite-lived intangible assets	$	1,589	$	(620)	$	969	$	1,518	$	(501)	$	1,017
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	—	$	1,257	$	1,257	$	—	$	1,257
Trade names	121		—		121		121		—		121
Licenses	52		—		52		52		—		52
Foreign currency translation adjustment	(144)		—		(144)		(198)		—		(198)
Total indefinite-lived intangible assets	$	1,286	$	—	$	1,286	$	1,232	$	—	$	1,232
Total intangible assets	$	2,875	$	(620)	$	2,255	$	2,750	$	(501)	$	2,249

Schedule of Acquired Indefinite-lived Intangible Assets

The following table presents details of our total acquired intangible assets, both finite- and indefinite-lived:


	December 31, 2020						December 31, 2019
	Gross Amount		Accumulated Amortization		Net Amount		Gross Amount		Accumulated Amortization		Net Amount
	(in millions)						(in millions)
Finite-Lived Intangible Assets
Technology	$	76	$	(24)	$	52	$	63	$	(19)	$	44
Customer relationships	1,599		(648)		951		1,596		(532)		1,064
Other	18		(6)		12		18		(5)		13
Foreign currency translation adjustment	(104)		58		(46)		(159)		55		(104)
Total finite-lived intangible assets	$	1,589	$	(620)	$	969	$	1,518	$	(501)	$	1,017
Indefinite-Lived Intangible Assets
Exchange and clearing registrations	$	1,257	$	—	$	1,257	$	1,257	$	—	$	1,257
Trade names	121		—		121		121		—		121
Licenses	52		—		52		52		—		52
Foreign currency translation adjustment	(144)		—		(144)		(198)		—		(198)
Total indefinite-lived intangible assets	$	1,286	$	—	$	1,286	$	1,232	$	—	$	1,232
Total intangible assets	$	2,875	$	(620)	$	2,255	$	2,750	$	(501)	$	2,249

Schedule of Estimated Future Amortization Expense


	(in millions)
2021	$	109
2022	106
2023	103
2024	98
2025	96
2026 and thereafter	503
Total	$	1,015

Investments (Tables)

12 Months Ended

Dec. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The following table presents the details of our investments:


	December 31, 2020		December 31, 2019
	(in millions)
Financial investments	$	195	$	291



Equity method investments	$	216	$	156
Equity securities	$	60	$	49

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table presents our major categories of property and equipment, net:


	Year Ended December 31,
	2020		2019
	(in millions)
Data processing equipment and software	$	732	$	565
Furniture, equipment and leasehold improvements	300		305
Total property and equipment	1,032		870
Less: accumulated depreciation and amortization	(557)		(486)
Total property and equipment, net	$	475	$	384

Deferred Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Changes in Deferred Revenue

The changes in our deferred revenue during the year ended December 31, 2020 are reflected in the following table:


	Initial Listing Revenues		Annual Listings Revenues		IR & ESG Services Revenues		Investment Intelligence Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Balance at December 31, 2019	$	69	$	2	$	41	$	82	$	66	$	14	$	274
Deferred revenue billed in the current period, net of recognition	50		3		46		80		39		10		228
Revenue recognized that was included in the beginning of the period	(30)		(2)		(41)		(64)		(60)		(10)		(207)
Foreign currency translation adjustment	2		(1)		—		(1)		8		3		11
Balance at December 31, 2020	$	91	$	2	$	46	$	97	$	53	$	17	$	306

____________

Estimated Deferred Revenue

As of December 31, 2020, we estimate that our deferred revenue will be recognized in the following years:


	Initial Listing Revenues		Annual Listings Revenues		IR & ESG Services Revenues		Investment Intelligence Revenues		Market Technology Revenues		Other(1)		Total
	(in millions)
Fiscal year ended:
2021	$	35	$	2	$	42	$	95	$	51	$	10	$	235
2022	23		—		4		2		2		2		33
2023	13		—		—		—		—		3		16
2024	10		—		—		—		—		2		12
2025	7		—		—		—		—		—		7
2026 and thereafter	3		—		—		—		—		—		3
Total	$	91	$	2	$	46	$	97	$	53	$	17	$	306

____________

(1) For composition of “Other” see footnote (1) above.

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Changes in Debt Obligations

The following table presents the changes in the carrying amount of our debt obligations during the year ended December 31, 2020:


	December 31, 2019		Additions		Payments, Foreign Currency Translation and Accretion		December 31, 2020
	(in millions)
Short-term debt - commercial paper	$	391	$	990	$	(1,381)	$	—
Long-term debt:
3.875% senior unsecured notes repaid on March 16, 2020	671		—		(671)		—
4.25% senior unsecured notes due June 1, 2024	497		—		1		498
1.75% senior unsecured notes due May 19, 2023	668		—		62		730
3.85% senior unsecured notes due June 30, 2026	497		—		—		497
1.75% senior unsecured notes due March 28, 2029	665		—		61		726
0.875% senior unsecured notes due February 13, 2030	—		644		82		726
3.25% senior unsecured notes due April 28, 2050	—		485		—		485
0.445% senior unsecured notes due December 21, 2022	—		597		—		597
1.650% senior unsecured notes due January 15, 2031	—		643		—		643
2.500% senior unsecured notes due December 21, 2040	—		643		—		643
$1 billion senior unsecured revolving credit facility terminated December 2020	(2)		799		(797)		—
$1.25 billion senior unsecured revolving credit facility due December 22, 2025	—		(4)		—		(4)
Total long-term debt	2,996		3,807		(1,262)		5,541
Total debt obligations	$	3,387	$	4,797	$	(2,643)	$	5,541

Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Expected Benefit Payments

We expect to make the following benefit payments to participants in the next ten fiscal years under the Nasdaq Benefit Plans:


	Pension		SERP		Total
Fiscal Year Ended:	(in millions)
2021	$	8	$	7	$	15
2022	7		2		9
2023	7		2		9
2024	8		2		10
2025	8		2		10
2026 through 2030	40		8		48
	$	78	$	23	$	101

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense


	Year Ended December 31,
		2020		2019		2018
		(in millions)
Share-based compensation expense before income taxes		$	87	$	79	$	69
Income tax benefit		(23)		(21)		(19)
Share-based compensation expense after income taxes		$	64	$	58	$	50

Summary of Restricted Stock Activity

The following table summarizes our restricted stock activity for the years ended December 31, 2020, 2019 and 2018:


	Restricted Stock
	Number of Awards	Weighted-Average Grant Date Fair Value

Unvested at December 31, 2017	1,988,500	$	57.34
Granted	550,544	81.66
Vested	(702,832)	48.64
Forfeited	(252,837)	63.86
Unvested at December 31, 2018	1,583,375	$	68.62
Granted	605,033	85.03
Vested	(548,588)	61.45
Forfeited	(153,064)	73.99
Unvested at December 31, 2019	1,486,756	$	77.38
Granted	743,300	89.93
Vested	(499,357)	72.95
Forfeited	(91,648)	81.17
Unvested at December 31, 2020	1,639,051	$	84.21

Summary of Stock Options, Valuation Assumptions


	Year End December 31,
	2020		2019
Weighted-average risk free interest rate(1)	0.27	%	2.26	%
Expected volatility(2)	27.4	%	16.5	%
Weighted-average grant date share price	$92.34		$89.00
Weighted-average fair value at grant date	$111.50		$97.65

____________

(1) The risk-free interest rate for periods within the expected life of the award is based on the U.S. Treasury yield curve in effect at the time of grant.

Summary of PSU Activity

The following table summarizes our PSU activity for the years ended December 31, 2020, 2019 and 2018:


	PSUs
	One-Year Program			Three-Year Program
	Number of Awards	Weighted-Average Grant Date Fair Value		Number of Awards	Weighted-Average Grant Date Fair Value
Unvested at December 31, 2017	333,004	$	61.39	1,009,958	$	78.18
Granted(1)	177,831	80.97		484,075	90.92
Vested	(170,257)	58.49		(655,204)	64.08
Forfeited	(26,347)	61.83		(1,079)	81.57
Unvested at December 31, 2018	314,231	$	74.01	837,750	$	96.57
Granted(1)	179,599	83.56		397,553	96.55
Vested	(147,984)	70.64		(431,751)	93.25
Forfeited	(28,595)	75.43		(6,101)	103.29
Unvested at December 31, 2019	317,251	$	80.87	797,451	$	98.31
Granted(1)	26,780	84.17		320,328	107.42
Vested	(138,423)	78.09		(300,767)	81.57
Forfeited	(36,060)	82.41		(7,023)	98.26
Unvested at December 31, 2020	169,548	$	83.33	809,989	$	108.12

____________

(1) Includes target and additional awards granted based on overachievement of performance parameters. For the one-year PSUs in 2020, only includes overachievement

of performance parameters due to the elimination of the program.

Summary of Stock Option Activity

A summary of stock option activity for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Number of Stock Options	Weighted-Average Exercise Price

Outstanding at December 31, 2017	571,380	$	43.84

Exercised	(118,094)	24.44
Forfeited	(4,320)	26.11
Outstanding at December 31, 2018	448,966	$	49.25

Exercised	(69,699)	20.84
Forfeited	(165)	25.28
Outstanding at December 31, 2019	379,102	$	54.32

Exercised	(85,195)	23.91
Forfeited	(554)	20.94
Outstanding and exercisable at December 31, 2020	293,353	$	63.22

Summary of ESPP

The following table summarizes employee activity and expense associated with the ESPP for the years ended December 31, 2020, 2019 and 2018:


	Year Ended December 31,
	2020		2019		2018
Number of shares purchased	221,123		229,172		205,785
Weighted-average price of shares purchased	$	95.79	$	73.79	$	66.79
Compensation expense (in millions)	$	5	$	4	$	3

Nasdaq Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Common Stock in Treasury

The following is a summary of our share repurchase activity, reported based on settlement date, for the years ended December 31, 2020 and 2019:


	Year Ended December 31,
	2020		2019
Number of shares of common stock repurchased(1)	2,033,455		2,053,855
Average price paid per share	$	109.13	$	97.37
Total purchase price (in millions)	$	222	$	200

____________

(1) Excludes shares withheld upon vesting of restricted stock and PSUs of 364,512 for the year ended December 31, 2020 and 436,250 for the year ended December 31, 2019.

