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Document and Entity Information
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3 Months Ended | |
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Mar. 31, 2014
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Apr. 25, 2014
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| Document Document And Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Mar. 31, 2014 | |
| Document Fiscal Year Focus | 2014 | |
| Document Fiscal Period Focus | Q1 | |
| Entity Registrant Name | NASDAQ OMX GROUP, INC. | |
| Entity Central Index Key | 0001120193 | |
| Current Fiscal Year End Date | --03-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Stock, Shares Outstanding | 170,670,413 |
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
In anticipation of new regulations proposed by the European Market Infrastructure Regulation, NASDAQ OMX Nordic Clearing implemented three member sponsored default funds in March 2012: one related to financial markets, one related to commodities markets, and a mutualized fund. Under this new regulatory structure, NASDAQ OMX Nordic Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of NASDAQ OMX Nordic Clearing. This new requirement ensures the alignment of risk between NASDAQ OMX Nordic Clearing and its clearing members. Contributions made to the default funds will be proportional to the exposures of each clearing member. This structure applies an initial separation of default fund contributions for the financial and commodities markets in order to create a buffer for each market's counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies with regard to total regulatory capital required. When a clearing member is active in both the financial and commodities markets, contributions must be made to both markets' default funds.Clearing members' eligible contributions may include cash and non-cash contributions. Cash contributions received are invested by NASDAQ OMX Nordic Clearing, in accordance with our investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. Clearing members' cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. No definition available.
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- Definition
In anticipation of new regulations proposed by the European Market Infrastructure Regulation, NASDAQ OMX Nordic Clearing implemented three member sponsored default funds in March 2012: one related to financial markets, one related to commodities markets, and a mutualized fund. Under this new regulatory structure, NASDAQ OMX Nordic Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of NASDAQ OMX Nordic Clearing. This new requirement ensures the alignment of risk between NASDAQ OMX Nordic Clearing and its clearing members. Contributions made to the default funds will be proportional to the exposures of each clearing member. This structure applies an initial separation of default fund contributions for the financial and commodities markets in order to create a buffer for each market's counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies with regard to total regulatory capital required. When a clearing member is active in both the financial and commodities markets, contributions must be made to both markets' default funds.Clearing members' eligible contributions may include cash and non-cash contributions. Cash contributions received are invested by NASDAQ OMX Nordic Clearing, in accordance with our investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. Clearing members' cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. No definition available.
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- Definition
Section Thirty One Fees Payable No definition available.
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of investments in debt and equity securities, including, but not limited to, held-to-maturity, trading and available-for-sale expected to be converted to cash, sold or exchanged within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount of current liabilities (due within one year or within the normal operating cycle if longer) not separately disclosed in the balance sheet. Includes costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The total amount due to the entity within one year of the balance sheet date (or one operating cycle, if longer) from outside sources, including trade accounts receivable, notes and loans receivable, as well as any other types of receivables, net of allowances established for the purpose of reducing such receivables to an amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parenthetical) (USD $)
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Mar. 31, 2014
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Dec. 31, 2013
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| Statement Of Financial Position [Abstract] | ||
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 300,000,000 | 300,000,000 |
| Common stock, shares issued | 216,181,636 | 214,419,155 |
| Common stock, shares outstanding | 170,568,534 | 169,357,084 |
| Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
| Preferred stock, series A convertible preferred stock: shares issued | 0 | 1,600,000 |
| Preferred stock, series A convertible preferred stock: shares outstanding | 0 | 0 |
| Common stock in treasury | 45,613,102 | 45,062,071 |
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- Definition
Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Condensed Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | |
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Mar. 31, 2014
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Mar. 31, 2013
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| Revenues: | ||
| Market Services | $ 582 | $ 508 |
| Listing Services | 58 | 55 |
| Information Services | 123 | 106 |
| Technology Solutions | 135 | 75 |
| Total revenues | 898 | 744 |
| Cost of revenues: | ||
| Transaction rebates | (285) | (242) |
| Brokerage, clearance and exchange fees | (84) | (84) |
| Total cost of revenues | (369) | (326) |
| Revenues less transaction rebates, brokerage, clearance and exchange fees | 529 | 418 |
| Operating expenses: | ||
| Compensation and benefits | 158 | 117 |
| Marketing and advertising | 8 | 7 |
| Depreciation and amortization | 35 | 27 |
| Professional and contract services | 39 | 29 |
| Computer operations and data communications | 22 | 15 |
| Occupancy | 25 | 22 |
| Regulatory | 7 | 7 |
| Merger and strategic initiatives | 28 | 8 |
| Restructuring and other charges | 9 | |
| General, administrative and other | 23 | 25 |
| Voluntary accommodation program | 62 | |
| Total operating expenses | 345 | 328 |
| Operating income | 184 | 90 |
| Interest income | 2 | 3 |
| Interest expense | (30) | (24) |
| Asset impairment charges | (10) | |
| Income before income taxes | 156 | 59 |
| Income tax provision | 53 | 17 |
| Net income | 103 | 42 |
| Net income attributable to NASDAQ OMX | $ 103 | $ 42 |
| Per share information: | ||
| Basic earnings per share | $ 0.61 | $ 0.26 |
| Diluted earnings per share | $ 0.59 | $ 0.25 |
| Cash dividends declared per common share | $ 0.28 | $ 0.13 |
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- Definition
Global Information Services No definition available.
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- Definition
Global Listing Services No definition available.
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- Definition
Our Market Services segment includes our U.S. and European Transaction Services businesses, as well as our Market Data and Broker Services businesses. We offer trading on multiple exchanges and facilities across several asset classes, including equities, derivatives, debt, commodities, structured products and ETFs. No definition available.
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- Definition
Regulatory expense includes cost incurred during the period associated with regulation of trading activity and the surveillance and investigation functions of NASDAQ OMX. No definition available.
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| X | ||||||||||
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- Definition
We credit a portion of the per share execution charge to market participants and record the transaction rebate as a cost of revenues in the Consolidated Statements of Income. No definition available.
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- Definition
Proposed voluntary customer accommodation program subject to review by the Securities and Exchange Commission, related to system issues which have subsequently been remedied. No definition available.
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- Definition
Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of expense in the period for communications and data processing expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of expense during the period for floor brokerage fees paid to other broker-dealers to execute trades on their behalf, stock exchange fees, order flow fees, and clearance fees. No definition available.
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total expense recognized in the period for promotion, public relations, and brand or product advertising. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
|
- Definition
A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Revenue from providing technology services. The services may include training, installation, engineering or consulting. Consulting services often include implementation support, software design or development, or the customization or modification of the licensed software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
|
| Condensed Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||
| Net income | $ 103 | $ 42 |
| Net unrealized holding gains (losses) on available-for-sale investment securities: | ||
| Net unrealized holding gains (losses) on available-for-sale investment securities | 1 | |
| Foreign currency translation gains (losses): | ||
| Net foreign currency translaction gains (losses) | (12) | (41) |
| Income tax benefit (expense) | 8 | 7 |
| Total | (4) | (34) |
| Total other comprehensive income, net of tax | (4) | (33) |
| Comprehensive income | 99 | 9 |
| Comprehensive income attributable to NASDAQ OMX | $ 99 | $ 9 |
| X | ||||||||||
|
- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount before tax, after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
|
| Cash flows from operating activities: | ||
| Net income | $ 103 | $ 42 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation and amortization | 35 | 27 |
| Share-based compensation | 14 | 9 |
| Excess tax benefits related to share-based compensation | (3) | (2) |
| Provision for bad debts | 4 | 1 |
| Deferred income taxes | (10) | (23) |
| Noncash Merger Related Costs | 18 | |
| Non-cash restructuring charges | 1 | |
| Asset retirements and impairment charges | 10 | |
| Other non-cash items included in net income | 1 | |
| Net change in operating assets and liabilities, net of effects of acquisitions: | ||
| Receivables, net | (42) | 14 |
| Other assets | (17) | (7) |
| Accounts payable and accrued expenses | (1) | 44 |
| Section 31 fees payable to SEC | (8) | (26) |
| Accrued personnel costs | (58) | (52) |
| Deferred revenue | 128 | 105 |
| Other liabilities | 20 | 5 |
| Net cash provided by operating activities | 183 | 149 |
| Cash flows from investing activities: | ||
| Purchases of trading securities | (96) | (112) |
| Proceeds from sales and redemptions of trading securities | 93 | 118 |
| Purchase of equity and cost method investments | (5) | |
| Purchases of property and equipment | (31) | (20) |
| Other investment activities | (7) | |
| Net cash used in investing activities | (46) | (14) |
| Cash flows from financing activities: | ||
| Payments of debt obligations | (146) | (11) |
| Proceeds from debt obligations, net of debt issuance costs | 25 | |
| Cash paid for repurchase of common stock | (10) | |
| Cash dividends | (22) | (21) |
| Excess tax benefits related to share-based compensation | 3 | 2 |
| Proceeds From Stock Options Exercised | 7 | 6 |
| Payments related to employee shares withheld for taxes | (21) | (1) |
| Other financing activities | 1 | |
| Net cash provided by (used in) financing activities | (153) | (35) |
| Effect of exchange rate changes on cash and cash equivalents | 2 | (6) |
| Net decrease in cash and cash equivalents | (14) | 94 |
| Cash and cash equivalents at beginning of period | 398 | 497 |
| Cash and cash equivalents at end of period | 384 | 591 |
| Cash paid for: | ||
| Interest | 36 | 37 |
| Income taxes, net of refund | 11 | 11 |
| Non-cash investing activities: | ||
| Transfer To Investments | $ 75 | |
| X | ||||||||||
|
- Definition
Asset Retirements And Impairment Charges No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash outflow for realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other obligations due by the reporting entity that are payable within one year (or one business cycle), not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of expense (income) related to the increase (decrease) in reserve for business combination costs. Includes, but is not limited to, legal, accounting, and other costs incurred to consummate the merger. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash outflow to satisfy an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate cash payments for a combination of transactions that are classified as investing activities in which assets, which may include securities, other types of investments, or productive assets, are purchased from third-party sellers. This element can be used by entities to aggregate payments for all asset purchases that are classified as investing activities. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow associated with other investments held by the entity for investment purposes not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for securities or other assets acquired, which qualify for treatment as an investing activity and are to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities (held-to-maturity or available-for-sale) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after cash payment, of expenses associated with exit or disposal activities pursuant to an authorized plan and expenses resulting from the write-down of assets. Excludes expenses related to a business combination, a discontinued operation or an asset retirement obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of investments transferred to the entity's investments in noncash transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Organization and Nature of Operations
|
3 Months Ended |
|---|---|
|
Mar. 31, 2014
|
|
| Organization and Nature of Operations [Abstract] | |
| Organization and Nature of Operations | 1. Organization and Nature of Operations We are a leading global exchange group that delivers trading, clearing, exchange technology, regulatory, securities listing, and public company services across six continents. Our global offerings are diverse and include trading and clearing across multiple asset classes, access services, market data products, financial indexes, capital formation solutions, financial services, corporate solutions and market technology products and services. Our technology powers markets across the globe, supporting derivatives trading, clearing and settlement, cash equity trading, fixed income trading and many other functions. In the U.S., we operate The NASDAQ Stock Market, a registered national securities exchange. The NASDAQ Stock Market is the largest single cash equities securities market in the U.S. in terms of listed companies and in the world in terms of share value traded. As of March 31, 2014, The NASDAQ Stock Market was home to 2,667 listed companies with a combined market capitalization of approximately $7.4 trillion. In addition, in the U.S. we operate two additional cash equities trading markets, three options markets and an electronic platform for trading of U.S. Treasuries. In March 2014, we launched NASDAQ Private Market, or NPM, a marketplace for private growth companies. In Europe, we operate exchanges in Stockholm (Sweden), Copenhagen (Denmark), Helsinki (Finland), and Iceland, as well as the clearing operations of NASDAQ OMX Clearing AB, as NASDAQ OMX Nordic. We also operate exchanges in Tallinn (Estonia), Riga (Latvia) and Vilnius (Lithuania) as NASDAQ OMX Baltic. Collectively, NASDAQ OMX Nordic and NASDAQ OMX Baltic offer trading in cash equities, bonds, structured products and ETFs, as well as trading and clearing of derivatives and clearing of resale and repurchase agreements. Through NASDAQ OMX First North, our Nordic and Baltic operations also offer alternative marketplaces for smaller companies. As of March 31, 2014, the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, together with NASDAQ OMX First North, were home to 755 listed companies with a combined market capitalization of approximately $1.4 trillion. We also operate NASDAQ OMX Armenia. In addition, NASDAQ OMX Commodities operates a power derivatives exchange regulated in Norway and a European carbon exchange. We also operate NOS Clearing ASA, or NOS Clearing, a leading Norway-based clearinghouse primarily for over-the-counter, or OTC, traded derivatives for the freight market and seafood derivatives market. In the U.K., we operate NASDAQ OMX NLX, a London-based market for trading of listed short-term and long-term European (Euro and Sterling denominated) interest rate derivative products. In some of the countries where we operate exchanges, we also provide investment firm, clearing, settlement and central depository services.
|
| X | ||||||||||
|
- Definition
The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Basis of Presentation and Principles of Consolidation
|
3 Months Ended |
|---|---|
|
Mar. 31, 2014
|
|
| Basis of Presentation and Principles of Consolidation [Abstract] | |
| Basis of Presentation and Principles of Consolidation | 2. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated financial statements include the accounts of NASDAQ OMX, its wholly-owned subsidiaries and other entities in which NASDAQ OMX has a controlling financial interest. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in NASDAQ OMX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q. Tax Matters We use the asset and liability method to determine income taxes on all transactions recorded in the condensed consolidated financial statements. 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 condensed consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. NASDAQ OMX and its eligible subsidiaries file a consolidated U.S. federal income tax return and applicable state and local income tax returns and non-U.S. income tax returns. Federal income tax returns for the years 2007 through 2010 are currently under audit by the Internal Revenue Service and we are subject to examination for 2011 and 2012. Several state tax returns are currently under examination by the respective tax authorities for the years 2005 through 2012. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2006 through 2012. We anticipate that the amount of unrecognized tax benefits at March 31, 2014 will significantly decrease in the next twelve months as we expect to settle certain tax audits. The final outcome of such audits cannot yet be determined. We anticipate that such adjustments will not have a material impact on our consolidated financial position or results of operations. In the fourth quarter of 2010, we received an appeal from the Finnish Tax Authority challenging certain interest expense deductions claimed by NASDAQ OMX in Finland for the year 2008. The appeal also demanded certain penalties be paid with regard to the company’s tax return filing position. In October 2012, the Finnish Appeals Board disagreed with the company’s tax return filing position for years 2009 through 2011, even though the tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. NASDAQ OMX has appealed the ruling by the Finnish Appeals Board to the Finnish Administrative Court. Through March 31, 2014, we have recorded tax benefits of $20 million associated with this filing position. Of this amount we have paid $12 million to the Finnish tax authorities. We have also paid $11 million in interest and penalties. In 2014, we will pay $8 million, which represents the benefit taken in 2013 and the first quarter of 2014. We expect the Finnish Administrative Court to agree with our position, which would result in an expected refund to NASDAQ OMX of $31 million. From 2009 through 2012, we recorded tax benefits associated with certain interest expense incurred in Sweden. Our position is supported by a 2011 ruling we received from the Swedish Supreme Administrative Court. However, under new legislation effective January 1, 2013, limitations are imposed on certain forms of interest expense. Because this legislation is unclear with regard to our ability to continue to claim such interest deductions, NASDAQ OMX has filed an application for an advance tax ruling with the Swedish Tax Council for Advance Tax Rulings. We expect to receive a favorable response from the Swedish Tax Council for Advance Tax Rulings. Since January 1, 2013, we have recorded tax benefits of $20 million, or $0.12 per diluted share, related to this matter. We expect to record recurring quarterly tax benefits of $4 million to $5 million with respect to this issue for the foreseeable future. In December 2012, the Swedish Tax Agency approved our 2010 amended value added tax, or VAT, tax return and we received a cash refund for the amount claimed. In 2013, we filed VAT tax returns for 2011 and 2012 and utilized the same approach which was approved for the 2010 filing. However, even though the VAT return position was previously reviewed and approved by the Swedish Tax Agency, we were informed by the Swedish Tax Agency that our VAT refund claims for 2011 and 2012 are not valid. However, they will not seek reimbursement of the 2010 refund. We have appealed the finding by the Swedish Tax Agency to the Administrative Court. For the period January 1, 2011 through March 31, 2014, we have recorded benefits of $15 million associated with this position.
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The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. No definition available.
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| Restructuring Charges | 3. Restructuring Charges During the first quarter of 2012, we performed a comprehensive review of our processes, organizations and systems in a company-wide effort to improve performance, cut costs, and reduce spending. This restructuring program was completed in the first quarter of 2013. The following table presents a summary of restructuring charges in the Condensed Consolidated Statements of Income for the three months ended March 31, 2013:
During the first quarter of 2013, we recognized restructuring charges totaling $9 million, including severance costs of $6 million related to workforce reductions of 31 positions across our organization, $1 million for facilities-related charges related to lease rent accruals for facilities we no longer occupy due to facilities consolidation, $1 million for asset impairments, primarily consisting of fixed assets and capitalized software that have been retired, and $1 million of other charges. Restructuring Reserve Severance The accrued severance balance was $3 million at December 31, 2013 and is included in other current liabilities in the Condensed Consolidated Balance Sheets. The accrued severance balance as of December 31, 2013 was paid during the first quarter of 2014. Facilities-related Facilities-related reserves are calculated using a present value of future minimum lease payments, offset by an estimate for future sublease income. The facilities-related reserve balance was $1 million at December 31, 2013. The majority of the facilities-related reserve balance as of December 31, 2013 was utilized during the first quarter of 2014.
