Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document Information [Abstract] | ||
Entity Registrant name | INTERCONTINENTAL EXCHANGE, INC. | |
Entity Central Index Key | 1571949 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 111,309,558 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $752 | $652 |
Short-term investments | 1,073 | 1,200 |
Short-term restricted cash and investments | 298 | 329 |
Customer accounts receivable, net of allowance for doubtful accounts of $1 at March 31, 2015 and December 31, 2014 | 608 | 471 |
Margin deposits and guaranty funds | 45,600 | 47,458 |
Prepaid expenses and other current assets | 155 | 135 |
Total current assets | 48,486 | 50,245 |
Property and equipment, net | 879 | 874 |
Other noncurrent assets: | ||
Goodwill | 8,504 | 8,535 |
Other intangible assets, net | 7,724 | 7,780 |
Long-term restricted cash | 295 | 297 |
Long-term investments | 309 | 379 |
Other noncurrent assets | 17,063 | 17,160 |
Other noncurrent assets | 231 | 169 |
Total assets | 66,428 | 68,279 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 392 | 337 |
Section 31 Fees Payable, Current | 92 | 137 |
Accrued salaries and benefits | 112 | 205 |
Deferred revenue | 367 | 69 |
Current portion of long-term debt | 1,946 | 2,042 |
Margin deposits and guaranty funds | 45,600 | 47,458 |
Other current liabilities | 289 | 291 |
Total current liabilities | 48,798 | 50,539 |
Non-current liabilities: | ||
Noncurrent deferred tax liability, net | 1,913 | 1,938 |
Accrued employee benefits | 502 | 516 |
Long-term debt | 2,247 | 2,247 |
Other noncurrent liabilities | 474 | 482 |
Total noncurrent liabilities | 5,136 | 5,183 |
Total liabilities | 53,934 | 55,722 |
Redeemable non-controlling interest | 169 | 165 |
Commitments and contingencies | ||
IntercontinentalExchange Group, Inc. shareholders’ equity: | ||
Preferred stock, $0.01 par value; 100 shares authorized; no shares issued or outstanding at March 31, 2015 and December 31, 2014 | 0 | 0 |
Common stock, $0.01 par value; 500 shares authorized; 116 and 112 shares issued and outstanding at March 31, 2015, respectively, and 116 and 113 shares issued and outstanding at December 31, 2014, respectively | 1 | 1 |
Treasury stock, at cost; 4 and 3 shares at March 31, 2015 and December 31, 2014, respectively | -975 | -743 |
Additional paid-in capital | 9,983 | 9,938 |
Retained earnings | 3,441 | 3,210 |
Accumulated other comprehensive loss | -153 | -46 |
Total IntercontinentalExchange Group, Inc. shareholders’ equity | 12,297 | 12,360 |
Non-controlling interest in consolidated subsidiaries | 28 | 32 |
Total equity | 12,325 | 12,392 |
Total liabilities and equity | $66,428 | $68,279 |
Consolidated_Balance_Sheets_Co
Consolidated Balance Sheets Consolidated Balance Sheets Parenthetical (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $1 | $1 |
Preferred Stock, Par or Stated Value Per Share | $0 | $0.01 |
Preferred Stock, Shares Authorized | 0 | 100,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $0 | $0.01 |
Common Stock, Shares Authorized | 0 | 500,000,000 |
Common Stock, Shares, Issued | 0 | 116,000,000 |
Common Stock, Shares, Outstanding | 0 | 113,000,000 |
Treasury Stock, Shares | 0 | 3,000,000 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Transaction and clearing fees, net | $812 | $764 |
Market data fees | 187 | 157 |
Listing fees | 101 | 90 |
Other revenues | 56 | 52 |
Total revenues | 1,156 | 1,063 |
Transaction-based expenses: | ||
Section 31 fees | 92 | 74 |
Cash liquidity payments, routing and clearing | 214 | 192 |
Total revenues, less transaction-based expenses | 850 | 797 |
Operating expenses: | ||
Compensation and benefits | 151 | 154 |
Technology and communication | 51 | 47 |
Professional services | 33 | 54 |
Rent and occupancy | 16 | 20 |
Acquisition-related transaction and integration costs | 19 | 25 |
Selling, general and administrative | 29 | 26 |
Depreciation and amortization | 89 | 80 |
Total operating expenses | 388 | 406 |
Operating income | 462 | 391 |
Other income (expense): | ||
Interest expense | -23 | -27 |
Other expense, net | 2 | -2 |
Other expense, net | -21 | -29 |
Income from continuing operations before income tax expense | 441 | 362 |
Income tax expense | 118 | 101 |
Income from continuing operations | 323 | 261 |
Income from discontinued operations, net of tax | 0 | 13 |
Net income | 323 | 274 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | -8 | -13 |
Net income attributable to IntercontinentalExchange Group, Inc. | $315 | $261 |
Basic earnings per share attributable to IntercontinentalExchange Group, Inc. common shareholders: | ||
Continuing operations | $2.81 | $2.16 |
Discontinued operations | $0 | $0.12 |
Basic earnings per share | $2.81 | $2.28 |
Basic weighted average common shares outstanding | 112 | 115 |
Diluted earnings per share attributable to IntercontinentalExchange Group, Inc. common shareholders: | ||
Continuing operations | $2.80 | $2.15 |
Discontinued operations | $0 | $0.12 |
Diluted earnings per share | $2.80 | $2.27 |
Diluted weighted average common shares outstanding | 112 | 116 |
Dividend per share | $0.65 | $1 |
Consolidated_Statements_of_Cha
Consolidated Statements of Change in Equity, AOCI (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest in Consolidated Subsidiaries [Member] | Redeemable Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | ||||||||
Beginning Balance at Dec. 31, 2013 | $12,381 | $1 | ($53) | $9,794 | $2,482 | $125 | $32 | $322 |
Beginning Balance, Shares at Dec. 31, 2013 | 115 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive loss | -171 | -171 | ||||||
Exercise of common stock options | 13 | 13 | ||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | -45 | -45 | ||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises, Shares | 0 | |||||||
Stock-based compensation | 105 | 105 | ||||||
Issuance of restricted stock | 1 | |||||||
Tax benefits from stock option plans | 26 | 26 | ||||||
Adjustment to redemption value of redeemable non-controlling interest | 46 | 46 | -46 | |||||
Acquisition of redeemable non-controlling interest | 16 | |||||||
Distributions of profits to non-controlling interest | -17 | -17 | ||||||
Treasury shares retired in connection with formation of ICE Group, Shares | 0 | 0 | ||||||
Treasury shares retired in connection with formation of ICE Group | 0 | 0 | 0 | |||||
Dividends paid to shareholders | -299 | |||||||
Net income attributable to non-controlling interest | -18 | -35 | 17 | 18 | ||||
Net income | 1,016 | 1,016 | ||||||
Ending Balance at Dec. 31, 2014 | 12,392 | 1 | -743 | 9,938 | 3,210 | -46 | 32 | 165 |
Ending Balance, Shares at Dec. 31, 2014 | 116 | 116 | -3 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive loss | -107 | -107 | ||||||
Exercise of common stock options | 4 | 4 | ||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | -36 | -36 | ||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises, Shares | 0 | |||||||
Stock-based compensation | 28 | 28 | ||||||
Issuance of restricted stock | 0 | |||||||
Tax benefits from stock option plans | 13 | 13 | ||||||
Adjustment to redemption value of redeemable non-controlling interest | -11 | -11 | 7 | |||||
Acquisition of redeemable non-controlling interest | 0 | |||||||
Distributions of profits to non-controlling interest | -8 | -8 | ||||||
Purchase of subsidiary shares from non-controlling interest | 0 | 0 | 0 | |||||
Dividends paid to shareholders | -73 | |||||||
Net income attributable to non-controlling interest | -4 | -8 | 4 | 4 | ||||
Net income | 323 | 323 | ||||||
Ending Balance at Mar. 31, 2015 | $12,325 | $1 | ($975) | $9,983 | $3,441 | ($153) | $28 | $169 |
Ending Balance, Shares at Mar. 31, 2015 | 0 | 116 | -4 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Change in Equity, AOCI Accumulated Other Comprehensive Income (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments | ($24) | $13 |
Fair value of available-for-sale securities | -15 | 55 |
Fair value of net investment hedge | 0 | 0 |
Employee benefit plans adjustments | -114 | -114 |
Accumulated other comprehensive income | ($153) | ($46) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net income | $323 | $274 |
Less: income from discontinued operations, net of tax | 0 | -13 |
Income from continuing operations | 323 | 261 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 89 | 80 |
Stock-based compensation | 24 | 20 |
Deferred taxes | -24 | -15 |
Amortization of increase in fair market value of NYSE Notes | -12 | -14 |
Other | -15 | -10 |
Changes in assets and liabilities: | ||
Customer accounts receivable | -122 | -49 |
Prepaid expenses and other current assets | -26 | -11 |
Income taxes payable | -45 | -13 |
Deferred revenue | 312 | 293 |
Other current and non-current liabilities | -39 | -5 |
Total adjustments | 142 | 276 |
Net cash provided by operating activities from continuing operations | 465 | 537 |
Investing activities | ||
Capital expenditures | -39 | -25 |
Capitalized software development costs | -21 | -20 |
Cash paid for acquisitions, net of cash acquired | 0 | -142 |
Cash paid for equity method investment | -60 | 0 |
Proceeds from sales of available-for-sale investments | 0 | 10 |
Purchases of available-for-sale investments | 0 | -6 |
Increase in restricted cash and investments | 34 | -60 |
Net cash used in investing activities from continuing operations | -86 | -243 |
Financing activities | ||
Repayments of debt | -35 | 161 |
Dividends to shareholders | -73 | -76 |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | -36 | -36 |
Proceeds from exercise of common stock options | 4 | 2 |
Repurchases of common stock | -196 | 0 |
Distributions of profits to non-controlling interest | -15 | -9 |
Other | 13 | 14 |
Net cash used in financing activities from continuing operations | -268 | -266 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | -18 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | -6 |
Effect of exchange rate changes on cash and cash equivalents | -11 | -1 |
Net increase (decrease) in cash and cash equivalents | 100 | 3 |
Cash and cash equivalents, beginning of period | 652 | 961 |
Cash and cash equivalents, end of period | 752 | 964 |
Supplemental cash flow disclosure | ||
Cash paid for income taxes | 51 | 46 |
Cash paid for interest | $1 | $5 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income | $323 | $274 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments, net of tax benefit of $4 for the three months ended March 31, 2015 | -37 | 45 |
Change in fair value of available-for-sale securities | -70 | 60 |
Other Comprehensive Income, Derivatives Qualifying as Hedges, Net Investment Hedge, Net of Tax | 0 | 0 |
Comprehensive income | 216 | 379 |
Comprehensive income attributable to non-controlling interest | -8 | -13 |
Comprehensive income attributable to IntercontinentalExchange Group, Inc. | $208 | $366 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Foreign currency translation adjustments, Tax | ($4) | $0 |
Income tax expense | -118 | -101 |
Net Investment Hedging [Member] | ||
Income tax expense | $0 |
Description_of_Business
Description of Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared by us in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2014. The accompanying unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. These adjustments are of a normal recurring nature. | |
Preparing financial statements requires us to make certain estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Although these estimates are based on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from these estimates. The results of operations for the three months ended March 31, 2015 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 us and our wholly-owned and controlled subsidiaries. All intercompany balances and transactions between us and our wholly-owned and controlled subsidiaries have been eliminated in the consolidation. For those consolidated subsidiaries in which our ownership is less than 100% and for which we have control over the assets and liabilities and the management of the entity, the outside stockholders’ interests are shown as non-controlling interests. In instances where outside stockholders' hold an option to require us to repurchase the outside stockholders' interest, these interests are shown as redeemable non-controlling interests. | |
Reclassifications | |
Certain prior period amounts have been reclassified to conform to the current period’s financial statement presentation. As discussed in Note 12, we completed the initial public offering ("IPO") and sale of our wholly-owned subsidiary Euronext and completed the sales of our wholly-owned subsidiaries Wombat, NYFIX and Metabit during 2014, and have included the financial results of these companies in discontinued operations in the accompanying consolidated financial statements. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | |||
The following is a summary of the activity in the goodwill balance for the three months ended March 31, 2015 (in millions): | ||||
Goodwill balance at December 31, 2014 | $ | 8,535 | ||
Foreign currency translation | (30 | ) | ||
Other activity, net | (1 | ) | ||
Goodwill balance at March 31, 2015 | $ | 8,504 | ||
The following is a summary of the activity in the other intangible assets balance for the three months ended March 31, 2015 (in millions): | ||||
Other intangible assets balance at December 31, 2014 | $ | 7,780 | ||
Foreign currency translation | (18 | ) | ||
Amortization of other intangible assets | (38 | ) | ||
Other intangible assets balance at March 31, 2015 | $ | 7,724 | ||
The foreign currency translation adjustments in the tables above result from a portion of our goodwill and other intangible assets being held at our United Kingdom, European, Singapore and Canadian subsidiaries, some of whose functional currencies are not the U.S. dollar. We did not recognize any impairment losses on goodwill or other intangible assets during the three months ended March 31, 2015 and 2014. |
Deferred_Revenue_Deferred_Reve
Deferred Revenue Deferred Revenue | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Revenue Recognition [Abstract] | ||||||||||||||||||||
Deferred Revenue Disclosure [Text Block] | Deferred Revenue | |||||||||||||||||||
Deferred revenue represents consideration received that is yet to be recognized as revenue. Total deferred revenue was $450 million as of March 31, 2015, including $367 million in current deferred revenue and $83 million in non-current deferred revenue. The changes in our deferred revenue during the three months ended March 31, 2015 are as follows (in millions): | ||||||||||||||||||||
Annual Listing Fee Revenue | Original Listing Fee Revenues | Other Listing Fee Revenues | Data Services Fees and Other Revenues | Total | ||||||||||||||||
Deferred revenue balance at December 31, 2014 | $ | — | $ | 47 | $ | 34 | $ | 55 | $ | 136 | ||||||||||
Additions | 354 | 6 | 19 | 61 | 440 | |||||||||||||||
Amortization | (89 | ) | (2 | ) | (3 | ) | (32 | ) | (126 | ) | ||||||||||
Deferred revenue balance at March 31, 2015 | $ | 265 | $ | 51 | $ | 50 | $ | 84 | $ | 450 | ||||||||||
Debt
Debt | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt | Debt | |||||||
Our total debt, including short-term and long-term debt, consisted of the following as of March 31, 2015 and December 31, 2014 (in millions): | ||||||||
As of | As of | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Debt: | ||||||||
Commercial Paper | $ | 940 | $ | 905 | ||||
NYSE EUR Notes (5.375% senior unsecured notes due June 30, 2015) | 1,006 | 1,137 | ||||||
Short-term debt | 1,946 | 2,042 | ||||||
NYSE USD Notes (2.00% senior unsecured notes due October 5, 2017) | 853 | 853 | ||||||
2018 Senior Notes (2.50% senior unsecured notes due October 15, 2018) | 600 | 600 | ||||||
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) | 794 | 794 | ||||||
Long term debt | 2,247 | 2,247 | ||||||
Total debt | $ | 4,193 | $ | 4,289 | ||||
2014 Credit Facility | ||||||||
On April 3, 2014, we entered into a $3.0 billion senior unsecured revolving credit facility (the “2014 Credit Facility”). The 2014 Credit Facility includes an option for us to propose an increase in the aggregate amount by up to $1.0 billion, subject to the consent of the lenders funding the increase and certain other conditions. The 2014 Credit Facility matures on April 3, 2019. No amounts were outstanding under the 2014 Credit Facility as of March 31, 2015. Of the $3.0 billion that is available for borrowing under the 2014 Credit Facility, $940 million is required to back-stop the amount outstanding under our U.S. dollar commercial paper program (the “Commercial Paper Program”) as of March 31, 2015 and $303 million is reserved to provide liquidity or required financial resources for our clearing houses. The amount required to back-stop the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $1.8 billion as of March 31, 2015 is available to us to use for working capital and general corporate purposes, and any portion of the revolving credit facility no longer necessary in the future to be reserved for the foregoing purposes will be available to us to use for working capital and general corporate purposes. | ||||||||
Commercial Paper Program | ||||||||
Our Commercial Paper Program is currently backed by the borrowing capacity available under the 2014 Credit Facility, equal to the amount of the commercial paper that is issued and outstanding at any given point in time. The effective interest rate of commercial paper issuances does not materially differ from short term interest rates (such as USD LIBOR). The fluctuation of these rates due to market conditions may impact our interest expense. | ||||||||
