0001156375-20-000119 | 10-Q | XBRL Viewer

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2020	Oct. 14, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-31553
Entity Registrant Name	CME GROUP INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4459170
Entity Address, Street Address	20 South Wacker Drive
Entity Address, City	Chicago
Entity Address, State	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	930-1000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of each class	Class A Common Stock
Trading symbol	CME
Name of each exchange on which registered	NASDAQ
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001156375
Amendment Flag	false
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		358,987,459
Class B Common Stock, Class B-1 [Member]
Entity Common Stock, Shares Outstanding		625
Class B Common Stock, Class B-2 [Member]
Entity Common Stock, Shares Outstanding		813
Class B Common Stock, Class B-3 [Member]
Entity Common Stock, Shares Outstanding		1,287
Class B Common Stock, Class B-4 [Member]
Entity Common Stock, Shares Outstanding		413

Consolidated Balance Sheets - USD ($)
$ in Millions

Sep. 30, 2020

Dec. 31, 2019

Assets

Cash and cash equivalents

$ 1,332.1

$ 1,551.4

Marketable securities

92.4

83.2

Accounts receivable, net of allowance of $4.8 and $3.4

490.9

491.8

Other current assets (includes $4.5 and $4.3 in restricted cash)

350.1

364.4

Performance bonds and guaranty fund contributions

88,083.8

37,077.0

Total current assets

90,349.3

39,567.8

Property, net of accumulated depreciation and amortization of $931.9 and $867.5

547.2

544.0

Intangible assets—trading products

^[1]

17,175.3

Intangible assets—other, net

4,893.8

5,117.7

Goodwill

10,755.8

10,742.5

Other assets (includes $0.7 and $0.9 in restricted cash)

2,037.4

2,068.0

Total Assets

125,758.8

75,215.3

Liabilities and Equity

Accounts payable

99.5

61.9

Other current liabilities

448.0

1,384.8

Performance bonds and guaranty fund contributions

88,083.4

37,075.8

Total current liabilities

88,630.9

38,522.5

Long-term debt

3,442.2

3,743.2

Deferred income tax liabilities, net

5,620.8

5,635.2

Other liabilities

1,054.5

1,155.1

Total Liabilities

98,748.4

49,056.0

Shareholders' Equity:

Preferred stock, $0.01 par value, 10,000 shares authorized at September 30, 2020 and December 31, 2019; none issued

0.0

Additional paid-in capital

21,157.2

21,113.2

Retained earnings

5,775.1

5,008.7

Accumulated other comprehensive income (loss)

43.7

3.4

Total CME Group Shareholders’ Equity

26,979.6

26,128.9

Non-controlling interests

30.8

30.4

Total Equity

27,010.4

26,159.3

Total Liabilities and Equity

125,758.8

75,215.3

Class A Common Stock [Member]

Shareholders' Equity:

Common stock

3.6

Class B Common Stock [Member]

Shareholders' Equity:

Common stock

$ 0.0

[1]

Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits.

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Accounts receivable, allowance	$ 4.8	$ 3.4
Short-term restricted cash	4.5	4.3
Accumulated depreciation and amortization, property	931.9	867.5
Long-term restricted cash	$ 0.7	$ 0.9
Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Class A Common Stock [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000,000	1,000,000
Common stock, shares issued (in shares)	358,030	357,469
Common stock, shares outstanding (in shares)	358,030	357,469
Class B Common Stock [Member]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	3	3
Common stock, shares issued (in shares)	3	3
Common stock, shares outstanding (in shares)	3	3

Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Total Revenues	$ 1,080.7	$ 1,277.3	$ 3,785.1	$ 3,729.6
Expenses
Compensation and benefits	216.4	223.5	640.9	681.1
Technology	48.1	52.7	144.9	148.4
Professional fees and outside services	48.4	43.2	141.3	124.3
Amortization of purchased intangibles	78.3	79.8	232.2	236.6
Depreciation and amortization	39.7	41.4	111.7	120.6
Licensing and other fee agreements	57.7	45.6	187.0	130.9
Other	67.1	105.9	204.7	272.9
Total Expenses	555.7	592.1	1,662.7	1,714.8
Operating Income	525.0	685.2	2,122.4	2,014.8
Non-Operating Income (Expense)
Investment income	23.6	172.3	151.6	490.3
Interest and other borrowing costs	(41.7)	(42.8)	(124.5)	(136.0)
Equity in net earnings of unconsolidated subsidiaries	44.0	48.0	144.0	132.3
Other non-operating income (expense)	(14.4)	(139.5)	(106.4)	(435.9)
Total Non-Operating Income (Expense)	11.5	38.0	64.7	50.7
Income before Income Taxes	536.5	723.2	2,187.1	2,065.5
Income tax provision	125.0	86.9	505.5	418.7
Net Income	411.5	636.3	1,681.6	1,646.8
Less: net (income) loss attributable to non-controlling interests	0.2	0.0	(0.4)	0.2
Net Income Attributable to CME Group	$ 411.7	$ 636.3	$ 1,681.2	$ 1,647.0
Earnings per Common Share Attributable to CME Group:
Basic (in dollars per share)	$ 1.15	$ 1.78	$ 4.70	$ 4.61
Diluted (in dollars per share)	$ 1.15	$ 1.78	$ 4.69	$ 4.60
Weighted Average Number of Common Shares:
Basic (in shares)	357,791	357,211	357,669	357,054
Diluted (in shares)	358,590	358,369	358,492	358,201
Clearing and transaction fees [Member]
Revenues	$ 835.4	$ 1,040.7	$ 3,054.4	$ 3,045.1
Market data and information services
Revenues	139.4	129.8	405.6	388.2
Other
Revenues	$ 105.9	$ 106.8	$ 325.1	$ 296.3

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 411.5	$ 636.3	$ 1,681.6	$ 1,646.8
Other comprehensive income (loss), net of tax:
Net unrealized holding gains (losses) arising during the period	0.0	(0.2)	0.8	1.5
Reclassification of net (gains) losses on sales included in investment income	0.0	(0.1)	0.0	(0.2)
Income tax benefit (expense)	0.0	0.0	(0.2)	(0.4)
Investment securities, net	0.0	(0.3)	0.6	0.9
Net change in defined benefit plans arising during the period	0.0	0.0	(2.0)	(2.7)
Amortization of net actuarial (gains) losses included in compensation and benefits expense	1.2	1.3	3.5	3.7
Income tax benefit (expense)	(0.3)	(0.4)	(0.4)	(0.3)
Defined benefit plans, net	0.9	0.9	1.1	0.7
Net unrealized holding gains (losses) arising during the period	0.0	0.5	0.0	0.3
Reclassification of net unrealized (gains) losses to interest expense and other non-operating income (expense)	(0.3)	(0.3)	(2.4)	(0.9)
Income tax benefit (expense)	0.2	(0.1)	0.6	0.0
Derivative investments, net	(0.1)	0.1	(1.8)	(0.6)
Foreign currency translation adjustments	56.0	(35.5)	39.8	(38.5)
Reclassification of net currency (gains) losses from foreign entities to other expenses	0.0	0.0	0.6	0.0
Income tax benefit (expense)	0.0	(3.0)	0.0	0.0
Foreign currency translation, net	56.0	(38.5)	40.4	(38.5)
Other comprehensive income (loss), net of tax	56.8	(37.8)	40.3	(37.5)
Comprehensive income	468.3	598.5	1,721.9	1,609.3
Less: comprehensive (income) loss attributable to non-controlling interests	0.2	0.0	(0.4)	0.2
Comprehensive income attributable to CME Group	$ 468.5	$ 598.5	$ 1,721.5	$ 1,609.5

Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Millions	Total	Common Stock And Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent [Member]	Noncontrolling Interest [Member]	Class A Common Stock [Member]	Class A Common Stock [Member] Common Stock And Additional Paid-In Capital [Member]	Class B Common Stock [Member]	Class B Common Stock [Member] Common Stock And Additional Paid-In Capital [Member]
Balance (in shares) at Dec. 31, 2018								356,824		3
Balance at Dec. 31, 2018	$ 25,965.3	$ 21,057.9	$ 4,855.3	$ 5.3	$ 25,918.5
Balance at Dec. 31, 2018						$ 46.8
Less: net (income) loss attributable to non-controlling interests	0.2					0.2
Net Income Attributable to CME Group	1,647.0		1,647.0		1,647.0
Net Income	1,646.8
Other comprehensive income (loss), net of tax	(37.5)			(37.5)	(37.5)
Dividends, Cash	(805.0)		(805.0)		(805.0)
Impact of accounting standards update adoption	6.9		6.9		6.9
Changes in non-controlling interest due to measurement period adjustments	(16.5)				0.0	(16.5)
Exercise of stock options, shares								195
Exercise of stock options	13.7	13.7			13.7
Vesting of issued restricted Class A common stock, shares								399
Vesting of issued restricted Class A common stock	(36.8)	(36.8)			(36.8)
Stock Issued During Period, Shares, Other								16
Stock Issued During Period, Value, Other	3.1	3.1			3.1
Stock Issued During Period, Shares, Employee Stock Purchase Plans								13
Stock Issued During Period, Value, Employee Stock Purchase Plan	2.5	2.5			2.5
Stock-based compensation	70.8	70.8			70.8
Balance (in shares) at Sep. 30, 2019								357,447		3
Balance at Sep. 30, 2019	26,813.3	21,111.2	5,704.2	(32.2)	26,783.2
Balance at Sep. 30, 2019						30.1
Balance (in shares) at Jun. 30, 2019								357,143		3
Balance at Jun. 30, 2019	26,484.9	21,112.8	5,336.8	5.6	26,455.2
Balance at Jun. 30, 2019						29.7
Less: net (income) loss attributable to non-controlling interests	0.0
Net Income Attributable to CME Group	636.3		636.3		636.3
Net Income	636.3
Other comprehensive income (loss), net of tax	(37.8)			(37.8)	(37.8)
Dividends, Cash	(268.9)		(268.9)		(268.9)
Changes in non-controlling interest due to measurement period adjustments	0.4					0.4
Exercise of stock options, shares								33
Exercise of stock options	6.7	6.7			6.7
Vesting of issued restricted Class A common stock, shares								271
Vesting of issued restricted Class A common stock	(22.7)	(22.7)			(22.7)
Stock-based compensation	14.4	14.4			14.4
Balance (in shares) at Sep. 30, 2019								357,447		3
Balance at Sep. 30, 2019	26,813.3	21,111.2	5,704.2	(32.2)	26,783.2
Balance at Sep. 30, 2019						30.1
Balance (in shares) at Dec. 31, 2019							357,469	357,469	3	3
Balance at Dec. 31, 2019	26,128.9	21,116.8	5,008.7	3.4	26,128.9
Balance at Dec. 31, 2019						30.4
Balance at Dec. 31, 2019	26,159.3
Less: net (income) loss attributable to non-controlling interests	(0.4)					0.4
Net Income Attributable to CME Group	1,681.2		1,681.2		1,681.2
Net Income	1,681.6
Other comprehensive income (loss), net of tax	40.3			40.3	40.3
Dividends, Cash	(914.5)		(914.5)		(914.5)
Impact of accounting standards update adoption	(0.3)				(0.3)
Exercise of stock options, shares								108
Exercise of stock options	6.0	6.0			6.0
Vesting of issued restricted Class A common stock, shares								419
Vesting of issued restricted Class A common stock	(37.1)	(37.1)			(37.1)
Stock Issued During Period, Shares, Other								17
Stock Issued During Period, Value, Other	2.9	2.9			2.9
Stock Issued During Period, Shares, Employee Stock Purchase Plans								17
Stock Issued During Period, Value, Employee Stock Purchase Plan	2.9	2.9			2.9
Stock-based compensation	69.3	69.3			69.3
Balance (in shares) at Sep. 30, 2020							358,030	358,030	3	3
Balance at Sep. 30, 2020	26,979.6	21,160.8	5,775.1	43.7	26,979.6
Balance at Sep. 30, 2020						30.8
Balance at Sep. 30, 2020	27,010.4
Balance (in shares) at Jun. 30, 2020								357,727		3
Balance at Jun. 30, 2020		21,152.5	5,668.5	(13.1)	26,807.9
Balance at Jun. 30, 2020						31.0
Balance at Jun. 30, 2020	26,838.9
Less: net (income) loss attributable to non-controlling interests	0.2					(0.2)
Net Income Attributable to CME Group	411.7		411.7		411.7
Net Income	411.5
Other comprehensive income (loss), net of tax	56.8			56.8	56.8
Dividends, Cash	(305.1)		(305.1)		(305.1)
Exercise of stock options, shares								41
Exercise of stock options	2.2	2.2			2.2
Vesting of issued restricted Class A common stock, shares								262
Vesting of issued restricted Class A common stock	(17.7)	(17.7)			(17.7)
Stock Issued During Period, Shares, Other
Stock Issued During Period, Value, Other	0.0	0.0			0.0
Stock Issued During Period, Shares, Employee Stock Purchase Plans
Stock Issued During Period, Value, Employee Stock Purchase Plan	0.0	0.0			0.0
Stock-based compensation	23.8	23.8			23.8
Balance (in shares) at Sep. 30, 2020							358,030	358,030	3	3
Balance at Sep. 30, 2020	26,979.6	$ 21,160.8	$ 5,775.1	$ 43.7	$ 26,979.6
Balance at Sep. 30, 2020						$ 30.8
Balance at Sep. 30, 2020	$ 27,010.4

Consolidated Statements Of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock, per share (in dollars per share)	$ 0.85	$ 0.75	$ 2.55	$ 2.25

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities
Net Income	$ 1,681.6	$ 1,646.8
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation	69.3	70.8
Amortization of purchased intangibles	232.2	236.6
Depreciation and amortization	111.7	120.6
Net losses on impaired assets	27.4	61.1
Net (gain) loss on derivative contracts	(1.5)	17.9
Net realized and unrealized losses on investments	4.9	20.4
Undistributed net earnings of unconsolidated subsidiaries	(9.7)	(41.1)
Deferred income taxes	(18.6)	(23.7)
Change in:
Accounts receivable	(0.8)	7.4
Other current assets	(37.7)	(106.5)
Other assets	45.1	(10.5)
Accounts payable	37.6	(54.4)
Income taxes payable	(27.0)	(94.5)
Other current liabilities	(39.6)	91.9
Other liabilities	(26.2)	1.0
Other	6.6	9.3
Net Cash Provided by (Used in) Operating Activities	2,055.3	1,953.1
Cash Flows from Investing Activities
Proceeds from maturities of available-for-sale marketable securities	9.4	13.0
Purchases of available-for-sale marketable securities	(8.7)	(9.8)
Purchases of property, net	(127.5)	(179.2)
Investments in privately-held equity investments	(5.5)	0.0
Proceeds from sales of investments	8.9	39.3
Net Cash Used in Investing Activities	(123.4)	(136.7)
Cash Flows from Financing Activities
Issuance of commercial paper, net of maturities	(304.6)	38.9
Repayment of debt	0.0	(569.2)
Cash dividends	(1,805.7)	(1,427.8)
Settlement of derivative contracts	0.0	16.0
Employee taxes paid on restricted stock vesting	(37.1)	(36.8)
Other	(3.8)	1.4
Net Cash Used in Financing Activities	(2,151.2)	(1,977.5)
Net change in cash, cash equivalents and restricted cash	(219.3)	(161.1)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, beginning balance	1,556.6	1,377.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, ending balance	1,337.3	1,216.1
Cash and cash equivalents	1,332.1	1,210.1
Short-term restricted cash	4.5	5.1
Long-term restricted cash	0.7	0.9
Income taxes paid	553.2	550.6
Interest paid	$ 109.4	$ 122.4

Basis Of Presentation	9 Months Ended
Basis Of Presentation	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis Of Presentation	Basis of Presentation The consolidated financial statements consist of CME Group Inc. (CME Group) and its subsidiaries (collectively, the company), including Chicago Mercantile Exchange Inc. (CME), Board of Trade of the City of Chicago, Inc. (CBOT), New York Mercantile Exchange, Inc. (NYMEX), Commodity Exchange, Inc. (COMEX) and NEX Group Limited (NEX). The clearing house is operated by CME. The accompanying interim consolidated financial statements have been prepared by CME Group without audit. Certain notes and other information normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. In the opinion of management, the accompanying consolidated financial statements include all normal recurring adjustments considered necessary to present fairly the financial position of the company at September 30, 2020 and December 31, 2019 and the results of operations and cash flows for the periods indicated. Quarterly results are not necessarily indicative of results for any subsequent period. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto in CME Group’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission (SEC) on February 28, 2020.

Accounting Policies (Notes)	9 Months Ended
Accounting Policies (Notes)	Sep. 30, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounting Changes [Text Block]	Accounting Policies Newly Adopted Accounting Policies. The company adopted the following accounting policies during 2020: Credit Losses. In June 2016, the FASB issued guidance that changes how credit losses are measured for most financial assets measured at amortized cost and certain other instruments. The standard requires an entity to estimate its lifetime expected credit loss and record an allowance, that when deducted from the amortized cost basis of the financial asset, presents the net amount expected to be collected on the financial asset. This forward-looking expected loss model generally will result in the earlier recognition of allowances for losses. The standard also amends the impairment model for available for sale debt securities and requires entities to determine whether all or a portion of the unrealized loss on an available for sale debt security is a credit loss. Severity and duration of the unrealized loss are no longer permissible factors in concluding whether a credit loss exists. Entities will recognize improvements to estimated credit losses on available for sale debt securities immediately in earnings rather than as interest income over time. The company implemented this standard on January 1, 2020 by recognizing an immaterial cumulative-effect adjustment to the beginning balance of retained earnings. The company has not experienced significant levels of underpayment or nonpayment by customers and does not expect changes to this trend over the payment terms of our receivables. Exposure to losses on receivables for clearing and transaction fees and other amounts owed by clearing and trading firms is dependent on each firm's financial condition. With respect to clearing firms, the company's credit loss exposure is mitigated by the memberships that collateralize fees owed to the company. The allowance for credit losses on accounts receivable is calculated by evaluating the aging of the company's billings by revenue stream: clearing and transaction, market data, and other. This aging assessment, as well as contemplation of current and anticipated economic factors, including the interest rate environment and pricing levels are the primary considerations that most significantly impact the collectibility of accounts receivable. The allowance for accounts receivable is $4.8 million at September 30, 2020. Income Taxes. In December 2019, the FASB issued an accounting update that is intended to reduce cost and complexity related to accounting for income taxes. The update removes specific exceptions to the general principles for accounting for income taxes. Specifically, it eliminates the need for an entity to analyze whether the following exceptions apply in a given period: incremental approach for intraperiod tax allocation, accounting basis differences when there are ownership changes in foreign investments, and interim period income tax accounting for year-to-date losses that exceed anticipated losses. The update also simplifies the accounting for the following: franchise taxes that are partially based on income, transactions with a government that result in a step up in the tax basis of goodwill, separate financial statements of legal entities that are not subject to tax, and enacted changes in tax laws in interim periods. This update is effective for reporting periods beginning after December 15, 2020. The company has early adopted this standard on January 1, 2020. The impact of adoption of this standard was immaterial to the consolidated financial statements. Recently Issued Accounting Pronouncements. In August 2018, the FASB issued a standards update that modifies the disclosure requirements for employers that sponsor defined pension or other postretirement plans. The guidance clarifies certain existing disclosures and expands the requirements for others. Disclosures that are not considered cost beneficial are removed by the update. Also, there is a new disclosure requirement to include an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. This guidance is effective for reporting periods beginning in 2021. Early adoption is permitted. The company plans to update the disclosures for these changes upon adoption of the guidance in 2021.

