Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2016

Condensed Consolidating Financial Statements [Abstract]

Condensed Consolidating Balance Sheets

As of December 31, 2016

(in millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors		Consolidating Adjustments			Consolidated Total
Current assets:
Cash and cash equivalents	$	1	$	—	$	406	$	—		$	407
Intercompany receivable	2,340		—		—		(2,340		)	—
Margin deposits and guaranty funds	—		—		55,150		—			55,150
Notes receivable from affiliate, current	—		281		23		(304		)	—
Other current assets	—		—		1,576		—			1,576
Total current assets	2,341		281		57,155		(2,644		)	57,133
Property and equipment, net	—		—		1,129		—			1,129
Other non-current assets:
Goodwill and other intangible assets, net	—		—		22,711		—			22,711
Investment in subsidiaries	23,266		13,238		—		(36,504		)	—
Notes receivable from affiliate, non-current	620		5,958		6,373		(12,951		)	—
Other non-current assets	100		11		919		—			1,030
Total other non-current assets	23,986		19,207		30,003		(49,455		)	23,741
Total assets	$	26,327	$	19,488	$	88,287	$	(52,099	)	$	82,003

Current liabilities:
Short-term debt	$	1,642	$	851	$	—	$	—		$	2,493
Margin deposits and guaranty funds	—		—		55,150		—			55,150
Intercompany payable	—		1,935		405		(2,340		)	—
Notes payable to affiliates, current	281		23		—		(304		)	—
Other current liabilities	31		—		943		—			974
Total current liabilities	1,954		2,809		56,498		(2,644		)	58,617
Non-current liabilities:
Long-term debt	3,871		—		—		—			3,871
Notes payable to affiliates, non-current	4,781		1,592		6,578		(12,951		)	—
Other non-current liabilities	4		—		3,721		—			3,725
Total non-current liabilities	8,656		1,592		10,299		(12,951		)	7,596
Total liabilities	10,610		4,401		66,797		(15,595		)	66,213
Redeemable non-controlling interest	—		—		36		—			36

Equity:
Total shareholders' equity	15,717		15,087		21,417		(36,504		)	15,717
Non-controlling interest in consolidated subsidiaries	—		—		37		—			37
Total equity	15,717		15,087		21,454		(36,504		)	15,754
Total liabilities and equity	$	26,327	$	19,488	$	88,287	$	(52,099	)	$	82,003

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
Notes 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		)	—
Notes 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

Year Ended December 31, 2015

(in millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	3,228		$	—		$	3,228
Data services	—			—			871			—			871
Listings and other revenues	—			—			583			—			583
Revenues	—			—			4,682			—			4,682
Transaction-based expenses	—			—			1,344			—			1,344
Revenues, less transaction-based expenses	—			—			3,338			—			3,338
Operating expenses:
Compensation and benefits	1			—			610			—			611
Acquisition-related transaction and integration costs	12			—			76			—			88
Technology and communication	—			—			203			—			203
Selling, general, administrative and other	1			—			311			—			312
Depreciation and amortization	—			—			374			—			374
Operating expenses	14			—			1,574			—			1,588
Operating income (loss)	(14		)	—			1,764			—			1,750
Intercompany interest on loans	(5		)	36			(31		)	—			—
Other income (expense), net	(39		)	(59		)	1			—			(97		)
Total other income (expense), net	(44		)	(23		)	(30		)	—			(97		)
Income (loss) before income taxes	(58		)	(23		)	1,734			—			1,653
Income tax expense	—			—			358			—			358
Equity earnings from subsidiaries	1,332			417			—			(1,749		)	—
Net income	$	1,274		$	394		$	1,376		$	(1,749	)	$	1,295
Net income attributable to non-controlling interest	—			—			(21		)	—			(21		)
Net income attributable to ICE	$	1,274		$	394		$	1,355		$	(1,749	)	$	1,274

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Year Ended December 31, 2014

(in millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	3,144		$	—		$	3,144
Data services	—			—			691			—			691
Listings and other revenues	—			—			517			—			517
Revenues	—			—			4,352			—			4,352
Transaction-based expenses	—			—			1,260			—			1,260
Revenues, less transaction-based expenses	—			—			3,092			—			3,092
Operating expenses:
Compensation and benefits	1			—			591			—			592
Acquisition-related transaction and integration costs	—			12			117			—			129
Technology and communication	—			—			188			—			188
Selling, general, administrative and other	1			—			401			—			402
Depreciation and amortization	—			—			333			—			333
Operating expenses	2			12			1,630			—			1,644
Operating income (loss)	(2		)	(12		)	1,462			—			1,448
Intercompany interest on loans	(2		)	35			(33		)	—			—
Other income (expense), net	(15		)	(80		)	54			—			(41		)
Total other income (expense), net	(17		)	(45		)	21			—			(41		)
Income (loss) from continuing operations before income taxes	(19		)	(57		)	1,483			—			1,407
Income tax expense (benefit)	(2		)	—			404			—			402
Equity earnings from subsidiaries	998			535			—			(1,533		)	—
Income from continuing operations	981			478			1,079			(1,533		)	1,005
Income from discontinued operations, net of tax	—			—			11			—			11
Net income	$	981		$	478		$	1,090		$	(1,533	)	$	1,016
Net income attributable to non-controlling interest	—			—			(35		)	—			(35		)
Net income attributable to ICE	$	981		$	478		$	1,055		$	(1,533	)	$	981

