Intercontinental Exchange 10-Q 3 Nov 09 2009 Q3 Quarterly report Financial data

Statement Of Financial Position

Statement Of Financial Position Classified (USD $)
In Thousands	9 Months Ended Sep. 30, 2009	9 Months Ended Dec. 31, 2008
Current assets:
Cash and cash equivalents	$391,629	$283,522
Short-term restricted cash	76,402	30,724
Short-term investments	2,004	3,419
Customer accounts receivable, net of allowance for doubtful accounts of $2,237 and $1,478 at September 30, 2009 and December 31, 2008, respectively	132,559	81,248
Margin deposits and guaranty funds	16,427,943	12,117,820
Income taxes receivable	37,419	180
Prepaid expenses and other current assets	26,634	35,675
Total current assets	17,094,590	12,552,588
Property and equipment, net	86,590	88,952
Other noncurrent assets:
Goodwill	1,476,810	1,434,816
Other intangible assets, net	718,265	728,855
Long-term restricted cash	128,223	105,740
Long-term investments	30,326	3,065
Cost method investments	15,385	32,724
Other noncurrent assets	11,549	12,841
Total other noncurrent assets	2,380,558	2,318,041
Total assets	19,561,738	14,959,581
Current liabilities:
Accounts payable and accrued liabilities	59,772	49,663
Accrued salaries and benefits	33,371	41,096
Current portion of licensing agreement	14,536	12,686
Current portion of long-term debt	96,000	46,875
Income taxes payable	34,850	17,708
Margin deposits and guaranty funds	16,427,943	12,117,820
Other current liabilities	20,914	25,794
Total current liabilities	16,687,386	12,311,642
Noncurrent liabilities:
Noncurrent deferred tax liability, net	208,760	194,301
Long-term debt	234,000	332,500
Noncurrent portion of licensing agreement	76,375	82,989
Other noncurrent liabilities	17,756	24,901
Total noncurrent liabilities	536,891	634,691
Total liabilities	17,224,277	12,946,333
Commitments and contingencies	-	-
Redeemable stock put	0	1,068
IntercontinentalExchange, Inc. shareholders' equity:
Preferred stock, $0.01 par value; 25,000 shares authorized; no shares issued or outstanding at September 30, 2009 and December 31, 2008	0	0
Common stock, $0.01 par value; 194,275 shares authorized; 77,275 and 76,502 shares issued at September 30, 2009 and December 31, 2008, respectively; 73,225 and 72,364 shares outstanding at September 30, 2009 and December 31, 2008, respectively	773	765
Treasury stock, at cost; 4,050 and 4,138 shares at September 30, 2009 and December 31, 2008, respectively	(345,958)	(355,520)
Additional paid-in capital	1,653,277	1,608,344
Retained earnings	964,871	732,752
Accumulated other comprehensive income	29,321	19,890
Total IntercontinentalExchange, Inc. shareholders' equity	2,302,284	2,006,231
Noncontrolling interest in consolidated subsidiaries	35,177	5,949
Total equity	2,337,461	2,012,180
Total liabilities and equity	$19,561,738	$14,959,581

1_Statement Of Financial Positi

Statement Of Financial Position Classified (Parenthetical) (USD $)
In Thousands, except Per Share data	Sep. 30, 2009	Dec. 31, 2008
Customer accounts receivable, allowance for doubtful accounts	$2,237	$1,478
Preferred stock, par value	0.01	0.01
Preferred stock, shares authorized	25,000	25,000
Preferred stock, shares issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value	0.01	0.01
Common stock, shares authorized	194,275	194,275
Common stock, shares issued	77,275	76,502
Common stock, shares outstanding	73,225	72,364
Treasury stock, shares	4,050	4,138

Statement Of Income Alternative

Statement Of Income Alternative (USD $)
In Thousands, except Per Share data	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Revenues:
Transaction and clearing fees, net	$228,868	$170,974	$655,301	$515,070
Market data fees	24,891	25,771	76,490	75,984
Other	2,505	4,699	6,443	14,764
Total revenues	256,264	201,444	738,234	605,818
Operating expenses:
Compensation and benefits	55,928	41,186	166,231	102,788
Professional services	9,866	9,089	32,047	22,989
Selling, general and administrative	22,613	17,626	68,457	47,643
Depreciation and amortization	27,868	14,401	82,750	36,191
Total operating expenses	116,275	82,302	349,485	209,611
Operating income	139,989	119,142	388,749	396,207
Other income (expense):
Interest and investment income	298	3,297	1,252	9,141
Interest expense	(4,374)	(4,438)	(16,534)	(13,614)
Other income (expense), net	1,493	281	(9,163)	606
Total other expense, net	(2,583)	(860)	(24,445)	(3,867)
Income before income taxes	137,406	118,282	364,304	392,340
Income tax expense	50,524	43,319	133,142	140,223
Net income	86,882	74,963	231,162	252,117
Net loss attributable to noncontrolling interest	572	0	572	0
Net income attributable to IntercontinentalExchange, Inc.	$87,454	$74,963	$231,734	$252,117
Earnings per share attributable to IntercontinentalExchange, Inc. common shareholders:
Basic	1.2	1.05	3.18	3.56
Diluted	1.18	1.04	3.13	3.51
Weighted average common shares outstanding:
Basic	73,137	71,483	72,887	70,816
Diluted	74,204	72,424	73,949	71,728

