Fair Value Measurements |
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| Fair Value Measurements | 14. Fair Value Measurements Financial assets and liabilities recorded or disclosed at fair value in the consolidated balance sheets as of September 30, 2026 and December 31, 2025 were classified in their entirety based on the lowest level significant input used in their valuation. Recurring Fair Value Measurements As of September 30, 2026, our equity investment in Bakkt is measured at fair value on a recurring basis using Level 1 inputs. See Note 4 for more information. Our mutual funds are equity and fixed income mutual funds held for the purpose of providing future payments for our supplemental executive savings plan and our supplemental executive retirement plan. These mutual funds are classified as equity investments and measured at fair value using Level 1 inputs with adjustments recorded in net income. As of September 30, 2026 and December 31, 2025, the fair value of these mutual funds was $6 million and $20 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 Note 12 for more information. Excluding our equity investments without a readily determinable fair value, all other financial instruments approximate carrying value due to the short-term nature of their maturities. We did not use Level 3 inputs to determine the fair value of assets or liabilities measured at fair value on a recurring basis as of September 30, 2026 or December 31, 2025. 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. As of September 30, 2026 and 2025, none of our intangible assets or equity method investments were required to be measured at fair value since no impairment indicators were identified. We measure certain equity investments at fair value on a non-recurring basis using our policy election under ASC 321. During the nine months ended September 30, 2026, we recorded a total gain of $390 million related to the identification of observable price changes in the same or similar investments of our investees. The fair value measurement underlying these gains was classified as Level 3. Refer to Note 4 for more information. During the nine months ended September 30, 2025, we recorded a total gain of $34 million related to the identification of an observable price change for a similar investment of one of our investees. Financial Instruments Not Measured at Fair Value The table below displays the fair value of our debt as of September 30, 2026 (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.
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