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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                 to
Commission File Number 001-36198
INTERCONTINENTAL EXCHANGE, INC.
(Exact name of registrant as specified in its charter)
 
Delaware46-2286804
(State or other jurisdiction of
incorporation or organization)
(IRS Employer
Identification Number)
5660 New Northside Drive,
Atlanta, Georgia
30328
(Address of principal executive offices) (Zip Code)
(770857-4700
Registrant’s telephone number, including area code 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.01 par value per shareICENew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company  
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes      No  
As of April 29, 2024, the number of shares of the registrant’s Common Stock outstanding was 573,584,580 shares.




 
 
INTERCONTINENTAL EXCHANGE, INC.
Form 10-Q
Quarterly Period Ended March 31, 2024
TABLE OF CONTENTS
 
 
PART I.
Financial Statements
Item 1.
Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023
Consolidated Statements of Income for the three months ended March 31, 2024 and 2023
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023
Consolidated Statements of Changes in Equity and Redeemable Non-Controlling Interest for the three months ended March 31, 2024 and 2023
Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023
Item 2.
Item 3.
Item 4.
PART II.
Other Information
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.



PART I. Financial Statements
Item 1.    Consolidated Financial Statements

Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Balance Sheets
(In millions, except per share amounts)
As ofAs of
December 31, 2023
March 31, 2024
(Unaudited)
Assets:
Current assets:
Cash and cash equivalents
$863 $899 
Short-term restricted cash and cash equivalents
1,227 531 
Short-term restricted investments 680 
Cash and cash equivalent margin deposits and guaranty funds74,123 78,980 
Invested deposits, delivery contracts receivable and unsettled variation margin2,056 1,814 
Customer accounts receivable, net of allowance for doubtful accounts of $19 and $21 at March 31, 2024 and December 31, 2023, respectively
1,645 1,366 
Prepaid expenses and other current assets
628 703 
Total current assets
80,542 84,973 
Property and equipment, net
1,960 1,923 
Other non-current assets:
Goodwill
30,549 30,553 
Other intangible assets, net
17,056 17,317 
Long-term restricted cash and cash equivalents
278 340 
Long-term restricted investments62  
Other non-current assets
950 978 
Total other non-current assets
48,895 49,188 
Total assets
$131,397 $136,084 
Liabilities and Equity:
Current liabilities:
Accounts payable and accrued liabilities
$967 $1,003 
Section 31 fees payable
66 79 
Accrued salaries and benefits
180 459 
Deferred revenue
590 200 
Short-term debt
1,916 1,954 
Margin deposits and guaranty funds
74,123 78,980 
Invested deposits, delivery contracts payable and unsettled variation margin2,056 1,814 
Other current liabilities
150 137 
Total current liabilities
80,048 84,626 
Non-current liabilities:
Non-current deferred tax liability, net
4,030 4,080 
Long-term debt
20,068 20,659 
Accrued employee benefits
183 193 
Non-current operating lease liability
325 299 
Other non-current liabilities
454 441 
Total non-current liabilities
25,060 25,672 
Total liabilities
105,108 110,298 
Commitments and contingencies
2


Equity:
Intercontinental Exchange, Inc. stockholders’ equity:
Preferred stock, $0.01 par value; 100 shares authorized; none issued or outstanding
  
Common stock, $0.01 par value; 1,500 shares authorized; 650 and 649 issued at March 31, 2024 and December 31, 2023, respectively, and 573 shares outstanding at both March 31, 2024 and December 31, 2023
7 6 
Treasury stock, at cost; 77 and 76 shares at March 31, 2024 and December 31, 2023, respectively
(6,375)(6,304)
Additional paid-in capital
16,047 15,953 
Retained earnings
16,865 16,356 
Accumulated other comprehensive loss
(305)(294)
Total Intercontinental Exchange, Inc. stockholders’ equity
26,239 25,717 
Non-controlling interest in consolidated subsidiaries
50 69 
Total equity
26,289 25,786 
Total liabilities and equity
$131,397 $136,084 

See accompanying notes.
3


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

Three Months Ended March 31,
20242023
Revenues:
Exchanges
$1,734 $1,673 
Fixed income and data services
568 563 
Mortgage technology
499 236 
Total revenues
2,801 2,472 
Transaction-based expenses:
Section 31 fees
67 119 
Cash liquidity payments, routing and clearing
444 457 
Total revenues, less transaction-based expenses
2,290 1,896 
Operating expenses:
Compensation and benefits
462 352 
Professional services
36 28 
Acquisition-related transaction and integration costs
36 21 
Technology and communication
205 172 
Rent and occupancy
29 20 
Selling, general and administrative
78 74 
Depreciation and amortization
381 260 
Total operating expenses
1,227 927 
Operating income
1,063 969 
Other income/(expense):
Interest income
30 91 
Interest expense
(241)(176)
Other income/(expense), net
112 (35)
Total other income/(expense), net
(99)(120)
Income before income tax expense
964 849 
Income tax expense
181 175 
Net income
$783 $674 
Net income attributable to non-controlling interest
(16)(19)
Net income attributable to Intercontinental Exchange, Inc.
$767 $655 
Earnings per share attributable to Intercontinental Exchange, Inc. common stockholders:
Basic
$1.34 $1.17 
Diluted
$1.33 $1.17 
Weighted average common shares outstanding:
Basic
573 559 
Diluted
575 561 

See accompanying notes.
4


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(In millions)
(Unaudited)
Three Months Ended March 31,
20242023
Net income$783 $674 
Other comprehensive income/(loss):
Foreign currency translation adjustments(18)16 
Change in equity method investment 7  
Other comprehensive income/(loss)(11)16 
Comprehensive income$772 $690 
Comprehensive income attributable to non-controlling interest
(16)(19)
Comprehensive income attributable to Intercontinental Exchange, Inc.$756 $671 
See accompanying notes.
5


