Condensed Consolidating Financial Statements (Tables)

12 Months Ended

Dec. 31, 2015

Condensed Consolidating Financial Statements [Abstract]

Condensed Balance Sheet

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

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
Notes receivable from affiliate, current	—		313		31		(344		)	—
Other current assets	60		1,173		949		(60		)	2,122
Total current assets	2,859		1,491		49,608		(3,726		)	50,232
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		)	—
Notes receivable from affiliate, non-current	—		2,790		1,516		(4,306		)	—
Other non-current assets	13		11		809		—			833
Total other non-current assets	13,695		12,373		18,640		(27,560		)	17,148
Total assets	$	16,554	$	13,864	$	69,122	$	(31,286	)	$	68,254
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		—		966		(60		)	936
Total current liabilities	1,279		3,070		49,813		(3,726		)	50,436
Non-current liabilities:
Long-term debt	1,382		853		—		—			2,235
Notes payable to affiliates, non-current	1,516		—		2,790		(4,306		)	—
Other non-current liabilities	17		—		3,009		—			3,026
Total non-current liabilities	2,915		853		5,799		(4,306		)	5,261
Total liabilities	4,194		3,923		55,612		(8,032		)	55,697
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	$	16,554	$	13,864	$	69,122	$	(31,286	)	$	68,254

Condensed Income Statement

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 fees, net	$	—		$	—		$	3,144		$	—		$	3,144
Data services fees	—			—			691			—			691
Listing fees and other revenues	—			—			517			—			517
Total revenues	—			—			4,352			—			4,352
Transaction-based expenses	—			—			1,260			—			1,260
Total revenues, less transaction-based expenses	—			—			3,092			—			3,092
Operating expenses:
Compensation and benefits	1			—			591			—			592
Technology and communication	—			—			188			—			188
Acquisition-related transaction and integration costs	—			12			117			—			129
Selling, general, administrative and other	1			—			401			—			402
Depreciation and amortization	—			—			333			—			333
Total operating expenses	2			12			1,630			—			1,644
Operating income (loss)	(2		)	(12		)	1,462			—			1,448
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 (loss) 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

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Income

Year Ended December 31, 2013

(in millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Revenues:
Transaction and clearing fees, net	$	—		$	—		$	1,393		$	—		$	1,393
Data services fees	—			—			246			—			246
Listing fees and other revenues	—			—			91			—			91
Total revenues	—			—			1,730			—			1,730
Transaction-based expenses	—			—			132			—			132
Total revenues, less transaction-based expenses	—			—			1,598			—			1,598
Operating expenses:
Compensation and benefits	—			—			302			—			302
Technology and communication	—			—			63			—			63
Acquisition-related transaction and integration costs	—			—			143			—			143
Selling, general, administrative and other	—			—			144			—			144
Depreciation and amortization	—			—			156			—			156
Total operating expenses	—			—			808			—			808
Operating income	—			—			790			—			790
Total other expense, net	(11		)	(3		)	(272		)	—			(286		)
Income (loss) from continuing operations before income taxes	(11		)	(3		)	518			—			504
Income tax expense (benefit)	(4		)	—			188			—			184
Equity earnings from subsidiaries	261			(17		)	—			(244		)	—
Income (loss) from continuing operations	254			(20		)	330			(244		)	320
Loss from discontinued operations, net of tax	—			—			(50		)	—			(50		)
Net income (loss)	$	254		$	(20	)	$	280		$	(244	)	$	270
Net income attributable to non-controlling interest	—			—			(16		)	—			(16		)
Net income (loss) attributable to ICE	$	254		$	(20	)	$	264		$	(244	)	$	254

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 fees, net	$	—		$	—		$	3,228		$	—		$	3,228
Data services fees	—			—			871			—			871
Listing fees and other revenues	—			—			583			—			583
Total revenues	—			—			4,682			—			4,682
Transaction-based expenses	—			—			1,344			—			1,344
Total revenues, less transaction-based expenses	—			—			3,338			—			3,338
Operating expenses:
Compensation and benefits	1			—			610			—			611
Technology and communication	—			—			203			—			203
Acquisition-related transaction and integration costs	12			—			76			—			88
Selling, general, administrative and other	1			—			311			—			312
Depreciation and amortization	—			—			374			—			374
Total operating expenses	14			—			1,574			—			1,588
Operating income (loss)	(14		)	—			1,764			—			1,750
Total other expense, net	(44		)	(23		)	(30		)	—			(97		)
Income (loss) from continuing operations before income taxes	(58		)	(23		)	1,734			—			1,653
Income tax expense (benefit)	—			—			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