Statement Of Shareholders Equit

Statement Of Shareholders Equity And Other Comprehensive Income (USD $)
In Thousands		Common Stock Value		Treasury Stock Value	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income from Foreign Currency Translation	Accumulated Other Comprehensive Income from Available-For-Sale Securities	Accumulated Other Comprehensive Income from Cash Flow Hedges	Noncontrolling Interest in Consolidated Subsidiaries	Total
Beginning Balance at Dec. 31, 2007		$710		($30,188)	$1,043,971	$431,708	$33,046	$59	($2,450)	$0	$1,476,856
Beginning Balance at Dec. 31, 2007	70,963		(1,252)
Beginning Balance at Dec. 31, 2007		710		(30,188)	1,043,971	431,708	33,046	59	(2,450)	0	1,476,856
Beginning Balance at Dec. 31, 2007	70,963		(1,252)
Other comprehensive income (loss)							(10,657)	(108)			(10,765)
Exercise of common stock options	397		(1)
Exercise of common stock options		4		(225)	5,206						4,985
Issuance of shares for acquisitions	4,906
Issuance of shares for acquisitions		49			496,532						496,581
Repurchases of common stock			(3,220)
Repurchases of common stock				(300,000)							(300,000)
Change in fair value of redeemable stock put						72					72
Treasury shares received for restricted stock and stock option tax payments			(295)
Treasury shares received for restricted stock and stock option tax payments				(45,783)							(45,783)
Stock-based compensation					39,112						39,112
Issuance of restricted stock	236		630
Issuance of restricted stock		2		20,676	(20,678)						0
Tax benefits from stock option plans					44,201						44,201
Noncontrolling interest issued in connection with an acquisition										5,949	5,949
Net income						300,972					300,972
Ending Balance at Dec. 31, 2008	76,502		(4,138)
Ending Balance at Dec. 31, 2008		765		(355,520)	1,608,344	732,752	22,389	(49)	(2,450)	5,949	2,012,180
Beginning Balance at Dec. 31, 2008									(2,450)
Other comprehensive income (loss)							6,148	4,486	(1,203)		9,431
Exercise of common stock options	493
Exercise of common stock options		5			9,330						9,335
Issuance of shares for acquisitions	50
Issuance of shares for acquisitions		1			5,894						5,895
Change in fair value of redeemable stock put						385					385
Treasury shares received for restricted stock and stock option tax payments			(123)
Treasury shares received for restricted stock and stock option tax payments				(8,522)							(8,522)
Stock-based compensation					39,412						39,412
Issuance of restricted stock	230		211
Issuance of restricted stock		2		18,084	(18,086)						0
Tax benefits from stock option plans					8,383						8,383
Noncontrolling interest issued in connection with an acquisition										29,800	29,800
Net loss attributable to noncontrolling interest						572				(572)	0
Net income						231,162					231,162
Ending Balance at Sep. 30, 2009	77,275		(4,050)
Ending Balance at Sep. 30, 2009		$773		($345,958)	$1,653,277	$964,871	$28,537	$4,437	($3,653)	$35,177	$2,337,461

Statement Of Other Comprehensiv

Statement Of Other Comprehensive Income (USD $)
In Thousands	3 Months Ended Sep. 30, 2009	3 Months Ended Sep. 30, 2008	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Net income	$86,882	$74,963	$231,162	$252,117
Other comprehensive income (loss):
Change in foreign currency translation adjustments	3,872	(1,759)	6,148	(3,298)
Change in fair value of cash flow hedges, net of tax	(1,790)	0	(1,203)	0
Change in available-for-sale securities, net of tax	(1,466)	(73)	4,486	(129)
Comprehensive income	87,498	73,131	240,593	248,690
Comprehensive loss attributable to noncontrolling interest	572	0	572	0
Comprehensive income attributable to IntercontinentalExchange, Inc.	$88,070	$73,131	$241,165	$248,690