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

Intercontinental Exchange, Inc. Stockholders’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
SharesValueSharesValue
Balance, as of December 31, 2023
649 $6 (76)$(6,304)$15,953 $16,356 $(294)$69 $25,786 
Other comprehensive loss
— — — — — — (11)— (11)
Exercise of common stock options
— — — — 6 — — — 6 
Payments relating to treasury shares
— — (1)(71)— — — — (71)
Stock-based compensation
— — — — 63 — — — 63 
Issuance under the employee stock purchase plan
— — — — 25 — — — 25 
Issuance of restricted stock
1 1 — — — — — — 1 
Distributions of profits
— — — — — — — (35)(35)
Dividends paid to stockholders
— — — — — (258)— — (258)
Net income attributable to non-controlling interest
— — — — — (16)— 16 — 
Net income
— — — — — 783 — — 783 
Balance, as of March 31, 2024
650 $7 (77)$(6,375)$16,047 $16,865 $(305)$50 $26,289 



Intercontinental Exchange, Inc. Stockholders’ EquityNon-
Controlling
Interest in
Consolidated
Subsidiaries
Total
Equity
Common
 Stock
Treasury StockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
SharesValueSharesValue
Balance, as of December 31, 2022
634 $6 (75)$(6,225)$14,313 $14,943 $(331)$55 $22,761 
Other comprehensive income
— — — — — — 16 — 16 
Exercise of common stock options
— — — — 10 — — — 10 
Payments relating to treasury shares
— — (1)(49)— — — — (49)
Stock-based compensation
— — — — 47 — — — 47 
Issuance under the employee stock purchase plan
— — — — 18 — — — 18 
Issuance of restricted stock
1 — — — — — — — — 
Distributions of profits
— — — — — — — (30)(30)
Dividends paid to stockholders
— — — — — (236)— — (236)
Net income attributable to non-controlling interest
— — — — — (19)— 19 — 
Net income
— — — — — 674 — — 674 
Balance, as of March 31, 2023
635 $6 (76)$(6,274)$14,388 $15,362 $(315)$44 $23,211 





See accompanying notes.



6


Intercontinental Exchange, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In millions)
(Unaudited)
Three Months Ended March 31,
20242023
Operating activities:
Net income
$783 $674 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
381 260 
Stock-based compensation
57 40 
Deferred taxes
(50)(83)
Loss on investments3  
Net losses from unconsolidated investees42 35 
Other
14 10 
Changes in assets and liabilities:
Customer accounts receivable
(285)(484)
  Other current and non-current assets(76)(88)
Section 31 fees payable
(13)(105)
Deferred revenue
393 406 
Other current and non-current liabilities
(240)(12)
Total adjustments
226 (21)
Net cash provided by operating activities
1,009 653 
 Investing activities:
Capital expenditures
(58)(21)
Capitalized software development costs
(87)(64)
Purchases of invested margin deposits(536)(463)
Proceeds from sales of invested margin deposits230 2,605 
Proceeds from sale of Promissory Note75  
Purchases of restricted investments(64) 
Proceeds from sales of restricted investments702  
Other
(3)(12)
Net cash provided by investing activities
259 2,045 
Financing activities:
 Repayments of debt(600)(4)
 Redemption of commercial paper, net(38) 
Dividends to stockholders
(258)(236)
 Change in cash and cash equivalent margin deposits and guaranty funds liability(4,551)(42,059)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises
(71)(49)
Other
(4)(3)
Net cash used in financing activities
(5,522)(42,351)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds(5)1 
Net decrease in cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds
(4,259)(39,652)
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at beginning of period
80,750 150,343 
Cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds at end of period
$76,491 $110,691 





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

Three Months Ended March 31,
20242023
Supplemental cash flow disclosure:
Cash paid for income taxes
$142 $149 
Cash paid for interest
$222 $167 
Reconciliation of the components of cash, cash equivalents, restricted cash and cash equivalents, and cash and cash equivalent margin deposits and guaranty funds to the consolidated balance sheets:
As of
March 31, 2024
As of
 March 31, 2023
Cash and cash equivalents$863 $2,069 
Short-term restricted cash and cash equivalents1,227 6,145 
Long-term restricted cash and cash equivalents278 405 
Cash and cash equivalent margin deposits and guaranty funds74,123 102,072 
Total$76,491 $110,691 

See accompanying notes.
7


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

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

2.    Summary of Significant Accounting Policies
Basis of Presentation
The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2023. The unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. We believe that these adjustments are of a normal recurring nature.
Preparing financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the amounts that are reported in our consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for any future period or the full fiscal year.
These statements include the accounts of our wholly-owned and controlled subsidiaries. All intercompany balances and transactions between us and our wholly-owned and controlled subsidiaries have been eliminated in consolidation. For consolidated subsidiaries in which our ownership is less than 100% and for which we have control over the assets and liabilities and the management of the entity, the outside stockholders’ interests are shown as non-controlling interests.
We have considered the impacts of macroeconomic conditions during the quarter, including interest rates, the inflationary environment, election outcomes, geopolitical events and military conflicts, including repercussions from the conflicts in Ukraine, Israel and Gaza and the impacts that any of the foregoing may have on the global economy and on our business. As of March 31, 2024, our businesses and operations, including our exchanges, clearing houses, listings venues, data services businesses and mortgage platforms, have not suffered a material negative impact as a result of these events. There continues to be uncertainty surrounding the current macroeconomic environment and the impact that it may have on the global economy and on our business.
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Recently Adopted Accounting Pronouncements
During the three months ended March 31, 2024, there were no significant changes to the new and recently adopted accounting pronouncements applicable to us from those disclosed in Note 2 to the consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2023, or the 2023 Form 10-K.

