Condensed Consolidating Financial Statements | 12 Months Ended |
Dec. 31, 2014 |
Consolidating Financial Statements [Abstract] | |
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements |
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In connection with our acquisition of NYSE on November 13, 2013 (Note 3), ICE, Intercontinental Exchange Holdings, Inc. and NYSE established various guarantees to protect against structural subordination of each entities’ existing indebtedness. Each of Intercontinental Exchange Holdings, Inc. and NYSE are our wholly-owned subsidiaries, and each fully and unconditionally guaranteed, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of ICE’s Senior Notes and, following its establishment, the Commercial Paper Program. Similarly, ICE and Intercontinental Exchange Holdings, Inc. each fully and unconditionally guaranteed, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of the NYSE Notes. Finally, ICE and NYSE each fully and unconditionally guaranteed, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of the 2011 Credit Facilities and the 364 Day Facility. All of the guarantees are joint and several with all other guarantees and indebtedness. ICE’s guarantees, as a standalone entity, will remain in place until each applicable debt obligation has been satisfied. |
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As discussed in Note 9, we entered into the 2014 Credit Facility and terminated the 2011 Credit Facilities and the 364 Day Facility on April 3, 2014. Upon the termination of the 2011 Credit Facilities and the 364 Day Facility, Intercontinental Exchange Holdings, Inc.'s guarantees were no longer required and therefore Intercontinental Exchange Holdings, Inc.'s guarantees were automatically released in accordance with their terms on April 3, 2014. In connection with our entry into the 2014 Credit Facility, NYSE agreed to guarantee the 2014 Credit Facility as a subsidiary guarantor. |
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For as long as NYSE remains a guarantor of the 2014 Credit Facility, it will remain a guarantor of the Senior Notes and the Commercial Paper Program. We expect that NYSE’s guarantee of the 2014 Credit Facility, the Senior Notes and the Commercial Paper Program will be released when the NYSE Notes have been repaid, as the 2014 Credit Facility provides that NYSE’s guarantee will be released in accordance with their terms if certain conditions are satisfied, including compliance with the covenant limiting the amount of indebtedness of non-obligor subsidiaries and an investment-grade credit rating. |
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The following consolidating financial information sets forth, under the equity method of accounting, the condensed consolidating statements of income and comprehensive income, the condensed consolidating balance sheets, and the condensed consolidating statements of cash flows for (i) ICE (Parent); (ii) NYSE; (iii) the subsidiary non-guarantors; (iv) elimination entries necessary to consolidate each of ICE and NYSE with the non-guarantor subsidiaries; and (v) on a consolidated basis. As discussed in Note 1, we were formed on March 6, 2013 for purposes of effecting the acquisition of NYSE. Therefore, the condensed consolidating statements for periods prior thereto reflect how these statements would have been presented had we been established for all periods presented. The condensed consolidating financial statements only include activity related to NYSE for the period subsequent to November 13, 2013, the closing date of the NYSE acquisition, for the condensed consolidating statements of income, comprehensive income and cash flows. The condensed consolidating financial information has been retrospectively restated to reflect Intercontinental Exchange Holdings, Inc. no longer being a guarantor of the Senior Notes. The condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements. |
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Intercontinental Exchange, Inc. |
Condensed Consolidating Balance Sheets |
As of December 31, 2014 |
(in millions) |
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| | | | | | | | | | | | | | | | | | | |
| ICE | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated |
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 6 | | | $ | 5 | | | $ | 641 | | | $ | — | | | $ | 652 | |
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Intercompany receivable | 2,793 | | | — | | | 529 | | | (3,322 | ) | | — | |
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Margin deposits and guaranty funds | — | | | — | | | 47,458 | | | — | | | 47,458 | |
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Notes receivable from affiliate, current | — | | | 313 | | | 31 | | | (344 | ) | | — | |
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Other current assets | 60 | | | 1,173 | | | 962 | | | (60 | ) | | 2,135 | |
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Total current assets | 2,859 | | | 1,491 | | | 49,621 | | | (3,726 | ) | | 50,245 | |
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Property and equipment, net | — | | | — | | | 874 | | | — | | | 874 | |
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Other non-current assets: | | | | | | | | | |
Goodwill and other intangible assets, net | — | | | — | | | 16,315 | | | — | | | 16,315 | |