Schedule of Dividends Declared

During 2020, our board of directors declared the following cash dividends:


Declaration Date	Dividend Per Common Share		Record Date	Total Amount Paid		Payment Date
				(in millions)
January 28, 2020	$	0.47	March 13, 2020	$	78	March 27, 2020
April 22, 2020	0.49		June 12, 2020	80		June 26, 2020
July 22, 2020	0.49		September 11, 2020	81		September 25, 2020
October 21, 2020	0.49		December 4, 2020	81		December 18, 2020
				$	320

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2020

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:


	Year Ended December 31,
		2020		2019		2018
Numerator:		(in millions, except share and per share amounts)
Net income attributable to common shareholders		$	933	$	774	$	458
Denominator:
Weighted-average common shares outstanding for basic earnings per share		164,415,191		164,931,628		165,349,471
Weighted-average effect of dilutive securities:
Employee equity awards(1)		2,135,532		1,679,922		1,988,610
Contingent issuance of common stock(2)		353,218		358,611		353,218
Weighted-average common shares outstanding for diluted earnings per share		166,903,941		166,970,161		167,691,299
Basic and diluted earnings per share:
Basic earnings per share		$	5.67	$	4.69	$	2.77
Diluted earnings per share		$	5.59	$	4.63	$	2.73

____________

(2) See “Non-Cash Contingent Consideration,” of Note 18, “Commitments, Contingencies and Guarantees,” for further discussion.

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

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 were measured at fair value on a recurring basis as of December 31, 2020 and December 31, 2019.


	December 31, 2020								December 31, 2019
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
	(in millions)								(in millions)
Assets at Fair Value
European government debt securities	$	156	$	156	$	—	$	—	$	157	$	157	$	—	$	—
Corporate debt securities	2		—		2		—		34		—		34		—
State owned enterprises and municipal securities	15		—		15		—		24		—		24		—
Swedish mortgage bonds	22		—		22		—		19		—		19		—
Time deposits	—		—		—		—		57		—		57		—
Total assets at fair value	$	195	$	156	$	39	$	—	$	291	$	157	$	134	$	—

Clearing Operations (Tables)

12 Months Ended

Dec. 31, 2020

Due to and from Broker-Dealers and Clearing Organizations [Abstract]

Schedule of Clearing Member Default Fund Contributions

As of December 31, 2020, clearing member default fund contributions and margin deposits were as follows:


	December 31, 2020
	Cash Contributions		Non-Cash Contributions		Total Contributions
	(in millions)
Default fund contributions	$	529	$	99	$	628
Margin deposits	3,413		5,511		8,924
Total	$	3,942	$	5,610	$	9,552

Nasdaq Clearing has invested the total cash contributions of $3,942 million as of December 31, 2020 and $2,996 million

as of December 31, 2019, in accordance with its investment policy as follows:


	December 31, 2020		December 31, 2019
	(in millions)
Demand deposits	$	2,086	$	1,328
Central bank certificates	1,111		896
European government debt securities	470		508
Reverse repurchase agreements	180		116
Supranational debt securities	95		148
Total	$	3,942	$	2,996

Schedule of Derivative Contracts Outstanding

The following table includes the market value of derivative contracts outstanding prior to netting:


	December 31, 2020
	(in millions)
Commodity and seafood options, futures and forwards(1)(2)(3)	$	122
Fixed-income options and futures(1)(2)	773
Stock options and futures(1)(2)	175
Index options and futures(1)(2)	68
Total	$	1,138

____________

(2)We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.

Schedule of Derivative Contracts Cleared

The following table includes the total number of derivative contracts cleared through Nasdaq Clearing for the years ended December 31, 2020 and 2019:


	December 31, 2020	December 31, 2019
Commodity and seafood options, futures and forwards(1)	672,219	542,557
Fixed-income options and futures	21,299,713	21,464,522
Stock options and futures	19,757,733	23,777,980
Index options and futures	51,371,391	47,595,114
Total	93,101,056	93,380,173

____________

(1) The total volume in cleared power related to commodity contracts was 956 Terawatt hours (TWh) for the year ended December 31, 2020 and 842 TWh for the year ended December 31, 2019.

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.

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Schedule of Balance Sheet Information

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

The following table provides supplemental balance sheet information related to Nasdaq's operating leases:


Leases	Balance Sheet Classification	December 31, 2020		December 31, 2019
		(in millions)
Assets:
Operating lease assets	Operating lease assets	$	381	$	346

Liabilities:
Current lease liabilities	Other current liabilities	$	46	$	61
Non-current lease liabilities	Operating lease liabilities	389		331
Total lease liabilities		$	435	$	392

Lease Cost, Lease Term and Discount Rate

The following table summarizes Nasdaq's lease cost:


	Year Ended December 31,
		2020		2019
		(in millions)
Operating lease cost(1)		$	85	$	79
Variable lease cost		26		23
Sublease income		(4)		(5)
Total lease cost		$	107	$	97

____________

(1) Includes short-term lease cost, which was immaterial.

The following table provides information related to Nasdaq's lease term and discount rate:


	December 31, 2020
Weighted-average remaining lease term (in years)	11.5

Weighted-average discount rate	4.2	%

The following table provides supplemental cash flow information related to Nasdaq's operating leases:


	Years End December 31,
	2020		2019
	(in millions)
Cash paid for amounts included in the measurement of operating lease liabilities	$	77	$	78

Lease assets obtained in exchange for new operating lease liabilities	$	100	$	26

Schedule of Operating Lease Liabilities


	December 31, 2020
	(in millions)
2021	$	62
2022	56
2023	52
2024	45
2025	32
2026 and thereafter	311
Total lease payments	558
Less: interest(1)	(123)
Present value of lease liabilities(2)	$	435

____________

(1) Calculated using the interest rate for each lease.

(2) Includes the current portion of $46 million.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following table presents the domestic and foreign components of income before income tax provision:


	Year Ended December 31,
	2020		2019		2018
	(in millions)
Domestic	$	898	$	691	$	636
Foreign	314		328		428
Income before income tax provision	$	1,212	$	1,019	$	1,064

Schedule of Income Tax Provision and Effective Tax Rate

The income tax provision consists of the following amounts:


	Year Ended December 31,
	2020		2019		2018
	(in millions)
Current income taxes provision:
Federal	$	114	$	120	$	103
State	50		40		56
Foreign	74		50		146
Total current income taxes provision	238		210		305
Deferred income taxes provision (benefit):
Federal	37		27		185
State	6		7		116
Foreign	(2)		1		—
Total deferred income taxes provision	41		35		301
Total income tax provision	$	279	$	245	$	606

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax provision, based on the U.S. federal statutory rate, to our actual income tax provision for the years ended December 31, 2020, 2019 and 2018 is as follows:


	Year Ended December 31,
	2020		2019		2018
Federal income tax provision at the statutory rate	21.0	%	21.0	%	21.0	%
State income tax provision, net of federal effect	4.2	%	4.1	%	3.7	%
Change in deferred taxes due to U.S. tax law changes	—	%	—	%	27.0	%
Excess tax benefits related to employee share-based compensation	(0.6)	%	(0.5)	%	(0.7)	%
Non-U.S. subsidiary earnings	0.5	%	1.0	%	0.4	%
Tax credits and deductions	(0.2)	%	(0.2)	%	(0.2)	%
Change in unrecognized tax benefits	(0.6)	%	(0.1)	%	4.7	%
Other, net	(1.3)	%	(1.3)	%	1.1	%
Actual income tax provision	23.0	%	24.0	%	57.0	%

Schedule of Deferred Tax Assets and Liabilities

The temporary differences, which give rise to our deferred tax assets and (liabilities), consisted of the following:


	December 31,
	2020		2019
	(in millions)
Deferred tax assets:
Deferred revenues	$	8	$	10
U.S. federal net operating loss	3		—
Foreign net operating loss	4		4
State net operating loss	2		2
Compensation and benefits	28		32


Federal benefit of uncertain tax positions	5		6
Operating lease liabilities	97		101
Unrealized losses	54		—
Other	39		20
Gross deferred tax assets	240		175
Less: valuation allowance	(3)		—
Total deferred tax assets, net of valuation allowance	$	237	$	175

Deferred tax liabilities:
Amortization of software development costs and depreciation	$	(55)	$	(42)
Amortization of acquired intangible assets	(499)		(495)
Investments	(77)		(58)
Unrealized gains	—		(31)
Operating lease assets	(86)		(89)
Other	(19)		(11)
Gross deferred tax liabilities	$	(736)	$	(726)
Net deferred tax liabilities	$	(499)	$	(551)
Reported as:
Non-current deferred tax assets(1)	$	3	$	1
Deferred tax liabilities, net	(502)		(552)
Net deferred tax liabilities	$	(499)	$	(551)

____________

(1) Included in other non-current assets in the Consolidated Balance Sheets.