Commercial paper notes of $940 million with original maturities ranging from 1 to 90 days were outstanding as of March 31, 2015 under the Commercial Paper Program. As of March 31, 2015, the weighted average interest rate on the $940 million outstanding under the Commercial Paper Program was 0.23% per annum, with a weighted average maturity of 23 days. We used net proceeds from the Commercial Paper Program during the three months ended March 31, 2015 for general corporate purposes. | ||||||||
NYSE Notes | ||||||||
In connection with our acquisition on November 13, 2013 of NYSE Euronext, which we refer to as NYSE following the IPO and sale of Euronext in 2014, one of our subsidiaries assumed NYSE's outstanding debt instruments, which included $850 million of 2.00% senior unsecured fixed rate notes due in October 2017 (the “NYSE USD Notes”) and €920 million ($1.0 billion) of 5.375% senior unsecured fixed rate notes due in June 2015 (the “NYSE EUR Notes”, and together with the NYSE USD Notes, the "NYSE Notes"). | ||||||||
Upon closing of the Euronext IPO on June 24, 2014, we received €1.4 billion ($1.9 billion) in net cash proceeds. We elected to set aside sufficient euro-denominated cash from the proceeds to effectively pre-fund the maturity of the NYSE EUR Notes and the related final interest coupon payment, both due on June 30, 2015. In connection with this, in July 2014, we placed €969 million ($1.0 billion) of the cash proceeds from the Euronext IPO in term deposits at various banks with a maturity date of June 25, 2015 to cover the €920 million ($995 million) principal and the €49 million ($53 million) final interest coupon payment due on June 30, 2015. These deposits are classified as short-term investments in the accompanying consolidated balance sheet as of March 31, 2015. | ||||||||
In accordance with purchase accounting, we recorded the NYSE Notes at fair value on the November 13, 2013 acquisition date. Based on public debt prices, as of this date, the NYSE USD Notes had a fair value of $854 million (an increase of $4 million from its November 13, 2013 face value) and the NYSE EUR Notes had a fair value of $1.3 billion (an increase of $89 million from its November 13, 2013 face value). To record the NYSE Notes at fair value, the increase in the carrying amount of the NYSE Notes is amortized as a reduction to the interest expense recorded by us in the consolidated statements of income over the remaining maturities of the NYSE Notes. During the three months ended March 31, 2015 and 2014, the amortization of the increase in the fair value of the NYSE Notes was $12 million and $14 million, respectively. | ||||||||
Senior Notes | ||||||||
In October 2013, we issued $600 million aggregate principal amount of 2.50% senior unsecured fixed rate notes due October 2018 (the “2018 Senior Notes”) and $800 million aggregate principal amount of 4.00% senior unsecured fixed rate notes due October 2023 (the “2023 Senior Notes”, together with the 2018 Senior Notes, the “Senior Notes”). |
Equity
Equity | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Equity | Equity | ||||||||||||
We currently sponsor employee and director stock option and restricted stock plans. Stock options and restricted stock are granted at the discretion of the compensation committee of the board of directors. All stock options and restricted stock awards 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 grant is recognized as expense over the vesting period, net of estimated forfeitures. The non-cash compensation expenses recognized in our consolidated statements of income for stock options and restricted stock were $24 million and $17 million for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||
Stock Option Plans | |||||||||||||
The following is a summary of stock options for the three months ended March 31, 2015: | |||||||||||||
Number of Options | Weighted Average | ||||||||||||
Exercise Price per | |||||||||||||
Option | |||||||||||||
Outstanding at December 31, 2014 | 762,867 | $ | 136.03 | ||||||||||
Granted | 176,464 | 207.97 | |||||||||||
Exercised | (35,580 | ) | 94.72 | ||||||||||
Outstanding at March 31, 2015 | 903,751 | 151.7 | |||||||||||
Details of stock options outstanding as of March 31, 2015 are as follows: | |||||||||||||
Number of Options | Weighted Average | Weighted Average | Aggregate | ||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||
Contractual Life | Value | ||||||||||||
(Years) | (In millions) | ||||||||||||
Vested or expected to vest | 903,751 | $ | 151.7 | 6.6 | $ | 74 | |||||||
Exercisable | 596,511 | $ | 128.04 | 5.2 | $ | 63 | |||||||
The total intrinsic value of stock options exercised during the three months ended March 31, 2015 and 2014 were $5 million and $12 million, respectively. As of March 31, 2015, there were $12 million in total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 2.2 years as the stock options vest. | |||||||||||||
We use the Black-Scholes option pricing model for purposes of valuing stock option awards. During the three months ended March 31, 2015 and 2014, we used the weighted-average assumptions in the table below to compute the value of all options for shares of common stock granted to employees: | |||||||||||||
Three Months Ended March 31, | |||||||||||||
Assumptions: | 2015 | 2014 | |||||||||||
Risk-free interest rate | 1.08 | % | 1.23 | % | |||||||||
Expected life in years | 5 | 5 | |||||||||||
Expected volatility | 24 | % | 27 | % | |||||||||
Expected dividend yield | 1.25 | % | 1.26 | % | |||||||||
Estimated weighted-average fair value of options granted per share | $ | 40.94 | $ | 45.23 | |||||||||
The risk-free interest rate is based on the zero-coupon U.S. Treasury yield curve in effect at the time of grant. The expected life computation is derived from historical exercise patterns and anticipated future patterns. Expected volatilities are based on historical volatility of our stock. | |||||||||||||
Restricted Stock Plans | |||||||||||||
In January 2015, we reserved a maximum of 429,468 restricted shares for potential issuance as performance-based restricted shares to certain of our employees. The number of shares that will ultimately be granted under the performance awards will be based on our actual financial performance as compared to financial performance targets set by our board of directors and compensation committee for the year ending December 31, 2015. These restricted shares are also subject to a market condition that could reduce the number of shares that are ultimately granted. The reduction would occur if our 2015 total shareholder return falls below the 2015 return of the S&P 500 Index and we achieve an above “target” financial performance level threshold. | |||||||||||||
The maximum compensation expense to be recognized under these performance-based restricted shares is $86 million if the maximum financial performance target is met and all 429,468 shares vest. The compensation expense to be recognized under these performance-based restricted shares will be $43 million if the target financial performance is met, which would result in 214,734 shares vesting. We will recognize expense on an accelerated basis over the three-year vesting period based on our quarterly assessment of the probable 2015 actual financial performance as compared to the 2015 financial performance targets. If the market condition is not achieved, compensation cost will not be affected since the grant date fair value of the award gave consideration to the probability of market condition achievement. | |||||||||||||
As of March 31, 2015, we determined that it is probable that the target financial performance level will be met for 2015. Based on this assessment, we recorded non-cash compensation expense of $5 million for the three months ended March 31, 2015, related to these shares and the remaining $38 million in non-cash compensation expense will be recorded on an accelerated basis over the remaining vesting period, including $20 million of which will be recorded over the remainder of 2015. | |||||||||||||
The following is a summary of the non-vested restricted shares for the three months ended March 31, 2015: | |||||||||||||
Number of | Weighted Average | ||||||||||||
Restricted | Grant-Date Fair | ||||||||||||
Stock Shares | Value per Share | ||||||||||||
Non-vested at December 31, 2014 | 1,070,995 | $ | 176.82 | ||||||||||
Granted | 506,560 | 207.31 | |||||||||||
Vested | -369,511 | 153.79 | |||||||||||
Forfeited | -18,840 | 193.04 | |||||||||||
Non-vested at March 31, 2015 | 1,189,204 | 196.7 | |||||||||||
Restricted stock shares granted in the table above include both time-based and performance-based grants. Performance-based shares have been adjusted to reflect the actual shares to be issued based on the achievement of past performance targets. Non-vested performance-based restricted shares granted are presented in the table above at the maximum number of restricted shares that would vest if the maximum performance targets are met. As of March 31, 2015, there were $175 million in total unrecognized compensation costs related to the time-based restricted stock and the performance-based restricted stock. These costs are expected to be recognized over a weighted-average period of 2.3 years as the restricted stock vests. These unrecognized compensation costs assume that a target performance level will be met on the performance-based restricted shares granted in January 2015. During the three months ended March 31, 2015 and 2014, the total fair value of restricted stock vested under all restricted stock plans was $80 million and $84 million, respectively. | |||||||||||||
Stock Repurchase Program | |||||||||||||
In September 2014, we entered into a Rule 10b5-1 trading plan as authorized by our board of directors permitting open market repurchases of our common stock based on certain parameters described in the trading plan. During the three months ended March 31, 2015, we repurchased 872,300 shares of our outstanding common stock under the Rule 10b5-1 trading plan at a cost of $196 million. During the first quarter of 2015, our board of directors approved an increase of our share repurchase authorization to an aggregate of $600 million of our common stock with no fixed expiration date, effective as of April 1, 2015. | |||||||||||||
We expect to fund any remaining repurchases with a combination of cash on hand, future cash flows and by borrowing under our credit facilities and in connection with our Commercial Paper Program. The timing and extent of any future repurchases that are not made pursuant to the Rule 10b5-1 trading plan will be at our discretion and will depend upon market conditions, the amount authorized by our board of directors, our stock price, our target debt ratio and corporate debt rating, and our strategic growth initiatives at that time. We may discontinue the stock repurchases at any time and may terminate the current Rule 10b5-1 trading plan or enter into a new Rule 10b5-1 trading plan in the future. In addition, our board of directors may increase or decrease the amount of capacity we have for repurchases from time to time. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes from Continuing Operations |
Our effective tax rate from continuing operations was 27% and 28% for the three months ended March 31, 2015 and 2014, respectively. The effective tax rates for the three months ended March 31, 2015 and 2014 are lower than the federal statutory rate primarily due to the favorable foreign income tax rate differentials, partially offset by state income taxes. Favorable foreign income tax rate differentials result from lower tax rates in the United Kingdom, the Netherlands and various other lower tax jurisdictions than compared to the tax rates in the United States. | |
Our non-U.S. subsidiaries had $2.4 billion in cumulative undistributed earnings as of March 31, 2015. This amount represents the post-income tax earnings under U.S. GAAP adjusted for previously taxed income. The earnings from our non-U.S. subsidiaries are considered to be indefinitely reinvested. Accordingly, no provision for U.S. federal and state income taxes has been made in the accompanying consolidated financial statements. Further, a determination of the unrecognized deferred tax liability is not practicable. Any future distribution by way of dividend of these non-U.S. earnings may subject us to both U.S. federal and state income taxes, as adjusted for non-U.S. tax credits, and withholding taxes payable to various non-U.S. countries. |
Clearing_Organizations
Clearing Organizations | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Brokers and Dealers [Abstract] | ||||||||||||||||||||||||||||||||
Clearing Organizations | Clearing Organizations | |||||||||||||||||||||||||||||||
We currently operate seven regulated central counterparty clearing houses for the settlement and clearance of derivative contracts. The seven clearing houses include ICE Clear Europe, ICE Clear U.S., ICE Clear Credit, ICE Clear Canada, Holland Clearing House ("HCH"), The Clearing Corporation ("TCC") and ICE Clear Singapore ("ICSG"), and are referred to herein collectively as the “ICE Clearing Houses”. ICSG is not yet operational due to the transition to our technology that is underway. We anticipate launching ICSG later this year. | ||||||||||||||||||||||||||||||||
Each of the ICE Clearing Houses requires all clearing members to maintain cash on deposit or pledge certain assets, which may include government obligations, non-government obligations, letters of credit or gold to guarantee performance on the clearing members’ open positions. Such amounts in total are known as “original margin.” The ICE Clearing Houses may make intraday original margin calls in circumstances where market conditions require additional protection. The daily profits and losses from and to the ICE Clearing Houses in respect of marking to market open contracts is known as “variation margin”. The ICE Clearing Houses mark all outstanding contracts to market, and therefore pay and collect variation margin, at least once daily, and in some cases multiple times throughout the day. Marking-to-market allows the ICE Clearing Houses to identify any clearing members that may be unable to satisfy the financial obligations resulting from changes in the prices of their open contracts before those financial obligations become exceptionally large and jeopardize the ability of the ICE Clearing Houses to ensure financial performance of clearing members’ open positions. | ||||||||||||||||||||||||||||||||
Each of the ICE Clearing Houses requires that each clearing member make deposits into a fund known as a guaranty 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 deposit 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 cleared contract. This arrangement allows the ICE Clearing Houses to serve as the central financial counterparty on every cleared contract. Each ICE Clearing House bears financial counterparty credit risk in the event that market movements create conditions that lead to its clearing members failing to meet their financial 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 margined and marked or settled on at least a daily basis for each clearing member, the ICE Clearing Houses’ maximum estimated exposure for this guarantee, excluding the effects of original and variation margin requirements and mandatory deposits to the applicable Guaranty Fund by clearing members, is $67.1 billion as of March 31, 2015, which represents the maximum estimated value by the ICE Clearing Houses of a hypothetical one day movement in pricing of the underlying unsettled contracts. This amount is based on calculations determined using proprietary risk management software that simulates gains and losses based on historical market prices, volatility and other factors present at that point in time for those particular unsettled contracts. Future actual market price volatility could result in the exposure being significantly different than the amount estimated by the ICE Clearing Houses. The net notional value of unsettled contracts was $2.4 trillion as of March 31, 2015. We performed calculations to determine the fair value of our counterparty performance guarantee taking into consideration factors such as daily settlement of contracts, margining requirements, other elements of our risk management program, historical evidence of default payments, and estimated probability of potential default payouts by the ICE Clearing Houses. Based on these analyses, the estimated counterparty performance guaranty liability was determined to be nominal and no liability was recorded as of March 31, 2015 and December 31, 2014. | ||||||||||||||||||||||||||||||||
The ICE Clearing Houses seek to reduce their exposure through a risk management program that includes initial and ongoing financial standards for clearing member admission and continued membership, original and variation margin requirements, and mandatory deposits to the Guaranty Fund. The amounts that the clearing members are required to maintain in the original margin and Guaranty Fund accounts are determined by standardized parameters established by the risk committees, risk management departments and the boards of directors of each of the ICE Clearing Houses and may fluctuate over time. As of March 31, 2015 and December 31, 2014, the ICE Clearing Houses have received or have been pledged $76.8 billion and $77.0 billion, respectively, in cash and non-cash collateral in original margin and Guaranty Fund deposits to cover price movements of underlying contracts. The ICE Clearing Houses also have powers of assessment that provide the ability to collect additional funds from their clearing members to cover a defaulting member’s remaining obligations up to the limits established under the respective rules of each ICE Clearing House. | ||||||||||||||||||||||||||||||||