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Investment in subsidiaries | 13,682 | | | 9,572 | | | — | | | (23,254 | ) | | — | |
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Notes receivable from affiliate, non-current | — | | | 2,790 | | | 1,516 | | | (4,306 | ) | | — | |
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Other non-current assets | 25 | | | 11 | | | 809 | | | — | | | 845 | |
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Total other non-current assets | 13,707 | | | 12,373 | | | 18,640 | | | (27,560 | ) | | 17,160 | |
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Total assets | $ | 16,566 | | | $ | 13,864 | | | $ | 69,135 | | | $ | (31,286 | ) | | $ | 68,279 | |
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Current liabilities: | | | | | | | | | |
Short-term debt | $ | 905 | | | $ | 1,137 | | | $ | — | | | $ | — | | | $ | 2,042 | |
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Margin deposits and guaranty funds | — | | | — | | | 47,458 | | | — | | | 47,458 | |
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Intercompany payable | — | | | 1,933 | | | 1,389 | | | (3,322 | ) | | — | |
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Notes payable to affiliates, current | 344 | | | — | | | — | | | (344 | ) | | — | |
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Other current liabilities | 30 | | | — | | | 1,069 | | | (60 | ) | | 1,039 | |
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Total current liabilities | 1,279 | | | 3,070 | | | 49,916 | | | (3,726 | ) | | 50,539 | |
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Non-current liabilities: | | | | | | | | | |
Long-term debt | 1,394 | | | 853 | | | — | | | — | | | 2,247 | |
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Notes payable to affiliates, non-current | 1,516 | | | — | | | 2,790 | | | (4,306 | ) | | — | |
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Other non-current liabilities | 17 | | | — | | | 2,919 | | | — | | | 2,936 | |
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Total non-current liabilities | 2,927 | | | 853 | | | 5,709 | | | (4,306 | ) | | 5,183 | |
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Total liabilities | 4,206 | | | 3,923 | | | 55,625 | | | (8,032 | ) | | 55,722 | |
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Redeemable non-controlling interest | — | | | — | | | 165 | | | — | | | 165 | |
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Equity: | | | | | | | | | |
Total shareholders' equity | 12,360 | | | 9,941 | | | 13,313 | | | (23,254 | ) | | 12,360 | |
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Non-controlling interest in consolidated subsidiaries | — | | | — | | | 32 | | | — | | | 32 | |
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Total equity | 12,360 | | | 9,941 | | | 13,345 | | | (23,254 | ) | | 12,392 | |
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Total liabilities and equity | $ | 16,566 | | | $ | 13,864 | | | $ | 69,135 | | | $ | (31,286 | ) | | $ | 68,279 | |
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Intercontinental Exchange, Inc. |
Condensed Consolidating Balance Sheets |
As of December 31, 2013 |
(in millions) |
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| ICE | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated |
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total |
Current assets: | | | | | | | | | |
Cash and cash equivalents | $ | 2 | | | $ | — | | | $ | 959 | | | $ | — | | | $ | 961 | |
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Intercompany receivable | 1,629 | | | 2,164 | | | — | | | (3,793 | ) | | — | |
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Margin deposits and guaranty funds | — | | | — | | | 42,216 | | | — | | | 42,216 | |
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Other current assets | 4 | | | 1 | | | 1,087 | | | — | | | 1,092 | |
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Total current assets | 1,635 | | | 2,165 | | | 44,262 | | | (3,793 | ) | | 44,269 | |
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Property and equipment, net | — | | | — | | | 889 | | | — | | | 889 | |
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Other non-current assets: | | | | | | | | | |
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Goodwill and other intangible assets, net | — | | | — | | | 18,512 | | | — | | | 18,512 | |
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Investment in subsidiaries | 13,785 | | | 11,383 | | | 3,637 | | | (28,805 | ) | | — | |
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Notes receivable from affiliate, non-current | — | | | — | | | 597 | | | (597 | ) | | — | |
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Other non-current assets | 14 | | | 11 | | | 734 | | | (7 | ) | | 752 | |
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Total other non-current assets | 13,799 | | | 11,394 | | | 23,480 | | | (29,409 | ) | | 19,264 | |
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Total assets | $ | 15,434 | | | $ | 13,559 | | | $ | 68,631 | | | $ | (33,202 | ) | | $ | 64,422 | |
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Current liabilities: | | | | | | | | | |
Short-term debt | $ | 1,080 | | | $ | — | | | $ | 55 | | | $ | — | | | $ | 1,135 | |
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Margin deposits and guaranty funds | — | | | — | | | 42,216 | | | — | | | 42,216 | |