Summary of Operating Loss Carryforwards

As of December 31, 2020, Nasdaq has deferred tax assets associated with NOLs in U.S. state and local and non-U.S. jurisdictions with the following expiration dates:


Jurisdiction	Amount		Expiration Date
	(in millions)
Foreign NOL	$	4	No expiration
Federal NOL	3		No expiration
State NOL	2		2025-2036

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	Year Ended December 31,
	2020		2019		2018
	(in millions)
Beginning balance	$	48	$	52	$	45
Additions as a result of tax positions taken in prior periods	9		10		28
Additions as a result of tax positions taken in the current period	2		1		6
Reductions related to settlements with taxing authorities	(6)		(10)		(23)
Reductions as a result of lapses of the applicable statute of limitations	(11)		(5)		(4)
Ending balance	$	42	$	48	$	52

Business Segments (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of Operating Segments

The following table presents certain information regarding our business segments for the years ended December 31, 2020, 2019 and 2018:


	Market Services		Corporate Platforms		Investment Intelligence		Market Technology		Corporate Items		Consolidated
	(in millions)










Year Ended December 31, 2020
Total revenues	$	3,832	$	530	$	908	$	357	$	—	$	5,627
Transaction-based expenses	(2,724)		—		—		—		—		(2,724)
Revenues less transaction-based expenses	1,108		530		908		357		—		2,903
Depreciation and amortization	78		34		57		$	33	—		202
Operating income (loss)	687		190		580		32		(255)		1,234
Purchase of property and equipment	63		30		52		43		—		188
Year Ended December 31, 2019
Total revenues	$	2,639	$	496	$	779	$	338	$	10	$	4,262
Transaction-based expenses	(1,727)		—		—		—		—		(1,727)
Revenues less transaction-based expenses	912		496		779		338		10		2,535
Depreciation and amortization	74		34		52		30		—		190
Operating income (loss)	516		178		490		54		(221)		1,017
Purchase of property and equipment	30		27		30		40		—		127
Year Ended December 31, 2018
Total revenues	$	2,709	$	487	$	714	$	270	$	97	$	4,277
Transaction-based expenses	(1,751)		—		—		—		—		(1,751)
Revenues less transaction-based expenses	958		487		714		270		97		2,526
Depreciation and amortization	95		36		51		21		7		210
Operating income (loss)	544		155		460		34		(165)		1,028
Purchase of property and equipment	28		29		17		37		—		111

Schedule of Corporate Items

A summary of our Corporate Items is as follows:


	Year End December 31,
		2020		2019		2018
		(in millions)
Revenues - divested business		$	—	$	10	$	97
Expenses:
Amortization expense of acquired intangible assets		103		101		109
Merger and strategic initiatives expense		33		30		21
Restructuring charges		48		39		—
Clearing default loss		—		—		31
Provision for notes receivable		6		20		—
Extinguishment of debt		36		11		—
Charitable donations		17		—		—

Expenses - divested businesses		—		8		83
Other		12		22		18
Total expenses		255		231		262
Operating loss		$	(255)	$	(221)	$	(165)

Schedule of Revenue from External Customers and Property, Plant and Equipment by Geographic Areas


	Total Revenues		Property and Equipment, Net
	(in millions)
2020:
United States	$	4,664	$	311
All other countries	963		164
Total	$	5,627	$	475
2019:
United States	$	3,409	$	250
All other countries	853		134
Total	$	4,262	$	384
2018:
United States	$	3,379	$	224
All other countries	898		152
Total	$	4,277	$	376

Restructuring Charges (Tables)

12 Months Ended

Dec. 31, 2020

Restructuring and Related Activities [Abstract]

Summary of Restructuring Charges

that was retired, and accelerated depreciation expense on certain assets as a result of a decrease in their useful life.


	Year End December 31,
		2020		2019
		(in millions)
Asset impairment charges and accelerated depreciation expense		$	14	$	26
Consulting services		22		2
Contract terminations		3		2
Severance and employee-related costs		3		8
Other		6		1
Total restructuring charges		$	48	$	39

Organization and Nature of Operations - Narrative (Details) $ in Billions	12 Months Ended
	Dec. 31, 2020 USD ($) segment corporateBond company exchangeTradedProduct marketplace country peerGroup
Organization And Basis Of Presentation [Line Items]
Number of operating segments (in segments) \| segment	4
Number of corporate bonds listed (in corporate bonds) \| corporateBond	86
Number of countries services are provided (in countries) \| country	20
Corporate Platforms \| United States
Organization And Basis Of Presentation [Line Items]
Total number of listings on The Nasdaq Stock Market \| company	3,392
ETPs and other listings listed on Nasdaq Stock Market \| company	412
Approximate combined market capitalization \| $	$ 22,000
Corporate Platforms \| Europe
Organization And Basis Of Presentation [Line Items]
Approximate combined market capitalization \| $	$ 2,100
Total number of listed companies within Nordic and Baltic exchanges (in countries) \| company	1,071
Investment Intelligence
Organization And Basis Of Presentation [Line Items]
Number of exchange traded products licensed to Nasdaq's Indexes (in exchange traded products) \| exchangeTradedProduct	339
Assets management value \| $	$ 359
Market Technology
Organization And Basis Of Presentation [Line Items]
Number of exchanges (in marketplaces) \| marketplace	130
Number of countries services are provided (in countries) \| peerGroup	50

Summary of Significant Accounting Policies (Narrative) (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) agreement	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2020 USD ($)	Apr. 30, 2019	Dec. 31, 2017 USD ($)	May 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash and cash equivalents	$ 2,745,000,000	$ 2,745,000,000	$ 332,000,000
Net proceeds from senior note		3,807,000,000
Restricted cash and cash equivalents	37,000,000	37,000,000	30,000,000
Allowance for doubtful accounts	21,000,000	21,000,000	9,000,000	$ 13,000,000
Total equity	6,436,000,000	6,436,000,000	5,639,000,000	5,449,000,000
Equity security impairment loss		0	0	0
Operating lease assets	381,000,000	381,000,000	346,000,000
Operating lease liability	389,000,000	389,000,000	331,000,000
Goodwill, impairment loss		0	0	0
Non-cash write-off related to indefinite-lived intangible asset		$ 0	0	0
Revenue, performance obligation, description of timing		12-month
Asset impairment charges		$ 4,000,000	24,000,000	0
Impairments of finite-lived intangible assets		0	0	0
Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	5,628,000,000	$ 5,628,000,000	5,027,000,000	$ 4,558,000,000			$ 3,963,000,000
Cumulative effect, period of adoption \| Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			(12,000,000)
Corporate Platforms
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of types of license agreements \| agreement		2
Market Technology
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Provision for estimated loss on project	$ 25,000,000	$ 25,000,000
Accounting Standards Update 2016-13 \| Cumulative effect, period of adoption \| Retained earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity					$ (12,000,000)
Employee Stock Purchase Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of fair market value of common stock		85.00%
Percentage of discount to employees on purchase of common stock under employee stock purchase plant		15.00%
1.75% senior unsecured notes due May 19, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated rate	1.75%	1.75%
1.75% senior unsecured notes due 2029
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated rate	1.75%	1.75%
Senior Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net proceeds from senior note	$ 1,900,000,000
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net proceeds from senior note		$ 0
Stated rate	1.75%	1.75%						1.75%
Senior Notes \| 1.75% senior unsecured notes due 2029
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net proceeds from senior note		$ 0
Stated rate	1.75%	1.75%				1.75%
Senior Notes \| 0.875% Senior Unsecured Notes Due 2030
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stated rate	0.875%	0.875%
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Remaining lease term	1 month	1 month
Minimum \| Listing services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, period	2 years	2 years
Minimum \| Computer Software, Intangible Asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of intangible assets		5 years
Minimum \| Building and Building Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of property and equipment		10 years
Minimum \| Data processing equipment and software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of property and equipment		2 years
Minimum \| Furniture And Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of property and equipment		5 years
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Remaining lease term	15 years	15 years
Maximum \| Listing services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, period	6 years	6 years
Maximum \| Computer Software, Intangible Asset
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of intangible assets		10 years
Maximum \| Building and Building Improvements
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of property and equipment		40 years
Maximum \| Data processing equipment and software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of property and equipment		5 years
Maximum \| Furniture And Equipment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life of property and equipment		10 years
Cash Equivalents
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash and cash equivalents	$ 2,509,000,000	$ 2,509,000,000	$ 135,000,000

Revenue From Contracts With Customers (Narrative) (Details) - Market Services	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Services transferred at a point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	69.80%	65.10%	63.60%
Services transferred over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue recognized (percentage)	30.20%	34.90%	36.40%

Revenue From Contracts With Customers (Remaining Performance Obligation) (Details) - Market Technology $ in Millions	Dec. 31, 2020 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 785
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	$ 287
Revenue, remaining performance obligation, period	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	$ 174
Revenue, remaining performance obligation, period	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	$ 93
Revenue, remaining performance obligation, period	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	$ 68
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 51
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 112
Revenue, remaining performance obligation, period

Acquisitions and Divestiture (2021 and 2020 Acquisition) (Details) $ in Millions	1 Months Ended
	Feb. 23, 2021 USD ($)
Verafin \| Subsequent Event
Business Acquisition [Line Items]
Purchase consideration	$ 2,750

Acquisitions and Divestiture (2019 Divestiture and Acquisition) (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2019	Jan. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
2019 Divestiture [Abstract]
Proceeds from divestiture of businesses			$ 0	$ 132	$ 286
2019 Acquisition [Abstract]
Purchase Consideration			157	206	$ 75
Goodwill			$ 6,850	$ 6,366
Cinnober
2019 Acquisition [Abstract]
Purchase Consideration		$ 219
Total Net Assets Acquired		18
Total Net Deferred Tax Liability		(19)
Acquired Intangible Assets		74
Goodwill		$ 146
Disposal group disposed of by sale \| BWise
2019 Divestiture [Abstract]
Proceeds from divestiture of businesses	$ 27
Gain on divestiture of business, after tax	$ 20