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| Acquisitions and Divestitures |
4. Acquisitions We completed the following acquisitions in 2014 and 2013. Financial results of each transaction are included in our Condensed Consolidated Statements of Income from the dates of each acquisition.
2014 Acquisition On March 31, 2014, we completed the acquisition of the remaining 28% ownership interest in BWise Beheer B.V. and its subsidiaries, or BWise, a Netherlands-based service provider that offers enterprise governance, risk management and compliance software and services to help companies track, measure and manage key organizational risks. BWise is part of our Market Technology business within our Technology Solutions segment. 2013 Acquisitions
The amounts in the table above represent the preliminary allocation of the purchase price and are subject to revision during the remainder of the measurement period, a period not to exceed 12 months from the acquisition date. Adjustments to the provisional values during the measurement period will be recorded as of the date of acquisition. Comparative information for periods after acquisition but before the period in which the adjustments are identified will be adjusted to reflect the effects of the adjustments as if they were taken into account as of the acquisition date. Changes to amounts recorded as assets and liabilities may result in a corresponding adjustment to goodwill. There were no adjustments to the provisional values for the above acquisitions during the first quarter of 2014. Acquisition of eSpeed for Trading of U.S. Treasuries On June 28, 2013, we acquired from BGC Partners, Inc. and certain of its affiliates, or BGC, certain assets and assumed certain liabilities, including 100% of the equity interests in eSpeed Technology Services, L.P., eSpeed Technology Services Holdings, LLC, Kleos Managed Services, L.P. and Kleos Managed Services Holdings, LLC; the eSpeed brand name; various assets comprising the fully electronic portion of BGC’s benchmark U.S. Treasury brokerage, market data and co-location service businesses, or eSpeed, for $1.2 billion. We acquired net assets, at fair value, totaling $5 million and purchased intangible assets of $715 million, which consisted of $578 million for the eSpeed trade name, $121 million in customer relationships and $16 million in technology. The eSpeed businesses are part of our Market Services and Information Services segments. The purchase price consisted of $755 million in cash and contingent future annual issuances of 992,247 shares of NASDAQ OMX common stock, which approximated certain tax benefits associated with the transaction of $484 million. Such contingent future issuances of NASDAQ OMX common stock will be paid ratably through 2027 if NASDAQ OMX achieves a designated revenue target in each such year. The contingent future issuances of NASDAQ OMX common stock are subject to anti-dilution protections and acceleration upon certain events. Acquisition of the Investor Relations, Public Relations and Multimedia Solutions Businesses of Thomson Reuters On May 31, 2013, we acquired from Thomson Reuters their Investor Relations, Public Relations and Multimedia Solutions businesses, or the TR Corporate Solutions businesses, which provide insight, analytics and communications solutions, for $390 million ($366 million cash paid plus $24 million in working capital adjustments). We acquired net liabilities, at fair value, totaling $37 million and purchased intangible assets of $91 million, which consisted of $89 million in customer relationships and $2 million in technology. The TR Corporate Solutions businesses are part of our Corporate Solutions business within our Technology Solutions segment. In the first quarter of 2014, we performed a review of our legacy Corporate Solutions’ technology platforms in an effort to leverage our scale and expertise as well as improve the efficiencies that we deliver to our customers and reduce our costs. This review resulted in the consolidation and retirement of several technology platforms, resulting in a charge of $18 million in the first quarter of 2014. In addition, other merger costs of $8 million relating to our acquisition of the TR Corporate Solutions businesses were recorded in the first quarter of 2014. These charges are included in merger and strategic initiatives expense in the Condensed Consolidated Statements of Income. Formation of The NASDAQ Private Market Joint Venture In March 2013, we formed a joint venture with SharesPost, Inc. creating NPM, a marketplace for private growth companies. We own a majority interest in NPM, combining NASDAQ OMX’s resources, market and operating expertise with SharesPost’s web-based platform. NPM launched in March 2014 and is part of our U.S. Listing Services business within our Listing Services segment. We finalized the allocation of the purchase price for NPM in the first quarter of 2014. There were no adjustments to the provisional values for this acquisition during the first quarter of 2014. EMCF and EuroCCP Merger In December 2013, European Multilateral Clearing Facility N.V., or EMCF, merged with EuroCCP, creating EuroCCP N.V., a new combined clearinghouse. NASDAQ OMX previously had a 22% equity interest in EMCF and, upon completion of the merger, currently has a 25% equity interest in EuroCCP N.V. We account for our investment in EuroCCP N.V. under the equity method of accounting. We purchased the additional ownership interest in EuroCCP N.V. for an immaterial amount. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments. Acquisition of Dutch Cash Equities and Equity Derivatives Trading Venue In April 2013, we acquired a 25% equity interest in The Order Machine, or TOM, a Dutch cash equities and equity derivatives trading venue, for an immaterial amount. The terms of the transaction also provide us an option to acquire an additional 25.1% of the remaining shares at a future date. This transaction expanded our derivatives presence in Europe and is part of our Market Services segment. We account for our investment in TOM under the equity method of accounting. See “Equity Method Investments,” of Note 6, “Investments,” for further discussion of our equity method investments. Pro Forma Results and Acquisition-related Costs Pro forma financial results for the acquisitions completed in 2013 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 Condensed Consolidated Statements of Income.
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The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Goodwill and Purchased Intangible Assets | 5. Goodwill and Purchased Intangible Assets Goodwill The following table presents the changes in goodwill by business segment during the three months ended March 31, 2014:
As of March 31, 2014, the amount of goodwill that is expected to be deductible for tax purposes in future periods is $861 million, of which $493 million is related to our acquisition of eSpeed and $294 million is related to our acquisition of the TR Corporate Solutions businesses. Goodwill represents the excess of the purchase price over the value assigned to the net tangible and 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 perform an annual goodwill impairment test during the fourth quarter of our fiscal year using carrying amounts as of October 1. Should certain events or indicators of impairment occur between annual impairment tests, we will perform the impairment test as those events or indicators occur. We assess goodwill impairment at the reporting unit level. There was no impairment of goodwill for the three months ended March 31, 2014 and 2013, however, events such as economic weakness or unexpected significant declines in operating results of a reporting unit may result in goodwill impairment charges in the future. Purchased Intangible Assets The following table presents details of our total purchased intangible assets, both finite- and indefinite-lived:
Amortization expense for purchased finite-lived intangible assets was $18 million for the three months ended March 31, 2014 and $13 million for the three months ended March 31, 2013. The estimated future amortization expense (excluding the impact of foreign currency translation adjustment) of purchased finite-lived intangible assets as of March 31, 2014 is as follows:
(1) Represents the estimated amortization to be recognized for the remaining nine months of 2014. Intangible Asset Impairment Charges In the first quarter of 2013, we recorded non-cash intangible asset impairment charges totaling $10 million related to certain acquired intangible assets associated with customer relationships ($7 million) and a certain trade name ($3 million). These impairments resulted primarily from changes in the forecasted revenues associated with the acquired customer list of FTEN, Inc., or FTEN. The fair value of customer relationships was determined using the income approach, specifically the multi-period excess earnings method. The fair value of the trade name was determined using the income approach, specifically the relief from royalty method. These charges are recorded in asset impairment charges in the Condensed Consolidated Statements of Income for the three months ended March 31, 2013. These impairment charges related to our Market Services segment. However, for segment reporting purposes, these charges were allocated to corporate items based on the decision that these charges should not be used to evaluate the segment’s operating performance.
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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Investments [Abstract] | |
| Investments | 6. Investments Trading Securities Trading securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were $192 million as of March 31, 2014 and $189 million as of December 31, 2013. These securities are primarily comprised of Swedish government debt securities, of which $177 million as of March 31, 2014 and $167 million as of December 31, 2013, are assets utilized to meet regulatory capital requirements primarily for our clearing operations at NASDAQ OMX Nordic Clearing. Available-for-Sale Investment Securities Available-for-sale investment securities, which are included in financial investments, at fair value in the Condensed Consolidated Balance Sheets, were $5 million as of March 31, 2014. There were no available-for-sale investment securities as of December 31, 2013. These securities are primarily comprised of short-term commercial paper. For the three months ended March 31, 2014, the unrealized holding gain/(loss) associated with these available-for-sale investment securities was immaterial. Equity Method Investments The carrying amounts of our equity method investments totaled $29 million as of March 31, 2014 and $30 million as of December 31, 2013 and are included in other non-current assets in the Condensed Consolidated Balance Sheets. At March 31, 2014 and December 31, 2013, our equity method investments consisted primarily of our equity interests in EuroCCP N.V. and TOM. See “EMCF and EuroCCP Merger,” and “Acquisition of Dutch Cash Equities and Equity Derivatives Trading Venue,” of Note 4, “Acquisitions,” for further discussion. Income recognized from our equity interest in the earnings and losses of these equity method investments was immaterial for both the three months ended March 31, 2014 and 2013. Cost Method Investments The carrying amounts of our cost method investments totaled $144 million as of March 31, 2014 and are included in other non-current assets in the Condensed Consolidated Balance Sheets. As of March 31, 2014, our cost method investments represent our 5% ownership interest in Borsa Istanbul and our 5% ownership in LCH Clearnet Group Limited, or LCH. As of December 31, 2013, our cost method investment totaled $65 million and consisted of our 5% ownership interest in LCH. We account for these investments as cost method investments as we do not control and do not exercise significant influence over Borsa Istanbul or LCH and there is no readily determinable fair value of these shares since they are not publicly traded. The Borsa Istanbul shares, which were issued to us in the first quarter of 2014, are part of the consideration to be received under a market technology agreement. This investment has a cost basis of $75 million which is guaranteed to us via a put option negotiated as part of the market technology agreement.
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The entire disclosure for investments in certain debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Deferred Revenue | 7. Deferred Revenue Deferred revenue represents consideration received that is yet to be recognized as revenue. At March 31, 2014, we estimate that our deferred revenue, which is primarily Listing Services and Technology Solutions revenues, will be recognized in the following years:
(1) Represents deferred revenue that is anticipated to be recognized over the remaining nine months of 2014. (2) The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.
The changes in our deferred revenue during the three months ended March 31, 2014 and 2013 are reflected in the following table.
(1) The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our U.S. listing services business. The additions to Technology Solutions revenues during the three months ended March 31, 2014 include $75 million related to the Borsa Istanbul market technology agreement. See “Cost Method Investments,” of Note 6, “Investments,” for further discussion. (2) Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts, which are primarily billed quarterly in advance. For our Market Technology contracts, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.
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| Debt Obligations | 8. Debt Obligations The following table presents the changes in the carrying amount of our debt obligations during the three months ended March 31, 2014:
(1) See “Senior Unsecured Notes” below for further discussion. (2) See “2011 Credit Facility” below for further discussion.
Senior Unsecured Notes 4.00% and 5.55% Senior Unsecured Notes In January 2010, NASDAQ OMX issued $1 billion of senior unsecured notes, or the Notes. The Notes were issued at a discount in two separate series consisting of $400 million aggregate principal amount of 4.00% senior notes due 2015, or the 2015 Notes, and $600 million aggregate principal amount of 5.55% senior notes due 2020, or the 2020 Notes. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amounts. As of March 31, 2014, the balance of $598 million for the 2020 Notes reflects the aggregate principal amount, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the 2020 Notes. The 2015 Notes are due within one year and are reflected in the current portion of debt obligations in the above table. We plan to refinance the 2015 Notes prior to maturity. The 2015 Notes pay interest semiannually at a rate of 4.00% per annum until January 15, 2015, and the 2020 Notes pay interest semiannually at a rate of 5.55% per annum until January 15, 2020. The Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. The Notes are not guaranteed by any of our subsidiaries. The 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. Debt Issuance Costs We incurred debt issuance and other costs of $8 million in connection with the issuance of the Notes. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the debt obligations. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the three months ended March 31, 2014 and 2013. 5.25% Senior Unsecured Notes In December 2010, NASDAQ OMX issued $370 million of 5.25% senior unsecured notes due January 16, 2018, or the 2018 Notes. The 2018 Notes were issued at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of March 31, 2014, the balance of $368 million reflects the aggregate principal amount, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the 2018 Notes. The 2018 Notes pay interest semiannually at a rate of 5.25% per annum until January 16, 2018 and such rate may vary with NASDAQ OMX’s debt rating up to a rate not to exceed 7.25%. The 2018 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2018 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. In addition, upon a change of control triggering event (as defined in the indenture), 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. Debt Issuance Costs We incurred debt issuance and other costs of $3 million in connection with the issuance of the 2018 Notes. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the debt obligations. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the three months ended March 31, 2014 and 2013. 3.875% Senior Unsecured Notes In June 2013, NASDAQ OMX issued €600 million aggregate principal amount of 3.875% senior unsecured notes due June 2021, or the 2021 Notes, at a discount. As a result of the discount, the proceeds received from the issuance were less than the aggregate principal amount. As of March 31, 2014, the balance of $825 million reflects the aggregate principal amount, less the unamortized debt discount. The unamortized debt discount will be accreted through interest expense over the life of the 2021 Notes. The 2021 Notes pay interest annually at a rate of 3.875% per annum until June 7, 2021 and such rate may vary with NASDAQ OMX’s debt rating up to a rate not to exceed 5.875%. The 2021 Notes are general unsecured obligations of ours and rank equally with all of our existing and future unsubordinated obligations. They are not guaranteed by any of our subsidiaries. The 2021 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. In addition, upon a change of control triggering event (as defined in the indenture), 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. The 2021 Notes have been designated as a hedge of our net investment in certain foreign subsidiaries to mitigate the foreign exchange risk associated with certain investments in these subsidiaries. The increase in the carrying amount of $1 million for the three months ended March 31, 2014 reflects the translation of the 2021 Notes into U.S. dollars and is recorded in accumulated other comprehensive loss. We used the majority of the net proceeds from the offering of the 2021 Notes to fund the cash consideration payable by us for the acquisition of eSpeed and related expenses. We used the remaining proceeds for general corporate purposes. See “Acquisition of eSpeed for Trading of U.S. Treasuries,” of Note 4, “Acquisitions,” for further discussion of our acquisition of eSpeed. Debt Issuance Costs We incurred debt issuance and other costs of $7 million in connection with the issuance of the 2021 Notes. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the debt obligations. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for the three months ended March 31, 2014. Credit Facilities 2011 Credit Facility In September 2011, NASDAQ OMX entered into a $1.2 billion senior unsecured five-year credit facility which matures on September 19, 2016, or the 2011 Credit Facility. The 2011 Credit Facility consists of a $450 million funded term loan, or the 2016 Term Loan, and a $750 million revolving credit commitment (including a swingline facility and letter of credit facility). NASDAQ OMX applied the $450 million in proceeds from the 2016 Term Loan to repay in full the remaining $450 million principal amount outstanding on our former credit facility. Under the 2011 Credit Facility, we are required to pay quarterly principal payments equal to 2.50% of the original aggregate principal amount borrowed under the 2016 Term Loan. In the first three months of 2014, we made payments of $26 million consisting of a required quarterly principal payment of $11 million and an optional prepayment of $15 million on our 2016 Term Loan. In the first three months of 2014, we borrowed $25 million under the revolving credit commitment and utilized the proceeds for general corporate purposes. During the first three months of 2014, we repaid the total amount drawn on the revolving credit commitment of $120 million. As of March 31, 2014, availability under the revolving credit commitment was $750 million. The loans under the 2011 Credit Facility have a variable interest rate based on either the London Interbank Offered Rate, or LIBOR, or the Federal Funds Rate, plus an applicable margin that varies with NASDAQ OMX’s debt rating. The 2011 Credit Facility contains financial and operating covenants. Financial covenants include an interest expense coverage ratio and a maximum leverage ratio. Operating covenants include limitations on NASDAQ OMX’s ability to incur additional indebtedness, grant liens on assets, enter into affiliate transactions and pay dividends. Our credit facilities allow us to pay cash dividends on our common stock as long as certain leverage ratios are maintained. The 2011 Credit Facility also contains customary affirmative covenants, including access to financial statements, notice of defaults and certain other material events, maintenance of business and insurance, and events of default, including cross-defaults to our material indebtedness. NASDAQ OMX is permitted to repay borrowings under the 2011 Credit Facility at any time in whole or in part, without penalty. We are also required to repay loans outstanding under the 2011 Credit Facility with net cash proceeds from sales of property and assets of NASDAQ OMX and its subsidiaries (excluding inventory sales and other sales in the ordinary course of business) and casualty and condemnation proceeds, in each case subject to specified exceptions and thresholds. Debt Issuance Costs We incurred debt issuance and other costs of $5 million in connection with the entry into the 2011 Credit Facility. These costs, which are capitalized and included in other non-current assets in the Condensed Consolidated Balance Sheets, are being amortized over the life of the 2011 Credit Facility. Amortization expense, which is recorded as additional interest expense for these costs, was immaterial for both the three months ended March 31, 2014 and 2013. Other Credit Facilities In addition to the revolving credit commitment under our 2011 Credit Facility discussed above, we have credit facilities related to our clearinghouses in order to meet liquidity and regulatory requirements. At March 31, 2014, these credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $311 million ($218 million in available liquidity and $93 million to satisfy regulatory requirements), none of which was utilized. At December 31, 2013, these facilities totaled $312 million ($219 million in available liquidity and $93 million to satisfy regulatory requirements), of which $11 million was utilized. Debt Covenants At March 31, 2014, we were in compliance with the covenants of all of our debt obligations.
