Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2015

Condensed Consolidating Financial Statements [Abstract]

Condensed Balance Sheet

Condensed Consolidating Balance Sheets

As of September 30, 2015

(In millions)

	ICE  (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors		Consolidating  Adjustments			Consolidated  Total
Current assets:
Cash and cash equivalents	$	1	$	—	$	686	$	—		$	687
Intercompany receivable	3,094		—		—		(3,094		)	—
Margin deposits and guaranty funds	—		—		46,308		—			46,308
Notes receivable from affiliate, current	—		526		9		(535		)	—
Other current assets	5		4		1,048		—			1,057
Total current assets	3,100		530		48,051		(3,629		)	48,052
Property and equipment, net	—		—		904		—			904
Other non-current assets:
Goodwill and other intangible assets, net	—		—		16,160		—			16,160
Investment in subsidiaries	14,432		9,750		—		(24,182		)	—
Notes receivable from affiliate, non-current	—		2,981		2,909		(5,890		)	—
Other non-current assets	21		10		709		—			740
Total other non-current assets	14,453		12,741		19,778		(30,072		)	16,900
Total assets	$	17,553	$	13,271	$	68,733	$	(33,701	)	$	65,856
Current liabilities:
Short-term debt	$	1,253	$	—	$	—	$	—		$	1,253
Margin deposits and guaranty funds	—		—		46,308		—			46,308
Intercompany payable	—		1,230		1,864		(3,094		)	—
Notes payable to affiliates, current	297		—		238		(535		)	—
Other current liabilities	43		—		854		—			897
Total current liabilities	1,593		1,230		49,264		(3,629		)	48,458
Non-current liabilities:
Long-term debt	1,394		853		—		—			2,247
Notes payable to affiliates, non-current	2,209		701		2,980		(5,890		)	—
Other non-current liabilities	17		—		2,724		—			2,741
Total non-current liabilities	3,620		1,554		5,704		(5,890		)	4,988
Total liabilities	5,213		2,784		54,968		(9,519		)	53,446
Redeemable non-controlling interest	—		—		40		—			40
Equity:
Total shareholders' equity	12,340		10,487		13,695		(24,182		)	12,340
Non-controlling interest in consolidated subsidiaries	—		—		30		—			30
Total equity	12,340		10,487		13,725		(24,182		)	12,370
Total liabilities and equity	$	17,553	$	13,271	$	68,733	$	(33,701	)	$	65,856

Intercontinental Exchange, Inc.

Condensed Consolidating Balance Sheets

As of December 31, 2014

(In millions)

	ICE  (Parent)		Subsidiary Guarantor - NYSE Holdings		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

Nine Months Ended September 30, 2014

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	2,202		$	—		$	2,202
Data services fees	—			—			502			—			502
Listing fees and other revenues	—			—			385			—			385
Total revenues	—			—			3,089			—			3,089
Transaction-based expenses	—			—			797			—			797
Total revenues, less transaction-based expenses	—			—			2,292			—			2,292
Operating expenses:
Compensation and benefits	1			—			447			—			448
Technology and communication	—			—			135			—			135
Acquisition-related transaction and integration costs	—			9			93			—			102
Selling, general, administrative and other	—			—			315			—			315
Depreciation and amortization	—			—			244			—			244
Total operating expenses	1			9			1,234			—			1,244
Operating income	(1		)	(9		)	1,058			—			1,048
Total other income (expense), net	(16		)	(69		)	32			—			(53		)
Income from continuing operations before income taxes	(17		)	(78		)	1,090			—			995
Income tax expense (benefit)	(6		)	—			290			—			284
Equity earnings from subsidiaries	704			457			—			(1,161		)	—
Income from continuing operations	693			379			800			(1,161		)	711
Income from discontinued operations, net of tax	—			—			11			—			11
Net income	$	693		$	379		$	811		$	(1,161	)	$	722
Net income attributable to non-controlling interest	—			—			(29		)	—			(29		)
Net income attributable to ICE	$	693		$	379		$	782		$	(1,161	)	$	693

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Nine Months Ended September 30, 2015

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	2,331		$	—		$	2,331
Data services fees	—			—			614			—			614
Listing fees and other revenues	—			—			435			—			435
Total revenues	—			—			3,380			—			3,380
Transaction-based expenses	—			—			917			—			917
Total revenues, less transaction-based expenses	—			—			2,463			—			2,463
Operating expenses:
Compensation and benefits	1			—			444			—			445
Technology and communication	—			—			147			—			147
Acquisition-related transaction and integration costs	—			—			34			—			34
Selling, general, administrative and other	1			—			228			—			229
Depreciation and amortization	—			—			276			—			276
Total operating expenses	2			—			1,129			—			1,131
Operating income	(2		)	—			1,334			—			1,332
Intercompany interest on loans	(4		)	28			(24		)	—			—
Other expense, net	(20		)	(50		)	—			—			(70		)
Total other expense, net	(24		)	(22		)	(24		)	—			(70		)
Income before income taxes	(26		)	(22		)	1,310			—			1,262
Income tax expense (benefit)	(19		)	—			359			—			340
Equity earnings from subsidiaries	911			288			—			(1,199		)	—
Net income	$	904		$	266		$	951		$	(1,199	)	$	922
Net income attributable to non-controlling interest	—			—			(18		)	—			(18		)
Net income attributable to ICE	$	904		$	266		$	933		$	(1,199	)	$	904