Acquisitions and Divestiture (Intangible Assets) (Details) - Cinnober $ in Millions	1 Months Ended
	Jan. 31, 2019 USD ($)
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Intangible assets, finite-lived	$ 74
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
Customer relationships \| Discount rate used
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
Discount rate used	0.095

Goodwill and Acquired Intangible Assets (Schedule of Changes in Goodwill) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 6,366
Goodwill acquired	135
Foreign currency translation adjustment	349
Balance at end of period	6,850
Market Services
Goodwill [Roll Forward]
Balance at beginning of period	3,342
Goodwill acquired	0
Foreign currency translation adjustment	177
Balance at end of period	3,519
Corporate Platforms
Goodwill [Roll Forward]
Balance at beginning of period	460
Goodwill acquired	0
Foreign currency translation adjustment	21
Balance at end of period	481
Investment Intelligence
Goodwill [Roll Forward]
Balance at beginning of period	2,283
Goodwill acquired	135
Foreign currency translation adjustment	123
Balance at end of period	2,541
Market Technology
Goodwill [Roll Forward]
Balance at beginning of period	281
Goodwill acquired	0
Foreign currency translation adjustment	28
Balance at end of period	$ 309

Goodwill and Acquired Intangible Assets (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Goodwill, impairment loss	$ 0	$ 0	$ 0
Amortization expense of acquired intangible assets	103,000,000	101,000,000	$ 109,000,000
Net future amortization expense	969,000,000	1,017,000,000
Foreign currency translation adjustment
Indefinite-lived Intangible Assets [Line Items]
Net future amortization expense	$ (46,000,000)	$ (104,000,000)

Goodwill and Acquired Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 1,589	$ 1,518
Accumulated Amortization	(620)	(501)
Net Amount	969	1,017
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	1,286	1,232
Total intangible assets	2,875	2,750
Intangible assets, net	2,255	2,249
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	121	121
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	(144)	(198)
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	76	63
Accumulated Amortization	(24)	(19)
Net Amount	52	44
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,599	1,596
Accumulated Amortization	(648)	(532)
Net Amount	951	1,064
Other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	18	18
Accumulated Amortization	(6)	(5)
Net Amount	12	13
Foreign currency translation adjustment
Finite-Lived Intangible Assets [Line Items]
Gross Amount	(104)	(159)
Accumulated Amortization	58	55
Net Amount	$ (46)	$ (104)

Goodwill and Acquired Intangible Assets (Estimated Future Amortization Expense) (Details) $ in Millions	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 109
2022	106
2023	103
2024	98
2025	96
2026 and thereafter	503
Total	$ 1,015

Investments (Schedule of Investments) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Financial investments	$ 195	$ 291
Equity method investments	216	156
Equity securities	$ 60	$ 49

Investments (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees		$ 70	$ 84	$ 18
OCC
Investments, Debt and Securities [Line Items]
Equity method investment, ownership percentage		40.00%	40.00%
OCC, Prior Period Results
Investments, Debt and Securities [Line Items]
Net income from unconsolidated investees	$ 36
Foreign Government Debt Securities
Investments, Debt and Securities [Line Items]
Trading securities		$ 175	$ 169

Property and Equipment, net (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 1,032	$ 870
Less: accumulated depreciation and amortization	(557)	(486)
Total property and equipment, net	475	384	$ 376
Data processing equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	732	565
Furniture, equipment and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 300	$ 305

Property and Equipment, net (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Abstract]
Depreciation and amortization expense	$ 99,000,000	$ 89,000,000	$ 101,000,000
Tangible asset impairment and depreciation acceleration	14,000,000	26,000,000
Impairments of finite-lived intangible assets	$ 0	$ 0	$ 0

Deferred Revenue (Changes in Deferred Revenue) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($)
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	$ 274
Deferred revenue billed in the current period, net of recognition	228
Revenue recognized that was included in the beginning of the period	(207)
Foreign currency translation adjustment	11
Ending balance	306
Initial Listing Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	69
Deferred revenue billed in the current period, net of recognition	50
Revenue recognized that was included in the beginning of the period	(30)
Foreign currency translation adjustment	2
Ending balance	91
Annual Listings Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	2
Deferred revenue billed in the current period, net of recognition	3
Revenue recognized that was included in the beginning of the period	(2)
Foreign currency translation adjustment	(1)
Ending balance	2
IR & ESG Services Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	41
Deferred revenue billed in the current period, net of recognition	46
Revenue recognized that was included in the beginning of the period	(41)
Foreign currency translation adjustment	0
Ending balance	46
Investment Intelligence Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	82
Deferred revenue billed in the current period, net of recognition	80
Revenue recognized that was included in the beginning of the period	(64)
Foreign currency translation adjustment	(1)
Ending balance	97
Market Technology Revenues
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	66
Deferred revenue billed in the current period, net of recognition	39
Revenue recognized that was included in the beginning of the period	(60)
Foreign currency translation adjustment	8
Ending balance	53
Other
Change in Contract with Customer Liability [Roll Forward]
Beginning balance	14
Deferred revenue billed in the current period, net of recognition	10
Revenue recognized that was included in the beginning of the period	(10)
Foreign currency translation adjustment	3
Ending balance	$ 17

Deferred Revenue (Estimated Deferred Revenue) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Fiscal year ended:
2021	$ 235
2022	33
2023	16
2024	12
2025	7
2026 and thereafter	3
Total	306	$ 274
Initial Listing Revenues
Fiscal year ended:
2021	35
2022	23
2023	13
2024	10
2025	7
2026 and thereafter	3
Total	91	69
Annual Listings Revenues
Fiscal year ended:
2021	2
2022	0
2023	0
2024	0
2025	0
2026 and thereafter	0
Total	2	2
IR & ESG Services Revenues
Fiscal year ended:
2021	42
2022	4
2023	0
2024	0
2025	0
2026 and thereafter	0
Total	46	41
Investment Intelligence Revenues
Fiscal year ended:
2021	95
2022	2
2023	0
2024	0
2025	0
2026 and thereafter	0
Total	97	82
Market Technology Revenues
Fiscal year ended:
2021	51
2022	2
2023	0
2024	0
2025	0
2026 and thereafter	0
Total	53	66
Other
Fiscal year ended:
2021	10
2022	2
2023	3
2024	2
2025	0
2026 and thereafter	0
Total	$ 17	$ 14