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Employee Benefits | 9. Employee Benefits U.S. Defined-Benefit Pension and Supplemental Executive Retirement Plans We maintain non-contributory, defined-benefit pension plans, non-qualified supplemental executive retirement plans, or SERPs, for certain senior executives and post-retirement benefit plans for eligible employees in the U.S., collectively referred to as the NASDAQ OMX 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. Components of Net Periodic Benefit Cost The following table sets forth the components of net periodic pension, SERP and post-retirement benefits costs from the NASDAQ OMX Benefit Plans recognized in compensation and benefits expense in the Condensed Consolidated Statements of Income:
Non-U.S. Benefit Plans 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. These costs are included in compensation and benefits expense in the Condensed Consolidated Statements of Income and were $5 million for both the three months ended March 31, 2014 and 2013. U.S. Defined Contribution Savings Plan We sponsor a voluntary defined contribution savings plan, or 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 in 2014 and the first 4.0% of eligible contributions in 2013. Savings plan expense included in compensation and benefits expense in the Condensed Consolidated Statements of Income was $2 million for the three months ended March 31, 2014 and $1 million for the three months ended March 31, 2013. We have a profit-sharing contribution feature to our 401(k) plan which allows eligible U.S. employees to receive employer retirement contributions, or ERCs, when we meet our annual corporate goals. In addition, we have a supplemental ERC for select highly compensated employees whose ERCs are limited by the annual Internal Revenue Service compensation limit. ERC expense recorded in compensation and benefits expense in the Condensed Consolidated Statements of Income was $1 million for both the three months ended March 31, 2014 and 2013. In December 2013, we announced changes to the ERC program. In 2014, we reduced the basic ERC contribution for all plan participants and, effective January 1, 2015, the ERC plan will be discontinued and no future contributions will be made. Employee Stock Purchase Plan We have an employee stock purchase plan, or ESPP, under which approximately 3.1 million shares of our common stock have been reserved for future issuance as of March 31, 2014. Our ESPP allows eligible U.S. and non-U.S. 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 Condensed Consolidated Statements of Income and was $1 million for both the three months ended March 31, 2014 and 2013.
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Share-Based Compensation
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| Share-Based Compensation | 10. Share-Based Compensation We have a share-based compensation program that provides our board of directors broad discretion in creating employee equity incentives. Share-based awards, or equity awards, granted under this program include stock options, restricted stock (consisting of restricted stock units), and performance share units, or PSUs. Grants of equity awards are designed to reward employees for their long-term contributions and provide incentives for them to remain with us. For accounting purposes, we consider PSUs to be a form of restricted stock. Restricted stock is generally time-based and vests over three- to five-year periods beginning on the date of the grant. Stock options are also generally time-based and expire ten years from the grant date. Stock option and restricted stock awards granted prior to 2014 generally included performance-based accelerated vesting features based on achievement of specific levels of corporate performance. If NASDAQ OMX exceeded the applicable performance parameters, the grants vest on the third anniversary of the grant date, if NASDAQ OMX meets the applicable performance parameters, the grants vest on the fourth anniversary of the grant date, and if NASDAQ OMX does not meet the applicable performance parameters, the grants vest on the fifth anniversary of the grant date. Beginning in 2014, restricted stock awards granted will vest 25% on the second anniversary of the grant date, 25% on the third anniversary of the grant date, and 50% on the fourth anniversary of the grant date. PSUs are based on performance measures that impact the amount of shares that each recipient will receive upon vesting. PSUs are granted at the fair market value of our stock on the grant date and compensation cost is recognized over the performance period and, in certain cases, an additional vesting period. For each grant of PSUs, an employee may receive from 0% to 150% of the target amount granted, depending on the achievement of performance measures. We report the target number of PSUs granted, unless we have determined that it is more likely than not, based on the actual achievement of performance measures, that an employee will receive a different amount of shares underlying the PSUs, in which case we report the amount of shares the employee is likely to receive. We also have a performance-based long-term incentive program for our chief executive officer, executive vice presidents and senior vice presidents that focuses on total shareholder return, or TSR. This program represents 100% of our chief executive officer’s and executive vice presidents’ long-term stock-based compensation and 50% of our senior vice presidents’ long-term stock-based compensation. Under the program, each individual receives PSUs with a three-year cumulative performance period and vest at the end of the performance period. Performance will be determined by comparing NASDAQ OMX’s TSR to two peer groups, each weighted 50%. The first peer group consists of exchange companies, and the second peer group consists of all companies in the Standard & Poor’s 500 Index. NASDAQ OMX’s relative performance ranking against each of these groups will determine the final number of shares delivered to each individual under the program. The payout under this program will be between 0% and 200% of the number of PSUs granted and will be determined by NASDAQ OMX’s overall performance against both peer groups. However, if NASDAQ OMX’s TSR is negative for the three-year performance period, regardless of TSR ranking, the payout will not exceed 100% of the number of PSUs granted. We estimate the fair value of PSU’s granted under the TSR program using the Monte Carlo simulation model, as these awards contain a market condition. The following weighted-average assumptions were used to determine the weighted-average fair values of the PSU awards granted under the TSR program for the three months ended March 31, 2014:
(1) We use historic volatility for PSU awards issued under the TSR program, as implied volatility cannot be used when simulating multivariate prices for companies in the S&P 500. Summary of 2014 Equity Awards In March 2014, we granted restricted stock to most active employees. Also in March 2014, certain officers received grants of 723,576 PSUs. Of these PSUs granted, 467,091 units are subject to the performance measures and vesting schedules of the TSR program as discussed above, and the remaining 256,485 units are subject to a one-year performance period and generally vest ratably on an annual basis from December 31, 2015 through December 31, 2017. See “Summary of Restricted Stock and PSU Activity” below for further discussion. During 2013, certain grants of PSUs with a one-year performance period exceeded the applicable performance parameters. As a result, an additional 64,330 units were considered granted in the first quarter of 2014. Common Shares Available Under Our Equity Plan As of March 31, 2014, we had approximately 1.3 million shares of common stock authorized for future issuance pursuant to NASDAQ OMX’s Equity Incentive Plan. Summary of Share-Based Compensation Expense The following table shows the total share-based compensation expense resulting from equity awards and the 15.0% discount for the ESPP for the three months ended March 31, 2014 and 2013 in the Condensed Consolidated Statements of Income:
We estimated the fair value of stock option awards using the Black-Scholes valuation model. No stock option awards were granted during the three months ended March 31, 2014 or 2013. Summary of Stock Option Activity A summary of stock option activity for the three months ended March 31, 2014 is as follows:
(1) No stock option awards were granted during the three months ended March 31, 2014. We received net cash proceeds of $7 million from the exercise of 367,115 stock options for the three months ended March 31, 2014 and received net cash proceeds of $6 million from the exercise of 377,425 stock options for the three months ended March 31, 2013. We present excess tax benefits from the exercise of stock options, if any, as financing cash flows. The aggregate intrinsic value in the above table represents the total pre-tax intrinsic value (i.e., the difference between our closing stock price on March 31, 2014 of $36.94 and the exercise price, times the number of shares) based on stock options with an exercise price less than NASDAQ OMX’s closing price of $36.94 as of March 31, 2014, which would have been received by the option holders had the option holders exercised their stock options on that date. This amount can change based on the fair market value of our common stock. The total number of in-the-money stock options exercisable as of March 31, 2014 was 4.3 million. As of March 31, 2013, 4.9 million outstanding stock options were exercisable and the weighted-average exercise price was $20.93. Total fair value of stock options vested was $11 million for the three months ended March 31, 2014 and immaterial for the three months ended March 31, 2013. The total pre-tax intrinsic value of stock options exercised was $7 million for the three months ended March 31, 2014, and $6 million for the three months ended March 31, 2013. At March 31, 2014, total unrecognized compensation cost related to stock options is immaterial. Summary of Restricted Stock and PSU Activity The following table summarizes our restricted stock and PSU activity for the three months ended March 31, 2014:
(1) Primarily reflects our company-wide equity grant issued in March 2014, as discussed above. (2) PSUs granted in 2014 reflect awards issued to certain officers, as described above.
At March 31, 2014, $119 million of total unrecognized compensation cost related to restricted stock and PSUs is expected to be recognized over a weighted-average period of 1.9 years.
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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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NASDAQ OMX Stockholders' Equity
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Mar. 31, 2014
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| NASDAQ OMX Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NASDAQ OMX Stockholders' Equity | 11. NASDAQ OMX Stockholders’ Equity Common Stock At March 31, 2014, 300,000,000 shares of our common stock were authorized, 216,181,636 shares were issued and 170,568,534 shares were outstanding. The holders of common stock are entitled to one vote per share, except that our certificate of incorporation limits the ability of any person to vote in excess of 5.0% of the then-outstanding shares of NASDAQ OMX common stock. This limitation does not apply to persons exempted from this limitation by our board of directors prior to the time such person owns more than 5.0% of the then-outstanding shares of NASDAQ OMX 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 OMX stockholders’ equity and included in common stock in treasury, at cost in the Condensed Consolidated Balance Sheets. When treasury shares are reissued, they are recorded at the average cost of the treasury shares acquired. We held 45,613,102 shares of common stock in treasury as of March 31, 2014 and 45,062,071 shares as of December 31, 2013. Share Repurchase Program In the third quarter of 2012, our board of directors authorized the repurchase of up to $300 million of our outstanding common stock. 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 funded from existing cash balances. The share repurchase program may be suspended, modified or discontinued at any time. During the first three months of 2013, we repurchased 321,000 shares of our common stock at an average price of $31.12, for an aggregate purchase price of $10 million. The shares repurchased under the share repurchase program are available for general corporate purposes. As of March 31, 2014, the remaining amount authorized for share repurchases under the program was $215 million. Other Repurchases of Common Stock During the three months ended March 31, 2014, we repurchased 551,919 shares of our common stock in settlement of employee tax withholding obligations due upon the vesting of restricted stock. 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. At March 31, 2014, there were no preferred shares issued or outstanding. At December 31, 2013, 1,600,000 shares of series A convertible preferred stock were issued and none were outstanding. Cash Dividends on Common Stock During the three months ended March 31, 2014, our board of directors declared the following cash dividends:
(1) These amounts were recorded in retained earnings in the Condensed Consolidated Balance Sheets at March 31, 2014.
In March 2014, the board of directors declared a regular quarterly cash dividend of $0.15 per share on our outstanding common stock. The dividend is payable on June 27, 2014 to shareholders of record at the close of business on June 13, 2014. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the board of directors.
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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share
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Mar. 31, 2014
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| Earnings Per Share | 12. Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share:
Stock options to purchase 4,532,006 shares of common stock and 5,938,944 shares of restricted stock and PSUs were outstanding at March 31, 2014. For the three months ended March 31, 2014, we included 4,398,297 of the outstanding stock options and 4,262,190 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining stock options and shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded. Stock options to purchase 7,125,748 shares of common stock and 4,934,596 shares of restricted stock and PSUs were outstanding at March 31, 2013. For the three months ended March 31, 2013, we included 5,855,220 of the outstanding stock options and 4,816,000 shares of restricted stock and PSUs in the computation of diluted earnings per share, on a weighted-average basis, as their inclusion was dilutive. The remaining stock options and shares of restricted stock and PSUs are antidilutive, and as such, they were properly excluded.
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value of Financial Instruments
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Mar. 31, 2014
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments |
13. Fair Value of Financial Instruments Fair Value Measurement—Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants at the measurement date. 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 OMX’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. There were no transfers between Level 1 and Level 2 of the fair value hierarchy as of March 31, 2014 and December 31, 2013. The following table presents for each of the above hierarchy levels, our financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013.
(1)As of March 31, 2014 and December 31, 2013, Level 1 financial investments, at fair value were primarily comprised of trading securities, mainly Swedish government debt securities. Of these securities, $177 million as of March 31, 2014 and $167 million as of December 31, 2013 are assets utilized to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. As of March 31, 2014, Level 2 financial investments, at fair value were primarily comprised of available-for-sale securities in short-term commercial paper. (2)Default fund and margin deposit investments include cash contributions invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $2,253 million recorded in the Condensed Consolidated Balance Sheets as of March 31, 2014, $1,501 million of cash contributions have been invested in reverse repurchase agreements and $710 million of cash contributions have been invested in highly rated government debt securities. The remainder of this balance is held in cash and term deposits. Of the total balance of $1,961 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2013, $1,093 million of cash contributions were invested in reverse repurchase agreements and $774 million of cash contributions were invested in highly rated government debt securities. Financial Instruments Not Measured at Fair Value on a Recurring Basis Some of our financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, receivables, net, certain other current assets, accounts payable and accrued expenses, Section 31 fees payable to SEC, accrued personnel costs, and certain other current liabilities. In addition, our investments in LCH and Borsa Istanbul are carried at cost. See “Cost Method Investments,” of Note 6, “Investments,” for further discussion. We also consider our debt obligations to be financial instruments. The fair value of our debt, utilizing discounted cash flow analyses for our floating rate debt and prevailing market rates for our fixed rate debt, was $2.7 billion at March 31, 2014 and $2.8 billion at December 31, 2013. The discounted cash flow analyses are based on borrowing rates currently available to us for debt with similar terms and maturities. Our fixed rate and our floating rate debt are categorized as Level 2 in the fair value hierarchy. For further discussion of our debt obligations, see Note 8, “Debt Obligations.”
