Document and Entity Information
Document and Entity Information Document - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
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, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 119,135,216 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 458 | $ 627 |
Short-term investments | 24 | 29 |
Short-term restricted cash and investments | 629 | 657 |
Customer accounts receivable, net of allowance for doubtful accounts of $2 at June 30, 2016 and December 31, 2015 | 789 | 700 |
Deposits Assets, Current | 49,832 | 51,169 |
Prepaid expenses and other current assets | 112 | 131 |
Total current assets | 51,844 | 53,313 |
Property and equipment, net | 1,080 | 1,037 |
Other noncurrent assets: | ||
Goodwill | 12,009 | 12,079 |
Other intangible assets, net | 10,359 | 10,758 |
Long-term restricted cash | 262 | 263 |
Long-term investments | 416 | 299 |
Other noncurrent assets | 23,372 | 23,637 |
Other noncurrent assets | 326 | 238 |
Total assets | 76,296 | 77,987 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 383 | 398 |
Section 31 Fees Payable, Current | 33 | 116 |
Accrued salaries and benefits | 182 | 215 |
Deferred revenue | 217 | 98 |
Current portion of long-term debt | 1,585 | 2,591 |
Deposit Liability, Current | 49,832 | 51,169 |
Other current liabilities | 122 | 156 |
Total current liabilities | 52,354 | 54,743 |
Non-current liabilities: | ||
Noncurrent deferred tax liability, net | 2,841 | 2,837 |
Accrued employee benefits | 454 | 478 |
Long-term debt | 4,720 | 4,717 |
Other noncurrent liabilities | 349 | 337 |
Total noncurrent liabilities | 8,364 | 8,369 |
Total liabilities | 60,718 | 63,112 |
Redeemable non-controlling interest | 34 | 35 |
Commitments and contingencies | ||
IntercontinentalExchange Group, Inc. shareholders’ equity: | ||
Preferred stock, $0.01 par value; 100 shares authorized; no shares issued or outstanding at June 30, 2016 and December 31, 2015 | 0 | 0 |
Common stock, $0.01 par value; 500 shares authorized; 126 shares issued at June 30, 2016 and December 31, 2015, and 119 shares outstanding at June 30, 2016 and December 31, 2015 | 1 | 1 |
Treasury stock, at cost; 7 shares at June 30, 2016 and December 31, 2015 | (1,499) | (1,448) |
Additional paid-in capital | 12,415 | 12,295 |
Retained earnings | 4,911 | 4,148 |
Accumulated other comprehensive loss | (316) | (188) |
Total IntercontinentalExchange Group, Inc. shareholders’ equity | 15,512 | 14,808 |
Non-controlling interest in consolidated subsidiaries | 32 | 32 |
Total equity | 15,544 | 14,840 |
Total liabilities and equity | $ 76,296 | $ 77,987 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets Parenthetical - USD ($) shares in Thousands, $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 5 | $ 2 |
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 | 126,000 | 126,000 |
Common Stock, Shares, Outstanding | 119,000 | 119,000 |
Treasury Stock, Shares | 7,000 | 7,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Clearing Fees Revenue | $ 777 | $ 831 | $ 2,566 | $ 2,414 |
Market Data Revenue | 489 | 209 | 1,463 | 614 |
Listing fees | 106 | 101 | 314 | 303 |
Other revenues | 44 | 46 | 131 | 132 |
Total revenues | 1,416 | 1,187 | 4,474 | 3,463 |
Transaction-based expenses: | ||||
Section 31 fees | 94 | 92 | 290 | 263 |
Cash liquidity payments, routing and clearing | 244 | 279 | 823 | 737 |
Total revenues, less transaction-based expenses | 1,078 | 816 | 3,361 | 2,463 |
Operating expenses: | ||||
Compensation and benefits | 236 | 150 | 708 | 445 |
Technology and communication | 93 | 49 | 277 | 147 |
Professional services | 32 | 37 | 101 | 102 |
Rent and occupancy | 17 | 14 | 52 | 45 |
Acquisition-related transaction and integration costs | 14 | 8 | 61 | 34 |
Selling, general and administrative | 31 | 24 | 83 | 82 |
Depreciation and amortization | 181 | 94 | 470 | 276 |
Total operating expenses | 604 | 376 | 1,752 | 1,131 |
Operating income | 474 | 440 | 1,609 | 1,332 |
Other income (expense): | ||||
Interest expense | (44) | (21) | (134) | (67) |
Other expense, net | 13 | 4 | 24 | (3) |
Other expense, net | (31) | (17) | (110) | (70) |
Income before income tax expense | 443 | 423 | 1,499 | 1,262 |
Income tax expense | 93 | 113 | 409 | 340 |
Net income | 350 | 310 | 1,090 | 922 |
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | (6) | (4) | (20) | (18) |
Net income attributable to IntercontinentalExchange Group, Inc. | $ 344 | $ 306 | $ 1,070 | $ 904 |
Basic earnings per share attributable to IntercontinentalExchange Group, Inc. common shareholders: | ||||
Basic earnings per share | $ 2.88 | $ 2.77 | $ 8.99 | $ 8.13 |
Diluted earnings per share attributable to IntercontinentalExchange Group, Inc. common shareholders: | ||||
Weighted Average Number of Shares Outstanding, Basic | 119,000,000 | 110,000,000 | 119,000,000 | 111,000,000 |
Diluted earnings per share | $ 2.86 | $ 2.76 | $ 8.93 | $ 8.10 |
Diluted weighted average common shares outstanding | 120,000,000 | 111,000,000 | 120,000,000 | 112,000,000 |
Dividend per share | $ 0.85 | $ 0.75 | $ 2.55 | $ 2.15 |
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, 2014 | $ 12,392 | $ 1 | $ (743) | $ 9,938 | $ 3,210 | $ (46) | $ 32 | $ 165 |
Beginning Balance, Shares at Dec. 31, 2014 | 116 | (3) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other comprehensive loss | (142) | (142) | ||||||
Exercise of common stock options | 19 | 19 | ||||||
Treasury Stock, Shares, Acquired | (3) | |||||||
Treasury Stock, Retired, Cost Method, Amount | (660) | $ (660) | ||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises, Shares | (1) | |||||||
Restricted Stock And Option Withholding Taxes Recorded As Net Settlement | (45) | $ (45) | ||||||
Stock-based compensation | 122 | 122 | ||||||
Issuance of restricted stock | 1 | |||||||
Tax benefits from stock option plans | 19 | 19 | ||||||
Adjustment to redemption value of redeemable non-controlling interest | (5) | (5) | 4 | |||||
Distributions of profits to non-controlling interest | (16) | (16) | 11 | |||||
Purchase of subsidiary shares from non-controlling interest | 128 | |||||||
Dividends paid to shareholders | (331) | |||||||
Net income attributable to non-controlling interest | (5) | (21) | 16 | 5 | ||||
Net income | 1,295 | 1,295 | ||||||
Ending Balance at Dec. 31, 2015 | $ 14,840 | $ 1 | $ (1,448) | 12,295 | 4,148 | (188) | 32 | 35 |
Ending Balance, Shares at Dec. 31, 2015 | 126 | 126 | (7) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Stock Issued During Period, Shares, Acquisitions | 9 | |||||||
Stock Issued During Period, Value, Acquisitions | $ 2,197 | $ 0 | 2,197 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Accumulated Other Comprehensive Income, Equity Method Investments, Net of Tax | 2 | |||||||
Foreign currency translation adjustments | (45) | |||||||
Fair value of available-for-sale securities | (26) | |||||||
Employee benefit plans adjustments | (119) | |||||||
Accumulated other comprehensive income | (188) | |||||||
Other comprehensive loss | (128) | (128) | ||||||
Exercise of common stock options | 20 | 20 | ||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises, Shares | 0 | |||||||
Restricted Stock And Option Withholding Taxes Recorded As Net Settlement | (51) | $ (51) | ||||||
Stock-based compensation | 100 | 100 | ||||||
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 0 | |||||||
Distributions of profits to non-controlling interest | (18) | (18) | 3 | |||||
Dividends paid to shareholders | 307 | (307) | ||||||
Net income attributable to non-controlling interest | (2) | (20) | 18 | 2 | ||||
Net income | 1,090 | 1,090 | ||||||
Ending Balance at Sep. 30, 2016 | $ 15,544 | $ 1 | $ (1,499) | $ 12,415 | $ 4,911 | $ (316) | $ 32 | $ 34 |
Ending Balance, Shares at Sep. 30, 2016 | 126 | 126 | (7) | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||
Accumulated Other Comprehensive Income, Equity Method Investments, Net of Tax | $ 2 | |||||||
Foreign currency translation adjustments | (290) | |||||||
Fair value of available-for-sale securities | 91 | |||||||
Employee benefit plans adjustments | (119) | |||||||
Accumulated other comprehensive income | $ (316) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Cash Flows [Abstract] | ||
Proceeds from term deposits and sales of available-for-sale investments | $ 0 | $ 1,084 |
Operating activities | ||
Net income | 1,090 | 922 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 470 | 276 |
Stock-based compensation | 90 | 79 |
Deferred taxes | 20 | (63) |
Amortization of Debt Discount (Premium) | 0 | (23) |
Other | 2 | (16) |
Changes in assets and liabilities: | ||
Customer accounts receivable | (88) | (62) |
Prepaid expenses and other current assets | (8) | (20) |
Income taxes payable | (83) | (106) |
Deferred revenue | 144 | 131 |
Other current and non-current liabilities | (129) | (228) |
Total adjustments | 418 | (32) |
Net cash provided by operating activities | 1,508 | 890 |
Investing activities | ||
Capital expenditures | (166) | (125) |
Capitalized software development costs | (88) | (67) |
Cash paid for equity method investment | (70) | (60) |
Increase in restricted cash and investments | 18 | 14 |
Net cash provide by (used in) investing activities | (306) | 846 |
Financing activities | ||
Proceeds from (repayments of) commercial paper, net | (1,006) | (681) |
Dividends to shareholders | (307) | (242) |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (51) | (42) |
Repurchases of common stock | 0 | (605) |
Distributions of profits to non-controlling interest | (21) | (24) |
Proceeds from (Payments for) Other Financing Activities | 19 | 30 |
Net cash used in financing activities | (1,366) | (1,692) |
Effect of exchange rate changes on cash and cash equivalents | (5) | (9) |
Net increase (decrease) in cash and cash equivalents | (169) | 35 |
Cash and cash equivalents, beginning of period | 627 | 652 |
Cash and cash equivalents, end of period | 458 | |
Supplemental cash flow disclosure | ||
Cash paid for income taxes | 362 | 419 |
Cash paid for interest | $ 89 | $ 91 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 350 | $ 310 | $ 1,090 | $ 922 | $ 1,295 |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments, net of tax (expense) benefit of $1 and $3 for the six months ended June 30, 2016 and 2015, respectively, and ($1) and ($1) for the three months ended June 30, 2016 and 2015, respectively | (46) | (36) | (245) | (17) | |
Change in fair value of available-for-sale securities | (12) | (87) | 117 | (126) | |
Comprehensive income | 292 | 187 | 962 | 777 | |
Comprehensive income attributable to non-controlling interest | (6) | (4) | (20) | (18) | |
Comprehensive income attributable to IntercontinentalExchange Group, Inc. | 286 | 183 | 942 | 759 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 0 | $ 0 | $ 0 | $ (2) |
Consolidated Statements of Com8
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Foreign currency translation adjustments, Tax | $ 1 | $ 3 |
Income tax expense | $ (409) | (340) |
Net Investment Hedging [Member] | ||
Income tax expense | $ 0 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 30, 2016 | |