Debt Obligations (Changes in Debt Obligations) (Details) - USD ($)	1 Months Ended				3 Months Ended	12 Months Ended
	Dec. 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Feb. 29, 2020	Dec. 31, 2020	Dec. 31, 2020	Apr. 30, 2019	Jun. 30, 2016	May 31, 2016	May 31, 2014
Changes in Long-Term Debt Obligations [Roll Forward]
Total long-term debt at beginning of period						$ 2,996,000,000
Additions						3,807,000,000
Payments, Foreign Currency Translation and Accretion						(1,262,000,000)
Total long-term debt at end of period	$ 5,541,000,000				$ 5,541,000,000	5,541,000,000
Changes In Debt Obligations [Roll Forward]
Total debt obligations at beginning of period						3,387,000,000
Additions						4,797,000,000
Payments, Foreign Currency Translation and Accretion						(2,643,000,000)
Total debt obligations at end of period	$ 5,541,000,000				$ 5,541,000,000	$ 5,541,000,000
3.875% senior unsecured notes repaid on March 16, 2020
Schedule of Debt [Line Items]
Stated rate	3.875%				3.875%	3.875%
4.25% senior unsecured notes due June 1, 2024
Schedule of Debt [Line Items]
Stated rate	4.25%				4.25%	4.25%
1.75% senior unsecured notes due May 19, 2023
Schedule of Debt [Line Items]
Stated rate	1.75%				1.75%	1.75%
3.85% senior unsecured notes due June 30, 2026
Schedule of Debt [Line Items]
Stated rate	3.85%				3.85%	3.85%
1.75% senior unsecured notes due March 28, 2029
Schedule of Debt [Line Items]
Stated rate	1.75%				1.75%	1.75%
0.875% senior unsecured notes due February 13, 2030
Schedule of Debt [Line Items]
Stated rate	0.875%				0.875%	0.875%
3.25% senior unsecured notes due April 28, 2050
Schedule of Debt [Line Items]
Stated rate	3.25%				3.25%	3.25%
Senior Notes
Changes in Long-Term Debt Obligations [Roll Forward]
Additions					$ 1,900,000,000
Senior Notes \| 3.875% senior unsecured notes repaid on March 16, 2020
Schedule of Debt [Line Items]
Stated rate	3.875%				3.875%	3.875%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						$ 671,000,000
Additions						0
Payments, Foreign Currency Translation and Accretion						(671,000,000)
Long-term debt obligations at end of period	$ 0				$ 0	0
Senior Notes \| 4.25% senior unsecured notes due June 1, 2024
Schedule of Debt [Line Items]
Stated rate										4.25%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						497,000,000
Additions						0
Payments, Foreign Currency Translation and Accretion						1,000,000
Long-term debt obligations at end of period	$ 498,000,000				$ 498,000,000	$ 498,000,000
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023
Schedule of Debt [Line Items]
Stated rate	1.75%				1.75%	1.75%			1.75%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						$ 668,000,000
Additions						0
Payments, Foreign Currency Translation and Accretion						62,000,000
Long-term debt obligations at end of period	$ 730,000,000				$ 730,000,000	730,000,000
Senior Notes \| 3.85% senior unsecured notes due June 30, 2026
Schedule of Debt [Line Items]
Stated rate								3.85%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						497,000,000
Additions						0
Payments, Foreign Currency Translation and Accretion						0
Long-term debt obligations at end of period	$ 497,000,000				$ 497,000,000	$ 497,000,000
Senior Notes \| 1.75% senior unsecured notes due March 28, 2029
Schedule of Debt [Line Items]
Stated rate	1.75%				1.75%	1.75%	1.75%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						$ 665,000,000
Additions						0
Payments, Foreign Currency Translation and Accretion						61,000,000
Long-term debt obligations at end of period	$ 726,000,000				$ 726,000,000	726,000,000
Senior Notes \| 0.875% senior unsecured notes due February 13, 2030
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						0
Additions				$ 644,000,000		644,000,000
Payments, Foreign Currency Translation and Accretion						82,000,000
Long-term debt obligations at end of period	$ 726,000,000				$ 726,000,000	$ 726,000,000
Senior Notes \| 3.25% senior unsecured notes due April 28, 2050
Schedule of Debt [Line Items]
Stated rate	3.25%				3.25%	3.25%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						$ 0
Additions		$ 485,000,000				485,000,000
Payments, Foreign Currency Translation and Accretion						0
Long-term debt obligations at end of period	$ 485,000,000				$ 485,000,000	$ 485,000,000
Senior Notes \| 0.445% senior unsecured notes due December 21, 2022
Schedule of Debt [Line Items]
Stated rate	0.445%				0.445%	0.445%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						$ 0
Additions	$ 597,000,000					597,000,000
Payments, Foreign Currency Translation and Accretion						0
Long-term debt obligations at end of period	$ 597,000,000				$ 597,000,000	$ 597,000,000
Senior Notes \| 1.650% senior unsecured notes due January 15, 2031
Schedule of Debt [Line Items]
Stated rate	1.65%				1.65%	1.65%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						$ 0
Additions	$ 643,000,000					643,000,000
Payments, Foreign Currency Translation and Accretion						0
Long-term debt obligations at end of period	$ 643,000,000				$ 643,000,000	$ 643,000,000
Senior Notes \| 2.500% senior unsecured notes due December 21, 2040
Schedule of Debt [Line Items]
Stated rate	2.50%				2.50%	2.50%
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						$ 0
Additions	$ 643,000,000					643,000,000
Payments, Foreign Currency Translation and Accretion						0
Long-term debt obligations at end of period	643,000,000				$ 643,000,000	643,000,000
$1 billion, five-year senior unsecured revolving credit facility
Schedule of Debt [Line Items]
Facility borrowing capacity	1,000,000,000				1,000,000,000	1,000,000,000
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						(2,000,000)
Additions			$ 799,000,000			799,000,000
Payments, Foreign Currency Translation and Accretion						(797,000,000)
Long-term debt obligations at end of period	0				0	0
$1.25 billion revolving credit facility
Changes in Long-Term Debt Obligations [Roll Forward]
Long-term debt obligations at beginning of period						0
Additions						(4,000,000)
Payments, Foreign Currency Translation and Accretion						0
Long-term debt obligations at end of period	(4,000,000)				(4,000,000)	(4,000,000)
Revolving Credit Facility \| $1.25 billion revolving credit facility
Schedule of Debt [Line Items]
Facility borrowing capacity	1,250,000,000				1,250,000,000	1,250,000,000
Short-term debt - commercial paper
Schedule of Debt [Line Items]
Facility borrowing capacity	1,000,000,000				1,000,000,000	1,000,000,000
Changes In Short-Term Debt Obligations [Roll Forward]
Short-term debt - commercial paper beginning balance						391,000,000
Additions						990,000,000
Payments, Foreign Currency Translation and Accretion						(1,381,000,000)
Short-term debt - commercial paper ending balance	$ 0				$ 0	$ 0

Debt Obligations (Commercial Paper) (Details) - USD ($)	1 Months Ended	12 Months Ended
Debt Obligations (Commercial Paper) (Details) - USD ($)	Feb. 23, 2021	Dec. 31, 2020	Jan. 31, 2021
Short-term Debt [Line Items]
Proceeds from revolving credit commitment		$ 3,807,000,000
Commercial paper
Short-term Debt [Line Items]
Outstanding credit facility		0
Facility borrowing capacity		1,000,000,000
Proceeds from short-term debt		$ 990,000,000
Commercial paper \| Subsequent Event
Short-term Debt [Line Items]
Facility borrowing capacity			$ 1,250,000,000
Proceeds from short-term debt	$ 475,000,000

Debt Obligations (Senior Unsecured Notes) (Details)	12 Months Ended
Debt Obligations (Senior Unsecured Notes) (Details)	Dec. 31, 2020
Senior Notes \| Senior Notes Excluding 2020 Notes
Debt Instrument [Line Items]
Aggregate principal amount purchased plus accrued and unpaid interest	101.00%

Debt Obligations (Early Extinguishment of 3.875% Senior Unsecured Notes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Extinguishment of debt	$ 36	$ 11	$ 0
3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate	3.875%
3.875% senior unsecured notes repaid on March 16, 2020 \| Senior Notes
Debt Instrument [Line Items]
Stated rate	3.875%
0.875% Senior Unsecured Notes Due 2030 \| Senior Notes
Debt Instrument [Line Items]
Stated rate	0.875%
Extinguishment of debt	$ 36

Debt Obligations (4.25% Senior Unsecured Notes) (Details) - 4.25% senior unsecured notes due June 1, 2024	Dec. 31, 2020	May 31, 2014
Debt Instrument [Line Items]
Stated rate	4.25%
Senior Notes
Debt Instrument [Line Items]
Stated rate		4.25%
Senior Notes \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		6.25%

Debt Obligations (1.75% Senior Unsecured Notes Due 2023) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	May 31, 2016
Debt Instrument [Line Items]
Increase (decrease) in carrying amount	$ (1,262)
1.75% senior unsecured notes due May 19, 2023
Debt Instrument [Line Items]
Stated rate	1.75%
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023
Debt Instrument [Line Items]
Stated rate	1.75%	1.75%
Increase (decrease) in carrying amount	$ 62
Senior Notes \| 1.75% senior unsecured notes due May 19, 2023 \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		3.75%

Debt Obligations (3.85% Senior Unsecured Notes) (Details) - 3.85% senior unsecured notes due June 30, 2026	Dec. 31, 2020	Jun. 30, 2016
Debt Instrument [Line Items]
Stated rate	3.85%
Senior Notes
Debt Instrument [Line Items]
Stated rate		3.85%
Senior Notes \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		5.85%

Debt Obligations (1.75% Senior Unsecured Notes Due 2029) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Apr. 30, 2019
Debt Instrument [Line Items]
Increase (decrease) in carrying amount	$ (1,262)
1.75% senior unsecured notes due March 28, 2029
Debt Instrument [Line Items]
Stated rate	1.75%
Senior Notes \| 1.75% senior unsecured notes due March 28, 2029
Debt Instrument [Line Items]
Stated rate	1.75%	1.75%
Increase (decrease) in carrying amount	$ 61
Senior Notes \| 1.75% senior unsecured notes due March 28, 2029 \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument		3.75%

Debt Obligations (0.875% Senior Unsecured Notes Due 2030) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 29, 2020	Dec. 31, 2020	Dec. 31, 2020	May 31, 2016
Debt Instrument [Line Items]
Net proceeds from senior note			$ 3,807
Increase (decrease) in carrying amount			$ (1,262)
3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate		3.875%	3.875%
0.875% senior unsecured notes due February 13, 2030
Debt Instrument [Line Items]
Stated rate		0.875%	0.875%
Senior Notes
Debt Instrument [Line Items]
Net proceeds from senior note		$ 1,900
Senior Notes \| 0.875% Senior Unsecured Notes Due 2030
Debt Instrument [Line Items]
Stated rate		0.875%	0.875%
Senior Notes \| 0.875% Senior Unsecured Notes Due 2030 \| Maximum
Debt Instrument [Line Items]
Maximum interest rate on debt instrument				1.875%
Senior Notes \| 3.875% senior unsecured notes repaid on March 16, 2020
Debt Instrument [Line Items]
Stated rate		3.875%	3.875%
Net proceeds from senior note			$ 0
Increase (decrease) in carrying amount			(671)
Senior Notes \| 0.875% senior unsecured notes due February 13, 2030
Debt Instrument [Line Items]
Net proceeds from senior note	$ 644		644
Increase (decrease) in carrying amount			$ 82

Debt Obligations (3.25% Senior Unsecured Notes Due 2050) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Net proceeds from senior note			$ 3,807
Senior Notes
Debt Instrument [Line Items]
Net proceeds from senior note		$ 1,900
3.25% senior unsecured notes due April 28, 2050
Debt Instrument [Line Items]
Stated rate		3.25%	3.25%
3.25% senior unsecured notes due April 28, 2050 \| Senior Notes
Debt Instrument [Line Items]
Stated rate		3.25%	3.25%
Net proceeds from senior note	$ 485		$ 485
3.25% senior unsecured notes due April 28, 2050 \| Senior Notes \| Maximum
Debt Instrument [Line Items]
Stated rate	5.25%