Condensed Consolidating Statements of Income

Year Ended December 31, 2016

(in millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Revenues:
Transaction and clearing, net	$	—		$	—		$	3,384		$	—		$	3,384
Data services	—			—			1,978			—			1,978
Listings and other revenues	—			—			596			—			596
Revenues	—			—			5,958			—			5,958
Transaction-based expenses	—			—			1,459			—			1,459
Revenues, less transaction-based expenses	—			—			4,499			—			4,499
Operating expenses:
Compensation and benefits	1			—			944			—			945
Acquisition-related transaction and integration costs	—			—			80			—			80
Technology and communication	—			—			374			—			374
Selling, general, administrative and other	1			—			322			—			323
Depreciation and amortization	—			—			610			—			610
Operating expenses	2			—			2,330			—			2,332
Operating income (loss)	(2		)	—			2,169			—			2,167
Intercompany interest on loans	(21		)	49			(28		)	—			—
Other income (expense), net	(145		)	(16		)	23			—			(138		)
Total other income (expense), net	(166		)	33			(5		)	—			(138		)
Income (loss) before income taxes	(168		)	33			2,164			—			2,029
Income tax expense (benefit)	—			—			580			—			580
Equity earnings from subsidiaries	1,590			1,201			—			(2,791		)	—
Net income	$	1,422		$	1,234		$	1,584		$	(2,791	)	$	1,449
Net income attributable to non-controlling interest	—			—			(27		)	—			(27		)
Net income attributable to ICE	$	1,422		$	1,234		$	1,557		$	(2,791	)	1,422

Condensed Comprehensive Income Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Year Ended December 31, 2014

(in millions)



	ICE (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income (loss)	$	981	$	478	$	1,090		$	(1,533	)	$	1,016
Other comprehensive income (loss):
Foreign currency translation adjustments	—		1		(131		)	—			(130		)
Change in fair value of net investment hedge	—		—		21			—			21
Change in fair value of available-for-sale securities	—		—		55			—			55
Employee benefit plan adjustments	—		—		(117		)	—			(117		)
Total other comprehensive income (loss)	—		1		(172		)	—			(171		)
Comprehensive income of subsidiaries	1,362		185		—			(1,547		)	—
Comprehensive income	2,343		664		918			(3,080		)	845
Comprehensive income attributable to non-controlling interests	—		—		(35		)	—			(35		)
Comprehensive income attributable to ICE	$	2,343	$	664	$	883		$	(3,080	)	$	810



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	1,274		$	394		$	1,376		$	(1,749	)	$	1,295
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—			(58		)	—			(58		)
Comprehensive income from equity method investment	—			—			2			—			2
Change in fair value of available-for-sale securities	—			—			(81		)	—			(81		)
Employee benefit plan adjustments	—			—			(5		)	—			(5		)
Total other comprehensive loss	—			—			(142		)	—			(142		)
Comprehensive loss of subsidiaries	(142		)	(18		)	—			160			—
Comprehensive income	1,132			376			1,234			(1,589		)	1,153
Comprehensive income attributable to non-controlling interests	—			—			(21		)	—			(21		)
Comprehensive income attributable to ICE	$	1,132		$	376		$	1,213		$	(1,589	)	$	1,132

Condensed Consolidating Statements of Comprehensive Income

Year Ended December 31, 2016

(in millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net income	$	1,422		$	1,234		$	1,584		$	(2,791	)	$	1,449
Other comprehensive income (loss):
Foreign currency translation adjustments	—			—			(300		)	—			(300		)
Change in fair value of available-for-sale securities	—			—			134			—			134
Employee benefit plan adjustments	—			—			10			—			10
Total other comprehensive loss	—			—			(156		)	—			(156		)
Comprehensive loss of subsidiaries	(156		)	(83		)	—			239			—
Comprehensive income	1,266			1,151			1,428			(2,552		)	1,293
Comprehensive income attributable to non-controlling interests	—			—			(27		)	—			(27		)
Comprehensive income attributable to ICE	$	1,266		$	1,151		$	1,401		$	(2,552	)	$	1,266