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, listing and clearing a broad array of derivatives and securities contracts across major asset classes, including energy and agricultural commodities, interest rates, equities, equity derivatives, exchange traded funds, credit derivatives, bonds and currencies. We offer end-to-end market data services to support the trading, investment, risk management and connectivity needs of customers across virtually all asset classes. Our exchanges include futures exchanges in the United States, or U.S., United Kingdom, or U.K., Continental Europe, Canada and Singapore, and cash equities, equity options and bond exchanges in the U.S. We also operate over-the-counter, or OTC, markets for physical energy and credit default swaps, or CDS, trade execution. To serve global derivatives markets, we operate central counterparty clearing houses in the U.S., U.K., Continental Europe, Canada and Singapore (Note 9). We offer a range of data and connectivity services to customers in global financial and commodity markets, including fixed income pricing and reference data, analytics, feeds, desktops and connectivity solutions. Through our markets, clearing houses, listings and data services, we provide end-to-end solutions for our customers through liquid markets, benchmark products, access to capital markets, information, and a range of related services to support their ability to manage risk and raise capital. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015 . 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, 2016 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. New and Recently Adopted Accounting Pronouncements In January 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. ASU 2016-01 provides updated guidance for the recognition, measurement, presentation, and disclosure of certain financial assets and liabilities, including the requirement that equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. On the adoption of ASU 2016-01, changes in the fair value of our equity investment in Cetip, S.A., or Cetip, will no longer be reflected in accumulated other comprehensive income but will be recognized in net income. As of September 30, 2016 , our investment in Cetip included an accumulated unrealized gain of $91 million (Note 10). During the nine and three months ended September 30, 2016 , the change in the fair value of the Cetip investment was an increase of $117 million and a decrease of $12 million , respectively. Once adopted, such fair value changes will be reported as other income (expense) under ASU 2016-01. We are currently evaluating this guidance to determine any additional potential impact on our consolidated financial statements upon adoption. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases, or ASU 2016-02. ASU 2016-02 requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating this guidance to determine the potential impact on our consolidated financial statements and whether we will adopt this guidance early. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting , or ASU 2016-09. ASU 2016-09 provides updated guidance for the recognition, measurement, presentation, and disclosure of certain components of stock compensation. The guidance includes the recognition of all excess tax benefits/deficiencies in the statement of income and classification as operating activities within the statement of cash flows, as well as the option to account for forfeitures based on awards expected to vest or as they occur. ASU 2016-09 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. We decided to adopt ASU 2016-09 early as of January 1, 2016 on a prospective basis. As a result, for the nine and three months ended September 30, 2016 , we recorded $13 million and $1 million, respectively, in excess tax benefits within our consolidated statements of income. No other terms of the adopted guidance resulted in any significant impact on our consolidated financial statements. Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s financial statement presentation. For the nine and three months ended September 30, 2015 , we reclassified $83 million and $36 million , respectively, of transaction based expenses in transaction and clearing revenues, net to transaction based expenses for consistency of how we report our cash equities markets. The amounts reclassified to transaction based expenses relate to equity options markets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 (in millions): Goodwill balance at December 31, 2015 $ 12,079 Foreign currency translation (96 ) Other activity, net 26 Goodwill balance at September 30, 2016 $ 12,009 The following is a summary of the activity in the other intangible assets balance for the nine months ended September 30, 2016 (in millions): Other intangible assets balance at December 31, 2015 $ 10,758 Foreign currency translation (114 ) Creditex customer relationship intangible asset impairment (33 ) Other activity, net (7 ) Amortization of other intangible assets (245 ) Other intangible assets balance at September 30, 2016 $ 10,359 The foreign currency translation adjustments in the tables above resulted from a portion of our goodwill and other intangible assets being held at our U.K., Continental European and Canadian subsidiaries, some of whose functional currencies are not the U.S. dollar. The foreign currency translation decrease for the nine months ended September 30, 2016 is primarily due to certain of our goodwill and intangible assets being recorded in pounds sterling, which decreased in value due to the weakening pound sterling exchange rate following the U.K. referendum vote in June 2016 to leave the European Union. The changes in other activity, net in the tables above primarily relate to adjustments to the fair value of the net tangible and identifiable intangible assets and liabilities relating to the Interactive Data acquisition, with a corresponding adjustment to goodwill (Note 3). In August 2016, we sold certain of Creditex’s U.S. voice brokerage operations to Tullett Prebon. During the third quarter of 2016, we discontinued Creditex’s U.K. voice brokerage operations. We continue to operate Creditex’s electronically traded markets and systems, post-trade connectivity platforms and intellectual property. We continued to monitor potential triggering events in our CDS trade execution business during 2016, including the impacts of divesting the brokerage business, changes in the business and regulatory climate in which the remaining business operates, the volatility in the capital markets, our recent operating performance and our current financial projections. Based on an analysis of these factors, it was determined that the carrying value of the Creditex customer relationship intangible asset was not fully recoverable and an impairment of the asset was recorded in September 2016 for $33 million based on a discounted cash flow calculation. The impairment was recorded as amortization expense within our trading and clearing segment in the accompanying consolidated statements of income for the nine and three months ended September 30, 2016. As of September 30, 2016, the remaining Creditex customer relationship intangible asset is $15 million and will continue to be amortized over the remaining useful life through August 2020. |
Deferred Revenue Deferred Reven
Deferred Revenue Deferred Revenue | 9 Months Ended |
Sep. 30, 2016 | |
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 $334 million as of September 30, 2016 , including $217 million in current deferred revenue and $117 million in non-current deferred revenue. The changes in our deferred revenue during the nine months ended September 30, 2016 are as follows (in millions): Annual Listings Revenue Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Total Deferred revenue balance at December 31, 2015 $ — $ 50 $ 59 $ 81 $ 190 Additions 363 15 57 353 788 Amortization (274 ) (7 ) (33 ) (330 ) (644 ) Deferred revenue balance at September 30, 2016 $ 89 $ 58 $ 83 $ 104 $ 334 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our total debt, including short-term and long-term debt, consisted of the following as of September 30, 2016 and December 31, 2015 (in millions): As of As of Debt: Commercial Paper $ 1,585 $ 2,591 Short-term debt 1,585 2,591 NYSE USD Notes (2.00% senior unsecured notes due October 5, 2017) 851 852 2018 Senior Notes (2.50% senior unsecured notes due October 15, 2018) 597 597 2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020) 1,241 1,239 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) 790 789 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,241 1,240 Long-term debt 4,720 4,717 Total debt $ 6,305 $ 7,308 Credit Facility We have entered into a $3.0 billion senior unsecured revolving credit facility, or the Credit Facility, with a maturity date of November 13, 2020. The Credit Facility includes an option for us to propose an increase in the aggregate amount available for borrowing by up to $1.0 billion , subject to the consent of the lenders funding the increase and certain other conditions. On November 13, 2015, we utilized this option to increase the amount of the Credit Facility to $3.4 billion . The commitments under the Credit Facility will automatically reduce to $2.95 billion on April 3, 2019. No amounts were outstanding under the Credit Facility as of September 30, 2016 . Of the $3.4 billion that is currently available for borrowing under the Credit Facility, $1.6 billion is required to back-stop the amount outstanding under our Commercial Paper Program as of September 30, 2016 . The amount required to back-stop the amounts outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $1.8 billion available under the Credit Facility as of September 30, 2016 is available to us to use for working capital and general corporate purposes including, but not limited to, acting as a back-stop to future increases in the amounts outstanding under the Commercial Paper Program. 364 Day Facility In November 2015, we entered into a $500 million 364 day senior unsecured revolving credit facility, or the 364 Day Facility. The amounts available under the 364 Day Facility are available for use by us for working capital and general corporate purposes, but specifically excluding any use to back-stop amounts issued under the Commercial Paper Program. The amounts available to us under the 364 Day Credit Facility were reduced to $375 million on May 13, 2016 and $250 million on August 13, 2016. No amounts were outstanding under the 364 Day Facility as of September 30, 2016 . Commercial Paper Program We have entered into a U.S. dollar commercial paper program, or the Commercial Paper Program. Our Commercial Paper Program is currently backed by the borrowing capacity available under the 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 $1.6 billion with original maturities ranging from 1 to 89 days were outstanding as of September 30, 2016 under our Commercial Paper Program. As of September 30, 2016 , the weighted average interest rate on the $1.6 billion outstanding under our Commercial Paper Program was 0.55% per annum, with a weighted average maturity of 25 days. We repaid $1.0 billion of the amounts outstanding under the Commercial Paper Program during the nine months ended September 30, 2016 using cash flows from operations and a portion of our unrestricted cash balances. On October 3, 2016, we borrowed $431 million in commercial paper to fund the purchase price of the SPSE and Credit Market Analysis acquisitions (Note 3). Senior Notes In November 2015, we issued $2.5 billion in aggregate senior notes, including $1.25 billion principal amount of 2.75% senior unsecured fixed rate notes due November 2020, or the 2020 Senior Notes, and $1.25 billion principal amount of 3.75% senior unsecured fixed rate notes due November 2025, or the 2025 Senior Notes. We used the net proceeds from the 2020 Senior Notes and 2025 Senior Notes offering, together with $1.6 billion of borrowings under our Commercial Paper Program, to finance the $4.1 billion cash portion of the purchase price of the acquisition of Interactive Data (Note 3). In October 2013, we issued $600 million principal amount of 2.50% senior unsecured fixed rate notes due October 2018, or the 2018 Senior Notes, and $800 million principal amount of 4.00% senior unsecured fixed rate notes due October 2023, or the 2023 Senior Notes. NYSE Notes In connection with our acquisition on November 13, 2013 of NYSE Euronext, which we refer to as NYSE following the initial public offering and sale of Euronext in 2014, we 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 ( $1.1 billion ) of 5.375% senior unsecured fixed rate notes that were 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 sale of Euronext. During the nine months ended September 30, 2015 , the amortization of the increase in the fair value of the NYSE Notes that was recorded in connection with the NYSE acquisition purchase accounting was $23 million . No significant amortization expenses were recorded after the repayment of the NYSE EUR Notes. |
