Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 26, 2015 | |
Document Information [Abstract] | ||
Entity Registrant name | INTERCONTINENTAL EXCHANGE, INC. | |
Entity Central Index Key | 1,571,949 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 109,743,231 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 687 | $ 652 |
Short-term investments | 21 | 1,200 |
Short-term restricted cash and investments | 358 | 329 |
Customer accounts receivable, net of allowance for doubtful accounts of $2 and $1 at September 30, 2015 and December 31, 2014, respectively | 490 | 445 |
Deposits Assets, Current | 46,308 | 47,458 |
Prepaid expenses and other current assets | 188 | 135 |
Total current assets | 48,052 | 50,219 |
Property and equipment, net | 904 | 874 |
Other noncurrent assets: | ||
Goodwill | 8,507 | 8,535 |
Other intangible assets, net | 7,653 | 7,780 |
Long-term restricted cash | 255 | 297 |
Long-term investments | 253 | 379 |
Other noncurrent assets | 16,900 | 17,160 |
Other noncurrent assets | 232 | 169 |
Total assets | 65,856 | 68,253 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 297 | 311 |
Section 31 Fees Payable, Current | 31 | 137 |
Accrued salaries and benefits | 130 | 205 |
Deferred revenue | 186 | 69 |
Current portion of long-term debt | 1,253 | 2,042 |
Deposit Liability, Current | 46,308 | 47,458 |
Other current liabilities | 253 | 291 |
Total current liabilities | 48,458 | 50,513 |
Non-current liabilities: | ||
Noncurrent deferred tax liability, net | 1,870 | 1,938 |
Accrued employee benefits | 476 | 516 |
Long-term debt | 2,247 | 2,247 |
Other noncurrent liabilities | 395 | 482 |
Total noncurrent liabilities | 4,988 | 5,183 |
Total liabilities | 53,446 | 55,696 |
Redeemable non-controlling interest | $ 40 | $ 165 |
Commitments and contingencies | ||
IntercontinentalExchange Group, Inc. shareholders’ equity: | ||
Preferred stock, $0.01 par value; 100 shares authorized; no shares issued or outstanding at September 30, 2015 and December 31, 2014 | $ 0 | $ 0 |
Common stock, $0.01 par value; 500 shares authorized; 116 and 110 shares issued and outstanding at September 30, 2015, respectively, and 116 and 113 shares issued and outstanding at December 31, 2014, respectively | 1 | 1 |
Treasury stock, at cost; 6 and 3 shares at September 30, 2015 and December 31, 2014, respectively | (1,390) | (743) |
Additional paid-in capital | 10,057 | 9,938 |
Retained earnings | 3,863 | 3,210 |
Accumulated other comprehensive loss | (191) | (46) |
Total IntercontinentalExchange Group, Inc. shareholders’ equity | 12,340 | 12,360 |
Non-controlling interest in consolidated subsidiaries | 30 | 32 |
Total equity | 12,370 | 12,392 |
Total liabilities and equity | $ 65,856 | $ 68,253 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets Parenthetical - USD ($) shares in Thousands, $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 2 | $ 1 |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 100,000 | 100,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 500,000 | 500,000 |
Common Stock, Shares, Issued | 116,000 | 116,000 |
Common Stock, Shares, Outstanding | 110,000 | 113,000 |
Treasury Stock, Shares | 6,000 | 3,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Clearing Fees Revenue | $ 795 | $ 712 | $ 2,331 | $ 2,202 |
Market Data Revenue | 209 | 170 | 614 | 502 |
Listing fees | 101 | 92 | 303 | 272 |
Other revenues | 46 | 36 | 132 | 113 |
Total revenues | 1,151 | 1,010 | 3,380 | 3,089 |
Transaction-based expenses: | ||||
Section 31 fees | 92 | 89 | 263 | 250 |
Cash liquidity payments, routing and clearing | 243 | 176 | 654 | 547 |
Total revenues, less transaction-based expenses | 816 | 745 | 2,463 | 2,292 |
Operating expenses: | ||||
Compensation and benefits | 150 | 144 | 445 | 448 |
Technology and communication | 49 | 45 | 147 | 135 |
Professional services | 37 | 47 | 102 | 150 |
Rent and occupancy | 14 | 19 | 45 | 61 |
Acquisition-related transaction and integration costs | 8 | 40 | 34 | 102 |
Selling, general and administrative | 24 | 37 | 82 | 104 |
Depreciation and amortization | 94 | 83 | 276 | 244 |
Total operating expenses | 376 | 415 | 1,131 | 1,244 |
Operating income | 440 | 330 | 1,332 | 1,048 |
Other income (expense): | ||||
Interest expense | (21) | (22) | (67) | (73) |
Other expense, net | 4 | 5 | (3) | 20 |
Other expense, net | (17) | (17) | (70) | (53) |
Income from continuing operations before income tax expense | 423 | 313 | 1,262 | 995 |
Income tax expense | 113 | 90 | 340 | 284 |
Income from continuing operations | 310 | 223 | 922 | 711 |
Income from discontinued operations, net of tax | 0 | (10) | 0 | 11 |
Net income | 310 | 213 | 922 | 722 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | (4) | (7) | (18) | (29) |
Net income attributable to IntercontinentalExchange Group, Inc. | $ 306 | $ 206 | $ 904 | $ 693 |
Basic earnings per share attributable to IntercontinentalExchange Group, Inc. common shareholders: | ||||
Continuing operations | $ 2.77 | $ 1.90 | $ 8.13 | $ 5.96 |
Discontinued operations | 0 | (0.09) | 0 | 0.09 |
Basic earnings per share | $ 2.77 | $ 1.81 | $ 8.13 | $ 6.05 |
Basic weighted average common shares outstanding | 110 | 114 | 111 | 115 |
Diluted earnings per share attributable to IntercontinentalExchange Group, Inc. common shareholders: | ||||
Continuing operations | $ 2.76 | $ 1.89 | $ 8.10 | $ 5.93 |
Discontinued operations | 0 | (0.09) | 0 | 0.09 |
Diluted earnings per share | $ 2.76 | $ 1.80 | $ 8.10 | $ 6.02 |
Diluted weighted average common shares outstanding | 111 | 114 | 112 | 115 |
Dividend per share | $ 0.75 | $ 0.65 | $ 2.15 | $ 1.95 |
Consolidated Statements of Chan
Consolidated Statements of Change in Equity, AOCI - USD ($) shares in Millions, $ in Millions | 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] |
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 | ||||||
Stock Repurchased During Period, Shares | 3 | |||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 645 | $ 645 | ||||||
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) | 16 | |||||
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 | (129) | ||||
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 | $ (145) | (145) | ||||||
Exercise of common stock options | 14 | 14 | ||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (42) | $ (42) | ||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises, Shares | 0 | |||||||
Stock-based compensation | 88 | 88 | ||||||
Stock Repurchased During Period, Shares | 3 | |||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (605) | $ 605 | ||||||
Tax benefits from stock option plans | 17 | 17 | ||||||
Adjustment to redemption value of redeemable non-controlling interest | (9) | (9) | 7 | |||||
Distributions of profits to non-controlling interest | (15) | (15) | 9 | |||||
Purchase of subsidiary shares from non-controlling interest | 0 | 0 | 0 | 128 | ||||
Dividends paid to shareholders | (242) | |||||||
Net income attributable to non-controlling interest | (5) | (18) | 13 | 5 | ||||
Net income | 922 | 922 | ||||||
Ending Balance at Sep. 30, 2015 | $ 12,370 | $ 1 | $ (1,390) | $ 10,057 | $ 3,863 | $ (191) | $ 30 | $ 40 |
Ending Balance, Shares at Sep. 30, 2015 | 116 | 116 | (6) |
Consolidated Statements of Cha6
Consolidated Statements of Change in Equity, AOCI Accumulated Other Comprehensive Income - USD ($) $ in Millions | Dec. 31, 2014 | Sep. 30, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Foreign currency translation adjustments | $ 13 | $ (4) |
Fair value of available-for-sale securities | 55 | (71) |
Employee benefit plans adjustments | (114) | (116) |
Accumulated other comprehensive income | $ (46) | $ (191) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities | ||
Net income | $ 922 | $ 722 |
Less: income from discontinued operations, net of tax | 0 | (11) |
Income from continuing operations | 922 | 711 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 276 | 244 |
Stock-based compensation | 79 | 73 |
Deferred taxes | (63) | (57) |
Amortization of Debt Discount (Premium) | (23) | (42) |
Other | (16) | (24) |
Changes in assets and liabilities: | ||
Customer accounts receivable | (62) | (121) |
Prepaid expenses and other current assets | (20) | 75 |
Income taxes payable | (106) | (56) |
Deferred revenue | 131 | 137 |
Other current and non-current liabilities | (228) | (18) |
Total adjustments | (32) | 211 |
Net cash provided by operating activities from continuing operations | 890 | 922 |
Investing activities | ||
Capital expenditures | (125) | (105) |
Capitalized software development costs | (67) | (56) |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 0 | 2,155 |
Cash paid for acquisitions, net of cash acquired | 0 | (150) |
Cash paid for equity method investment | (60) | 0 |
Proceeds from sales of available-for-sale investments | 1,084 | 54 |
Purchases of term deposits and available-for-sale investments | 0 | 1,304 |
Increase in restricted cash and investments | 14 | (105) |
Net cash provided by investing activities from continuing operations | 846 | 489 |
Financing activities | ||
Repayments of debt | 681 | 768 |
Dividends to shareholders | (242) | (225) |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (42) | (39) |
Proceeds from exercise of common stock options | 14 | 10 |
Repurchases of common stock | (605) | (448) |
Distributions of profits to non-controlling interest | (24) | (31) |
Purchase of subsidiary shares from non-controlling interest | 128 | 129 |
Proceeds from (Payments for) Other Financing Activities | 16 | 12 |
Net cash used in financing activities from continuing operations | (1,692) | (1,618) |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 51 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | (504) |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | 339 |
Effect of exchange rate changes on cash and cash equivalents | (9) | (2) |
Net increase (decrease) in cash and cash equivalents | 35 | (323) |
Cash and cash equivalents, beginning of period | 652 | 961 |
Cash and cash equivalents, end of period | 687 | 638 |
Supplemental cash flow disclosure | ||
Cash paid for income taxes | 419 | 265 |
Cash paid for interest | $ 90 | $ 107 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 310 | $ 213 | $ 922 | $ 722 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, net of tax benefit of ($3) for both the nine months ended September 30, 2015 and 2014 and ($3) for the three months ended September 30, 2014 | (36) | (278) | (17) | (194) |
Change in fair value of available-for-sale securities | (87) | (60) | (126) | 58 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | 0 | (2) | 0 |
Other Comprehensive Income, Derivatives Qualifying as Hedges, Net Investment Hedge, Net of Tax | 0 | 0 | 0 | 21 |
Comprehensive income | 187 | (125) | 777 | 607 |
Comprehensive income attributable to non-controlling interest | (4) | (7) | (18) | (29) |
Comprehensive income attributable to IntercontinentalExchange Group, Inc. | $ 183 | $ (132) | $ 759 | $ 578 |
Consolidated Statements of Com9
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Foreign currency translation adjustments, Tax | $ (3) | $ (3) | $ (3) | $ (3) |
Income tax expense | $ (113) | (90) | $ (340) | (284) |
Net Investment Hedging [Member] | ||||
Income tax expense | $ 0 | $ 12 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business We are a leading global operator of regulated exchanges, clearing houses and listings venues, and a provider of data services for commodity and financial markets. We operate regulated marketplaces for trading and clearing a broad array of derivatives and securities contracts across major asset classes, including energy and agricultural commodities, interest rates, equities, equity derivatives, credit derivatives, bonds and currencies. Our exchanges include futures exchanges in the United States, United Kingdom, continental Europe, Canada and Singapore and cash equities exchanges and equity options exchanges in the United States. We operate over-the-counter, or OTC, markets for physical energy and credit default swaps, or CDS. We also own seven central counterparty clearing houses serving the global derivatives markets (Note 8). Through our trading, clearing, listings and post-trade platforms, we bring together buyers and sellers by offering liquid markets, benchmark products, access to capital markets, data, and a range of services to support market participants’ investing, risk management and capital raising activities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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, or GAAP, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by 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 nine and three months ended September 30, 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. As discussed in Note 12, we completed the initial public offering, or 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. New and Recently Adopted Accounting Pronouncements In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, or ASU 2015-03. This standard amends the existing guidance to require that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability instead of as a deferred charge. ASU 2015-03 is effective on a retrospective basis for annual reporting periods beginning after December 15, 2015, but early adoption is permitted. We do not expect to adopt this amendment early, and the adoption is not expected to have a material effect on our consolidated financial statements. In August 2015, the Financial Accounting Standards Board issued Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date , or ASU 2015-14. This standard defers the guidance in ASU 2014-09, Revenue From Contracts with Customers , by one year. ASU 2015-14 requires these new revenue recognition rules to become effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. The core principle of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We are currently in the process of evaluating the impact of adoption of this amendment but we currently do not expect the adoption to have a material effect on our consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s financial statement presentation. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 (in millions): Goodwill balance at December 31, 2014 $ 8,535 Foreign currency translation (21 ) Other activity, net (7 ) Goodwill balance at September 30, 2015 $ 8,507 The following is a summary of the activity in the other intangible assets balance for the nine months ended September 30, 2015 (in millions): Other intangible assets balance at December 31, 2014 $ 7,780 Acquisition of new intangible asset 1 Foreign currency translation (13 ) Amortization of other intangible assets (115 ) Other intangible assets balance at September 30, 2015 $ 7,653 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, continental European 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 nine and three months ended September 30, 2015 and 2014 . |
Deferred Revenue Deferred Reven
Deferred Revenue Deferred Revenue | 9 Months Ended |
Sep. 30, 2015 | |
Revenue Recognition [Abstract] | |