Should a particular clearing member fail to deposit original margin, or to make a variation margin payment, when and as required, the relevant ICE Clearing House may liquidate or hedge the clearing member’s open positions and use the clearing member’s margin and Guaranty Fund deposits to make up any amount owed. In the event that those deposits are not sufficient to pay the amount owed in full, the ICE Clearing Houses may utilize the respective Guaranty Fund deposits of their respective clearing members on a pro-rata basis for that purpose. We have contributed $128 million, $50 million and $50 million to the ICE Clear Europe, ICE Clear Credit and ICE Clear U.S. Guaranty Funds, respectively, as of March 31, 2015, and such amounts are at risk and could be used in the event of a clearing member default where the amount of the defaulting clearing member’s original margin and Guaranty Fund deposits are insufficient. The $228 million combined contributions as of March 31, 2015 are included in long-term restricted cash in the accompanying consolidated balance sheet. | ||||||||||||||||||||||||||||||||
As of March 31, 2015, original margin and Guaranty Fund cash deposits are as follows for the ICE Clearing Houses (in millions): | ||||||||||||||||||||||||||||||||
ICE Clear | ICE Clear | ICE Clear U.S. | ICE Clear | Total | ||||||||||||||||||||||||||||
Europe | Credit | Canada, HCH and TCC | ||||||||||||||||||||||||||||||
Original margin | $ | 24,484 | $ | 11,972 | $ | 3,925 | $ | 89 | $ | 40,470 | ||||||||||||||||||||||
Guaranty Fund | 2,868 | 1,946 | 305 | 11 | 5,130 | |||||||||||||||||||||||||||
Total | $ | 27,352 | $ | 13,918 | $ | 4,230 | $ | 100 | $ | 45,600 | ||||||||||||||||||||||
As of December 31, 2014, original margin and Guaranty Fund cash deposits are as follows for the ICE Clearing Houses (in millions): | ||||||||||||||||||||||||||||||||
ICE Clear | ICE Clear | ICE Clear U.S. | ICE Clear | Total | ||||||||||||||||||||||||||||
Europe | Credit | Canada, HCH and TCC | ||||||||||||||||||||||||||||||
Original margin | $ | 23,291 | $ | 14,056 | $ | 4,285 | $ | 42 | $ | 41,674 | ||||||||||||||||||||||
Guaranty Fund | 3,048 | 2,408 | 290 | 38 | 5,784 | |||||||||||||||||||||||||||
Total | $ | 26,339 | $ | 16,464 | $ | 4,575 | $ | 80 | $ | 47,458 | ||||||||||||||||||||||
We have recorded these cash deposits in the accompanying consolidated balance sheets as current assets with corresponding current liabilities to the clearing members of the relevant ICE Clearing House. All cash, securities and letters of credit are available only to meet the financial obligations of that clearing member to the relevant ICE Clearing House. ICE Clear Europe, ICE Clear U.S., ICE Clear Credit, ICE Clear Canada, HCH, TCC and ICSG are separate legal entities and are not subject to the liabilities of the other ICE Clearing Houses or the obligations of the members of the other ICE Clearing Houses. The amount of these cash deposits may fluctuate due to the types of margin collateral choices available to clearing members and the change in the amount of deposits required. As a result, these assets and corresponding liabilities may vary significantly over time. The majority of cash held by the ICE Clearing Houses is secured overnight in reverse repurchase agreements or direct investment in U.S. government securities. Remaining balances are invested overnight across a diverse set of high quality financial institutions. | ||||||||||||||||||||||||||||||||
In addition to the cash deposits for original margin and the Guaranty Fund, the ICE Clearing Houses have also received other assets from clearing members, which may include government obligations, certain agency and corporate debt, letters of credit or gold to mitigate credit risk. These assets are not reflected in the accompanying consolidated balance sheets as the risks and rewards of these assets remain with the clearing members. These assets are held in safekeeping and any interest and gain or loss accrues to the clearing member. For certain non-cash deposits, the ICE Clearing Houses may impose discount or "haircut" rates to ensure adequate collateral levels to account for fluctuations in the market value of these deposits. As of March 31, 2015 and December 31, 2014, the assets pledged by the clearing members as original margin and Guaranty Fund deposits for each of the ICE Clearing Houses are detailed below (in millions): | ||||||||||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||||||
ICE Clear | ICE Clear Credit | ICE Clear U.S. | ICE Clear Canada, HCH and TCC | ICE Clear | ICE Clear Credit | ICE Clear U.S. | ICE Clear Canada, HCH and TCC | |||||||||||||||||||||||||
Europe | Europe | |||||||||||||||||||||||||||||||
Original margin: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 19,718 | $ | 3,896 | $ | 6,389 | $ | 111 | $ | 18,284 | $ | 3,235 | $ | 6,972 | $ | 99 | ||||||||||||||||
Letters of credit | — | — | — | 199 | — | — | — | 4 | ||||||||||||||||||||||||
Total | $ | 19,718 | $ | 3,896 | $ | 6,389 | $ | 310 | $ | 18,284 | $ | 3,235 | $ | 6,972 | $ | 103 | ||||||||||||||||
Guaranty Fund: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 259 | $ | 335 | $ | 186 | $ | 83 | $ | 284 | $ | 424 | $ | 190 | $ | 15 | ||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
Legal Proceedings | |
We are subject to legal proceedings and claims, like the ones described below, that arise in the ordinary course of business. Typically, we do not believe that the resolution of these ordinary course matters, including those described below, will have a material adverse effect on our consolidated financial condition, results of operations, or liquidity. It is possible, however, that future results of operations for any particular quarterly or annual period could be materially and adversely affected by any developments relating to the legal proceedings and claims. A range of possible losses related to the cases below cannot be reasonably estimated at this time. | |
In April 2014, the first of four purported class action lawsuits was filed in the U.S. District Court for the Southern District of New York (the “Southern District”) by the City of Providence, Rhode Island, against more than 40 defendants, including “Exchange Defendants”, “Brokerage Defendants” and “HFT (High Frequency Trading) Defendants” (the “City of Providence lawsuit”). New York Stock Exchange LLC and NYSE Arca, Inc., two of our subsidiaries, were among the named Exchange Defendants. On July 2, 2014, the court ordered the cases consolidated for all purposes, and appointed lead plaintiffs. On September 3, 2014, the lead plaintiffs filed an amended complaint asserting claims against only a subset of the original Exchange Defendants, including New York Stock Exchange LLC and NYSE Arca, Inc., and also asserting claims against Barclays PLC (“Barclays”), a subsidiary of which operates an alternative trading system known as Barclays LX. The lead plaintiffs are suing on behalf of a class of “all public investors” who bought or sold stock from April 18, 2009 to the present on the U.S.-based equity exchanges operated by the remaining Exchange Defendants or on Barclays LX. The amended complaint asserts violations by all remaining Exchange Defendants of Sections 10(b) and 6(b) of the Exchange Act, and seeks unspecified compensatory damages against all defendants, jointly and severally, as well as various forms of equitable relief. The defendants filed a motion on November 3, 2014 to dismiss the amended complaint. On November 24, 2014, the plaintiffs filed a second amended complaint asserting the same legal claims and substantially the same factual allegations. On January 23, 2015, the defendants filed a motion to dismiss the second amended complaint. | |
On October 2, 2014, Barclays filed a motion before the U.S. Judicial Panel on Multidistrict Litigation (the "MDL Panel") requesting that a separate lawsuit filed against Barclays in the U.S. District Court for the Central District of California be transferred to the Southern District judge handling the City of Providence lawsuit for consolidated or coordinated pre-trial proceedings. On December 12, 2014, the MDL Panel entered an order granting Barclays’ motion and transferring the matter to the Southern District. Depending on the outcome of further pre-trial proceedings to occur in the Southern District, the scope of this litigation could be expanded. | |
In May 2014, three purported class action lawsuits were filed in the Southern District by Harold Lanier against the securities exchanges that are participants in each of the three national market system data distribution plans - the Consolidated Tape Association/Consolidated Quotation Plan, the Nasdaq UTP Plan, and the Options Price Reporting Authority (the “Plans”) - which are established under the Exchange Act and regulated by the SEC. On August 15, 2014, Lanier filed amended complaints in each of the three lawsuits but did not alter the named defendants. New York Stock Exchange LLC, NYSE Arca, Inc. and NYSE MKT LLC, which are our subsidiaries, are among the defendants named in one or more of the suits. Lanier is claiming to sue on behalf of him and all other similarly situated subscribers to the market data disseminated by the Plans. Lanier’s allegations include that the exchange participants in the Plans breached agreements with subscribers by disseminating market data in a discriminatory manner in that other “preferred” customers allegedly received their data faster than the proposed class. The complaints seek, among other relief, unspecified compensatory damages, restitution of the putative class’s subscription fees paid to the defendants, disgorgement of the fees paid by the so-called preferred customers, and injunctive and declaratory relief. On September 29, 2014, the defendants moved to dismiss the amended complaint. On April 28, 2015, the court issued an opinion and order granting the motion and dismissing the three lawsuits with prejudice. The court determined that the claims were preempted by a “comprehensive federal regulatory scheme”, and that in any event Lanier had failed to state a claim for breach of contract. | |
One of our subsidiaries, NYSE Brazil Holdings, B.V. ("NYSE BV"), is a party to a pending arbitration proceeding initiated by an arbitration demand dated June 4, 2014 in Brazil, filed by ATG Americas Trading Group, S.A. ("ATG") and ATS Brasil S.A. (“ATS”). NYSE BV and ATG own 20% and 80%, respectively, of the equity in ATS, a company with a prospective cash equity trading platform in Brazil, which is not yet operational. ATG and ATS allege NYSE BV breached certain obligations and assert damages of at least 100 million Brazilian Reais ($31 million based on the Brazilian Real/U.S. dollar exchange rate of 0.3131 as of March 31, 2015). The case has not yet proceeded to a point where ATG and ATS would be required to provide factual support for its damages demand, whether 100 million Brazilian Reais, or a materially higher amount. NYSE BV has served ATG and ATS with a responsive statement which denies liability in connection with the claims, and we are defending the proceeding. The arbitration panel has been appointed and is first deciding a threshold issue presented by ATG/ATS - whether to expand the arbitration to include other of our subsidiaries as parties - before scheduling further proceedings in the matter. Because this arbitration is in an unfamiliar forum under foreign law, we have less ability to predict results than we would in a U.S. proceeding. | |
Redeemable Non-controlling Interest | |
We currently own 84% of NYSE Amex Options, one of our two U.S. options exchanges. The remaining 16% of the outstanding shares is owned by seven external investors, valued at $130 million as of March 31, 2015 and recorded as redeemable non-controlling interest in the accompanying consolidated balance sheet. We plan to repurchase the remaining 16% of shares outstanding from the external investors in the second quarter of 2015. |
Pension_and_Other_Benefit_Prog
Pension and Other Benefit Programs | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Pension and Other Benefit Programs | Pension and Other Benefit Programs | |||||||||||||||||||||||
The following table provides the components of net periodic expense (benefit) associated with our pension plans, the supplemental executive retirement ("SERP") plans and the post-retirement benefit plans for the three months ended March 31, 2015 and 2014 in the accompanying consolidated statements of income (in millions): | ||||||||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||
Pension Plans | SERP Plans | Post-retirement Benefit Plans | Pension Plans | SERP Plans | Post-retirement Benefit Plans | |||||||||||||||||||
Service costs | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||
Interest costs | 8 | 1 | 2 | 9 | 1 | 2 | ||||||||||||||||||
Estimated return on plan assets | (11 | ) | — | — | (12 | ) | — | — | ||||||||||||||||
Amortization of loss | 1 | — | — | — | — | — | ||||||||||||||||||
Net periodic expense (benefit) | $ | (2 | ) | $ | 1 | $ | 2 | $ | (2 | ) | $ | 1 | $ | 2 | ||||||||||
During the three months ended March 31, 2015, we contributed $2 million to our pension plans. Based on current actuarial assumptions, we anticipate funding an additional $10 million to our pension plans during 2015. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | |||||||||||||||||||||||
Our financial instruments consist primarily of cash and cash equivalents, short-term and long-term restricted cash and investments, short-term and long-term investments, customer accounts receivable, margin deposits and guaranty funds, cost and equity method investments, short-term and long-term debt and certain other short-term assets and liabilities. The fair value of our financial instruments are measured 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. | |||||||||||||||||||||||
In general, we use Level 1 inputs to determine fair value. The Level 1 assets consist of U.S. Treasury securities, equity and other securities listed in active markets, and investments in publicly traded mutual funds held for the purpose of providing future payments of the SERP and the supplemental executive savings plans. | ||||||||||||||||||||||||
Financial assets and liabilities recorded in the accompanying consolidated balance sheets as of March 31, 2015 and December 31, 2014 are classified in their entirety based on the lowest level of input that is significant to the asset or liability’s fair value measurement. Financial instruments measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 are as follows (in millions): | ||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||
Level 1 | Level 2 and 3 | Total | Level 1 | Level 2 and 3 | Total | |||||||||||||||||||
Assets at fair value: | ||||||||||||||||||||||||
Long-term investment in equity securities | $ | 309 | $ | — | $ | 309 | $ | 379 | $ | — | $ | 379 | ||||||||||||
U.S. Treasury securities | 436 | — | 436 | 374 | — | 374 | ||||||||||||||||||
Mutual Funds | 24 | — | 24 | 27 | — | 27 | ||||||||||||||||||
Total assets at fair value | $ | 769 | $ | — | $ | 769 | $ | 780 | $ | — | $ | 780 | ||||||||||||
As of March 31, 2015, the fair values of our $1.40 billion Senior Notes and $1.86 billion NYSE Notes are $1.48 billion and $1.87 billion, respectively. The fair values of these fixed rate notes were estimated using quoted market prices for these instruments. The fair value of our other short-term and long-term debt approximates the carrying value since the rates of interest on the debt approximate market rates as of March 31, 2015. All other financial instruments are determined to approximate carrying value due to the short period of time to their maturities. | ||||||||||||||||||||||||
As of March 31, 2015, we are holding $436 million in U.S. Treasury securities, all of which had maturities of less than one year from the date of purchase. Of these securities, $221 million were recorded as cash and cash equivalents, $87 million were recorded as short-term restricted cash and investments and $128 million were recorded as long-term restricted cash and investments in the accompanying consolidated balance sheet as of March 31, 2015 (all of the U.S. Treasury securities recorded as cash have original maturities of less than 90 days). | ||||||||||||||||||||||||
We did not use Level 2 and 3 inputs to determine the fair value of assets or liabilities measured at fair value on a recurring basis as of March 31, 2015 or December 31, 2014. We measure certain assets, such as intangible assets and cost and equity method investments, at fair value on a non-recurring basis. These assets are recognized at fair value if they are deemed to be impaired. As of March 31, 2015 and December 31, 2014, none of these assets were required to be recorded at fair value since no impairment indicators were present. Cost and equity method investments were $118 million and $53 million as of March 31, 2015 and December 31, 2014, respectively, and are classified as other non-current assets in the accompanying consolidated balance sheets. The increase in the cost and equity method investments during the three months ended March 31, 2015 is primarily due to an additional $60 million investment we made in The Options Clearing Corporation ("OCC"). | ||||||||||||||||||||||||
