Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Consolidating Financial Statements [Abstract]

Condensed Balance Sheet

Condensed Consolidating Balance Sheets

As of March 31, 2015

(In millions)

	ICE  (Parent)		Subsidiary Guarantor - NYSE		Subsidiary Non-Guarantors		Consolidating  Adjustments			Consolidated  Total
Current assets:
Cash and cash equivalents	$	8	$	—	$	744	$	—		$	752
Intercompany receivable	2,840		—		—		(2,840		)	—
Margin deposits and guaranty funds	—		—		45,600		—			45,600
Notes receivable from affiliate, current	—		257		307		(564		)	—
Other current assets	—		1,049		1,085		—			2,134
Total current assets	2,848		1,306		47,736		(3,404		)	48,486
Property and equipment, net	—		—		879		—			879
Other non-current assets:
Goodwill and other intangible assets, net	—		—		16,228		—			16,228
Investment in subsidiaries	13,862		9,633		—		(23,495		)	—
Notes receivable from affiliate, non-current	—		2,919		2,003		(4,922		)	—
Other non-current assets	24		10		801		—			835
Total other non-current assets	13,886		12,562		19,032		(28,417		)	17,063
Total assets	$	16,734	$	13,868	$	67,647	$	(31,821	)	$	66,428
Current liabilities:
Short-term debt	$	940	$	1,006	$	—	$	—		$	1,946
Margin deposits and guaranty funds	—		—		45,600		—			45,600
Intercompany payable	—		1,503		1,337		(2,840		)	—
Notes payable to affiliates, current	292		272		—		(564		)	—
Other current liabilities	53		—		1,199		—			1,252
Total current liabilities	1,285		2,781		48,136		(3,404		)	48,798
Non-current liabilities:
Long-term debt	1,394		853		—		—			2,247
Notes payable to affiliates, non-current	1,741		262		2,919		(4,922		)	—
Other non-current liabilities	17		—		2,872		—			2,889
Total non-current liabilities	3,152		1,115		5,791		(4,922		)	5,136
Total liabilities	4,437		3,896		53,927		(8,326		)	53,934
Redeemable non-controlling interest	—		—		169		—			169
Equity:
Total shareholders' equity	12,297		9,972		13,523		(23,495		)	12,297
Non-controlling interest in consolidated subsidiaries	—		—		28		—			28
Total equity	12,297		9,972		13,551		(23,495		)	12,325
Total liabilities and equity	$	16,734	$	13,868	$	67,647	$	(31,821	)	$	66,428

Intercontinental Exchange, Inc.

Condensed Consolidating Balance Sheets

As of December 31, 2014

(In millions)

	ICE  (Parent)		Subsidiary Guarantor - NYSE		Subsidiary Non-Guarantors		Consolidating  Adjustments			Consolidated  Total
Current assets:
Cash and cash equivalents	$	6	$	5	$	641	$	—		$	652
Intercompany receivable	2,793		—		529		(3,322		)	—
Margin deposits and guaranty funds	—		—		47,458		—			47,458
Note receivable from affiliate, current	—		313		31		(344		)	—
Other current assets	60		1,173		962		(60		)	2,135
Total current assets	2,859		1,491		49,621		(3,726		)	50,245
Property and equipment, net	—		—		874		—			874
Other non-current assets:
Goodwill and other intangible assets, net	—		—		16,315		—			16,315
Investment in subsidiaries	13,682		9,572		—		(23,254		)	—
Note receivable from affiliate, non-current	—		2,790		1,516		(4,306		)	—
Other non-current assets	25		11		809		—			845
Total other non-current assets	13,707		12,373		18,640		(27,560		)	17,160
Total assets	$	16,566	$	13,864	$	69,135	$	(31,286	)	$	68,279
Current liabilities:
Short-term debt	$	905	$	1,137	$	—	$	—		$	2,042
Margin deposits and guaranty funds	—		—		47,458		—			47,458
Intercompany payable	—		1,933		1,389		(3,322		)	—
Notes payable to affiliates, current	344		—		—		(344		)	—
Other current liabilities	30		—		1,069		(60		)	1,039
Total current liabilities	1,279		3,070		49,916		(3,726		)	50,539
Non-current liabilities:
Long-term debt	1,394		853		—		—			2,247
Notes payable to affiliates, non-current	1,516		—		2,790		(4,306		)	—
Other non-current liabilities	17		—		2,919		—			2,936
Total non-current liabilities	2,927		853		5,709		(4,306		)	5,183
Total liabilities	4,206		3,923		55,625		(8,032		)	55,722
Redeemable non-controlling interest	—		—		165		—			165
Equity:
Total shareholders' equity	12,360		9,941		13,313		(23,254		)	12,360
Non-controlling interest in consolidated subsidiaries	—		—		32		—			32
Total equity	12,360		9,941		13,345		(23,254		)	12,392
Total liabilities and equity	$	16,566	$	13,864	$	69,135	$	(31,286	)	$	68,279