Revenue Recognition (Notes)

9 Months Ended

Sep. 30, 2020

Revenue Recognition [Abstract]

Revenue Recognition, Deferred Revenue [Policy Text Block]

Revenue Recognition

The company generates revenue from customers from the following sources:

Clearing and transaction fees. Clearing and transaction fees include electronic trading fees and brokerage commissions, surcharges for privately-negotiated transactions, portfolio reconciliation and compression services, risk mitigation and other volume-related charges for trade contracts. Clearing and transaction fees are assessed upfront at the time of trade execution. As such, the company recognizes the majority of the fee revenue upon successful execution of the trade. The minimal remaining portion of the fee revenue related to settlement activities performed after trade execution is recognized over the short-term period that the contract is outstanding, based on management’s estimates of the average contract lifecycle. These estimates are based on various assumptions to approximate the amount of fee revenue to be attributed to services performed through contract settlement, expiration, or termination. For cleared trades, these assumptions include the average number of days that a contract remains in open interest, contract turnover, average revenue per day, and revenue remaining in open interest at the end of each period.

The nature of contracts gives rise to several types of variable consideration, including volume-based pricing tiers, customer incentives associated with market maker programs and other fee discounts. The company includes fee discounts and incentives in the estimated transaction price when there is a basis to reasonably estimate the amount of the fee reduction. These estimates are based on historical experience, anticipated performance, and best judgment at the time. Because of the company's certainty in estimating these amounts, they are included in the transaction price of contracts.

Market data and information services. Market data and information services represent revenue from the dissemination of market data to subscribers, distributors, and other third-party licensees of market data. Pricing for market data is primarily based on the number of reportable devices used as well as the number of subscribers enrolled under the arrangement. Fees for these services are generally billed monthly. Market data services are satisfied over time and revenue is recognized on a monthly basis as the customers receive and consume the benefit of the market data services. However, the company also maintains certain annual license arrangements with one-time upfront fees. The fees for annual licenses are initially recorded as a contract liability and recognized as revenue monthly over the term of the annual period.

Other. Other revenues include certain access and communication fees, fees for collateral management, equity membership subscription fees, and fees for trade order routing through agreements from various strategic relationships. Access and communication fees are charges to customers that utilize various telecommunications networks and communications services. Fees for these services are generally billed monthly and the associated fee revenue is recognized as billed. Collateral management fees are charged to clearing firms that have collateral on deposit with the clearing house to meet their minimum performance bond and guaranty fund obligations on the exchange. These fees are calculated based on daily collateral balances and are billed monthly. This fee revenue is recognized monthly as billed as the customers receive and consume the benefits of the services. We also have an equity membership program which provides equity members the option to substitute a monthly subscription fee for their existing requirement to hold CME Group Class A common stock. Choosing to pay this fee in lieu of holding Class A shares is entirely voluntary and the client's choice. Fee revenue under this program is earned monthly as billed over the contractual term. Pricing for strategic relationships may be driven by customer levels and activity. There are fee arrangements which provide for monthly as well as quarterly payments in arrears. Revenue is recognized monthly for strategic relationship arrangements as the customers receive and consume the benefits of the services.

The following table represents a disaggregation of revenue from contracts with customers by product line for the quarters and nine months ended September 30, 2020 and 2019:


	Quarter Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Interest rates	$	172.0	$	347.9	$	811.5	$	998.1
Equity indexes	181.8		153.9		631.4		447.9
Foreign exchange	40.5		39.2		124.6		119.7
Agricultural commodities	112.8		104.2		339.2		350.7
Energy	138.8		178.7		554.6		523.0
Metals	69.1		74.3		197.5		183.4
Cash markets business	105.6		124.9		342.4		368.5
Interest rate swap	14.8		17.6		53.2		53.8
Total clearing and transaction fees	835.4		1,040.7		3,054.4		3,045.1
Market data and information services	139.4		129.8		405.6		388.2
Other	105.9		106.8		325.1		296.3
Total revenues	$	1,080.7	$	1,277.3	$	3,785.1	$	3,729.6

Timing of Revenue Recognition
Services transferred at a point in time	$	827.3	$	973.3	$	2,919.8	$	2,854.3
Services transferred over time	250.3		301.6		856.6		861.2
One-time charges and miscellaneous revenues	3.1		2.4		8.7		14.1
Total revenues	$	1,080.7	$	1,277.3	$	3,785.1	$	3,729.6

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, and customer advances and deposits (contract liabilities) on the consolidated balance sheets. Certain fees for transactions, annual licenses, and other revenue arrangements are billed upfront before revenue is recognized, which results in the recognition of contract liabilities. These liabilities are recognized on the consolidated balance sheets on a contract-by-contract basis at the end of each reporting period. For annual licenses and upfront fee arrangements, the company generally bills customers upon contract execution. These payments are recognized as revenue over time as the obligations under the contracts are satisfied. Changes in the contract liability balances during the nine months ended September 30, 2020 were not materially impacted by any other factors. The balance of contract liabilities was $48.2 million and $42.6 million as of September 30, 2020 and December 31, 2019, respectively.

Performance Bonds and Guaranty Fund Contributions (Notes)	9 Months Ended
	Sep. 30, 2020
Performance Bonds and Guaranty Fund Contributions [Abstract]
Performance Bonds and Guaranty Fund Contributions	Performance Bonds and Guaranty Fund Contributions Performance Bonds and Guaranty Fund Contributions. At September 30, 2020, performance bonds and guaranty fund contribution assets on the consolidated balance sheets include cash as well as U.S. Treasury securities and U.S. government agency securities. U.S. Treasury securities and U.S. government agency securities are purchased by CME, at its discretion, using cash collateral. The benefits, including interest earned, and risks of ownership accrue to CME. Interest earned is included in investment income on the consolidated statements of income. These debt securities are classified as available-for-sale. At September 30, 2020, the amortized cost and fair value of the U.S. Treasury securities were both $800.0 million. At September 30, 2020, the amortized cost and fair value of the U.S. government agency securities were both $195.0 million. CME has been designated as a systemically important financial market utility by the Financial Stability Oversight Council and is authorized to establish and maintain a cash account at the Federal Reserve Bank of Chicago. At September 30, 2020, CME maintained $70.6 billion within the cash account at the Federal Reserve Bank of Chicago. The cash deposit at the Federal Reserve Bank of Chicago is included within performance bonds and guaranty fund contributions on the consolidated balance sheets. Clearing House Contract Settlement. The clearing house marks-to-market open positions for all futures and options contracts twice a day (once a day for CME's cleared-only interest rate swap contracts). Based on values derived from the mark-to-market process, the clearing house requires payments from clearing firms whose positions have lost value and makes payments to clearing firms whose positions have gained value. Under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses, the maximum exposure related to positions other than cleared-only interest rate swap contracts would be one half day of changes in fair value of all open positions, before considering the clearing house's ability to access defaulting clearing firms' collateral deposits. For CME's cleared-only interest rate swap contracts, the maximum exposure related to CME's guarantee would be one full day of changes in fair value of all open positions, before considering CME's ability to access defaulting clearing firms' collateral. During the first nine months of 2020, the clearing house transferred an average of approximately $5.1 billion a day through its clearing systems for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value. The clearing house reduces its guarantee exposure through initial and maintenance performance bond requirements and mandatory guaranty fund contributions. The company believes that its guarantee liability is immaterial and therefore has not recorded any liability at September 30, 2020. The company does not have a history of significant losses recognized on performance bond collateral as posted by our clearing members, and management currently does not anticipate any future credit losses on its performance bond assets. Accordingly, the company has not provided an allowance for credit losses on these performance bond deposits, nor have we recorded any liabilities to reflect an allowance for credit losses related to our off-balance sheet credit exposures and guarantees.