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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Clearing Operations
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Mar. 31, 2014
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| Clearing Operations | 14. Clearing Operations Nordic Clearing NASDAQ OMX Nordic Clearing is authorized and supervised as a European multi-asset clearinghouse by the Swedish Financial Supervisory Authority, or SFSA, and is authorized to conduct clearing operations in Norway by the Norwegian Ministry of Finance. The clearinghouse acts as the central counterparty, or CCP, for exchange and OTC trades in equity derivatives, fixed income derivatives, physical power, power derivatives, carbon derivatives, and resale and repurchase contracts. In March 2014, NASDAQ OMX became the first European authorized clearinghouse under the new European Union rules. The region's clearinghouses have to reapply to operate in Europe under new legislation known as the European Market Infrastructure Regulation, or EMIR. Through our clearing operations in the financial markets, which include the resale and repurchase market, and the commodities markets, NASDAQ OMX Nordic Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by NASDAQ OMX Nordic Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, NASDAQ OMX Nordic Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, NASDAQ OMX Nordic Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as an intermediary on every contract cleared. In accordance with the rules and regulations of NASDAQ OMX Nordic Clearing, clearing members’ open positions are aggregated to create a single portfolio for which default fund and margin collateral requirements are calculated. See “Default Fund Contributions” and “Margin Deposits” below for further discussion of NASDAQ OMX Nordic Clearing’s default fund and margin requirements. NASDAQ OMX Nordic Clearing maintains three member sponsored default funds: one related to financial markets, one related to commodities markets, and a mutualized fund. Under this structure, NASDAQ OMX Nordic Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of NASDAQ OMX Nordic Clearing. This structure applies an initial separation of default fund contributions for the financial and commodities markets in order to create a buffer for each market’s counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies to NASDAQ OMX Nordic Clearing with regard to total regulatory capital required. See “Default Fund Contributions” below for further discussion of NASDAQ OMX Nordic Clearing’s default fund. Power of assessment and a liability waterfall have also been implemented. See “Power of Assessment” and “Liability Waterfall” below for further discussion. These requirements ensure the alignment of risk between NASDAQ OMX Nordic Clearing and its clearing members. Default Fund Contributions and Margin Deposits As of March 31, 2014, clearing member default fund contributions and margin deposits were as follows:
(1)As of March 31, 2014, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested cash contributions of $1,501 million in reverse repurchase agreements and $710 million in highly rated government debt securities. The remainder of this balance is held in cash and term deposits. (2)Pursuant to clearing member agreements, we pay interest on cash contributions to clearing members. Default Fund Contributions Contributions made to the default funds are proportional to the exposures of each clearing member. When a clearing member is active in both the financial and commodities markets, contributions must be made to both markets’ default funds. Clearing members’ eligible contributions may include cash and non-cash contributions. Cash contributions received are invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. Clearing members’ cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. Non-cash contributions include highly rated government debt securities that must meet specific criteria approved by NASDAQ OMX Nordic Clearing. Non-cash contributions are pledged assets that are not recorded in the Condensed Consolidated Balance Sheets as NASDAQ OMX Nordic 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 OMX Nordic Clearing’s name for the benefit of the clearing members and are immediately accessible by NASDAQ OMX Nordic Clearing in the event of a default. In addition to clearing members’ required contributions to the default funds, NASDAQ OMX Nordic Clearing is also required to contribute capital to the default funds and overall regulatory capital as specified under its clearinghouse rules. As of March 31, 2014, NASDAQ OMX Nordic Clearing committed capital totaling $129 million to the member sponsored default funds and overall regulatory capital, in the form of government debt securities, which are recorded as financial investments, at fair value in the Condensed Consolidated Balance Sheets. The combined regulatory capital of the clearing members and NASDAQ OMX Nordic Clearing will serve to secure the obligations of a clearing member and may be used to cover losses sustained by a clearing member in the event of a default. Other Capital Contributions by NASDAQ OMX Nordic Clearing NASDAQ OMX Nordic Clearing maintains a $93 million credit facility which may be utilized in certain situations to satisfy regulatory requirements, none of which was utilized as of March 31, 2014. Margin Deposits NASDAQ OMX Nordic 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 as needed, which is in addition to the initial margin. See “Default Fund Contributions” above for further discussion of cash and non-cash contributions. NASDAQ OMX Nordic Clearing maintains and manages all cash deposits related to margin collateral. All risks and rewards of collateral ownership, including interest, belong to NASDAQ OMX Nordic Clearing. These cash deposits are recorded in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and current liability. Pledged margin collateral is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belonged to the counterparty. Assets pledged are held at a nominee account in NASDAQ OMX Nordic Clearing’s name for the benefit of the clearing members and are immediately accessible by NASDAQ OMX Nordic Clearing in the event of a default. NASDAQ OMX Nordic Clearing marks to market all outstanding contracts at least daily, requiring payment from clearing members whose positions have lost value and making payments to clearing members whose positions have gained 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 OMX Nordic Clearing the ability to mitigate the risk of a clearing member defaulting due to exceptionally large losses. In the event of a default, NASDAQ OMX Nordic Clearing can access the defaulting member’s margin deposits to cover the defaulting member’s losses. Regulatory Capital and Risk Management Calculations NASDAQ OMX Nordic Clearing manages risk through a comprehensive counterparty risk management framework, which is comprised of policies, procedures, standards and resources. The level of regulatory capital is determined in accordance with NASDAQ OMX Nordic Clearing’s regulatory capital policy, as approved by the SFSA. Regulatory capital calculations are continuously updated through a proprietary capital-at-risk calculation model that establishes the appropriate level of capital. As mentioned above, NASDAQ OMX Nordic Clearing is the legal counterparty for each contract traded and thereby guarantees the fulfillment of each contract. NASDAQ OMX Nordic 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, the estimated liability was nominal and no liability was recorded as of March 31, 2014. The market value of derivative contracts outstanding prior to netting was as follows:
(1)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. (2)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. (3)We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields. The total number of derivative contracts cleared through NASDAQ OMX Nordic Clearing for the three months ended March 31, 2014 and 2013 was as follows:
(1)The total volume in cleared power related to commodity contracts was 429 Terawatt hours (TWh) for the three months ended March 31, 2014 and 460 TWh for the three months ended March 31, 2013. The outstanding contract value of resale and repurchase agreements was $3.9 billion as of March 31, 2014 and $4.7 billion as of March 31, 2013. The total number of contracts cleared was 1,209,945 for the three months ended March 31, 2014 and was 1,190,292 for the three months ended March 31, 2013. Power of Assessment To further strengthen the contingent financial resources of the clearinghouse, NASDAQ OMX Nordic Clearing has power of assessment that provides the ability to collect additional funds from its clearing members to cover a defaulting member’s remaining obligations up to the limits established under the terms of the clearinghouse rules. The power of assessment corresponds to 100% of the clearing member’s aggregate contribution to the financial market’s and commodities market’s 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 OMX Nordic Clearing, which totaled $22 million at March 31, 2014; •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, either the financial or commodities market, which includes capital contributions of both the clearing members and NASDAQ OMX Nordic Clearing on a pro-rata basis; •senior capital contributed by NASDAQ OMX Nordic Clearing, calculated in accordance with clearinghouse rules to be $23 million at March 31, 2014; and •mutualized default fund, which includes capital contributions of both the clearing members and NASDAQ OMX Nordic Clearing on a pro-rata basis. If additional funds are needed after utilization of the mutualized default fund, then NASDAQ OMX Nordic 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. NOS Clearing NOS Clearing is a leading Norway-based clearinghouse primarily for OTC traded derivatives for the freight market and seafood derivative market. NOS Clearing acts as a CCP with a clearinghouse license from the Norwegian Ministry of Finance and is under supervision of the Financial Supervisory Authority of Norway. Through its clearing operations, NOS Clearing is the legal counterparty for, and guarantees the fulfillment of, each contract cleared. These contracts are not used by NOS Clearing for the purpose of trading on its own behalf. As the legal counterparty of each transaction, NOS Clearing bears the counterparty risk between the purchaser and seller in the contract. In its guarantor role, NOS Clearing has precisely equal and offsetting claims to and from clearing members on opposite sides of each contract, standing as an intermediary on every contract cleared. In accordance with the rules and regulations of NOS Clearing, clearing members’ open positions are aggregated to create a single portfolio for which margin collateral requirements are calculated. As of March 31, 2014, the market value of derivative contracts outstanding, prior to netting, was $81 million. The total number of derivative contracts cleared through NOS Clearing was 294,178 for the three months ended March 31, 2014. NOS Clearing has implemented member sponsored default funds for its markets. Under this structure, NOS Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of NOS Clearing. A liability waterfall has also been implemented, which helps to ensure the alignment of risk between NOS Clearing and its clearing members in the event of default. As of March 31, 2014, NOS Clearing committed capital to the default funds in the form of cash totaling $43 million. This committed capital is reflected as restricted cash in the Condensed Consolidated Balance Sheets. Clearing members’ pledged default fund contributions and margin collateral totaled $594 million as of March 31, 2014 and is not recorded in our Condensed Consolidated Balance Sheets as all risks and rewards of collateral ownership, including interest, belong to the counterparty.
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The entire disclosure for Due to and from Broker-Dealers and Clearing Organizations, including data and tables. This may include amounts receivable from and payable to broker-dealers and clearing organizations, including securities failed to receive, deposits received for securities loaned, amounts payable to clearing organizations related to open transactions, floor brokerage payables and payables for commodities futures accounts liquidating to an equity balance on a broker-dealer's records. No definition available.
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Commitments, Contingencies and Guarantees
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3 Months Ended |
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Mar. 31, 2014
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| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments, Contingencies and Guarantees | 15. 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 14, “Clearing Operations,” we have obtained financial guarantees and credit facilities which are guaranteed by us through counter indemnities, to provide further liquidity and default protection related to our clearing businesses. Financial guarantees issued to us totaled $18 million at March 31, 2014 and $20 million at December 31, 2013. At March 31, 2014, credit facilities, which are available in multiple currencies, primarily Swedish Krona, totaled $311 million ($218 million in available liquidity and $93 million to satisfy regulatory requirements), none of which was utilized. At December 31, 2013, these facilities totaled $312 million ($219 million in available liquidity and $93 million to satisfy regulatory requirements), of which $11 million was utilized. Execution Access LLC, or Execution Access, is an introducing broker which operates the eSpeed trading platform for U.S. Treasury securities. Execution Access has a clearing arrangement with Cantor Fitzgerald & Co., or Cantor Fitzgerald. As of March 31, 2014, we have contributed $19 million of clearing deposits to Cantor Fitzgerald in connection with this clearing arrangement. These deposits are recorded in other current assets in our Condensed Consolidated Balance Sheets. Some of the trading activity in Execution Access is cleared by Cantor Fitzgerald through the Fixed Income Clearing Corporation, or FICC, and the balance is cleared non-FICC. Execution Access assumes the counterparty risk of clients that do not clear through FICC. Counterparty risk of clients exists for Execution Access between the trade date and the settlement date of the individual transactions, which is one business day. All of Execution Access’ obligations under the clearing arrangement with Cantor Fitzgerald are guaranteed by NASDAQ OMX. Some of the non-FICC counterparties are required to post collateral, provide principal letters, or provide other forms of credit enhancement to Execution Access for the purpose of mitigating counterparty risk. We believe that the potential for us to be required to make payments under these arrangements is mitigated through the pledged collateral and our risk management policies. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Lease Commitments We lease some of our office space and equipment under non-cancelable operating leases with third parties and sublease office space to third parties. Some of our lease agreements contain renewal options and escalation clauses based on increases in property taxes and building operating costs. Other Guarantees We have provided other guarantees of $15 million as of March 31, 2014 and $16 million at December 31, 2013. These guarantees are primarily related to obligations for our rental and leasing contracts. In addition, for certain Market Technology contracts, we have provided performance guarantees of $2 million as of March 31, 2014 and December 31, 2013 related to the delivery of software technology and support services. We have received financial guarantees from various financial institutions to support the above guarantees. We believe that the potential for us to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for the above guarantees. In connection with the launch of NASDAQ OMX NLX, we have entered into agreements with certain members which may require us to make payments if certain financial goals are achieved. Since the amount of these payments is not currently probable and cannot be quantified as of March 31, 2014, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these payments. Contingent Consideration In March 2014, we completed the acquisition of the remaining 28% ownership interest in BWise. The purchase included two installment payments, the first of which was made in March 2014. The second installment payment is expected to be paid in 2015. As part of the eSpeed purchase price consideration, we have agreed to future annual issuances of 992,247 shares of NASDAQ OMX common stock which approximated certain tax benefits associated with the transaction. Such contingent future issuances of NASDAQ OMX common stock will be paid ratably through 2027 if NASDAQ OMX achieves a designated revenue target in each such year. The contingent future issuances of NASDAQ OMX common stock are subject to anti-dilution protections and acceleration upon certain events. Escrow Agreements In connection with our acquisitions of FTEN, Glide Technologies, and the Index Business of Mergent, Inc., including Indxis, we entered into escrow agreements to secure the payments of post-closing adjustments and to ensure other closing conditions. At March 31, 2014, these escrow agreements provide for future payments of $11 million and are included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheets. Routing Brokerage Activities Our broker-dealer subsidiaries, Nasdaq Execution Services and NASDAQ Options Services, provide guarantees to securities clearinghouses and exchanges under their 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’ and NASDAQ Options Services’ maximum potential liability under these arrangements cannot be quantified. However, we believe that the potential for Nasdaq Execution Services and NASDAQ Options Services to be required to make payments under these arrangements is unlikely. Accordingly, no contingent liability is recorded in the Condensed Consolidated Balance Sheets for these arrangements. Litigation As previously disclosed, we became a party to several legal and regulatory proceedings in 2012 and 2013 relating to the Facebook IPO that occurred on May 18, 2012. We believe that the legal actions filed against NASDAQ OMX are without merit and intend to defend them vigorously. As described in our Annual Report on Form 10-K for the year ended December 31, 2012, we are named as a defendant in a consolidated matter captioned In re Facebook, Inc., IPO Securities and Derivative Litigation, MDL No. 2389 (S.D.N.Y.). Our appeal of the district court’s order granting in part and denying in part our motion to dismiss the consolidated amended complaint is currently pending in the United States Court of Appeals for the Second Circuit, at No. 14-1457. On April 10, 2014, an individual plaintiff commenced a new action in the Small Claims Court of the Superior Court of the California, County of Los Angeles, Southwest District, captioned Eshehata v. The NASDAQ OMX Group, Inc., No. 14S02684, alleging fraud, negligence, and an “unlawful scheme” in connection with the Facebook IPO. NASDAQ is removing the matter to federal court and seeking to have it transferred to the United States District Court for the Southern District of New York for coordination with the consolidated matter. In our Quarterly Report on Form 10-Q for the period ended March 31, 2013, we identified a demand for arbitration from a member organization seeking indemnification for alleged losses associated with the Facebook IPO. On June 18, 2013, the District Court for the Southern District of New York granted a preliminary injunction enjoining the arbitration, and the member organization has appealed the order granting the injunction to the Second Circuit Court of Appeals. We also are named as one of many defendants in a case captioned 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 plaintiff has named as defendants sixteen national securities exchanges; fourteen of the largest brokerage firms in the United States; and twelve financial-services firms whose primary business allegedly is engaging in high-frequency trading. The plaintiff alleges that the defendants engaged in a scheme to manipulate the securities markets through high-frequency trading; they assert claims against us under Section 10(b) of the Securities Exchange Act of 1934, or the Act, and Rule 10b-5, as well as under Section 6(b) of the Act. Given the preliminary nature of the proceedings, we are unable to estimate what, if any, liability may result from this litigation. However, we believe the claims to be without merit and intend to litigate them vigorously. Except as disclosed above and in prior reports filed under the 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. 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.
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The entire disclosure for commitments, contingencies, and guarantees. No definition available.
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| Business Segments |
16. Business Segments We manage, operate and provide our products and services in four business segments: Market Services, Listing Services, Information Services and Technology Solutions. Our reportable segments are as follows. Market Services Our Market Services segment includes our derivative trading and clearing, cash equity trading, fixed income trading, and access and broker services businesses. We offer trading on multiple exchanges and facilities across several asset classes, including derivatives, commodities, cash equity, debt, structured products and ETFs. In addition, in some countries where we operate exchanges, we also provide investment firm, clearing, settlement and central depository services. Our transaction-based platforms provide market participants with the ability to access, process, display and integrate orders and quotes for cash equity securities, derivatives and ETFs. The platforms allow the routing and execution of buy and sell orders as well as the reporting of transactions for cash equity securities, derivatives and ETFs, providing fee-based revenues. In addition, eSpeed’s electronic benchmark U.S. treasury brokerage and co-location service businesses are part of our Market Services segment. Listing Services Our Listing Services segment includes our U.S. and European Listing Services businesses. We offer capital raising solutions to over 3,400 companies around the globe, representing approximately $8.8 trillion in total market value as of March 31, 2014. 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 exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic. We offer a consolidated global listing application to companies to enable them to apply for listing on The NASDAQ Stock Market and the exchanges that comprise NASDAQ OMX Nordic and NASDAQ OMX Baltic, as well as NASDAQ Dubai. In March 2014, we launched NPM, a marketplace for private growth companies. Information Services Our Information Services segment includes our Market Data Products and Index Licensing and Services businesses. Our Market Data Products business sells and distributes historical and real-time quote and trade information to market participants and data distributers. Our market data products enhance transparency and provide critical information to financial professional and individual investors globally. In addition, eSpeed’s market data business is part of our Information Services segment. Our Index Licensing and Services business develops and licenses NASDAQ OMX branded indexes, associated derivatives, and financial products and also provides custom calculation services for third-party clients. Technology Solutions Our Technology Solutions segment includes our Corporate Solutions and Market Technology businesses. Our Corporate Solutions business serves corporate clients, including companies listed on our exchanges. We help organizations manage the two-way flow of information with their audiences through our suite of advanced technology, analytics, and consultative services. In May 2013, we acquired the TR Corporate Solutions businesses which were integrated into our Corporate Solutions business. With the acquisition of the TR Corporate Solutions businesses, Corporate Solutions revenues primarily include product revenues from the following key areas: governance, investor relations, multimedia solutions, and public relations. Our Market Technology business is a leading global technology solutions provider and partner to exchanges, clearing organizations and central securities depositories. Our technology business is also the sales channel for our complete global offering to other marketplaces. Market Technology provides technology solutions for trading, clearing, settlement, surveillance and information dissemination to markets with wide-ranging requirements, from the leading markets in the U.S., Europe and Asia to smaller African markets. Our solutions can handle a wide array of assets including cash equities, currencies, various interest-bearing securities, commodities, energy products and derivatives. Market Technology also provides broker services and enterprise governance, risk management and compliance software and services. 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 our management structure. Certain amounts are allocated to corporate items in our management reports based on the decision that those activities should not be used to evaluate the segment’s operating performance. See below for further discussion. The following table presents certain information regarding these operating segments for the three months ended March 31, 2014 and 2013.
(1) Corporate items and eliminations for the three months ended March 31, 2014 primarily include merger and strategic initiatives expenses of $28 million primarily related to the acquisition of the TR Corporate Solutions businesses and other strategic initiatives. See “Acquisition of the Investor Relations, Public Relations and Multimedia Solutions Businesses of Thomson Reuters,” of Note 4, “Acquisitions,” for further discussion. (2) Corporate items and eliminations for the three months ended March 31, 2013 primarily include expenses related to our voluntary accommodation program, expenses paid with respect to an SEC matter, restructuring charges, merger and strategic initiatives expense and special legal expenses.
For further discussion of our segments’ results, see “Part I. Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Segment Operating Results.”
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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Basis of Presentation and Principles of Consolidation (Policy)
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| Basis of Presentation and Principles of Consolidation [Abstract] | |
| Basis of Presentation and Principles of Consolidation | The condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. The condensed consolidated financial statements include the accounts of NASDAQ OMX, its wholly-owned subsidiaries and other entities in which NASDAQ OMX has a controlling financial interest. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. As permitted under U.S. GAAP, certain footnotes or other financial information can be condensed or omitted in the interim condensed consolidated financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in NASDAQ OMX’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013. Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. We have evaluated subsequent events through the issuance date of this Quarterly Report on Form 10-Q.