Equity
Equity | 9 Months Ended |
Sep. 30, 2016 | |
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 $90 million and $79 million for the nine months ended September 30, 2016 and 2015 , respectively, and $30 million and $32 million for the three months ended September 30, 2016 and 2015 , respectively. Stock Option Plans The following is a summary of stock options for the nine months ended September 30, 2016 : Number of Options Weighted Average Outstanding at December 31, 2015 774,551 $ 159.66 Granted 150,323 250.07 Exercised (135,048 ) 146.26 Outstanding at September 30, 2016 789,826 179.16 Details of stock options outstanding as of September 30, 2016 are as follows: Number of Options Weighted Average Weighted Average Aggregate Vested or expected to vest 789,826 $ 179.16 6.8 $ 71 Exercisable 544,367 $ 154.58 5.9 $ 62 The total intrinsic value of stock options exercised during the nine months ended September 30, 2016 and 2015 were $15 million and $19 million , respectively, and $5 million for both the three months ended September 30, 2016 and 2015 . As of September 30, 2016 , 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 1.8 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, 2016 and 2015 , 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: 2016 2015 Risk-free interest rate 1.51 % 1.08 % Expected life in years 5.0 5.0 Expected volatility 24 % 24 % Expected dividend yield 1.36 % 1.25 % Estimated weighted-average fair value of options granted per share $ 49.39 $ 40.94 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 2016, we reserved a maximum of 330,924 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, 2016. The maximum compensation expense to be recognized under these performance-based restricted shares is $80 million if the maximum financial performance target is met and all 330,924 shares vest. The compensation expense to be recognized under these performance-based restricted shares will be $39 million if the target financial performance is met, which would result in 165,462 shares vesting. These restricted shares are also subject to a market condition that could reduce the number of shares that are ultimately granted. We will recognize expense on an accelerated basis over the three -year vesting period based on our quarterly assessment of the probable 2016 actual financial performance as compared to the 2016 financial performance targets. As of September 30, 2016 , we determined that it is probable that the financial performance level will be at target for 2016 . Based on this assessment, we recorded non-cash compensation expense of $17 million and $6 million for the nine and three months ended September 30, 2016 , respectively, related to these shares and the remaining $22 million in non-cash compensation expense will be recorded on an accelerated basis over the remaining vesting period, including $7 million of which will be recorded over the remainder of 2016 . The following is a summary of the non-vested restricted shares for the nine months ended September 30, 2016 : Number of Weighted Average Non-vested at December 31, 2015 1,254,235 $ 199.44 Granted 614,479 249.43 Vested (476,581) 188.73 Forfeited (66,266) 227.27 Non-vested at September 30, 2016 1,325,867 225.54 Restricted stock shares granted in the table above include both time-based and performance-based grants. Performance-based shares have been presented 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, 2016 , there were $147 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 1.4 years as the restricted stock vests. These unrecognized compensation costs assume that a target performance level will be met on the performance-based restricted shares granted in January 2016. During the nine months ended September 30, 2016 and 2015 , the total fair value of restricted stock vested under all restricted stock plans was $120 million and $91 million , respectively. Stock Repurchase Program During the nine months ended September 30, 2015, we repurchased 2,635,974 shares of our common stock for $605 million under a stock repurchase plan. In connection with our acquisition of Interactive Data during the fourth quarter of 2015, we suspended our stock repurchase plan and that plan expired shortly thereafter. We did not repurchase any of our outstanding common stock during the nine months ended September 30, 2016 . We recorded the receipt of the shares repurchased as treasury stock. The timing and extent of future repurchases, that are not made pursuant to a Rule 10b5-1 trading plan will be at our discretion and will depend upon many conditions. Our management and board of directors periodically review whether or not to be active in repurchasing our stock. In making a determination regarding any stock repurchases, we consider multiple factors. The factors may include: overall stock market conditions, our common stock price movements, the remaining amount authorized for repurchases by our board of directors, the potential impact of a stock repurchase program on our corporate debt ratings, our expected free cash flow and working capital needs, our current and future planned strategic growth initiatives, and other potential uses of our cash and capital resources. In August 2016, our board of directors approved an aggregate of $1.0 billion for future repurchases of our common stock with no fixed expiration date, subject to applicable laws and regulations. Repurchases may be made from time to time on the open market, through established plans, in privately-negotiated transactions or otherwise, in accordance with all applicable securities laws, rules and regulations. We have entered into a Rule 10b5-1 trading plan to govern some or all of the repurchases of our shares of common stock, and we began to repurchase shares in October 2016. We may discontinue the stock repurchases at any time and may terminate the Rule 10b5-1 trading plan at any time. The approval of our board of directors for the share repurchases does not obligate us to acquire any particular amount of our common stock. In addition, our board of directors may increase or decrease the amount of capacity we have for repurchases from time to time. Stock Split In August 2016, our board of directors approved pursuing an effective 5-for-1 split of ICE’s common stock that would be distributed in the form of a four share stock dividend per share of common stock, subject to both SEC and stockholder approval of an amendment and restatement to our Certificate of Incorporation to increase our authorized shares of common stock and capital stock. We received SEC approval on September 29, 2016 and stockholder approval on October 12, 2016 for the adoption of an amendment and restatement of our Certificate of Incorporation. Our board of directors, through a designated dividend committee, declared a 5-for-1 stock split of our common stock in the form of a stock dividend on October 12, 2016. Stockholders of record as of the close of market on October 27, 2016 will receive four additional shares for each share of ICE common stock held on such record date. The new shares will be payable on November 3, 2016 and our common stock is expected to begin trading on a split-adjusted basis on November 4, 2016. As previously announced, we retired all of our outstanding treasury shares effective upon the October 27, 2016 record date. Treasury Stock During the nine months ended September 30, 2016 and 2015 , we received 208,091 shares and 194,696 shares, respectively, of common stock from certain of our employees related to tax withholdings made by us on our employee’s behalf for restricted stock and stock option exercises. We recorded the receipt of the shares as treasury stock. Treasury stock activity is presented in the accompanying consolidated statements of changes in equity, accumulated other comprehensive loss and redeemable non-controlling interest. In connection with the record date for the 5-for-1 stock split on October 27, 2016, all shares of common stock held by us as treasury shares were canceled and extinguished. Therefore, as of the close of market on October 27, 2016, all 7,054,703 outstanding treasury stock shares were retired. In connection with the retirement, of the $1.5 billion value assigned to the treasury stock shares, $1.1 billion was allocated to additional paid-in capital and $371 million was allocated to retained earnings. The amount allocated to additional paid-in capital was determined based on the paid-in capital per share generated from the historical issuances of these treasury shares. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate was 27% for both the nine months ended September 30, 2016 and 2015 and 21% and 27% for the three months ended September 30, 2016 and 2015 , respectively. The effective tax rates for the nine and three months ended September 30, 2016 and 2015 were lower than the federal statutory rate primarily due to favorable tax law changes and favorable foreign income tax rate differentials, partially offset by state income taxes. The favorable foreign income tax rate differential results primarily from lower tax rates in the U.K. During the third quarter of 2016, the U.K. reduced their corporate income tax rate from 18% to 17% effective April 1, 2020, which resulted in a deferred tax benefit. The impact of the deferred tax benefit for the nine and three months ended September 30, 2016 lowered the effective tax rates by 2 percentage points and 8 percentage points, respectively. The decrease in the effective tax rate for the three months ended September 30, 2016 , from the comparable period in 2015, is primarily due to the deferred tax benefit associated with the future U.K. income tax rate reduction. However, the effective tax rates for the nine months ended September 30, 2016 and 2015 remained consistent due to favorable tax law changes in both periods. Our non-U.S. subsidiaries had $3.5 billion in cumulative undistributed earnings as of September 30, 2016 . 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, 2016 | |