3.    Acquisitions and Divestitures
Black Knight, Inc.
On September 5, 2023, we acquired 100% of the equity interests in Black Knight, Inc., or Black Knight, for aggregate transaction consideration of approximately $11.8 billion. The aggregate cash component of the transaction consideration was $10.5 billion. We issued 10.9 million shares of ICE common stock to Black Knight stockholders, which was based on the market price of our common stock and the average of the volume weighted averages of the trading prices of our common stock on each of the ten consecutive trading days ending three trading days prior to the closing of the merger. We expect that this transaction will build on our position as a provider of end-to-end electronic workflow solutions for the rapidly evolving U.S. residential mortgage industry. We believe the Black Knight ecosystem adds value for clients of all sizes across the mortgage and real estate lifecycles by helping organizations lower costs, increase efficiencies, grow their businesses, and reduce risk.
On September 14, 2023, or the Divestiture Date, in connection with the merger agreement, we sold Black Knight's Optimal Blue and Empower loan origination system, or LOS, businesses, or the Divestitures, to subsidiaries of Constellation Software, Inc. The cash proceeds from the Divestitures were $241 million. The structure of the Optimal Blue transaction also included a promissory note with a face value of $500 million, or the Promissory Note, issued by the purchaser to Black Knight, as a subsidiary of ICE, at the closing of the transaction. The Promissory Note had a 40-year term with a maturity date of September 5, 2063, and a coupon interest rate of 7.0% per year. The Promissory Note was valued at $235 million on the Divestiture Date. In accordance with Accounting Standards Codification, or ASC, 805, Business Combinations, or ASC 805, as well as ASC 360, Impairment and Disposal of Long-Lived Assets, we are required to measure an acquired long-lived asset or disposal group that is classified as held for sale at the acquisition date at fair value less cost to sell. Accordingly, there was no gain or loss recognized on the Divestitures.
For the period between the acquisition date of September 5, 2023 through the Divestiture Date, the discontinued operations of Empower and Optimal Blue were immaterial.
Pursuant to the Agreement Containing Consent Orders entered into between the Federal Trade Commission, or the FTC, and ICE and Black Knight, the Promissory Note was required to be sold within six months of the Divestiture Date. We elected the fair value option for the right to receive the net proceeds of the sale of the Promissory Note. As of December 31, 2023, we wrote down the value of the Promissory Note to $75 million based on Level 3 inputs, resulting in a fair value loss of $160 million. In February 2024, the FTC approved the buyer of the Promissory Note, and we completed the sale of the Promissory Note and received the $75 million of proceeds thereafter.
The estimated net fair value of the consideration transferred for Black Knight was approximately $11.4 billion as of the acquisition date, which consisted of the following (in millions):
Transaction Consideration
Cash$10,542 
ICE common stock*1,274 
Converted vested Black Knight awards22 
Total preliminary purchase price
$11,838 
Less: Divestitures(476)
Total net preliminary purchase price$11,362 
*Fair value of the ICE common stock is based on the ICE closing stock price on September 1, 2023, the last business day prior to the acquisition close.
The purchase price has been allocated to the net tangible and identifiable intangible assets and liabilities based on the preliminary respective estimated fair values on the date of acquisition. The excess of the purchase price over the net tangible and identifiable intangible assets has been recorded as goodwill, of which $186 million is expected to be deductible for tax purposes. Goodwill represents potential revenue synergies related to new product development, various expense synergies and opportunities to enter new markets, and is assigned to our Mortgage Technology business segment. The preliminary net purchase price allocation is as follows (in millions):
9