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| Basis of Accounting | Certain prior period amounts have been reclassified to conform to the current period presentation. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
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| Income Taxes | Tax Matters We use the asset and liability method to determine income taxes on all transactions recorded in the condensed consolidated financial statements. 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 condensed consolidated financial statements. Interest and/or penalties related to income tax matters are recognized in income tax expense. NASDAQ OMX and its eligible subsidiaries file a consolidated U.S. federal income tax return and applicable state and local income tax returns and non-U.S. income tax returns. Federal income tax returns for the years 2007 through 2010 are currently under audit by the Internal Revenue Service and we are subject to examination for 2011 and 2012. Several state tax returns are currently under examination by the respective tax authorities for the years 2005 through 2012. Non-U.S. tax returns are subject to examination by the respective tax authorities for the years 2006 through 2012. We anticipate that the amount of unrecognized tax benefits at March 31, 2014 will significantly decrease in the next twelve months as we expect to settle certain tax audits. The final outcome of such audits cannot yet be determined. We anticipate that such adjustments will not have a material impact on our consolidated financial position or results of operations. In the fourth quarter of 2010, we received an appeal from the Finnish Tax Authority challenging certain interest expense deductions claimed by NASDAQ OMX in Finland for the year 2008. The appeal also demanded certain penalties be paid with regard to the company’s tax return filing position. In October 2012, the Finnish Appeals Board disagreed with the company’s tax return filing position for years 2009 through 2011, even though the tax return position with respect to this deduction was previously reviewed and approved by the Finnish Tax Authority. NASDAQ OMX has appealed the ruling by the Finnish Appeals Board to the Finnish Administrative Court. Through March 31, 2014, we have recorded tax benefits of $20 million associated with this filing position. Of this amount we have paid $12 million to the Finnish tax authorities. We have also paid $11 million in interest and penalties. In 2014, we will pay $8 million, which represents the benefit taken in 2013 and the first quarter of 2014. We expect the Finnish Administrative Court to agree with our position, which would result in an expected refund to NASDAQ OMX of $31 million. From 2009 through 2012, we recorded tax benefits associated with certain interest expense incurred in Sweden. Our position is supported by a 2011 ruling we received from the Swedish Supreme Administrative Court. However, under new legislation effective January 1, 2013, limitations are imposed on certain forms of interest expense. Because this legislation is unclear with regard to our ability to continue to claim such interest deductions, NASDAQ OMX has filed an application for an advance tax ruling with the Swedish Tax Council for Advance Tax Rulings. We expect to receive a favorable response from the Swedish Tax Council for Advance Tax Rulings. Since January 1, 2013, we have recorded tax benefits of $20 million, or $0.12 per diluted share, related to this matter. We expect to record recurring quarterly tax benefits of $4 million to $5 million with respect to this issue for the foreseeable future. In December 2012, the Swedish Tax Agency approved our 2010 amended value added tax, or VAT, tax return and we received a cash refund for the amount claimed. In 2013, we filed VAT tax returns for 2011 and 2012 and utilized the same approach which was approved for the 2010 filing. However, even though the VAT return position was previously reviewed and approved by the Swedish Tax Agency, we were informed by the Swedish Tax Agency that our VAT refund claims for 2011 and 2012 are not valid. However, they will not seek reimbursement of the 2010 refund. We have appealed the finding by the Swedish Tax Agency to the Administrative Court. For the period January 1, 2011 through March 31, 2014, we have recorded benefits of $15 million associated with this position.
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The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill and Purchased Intangible Assets (Tables)
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| Schedule of Changes in Goodwill |
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| Finite-Lived and Indefinite-Lived Intangible Assets |
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| Estimated Future Amortization Expense |
(1) Represents the estimated amortization to be recognized for the remaining nine months of 2014.
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- Definition
The entire disclosure for all or part of the information related to intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Deferred Revenue (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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| Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Deferred Revenue |
(1) Represents deferred revenue that is anticipated to be recognized over the remaining nine months of 2014. (2) The timing of recognition of our deferred Technology Solutions revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing Market Technology contracts and the timing of Corporate Solutions subscription-based contracts. As such, as it relates to Market Technology revenues, the timing represents our best estimate.
The changes in our deferred revenue during the three months ended March 31, 2014 and 2013 are reflected in the following table.
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| Changes in Deferred Revenue |
(1) The additions and amortization for initial listing revenues, listing of additional shares revenues and annual renewal and other revenues primarily reflect revenues from our U.S. listing services business. The additions to Technology Solutions revenues during the three months ended March 31, 2014 include $75 million related to the Borsa Istanbul market technology agreement. See “Cost Method Investments,” of Note 6, “Investments,” for further discussion. (2) Technology Solutions deferred revenues primarily include revenues from our Market Technology delivered client contracts in the support phase charged during the period and our Corporate Solutions subscription based contracts, which are primarily billed quarterly in advance. For our Market Technology contracts, where customization and significant modifications to the software are made to meet the needs of our customers, total revenues, as well as costs incurred, are deferred until significant modifications are completed and delivered. Once delivered, deferred revenue and the related deferred costs are recognized over the post contract support period. For these Market Technology contracts, we have included the deferral of costs in other current assets and other non-current assets in the Condensed Consolidated Balance Sheets. The amortization of Technology Solutions deferred revenue primarily includes revenues earned from Market Technology client contracts and Corporate Solutions subscription based contracts recognized during the period.
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- Definition
The year in which deferred revenue is expected to be recognized. No definition available.
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- Definition
Tabular disclosure of the type of arrangements and the corresponding amounts that comprise the current and noncurrent balance of deferred revenue as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt Obligations (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Debt Obligations |
(1) See “Senior Unsecured Notes” below for further discussion. (2) See “2011 Credit Facility” below for further discussion.
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- Details
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- Definition
Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Employee Benefits (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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| Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Net Periodic Benefit Cost |
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- Definition
Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Share-Based Compensation (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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| Share-Based Compensation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Weighted-Average Assumptions Used to Determine the Weighted-Average Fair Values |
(1) We use historic volatility for PSU awards issued under the TSR program, as implied volatility cannot be used when simulating multivariate prices for companies in the S&P 500.
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| Summary of Share-Based Compensation Expense |
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| Summary of Stock Option Activity |
(1) No stock option awards were granted during the three months ended March 31, 2014.
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| Summary of Restricted Stock And PSU Activity |
(1) Primarily reflects our company-wide equity grant issued in March 2014, as discussed above. (2) PSUs granted in 2014 reflect awards issued to certain officers, as described above.
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- Definition
Schedule of Share-Based Compensation Expense Resulting From Equity Awards [Text Block] No definition available.
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- Definition
Weighted Average Esteimated Fair Value Table No definition available.
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| X | ||||||||||
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- Definition
Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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NASDAQ OMX Stockholders' Equity (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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| NASDAQ OMX Stockholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Dividends Declared |
(1) These amounts were recorded in retained earnings in the Condensed Consolidated Balance Sheets at March 31, 2014.
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| X | ||||||||||
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- Definition
Tabular disclosure of all or some of the information related to dividends declared, but not paid, as of the financial reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Earnings Per Share (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Computation of Basic and Diluted Earnings Per Share |
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| X | ||||||||||
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- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value of Financial Instruments (Tables)
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Mar. 31, 2014
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
(1)As of March 31, 2014 and December 31, 2013, Level 1 financial investments, at fair value were primarily comprised of trading securities, mainly Swedish government debt securities. Of these securities, $177 million as of March 31, 2014 and $167 million as of December 31, 2013 are assets utilized to meet regulatory capital requirements primarily for clearing operations at NASDAQ OMX Nordic Clearing. As of March 31, 2014, Level 2 financial investments, at fair value were primarily comprised of available-for-sale securities in short-term commercial paper. (2)Default fund and margin deposit investments include cash contributions invested by NASDAQ OMX Nordic Clearing, in accordance with its investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. Of the total balance of $2,253 million recorded in the Condensed Consolidated Balance Sheets as of March 31, 2014, $1,501 million of cash contributions have been invested in reverse repurchase agreements and $710 million of cash contributions have been invested in highly rated government debt securities. The remainder of this balance is held in cash and term deposits. Of the total balance of $1,961 million recorded in the Condensed Consolidated Balance Sheets as of December 31, 2013, $1,093 million of cash contributions were invested in reverse repurchase agreements and $774 million of cash contributions were invested in highly rated government debt securities.
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| X | ||||||||||
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- Definition
Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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Clearing Operations (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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| Clearing Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Clearing Member Default Fund Contributions |
(1)As of March 31, 2014, in accordance with its investment policy, NASDAQ OMX Nordic Clearing has invested cash contributions of $1,501 million in reverse repurchase agreements and $710 million in highly rated government debt securities. The remainder of this balance is held in cash and term deposits. (2)Pursuant to clearing member agreements, we pay interest on cash contributions to clearing members.
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| Schedule of Derivative Contracts Outstanding | The market value of derivative contracts outstanding prior to netting was as follows:
(1)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. (2)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. (3)We determined the fair value of our futures contracts based upon quoted market prices and average quoted market yields.
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| Schedule of Derivative Contracts Cleared | The total number of derivative contracts cleared through NASDAQ OMX Nordic Clearing for the three months ended March 31, 2014 and 2013 was as follows:
(1)The total volume in cleared power related to commodity contracts was 429 Terawatt hours (TWh) for the three months ended March 31, 2014 and 460 TWh for the three months ended March 31, 2013.
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| X | ||||||||||
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- Definition
Schedule Of Default Fund Contributions [Table Text Block] No definition available.
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| X | ||||||||||
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- Definition
Schedule of derivative contracts cleared No definition available.
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| X | ||||||||||
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- Definition
Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Business Segments (Tables)
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3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2014
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| Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Operating Segments | The following table presents certain information regarding these operating segments for the three months ended March 31, 2014 and 2013.
(1) Corporate items and eliminations for the three months ended March 31, 2014 primarily include merger and strategic initiatives expenses of $28 million primarily related to the acquisition of the TR Corporate Solutions businesses and other strategic initiatives. See “Acquisition of the Investor Relations, Public Relations and Multimedia Solutions Businesses of Thomson Reuters,” of Note 4, “Acquisitions,” for further discussion. (2) Corporate items and eliminations for the three months ended March 31, 2013 primarily include expenses related to our voluntary accommodation program, expenses paid with respect to an SEC matter, restructuring charges, merger and strategic initiatives expense and special legal expenses.
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| X | ||||||||||
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- Definition
Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Organization and Nature of Operations (Details) (USD $)
In Trillions, unless otherwise specified |
3 Months Ended |
|---|---|
|
Mar. 31, 2014
item
segment
|
|
| Organization and Nature of Operations [Abstract] | |
| Operations in number of continents | 6 |
| Total number of U.S. listed companies | 2,667 |
| Approximate combined market capitalization, U.S. | $ 7.4 |
| Total number of listed companies within Nordic and Baltic exchanges | 755 |
| Approximate combined market capitalization, Nordic and Baltic | $ 1.4 |
| X | ||||||||||
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- Definition
Approximate Combined Market Capitalization No definition available.
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| X | ||||||||||
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- Definition
Approximate Combined Market Capitalization United States. No definition available.
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| X | ||||||||||
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- Definition
Operations In Six Continents No definition available.
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| X | ||||||||||
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- Definition
Total Number of Listed Companies within Nordic and Baltic Exchanges No definition available.
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| X | ||||||||||
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- Definition
Total Number Of U.S. companies listed on The NASDAQ Stock Market. No definition available.
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| X | ||||||||||
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- Details
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Basis of Presentation and Principles of Consolidation (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 15 Months Ended | 15 Months Ended | 3 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
Mar. 31, 2014
FI
|
Mar. 31, 2014
FI
|
Dec. 31, 2014
FI
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Mar. 31, 2014
SE
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Dec. 31, 2013
SE
|
Mar. 31, 2014
Minimum [Member]
SE
|
Mar. 31, 2014
Maximum [Member]
SE
|
|
| Income Tax Examination [Line Items] | |||||||||
| Income tax benefit (expense) | $ 8 | $ 7 | |||||||
| Tax benefit | (53) | (17) | |||||||
| Tax Benefits recorded | (20) | (20) | 31 | 20 | 15 | ||||
| Recurring quarterly tax benefits | 4 | 5 | |||||||
| Income Tax Examination, Penalties and Interest Expense | 11 | ||||||||
| Foreign income tax expense benefit, per diluted share | $ 0.12 | ||||||||
| Income Taxes Paid | 12 | ||||||||
| Taxes Payable, Current | $ 8 | $ 8 | |||||||
| X | ||||||||||
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- Definition
Foreign income tax expense benefit, per diluted share No definition available.
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| X | ||||||||||
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- Definition
Recurring quarterly tax benefits No definition available.
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| X | ||||||||||
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of the additional liability or refund received or expected based on a final settlement with a taxing authority. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The sum of the amounts of estimated penalties and interest recognized in the period arising from income tax examinations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Restructuring Charges (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2013
|
Dec. 31, 2013
|
|
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring and other charges | $ 9 | |
| Number of positions eliminated | 31 | |
|
Severance [Member]
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||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring and other charges | 6 | |
| Reserve, current | 3 | |
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Facilities-related [Member]
|
||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring and other charges | 1 | |
| Reserve, current | 1 | |
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Asset impairments [Member]
|
||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring and other charges | 1 | |
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Other Restructuring [Member]
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||
| Restructuring Cost and Reserve [Line Items] | ||
| Restructuring and other charges | $ 1 |
| X | ||||||||||
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- Definition
The number of positions eliminated during the period as a result of restructuring activities. No definition available.
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| X | ||||||||||
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- Definition
Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of known and estimated obligations associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, which are expected to be paid in the next twelve months or in the normal operating cycle if longer. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Restructuring Charges (Summary of Restructuring Charges) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
|---|---|
|
Mar. 31, 2013
|
|
| Restructuring Cost and Reserve [Line Items] | |
| Total restructuring charges | $ 9 |
|
Severance [Member]
|
|
| Restructuring Cost and Reserve [Line Items] | |
| Total restructuring charges | 6 |
|
Facilities-related [Member]
|
|
| Restructuring Cost and Reserve [Line Items] | |
| Total restructuring charges | 1 |
|
Asset impairments [Member]
|
|
| Restructuring Cost and Reserve [Line Items] | |
| Total restructuring charges | 1 |
|
Other Restructuring [Member]
|
|
| Restructuring Cost and Reserve [Line Items] | |
| Total restructuring charges | $ 1 |
| X | ||||||||||
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- Definition
Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
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Acquisitions and Divestitures (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Mar. 31, 2014
|
Dec. 31, 2013
|
Apr. 30, 2013
|
Mar. 31, 2014
3.875% senior unsecured notes due June 7, 2021 [Member]
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Jun. 30, 2013
2011 Credit Facility [Member]
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Sep. 30, 2011
2011 Credit Facility [Member]
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Mar. 31, 2014
Customer relationships [Member]
|
Dec. 31, 2013
Customer relationships [Member]
|
Mar. 31, 2014
Technology [Member]
|
Dec. 31, 2013
Technology [Member]
|
Mar. 31, 2014
BWise [Member]
|
May 31, 2013
TR Businesses [Member]
|
May 31, 2013
TR Businesses [Member]
Customer relationships [Member]
|
May 31, 2013
TR Businesses [Member]
Technology [Member]
|
Apr. 30, 2013
TOM [Member]
|
Jun. 28, 2013
eSpeed [Member]
|
Jun. 28, 2013
eSpeed [Member]
Customer relationships [Member]
|
Jun. 28, 2013
eSpeed [Member]
Technology [Member]
|
Jun. 28, 2013
eSpeed [Member]
Trade Names [Member]
|
|
| Business Acquisition [Line Items] | |||||||||||||||||||
| Purchase consideration | $ 366 | $ 1,239 | |||||||||||||||||
| Net assets acquired | (37) | 5 | |||||||||||||||||
| Purchased Intangible Assets | 91 | 715 | 121 | 16 | 578 | ||||||||||||||
| Percentage of acquired ownership interest | 28.00% | 25.00% | 100.00% | ||||||||||||||||
| Purchase consideration includes working capital adjustments | 390 | ||||||||||||||||||
| Business acquisition, cash paid | 366 | 755 | |||||||||||||||||
| Business acquisition, working capital adjustments | 24 | ||||||||||||||||||
| Finite-lived Intangible Assets Acquired | 91 | 89 | 2 | ||||||||||||||||
| Contingent future issuance of common stock, amount | 484 | ||||||||||||||||||
| Contingent future issuance of common stock, shares | 992,247 | ||||||||||||||||||
| Debt instrument, interest rate | 3.875% | ||||||||||||||||||
| Debt Instrument Maturity Date | Jun. 07, 2021 | Sep. 19, 2016 | |||||||||||||||||
| Acquired Finite Lived Intangible Assets Weighted Average Useful Life | 19 years | 19 years | 5 years | 5 years | |||||||||||||||
| Purchased goodwill | 6,173 | 6,186 | 312 | 519 | |||||||||||||||
| Option to acquire additional ownership percentage | 25.10% | ||||||||||||||||||
| Noncash Merger Related Costs | 18 | ||||||||||||||||||
| Other Cost and Expense Disclosure, Operating | $8 | ||||||||||||||||||
| Credit facility, additional borrowings | $ 25 | ||||||||||||||||||
| X | ||||||||||
|
- Definition
Business Acquisition Additional Equity Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Business acquisition cost of acquired entity working capital adjustments No definition available.
|
| X | ||||||||||
|
- Definition
Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net Include Working Capital Adjustments No definition available.
|
| X | ||||||||||
|
- Definition
Weighted average amortization period of finite-lived intangible assets acquired either individually or as part of a group of assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of equity interests (such as common shares, preferred shares, or partnership interest) issued or issuable to acquire the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of equity interests issued or issuable to acquire entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Percentage of voting equity interests acquired at the acquisition date in the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of identifiable intangible assets recognized as of the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount recognized as of the acquisition date for the identifiable assets acquired in excess of (less than) the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount recognized for assets, including goodwill, in excess of (less than) the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase in assets, excluding financial assets, lacking physical substance with a definite life, resulting from a business combination. No definition available.