We have a 40% ownership interest in OCC. OCC serves as a clearing house for securities options, security futures, commodity futures and options on futures traded on various independent exchanges. OCC clears securities options traded on NYSE Arca and NYSE MKT, along with other non-affiliated exchanges, and is regulated by the SEC as a registered clearing agency and by the Commodity Futures Trading Commission ("CFTC") as a derivatives clearing organization. OCC adopted a new capital plan during the first quarter of 2015, which raised $150 million in equity capital from OCC's shareholders, including $60 million contributed by NYSE. Pursuant to the terms of the capital plan, in exchange for the contributions of equity capital from its shareholders, OCC would be required, subject to determination by its board of directors and compliance with legal requirements, to pay an annual dividend to its shareholders, on a pro rata basis, equal to the after-tax income of OCC, in excess of the amount required to maintain its target capital requirement and satisfy other capital requirements, and after refunds to its clearing members equal to 50% of distributable earnings before tax. In addition, under the OCC capital plan, the OCC shareholders will contribute up to $200 million in additional equity capital if certain capital thresholds are breached, including up to $80 million to be contributed by NYSE. The OCC shareholders would receive Class C stock in exchange for any additional capital contribution. No dividends or other remuneration would be paid to OCC shareholders holding this stock. Unless and until such $200 million capital contribution is repaid to the shareholders, OCC would be required not to declare any dividends and would be required not to pay refunds to its clearing members. | ||||||||||||||||||||||||
Subsequent to our investment of the $60 million, aggrieved parties petitioned the SEC to review its approval of the capital plan. As a result of such petition, the implementation of the capital plan was automatically stayed. Consequently OCC will not pay dividends to shareholders or issue refunds to customers until the stay is lifted or the SEC reconfirms its approval of the capital plan. The outcome of the petition is uncertain at this time. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations | Discontinued Operations | |||
We completed the IPO of our wholly-owned subsidiary Euronext on June 24, 2014 and completed the sales of our wholly-owned subsidiaries Wombat on July 23, 2014, and NYFIX and Metabit on September 19, 2014. We have reflected the results of Euronext, Wombat, NYFIX and Metabit as discontinued operations up to the IPO or sale dates in the accompanying consolidated statement of income and consolidated statement of cash flows for the three months ended March 31, 2014. | ||||
The results below include external advisory costs and professional services costs related to the Euronext IPO and sales of Wombat, NYFIX and Metabit of $15 million for the three months ended March 31, 2014, which have been included below with acquisition-related transaction and integration costs from discontinued operations. The results below also include transaction-related compensation and severance costs related to the Euronext IPO and sales of Wombat, NYFIX and Metabit of $21 million for the three months ended March 31, 2014, which have been included below with acquisition-related transaction and integration costs from discontinued operations. Results of discontinued operations were as follows for the three months ended March 31, 2014 (in millions): | ||||
Total revenues, less transaction-based expenses | $ | 162 | ||
Compensation and benefits | 55 | |||
Technology and communication | 15 | |||
Professional services | 8 | |||
Rent and occupancy | 7 | |||
Acquisition-related transaction and integration costs | 41 | |||
Selling, general, administrative | 9 | |||
Depreciation and amortization | 8 | |||
Total operating expenses | 143 | |||
Operating income | 19 | |||
Other expense, net | 1 | |||
Income tax expense | 5 | |||
Income from discontinued operations, net of tax | $ | 13 | ||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Statements | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||
Condensed Consolidating Financial Statements | Condensed Consolidating Financial Statements (Unaudited) | |||||||||||||||||||
In connection with our acquisition of NYSE, Intercontinental Exchange, Inc. ("ICE") and NYSE Holdings LLC ("NYSE") established various guarantees to protect against structural subordination of each entities’ existing indebtedness. NYSE is our wholly-owned subsidiary and fully and unconditionally guarantees, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of our 2014 Credit Facility, Senior Notes and the Commercial Paper Program. Similarly, ICE fully and unconditionally guarantees, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of the NYSE Notes. The guarantees will remain in place until each applicable debt obligation has been satisfied. | ||||||||||||||||||||
The following unaudited 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. The condensed consolidating financial information should be read in conjunction with the accompanying consolidated financial statements. | ||||||||||||||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total | ||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 8 | $ | — | $ | 744 | $ | — | $ | 752 | ||||||||||
Intercompany receivable | 2,840 | — | — | (2,840 | ) | — | ||||||||||||||
Margin deposits and guaranty funds | — | — | 45,600 | — | 45,600 | |||||||||||||||
Notes receivable from affiliate, current | — | 257 | 307 | (564 | ) | — | ||||||||||||||
Other current assets | — | 1,049 | 1,085 | — | 2,134 | |||||||||||||||
Total current assets | 2,848 | 1,306 | 47,736 | (3,404 | ) | 48,486 | ||||||||||||||
Property and equipment, net | — | — | 879 | — | 879 | |||||||||||||||
Other non-current assets: | ||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | 16,228 | — | 16,228 | |||||||||||||||
Investment in subsidiaries | 13,862 | 9,633 | — | (23,495 | ) | — | ||||||||||||||
Notes receivable from affiliate, non-current | — | 2,919 | 2,003 | (4,922 | ) | — | ||||||||||||||
Other non-current assets | 24 | 10 | 801 | — | 835 | |||||||||||||||
Total other non-current assets | 13,886 | 12,562 | 19,032 | (28,417 | ) | 17,063 | ||||||||||||||
Total assets | $ | 16,734 | $ | 13,868 | $ | 67,647 | $ | (31,821 | ) | $ | 66,428 | |||||||||
Current liabilities: | ||||||||||||||||||||
Short-term debt | $ | 940 | $ | 1,006 | $ | — | $ | — | $ | 1,946 | ||||||||||
Margin deposits and guaranty funds | — | — | 45,600 | — | 45,600 | |||||||||||||||
Intercompany payable | — | 1,503 | 1,337 | (2,840 | ) | — | ||||||||||||||
Notes payable to affiliates, current | 292 | 272 | — | (564 | ) | — | ||||||||||||||
Other current liabilities | 53 | — | 1,199 | — | 1,252 | |||||||||||||||
Total current liabilities | 1,285 | 2,781 | 48,136 | (3,404 | ) | 48,798 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | 1,394 | 853 | — | — | 2,247 | |||||||||||||||
Notes payable to affiliates, non-current | 1,741 | 262 | 2,919 | (4,922 | ) | — | ||||||||||||||
Other non-current liabilities | 17 | — | 2,872 | — | 2,889 | |||||||||||||||
Total non-current liabilities | 3,152 | 1,115 | 5,791 | (4,922 | ) | 5,136 | ||||||||||||||
Total liabilities | 4,437 | 3,896 | 53,927 | (8,326 | ) | 53,934 | ||||||||||||||
Redeemable non-controlling interest | — | — | 169 | — | 169 | |||||||||||||||
Equity: | ||||||||||||||||||||
Total shareholders' equity | 12,297 | 9,972 | 13,523 | (23,495 | ) | 12,297 | ||||||||||||||
Non-controlling interest in consolidated subsidiaries | — | — | 28 | — | 28 | |||||||||||||||
Total equity | 12,297 | 9,972 | 13,551 | (23,495 | ) | 12,325 | ||||||||||||||
Total liabilities and equity | $ | 16,734 | $ | 13,868 | $ | 67,647 | $ | (31,821 | ) | $ | 66,428 | |||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | 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 | |||||||||||||||
Note receivable from affiliate, current | — | 313 | 31 | (344 | ) | — | ||||||||||||||
Other current assets | 60 | 1,173 | 962 | (60 | ) | 2,135 | ||||||||||||||
Total current assets | 2,859 | 1,491 | 49,621 | (3,726 | ) | 50,245 | ||||||||||||||
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 | ) | — | ||||||||||||||
Note receivable from affiliate, non-current | — | 2,790 | 1,516 | (4,306 | ) | — | ||||||||||||||
Other non-current assets | 25 | 11 | 809 | — | 845 | |||||||||||||||
Total other non-current assets | 13,707 | 12,373 | 18,640 | (27,560 | ) | 17,160 | ||||||||||||||
Total assets | $ | 16,566 | $ | 13,864 | $ | 69,135 | $ | (31,286 | ) | $ | 68,279 | |||||||||
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 | — | 1,069 | (60 | ) | 1,039 | ||||||||||||||
Total current liabilities | 1,279 | 3,070 | 49,916 | (3,726 | ) | 50,539 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | 1,394 | 853 | — | — | 2,247 | |||||||||||||||
Notes payable to affiliates, non-current | 1,516 | — | 2,790 | (4,306 | ) | — | ||||||||||||||
Other non-current liabilities | 17 | — | 2,919 | — | 2,936 | |||||||||||||||
Total non-current liabilities | 2,927 | 853 | 5,709 | (4,306 | ) | 5,183 | ||||||||||||||
Total liabilities | 4,206 | 3,923 | 55,625 | (8,032 | ) | 55,722 | ||||||||||||||
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 | $ | 16,566 | $ | 13,864 | $ | 69,135 | $ | (31,286 | ) | $ | 68,279 | |||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Transaction and clearing fees, net | $ | — | $ | — | $ | 812 | $ | — | $ | 812 | ||||||||||
Data services fees | — | — | 187 | — | 187 | |||||||||||||||
Listing fees and other revenues | — | — | 157 | — | 157 | |||||||||||||||
Total revenues | — | — | 1,156 | — | 1,156 | |||||||||||||||
Transaction-based expenses | — | — | 306 | — | 306 | |||||||||||||||
Total revenues, less transaction-based expenses | — | — | 850 | — | 850 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Compensation and benefits | — | — | 151 | — | 151 | |||||||||||||||
Technology and communication | — | — | 51 | — | 51 | |||||||||||||||
Acquisition-related transaction and integration costs | — | — | 19 | — | 19 | |||||||||||||||
Selling, general, administrative and other | 1 | — | 77 | — | 78 | |||||||||||||||
Depreciation and amortization | — | — | 89 | — | 89 | |||||||||||||||
Total operating expenses | 1 | — | 387 | — | 388 | |||||||||||||||
Operating income | (1 | ) | — | 463 | — | 462 | ||||||||||||||
Total other income (expense), net | 18 | (30 | ) | (9 | ) | — | (21 | ) | ||||||||||||
Income before income taxes | 17 | (30 | ) | 454 | — | 441 | ||||||||||||||
Income tax expense | 7 | — | 111 | — | 118 | |||||||||||||||
Equity earnings from subsidiaries | 305 | 97 | — | (402 | ) | — | ||||||||||||||
Net income | $ | 315 | $ | 67 | $ | 343 | $ | (402 | ) | $ | 323 | |||||||||
Net income attributable to non-controlling interest | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Net income attributable to ICE | $ | 315 | $ | 67 | $ | 335 | $ | (402 | ) | $ | 315 | |||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total | ||||||||||||||||
Net income | $ | 315 | $ | 67 | $ | 343 | $ | (402 | ) | $ | 323 | |||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustments | — | 1 | (38 | ) | — | (37 | ) | |||||||||||||
Change in fair value of available-for-sale-securities | — | — | (70 | ) | — | (70 | ) | |||||||||||||
Total other comprehensive income (loss) | — | 1 | (108 | ) | — | (107 | ) | |||||||||||||
Comprehensive loss of subsidiaries | (107 | ) | (27 | ) | — | 134 | — | |||||||||||||
Comprehensive income | 208 | 41 | 235 | (268 | ) | 216 | ||||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Comprehensive income attributable to ICE | $ | 208 | $ | 41 | $ | 227 | $ | (268 | ) | $ | 208 | |||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary Guarantor - NYSE | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Non-Guarantors | Adjustments | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Transaction and clearing fees, net | $ | — | $ | — | $ | 764 | $ | — | $ | 764 | ||||||||||
Data services fees | — | — | 157 | — | 157 | |||||||||||||||
Listing fees and other revenues | — | — | 142 | — | 142 | |||||||||||||||
Total revenues | — | — | 1,063 | — | 1,063 | |||||||||||||||
Transaction-based expenses | — | — | 266 | — | 266 | |||||||||||||||
Total revenues, less transaction-based expenses | — | — | 797 | — | 797 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Compensation and benefits | — | — | 154 | — | 154 | |||||||||||||||
Technology and communication | — | — | 47 | — | 47 | |||||||||||||||
Acquisition-related transaction and integration costs | — | 2 | 23 | — | 25 | |||||||||||||||
Selling, general, administrative and other | — | — | 100 | — | 100 | |||||||||||||||
Depreciation and amortization | — | — | 80 | — | 80 | |||||||||||||||
Total operating expenses | — | 2 | 404 | — | 406 | |||||||||||||||
Operating income | — | (2 | ) | 393 | — | 391 | ||||||||||||||
Total other expense, net | (14 | ) | (6 | ) | (9 | ) | — | (29 | ) | |||||||||||
Income from continuing operations before income taxes | (14 | ) | (8 | ) | 384 | — | 362 | |||||||||||||
Income tax expense | (5 | ) | — | 106 | — | 101 | ||||||||||||||
Equity earnings from subsidiaries | 271 | 218 | — | (489 | ) | — | ||||||||||||||
Income from continuing operations | 262 | 210 | 278 | (489 | ) | 261 | ||||||||||||||
Income from discontinued operations, net of tax | — | — | 13 | — | 13 | |||||||||||||||
Net income | $ | 262 | $ | 210 | $ | 291 | $ | (489 | ) | $ | 274 | |||||||||
Net income attributable to non-controlling interest | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Net income attributable to ICE | $ | 262 | $ | 210 | $ | 278 | $ | (489 | ) | $ | 261 | |||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary Guarantor - NYSE | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Non-Guarantors | Adjustments | Total | |||||||||||||||||
Net income | $ | 262 | $ | 210 | $ | 291 | $ | (489 | ) | $ | 274 | |||||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments | — | 1 | 44 | — | 45 | |||||||||||||||
Change in fair value of available-for-sale-securities | — | — | 60 | — | 60 | |||||||||||||||
Total other comprehensive income | — | 1 | 104 | — | 105 | |||||||||||||||
Comprehensive income of subsidiaries | 105 | 42 | — | (147 | ) | — | ||||||||||||||
Comprehensive income | 367 | 253 | 395 | (636 | ) | 379 | ||||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Comprehensive income attributable to ICE | $ | 367 | $ | 253 | $ | 382 | $ | (636 | ) | $ | 366 | |||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total | ||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 82 | $ | (612 | ) | $ | 1,008 | $ | (13 | ) | $ | 465 | ||||||||
Investing activities: | ||||||||||||||||||||
Decrease in restricted cash | — | — | 34 | — | 34 | |||||||||||||||
Loans to subsidiaries | — | 73 | (707 | ) | 634 | — | ||||||||||||||
Additional contribution to equity method investee | — | — | (60 | ) | — | (60 | ) | |||||||||||||
Capital expenditures, capitalized software development costs and other | — | — | (60 | ) | — | (60 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | — | 73 | (793 | ) | 634 | (86 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Borrowing of debt facilities and commercial paper, net | 35 | — | — | — | 35 | |||||||||||||||
Intercompany borrowing | 173 | 534 | (73 | ) | (634 | ) | — | |||||||||||||
Dividends to shareholders | (73 | ) | — | — | — | (73 | ) | |||||||||||||
Intercompany dividends | — | — | (13 | ) | 13 | — | ||||||||||||||
Repurchase of common stock | (196 | ) | — | — | — | (196 | ) | |||||||||||||
Other financing activities | (19 | ) | — | (15 | ) | — | (34 | ) | ||||||||||||
Net cash used in financing activities from continuing operations | (80 | ) | 534 | (101 | ) | (621 | ) | (268 | ) | |||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (11 | ) | — | (11 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 2 | (5 | ) | 103 | — | 100 | ||||||||||||||
Cash and cash equivalents, beginning of period | 6 | 5 | 641 | — | 652 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 8 | $ | — | $ | 744 | $ | — | $ | 752 | ||||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary Guarantor - NYSE | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Non-Guarantors | Adjustments | Total | |||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 88 | $ | 227 | $ | 315 | $ | (93 | ) | $ | 537 | |||||||||
Investing activities: | ||||||||||||||||||||
Increase in restricted cash | — | — | (60 | ) | — | (60 | ) | |||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (142 | ) | — | (142 | ) | |||||||||||||
Loans to subsidiaries | — | (257 | ) | 39 | 218 | — | ||||||||||||||
Capital expenditures, capitalized software development costs and other | — | — | (41 | ) | — | (41 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | — | (257 | ) | (204 | ) | 218 | (243 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Repayments of debt facilities and commercial paper, net | (161 | ) | — | — | — | (161 | ) | |||||||||||||
Intercompany borrowing | 188 | 30 | — | (218 | ) | — | ||||||||||||||
Dividends to shareholders | (76 | ) | — | — | — | (76 | ) | |||||||||||||
Intercompany dividends | — | — | (93 | ) | 93 | — | ||||||||||||||
Other financing activities | (34 | ) | — | 5 | — | (29 | ) | |||||||||||||
Net cash used in financing activities from continuing operations | (83 | ) | 30 | (88 | ) | (125 | ) | (266 | ) | |||||||||||
Cash and cash equivalents from discontinued operations | — | — | (24 | ) | — | (24 | ) | |||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 5 | — | (2 | ) | — | 3 | ||||||||||||||
Cash and cash equivalents, beginning of period | 2 | — | 959 | — | 961 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 7 | $ | — | $ | 957 | $ | — | $ | 964 | ||||||||||
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Common Share | 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 three months ended March 31, 2015 and 2014 (in millions, except per share amounts): | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Income from continuing operations | $ | 323 | $ | 261 | ||||
Net income from continuing operations attributable to non-controlling interest | (8 | ) | (13 | ) | ||||
Net income from continuing operations attributable to ICE | 315 | 248 | ||||||
Net income from discontinued operations attributable to ICE | — | 13 | ||||||
Net income attributable to ICE | $ | 315 | $ | 261 | ||||
Basic earnings per share attributable to ICE common shareholders: | ||||||||
Continuing operations | $ | 2.81 | $ | 2.16 | ||||
Discontinued operations | — | 0.12 | ||||||
Basic earnings per share | $ | 2.81 | $ | 2.28 | ||||