Deferred Revenue Disclosure [Text Block] | Deferred Revenue Deferred revenue represents cash received that is yet to be recognized as revenue. Total deferred revenue was $272 million as of September 30, 2015 , including $186 million in current deferred revenue and $86 million in non-current deferred revenue. The changes in our deferred revenue during the nine months ended September 30, 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 $ — $ 35 $ 46 $ 55 $ 136 Additions 358 18 23 131 530 Amortization (268 ) (3 ) (12 ) (111 ) (394 ) Deferred revenue balance at September 30, 2015 $ 90 $ 50 $ 57 $ 75 $ 272 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our total debt, including short-term and long-term debt, consisted of the following as of September 30, 2015 and December 31, 2014 (in millions): As of As of September 30, 2015 December 31, 2014 Debt: Commercial Paper $ 1,253 $ 905 NYSE EUR Notes (5.375% senior unsecured notes due June 30, 2015) — 1,137 Short-term debt 1,253 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 $ 3,500 $ 4,289 2014 Credit Facility In April 2014, we entered into a $3.0 billion senior unsecured revolving credit facility, or 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 September 30, 2015 . Of the $3.0 billion that is available for borrowing under the 2014 Credit Facility, $1.3 billion is required to back-stop the amount outstanding under our U.S. dollar commercial paper program, or our Commercial Paper Program, as of September 30, 2015 and $303 million is currently reserved to provide liquidity or required financial resources for our clearing houses. The amount required to back-stop our Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $1.4 billion as of September 30, 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 $1.3 billion with original maturities ranging from 1 to 89 days were outstanding as of September 30, 2015 under our Commercial Paper Program. As of September 30, 2015 , the weighted average interest rate on the $1.3 billion outstanding under our Commercial Paper Program was 0.25% per annum, with a weighted average maturity of 20 days. We used net proceeds from our Commercial Paper Program during the nine months ended September 30, 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, or the NYSE USD Notes, and €920 million ( $1.0 billion ) of 5.375% senior unsecured fixed rate notes due in June 2015, or the NYSE EUR Notes, and together with the NYSE USD Notes, the NYSE Notes. On June 30, 2015, we repaid the NYSE EUR Notes using cash that had been set aside in July 2014 from the proceeds of the Euronext IPO. The cash, in the amount of €969 million ( $1.1 billion ) had been placed in term deposits that matured on June 25, 2015. The cash was sufficient to settle the principal maturity of €920 million ( $1.0 billion ) and the final interest coupon of €49 million ( $55 million ). These term deposits were classified as short-term investments in our consolidated balance sheet prior to their maturity. We recorded the NYSE Notes at fair value on the November 13, 2013 acquisition date as part of our purchase price accounting for the NYSE Euronext acquisition. Based on public debt prices as of that 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). The increase in the carrying amount of the NYSE Notes was amortized as a reduction to the interest expense recorded in the consolidated statements of income over the remaining maturities of the NYSE Notes. During the nine months ended September 30, 2015 and 2014, the amortization of the increase in the fair value of the NYSE Notes was $23 million and $42 million , respectively, and during the three months ended September 30, 2014, the amortization of the increase in the fair value of the NYSE Notes was $14 million . There were no amortization expenses recorded on the increase in the fair value of the NYSE EUR Notes during the three months ended September 30, 2015 due to their repayment in the second quarter of 2015. |
Equity
Equity | 9 Months Ended |
Sep. 30, 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 $79 million and $59 million for the nine months ended September 30, 2015 and 2014 , respectively, and $32 million and $22 million for the three months ended September 30, 2015 and 2014 , respectively. Stock Option Plans The following is a summary of stock options for the nine months ended September 30, 2015 : Number of Options Weighted Average Outstanding at December 31, 2014 762,867 $ 136.03 Granted 176,467 207.97 Exercised (138,248 ) 96.82 Outstanding at September 30, 2015 801,086 158.64 Details of stock options outstanding as of September 30, 2015 are as follows: Number of Options Weighted Average Weighted Average Aggregate Vested or expected to vest 801,086 $ 158.64 6.4 $ 61 Exercisable 542,279 $ 137.50 5.2 $ 53 The total intrinsic value of stock options exercised during the nine months ended September 30, 2015 and 2014 were $19 million and $35 million , respectively, and $5 million and $12 million during the three months ended September 30, 2015 and 2014 , respectively. As of September 30, 2015 , there were $9 million in total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 1.9 years as the stock options vest. We use the Black-Scholes option pricing model for purposes of valuing stock option awards. During the nine months ended September 30, 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: Nine Months Ended September 30, Assumptions: 2015 2014 Risk-free interest rate 1.08 % 1.23 % Expected life in years 5.0 5.0 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. 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. As of September 30, 2015 , we determined that it is probable that the financial performance level will be above target for 2015 . Based on this assessment, we recorded non-cash compensation expense of $26 million and $14 million for the nine and three months ended September 30, 2015 , respectively, related to these shares and the remaining $34 million in non-cash compensation expense will be recorded on an accelerated basis over the remaining vesting period, including $10 million of which will be recorded during the fourth quarter of 2015 . The following is a summary of the non-vested restricted shares for the nine months ended September 30, 2015 : Number of Weighted Average Non-vested at December 31, 2014 1,070,995 $ 176.82 Granted 575,142 210.55 Vested (415,311) 157.74 Forfeited (56,456) 198.89 Non-vested at September 30, 2015 1,174,370 199.02 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 September 30, 2015 , there were $135 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 1.5 years as the restricted stock vests. These unrecognized compensation costs assume that an above target performance level will be met on the performance-based restricted shares granted in January 2015. During the nine months ended September 30, 2015 and 2014 , the total fair value of restricted stock vested under all restricted stock plans was $91 million and $114 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. The trading plan expires at the end of December 2015 and we intend to review our future stock repurchase plans with our board of directors during our annual budget review in December 2015. During the nine and three months ended September 30, 2015 , we repurchased 2,635,974 and 891,135 shares, respectively, of our outstanding common stock under our Rule 10b5-1 trading plan at a cost of $ 605 million and $ 206 million , respectively. As of September 30, 2015 , the remaining board authorization permits repurchases of up to $191 million of our common stock with no fixed expiration date. 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 | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes from Continuing Operations Our effective tax rate from continuing operations was 27% and 29% for the nine months ended September 30, 2015 and 2014 , respectively, and 27% and 29% for the three months ended September 30, 2015 and 2014 , respectively. The effective tax rates for the nine and three months ended September 30, 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. The effective tax rates for the nine and three months ended September 30, 2015 are lower than the effective tax rates for the comparable periods in 2014 primarily due to certain favorable tax law changes during the periods and agreements with various taxing authorities. Our non-U.S. subsidiaries had $2.7 billion in cumulative undistributed earnings as of September 30, 2015 . This amount represents the post-income tax earnings under 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 | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Clearing Organizations | Clearing Organizations We own seven regulated central counterparty clearing houses for the settlement and clearing of derivative contracts. The clearing houses include ICE Clear Europe, ICE Clear Credit, ICE Clear U.S., ICE Clear Canada, ICE Clear Netherlands (formerly Holland Clearing House), ICE Clear Singapore and The Clearing Corporation, or TCC, and are referred to herein collectively as the “ICE Clearing Houses”. ICE Clear Singapore is not yet operational but it has received certain regulatory approvals and onboarding of clearing members has begun. ICE Futures Singapore and ICE Clear Singapore are expected to commence operations on November 17, 2015. 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 of 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 due to the marking-to-market of 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, 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-to-market or settled at least once daily 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 $69.0 billion as of September 30, 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 $2.5 trillion as of September 30, 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 September 30, 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 management departments and reviewed by the risk committees and the boards of directors of each of the ICE Clearing Houses and may fluctuate over time. As of September 30, 2015 and December 31, 2014 , the ICE Clearing Houses have received or have been pledged $81.3 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 for both periods. 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 fail 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 original 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 $131 million , $50 million and $50 million to the ICE Clear Europe, ICE Clear Credit and ICE Clear U.S. guaranty funds, respectively, as of September 30, 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 $231 million combined contributions to the guaranty funds as of September 30, 2015 are included in long-term restricted cash in the accompanying consolidated balance sheet. The $50 million contribution to the ICE Clear U.S. guaranty fund would be utilized after the available funds of the defaulting clearing member but before all other amounts within the guaranty fund. For ICE Clear Europe, if a futures and options clearing member’s deposits are depleted and a default occurs, then a $100 million contribution made by us to the ICE Clear Europe guaranty fund would be utilized. The $100 million is solely available in the event of an ICE Clear Europe futures and options clearing member default, and $50 million of the $100 million will currently be utilized after the available funds of the defaulting member but before all other amounts within the ICE Clear Europe futures and options guaranty fund. If additional cash is required to settle positions, the remaining $50 million will currently be called pro rata along with other non-defaulting ICE Clear Europe futures and options clearing members’ deposits in the ICE Clear Europe options and futures guaranty fund. Subject to regulatory approval, ICE Clear Europe plans to move the $100 million contribution to the futures and options guaranty fund to be utilized after the available funds of the defaulting clearing member but before all other amounts within the guaranty fund. We have contributed $50 million to the ICE Clear Credit guaranty fund and $31 million to the ICE Clear Europe CDS guaranty fund as of September 30, 2015. We contributed an additional $19 million to the ICE Clear Europe CDS guaranty fund as of October 7, 2015, which was two years from the launch of CDS client clearing at ICE Clear Europe. The first $25 million contributed to each of the ICE Clear Credit guaranty fund and ICE Clear Europe CDS guaranty fund will be utilized after the available funds of the defaulting CDS clearing member but before all other amounts within the guaranty funds. The additional $25 million contributed to each of the ICE Clear Credit guaranty fund and ICE Clear Europe CDS guaranty fund will be utilized pro-rata along with other non-defaulting CDS clearing members’ deposits in the respective guaranty funds. Subject to regulatory approval, ICE Clear Europe plans to move the total $50 million contribution to the CDS guaranty fund to be utilized after the available funds of the defaulting clearing member but before all other amounts within the guaranty fund. As of September 30, 2015 , original margin and guaranty fund cash deposits are as follows for the ICE Clearing Houses (in millions): ICE Clear Europe ICE Clear ICE Clear U.S. Other ICE Clearing Houses Total Original margin $ 21,351 $ 15,098 $ 4,753 $ 124 $ 41,326 Guaranty fund 2,807 1,852 308 15 4,982 Total $ 24,158 $ 16,950 $ 5,061 $ 139 $ 46,308 As of December 31, 2014 , original margin and guaranty fund cash deposits are as follows for the ICE Clearing Houses (in millions): ICE Clear Europe ICE Clear ICE Clear U.S. Other ICE Clearing Houses Total 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 Credit, ICE Clear U.S., ICE Clear Canada, ICE Clear Netherlands, TCC and ICE Clear Singapore 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. Except as noted below with respect to ICE Clear Credit, the majority of the cash held by the ICE Clearing Houses is secured in reverse repurchase agreements with primarily overnight maturities or direct investment in U.S. government securities. Remaining balances are invested overnight across a diverse set of high quality financial institutions. ICE Clear Credit has been designated as a systemically important financial market utility by the Financial Stability Oversight Council and has been authorized to establish and maintain a cash account at the Federal Reserve Bank of Chicago. Such account was opened on July 30, 2015 and ICE Clear Credit held $8.0 billion of its U.S. dollar cash in the guaranty fund and in original margin in the cash account at the Federal Reserve Bank of Chicago as of September 30, 2015. 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 unless the ICE Clearing Houses have sold or re-pledged the assets or in the event of a clearing member default, where the clearing member is no longer entitled to redeem the assets. Any income, 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 September 30, 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 September 30, 2015 As of December 31, 2014 ICE Clear Europe ICE Clear Credit ICE Clear U.S. Other ICE Clearing Houses ICE Clear Europe ICE Clear Credit ICE Clear U.S. Other ICE Clearing Houses Original margin: Government securities at face value $ 20,876 $ 4,629 $ 8,091 $ 94 $ 18,284 $ 3,235 $ 6,972 $ 99 Letters of credit — — — 391 — — — 4 Total $ 20,876 $ 4,629 $ 8,091 $ 485 $ 18,284 $ 3,235 $ 6,972 $ 103 Guaranty fund: Government securities at face value $ 255 $ 364 $ 170 $ 100 $ 284 $ 424 $ 190 $ 15 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Proceedings We are subject to legal proceedings and claims that arise from time to time in the course of our business. Typically, we do not believe that the resolution of ordinary course matters, including the matters 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. The matters described below all relate to our operation of NYSE. A range of possible losses related to the cases below cannot be reasonably estimated at this time, except as otherwise disclosed below. 