Condensed Consolidating Financial Statements (Tables)

9 Months Ended

Sep. 30, 2016

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheets

As of September 30, 2016

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	1	$	—	$	457	$	—		$	458
Intercompany receivable	2,694		—		512		(3,206		)	—
Margin deposits and guaranty funds	—		—		49,832		—			49,832
Notes receivable from affiliate, current	—		597		—		(597		)	—
Other current assets	2		—		1,552		—			1,554
Total current assets	2,697		597		52,353		(3,803		)	51,844
Property and equipment, net	—		—		1,080		—			1,080
Other non-current assets:
Goodwill and other intangible assets, net	—		—		22,368		—			22,368
Investment in subsidiaries	22,062		14,180		—		(36,242		)	—
Notes receivable from affiliate, non-current	620		5,404		5,573		(11,597		)	—
Other non-current assets	95		10		899		—			1,004
Total other non-current assets	22,777		19,594		28,840		(47,839		)	23,372
Total assets	$	25,474	$	20,191	$	82,273	$	(51,642	)	$	76,296

Current liabilities:
Short-term debt	$	1,585	$	—	$	—	$	—		$	1,585
Margin deposits and guaranty funds	—		—		49,832		—			49,832
Intercompany payable	—		3,206		—		(3,206		)	—
Notes payable to affiliates, current	281		—		316		(597		)	—
Other current liabilities	59		—		878		—			937
Total current liabilities	1,925		3,206		51,026		(3,803		)	52,354
Non-current liabilities:
Long-term debt	3,869		851		—		—			4,720
Notes payable to affiliates, non-current	4,164		1,409		6,024		(11,597		)	—
Other non-current liabilities	4		—		3,640		—			3,644
Total non-current liabilities	8,037		2,260		9,664		(11,597		)	8,364
Total liabilities	9,962		5,466		60,690		(15,400		)	60,718
Redeemable non-controlling interest	—		—		34		—			34

Equity:
Total shareholders’ equity	15,512		14,725		21,517		(36,242		)	15,512
Non-controlling interest in consolidated subsidiaries	—		—		32		—			32
Total equity	15,512		14,725		21,549		(36,242		)	15,544
Total liabilities and equity	$	25,474	$	20,191	$	82,273	$	(51,642	)	$	76,296

Intercontinental Exchange, Inc.

Condensed Consolidating Balance Sheets

As of December 31, 2015

(In millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	1	$	—	$	626	$	—		$	627
Intercompany receivable	3,176		—		—		(3,176		)	—
Margin deposits and guaranty funds	—		—		51,169		—			51,169
Note receivable from affiliate, current	—		705		77		(782		)	—
Other current assets	5		—		1,512		—			1,517
Total current assets	3,182		705		53,384		(3,958		)	53,313
Property and equipment, net	—		—		1,037		—			1,037
Other non-current assets:
Goodwill and other intangible assets, net	—		—		22,837		—			22,837
Investment in subsidiaries	21,120		9,840		—		(30,960		)	—
Note receivable from affiliate, non-current	—		3,128		3,370		(6,498		)	—
Other non-current assets	20		10		770		—			800
Total other non-current assets	21,140		12,978		26,977		(37,458		)	23,637
Total assets	$	24,322	$	13,683	$	81,398	$	(41,416	)	$	77,987

Current liabilities:
Short-term debt	$	2,591	$	—	$	—	$	—		$	2,591
Margin deposits and guaranty funds	—		—		51,169		—			51,169
Intercompany payable	—		1,784		1,392		(3,176		)	—
Notes payable to affiliates, current	358		—		424		(782		)	—
Other current liabilities	36		—		947		—			983
Total current liabilities	2,985		1,784		53,932		(3,958		)	54,743
Non-current liabilities:
Long-term debt	3,865		852		—		—			4,717
Notes payable to affiliates, non-current	2,629		741		3,128		(6,498		)	—
Other non-current liabilities	35		—		3,617		—			3,652
Total non-current liabilities	6,529		1,593		6,745		(6,498		)	8,369
Total liabilities	9,514		3,377		60,677		(10,456		)	63,112
Redeemable non-controlling interest	—		—		35		—			35

Equity:
Total shareholders’ equity	14,808		10,306		20,654		(30,960		)	14,808
Non-controlling interest in consolidated subsidiaries	—		—		32		—			32
Total equity	14,808		10,306		20,686		(30,960		)	14,840
Total liabilities and equity	$	24,322	$	13,683	$	81,398	$	(41,416	)	$	77,987