Condensed Comprehensive Income Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Nine Months Ended September 30, 2015

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net income	$	904		$	266		$	951		$	(1,199	)	$	922
Other comprehensive loss:
Foreign currency translation adjustments	—			—			(17		)	—			(17		)
Change in fair value of available-for-sale-securities	—			—			(126		)	—			(126		)
Employment benefit plan adjustments	—			—			(2		)	—			(2		)
Total other comprehensive loss	—			—			(145		)	—			(145		)
Comprehensive loss of subsidiaries	(145		)	(5		)	—			150			—
Comprehensive income	759			261			806			(1,049		)	777
Comprehensive income attributable to non-controlling interests	—			—			(18		)	—			(18		)
Comprehensive income attributable to ICE	$	759		$	261		$	788		$	(1,049	)	$	759

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Nine Months Ended September 30, 2014

(In millions)

	ICE  (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net income	$	693	$	379	$	811		$	(1,161	)	$	722
Other comprehensive income (loss):
Foreign currency translation adjustments	—		1		(195		)	—			(194		)
Change in fair value of available-for-sale-securities	—		—		58			—			58
Discontinuance of net investment hedge	—		—		21			—			21
Total other comprehensive income (loss)	—		1		(116		)	—			(115		)
Comprehensive income of subsidiaries	1,046		331		—			(1,377		)	—
Comprehensive income	1,739		711		695			(2,538		)	607
Comprehensive income attributable to non-controlling interests	—		—		(29		)	—			(29		)
Comprehensive income attributable to ICE	$	1,739	$	711	$	666		$	(2,538	)	$	578

Condensed Cash Flow Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Nine Months Ended September 30, 2015

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net cash provided by (used in) operating activities from continuing operations	$	182		$	346		$	465		$	(103	)	$	890
Investing activities:
Decrease in restricted cash	—			—			14			—			14
Loans to subsidiaries	(301		)	(404		)	(842		)	1,547			—
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	—			—			(192		)	—			(192		)
Net cash provided by (used in) investing activities from continuing operations	(301		)	680			(1,080		)	1,547			846
Financing activities:
Repayments of debt facilities and commercial paper, net	348			(1,029		)	—			—			(681		)
Intercompany borrowing	646			(2		)	903			(1,547		)	—
Dividends to shareholders	(242		)	—			—			—			(242		)
Intercompany dividends	—			—			(103		)	103			—
Repurchases of common stock	(605		)	—			—			—			(605		)
Purchase of subsidiary shares from non-controlling interest	—			—			(128		)	—			(128		)
Other financing activities	(33		)	—			(3		)	—			(36		)
Net cash provided by (used in) financing activities from continuing operations	114			(1,031		)	669			(1,444		)	(1,692		)
Effect of exchange rates on cash and cash equivalents	—			—			(9		)	—			(9		)
Net increase (decrease) in cash and cash equivalents	(5		)	(5		)	45			—			35
Cash and cash equivalents, beginning of period	6			5			641			—			652
Cash and cash equivalents, end of period	$	1		$	—		$	686		$	—		$	687

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Nine Months Ended September 30, 2014

(In millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net cash provided by operating activities from continuing operations	$	176		$	347		$	484		$	(85	)	$	922
Investing activities:
Increase in restricted cash	—			—			(105		)	—			(105		)
Cash paid for acquisitions, net of cash acquired	—			—			(150		)	—			(150		)
Loans to subsidiaries	—			(108		)	(698		)	806			—
Proceeds from IPO of Euronext and sales of NYSE Technologies	—			—			2,155			—			2,155
Purchases of term deposits and available-for-sale investments	—			—			(1,304		)	—			(1,304		)
Capital expenditures, capitalized software development costs and other	—			—			(107		)	—			(107		)
Net cash provided by (used in) investing activities from continuing operations	—			(108		)	(209		)	806			489
Financing activities:
Repayments of debt facilities and commercial paper, net	(400		)	—			(368		)	—			(768		)
Intercompany borrowing	937			(239		)	108			(806		)	—
Dividends to shareholders	(225		)	—			—			—			(225		)
Intercompany dividends	—			—			(85		)	85			—
Repurchases of common stock	(448		)	—			—			—			(448		)
Purchase of subsidiary shares from non-controlling interest	—			—			(129		)	—			(129		)
Other financing activities	(30		)	—			(18		)	—			(48		)
Net cash used in financing activities from continuing operations	(166		)	(239		)	(492		)	(721		)	(1,618		)
Cash and cash equivalents from discontinued operations	—			—			(114		)	—			(114		)
Effect of exchange rates on cash and cash equivalents	—			—			(2		)	—			(2		)
Net increase (decrease) in cash and cash equivalents	10			—			(333		)	—			(323		)
Cash and cash equivalents, beginning of period	2			—			959			—			961
Cash and cash equivalents, end of period	$	12		$	—		$	626		$	—		$	638