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, or 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”, which we refer to as 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, or 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 Securities Exchange Act of 1934, or 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 motions to dismiss the second amended complaint. On August 26, 2015, the court issued an opinion and order granting the defendants’ motions to dismiss and dismissing the second amended complaint in its entirety with prejudice. The court held that the plaintiffs had failed to sufficiently state a claim against the defendants under Sections 10(b) and 6(b) of the Exchange Act, and additionally that some of the claims against the exchanges were barred by the doctrine of self-regulatory organization immunity. On September 24, 2015, the plaintiffs filed a notice of appeal of the dismissal of the lawsuit. Briefing in the appeal is expected to occur through the first quarter of 2016. 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, or 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 himself 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. On May 20, 2015, Lanier filed notices of appeal of the dismissal of the lawsuits. Briefing in the appeals is scheduled to occur during the remainder of 2015. One of our subsidiaries, NYSE Brazil Holdings, B.V., or NYSE BV, was a party to an arbitration proceeding initiated by an arbitration demand dated June 4, 2014 in Brazil, filed by ATG Americas Trading Group, S.A. and ATS Brasil S.A., or ATG/ATS, which we refer to as the ATG/ATS arbitration proceeding. NYSE BV and ATG Americas Trading Group, S.A. own 20% and 80% , respectively, of the equity in ATS Brasil S.A., a company with a prospective cash equity trading platform in Brazil, which is not yet operational. ATG/ATS alleged NYSE BV breached certain obligations and asserted damages of at least 100 million Brazilian Reais ( $32 million based on the Brazilian Real/U.S. dollar exchange rate of 0.3166 as of September 30, 2015 ). On June 3, 2015, the arbitration panel granted a request by ATG/ATS to add NYSE Holdings LLC as a party to the arbitration, but denied its request to add any other alleged NYSE BV affiliates. In August 2015, NYSE BV and ATG/ATS settled the dispute and the arbitration panel terminated the arbitration proceeding. NYSE Holdings LLC was also released from any potential liability to ATG/ATS, although it never accepted the jurisdiction of the arbitration panel or formally appeared in the proceeding. The settlement expense for the ATG/ATS arbitration proceeding is recorded in other expense, net for the nine months months ended September 30, 2015 in the accompanying consolidated statement of income. Redeemable Non-controlling Interest On June 29, 2015, we purchased the remaining 16% of NYSE Amex Options shares outstanding from external investors for $128 million and we now own 100% of NYSE Amex Options. The remaining 16% of the outstanding shares was owned by seven external investors and was recorded as redeemable non-controlling interest in the consolidated balance sheet and the proportionate share of profits was recorded as net income from continuing operations attributable to non-controlling interest in the consolidated statements of income. Effective from July 1, 2015, all of the profits from NYSE Amex Options are retained by us. |
Pension and Other Benefit Progr
Pension and Other Benefit Programs | 9 Months Ended |
Sep. 30, 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, supplemental executive retirement, or SERP, plans and post-retirement benefit plans for the nine and three months ended September 30, 2015 and 2014 in the accompanying consolidated statements of income (in millions): Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Pension Plans SERP Plans Post-retirement Benefit Plans Pension Plans SERP Plans Post-retirement Benefit Plans Interest costs $ 25 $ 2 $ 6 $ 27 $ 3 $ 6 Estimated return on plan assets (34 ) — — (36 ) — — Amortization of loss 2 — — — — — Net periodic expense (benefit) $ (7 ) $ 2 $ 6 $ (9 ) $ 3 $ 6 Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Pension Plans SERP Plans Post-retirement Benefit Plans Pension Plans SERP Plans Post-retirement Benefit Plans Interest costs $ 9 $ — $ 2 $ 9 $ 1 $ 2 Estimated return on plan assets (11 ) — — (12 ) — — Net periodic expense (benefit) $ (2 ) $ — $ 2 $ (3 ) $ 1 $ 2 During the nine and three months ended September 30, 2015 , we contributed $29 million and $21 million , respectively, to our pension plans, SERP plans and post-retirement benefit plans. Based on current actuarial assumptions, we anticipate funding an additional $3 million to our pension plans, SERP plans and post-retirement benefit plans during the fourth quarter of 2015 . |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 September 30, 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 September 30, 2015 and December 31, 2014 are as follows (in millions): As of September 30, 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 $ 253 $ — $ 253 $ 379 $ — $ 379 U.S. Treasury securities 440 — 440 374 — 374 Mutual Funds 21 — 21 27 — 27 Total assets at fair value $ 714 $ — $ 714 $ 780 $ — $ 780 As of September 30, 2015 , the fair values of our $1.39 billion Senior Notes and $853 million NYSE USD Notes are $1.44 billion and $859 million , 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 September 30, 2015 . All other financial instruments are determined to approximate carrying value due to the short period of time to their maturities. Our investment in Cetip, which is recorded as an available-for-sale, long-term investment and is recorded and held in Brazilian reais, was valued at $253 million as of September 30, 2015 , including an accumulated unrealized loss of $71 million . Changes in the fair value of the Cetip investment are reflected in accumulated other comprehensive income and do not impact earnings, except to the extent that unrealized losses are deemed to be other than temporary. As of June 30, 2015, we had an accumulated unrealized gain of $16 million and the $87 million reduction in the value during the third quarter of 2015 was primarily due to foreign currency translation losses relating to the decrease in value of the Brazilian real relative to the U.S. dollar. As such, we concluded that the decline in the value of the investment in Cetip was not other than temporary. As of September 30, 2015 , we are holding $440 million in U.S. Treasury securities, all of which had remaining maturities of less than one year at the date of purchase. Of these securities, $222 million were recorded as cash and cash equivalents, $87 million were recorded as short-term restricted cash and investments and $131 million were recorded as long-term restricted cash and investments in the accompanying consolidated balance sheet as of September 30, 2015 (all of the U.S. Treasury securities recorded as cash have remaining 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 September 30, 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 September 30, 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 $123 million and $53 million as of September 30, 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 nine months ended September 30, 2015 is primarily due to our $60 million investment in The Options Clearing Corporation, or OCC. We own a 40% interest in OCC through a direct investment by NYSE. 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, or 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 us. 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 us. 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. In September 2015, the SEC lifted the stay. The SEC's review of the petition remains pending. OCC will not pay dividends to shareholders or issue refunds to customers until the SEC reconfirms its approval of the capital plan. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 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 for the nine and three months ended September 30, 2014 and for the nine months ended September 30, 2014 for the consolidated statement of cash flows. The results below include external advisory costs, professional services costs and compensation and severance costs related to the discontinued operations, which have been classified below as acquisition-related transaction and integration costs from discontinued operations. Results of discontinued operations were as follows for the nine and three months ended September 30, 2014 (in millions): Nine Months Ended Three Months Ended Total revenues, less transaction-based expenses $ 347 $ 18 Compensation and benefits 105 5 Technology and communication 31 4 Professional services 31 1 Rent and occupancy 12 — Acquisition-related transaction and integration costs 103 7 Selling, general, administrative 16 1 Depreciation and amortization 16 — Total operating expenses 314 18 Operating income 33 — Other income, net 5 — Income tax expense 27 10 Income (loss) from discontinued operations, net of tax $ 11 $ (10 ) |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 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., or ICE, and NYSE Holdings LLC, or NYSE Holdings, established various guarantees to protect against structural subordination of each entities’ existing indebtedness. NYSE Holdings 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 our 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 Holdings; (iii) the subsidiary non-guarantors; (iv) elimination entries necessary to consolidate each of ICE (Parent) and NYSE Holdings 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 September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 1 $ — $ 686 $ — $ 687 Intercompany receivable 3,094 — — (3,094 ) — Margin deposits and guaranty funds — — 46,308 — 46,308 Notes receivable from affiliate, current — 526 9 (535 ) — Other current assets 5 4 1,048 — 1,057 Total current assets 3,100 530 48,051 (3,629 ) 48,052 Property and equipment, net — — 904 — 904 Other non-current assets: Goodwill and other intangible assets, net — — 16,160 — 16,160 Investment in subsidiaries 14,432 9,750 — (24,182 ) — Notes receivable from affiliate, non-current — 2,981 2,909 (5,890 ) — Other non-current assets 21 10 709 — 740 Total other non-current assets 14,453 12,741 19,778 (30,072 ) 16,900 Total assets $ 17,553 $ 13,271 $ 68,733 $ (33,701 ) $ 65,856 Current liabilities: Short-term debt $ 1,253 $ — $ — $ — $ 1,253 Margin deposits and guaranty funds — — 46,308 — 46,308 Intercompany payable — 1,230 1,864 (3,094 ) — Notes payable to affiliates, current 297 — 238 (535 ) — Other current liabilities 43 — 854 — 897 Total current liabilities 1,593 1,230 49,264 (3,629 ) 48,458 Non-current liabilities: Long-term debt 1,394 853 — — 2,247 Notes payable to affiliates, non-current 2,209 701 2,980 (5,890 ) — Other non-current liabilities 17 — 2,724 — 2,741 Total non-current liabilities 3,620 1,554 5,704 (5,890 ) 4,988 Total liabilities 5,213 2,784 54,968 (9,519 ) 53,446 Redeemable non-controlling interest — — 40 — 40 Equity: Total shareholders' equity 12,340 10,487 13,695 (24,182 ) 12,340 Non-controlling interest in consolidated subsidiaries — — 30 — 30 Total equity 12,340 10,487 13,725 (24,182 ) 12,370 Total liabilities and equity $ 17,553 $ 13,271 $ 68,733 $ (33,701 ) $ 65,856 Intercontinental Exchange, Inc. Condensed Consolidating Balance Sheets As of December 31, 2014 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 6 $ 5 $ 641 $ — $ 652 Intercompany receivable 2,793 — 529 (3,322 ) — Margin deposits and guaranty funds — — 47,458 — 47,458 Note receivable from affiliate, current — 313 31 (344 ) — Other current assets 60 1,173 936 (60 ) 2,109 Total current assets 2,859 1,491 49,595 (3,726 ) 50,219 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 $ 69,109 $ (31,286 ) $ 68,253 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 — 1,043 (60 ) 1,013 Total current liabilities 1,279 3,070 49,890 (3,726 ) 50,513 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 55,599 (8,032 ) 55,696 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 $ 69,109 $ (31,286 ) $ 68,253 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing fees, net $ — $ — $ 2,331 $ — $ 2,331 Data services fees — — 614 — 614 Listing fees and other revenues — — 435 — 435 Total revenues — — 3,380 — 3,380 Transaction-based expenses — — 917 — 917 Total revenues, less transaction-based expenses — — 2,463 — 2,463 Operating expenses: Compensation and benefits 1 — 444 — 445 Technology and communication — — 147 — 147 Acquisition-related transaction and integration costs — — 34 — 34 Selling, general, administrative and other 1 — 228 — 229 Depreciation and amortization — — 276 — 276 Total operating expenses 2 — 1,129 — 1,131 Operating income (2 ) — 1,334 — 1,332 Intercompany interest on loans (4 ) 28 (24 ) — — Other expense, net (20 ) (50 ) — — (70 ) Total other expense, net (24 ) (22 ) (24 ) — (70 ) Income before income taxes (26 ) (22 ) 1,310 — 1,262 Income tax expense (benefit) (19 ) — 359 — 340 Equity earnings from subsidiaries 911 288 — (1,199 ) — Net income $ 904 $ 266 $ 951 $ (1,199 ) $ 922 Net income attributable to non-controlling interest — — (18 ) — (18 ) Net income attributable to ICE $ 904 $ 266 $ 933 $ (1,199 ) $ 904 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Net income $ 904 $ 266 $ 951 $ (1,199 ) $ 922 Other comprehensive loss: Foreign currency translation adjustments — — (17 ) — (17 ) Change in fair value of available-for-sale-securities — — (126 ) — (126 ) Employment benefit plan adjustments — — (2 ) — (2 ) Total other comprehensive loss — — (145 ) — (145 ) Comprehensive loss of subsidiaries (145 ) (5 ) — 150 — Comprehensive income 759 261 806 (1,049 ) 777 Comprehensive income attributable to non-controlling interests — — (18 ) — (18 ) Comprehensive income attributable to ICE $ 759 $ 261 $ 788 $ (1,049 ) $ 759 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Three Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing fees, net $ — $ — $ 795 $ — $ 795 Data services fees — — 209 — 209 Listing fees and other revenues — — 147 — 147 Total revenues — — 1,151 — 1,151 Transaction-based expenses — — 335 — 335 Total revenues, less transaction-based expenses — — 816 — 816 Operating expenses: Compensation and benefits — — 150 — 150 Technology and communication — — 49 — 49 Acquisition-related transaction and integration costs — — 8 — 8 Selling, general, administrative and other — — 75 — 75 Depreciation and amortization — — 94 — 94 Total operating expenses — — 376 — 376 Operating income — — 440 — 440 Intercompany interest on loans (2 ) 9 (7 ) — — Other income (expense), net (13 ) (17 ) 13 — (17 ) Total other income (expense), net (15 ) (8 ) 6 — (17 ) Income before income taxes (15 ) (8 ) 446 — 423 Income tax expense (benefit) (16 ) — 129 — 113 Equity earnings from subsidiaries 305 120 — (425 ) — Net income $ 306 $ 112 $ 317 $ (425 ) $ 310 Net income attributable to non-controlling interest — — (4 ) — (4 ) Net income attributable to ICE $ 306 $ 112 $ 313 $ (425 ) $ 306 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Three Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Net income $ 306 $ 112 $ 317 $ (425 ) $ 310 Other comprehensive loss: Foreign currency translation adjustments — (1 ) (35 ) — (36 ) Change in fair value of available-for-sale-securities — — (87 ) — (87 ) Total other comprehensive loss — (1 ) (122 ) — (123 ) Comprehensive income (loss) of subsidiaries (123 ) 9 — 114 — Comprehensive income 183 120 195 (311 ) 187 Comprehensive income attributable to non-controlling interests — — (4 ) — (4 ) Comprehensive income attributable to ICE $ 183 $ 120 $ 191 $ (311 ) $ 183 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Nine Months Ended September 30, 2014 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing fees, net $ — $ — $ 2,202 $ — $ 2,202 Data services fees — — 502 — 502 Listing fees and other revenues — — 385 — 385 Total revenues — — 3,089 — 3,089 Transaction-based expenses — — 797 — 797 Total revenues, less transaction-based expenses — — 2,292 — 2,292 Operating expenses: Compensation and benefits 1 — 447 — 448 Technology and communication — — 135 — 135 Acquisition-related transaction and integration costs — 9 93 — 102 Selling, general, administrative and other — — 315 — 315 Depreciation and amortization — — 244 — 244 Total operating expenses 1 9 1,234 — 1,244 Operating income (1 ) (9 ) 1,058 — 1,048 Total other income (expense), net (16 ) (69 ) 32 — (53 ) Income from continuing operations before income taxes (17 ) (78 ) 1,090 — 995 Income tax expense (benefit) (6 ) — 290 — 284 Equity earnings from subsidiaries 704 457 — (1,161 ) — Income from continuing operations 693 379 800 (1,161 ) 711 Income from discontinued operations, net of tax — — 11 — 11 Net income $ 693 $ 379 $ 811 $ (1,161 ) $ 722 Net income attributable to non-controlling interest — — (29 ) — (29 ) Net income attributable to ICE $ 693 $ 379 $ 782 $ (1,161 ) $ 693 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2014 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Net income $ 693 $ 379 $ 811 $ (1,161 ) $ 722 Other comprehensive income (loss): Foreign currency translation adjustments — 1 (195 ) — (194 ) Change in fair value of available-for-sale-securities — — 58 — 58 Discontinuance of net investment hedge — — 21 — 21 Total other comprehensive income (loss) — 1 (116 ) — (115 ) Comprehensive income of subsidiaries 1,046 331 — (1,377 ) — Comprehensive income 1,739 711 695 (2,538 ) 607 Comprehensive income attributable to non-controlling interests — — (29 ) — (29 ) Comprehensive income attributable to ICE $ 1,739 $ 711 $ 666 $ (2,538 ) $ 578 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Three Months Ended September 30, 2014 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing fees, net $ — $ — $ 712 $ — $ 712 Data services fees — — 170 — 170 Listing fees and other revenues — — 128 — 128 Total revenues — — 1,010 — 1,010 Transaction-based expenses — — 265 — 265 Total revenues, less transaction-based expenses — — 745 — 745 Operating expenses: Compensation and benefits — — 144 — 144 Technology and communication — — 45 — 45 Acquisition-related transaction and integration costs — 5 35 — 40 Selling, general, administrative and other — — 103 — 103 Depreciation and amortization — — 83 — 83 Total operating expenses — 5 410 — 415 Operating income — (5 ) 335 — 330 Total other income (expense), net 8 (41 ) 16 — (17 ) Income from continuing operations before income taxes 8 (46 ) 351 — 313 Income tax expense 8 — 82 — 90 Equity earnings from subsidiaries 206 81 — (287 ) — Income from continuing operations 206 35 269 (287 ) 223 Income from discontinued operations, net of tax — — (10 ) — (10 ) Net income $ 206 $ 35 $ 259 $ (287 ) $ 213 Net income attributable to non-controlling interest — — (7 ) — (7 ) Net income attributable to ICE $ 206 $ 35 $ 252 $ (287 ) $ 206 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Three Months Ended September 30, 2014 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Net income $ 206 $ 35 $ 259 $ (287 ) $ 213 Other comprehensive loss: Foreign currency translation adjustments — — (278 ) — (278 ) Change in fair value of available-for-sale-securities — — (60 ) — (60 ) Total other comprehensive loss — — (338 ) — (338 ) Comprehensive loss of subsidiaries (51 ) (100 ) — 151 — Comprehensive income (loss) 155 (65 ) (79 ) (136 ) (125 ) Comprehensive income attributable to non-controlling interests — — (7 ) — (7 ) Comprehensive income (loss) attributable to ICE $ 155 $ (65 ) $ (86 ) $ (136 ) $ (132 ) Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by (used in) operating activities from continuing operations $ 182 $ 346 $ 465 $ (103 ) $ 890 Investing activities: Decrease in restricted cash — — 14 — 14 Loans to subsidiaries (301 ) (404 ) (842 ) 1,547 — Additional contribution to equity method investment — — (60 ) — (60 ) Proceeds from term deposits and sales of available-for-sale investments — 1,084 — — 1,084 Capital expenditures, capitalized software development costs and other — — (192 ) — (192 ) Net cash provided by (used in) investing activities from continuing operations (301 ) 680 (1,080 ) 1,547 846 Financing activities: Repayments of debt facilities and commercial paper, net 348 (1,029 ) — — (681 ) Intercompany borrowing 646 (2 ) 903 (1,547 ) — Dividends to shareholders (242 ) — — — (242 ) Intercompany dividends — — (103 ) 103 — Repurchases of common stock (605 ) — — — (605 ) Purchase of subsidiary shares from non-controlling interest — — (128 ) — (128 ) Other financing activities (33 ) — (3 ) — (36 ) Net cash provided by (used in) financing activities from continuing operations 114 (1,031 ) 669 (1,444 ) (1,692 ) Effect of exchange rates on cash and cash equivalents — — (9 ) — (9 ) Net increase (decrease) in cash and cash equivalents (5 ) (5 ) 45 — 35 Cash and cash equivalents, beginning of period 6 5 641 — 652 Cash and cash equivalents, end of period $ 1 $ — $ 686 $ — $ 687 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2014 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by operating activities from continuing operations $ 176 $ 347 $ 484 $ (85 ) $ 922 Investing activities: Increase in restricted cash — — (105 ) — (105 ) Cash paid for acquisitions, net of cash acquired — — (150 ) — (150 ) Loans to subsidiaries — (108 ) (698 ) 806 — Proceeds from IPO of Euronext and sales of NYSE Technologies — — 2,155 — 2,155 Purchases of term deposits and available-for-sale investments — — (1,304 ) — (1,304 ) Capital expenditures, capitalized software development costs and other — — (107 ) — (107 ) Net cash provided by (used in) investing activities from continuing operations — (108 ) (209 ) 806 489 Financing activities: Repayments of debt facilities and commercial paper, net (400 ) — (368 ) — (768 ) Intercompany borrowing 937 (239 ) 108 (806 ) — Dividends to shareholders (225 ) — — — (225 ) Intercompany dividends — — (85 ) 85 — Repurchases of common stock (448 ) — — — (448 ) Purchase of subsidiary shares from non-controlling interest — — (129 ) — (129 ) Other financing activities (30 ) — (18 ) — (48 ) Net cash used in financing activities from continuing operations (166 ) (239 ) (492 ) (721 ) (1,618 ) Cash and cash equivalents from discontinued operations — — (114 ) — (114 ) Effect of exchange rates on cash and cash equivalents — — (2 ) — (2 ) Net increase (decrease) in cash and cash equivalents 10 — (333 ) — (323 ) Cash and cash equivalents, beginning of period 2 — 959 — 961 Cash and cash equivalents, end of period $ 12 $ — $ 626 $ — $ 638 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 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 nine and three months ended September 30, 2015 and 2014 (in millions, except per share amounts): Nine Months Ended Three Months Ended September 30, 2015 2014 2015 2014 Income from continuing operations $ 922 $ 711 $ 310 $ 223 Net income from continuing operations attributable to non-controlling interest (18 ) (29 ) (4 ) (7 ) Net income from continuing operations attributable to ICE 904 682 306 216 Net income (loss) from discontinued operations attributable to ICE — 11 — (10 ) Net income attributable to ICE $ 904 $ 693 $ 306 $ 206 Basic earnings (loss) per share attributable to ICE common shareholders: Continuing operations $ 8.13 $ 5.96 $ 2.77 $ 1.90 Discontinued operations — 0.09 — (0.09 ) Basic earnings per share $ 8.13 $ 6.05 $ 2.77 $ 1.81 Basic weighted average common shares outstanding 111 115 110 114 Diluted earnings (loss) per share attributable to ICE common shareholders: Continuing operations $ 8.10 $ 5.93 $ 2.76 $ 1.89 Discontinued operations — 0.09 — (0.09 ) Diluted earnings per share $ 8.10 $ 6.02 $ 2.76 $ 1.80 Diluted weighted average common shares outstanding 112 115 111 114 Basic weighted average common shares outstanding 111 115 110 114 Effect of dilutive securities - stock options and restricted stock 1 — 1 — Diluted weighted average common shares outstanding 112 115 111 114 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 nine months ended September 30, 2015 and 2014 , 185,000 and 157,000 outstanding stock options, respectively, were not included in the computation of diluted earnings per common share, because to do so would have had an antidilutive effect because the outstanding stock option exercise prices were greater than the average market price of the common shares during the relevant periods. Certain figures in the table above may not recalculate due to rounding. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 26, 2015, we entered into a definitive agreement to acquire Interactive Data Holdings Corporation, or Interactive Data, a leading provider of financial market data, analytics and related trading solutions. The acquisition is valued at $5.2 billion , including $3.65 billion in cash and $1.55 billion in our common stock. The acquisition builds on our global market data growth strategy by expanding the markets served, adding technology platforms and increasing new data and valuation services. Interactive Data is one of the world’s leading providers of financial data, serving the mutual fund, bank, asset management, hedge fund, securities and financial instrument processing and administration sectors. Our data business currently spans nine asset classes across the eleven exchanges and seven clearing houses we operate, including the NYSE Group and ICE Futures exchanges. We also offer benchmark and valuation services for Libor, exchange traded funds, a range of financial derivatives, and clearing house positions. The combined company will offer customers efficiencies in accessing data on an integrated platform while serving the growing demand for data, analysis, valuation and connectivity globally. The transaction is valued at $5.2 billion , based on the 10-day volume weighted average price of our common stock on October 23, 2015. The aggregate number of our common shares offered is 6.5 million shares, and up to 2.2 million additional common shares based on a sliding scale from $179.07 to $238.76 in the event that our weighted average stock price over a specified period leading up to closing is less than $238.76 . |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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, or GAAP, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by 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 nine and three months ended September 30, 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. As discussed in Note 12, we completed the initial public offering, or 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. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s financial statement presentation. |
Goodwill and Other Intangible26
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2015 (in millions): Goodwill balance at December 31, 2014 $ 8,535 Foreign currency translation (21 ) Other activity, net (7 ) Goodwill balance at September 30, 2015 $ 8,507 The following is a summary of the activity in the other intangible assets balance for the nine months ended September 30, 2015 (in millions): Other intangible assets balance at December 31, 2014 $ 7,780 Acquisition of new intangible asset 1 Foreign currency translation (13 ) Amortization of other intangible assets (115 ) Other intangible assets balance at September 30, 2015 $ 7,653 |
Deferred Revenue Deferred Rev27
Deferred Revenue Deferred Revenue (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Revenue Recognition [Abstract] | |
Deferred Revenue Rollforward [Table Text Block] | The changes in our deferred revenue during the nine months ended September 30, 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 $ — $ 35 $ 46 $ 55 $ 136 Additions 358 18 23 131 530 Amortization (268 ) (3 ) (12 ) (111 ) (394 ) Deferred revenue balance at September 30, 2015 $ 90 $ 50 $ 57 $ 75 $ 272 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Total Debt | total debt, including short-term and long-term debt, consisted of the following as of September 30, 2015 and December 31, 2014 (in millions): As of As of September 30, 2015 December 31, 2014 Debt: Commercial Paper $ 1,253 $ 905 NYSE EUR Notes (5.375% senior unsecured notes due June 30, 2015) — 1,137 Short-term debt 1,253 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 $ 3,500 $ 4,289 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Summary of Stock Options | The following is a summary of stock options for the nine months ended September 30, 2015 : Number of Options Weighted Average Outstanding at December 31, 2014 762,867 $ 136.03 Granted 176,467 207.97 Exercised (138,248 ) 96.82 Outstanding at September 30, 2015 801,086 158.64 |
Details of Stock Options Outstanding | Details of stock options outstanding as of September 30, 2015 are as follows: Number of Options Weighted Average Weighted Average Aggregate Vested or expected to vest 801,086 $ 158.64 6.4 $ 61 Exercisable 542,279 $ 137.50 5.2 $ 53 |
Stock Options Valuation Assumptions | During the nine months ended September 30, 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: Nine Months Ended September 30, Assumptions: 2015 2014 Risk-free interest rate 1.08 % 1.23 % Expected life in years 5.0 5.0 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 nine months ended September 30, 2015 : Number of Weighted Average Non-vested at December 31, 2014 1,070,995 $ 176.82 Granted 575,142 210.55 Vested (415,311) 157.74 Forfeited (56,456) 198.89 Non-vested at September 30, 2015 1,174,370 199.02 |
Clearing Organizations (Tables)
Clearing Organizations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