Basic weighted average common shares outstanding | 112 | 115 | ||||||
Diluted earnings per share attributable to ICE common shareholders: | ||||||||
Continuing operations | $ | 2.8 | $ | 2.15 | ||||
Discontinued operations | — | 0.12 | ||||||
Diluted earnings per share | $ | 2.8 | $ | 2.27 | ||||
Diluted weighted average common shares outstanding | 112 | 116 | ||||||
Basic weighted average common shares outstanding | 112 | 115 | ||||||
Effect of dilutive securities - stock options and restricted stock | — | 1 | ||||||
Diluted weighted average common shares outstanding | 112 | 116 | ||||||
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 included in the diluted per share calculations unless the effect of their inclusion would be antidilutive. During the three months ended March 31, 2015 and 2014, 289,269 and 115,652 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. Certain figures in the table above may not recalculate due to rounding. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
We have evaluated subsequent events 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. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited consolidated financial statements have been prepared by us in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2014. The accompanying unaudited consolidated financial statements reflect all adjustments that are, in our opinion, necessary for a fair presentation of results for the interim periods presented. These adjustments are of a normal recurring nature. | |
Preparing financial statements requires us to make certain estimates and assumptions that affect the amounts that are reported in the consolidated financial statements and accompanying disclosures. Although these estimates are based on our best knowledge of current events and actions that we may undertake in the future, actual results may be different from these estimates. The results of operations for the three months ended March 31, 2015 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 us and our wholly-owned and controlled subsidiaries. All intercompany balances and transactions between us and our wholly-owned and controlled subsidiaries have been eliminated in the consolidation. For those consolidated subsidiaries in which our ownership is less than 100% and for which we have control over the assets and liabilities and the management of the entity, the outside stockholders’ interests are shown as non-controlling interests. In instances where outside stockholders' hold an option to require us to repurchase the outside stockholders' interest, these interests are shown as redeemable non-controlling interests. | |
Reclassifications | Reclassifications |
Certain prior period amounts have been reclassified to conform to the current period’s financial statement presentation. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Schedules of intangible assets and goodwill | The following is a summary of the activity in the goodwill balance for the three months ended March 31, 2015 (in millions): | |||
Goodwill balance at December 31, 2014 | $ | 8,535 | ||
Foreign currency translation | (30 | ) | ||
Other activity, net | (1 | ) | ||
Goodwill balance at March 31, 2015 | $ | 8,504 | ||
The following is a summary of the activity in the other intangible assets balance for the three months ended March 31, 2015 (in millions): | ||||
Other intangible assets balance at December 31, 2014 | $ | 7,780 | ||
Foreign currency translation | (18 | ) | ||
Amortization of other intangible assets | (38 | ) | ||
Other intangible assets balance at March 31, 2015 | $ | 7,724 | ||
Deferred_Revenue_Deferred_Reve1
Deferred Revenue Deferred Revenue (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Revenue Recognition [Abstract] | ||||||||||||||||||||
Deferred Revenue Rollforward [Table Text Block] | The changes in our deferred revenue during the three months ended March 31, 2015 are as follows (in millions): | |||||||||||||||||||
Annual Listing Fee Revenue | Original Listing Fee Revenues | Other Listing Fee Revenues | Data Services Fees and Other Revenues | Total | ||||||||||||||||
Deferred revenue balance at December 31, 2014 | $ | — | $ | 47 | $ | 34 | $ | 55 | $ | 136 | ||||||||||
Additions | 354 | 6 | 19 | 61 | 440 | |||||||||||||||
Amortization | (89 | ) | (2 | ) | (3 | ) | (32 | ) | (126 | ) | ||||||||||
Deferred revenue balance at March 31, 2015 | $ | 265 | $ | 51 | $ | 50 | $ | 84 | $ | 450 | ||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Total Debt | total debt, including short-term and long-term debt, consisted of the following as of March 31, 2015 and December 31, 2014 (in millions): | |||||||
As of | As of | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Debt: | ||||||||
Commercial Paper | $ | 940 | $ | 905 | ||||
NYSE EUR Notes (5.375% senior unsecured notes due June 30, 2015) | 1,006 | 1,137 | ||||||
Short-term debt | 1,946 | 2,042 | ||||||
NYSE USD Notes (2.00% senior unsecured notes due October 5, 2017) | 853 | 853 | ||||||
2018 Senior Notes (2.50% senior unsecured notes due October 15, 2018) | 600 | 600 | ||||||
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) | 794 | 794 | ||||||
Long term debt | 2,247 | 2,247 | ||||||
Total debt | $ | 4,193 | $ | 4,289 | ||||
Equity_Tables
Equity (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Summary of Stock Options | The following is a summary of stock options for the three months ended March 31, 2015: | ||||||||||||
Number of Options | Weighted Average | ||||||||||||
Exercise Price per | |||||||||||||
Option | |||||||||||||
Outstanding at December 31, 2014 | 762,867 | $ | 136.03 | ||||||||||
Granted | 176,464 | 207.97 | |||||||||||
Exercised | (35,580 | ) | 94.72 | ||||||||||
Outstanding at March 31, 2015 | 903,751 | 151.7 | |||||||||||
Details of Stock Options Outstanding | Details of stock options outstanding as of March 31, 2015 are as follows: | ||||||||||||
Number of Options | Weighted Average | Weighted Average | Aggregate | ||||||||||
Exercise Price | Remaining | Intrinsic | |||||||||||
Contractual Life | Value | ||||||||||||
(Years) | (In millions) | ||||||||||||
Vested or expected to vest | 903,751 | $ | 151.7 | 6.6 | $ | 74 | |||||||
Exercisable | 596,511 | $ | 128.04 | 5.2 | $ | 63 | |||||||
Stock Options Valuation Assumptions | During the three months ended March 31, 2015 and 2014, we used the weighted-average assumptions in the table below to compute the value of all options for shares of common stock granted to employees: | ||||||||||||
Three Months Ended March 31, | |||||||||||||
Assumptions: | 2015 | 2014 | |||||||||||
Risk-free interest rate | 1.08 | % | 1.23 | % | |||||||||
Expected life in years | 5 | 5 | |||||||||||
Expected volatility | 24 | % | 27 | % | |||||||||
Expected dividend yield | 1.25 | % | 1.26 | % | |||||||||
Estimated weighted-average fair value of options granted per share | $ | 40.94 | $ | 45.23 | |||||||||
Summary of Nonvested Restricted Stock Options | The following is a summary of the non-vested restricted shares for the three months ended March 31, 2015: | ||||||||||||
Number of | Weighted Average | ||||||||||||
Restricted | Grant-Date Fair | ||||||||||||
Stock Shares | Value per Share | ||||||||||||
Non-vested at December 31, 2014 | 1,070,995 | $ | 176.82 | ||||||||||
Granted | 506,560 | 207.31 | |||||||||||
Vested | -369,511 | 153.79 | |||||||||||
Forfeited | -18,840 | 193.04 | |||||||||||
Non-vested at March 31, 2015 | 1,189,204 | 196.7 | |||||||||||
Clearing_Organizations_Tables
Clearing Organizations (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Brokers and Dealers [Abstract] | ||||||||||||||||||||||||||||||||
Schedule Of Margin Deposits And Guaranty Funds Assets | As of March 31, 2015, original margin and Guaranty Fund cash deposits are as follows for the ICE Clearing Houses (in millions): | |||||||||||||||||||||||||||||||
ICE Clear | ICE Clear | ICE Clear U.S. | ICE Clear | Total | ||||||||||||||||||||||||||||
Europe | Credit | Canada, HCH and TCC | ||||||||||||||||||||||||||||||
Original margin | $ | 24,484 | $ | 11,972 | $ | 3,925 | $ | 89 | $ | 40,470 | ||||||||||||||||||||||
Guaranty Fund | 2,868 | 1,946 | 305 | 11 | 5,130 | |||||||||||||||||||||||||||
Total | $ | 27,352 | $ | 13,918 | $ | 4,230 | $ | 100 | $ | 45,600 | ||||||||||||||||||||||
As of December 31, 2014, original margin and Guaranty Fund cash deposits are as follows for the ICE Clearing Houses (in millions): | ||||||||||||||||||||||||||||||||
ICE Clear | ICE Clear | ICE Clear U.S. | ICE Clear | Total | ||||||||||||||||||||||||||||
Europe | Credit | Canada, HCH and TCC | ||||||||||||||||||||||||||||||
Original margin | $ | 23,291 | $ | 14,056 | $ | 4,285 | $ | 42 | $ | 41,674 | ||||||||||||||||||||||
Guaranty Fund | 3,048 | 2,408 | 290 | 38 | 5,784 | |||||||||||||||||||||||||||
Total | $ | 26,339 | $ | 16,464 | $ | 4,575 | $ | 80 | $ | 47,458 | ||||||||||||||||||||||
Schedule Of Assets Pledged By Clearing Members As Original Margin And Guaranty Fund Deposits Table | ||||||||||||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||||||||||
ICE Clear | ICE Clear Credit | ICE Clear U.S. | ICE Clear Canada, HCH and TCC | ICE Clear | ICE Clear Credit | ICE Clear U.S. | ICE Clear Canada, HCH and TCC | |||||||||||||||||||||||||
Europe | Europe | |||||||||||||||||||||||||||||||
Original margin: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 19,718 | $ | 3,896 | $ | 6,389 | $ | 111 | $ | 18,284 | $ | 3,235 | $ | 6,972 | $ | 99 | ||||||||||||||||
Letters of credit | — | — | — | 199 | — | — | — | 4 | ||||||||||||||||||||||||
Total | $ | 19,718 | $ | 3,896 | $ | 6,389 | $ | 310 | $ | 18,284 | $ | 3,235 | $ | 6,972 | $ | 103 | ||||||||||||||||
Guaranty Fund: | ||||||||||||||||||||||||||||||||
Government securities at face value | $ | 259 | $ | 335 | $ | 186 | $ | 83 | $ | 284 | $ | 424 | $ | 190 | $ | 15 | ||||||||||||||||
Pension_and_Other_Benefit_Prog1
Pension and Other Benefit Programs (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule of Net Benefit Costs | he following table provides the components of net periodic expense (benefit) associated with our pension plans, the supplemental executive retirement ("SERP") plans and the post-retirement benefit plans for the three months ended March 31, 2015 and 2014 in the accompanying consolidated statements of income (in millions): | |||||||||||||||||||||||
Three Months Ended March 31, 2015 | Three Months Ended March 31, 2014 | |||||||||||||||||||||||
Pension Plans | SERP Plans | Post-retirement Benefit Plans | Pension Plans | SERP Plans | Post-retirement Benefit Plans | |||||||||||||||||||
Service costs | $ | — | $ | — | $ | — | $ | 1 | $ | — | $ | — | ||||||||||||
Interest costs | 8 | 1 | 2 | 9 | 1 | 2 | ||||||||||||||||||
Estimated return on plan assets | (11 | ) | — | — | (12 | ) | — | — | ||||||||||||||||
Amortization of loss | 1 | — | — | — | — | — | ||||||||||||||||||
Net periodic expense (benefit) | $ | (2 | ) | $ | 1 | $ | 2 | $ | (2 | ) | $ | 1 | $ | 2 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring Basis | Financial instruments measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014 are as follows (in millions): | |||||||||||||||||||||||
As of March 31, 2015 | As of December 31, 2014 | |||||||||||||||||||||||
Level 1 | Level 2 and 3 | Total | Level 1 | Level 2 and 3 | Total | |||||||||||||||||||
Assets at fair value: | ||||||||||||||||||||||||
Long-term investment in equity securities | $ | 309 | $ | — | $ | 309 | $ | 379 | $ | — | $ | 379 | ||||||||||||
U.S. Treasury securities | 436 | — | 436 | 374 | — | 374 | ||||||||||||||||||
Mutual Funds | 24 | — | 24 | 27 | — | 27 | ||||||||||||||||||
Total assets at fair value | $ | 769 | $ | — | $ | 769 | $ | 780 | $ | — | $ | 780 | ||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Discontinued Operations Schedules | Results of discontinued operations were as follows for the three months ended March 31, 2014 (in millions): | |||
Total revenues, less transaction-based expenses | $ | 162 | ||
Compensation and benefits | 55 | |||
Technology and communication | 15 | |||
Professional services | 8 | |||
Rent and occupancy | 7 | |||
Acquisition-related transaction and integration costs | 41 | |||
Selling, general, administrative | 9 | |||
Depreciation and amortization | 8 | |||
Total operating expenses | 143 | |||
Operating income | 19 | |||
Other expense, net | 1 | |||
Income tax expense | 5 | |||
Income from discontinued operations, net of tax | $ | 13 | ||
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Statements (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Condensed Consolidating Financial Statements [Abstract] | ||||||||||||||||||||
Condensed Balance Sheet | Condensed Consolidating Balance Sheets | |||||||||||||||||||
As of March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total | ||||||||||||||||
Current assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 8 | $ | — | $ | 744 | $ | — | $ | 752 | ||||||||||
Intercompany receivable | 2,840 | — | — | (2,840 | ) | — | ||||||||||||||
Margin deposits and guaranty funds | — | — | 45,600 | — | 45,600 | |||||||||||||||
Notes receivable from affiliate, current | — | 257 | 307 | (564 | ) | — | ||||||||||||||
Other current assets | — | 1,049 | 1,085 | — | 2,134 | |||||||||||||||
Total current assets | 2,848 | 1,306 | 47,736 | (3,404 | ) | 48,486 | ||||||||||||||
Property and equipment, net | — | — | 879 | — | 879 | |||||||||||||||
Other non-current assets: | ||||||||||||||||||||
Goodwill and other intangible assets, net | — | — | 16,228 | — | 16,228 | |||||||||||||||
Investment in subsidiaries | 13,862 | 9,633 | — | (23,495 | ) | — | ||||||||||||||
Notes receivable from affiliate, non-current | — | 2,919 | 2,003 | (4,922 | ) | — | ||||||||||||||
Other non-current assets | 24 | 10 | 801 | — | 835 | |||||||||||||||
Total other non-current assets | 13,886 | 12,562 | 19,032 | (28,417 | ) | 17,063 | ||||||||||||||
Total assets | $ | 16,734 | $ | 13,868 | $ | 67,647 | $ | (31,821 | ) | $ | 66,428 | |||||||||
Current liabilities: | ||||||||||||||||||||
Short-term debt | $ | 940 | $ | 1,006 | $ | — | $ | — | $ | 1,946 | ||||||||||
Margin deposits and guaranty funds | — | — | 45,600 | — | 45,600 | |||||||||||||||
Intercompany payable | — | 1,503 | 1,337 | (2,840 | ) | — | ||||||||||||||
Notes payable to affiliates, current | 292 | 272 | — | (564 | ) | — | ||||||||||||||
Other current liabilities | 53 | — | 1,199 | — | 1,252 | |||||||||||||||
Total current liabilities | 1,285 | 2,781 | 48,136 | (3,404 | ) | 48,798 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | 1,394 | 853 | — | — | 2,247 | |||||||||||||||
Notes payable to affiliates, non-current | 1,741 | 262 | 2,919 | (4,922 | ) | — | ||||||||||||||
Other non-current liabilities | 17 | — | 2,872 | — | 2,889 | |||||||||||||||
Total non-current liabilities | 3,152 | 1,115 | 5,791 | (4,922 | ) | 5,136 | ||||||||||||||
Total liabilities | 4,437 | 3,896 | 53,927 | (8,326 | ) | 53,934 | ||||||||||||||
Redeemable non-controlling interest | — | — | 169 | — | 169 | |||||||||||||||
Equity: | ||||||||||||||||||||
Total shareholders' equity | 12,297 | 9,972 | 13,523 | (23,495 | ) | 12,297 | ||||||||||||||
Non-controlling interest in consolidated subsidiaries | — | — | 28 | — | 28 | |||||||||||||||
Total equity | 12,297 | 9,972 | 13,551 | (23,495 | ) | 12,325 | ||||||||||||||
Total liabilities and equity | $ | 16,734 | $ | 13,868 | $ | 67,647 | $ | (31,821 | ) | $ | 66,428 | |||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | 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 | |||||||||||||||
Note receivable from affiliate, current | — | 313 | 31 | (344 | ) | — | ||||||||||||||
Other current assets | 60 | 1,173 | 962 | (60 | ) | 2,135 | ||||||||||||||
Total current assets | 2,859 | 1,491 | 49,621 | (3,726 | ) | 50,245 | ||||||||||||||
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 | ) | — | ||||||||||||||
Note receivable from affiliate, non-current | — | 2,790 | 1,516 | (4,306 | ) | — | ||||||||||||||
Other non-current assets | 25 | 11 | 809 | — | 845 | |||||||||||||||
Total other non-current assets | 13,707 | 12,373 | 18,640 | (27,560 | ) | 17,160 | ||||||||||||||
Total assets | $ | 16,566 | $ | 13,864 | $ | 69,135 | $ | (31,286 | ) | $ | 68,279 | |||||||||
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 | — | 1,069 | (60 | ) | 1,039 | ||||||||||||||
Total current liabilities | 1,279 | 3,070 | 49,916 | (3,726 | ) | 50,539 | ||||||||||||||
Non-current liabilities: | ||||||||||||||||||||
Long-term debt | 1,394 | 853 | — | — | 2,247 | |||||||||||||||
Notes payable to affiliates, non-current | 1,516 | — | 2,790 | (4,306 | ) | — | ||||||||||||||
Other non-current liabilities | 17 | — | 2,919 | — | 2,936 | |||||||||||||||
Total non-current liabilities | 2,927 | 853 | 5,709 | (4,306 | ) | 5,183 | ||||||||||||||
Total liabilities | 4,206 | 3,923 | 55,625 | (8,032 | ) | 55,722 | ||||||||||||||
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 | $ | 16,566 | $ | 13,864 | $ | 69,135 | $ | (31,286 | ) | $ | 68,279 | |||||||||
Condensed Income Statement | Intercontinental Exchange, Inc. | |||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary Guarantor - NYSE | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Non-Guarantors | Adjustments | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Transaction and clearing fees, net | $ | — | $ | — | $ | 764 | $ | — | $ | 764 | ||||||||||
Data services fees | — | — | 157 | — | 157 | |||||||||||||||
Listing fees and other revenues | — | — | 142 | — | 142 | |||||||||||||||
Total revenues | — | — | 1,063 | — | 1,063 | |||||||||||||||
Transaction-based expenses | — | — | 266 | — | 266 | |||||||||||||||
Total revenues, less transaction-based expenses | — | — | 797 | — | 797 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Compensation and benefits | — | — | 154 | — | 154 | |||||||||||||||
Technology and communication | — | — | 47 | — | 47 | |||||||||||||||
Acquisition-related transaction and integration costs | — | 2 | 23 | — | 25 | |||||||||||||||