Intangible Assets And Goodwill

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets And Goodwill

Intangible Assets

Intangible assets consisted of the following at September 30, 2020 and December 31, 2019:


	September 30, 2020						December 31, 2019
(in millions)	Assigned Value		Accumulated Amortization		Net Book Value		Assigned Value		Accumulated Amortization		Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships	$	5,806.7	$	(1,555.5)	$	4,251.2	$	5,797.1	$	(1,346.0)	$	4,451.1

Technology-related intellectual property	174.5		(61.9)		112.6		174.3		(46.6)		127.7
Other	103.6		(23.6)		80.0		103.8		(14.9)		88.9
Total amortizable intangible assets	$	6,084.8	$	(1,641.0)	4,443.8		$	6,075.2	$	(1,407.5)	4,667.7

Indefinite-Lived Intangible Assets:
Trade names					450.0						450.0
Total intangible assets – other, net					$	4,893.8					$	5,117.7
Trading products (1)					$	17,175.3					$	17,175.3

(1)Trading products represent futures and options products acquired in our business combinations with CBOT Holdings, Inc., NYMEX Holdings, Inc. and The Board of Trade of Kansas City, Missouri, Inc. Clearing and transaction fees are generated through the trading of these products. These trading products, most of which have traded for decades, require authorization from the Commodity Futures Trading Commission (CFTC). Product authorizations from the CFTC have no term limits.

Total amortization expense for intangible assets was $78.3 million and $79.8 million for the quarters ended September 30, 2020 and 2019, respectively. Total amortization expense for intangible assets was $232.2 million and $236.6 million for the nine months ended September 30, 2020 and 2019, respectively.

As of September 30, 2020, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:


(in millions)	Amortization Expense
Remainder of 2020	$	78.2
2021	312.8
2022	312.4
2023	311.0
2024	304.3
2025	304.1
Thereafter	2,821.0

Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

Long-term debt consisted of the following at September 30, 2020 and December 31, 2019:


(in millions)	September 30, 2020		December 31, 2019
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% (1)	$	748.3	$	747.7
€15.0 million fixed rate notes due May 2023, stated rate of 4.30%	17.2		16.4
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (2)	746.8		746.3
$500.0 million fixed rate notes due June 2028, stated rate of 3.75%	496.7		496.4
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (3)	743.0		742.8
$700.0 million fixed rate notes due June 2048, stated rate of 4.15%	690.2		689.8
Commercial paper (4)	—		303.8
Total long-term debt	$	3,442.2	$	3,743.2

(1)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.32%.

(2)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11%.

(3)The company maintained a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 4.73%.

(4)The commercial paper is backed by the five-year multi-currency revolving credit facility, which expires in 2022.

Commercial paper with an aggregate par value of $1.3 billion and maturities ranging from 1 to 18 days was issued during the first nine months of 2020. The weighted average balance of commercial paper outstanding during the first nine months of 2020 was $62.0 million.

Long-term debt maturities, at par value (in U.S. dollar equivalent), were as follows at September 30, 2020:


(in millions)	Par Value
2021	$	—
2022	750.0
2023	17.6
2024	—
2025	750.0
Thereafter	1,950.0

Contingencies	9 Months Ended
Contingencies	Sep. 30, 2020
Loss Contingency [Abstract]
Contingencies	Contingencies Legal and Regulatory Matters. In 2013, the CFTC filed suit against NYMEX and two former employees (the NYMEX Defendants) alleging disclosure of confidential customer information in violation of the Commodity Exchange Act. On June 3, 2020, the parties informed the United States District Court for the Southern District of New York that the CFTC's Division of Enforcement and the NYMEX Defendants had reached an agreement in principle to resolve the matter, subject to final approval by the CFTC. On July 31, 2020, the parties informed the Court that the CFTC had approved the agreed-upon settlement and further requested that the court enter an order implementing the agreed-upon resolution. The Court approved the settlement on August 3, 2020, concluding the matter. In 2003, the U.S. Futures Exchange, L.L.C. (Eurex U.S.) and U.S. Exchange Holdings, Inc. filed suit in federal court alleging that CBOT and CME violated the antitrust laws and tortuously interfered with the business relationship and contract between Eurex U.S. and The Clearing Corporation. On October 31, 2018, the district court granted CBOT's and CME's motion for summary judgment and dismissed the case in its entirety. On March 23, 2020, the Seventh Circuit affirmed the decision of the district court. Eurex U.S. and U.S. Exchange Holdings, Inc. did not file a petition for certiorari with the United States Supreme Court by the September 18, 2020 deadline, concluding the matter. In the normal course of business, the company discusses matters with its regulators raised during regulatory examinations or otherwise subject to their inquiry and oversight. These matters could result in censures, fines, penalties or other sanctions. Management believes the outcome of any resulting actions will not have a material impact on its consolidated financial position or results of operations. However, the company is unable to predict the outcome or the timing of the ultimate resolution of these matters, or the potential fines, penalties or injunctive or other equitable relief, if any, that may result from these matters. In addition, the company is a defendant in, and has potential for, various other legal proceedings arising from its regular business activities. While the ultimate results of such proceedings against the company cannot be predicted with certainty, the company believes that the resolution of any of these matters on an individual or aggregate basis will not have a material impact on its consolidated financial position or results of operations. As of September 30, 2020, an accrual of $2.1 million was recognized for probable and estimable legal and regulatory issues. No accrual was required as of December 31, 2019. Intellectual Property Indemnifications. Certain agreements with customers and other third parties related to accessing the CME Group platforms, utilizing market data services and licensing CME SPAN software may contain indemnifications from intellectual property claims that may be made against them as a result of their use of the applicable products and/or services. The potential future claims relating to these indemnifications cannot be estimated and therefore no liability has been recorded.

Leases (Notes)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Lessee, Leases [Policy Text Block]

Leases

The company has operating leases for datacenters, corporate offices, and certain information technology equipment. The operating leases have remaining lease terms of up to 18 years, some of which include options to extend or renew the leases for up to an additional five years, and some of which include options to early terminate the leases in less than 12 months. Management evaluates the exercisability of these options at least quarterly in order to determine whether the contract term must be reassessed. For a small number of the leases, primarily the international locations, management's approach is to enter into short-term leases for a lease term of 12 months or less in order to provide for greater flexibility in the local environment. For certain office spaces, the company has entered into arrangements to sublease excess space to third parties, while the original lease contract remains in effect with the landlord.

The company also has one finance lease, which is related to the sale of our datacenter in March 2016. In connection with the sale, the company leased back a portion of the property. The sale leaseback transaction was recognized under the financing method and not as a sale leaseback arrangement.

The right-of-use lease asset is recorded within other assets, and the present value of the lease liability is recorded within other liabilities (segregated between short term and long term) on the consolidated balance sheets. The discount rate applied to the lease payments represents the company's incremental borrowing rate.

The components of lease costs were as follows:


	Quarter Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Operating lease expense:
Operating lease cost	$	17.7	$	16.2	$	49.0	$	53.5
Short-term lease cost	0.2		0.7		0.9		5.6
Total operating lease expense included in other expense	$	17.9	$	16.9	$	49.9	$	59.1

Finance lease expense:
Interest expense	$	0.8	$	0.9	$	2.5	$	2.7
Depreciation expense	2.2		2.5		6.5		7.1
Total finance lease expense	$	3.0	$	3.4	$	9.0	$	9.8

Sublease revenue included in other revenue	$	3.4	$	2.0	$	10.1	$	7.3

Supplemental cash flow information related to leases was as follows:


	Quarter Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Cash outflows for operating leases	$	16.4	$	18.7	$	48.0	$	50.8
Cash outflows for finance leases	4.3		5.1		12.7		14.1

Supplemental balance sheet information related to leases was as follows:

Operating leases


(in millions)	September 30, 2020			December 31, 2019
Operating lease right-of-use assets	$	401.3		$	417.1

Operating lease liabilities:
Other current liabilities	$	42.6		$	42.3
Other liabilities	496.1			514.8
Total operating lease liabilities	$	538.7		$	557.1



Weighted average remaining lease term (in months)	140			146
Weighted average discount rate	3.9		%	4.0		%

Finance leases


(in millions)	September 30, 2020			December 31, 2019
Finance lease right-of-use assets	$	91.0		$	97.5

Finance lease liabilities:
Other current liabilities	$	7.6		$	7.4
Other liabilities	85.8			91.5
Total finance lease liabilities	$	93.4		$	98.9

Weighted average remaining lease term (in months)	126			135
Weighted average discount rate	3.5		%	3.5		%

Future minimum lease payments were as follows as of September 30, 2020 for operating and finance leases:


(in millions)	Operating Leases
Remainder of 2020	$	16.2
2021	63.6
2022	66.9
2023	65.1
2024	59.2
2025	56.6
Thereafter	344.7
Total lease payments	672.3
Less: imputed interest	(133.6)
Present value of lease liability	$	538.7


(in millions)	Finance Leases
Remainder of 2020	$	4.2
2021	17.0
2022	17.1
2023	17.2
2024	17.4
2025	17.5
Thereafter	94.3
Total lease payments	184.7
Less: imputed interest	(91.3)
Present value of lease liability	$	93.4

Guarantees	9 Months Ended
Guarantees	Sep. 30, 2020
Guarantees [Abstract]
Guarantees	Guarantees Mutual Offset Agreement. CME and Singapore Exchange Limited (SGX) maintain a mutual offset agreement with a current term through May 2023. This agreement enables market participants to open a futures position on one exchange and liquidate it on the other. The term of the agreement will automatically renew for a one-year period after May 2023 unless either party provides advance notice of their intent to terminate. CME can maintain collateral in the form of irrevocable, standby letters of credit. At September 30, 2020, CME was contingently liable to SGX on letters of credit totaling $310.0 million. CME also maintains a $350.0 million line of credit to meet its obligations under this agreement. Regardless of the collateral, CME guarantees all cleared transactions submitted through SGX and would initiate procedures designed to satisfy these financial obligations in the event of a default, such as the use of performance bonds and guaranty fund contributions of the defaulting clearing firm. The company believes that its guarantee liability is immaterial and therefore has not recorded any liability at September 30, 2020. Family Farmer and Rancher Protection Fund. In 2012, the company established the Family Farmer and Rancher Protection Fund (the Fund). The Fund is designed to provide payments, up to certain maximum levels, to family farmers, ranchers and other agricultural industry participants who use the company's agricultural commodity products and who suffer losses to their segregated account balances due to their CME clearing member becoming insolvent. Under the terms of the Fund, farmers and ranchers are eligible for up to $25,000 per participant. Farming and ranching cooperatives are eligible for up to $100,000 per cooperative. The Fund was established with a maximum of $100.0 million available for distribution to participants. Since its establishment, the Fund has made payments of approximately $2.0 million, which leaves $98.0 million available for future claims. If, at any time, payments due to participants were to exceed the amount remaining in the fund, payments would be pro-rated. Clearing members and customers must register with the company in advance and provide certain documentation in order to substantiate their eligibility. The company believes that its guarantee liability is immaterial and therefore has not recorded any liability at September 30, 2020.