Schedule Of Margin Deposits And Guaranty Funds Assets | As of September 30, 2015 , original margin and guaranty fund cash deposits are as follows for the ICE Clearing Houses (in millions): ICE Clear Europe ICE Clear ICE Clear U.S. Other ICE Clearing Houses Total Original margin $ 21,351 $ 15,098 $ 4,753 $ 124 $ 41,326 Guaranty fund 2,807 1,852 308 15 4,982 Total $ 24,158 $ 16,950 $ 5,061 $ 139 $ 46,308 As of December 31, 2014 , original margin and guaranty fund cash deposits are as follows for the ICE Clearing Houses (in millions): ICE Clear Europe ICE Clear ICE Clear U.S. Other ICE Clearing Houses Total 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 September 30, 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 September 30, 2015 As of December 31, 2014 ICE Clear Europe ICE Clear Credit ICE Clear U.S. Other ICE Clearing Houses ICE Clear Europe ICE Clear Credit ICE Clear U.S. Other ICE Clearing Houses Original margin: Government securities at face value $ 20,876 $ 4,629 $ 8,091 $ 94 $ 18,284 $ 3,235 $ 6,972 $ 99 Letters of credit — — — 391 — — — 4 Total $ 20,876 $ 4,629 $ 8,091 $ 485 $ 18,284 $ 3,235 $ 6,972 $ 103 Guaranty fund: Government securities at face value $ 255 $ 364 $ 170 $ 100 $ 284 $ 424 $ 190 $ 15 |
Pension and Other Benefit Pro31
Pension and Other Benefit Programs (Tables) | 9 Months Ended |
Sep. 30, 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, supplemental executive retirement, or SERP, plans and post-retirement benefit plans for the nine and three months ended September 30, 2015 and 2014 in the accompanying consolidated statements of income (in millions): Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Pension Plans SERP Plans Post-retirement Benefit Plans Pension Plans SERP Plans Post-retirement Benefit Plans Interest costs $ 25 $ 2 $ 6 $ 27 $ 3 $ 6 Estimated return on plan assets (34 ) — — (36 ) — — Amortization of loss 2 — — — — — Net periodic expense (benefit) $ (7 ) $ 2 $ 6 $ (9 ) $ 3 $ 6 Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Pension Plans SERP Plans Post-retirement Benefit Plans Pension Plans SERP Plans Post-retirement Benefit Plans Interest costs $ 9 $ — $ 2 $ 9 $ 1 $ 2 Estimated return on plan assets (11 ) — — (12 ) — — Net periodic expense (benefit) $ (2 ) $ — $ 2 $ (3 ) $ 1 $ 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2015 and December 31, 2014 are as follows (in millions): As of September 30, 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 $ 253 $ — $ 253 $ 379 $ — $ 379 U.S. Treasury securities 440 — 440 374 — 374 Mutual Funds 21 — 21 27 — 27 Total assets at fair value $ 714 $ — $ 714 $ 780 $ — $ 780 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations Schedules | Results of discontinued operations were as follows for the nine and three months ended September 30, 2014 (in millions): Nine Months Ended Three Months Ended Total revenues, less transaction-based expenses $ 347 $ 18 Compensation and benefits 105 5 Technology and communication 31 4 Professional services 31 1 Rent and occupancy 12 — Acquisition-related transaction and integration costs 103 7 Selling, general, administrative 16 1 Depreciation and amortization 16 — Total operating expenses 314 18 Operating income 33 — Other income, net 5 — Income tax expense 27 10 Income (loss) from discontinued operations, net of tax $ 11 $ (10 ) |
Condensed Consolidating Finan34
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Condensed Consolidating Financial Statements [Abstract] | |
Condensed Balance Sheet | Condensed Consolidating Balance Sheets As of September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 1 $ — $ 686 $ — $ 687 Intercompany receivable 3,094 — — (3,094 ) — Margin deposits and guaranty funds — — 46,308 — 46,308 Notes receivable from affiliate, current — 526 9 (535 ) — Other current assets 5 4 1,048 — 1,057 Total current assets 3,100 530 48,051 (3,629 ) 48,052 Property and equipment, net — — 904 — 904 Other non-current assets: Goodwill and other intangible assets, net — — 16,160 — 16,160 Investment in subsidiaries 14,432 9,750 — (24,182 ) — Notes receivable from affiliate, non-current — 2,981 2,909 (5,890 ) — Other non-current assets 21 10 709 — 740 Total other non-current assets 14,453 12,741 19,778 (30,072 ) 16,900 Total assets $ 17,553 $ 13,271 $ 68,733 $ (33,701 ) $ 65,856 Current liabilities: Short-term debt $ 1,253 $ — $ — $ — $ 1,253 Margin deposits and guaranty funds — — 46,308 — 46,308 Intercompany payable — 1,230 1,864 (3,094 ) — Notes payable to affiliates, current 297 — 238 (535 ) — Other current liabilities 43 — 854 — 897 Total current liabilities 1,593 1,230 49,264 (3,629 ) 48,458 Non-current liabilities: Long-term debt 1,394 853 — — 2,247 Notes payable to affiliates, non-current 2,209 701 2,980 (5,890 ) — Other non-current liabilities 17 — 2,724 — 2,741 Total non-current liabilities 3,620 1,554 5,704 (5,890 ) 4,988 Total liabilities 5,213 2,784 54,968 (9,519 ) 53,446 Redeemable non-controlling interest — — 40 — 40 Equity: Total shareholders' equity 12,340 10,487 13,695 (24,182 ) 12,340 Non-controlling interest in consolidated subsidiaries — — 30 — 30 Total equity 12,340 10,487 13,725 (24,182 ) 12,370 Total liabilities and equity $ 17,553 $ 13,271 $ 68,733 $ (33,701 ) $ 65,856 Intercontinental Exchange, Inc. Condensed Consolidating Balance Sheets As of December 31, 2014 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 6 $ 5 $ 641 $ — $ 652 Intercompany receivable 2,793 — 529 (3,322 ) — Margin deposits and guaranty funds — — 47,458 — 47,458 Note receivable from affiliate, current — 313 31 (344 ) — Other current assets 60 1,173 936 (60 ) 2,109 Total current assets 2,859 1,491 49,595 (3,726 ) 50,219 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 $ 69,109 $ (31,286 ) $ 68,253 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 — 1,043 (60 ) 1,013 Total current liabilities 1,279 3,070 49,890 (3,726 ) 50,513 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 55,599 (8,032 ) 55,696 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 $ 69,109 $ (31,286 ) $ 68,253 |
Condensed Income Statement | Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Nine Months Ended September 30, 2014 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing fees, net $ — $ — $ 2,202 $ — $ 2,202 Data services fees — — 502 — 502 Listing fees and other revenues — — 385 — 385 Total revenues — — 3,089 — 3,089 Transaction-based expenses — — 797 — 797 Total revenues, less transaction-based expenses — — 2,292 — 2,292 Operating expenses: Compensation and benefits 1 — 447 — 448 Technology and communication — — 135 — 135 Acquisition-related transaction and integration costs — 9 93 — 102 Selling, general, administrative and other — — 315 — 315 Depreciation and amortization — — 244 — 244 Total operating expenses 1 9 1,234 — 1,244 Operating income (1 ) (9 ) 1,058 — 1,048 Total other income (expense), net (16 ) (69 ) 32 — (53 ) Income from continuing operations before income taxes (17 ) (78 ) 1,090 — 995 Income tax expense (benefit) (6 ) — 290 — 284 Equity earnings from subsidiaries 704 457 — (1,161 ) — Income from continuing operations 693 379 800 (1,161 ) 711 Income from discontinued operations, net of tax — — 11 — 11 Net income $ 693 $ 379 $ 811 $ (1,161 ) $ 722 Net income attributable to non-controlling interest — — (29 ) — (29 ) Net income attributable to ICE $ 693 $ 379 $ 782 $ (1,161 ) $ 693 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing fees, net $ — $ — $ 2,331 $ — $ 2,331 Data services fees — — 614 — 614 Listing fees and other revenues — — 435 — 435 Total revenues — — 3,380 — 3,380 Transaction-based expenses — — 917 — 917 Total revenues, less transaction-based expenses — — 2,463 — 2,463 Operating expenses: Compensation and benefits 1 — 444 — 445 Technology and communication — — 147 — 147 Acquisition-related transaction and integration costs — — 34 — 34 Selling, general, administrative and other 1 — 228 — 229 Depreciation and amortization — — 276 — 276 Total operating expenses 2 — 1,129 — 1,131 Operating income (2 ) — 1,334 — 1,332 Intercompany interest on loans (4 ) 28 (24 ) — — Other expense, net (20 ) (50 ) — — (70 ) Total other expense, net (24 ) (22 ) (24 ) — (70 ) Income before income taxes (26 ) (22 ) 1,310 — 1,262 Income tax expense (benefit) (19 ) — 359 — 340 Equity earnings from subsidiaries 911 288 — (1,199 ) — Net income $ 904 $ 266 $ 951 $ (1,199 ) $ 922 Net income attributable to non-controlling interest — — (18 ) — (18 ) Net income attributable to ICE $ 904 $ 266 $ 933 $ (1,199 ) $ 904 |
Condensed Comprehensive Income Statement | Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Net income $ 904 $ 266 $ 951 $ (1,199 ) $ 922 Other comprehensive loss: Foreign currency translation adjustments — — (17 ) — (17 ) Change in fair value of available-for-sale-securities — — (126 ) — (126 ) Employment benefit plan adjustments — — (2 ) — (2 ) Total other comprehensive loss — — (145 ) — (145 ) Comprehensive loss of subsidiaries (145 ) (5 ) — 150 — Comprehensive income 759 261 806 (1,049 ) 777 Comprehensive income attributable to non-controlling interests — — (18 ) — (18 ) Comprehensive income attributable to ICE $ 759 $ 261 $ 788 $ (1,049 ) $ 759 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2014 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Net income $ 693 $ 379 $ 811 $ (1,161 ) $ 722 Other comprehensive income (loss): Foreign currency translation adjustments — 1 (195 ) — (194 ) Change in fair value of available-for-sale-securities — — 58 — 58 Discontinuance of net investment hedge — — 21 — 21 Total other comprehensive income (loss) — 1 (116 ) — (115 ) Comprehensive income of subsidiaries 1,046 331 — (1,377 ) — Comprehensive income 1,739 711 695 (2,538 ) 607 Comprehensive income attributable to non-controlling interests — — (29 ) — (29 ) Comprehensive income attributable to ICE $ 1,739 $ 711 $ 666 $ (2,538 ) $ 578 |
Condensed Cash Flow Statement | Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by (used in) operating activities from continuing operations $ 182 $ 346 $ 465 $ (103 ) $ 890 Investing activities: Decrease in restricted cash — — 14 — 14 Loans to subsidiaries (301 ) (404 ) (842 ) 1,547 — Additional contribution to equity method investment — — (60 ) — (60 ) Proceeds from term deposits and sales of available-for-sale investments — 1,084 — — 1,084 Capital expenditures, capitalized software development costs and other — — (192 ) — (192 ) Net cash provided by (used in) investing activities from continuing operations (301 ) 680 (1,080 ) 1,547 846 Financing activities: Repayments of debt facilities and commercial paper, net 348 (1,029 ) — — (681 ) Intercompany borrowing 646 (2 ) 903 (1,547 ) — Dividends to shareholders (242 ) — — — (242 ) Intercompany dividends — — (103 ) 103 — Repurchases of common stock (605 ) — — — (605 ) Purchase of subsidiary shares from non-controlling interest — — (128 ) — (128 ) Other financing activities (33 ) — (3 ) — (36 ) Net cash provided by (used in) financing activities from continuing operations 114 (1,031 ) 669 (1,444 ) (1,692 ) Effect of exchange rates on cash and cash equivalents — — (9 ) — (9 ) Net increase (decrease) in cash and cash equivalents (5 ) (5 ) 45 — 35 Cash and cash equivalents, beginning of period 6 5 641 — 652 Cash and cash equivalents, end of period $ 1 $ — $ 686 $ — $ 687 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2014 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by operating activities from continuing operations $ 176 $ 347 $ 484 $ (85 ) $ 922 Investing activities: Increase in restricted cash — — (105 ) — (105 ) Cash paid for acquisitions, net of cash acquired — — (150 ) — (150 ) Loans to subsidiaries — (108 ) (698 ) 806 — Proceeds from IPO of Euronext and sales of NYSE Technologies — — 2,155 — 2,155 Purchases of term deposits and available-for-sale investments — — (1,304 ) — (1,304 ) Capital expenditures, capitalized software development costs and other — — (107 ) — (107 ) Net cash provided by (used in) investing activities from continuing operations — (108 ) (209 ) 806 489 Financing activities: Repayments of debt facilities and commercial paper, net (400 ) — (368 ) — (768 ) Intercompany borrowing 937 (239 ) 108 (806 ) — Dividends to shareholders (225 ) — — — (225 ) Intercompany dividends — — (85 ) 85 — Repurchases of common stock (448 ) — — — (448 ) Purchase of subsidiary shares from non-controlling interest — — (129 ) — (129 ) Other financing activities (30 ) — (18 ) — (48 ) Net cash used in financing activities from continuing operations (166 ) (239 ) (492 ) (721 ) (1,618 ) Cash and cash equivalents from discontinued operations — — (114 ) — (114 ) Effect of exchange rates on cash and cash equivalents — — (2 ) — (2 ) Net increase (decrease) in cash and cash equivalents 10 — (333 ) — (323 ) Cash and cash equivalents, beginning of period 2 — 959 — 961 Cash and cash equivalents, end of period $ 12 $ — $ 626 $ — $ 638 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 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 nine and three months ended September 30, 2015 and 2014 (in millions, except per share amounts): Nine Months Ended Three Months Ended September 30, 2015 2014 2015 2014 Income from continuing operations $ 922 $ 711 $ 310 $ 223 Net income from continuing operations attributable to non-controlling interest (18 ) (29 ) (4 ) (7 ) Net income from continuing operations attributable to ICE 904 682 306 216 Net income (loss) from discontinued operations attributable to ICE — 11 — (10 ) Net income attributable to ICE $ 904 $ 693 $ 306 $ 206 Basic earnings (loss) per share attributable to ICE common shareholders: Continuing operations $ 8.13 $ 5.96 $ 2.77 $ 1.90 Discontinued operations — 0.09 — (0.09 ) Basic earnings per share $ 8.13 $ 6.05 $ 2.77 $ 1.81 Basic weighted average common shares outstanding 111 115 110 114 Diluted earnings (loss) per share attributable to ICE common shareholders: Continuing operations $ 8.10 $ 5.93 $ 2.76 $ 1.89 Discontinued operations — 0.09 — (0.09 ) Diluted earnings per share $ 8.10 $ 6.02 $ 2.76 $ 1.80 Diluted weighted average common shares outstanding 112 115 111 114 Basic weighted average common shares outstanding 111 115 110 114 Effect of dilutive securities - stock options and restricted stock 1 — 1 — Diluted weighted average common shares outstanding 112 115 111 114 |
Description of Business (Detail
Description of Business (Details) | Sep. 30, 2015Entity |
Central Clearing House [Member] | |
Business Acquisition [Line Items] | |
Number of operating entities | 7 |
Short-Term and Long-Term Restri
Short-Term and Long-Term Restricted Cash and Investments (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Contribution to guarantee fund | $ 255 | $ 297 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 8,535 |
Foreign currency translation | (21) |
Other activity, net | (7) |
Goodwill, Ending Balance | $ 8,507 |
Goodwill and Other Intangible39
Goodwill and Other Intangible Assets (Other Intangible Rollforward) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Other intangible assets, beginning balance | $ 7,780 |
Intangible Assets Excluding Goodwill Acquired | 1 |
Foreign currency translation | (13) |
Other activity, net | (115) |
Other intangible assets, ending balance | $ 7,653 |
Deferred Revenue Deferred Rev40
Deferred Revenue Deferred Revenue (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | $ 136 | |
Additions | 530 | |
Amortization | (394) | |
Deferred revenue balance at September 30, 2015 | 272 | |
Deferred revenue | 186 | $ 69 |
Deferred Revenue, Noncurrent | 86 | |
Annual Listing Fee Revenue | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | 0 | |