Condensed Comprehensive Income Statement

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Comprehensive Income

Year Ended December 31, 2013

(in millions)

	ICE  (Parent)		Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net income (loss)	$	254	$	(20	)	$	280		$	(244	)	$	270
Other comprehensive income (loss):
Foreign currency translation adjustments	—		—			70			—			70
Change in fair value of net investment hedge	—		(19		)	—			—			(19		)
Change in fair value of available-for-sale securities	—		—			(67		)	—			(67		)
Reclassifications of losses realized on available-for-sale securities to other expense	—		—			190			—			190
Employee benefit plan adjustments	—		—			3			—			3
Total other comprehensive income (loss)	—		(19		)	196			—			177
Comprehensive income of subsidiaries	411		310			—			(721		)	—
Comprehensive income	665		271			476			(965		)	447
Comprehensive income attributable to non-controlling interests	—		—			(16		)	—			(16		)
Comprehensive income attributable to ICE	$	665	$	271		$	460		$	(965	)	$	431

	ICE  (Parent)		Subsidiary Guarantor - NYSE Holdings		Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net income	$	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

Condensed Consolidating Statements of Comprehensive Income

Year Ended December 31, 2015

(in millions)

	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		)
Change in fair value of available-for-sale securities	—			—			(81		)	—			(81		)
Comprehensive income from equity method investment	—			—			2			—			2
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 Cash Flow Statement

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 operating activities from continuing operations	$	(162	)	$	77		$	1,518		$	(122	)	$	1,311
Investing activities:
Increase in restricted cash	5			—			(299		)	—			(294		)
Cash paid for acquisitions, net of cash acquired	(3,751		)	—			—			—			(3,751		)
Loans to subsidiaries	(383		)	(730		)	(1,371		)	2,484			—
Additional capital contribution to equity method investee	—			—			(60		)	—			(60		)
Proceeds from term deposits, net	—			1,084			—			—			1,084
Capital expenditures and capitalized software development costs	—			—			(277		)	—			(277		)
Net cash used in investing activities from continuing operations	(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 cash provided by financing activities from continuing operations	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:
Increase in restricted cash	—			—			(161		)	—			(161		)
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		)
Net cash used in 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-controlling interest	—			—			(129		)	—			(129		)
Repurchases 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

Intercontinental Exchange, Inc.

Condensed Consolidating Statements of Cash Flows

Year Ended December 31, 2013

(in millions)

	ICE  (Parent)			Subsidiary Guarantor - NYSE Holdings			Subsidiary Non-Guarantors			Consolidating  Adjustments			Consolidated  Total
Net cash provided by operating activities from continuing operations	$	65		$	111		$	820		$	(282	)	$	714
Investing activities:
Increase in restricted cash	—			—			(75		)	—			(75		)
Cash paid for acquisitions, net of cash acquired	(2,742		)	—			501			—			(2,241		)
Loans to subsidiaries	—			—			(597		)	597			—
Purchases of available for sale investments, net	—			—			(26		)	—			(26		)
Capital expenditures and capitalized software development costs	—			—			(179		)	—			(179		)
Net cash used in investing activities from continuing operations	(2,742		)	—			(376		)	597			(2,521		)
Financing activities:
Proceeds from debt facilities and commercial paper, net	2,473			—			1,360			—			3,833
Repayments of debt facilities	(13		)	(350		)	(2,101		)	—			(2,464		)
Intercompany borrowing	358			239			—			(597		)	—
Dividends to shareholders	(75		)	—			—			—			(75		)
Intercompany dividends	—			—			(282		)	282			—
Purchase of subsidiary shares from non-recurring interest	—			—			(40		)	—			(40		)
Other financing activities	(64		)	—			(71		)	—			(135		)
Net cash provided by financing activities from continuing operations	2,679			(111		)	(1,134		)	(315		)	1,119
Cash and cash equivalents from discontinued operations	—			—			19			—			19
Effect of exchange rates on cash and cash equivalents	—			—			18			—			18
Net increase (decrease) in cash and cash equivalents	2			—			(653		)	—			(651		)
Cash and cash equivalents, beginning of year	—			—			1,612			—			1,612
Cash and cash equivalents, end of year	$	2		$	—		$	959		$	—		$	961