Accumulated Other Comprehensive Income (Notes)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss):


(in millions)	Investment Securities		Defined Benefit Plans		Derivative Investments		Foreign Currency Translation		Total
Balance at December 31, 2019	$	0.8	$	(55.1)	$	69.0	$	(11.3)	$	3.4
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)	0.8		(2.0)		—		39.8		38.6
Amounts reclassified from accumulated other comprehensive income (loss)	—		3.5		(2.4)		0.6		1.7
Income tax benefit (expense)	(0.2)		(0.4)		0.6		—		—
Net current period other comprehensive income (loss)	0.6		1.1		(1.8)		40.4		40.3
Balance at September 30, 2020	$	1.4	$	(54.0)	$	67.2	$	29.1	$	43.7


(in millions)	Investment Securities		Defined Benefit Plans		Derivative Investments		Foreign Currency Translation		Total
Balance at December 31, 2018	$	0.1	$	(53.8)	$	69.7	$	(10.7)	$	5.3
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)	1.5		(2.7)		0.3		(38.5)		(39.4)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.2)		3.7		(0.9)		—		2.6
Income tax benefit (expense)	(0.4)		(0.3)		—		—		(0.7)
Net current period other comprehensive income (loss)	0.9		0.7		(0.6)		(38.5)		(37.5)

Balance at September 30, 2019	$	1.0	$	(53.1)	$	69.1	$	(49.2)	$	(32.2)

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value by Fair Value Hierarchy Level Extensible List [Abstract]

Fair Value Measurements

The company uses a three-level classification hierarchy of fair value measurements for disclosure purposes:

•Level 1 inputs, which are considered the most reliable evidence of fair value, consist of quoted prices (unadjusted) for identical assets or liabilities in active markets.

•Level 2 inputs consist of observable market data, such as quoted prices for similar assets and liabilities in active markets, or inputs other than quoted prices that are directly observable.

•Level 3 inputs consist of unobservable inputs which are derived and cannot be corroborated by market data or other entity-specific inputs.

The company's level 1 assets generally include investments in publicly traded mutual funds, equity securities, corporate debt securities and U.S. government securities with quoted market prices. In general, the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities.

The company's level 2 assets and liabilities generally consist of asset-backed securities and long-term debt notes. Asset-backed securities were measured at fair value based on matrix pricing using prices of similar securities with similar inputs such as maturity dates, interest rates and credit ratings. The fair values of the long-term debt notes were based on quoted market prices in an inactive market.

The company's level 3 assets include certain fixed assets, intangible assets and investments that were impaired or written up in fair value.

Recurring Fair Value Measurements. Financial assets and liabilities recorded at fair value on the consolidated balance sheet as of September 30, 2020 were classified in their entirety based on the lowest level of input that was significant to each asset and liability's fair value measurement. The following table presents financial instruments measured at fair value on a recurring basis:


	September 30, 2020
(in millions)	Level 1		Level 2		Level 3		Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities	$	18.1	$	—	$	—	$	18.1

Mutual funds	73.9		—		—		73.9
Equity securities	0.1		—		—		0.1
Asset-backed securities	—		0.3		—		0.3
Total Marketable Securities	92.1		0.3		—		92.4
Performance bonds and guaranty fund contributions (1):
U.S. Treasury securities	800.0		—		—		800.0
U.S. government agency securities	195.0		—		—		195.0


Total Assets at Fair Value	$	1,087.1	$	0.3	$	—	$	1,087.4

(1) Performance bonds and guaranty fund contributions on the consolidated balance sheet at September 30, 2020 include U.S. Treasury securities and U.S. government agency securities purchased with cash collateral.

Non-Recurring Fair Value Measurements. During the first nine months of 2020, the company recognized impairment charges of $27.4 million related to certain intangible assets and fixed assets. The combined fair values of the assets were estimated to be zero at September 30, 2020. The company also recognized net unrealized gains on certain investments of $1.3 million. The combined fair value of these investments were estimated to be $18.4 million at September 30, 2020. These assessments were based on quantitative and qualitative indicators of fair value. The fair value measurements of the intangible assets, fixed assets and investments are considered level 3 and non-recurring.

Fair Values of Long-Term Debt Notes. The following presents the estimated fair values of long-term debt notes, which are carried at amortized cost on the consolidated balance sheets. The fair values below are classified as level 2 under the fair value hierarchy and were estimated using quoted market prices in inactive markets.

At September 30, 2020, the fair values (in U.S. dollar equivalent) were as follows:


(in millions)	Fair Value		Level

$750.0 million fixed rate notes due September 2022	$	788.0	Level 2
€15.0 million fixed rate notes due May 2023	19.3		Level 2
$750.0 million fixed rate notes due March 2025	821.8		Level 2
$500.0 million fixed rate notes due June 2028	587.0		Level 2
$750.0 million fixed rate notes due September 2043	1,113.9		Level 2
$700.0 million fixed rate notes due June 2048	941.0		Level 2

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of shares of all classes of CME Group common stock outstanding for each reporting period. Diluted earnings per share reflects the increase in shares using the treasury stock method to reflect the impact of an equivalent number of shares of common stock if stock options were exercised and restricted stock awards were converted into common stock. Anti-dilutive stock awards were as follows for the periods presented:


	Quarter Ended September 30,		Nine Months Ended September 30,
(in thousands)	2020	2019	2020	2019

Stock awards	44	98	44	473
Total	44	98	44	473

The following table presents the earnings per share calculation for the periods presented:


	Quarter Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net Income Attributable to CME Group (in millions)	$	411.7	$	636.3	$	1,681.2	$	1,647.0
Weighted Average Number of Common Shares (in thousands):
Basic	357,791		357,211		357,669		357,054
Effect of stock options, restricted stock and performance shares	799		1,158		823		1,147
Diluted	358,590		358,369		358,492		358,201
Earnings per Common Share Attributable to CME Group:
Basic	$	1.15	$	1.78	$	4.70	$	4.61
Diluted	1.15		1.78		4.69		4.60

Subsequent Events (Notes)	9 Months Ended
Subsequent Events (Notes)	Sep. 30, 2020
Subsequent Event [Line Items]
Subsequent Events [Text Block]	Subsequent EventsThe company has evaluated subsequent events through the date the financial statements were issued. The company has determined that there were no subsequent events.

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue Recognition [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table represents a disaggregation of revenue from contracts with customers by product line for the quarters and nine months ended September 30, 2020 and 2019:


	Quarter Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Interest rates	$	172.0	$	347.9	$	811.5	$	998.1
Equity indexes	181.8		153.9		631.4		447.9
Foreign exchange	40.5		39.2		124.6		119.7
Agricultural commodities	112.8		104.2		339.2		350.7
Energy	138.8		178.7		554.6		523.0
Metals	69.1		74.3		197.5		183.4
Cash markets business	105.6		124.9		342.4		368.5
Interest rate swap	14.8		17.6		53.2		53.8
Total clearing and transaction fees	835.4		1,040.7		3,054.4		3,045.1
Market data and information services	139.4		129.8		405.6		388.2
Other	105.9		106.8		325.1		296.3
Total revenues	$	1,080.7	$	1,277.3	$	3,785.1	$	3,729.6

Timing of Revenue Recognition
Services transferred at a point in time	$	827.3	$	973.3	$	2,919.8	$	2,854.3
Services transferred over time	250.3		301.6		856.6		861.2
One-time charges and miscellaneous revenues	3.1		2.4		8.7		14.1
Total revenues	$	1,080.7	$	1,277.3	$	3,785.1	$	3,729.6

Intangible Assets And Goodwill (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Components of intangible assets

Intangible assets consisted of the following at September 30, 2020 and December 31, 2019:


	September 30, 2020						December 31, 2019
(in millions)	Assigned Value		Accumulated Amortization		Net Book Value		Assigned Value		Accumulated Amortization		Net Book Value
Amortizable Intangible Assets:
Clearing firm, market data and other customer relationships	$	5,806.7	$	(1,555.5)	$	4,251.2	$	5,797.1	$	(1,346.0)	$	4,451.1

Technology-related intellectual property	174.5		(61.9)		112.6		174.3		(46.6)		127.7
Other	103.6		(23.6)		80.0		103.8		(14.9)		88.9
Total amortizable intangible assets	$	6,084.8	$	(1,641.0)	4,443.8		$	6,075.2	$	(1,407.5)	4,667.7

Indefinite-Lived Intangible Assets:
Trade names					450.0						450.0
Total intangible assets – other, net					$	4,893.8					$	5,117.7
Trading products (1)					$	17,175.3					$	17,175.3

Future estimated amortization expense

As of September 30, 2020, the future estimated amortization expense related to amortizable intangible assets is expected to be as follows:


(in millions)	Amortization Expense
Remainder of 2020	$	78.2
2021	312.8
2022	312.4
2023	311.0
2024	304.3
2025	304.1
Thereafter	2,821.0

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

Long-term debt consisted of the following at September 30, 2020 and December 31, 2019:


(in millions)	September 30, 2020		December 31, 2019
$750.0 million fixed rate notes due September 2022, stated rate of 3.00% (1)	$	748.3	$	747.7
€15.0 million fixed rate notes due May 2023, stated rate of 4.30%	17.2		16.4
$750.0 million fixed rate notes due March 2025, stated rate of 3.00% (2)	746.8		746.3
$500.0 million fixed rate notes due June 2028, stated rate of 3.75%	496.7		496.4
$750.0 million fixed rate notes due September 2043, stated rate of 5.30% (3)	743.0		742.8
$700.0 million fixed rate notes due June 2048, stated rate of 4.15%	690.2		689.8
Commercial paper (4)	—		303.8
Total long-term debt	$	3,442.2	$	3,743.2

(4)The commercial paper is backed by the five-year multi-currency revolving credit facility, which expires in 2022.