Brokers and Dealers [Abstract] | |
Clearing Organizations | Clearing Organizations We operate regulated central counterparty clearing houses for the settlement and clearance of derivative contracts. The clearing houses include ICE Clear Europe, ICE Clear Credit, ICE Clear U.S., ICE Clear Canada, ICE Clear Netherlands and ICE Clear Singapore (referred to herein collectively as the “ICE Clearing Houses”). • ICE Clear Europe performs the clearing and settlement for all futures and options contracts traded through ICE Futures Europe and ICE Endex, for energy futures and options contracts trading through ICE Futures U.S., and for CDS contracts submitted for clearing in Europe. • ICE Clear Credit performs the clearing and settlement for CDS contracts submitted for clearing in North America. • ICE Clear U.S. performs the clearing and settlement of agricultural, metals, currencies and financial futures and options contracts traded through ICE Futures U.S. • ICE Clear Canada performs the clearing and settlement for all futures and options contracts traded through ICE Futures Canada. • ICE Clear Netherlands offers clearing for The Order Machine, a multi-lateral trading facility for equity options. • ICE Clear Singapore performs the clearing and settlement for all futures and options contracts traded through ICE Futures Singapore. 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 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. 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, 2016 and December 31, 2015 , the ICE Clearing Houses have received or have been pledged $91.2 billion and $87.2 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 $150 million , $50 million and $50 million in cash to the ICE Clear Europe, ICE Clear Credit and ICE Clear U.S. guaranty funds, respectively, as of September 30, 2016 , 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 $250 million combined contributions to the guaranty funds as of September 30, 2016 and December 31, 2015 are included in long-term restricted cash in the accompanying consolidated balance sheets. As of September 30, 2016 , our cash margin deposits and guaranty fund 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 $ 25,617 $ 14,726 $ 4,669 $ 170 $ 45,182 Guaranty fund 2,585 1,751 303 11 4,650 Total $ 28,202 $ 16,477 $ 4,972 $ 181 $ 49,832 As of December 31, 2015 , our cash margin deposits and guaranty fund 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 $ 28,454 $ 13,750 $ 3,882 $ 159 $ 46,245 Guaranty fund 2,589 2,011 311 13 4,924 Total $ 31,043 $ 15,761 $ 4,193 $ 172 $ 51,169 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 and securities 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 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. Of the cash held by the ICE Clearing Houses, as of September 30, 2016 , $38.7 billion is secured in reverse repurchase agreements with primarily overnight maturities or direct investment in government securities. 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. ICE Clear Credit held $7.5 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, 2016 . The remaining cash deposits at the ICE Clearing Houses are held in demand deposit accounts at large, highly rated financial institutions and directly in U.S. Treasury securities with original maturities of less than 12 months. 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 include government obligations, and may include other non-cash collateral such as certain agency and corporate debt 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, 2016 and December 31, 2015 , 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, 2016 As of December 31, 2015 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 $ 23,407 $ 5,998 $ 10,914 $ 33 $ 21,690 $ 4,989 $ 8,161 $ 97 Other — — — 393 — — — 381 Total $ 23,407 $ 5,998 $ 10,914 $ 426 $ 21,690 $ 4,989 $ 8,161 $ 478 Guaranty fund: Government securities at face value $ 263 $ 178 $ 156 $ 31 $ 267 $ 229 $ 158 $ 61 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
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. 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 supplemental executive retirement and the supplemental executive savings plans. Financial assets and liabilities recorded in the accompanying consolidated balance sheets as of September 30, 2016 and December 31, 2015 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, 2016 and December 31, 2015 are as follows (in millions): As of September 30, 2016 As of December 31, 2015 Level 1 Level 2 and 3 Total Level 1 Level 2 and 3 Total Assets at fair value: Long-term investment in equity securities $ 416 $ — $ 416 $ 299 $ — $ 299 U.S. Treasury securities 503 — 503 449 — 449 Mutual Funds 24 — 24 29 — 29 Total assets at fair value $ 943 $ — $ 943 $ 777 $ — $ 777 As of September 30, 2016 , the fair value of our $1.24 billion 2020 Senior Notes was $1.30 billion , the fair value of our $1.24 billion 2025 Senior Notes was $1.36 billion , the fair value of our $851 million NYSE USD Notes was $857 million , the fair value of our $790 million 2023 Senior Notes was $882 million , and the fair value of our $597 million 2018 Senior Notes was $615 million . The fair values of these fixed rate notes were estimated using quoted market prices for these instruments. The fair value of our commercial paper approximates the carrying value since the rates of interest on this short-term debt approximate market rates as of September 30, 2016 . All other financial instruments are determined to approximate carrying value due to the short period of time to their maturities. The long-term investment in equity securities represents our investment in Cetip, which is recorded as an available-for-sale investment, and is recorded and held in Brazilian reais. Cetip was valued at $416 million as of September 30, 2016 , using its quoted market price. Changes in the fair value of the Cetip investment are currently reflected in accumulated other comprehensive income (loss) and do not impact earnings, except to the extent that unrealized losses are deemed to be other than temporary (Note 2). As of September 30, 2016 , we had an accumulated unrealized gain related to this investment of $91 million . In April 2016, Cetip and BM&FBOVESPA in Brazil entered into a merger agreement. Consummation of the merger remains subject to approval by the regulatory bodies of the Central Bank of Brazil, the Securities and Exchange Commission of Brazil and Brazil’s Council for Economic Defense. The proposed merger values Cetip at R$45.69 per share based upon the September 30, 2016 BM&FBOVESPA closing stock price. Under the terms of the merger agreement, Cetip shareholders will receive a combination of cash ( 75% ) and BM&FBOVESPA stock ( 25% ). Given that a portion of the purchase price consists of BM&FBOVESPA stock, the merger agreement includes an adjustment mechanism that provides for a stock valuation based on the BM&FBOVESPA average trading price during the 30 trading days preceding the last required regulatory approval, with a minimum stock valuation of R$42.00 per share and a maximum stock valuation of R$48.51 per share. As of September 30, 2016 , we held $503 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, $1 million were recorded as cash and cash equivalents, $352 million were recorded as short-term restricted cash and investments and $150 million were recorded as long-term restricted cash and investments in the accompanying consolidated balance sheet as of September 30, 2016 . All of the U.S. Treasury securities recorded as cash and cash equivalents have original maturities of less than 90 days. We did not use Level 2 and 3 inputs to determine the fair value of assets or liabilities measured at fair value on a recurring basis as of September 30, 2016 or December 31, 2015 . 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, 2016 and December 31, 2015 , none of these assets were required to be recorded at fair value since no impairment indicators were present. |
Condensed Consolidating Financi
Condensed Consolidating Financial Statements | 9 Months Ended |
Sep. 30, 2016 | |
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 entity’s existing indebtedness. NYSE Holdings is our 100% owned subsidiary and fully and unconditionally guarantees, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of our senior notes. Similarly, ICE fully and unconditionally guarantees, on an unsecured and unsubordinated basis, the payment of principal, premium, if any, and interest of the NYSE USD Notes. The guarantees will remain in place until the NYSE USD Notes mature in October 2017. The following consolidating financial information sets forth, under the equity method of accounting, the condensed consolidating statements of income and comprehensive income, the condensed consolidating balance sheets, and the condensed consolidating statements of cash flows for (i) ICE (Parent); (ii) NYSE 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, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 1 $ — $ 457 $ — $ 458 Intercompany receivable 2,694 — 512 (3,206 ) — Margin deposits and guaranty funds — — 49,832 — 49,832 Notes receivable from affiliate, current — 597 — (597 ) — Other current assets 2 — 1,552 — 1,554 Total current assets 2,697 597 52,353 (3,803 ) 51,844 Property and equipment, net — — 1,080 — 1,080 Other non-current assets: Goodwill and other intangible assets, net — — 22,368 — 22,368 Investment in subsidiaries 22,062 14,180 — (36,242 ) — Notes receivable from affiliate, non-current 620 5,404 5,573 (11,597 ) — Other non-current assets 95 10 899 — 1,004 Total other non-current assets 22,777 19,594 28,840 (47,839 ) 23,372 Total assets $ 25,474 $ 20,191 $ 82,273 $ (51,642 ) $ 76,296 Current liabilities: Short-term debt $ 1,585 $ — $ — $ — $ 1,585 Margin deposits and guaranty funds — — 49,832 — 49,832 Intercompany payable — 3,206 — (3,206 ) — Notes payable to affiliates, current 281 — 316 (597 ) — Other current liabilities 59 — 878 — 937 Total current liabilities 1,925 3,206 51,026 (3,803 ) 52,354 Non-current liabilities: Long-term debt 3,869 851 — — 4,720 Notes payable to affiliates, non-current 4,164 1,409 6,024 (11,597 ) — Other non-current liabilities 4 — 3,640 — 3,644 Total non-current liabilities 8,037 2,260 9,664 (11,597 ) 8,364 Total liabilities 9,962 5,466 60,690 (15,400 ) 60,718 Redeemable non-controlling interest — — 34 — 34 Equity: Total shareholders’ equity 15,512 14,725 21,517 (36,242 ) 15,512 Non-controlling interest in consolidated subsidiaries — — 32 — 32 Total equity 15,512 14,725 21,549 (36,242 ) 15,544 Total liabilities and equity $ 25,474 $ 20,191 $ 82,273 $ (51,642 ) $ 76,296 Intercontinental Exchange, Inc. Condensed Consolidating Balance Sheets As of December 31, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 1 $ — $ 626 $ — $ 627 Intercompany receivable 3,176 — — (3,176 ) — Margin deposits and guaranty funds — — 51,169 — 51,169 Note receivable from affiliate, current — 705 77 (782 ) — Other current assets 5 — 1,512 — 1,517 Total current assets 3,182 705 53,384 (3,958 ) 53,313 Property and equipment, net — — 1,037 — 1,037 Other non-current assets: Goodwill and other intangible assets, net — — 22,837 — 22,837 Investment in subsidiaries 21,120 9,840 — (30,960 ) — Note receivable from affiliate, non-current — 3,128 