Selling, general, administrative and other | — | — | 100 | — | 100 | |||||||||||||||
Depreciation and amortization | — | — | 80 | — | 80 | |||||||||||||||
Total operating expenses | — | 2 | 404 | — | 406 | |||||||||||||||
Operating income | — | (2 | ) | 393 | — | 391 | ||||||||||||||
Total other expense, net | (14 | ) | (6 | ) | (9 | ) | — | (29 | ) | |||||||||||
Income from continuing operations before income taxes | (14 | ) | (8 | ) | 384 | — | 362 | |||||||||||||
Income tax expense | (5 | ) | — | 106 | — | 101 | ||||||||||||||
Equity earnings from subsidiaries | 271 | 218 | — | (489 | ) | — | ||||||||||||||
Income from continuing operations | 262 | 210 | 278 | (489 | ) | 261 | ||||||||||||||
Income from discontinued operations, net of tax | — | — | 13 | — | 13 | |||||||||||||||
Net income | $ | 262 | $ | 210 | $ | 291 | $ | (489 | ) | $ | 274 | |||||||||
Net income attributable to non-controlling interest | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Net income attributable to ICE | $ | 262 | $ | 210 | $ | 278 | $ | (489 | ) | $ | 261 | |||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Statements of Income | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total | ||||||||||||||||
Revenues: | ||||||||||||||||||||
Transaction and clearing fees, net | $ | — | $ | — | $ | 812 | $ | — | $ | 812 | ||||||||||
Data services fees | — | — | 187 | — | 187 | |||||||||||||||
Listing fees and other revenues | — | — | 157 | — | 157 | |||||||||||||||
Total revenues | — | — | 1,156 | — | 1,156 | |||||||||||||||
Transaction-based expenses | — | — | 306 | — | 306 | |||||||||||||||
Total revenues, less transaction-based expenses | — | — | 850 | — | 850 | |||||||||||||||
Operating expenses: | ||||||||||||||||||||
Compensation and benefits | — | — | 151 | — | 151 | |||||||||||||||
Technology and communication | — | — | 51 | — | 51 | |||||||||||||||
Acquisition-related transaction and integration costs | — | — | 19 | — | 19 | |||||||||||||||
Selling, general, administrative and other | 1 | — | 77 | — | 78 | |||||||||||||||
Depreciation and amortization | — | — | 89 | — | 89 | |||||||||||||||
Total operating expenses | 1 | — | 387 | — | 388 | |||||||||||||||
Operating income | (1 | ) | — | 463 | — | 462 | ||||||||||||||
Total other income (expense), net | 18 | (30 | ) | (9 | ) | — | (21 | ) | ||||||||||||
Income before income taxes | 17 | (30 | ) | 454 | — | 441 | ||||||||||||||
Income tax expense | 7 | — | 111 | — | 118 | |||||||||||||||
Equity earnings from subsidiaries | 305 | 97 | — | (402 | ) | — | ||||||||||||||
Net income | $ | 315 | $ | 67 | $ | 343 | $ | (402 | ) | $ | 323 | |||||||||
Net income attributable to non-controlling interest | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Net income attributable to ICE | $ | 315 | $ | 67 | $ | 335 | $ | (402 | ) | $ | 315 | |||||||||
Condensed Comprehensive Income Statement | Intercontinental Exchange, Inc. | |||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total | ||||||||||||||||
Net income | $ | 315 | $ | 67 | $ | 343 | $ | (402 | ) | $ | 323 | |||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustments | — | 1 | (38 | ) | — | (37 | ) | |||||||||||||
Change in fair value of available-for-sale-securities | — | — | (70 | ) | — | (70 | ) | |||||||||||||
Total other comprehensive income (loss) | — | 1 | (108 | ) | — | (107 | ) | |||||||||||||
Comprehensive loss of subsidiaries | (107 | ) | (27 | ) | — | 134 | — | |||||||||||||
Comprehensive income | 208 | 41 | 235 | (268 | ) | 216 | ||||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | (8 | ) | — | (8 | ) | |||||||||||||
Comprehensive income attributable to ICE | $ | 208 | $ | 41 | $ | 227 | $ | (268 | ) | $ | 208 | |||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Statements of Comprehensive Income | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary Guarantor - NYSE | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Non-Guarantors | Adjustments | Total | |||||||||||||||||
Net income | $ | 262 | $ | 210 | $ | 291 | $ | (489 | ) | $ | 274 | |||||||||
Other comprehensive income: | ||||||||||||||||||||
Foreign currency translation adjustments | — | 1 | 44 | — | 45 | |||||||||||||||
Change in fair value of available-for-sale-securities | — | — | 60 | — | 60 | |||||||||||||||
Total other comprehensive income | — | 1 | 104 | — | 105 | |||||||||||||||
Comprehensive income of subsidiaries | 105 | 42 | — | (147 | ) | — | ||||||||||||||
Comprehensive income | 367 | 253 | 395 | (636 | ) | 379 | ||||||||||||||
Comprehensive income attributable to non-controlling interests | — | — | (13 | ) | — | (13 | ) | |||||||||||||
Comprehensive income attributable to ICE | $ | 367 | $ | 253 | $ | 382 | $ | (636 | ) | $ | 366 | |||||||||
Condensed Cash Flow Statement | Intercontinental Exchange, Inc. | |||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Guarantor - NYSE | Non-Guarantors | Adjustments | Total | ||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 82 | $ | (612 | ) | $ | 1,008 | $ | (13 | ) | $ | 465 | ||||||||
Investing activities: | ||||||||||||||||||||
Decrease in restricted cash | — | — | 34 | — | 34 | |||||||||||||||
Loans to subsidiaries | — | 73 | (707 | ) | 634 | — | ||||||||||||||
Additional contribution to equity method investee | — | — | (60 | ) | — | (60 | ) | |||||||||||||
Capital expenditures, capitalized software development costs and other | — | — | (60 | ) | — | (60 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | — | 73 | (793 | ) | 634 | (86 | ) | |||||||||||||
Financing activities: | ||||||||||||||||||||
Borrowing of debt facilities and commercial paper, net | 35 | — | — | — | 35 | |||||||||||||||
Intercompany borrowing | 173 | 534 | (73 | ) | (634 | ) | — | |||||||||||||
Dividends to shareholders | (73 | ) | — | — | — | (73 | ) | |||||||||||||
Intercompany dividends | — | — | (13 | ) | 13 | — | ||||||||||||||
Repurchase of common stock | (196 | ) | — | — | — | (196 | ) | |||||||||||||
Other financing activities | (19 | ) | — | (15 | ) | — | (34 | ) | ||||||||||||
Net cash used in financing activities from continuing operations | (80 | ) | 534 | (101 | ) | (621 | ) | (268 | ) | |||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (11 | ) | — | (11 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 2 | (5 | ) | 103 | — | 100 | ||||||||||||||
Cash and cash equivalents, beginning of period | 6 | 5 | 641 | — | 652 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 8 | $ | — | $ | 744 | $ | — | $ | 752 | ||||||||||
Intercontinental Exchange, Inc. | ||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||
(In millions) | ||||||||||||||||||||
ICE | Subsidiary Guarantor - NYSE | Subsidiary | Consolidating | Consolidated | ||||||||||||||||
(Parent) | Non-Guarantors | Adjustments | Total | |||||||||||||||||
Net cash provided by operating activities from continuing operations | $ | 88 | $ | 227 | $ | 315 | $ | (93 | ) | $ | 537 | |||||||||
Investing activities: | ||||||||||||||||||||
Increase in restricted cash | — | — | (60 | ) | — | (60 | ) | |||||||||||||
Cash paid for acquisitions, net of cash acquired | — | — | (142 | ) | — | (142 | ) | |||||||||||||
Loans to subsidiaries | — | (257 | ) | 39 | 218 | — | ||||||||||||||
Capital expenditures, capitalized software development costs and other | — | — | (41 | ) | — | (41 | ) | |||||||||||||
Net cash used in investing activities from continuing operations | — | (257 | ) | (204 | ) | 218 | (243 | ) | ||||||||||||
Financing activities: | ||||||||||||||||||||
Repayments of debt facilities and commercial paper, net | (161 | ) | — | — | — | (161 | ) | |||||||||||||
Intercompany borrowing | 188 | 30 | — | (218 | ) | — | ||||||||||||||
Dividends to shareholders | (76 | ) | — | — | — | (76 | ) | |||||||||||||
Intercompany dividends | — | — | (93 | ) | 93 | — | ||||||||||||||
Other financing activities | (34 | ) | — | 5 | — | (29 | ) | |||||||||||||
Net cash used in financing activities from continuing operations | (83 | ) | 30 | (88 | ) | (125 | ) | (266 | ) | |||||||||||
Cash and cash equivalents from discontinued operations | — | — | (24 | ) | — | (24 | ) | |||||||||||||
Effect of exchange rates on cash and cash equivalents | — | — | (1 | ) | — | (1 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 5 | — | (2 | ) | — | 3 | ||||||||||||||
Cash and cash equivalents, beginning of period | 2 | — | 959 | — | 961 | |||||||||||||||
Cash and cash equivalents, end of period | $ | 7 | $ | — | $ | 957 | $ | — | $ | 964 | ||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Reconciliation of the Numerators and Denominators of the Basic and Diluted 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 three months ended March 31, 2015 and 2014 (in millions, except per share amounts): | |||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Income from continuing operations | $ | 323 | $ | 261 | ||||
Net income from continuing operations attributable to non-controlling interest | (8 | ) | (13 | ) | ||||
Net income from continuing operations attributable to ICE | 315 | 248 | ||||||
Net income from discontinued operations attributable to ICE | — | 13 | ||||||
Net income attributable to ICE | $ | 315 | $ | 261 | ||||
Basic earnings per share attributable to ICE common shareholders: | ||||||||
Continuing operations | $ | 2.81 | $ | 2.16 | ||||
Discontinued operations | — | 0.12 | ||||||
Basic earnings per share | $ | 2.81 | $ | 2.28 | ||||
Basic weighted average common shares outstanding | 112 | 115 | ||||||
Diluted earnings per share attributable to ICE common shareholders: | ||||||||
Continuing operations | $ | 2.8 | $ | 2.15 | ||||
Discontinued operations | — | 0.12 | ||||||
Diluted earnings per share | $ | 2.8 | $ | 2.27 | ||||
Diluted weighted average common shares outstanding | 112 | 116 | ||||||
Basic weighted average common shares outstanding | 112 | 115 | ||||||
Effect of dilutive securities - stock options and restricted stock | — | 1 | ||||||
Diluted weighted average common shares outstanding | 112 | 116 | ||||||
Description_of_Business_Detail
Description of Business (Details) | Mar. 31, 2015 | Dec. 31, 2014 |
Entity | Entity | |
Securities Exchange [Member] | ||
Business Acquisition [Line Items] | ||
Number of operating entities | 3 | |
Equity Option Exchange [Member] | ||
Business Acquisition [Line Items] | ||
Number of operating entities | 2 | |
Central Clearing House [Member] | ||
Business Acquisition [Line Items] | ||
Number of operating entities | 7 | 7 |
ShortTerm_and_LongTerm_Restric
Short-Term and Long-Term Restricted Cash and Investments (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Contribution to guarantee fund | $295 | $297 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $8,535 |
Foreign currency translation | -30 |
Other activity, net | -1 |
Goodwill, Ending Balance | $8,504 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Other Intangible Rollforward) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Finite-lived Intangible Assets [Roll Forward] | |
Other intangible assets, beginning balance | $7,780 |
Foreign currency translation | -18 |
De-consolidation of Euronext and NYSE Technologies and reclassification of other intangible assets relating to discontinued operations (Note 13) | 0 |
Other activity, net | -38 |
Other intangible assets, ending balance | $7,724 |
Deferred_Revenue_Deferred_Reve2
Deferred Revenue Deferred Revenue (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | $136 | |
Additions | 440 | |
Amortization | -126 | |
Deferred revenue balance at March 31, 2015 | 450 | |
Deferred revenue | 367 | 69 |
Deferred Revenue, Noncurrent | 83 | |
Annual Listing Fee Revenue | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | 0 | |
Additions | 354 | |
Amortization | -89 | |
Deferred revenue balance at March 31, 2015 | 265 | |
Original Listing Fee Revenues | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | 47 | |
Additions | 6 | |
Amortization | -2 | |
Deferred revenue balance at March 31, 2015 | 51 | |
Other Listing Fee Revenues | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | 34 | |
Additions | 19 | |
Amortization | -3 | |
Deferred revenue balance at March 31, 2015 | 50 | |
Data Services Fees and Other Revenues | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | 55 | |
Additions | 61 | |
Amortization | -32 | |
Deferred revenue balance at March 31, 2015 | $84 |
Debt_Narrative_Details
Debt (Narrative) (Details) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Apr. 03, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Nov. 13, 2013 | Mar. 31, 2015 | Nov. 13, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2013 | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Nov. 13, 2013 | Nov. 13, 2013 | Mar. 31, 2015 | Nov. 13, 2013 | Jun. 24, 2014 | Jun. 24, 2014 | Jun. 24, 2014 | Jun. 24, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) | NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) | 2018 Senior Notes (2.5% senior unsecured notes due October 15, 2018) | 2018 Senior Notes (2.5% senior unsecured notes due October 15, 2018) | 2018 Senior Notes (2.5% senior unsecured notes due October 15, 2018) | 2023 Senior Notes (4.0% senior unsecured notes due October 15, 2023) | 2023 Senior Notes (4.0% senior unsecured notes due October 15, 2023) | 2023 Senior Notes (4.0% senior unsecured notes due October 15, 2023) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) | NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) | NYSE Euronext [Member] | NYSE Euronext [Member] | Term Deposits [Member] | Term Deposits [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | EUR (€) | NYSE Euronext [Member] | NYSE Euronext [Member] | |||||||
USD ($) | EUR (€) | |||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||||||||||||||||
Debt Instrument, Periodic Payment, Interest | $53,000,000 | € 49,000,000 | ||||||||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000,000,000 | |||||||||||||||||||||||||||
Line of Credit Facility, Additional Borrowing Capacity | 1,000,000,000 | |||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 4.00% | 5.38% | 5.38% | 2.00% | |||||||||||||||||||||||
Line of Credit Facility, Funds Reserved For Commercial Paper Program | 940,000,000 | |||||||||||||||||||||||||||
Credit Facility Funds Reserved For Clearing Operations | 303,000,000 | |||||||||||||||||||||||||||
Line of Credit Facility, Unreserved Amount | 1,800,000,000 | |||||||||||||||||||||||||||
Senior Notes | 1,860,000,000 | |||||||||||||||||||||||||||
Cash paid for interest | 1,000,000 | 5,000,000 | ||||||||||||||||||||||||||
Debt Instrument, Face Amount | 600,000,000 | 800,000,000 | 995,000,000 | 1,000,000,000 | 920,000,000 | 850,000,000 | ||||||||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.50% | 4.00% | 2.00% | |||||||||||||||||||||||||
Senior Notes | 600,000,000 | 600,000,000 | 794,000,000 | 794,000,000 | 853,000,000 | |||||||||||||||||||||||
Fair value of senior notes | 1,300,000,000 | 1,870,000,000 | 854,000,000 | |||||||||||||||||||||||||
Debt Instrument Fair Value over Face Amount | 89,000,000 | 4,000,000 | ||||||||||||||||||||||||||
Commercial Paper | 940,000,000 | 905,000,000 | ||||||||||||||||||||||||||
Commercial Paper Maturities | 1 day | 90 days | ||||||||||||||||||||||||||
Commercial Paper, Weighted Average Interest Rate | 0.23% | |||||||||||||||||||||||||||
Commercial Paper Weighted Average Maturity Period | 23 days | |||||||||||||||||||||||||||
Proceeds from sales of available-for-sale investments | 0 | 10,000,000 | 1,900,000,000 | 1,400,000,000 | 1,000,000,000 | 969,000,000 | ||||||||||||||||||||||
Unsecured Debt, Current | 1,006,000,000 | 920,000,000 | 1,137,000,000 | |||||||||||||||||||||||||
Amortization of Debt Discount (Premium) | $0 | $0 |
Debt_Total_Debt_Schedule_Detai
Debt (Total Debt Schedule) (Details) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 |
In Millions, unless otherwise specified | USD ($) | USD ($) | 2018 Senior Notes (2.5% senior unsecured notes due October 15, 2018) | 2018 Senior Notes (2.5% senior unsecured notes due October 15, 2018) | 2023 Senior Notes (4.0% senior unsecured notes due October 15, 2023) | 2023 Senior Notes (4.0% senior unsecured notes due October 15, 2023) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | |||
Debt Instrument [Line Items] | ||||||||||
Commercial Paper | $940 | $905 | ||||||||
Unsecured Debt, Current | 1,006 | 920 | 1,137 | |||||||
Short-term debt | 1,946 | 2,042 | ||||||||
Senior Notes | 600 | 600 | 794 | 794 | 853 | |||||
Long term debt | 2,247 | 2,247 | ||||||||
Total debt | $4,193 | $4,289 |
Equity_Narrative_Details
Equity- (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Nov. 13, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Feb. 27, 2014 | Aug. 04, 2014 | Oct. 31, 2014 | Feb. 28, 2014 |
Class of Stock [Line Items] | ||||||||
Share-based Compensation, Excluding Mergers and Acquisition and and Capitalized Portion | $24 | $17 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | 1.25% | 1.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 80 | 84 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 506,560 | |||||||
Granted, Number of options | 176,464 | |||||||
Stock-based compensation | 24 | 20 | ||||||
Tax benefits from stock option plans | 13 | 26 | ||||||
Number of Options, Exercised | 596,511 | |||||||
Weighted Average Exercise Price, Exercised | $128.04 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $196.70 | $176.82 | ||||||
Employee Stock Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 5 | 12 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 12 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 6 days | |||||||
Time Based And Performance Based Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 175 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 6 days | |||||||
Performance Based Restricted Stock Units [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 214,734 | |||||||
Stock-based compensation | 5 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 38 | 43 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years | |||||||