Net Preliminary Purchase Price Allocation
Cash and cash equivalents
$108 
Property and equipment
119 
Goodwill
9,421 
 Identifiable intangibles4,948 
Debt acquired(2,397)
 Other assets and liabilities, net78 
Deferred tax liabilities on identifiable intangibles
(1,266)
Other deferred tax assets351 
Net preliminary purchase price$11,362 
In performing the net preliminary purchase price allocation, we considered, among other factors, the intended future use of acquired assets, analysis of historical financial performance and estimates of future performance of the Black Knight business. For the identified intangible assets, the fair values have been preliminarily determined using the income and cost approaches and are partially based on inputs that are unobservable including forecasted future cash flows, revenue and margin growth rates, customer attrition rates and discount rates that require judgement and are subject to change. We have not yet obtained all of the information related to the fair value of the acquired assets and liabilities.
The primary areas of the preliminary purchase price allocation that are not yet finalized relate to the valuation of the identifiable intangible assets, income taxes and certain other tangible assets and liabilities. The allocation of the purchase price will be finalized upon the completion of the analysis of the acquired assets and liabilities within one year of the date of acquisition.
The following table sets forth the components of the preliminary intangible assets associated with the acquisition as of March 31, 2024 (in millions, except years):
Acquisition-Date Preliminary Fair Value
Weighted average life (Years)
Developed Technology
$1,176 10
Trademarks/Tradenames
159 19
Customer Relationships
3,034 13
Data and Databases579 10
Total
$4,948 12
Black Knight revenues of $270 million, which are included in our mortgage technology revenues, and operating expenses of $288 million were recorded in our consolidated statement of income for the three months ended March 31, 2024.
The financial information in the table below combines the historical results for us and Black Knight for the three months ended March 31, 2023, on a pro forma basis, as though the companies had been combined as of the beginning of the prior period presented (in millions). The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the period presented. Such unaudited pro forma financial information is based on the historical financial statements of ICE and Black Knight. This unaudited pro forma financial information is based on estimates and assumptions that have been made solely for purposes of developing such unaudited pro forma information, including, without limitation, purchase accounting adjustments, interest expense on debt issued to finance the purchase price, acquisition-related transaction costs, the removal of historical Black Knight intangible asset amortization and the addition of intangible asset amortization related to this acquisition. The unaudited pro forma financial information does not reflect any synergies or operating cost reductions that have been and may be achieved from the combined operations.
  Three months ended March 31, 2023
Total revenues, less transaction-based expenses$2,175 
Net income attributable to ICE$544 
Transaction-based expenses included within revenues, less transaction-based expenses in the table above were not impacted by pro forma adjustments and agree to the amounts presented historically in our consolidated statements of income as they relate solely to ICE and not to Black Knight.
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4.    Investments
Equity Method Investments
Our equity method investments include the Options Clearing Corporation, or OCC, and Bakkt Holdings, LLC, or Bakkt, among others. Our equity method investments are included in other non-current assets in the consolidated balance sheets. We initially record our equity method investments at cost. At the end of each reporting period, we record our share of profits or losses of our equity method investments as equity earnings included in other income and adjust the carrying value of our equity method investment accordingly. In addition, if and when our equity method investments issue cash dividends to us, we deduct the amount of these dividends from the carrying amount of that investment. We assess the carrying value periodically if impairment indicators are present.
We recognized $42 million and $35 million as our share of estimated losses, net, from our equity method investments during the three months ended March 31, 2024 and 2023, respectively. The estimated losses are primarily related to our investment in Bakkt, partially offset by our share of OCC profits. Both periods include adjustments to reflect the difference between reported prior period actual results from our original estimates.
When performing our assessment of the carrying value of our investments, we consider, among other things, the length of time and the extent to which the market value has been less than our cost basis, if applicable, the investee's financial condition and near-term prospects, the economic or technological environment in which our investees operate, weakening of the general market condition of the related industry, whether an investee can continue as a going concern, any impairment charges recorded by an investee on goodwill, intangible or long-lived assets, and our intent and ability to retain the investment for a period of time sufficient to allow for any anticipated recovery in market value.
OCC
We own a 40% interest in OCC through a direct investment by the New York Stock Exchange, or NYSE. OCC is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission, or CFTC, as a derivatives clearing organization. OCC serves as a clearing house for securities options, securities futures, commodity futures and options on futures traded on various independent exchanges. OCC clears securities options traded on NYSE Arca and NYSE Amex Options, along with other non-affiliated exchanges.
Bakkt
As of March 31, 2024 and December 31, 2023, we held an approximate 55% and 64% economic interest in Bakkt, respectively. As a result of limitations on ICE from the Bakkt voting agreement entered into in connection with Bakkt's merger with VIH, we hold a minority voting interest in Bakkt and treat it as an equity method investment. The decrease in ownership during the three months ended March 31, 2024 is related to Bakkt's offering of shares of its Class A common stock and warrants to purchase shares of its Class A common stock, which diluted our ownership. As part of the offering, on February 29, 2024, we entered into a securities purchase agreement to purchase shares of Bakkt's Class A common stock and warrants to purchase additional shares of Bakkt's Class A common stock for a total of $10 million, of which approximately $2 million was paid as of March 31, 2024.
As of March 31, 2024, the carrying value of our investment in Bakkt was determined to be $14 million. As Bakkt is a public company with a readily available market price, the fair value of our investment using the quoted market price of Bakkt Class A common stock as of March 31, 2024 was $82 million.

5.    Revenue Recognition
Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our consolidated balance sheets as customer accounts receivable. We do not have obligations for warranties, returns or refunds to customers, other than rebates, which are settled each period and therefore do not result in variable consideration. We do not have significant revenue recognized from performance obligations that were satisfied in prior periods. Certain judgments and estimates are used in the identification and timing of satisfaction of performance obligations and the related allocation of transaction price. We believe that these represent a faithful depiction of the transfer of services to our customers.
Deferred revenue represents our contract liabilities related to our annual, original and other listings revenues, certain data services, clearing services, mortgage technology services and other revenues. See Note 7 for our discussion of deferred revenue balances, activity, and expected timing of recognition.
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For all of our contracts with customers, except for listings and certain data, clearing and mortgage services, our performance obligations are short term in nature and there is no significant variable consideration. In addition, we have elected the practical expedient of excluding sales taxes from transaction prices.
Refer to Notes 2 and 5 to the consolidated financial statements included in Part II, Item 8 of our 2023 Form 10-K where we describe our revenue recognition accounting policies and our primary revenue contract classifications are described in detail, respectively.
Disaggregation of Revenues
The following table depicts the disaggregation of our revenues according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 15:
 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended March 31, 2024:
Total revenues (1)
$1,734 $568 $499 $2,801 
Transaction-based expenses511   511 
Total revenues, less transaction-based expenses$1,223 $568 $499 $2,290 
Timing of Revenue Recognition
Services transferred at a point in time$742 $111 $106 $959 
Services transferred over time481 457 393 1,331 
Total revenues, less transaction-based expenses$1,223 $568 $499 $2,290 
(1)    Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $24 million and $38 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.

 Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Three Months Ended March 31, 2023:
Total revenues (1)
$1,673 $563 $236 $2,472 
Transaction-based expenses576   576 
Total revenues, less transaction-based expenses$1,097 $563 $236 $1,896 
Timing of Revenue Recognition
Services transferred at a point in time$635 $123 $67 $825 
Services transferred over time462 440 169 1,071 
Total revenues, less transaction-based expenses$1,097 $563 $236 $1,896 
(1)    Included in total revenues is revenue related to net interest income earned on cash margin received from clearing members at certain ICE clearing houses. These amounts were $24 million and $37 million recorded in Exchanges and Fixed Income and Data Services segments, respectively.

The Exchanges segment and the Fixed Income and Data Services segment revenues above include data services revenues. Our data services revenues are transferred over time, and a majority of those revenues are performed over a short period of time of one month or less and relate to subscription-based data services billed monthly, quarterly or annually in advance. These revenues are recognized ratably over time as our data delivery performance obligations are met consistently throughout the period.
The Exchanges segment revenues transferred over time in the tables above include services related to listings, risk management of open interest performance obligations and regulatory fees, trading permits, and software licenses.
The Fixed Income and Data Services segment revenues transferred over time in the tables above include services related to risk management of open interest performance obligations, primarily in our CDS business.
The Mortgage Technology segment revenues transferred over time in the tables above primarily relate to our origination technology revenue where performance obligations consist of a series of distinct services and are recognized over the
12


contract terms as subscription performance obligations are satisfied and, to a lesser extent, professional services revenues and revenues from certain of our data and analytics and servicing software offerings.