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Intercompany payable | — | | | — | | | 3,793 | | | (3,793 | ) | | — | |
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Other current liabilities | 20 | | | — | | | 950 | | | — | | | 970 | |
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Total current liabilities | 1,100 | | | — | | | 47,014 | | | (3,793 | ) | | 44,321 | |
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Non-current liabilities: | | | | | | | | | |
Long-term debt | 1,393 | | | 2,206 | | | 324 | | | — | | | 3,923 | |
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Notes payable to affiliates, non-current | 358 | | | 239 | | | — | | | (597 | ) | | — | |
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Other non-current liabilities | — | | | — | | | 3,482 | | | (7 | ) | | 3,475 | |
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Total non-current liabilities | 1,751 | | | 2,445 | | | 3,806 | | | (604 | ) | | 7,398 | |
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Total liabilities | 2,851 | | | 2,445 | | | 50,820 | | | (4,397 | ) | | 51,719 | |
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Redeemable non-controlling interest | — | | | — | | | 322 | | | — | | | 322 | |
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Equity: | | | | | | | | | |
Total shareholders' equity | 12,583 | | | 11,114 | | | 17,457 | | | (28,805 | ) | | 12,349 | |
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Non-controlling interest in consolidated subsidiaries | — | | | — | | | 32 | | | — | | | 32 | |
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Total equity | 12,583 | | | 11,114 | | | 17,489 | | | (28,805 | ) | | 12,381 | |
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Total liabilities and equity | $ | 15,434 | | | $ | 13,559 | | | $ | 68,631 | | | $ | (33,202 | ) | | $ | 64,422 | |
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Intercontinental Exchange, Inc. |
Condensed Consolidating Statements of Income |
Year ended December 31, 2014 |
(in millions) |
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| ICE | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated |
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total |
Revenues: | | | | | | | | | |
Transaction and clearing fees, net | $ | — | | | $ | — | | | $ | 3,013 | | | $ | — | | | $ | 3,013 | |
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Data services fees | — | | | — | | | 631 | | | — | | | 631 | |
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Listing fees and other revenues | — | | | — | | | 577 | | | — | | | 577 | |
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Total revenues | — | | | — | | | 4,221 | | | — | | | 4,221 | |
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Transaction-based expenses | — | | | — | | | 1,129 | | | — | | | 1,129 | |
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Total revenues, less transaction-based expenses | — | | | — | | | 3,092 | | | — | | | 3,092 | |
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Operating expenses: | | | | | | | | | |
Compensation and benefits | 1 | | | — | | | 591 | | | — | | | 592 | |
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Technology and communication | — | | | — | | | 188 | | | — | | | 188 | |
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Acquisition-related transaction and integration costs | — | | | 12 | | | 117 | | | — | | | 129 | |
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Selling, general, administrative and other | 1 | | | — | | | 401 | | | — | | | 402 | |
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Depreciation and amortization | — | | | — | | | 333 | | | — | | | 333 | |
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Total operating expenses | 2 | | | 12 | | | 1,630 | | | — | | | 1,644 | |
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Operating income (loss) | (2 | ) | | (12 | ) | | 1,462 | | | — | | | 1,448 | |
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Total other income (expense), net | (17 | ) | | (45 | ) | | 21 | | | — | | | (41 | ) |
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Income (loss) from continuing operations before income taxes | (19 | ) | | (57 | ) | | 1,483 | | | — | | | 1,407 | |
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Income tax expense (benefit) | (2 | ) | | — | | | 404 | | | — | | | 402 | |
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Equity earnings from subsidiaries | 998 | | | 535 | | | — | | | (1,533 | ) | | — | |
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Income from continuing operations | 981 | | | 478 | | | 1,079 | | | (1,533 | ) | | 1,005 | |
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Income from discontinued operations, net of tax | — | | | — | | | 11 | | | — | | | 11 | |
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Net income | $ | 981 | | | $ | 478 | | | $ | 1,090 | | | $ | (1,533 | ) | | $ | 1,016 | |
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Net income attributable to non-controlling interest | — | | | — | | | (35 | ) | | — | | | (35 | ) |
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Net income attributable to ICE | $ | 981 | | | $ | 478 | | | $ | 1,055 | | | $ | (1,533 | ) | | 981 | |
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Intercontinental Exchange, Inc. |
