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Quarterly Financial Data
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Data
Quarterly Financial Data (Unaudited)
The following table has been prepared from our financial records and reflects all adjustments that are necessary for a fair presentation of the results of operations for the interim periods presented (in millions, except per share amounts):
 
1st Qtr
 
2nd Qtr
 
3rd Qtr
 
4th Qtr(b)
Year Ended December 31, 2014(a)
 
 
 
 
 
 
 
Revenues, less transaction-based expenses
$
797

 
$
750

 
$
745

 
$
800

Operating income
391

 
327

 
330

 
400

Income from continuing operations less income attributable to
    non-controlling interest
248

 
218

 
216

 
288

Income (loss) from discontinued operations(c)
13

 
8

 
(10
)
 
—

Net income attributable to Intercontinental Exchange, Inc.
261

 
226

 
206

 
288

Earnings (loss) per common share (d):
 
 
 
 
 
 
 
Basic - Continuing operations
$
2.16

 
$
1.89

 
$
1.90

 
$
2.56

Basic - Discontinued operations
0.12

 
0.07

 
(0.09
)
 
—

Basic
$
2.28

 
$
1.96

 
$
1.81

 
$
2.56

Diluted - Continuing operations
$
2.15

 
$
1.88

 
$
1.89

 
$
2.54

Diluted - Discontinued operations
0.12

 
0.07

 
(0.09
)
 
—

Diluted
$
2.27

 
$
1.95

 
$
1.80

 
$
2.54

 
 
 
 
 
 
 
 
Year Ended December 31, 2013(a)
 
 
 
 
 
 
 
Revenues, less transaction-based expenses
$
352

 
$
372

 
$
338

 
$
536

Operating income
200

 
225

 
202

 
163

Income (loss) from continuing operations less income (loss)
  attributable to non-controlling interest
135

 
154

 
141

 
(126
)
Loss from discontinued operations(c)
—

 
—

 
—

 
(50
)
Net income (loss) attributable to Intercontinental Exchange, Inc.
135

 
154

 
141

 
(176
)
Earnings (loss) per common share (d):
 
 
 
 
 
 
 
Basic - Continuing operations
$
1.86

 
$
2.11

 
$
1.94

 
$
(1.32
)
Basic - Discontinued operations
—

 
—

 
—

 
(0.53
)
Basic
$
1.86

 
$
2.11

 
$
1.94

 
$
(1.85
)
Diluted - Continuing operations
$
1.85

 
$
2.09

 
$
1.92

 
$
(1.31
)
Diluted - Discontinued operations
—

 
—

 
—

 
(0.52
)
Diluted
$
1.85

 
$
2.09

 
$
1.92

 
$
(1.83
)

(a)
We acquired NYSE on November 13, 2013 and have included their results with our consolidated results above effective from the acquisition date, including $27 million, $40 million, $37 million, $25 million and $111 million in acquisition-related transaction and integration costs incurred during the quarters ended December 31, 2014, September 30, 2014, June 30, 2014, March 31, 2014 and December 31, 2013, respectively, primarily relating to NYSE (Note 3).
(b)
We incurred a net $4 million gain on the remaining sale of our 6% ownership in Euronext (Note 16) and $25 million in other income from our OCC equity investment (Note 15) during the three months ended December 31, 2014. We incurred a $190 million impairment loss on the Cetip investment (Note 5) and a $51 million expense relating to the early payoff of outstanding debt (Note 9) during the three months ended December 31, 2013.
(c)
The results of Euronext and NYSE Technologies have been presented above as discontinued operations retroactive from the November 13, 2013 acquisition of NYSE (Note 16).
(d)
The annual earnings per common share may not equal the sum of the individual quarter’s earnings per common share due to rounding, and, during the year ended December 31, 2013, due to the 42.4 million shares of our common stock issued to NYSE stockholders in connection with our acquisition, weighted to show these additional shares outstanding for the prior from November 13, 2013 to December 31, 2013.