The components of services transferred over time for each of our segments are as follows:
Three Months Ended March 31,
 20242023
Exchanges Segment:
Data services revenues
$235 $232 
Services transferred over time related to risk management of open interest performance obligations
93 76 
Services transferred over time related to listings122 126 
Services transferred over time related to regulatory fees, trading permits, and software licenses31 28 
Total
$481 $462 
Fixed Income Data Services Segment:
Data services revenues$449 $430 
Services transferred over time related to risk management of open interest performance obligations in our CDS business8 10 
Total
$457 $440 
Mortgage Technology Segment:
Recurring revenues$390 $165 
Other3 4 
Total$393 $169 
Total consolidated revenues transferred over time$1,331 $1,071 
Transaction Price Allocated to Future Performance Obligations
Our disclosure of transaction price allocated to future performance obligations excludes the following:
Volume-based fees in excess of contractual minimums and other usage-based fees to the extent they are part of a single performance obligation and meet certain variable consideration allocation criteria;
Performance obligations that are part of a contract with an original expected duration of one year or less; and
Transactional fees based on a fixed fee per transaction when we have the right to invoice once we have completed the performance obligation.

As of March 31, 2024, the aggregate amount of the transaction price that is allocated to our future performance obligations was approximately $4.1 billion and was primarily related to contracts with customers in the Mortgage Technology segment. We expect this amount to be recognized as revenue as follows: 26% by December 31, 2024, 75% by December 31, 2026, 95% by December 31, 2028 and the rest thereafter.
Contract Assets
A contract asset represents our expectation of receiving consideration in exchange for products or services that we have provided to our customers, but invoicing is contingent on our completion of other performance obligations or contractual milestones. Substantially all of our contract assets are related to contracts with customers in our Mortgage Technology segment. As of March 31, 2024 and December 31, 2023, the balance of our contract assets was $83 million and $80 million, respectively.

13


6.    Goodwill and Other Intangible Assets
The following is a summary of the activity in our goodwill balance by segment for the three months ended March 31, 2024 (in millions):
Exchanges SegmentFixed Income and Data Services SegmentMortgage Technology SegmentTotal Consolidated
Goodwill balance at December 31, 2023
$8,155 $4,854 $17,544 $30,553 
Foreign currency translation(8)  (8)
Other activity, net
  4 4 
Goodwill balance at March 31, 2024
$8,147 $4,854 $17,548 $30,549 

The following is a summary of the activity in our other intangible assets balance for the three months ended March 31, 2024 (in millions):
Other intangible assets balance at December 31, 2023
$17,317 
Foreign currency translation
(7)
Amortization of other intangible assets
(254)
Other intangible assets balance at March 31, 2024
$17,056 

Foreign currency translation adjustments result from a portion of our goodwill and other intangible assets being held at our U.K., EU and Canadian subsidiaries, whose functional currencies are not the U.S. dollar. The changes in other activity, net, in the table above primarily relate to adjustments to the fair value of the net tangible assets made within one year of acquisitions, with a corresponding adjustment to goodwill.

During the three months ended March 31, 2024, we considered potential indicators of impairment to goodwill and other intangible assets for each of our reporting units, which included continued global inflation concerns and changing interest rates, including their effect on our forecasts, among other things. As such, we performed this assessment to determine whether it was more-likely-than-not that goodwill and indefinite lived intangibles within each of our reporting units were impaired. Additionally, we evaluated whether the carrying value of the finite lived intangible assets within our reporting units may not be recoverable. After evaluating events, circumstances and factors which could affect the significant inputs used in our evaluation of cash flows and related fair value, we determined it was not more-likely-than-not that an impairment existed in our goodwill and indefinite lived intangible assets. With the exception of a $3 million impairment of developed technology within our Exchanges Segment, we determined it was not more-likely-than not that the carrying amount of our finite lived intangible assets was not recoverable. We plan to perform our annual impairment testing in the fourth quarter. The $3 million impairment is included in depreciation and amortization expense within the consolidated statement of income.

7.    Deferred Revenue
Our contract liabilities, or deferred revenue, represent consideration received that is yet to be recognized as revenue. Total deferred revenue was $700 million as of March 31, 2024, including $590 million in current deferred revenue and $110 million in other non-current liabilities in our consolidated balance sheets. The changes in our deferred revenue during the three months ended March 31, 2024 are as follows (in millions):
Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2024$108 $93 $106 $307 
Additions460 161 32 653 
Amortization
(122)(99)(39)(260)
Deferred revenue balance at March 31, 2024
$446 $155 $99 $700 
The changes in our deferred revenue during the three months ended March 31, 2023 are as follows (in millions):
14


Listings RevenuesData Services and Other RevenuesMortgage TechnologyTotal
Deferred revenue balance at January 1, 2023$115 $88 $51 $254 
Additions
470 159 14 643 
Amortization
(127)(89)(20)(236)
Deferred revenue balance at March 31, 2023
$458 $158 $45 $661 

Included in the amortization recognized during the three months ended March 31, 2024 is $84 million related to the deferred revenue balance as of January 1, 2024. Included in the amortization recognized for the three months ended March 31, 2023 is $67 million related to the deferred revenue balance as of January 1, 2023. As of March 31, 2024, the remaining deferred revenue balance will be recognized over the period of time we satisfy our performance obligations as described in Note 5.