Statement Of Cash Flows Indirec

Statement Of Cash Flows Indirect (USD $)
In Thousands	9 Months Ended Sep. 30, 2009	9 Months Ended Sep. 30, 2008
Operating activities
Net income	$231,162	$252,117
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	82,750	36,191
Amortization of debt issuance costs	3,827	879
Allowance for doubtful accounts	759	339
Net realized gains on sales of available-for-sale investments	(7)	(38)
Stock-based compensation	35,724	25,252
Loss on impairment of NCDEX	9,276	0
Gain on sale of business	(719)	0
Deferred taxes	(12,546)	(6,681)
Excess tax benefits from stock-based compensation	(19,851)	(42,092)
Changes in assets and liabilities:
Customer accounts receivable	(51,453)	(30,666)
Prepaid expenses and other current assets	6,289	943
Noncurrent assets	(1,633)	97
Income taxes payable	10,488	58,869
Accounts payable, accrued salaries and benefits, and other liabilities	(2,738)	4,212
Total adjustments	60,166	47,305
Net cash provided by operating activities	291,328	299,422
Investing activities
Capital expenditures	(13,809)	(18,656)
Capitalized software development costs	(14,756)	(10,963)
Cash paid for acquisitions, net of cash acquired	(39,372)	(37,330)
Proceeds from sales of cost method investments	6,953	0
Proceeds from sale of business	1,578	0
Proceeds from sales of available-for-sale investments	8,536	236,577
Purchases of available-for-sale investments	(28,089)	(102,582)
Increase in restricted cash	(62,482)	(112,422)
Net cash used in investing activities	(141,441)	(45,376)
Financing activities
Proceeds from credit facilities	5,000	195,000
Repayments of credit facilities	(54,375)	(28,125)
Issuance costs for credit facilities	(10,307)	(1,519)
Excess tax benefits from stock-based compensation	19,851	42,092
Repurchases of common stock	0	(300,000)
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises	(8,522)	(43,550)
Payments on capital lease obligations	(1,815)	(124)
Proceeds from exercise of common stock options	9,335	4,099
Net cash used in financing activities	(40,833)	(132,127)
Effect of exchange rate changes on cash and cash equivalents	(947)	211
Net increase in cash and cash equivalents	108,107	122,130
Cash and cash equivalents, beginning of period	283,522	119,597
Cash and cash equivalents, end of period	391,629	241,727
Supplemental cash flow disclosure
Cash paid for income taxes	139,047	87,606
Cash paid for interest	10,218	6,824
Supplemental noncash investing activities
Common stock and vested stock options issued for acquisitions	5,895	499,240
Equity of subsidiary issued for acquisition	$29,800	$0

1.Nature of Business and Organi

1.Nature of Business and Organization
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
1.Nature of Business and Organization	1. Nature of Business and Organization IntercontinentalExchange, Inc. (the Company) is a leading operator of global regulated futures exchanges and over-the-counter (OTC) markets for commodities and derivative financial products. The Company owns ICE Futures Europe, which operates as a United Kingdom (U.K.) Recognized Investment Exchange for the purpose of price discovery, trading and risk management within the energy commodity futures and options markets. The Company owns ICE Futures U.S., Inc. (ICE Futures U.S.), which operates as a United States (U.S.) Designated Contract Market for the purpose of price discovery, trading and risk management within the soft commodity, index and currency futures and options markets. The Company owns ICE Futures Canada, Inc. (ICE Futures Canada), which operates as a Canadian derivatives exchange for the purpose of price discovery, trading and risk management within the agricultural futures and options markets. In addition to operating an Exempt Commercial Market for trading OTC energy commodities and derivatives, the Company owns Creditex Group Inc. (Creditex), which operates in the OTC credit default swaps (CDS) trade execution markets. The Company also owns and operates five central counterparty clearing houses, including ICE Clear U.S., Inc. (ICE Clear U.S.), ICE Clear Europe Limited (ICE Clear Europe), ICE Clear Canada, Inc. (ICE Clear Canada), The Clearing Corporation (TCC) and ICE Trust U.S. LLC (ICE Trust), which began clearing CDS markets in March 2009. Headquartered in Atlanta, Georgia, the Company also has offices in London, New York, Chicago, Houston, Calgary, Winnipeg and Singapore. The Company does not risk its own capital by engaging in any trading activities.

2.Basis of Presentation

2.Basis of Presentation
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
2.Basis of Presentation	2. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared by the Company in accordance with U.S. generally accepted accounting principles pursuant to the rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements and should be read in conjunction with the Companys audited consolidated financial statements and related notes thereto for the year ended December31, 2008. The accompanying unaudited consolidated financial statements reflect all adjustments that are, in the opinion of the Companys management, necessary for a fair presentation of results for the interim periods presented. These adjustments are of a normal recurring nature. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Although these estimates are based on managements best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from the estimates. The results of operations for the nine months and three months ended September30, 2009 are not necessarily indicative of the results to be expected for any future period or the full fiscal year. The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All intercompany balances and transactions between the Company and its wholly-owned and majority-owned subsidiaries have been eliminated in consolidation. As discussed in Note 10, the Company completed its acquisition of TCC on March6, 2009 and has included the financial results of TCC in its consolidated financial statements effective from March6, 2009. On January1, 2009, the Company adopted what was formerly known as Statement of Financial Accounting Standards (SFAS) No.141 (revised 2007), Business Combinations, (SFAS No.141R), now part of Accounting Standards Codification (ASC) Topic 805. Under SFAS No.141R, an acquirer is required to recognize all the assets acquired and liabilities assumed in a transaction at the acquisition-date fair value, with limited exceptions. SFAS No.141R changes the accounting treatment for certain specific acquisition-related items including expensing acquisition costs as incurred, valuing noncontrolling interests at fair value at the acquisition date and expensing restructuring costs associated with an acquired business. SFAS No.141R also includes a number of new disclosure requirements. SFAS No.141R is applied prospectively to business combinations consummated on or after January1, 2009, including the Companys acquisition of TCC on March6, 2009. As a result of the Companys adoption of SFAS No.141R, $5.6 million in transaction costs related to the acquisition of TCC were expensed in the accompanying consolidated statement of income for the nine months end