Debt Obligations (Senior Unsecured Notes Due 2022, 2031 and 2040) (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Net proceeds from senior note			$ 3,807
Senior Notes
Debt Instrument [Line Items]
Net proceeds from senior note		$ 1,900
0.445% senior unsecured notes due December 21, 2022 \| Senior Notes
Debt Instrument [Line Items]
Stated rate	0.445%	0.445%	0.445%
Net proceeds from senior note	$ 597		$ 597
0.445% senior unsecured notes due December 21, 2022 \| Maximum \| Senior Notes
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	1.445%	1.445%	1.445%
1.650% senior unsecured notes due January 15, 2031 \| Senior Notes
Debt Instrument [Line Items]
Stated rate	1.65%	1.65%	1.65%
Net proceeds from senior note	$ 643		$ 643
1.650% senior unsecured notes due January 15, 2031 \| Maximum \| Senior Notes
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	2.65%	2.65%	2.65%
2.500% senior unsecured notes due December 21, 2040 \| Senior Notes
Debt Instrument [Line Items]
Stated rate	2.50%	2.50%	2.50%
Net proceeds from senior note	$ 643		$ 643
2.500% senior unsecured notes due December 21, 2040 \| Maximum \| Senior Notes
Debt Instrument [Line Items]
Maximum interest rate on debt instrument	3.50%	3.50%	3.50%

Debt Obligations (Credit Facilities) (Details) - USD ($)	1 Months Ended				3 Months Ended	12 Months Ended
	Dec. 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Apr. 30, 2017	Dec. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Net proceeds from senior note						$ 3,807,000,000
$1.25 billion revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Unamortized debt issuance expense	$ (4,000,000)				$ (4,000,000)	(4,000,000)
Utilized amount	$ 0				$ 0	$ 0
3.25% senior unsecured notes due April 28, 2050
Debt Instrument [Line Items]
Stated rate	3.25%				3.25%	3.25%
$1 billion, five-year senior unsecured revolving credit facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Utilized amount	$ 0				$ 0	$ 0
Revolving Credit Facility \| $1.25 billion revolving credit facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	1,250,000,000				1,250,000,000	1,250,000,000
Credit facility term				5 years
Option to increase available aggregate amount	$ 625,000,000
Revolving Credit Facility \| $1.25 billion revolving credit facility \| Minimum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.125%
Revolving Credit Facility \| $1.25 billion revolving credit facility \| Maximum
Debt Instrument [Line Items]
Line of credit facility, commitment fee percentage	0.35%
Senior Notes
Debt Instrument [Line Items]
Net proceeds from senior note					$ 1,900,000,000
Senior Notes \| 3.25% senior unsecured notes due April 28, 2050
Debt Instrument [Line Items]
Net proceeds from senior note		$ 485,000,000				$ 485,000,000
Stated rate	3.25%				3.25%	3.25%
Senior Notes \| 3.25% senior unsecured notes due April 28, 2050 \| Maximum
Debt Instrument [Line Items]
Stated rate		5.25%
$1.25 billion revolving credit facility
Debt Instrument [Line Items]
Net proceeds from senior note						$ (4,000,000)
$1 billion, five-year senior unsecured revolving credit facility
Debt Instrument [Line Items]
Credit facility, borrowing capacity	$ 1,000,000,000				$ 1,000,000,000	1,000,000,000
Net proceeds from senior note			$ 799,000,000			$ 799,000,000

Debt Obligations (Other Credit Facilities) (Details) - Commercial Paper and Letter Of Credit - Clearinghouse Credit Facilities - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Remaining amount available	$ 232,000,000	$ 203,000,000
Utilized amount	$ 0	$ 15,000,000

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.

+ References + Details

Retirement Plans (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Employer contribution match, percent match	100.00%
Employer contribution match, percentage of employee contribution	6.00%
Defined contributions plan expense	$ 14	$ 13	$ 14
Cost or expenses included in compensation and benefit expense	23	20	$ 22
Fair value of plan assets	119	110
Benefit obligation	118	110
Funded status, underfunded amount	30	$ 33
Accumulated other comprehensive loss for benefit plan	25
Unrecognized net loss	(32)
Income tax benefit	$ (7)

Retirement Plans (Schedule of Expected Benefit Payments) (Details) $ in Millions	Dec. 31, 2020 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2021	$ 15
2022	9
2023	9
2024	10
2025	10
2026 through 2030	48
Total future benefit payments	101
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2021	8
2022	7
2023	7
2024	8
2025	8
2026 through 2030	40
Total future benefit payments	78
SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2021	7
2022	2
2023	2
2024	2
2025	2
2026 through 2030	8
Total future benefit payments	$ 23

Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2020 shares	Mar. 31, 2021 shares	Dec. 31, 2020 USD ($) program $ / shares peerGroup shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares reserved for future issuance (in shares) \| shares			9,800,000
Stock option exercises, net (in shares) \| shares			85,195	69,699	118,094
Net cash proceeds from the exercise of stock options			$ 2	$ 2	$ 3
Stock options, exercisable (in shares) \| shares			293,353	300,000
Options exercisable, weighted average exercise price (in dollars per share) \| $ / shares			$ 63.22	$ 50.50
Weighted-average remaining contractual term, Outstanding (in years)			5 years 6 months
Outstanding, aggregate intrinsic value			$ 20
Total pre-tax intrinsic value of stock options exercised			9	$ 6	7
Compensation expense (in millions)			$ 87	$ 79	$ 69
Commercial Paper and Letter Of Credit \| Clearinghouse Credit Facilities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share) \| $ / shares			$ 132.74
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount from market price (as a percent)			15.00%	15.00%	15.00%
Common stock shares reserved for future issuance (in shares) \| shares			4,400,000
Common stock shares reserved for future issuance, additional amount (in shares) \| shares	3,000,000
Extension of the ESPP term	10 years
Maximum percentage of shares purchased from annual compensation			10.00%
Discount given to employees (as a percent)			15.00%
Compensation expense (in millions)			$ 5	$ 4	$ 3
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost			$ 70
Weighted-average period unrecognized compensation cost is expected to be recognized, in years			1 year 9 months 18 days
PSUs \| One-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost			$ 4
Weighted-average period unrecognized compensation cost is expected to be recognized, in years			1 year 2 months 12 days
Expiration period of PSU program			1 year
Percentage of target amount granted, minimum			0.00%
Percentage of target amount granted, maximum			150.00%
PSUs \| Three-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost			$ 31
Weighted-average period unrecognized compensation cost is expected to be recognized, in years			1 year 3 months 18 days
Expiration period of PSU program			3 years
Performance period			3 years
Number of peer groups (in peer groups) \| peerGroup			2
Performance-based long-term incentive program weighted percentage			50.00%
Minimum payout (as a percent)			0.00%
Maximum payout (as a percent)			200.00%
Share price (in dollars per share) \| $ / shares			$ 92.34	$ 89.00
PSUs \| Three-Year Program \| Subsequent Event \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional units granted above target (in shares) \| shares		150,290
PSUs \| Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of performance-based programs (in programs) \| program			2
PSUs, Negative TSR \| Three-Year Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum payout (as a percent)			100.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares			0	0	0
First Anniversary \| Restricted Stock \| Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)			33.30%
Second Anniversary \| Restricted Stock \| Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)			33.30%
Second Anniversary \| Restricted Stock \| At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)			33.30%
Third Anniversary \| Restricted Stock \| Below Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)			33.30%
Third Anniversary \| Restricted Stock \| At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)			33.30%
Fourth Anniversary \| Restricted Stock \| At or Above Manager Level
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)			33.30%

Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Share-based compensation expense before income taxes	$ 87	$ 79	$ 69
Income tax benefit	(23)	(21)	(19)
Share-based compensation expense after income taxes	$ 64	$ 58	$ 50

Share-Based Compensation (Summary of Restricted Stock Activity) (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Awards
Unvested balances at beginning of period (in shares)	1,486,756	1,583,375	1,988,500
Granted (in shares)	743,300	605,033	550,544
Vested (in shares)	(499,357)	(548,588)	(702,832)
Forfeited (in shares)	(91,648)	(153,064)	(252,837)
Unvested balances at end of period (in shares)	1,639,051	1,486,756	1,583,375
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share)	$ 77.38	$ 68.62	$ 57.34
Granted (in dollars per share)	89.93	85.03	81.66
Vested (in dollars per share)	72.95	61.45	48.64
Forfeited (in dollars per share)	81.17	73.99	63.86
Unvested balances at end of period (in dollars per share)	$ 84.21	$ 77.38	$ 68.62

Share-Based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values) (Details) - PSUs - Three-Year Program - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk free interest rate	0.27%	2.26%
Expected volatility (as a percent)	27.40%	16.50%
Weighted-average grant date share price (in dollars per share)	$ 92.34	$ 89.00
Weighted-average fair value at grant date (in dollars per share)	$ 111.50	$ 97.65

Share-Based Compensation (Summary of PSU Activity) (Details) - PSUs - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
One-Year Program
Number of Awards
Unvested balances at beginning of period (in shares)	317,251	314,231	333,004
Granted (in shares)	26,780	179,599	177,831
Vested (in shares)	(138,423)	(147,984)	(170,257)
Forfeited (in shares)	(36,060)	(28,595)	(26,347)
Unvested balances at end of period (in shares)	169,548	317,251	314,231
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share)	$ 80.87	$ 74.01	$ 61.39
Granted (in dollars per share)	84.17	83.56	80.97
Vested (in dollars per share)	78.09	70.64	58.49
Forfeited (in dollars per share)	82.41	75.43	61.83
Unvested balances at end of period (in dollars per share)	$ 83.33	$ 80.87	$ 74.01
Three-Year Program
Number of Awards
Unvested balances at beginning of period (in shares)	797,451	837,750	1,009,958
Granted (in shares)	320,328	397,553	484,075
Vested (in shares)	(300,767)	(431,751)	(655,204)
Forfeited (in shares)	(7,023)	(6,101)	(1,079)
Unvested balances at end of period (in shares)	809,989	797,451	837,750
Weighted-Average Grant Date Fair Value
Unvested balances at beginning of period (in dollars per share)	$ 98.31	$ 96.57	$ 78.18
Granted (in dollars per share)	107.42	96.55	90.92
Vested (in dollars per share)	81.57	93.25	64.08
Forfeited (in dollars per share)	98.26	103.29	81.57
Unvested balances at end of period (in dollars per share)	$ 108.12	$ 98.31	$ 96.57