|
| X | ||||||||||
|
- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of expense (income) related to the increase (decrease) in reserve for business combination costs. Includes, but is not limited to, legal, accounting, and other costs incurred to consummate the merger. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Disclosure of each detailed component of other operating costs and expenses that are applicable to sales and revenues, but not included in the cost of sales in the Income Statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisitions and Divestitures (Schedule Of Acquisition) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
|
Dec. 31, 2013
|
Jun. 28, 2013
eSpeed [Member]
|
May 31, 2013
TR Businesses [Member]
|
|---|---|---|---|---|
| Business Acquisition [Line Items] | ||||
| Purchase consideration | $ 1,239 | $ 366 | ||
| Net assets acquired | 5 | (37) | ||
| Purchased Intangible Assets | 715 | 91 | ||
| Goodwill | $ 6,173 | $ 6,186 | $ 519 | $ 312 |
| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
The amount of identifiable intangible assets recognized as of the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount recognized as of the acquisition date for the identifiable assets acquired in excess of (less than) the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount recognized for assets, including goodwill, in excess of (less than) the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Goodwill and Purchased Intangible Assets (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
|
| Goodwill [Line Items] | ||
| Goodwill expected to be deductible in future periods | $ 861 | |
| Amortization expense for purchased finite-lived intangible assets | 18 | 13 |
| Non-cash intangible asset impairment charges | 10 | |
|
Customer relationships [Member]
|
||
| Goodwill [Line Items] | ||
| Non-cash intangible asset impairment charges | 7 | |
|
Trade Names [Member]
|
||
| Goodwill [Line Items] | ||
| Non-cash intangible asset impairment charges | 3 | |
|
eSpeed [Member]
|
||
| Goodwill [Line Items] | ||
| Goodwill expected to be deductible in future periods | 493 | |
|
TR Businesses [Member]
|
||
| Goodwill [Line Items] | ||
| Goodwill expected to be deductible in future periods | $ 294 | |
| X | ||||||||||
|
- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of impairment loss recognized in the period resulting from the write-down of the carrying amount of a finite-lived intangible asset to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Goodwill and Purchased Intangible Assets (Schedule of Changes in Goodwill) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 3 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2014
Market Services [Member]
|
Mar. 31, 2014
Listing Services [Member]
|
Dec. 31, 2013
Listing Services [Member]
|
Mar. 31, 2014
Information Services [Member]
|
Mar. 31, 2014
Technology Solutions [Member]
|
|
| Goodwill [Line Items] | ||||||
| Balance | $ 6,186 | $ 3,433 | $ 136 | $ 136 | $ 2,019 | $ 598 |
| Foreign currency translation adjustment | (13) | (7) | (4) | (2) | ||
| Balance | $ 6,173 | $ 3,426 | $ 136 | $ 136 | $ 2,015 | $ 596 |
| X | ||||||||||
|
- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) from foreign currency translation adjustments of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Goodwill and Purchased Intangible Assets (Finite-Lived and Indefinite-Lived Intangible Assets) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 12 Months Ended |
|---|---|---|
|
Mar. 31, 2014
|
Dec. 31, 2013
|
|
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
| Total finite-lived intangible assets, Gross Amount | $ 1,119 | $ 1,122 |
| Accumulated Amortization | (324) | (307) |
| Total | 795 | 815 |
| Total indefinite-lived intangible assets, Net Amount | 1,567 | 1,571 |
| Total Intangible Assets, Gross Amount | 2,686 | 2,693 |
| Total Intangible Assets, Net Amount | 2,362 | 2,386 |
|
Exchange and clearing registrations [Member]
|
||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
| Total indefinite-lived intangible assets, Net Amount | 790 | 790 |
|
Trade Names [Member]
|
||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
| Total indefinite-lived intangible assets, Net Amount | 756 | 756 |
|
Licenses [Member]
|
||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
| Total indefinite-lived intangible assets, Net Amount | 51 | 51 |
|
Foreign currency translation adjustment [Member]
|
||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
| Total indefinite-lived intangible assets, Net Amount | (30) | (26) |
|
Technology [Member]
|
||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
| Total finite-lived intangible assets, Gross Amount | 37 | 39 |
| Accumulated Amortization | (12) | (12) |
| Total | 25 | 27 |
| Total finite-lived intangible assets, Weighted-Average Useful Life (in Years) | 5 years | 5 years |
|
Customer relationships [Member]
|
||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
| Total finite-lived intangible assets, Gross Amount | 1,075 | 1,075 |
| Accumulated Amortization | (309) | (292) |
| Total | 766 | 783 |
| Total finite-lived intangible assets, Weighted-Average Useful Life (in Years) | 19 years | 19 years |
|
Other [Member]
|
||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
| Total finite-lived intangible assets, Gross Amount | 5 | 5 |
| Accumulated Amortization | (3) | (3) |
| Total | 2 | 2 |
| Total finite-lived intangible assets, Weighted-Average Useful Life (in Years) | 8 years | 8 years |
|
Foreign currency translation adjustment [Member]
|
||
| Finite Lived And Indefinite Lived Intangible Assets [Line Items] | ||
| Total finite-lived intangible assets, Gross Amount | 2 | 3 |
| Total | $ 2 | $ 3 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Intangible Assets Gross Carrying Amount No definition available.
|
| X | ||||||||||
|
- Definition
Weighted average amortization period of finite-lived intangible assets acquired either individually or as part of a group of assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of assets, excluding financial assets and goodwill, lacking physical substance and having a projected indefinite period of benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Goodwill and Purchased Intangible Assets (Estimated Future Amortization Expense) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
|
|||
|---|---|---|---|---|
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||
| 2014 | $ 52 | [1] | ||
| 2015 | 68 | |||
| 2016 | 67 | |||
| 2017 | 65 | |||
| 2018 | 61 | |||
| 2019 and thereafter | 480 | |||
| Total | $ 793 | |||
|
||||
| X | ||||||||||
|
- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Excluding the impact of foreign currency translation adjustment. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized after the fifth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized during the next fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized in the remainder of the fiscal year following the latest fiscal year ended for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized during the fourth fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized during the third fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense expected to be recognized during the second fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Investments (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
|
Dec. 31, 2013
|
Mar. 31, 2014
LCH Invetment [Member]
|
Mar. 31, 2014
Borsa Istanbul Cost Method Investment[Member]
|
Mar. 31, 2014
Foreign Government Debt Securities [Member]
|
Dec. 31, 2013
Foreign Government Debt Securities [Member]
|
Sep. 30, 2013
EMCF [Member]
|
Mar. 31, 2014
EuroCCP [Member]
|
|---|---|---|---|---|---|---|---|---|
| Investments, Debt and Securities [Line Items] | ||||||||
| Trading securities | $ 192 | $ 189 | $ 177 | $ 167 | ||||
| Equity Method Investment Ownership Percentage | 22.00% | 25.00% | ||||||
| Available for sale, fair value | 5 | |||||||
| Equity method investments | 29 | 30 | ||||||
| Carrying cost of Investment | $ 65 | $ 144 | $ 75 | |||||
| Cost Method Investment Ownership Percentage | 5.00% | 5.00% |
| X | ||||||||||
|
- Definition
Cost Method Investment in Ownership Percentage No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount, after adjustment, of cost-method investment. Adjustments include, but are not limited to, dividends received in excess of earnings after date of investment that are considered a return of investment and other than temporary impairments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of investments in debt and equity securities and other forms of securities that provide ownership interests classified as trading. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Deferred Revenue (Estimated Deferred Revenue) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
|
Dec. 31, 2013
|
Mar. 31, 2013
|
Dec. 31, 2012
|
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Deferred Revenue Arrangement [Line Items] | ||||||||||||||
| 2014 | $ 248 | [1] | ||||||||||||
| 2015 | 76 | |||||||||||||
| 2016 | 56 | |||||||||||||
| 2017 | 43 | |||||||||||||
| 2018 | 30 | |||||||||||||
| 2019 and thereafter | 45 | |||||||||||||
| Deferred revenue estimated revenue to be recognized | 498 | 294 | 398 | 295 | ||||||||||
|
Initial Listing Revenues [Member]
|
||||||||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||||||
| 2014 | 9 | [1] | ||||||||||||
| 2015 | 11 | |||||||||||||
| 2016 | 9 | |||||||||||||
| 2017 | 6 | |||||||||||||
| 2018 | 5 | |||||||||||||
| 2019 and thereafter | 3 | |||||||||||||
| Deferred revenue estimated revenue to be recognized | 43 | 41 | 34 | 36 | ||||||||||
|
Listing of Additional Shares Revenues [Member]
|
||||||||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||||||
| 2014 | 26 | [1] | ||||||||||||
| 2015 | 25 | |||||||||||||
| 2016 | 17 | |||||||||||||
| 2017 | 7 | |||||||||||||
| Deferred revenue estimated revenue to be recognized | 75 | 75 | 76 | 78 | ||||||||||
|
Annual Renewal and Other Revenues [Member]
|
||||||||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||||||
| 2014 | 148 | [1] | ||||||||||||
| 2015 | 2 | |||||||||||||
| Deferred revenue estimated revenue to be recognized | 150 | 26 | 138 | 32 | ||||||||||
|
Technology Solutions [Member]
|
||||||||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||||||
| 2014 | 65 | [1],[2] | ||||||||||||
| 2015 | 38 | [2] | ||||||||||||
| 2016 | 30 | [2] | ||||||||||||
| 2017 | 30 | [2] | ||||||||||||
| 2018 | 25 | [2] | ||||||||||||
| 2019 and thereafter | 42 | [2] | ||||||||||||
| Deferred revenue estimated revenue to be recognized | $ 230 | [2],[3] | $ 152 | [3] | $ 150 | [3] | $ 149 | [3] | ||||||
|
||||||||||||||
| X | ||||||||||
|
- Definition
Deferred Revenue Estimated Revenue Expected Recognized After Year Five No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Revenue Estimated Revenue Expected Recognized In Year Five No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Revenue Estimated Revenue Expected Recognized In Year Four No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Revenue Estimated Revenue Expected Recognized In Year One No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Revenue Estimated Revenue Expected Recognized In Year Three No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Revenue Estimated Revenue Expected Recognized In Year Two No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Deferred Revenue (Changes in Deferred Revenue) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
|||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||
| Balance | $ 294 | $ 295 | ||||||||
| Additions | 421 | [1] | 194 | [1] | ||||||
| Amortization | (216) | [1] | (89) | [1] | ||||||
| Translation adjustment | (1) | (2) | ||||||||
| Balance | 498 | 398 | ||||||||
|
Initial Listing Revenues [Member]
|
||||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||
| Balance | 41 | 36 | ||||||||
| Additions | 5 | [1] | 2 | [1] | ||||||
| Amortization | (3) | [1] | (4) | [1] | ||||||
| Balance | 43 | 34 | ||||||||
|
Listing of Additional Shares Revenues [Member]
|
||||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||
| Balance | 75 | 78 | ||||||||
| Additions | 10 | [1] | 8 | [1] | ||||||
| Amortization | (10) | [1] | (10) | [1] | ||||||
| Balance | 75 | 76 | ||||||||
|
Annual Renewal and Other Revenues [Member]
|
||||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||
| Balance | 26 | 32 | ||||||||
| Additions | 197 | [1] | 168 | [1] | ||||||
| Amortization | (73) | [1] | (55) | [1] | ||||||
| Translation adjustment | (7) | |||||||||
| Balance | 150 | 138 | ||||||||
|
Technology Solutions [Member]
|
||||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||
| Balance | 152 | [2] | 149 | [2] | ||||||
| Additions | 209 | [1],[2] | 16 | [1],[2] | ||||||
| Amortization | (130) | [1],[2] | (20) | [1],[2] | ||||||
| Translation adjustment | (1) | [2] | 5 | [2] | ||||||
| Balance | 230 | [2],[3] | 150 | [2] | ||||||
|
Borsa Istanbul Cost Method Investment[Member]
|
||||||||||
| Deferred Revenue Arrangement [Line Items] | ||||||||||
| Additions | $ 75 | |||||||||
|
||||||||||
| X | ||||||||||
|
- Definition
Deferred Revenue Foreign Currency Translation Adjustment No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred revenue recognized for transactions arising during the current reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an Entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of previously reported deferred or unearned revenue that was recognized as revenue during the period. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Debt Obligations (Narrative) (Details) (USD $)
|
3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
Dec. 31, 2013
|
Mar. 31, 2014
Senior Unsecured Notes [Member]
|
Jan. 31, 2010
Senior Unsecured Notes [Member]
|
Mar. 31, 2014
Quarterly payments [Member]
|
Mar. 31, 2014
Optional payments [Member]
|
Mar. 31, 2014
4.00% Senior Notes Due 2015 [Member]
|
Mar. 31, 2014
5.55% Senior Notes Due 2020 [Member]
|
Dec. 31, 2010
5.25% Senior Unsecured Notes Due January 16, 2018 [Member]
|
Mar. 31, 2014
5.25% Senior Unsecured Notes Due January 16, 2018 [Member]
|
Jun. 30, 2013
2011 Credit Facility [Member]
|
Sep. 30, 2011
2011 Credit Facility [Member]
|
Mar. 31, 2014
2011 Credit Facility [Member]
|
Sep. 30, 2011
2011 Credit Facility [Member]
2016 Term Loan [Member]
|
Sep. 30, 2011
2011 Credit Facility [Member]
Revolving Credit Facility [Member]
|
Mar. 31, 2014
Clearinghouse Credit Facilities [Member]
|
Dec. 31, 2013
Clearinghouse Credit Facilities [Member]
|
Mar. 31, 2014
3.875% senior unsecured notes due June 7, 2021 [Member]
|
Dec. 31, 2013
3.875% senior unsecured notes due June 7, 2021 [Member]
|
|||||||||
| Debt Instrument [Line Items] | ||||||||||||||||||||||||||||
| Debt instrument, principal outstanding | $ 400,000,000 | $ 600,000,000 | ||||||||||||||||||||||||||
| Debt instrument, interest rate | 4.00% | 5.55% | 5.25% | 3.875% | ||||||||||||||||||||||||
| Debt instrument, maturity date | Jan. 15, 2015 | Jan. 15, 2020 | Jan. 16, 2018 | Sep. 19, 2016 | Jun. 07, 2021 | |||||||||||||||||||||||
| Debt instrument, face amount | 1,000,000,000 | 370,000,000 | ||||||||||||||||||||||||||
| Debt issuance costs | 8,000,000 | 3,000,000 | 5,000,000 | 7,000,000 | ||||||||||||||||||||||||
| Total debt obligations | 2,514,000,000 | [1] | 2,634,000,000 | [1] | 598,000,000 | 368,000,000 | 825,000,000 | [2] | 824,000,000 | [2] | ||||||||||||||||||
| Debt instrument, interest rate, maximum | 7.25% | 5.875% | ||||||||||||||||||||||||||
| Percentage of aggregate principal owed upon triggering event | 101.00% | 101.00% | ||||||||||||||||||||||||||
| Credit facility, borrowing capacity | 1,200,000,000 | 1,200,000,000 | 450,000,000 | 750,000,000 | 311,000,000 | 312,000,000 | ||||||||||||||||||||||
| Line of credit, outstanding amount | 11,000,000 | 0 | 11,000,000 | |||||||||||||||||||||||||
| Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax | (12,000,000) | (41,000,000) | 1,000,000 | |||||||||||||||||||||||||
| Proceed from term loan | 25,000,000 | [1] | ||||||||||||||||||||||||||
| Credit facility, additional borrowings | 25,000,000 | |||||||||||||||||||||||||||
| Credit facility, available capacity | 750,000,000 | |||||||||||||||||||||||||||
| Repayment of loan | 450,000,000 | |||||||||||||||||||||||||||
| Debt Instrument Decrease Repayments | 145,000,000 | [1] | (11,000,000) | (15,000,000) | (1,000,000) | [2] | ||||||||||||||||||||||
| Line of credit facility, available liquidity | 218,000,000 | 219,000,000 | ||||||||||||||||||||||||||
| Credit facility satisfy regulatory requirements | $ 93,000,000 | $ 93,000,000 | ||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Amount Of Current Credit Facility Used To Repay Term Loan No definition available.
|
| X | ||||||||||
|
- Definition
Credit Facility Available Liquidity No definition available.
|
| X | ||||||||||
|
- Definition
Credit Facility Satisfy Regulatory Requirements No definition available.
|
| X | ||||||||||
|
- Definition
Percentage of aggregate principal owed upon change of control triggering event. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, the amount as of the balance sheet date of capitalized costs associated with the issuance of debt instruments (for example, legal, accounting, underwriting, printing, and registration costs) that will be charged against earnings over the life of the debt instruments to which such costs pertain. Such amount is before the consideration of accumulated amortization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before tax, after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations. No definition available.