Schedule of Maturities of Long-term Debt [Table Text Block]

Long-term debt maturities, at par value (in U.S. dollar equivalent), were as follows at September 30, 2020:


(in millions)	Par Value
2021	$	—
2022	750.0
2023	17.6
2024	—
2025	750.0
Thereafter	1,950.0

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Lessee, Lease, Description [Line Items]

Lease, Cost [Table Text Block]

The components of lease costs were as follows:


	Quarter Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Operating lease expense:
Operating lease cost	$	17.7	$	16.2	$	49.0	$	53.5
Short-term lease cost	0.2		0.7		0.9		5.6
Total operating lease expense included in other expense	$	17.9	$	16.9	$	49.9	$	59.1

Finance lease expense:
Interest expense	$	0.8	$	0.9	$	2.5	$	2.7
Depreciation expense	2.2		2.5		6.5		7.1
Total finance lease expense	$	3.0	$	3.4	$	9.0	$	9.8

Sublease revenue included in other revenue	$	3.4	$	2.0	$	10.1	$	7.3

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

Supplemental cash flow information related to leases was as follows:


	Quarter Ended September 30,				Nine Months Ended September 30,
(in millions)	2020		2019		2020		2019
Cash outflows for operating leases	$	16.4	$	18.7	$	48.0	$	50.8
Cash outflows for finance leases	4.3		5.1		12.7		14.1

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

Supplemental balance sheet information related to leases was as follows:

Operating leases


(in millions)	September 30, 2020			December 31, 2019
Operating lease right-of-use assets	$	401.3		$	417.1

Operating lease liabilities:
Other current liabilities	$	42.6		$	42.3
Other liabilities	496.1			514.8
Total operating lease liabilities	$	538.7		$	557.1



Weighted average remaining lease term (in months)	140			146
Weighted average discount rate	3.9		%	4.0		%

Finance leases


(in millions)	September 30, 2020			December 31, 2019
Finance lease right-of-use assets	$	91.0		$	97.5

Finance lease liabilities:
Other current liabilities	$	7.6		$	7.4
Other liabilities	85.8			91.5
Total finance lease liabilities	$	93.4		$	98.9

Weighted average remaining lease term (in months)	126			135
Weighted average discount rate	3.5		%	3.5		%

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum lease payments were as follows as of September 30, 2020 for operating and finance leases:


(in millions)	Operating Leases
Remainder of 2020	$	16.2
2021	63.6
2022	66.9
2023	65.1
2024	59.2
2025	56.6
Thereafter	344.7
Total lease payments	672.3
Less: imputed interest	(133.6)
Present value of lease liability	$	538.7

Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]


(in millions)	Finance Leases
Remainder of 2020	$	4.2
2021	17.0
2022	17.1
2023	17.2
2024	17.4
2025	17.5
Thereafter	94.3
Total lease payments	184.7
Less: imputed interest	(91.3)
Present value of lease liability	$	93.4

Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2020

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)


(in millions)	Investment Securities		Defined Benefit Plans		Derivative Investments		Foreign Currency Translation		Total
Balance at December 31, 2019	$	0.8	$	(55.1)	$	69.0	$	(11.3)	$	3.4
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)	0.8		(2.0)		—		39.8		38.6
Amounts reclassified from accumulated other comprehensive income (loss)	—		3.5		(2.4)		0.6		1.7
Income tax benefit (expense)	(0.2)		(0.4)		0.6		—		—
Net current period other comprehensive income (loss)	0.6		1.1		(1.8)		40.4		40.3
Balance at September 30, 2020	$	1.4	$	(54.0)	$	67.2	$	29.1	$	43.7


(in millions)	Investment Securities		Defined Benefit Plans		Derivative Investments		Foreign Currency Translation		Total
Balance at December 31, 2018	$	0.1	$	(53.8)	$	69.7	$	(10.7)	$	5.3
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)	1.5		(2.7)		0.3		(38.5)		(39.4)
Amounts reclassified from accumulated other comprehensive income (loss)	(0.2)		3.7		(0.9)		—		2.6
Income tax benefit (expense)	(0.4)		(0.3)		—		—		(0.7)
Net current period other comprehensive income (loss)	0.9		0.7		(0.6)		(38.5)		(37.5)

Balance at September 30, 2019	$	1.0	$	(53.1)	$	69.1	$	(49.2)	$	(32.2)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Financial instruments measured at fair value on a recurring basis

The following table presents financial instruments measured at fair value on a recurring basis:


	September 30, 2020
(in millions)	Level 1		Level 2		Level 3		Total
Assets at Fair Value:
Marketable securities:
Corporate debt securities	$	18.1	$	—	$	—	$	18.1

Mutual funds	73.9		—		—		73.9
Equity securities	0.1		—		—		0.1
Asset-backed securities	—		0.3		—		0.3
Total Marketable Securities	92.1		0.3		—		92.4
Performance bonds and guaranty fund contributions (1):
U.S. Treasury securities	800.0		—		—		800.0
U.S. government agency securities	195.0		—		—		195.0


Total Assets at Fair Value	$	1,087.1	$	0.3	$	—	$	1,087.4

Fair value of Debt Instruments

At September 30, 2020, the fair values (in U.S. dollar equivalent) were as follows:


(in millions)	Fair Value		Level

$750.0 million fixed rate notes due September 2022	$	788.0	Level 2
€15.0 million fixed rate notes due May 2023	19.3		Level 2
$750.0 million fixed rate notes due March 2025	821.8		Level 2
$500.0 million fixed rate notes due June 2028	587.0		Level 2
$750.0 million fixed rate notes due September 2043	1,113.9		Level 2
$700.0 million fixed rate notes due June 2048	941.0		Level 2

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Anti-dilutive stock awards were as follows for the periods presented:


	Quarter Ended September 30,		Nine Months Ended September 30,
(in thousands)	2020	2019	2020	2019

Stock awards	44	98	44	473
Total	44	98	44	473

Basic And Diluted Earnings Per Share

The following table presents the earnings per share calculation for the periods presented:


	Quarter Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net Income Attributable to CME Group (in millions)	$	411.7	$	636.3	$	1,681.2	$	1,647.0
Weighted Average Number of Common Shares (in thousands):
Basic	357,791		357,211		357,669		357,054
Effect of stock options, restricted stock and performance shares	799		1,158		823		1,147
Diluted	358,590		358,369		358,492		358,201
Earnings per Common Share Attributable to CME Group:
Basic	$	1.15	$	1.78	$	4.70	$	4.61
Diluted	1.15		1.78		4.69		4.60

Accounting Policies (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Accounts receivable, allowance	$ 4.8	$ 3.4

Revenue Recognition (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Revenue Recognition [Abstract]
Deferred Revenue	$ 48.2	$ 42.6

Revenue Recognition Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total Revenues	$ 1,080.7	$ 1,277.3	$ 3,785.1	$ 3,729.6
Services transferred at a point in time [Member]
Revenues	827.3	973.3	2,919.8	2,854.3
Services transferred over time [Member]
Revenues	250.3	301.6	856.6	861.2
One-time charges and miscellaneous revenues [Member]
Revenues	3.1	2.4	8.7	14.1
Clearing and transaction fees [Member]
Revenues	835.4	1,040.7	3,054.4	3,045.1
Clearing and transaction fees [Member] \| Interest rate [Member]
Revenues	172.0	347.9	811.5	998.1
Clearing and transaction fees [Member] \| Equities [Member]
Revenues	181.8	153.9	631.4	447.9
Clearing and transaction fees [Member] \| Foreign Exchange [Member]
Revenues	40.5	39.2	124.6	119.7
Clearing and transaction fees [Member] \| Agricultural commodity [Member]
Revenues	112.8	104.2	339.2	350.7
Clearing and transaction fees [Member] \| Energy [Member]
Revenues	138.8	178.7	554.6	523.0
Clearing and transaction fees [Member] \| Metal [Member]
Revenues	69.1	74.3	197.5	183.4
Clearing and transaction fees [Member] \| Cash Markets [Member]
Revenues	105.6	124.9	342.4	368.5
Clearing and transaction fees [Member] \| Interest Rate Swap [Member]
Revenues	14.8	17.6	53.2	53.8
Market data and information services
Revenues	139.4	129.8	405.6	388.2
Other
Revenues	$ 105.9	$ 106.8	$ 325.1	$ 296.3