3.Short-Term and Long-Term Inve

3.Short-Term and Long-Term Investments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
3.Short-Term and Long-Term Investments	3. Short-Term and Long-Term Investments Investments consist of available-for-sale securities. Available-for-sale securities are carried at fair value with unrealized gains or losses reported as a component of accumulated other comprehensive income. The cost of securities sold is based on the specific identification method. As of September30, 2009, available-for-sale securities consisted of the following (in thousands): Cost Gross Unrealized Gains Gross Unrealized Losses Estimated FairValue U.S. Treasury securities $ 1,998 $ $ $ 1,998 Equity securities 24,103 6,230 1 30,332 Total $ 26,101 $ 6,230 $ 1 $ 32,330 The Company acquired 2.3million shares, or approximately 4.8%, of the common stock of Climate Exchange plc (CLE) for $24.1 million in cash in June 2009. CLE is listed on the Alternative Investment Market (AIM) section of the London Stock Exchange. CLE is principally engaged in owning, operating and developing exchanges to facilitate trading in environmental financial instruments, including emissions reduction credits, which are designed to support and lower the economic costs of achieving environmental objectives. The Company has preexisting contractual relationships with three subsidiaries of CLE whereby the Company provides hosting and other services for electronic trading and clearing of the CLE subsidiaries products. The Company accounts for its investment in CLE as an available-for-sale investment. At September30, 2009, the fair value of the investment was $30.3 million and the unrealized gain was $6.2 million, or $4.5 million net of taxes, which is included in equity securities in the table above. Investments that the Company intends to hold for more than one year are classified as long-term investments. The investment in CLE is classified as a long-term investment in the accompanying consolidated balance sheet as of September30, 2009. All other available-for-sale securities, including a $6,000 additional equity security, are classified as short-term investments as of September30, 2009 as the Company does not expect to hold these for more than one year. The contractual maturities of the U.S. Treasury securities held as of September30, 2009 are less than one year.

4.Cost Method Investments

4.Cost Method Investments
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
4.Cost Method Investments	4. Cost Method Investments The Company had an 8% equity ownership in the National Commodity and Derivatives Exchange, Ltd. (NCDEX), a derivatives exchange located in Mumbai, India, which it acquired for $37.0 million in 2006. In December 2008, the Company recorded an impairment loss of $15.7 million, reducing the carrying value of the investment to $21.3 million. In June 2009, the Company recorded an additional impairment loss of $9.3 million, resulting in an adjusted carrying value of $12.0 million. The Company wrote down its cost method investment in NCDEX due to the significance of the decrease in the estimated fair value of its investment resulting from the suspended trading of certain key NCDEX contracts, foreign investment limits, current market conditions and the uncertainty surrounding the potential for the Company to recover the carrying value of the investment. As a result of a change in Indian law that limits the total ownership by foreign entities in Indian commodities exchanges to a maximum of 5%, the Company was required to sell a portion of its stake in NCDEX by September30, 2009. During September 2009, the Company completed its sale of 3% of its equity stake in NCDEX to a third party for $4.5 million. The Company sold the 3% equity stake at its adjusted carrying value and no gain or loss was recognized on the sale. The Company will continue to monitor the remaining $7.5 million cost method investment balance as of September30, 2009 and if it is determined that additional other-than-temporary impairment exists, the Company will recognize an impairment loss equal to the difference between the fair value and the adjusted carrying value of the remaining 5% equity stake in NCDEX.

5.Goodwill and Other Intangible

5.Goodwill and Other Intangible Assets
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
5.Goodwill and Other Intangible Assets	5. Goodwill and Other Intangible Assets The following is a summary of the activity in the goodwill balance for the nine months ended September30, 2009 (in thousands): Goodwill balance at December31, 2008 $ 1,434,816 Acquisition of TCC 47,072 Other activity (5,078 ) Goodwill balance at September30, 2009 $ 1,476,810 The following is a summary of the activity in the other intangible assets balance for the nine months ended September30, 2009 (in thousands): Other intangible assets balance at December31, 2008 $ 728,855 Acquisition of TCC 35,380 Other activity 3,226 Amortization of intangibles (49,196 ) Other intangible assets balance at September30, 2009 $ 718,265 The goodwill and other intangible assets from the acquisition of TCC (Note 10) have been included in the global OTC segment for purposes of segment reporting as this is consistent with how it is reported internally to the Companys chief operating decision maker. The TCC goodwill amount above was allocated to the CDS reporting unit for purposes of future impairment testing. The Company estimates that none of the goodwill acquired for the TCC acquisition will be deductible for tax purposes as it was a nontaxable transaction. The other activity in the goodwill and other intangible assets balances relates to adjustments to the purchase price, other intangible assets and related goodwill for acquisitions completed in 2008, primarily relating to updated valuations of identified tangible and intangible assets, adjustments for excess tax benefits on share based payments, and foreign currency translation adjustments. The Company did not recognize any impairment losses on goodwill or other intangible assets during the nine months ended September30, 2009 and 2008.