|
|
Debt Obligations (Changes in Debt Obligations) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Dec. 31, 2013
|
|||||||
| Debt Instrument [Line Items] | ||||||||
| Total debt obligations | $ 2,514 | [1] | $ 2,634 | [1] | ||||
| Less current portion | (430) | (45) | ||||||
| Total long-term debt obligations | 2,084 | 2,589 | ||||||
| Proceed from term loan | 25 | [1] | ||||||
| Payments, Conversions, Accretion and Other | (145) | [1] | ||||||
|
4.00% senior unsecured notes due January 15, 2015 [Member]
|
||||||||
| Debt Instrument [Line Items] | ||||||||
| Total debt obligations | 400 | 400 | ||||||
|
5.55% senior unsecured notes due January 15, 2020 [Member]
|
||||||||
| Debt Instrument [Line Items] | ||||||||
| Total debt obligations | 598 | [2] | 598 | [2] | ||||
|
5.25% senior unsecured notes due January 16, 2018 [Member]
|
||||||||
| Debt Instrument [Line Items] | ||||||||
| Total debt obligations | 368 | [2] | 368 | [2] | ||||
|
3.875% senior unsecured notes due June 7, 2021 [Member]
|
||||||||
| Debt Instrument [Line Items] | ||||||||
| Total debt obligations | 825 | [2] | 824 | [2] | ||||
| Payments, Conversions, Accretion and Other | 1 | [2] | ||||||
|
$450 million senior unsecured term loan facility credit agreement due September 19, 2016 [Member]
|
||||||||
| Debt Instrument [Line Items] | ||||||||
| Total debt obligations | 323 | [1] | 349 | [1] | ||||
| Payments, Conversions, Accretion and Other | (26) | [1] | ||||||
|
$750 million revolving credit commitment due September 19, 2016 [Member]
|
||||||||
| Debt Instrument [Line Items] | ||||||||
| Total debt obligations | 95 | [1] | ||||||
| Proceed from term loan | 25 | [1] | ||||||
| Payments, Conversions, Accretion and Other | (120) | [1] | ||||||
|
Debt Current [Member]
|
||||||||
| Debt Instrument [Line Items] | ||||||||
| Less current portion | (430) | (45) | ||||||
| Payments, Conversions, Accretion and Other | (385) | |||||||
|
Debt Non Current [Member]
|
||||||||
| Debt Instrument [Line Items] | ||||||||
| Total long-term debt obligations | 2,084 | 2,589 | ||||||
| Proceed from term loan | 25 | |||||||
| Payments, Conversions, Accretion and Other | $ (530) | |||||||
|
||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow during the period from additional borrowings in aggregate debt. Includes proceeds from short-term and long-term debt. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations. No definition available.
|
|
Debt Obligations (Changes in Debt Obligations Additional Information) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 1 Months Ended | 3 Months Ended | |||||
|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
4.00% senior unsecured notes due January 15, 2015 [Member]
|
Mar. 31, 2014
5.55% senior unsecured notes due January 15, 2020 [Member]
|
Mar. 31, 2014
5.25% senior unsecured notes due January 16, 2018 [Member]
|
Mar. 31, 2014
$450 million senior unsecured term loan facility credit agreement due September 19, 2016 [Member]
|
Mar. 31, 2014
$750 million revolving credit commitment due September 19, 2016 [Member]
|
Sep. 30, 2011
2011 Credit Facility [Member]
|
Mar. 31, 2014
2011 Credit Facility [Member]
|
Mar. 31, 2014
3.875% senior unsecured notes due June 7, 2021 [Member]
|
|
| Debt Instrument [Line Items] | ||||||||
| Debt instrument, interest rate | 4.00% | 5.55% | 5.25% | 3.875% | ||||
| Debt instrument, maturity date | Jan. 15, 2015 | Jan. 15, 2020 | Jan. 16, 2018 | Sep. 19, 2016 | Sep. 19, 2016 | Sep. 19, 2016 | Jun. 07, 2021 | |
| Debt instrument, principal outstanding | $ 450 | |||||||
| Debt Instrument, interest rate during period | 1.54% | 1.34% | ||||||
| Credit facility, borrowing capacity | $ 750 | $ 1,200 | $ 1,200 | |||||
| X | ||||||||||
|
- Definition
Amount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average effective interest rate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Employee Benefits (Narrative) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Benefit cost | $ 1 | $ 1 |
| Common stock shares reserved for future issuance | 1.3 | |
| Compensation expenses | 1 | 1 |
|
Non-U.S. Benefit Plans [Member]
|
||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Cost or expenses included in compensation and benefit expense | 5 | 5 |
|
U.S. Defined Contribution Savings Plan [Member]
|
||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Percentage of employer contributions | 100.00% | |
| Percentage of eligible employee contributions receiving employer contributions | 6.00% | 4.00% |
| Defined contributions plan expense | 2 | 1 |
|
Employer retirement contributions [Member]
|
||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Defined contributions plan expense | $ 1 | $ 1 |
|
Share-based compensation [Member]
|
||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Common stock shares reserved for future issuance | 3.1 | |
| Offering periods for ESPP shares, months | 6 months | |
| Percentage of fair market value of common stock | 85.00% | |
| Percentage of discount to employees on purchase of common stock under ESPP | 15.00% | |
| X | ||||||||||
|
- Definition
We sponsor a voluntary defined contribution savings plan, or 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 4.0% of eligible employee contributions. No definition available.
|
| X | ||||||||||
|
- Definition
Offering periods for ESPP shares, months No definition available.
|
| X | ||||||||||
|
- Definition
Our ESPP allows eligible U.S. and non-U.S. 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 Condensed Consolidated Statements of Income. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage that employer matches of the employee first 4% of eligible contributions. No definition available.
|
| X | ||||||||||
|
- Definition
Our ESPP allows eligible U.S. and non-U.S. 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 Condensed Consolidated Statements of Income. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate number of common shares reserved for future issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the cost recognized during the period for defined contribution plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of plan compensation cost recognized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of pension and other (such as medical, dental and life insurance) postretirement benefit costs recognized during the period for (1) defined benefit plans (periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss) on assets, prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments) and for (2) defined contribution plans (to the extent that a plan's defined contributions to an individual's account are to be made for periods in which that individual renders services, the net cost for a period is the contribution called for in that period; if a plan calls for contributions for periods after an individual retires or terminates, the estimated cost is accrued during the employee's service period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Employee Benefits (Components of Net Periodic Benefit Cost) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
|
| Components of net periodic benefit cost | ||
| Interest cost | $ 2 | $ 1 |
| Expected return on plan assets | (1) | (1) |
| Recognized net actuarial loss | 1 | |
| Net periodic benefit cost | $ 1 | $ 1 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of gains or losses recognized in net periodic benefit cost. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of net periodic benefit cost for defined benefit plans for the period. Periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Share-Based Compensation (Narrative) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Grants received by certain executive officers and a select group of non officer employees | 723,576 | ||||
| Additional PSU's Granted | 64,330 | ||||
| Common stock shares reserved for future issuance | 1,300,000 | ||||
| ESPP discount from market price | 15.00% | 15.00% | |||
| Net cash proceeds from the exercise of stock options | $ 7 | $ 6 | |||
| Stock options exercised in period | 367,115 | [1] | 377,425 | ||
| Stock options, exercisable | 4,472,845 | [1] | 4,900,000 | ||
| Weighted-average exercise price | $ 25.72 | $ 20.93 | |||
| Total fair value of stock option vested | 11 | ||||
| Total pre-tax intrinsic value of stock options exercised | 7 | 6 | |||
| Stock options, granted | 0 | ||||
| Closing stock price | $ 36.94 | ||||
| Total number of in-the-money stock options exercisable | 4,300,000 | ||||
|
Restricted stock and PSU's [Member]
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Total unrecognized compensation cost | $ 119 | ||||
| Weighted-average period unrecognized compensation cost is expected to be recognized, in years | 1 year 10 months 24 days | ||||
|
PSUs [Member]
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Percentage of target amount granted, minimum | 0.00% | ||||
| Percentage of target amount granted, maximum | 150.00% | ||||
| Performance period (year) | 3 years | ||||
| Number of peer groups | 2 | ||||
| Performance-based long-term incentive program weighted percentage | 50.00% | ||||
| Minimum payout | 0.00% | ||||
| Maximum payout | 200.00% | ||||
|
PSUs [Member] | Chief executive officer's and executive vice presidents' [Member]
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Chief executive officer's and executive vice presidents' long-term stock-based compensation | 100.00% | ||||
|
PSUs [Member] | Senior vice presidents' [Member]
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Chief executive officer's and executive vice presidents' long-term stock-based compensation | 50.00% | ||||
|
PSUs [Member] | One-year performance period [Member]
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Grants received by certain executive officers and a select group of non officer employees | 256,485 | ||||
|
PSUs [Member] | Three-year performance period [Member]
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Grants received by certain executive officers and a select group of non officer employees | 467,091 | ||||
|
Restricted stock [Member]
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| General expiration period of stock options | 10 years | ||||
| Grant vesting period, expectation exceeds, years | third | ||||
| Grant vesting period, expectation met, years | fourth | ||||
| Grant vesting period, expectation not met, years | fifth | ||||
|
Restricted stock [Member] | Minimum [Member]
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Restricted stock vesting range | 3 years | ||||
|
Restricted stock [Member] | Maximum [Member]
|
|||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
| Restricted stock vesting range | 5 years | ||||
|
|||||
| X | ||||||||||
|
- Definition
Additional PSU's granted. No definition available.
|
| X | ||||||||||
|
- Definition
Grants Received By Certain Executive Officers And a Select Group Of Non Officer Employees No definition available.
|
| X | ||||||||||
|
- Definition
Grant vesting period, performance expectation exceeds, anniversaries after initital grant date. No definition available.
|
| X | ||||||||||
|
- Definition
Grant vesting period, performance expectations met, anniversaries after initital grant date. No definition available.
|
| X | ||||||||||
|
- Definition
Grant vesting period, performance expectation not met, anniversaries after initital grant date. No definition available.
|
| X | ||||||||||
|
- Definition
Incentive Compensation Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Number of peer groups. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Target Amount Granted Maximum No definition available.
|
| X | ||||||||||
|
- Definition
Percentage Of Target Amount Granted Minimum No definition available.
|
| X | ||||||||||
|
- Definition
Performance Based Long Term Incentive Program Weighted Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Performance Period For Vesting Of Performance Shares No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Shares Earned Maximum No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Shares Earned Minimum No definition available.
|
| X | ||||||||||
|
- Definition
Stock options, general expiration period. No definition available.
|
| X | ||||||||||
|
- Definition
Total Number Of In The Money Stock Options Exercisable No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate number of common shares reserved for future issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Unrecognized cost of unvested share-based compensation awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Discount rate from fair value on purchase date that participants pay for shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of accumulated difference between fair value of underlying shares on dates of exercise and exercise price on options exercised (or share units converted) into shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of options vested. Excludes equity instruments other than options, for example, but not limited to, share units, stock appreciation rights, restricted stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Price of a single share of a number of saleable stocks of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Share-Based Compensation (Summary of Share-Based Compensation Expense) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
|
| Share-Based Compensation [Abstract] | ||
| Share-based compensation expense before income taxes | $ 14 | $ 9 |
| Income tax benefit | (6) | (4) |
| Share-based compensation expense after income taxes | $ 8 | $ 5 |
| X | ||||||||||
|
- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of other income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Share-Based Compensation (Summary of Stock Option Activity) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||
|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
Dec. 31, 2013
|
|||||
| Share-Based Compensation [Abstract] | |||||||
| Number of Stock Options Outstanding, Beginning of period | 4,926,522 | [1] | |||||
| Number of Stock Options, Exercised | (367,115) | [1] | (377,425) | ||||
| Number of Stock Options, Forfeited or expired | (27,401) | [1] | |||||
| Number of Stock Options Outstanding, End of period | 4,532,006 | [1] | 4,926,522 | [1] | |||
| Stock options, exercisable | 4,472,845 | [1] | 4,900,000 | ||||
| Weighted-Average Exercise Price, Outstanding Beginning of period | $ 25.21 | ||||||
| Weighted-Average Exercise Price, Exercised | $ 19.39 | ||||||
| Weighted-Average Exercise Price, Forfeited or expired | $ 22.67 | ||||||
| Weighted-Average Exercise Price, Outstanding End of period | $ 25.70 | $ 25.21 | |||||
| Weighted-average exercise price | $ 25.72 | $ 20.93 | |||||
| Options Outstanding, Weighted-Average Remaining Contractual Term, outstanding (in years) | 4 years 9 months 4 days | 4 years 11 months 19 days | |||||
| Aggregate Intrinsic Value, Options Outstanding | $ 52 | $ 73 | |||||
| Options Outstanding, Weighted-Average Remaining Contractual Term, exercisable (in years) | 4 years 8 months 23 days | ||||||
| Aggregate Intrinsic Value, Exercisable | $ 51 | ||||||
| Stock options, granted | 0 | ||||||
|
|||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average price of options that were either forfeited or expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of options outstanding, including both vested and non-vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Share-Based Compensation (Summary of Restricted Stock and PSU Activity) (Details) (USD $)
|
3 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
||||||
|
Restricted stock [Member]
|
||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of Awards, Unvested balances | 3,826,470 | |||||
| Number of Awards, Granted | 953,178 | [1] | ||||
| Number of Awards, Vested | (1,337,866) | |||||
| Number of Awards, Forfeited | (72,342) | |||||
| Number of Awards, Unvested balances | 3,369,440 | |||||
| Weighted-Average Grant Date Fair Value, Unvested balances | $ 25.96 | |||||
| Weighted-Average Grant Date Fair Value, Granted | $ 36.94 | |||||
| Weighted-Average Grant Date Fair Value, Vested | $ 22.60 | |||||
| Weighted-Average Grant Date Fair Value, Forfeited | $ 27.38 | |||||
| Weighted-Average Grant Date Fair Value, Unvested balances | $ 30.35 | |||||
|
PSUs [Member]
|
||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
| Number of Awards, Unvested balances | 1,915,601 | |||||
| Number of Awards, Granted | 787,906 | [2] | ||||
| Number of Awards, Vested | (56,659) | |||||
| Number of Awards, Forfeited | (77,344) | |||||
| Number of Awards, Unvested balances | 2,569,504 | |||||
| Weighted-Average Grant Date Fair Value, Unvested balances | $ 30.03 | |||||
| Weighted-Average Grant Date Fair Value, Granted | $ 40.31 | |||||
| Weighted-Average Grant Date Fair Value, Vested | $ 25.28 | |||||
| Weighted-Average Grant Date Fair Value, Forfeited | $ 27.16 | |||||
| Weighted-Average Grant Date Fair Value, Unvested balances | $ 33.37 | |||||
|
||||||
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Shared-based Compensation (Schedule of Weighted- Average Assumptions Used to Determine Weighted-Average Fair Values (Details) (USD $)
|
3 Months Ended | |||
|---|---|---|---|---|
|
Mar. 31, 2014
|
||||
| Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
| Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate | 0.79% | |||
| Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate | 29.10% | [1] | ||
| Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value | $ 43.13 | |||
|
||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The risk-free interest rate assumption that is used in valuing an option on its own shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Nasdaq Omx Stockholders' Equity (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 3 Months Ended | 1 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
Sep. 30, 2012
|
Dec. 31, 2013
|
Mar. 31, 2014
Series A Preferred Stock [Member]
|
Dec. 31, 2013
Series A Preferred Stock [Member]
|
Mar. 31, 2014
Other Repurchases of Common Stock [Member]
|
Jun. 30, 2014
Dividend Declared [Member]
|
Apr. 30, 2014
Dividend Declared [Member]
|
|
| Stockholders Equity [Line Items] | |||||||||
| Common stock, shares authorized | 300,000,000 | 300,000,000 | |||||||
| Common stock, shares issued | 216,181,636 | 214,419,155 | |||||||
| Common stock, shares outstanding | 170,568,534 | 169,357,084 | |||||||
| Common stock holder voting rights, maximum percentage of the then-outstanding shares of NASDAQ OMX common stock | 5.00% | ||||||||
| Common stock in treasury, shares | 45,613,102 | 45,062,071 | |||||||
| Share repurchase program, authorized amount | $ 300 | ||||||||
| Treasury shares acquired | 321,000 | 551,919 | |||||||
| Average price of repurchased stock | $ 31.12 | ||||||||
| Aggregate purchase price | 10 | ||||||||
| Remaining authorized share repurchase amounts under repurchase program | 215 | ||||||||
| Cash paid for repurchase of common stock | $ 10 | ||||||||
| Preferred stock, shares authorized | 30,000,000 | 30,000,000 | |||||||
| Preferred stock par value | $ 0.01 | ||||||||
| Preferred stock, series A convertible preferred stock: shares issued | 0 | 1,600,000 | 0 | 1,600,000 | |||||
| Preferred stock, series A convertible preferred stock: shares outstanding | 0 | 0 | 0 | 0 | |||||
| Cash dividend per share | $ 0.28 | $ 0.13 | $ 0.15 | ||||||
| Dividend declared, date payable | Jun. 27, 2014 | ||||||||
| Dividend declared, record date | Jun. 13, 2014 | ||||||||
| X | ||||||||||
|
- Definition
Common Stock Holder Voting Rights No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of a stock repurchase plan authorized by an entity's Board of Directors. No definition available.
|
| X | ||||||||||
|
- Definition
Amount remaining of a stock repurchase plan authorized by an entity's Board of Directors. No definition available.