3,370 (6,498 ) — Other non-current assets 20 10 770 — 800 Total other non-current assets 21,140 12,978 26,977 (37,458 ) 23,637 Total assets $ 24,322 $ 13,683 $ 81,398 $ (41,416 ) $ 77,987 Current liabilities: Short-term debt $ 2,591 $ — $ — $ — $ 2,591 Margin deposits and guaranty funds — — 51,169 — 51,169 Intercompany payable — 1,784 1,392 (3,176 ) — Notes payable to affiliates, current 358 — 424 (782 ) — Other current liabilities 36 — 947 — 983 Total current liabilities 2,985 1,784 53,932 (3,958 ) 54,743 Non-current liabilities: Long-term debt 3,865 852 — — 4,717 Notes payable to affiliates, non-current 2,629 741 3,128 (6,498 ) — Other non-current liabilities 35 — 3,617 — 3,652 Total non-current liabilities 6,529 1,593 6,745 (6,498 ) 8,369 Total liabilities 9,514 3,377 60,677 (10,456 ) 63,112 Redeemable non-controlling interest — — 35 — 35 Equity: Total shareholders’ equity 14,808 10,306 20,654 (30,960 ) 14,808 Non-controlling interest in consolidated subsidiaries — — 32 — 32 Total equity 14,808 10,306 20,686 (30,960 ) 14,840 Total liabilities and equity $ 24,322 $ 13,683 $ 81,398 $ (41,416 ) $ 77,987 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Nine Months Ended September 30, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 2,566 $ — $ 2,566 Data services — — 1,463 — 1,463 Listings and other revenues — — 445 — 445 Revenues — — 4,474 — 4,474 Transaction-based expenses — — 1,113 — 1,113 Revenues, less transaction-based expenses — — 3,361 — 3,361 Operating expenses: Compensation and benefits 1 — 707 — 708 Technology and communication — — 277 — 277 Acquisition-related transaction and integration costs — — 61 — 61 Selling, general, administrative and other 1 — 235 — 236 Depreciation and amortization — — 470 — 470 Operating expenses 2 — 1,750 — 1,752 Operating income (loss) (2 ) — 1,611 — 1,609 Intercompany interest on loans (13 ) 32 (19 ) — — Other income (expense), net (113 ) (12 ) 15 — (110 ) Total other income (expense), net (126 ) 20 (4 ) — (110 ) Income (loss) before income taxes (128 ) 20 1,607 — 1,499 Income tax expense — — 409 — 409 Equity earnings from subsidiaries 1,197 920 — (2,117 ) — Net income $ 1,069 $ 940 $ 1,198 $ (2,117 ) $ 1,090 Net income attributable to non-controlling interest — — (20 ) — (20 ) Net income attributable to ICE $ 1,069 $ 940 $ 1,178 $ (2,117 ) $ 1,070 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Net income $ 1,069 $ 940 $ 1,198 $ (2,117 ) $ 1,090 Other comprehensive income (loss): Foreign currency translation adjustments — — (245 ) — (245 ) Change in fair value of available-for-sale-securities — — 117 — 117 Total other comprehensive loss — — (128 ) — (128 ) Comprehensive loss of subsidiaries (128 ) (64 ) — 192 — Comprehensive income 941 876 1,070 (1,925 ) 962 Comprehensive income attributable to non-controlling interests — — (20 ) — (20 ) Comprehensive income attributable to ICE $ 941 $ 876 $ 1,050 $ (1,925 ) $ 942 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Three Months Ended September 30, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 777 $ — $ 777 Data services — — 489 — 489 Listings and other revenues — — 150 — 150 Revenues — — 1,416 — 1,416 Transaction-based expenses — — 338 — 338 Revenues, less transaction-based expenses — — 1,078 — 1,078 Operating expenses: Compensation and benefits — — 236 — 236 Technology and communication — — 93 — 93 Acquisition-related transaction and integration costs — — 14 — 14 Selling, general, administrative and other 1 — 79 — 80 Depreciation and amortization — — 181 — 181 Operating expenses 1 — 603 — 604 Operating income (loss) (1 ) — 475 — 474 Intercompany interest on loans (3 ) 16 (13 ) — — Other income (expense), net (34 ) (4 ) 7 — (31 ) Total other income (expense), net (37 ) 12 (6 ) — (31 ) Income (loss) before income taxes (38 ) 12 469 — 443 Income tax expense — — 93 — 93 Equity earnings from subsidiaries 381 309 — (690 ) — Net income $ 343 $ 321 $ 376 $ (690 ) $ 350 Net income attributable to non-controlling interest — — (6 ) — (6 ) Net income attributable to ICE $ 343 $ 321 $ 370 $ (690 ) $ 344 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Three Months Ended September 30, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Net income $ 343 $ 321 $ 376 $ (690 ) $ 350 Other comprehensive loss: Foreign currency translation adjustments — — (46 ) — (46 ) Change in fair value of available-for-sale-securities — — (12 ) — (12 ) Total other comprehensive loss — — (58 ) — (58 ) Comprehensive loss of subsidiaries (58 ) (46 ) — 104 — Comprehensive income 285 275 318 (586 ) 292 Comprehensive income attributable to non-controlling interests — — (6 ) — (6 ) Comprehensive income attributable to ICE $ 285 $ 275 $ 312 $ (586 ) $ 286 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 2,414 $ — $ 2,414 Data services — — 614 — 614 Listings and other revenues — — 435 — 435 Revenues — — 3,463 — 3,463 Transaction-based expenses — — 1,000 — 1,000 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 Operating expenses 2 — 1,129 — 1,131 Operating income (loss) (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 (loss) 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 Guarantor - NYSE Holdings 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 Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 831 $ — $ 831 Data services — — 209 — 209 Listings and other revenues — — 147 — 147 Revenues — — 1,187 — 1,187 Transaction-based expenses — — 371 — 371 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 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 (loss) 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 Guarantor - NYSE Holdings 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 Cash Flows Nine Months Ended September 30, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by operating activities $ 25 $ 78 $ 1,477 $ (72 ) $ 1,508 Investing activities: Loans to subsidiaries (138 ) (2,168 ) (2,638 ) 4,944 — Capital expenditures and capitalized software development costs — — (254 ) — (254 ) Decrease in restricted cash and investments — — 18 — 18 Other investing activities — — (70 ) — (70 ) Net cash used in investing activities (138 ) (2,168 ) (2,944 ) 4,944 (306 ) Financing activities: Repayments of commercial paper, net (1,006 ) — — — (1,006 ) Intercompany borrowing 1,458 2,090 1,396 (4,944 ) — Dividends to shareholders (307 ) — — — (307 ) Intercompany dividends — — (72 ) 72 — Other financing activities (32 ) — (21 ) — (53 ) Net cash provided by (used in) financing activities 113 2,090 1,303 (4,872 ) (1,366 ) Effect of exchange rates on cash and cash equivalents — — (5 ) — (5 ) Net decrease in cash and cash equivalents — — (169 ) — (169 ) Cash and cash equivalents, beginning of period 1 — 626 — 627 Cash and cash equivalents, end of period $ 1 $ — $ 457 $ — $ 458 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by operating activities $ 182 $ 346 $ 465 $ (103 ) $ 890 Investing activities: Loans to subsidiaries (301 ) (404 ) (842 ) 1,547 — Proceeds from term deposits and sales of available-for-sale investments — 1,084 — — 1,084 Capital expenditures and capitalized software development costs — — (192 ) — (192 ) Decrease in restricted cash and investments — — 14 — 14 Other investing activities — — (60 ) — (60 ) Net cash provided by (used in) investing activities (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 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 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and 2015 (in millions, except per share amounts): Nine Months Ended Three Months Ended September 30, 2016 2015 2016 2015 Basic: Net income attributable to Intercontinental Exchange, Inc. $ 1,070 $ 904 $ 344 $ 306 Weighted average common shares outstanding 119 111 119 110 Basic earnings per common share $ 8.99 $ 8.13 $ 2.88 $ 2.77 Diluted: Weighted average common shares outstanding 119 111 119 110 Effect of dilutive securities - stock options and restricted shares 1 1 1 1 Diluted weighted average common shares outstanding 120 112 120 111 Diluted earnings per common share $ 8.93 $ 8.10 $ 2.86 $ 2.76 Basic earnings per common share is calculated using the weighted average common shares outstanding during the period. The weighted average common shares outstanding increased for the nine and three months ended September 30, 2016 , over the prior year period, primarily due to stock issued for the Interactive Data and Trayport acquisitions in December 2015, partially offset by stock repurchases during 2015. We issued 6.5 million shares of our common stock to Interactive Data stockholders and 2.5 million shares of our common stock to Trayport stockholders, weighted to show these additional shares outstanding for periods after the respective acquisition dates (Note 3). 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, 2016 and 2015 , 143,191 and 185,123 outstanding stock options, respectively, were not included in the computation of diluted earnings per common share since the inclusion 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, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events We have evaluated subsequent events and determined that no events or transactions met the definition of a subsequent event for purposes of recognition or disclosure in the accompanying consolidated financial statements except those events disclosed in Notes 3, 6 and 7. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2015 . 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, 2016 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. |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | New and Recently Adopted Accounting Pronouncements In January 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, or ASU 2016-01. ASU 2016-01 provides updated guidance for the recognition, measurement, presentation, and disclosure of certain financial assets and liabilities, including the requirement that equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) are to be measured at fair value with changes in fair value recognized in net income. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. On the adoption of ASU 2016-01, changes in the fair value of our equity investment in Cetip, S.A., or Cetip, will no longer be reflected in accumulated other comprehensive income but will be recognized in net income. As of September 30, 2016 , our investment in Cetip included an accumulated unrealized gain of $91 million (Note 10). During the nine and three months ended September 30, 2016 , the change in the fair value of the Cetip investment was an increase of $117 million and a decrease of $12 million , respectively. Once adopted, such fair value changes will be reported as other income (expense) under ASU 2016-01. We are currently evaluating this guidance to determine any additional potential impact on our consolidated financial statements upon adoption. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases, or ASU 2016-02. ASU 2016-02 requires an entity to recognize both assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 is effective for annual and interim reporting periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating this guidance to determine the potential impact on our consolidated financial statements and whether we will adopt this guidance early. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Stock Compensation (Topic 718) - Improvements to Employee Share-Based Payment Accounting , or ASU 2016-09. ASU 2016-09 provides updated guidance for the recognition, measurement, presentation, and disclosure of certain components of stock compensation. The guidance includes the recognition of all excess tax benefits/deficiencies in the statement of income and classification as operating activities within the statement of cash flows, as well as the option to account for forfeitures based on awards expected to vest or as they occur. ASU 2016-09 is effective for annual and interim reporting periods beginning after December 15, 2017, with early adoption permitted. We decided to adopt ASU 2016-09 early as of January 1, 2016 on a prospective basis. As a result, for the nine and three months ended September 30, 2016 , we recorded $13 million and $1 million, respectively, in excess tax benefits within our consolidated statements of income. No other terms of the adopted guidance resulted in any significant impact on our consolidated financial statements. |
Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s financial statement presentation. For the nine and three months ended September 30, 2015 , we reclassified $83 million and $36 million , respectively, of transaction based expenses in transaction and clearing revenues, net to transaction based expenses for consistency of how we report our cash equities markets. The amounts reclassified to transaction based expenses relate to equity options markets. |
Goodwill and Other Intangible22
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 (in millions): Goodwill balance at December 31, 2015 $ 12,079 Foreign currency translation (96 ) Other activity, net 26 Goodwill balance at September 30, 2016 $ 12,009 The following is a summary of the activity in the other intangible assets balance for the nine months ended September 30, 2016 (in millions): Other intangible assets balance at December 31, 2015 $ 10,758 Foreign currency translation (114 ) Creditex customer relationship intangible asset impairment (33 ) Other activity, net (7 ) Amortization of other intangible assets (245 ) Other intangible assets balance at September 30, 2016 $ 10,359 |
Deferred Revenue Deferred Rev23
Deferred Revenue Deferred Revenue (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Revenue Recognition [Abstract] | |
Deferred Revenue Rollforward [Table Text Block] | The changes in our deferred revenue during the nine months ended September 30, 2016 are as follows (in millions): Annual Listings Revenue Original Listings Revenues Other Listings Revenues Data Services and Other Revenues Total Deferred revenue balance at December 31, 2015 $ — $ 50 $ 59 $ 81 $ 190 Additions 363 15 57 353 788 Amortization (274 ) (7 ) (33 ) (330 ) (644 ) Deferred revenue balance at September 30, 2016 $ 89 $ 58 $ 83 $ 104 $ 334 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Total Debt | total debt, including short-term and long-term debt, consisted of the following as of September 30, 2016 and December 31, 2015 (in millions): As of As of Debt: Commercial Paper $ 1,585 $ 2,591 Short-term debt 1,585 2,591 NYSE USD Notes (2.00% senior unsecured notes due October 5, 2017) 851 852 2018 Senior Notes (2.50% senior unsecured notes due October 15, 2018) 597 597 2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020) 1,241 1,239 2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023) 790 789 2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025) 1,241 1,240 Long-term debt 4,720 4,717 Total debt $ 6,305 $ 7,308 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Summary of Stock Options | The following is a summary of stock options for the nine months ended September 30, 2016 : Number of Options Weighted Average Outstanding at December 31, 2015 774,551 $ 159.66 Granted 150,323 250.07 Exercised (135,048 ) 146.26 Outstanding at September 30, 2016 789,826 179.16 |
Details of Stock Options Outstanding | Details of stock options outstanding as of September 30, 2016 are as follows: Number of Options Weighted Average Weighted Average Aggregate Vested or expected to vest 789,826 $ 179.16 6.8 $ 71 Exercisable 544,367 $ 154.58 5.9 $ 62 |
Stock Options Valuation Assumptions | During the nine months ended September 30, 2016 and 2015 , 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: 2016 2015 Risk-free interest rate 1.51 % 1.08 % Expected life in years 5.0 5.0 Expected volatility 24 % 24 % Expected dividend yield 1.36 % 1.25 % Estimated weighted-average fair value of options granted per share $ 49.39 $ 40.94 |
Summary of Nonvested Restricted Stock Options | The following is a summary of the non-vested restricted shares for the nine months ended September 30, 2016 : Number of Weighted Average Non-vested at December 31, 2015 1,254,235 $ 199.44 Granted 614,479 249.43 Vested (476,581) 188.73 Forfeited (66,266) 227.27 Non-vested at September 30, 2016 1,325,867 225.54 |
Clearing Organizations (Tables)
Clearing Organizations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Brokers and Dealers [Abstract] | |
Schedule Of Margin Deposits And Guaranty Funds Assets | As of September 30, 2016 , our cash margin deposits and guaranty fund 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 $ 25,617 $ 14,726 $ 4,669 $ 170 $ 45,182 Guaranty fund 2,585 1,751 303 11 4,650 Total $ 28,202 $ 16,477 $ 4,972 $ 181 $ 49,832 As of December 31, 2015 , our cash margin deposits and guaranty fund 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 $ 28,454 $ 13,750 $ 3,882 $ 159 $ 46,245 Guaranty fund 2,589 2,011 311 13 4,924 Total $ 31,043 $ 15,761 $ 4,193 $ 172 $ 51,169 |
Schedule Of Assets Pledged By Clearing Members As Original Margin And Guaranty Fund Deposits Table | As of September 30, 2016 and December 31, 2015 , 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, 2016 As of December 31, 2015 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 $ 23,407 $ 5,998 $ 10,914 $ 33 $ 21,690 $ 4,989 $ 8,161 $ 97 Other — — — 393 — — — 381 Total $ 23,407 $ 5,998 $ 10,914 $ 426 $ 21,690 $ 4,989 $ 8,161 $ 478 Guaranty fund: Government securities at face value $ 263 $ 178 $ 156 $ 31 $ 267 $ 229 $ 158 $ 61 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and December 31, 2015 are as follows (in millions): As of September 30, 2016 As of December 31, 2015 Level 1 Level 2 and 3 Total Level 1 Level 2 and 3 Total Assets at fair value: Long-term investment in equity securities $ 416 $ — $ 416 $ 299 $ — $ 299 U.S. Treasury securities 503 — 503 449 — 449 Mutual Funds 24 — 24 29 — 29 Total assets at fair value $ 943 $ — $ 943 $ 777 $ — $ 777 |
Condensed Consolidating Finan28
Condensed Consolidating Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Condensed Consolidating Financial Statements [Abstract] | |
Condensed Balance Sheet | Condensed Consolidating Balance Sheets As of September 30, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 1 $ — $ 457 $ — $ 458 Intercompany receivable 2,694 — 512 (3,206 ) — Margin deposits and guaranty funds — — 49,832 — 49,832 Notes receivable from affiliate, current — 597 — (597 ) — Other current assets 2 — 1,552 — 1,554 Total current assets 2,697 597 52,353 (3,803 ) 51,844 Property and equipment, net — — 1,080 — 1,080 Other non-current assets: Goodwill and other intangible assets, net — — 22,368 — 22,368 Investment in subsidiaries 22,062 14,180 — (36,242 ) — Notes receivable from affiliate, non-current 620 5,404 5,573 (11,597 ) — Other non-current assets 95 10 899 — 1,004 Total other non-current assets 22,777 19,594 28,840 (47,839 ) 23,372 Total assets $ 25,474 $ 20,191 $ 82,273 $ (51,642 ) $ 76,296 Current liabilities: Short-term debt $ 1,585 $ — $ — $ — $ 1,585 Margin deposits and guaranty funds — — 49,832 — 49,832 Intercompany payable — 3,206 — (3,206 ) — Notes payable to affiliates, current 281 — 316 (597 ) — Other current liabilities 59 — 878 — 937 Total current liabilities 1,925 3,206 51,026 (3,803 ) 52,354 Non-current liabilities: Long-term debt 3,869 851 — — 4,720 Notes payable to affiliates, non-current 4,164 1,409 6,024 (11,597 ) — Other non-current liabilities 4 — 3,640 — 3,644 Total non-current liabilities 8,037 2,260 9,664 (11,597 ) 8,364 Total liabilities 9,962 5,466 60,690 (15,400 ) 60,718 Redeemable non-controlling interest — — 34 — 34 Equity: Total shareholders’ equity 15,512 14,725 21,517 (36,242 ) 15,512 Non-controlling interest in consolidated subsidiaries — — 32 — 32 Total equity 15,512 14,725 21,549 (36,242 ) 15,544 Total liabilities and equity $ 25,474 $ 20,191 $ 82,273 $ (51,642 ) $ 76,296 Intercontinental Exchange, Inc. Condensed Consolidating Balance Sheets As of December 31, 2015 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Current assets: Cash and cash equivalents $ 1 $ — $ 626 $ — $ 627 Intercompany receivable 3,176 — — (3,176 ) — Margin deposits and guaranty funds — — 51,169 — 51,169 Note receivable from affiliate, current — 705 77 (782 ) — Other current assets 5 — 1,512 — 1,517 Total current assets 3,182 705 53,384 (3,958 ) 53,313 Property and equipment, net — — 1,037 — 1,037 Other non-current assets: Goodwill and other intangible assets, net — — 22,837 — 22,837 Investment in subsidiaries 21,120 9,840 — (30,960 ) — Note receivable from affiliate, non-current — 3,128 3,370 (6,498 ) — Other non-current assets 20 10 770 — 800 Total other non-current assets 21,140 12,978 26,977 (37,458 ) 23,637 Total assets $ 24,322 $ 13,683 $ 81,398 $ (41,416 ) $ 77,987 Current liabilities: Short-term debt $ 2,591 $ — $ — $ — $ 2,591 Margin deposits and guaranty funds — — 51,169 — 51,169 Intercompany payable — 1,784 1,392 (3,176 ) — Notes payable to affiliates, current 358 — 424 (782 ) — Other current liabilities 36 — 947 — 983 Total current liabilities 2,985 1,784 53,932 (3,958 ) 54,743 Non-current liabilities: Long-term debt 3,865 852 — — 4,717 Notes payable to affiliates, non-current 2,629 741 3,128 (6,498 ) — Other non-current liabilities 35 — 3,617 — 3,652 Total non-current liabilities 6,529 1,593 6,745 (6,498 ) 8,369 Total liabilities 9,514 3,377 60,677 (10,456 ) 63,112 Redeemable non-controlling interest — — 35 — 35 Equity: Total shareholders’ equity 14,808 10,306 20,654 (30,960 ) 14,808 Non-controlling interest in consolidated subsidiaries — — 32 — 32 Total equity 14,808 10,306 20,686 (30,960 ) 14,840 Total liabilities and equity $ 24,322 $ 13,683 $ 81,398 $ (41,416 ) $ 77,987 |
Condensed Income Statement | Intercontinental Exchange, Inc. Condensed Consolidating Statements of Income Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 2,414 $ — $ 2,414 Data services — — 614 — 614 Listings and other revenues — — 435 — 435 Revenues — — 3,463 — 3,463 Transaction-based expenses — — 1,000 — 1,000 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 Operating expenses 2 — 1,129 — 1,131 Operating income (loss) (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 (loss) 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 Income Nine Months Ended September 30, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Revenues: Transaction and clearing, net $ — $ — $ 2,566 $ — $ 2,566 Data services — — 1,463 — 1,463 Listings and other revenues — — 445 — 445 Revenues — — 4,474 — 4,474 Transaction-based expenses — — 1,113 — 1,113 Revenues, less transaction-based expenses — — 3,361 — 3,361 Operating expenses: Compensation and benefits 1 — 707 — 708 Technology and communication — — 277 — 277 Acquisition-related transaction and integration costs — — 61 — 61 Selling, general, administrative and other 1 — 235 — 236 Depreciation and amortization — — 470 — 470 Operating expenses 2 — 1,750 — 1,752 Operating income (loss) (2 ) — 1,611 — 1,609 Intercompany interest on loans (13 ) 32 (19 ) — — Other income (expense), net (113 ) (12 ) 15 — (110 ) Total other income (expense), net (126 ) 20 (4 ) — (110 ) Income (loss) before income taxes (128 ) 20 1,607 — 1,499 Income tax expense — — 409 — 409 Equity earnings from subsidiaries 1,197 920 — (2,117 ) — Net income $ 1,069 $ 940 $ 1,198 $ (2,117 ) $ 1,090 Net income attributable to non-controlling interest — — (20 ) — (20 ) Net income attributable to ICE $ 1,069 $ 940 $ 1,178 $ (2,117 ) $ 1,070 |