Condensed Income Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Three Months Ended March 31, 2014

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	764		$	—		$	764
Data services fees	—			—			157			—			157
Listing fees and other revenues	—			—			142			—			142
Total revenues	—			—			1,063			—			1,063
Transaction-based expenses	—			—			266			—			266
Total revenues, less transaction-based expenses	—			—			797			—			797
Operating expenses:
Compensation and benefits	—			—			154			—			154
Technology and communication	—			—			47			—			47
Acquisition-related transaction and integration costs	—			2			23			—			25
Selling, general, administrative and other	—			—			100			—			100
Depreciation and amortization	—			—			80			—			80
Total operating expenses	—			2			404			—			406
Operating income	—			(2		)	393			—			391
Total other expense, net	(14		)	(6		)	(9		)	—			(29		)
Income from continuing operations before income taxes	(14		)	(8		)	384			—			362
Income tax expense	(5		)	—			106			—			101
Equity earnings from subsidiaries	271			218			—			(489		)	—
Income from continuing operations	262			210			278			(489		)	261
Income from discontinued operations, net of tax	—			—			13			—			13
Net income	$	262		$	210		$	291		$	(489	)	$	274
Net income attributable to non-controlling interest	—			—			(13		)	—			(13		)
Net income attributable to ICE	$	262		$	210		$	278		$	(489	)	$	261

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Three Months Ended March 31, 2015

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	812		$	—		$	812
Data services fees	—			—			187			—			187
Listing fees and other revenues	—			—			157			—			157
Total revenues	—			—			1,156			—			1,156
Transaction-based expenses	—			—			306			—			306
Total revenues, less transaction-based expenses	—			—			850			—			850
Operating expenses:
Compensation and benefits	—			—			151			—			151
Technology and communication	—			—			51			—			51
Acquisition-related transaction and integration costs	—			—			19			—			19
Selling, general, administrative and other	1			—			77			—			78
Depreciation and amortization	—			—			89			—			89
Total operating expenses	1			—			387			—			388
Operating income	(1		)	—			463			—			462
Total other income (expense), net	18			(30		)	(9		)	—			(21		)
Income before income taxes	17			(30		)	454			—			441
Income tax expense	7			—			111			—			118
Equity earnings from subsidiaries	305			97			—			(402		)	—
Net income	$	315		$	67		$	343		$	(402	)	$	323
Net income attributable to non-controlling interest	—			—			(8		)	—			(8		)
Net income attributable to ICE	$	315		$	67		$	335		$	(402	)	$	315

Condensed Comprehensive Income Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended March 31, 2015