|
| X | ||||||||||
|
- Definition
Total cost of shares repurchased divided by the total number of shares repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the par value method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Nasdaq Omx Stockholders' Equity (Schedule of Dividends Declared) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | ||||
|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
||||
| Dividends Payable [Line Items] | |||||
| Dividend Per Common Share | $ 0.28 | $ 0.13 | |||
|
January 30, 2014 [Member]
|
|||||
| Dividends Payable [Line Items] | |||||
| Declaration Date | Jan. 30, 2014 | ||||
| Dividend Per Common Share | $ 0.13 | ||||
| Record Date | Mar. 14, 2014 | ||||
| Total Amount | $ 22 | [1] | |||
| Payment Date | Mar. 28, 2014 | ||||
|
March 26, 2014 [Member]
|
|||||
| Dividends Payable [Line Items] | |||||
| Declaration Date | Mar. 26, 2014 | ||||
| Dividend Per Common Share | $ 0.15 | ||||
| Record Date | Jun. 13, 2014 | ||||
| Total Amount | $ 26 | [1] | |||
| Payment Date | Jun. 27, 2014 | ||||
|
|||||
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the declared dividend will be paid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the dividend to be paid was declared, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Earnings Per Share (Narrative) (Details)
|
3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
Dec. 31, 2013
|
|||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||
| Stock options to purchase shares | 4,532,006 | [1] | 4,926,522 | [1] | |||
| Weighted average number diluted shares outstanding | 4,070,605 | 3,958,437 | |||||
|
Restricted stock and PSU's [Member]
|
|||||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||
| Stock options to purchase shares | 5,938,944 | 4,934,596 | |||||
| Weighted average number diluted shares outstanding | 4,262,190 | 4,816,000 | |||||
|
Stock Options [Member]
|
|||||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||
| Weighted average number diluted shares outstanding | 4,398,297 | 5,855,220 | |||||
|
Common stock [Member]
|
|||||||
| Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||
| Stock options to purchase shares | 4,532,006 | 7,125,748 | |||||
|
|||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of options outstanding, including both vested and non-vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Earnings Per Share (Summary of Computation of Basic and Diluted Earnings Per Share) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
|
| Earnings Per Share [Abstract] | ||
| Net income attributable to common shareholders | $ 103 | $ 42 |
| Weighted-average common shares outstanding for basic earnings per share | 169,595,951 | 165,703,279 |
| Employee equity awards | 4,070,605 | 3,958,437 |
| Weighted-average common shares outstanding for diluted earnings per share | 173,666,556 | 169,661,716 |
| Basic earnings per share | $ 0.61 | $ 0.26 |
| Diluted earnings per share | $ 0.59 | $ 0.25 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value of Financial Instruments (Narrative) (Details) (USD $)
In Billions, unless otherwise specified |
Mar. 31, 2014
|
Dec. 31, 2013
|
|---|---|---|
| Fair Value Disclosures [Abstract] | ||
| Fair value of debt utilizing discounted cash flow analyses | $ 2.7 | $ 2.8 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
|
Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
|
Dec. 31, 2013
|
||||||
|---|---|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Financial investments, at fair value | $ 197 | [1] | $ 189 | [1] | ||||
| Default fund investments | 2,211 | [2] | 1,867 | [2] | ||||
| Total | 2,408 | 2,056 | ||||||
|
Level 1 [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Financial investments, at fair value | 192 | [1] | 189 | [1] | ||||
| Default fund investments | 710 | [2] | 774 | [2] | ||||
| Total | 902 | 963 | ||||||
|
Level 2 [Member]
|
||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
| Financial investments, at fair value | 5 | [1] | ||||||
| Default fund investments | 1,501 | [2] | 1,093 | [2] | ||||
| Total | $ 1,506 | $ 1,093 | ||||||
|
||||||||
| X | ||||||||||
|
- Definition
Clearing member cash contribution invested in highly rated government debt securities. No definition available.
|
| X | ||||||||||
|
- Definition
Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of investments in debt and equity securities, including, but not limited to, held-to-maturity, trading and available-for-sale expected to be converted to cash, sold or exchanged within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value of Financial Instruments (Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis Additional Information) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
|
Dec. 31, 2013
|
||||
|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Financial investments, at fair value | $ 197 | [1] | $ 189 | [1] | ||
| Default funds and margin deposits | 2,253 | 1,961 | ||||
|
Restricted assets [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Financial investments, at fair value | 177 | 167 | ||||
|
Reverse Repurchase Agreements [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Default funds and margin deposits | 1,501 | 1,093 | ||||
|
US Government Debt Securities [Member]
|
||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Default funds and margin deposits | $ 710 | $ 774 | ||||
|
||||||
| X | ||||||||||
|
- Definition
In anticipation of new regulations proposed by the European Market Infrastructure Regulation, NASDAQ OMX Nordic Clearing implemented three member sponsored default funds in March 2012: one related to financial markets, one related to commodities markets, and a mutualized fund. Under this new regulatory structure, NASDAQ OMX Nordic Clearing and its clearing members must contribute to the total regulatory capital related to the clearing operations of NASDAQ OMX Nordic Clearing. This new requirement ensures the alignment of risk between NASDAQ OMX Nordic Clearing and its clearing members. Contributions made to the default funds will be proportional to the exposures of each clearing member. This structure applies an initial separation of default fund contributions for the financial and commodities markets in order to create a buffer for each market's counterparty risks. Simultaneously, a mutualized default fund provides capital efficiencies with regard to total regulatory capital required. When a clearing member is active in both the financial and commodities markets, contributions must be made to both markets' default funds.Clearing members' eligible contributions may include cash and non-cash contributions. Cash contributions received are invested by NASDAQ OMX Nordic Clearing, in accordance with our investment policy, either in highly rated government debt securities or reverse repurchase agreements with highly rated government debt securities as collateral. Clearing members' cash contributions are included in default funds and margin deposits in the Condensed Consolidated Balance Sheets as both a current asset and a current liability. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of investments in debt and equity securities, including, but not limited to, held-to-maturity, trading and available-for-sale expected to be converted to cash, sold or exchanged within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Clearing Operations (Narrative) (Details) (USD $)
|
3 Months Ended | 3 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
contract
|
Dec. 31, 2013
|
Mar. 31, 2013
contract
|
Mar. 31, 2014
NASDAQ OMX Nordic [Member]
contract
|
Mar. 31, 2013
NASDAQ OMX Nordic [Member]
contract
|
Mar. 31, 2014
Liability Waterfall [Member]
|
Mar. 31, 2014
NOS Clearing [Member]
contract
|
|||||
| Clearing Operations [Line Items] | |||||||||||
| Financial investments, at fair value | $ 197,000,000 | [1] | $ 189,000,000 | [1] | $ 129,000,000 | ||||||
| Credit facility, borrowing capacity | 93,000,000 | ||||||||||
| Contract value of resale and repurchase agreements | 3,900,000,000 | 4,700,000,000 | |||||||||
| Total number of derivative contracts cleared | 1,209,945 | 1,190,292 | 294,178 | ||||||||
| Power of assessment of the clearing member's contribution to the financial markets and commodities markets default funds | 100.00% | ||||||||||
| Junior capital, cash deposits and pledged assets | 22,000,000 | ||||||||||
| Senior capital, cash deposits and pledged assets | 23,000,000 | ||||||||||
| Market value of derivative contracts outstanding, prior to netting | 2,926,000,000 | 81,000,000 | |||||||||
| Total number of derivative contracts cleared through NOS Clearing | 25,179,779 | 27,882,196 | |||||||||
| Restricted cash | 84,000,000 | 84,000,000 | |||||||||
| Default Fund Contributions | 392,000,000 | 43,000,000 | |||||||||
| Pledged default fund contributions and margin collateral | $ 594,000,000 | ||||||||||
|
|||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Contract value of resale and repurchase agreements. No definition available.
|
| X | ||||||||||
|
- Definition
Contribution to the financial markets. No definition available.
|
| X | ||||||||||
|
- Definition
Default fund Contributions. No definition available.
|
| X | ||||||||||
|
- Definition
Derivative contracts market value No definition available.
|
| X | ||||||||||
|
- Definition
Junior capital, cash deposits and pledged assets. No definition available.
|
| X | ||||||||||
|
- Definition
Pledged default fund contributions and margin collateral No definition available.
|
| X | ||||||||||
|
- Definition
Senior capital, cash deposits and pledged assets. No definition available.
|
| X | ||||||||||
|
- Definition
Total number of derivative contracts cleared No definition available.
|
| X | ||||||||||
|
- Definition
The number of derivative instruments of a particular group held by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of investments in debt and equity securities, including, but not limited to, held-to-maturity, trading and available-for-sale expected to be converted to cash, sold or exchanged within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. For a classified balance sheet represents the current portion only (the noncurrent portion has a separate concept); there is a separate and distinct element for unclassified presentations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
|
|||||
|---|---|---|---|---|---|---|
| Clearing Operations [Line Items] | ||||||
| Default fund contributions | $ 392 | |||||
| Margin deposits | 9,484 | |||||
| Default fund contributions and margin deposits | 9,876 | |||||
|
Cash Contributions [Member]
|
||||||
| Clearing Operations [Line Items] | ||||||
| Default fund contributions | 264 | [1],[2] | ||||
| Margin deposits | 1,989 | [1],[2] | ||||
| Default fund contributions and margin deposits | 2,253 | [1],[2] | ||||
|
Non-Cash Contributions [Member]
|
||||||
| Clearing Operations [Line Items] | ||||||
| Default fund contributions | 128 | |||||
| Margin deposits | 7,495 | |||||
| Default fund contributions and margin deposits | $ 7,623 | |||||
|
||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Default fund Contributions. No definition available.
|
| X | ||||||||||
|
- Definition
Default fund contributions and margin deposits No definition available.
|
| X | ||||||||||
|
- Definition
Margin deposits No definition available.
|
|
Clearing Operations (Schedule of Clearing Member Default Fund Contributions And Margin Deposits Additional Information) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
|
Dec. 31, 2013
|
||||
|---|---|---|---|---|---|---|
| Clearing Operations [Line Items] | ||||||
| Investment of cash contributions in highly rated debt securities | $ 2,211 | [1] | $ 1,867 | [1] | ||
|
NASDAQ OMX Nordic [Member]
|
||||||
| Clearing Operations [Line Items] | ||||||
| Default fund cash contributions invested in repurchase agreements | 1,501 | |||||
| Default fund cash contributions invested in highly rated governmant debt securities | $ 710 | |||||
|
||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Default fund cash contributions invested in highly rated governmant debt securities No definition available.
|
| X | ||||||||||
|
- Definition
Default fund cash contributions invested in repurchase agreements. No definition available.
|
| X | ||||||||||
|
- Definition
Clearing member cash contribution invested in highly rated government debt securities. No definition available.
|
|
Clearing Operations (Schedule of Derivative Contracts Outstanding) (Details) (USD $)
In Millions, unless otherwise specified |
Mar. 31, 2014
contract
|
Mar. 31, 2013
contract
|
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Clearing Operations [Line Items] | ||||||||||||
| Market value of derivative contracts | $ 2,926 | |||||||||||
| Total Number of Cleared Contracts | 25,179,779 | 27,882,196 | ||||||||||
|
Commodity forwards and options [Member]
|
||||||||||||
| Clearing Operations [Line Items] | ||||||||||||
| Market value of derivative contracts | 2,217 | [1],[2] | ||||||||||
| Total Number of Cleared Contracts | 246,134 | [3] | 236,276 | [3] | ||||||||
|
Fixed-income options and futures [Member]
|
||||||||||||
| Clearing Operations [Line Items] | ||||||||||||
| Market value of derivative contracts | 332 | [2],[4] | ||||||||||
| Total Number of Cleared Contracts | 5,842,527 | 8,827,632 | ||||||||||
|
Stock options and futures [Member]
|
||||||||||||
| Clearing Operations [Line Items] | ||||||||||||
| Market value of derivative contracts | 176 | [2],[4] | ||||||||||
| Total Number of Cleared Contracts | 8,965,181 | 8,487,497 | ||||||||||
|
Index options and futures [Member]
|
||||||||||||
| Clearing Operations [Line Items] | ||||||||||||
| Market value of derivative contracts | $ 201 | [2],[4] | ||||||||||
| Total Number of Cleared Contracts | 10,125,937 | 10,330,791 | ||||||||||
|
||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Derivative contracts market value No definition available.
|
| X | ||||||||||
|
- Definition
The number of derivative instruments of a particular group held by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Clearing Operations (Schedule of Derivative Contracts Outstanding Additional Information) (Details)
|
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2014
TW
|
Mar. 31, 2013
TW
|
|
| Clearing Operations [Abstract] | ||
| Total volume in cleared power, in Terawatt hours (TWh) | 429 | 460 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total volume in cleared power. No definition available.
|
|
Commitments, Contingencies and Guarantees (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||
|---|---|---|---|
|
Mar. 31, 2013
|
Mar. 31, 2014
|
Dec. 31, 2013
|
|
| Commitments and Contingencies Disclosure [Line Items] | |||
| Financial guarantees obtained | $ 18 | $ 20 | |
| Margin deposits contributed to Cantor Fitzgerald | 19 | ||
| Line of credit, outstanding amount | 11 | ||
| Voluntary accommodation program | 62 | ||
|
Clearinghouse Credit Facilities [Member]
|
|||
| Commitments and Contingencies Disclosure [Line Items] | |||
| Credit facilities, total | 311 | 312 | |
| Line of credit facility, available liquidity | 218 | 219 | |
| Credit facility, regulatory requirements amount | 93 | 93 | |
| Line of credit, outstanding amount | 0 | 11 | |
|
Escrow Agreement [Member]
|
|||
| Commitments and Contingencies Disclosure [Line Items] | |||
| Contingency, accrual | 11 | ||
|
Property Lease Guarantee [Member]
|
|||
| Commitments and Contingencies Disclosure [Line Items] | |||
| Other guarantees | 15 | 16 | |
|
Performance guarantees [Member]
|
|||
| Commitments and Contingencies Disclosure [Line Items] | |||
| Other guarantees | $ 2 | $ 2 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Credit Facility Available Liquidity No definition available.
|
| X | ||||||||||
|
- Definition
Credit Facility Satisfy Regulatory Requirements No definition available.
|
| X | ||||||||||
|
- Definition
Financial guarantees obtained to provide further liquidity and default protection related to clearing businesess No definition available.
|
| X | ||||||||||
|
- Definition
Other Guarantees No definition available.
|
| X | ||||||||||
|
- Definition
Proposed voluntary customer accommodation program subject to review by the Securities and Exchange Commission, related to system issues which have subsequently been remedied. No definition available.
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of loss contingency liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount receivable from broker-dealers and clearing organizations, including, but not limited to, securities failed-to-deliver, certain deposits for securities borrowed, open transactions, good faith and margin deposits, commissions and floor brokerage receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Business Segments (Narrative) (Details) (USD $)
|
3 Months Ended | |
|---|---|---|
|
Mar. 31, 2014
segment
|
Mar. 31, 2013
|
|
| Segment Reporting Information [Line Items] | ||
| Number of Operating Segments | 4 | |
| Approximate market value | $ 8,800,000,000,000 | |
| Merger and strategic initiatives | $ 28,000,000 | $ 8,000,000 |
|
Listing Services [Member]
|
||
| Segment Reporting Information [Line Items] | ||
| Number of world wide listed companies | 3,400 | |
| X | ||||||||||
|
- Definition
Approximate market value No definition available.
|
| X | ||||||||||
|
- Definition
Number of world wide listed companies No definition available.
|
| X | ||||||||||
|
- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Business Segments (Schedule of Operating Segments) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
|
Mar. 31, 2014
|
Mar. 31, 2013
|
Dec. 31, 2013
|
|||||||
| Segment Reporting Information [Line Items] | |||||||||
| Total revenues | $ 898 | $ 744 | |||||||
| Cost of revenues | (369) | (326) | |||||||
| Revenues less transaction rebates, brokerage, clearance and exchange fees | 529 | 418 | |||||||
| Operating income (loss) | 184 | 90 | |||||||
| Assets | 12,978 | 12,577 | |||||||
|
Market Services [Member]
|
|||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Total revenues | 582 | 508 | |||||||
| Cost of revenues | (369) | (326) | |||||||
| Revenues less transaction rebates, brokerage, clearance and exchange fees | 213 | 182 | |||||||
| Operating income (loss) | 94 | 74 | |||||||
|
Listing Services [Member]
|
|||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Total revenues | 58 | 55 | |||||||
| Cost of revenues | |||||||||
| Revenues less transaction rebates, brokerage, clearance and exchange fees | 58 | 55 | |||||||
| Operating income (loss) | 22 | 24 | |||||||
|
Information Services [Member]
|
|||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Total revenues | 123 | 106 | |||||||
| Cost of revenues | |||||||||
| Revenues less transaction rebates, brokerage, clearance and exchange fees | 123 | 106 | |||||||
| Operating income (loss) | 90 | 80 | |||||||
|
Technology Solutions [Member]
|
|||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Total revenues | 135 | 75 | |||||||
| Cost of revenues | |||||||||
| Revenues less transaction rebates, brokerage, clearance and exchange fees | 135 | 75 | |||||||
| Operating income (loss) | 8 | 3 | |||||||
|
Corporate Items and Eliminations [Member]
|
|||||||||
| Segment Reporting Information [Line Items] | |||||||||
| Cost of revenues | |||||||||
| Operating income (loss) | $ (30) | [1] | $ (91) | [2] | |||||
|
|||||||||
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|