Share-Based Compensation (Summary of Stock Option Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Stock Options
Outstanding at Beginning of period (in shares)	379,102	448,966	571,380
Exercised (in shares)	(85,195)	(69,699)	(118,094)
Forfeited (in shares)	(554)	(165)	(4,320)
Outstanding at End of period (in shares)	293,353	379,102	448,966
Exercisable (in shares)	293,353	300,000
Weighted-Average Exercise Price
Weighted average exercise price, outstanding, beginning of period (in dollars per share)	$ 54.32	$ 49.25	$ 43.84
Exercised (in dollars per share)	23.91	20.84	24.44
Forfeited (in dollars per share)	20.94	25.28	26.11
Weighted average exercise price, outstanding, end of period (in dollars per share)	63.22	54.32	$ 49.25
Options exercisable, weighted average exercise price (in dollars per share)	$ 63.22	$ 50.50

Share-Based Compensation (Summary of Employee Stock Purchase Plan) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (in millions)	$ 87	$ 79	$ 69
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares purchased (in shares)	221,123	229,172	205,785
Weighted-average price of shares purchased (in dollars per share)	$ 95.79	$ 73.79	$ 66.79
Compensation expense (in millions)	$ 5	$ 4	$ 3

Nasdaq Stockholders' Equity (Narrative) (Details)	1 Months Ended	12 Months Ended
Nasdaq Stockholders' Equity (Narrative) (Details)	Jan. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) vote $ / shares shares	Dec. 31, 2019 vote $ / shares shares	Dec. 31, 2018 $ / shares
Stockholders Equity [Line Items]
Common stock, shares authorized (in shares)		300,000,000	300,000,000
Common stock, shares issued (in shares)		171,278,761	171,075,011
Common stock, shares outstanding (in shares)		164,933,678	165,094,440
Common stock (in votes per share) \| vote		1	1
Common stock holder voting rights, maximum percentage of the then-outstanding shares of Nasdaq common stock		5.00%	5.00%
Common stock in treasury (in shares)		6,345,083	5,980,571
Authorized amount under share repurchase program \| $		$ 410,000,000
Number of shares of common stock repurchased (in shares)		2,033,455	2,053,855
Preferred stock, shares authorized (in shares)		30,000,000	30,000,000
Preferred stock par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)		0	0
Preferred stock, shares outstanding (in shares)		0	0
Payments of dividends \| $		$ 320,000,000
Cash dividends declared per common share (in dollars per share) \| $ / shares		$ 1.94	$ 1.85	$ 1.70
Dividends declared \| $		$ 320,000,000
Subsequent Event
Stockholders Equity [Line Items]
Additional amount under stock repurchase program \| $	$ 1,000,000,000
Cash dividends declared per common share (in dollars per share) \| $ / shares	$ 0.49
Dividends declared \| $	$ 81,000,000
Other Repurchases of Common Stock
Stockholders Equity [Line Items]
Number of shares of common stock repurchased (in shares)		364,512	436,250

Nasdaq Stockholders' Equity (Common Stock in Treasury) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Number of shares of common stock repurchased (in shares)	2,033,455	2,053,855
Average price paid per share (in dollars per share)	$ 109.13	$ 97.37
Total purchase price (in millions)	$ 222	$ 200

Nasdaq Stockholders' Equity (Schedule of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Millions									12 Months Ended
	Dec. 04, 2020	Oct. 21, 2020	Sep. 11, 2020	Jul. 22, 2020	Jun. 12, 2020	Apr. 22, 2020	Mar. 13, 2020	Jan. 28, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)									$ 1.94	$ 1.85	$ 1.70
Total Amount Paid									$ 320
Dividend Declaration Date First Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)								$ 0.47
Total Amount Paid							$ 78
Dividend Declaration Date Second Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)						$ 0.49
Total Amount Paid					$ 80
Dividend Declaration Date Third Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)				$ 0.49
Total Amount Paid			$ 81
Dividend Declaration Date Fourth Quarter
Dividends Payable [Line Items]
Dividend Per Common Share (in dollars per share)		$ 0.49
Total Amount Paid	$ 81

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income attributable to common shareholders	$ 933	$ 774	$ 458
Denominator:
Weighted-average common shares outstanding for basic earnings per share (in shares)	164,415,191	164,931,628	165,349,471
Weighted-average effect of dilutive securities:
Employee equity awards (in shares)	2,135,532	1,679,922	1,988,610
Contingent issuance of stock (in shares)	353,218	358,611	353,218
Weighted-average common shares outstanding for diluted earnings per share (in shares)	166,903,941	166,970,161	167,691,299
Basic and diluted earnings per share:
Basic earnings per share (in dollars per share)	$ 5.67	$ 4.69	$ 2.77
Diluted earnings per share (in dollars per share)	$ 5.59	$ 4.63	$ 2.73

Fair Value of Financial Instruments (Narrative) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets	$ 0	$ 0
Revolving Credit Facility \| $1.25 billion revolving credit facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Utilized amount	0
Outstanding credit facility	0
Short-term debt - commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Utilized amount	0
Short-term debt - commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding credit facility	0
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	$ 5,900,000,000	$ 3,600,000,000

Clearing Operations (Narrative) (Details) kr in Millions			1 Months Ended	12 Months Ended
Clearing Operations (Narrative) (Details) kr in Millions	Jan. 27, 2021 USD ($)	Jan. 27, 2021 SEK (kr)	Sep. 30, 2018 USD ($)	Dec. 31, 2020 USD ($) exchangeTradedProduct fund	Dec. 31, 2019 USD ($) contract	Dec. 31, 2018 USD ($)
Clearing Operations [Line Items]
Number of member sponsored default funds (in funds) \| fund				4
Loss due to commodities market default			$ 133,000,000
Clearing default loss			$ 8,000,000
Capital relief program expense						$ 23,000,000
Expected recovery of initial loss				0.80
Default fund contributions				$ 628,000,000
Default fund contributions and margin deposits				9,552,000,000
Liability due to market default				0
Liability Waterfall
Clearing Operations [Line Items]
Junior capital, cash deposits and pledged assets				39,000,000
Senior capital, cash deposits and pledged assets				24,000,000
Committed capital				82,000,000
Utilize as capital resources
Clearing Operations [Line Items]
Default fund contributions				556,000,000
Utilize as member posted surplus balance
Clearing Operations [Line Items]
Default fund contributions				72,000,000
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Default fund contributions				529,000,000
Default fund contributions and margin deposits				$ 3,942,000,000	$ 2,996,000,000
Minimum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range				4 days
Maximum
Clearing Operations [Line Items]
Reverse purchase agreements, maturity range				7 days
Nasdaq Clearing
Clearing Operations [Line Items]
Contingency, accrual				$ 0
Maturity period of time deposits				90 days
Committed capital				$ 145,000,000
Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds (as a percent)				230.00%
Contract value of resale and repurchase agreements				$ 300,000,000	$ 300,000,000
Total number of derivative contracts cleared				4,832,504	6,627,103
Nasdaq Clearing \| Subsequent Event
Clearing Operations [Line Items]
Administrative fine	$ 36,000,000	kr 300

Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Clearing Operations [Line Items]
Default fund contributions	$ 628
Margin deposits	8,924
Total	9,552
Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	529
Margin deposits	3,413
Total	3,942	$ 2,996
Non-Cash Contributions
Clearing Operations [Line Items]
Default fund contributions	99
Margin deposits	5,511
Total	$ 5,610

Clearing Operations (Investment Policy) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Clearing Operations [Line Items]
Cash contributions	$ 9,552
Demand deposits
Clearing Operations [Line Items]
Cash contributions	2,086	$ 1,328
Central bank certificates
Clearing Operations [Line Items]
Cash contributions	1,111	896
European government debt securities
Clearing Operations [Line Items]
Cash contributions	470	508
Reverse repurchase agreements
Clearing Operations [Line Items]
Cash contributions	180	116
Supranational debt securities
Clearing Operations [Line Items]
Cash contributions	95	148
Nasdaq clearing members cash contributions
Clearing Operations [Line Items]
Cash contributions	$ 3,942	$ 2,996

Clearing Operations (Schedule of Derivative Contracts) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) TWh contract	Dec. 31, 2019 TWh contract
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 1,138
Total number of cleared contracts (in contracts) \| contract	93,101,056	93,380,173
Total volume in cleared power, in Terawatt hours (TWh) \| TWh	956	842
Commodity and seafood options, futures and forwards
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 122
Total number of cleared contracts (in contracts) \| contract	672,219	542,557
Fixed-income options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 773
Total number of cleared contracts (in contracts) \| contract	21,299,713	21,464,522
Stock options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 175
Total number of cleared contracts (in contracts) \| contract	19,757,733	23,777,980
Index options and futures
Clearing Operations [Line Items]
Market value of derivative contracts \| $	$ 68
Total number of cleared contracts (in contracts) \| contract	51,371,391	47,595,114

Leases (Summary of Supplemental Balance Sheet Information Related to Operating Leases) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Assets:
Operating lease assets	$ 381	$ 346
Liabilities:
Current lease liabilities	$ 46	$ 61
Current lease liability, statement of financial position [Extensible List]	us-gaap:OtherLiabilitiesCurrent	us-gaap:OtherLiabilitiesCurrent
Non-current lease liabilities	$ 389	$ 331
Total lease liabilities	$ 435	$ 392