6.Credit Facilities

6.Credit Facilities
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
6.Credit Facilities	6. Credit Facilities As of December31, 2008, the Company had a senior unsecured credit agreement under which a term loan facility in the aggregate principal amount of $184.4 million was outstanding and a revolving credit facility with a total borrowing capacity of $250.0 million (collectively, the Credit Facilities). As of December31, 2008, $195.0 million was outstanding under the revolving credit facility, which was due to be repaid by January12, 2010. The Company also had a separate senior credit agreement (the Credit Agreement) outstanding that provided for an additional 364-day revolving credit facility with a total borrowing capacity of $150.0 million for use by ICE Clear Europe, of which no amounts had been borrowed. On April9, 2009, the Credit Facilities and the Credit Agreement were cancelled, amended and/or replaced with new unsecured senior credit facilities (the New Credit Facilities) with aggregate principal amount and borrowing capacity of $775.0 million with Wachovia Bank, National Association (Wachovia), as Administrative Agent, Bank of America, N.A., as Syndication Agent, and the lenders named therein. The New Credit Facilities provide for a 364-day senior unsecured revolving credit facility with a total borrowing capacity of $300.0 million, a three-year senior unsecured revolving credit facility with a total borrowing capacity of $100.0 million, a three-year senior unsecured term loan facility in the aggregate principal amount of $200.0 million and an amended senior unsecured term loan facility in the aggregate principal amount of $175.0 million. The full $200.0 million available under the new term loan facility was borrowed on April9, 2009 and was used to pay off the $195.0 million in principal that was outstanding under the previous revolving credit facility. The original term loan facility was amended and the $175.0 million that was outstanding at that time remained outstanding under the New Credit Facilities. As of September30, 2009, no amounts have been borrowed under the new $400.0 million combined revolving credit facilities. Loans under the New Credit Facilities bear interest on the principal amount outstanding, at the option of the Company, at either (i)LIBOR plus an applicable margin rate or (ii)a base rate plus an applicable margin rate. The base rate will be equal to the higher of (i)Wachovias prime rate, (ii)the federal funds rate plus 0.5%, or (iii)the LIBOR rate for an interest period of one month plus 1.5%. The applicable margin rate ranges from 2.50% to 4.50% on the LIBOR loans and from 1.50% to 3.50% for the base rate loans, in each case based on the Companys total leverage ratio calculated on a trailing twelve month period. Interest on each outstanding borrowing is payable on at least a quarterly basis. Aggregate principal maturities on the borrowings outstanding under the New Credit Facilities are $22.5 million for the remaining three months in 2009 and $99.0 million, $132.8 million and $75.7 million in 2010, 2011 and 2012, respectively. The Company had a three-month LIBOR-rate loan with a stated interest rate of 2.78%per annum, including the applicable margin rate of 2.50% on the LIBOR

7.Shareholders' Equity

7.Shareholders' Equity
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
7.Shareholders' Equity	7. Shareholders Equity Stock-Based Compensation The Company currently sponsors employee stock option and restricted stock plans. All stock options are granted at an exercise price equal to the fair value of the common stock on the date of grant. The grant date fair value is based on the closing stock price on the date of grant. The fair value of the stock options and restricted stock on the date of the grant is recognized as expense over the vesting period, net of estimated forfeitures. The non-cash compensation expenses recognized in the Companys consolidated statements of income for the stock options and restricted stock were $35.7 million and $25.3 million for the nine months ended September30, 2009 and 2008, respectively, and $13.9 million and $7.4 million for the three months ended September30, 2009 and 2008, respectively. The following is a summary of stock options for the nine months ended September30, 2009: NumberofOptions WeightedAverage Exercise Price Per Option Outstanding at December31, 2008 2,463,415 $ 36.83 Exercised (492,543 ) 17.69 Forfeited or expired (21,299 ) 106.56 Outstanding at September30, 2009 1,949,573 40.91 Details of stock options outstanding as of September30, 2009 are as follows: NumberofOptions WeightedAverage Exercise Price WeightedAverage Remaining Contractual Life (years) Aggregate Intrinsic Value (Inthousands) Vested or expected to vest 1,855,527 $ 40.59 6.43 $ 113,807 Exercisable 1,438,119 $ 32.33 5.88 $ 99,125 The total intrinsic value of stock options exercised during the nine months ended September30, 2009 and 2008 was $38.1 million and $41.3 million, respectively, and was $4.1 million and $3.6 million during the three months ended September30, 2009 and 2008, respectively. As of September30, 2009, there were $17.9 million in total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 2.0 years as the stock options vest. In December 2008, the Company reserved a maximum of 465,895 restricted shares for potential issuance as performance-based restricted shares for certain Company employees. These restricted shares are also subject to a market condition that may reduce the number of shares that are issued if the 2009 Company total shareholder return falls below that of the 2009 return of the Dow Jones Global Exchange Index. The number of shares issued will be reduced by either 10% or 20% if the 2009 Company total shareholder return is below certain threshold levels as compared to the 2009 return of the Dow Jones Global Exchange Index. The Company used a Monte Carlo simulation model to determine the grant date fair value of these awards. The grant date was December16, 2008, which was the date when the Company and the employees reached a mutual understanding of award terms, and it is also the service inception date, which is the date when the requisite service period began. These shares vest over a three-year period based on the Companys financial performan