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net income	$	315		$	67		$	343		$	(402	)	$	323
Other comprehensive income (loss):
Foreign currency translation adjustments	—			1			(38		)	—			(37		)
Change in fair value of available-for-sale-securities	—			—			(70		)	—			(70		)
Total other comprehensive income (loss)	—			1			(108		)	—			(107		)
Comprehensive loss of subsidiaries	(107		)	(27		)	—			134			—
Comprehensive income	208			41			235			(268		)	216
Comprehensive income attributable to non-controlling interests	—			—			(8		)	—			(8		)
Comprehensive income attributable to ICE	$	208		$	41		$	227		$	(268	)	$	208

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Three Months Ended March 31, 2014

(In millions)

	ICE  (Parent)		Subsidiary Guarantor - NYSE		Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net income	$	262	$	210	$	291		$	(489	)	$	274
Other comprehensive income:
Foreign currency translation adjustments	—		1		44			—			45
Change in fair value of available-for-sale-securities	—		—		60			—			60
Total other comprehensive income	—		1		104			—			105
Comprehensive income of subsidiaries	105		42		—			(147		)	—
Comprehensive income	367		253		395			(636		)	379
Comprehensive income attributable to non-controlling interests	—		—		(13		)	—			(13		)
Comprehensive income attributable to ICE	$	367	$	253	$	382		$	(636	)	$	366

Condensed Cash Flow Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 31, 2015

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net cash provided by operating activities from continuing operations	$	82		$	(612	)	$	1,008		$	(13	)	$	465
Investing activities:
Decrease in restricted cash	—			—			34			—			34
Loans to subsidiaries	—			73			(707		)	634			—
Additional contribution to equity method investee	—			—			(60		)	—			(60		)
Capital expenditures, capitalized software development costs and other	—			—			(60		)	—			(60		)
Net cash used in investing activities from continuing operations	—			73			(793		)	634			(86		)
Financing activities:
Borrowing of debt facilities and commercial paper, net	35			—			—			—			35
Intercompany borrowing	173			534			(73		)	(634		)	—
Dividends to shareholders	(73		)	—			—			—			(73		)
Intercompany dividends	—			—			(13		)	13			—
Repurchase of common stock	(196		)	—			—			—			(196		)
Other financing activities	(19		)	—			(15		)	—			(34		)
Net cash used in financing activities from continuing operations	(80		)	534			(101		)	(621		)	(268		)
Effect of exchange rates on cash and cash equivalents	—			—			(11		)	—			(11		)
Net increase (decrease) in cash and cash equivalents	2			(5		)	103			—			100
Cash and cash equivalents, beginning of period	6			5			641			—			652
Cash and cash equivalents, end of period	$	8		$	—		$	744		$	—		$	752

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Three Months Ended March 31, 2014

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net cash provided by operating activities from continuing operations	$	88		$	227		$	315		$	(93	)	$	537
Investing activities:
Increase in restricted cash	—			—			(60		)	—			(60		)
Cash paid for acquisitions, net of cash acquired	—			—			(142		)	—			(142		)
Loans to subsidiaries	—			(257		)	39			218			—
Capital expenditures, capitalized software development costs and other	—			—			(41		)	—			(41		)
Net cash used in investing activities from continuing operations	—			(257		)	(204		)	218			(243		)
Financing activities:
Repayments of debt facilities and commercial paper, net	(161		)	—			—			—			(161		)
Intercompany borrowing	188			30			—			(218		)	—
Dividends to shareholders	(76		)	—			—			—			(76		)
Intercompany dividends	—			—			(93		)	93			—
Other financing activities	(34		)	—			5			—			(29		)
Net cash used in financing activities from continuing operations	(83		)	30			(88		)	(125		)	(266		)
Cash and cash equivalents from discontinued operations	—			—			(24		)	—			(24		)
Effect of exchange rates on cash and cash equivalents	—			—			(1		)	—			(1		)
Net increase (decrease) in cash and cash equivalents	5			—			(2		)	—			3
Cash and cash equivalents, beginning of period	2			—			959			—			961
Cash and cash equivalents, end of period	$	7		$	—		$	957		$	—		$	964