Leases (Leases Cost) (Details) - USD ($) $ in Millions	12 Months Ended
Leases (Leases Cost) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 85	$ 79
Variable lease cost	26	23
Sublease income	(4)	(5)
Total lease cost	$ 107	$ 97

Leases (Operating Lease Maturity) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2021	$ 62
2022	56
2023	52
2024	45
2025	32
2026 and thereafter	311
Total lease payments	558
Less: interest	(123)
Present value of lease liabilities	435
Operating lease, current liabilities	$ 46	$ 61

Leases (Narrative) (Details) $ in Millions	12 Months Ended
Leases (Narrative) (Details) $ in Millions	Dec. 31, 2018 USD ($)
Lessee, Lease, Description [Line Items]
Rent expense for operating leases	$ 82

Leases (Leases Terms and Discount Rate) (Details)	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term (in years)	11 years 6 months
Weighted-average discount rate	4.20%

Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 77	$ 78
Lease assets obtained in exchange for new operating lease liabilities	$ 100	$ 26

Income Taxes (Narrative) (Details) - USD ($)	3 Months Ended	12 Months Ended
Income Taxes (Narrative) (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Reduction to deferred tax assets relating to foreign currency translation	$ 290,000,000
Undistributed earnings		$ 280,000,000
Valuation allowance	0	3,000,000	$ 0
Unrecognized Tax Benefits	48,000,000	42,000,000	48,000,000	$ 52,000,000	$ 45,000,000
Penalties and interest expense		(2,000,000)	3,000,000	$ 2,000,000
Interest and penalties related to income tax	$ 12,000,000	$ 8,000,000	$ 12,000,000

Income Taxes (Domestic and Foreign Components of Income Before Income Tax Provision) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Domestic	$ 898	$ 691	$ 636
Foreign	314	328	428
Income before income taxes	$ 1,212	$ 1,019	$ 1,064

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.

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Income Taxes (Components of Income Tax Provision) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal	$ 114	$ 120	$ 103
State	50	40	56
Foreign	74	50	146
Total current income taxes provision	238	210	305
Federal	37	27	185
State	6	7	116
Foreign	(2)	1	0
Deferred income taxes	41	35	301
Total income tax provision	$ 279	$ 245	$ 606

Income Taxes (Reconciliation of Provision of Income Taxes) (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Federal income tax provision at the statutory rate	21.00%	21.00%	21.00%
State income tax provision, net of federal effect	4.20%	4.10%	3.70%
Change in deferred taxes due to U.S. tax law changes	0.00%	0.00%	27.00%
Excess tax benefits related to employee share-based compensation	(0.60%)	(0.50%)	(0.70%)
Non-U.S. subsidiary earnings	0.50%	1.00%	0.40%
Tax credits and deductions	(0.20%)	(0.20%)	(0.20%)
Change in unrecognized tax benefits	(0.60%)	(0.10%)	4.70%
Other, net	(1.30%)	(1.30%)	1.10%
Actual income tax provision	23.00%	24.00%	57.00%

Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Deferred revenues	$ 8,000,000	$ 10,000,000
U.S. federal net operating loss	3,000,000	0
Foreign net operating loss	4,000,000	4,000,000
State net operating loss	2,000,000	2,000,000
Compensation and benefits	28,000,000	32,000,000
Federal benefit of uncertain tax positions	5,000,000	6,000,000
Operating lease liabilities	97,000,000	101,000,000
Unrealized losses	54,000,000	0
Other	39,000,000	20,000,000
Gross deferred tax assets	240,000,000	175,000,000
Less: valuation allowance	(3,000,000)	0
Total deferred tax assets, net of valuation allowance	237,000,000	175,000,000
Deferred tax liabilities:
Amortization of software development costs and depreciation	(55,000,000)	(42,000,000)
Amortization of acquired intangible assets	(499,000,000)	(495,000,000)
Investments	(77,000,000)	(58,000,000)
Deferred Tax Liabilities, Other Comprehensive Income	0	(31,000,000)
Operating lease assets	(86,000,000)	(89,000,000)
Other	(19,000,000)	(11,000,000)
Gross deferred tax liabilities	(736,000,000)	(726,000,000)
Net deferred tax liabilities	(499,000,000)	(551,000,000)
Non-current deferred tax assets	3,000,000	1,000,000
Deferred tax liabilities, net	$ (502,000,000)	$ (552,000,000)

Income Taxes (Net Operating Losses and Credits) (Details) $ in Millions	Dec. 31, 2020 USD ($)
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, not subject to expiration	$ 4
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, not subject to expiration	3
State and local jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards, subject to expiration	$ 2

Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 48	$ 52	$ 45
Additions as a result of tax positions taken in prior periods	9	10	28
Additions as a result of tax positions taken in the current period	2	1	6
Reductions related to settlements with taxing authorities	(6)	(10)	(23)
Reductions as a result of lapses of the applicable statute of limitations	(11)	(5)	(4)
Ending balance	$ 42	$ 48	$ 52

Commitments, Contingencies and Guarantees (Details) kr in Millions				3 Months Ended	12 Months Ended
	Jan. 27, 2021 USD ($)	Jan. 27, 2021 SEK (kr)	Sep. 02, 2014 exchange	Mar. 31, 2021 shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Financial guarantees obtained					$ 5,000,000	$ 11,000,000
National exchanges named as defendants (in exchanges) \| exchange			7
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
eSpeed \| Subsequent Event \| Common stock \| Forecast
Commitments and Contingencies Disclosure [Line Items]
Contingent future issuance of common stock (in shares) \| shares				6,200,000
Nasdaq Clearing \| Subsequent Event
Commitments and Contingencies Disclosure [Line Items]
Administrative fine	$ 36,000,000	kr 300
ICBC
Commitments and Contingencies Disclosure [Line Items]
Margin deposits contributed to brokers					13,000,000
Clearinghouse Credit Facilities
Commitments and Contingencies Disclosure [Line Items]
Credit facility, available liquidity					232,000,000	203,000,000
Clearinghouse Credit Facilities \| Commercial Paper and Letter Of Credit
Commitments and Contingencies Disclosure [Line Items]
Utilized amount					$ 0	$ 15,000,000

Business Segments (Narrative) (Details)	12 Months Ended
Business Segments (Narrative) (Details)	Dec. 31, 2020 segment
Segment Reporting [Abstract]
Number of operating segments (in segments)	4

Business Segments (Schedule of Operating Segments) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Total revenues	$ 5,627	$ 4,262	$ 4,277
Transaction-based expenses	(2,724)	(1,727)	(1,751)
Revenues less transaction-based expenses	2,903	2,535	2,526
Depreciation and amortization	202	190	210
Operating income (loss)	1,234	1,017	1,028
Purchase of property and equipment	188	127	111
Operating Segments \| Market Services
Segment Reporting Information [Line Items]
Total revenues	3,832	2,639	2,709
Transaction-based expenses	(2,724)	(1,727)	(1,751)
Revenues less transaction-based expenses	1,108	912	958
Depreciation and amortization	78	74	95
Operating income (loss)	687	516	544
Purchase of property and equipment	63	30	28
Operating Segments \| Corporate Platforms
Segment Reporting Information [Line Items]
Total revenues	530	496	487
Transaction-based expenses	0	0	0
Revenues less transaction-based expenses	530	496	487
Depreciation and amortization	34	34	36
Operating income (loss)	190	178	155
Purchase of property and equipment	30	27	29
Operating Segments \| Investment Intelligence
Segment Reporting Information [Line Items]
Total revenues	908	779	714
Transaction-based expenses	0	0	0
Revenues less transaction-based expenses	908	779	714
Depreciation and amortization	57	52	51
Operating income (loss)	580	490	460
Purchase of property and equipment	52	30	17
Operating Segments \| Market Technology
Segment Reporting Information [Line Items]
Total revenues	357	338	270
Transaction-based expenses	0	0	0
Revenues less transaction-based expenses	357	338	270
Depreciation and amortization	33	30	21
Operating income (loss)	32	54	34
Purchase of property and equipment	43	40	37
Corporate Items
Segment Reporting Information [Line Items]
Total revenues	0	10	97
Transaction-based expenses	0	0	0
Revenues less transaction-based expenses	0	10	97
Depreciation and amortization	0	0	7
Operating income (loss)	(255)	(221)	(165)
Purchase of property and equipment	$ 0	$ 0	$ 0

Business Segments (Corporate Items) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues - divested business		$ 5,627	$ 4,262	$ 4,277
Expenses:
Amortization expense of acquired intangible assets		103	101	109
Merger and strategic initiatives expense		33	30	21
Restructuring charges		48	39	0
Clearing default loss	$ 8
Extinguishment of debt		36	11	0
Operating income		1,234	1,017	1,028
Corporate Items
Segment Reporting Information [Line Items]
Revenues - divested business		0	10	97
Expenses:
Amortization expense of acquired intangible assets		103	101	109
Merger and strategic initiatives expense		33	30	21
Restructuring charges		48	39	0
Clearing default loss		0	0	31
Provision for notes receivable		6	20	0
Extinguishment of debt		36	11	0
Charitable donations		17	0	0
Expenses - divested businesses		0	8	83
Other		12	22	18
Total expenses		255	231	262
Operating income		$ (255)	$ (221)	$ (165)

Business Segments (Geographic Data) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	$ 5,627	$ 4,262	$ 4,277
Property and equipment, net	475	384	376
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	4,664	3,409	3,379
Property and equipment, net	311	250	224
All other countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenues	963	853	898
Property and equipment, net	$ 164	$ 134	$ 152

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.

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