Additions | 358 | |
Amortization | (268) | |
Deferred revenue balance at September 30, 2015 | 90 | |
Original Listing Fee Revenues | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | 35 | |
Additions | 18 | |
Amortization | (3) | |
Deferred revenue balance at September 30, 2015 | 50 | |
Other Listing Fee Revenues | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | 46 | |
Additions | 23 | |
Amortization | (12) | |
Deferred revenue balance at September 30, 2015 | 57 | |
Data Services Fees and Other Revenues | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2014 | 55 | |
Additions | 131 | |
Amortization | (111) | |
Deferred revenue balance at September 30, 2015 | $ 75 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | Jun. 24, 2014USD ($) | Jun. 24, 2014EUR (€) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015EUR (€) | Sep. 30, 2014USD ($) | Sep. 30, 2015EUR (€) | Dec. 31, 2014USD ($) | Apr. 03, 2014USD ($) | Nov. 13, 2013USD ($) | Nov. 13, 2013EUR (€) | Oct. 31, 2013 |
Line of Credit Facility [Line Items] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |||||||||||
Line of Credit Facility, Additional Borrowing Capacity | 1,000 | |||||||||||
Line of Credit Facility, Funds Reserved For Commercial Paper Program | 1,300 | |||||||||||
Credit Facility Funds Reserved For Clearing Operations | 303 | |||||||||||
Line of Credit Facility, Unreserved Amount | $ 1,400 | |||||||||||
Cash paid for interest | $ 90 | $ 107 | ||||||||||
Commercial Paper | $ 1,253 | $ 905 | ||||||||||
Commercial Paper, Weighted Average Interest Rate | 0.25% | 0.25% | ||||||||||
Commercial Paper Weighted Average Maturity Period | 20 days | 20 days | ||||||||||
Proceeds from sales of available-for-sale investments | $ 1,084 | 54 | ||||||||||
Amortization of Debt Discount (Premium) | $ (23) | (42) | ||||||||||
Minimum [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Commercial Paper Maturities | 1 day | 1 day | ||||||||||
Maximum [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Commercial Paper Maturities | 89 days | 89 days | ||||||||||
NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Fair value of senior notes | $ 1,300 | |||||||||||
Debt Instrument Fair Value over Face Amount | 89 | |||||||||||
Amortization of Debt Discount (Premium) | $ 0 | $ 0 | $ 0 | |||||||||
NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Senior Notes | 853 | |||||||||||
Fair value of senior notes | 859 | 854 | ||||||||||
Debt Instrument Fair Value over Face Amount | $ 4 | |||||||||||
2018 Senior Notes (2.5% senior unsecured notes due October 15, 2018) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | |||||||||||
Senior Notes | 600 | 600 | ||||||||||
2023 Senior Notes (4.0% senior unsecured notes due October 15, 2023) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |||||||||||
Senior Notes | 794 | 794 | ||||||||||
NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Periodic Payment, Interest | 55 | € 49 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | ||||||||||
Debt Instrument, Face Amount | 1,000 | $ 1,000 | € 920 | |||||||||
Unsecured Debt, Current | 0 | € 920 | 1,137 | |||||||||
NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | 2.00% | ||||||||||
Debt Instrument, Face Amount | $ 850 | |||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.00% | 2.00% | ||||||||||
Senior Notes | $ 853 | $ 853 | ||||||||||
Term Deposits [Member] | NYSE Euronext [Member] | ||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||
Proceeds from sales of available-for-sale investments | $ 1,100 | € 969 |
Debt (Total Debt Schedule) (Det
Debt (Total Debt Schedule) (Details) € in Millions, $ in Millions | Sep. 30, 2015USD ($) | Sep. 30, 2015EUR (€) | Dec. 31, 2014USD ($) |
Debt Instrument [Line Items] | |||
Commercial Paper | $ 1,253 | $ 905 | |
Short-term debt | 1,253 | 2,042 | |
Long term debt | 2,247 | 2,247 | |
Debt, Long-term and Short-term, Combined Amount | 3,500 | 4,289 | |
2018 Senior Notes (2.5% senior unsecured notes due October 15, 2018) | |||
Debt Instrument [Line Items] | |||
Senior Notes | 600 | 600 | |
2023 Senior Notes (4.0% senior unsecured notes due October 15, 2023) | |||
Debt Instrument [Line Items] | |||
Senior Notes | 794 | 794 | |
NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | |||
Debt Instrument [Line Items] | |||
Unsecured Debt, Current | 0 | € 920 | 1,137 |
NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) | |||
Debt Instrument [Line Items] | |||
Senior Notes | $ 853 | $ 853 |
Equity- (Narrative) (Details)
Equity- (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 27, 2014 | Aug. 04, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Feb. 28, 2014 |
Class of Stock [Line Items] | ||||||||
Share-based Compensation, Excluding Mergers and Acquisition and and Capitalized Portion | $ 32 | $ 22 | $ 79 | $ 59 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.25% | 1.26% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 91 | $ 114 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 575,142 | |||||||
Granted, Number of options | 176,467 | |||||||
Stock-based compensation | $ 79 | 73 | ||||||
Tax benefits from stock option plans | $ 17 | $ 26 | ||||||
Number of Options, Exercised | 542,279 | 542,279 | ||||||
Weighted Average Exercise Price, Exercised | $ 137.50 | $ 137.50 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 199.02 | $ 199.02 | $ 176.82 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 191 | $ 191 | ||||||
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 | 19 | $ 35 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 9 | $ 9 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 10 months 7 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 | 135 | $ 135 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 6 months | |||||||
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 | 14 | $ 26 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 43 | $ 34 | 34 | |||||
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 | $ 10 | |||||||
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 | |||||||
Securities and Exchange Commission Rule 10b5-1 Trading Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Repurchased During Period, Shares | 2,635,974 | 891,135 | ||||||
Stock Repurchased During Period, Value | $ 605 | $ 206 |
Equity (Stock Option Activity)
Equity (Stock Option Activity) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 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 | $ 199.02 | $ 176.82 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 575,142 | |
Number of Stock Options [Roll Forward] | ||
Outstanding, Number of options, Beginning balance | 762,867 | |
Granted, Number of options | 176,467 | |
Exercised, Number of options | (138,248) | |
Outstanding, Number of options, Ending balance | 801,086 | |
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 | 96.82 | |
Outstanding, Weighted average exercise price per share, Ending Balance | $ 158.64 |
Equity (Details of Stock Option
Equity (Details of Stock Options) (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of Options, Vested or expected to vest | shares | 801,086 |
Weighted Average Exercise Price, Vested or expected to vest | $ / shares | $ 158.64 |
Weighted Average Remaining Contractual Life, Vested or expected to vest | 6 years 4 months 7 days |
Aggregate Intrinsic Value, Vested or expected to vest | $ 61 |
Number of Options, Exercised | shares | 542,279 |
Weighted Average Exercise Price, Exercised | $ / shares | $ 137.50 |
Weighted Average Remaining Contractual Life, Exercised | 5 years 2 months 6 days |
Aggregate Intrinsic Value, Exercised | $ 53 |
Equity (Valuation Assumptions)
Equity (Valuation Assumptions) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 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 | 1.25% | 1.26% |
Estimated weighted-average fair value of options granted per share | $ 40.94 | $ 45.23 |
Equity (Nonvested Restricted St
Equity (Nonvested Restricted Stock Activity) (Details) | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
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 | 575,142 |
Exercised, Number of nonvested restricted shares | (415,311) |
Expired/Forfeited, Number of nonvested restricted shares | (56,456) |
Outstanding, Number of nonvested restricted shares, Ending balance | 1,174,370 |
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 | $ / shares | $ 176.82 |
Nonvested, Granted, Weighted average exercise price per share | $ / shares | 210.55 |
Nonvested, Exercised, Weighted average exercise price per share | $ / shares | 157.74 |
Nonvested, Expired/Forfeited, Weighted average exercise price per share | $ / shares | 198.89 |
Nonvested, Outstanding, Weighted average exercise price per share, Ending Balance | $ / shares | $ 199.02 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 27.00% | 29.00% | 27.00% | 29.00% |
Undistributed earnings of foreign subsidiaries | $ 2.7 | $ 2.7 |
Clearing Organizations (Narrati
Clearing Organizations (Narrative) (Details) $ in Millions | Oct. 07, 2015USD ($) | Sep. 30, 2015USD ($)Entity | Dec. 31, 2014USD ($) |
Principal Transaction Revenue [Line Items] | |||
Cash and Securities Segregated under Federal and Other Regulations | $ 8,000 | ||
Margin deposits and guaranty funds | 46,308 | $ 47,458 | |
Guarantor Obligations, Maximum Exposure, Undiscounted | 69,000 | ||
Net Notional Value Of Unsettled Contracts | 2,500,000 | ||
Margin Deposits And Guaranty Funds Assets Received Or Pledged | 81,300 | 77,000 | |
Contribution Of Own Cash To Guaranty Fund | $ 231 | ||
Central Clearing House [Member] | |||
Principal Transaction Revenue [Line Items] | |||
Number of operating entities | Entity | 7 | ||
ICE Clear Europe | |||
Principal Transaction Revenue [Line Items] | |||
Margin deposits and guaranty funds | $ 24,158 | 26,339 | |
Contribution Of Own Cash To Guaranty Fund | 131 | ||
ICE Clear Credit | |||
Principal Transaction Revenue [Line Items] | |||
Margin deposits and guaranty funds | 16,950 | $ 16,464 | |
Contribution Of Own Cash To Guaranty Fund | 50 | ||
Ice Clear U.S. [Member] | |||
Principal Transaction Revenue [Line Items] | |||
Contribution Of Own Cash To Guaranty Fund | 50 | ||
Credit Default Swap [Member] | ICE Clear Europe | |||
Principal Transaction Revenue [Line Items] | |||
Contribution Of Own Cash To Guaranty Fund | 31 | ||
Priority A [Member] | ICE Clear Credit | |||
Principal Transaction Revenue [Line Items] | |||
Contribution Of Own Cash To Guaranty Fund | 25 | ||
Priority A [Member] | Futures and Options Products [Member] | ICE Clear Europe | |||
Principal Transaction Revenue [Line Items] | |||
Contribution Of Own Cash To Guaranty Fund | 50 | ||
Priority A [Member] | Credit Default Swap [Member] | ICE Clear Europe | |||
Principal Transaction Revenue [Line Items] | |||
Contribution Of Own Cash To Guaranty Fund | 25 | ||
Priority B [Member] | ICE Clear Credit | |||
Principal Transaction Revenue [Line Items] | |||
Contribution Of Own Cash To Guaranty Fund | 25 | ||
Priority B [Member] | Futures and Options Products [Member] | ICE Clear Europe | |||
Principal Transaction Revenue [Line Items] | |||
Contribution Of Own Cash To Guaranty Fund | 50 | ||
Priority B [Member] | Credit Default Swap [Member] | ICE Clear Europe | |||
Principal Transaction Revenue [Line Items] | |||
Contribution Of Own Cash To Guaranty Fund | $ 25 | ||
Subsequent Event [Member] | Credit Default Swap [Member] | ICE Clear Europe | |||
Principal Transaction Revenue [Line Items] | |||
Contribution Of Own Cash To Guaranty Fund | $ 50 | ||
Contribution Of Own Cash To Guaranty Fund Increase | $ 19 |
Clearing Organizations (ICE Cle
Clearing Organizations (ICE Clearing Houses Schedules) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Clearing Organizations [Line Items] | ||
Original margin | $ 41,326 | $ 41,674 |
Guaranty Fund | 4,982 | 5,784 |
Total | 46,308 | 47,458 |
ICE Clear U.S. | ||
Clearing Organizations [Line Items] | ||
Original margin | 4,753 | 4,285 |
Guaranty Fund | 308 | 290 |
Total | 5,061 | 4,575 |
ICE Clear Europe | ||
Clearing Organizations [Line Items] | ||
Original margin | 21,351 | 23,291 |
Guaranty Fund | 2,807 | 3,048 |
Total | 24,158 | 26,339 |
ICE Clear Canada | ||
Clearing Organizations [Line Items] | ||
Original margin | 124 | 42 |
Guaranty Fund | 15 | 38 |
Total | 139 | 80 |
ICE Clear Credit | ||
Clearing Organizations [Line Items] | ||
Original margin | 15,098 | 14,056 |
Guaranty Fund | 1,852 | 2,408 |
Total | $ 16,950 | $ 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 ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
ICE Clear U.S. | Original Margin [Member] | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | $ 8,091 | $ 6,972 |
Letters of credit | 0 | 0 |
Total Original Margin | 8,091 | 6,972 |
ICE Clear U.S. | Guaranty Fund [Member] | ||
Clearing Organizations [Line Items] | ||
Guaranty Fund: Government securities at face value | 170 | 190 |
ICE Clear Europe | Original Margin [Member] | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 20,876 | 18,284 |
Letters of credit | 0 | 0 |
Total Original Margin | 20,876 | 18,284 |
ICE Clear Europe | Guaranty Fund [Member] | ||
Clearing Organizations [Line Items] | ||
Guaranty Fund: Government securities at face value | 255 | 284 |
ICE Clear Canada | Original Margin [Member] | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 94 | 99 |
Letters of credit | 391 | 4 |
Total Original Margin | 485 | 103 |
ICE Clear Canada | Guaranty Fund [Member] | ||
Clearing Organizations [Line Items] | ||
Guaranty Fund: Government securities at face value | 100 | 15 |
ICE Clear Credit | Original Margin [Member] | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 4,629 | 3,235 |
Letters of credit | 0 | 0 |
Total Original Margin | 4,629 | 3,235 |
ICE Clear Credit | Guaranty Fund [Member] | ||
Clearing Organizations [Line Items] | ||
Guaranty Fund: Government securities at face value | $ 364 | $ 424 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies Narrative (Details) BRL in Millions, $ in Millions | Jun. 04, 2014 | Apr. 30, 2014defendantEntitysuit | Sep. 30, 2015USD ($) | Sep. 30, 2015BRL | May. 31, 2014suit | Jul. 31, 2013 |
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | suit | 4 | 3 | ||||
Loss Contingency, Number of Defendants | 40 | |||||
Loss Contingency, Number of Subsidiaries Named | Entity | 2 | |||||
Equity Method Investment, Ownership Percentage | 40.00% | |||||
Exchange Rate, Brazilian Real to USD | 0.3166 | |||||
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% | |||||
Redeemable Noncontrolling Interest, Equity, Fair Value | $ | $ 128 | |||||
ATG ATS and NYSE BV Arbitration [Member] | NYSE BV Ownership Percentage in ATS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||
ATG ATS and NYSE BV Arbitration [Member] | ATG Ownership Percentage in ATS [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Equity Method Investmetn, Ownership Percentage by External Investors | 80.00% | |||||
ATG ATS and NYSE BV Arbitration [Member] | Minimum [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Damages Sought, Value | $ 32 | BRL 100 |
Pension and Other Benefit Pro53
Pension and Other Benefit Programs (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||
Contribution to pension plan | $ 21 | $ 29 |
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year | $ 3 |