8.    Debt
Our total debt, including short-term and long-term debt, consisted of the following (in millions):
As of March 31, 2024As of December 31, 2023
Short-term debt:
Commercial Paper$1,916 $1,954 
Total short-term debt1,916 1,954 
Long-term debt:
2025 Term Loan due August 31, 20251,000 1,600 
2025 Senior Notes (3.65%; unsecured due May 23, 2025)
1,247 1,246 
2025 Senior Notes (3.75%; unsecured due December 1, 2025)
1,248 1,248 
2027 Senior Notes (4.00%; unsecured due September 15, 2027)
1,490 1,489 
2027 Senior Notes (3.10%; unsecured due September 15, 2027)
498 498 
2028 Senior Notes (3.625%; unsecured due September 1, 2028)
925 920 
2028 Senior Notes (3.75%; unsecured due September 21, 2028)
596 596 
2029 Senior Notes (4.35%; unsecured due June 15, 2029)
1,242 1,241 
2030 Senior Notes (2.10%; unsecured due June 15, 2030)
1,238 1,238 
2032 Senior Notes (1.85%; unsecured due September 15, 2032)
1,487 1,486 
2033 Senior Notes (4.60%; unsecured due March 15, 2033)
1,489 1,489 
2040 Senior Notes (2.65%; unsecured due September 15, 2040)
1,232 1,232 
2048 Senior Notes (4.25%; unsecured due September 21, 2048)
1,232 1,232 
2050 Senior Notes (3.00%; unsecured due June 15, 2050)
1,222 1,222 
2052 Senior Notes (4.95%; unsecured due June 15, 2052)
1,466 1,466 
2060 Senior Notes (3.00%; unsecured due September 15, 2060)
1,472 1,472 
2062 Senior Notes (5.20%; unsecured due June 15, 2062)
984 984 
Total long-term debt20,068 20,659 
Total debt$21,984 $22,613 
As of March 31, 2024, our senior notes of $19.1 billion had a weighted average maturity of 15 years and a weighted average cost of 3.6% per annum.
Credit Facilities
We have a $3.9 billion senior unsecured revolving credit facility, or the Credit Facility, with a maturity date of May 25, 2027, with future capacity to increase our borrowings under the Credit Facility by an additional $1.0 billion, subject to the consent of the lenders funding the increase and certain other conditions. No amounts were outstanding under the Credit Facility as of March 31, 2024.
As of March 31, 2024, of the $3.9 billion that was available for borrowing under the Credit Facility, $1.9 billion was required to back-stop the notes outstanding under our U.S. dollar commercial paper program, or the Commercial Paper Program, and $172 million was required to support certain broker-dealer and other subsidiary commitments. Amounts
15


required to backstop notes outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $1.8 billion was available for working capital and general corporate purposes including, but not limited to, acting as a backstop to future amounts outstanding under the Commercial Paper Program.
We have a $2.4 billion two-year senior unsecured delayed draw term loan facility, or the Term Loan, with a maturity date of August 31, 2025. Draws under the Term Loan bear interest on the principal amount outstanding at either (a) Term Secured Overnight Financing Rate, or Term SOFR, plus an applicable margin plus a credit spread adjustment of 8.75 basis points or (b) a "base rate" plus an applicable margin. The applicable margin ranges from 0.625% to 1.125% for Term SOFR loans and from 0.000% to 0.125% for base rate loans, in each case, based on a ratings-based pricing grid. We have the option to prepay outstanding amounts under the Term Loan in whole or in part at any time. As of March 31, 2024, we had $1.0 billion outstanding under the Term Loan.
Our India subsidiaries maintain $14 million of credit lines for their general corporate purposes. As of March 31, 2024, there were no amounts outstanding under these credit lines.
Commercial Paper Program
Our Commercial Paper Program is currently backed by the borrowing capacity available under the Credit Facility, as described above. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates, which fluctuate due to market conditions and as a result may impact our interest expense. During the three months ended March 31, 2024, we had net repayments of $38 million under the Commercial Paper Program funded primarily by cash flows from operations.
Commercial paper notes of $1.9 billion with original maturities ranging from 4 to 45 days were outstanding as of March 31, 2024, with a weighted average interest rate of 5.6% per annum, and a weighted average remaining maturity of 28 days.

9.    Share-Based Compensation
We currently have employee and non-employee director incentive plans from which we grant stock options, restricted shares, and restricted stock units with various service, performance, and/or market conditions. We also have an Employee Stock Purchase Plan available to our employees. Stock options and restricted stock are granted at the discretion of the Compensation Committee of our Board of Directors, or Board, based on the estimated fair value on the date of grant. The fair value of the stock options and restricted stock on the date of grant is recognized as expense over the vesting period, net of forfeitures. The non-cash compensation expenses recognized in our consolidated statements of income for stock options, restricted stock and under our employee stock purchase plan, net of amounts classified as capitalized software, were $57 million and $40 million for the three months ended March 31, 2024 and 2023, respectively. For the three months ended March 31, 2024, $6 million of the total non-cash compensation expense was recorded within acquisition-related transaction and integration costs in the consolidated statement of income.
Stock Option Plans
We use the Black-Scholes option pricing model to value our stock option awards. During the three months ended March 31, 2024 and 2023, we used the assumptions in the table below to compute the value:
Three Months Ended March 31,
Assumptions:20242023
Risk-free interest rate
4.14%3.47%
Expected life in years
6.06.1
Expected volatility
24%24%
Expected dividend yield
1.33%1.56%
Estimated weighted-average fair value of options granted per share
$37.56$27.39
The risk-free interest rate is based on the zero-coupon U.S. Treasury yield curve in effect at the date of grant. The expected life is derived from historical and anticipated future exercise patterns. Expected volatility is based on historical volatility data of our stock.
Restricted Stock Plans
Restricted shares are used as an incentive to attract and retain qualified employees and to align our and our stockholders' interests by linking actual performance to both short and long-term stockholder return. We issue awards that may contain a combination of time, performance and/or market conditions. The grant date fair value of each award is based on the
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closing stock price of our stock at the date of grant. The grant date fair value of time-based restricted stock is recognized as expense ratably over the vesting period, which is typically three or four years, net of forfeitures.
In February 2024, we reserved a maximum of 0.9 million restricted shares for potential issuance as performance-based restricted shares to certain of our employees. The number of shares ultimately granted under this award will be based on our actual financial performance as compared to financial performance targets set by our Board and the Compensation Committee for the year ending December 31, 2024. The maximum compensation expense to be recognized under these performance-based restricted shares is $112 million if the maximum financial performance target is met and all 0.9 million shares vest. The compensation expense to be recognized under these performance-based restricted shares will be $56 million if the target financial performance is met, which would result in 0.4 million shares vesting. For these awards with performance conditions, we recognize expense on an accelerated basis over the three-year vesting period based on our quarterly assessment of the probable 2024 actual financial performance as compared to the 2024 financial performance targets. As of March 31, 2024, our best estimate is that the financial performance level will be at target for 2024. Based on this assessment, we recorded non-cash compensation expense of $4 million for the three months ended March 31, 2024, related to these awards and the remaining $52 million in non-cash compensation expense will be recorded on an accelerated basis over the remaining vesting period, including $30 million which will be recorded over the remainder of 2024.
We also issue awards with a market condition but no performance condition. The fair value of these awards is estimated based on a simulation of various outcomes and includes inputs such as our stock price on the grant date, the valuation of historical awards with market conditions, the relatively low likelihood that the market condition will affect the number of shares granted (as the market condition only affects shares granted in excess of certain financial performance targets), and our expectation of achieving the financial performance targets.