8.Income Taxes

8.Income Taxes
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
8.Income Taxes	8. Income Taxes The Companys effective tax rate increased to 36.5% for the nine months ended September30, 2009 from 35.7% for the nine months ended September30, 2008 and the effective tax rate increased to 36.8% for the three months ended September30, 2009 from 36.6% for the three months ended September30, 2008. The effective tax rate for the nine months and three months ended September30, 2009 and 2008 is higher than the federal statutory rate primarily due to state taxes and non-deductible expenses, which are partially offset by favorable foreign income tax rates, tax exempt interest income and tax credits. The effective tax rate for the nine months ended September30, 2009 is also higher than the federal statutory rate due to the tax impact of an impairment loss related to the Companys investment in NCDEX (Note 4). The undistributed earnings of the Companys foreign subsidiaries that have not been remitted to the United States totaled $534.9 million and $363.4 million as of September30, 2009 and December31, 2008, respectively. These earnings are not subject to U.S. income tax until they are distributed to the United States. For the three months ended September30, 2009, the Company recognized a decrease in unrecognized tax benefits and related interest expense of $7.9 million and $1.7 million, respectively. These uncertain tax benefits were previously accrued and are being reversed primarily due to the closing of the related statute of limitations of the jurisdiction where reported. The reversal did not materially affect the Companys effective tax rate.

9.Clearing Organizations

9.Clearing Organizations
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
9.Clearing Organizations	9. Clearing Organizations ICE Clear U.S. performs the clearing and settlement of every futures and options contract traded through ICE Futures U.S., ICE Clear Canada performs the same function for every futures and options contract traded through ICE Futures Canada and ICE Clear Europe performs the same function for every futures and options contract traded through ICE Futures Europe, as well as for all of the Companys cleared OTC energy contracts and cleared OTC European-based CDS contracts. TCC performs clearing and settlement services to its participants for trades in futures contracts, options contracts and OTC transactions executed on various exchanges and marketplaces. ICE Trust performs the clearing and settlement of U.S.-based CDS contracts and began clearing these contracts in March 2009. ICE Clear U.S., ICE Clear Europe, ICE Clear Canada, TCC and ICE Trust are referred to herein collectively as the ICE Clearing Houses. Each of the ICE Clearing Houses requires all clearing members to maintain on deposit or pledge certain assets, which may include cash, government obligations, money market mutual fund shares, certificates of deposit or letters of credit to secure payment of risk-based margin as may become due and such amounts in total are known as original margin. The daily payment of profits and losses from and to the ICE Clearing Houses in respect of relevant contracts is known as variation margin. ICE Clear U.S. marks all outstanding futures contracts to market, and therefore pays and collects variation margin, at least twice daily, and pays and collects option premiums daily. ICE Clear Europe, ICE Clear Canada, TCC and ICE Trust mark all outstanding positions to market at least once per day. Each of the ICE Clearing Houses requires that each clearing member make deposits into a fund known as a guaranty or clearing fund (Guaranty Fund), which is maintained by the relevant ICE Clearing House. These amounts serve to secure the obligations of a clearing member to the ICE Clearing House to which it has made the Guaranty Fund deposits and may be used to cover losses sustained by the respective ICE Clearing House in the event of a default of a clearing member. Each of the ICE Clearing Houses has equal and offsetting claims to and from their respective clearing members on opposite sides of each contract, standing as the central financial counterparty on every contract cleared. To the extent that funds are not otherwise available to satisfy an obligation under an applicable contract, each ICE Clearing House bears financial counterparty credit risk in the event that future market movements create conditions that could lead to its clearing members failing to meet their obligations to that ICE Clearing House. Accordingly, the ICE Clearing Houses account for this central counterparty guarantee as a performance guarantee. Given that each contract is settled on at least a daily basis for each clearing member, the ICE Clearing Houses maximum exposure for this guarantee is approximately $24.3 billion as of September30, 2009, which represents the maximum estimated value by the ICE Clearing Houses of a hypothetical one to five day mo

10.Acquisitions

10.Acquisitions
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
10.Acquisitions	10. Acquisitions The Clearing Corporation (TCC) Acquisition The Company completed its acquisition of TCC on March6, 2009. TCC is a U.S. clearing house that provides clearing and settlement services to its participants for trades in futures contracts, options on futures contracts and OTC transactions executed on various exchanges and marketplaces. TCC also developed the CDS risk management framework, operational processes and infrastructure for ICE Trusts clearing operations. The Company acquired 100% of TCC for cash and a 50% equity interest in the parent company of ICE Trust. The 50% equity interest in the parent company of ICE Trust entitles the holders to 50% of the net profits of ICE Trust. The majority of the former stockholders of TCC have waived their participation in the profits through December31, 2009. The acquisition of TCC facilitated the Companys expansion into clearing within the global CDS markets. Assets acquired and liabilities assumed were recorded at their estimated fair values as of March6, 2009. The total purchase price was $106.7 million, and was comprised of $39.0 million in cash, $37.9 million in excess working capital paid to the TCC shareholders and a 50% equity interest in the parent company of ICE Trust with an estimated fair value of $29.8 million. The fair value of the noncontrolling net profit sharing interest was based on a discounted cash flow approach. The total purchase price was allocated to TCCs net tangible and identifiable intangible assets based on the estimated fair values of those assets as of March6, 2009. The preliminary net tangible and identifiable intangible assets acquired from TCC were $59.6 million, including $6.0 million of regulatory capital that is reflected as restricted cash in the accompanying consolidated balance sheet as of September30, 2009. The primary area of the preliminary purchase price allocation that is not yet finalized relates to the fair value analysis of certain tangible assets and liabilities. In performing the purchase price allocation, the Company considered, among other factors, analyses of historical financial performance, estimates of future financial performance and anticipated merger synergies. The Company has recorded intangible assets associated with the TCC acquisition of $19.6 million for customer relationships, which has been assigned a nine year useful life, $14.2 million for developed technology, which has been assigned a three to five year useful life, and $1.6 million in other intangible assets. The excess of the purchase price over the preliminary net tangible and identifiable intangible assets was $47.1 million and was recorded as goodwill. The allocation of the purchase price will be finalized upon completion of the fair value analysis of the acquired assets and liabilities. Formation of CDS Clearing Operations The Company has assembled a comprehensive CDS infrastructure with its acquisition of Creditex and its subsidiaries, which included ICE Processing (formerly known as T-Zero), which operates a CDS post-trade processing platform known as ICE Link, as well as its acquisition of TCC. The Company utilized infrastructure, domain