Condensed Income Statement

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, net	$	—		$	—		$	2,414		$	—		$	2,414
Data services	—			—			614			—			614
Listings and other revenues	—			—			435			—			435
Revenues	—			—			3,463			—			3,463
Transaction-based expenses	—			—			1,000			—			1,000
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
Operating expenses	2			—			1,129			—			1,131
Operating income (loss)	(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 (loss) 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

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Nine Months Ended September 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	2,566		$	—		$	2,566
Data services	—			—			1,463			—			1,463
Listings and other revenues	—			—			445			—			445
Revenues	—			—			4,474			—			4,474
Transaction-based expenses	—			—			1,113			—			1,113
Revenues, less transaction-based expenses	—			—			3,361			—			3,361
Operating expenses:
Compensation and benefits	1			—			707			—			708
Technology and communication	—			—			277			—			277
Acquisition-related transaction and integration costs	—			—			61			—			61
Selling, general, administrative and other	1			—			235			—			236
Depreciation and amortization	—			—			470			—			470
Operating expenses	2			—			1,750			—			1,752
Operating income (loss)	(2		)	—			1,611			—			1,609
Intercompany interest on loans	(13		)	32			(19		)	—			—
Other income (expense), net	(113		)	(12		)	15			—			(110		)
Total other income (expense), net	(126		)	20			(4		)	—			(110		)
Income (loss) before income taxes	(128		)	20			1,607			—			1,499
Income tax expense	—			—			409			—			409
Equity earnings from subsidiaries	1,197			920			—			(2,117		)	—
Net income	$	1,069		$	940		$	1,198		$	(2,117	)	$	1,090
Net income attributable to non-controlling interest	—			—			(20		)	—			(20		)
Net income attributable to ICE	$	1,069		$	940		$	1,178		$	(2,117	)	$	1,070

Condensed Comprehensive Income Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Nine Months Ended September 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	1,069		$	940		$	1,198		$	(2,117	)	$	1,090
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—			(245		)	—			(245		)
Change in fair value of available-for-sale-securities	—			—			117			—			117
Total other comprehensive loss	—			—			(128		)	—			(128		)
Comprehensive loss of subsidiaries	(128		)	(64		)	—			192			—
Comprehensive income	941			876			1,070			(1,925		)	962
Comprehensive income attributable to non-controlling interests	—			—			(20		)	—			(20		)
Comprehensive income attributable to ICE	$	941		$	876		$	1,050		$	(1,925	)	$	942

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

Condensed Cash Flow Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Nine Months Ended September 30, 2016

(In millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by operating activities	$	25		$	78		$	1,477		$	(72	)	$	1,508
Investing activities:
Loans to subsidiaries	(138		)	(2,168		)	(2,638		)	4,944			—
Capital expenditures and capitalized software development costs	—			—			(254		)	—			(254		)
Decrease in restricted cash and investments	—			—			18			—			18
Other investing activities	—			—			(70		)	—			(70		)
Net cash used in investing activities	(138		)	(2,168		)	(2,944		)	4,944			(306		)
Financing activities:
Repayments of commercial paper, net	(1,006		)	—			—			—			(1,006		)
Intercompany borrowing	1,458			2,090			1,396			(4,944		)	—
Dividends to shareholders	(307		)	—			—			—			(307		)
Intercompany dividends	—			—			(72		)	72			—
Other financing activities	(32		)	—			(21		)	—			(53		)
Net cash provided by (used in) financing activities	113			2,090			1,303			(4,872		)	(1,366		)
Effect of exchange rates on cash and cash equivalents	—			—			(5		)	—			(5		)
Net decrease in cash and cash equivalents	—			—			(169		)	—			(169		)
Cash and cash equivalents, beginning of period	1			—			626			—			627
Cash and cash equivalents, end of period	$	1		$	—		$	457		$	—		$	458

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 operating activities	$	182		$	346		$	465		$	(103	)	$	890
Investing activities:
Loans to subsidiaries	(301		)	(404		)	(842		)	1,547			—
Proceeds from term deposits and sales of available-for-sale investments	—			1,084			—			—			1,084
Capital expenditures and capitalized software development costs	—			—			(192		)	—			(192		)
Decrease in restricted cash and investments	—			—			14			—			14
Other investing activities	—			—			(60		)	—			(60		)
Net cash provided by (used in) investing activities	(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	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