Intercontinental Exchange, Inc.ICE
Intercontinental Exchange, Inc. Fair Value Disclosure
Fair Value Measurements
Financial assets and liabilities carried or disclosed at fair value as of December 31, 2025 and 2024 were classified in the fair value hierarchy based on the most significant lowest-level input used in their valuation.
Recurring Fair Value Measurements
Our mutual funds are equity and fixed income mutual funds held for the purpose of providing future payments for the supplemental executive savings plan and SERP. These mutual funds are classified as equity investments and measured at fair value using Level 1 inputs with adjustments recorded in net income (see Note 17). As of December 31, 2025 and 2024, the fair value of these mutual funds was $20 million and $16 million, respectively.
At our ICE NGX clearing house, unsettled variation margin is recorded at fair value based on the settlement prices of open contracts using level 2 inputs. See Notes 2 and 14 for more information.
Non-Recurring Fair Value Measurements
We measure certain assets, such as intangible assets and equity method investments, at fair value on a non-recurring basis. These assets are recognized at fair value if they are deemed to be impaired. During 2024, we recorded a $3 million impairment of a developed technology intangible asset within the Exchanges segment. During 2023, we recorded a $7 million impairment on certain trademark intangible assets within our Mortgage Technology segment. As of December 31, 2025 and 2024, no other intangible assets or equity method investments were required to be recorded at fair value since no other impairments were recorded.
We measure certain equity investments at fair value on a non-recurring basis using our policy election under ASC 321. During 2025, we recorded a net $34 million fair value gain consisting of $35 million of gains from identifying observable price changes in certain of our investments offset by a $1 million impairment. During 2024, we recorded a net $1 million fair value loss consisting of a $3 million fair value loss from impairment separately offset by a $2 million fair value gain from identifying an observable price change in one of our investments. These were recorded within other income/(expense), net, in the consolidated statement of income. With the exception of the items noted above, no other adjustments were necessary.
Financial Instruments Not Measured at Fair Value
The table below displays the fair value of our debt as of December 31, 2025 and December 31, 2024 (in millions). The fair values of our fixed rate notes were estimated using Level 2 inputs including quoted market prices for these instruments. The fair value of our commercial paper was estimated using Level 2 inputs. The commercial paper includes a discount and fair value was determined to approximate the carrying value due to the short term to maturity.
| As of December 31, 2025 | As of December 31, 2024 | ||||||||||||||||||||||
Carrying Amount | Fair value | Carrying Amount | Fair value | ||||||||||||||||||||
Commercial Paper | $ | 1,035 | $ | 1,035 | $ | 529 | $ | 529 | |||||||||||||||
3.65% Senior Notes due May 23, 2025 | — | — | 1,249 | 1,245 | |||||||||||||||||||
3.75% Senior Notes due December 1, 2025 | — | — | 1,249 | 1,241 | |||||||||||||||||||
4.00% Senior Notes due September 15, 2027 | 1,495 | 1,504 | 1,492 | 1,478 | |||||||||||||||||||
3.10% Senior Notes due September 15, 2027 | 499 | 494 | 498 | 481 | |||||||||||||||||||
3.625% Senior Notes due September 1, 2028 | 954 | 993 | 937 | 960 | |||||||||||||||||||
3.75% Senior Notes due September 21, 2028 | 597 | 597 | 596 | 578 | |||||||||||||||||||
3.95% Senior Notes due December 1, 2028 | 594 | 602 | — | — | |||||||||||||||||||
4.35% Senior Notes due June 15, 2029 | 1,245 | 1,264 | 1,243 | 1,224 | |||||||||||||||||||
2.10% Senior Notes due June 15, 2030 | 1,242 | 1,149 | 1,240 | 1,081 | |||||||||||||||||||
4.20% Senior Notes due March 15, 2031 | 640 | 651 | — | — | |||||||||||||||||||
5.25% Senior Notes due June 15, 2031 | 745 | 786 | 743 | 758 | |||||||||||||||||||
1.85% Senior Notes due September 15, 2032 | 1,489 | 1,281 | 1,488 | 1,190 | |||||||||||||||||||
4.60% Senior Notes due March 15, 2033 | 1,491 | 1,519 | 1,490 | 1,441 | |||||||||||||||||||
2.65% Senior Notes due September 15, 2040 | 1,234 | 929 | 1,233 | 874 | |||||||||||||||||||
4.25% Senior Notes due September 21, 2048 | 1,234 | 1,043 | 1,233 | 1,011 | |||||||||||||||||||
3.00% Senior Notes due June 15, 2050 | 1,224 | 822 | 1,223 | 798 | |||||||||||||||||||
4.95% Senior Notes due June 15, 2052 | 1,468 | 1,379 | 1,467 | 1,343 | |||||||||||||||||||
3.00% Senior Notes due September 15, 2060 | 1,473 | 900 | 1,473 | 877 | |||||||||||||||||||
5.20% Senior Notes due June 15, 2062 | 985 | 919 | 985 | 911 | |||||||||||||||||||
| Total debt | $ | 19,644 | $ | 17,867 | $ | 20,368 | $ | 18,020 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 5, 2026 | Showing above |
| 2024 | Feb 6, 2025 | |
| 2023 | Feb 8, 2024 | |
| 2022 | Feb 2, 2023 | |
| 2021 | Feb 3, 2022 | |
| 2020 | Feb 4, 2021 | |
| 2019 | Feb 6, 2020 | |
| 2018 | Feb 7, 2019 | |
| 2017 | Feb 7, 2018 | |
| 2016 | Feb 7, 2017 | |
| 2015 | Feb 4, 2016 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.