Condensed Comprehensive Income Statement | Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Consolidating Adjustments Consolidated Total Net income $ 1,069 $ 940 $ 1,198 $ (2,117 ) $ 1,090 Other comprehensive income (loss): Foreign currency translation adjustments — — (245 ) — (245 ) Change in fair value of available-for-sale-securities — — 117 — 117 Total other comprehensive loss — — (128 ) — (128 ) Comprehensive loss of subsidiaries (128 ) (64 ) — 192 — Comprehensive income 941 876 1,070 (1,925 ) 962 Comprehensive income attributable to non-controlling interests — — (20 ) — (20 ) Comprehensive income attributable to ICE $ 941 $ 876 $ 1,050 $ (1,925 ) $ 942 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Comprehensive Income Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings 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 |
Condensed Cash Flow Statement | Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2016 (In millions) ICE (Parent) Subsidiary Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by operating activities $ 25 $ 78 $ 1,477 $ (72 ) $ 1,508 Investing activities: Loans to subsidiaries (138 ) (2,168 ) (2,638 ) 4,944 — Capital expenditures and capitalized software development costs — — (254 ) — (254 ) Decrease in restricted cash and investments — — 18 — 18 Other investing activities — — (70 ) — (70 ) Net cash used in investing activities (138 ) (2,168 ) (2,944 ) 4,944 (306 ) Financing activities: Repayments of commercial paper, net (1,006 ) — — — (1,006 ) Intercompany borrowing 1,458 2,090 1,396 (4,944 ) — Dividends to shareholders (307 ) — — — (307 ) Intercompany dividends — — (72 ) 72 — Other financing activities (32 ) — (21 ) — (53 ) Net cash provided by (used in) financing activities 113 2,090 1,303 (4,872 ) (1,366 ) Effect of exchange rates on cash and cash equivalents — — (5 ) — (5 ) Net decrease in cash and cash equivalents — — (169 ) — (169 ) Cash and cash equivalents, beginning of period 1 — 626 — 627 Cash and cash equivalents, end of period $ 1 $ — $ 457 $ — $ 458 Intercontinental Exchange, Inc. Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2015 (In millions) ICE (Parent) Subsidiary Guarantor - NYSE Holdings Subsidiary Non-Guarantors Consolidating Adjustments Consolidated Total Net cash provided by operating activities $ 182 $ 346 $ 465 $ (103 ) $ 890 Investing activities: Loans to subsidiaries (301 ) (404 ) (842 ) 1,547 — Proceeds from term deposits and sales of available-for-sale investments — 1,084 — — 1,084 Capital expenditures and capitalized software development costs — — (192 ) — (192 ) Decrease in restricted cash and investments — — 14 — 14 Other investing activities — — (60 ) — (60 ) Net cash provided by (used in) investing activities (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 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 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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, 2016 and 2015 (in millions, except per share amounts): Nine Months Ended Three Months Ended September 30, 2016 2015 2016 2015 Basic: Net income attributable to Intercontinental Exchange, Inc. $ 1,070 $ 904 $ 344 $ 306 Weighted average common shares outstanding 119 111 119 110 Basic earnings per common share $ 8.99 $ 8.13 $ 2.88 $ 2.77 Diluted: Weighted average common shares outstanding 119 111 119 110 Effect of dilutive securities - stock options and restricted shares 1 1 1 1 Diluted weighted average common shares outstanding 120 112 120 111 Diluted earnings per common share $ 8.93 $ 8.10 $ 2.86 $ 2.76 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies New and Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Unrealized Gain (Loss) on Securities | $ (12) | $ 117 | ||
Cetip, S.A. [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | $ 91 | |||
Transaction Based Expenses [Domain] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Prior Period Reclassification Adjustment | $ 36 | $ 83 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Millions | Oct. 03, 2016 | Dec. 14, 2015 | Dec. 11, 2015 | Sep. 30, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||||
Goodwill acquired | $ 12,009 | $ 12,079 | |||
Interactive Data Holdings Corporation Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Net assets acquired | $ 273 | ||||
Goodwill acquired | 3,228 | ||||
Business Combination, Consideration Transferred | 6,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 6.5 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | 23 | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities | 6 | ||||
Goodwill, Purchase Accounting Adjustments | 28 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
TRAYPORT [Member] | |||||
Business Acquisition [Line Items] | |||||
Net assets acquired | $ 8 | ||||
Goodwill acquired | 388 | ||||
Business Combination, Consideration Transferred | 620 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2.5 | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | ||||
Data/Databases [Member] | Interactive Data Holdings Corporation Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 33 | ||||
Trademarks and Trade Names [Member] | Interactive Data Holdings Corporation Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | 21 | ||||
Customer Relationships [Member] | Interactive Data Holdings Corporation Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | $ 17 | ||||
Senior Notes [Member] | Interactive Data Holdings Corporation Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Proceeds from Issuance of Debt | $ 2,500 | ||||
Revolving Credit Facility [Member] | Interactive Data Holdings Corporation Acquisition [Member] | |||||
Business Acquisition [Line Items] | |||||
Proceeds from Lines of Credit | $ 1,600 | $ 1,600 | |||
Subsequent Event [Member] | SPSE and CMA [Member] | |||||
Business Acquisition [Line Items] | |||||
Business Combination, Consideration Transferred | $ 431 |
Acquisitions (Purchase Price Al
Acquisitions (Purchase Price Allocation) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 14, 2015 | Dec. 11, 2015 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 12,009 | $ 12,079 | ||
TRAYPORT [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | $ 274 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 8 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (50) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 620 | |||
Goodwill | $ 388 | |||
Interactive Data Holdings Corporation Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 301 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,883 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 273 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (1,057) | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 5,628 | |||
Goodwill | $ 3,228 |
Acquisitions (Identifiable Inta
Acquisitions (Identifiable Intangible Assets Schedule) (Details) - USD ($) $ in Millions | Dec. 14, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 11, 2015 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Other intangible assets, net | $ 10,359 | $ 10,758 | ||
Interactive Data Holdings Corporation Acquisition [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (61) | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (132) | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 2,883 | |||
Other intangible assets, net | 2,690 | |||
Interactive Data Holdings Corporation Acquisition [Member] | Developed Technology Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 168 | |||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (4) | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (19) | |||
Finite-Lived Intangible Assets, Net | 145 | |||
Interactive Data Holdings Corporation Acquisition [Member] | Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 2,452 | |||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (52) | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (80) | |||
Finite-Lived Intangible Assets, Net | 2,320 | |||
Interactive Data Holdings Corporation Acquisition [Member] | Data/Databases [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years | |||
Interactive Data Holdings Corporation Acquisition [Member] | In Process Research and Development [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (3) | |||
Finite-Lived Intangible Assets, Accumulated Amortization | 0 | |||
Indefinite-lived Intangible Assets Acquired | $ 129 | 126 | ||
Interactive Data Holdings Corporation Acquisition [Member] | Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||
Interactive Data Holdings Corporation Acquisition [Member] | Database Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (2) | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (22) | |||
Finite-Lived Intangible Assets, Net | 85 | |||
Indefinite-lived Intangible Assets Acquired | $ 109 | |||
Interactive Data Holdings Corporation Acquisition [Member] | Trademarks and Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | 0 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (8) | |||
Finite-Lived Intangible Assets, Net | 4 | |||
Indefinite-lived Intangible Assets Acquired | $ 12 | |||
Interactive Data Holdings Corporation Acquisition [Member] | Non-arrangement Transactions [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 1 year | |||
Interactive Data Holdings Corporation Acquisition [Member] | Market Data Fee and Other [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | 0 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (1) | |||
Finite-Lived Intangible Assets, Net | 10 | |||
Indefinite-lived Intangible Assets Acquired | $ 11 | |||
Interactive Data Holdings Corporation Acquisition [Member] | Noncompete Agreements [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | 0 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (2) | |||
Finite-Lived Intangible Assets, Net | 0 | |||
Indefinite-lived Intangible Assets Acquired | 2 | |||
TRAYPORT [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (37) | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (13) | |||
Intangible Assets, Gross (Excluding Goodwill) | $ 274 | |||
Other intangible assets, net | 224 | |||
TRAYPORT [Member] | Developed Technology Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | 14 | |||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (2) | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (2) | |||
Finite-Lived Intangible Assets, Net | 10 | |||
TRAYPORT [Member] | Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-lived Intangible Assets Acquired | $ 242 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | (35) | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (9) | |||
Finite-Lived Intangible Assets, Net | 198 | |||
TRAYPORT [Member] | Trademarks and Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite Lived Intangible Assets, Foreign Currency Translation Gain (Loss) | 0 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (2) | |||