11.Russell Licensing Agreement

11.Russell Licensing Agreement
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
11.Russell Licensing Agreement	11. Russell Licensing Agreement In 2007, the Company entered into an exclusive licensing agreement (the Licensing Agreement) with the Russell Investment Group (Russell) to offer futures and options on futures contracts based on the full range of Russells benchmark U.S. equity indexes. Due to the wind-down provisions of other Russell licensing contracts, during the first year of the Licensing Agreement, the Company offered the Russell contracts on a non-exclusive basis. These rights became exclusive on September19, 2008, and subject to achieving specified trading volume beginning in June 2010, will remain exclusive throughout the remainder of the Licensing Agreement through June 2014. In exchange for the license rights, the Company paid Russell $50.0 million in July 2007 and will also make annual cash payments based on the annual contract volume, subject to certain minimum annual royalty payments. The Company has recorded the license rights as intangible assets, which were valued based on the net present value of all minimum annual royalty payments that the Company is required to make to Russell throughout the term of the agreement. As of September30, 2009, the net assets related to the Licensing Agreement are $123.0 million and are included in other intangible assets in the accompanying consolidated balance sheet. The intangible assets are being amortized over their contractual life based on the Companys valuations of the non-exclusive and the exclusive elements of the Licensing Agreement. For the nine months ended September30, 2009 and 2008, amortization expense related to the Licensing Agreement was $19.4 million and $768,000, respectively, and was $6.5 million and $685,000 for the three months ended September30, 2009 and 2008, respectively, which reflects amortization on the exclusive and non-exclusive portions of the intangible assets. The Company currently believes that the projected cash flows from the Russell contracts will be greater than the current carrying value of the intangible assets and no impairment has occurred. The Company will continue to monitor the intangible assets if events or change in circumstances indicate that the carrying amount may not be fully recoverable. Because the Company is required to make minimum annual royalty payments to maintain the Russell license rights, the Company has recorded a liability based on the net present value of the total required minimum royalty payments as of the effective date of the Licensing Agreement. As of September30, 2009, the current and noncurrent liabilities relating to the minimum annual royalty payments under the Licensing Agreement are $14.5 million and $76.4 million, respectively, and are reflected as licensing agreement liabilities in the accompanying consolidated balance sheet. The difference between the present value of the payments and the actual payments is recorded as interest expense using the effective interest method over the term of the Licensing Agreement. For the nine months ended September30, 2009 and 2008, interest expense related to the Licensing Agreement was $4.2 million and $4.5 million, respectively and was $1.4 million and $1.5 million

12.Fair Value Measurements

12.Fair Value Measurements
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
12.Fair Value Measurements	12. Fair Value Measurements Fair value accounting, as prescribed by U.S. GAAP, defines fair value and establishes a framework for measuring fair value based on a three-level hierarchy: Level 1 inputs quoted prices for identical assets or liabilities in active markets. Level 2 inputs observable inputs other than Level 1 inputs such as quoted prices for similar assets and liabilities in active markets or inputs other than quoted prices that are directly observable. Level 3 inputs unobservable inputs supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Companys financial instruments consist primarily of cash and cash equivalents, short-term and long-term restricted cash, short-term and long-term investments, customer accounts receivable, margin deposits and guaranty funds, cost method investments, short-term and long-term debt and other short-term assets and liabilities. In general, the Company uses Level 1 and 2 inputs to determine the fair value of investments (Note 3). The Level 1 investments include U.S. Treasury securities and equity securities. If quoted prices are not available to determine fair value, the Company uses other inputs that are observable either directly or indirectly. Investments included in Level 2 consist primarily of cost method investments. The fair value of cost method investments (Note 4) was determined based on observable market data resulting from sales agreements executed during the quarter ending September30, 2009. The Company determined the fair value of the interest rate swap contracts using Level 2 inputs, consisting of standard valuation models that are based on market-based observable inputs including interest rate curves. The fair value of interest rate swap contracts is included in other noncurrent liabilities in the accompanying consolidated balance sheet as of September30, 2009. The fair value of short-term and long-term debt approximates carrying value since the rate of interest on the debt adjusts to market rates on a periodic basis. All other financial instruments are determined to approximate carrying value due to the short period of time to their maturities. Financial assets and liabilities recorded in the accompanying consolidated balance sheet as of September30, 2009 are classified in their entirety based on the lowest level of input that is significant to the asset or liabilitys fair value measurement. Financial instruments measured at fair value on a recurring basis as of September30, 2009 are as follows (in thousands): Level 1 Level 2 Level3 Total Assets at fair value: Short-term investments: U.S. Treasury securities $ 1,998 $ $ $ 1,998 Equity securities 6 6 Total short-term investments 2,004 2,004 Long-term investments in equity securities 30,326 30,326 Cost method investments 15,385 15,385 Total assets at fair value $ 32,330 $ 15,385 $