Pension and Other Benefit Pro54
Pension and Other Benefit Programs (Components of Pension Plan Expense (Benefit) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 9 | $ 9 | $ 25 | $ 27 |
Estimated return on plan assets | (11) | (12) | (34) | (36) |
Net periodic expense (benefit) | (2) | (3) | (7) | (9) |
Defined Benefit Plan, Actuarial Gain (Loss) | 2 | 0 | ||
SERP Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 0 | 1 | 2 | 3 |
Estimated return on plan assets | 0 | 0 | 0 | 0 |
Net periodic expense (benefit) | 0 | 1 | 2 | 3 |
Defined Benefit Plan, Actuarial Gain (Loss) | 0 | 0 | ||
Post-retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 2 | 2 | 6 | 6 |
Estimated return on plan assets | 0 | 0 | 0 | 0 |
Net periodic expense (benefit) | $ 2 | $ 2 | 6 | 6 |
Defined Benefit Plan, Actuarial Gain (Loss) | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 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 | $ 253 | $ 253 | $ 379 | ||
U.S. Treasury securities | 440 | 440 | 374 | ||
Mutual Funds | 21 | 21 | 27 | ||
Total assets at fair value | 714 | 714 | 780 | ||
Narrative [Abstract] | |||||
Total fair value of cost and equity method investments | 123 | 123 | 53 | ||
Committed Equity Capital Contribution | 150 | ||||
Potential Equity Capital | $ 200 | $ 200 | |||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | |||
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 | $ 253 | $ 253 | 379 | ||
Mutual Funds | 21 | 21 | 27 | ||
Total assets at fair value | 714 | 714 | 780 | ||
Narrative [Abstract] | |||||
Equity method investments, fair value | 440 | 440 | 374 | ||
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 | 0 | ||
U.S. Treasury securities | 0 | 0 | 0 | ||
Mutual Funds | 0 | 0 | 0 | ||
Total assets at fair value | 0 | 0 | $ 0 | ||
Cash and Cash Equivalents [Member] | |||||
Narrative [Abstract] | |||||
Equity method investments, fair value | 222 | 222 | |||
Restricted Cash And Investments [Member] | |||||
Narrative [Abstract] | |||||
Equity method investments, fair value | 87 | 87 | |||
Restricted Cash and Investments, Non Current [Member] | |||||
Narrative [Abstract] | |||||
Equity method investments, fair value | 131 | 131 | |||
Senior Notes [Member] | |||||
Narrative [Abstract] | |||||
Senior Notes | 1,390 | 1,390 | |||
Fair value of senior notes | 1,440 | 1,440 | |||
NYSE Euronext USD Notes [Member] | |||||
Narrative [Abstract] | |||||
Senior Notes | 853 | 853 | |||
Fair value of senior notes | 859 | 859 | $ 854 | ||
Cetip, S.A. [Member] | |||||
Narrative [Abstract] | |||||
Available-for-sale Securities, Equity Securities | 253 | 253 | |||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 71 | $ 16 | |||
Marketable Securities, Unrealized Gain (Loss), Excluding Other than Temporary Impairments | 87 | ||||
NYSE [Member] | |||||
Narrative [Abstract] | |||||
Committed Equity Capital Contribution | 60 | ||||
Potential Equity Capital | $ 80 | $ 80 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||
Total revenues, less transaction-based expenses | $ 18 | $ 347 | ||
Compensation and benefits | 5 | 105 | ||
Technology and communication | 4 | 31 | ||
Professional services | 1 | 31 | ||
Rent and occupancy | 0 | 12 | ||
Acquisition-related transaction and integration costs | 7 | 103 | ||
Selling, general, administrative | 1 | 16 | ||
Depreciation and amortization | 0 | 16 | ||
Total operating expenses | 18 | 314 | ||
Operating income | 0 | 33 | ||
Other income, net | 0 | 5 | ||
Income tax expense | 10 | 27 | ||
Income from discontinued operations, net of tax | $ 0 | $ (10) | $ 0 | $ 11 |
Condensed Consolidating Finan57
Condensed Consolidating Financial Statements Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Current assets: | ||||
Cash and cash equivalents | $ 687 | $ 652 | $ 638 | $ 961 |
Intercompany receivable | 0 | 0 | ||
Margin deposits and guaranty funds | 46,308 | 47,458 | ||
Note receivable from affiliate, current | 0 | 0 | ||
Other current assets | 1,057 | 2,109 | ||
Total current assets | 48,052 | 50,219 | ||
Property and equipment, net | 904 | 874 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 16,160 | 16,315 | ||
Investment in subsidiaries | 0 | 0 | ||
Note receivable from affiliate, non-current | 0 | 0 | ||
Other non-current assets | 740 | 845 | ||
Total other non-current assets | 16,900 | 17,160 | ||
Total assets | 65,856 | 68,253 | ||
Current liabilities: | ||||
Short-term debt | 1,253 | 2,042 | ||
Margin deposits and guaranty funds | 46,308 | 47,458 | ||
Intercompany payable | 0 | 0 | ||
Notes payable to affiliates, current | 0 | 0 | ||
Other current liabilities | 897 | 1,013 | ||
Total current liabilities | 48,458 | 50,513 | ||
Non-current liabilities: | ||||
Long-term debt | 2,247 | 2,247 | ||
Notes payable to affiliates, non-current | 0 | 0 | ||
Other non-current liabilities | 2,741 | 2,936 | ||
Total non-current liabilities | 4,988 | 5,183 | ||
Total liabilities | 53,446 | 55,696 | ||
Redeemable non-controlling interest | 40 | 165 | ||
Equity: | ||||
Retained earnings | 3,863 | 3,210 | ||
Total shareholders' equity | 12,340 | 12,360 | ||
Non-controlling interest in consolidated subsidiaries | 30 | 32 | ||
Total equity | 12,370 | 12,392 | 12,381 | |
Total liabilities and equity | 65,856 | 68,253 | ||
ICE Group, Inc. (Parent) | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 6 | 12 | 2 |
Intercompany receivable | 3,094 | 2,793 | ||
Margin deposits and guaranty funds | 0 | 0 | ||
Note receivable from affiliate, current | 0 | 0 | ||
Other current assets | 5 | 60 | ||
Total current assets | 3,100 | 2,859 | ||
Property and equipment, net | 0 | 0 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | 14,432 | 13,682 | ||
Note receivable from affiliate, non-current | 0 | 0 | ||
Other non-current assets | 21 | 25 | ||
Total other non-current assets | 14,453 | 13,707 | ||
Total assets | 17,553 | 16,566 | ||
Current liabilities: | ||||
Short-term debt | 1,253 | 905 | ||
Margin deposits and guaranty funds | 0 | 0 | ||
Intercompany payable | 0 | 0 | ||
Notes payable to affiliates, current | 297 | 344 | ||
Other current liabilities | 43 | 30 | ||
Total current liabilities | 1,593 | 1,279 | ||
Non-current liabilities: | ||||
Long-term debt | 1,394 | 1,394 | ||
Notes payable to affiliates, non-current | 2,209 | 1,516 | ||
Other non-current liabilities | 17 | 17 | ||
Total non-current liabilities | 3,620 | 2,927 | ||
Total liabilities | 5,213 | 4,206 | ||
Redeemable non-controlling interest | 0 | 0 | ||
Equity: | ||||
Total shareholders' equity | 12,340 | 12,360 | ||
Non-controlling interest in consolidated subsidiaries | 0 | 0 | ||
Total equity | 12,340 | 12,360 | ||
Total liabilities and equity | 17,553 | 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 | 526 | 313 | ||
Other current assets | 4 | 1,173 | ||
Total current assets | 530 | 1,491 | ||
Property and equipment, net | 0 | 0 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | 9,750 | 9,572 | ||
Note receivable from affiliate, non-current | 2,981 | 2,790 | ||
Other non-current assets | 10 | 11 | ||
Total other non-current assets | 12,741 | 12,373 | ||
Total assets | 13,271 | 13,864 | ||
Current liabilities: | ||||
Short-term debt | 0 | 1,137 | ||
Margin deposits and guaranty funds | 0 | 0 | ||
Intercompany payable | 1,230 | 1,933 | ||
Notes payable to affiliates, current | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 1,230 | 3,070 | ||
Non-current liabilities: | ||||
Long-term debt | 853 | 853 | ||
Notes payable to affiliates, non-current | 701 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Total non-current liabilities | 1,554 | 853 | ||
Total liabilities | 2,784 | 3,923 | ||
Redeemable non-controlling interest | 0 | 0 | ||
Equity: | ||||
Total shareholders' equity | 10,487 | 9,941 | ||
Non-controlling interest in consolidated subsidiaries | 0 | 0 | ||
Total equity | 10,487 | 9,941 | ||
Total liabilities and equity | 13,271 | 13,864 | ||
Subsidiary Non-Guarantors | ||||
Current assets: | ||||
Cash and cash equivalents | 686 | 641 | 626 | 959 |
Intercompany receivable | 0 | 529 | ||
Margin deposits and guaranty funds | 46,308 | 47,458 | ||
Note receivable from affiliate, current | 9 | 31 | ||
Other current assets | 1,048 | 936 | ||
Total current assets | 48,051 | 49,595 | ||
Property and equipment, net | 904 | 874 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 16,160 | 16,315 | ||
Investment in subsidiaries | 0 | 0 | ||
Note receivable from affiliate, non-current | 2,909 | 1,516 | ||
Other non-current assets | 709 | 809 | ||
Total other non-current assets | 19,778 | 18,640 | ||
Total assets | 68,733 | 69,109 | ||
Current liabilities: | ||||
Short-term debt | 0 | 0 | ||
Margin deposits and guaranty funds | 46,308 | 47,458 | ||
Intercompany payable | 1,864 | 1,389 | ||
Notes payable to affiliates, current | 238 | 0 | ||
Other current liabilities | 854 | 1,043 | ||
Total current liabilities | 49,264 | 49,890 | ||
Non-current liabilities: | ||||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates, non-current | 2,980 | 2,790 | ||
Other non-current liabilities | 2,724 | 2,919 | ||
Total non-current liabilities | 5,704 | 5,709 | ||
Total liabilities | 54,968 | 55,599 | ||
Redeemable non-controlling interest | 40 | 165 | ||
Equity: | ||||
Total shareholders' equity | 13,695 | 13,313 | ||
Non-controlling interest in consolidated subsidiaries | 30 | 32 | ||
Total equity | 13,725 | 13,345 | ||
Total liabilities and equity | 68,733 | 69,109 | ||
Consolidating Adjustments | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Intercompany receivable | (3,094) | (3,322) | ||
Margin deposits and guaranty funds | 0 | 0 | ||
Note receivable from affiliate, current | (535) | (344) | ||
Other current assets | 0 | (60) | ||
Total current assets | (3,629) | (3,726) | ||
Property and equipment, net | 0 | 0 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | (24,182) | (23,254) | ||
Note receivable from affiliate, non-current | (5,890) | (4,306) | ||
Other non-current assets | 0 | 0 | ||
Total other non-current assets | (30,072) | (27,560) | ||
Total assets | (33,701) | (31,286) | ||
Current liabilities: | ||||
Short-term debt | 0 | 0 | ||
Margin deposits and guaranty funds | 0 | 0 | ||
Intercompany payable | (3,094) | (3,322) | ||
Notes payable to affiliates, current | (535) | (344) | ||
Other current liabilities | 0 | (60) | ||
Total current liabilities | (3,629) | (3,726) | ||
Non-current liabilities: | ||||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates, non-current | (5,890) | (4,306) | ||
Other non-current liabilities | 0 | 0 | ||
Total non-current liabilities | (5,890) | (4,306) | ||
Total liabilities | (9,519) | (8,032) | ||
Redeemable non-controlling interest | 0 | 0 | ||
Equity: | ||||
Total shareholders' equity | (24,182) | (23,254) | ||
Non-controlling interest in consolidated subsidiaries | 0 | 0 | ||
Total equity | (24,182) | (23,254) | ||
Total liabilities and equity | $ (33,701) | $ (31,286) |
Condensed Consolidating Finan58
Condensed Consolidating Financial Statements Condensed Consolidating Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Revenues: | |||||
Transaction and clearing fees, net | $ 795 | $ 712 | $ 2,331 | $ 2,202 | |
Market data fees | 209 | 170 | 614 | 502 | |
Listing Fees and Other Revenues | 147 | 128 | 435 | 385 | |
Total revenues | 1,151 | 1,010 | 3,380 | 3,089 | |
Transaction-based expenses | 335 | 265 | 917 | 797 | |
Total revenues, less transaction-based expenses | 816 | 745 | 2,463 | 2,292 | |
Operating expenses: | |||||
Compensation and benefits | 150 | 144 | 445 | 448 | |
Technology and communication | 49 | 45 | 147 | 135 | |
Professional services | 37 | 47 | 102 | 150 | |
Rent and occupancy | 14 | 19 | 45 | 61 | |
Acquisition-related transaction costs | 8 | 40 | 34 | 102 | |
Selling, general and administrative | 75 | 103 | 229 | 315 | |
Depreciation and amortization | 94 | 83 | 276 | 244 | |
Total operating expenses | 376 | 415 | 1,131 | 1,244 | |
Operating income | 440 | 330 | 1,332 | 1,048 | |
Interest expense, intercompany | 0 | 0 | |||
Other Operating Income (Expense), Net | (17) | (70) | |||
Total other expense, net | (17) | (17) | (70) | (53) | |
Income from continuing operations before income taxes | 423 | 313 | 1,262 | 995 | |
Income tax expense (benefit) | 113 | 90 | 340 | 284 | |
Equity earnings from subsidiaries | 0 | 0 | 0 | 0 | |
Income from continuing operations | 310 | 223 | 922 | 711 | |
Income from discontinued operations, net of tax | 0 | (10) | 0 | 11 | |
Net income (loss) | 310 | 213 | 922 | 722 | $ 1,016 |
Net income attributable to non-controlling interest | (4) | (7) | (18) | (29) | |
Net income (loss) attributable to ICE Group, Inc. | 306 | 206 | 904 | 693 | |
ICE Group, Inc. (Parent) | |||||
Revenues: | |||||
Transaction and clearing fees, net | 0 | 0 | 0 | 0 | |
Market data fees | 0 | 0 | 0 | 0 | |
Listing Fees and Other Revenues | 0 | 0 | 0 | 0 | |
Total revenues | 0 | 0 | 0 | 0 | |
Transaction-based expenses | 0 | 0 | 0 | 0 | |
Total revenues, less transaction-based expenses | 0 | 0 | 0 | 0 | |
Operating expenses: | |||||
Compensation and benefits | 0 | 0 | 1 | 1 | |
Technology and communication | 0 | 0 | 0 | 0 | |
Acquisition-related transaction costs | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 0 | 0 | 1 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Total operating expenses | 0 | 0 | 2 | 1 | |
Operating income | 0 | 0 | (2) | (1) | |
Interest expense, intercompany | (2) | (4) | |||
Other Operating Income (Expense), Net | (13) | (20) | |||
Total other expense, net | (15) | 8 | (24) | (16) | |
Income from continuing operations before income taxes | (15) | 8 | (26) | (17) | |
Income tax expense (benefit) | (16) | 8 | (19) | (6) | |
Equity earnings from subsidiaries | 305 | 206 | 911 | 704 | |
Income from continuing operations | 206 | 693 | |||
Income from discontinued operations, net of tax | 0 | 0 | |||
Net income (loss) | 306 | 206 | 904 | 693 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to ICE Group, Inc. | 306 | 206 | 904 | 693 | |
Subsidiary Guarantor - NYSE Euronext Holdings, LLC | |||||
Revenues: | |||||
Transaction and clearing fees, net | 0 | 0 | 0 | 0 | |
Market data fees | 0 | 0 | 0 | 0 | |
Listing Fees and Other Revenues | 0 | 0 | 0 | 0 | |
Total revenues | 0 | 0 | 0 | 0 | |
Transaction-based expenses | 0 | 0 | 0 | 0 | |
Total revenues, less transaction-based expenses | 0 | 0 | 0 | 0 | |
Operating expenses: | |||||
Compensation and benefits | 0 | 0 | 0 | 0 | |
Technology and communication | 0 | 0 | 0 | 0 | |
Acquisition-related transaction costs | 0 | 5 | 0 | 9 | |
Selling, general and administrative | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Total operating expenses | 0 | 5 | 0 | 9 | |
Operating income | 0 | (5) | 0 | (9) | |
Interest expense, intercompany | 9 | 28 | |||
Other Operating Income (Expense), Net | (17) | (50) | |||
Total other expense, net | (8) | (41) | (22) | (69) | |
Income from continuing operations before income taxes | (8) | (46) | (22) | (78) | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Equity earnings from subsidiaries | 120 | 81 | 288 | 457 | |
Income from continuing operations | 35 | 379 | |||
Income from discontinued operations, net of tax | 0 | 0 | |||
Net income (loss) | 112 | 35 | 266 | 379 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to ICE Group, Inc. | 112 | 35 | 266 | 379 | |