10.    Equity
Stock Repurchase Program
In December 2021, our Board approved an aggregate of $3.15 billion for future repurchases of our common stock with no fixed expiration date that became effective on January 1, 2022. The approval of our Board for the stock repurchases does not obligate us to acquire any particular amount of our common stock. In addition, our Board may increase or decrease the amount available for repurchases from time to time. We fund repurchases from our operating cash flow or borrowings under our debt facilities or our Commercial Paper Program. Repurchases may be made from time to time on the open market, through established trading plans, in privately-negotiated transactions or otherwise, in accordance with all applicable securities laws, rules and regulations. We may begin or discontinue stock repurchases at any time and may amend or terminate a Rule 10b5-1 trading plan at any time or enter into additional plans, subject to applicable rules.
In connection with our acquisition of Black Knight, on May 4, 2022 we terminated our Rule 10b5-1 trading plan and suspended share repurchases. Therefore, we did not have any share repurchases during the three months ended March 31, 2024 or 2023. As of March 31, 2024, the remaining balance of Board approved funds for future repurchases was $2.5 billion.
Dividends
During the three months ended March 31, 2024 and 2023, we declared and paid cash dividends per share of $0.45 and $0.42, respectively, for an aggregate payout of $258 million and $236 million, respectively. Our Board has adopted a quarterly dividend declaration policy providing that the declaration of any dividends will be approved quarterly by the Board or the Audit Committee, taking into account such factors as our evolving business model, prevailing business conditions, our current and future planned strategic growth initiatives, our financial results and capital requirements and other considerations which our Board deems relevant, without a predetermined annual net income payout ratio.
Accumulated Other Comprehensive Income/(Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income/ (loss) (in millions):
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Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of December 31, 2023
$(230)$2 $(66)$(294)
Other comprehensive income/(loss)(18)10  (8)
Income tax expense (3) (3)
Net current period other comprehensive income/(loss)(18)7  (11)
Balance, as of March 31, 2024
$(248)$9 $(66)$(305)

Changes in Accumulated Other Comprehensive Income/(Loss) by Component
Foreign currency translation adjustmentsComprehensive income from equity method investmentEmployee benefit plans adjustmentsTotal
Balance, as of December 31, 2022
$(278)$2 $(55)$(331)
Other comprehensive income
16   16 
Income tax benefit/(expense)    
Net current period other comprehensive income
16   16 
Balance, as of March 31, 2023
$(262)$2 $(55)$(315)

11.    Income Taxes
Our effective tax rate was 19% and 21% during the three months ended March 31, 2024 and 2023, respectively. The effective tax rate for the three months ended March 31, 2024 was lower than the effective tax rate for the comparable period in 2023 primarily due to deferred income tax benefits from state apportionment changes in the current period, partially offset by the U.K. corporate income tax rate increase to 25% effective for the full year in 2024, the net effect of which was greater than the impact of favorable audit settlements for certain historical periods during the three months ended March 31, 2023.
The Organisation for Economic Cooperation and Development, or OECD, Global Anti-Base Erosion Pillar Two minimum tax rules, or Pillar Two, which generally provide for a minimum effective tax rate of 15%, are intended to apply to tax years beginning in 2024. The EU member states and many other countries, including the U.K., our most significant non-U.S. jurisdiction, have committed to implement or have already enacted legislation adopting the Pillar Two rules. In July 2023, the U.K. enacted the U.K. Finance Act 2023, effective as of January 1, 2024, which includes provisions to implement certain portions of the Pillar Two minimum tax rules and includes an election to apply a transitional safe harbor to extend certain effective dates to accounting periods ending on or before June 30, 2028. These new U.K. Pillar Two rules did not have a material impact on our income tax provision as of March 31, 2024.

