Condensed Consolidating Financial Statements (Tables)

6 Months Ended

Jun. 30, 2015

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheets

As of June 30, 2015

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	1	$	—	$	677	$	—		$	678
Intercompany receivable	2,897		—		149		(3,046		)	—
Margin deposits and guaranty funds	—		—		43,351		—			43,351
Notes receivable from affiliate, current	—		332		385		(717		)	—
Other current assets	59		—		1,045		—			1,104
Total current assets	2,957		332		45,607		(3,763		)	45,133
Property and equipment, net	—		—		911		—			911
Other non-current assets:
Goodwill and other intangible assets, net	—		—		16,232		—			16,232
Investment in subsidiaries	14,249		9,705		—		(23,954		)	—
Notes receivable from affiliate, non-current	—		3,076		2,347		(5,423		)	—
Other non-current assets	23		10		795		—			828
Total other non-current assets	14,272		12,791		19,374		(29,377		)	17,060
Total assets	$	17,229	$	13,123	$	65,892	$	(33,140	)	$	63,104

Current liabilities:
Short-term debt	$	1,016	$	—	$	—	$	—		$	1,016
Margin deposits and guaranty funds	—		—		43,351		—			43,351
Intercompany payable	—		1,558		1,488		(3,046		)	—
Notes payable to affiliates, current	350		325		42		(717		)	—
Other current liabilities	48		—		1,165		—			1,213
Total current liabilities	1,414		1,883		46,046		(3,763		)	45,580
Non-current liabilities:
Long-term debt	1,394		853		—		—			2,247
Notes payable to affiliates, non-current	2,005		342		3,076		(5,423		)	—
Other non-current liabilities	6		—		2,788		—			2,794
Total non-current liabilities	3,405		1,195		5,864		(5,423		)	5,041
Total liabilities	4,819		3,078		51,910		(9,186		)	50,621
Redeemable non-controlling interest	—		—		40		—			40

Equity:
Total shareholders' equity	12,410		10,045		13,909		(23,954		)	12,410
Non-controlling interest in consolidated subsidiaries	—		—		33		—			33
Total equity	12,410		10,045		13,942		(23,954		)	12,443
Total liabilities and equity	$	17,229	$	13,123	$	65,892	$	(33,140	)	$	63,104

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		936		(60		)	2,109
Total current assets	2,859		1,491		49,595		(3,726		)	50,219
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	$	69,109	$	(31,286	)	$	68,253

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		—		1,043		(60		)	1,013
Total current liabilities	1,279		3,070		49,890		(3,726		)	50,513
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		55,599		(8,032		)	55,696
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	$	69,109	$	(31,286	)	$	68,253

Condensed Income Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Six Months Ended June 30, 2014

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	1,490		$	—		$	1,490
Data services fees	—			—			305			—			305
Listing fees and other revenues	—			—			284			—			284
Total revenues	—			—			2,079			—			2,079
Transaction-based expenses	—			—			532			—			532
Total revenues, less transaction-based expenses	—			—			1,547			—			1,547
Operating expenses:
Compensation and benefits	1			—			303			—			304
Technology and communication	—			—			90			—			90
Acquisition-related transaction and integration costs	—			6			56			—			62
Selling, general, administrative and other	—			—			212			—			212
Depreciation and amortization	—			—			161			—			161
Total operating expenses	1			6			822			—			829
Operating income	(1		)	(6		)	725			—			718
Total other income (expense), net	(25		)	(27		)	16			—			(36		)
Income from continuing operations before income taxes	(26		)	(33		)	741			—			682
Income tax expense (benefit)	(14		)	—			208			—			194
Equity earnings from subsidiaries	511			381			—			(892		)	—
Income from continuing operations	499			348			533			(892		)	488
Income from discontinued operations, net of tax	—			—			21			—			21
Net income	$	499		$	348		$	554		$	(892	)	$	509
Net income attributable to non-controlling interest	—			—			(22		)	—			(22		)
Net income attributable to ICE	$	499		$	348		$	532		$	(892	)	$	487

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Six Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	1,536		$	—		$	1,536
Data services fees	—			—			378			—			378
Listing fees and other revenues	—			—			315			—			315
Total revenues	—			—			2,229			—			2,229
Transaction-based expenses	—			—			582			—			582
Total revenues, less transaction-based expenses	—			—			1,647			—			1,647
Operating expenses:
Compensation and benefits	1			—			294			—			295
Technology and communication	—			—			98			—			98
Acquisition-related transaction and integration costs	—			—			26			—			26
Selling, general, administrative and other	1			—			153			—			154
Depreciation and amortization	—			—			182			—			182
Total operating expenses	2			—			753			—			755
Operating income	(2		)	—			894			—			892
Intercompany interest on loans	(2		)	19			(17		)	—			—
Other expense, net	(7		)	(33		)	(13		)	—			(53		)
Total other expense, net	(9		)	(14		)	(30		)	—			(53		)
Income before income taxes	(11		)	(14		)	864			—			839
Income tax expense (benefit)	(3		)	—			230			—			227
Equity earnings from subsidiaries	606			168			—			(774		)	—
Net income	$	598		$	154		$	634		$	(774	)	$	612
Net income attributable to non-controlling interest	—			—			(14		)	—			(14		)
Net income attributable to ICE	$	598		$	154		$	620		$	(774	)	$	598