13.Segment Reporting

13.Segment Reporting
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
13.Segment Reporting	13. Segment Reporting The Companys principal business segments consist of its global OTC segment, its futures segment and its market data segment. The operations of ICE Futures Europe, ICE Futures U.S. and ICE Futures Canada, and the respective clearing of the futures contracts that trade at each of these exchanges, make up the futures segment and the operations of ICE Data make up the market data segment. The remaining companies and operations have been included in the global OTC segment as they primarily support the Companys OTC business operations. Intersegment revenues and transactions attributable to the performance of services are recorded at cost plus an agreed market percentage intercompany profit. Intersegment revenues attributable to licensing transactions have been priced in accordance with comparable third party agreements. Financial data for the Companys business segments are as follows: Global OTC Segment Futures Segment Market Data Segment Total (In thousands) Nine Months Ended September30, 2009: Revenues from external customers $ 390,786 $ 306,680 $ 40,768 $ 738,234 Intersegment revenues 38,011 22,188 25,022 85,221 Depreciation and amortization 56,796 25,846 108 82,750 Interest and investment income 251 958 43 1,252 Interest expense 10,738 5,796 16,534 Income tax expense 53,662 67,043 12,437 133,142 Net income 62,349 140,674 28,139 231,162 Total assets 8,033,585 11,489,538 38,615 19,561,738 Revenues from three clearing members of the futures segment comprised 18.3%, 11.1% and 10.7% of the Companys futures revenues for the nine months ended September30, 2009. These clearing members are primarily intermediaries and represent a broad range of principal trading firms. If a clearing member ceased its operations, the Company believes that the trading firms would continue to conduct transactions and would clear those transactions through another clearing member firm. No additional members or customers accounted for more than 10% of the Companys segment revenues or consolidated revenues for the nine months ended September30, 2009. Global OTC Segment Futures Segment Market Data Segment Total (In thousands) Nine Months Ended September30, 2008: Revenues from external customers $ 290,257 $ 274,958 $ 40,603 $ 605,818 Intersegment revenues 23,340 3,728 24,549 51,617 Depreciation and amortization 30,758 5,346 87 36,191 Interest and investment income 2,362 6,301 478 9,141 Interest expense 8,671 4,943 13,614 Income tax expense 52,365 68,902 18,956 140,223 Net income 94,037 117,810 40,270 252,117 Revenues from three clearing members of the futures segment comprised 16.1%, 13.5% and 13.2% of the Companys futures revenues for the nine months ended September30, 2008. No additional members or customers accounted

14.Earnings Per Common Share

14.Earnings Per Common Share
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
14.Earnings Per Common Share	14. Earnings Per Common Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per common share computations for the nine months and three months ended September30, 2009 and 2008: Nine Months Ended September30, Three Months Ended September30, 2009 2008 2009 2008 (In thousands, except per share amounts) Basic: Net income attributable to IntercontinentalExchange, Inc. $ 231,734 $ 252,117 $ 87,454 $ 74,963 Weighted average common shares outstanding 72,887 70,816 73,137 71,483 Basic earnings per common share $ 3.18 $ 3.56 $ 1.20 $ 1.05 Diluted: Weighted average common shares outstanding 72,887 70,816 73,137 71,483 Effect of dilutive securities: Stock options and restricted shares 1,062 912 1,067 941 Diluted weighted average common shares outstanding 73,949 71,728 74,204 72,424 Diluted earnings per common share $ 3.13 $ 3.51 $ 1.18 $ 1.04 Basic earnings per common share is calculated using the weighted average common shares outstanding during the period. Common equivalent shares from stock options and restricted stock awards, using the treasury stock method, are also included in the diluted per share calculations unless their effect of inclusion would be antidilutive. During the nine months ended September30, 2009 and 2008, 173,000 and 144,000 outstanding stock options, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect because the outstanding stock option exercise prices were greater than the average market price of the common shares during the relevant periods. As of September30, 2009 and 2008, there are 6,000 and 236,000 restricted stock units, respectively, that were vested but have not been issued that are included in the computation of basic and diluted earnings per share.

15.Subsequent Events

15.Subsequent Events
	9 Months Ended Sep. 30, 2009 USD / shares
Notes to Financial Statements [Abstract]
15.Subsequent Events	15. Subsequent Events The Company has evaluated subsequent events through November3, 2009, the date of issuance of the accompanying consolidated financial statements, and determined that no events or transactions met the definition of a subsequent event for purposes of recognition or disclosure in the accompanying consolidated financial statements.

Document Information

Document Information
	9 Months Ended Sep. 30, 2009 USD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	2009-09-30

Entity Information

Entity Information (USD $)
	9 Months Ended Sep. 30, 2009	Oct. 30, 2009
Entity [Text Block]
Trading Symbol	ICE
Entity Registrant Name	INTERCONTINENTALEXCHANGE INC
Entity Central Index Key	0001174746
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		73,256,998