12.    Clearing Operations
We operate six clearing houses, each of which acts as a central counterparty that becomes the buyer to every seller and the seller to every buyer for its clearing members or participants, or Members. Through this central counterparty function, the clearing houses provide financial security for each transaction for the duration of the position by limiting counterparty credit risk.
Our clearing houses are responsible for providing clearing services to each of our futures exchanges, and in some cases to third-party execution venues, and are as follows, referred to herein collectively as "the ICE Clearing Houses":
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Clearing HouseProducts ClearedExchange where ExecutedLocation
ICE Clear EuropeEnergy, agricultural, interest rates and equity index futures and options contractsICE Futures Europe, ICE Futures U.S., ICE Endex, ICE Futures Abu Dhabi and third-party venuesU.K.
ICE Clear U.S.Agricultural, metals, foreign exchange, or FX, interest rate and equity index futures and/or options contractsICE Futures U.S.U.S.
ICE Clear CreditOTC North American, European, Asian-Pacific and Emerging Market CDS instrumentsCreditex and third-party venuesU.S.
ICE Clear NetherlandsDerivatives on equities and equity indices traded on regulated marketsICE EndexThe Netherlands
ICE Clear SingaporeEnergy, metals and financial futures products ICE Futures Singapore Singapore
ICE NGXPhysical North American natural gas, electricity and environmental commoditiesICE NGXCanada
Original and Variation Margin
Each of the ICE Clearing Houses generally requires all Members to deposit collateral in cash or certain pledged assets. The collateral deposits are known as “original margin.” In addition, the ICE Clearing Houses may make intraday original margin calls in circumstances where market conditions require additional protection. The daily profits and losses to and from the ICE Clearing Houses due to the marking-to-market of open contracts is known as “variation margin.” The ICE Clearing Houses mark all outstanding contracts to market, and, with the exception of ICE NGX’s physical natural gas, physical environmental and physical power products discussed separately below, pay and collect variation margin at least once daily.
The amounts that Members are required to maintain are determined by proprietary risk models established by each ICE Clearing House and reviewed by the relevant regulators, independent model validators, risk committees and the boards of directors of the respective ICE Clearing House. The amounts required may fluctuate over time. Each of the ICE Clearing Houses is a separate legal entity and is not subject to the liabilities of the others, or the obligations of Members of the other ICE Clearing Houses.
Should a particular Member fail to deposit its original margin or fail to make a variation margin payment, when and as required, the relevant ICE Clearing House may liquidate or hedge the defaulting Member's open positions and use their original margin and guaranty fund deposits to pay any amount owed. In the event that the defaulting Member's deposits are not sufficient to pay the amount owed in full, the ICE Clearing Houses will first use their respective contributions to the guaranty fund, often referred to as Skin In The Game, or SITG, to pay any remaining amount owed. In the event that the SITG is not sufficient, the ICE Clearing Houses may utilize the respective guaranty fund deposits and default insurance or collect limited additional funds from their respective non-defaulting Members on a pro-rata basis, to pay any remaining amount owed.
As of March 31, 2024 and December 31, 2023, the ICE Clearing Houses had received or had been pledged $174.1 billion and $175.9 billion, respectively, in cash and non-cash collateral in original margin and guaranty fund deposits to cover price movements of underlying contracts for both periods.
Guaranty Funds and ICE Contribution
As described above, mechanisms have been created, called guaranty funds, to provide partial protection in the event of a Member default. With the exception of ICE NGX, each of the ICE Clearing Houses requires that each Member make deposits into a guaranty fund.
In addition, we have contributed our own capital that could be used if a defaulting Member’s original margin and guaranty fund deposits are insufficient. Such amounts are recorded as long-term restricted cash and cash equivalents and long-term restricted investments in our balance sheets and are as follows (in millions):
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ICE Portion of Guaranty Fund ContributionDefault insurance
Clearing HouseAs of March 31, 2024As of
December 31, 2023
As of March 31, 2024As of
December 31, 2023
ICE Clear Europe$197$197$100$100
ICE Clear U.S.75 75 25 25 
ICE Clear Credit50 50 75 75 
ICE Clear Netherlands2 2 N/AN/A
ICE Clear Singapore1 1 N/AN/A
ICE NGX15 15 200 200 
Total$340$340$400$400
We also maintain default insurance at ICE Clear Europe, ICE Clear U.S. and ICE Clear Credit as an additional layer of clearing member default protection, which is reflected in the table above. The default insurance was renewed in September 2022 and has a three-year term. The default insurance layer resides after and in addition to the ICE Clear Europe, ICE Clear U.S. and ICE Clear Credit SITG contributions and before the guaranty fund contributions of the non-defaulting Members.
Similar to SITG, the default insurance layer is not intended to replace or reduce the position risk-based amount of the guaranty fund. As a result, the default insurance layer is not a factor that is included in the calculation of the Members' guaranty fund contribution requirement. Instead, it serves as an additional, distinct, and separate default resource that should serve to further protect the non-defaulting Members’ guaranty fund contributions from being mutualized in the event of a default.
As of March 31, 2024, ICE NGX maintained a guaranty fund of $215 million, comprised of $15 million in cash and a $200 million letter of credit backed by a default insurance policy of the same amount, discussed below.
Below is a depiction of our Default Waterfall which summarizes the lines of defense and layers of protection we maintain for our mutualized clearing houses.
ICE Clearing House Default Waterfall
ICE Risk Waterfall graphic for clearing FN.jpg
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Cash and Invested Margin Deposits
We have recorded cash and invested margin and guaranty fund deposits and amounts due in our balance sheets as current assets with corresponding current liabilities to the Members. As of March 31, 2024, our cash and invested margin deposits were as follows (in millions):
ICE Clear EuropeICE Clear
Credit
ICE Clear U.S.ICE NGXOther ICE Clearing HousesTotal
Original margin
$38,628 $24,125 $5,620 $ $4 $68,377 
Unsettled variation margin, net
   1,108  1,108 
Guaranty fund
2,493 3,193 591  5 6,282 
Delivery contracts receivable/payable, net
   412  412 
Total
$41,121 $27,318 $6,211 $1,520 $9 $76,179 
As of December 31, 2023, our cash and invested margin deposits were as follows (in millions):
ICE Clear EuropeICE Clear
Credit
ICE Clear U.S.ICE NGXOther ICE Clearing HousesTotal
Original margin
$40,170 $28,353 $4,693 $ $5 $73,221 
Unsettled variation margin, net
   984  984 
Guaranty fund
2,358 3,017 609  5 5,989 
Delivery contracts receivable/payable, net