Condensed Consolidating Statements of Comprehensive Income |
Year ended December 31, 2014 |
(in millions) |
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| ICE | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated |
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total |
Net income | $ | 981 | | | $ | 478 | | | $ | 1,090 | | | $ | (1,533 | ) | | $ | 1,016 | |
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Other comprehensive income (loss): | | | | | | | | | |
Foreign currency translation adjustments | — | | | 1 | | | (131 | ) | | — | | | (130 | ) |
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Change in fair value of net investment hedge | — | | | — | | | 21 | | | — | | | 21 | |
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Change in fair value of available-for-sale-securities | — | | | — | | | 55 | | | — | | | 55 | |
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Employee benefit plan adjustments | — | | | — | | | (117 | ) | | — | | | (117 | ) |
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Total other comprehensive income (loss) | — | | | 1 | | | (172 | ) | | — | | | (171 | ) |
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Comprehensive income of subsidiaries | 1,362 | | | 185 | | | — | | | (1,547 | ) | | — | |
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Comprehensive income | 2,343 | | | 664 | | | 918 | | | (3,080 | ) | | 845 | |
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Comprehensive income attributable to non-controlling interests | — | | | — | | | (35 | ) | | — | | | (35 | ) |
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Comprehensive income attributable to ICE | $ | 2,343 | | | $ | 664 | | | $ | 883 | | | $ | (3,080 | ) | | $ | 810 | |
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Intercontinental Exchange, Inc. |
Condensed Consolidating Statements of Income |
Year ended December 31, 2013 |
(in millions) |
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| ICE | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated |
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total |
Revenues: | | | | | | | | | |
Transaction and clearing fees, net | $ | — | | | $ | — | | | $ | 1,379 | | | $ | — | | | $ | 1,379 | |
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Data services fees | — | | | — | | | 229 | | | — | | | 229 | |
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Listing fees and other revenues | — | | | — | | | 108 | | | — | | | 108 | |
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Total revenues | — | | | — | | | 1,716 | | | — | | | 1,716 | |
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Transaction-based expenses | — | | | — | | | 118 | | | — | | | 118 | |
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Total revenues, less transaction-based expenses | — | | | — | | | 1,598 | | | — | | | 1,598 | |
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Operating expenses: | | | | | | | | | |
Compensation and benefits | — | | | — | | | 302 | | | — | | | 302 | |
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Technology and communication | — | | | — | | | 63 | | | — | | | 63 | |
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Acquisition-related transaction and integration costs | — | | | — | | | 143 | | | — | | | 143 | |
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Selling, general, administrative and other | — | | | — | | | 144 | | | — | | | 144 | |
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Depreciation and amortization | — | | | — | | | 156 | | | — | | | 156 | |
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Total operating expenses | — | | | — | | | 808 | | | — | | | 808 | |
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Operating income (loss) | — | | | — | | | 790 | | | — | | | 790 | |
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Total other expense, net | (11 | ) | | (3 | ) | | (272 | ) | | — | | | (286 | ) |
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Income (loss) from continuing operations before income taxes | (11 | ) | | (3 | ) | | 518 | | | — | | | 504 | |
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Income tax expense (benefit) | (4 | ) | | — | | | 188 | | | — | | | 184 | |
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Equity earnings from subsidiaries | 261 | | | (17 | ) | | — | | | (244 | ) | | — | |
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Income (loss) from continuing operations | 254 | | | (20 | ) | | 330 | | | (244 | ) | | 320 | |
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Loss from discontinued operations, net of tax | — | | | — | | | (50 | ) | | — | | | (50 | ) |
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Net income (loss) | $ | 254 | | | $ | (20 | ) | | $ | 280 | | | $ | (244 | ) | | $ | 270 | |
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Net income attributable to non-controlling interest | — | | | — | | | (16 | ) | | — | | | (16 | ) |
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Net income (loss) attributable to ICE | $ | 254 | | | $ | (20 | ) | | $ | 264 | | | $ | (244 | ) | | $ | 254 | |
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Intercontinental Exchange, Inc. |
Condensed Consolidating Statements of Comprehensive Income |
Year ended December 31, 2013 |
(in millions) |
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| ICE | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated |
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total |
Net income (loss) | $ | 254 | | | $ | (20 | ) | | $ | 280 | | | $ | (244 | ) | | $ | 270 | |
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Other comprehensive income (loss): | | | | | | | | | |
Foreign currency translation adjustments | — | | | — | | | 70 | | | — | | | 70 | |
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Change in fair value of net investment hedge | — | | | (19 | ) | | — | | | — | | | (19 | ) |
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Change in fair value of available-for-sale-securities | — | | | — | | | (67 | ) | | — | | | (67 | ) |
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Reclassifications of losses realized on available-for-sale securities to other expense | — | | | — | | | 190 | | | — | | | 190 | |
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Employee benefit plan adjustments | — | | | — | | | 3 | | | — | | | 3 | |
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Total other comprehensive income (loss) | — | | | (19 | ) | | 196 | | | — | | | 177 | |
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Comprehensive income of subsidiaries | 411 | | | 310 | | | — | | | (721 | ) | | — | |
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Comprehensive income | 665 | | | 271 | | | 476 | | | (965 | ) | | 447 | |
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Comprehensive income attributable to non-controlling interests | — | | | — | | | (16 | ) | | — | | | (16 | ) |
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Comprehensive income attributable to ICE | $ | 665 | | | $ | 271 | | | $ | 460 | | | $ | (965 | ) | | $ | 431 | |
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Intercontinental Exchange, Inc. |
Condensed Consolidating Statements of Income |
Year ended December 31, 2012 |
(in millions) |
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| ICE | | Subsidiary | | Consolidating | | Consolidated | | | | |
(Parent) | Non-Guarantors | Adjustments | Total | | | | |
Revenues: | | | | | | | | | | | |
Transaction and clearing fees, net | $ | — | | | $ | 1,185 | | | $ | — | | | $ | 1,185 | | | | | |
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Data services fees | — | | | 147 | | | — | | | 147 | | | | | |
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Listing fees and other revenues | — | | | 31 | | | — | | | 31 | | | | | |
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Total revenues, | — | | | 1,363 | | | — | | | 1,363 | | | | | |
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Operating expenses: | | | | | | | | | | | |
Compensation and benefits | — | | | 251 | | | — | | | 251 | | | | | |
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Technology and communication | — | | | 46 | | | — | | | 46 | | | | | |
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Acquisition-related transaction and integration costs | — | | | 19 | | | — | | | 19 | | | | | |
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Selling, general, administrative and other | — | | | 89 | | | — | | | 89 | | | | | |
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Depreciation and amortization | — | | | 131 | | | — | | | 131 | | | | | |
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Total operating expenses | — | | | 536 | | | — | | | 536 | | | | | |
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Operating income | — | | | 827 | | | — | | | 827 | | | | | |
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Total other expense, net | — | | | (37 | ) | | — | | | (37 | ) | | | | |
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Income before income taxes | — | | | 790 | | | — | | | 790 | | | | | |
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Income tax expense | — | | | 228 | | | — | | | 228 | | | | | |
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Equity earnings from subsidiaries | 552 | | | 559 | | | (1,111 | ) | | — | | | | | |
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Net income | $ | 552 | | | $ | 1,121 | | | $ | (1,111 | ) | | $ | 562 | | | | | |
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Net income attributable to non-controlling interest | — | | | (10 | ) | | — | | | (10 | ) | | | | |
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Net income attributable to ICE | $ | 552 | | | $ | 1,111 | | | $ | (1,111 | ) | | $ | 552 | | | | | |
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Intercontinental Exchange, Inc. |
Condensed Consolidating Statements of Comprehensive Income |
Year ended December 31, 2012 |
(in millions) |
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| ICE | | Subsidiary | | Consolidating | | Consolidated | | | | |
(Parent) | Non-Guarantors | Adjustments | Total | | | | |
Net income | $ | 552 | | | $ | 1,121 | | | $ | (1,111 | ) | | $ | 562 | | | | | |
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Other comprehensive income (loss): | | | | | | | | | | | |
Foreign currency translation adjustments | — | | | 29 | | | — | | | 29 | | | | | |
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Change in fair value of available-for-sale-securities | — | | | (60 | ) | | — | | | (60 | ) | | | | |
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Total other comprehensive loss | — | | | (31 | ) | | — | | | (31 | ) | | | | |