Condensed Comprehensive Income Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Six Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	598		$	154		$	634		$	(774	)	$	612
Other comprehensive income (loss):
Foreign currency translation adjustments	—			1			18			—			19
Change in fair value of available-for-sale-securities	—			—			(39		)	—			(39		)
Employment benefit plan adjustments	—			—			(2		)	—			(2		)
Total other comprehensive income (loss)	—			1			(23		)	—			(22		)
Comprehensive loss of subsidiaries	(22		)	(14		)	—			36			—
Comprehensive income	576			141			611			(738		)	590
Comprehensive income attributable to non-controlling interests	—			—			(14		)	—			(14		)
Comprehensive income attributable to ICE	$	576		$	141		$	597		$	(738	)	$	576

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Six Months Ended June 30, 2014

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	499	$	348		$	554		$	(892	)	$	509
Other comprehensive income:
Foreign currency translation adjustments	—		1			83			—			84
Change in fair value of available-for-sale-securities	—		—			118			—			118
Discontinuance of net investment hedge	—		—			21			—			21
Total other comprehensive income	—		1			222			—			223
Comprehensive income (loss) of subsidiaries	228		(136		)	—			(92		)	—
Comprehensive income	727		213			776			(984		)	732
Comprehensive income attributable to non-controlling interests	—		—			(22		)	—			(22		)
Comprehensive income attributable to ICE	$	727	$	213		$	754		$	(984	)	$	710

Condensed Cash Flow Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 30, 2015

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by operating activities from continuing operations	$	(25	)	$	(38	)	$	845		$	(12	)	$	770
Investing activities:
Decrease in restricted cash	—			—			11			—			11
Loans to subsidiaries	—			(305		)	(801		)	1,106			—
Additional contribution to equity method investment	—			—			(60		)	—			(60		)
Proceeds from term deposits and sales of available-for sale investments	—			1,084			—			—			1,084
Capital expenditures, capitalized software development costs and other	—			—			(136		)	—			(136		)
Net cash provided by investing activities from continuing operations	—			779			(986		)	1,106			899
Financing activities:
Repayments of debt facilities and commercial paper, net	111			(1,029		)	—			—			(918		)
Intercompany borrowing	495			283			328			(1,106		)	—
Dividends to shareholders	(158		)	—			—			—			(158		)
Intercompany dividends	—			—			(12		)	12			—
Repurchase of common stock	(399		)	—			—			—			(399		)
Purchase of subsidiary shares from non-controlling interest	—			—			(128		)	—			(128		)
Other financing activities	(29		)	—			(3		)	—			(32		)
Net cash used in financing activities from continuing operations	20			(746		)	185			(1,094		)	(1,635		)
Effect of exchange rates on cash and cash equivalents	—			—			(8		)	—			(8		)
Net increase (decrease) in cash and cash equivalents	(5		)	(5		)	36			—			26
Cash and cash equivalents, beginning of period	6			5			641			—			652
Cash and cash equivalents, end of period	$	1		$	—		$	677		$	—		$	678

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Six Months Ended June 30, 2014

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by operating activities from continuing operations	$	(52	)	$	85		$	888		$	(85	)	$	836
Investing activities:
Increase in restricted cash	—			—			(111		)	—			(111		)
Cash paid for acquisitions, net of cash acquired	—			—			(150		)	—			(150		)
Loans to subsidiaries	—			(108		)	(960		)	1,068			—
Proceeds from IPO of Euronext	—			—			1,984			—			1,984
Capital expenditures, capitalized software development costs and other	—			—			(72		)	—			(72		)
Net cash provided by investing activities from continuing operations	—			(108		)	691			1,068			1,651
Financing activities:
Repayments of debt facilities and commercial paper, net	(722		)	—			(368		)	—			(1,090		)
Intercompany borrowing	937			23			108			(1,068		)	—
Dividends to shareholders	(151		)	—			—			—			(151		)
Intercompany dividends	—			—			(85		)	85			—
Other financing activities	(14		)	—			(30		)	—			(44		)
Net cash used in financing activities from continuing operations	50			23			(375		)	(983		)	(1,285		)
Cash and cash equivalents from discontinued operations	—			—			(110		)	—			(110		)
Effect of exchange rates on cash and cash equivalents	—			—			4			—			4
Net increase (decrease) in cash and cash equivalents	(2		)	—			1,098			—			1,096
Cash and cash equivalents, beginning of period	2			—			959			—			961
Cash and cash equivalents, end of period	$	—		$	—		$	2,057		$	—		$	2,057