Performance Bonds and Guaranty Fund Contributions (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Guarantor Obligations [Line Items]
Average Daily Clearing Settlement	$ 5,100.0
Federal Reserve Reinvestment [Member]
Guarantor Obligations [Line Items]
Cash Equivalents, at Carrying Value	70,600.0
U.S. Treasury Performance Bond [Member]
Guarantor Obligations [Line Items]
Available-for-sale Securities, Amortized Cost Basis	800.0
Available-for-sale Securities at Fair Value	800.0
U.S. Government Agency Security Performance Bond [Member]
Guarantor Obligations [Line Items]
Available-for-sale Securities, Amortized Cost Basis	195.0
Available-for-sale Securities at Fair Value	$ 195.0

Intangible Assets And Goodwill (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of purchased intangibles	$ 78.3	$ 79.8	$ 232.2	$ 236.6

Intangible Assets And Goodwill (Components Of Intangible Assets) (Details) - USD ($)
$ in Millions

Sep. 30, 2020

Dec. 31, 2019

Intangible Assets [Line Items]

Intangible assets—other, net

$ 4,893.8

$ 5,117.7

Intangible assets—trading products

^[1]

17,175.3

Trade Names [Member]

Intangible Assets [Line Items]

Total intangible assets - other, net

450.0

Clearing Firm, Market Data And Other Customer Relationships [Member]

Intangible Assets [Line Items]

Assigned Value

5,806.7

5,797.1

Accumulated amortization

(1,555.5)

(1,346.0)

Net book value

4,251.2

4,451.1

Intangible Assets [Line Items]

Assigned Value

174.5

174.3

Accumulated amortization

(61.9)

(46.6)

Net book value

112.6

127.7

Other [Member]

Intangible Assets [Line Items]

Assigned Value

103.6

103.8

Accumulated amortization

(23.6)

(14.9)

Net book value

80.0

88.9

Total Amortizable Intangible Assets [Member]

Intangible Assets [Line Items]

Assigned Value

6,084.8

6,075.2

Accumulated amortization

(1,641.0)

(1,407.5)

Net book value

$ 4,443.8

$ 4,667.7

[1]

Intangible Assets And Goodwill (Future Estimated Amortization Expense) (Details) $ in Millions	Sep. 30, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2020	$ 78.2
2021	312.8
2022	312.4
2023	311.0
2024	304.3
2025	304.1
Thereafter	$ 2,821.0

Debt (Schedule Of Short-Term And Long-Term Debt) (Details) € in Millions, $ in Millions	1 Months Ended			9 Months Ended
	Mar. 31, 2015	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2020 USD ($)	Sep. 30, 2020 EUR (€)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Long-term debt				$ 3,442.2		$ 3,743.2
Forward starting interest rate swap agreement fixed rate	3.11%	4.73%	3.32%
$750.0 million Fixed Rate Notes Due September 2022, stated rate of 3.00% [Member]
Debt Instrument [Line Items]
Long-term debt				748.3		747.7
Debt Instrument, Face Amount				$ 750.0
Debt Instrument, Maturity Date				Sep. 15, 2022
Debt Instrument, Interest Rate, Stated Percentage				3.00%	3.00%
€15.0 million fixed rate notes due May 2023 [Member]
Debt Instrument [Line Items]
Long-term debt				$ 17.2		16.4
Debt Instrument, Face Amount \| €					€ 15.0
Debt Instrument, Maturity Date				May 01, 2023
Debt Instrument, Interest Rate, Stated Percentage				4.30%	4.30%
$750.0 Million Fixed Rate Notes Due March 2025, stated rate of 3.00% [Member]
Debt Instrument [Line Items]
Long-term debt				$ 746.8		746.3
Debt Instrument, Face Amount				$ 750.0
Debt Instrument, Maturity Date				Mar. 15, 2025
Debt Instrument, Interest Rate, Stated Percentage				3.00%	3.00%
$500.0 Million Fixed Rate Notes Due June 2028, stated rate of 3.75% [Member] [Domain]
Debt Instrument [Line Items]
Long-term debt				$ 496.7		496.4
Debt Instrument, Face Amount				$ 500.0
Debt Instrument, Maturity Date				Jun. 15, 2028
Debt Instrument, Interest Rate, Stated Percentage				3.75%	3.75%
$750.0 million Fixed Rate Notes Due September 2043, stated rate of 5.30% [Member]
Debt Instrument [Line Items]
Long-term debt				$ 743.0		742.8
Debt Instrument, Face Amount				$ 750.0
Debt Instrument, Maturity Date				Sep. 15, 2043
Debt Instrument, Interest Rate, Stated Percentage				5.30%	5.30%
$700.0 Million Fixed Rate Notes Due June 2048, stated rate of 4.15% [Member] [Domain] [Domain]
Debt Instrument [Line Items]
Long-term debt				$ 690.2		689.8
Debt Instrument, Face Amount				$ 700.0
Debt Instrument, Maturity Date				Jun. 15, 2048
Debt Instrument, Interest Rate, Stated Percentage				4.15%	4.15%
Commercial Paper [Member]
Debt Instrument [Line Items]
Long-term debt				$ 0.0		$ 303.8

Debt (Schedule Of Maturities Of Long-Term Debt) (Details) $ in Millions	Sep. 30, 2020 USD ($)
Debt Disclosure [Abstract]
2021	$ 0.0
2022	750.0
2023	17.6
2024	0.0
2025	750.0
Thereafter	$ 1,950.0

Debt Narrative (details) (Details) $ in Millions	9 Months Ended
Debt Narrative (details) (Details) $ in Millions	Sep. 30, 2020 USD ($) days
Debt Instrument [Line Items]
debt weighted average balance \| $	$ 62.0
Proceeds from Issuance of Commercial Paper \| $	$ 1,300.0
Minimum [Member]
Debt Instrument [Line Items]
commercial paper days outstanding \| days	1
Maximum [Member]
Debt Instrument [Line Items]
commercial paper days outstanding \| days	18

Contingencies (Details) $ in Millions	Sep. 30, 2020 USD ($)
Loss Contingency [Abstract]
Estimated Litigation Liability	$ 2.1

Leases (Details)	Sep. 30, 2020
Leases [Abstract]
Operating Lease, Weighted Average Remaining Lease Term	18
Lessee, Operating Lease, Renewal Term	5
Lessee, Operating Lease, Option to Terminate	12
Lessee, Operating Lease, Term of Contract	12

Leases Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Leases Lease Costs (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Lease, Cost	$ 17.7	$ 16.2	$ 49.0	$ 53.5
Short-term Lease, Cost	0.2	0.7	0.9	5.6
Operating Lease, Expense	17.9	16.9	49.9	59.1
Finance Lease, Interest Expense	0.8	0.9	2.5	2.7
Finance Lease, Right-of-Use Asset, Amortization	2.2	2.5	6.5	7.1
Finance Lease, Expense	3.0	3.4	9.0	9.8
Sublease Income	$ 3.4	$ 2.0	$ 10.1	$ 7.3

Leases Supplemental Cash Flow Information-Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating Lease, Payments	$ 16.4	$ 18.7	$ 48.0	$ 50.8
Finance Lease, Principal Payments	$ 4.3	$ 5.1	$ 12.7	$ 14.1

Leases Supplemental Balance Sheet Information-Leases (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Operating Lease, Right-of-Use Asset	$ 401.3	$ 417.1
Operating Lease, Liability, Current	42.6	42.3
Operating Lease, Liability, Noncurrent	496.1	514.8
Operating Lease, Liability	$ 538.7	$ 557.1
Operating Lease, Weighted Average Remaining Lease Term	140 months	146 months
Operating Lease, Weighted Average Discount Rate, Percent	3.90%	4.00%
Finance Lease, Right-of-Use Asset	$ 91.0	$ 97.5
Finance Lease, Liability, Current	7.6	7.4
Finance Lease, Liability, Noncurrent	85.8	91.5
Finance Lease, Liability	$ 93.4	$ 98.9
Finance Lease, Weighted Average Remaining Lease Term	126 months	135 months
Finance Lease, Weighted Average Discount Rate, Percent	3.50%	3.50%

Leases Operating Leases Future Minimum Payments (Details) $ in Millions	Sep. 30, 2020 USD ($)
Operating Leases, Future Minimum Payments Due [Line Items]
Remainder of 2020	$ 16.2
2021	63.6
2022	66.9
2023	65.1
2024	59.2
2025	56.6
Thereafter	344.7
Total Operating Lease Payments	672.3
Operating Lease Payments, Less Imputed Interest	(133.6)
Present Value of Operating Lease Liability	$ 538.7

Leases Capital Leases, Future Minimum Payments Due (Details) $ in Millions	Sep. 30, 2020 USD ($)
Finance Leases, Future Minimum Payments Due [Line Items]
Remainder of 2020	$ 4.2
2021	17.0
2022	17.1
2023	17.2
2024	17.4
2025	17.5
Thereafter	94.3
Total Finance Lease Payments	184.7
Finance Lease Payments, Less Imputed Interest	(91.3)
Present Value of Finance Lease Liability	$ 93.4