Subsidiary Non-Guarantors | |||||
Revenues: | |||||
Transaction and clearing fees, net | 795 | 712 | 2,331 | 2,202 | |
Market data fees | 209 | 170 | 614 | 502 | |
Listing Fees and Other Revenues | 147 | 128 | 435 | 385 | |
Total revenues | 1,151 | 1,010 | 3,380 | 3,089 | |
Transaction-based expenses | 335 | 265 | 917 | 797 | |
Total revenues, less transaction-based expenses | 816 | 745 | 2,463 | 2,292 | |
Operating expenses: | |||||
Compensation and benefits | 150 | 144 | 444 | 447 | |
Technology and communication | 49 | 45 | 147 | 135 | |
Acquisition-related transaction costs | 8 | 35 | 34 | 93 | |
Selling, general and administrative | 75 | 103 | 228 | 315 | |
Depreciation and amortization | 94 | 83 | 276 | 244 | |
Total operating expenses | 376 | 410 | 1,129 | 1,234 | |
Operating income | 440 | 335 | 1,334 | 1,058 | |
Interest expense, intercompany | (7) | (24) | |||
Other Operating Income (Expense), Net | 13 | 0 | |||
Total other expense, net | 6 | 16 | (24) | 32 | |
Income from continuing operations before income taxes | 446 | 351 | 1,310 | 1,090 | |
Income tax expense (benefit) | 129 | 82 | 359 | 290 | |
Equity earnings from subsidiaries | 0 | 0 | 0 | 0 | |
Income from continuing operations | 269 | 800 | |||
Income from discontinued operations, net of tax | (10) | 11 | |||
Net income (loss) | 317 | 259 | 951 | 811 | |
Net income attributable to non-controlling interest | (4) | (7) | (18) | (29) | |
Net income (loss) attributable to ICE Group, Inc. | 313 | 252 | 933 | 782 | |
Consolidating Adjustments | |||||
Revenues: | |||||
Transaction and clearing fees, net | 0 | 0 | 0 | 0 | |
Market data fees | 0 | 0 | 0 | 0 | |
Listing Fees and Other Revenues | 0 | 0 | 0 | 0 | |
Total revenues | 0 | 0 | 0 | 0 | |
Transaction-based expenses | 0 | 0 | 0 | 0 | |
Total revenues, less transaction-based expenses | 0 | 0 | 0 | 0 | |
Operating expenses: | |||||
Compensation and benefits | 0 | 0 | 0 | 0 | |
Technology and communication | 0 | 0 | 0 | 0 | |
Acquisition-related transaction costs | 0 | 0 | 0 | 0 | |
Selling, general and administrative | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Total operating expenses | 0 | 0 | 0 | 0 | |
Operating income | 0 | 0 | 0 | 0 | |
Interest expense, intercompany | 0 | 0 | |||
Other Operating Income (Expense), Net | 0 | 0 | |||
Total other expense, net | 0 | 0 | 0 | 0 | |
Income from continuing operations before income taxes | 0 | 0 | 0 | 0 | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Equity earnings from subsidiaries | (425) | (287) | (1,199) | (1,161) | |
Income from continuing operations | (287) | (1,161) | |||
Income from discontinued operations, net of tax | 0 | 0 | |||
Net income (loss) | (425) | (287) | (1,199) | (1,161) | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to ICE Group, Inc. | $ (425) | $ (287) | $ (1,199) | $ (1,161) |
Condensed Consolidating Finan59
Condensed Consolidating Financial Statements Condensed Consolidating Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||
Proceeds from Issuance Initial Public Offering | $ (60) | ||||
Net income | $ 310 | $ 213 | 922 | $ 722 | $ 1,016 |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | (36) | (278) | (17) | (194) | |
Change in fair value of available-for-sale-securities | (87) | (60) | (126) | 58 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | 0 | (2) | 0 | |
Discontinuance of Net Investment Hedge | 21 | ||||
Other comprehensive loss | (123) | (338) | (145) | (115) | $ (171) |
Comprehensive Income (Loss), Affiliates | 0 | 0 | 0 | 0 | |
Comprehensive income | 187 | (125) | 777 | 607 | |
Comprehensive income attributable to non-controlling interests | (4) | (7) | (18) | (29) | |
Comprehensive income attributable to ICE Group, Inc. | 183 | (132) | 759 | 578 | |
ICE Group, Inc. (Parent) | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Proceeds from Issuance Initial Public Offering | 0 | ||||
Net income | 306 | 206 | 904 | 693 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | |
Change in fair value of available-for-sale-securities | 0 | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | ||||
Discontinuance of Net Investment Hedge | 0 | ||||
Other comprehensive loss | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss), Affiliates | (123) | (51) | (145) | 1,046 | |
Comprehensive income | 183 | 155 | 759 | 1,739 | |
Comprehensive income attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to ICE Group, Inc. | 183 | 155 | 759 | 1,739 | |
Subsidiary Guarantor - NYSE Euronext Holdings, LLC | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Proceeds from Issuance Initial Public Offering | 0 | ||||
Net income | 112 | 35 | 266 | 379 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | (1) | 0 | 0 | 1 | |
Change in fair value of available-for-sale-securities | 0 | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | ||||
Discontinuance of Net Investment Hedge | 0 | ||||
Other comprehensive loss | (1) | 0 | 0 | 1 | |
Comprehensive Income (Loss), Affiliates | 9 | (100) | (5) | 331 | |
Comprehensive income | 120 | (65) | 261 | 711 | |
Comprehensive income attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to ICE Group, Inc. | 120 | (65) | 261 | 711 | |
Subsidiary Non-Guarantors | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Proceeds from Issuance Initial Public Offering | (60) | ||||
Net income | 317 | 259 | 951 | 811 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | (35) | (278) | (17) | (195) | |
Change in fair value of available-for-sale-securities | (87) | (60) | (126) | 58 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (2) | ||||
Discontinuance of Net Investment Hedge | 21 | ||||
Other comprehensive loss | (122) | (338) | (145) | (116) | |
Comprehensive Income (Loss), Affiliates | 0 | 0 | 0 | 0 | |
Comprehensive income | 195 | (79) | 806 | 695 | |
Comprehensive income attributable to non-controlling interests | (4) | (7) | (18) | (29) | |
Comprehensive income attributable to ICE Group, Inc. | 191 | (86) | 788 | 666 | |
Consolidating Adjustments | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Proceeds from Issuance Initial Public Offering | 0 | ||||
Net income | (425) | (287) | (1,199) | (1,161) | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | 0 | 0 | 0 | 0 | |
Change in fair value of available-for-sale-securities | 0 | 0 | 0 | 0 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | ||||
Discontinuance of Net Investment Hedge | 0 | ||||
Other comprehensive loss | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss), Affiliates | 114 | 151 | 150 | (1,377) | |
Comprehensive income | (311) | (136) | (1,049) | (2,538) | |
Comprehensive income attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to ICE Group, Inc. | $ (311) | $ (136) | $ (1,049) | $ (2,538) |
Condensed Consolidating Finan60
Condensed Consolidating Financial Statements Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 890 | $ 922 | |
Cash flows from investing activities: | |||
Increase in restricted cash | 14 | (105) | |
Cash paid for acquisitions, net of cash acquired | 0 | (150) | |
Proceeds for (Purchases of) Available for Sale Investments | 1,084 | (1,304) | |
Capital expenditures and capitalized software development costs | (192) | (107) | |
Net cash provided by (used in) investing activities | 846 | 489 | |
Cash flows from financing activities: | |||
Repayments of debt facilities and issuance costs for debt facilities | (681) | (768) | |
Repayments of debt facilities | (681) | (768) | |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (605) | (448) | $ 645 |
Payments to Acquire Additional Interest in Subsidiaries | (128) | (129) | |
Proceeds From (Payments For) Other Financing Activities, Condensed | (36) | (48) | |
Intercompany borrowing | 0 | 0 | |
Dividends to shareholders | (242) | (225) | |
Intercompany dividends | 0 | 0 | |
Net cash used in financing activities from continuing operations | (1,692) | (1,618) | |
Cash and cash equivalents from discontinued operations | 114 | ||
Effect of exchange rates on cash and cash equivalents | (9) | (2) | |
Net increase (decrease) in cash and cash equivalents | 35 | (323) | |
Cash and cash equivalents, beginning of period | 652 | 961 | 961 |
Cash and cash equivalents, end of period | 687 | 638 | 652 |
Payments for Loans to Subsidiaries and Affiliates | 0 | 0 | |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 0 | 2,155 | |
ICE Group, Inc. (Parent) | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 182 | 176 | |
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 | 0 | |
Capital expenditures and capitalized software development costs | 0 | 0 | |
Net cash provided by (used in) investing activities | (301) | 0 | |
Cash flows from financing activities: | |||
Repayments of debt facilities and issuance costs for debt facilities | 348 | (400) | |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (605) | (448) | |
Payments to Acquire Additional Interest in Subsidiaries | 0 | 0 | |
Proceeds From (Payments For) Other Financing Activities, Condensed | (33) | (30) | |
Intercompany borrowing | 646 | 937 | |
Dividends to shareholders | (242) | (225) | |
Intercompany dividends | 0 | 0 | |
Net cash used in financing activities from continuing operations | 114 | (166) | |
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) | 10 | |
Cash and cash equivalents, beginning of period | 6 | 2 | 2 |
Cash and cash equivalents, end of period | 1 | 12 | 6 |
Payments for Loans to Subsidiaries and Affiliates | 301 | 0 | |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 0 | ||
Subsidiary Guarantor - NYSE Euronext Holdings, LLC | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 346 | 347 | |
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 | 1,084 | 0 | |
Capital expenditures and capitalized software development costs | 0 | 0 | |
Net cash provided by (used in) investing activities | 680 | (108) | |
Cash flows from financing activities: | |||
Repayments of debt facilities and issuance costs for debt facilities | (1,029) | 0 | |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 0 | 0 | |
Payments to Acquire Additional Interest in Subsidiaries | 0 | 0 | |
Proceeds From (Payments For) Other Financing Activities, Condensed | 0 | 0 | |
Intercompany borrowing | (2) | (239) | |
Dividends to shareholders | 0 | 0 | |
Intercompany dividends | 0 | 0 | |
Net cash used in financing activities from continuing operations | (1,031) | (239) | |
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 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | 5 |
Payments for Loans to Subsidiaries and Affiliates | 404 | 108 | |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 0 | ||
Subsidiary Non-Guarantors | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 465 | 484 | |
Cash flows from investing activities: | |||
Increase in restricted cash | 14 | (105) | |
Cash paid for acquisitions, net of cash acquired | (150) | ||
Proceeds for (Purchases of) Available for Sale Investments | 0 | (1,304) | |
Capital expenditures and capitalized software development costs | (192) | (107) | |
Net cash provided by (used in) investing activities | (1,080) | (209) | |
Cash flows from financing activities: | |||
Repayments of debt facilities and issuance costs for debt facilities | 0 | (368) | |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 0 | 0 | |
Payments to Acquire Additional Interest in Subsidiaries | (128) | (129) | |
Proceeds From (Payments For) Other Financing Activities, Condensed | (3) | (18) | |
Intercompany borrowing | 903 | 108 | |
Dividends to shareholders | 0 | 0 | |
Intercompany dividends | (103) | (85) | |
Net cash used in financing activities from continuing operations | 669 | (492) | |
Cash and cash equivalents from discontinued operations | 114 | ||
Effect of exchange rates on cash and cash equivalents | (9) | (2) | |
Net increase (decrease) in cash and cash equivalents | 45 | (333) | |
Cash and cash equivalents, beginning of period | 641 | 959 | 959 |
Cash and cash equivalents, end of period | 686 | 626 | 641 |
Payments for Loans to Subsidiaries and Affiliates | 842 | 698 | |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 2,155 | ||
Consolidating Adjustments | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (103) | (85) | |
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 | 0 | |
Capital expenditures and capitalized software development costs | 0 | 0 | |
Net cash provided by (used in) investing activities | 1,547 | 806 | |
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 | 0 | |
Payments to Acquire Additional Interest in Subsidiaries | 0 | 0 | |
Proceeds From (Payments For) Other Financing Activities, Condensed | 0 | 0 | |
Intercompany borrowing | (1,547) | (806) | |
Dividends to shareholders | 0 | 0 | |
Intercompany dividends | 103 | 85 | |
Net cash used in financing activities from continuing operations | (1,444) | (721) | |
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 | 0 |
Cash and cash equivalents, end of period | 0 | 0 | $ 0 |
Payments for Loans to Subsidiaries and Affiliates | $ (1,547) | (806) | |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 0 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 2.77 | $ 1.90 | $ 8.13 | $ 5.96 |
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 | 185,000 | 157,000 |
Earnings Per Common Share (Reco
Earnings Per Common Share (Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income from continuing operations attributable to non-controlling interest | $ 310 | $ 223 | $ 922 | $ 711 |
Net income from continuing operations attributable to non-controlling interest | (4) | (7) | (18) | (29) |
Net income from continuing operations attributable to ICE Group | 306 | 216 | 904 | 682 |
Net income from discontinued operations attributable to ICE Group | 0 | (10) | 0 | 11 |
Net income (loss) attributable to ICE Group, Inc. | $ 306 | $ 206 | $ 904 | $ 693 |
Basic earnings (loss) per share attributable to ICE common shareholders: | ||||
Continuing operations | $ 2.77 | $ 1.90 | $ 8.13 | $ 5.96 |
Discontinued operations | 0 | (0.09) | 0 | 0.09 |
Basic earnings per share | $ 2.77 | $ 1.81 | $ 8.13 | $ 6.05 |
Basic weighted average common shares outstanding | 110 | 114 | 111 | 115 |
Diluted earnings (loss) per share attributable to ICE common shareholders: | ||||
Continuing operations | $ 2.76 | $ 1.89 | $ 8.10 | $ 5.93 |
Discontinued operations | 0 | (0.09) | 0 | 0.09 |
Diluted earnings per share | $ 2.76 | $ 1.80 | $ 8.10 | $ 6.02 |
Diluted weighted average common shares outstanding | 111 | 114 | 112 | 115 |
Effect of dilutive securities: | ||||
Effect of dilutive securities - stock options and restricted stock | 1 | 0 | 1 | 0 |
Subsequent Events (Details)
Subsequent Events (Details) - Scenario, Forecast [Member] - Interactive Data Holdings Corporation Acquisition [Member] shares in Millions | 3 Months Ended |
Dec. 31, 2015USD ($)shares | |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred | $ 5,200,000,000 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 6.5 |
Payments to Acquire Businesses, Gross | $ 3,650,000,000 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 1,550,000,000 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares, Incremental Available | shares | 2.2 |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 179.07 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 238.76 |