Share Based Compensation Arrangement By Share Based Payment Shares Reserved For Future Issuance | 429,468 | |||||||
Share Based Estimated Compensation Expense Stock Options Remainder Of Current Fiscal Year | 20 | |||||||
Performance Based Restricted Stock Units [Member] | Minimum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Reduction of Shares, Granted, Target Performance Level Not Met | 0.00% | |||||||
Performance Based Restricted Stock Units [Member] | Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 86 | |||||||
Reduction of Shares, Granted, Target Performance Level Not Met | 0.00% | |||||||
Securities and Exchange Commission Rule 10b5-1 Trading Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 600 | |||||||
Stock Repurchased During Period, Shares | 872,300 | |||||||
Stock Repurchased During Period, Value | 196 | |||||||
Securities and Exchange Commission Rule 10b5-1 Trading Plan [Member] | Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchased During Period, Shares | 0 | |||||||
Stock Repurchased During Period, Value | $0 |
Equity_Stock_Option_Activity_D
Equity (Stock Option Activity) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $196.70 | $176.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 506,560 | |
Number of Stock Options [Roll Forward] | ||
Outstanding, Number of options, Beginning balance | 762,867 | |
Granted, Number of options | 176,464 | |
Exercised, Number of options | -35,580 | |
Forfeited, Number of options | 0 | |
Outstanding, Number of options, Ending balance | 903,751 | |
Weighted Average Exercise Price Per Option [Abstract] | ||
Outstanding, Weighted average exercise price per share, Beginning Balance | $136.03 | |
Granted, Weighted average exercise price per share | $207.97 | |
Exercised, Weighted average exercise price per share | $94.72 | |
Forfeited, Weighted average exercise price per share | $0 | |
Outstanding, Weighted average exercise price per share, Ending Balance | $151.70 |
Equity_Details_of_Stock_Option
Equity (Details of Stock Options) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Equity [Abstract] | |
Number of Options, Vested or expected to vest | 903,751 |
Weighted Average Exercise Price, Vested or expected to vest | $151.70 |
Weighted Average Remaining Contractual Life, Vested or expected to vest | 6 years 7 months 6 days |
Aggregate Intrinsic Value, Vested or expected to vest | $74 |
Number of Options, Exercised | 596,511 |
Weighted Average Exercise Price, Exercised | $128.04 |
Weighted Average Remaining Contractual Life, Exercised | 5 years 2 months 6 days |
Aggregate Intrinsic Value, Exercised | $63 |
Equity_Valuation_Assumptions_D
Equity (Valuation Assumptions) (Details) (USD $) | 0 Months Ended | 3 Months Ended | |
Nov. 13, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Equity [Abstract] | |||
Risk-free interest rate | 1.08% | 1.23% | |
Expected life in years | 5 years | 5 years | |
Expected volatility | 24.00% | 27.00% | |
Expected dividend yield | 0.00% | 1.25% | 1.00% |
Estimated weighted-average fair value of options granted per share | $40.94 | $45.23 |
Equity_Nonvested_Restricted_St
Equity (Nonvested Restricted Stock Activity) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, Number of nonvested restricted shares, Beginning balance | 1,070,995 |
Granted, Number of nonvested restricted shares | 506,560 |
Exercised, Number of nonvested restricted shares | -369,511 |
Expired/Forfeited, Number of nonvested restricted shares | -18,840 |
Outstanding, Number of nonvested restricted shares, Ending balance | 1,189,204 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Nonvested, Outstanding, Weighted average exercise price per share, Beginning Balance | $176.82 |
Nonvested, Granted, Weighted average exercise price per share | $207.31 |
Nonvested, Exercised, Weighted average exercise price per share | $153.79 |
Nonvested, Expired/Forfeited, Weighted average exercise price per share | $193.04 |
Nonvested, Outstanding, Weighted average exercise price per share, Ending Balance | $196.70 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | |
In Billions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 27.00% | 28.00% |
Undistributed earnings of foreign subsidiaries | $2 |
Clearing_Organizations_Narrati
Clearing Organizations (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Principal Transaction Revenue [Line Items] | ||
Margin deposits and guaranty funds | $45,600,000,000 | $47,458,000,000 |
Guarantor Obligations, Maximum Exposure, Undiscounted | 67,100,000,000 | |
Net Notional Value Of Unsettled Contracts | 2,400,000,000,000 | |
Margin Deposits And Guaranty Funds Assets Received Or Pledged | 76,800,000,000 | 77,000,000,000 |
Contribution Of Own Cash To Guaranty Fund | 228,000,000 | |
Central Clearing House [Member] | ||
Principal Transaction Revenue [Line Items] | ||
Number of operating entities | 7 | 7 |
ICE Clear Europe | ||
Principal Transaction Revenue [Line Items] | ||
Margin deposits and guaranty funds | 27,352,000,000 | 26,339,000,000 |
Contribution Of Own Cash To Guaranty Fund | 128,000,000 | |
ICE Clear Credit | ||
Principal Transaction Revenue [Line Items] | ||
Margin deposits and guaranty funds | 13,918,000,000 | 16,464,000,000 |
Contribution Of Own Cash To Guaranty Fund | 50,000,000 | |
Ice Clear U.S. [Member] | ||
Principal Transaction Revenue [Line Items] | ||
Contribution Of Own Cash To Guaranty Fund | $50,000,000 |
Clearing_Organizations_ICE_Cle
Clearing Organizations (ICE Clearing Houses Schedules) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Clearing Organizations [Line Items] | ||
Original margin | $40,470 | $41,674 |
Guaranty Fund | 5,130 | 5,784 |
Total | 45,600 | 47,458 |
ICE Clear U.S. | ||
Clearing Organizations [Line Items] | ||
Original margin | 3,925 | 4,285 |
Guaranty Fund | 305 | 290 |
Total | 4,230 | 4,575 |
ICE Clear Europe | ||
Clearing Organizations [Line Items] | ||
Original margin | 24,484 | 23,291 |
Guaranty Fund | 2,868 | 3,048 |
Total | 27,352 | 26,339 |
ICE Clear Canada | ||
Clearing Organizations [Line Items] | ||
Original margin | 89 | 42 |
Guaranty Fund | 11 | 38 |
Total | 100 | 80 |
ICE Clear Credit | ||
Clearing Organizations [Line Items] | ||
Original margin | 11,972 | 14,056 |
Guaranty Fund | 1,946 | 2,408 |
Total | $13,918 | $16,464 |
Clearing_Organizations_Assets_
Clearing Organizations (Assets Pledged by Clearing Members as Original Margin and Guaranty Fund Deposits for ICE Clearing Houses) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
ICE Clear U.S. | Original Margin [Member] | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | $6,389 | $6,972 |
Letters of credit | 0 | 0 |
Total Original Margin | 6,389 | 6,972 |
ICE Clear U.S. | Guaranty Fund [Member] | ||
Clearing Organizations [Line Items] | ||
Guaranty Fund: Government securities at face value | 186 | 190 |
ICE Clear Europe | Original Margin [Member] | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 19,718 | 18,284 |
Letters of credit | 0 | 0 |
Total Original Margin | 19,718 | 18,284 |
ICE Clear Europe | Guaranty Fund [Member] | ||
Clearing Organizations [Line Items] | ||
Guaranty Fund: Government securities at face value | 259 | 284 |
ICE Clear Canada | Original Margin [Member] | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 111 | 99 |
Letters of credit | 199 | 4 |
Total Original Margin | 310 | 103 |
ICE Clear Canada | Guaranty Fund [Member] | ||
Clearing Organizations [Line Items] | ||
Guaranty Fund: Government securities at face value | 83 | 15 |
ICE Clear Credit | Original Margin [Member] | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 3,896 | 3,235 |
Letters of credit | 0 | 0 |
Total Original Margin | 3,896 | 3,235 |
ICE Clear Credit | Guaranty Fund [Member] | ||
Clearing Organizations [Line Items] | ||
Guaranty Fund: Government securities at face value | $335 | $424 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies Narrative (Details) (USD $) | Mar. 31, 2015 | Jul. 31, 2013 |
In Millions, unless otherwise specified | ||
Loss Contingencies [Line Items] | ||
Number of US Options Exchanges | 2 | |
NYSE AMEX OPTION [Member] | ||
Loss Contingencies [Line Items] | ||
Number of External Investors, Significant Equity Interest Sold | 7 | |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 16.00% | |
Noncontrolling Interest, Ownership Percentage by Parent | 84.00% | |
Redeemable Noncontrolling Interest, Equity, Fair Value | $130 |
Pension_and_Other_Benefit_Prog2
Pension and Other Benefit Programs (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Compensation and Retirement Disclosure [Abstract] | |
Contribution to pension plan | $2 |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $10 |
Pension_and_Other_Benefit_Prog3
Pension and Other Benefit Programs (Components of Pension Plan Expense (Benefit) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $0 | $1 |
Interest cost | 8 | 9 |
Estimated return on plan assets | -11 | -12 |
Net periodic expense (benefit) | -2 | -2 |
Defined Benefit Plan, Actuarial Gain (Loss) | 1 | 0 |
SERP Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 1 | 1 |
Estimated return on plan assets | 0 | 0 |
Net periodic expense (benefit) | 1 | 1 |
Defined Benefit Plan, Actuarial Gain (Loss) | 0 | 0 |
Post-retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 2 | 2 |
Estimated return on plan assets | 0 | 0 |
Net periodic expense (benefit) | 2 | 2 |
Defined Benefit Plan, Actuarial Gain (Loss) | $0 | $0 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Nov. 13, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term investment in equity securities | $309,000,000 | $379,000,000 | |
U.S. Treasury securities | 436,000,000 | 374,000,000 | |
Mutual Funds | 24,000,000 | 27,000,000 | |
Total assets at fair value | 769,000,000 | 780,000,000 | |
Narrative [Abstract] | |||
Total fair value of cost and equity method investments | 118,000,000 | 53,000,000 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term investment in equity securities | 309,000,000 | 379,000,000 | |
Mutual Funds | 24,000,000 | 27,000,000 | |
Total assets at fair value | 769,000,000 | 780,000,000 | |
Narrative [Abstract] | |||
Equity method investments, fair value | 436,000,000 | 374,000,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term investment in equity securities | 0 | 0 | |
U.S. Treasury securities | 0 | 0 | |
Mutual Funds | 0 | 0 | |
Total assets at fair value | 0 | 0 | |
Cash and Cash Equivalents [Member] | |||
Narrative [Abstract] | |||
Equity method investments, fair value | 221,000,000 | ||
Restricted Cash And Investments [Member] | |||
Narrative [Abstract] | |||
Equity method investments, fair value | 87,000,000 | ||
Restricted Cash and Investments, Non Current [Member] | |||
Narrative [Abstract] | |||
Equity method investments, fair value | 128,000,000 | ||
Senior Notes [Member] | |||
Narrative [Abstract] | |||
Senior Notes | 1,400,000,000 | ||
Fair value of senior notes | 1,480,000,000 | ||
NYSE Euronext USD Notes [Member] | |||
Narrative [Abstract] | |||
Senior Notes | 1,860,000,000 | ||
Fair value of senior notes | $1,870,000,000 | $854,000,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||
Total revenues, less transaction-based expenses | $162 | |
Compensation and benefits | 55 | |
Technology and communication | 15 | |
Professional services | 8 | |
Rent and occupancy | 7 | |
Acquisition-related transaction and integration costs | 41 | |
Selling, general, administrative | 9 | |
Depreciation and amortization | 8 | |
Total operating expenses | 143 | |
Operating income | 19 | |
Other income, net | 1 | |
Income tax expense | 5 | |
Income from discontinued operations, net of tax | 0 | 13 |
Euronext IPO and NYSE Technologies [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
External advisory costs, divestiture group | 15 | |
Deal related compensation and severance costs | $21 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Statements Condensed Consolidating Balance Sheets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | |||||
Current assets: | |||||
Cash and cash equivalents | $752 | $652 | $964 | $961 | $964 |
Intercompany receivable | 0 | 0 | |||
Margin deposits and guaranty funds | 45,600 | 47,458 | |||
Note receivable from affiliate, current | 0 | 0 | |||
Other current assets | 2,134 | 2,135 | |||
Total current assets | 48,486 | 50,245 | |||
Property and equipment, net | 879 | 874 | |||
Other non-current assets: | |||||
Goodwill and other intangible assets, net | 16,228 | 16,315 | |||
Investment in subsidiaries | 0 | 0 | |||
Note receivable from affiliate, non-current | 0 | 0 | |||
Other non-current assets | 835 | 845 | |||
Total other non-current assets | 17,063 | 17,160 | |||
Total assets | 66,428 | 68,279 | |||
Current liabilities: | |||||
Short-term debt | 1,946 | 2,042 | |||
Margin deposits and guaranty funds | 45,600 | 47,458 | |||
Intercompany payable | 0 | 0 | |||
Notes payable to affiliates, current | 0 | 0 | |||
Other current liabilities | 1,252 | 1,039 | |||
Total current liabilities | 48,798 | 50,539 | |||
Non-current liabilities: | |||||
Long-term debt | 2,247 | 2,247 | |||
Notes payable to affiliates, non-current | 0 | 0 | |||
Other non-current liabilities | 2,889 | 2,936 | |||
Total non-current liabilities | 5,136 | 5,183 | |||
Total liabilities | 53,934 | 55,722 | |||
Redeemable non-controlling interest | 169 | 165 | |||
Equity: | |||||
Retained earnings | 3,441 | 3,210 | |||
Total shareholders' equity | 12,297 | 12,360 | |||
Non-controlling interest in consolidated subsidiaries | 28 | 32 | |||
Total equity | 12,325 | 12,392 | 12,381 | ||
Total liabilities and equity | 66,428 | 68,279 | |||
ICE Group, Inc. (Parent) | |||||
Current assets: | |||||
Cash and cash equivalents | 8 | 6 | 7 | 2 | |
Intercompany receivable | 2,840 | 2,793 | |||
Margin deposits and guaranty funds | 0 | 0 | |||
Note receivable from affiliate, current | 0 | 0 | |||
Other current assets | 0 | 60 | |||
Total current assets | 2,848 | 2,859 | |||
Property and equipment, net | 0 | 0 | |||
Other non-current assets: | |||||
Goodwill and other intangible assets, net | 0 | 0 | |||
Investment in subsidiaries | 13,862 | 13,682 | |||
Note receivable from affiliate, non-current | 0 | 0 | |||
Other non-current assets | 24 | 25 | |||
Total other non-current assets | 13,886 | 13,707 | |||
Total assets | 16,734 | 16,566 | |||
Current liabilities: | |||||
Short-term debt | 940 | 905 | |||
Margin deposits and guaranty funds | 0 | 0 | |||
Intercompany payable | 0 | 0 | |||
Notes payable to affiliates, current | 292 | 344 | |||
Other current liabilities | 53 | 30 | |||
Total current liabilities | 1,285 | 1,279 | |||
Non-current liabilities: | |||||
Long-term debt | 1,394 | 1,394 | |||
Notes payable to affiliates, non-current | 1,741 | 1,516 | |||
Other non-current liabilities | 17 | 17 | |||
Total non-current liabilities | 3,152 | 2,927 | |||
Total liabilities | 4,437 | 4,206 | |||
Redeemable non-controlling interest | 0 | 0 | |||
Equity: | |||||
Total shareholders' equity | 12,297 | 12,360 | |||
Non-controlling interest in consolidated subsidiaries | 0 | 0 | |||
Total equity | 12,297 | 12,360 | |||
Total liabilities and equity | 16,734 | 16,566 | |||
Subsidiary Guarantor - NYSE Euronext Holdings, LLC | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 5 | 0 | 0 | |
Intercompany receivable | 0 | 0 | |||
Margin deposits and guaranty funds | 0 | 0 | |||
Note receivable from affiliate, current | 257 | 313 | |||
Other current assets | 1,049 | 1,173 | |||
Total current assets | 1,306 | 1,491 | |||
Property and equipment, net | 0 | 0 | |||
Other non-current assets: | |||||
Goodwill and other intangible assets, net | 0 | 0 | |||
Investment in subsidiaries | 9,633 | 9,572 | |||
Note receivable from affiliate, non-current | 2,919 | 2,790 | |||
Other non-current assets | 10 | 11 | |||
Total other non-current assets | 12,562 | 12,373 | |||
Total assets | 13,868 | 13,864 | |||
Current liabilities: | |||||
Short-term debt | 1,006 | 1,137 | |||
Margin deposits and guaranty funds | 0 | 0 | |||
Intercompany payable | 1,503 | 1,933 | |||
Notes payable to affiliates, current | 272 | 0 | |||
Other current liabilities | 0 | 0 | |||
Total current liabilities | 2,781 | 3,070 | |||
Non-current liabilities: | |||||
Long-term debt | 853 | 853 | |||
Notes payable to affiliates, non-current | 262 | 0 | |||
Other non-current liabilities | 0 | 0 | |||
Total non-current liabilities | 1,115 | 853 | |||
Total liabilities | 3,896 | 3,923 | |||
Redeemable non-controlling interest | 0 | 0 | |||
Equity: | |||||
Total shareholders' equity | 9,972 | 9,941 | |||
Non-controlling interest in consolidated subsidiaries | 0 | 0 | |||
Total equity | 9,972 | 9,941 | |||
Total liabilities and equity | 13,868 | 13,864 | |||
Subsidiary Non-Guarantors | |||||
Current assets: | |||||
Cash and cash equivalents | 744 | 641 | 957 | 959 | |
Intercompany receivable | 0 | 529 | |||
Margin deposits and guaranty funds | 45,600 | 47,458 | |||
Note receivable from affiliate, current | 307 | 31 | |||
Other current assets | 1,085 | 962 | |||
Total current assets | 47,736 | 49,621 | |||
Property and equipment, net | 879 | 874 | |||
Other non-current assets: | |||||
Goodwill and other intangible assets, net | 16,228 | 16,315 | |||
Investment in subsidiaries | 0 | 0 | |||
Note receivable from affiliate, non-current | 2,003 | 1,516 | |||
Other non-current assets | 801 | 809 | |||
Total other non-current assets | 19,032 | 18,640 | |||
Total assets | 67,647 | 69,135 | |||
Current liabilities: | |||||
Short-term debt | 0 | 0 | |||
Margin deposits and guaranty funds | 45,600 | 47,458 | |||
Intercompany payable | 1,337 | 1,389 | |||
Notes payable to affiliates, current | 0 | 0 | |||
Other current liabilities | 1,199 | 1,069 | |||
Total current liabilities | 48,136 | 49,916 | |||
Non-current liabilities: | |||||
Long-term debt | 0 | 0 | |||
Notes payable to affiliates, non-current | 2,919 | 2,790 | |||
Other non-current liabilities | 2,872 | 2,919 | |||