Condensed Cash Flow Statement

Condensed Consolidating Statements of Cash Flows

Year Ended December 31, 2016

(in millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by (used in) operating activities	$	(850	)	$	1,381		$	3,312		$	(1,694	)	$	2,149
Investing activities:
Cash paid for acquisitions, net of cash acquired	—			—			(425		)	—			(425		)
Loans to subsidiaries	216			(2,406		)	(2,949		)	5,139			—
Capital expenditures and capitalized software development costs	—			—			(365		)	—			(365		)
Increase in restricted cash and investments	—			—			(38		)	—			(38		)
Other investing activities	—			—			(70		)	—			(70		)
Net cash provided by (used in) investing activities	216			(2,406		)	(3,847		)	5,139			(898		)
Financing activities:
Repayments of commercial paper, net	(949		)	—			—			—			(949		)
Intercompany borrowing	2,075			1,025			2,039			(5,139		)	—
Dividends to shareholders	(409		)	—			—			—			(409		)
Intercompany dividends	—			—			(1,694		)	1,694			—
Repurchases of common stock	(50		)	—			—			—			(50		)
Other financing activities	(33		)	—			(21		)	—			(54		)
Net cash provided by (used in) financing activities	634			1,025			324			(3,445		)	(1,462		)
Effect of exchange rates on cash and cash equivalents	—			—			(9		)	—			(9		)
Net decrease in cash and cash equivalents	—			—			(220		)	—			(220		)
Cash and cash equivalents, beginning of year	1			—			626			—			627
Cash and cash equivalents, end of year	$	1		$	—		$	406		$	—		$	407

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Year Ended December 31, 2015

(in millions)



	ICE (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating Adjustments			Consolidated Total
Net cash provided by (used in) operating activities	$	(162	)	$	77		$	1,518		$	(122	)	$	1,311
Investing activities:
Cash paid for acquisitions, net of cash acquired	(3,751		)	—			—			—			(3,751		)
Loans to subsidiaries	(383		)	(730		)	(1,371		)	2,484			—
Proceeds from term deposits, net	—			1,084			—			—			1,084
Capital expenditures and capitalized software development costs	—			—			(277		)	—			(277		)
Increase in restricted cash and investments	5			—			(299		)	—			(294		)
Other investing activities	—			—			(60		)	—			(60		)
Net cash provided by (used in) investing activities	(4,129		)	354			(2,007		)	2,484			(3,298		)
Financing activities:
Proceeds from debt facilities and commercial paper, net	4,158			—			—			—			4,158
Repayments of debt facilities	—			(1,028		)	—			—			(1,028		)
Intercompany borrowing	1,127			592			765			(2,484		)	—
Dividends to shareholders	(331		)	—			—			—			(331		)
Intercompany dividends	—			—			(122		)	122			—
Purchase of subsidiary shares from non-controlling interest	—			—			(128		)	—			(128		)
Repurchases of common stock	(660		)	—			—			—			(660		)
Other financing activities	(8		)	—			(27		)	—			(35		)
Net provided by (cash used) in financing activities	4,286			(436		)	488			(2,362		)	1,976
Effect of exchange rates on cash and cash equivalents	—			—			(14		)	—			(14		)
Net decrease in cash and cash equivalents	(5		)	(5		)	(15		)	—			(25		)
Cash and cash equivalents, beginning of year	6			5			641			—			652
Cash and cash equivalents, end of year	$	1		$	—		$	626		$	—		$	627

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Year Ended December 31, 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	$	(350	)	$	4,651		$	(2,399	)	$	(439	)	$	1,463
Investing activities:
Cash paid for acquisitions, net of cash acquired	—			—			(577		)	—			(577		)
Loans to subsidiaries	—			(3,103		)	(950		)	4,053			—
Proceeds from IPO and sale of Euronext and sale of NYSE Technologies	—			—			2,274			—			2,274
Purchases of term deposits, net	—			(1,304		)	54			—			(1,250		)
Capital expenditures and capitalized software development costs	—			—			(250		)	—			(250		)
Increase in restricted cash and investments	—			—			(161		)	—			(161		)
Net cash provided by investing activities from continuing operations	—			(4,407		)	390			4,053			36
Financing activities:
Repayments of debt facilities and commercial paper, net	(174		)	—			(378		)	—			(552		)
Intercompany borrowing	1,502			(239		)	2,790			(4,053		)	—
Dividends to shareholders	(299		)	—			—			—			(299		)
Intercompany dividends	—			—			(439		)	439			—
Purchase of subsidiary shares from non-recurring interest	—						(129		)				(129		)
Repurchase of common stock	(645		)	—			—			—			(645		)
Other financing activities	(30		)	—			(18		)	—			(48		)
Net cash used in financing activities from continuing operations	354			(239		)	1,826			(3,614		)	(1,673		)
Cash and cash equivalents from discontinued operations	—			—			(114		)	—			(114		)
Effect of exchange rates on cash and cash equivalents	—			—			(21		)	—			(21		)
Net increase (decrease) in cash and cash equivalents	4			5			(318		)	—			(309		)
Cash and cash equivalents, beginning of year	2			—			959			—			961
Cash and cash equivalents, end of year	$	6		$	5		$	641		$	—		$	652