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Comprehensive loss of subsidiaries | (32 | ) | | (32 | ) | | 64 | | | — | | | | | |
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Comprehensive income (loss) | 520 | | | 1,058 | | | (1,047 | ) | | 531 | | | | | |
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Comprehensive income attributable to non-controlling interests | — | | | (10 | ) | | — | | | (10 | ) | | | | |
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Comprehensive income attributable to ICE | $ | 520 | | | $ | 1,048 | | | $ | (1,047 | ) | | $ | 521 | | | | | |
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Intercontinental Exchange, Inc. |
Condensed Consolidating Statements of Cash Flows |
Year ended December 31, 2014 |
(in millions) |
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| ICE | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated |
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total |
Net cash provided by (used in) operating activities from continuing operations | $ | (350 | ) | | $ | 4,651 | | | $ | (2,399 | ) | | $ | (439 | ) | | $ | 1,463 | |
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Investing activities: | | | | | | | | | |
Increase in restricted cash | — | | | — | | | (161 | ) | | — | | | (161 | ) |
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Cash paid for acquisitions, net of cash acquired | — | | | — | | | (577 | ) | | — | | | (577 | ) |
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Loans to subsidiaries | — | | | (3,103 | ) | | (950 | ) | | 4,053 | | | — | |
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Proceeds from sale of Euronext and NYSE Technologies | — | | | — | | | 2,274 | | | — | | | 2,274 | |
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Proceeds from sales of (purchases of) term deposits and available for sale investments | — | | | (1,304 | ) | | 54 | | | — | | | (1,250 | ) |
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Capital expenditures and capitalized software development costs | — | | | — | | | (250 | ) | | — | | | (250 | ) |
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Net cash provided by (used in) investing activities from continuing operations | — | | | (4,407 | ) | | 390 | | | 4,053 | | | 36 | |
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Financing activities: | | | | | | | | | |
Repayments of debt facilities | (174 | ) | | — | | | (378 | ) | | — | | | (552 | ) |
|
Intercompany borrowing | 1,502 | | | (239 | ) | | 2,790 | | | (4,053 | ) | | — | |
|
Dividends to shareholders | (299 | ) | | — | | | — | | | — | | | (299 | ) |
|
Intercompany dividends | — | | | — | | | (439 | ) | | 439 | | | — | |
|
Repurchase of common stock | (645 | ) | | — | | | — | | | — | | | (645 | ) |
|
Other financing activities | (30 | ) | | — | | | (147 | ) | | — | | | (177 | ) |
|
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 | | Subsidiary | | Subsidiary | | Consolidating | | Consolidated |
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | 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 | | | — | |
|
Proceeds from sales of (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 | 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 | | | — | |
|
Prepayment related to early payoff of debt | — | | | — | | | (49 | ) | | — | | | (49 | ) |
|
Other financing activities | (64 | ) | | — | | | (62 | ) | | — | | | (126 | ) |
|
Net cash provided by (used in) 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 | |
|
|
Intercontinental Exchange, Inc. |
Condensed Consolidating Statements of Cash Flows |
Year ended December 31, 2012 |
(in millions) |
| | | | |
| | | | | | | | | | | | | | | | | | | |
| ICE | | Subsidiary | | Consolidating | | Consolidated | | | | |
(Parent) | Non-Guarantors | Adjustments | Total | | | | |
Net cash provided by operating activities from continuing operations | $ | 57 | | | $ | 1,097 | | | $ | (421 | ) | | $ | 733 | | | | | |
| | | |
Investing activities: | | | | | | | | | | | |
Increase in restricted cash | — | | | (32 | ) | | — | | | (32 | ) | | | | |
| | | |
Cash paid for acquisitions, net of cash acquired | — | | | (18 | ) | | — | | | (18 | ) | | | | |
| | | |
Capital expenditures and capitalized software development costs | — | | | (68 | ) | | — | | | (68 | ) | | | | |
| | | |
Net cash used in investing activities from continuing operations | — | | | (118 | ) | | — | | | (118 | ) | | | | |
| | | |
Financing activities: | | | | | | | | | | | |
Proceeds from debt facilities | — | | | 295 | | | — | | | 295 | | | | | |
| | | |
Repayments of debt facilities | — | | | (50 | ) | | — | | | (50 | ) | | | | |
| | | |
Intercompany dividends | — | | | (421 | ) | | 421 | | | — | | | | | |
| | | |
Repurchase of common stock | (53 | ) | | — | | | — | | | (53 | ) | | | | |
| | | |
Other financing activities | (4 | ) | | (16 | ) | | — | | | (20 | ) | | | | |
| | | |
Net cash used in financing activities from continuing operations | (57 | ) | | (192 | ) | | 421 | | | 172 | | | | | |
| | | |
Effect of exchange rates on cash and cash equivalents | — | | | 2 | | | — | | | 2 | | | | | |
| | | |
Net increase in cash and cash equivalents | — | | | 789 | | | — | | | 789 | | | | | |
| | | |
Cash and cash equivalents, beginning of year | — | | | 823 | | | — | | | 823 | | | | | |
| | | |
Cash and cash equivalents, end of year | $ | — | | | $ | 1,612 | | | $ | — | | | $ | 1,612 | | | | | |
| | | |
| | | | | | | | | | | | | | | | | | | | |