Total non-current liabilities | 5,791 | 5,709 | |||
Total liabilities | 53,927 | 55,625 | |||
Redeemable non-controlling interest | 169 | 165 | |||
Equity: | |||||
Total shareholders' equity | 13,523 | 13,313 | |||
Non-controlling interest in consolidated subsidiaries | 28 | 32 | |||
Total equity | 13,551 | 13,345 | |||
Total liabilities and equity | 67,647 | 69,135 | |||
Consolidating Adjustments | |||||
Current assets: | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Intercompany receivable | -2,840 | -3,322 | |||
Margin deposits and guaranty funds | 0 | 0 | |||
Note receivable from affiliate, current | -564 | -344 | |||
Other current assets | 0 | -60 | |||
Total current assets | -3,404 | -3,726 | |||
Property and equipment, net | 0 | 0 | |||
Other non-current assets: | |||||
Goodwill and other intangible assets, net | 0 | 0 | |||
Investment in subsidiaries | -23,495 | -23,254 | |||
Note receivable from affiliate, non-current | -4,922 | -4,306 | |||
Other non-current assets | 0 | 0 | |||
Total other non-current assets | -28,417 | -27,560 | |||
Total assets | -31,821 | -31,286 | |||
Current liabilities: | |||||
Short-term debt | 0 | 0 | |||
Margin deposits and guaranty funds | 0 | 0 | |||
Intercompany payable | -2,840 | -3,322 | |||
Notes payable to affiliates, current | -564 | -344 | |||
Other current liabilities | 0 | -60 | |||
Total current liabilities | -3,404 | -3,726 | |||
Non-current liabilities: | |||||
Long-term debt | 0 | 0 | |||
Notes payable to affiliates, non-current | -4,922 | -4,306 | |||
Other non-current liabilities | 0 | 0 | |||
Total non-current liabilities | -4,922 | -4,306 | |||
Total liabilities | -8,326 | -8,032 | |||
Redeemable non-controlling interest | 0 | 0 | |||
Equity: | |||||
Total shareholders' equity | -23,495 | -23,254 | |||
Non-controlling interest in consolidated subsidiaries | 0 | 0 | |||
Total equity | -23,495 | -23,254 | |||
Total liabilities and equity | ($31,821) | ($31,286) |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Statements Condensed Consolidating Statements of Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues: | |||
Transaction and clearing fees, net | $812 | $764 | |
Market data fees | 187 | 157 | |
Listing Fees and Other Revenues | 157 | 142 | |
Intercompany revenues | 0 | ||
Total revenues | 1,156 | 1,063 | |
Transaction-based expenses | 306 | 266 | |
Total revenues, less transaction-based expenses | 850 | 797 | |
Operating expenses: | |||
Compensation and benefits | 151 | 154 | |
Technology and communication | 51 | 47 | |
Professional services | 33 | 54 | |
Rent and occupancy | 16 | 20 | |
Acquisition-related transaction costs | 19 | 25 | |
Selling, general and administrative | 78 | 100 | |
Depreciation and amortization | 89 | 80 | |
Intercompany expenses | 0 | ||
Total operating expenses | 388 | 406 | |
Operating income | 462 | 391 | |
Total other expense, net | -21 | -29 | |
Income from continuing operations before income taxes | 441 | 362 | |
Income tax expense (benefit) | 118 | 101 | |
Equity earnings from subsidiaries | 0 | 0 | |
Income from continuing operations | 323 | 261 | |
Income from discontinued operations, net of tax | 0 | 13 | |
Net income (loss) | 323 | 274 | 1,016 |
Net income attributable to non-controlling interest | -8 | -13 | |
Net income (loss) attributable to ICE Group, Inc. | 315 | 261 | |
ICE Group, Inc. (Parent) | |||
Revenues: | |||
Transaction and clearing fees, net | 0 | 0 | |
Market data fees | 0 | 0 | |
Listing Fees and Other Revenues | 0 | 0 | |
Intercompany revenues | 0 | ||
Total revenues | 0 | 0 | |
Transaction-based expenses | 0 | 0 | |
Total revenues, less transaction-based expenses | 0 | 0 | |
Operating expenses: | |||
Compensation and benefits | 0 | 0 | |
Technology and communication | 0 | 0 | |
Acquisition-related transaction costs | 0 | 0 | |
Selling, general and administrative | 1 | 0 | |
Depreciation and amortization | 0 | 0 | |
Intercompany expenses | 0 | ||
Total operating expenses | 1 | 0 | |
Operating income | -1 | 0 | |
Total other expense, net | 18 | -14 | |
Income from continuing operations before income taxes | 17 | -14 | |
Income tax expense (benefit) | 7 | -5 | |
Equity earnings from subsidiaries | 305 | 271 | |
Income from continuing operations | 262 | ||
Income from discontinued operations, net of tax | 0 | ||
Net income (loss) | 315 | 262 | |
Net income attributable to non-controlling interest | 0 | 0 | |
Net income (loss) attributable to ICE Group, Inc. | 315 | 262 | |
Subsidiary Guarantor - NYSE Euronext Holdings, LLC | |||
Revenues: | |||
Transaction and clearing fees, net | 0 | 0 | |
Market data fees | 0 | 0 | |
Listing Fees and Other Revenues | 0 | 0 | |
Intercompany revenues | 0 | ||
Total revenues | 0 | 0 | |
Transaction-based expenses | 0 | 0 | |
Total revenues, less transaction-based expenses | 0 | 0 | |
Operating expenses: | |||
Compensation and benefits | 0 | 0 | |
Technology and communication | 0 | 0 | |
Acquisition-related transaction costs | 0 | 2 | |
Selling, general and administrative | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Intercompany expenses | 0 | ||
Total operating expenses | 0 | 2 | |
Operating income | 0 | -2 | |
Total other expense, net | -30 | -6 | |
Income from continuing operations before income taxes | -30 | -8 | |
Income tax expense (benefit) | 0 | 0 | |
Equity earnings from subsidiaries | 97 | 218 | |
Income from continuing operations | 210 | ||
Income from discontinued operations, net of tax | 0 | ||
Net income (loss) | 67 | 210 | |
Net income attributable to non-controlling interest | 0 | 0 | |
Net income (loss) attributable to ICE Group, Inc. | 67 | 210 | |
Subsidiary Non-Guarantors | |||
Revenues: | |||
Transaction and clearing fees, net | 812 | 764 | |
Market data fees | 187 | 157 | |
Listing Fees and Other Revenues | 157 | 142 | |
Intercompany revenues | 0 | ||
Total revenues | 1,156 | 1,063 | |
Transaction-based expenses | 306 | 266 | |
Total revenues, less transaction-based expenses | 850 | 797 | |
Operating expenses: | |||
Compensation and benefits | 151 | 154 | |
Technology and communication | 51 | 47 | |
Acquisition-related transaction costs | 19 | 23 | |
Selling, general and administrative | 77 | 100 | |
Depreciation and amortization | 89 | 80 | |
Intercompany expenses | 0 | ||
Total operating expenses | 387 | 404 | |
Operating income | 463 | 393 | |
Total other expense, net | -9 | -9 | |
Income from continuing operations before income taxes | 454 | 384 | |
Income tax expense (benefit) | 111 | 106 | |
Equity earnings from subsidiaries | 0 | 0 | |
Income from continuing operations | 278 | ||
Income from discontinued operations, net of tax | 13 | ||
Net income (loss) | 343 | 291 | |
Net income attributable to non-controlling interest | -8 | -13 | |
Net income (loss) attributable to ICE Group, Inc. | 335 | 278 | |
Consolidating Adjustments | |||
Revenues: | |||
Transaction and clearing fees, net | 0 | 0 | |
Market data fees | 0 | 0 | |
Listing Fees and Other Revenues | 0 | 0 | |
Intercompany revenues | 0 | ||
Total revenues | 0 | 0 | |
Transaction-based expenses | 0 | 0 | |
Total revenues, less transaction-based expenses | 0 | 0 | |
Operating expenses: | |||
Compensation and benefits | 0 | 0 | |
Technology and communication | 0 | 0 | |
Acquisition-related transaction costs | 0 | 0 | |
Selling, general and administrative | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Intercompany expenses | 0 | ||
Total operating expenses | 0 | 0 | |
Operating income | 0 | 0 | |
Total other expense, net | 0 | 0 | |
Income from continuing operations before income taxes | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | |
Equity earnings from subsidiaries | -402 | -489 | |
Income from continuing operations | -489 | ||
Income from discontinued operations, net of tax | 0 | ||
Net income (loss) | -402 | -489 | |
Net income attributable to non-controlling interest | 0 | 0 | |
Net income (loss) attributable to ICE Group, Inc. | ($402) | ($489) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Statements Condensed Consolidating Statements of Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Condensed Income Statements, Captions [Line Items] | |||
Net income | $323 | $274 | $1,016 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -37 | 45 | |
Change in fair value of available-for-sale-securities | -70 | 60 | |
Other comprehensive loss | -107 | 105 | -171 |
Comprehensive Income (Loss), Affiliates | 0 | 0 | |
Comprehensive income | 216 | 379 | |
Comprehensive income attributable to non-controlling interests | -8 | -13 | |
Comprehensive income attributable to ICE Group, Inc. | 208 | 366 | |
ICE Group, Inc. (Parent) | |||
Condensed Income Statements, Captions [Line Items] | |||
Net income | 315 | 262 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 0 | 0 | |
Change in fair value of available-for-sale-securities | 0 | 0 | |
Other comprehensive loss | 0 | 0 | |
Comprehensive Income (Loss), Affiliates | -107 | 105 | |
Comprehensive income | 208 | 367 | |
Comprehensive income attributable to non-controlling interests | 0 | 0 | |
Comprehensive income attributable to ICE Group, Inc. | 208 | 367 | |
Subsidiary Non-Guarantors | |||
Condensed Income Statements, Captions [Line Items] | |||
Net income | 343 | 291 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | -38 | 44 | |
Change in fair value of available-for-sale-securities | -70 | 60 | |
Other comprehensive loss | -108 | 104 | |
Comprehensive Income (Loss), Affiliates | 0 | 0 | |
Comprehensive income | 235 | 395 | |
Comprehensive income attributable to non-controlling interests | -8 | -13 | |
Comprehensive income attributable to ICE Group, Inc. | 227 | 382 | |
Consolidating Adjustments | |||
Condensed Income Statements, Captions [Line Items] | |||
Net income | -402 | -489 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 0 | 0 | |
Change in fair value of available-for-sale-securities | 0 | 0 | |
Other comprehensive loss | 0 | 0 | |
Comprehensive Income (Loss), Affiliates | 134 | -147 | |
Comprehensive income | -268 | -636 | |
Comprehensive income attributable to non-controlling interests | 0 | 0 | |
Comprehensive income attributable to ICE Group, Inc. | -268 | -636 | |
Subsidiary Guarantor - NYSE Euronext Holdings, LLC | |||
Condensed Income Statements, Captions [Line Items] | |||
Net income | 67 | 210 | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 1 | 1 | |
Change in fair value of available-for-sale-securities | 0 | 0 | |
Other comprehensive loss | 1 | 1 | |
Comprehensive Income (Loss), Affiliates | -27 | 42 | |
Comprehensive income | 41 | 253 | |
Comprehensive income attributable to non-controlling interests | 0 | 0 | |
Comprehensive income attributable to ICE Group, Inc. | $41 | $253 |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Statements Condensed Consolidating Statements of Cash Flows (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | $465 | $537 |
Cash flows from investing activities: | ||
Increase in restricted cash | 34 | -60 |
Cash paid for acquisitions, net of cash acquired | 0 | -142 |
Proceeds for (Purchases of) Available for Sale Investments | -60 | |
Capital expenditures and capitalized software development costs | -60 | -41 |
Net cash provided by (used in) investing activities | -86 | -243 |
Cash flows from financing activities: | ||
Repayments of debt facilities and issuance costs for debt facilities | 35 | -161 |
Repayments of debt facilities | 35 | -161 |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | -196 | 0 |
Intercompany borrowing | 0 | 0 |
Dividends to shareholders | -73 | -76 |
Intercompany dividends | 0 | 0 |
Other financing activities | 34 | 29 |
Net cash provided by (used in) financing activities | -268 | -266 |
Cash and cash equivalents from discontinued operations | 24 | |
Effect of exchange rates on cash and cash equivalents | -11 | -1 |
Net increase (decrease) in cash and cash equivalents | 100 | 3 |
Cash and cash equivalents, beginning of period | 652 | 961 |
Cash and cash equivalents, end of period | 752 | 964 |
Payments for Loans to Subsidiaries and Affiliates | 0 | 0 |
ICE Group, Inc. (Parent) | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 82 | 88 |
Cash flows from investing activities: | ||
Increase in restricted cash | 0 | 0 |
Cash paid for acquisitions, net of cash acquired | 0 | |
Proceeds for (Purchases of) Available for Sale Investments | 0 | |
Capital expenditures and capitalized software development costs | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Repayments of debt facilities and issuance costs for debt facilities | 35 | -161 |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | -196 | |
Intercompany borrowing | 173 | 188 |
Dividends to shareholders | -73 | -76 |
Intercompany dividends | 0 | 0 |
Other financing activities | 19 | 34 |
Net cash provided by (used in) financing activities | -80 | -83 |
Cash and cash equivalents from discontinued operations | 0 | |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 2 | 5 |
Cash and cash equivalents, beginning of period | 6 | 2 |
Cash and cash equivalents, end of period | 8 | 7 |
Payments for Loans to Subsidiaries and Affiliates | 0 | 0 |
Subsidiary Guarantor - NYSE Euronext Holdings, LLC | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | -612 | 227 |
Cash flows from investing activities: | ||
Increase in restricted cash | 0 | 0 |
Cash paid for acquisitions, net of cash acquired | 0 | |
Proceeds for (Purchases of) Available for Sale Investments | 0 | |
Capital expenditures and capitalized software development costs | 0 | 0 |
Net cash provided by (used in) investing activities | 73 | -257 |
Cash flows from financing activities: | ||
Repayments of debt facilities and issuance costs for debt facilities | 0 | 0 |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 0 | |
Intercompany borrowing | 534 | 30 |
Dividends to shareholders | 0 | 0 |
Intercompany dividends | 0 | 0 |
Other financing activities | 0 | 0 |
Net cash provided by (used in) financing activities | 534 | 30 |
Cash and cash equivalents from discontinued operations | 0 | |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | -5 | 0 |
Cash and cash equivalents, beginning of period | 5 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Payments for Loans to Subsidiaries and Affiliates | -73 | 257 |
Subsidiary Non-Guarantors | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | 1,008 | 315 |
Cash flows from investing activities: | ||
Increase in restricted cash | 34 | -60 |
Cash paid for acquisitions, net of cash acquired | -142 | |
Proceeds for (Purchases of) Available for Sale Investments | -60 | |
Capital expenditures and capitalized software development costs | -60 | -41 |
Net cash provided by (used in) investing activities | -793 | -204 |
Cash flows from financing activities: | ||
Repayments of debt facilities and issuance costs for debt facilities | 0 | 0 |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 0 | |
Intercompany borrowing | -73 | 0 |
Dividends to shareholders | 0 | 0 |
Intercompany dividends | -13 | -93 |
Other financing activities | 15 | -5 |
Net cash provided by (used in) financing activities | -101 | -88 |
Cash and cash equivalents from discontinued operations | 24 | |
Effect of exchange rates on cash and cash equivalents | -11 | -1 |
Net increase (decrease) in cash and cash equivalents | 103 | -2 |
Cash and cash equivalents, beginning of period | 641 | 959 |
Cash and cash equivalents, end of period | 744 | 957 |
Payments for Loans to Subsidiaries and Affiliates | 707 | -39 |
Consolidating Adjustments | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Net cash provided by (used in) operating activities | -13 | -93 |
Cash flows from investing activities: | ||
Increase in restricted cash | 0 | 0 |
Cash paid for acquisitions, net of cash acquired | 0 | |
Proceeds for (Purchases of) Available for Sale Investments | 0 | |
Capital expenditures and capitalized software development costs | 0 | 0 |
Net cash provided by (used in) investing activities | 634 | 218 |
Cash flows from financing activities: | ||
Repayments of debt facilities and issuance costs for debt facilities | 0 | 0 |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 0 | |
Intercompany borrowing | -634 | -218 |
Dividends to shareholders | 0 | 0 |
Intercompany dividends | 13 | 93 |
Other financing activities | 0 | 0 |
Net cash provided by (used in) financing activities | -621 | -125 |
Cash and cash equivalents from discontinued operations | 0 | |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Payments for Loans to Subsidiaries and Affiliates | ($634) | ($218) |
Earnings_Per_Common_Share_Narr
Earnings Per Common Share (Narrative) (Details) (Employee Stock Option [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 289,269 | 115,652 |
Earnings_Per_Common_Share_Reco
Earnings Per Common Share (Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Common Share) (Details) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net income from continuing operations attributable to non-controlling interest | $323 | $261 |
Net income from continuing operations attributable to non-controlling interest | -8 | -13 |
Net income from continuing operations attributable to ICE Group | 315 | 248 |
Net income from discontinued operations attributable to ICE Group | 0 | 13 |
Net income (loss) attributable to ICE Group, Inc. | $315 | $261 |
Basic earnings per share attributable to ICE common shareholders: | ||
Continuing operations | $2.81 | $2.16 |
Discontinued operations | $0 | $0.12 |
Basic earnings per share | $2.81 | $2.28 |
Basic weighted average common shares outstanding | 112 | 115 |
Diluted earnings per share attributable to ICE common shareholders: | ||
Continuing operations | $2.80 | $2.15 |
Discontinued operations | $0 | $0.12 |
Diluted earnings per share | $2.80 | $2.27 |
Diluted weighted average common shares outstanding | 112 | 116 |
Effect of dilutive securities: | ||
Effect of dilutive securities - stock options and restricted stock | 0 | 1 |