Guarantees (Details)	9 Months Ended
Guarantees (Details)	Sep. 30, 2020 USD ($) years
Guarantor Obligations [Line Items]
Agreement automatic renewal period (in years) \| years	1
Contingent liability to SGX, amount of irrevocable letters of credit	$ 310,000,000.0
Line of Credit Facility, Commitment Fee Amount	350,000,000.0
Family Farmer and Ranchers Protection Fund [Member]
Guarantor Obligations [Line Items]
Payment per participant	25,000
Payment per cooperative	100,000
FutureLosses	100,000,000.0
Payments under Guarantee	2,000,000.0
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 98,000,000.0

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Balance		$ 26,484.9	$ 26,128.9	$ 25,965.3
Other comprehensive income (loss), net of tax	$ 56.8	(37.8)	40.3	(37.5)
Balance	26,979.6	26,813.3	26,979.6	26,813.3
Investment Securities [Member]
Balance			0.8	0.1
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)			0.8	1.5
Amounts reclassified from accumulated other comprehensive income (loss)			0.0	(0.2)
Income tax benefit (expense)			(0.2)	(0.4)
Other comprehensive income (loss), net of tax			0.6	0.9
Balance	1.4	1.0	1.4	1.0
Defined Benefit Plans [Member]
Balance			(55.1)	(53.8)
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)			(2.0)	(2.7)
Amounts reclassified from accumulated other comprehensive income (loss)			3.5	3.7
Income tax benefit (expense)			(0.4)	(0.3)
Other comprehensive income (loss), net of tax			1.1	0.7
Balance	(54.0)	(53.1)	(54.0)	(53.1)
Derivative Investments [Member]
Balance			69.0	69.7
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)			0.0	0.3
Amounts reclassified from accumulated other comprehensive income (loss)			(2.4)	(0.9)
Income tax benefit (expense)			0.6	0.0
Other comprehensive income (loss), net of tax			(1.8)	(0.6)
Balance	67.2	69.1	67.2	69.1
Foreign Currency Translation [Member]
Balance			(11.3)	(10.7)
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)			39.8	(38.5)
Amounts reclassified from accumulated other comprehensive income (loss)			0.6	0.0
Income tax benefit (expense)			0.0	0.0
Other comprehensive income (loss), net of tax			40.4	(38.5)
Balance	29.1	(49.2)	29.1	(49.2)
Accumulated Other Comprehensive Income (Loss) [Member]
Balance			3.4	5.3
Other comprehensive income (loss) before reclassifications and income tax benefit (expense)			38.6	(39.4)
Amounts reclassified from accumulated other comprehensive income (loss)			1.7	2.6
Income tax benefit (expense)			0.0	(0.7)
Other comprehensive income (loss), net of tax			40.3	(37.5)
Balance	$ 43.7	$ (32.2)	$ 43.7	$ (32.2)

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Other than Temporary Impairment Losses, Investments	$ 27.4
Net losses on impaired assets	27.4	$ 61.1
Other Assets, Fair Value Disclosure	0.0
Unrealized Gain (Loss) on Investments	1.3
Investments, Fair Value Disclosure	$ 18.4

Fair Value Measurements (Financial Instruments Measured At Fair Value On A Recurring Basis) (Details) - Fair Value, Recurring [Member] $ in Millions	Sep. 30, 2020 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	$ 92.4
Total Assets at Fair Value	1,087.4
Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	18.1
Mutual Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading Securities at Fair Value	73.9
Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.1
Asset-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.3
U.S. Treasury Performance Bond [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	800.0
U.S. Government Agency Security Performance Bond [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	195.0
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	92.1
Total Assets at Fair Value	1,087.1
Fair Value, Inputs, Level 1 [Member] \| Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	18.1
Fair Value, Inputs, Level 1 [Member] \| Mutual Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading Securities at Fair Value	73.9
Fair Value, Inputs, Level 1 [Member] \| Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.1
Fair Value, Inputs, Level 1 [Member] \| Asset-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.0
Fair Value, Inputs, Level 1 [Member] \| U.S. Treasury Performance Bond [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	800.0
Fair Value, Inputs, Level 1 [Member] \| U.S. Government Agency Security Performance Bond [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	195.0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0.3
Total Assets at Fair Value	0.3
Fair Value, Inputs, Level 2 [Member] \| Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.0
Fair Value, Inputs, Level 2 [Member] \| Mutual Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading Securities at Fair Value	0.0
Fair Value, Inputs, Level 2 [Member] \| Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.0
Fair Value, Inputs, Level 2 [Member] \| Asset-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.3
Fair Value, Inputs, Level 2 [Member] \| U.S. Treasury Performance Bond [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.0
Fair Value, Inputs, Level 2 [Member] \| U.S. Government Agency Security Performance Bond [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Marketable Securities	0.0
Total Assets at Fair Value	0.0
Fair Value, Inputs, Level 3 [Member] \| Corporate Debt Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.0
Fair Value, Inputs, Level 3 [Member] \| Mutual Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Trading Securities at Fair Value	0.0
Fair Value, Inputs, Level 3 [Member] \| Equity Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.0
Fair Value, Inputs, Level 3 [Member] \| Asset-backed Securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.0
Fair Value, Inputs, Level 3 [Member] \| U.S. Treasury Performance Bond [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	0.0
Fair Value, Inputs, Level 3 [Member] \| U.S. Government Agency Security Performance Bond [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale Securities at Fair Value	$ 0.0

Fair Value Measurements (Estimated Fair Values of Long-Term Debt) (Details) - 9 months ended Sep. 30, 2020 € in Millions, $ in Millions	USD ($)	EUR (€)
$750.0 million Fixed Rate Notes Due September 2022, stated rate of 3.00% [Member]
Debt Instrument, Face Amount	$ 750.0
Debt Instrument, Maturity Date	Sep. 15, 2022
€15.0 million fixed rate notes due May 2023 [Member]
Debt Instrument, Face Amount \| €		€ 15.0
Debt Instrument, Maturity Date	May 01, 2023
$750.0 Million Fixed Rate Notes Due March 2025, stated rate of 3.00% [Member]
Debt Instrument, Face Amount	$ 750.0
Debt Instrument, Maturity Date	Mar. 15, 2025
$500.0 Million Fixed Rate Notes Due June 2028, stated rate of 3.75% [Member] [Domain]
Debt Instrument, Face Amount	$ 500.0
Debt Instrument, Maturity Date	Jun. 15, 2028
$750.0 million Fixed Rate Notes Due September 2043, stated rate of 5.30% [Member]
Debt Instrument, Face Amount	$ 750.0
Debt Instrument, Maturity Date	Sep. 15, 2043
$700.0 Million Fixed Rate Notes Due June 2048, stated rate of 4.15% [Member] [Domain] [Domain]
Debt Instrument, Face Amount	$ 700.0
Debt Instrument, Maturity Date	Jun. 15, 2048
Fair Value, Inputs, Level 2 [Member] \| $750.0 million Fixed Rate Notes Due September 2022, stated rate of 3.00% [Member]
Debt Instrument, Fair Value Disclosure	$ 788.0
Debt Instrument, Face Amount	$ 750.0
Debt Instrument, Maturity Date	Sep. 15, 2022
Fair Value, Inputs, Level 2 [Member] \| €15.0 million fixed rate notes due May 2023 [Member]
Debt Instrument, Fair Value Disclosure	$ 19.3
Debt Instrument, Face Amount	$ 15.0
Debt Instrument, Maturity Date	May 31, 2023
Fair Value, Inputs, Level 2 [Member] \| $750.0 Million Fixed Rate Notes Due March 2025, stated rate of 3.00% [Member]
Debt Instrument, Fair Value Disclosure	$ 821.8
Debt Instrument, Face Amount	$ 750.0
Debt Instrument, Maturity Date	Mar. 15, 2025
Fair Value, Inputs, Level 2 [Member] \| $500.0 Million Fixed Rate Notes Due June 2028, stated rate of 3.75% [Member] [Domain]
Debt Instrument, Fair Value Disclosure	$ 587.0
Debt Instrument, Face Amount	$ 500.0
Debt Instrument, Maturity Date	Jun. 15, 2028
Fair Value, Inputs, Level 2 [Member] \| $750.0 million Fixed Rate Notes Due September 2043, stated rate of 5.30% [Member]
Debt Instrument, Fair Value Disclosure	$ 1,113.9
Debt Instrument, Face Amount	$ 750.0
Debt Instrument, Maturity Date	Sep. 15, 2043
Fair Value, Inputs, Level 2 [Member] \| $700.0 Million Fixed Rate Notes Due June 2048, stated rate of 4.15% [Member] [Domain] [Domain]
Debt Instrument, Fair Value Disclosure	$ 941.0
Debt Instrument, Face Amount	$ 700.0
Debt Instrument, Maturity Date	Jun. 15, 2048

Earnings Per Share (Narrative) (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	44	98	44	473
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities	44	98	44	473

Earnings Per Share (Net Income Attributable To CME Group) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net Income Attributable to CME Group	$ 411.7	$ 636.3	$ 1,681.2	$ 1,647.0
Basic (in shares)	357,791	357,211	357,669	357,054
Effect of stock options, restricted stock and performance shares	799	1,158	823	1,147
Diluted (in shares)	358,590	358,369	358,492	358,201
Earnings per common share, basic (in dollars per share)	$ 1.15	$ 1.78	$ 4.70	$ 4.61
Earnings per common share, diluted (in dollars per share)	$ 1.15	$ 1.78	$ 4.69	$ 4.60

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- 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.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details