Finite-Lived Intangible Assets, Net | $ 16 | |||
Indefinite-lived Intangible Assets Acquired | $ 18 | |||
Minimum [Member] | Interactive Data Holdings Corporation Acquisition [Member] | Developed Technology Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years | |||
Minimum [Member] | Interactive Data Holdings Corporation Acquisition [Member] | Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||
Minimum [Member] | TRAYPORT [Member] | Developed Technology Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||
Maximum [Member] | Interactive Data Holdings Corporation Acquisition [Member] | Developed Technology Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years | |||
Maximum [Member] | Interactive Data Holdings Corporation Acquisition [Member] | Customer Relationships [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 25 years | |||
Maximum [Member] | TRAYPORT [Member] | Developed Technology Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 5 years |
Acquisitions (Proforma Informat
Acquisitions (Proforma Information) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Business Acquisition [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 1,073 | $ 3,226 |
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations, Net of Tax | 497 | 1,493 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 344 | $ 976 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 2.88 | $ 8.13 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 2.87 | $ 8.09 |
Short-Term and Long-Term Restri
Short-Term and Long-Term Restricted Cash and Investments (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Contribution to guarantee fund | $ 262 | $ 263 |
Goodwill and Other Intangible36
Goodwill and Other Intangible Assets (Goodwill Rollforward) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, Beginning Balance | $ 12,079 |
Foreign currency translation | (96) |
Other activity, net | 26 |
Goodwill, Ending Balance | $ 12,009 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Other Intangible Rollforward) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Other intangible assets, beginning balance | $ 10,758 |
Foreign currency translation | (114) |
Intangible Assets Excluding Goodwill, Discontinued Operations | (7) |
Other activity, net | (245) |
Other intangible assets, ending balance | $ 10,359 |
Deferred Revenue Deferred Rev38
Deferred Revenue Deferred Revenue (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2015 | $ 190 | |
Additions | 788 | |
Amortization | (644) | |
Deferred revenue balance at June 30, 2016 | 334 | |
Deferred revenue | 217 | $ 98 |
Deferred Revenue, Noncurrent | 117 | |
Annual Listing Fee Revenue | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2015 | 0 | |
Additions | 363 | |
Amortization | (274) | |
Deferred revenue balance at June 30, 2016 | 89 | |
Original Listing Fee Revenues | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2015 | 50 | |
Additions | 15 | |
Amortization | (7) | |
Deferred revenue balance at June 30, 2016 | 58 | |
Other Listing Fee Revenues | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2015 | 59 | |
Additions | 57 | |
Amortization | (33) | |
Deferred revenue balance at June 30, 2016 | 83 | |
Data Services Fees and Other Revenues | ||
Movement in Deferred Revenue [Roll Forward] | ||
Deferred revenue balance at December 31, 2015 | 81 | |
Additions | 353 | |
Amortization | (330) | |
Deferred revenue balance at June 30, 2016 | $ 104 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions, $ in Millions | Oct. 03, 2016USD ($) | Dec. 14, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Apr. 03, 2019USD ($) | Aug. 13, 2016USD ($) | May 13, 2016USD ($) | Nov. 24, 2015USD ($) | Nov. 13, 2015USD ($) | Apr. 03, 2014USD ($) | Nov. 13, 2013USD ($) | Nov. 13, 2013EUR (€) | Oct. 31, 2013USD ($) |
Line of Credit Facility [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,400 | $ 3,000 | ||||||||||||
Line of Credit Facility, Additional Borrowing Capacity | 1,000 | |||||||||||||
Line of Credit Facility, Funds Reserved For Commercial Paper Program | 1,600 | |||||||||||||
Line of Credit Facility, Unreserved Amount | $ 1,800 | |||||||||||||
Cash paid for interest | 89 | $ 91 | ||||||||||||
Debt Instrument, Face Amount | $ 2,500 | |||||||||||||
Senior Notes | $ 852 | |||||||||||||
Commercial Paper | $ 1,585 | 2,591 | ||||||||||||
Commercial Paper, Weighted Average Interest Rate | 0.55% | |||||||||||||
Commercial Paper Weighted Average Maturity Period | 25 days | |||||||||||||
Amortization of Debt Discount (Premium) | $ 0 | (23) | ||||||||||||
2015 Three Hundred Sixty Four Day Unsecured Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250 | $ 375 | ||||||||||||
Unsecured Debt, Current | $ 500 | |||||||||||||
Minimum [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Commercial Paper Maturities | 1 day | |||||||||||||
Maximum [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Commercial Paper Maturities | 89 days | |||||||||||||
Interactive Data Holdings Corporation Acquisition [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Payments to Acquire Businesses, Gross | $ 4,100 | |||||||||||||
Business Combination, Consideration Transferred | 6,000 | |||||||||||||
Interactive Data Holdings Corporation Acquisition [Member] | Revolving Credit Facility [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Proceeds from Lines of Credit | $ 1,600 | 1,600 | ||||||||||||
NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Amortization of Debt Discount (Premium) | $ 0 | |||||||||||||
NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Fair value of senior notes | $ 857 | |||||||||||||
Two Thousand Twenty Senior Notes [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 1,250 | |||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.75% | |||||||||||||
Senior Notes | 1,241 | 789 | ||||||||||||
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% | |||||||||||||
Debt Instrument, Face Amount | $ 600 | |||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.50% | |||||||||||||
Senior Notes | 597 | 1,239 | ||||||||||||
Fair value of senior notes | 615 | |||||||||||||
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% | |||||||||||||
Debt Instrument, Face Amount | $ 800 | |||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.00% | |||||||||||||
Senior Notes | 790 | 1,240 | ||||||||||||
Fair value of senior notes | 882 | |||||||||||||
NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.375% | 5.375% | ||||||||||||
Debt Instrument, Face Amount | $ 1,100 | € 920 | ||||||||||||
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 | 851 | $ 597 | ||||||||||||
Two Thousand Twenty Five Senior Notes [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 1,250 | |||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.75% | |||||||||||||
Senior Notes | $ 1,241 | |||||||||||||
Subsequent Event [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |||||||||||||
Subsequent Event [Member] | SPSE and CMA [Member] | ||||||||||||||
Line of Credit Facility [Line Items] | ||||||||||||||
Business Combination, Consideration Transferred | $ 431 |
Debt (Total Debt Schedule) (Det
Debt (Total Debt Schedule) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Commercial Paper | $ 1,585 | $ 2,591 |
Short-term debt | 1,585 | |
Senior Notes | 852 | |
Debt | 6,305 | |
Long term debt | 4,720 | 4,717 |
2018 Senior Notes (2.5% senior unsecured notes due October 15, 2018) | ||
Debt Instrument [Line Items] | ||
Senior Notes | 597 | 1,239 |
Two Thousand Twenty Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | 1,241 | 789 |
2023 Senior Notes (4.0% senior unsecured notes due October 15, 2023) | ||
Debt Instrument [Line Items] | ||
Senior Notes | 790 | 1,240 |
NYSE Euronext EUR Notes (5.375% senior unsecured notes due June 30, 2015) | ||
Debt Instrument [Line Items] | ||
Debt | 7,308 | |
NYSE Euronext USD Notes (2.0% senior unsecured notes due October 5, 2017) | ||
Debt Instrument [Line Items] | ||
Senior Notes | 851 | 597 |
Two Thousand Twenty Five Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 1,241 | |
Long term debt | 4,717 | |
Term Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Short-term debt | $ 2,591 |
Equity- (Narrative) (Details)
Equity- (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 27, 2016 | Feb. 27, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Feb. 28, 2014 |
Class of Stock [Line Items] | ||||||||
Share-based Compensation, Excluding Mergers and Acquisition and and Capitalized Portion | $ 30 | $ 32 | $ 90 | $ 79 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.36% | 1.25% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 120 | $ 91 | ||||||
Stock Repurchased During Period, Shares | 2,635,974 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 614,479 | |||||||
Granted, Number of options | 150,323 | |||||||
Stock-based compensation | $ 90 | $ 79 | ||||||
Tax benefits from stock option plans | $ 19 | |||||||
Number of Options, Exercised | 544,367 | 544,367 | ||||||
Weighted Average Exercise Price, Exercised | $ 154.58 | $ 154.58 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 225.54 | $ 225.54 | $ 199.44 | |||||
Payments for Repurchase of Common Stock | $ 0 | $ 605 | ||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | $ 1,000 | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | 208,091 | 194,696 | ||||||
Treasury Stock, Value | 1,499 | $ 1,499 | $ 1,448 | |||||
Treasury Stock, Retired, Cost Method, Amount | $ (660) | |||||||
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 | 15 | $ 19 | |||||
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 9 months 18 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 | 147 | $ 147 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 4 months 24 days | |||||||
Performance Based Restricted Stock Units [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 165,462 | |||||||
Stock-based compensation | 6 | $ 17 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 39 | $ 22 | 22 | |||||
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 | 330,924 | |||||||
Share Based Estimated Compensation Expense Stock Options Remainder Of Current Fiscal Year | $ 7 | |||||||
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 | $ 80 | |||||||
Subsequent Event [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Treasury Stock, Shares, Retired | 7,054,703 | |||||||
Treasury Stock, Retired, Cost Method, Amount | $ 1,500 | |||||||
Subsequent Event [Member] | Additional Paid-in Capital [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Treasury Stock, Retired, Cost Method, Amount | 1,100 | |||||||
Subsequent Event [Member] | Retained Earnings [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Treasury Stock, Retired, Cost Method, Amount | $ 371 |
Equity (Stock Option Activity)
Equity (Stock Option Activity) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 225.54 | $ 199.44 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 614,479 | |
Number of Stock Options [Roll Forward] | ||
Outstanding, Number of options, Beginning balance | 774,551 | |
Granted, Number of options | 150,323 | |
Exercised, Number of options | (135,048) | |
Outstanding, Number of options, Ending balance | 789,826 | |
Weighted Average Exercise Price Per Option [Abstract] | ||
Outstanding, Weighted average exercise price per share, Beginning Balance | $ 159.66 | |
Granted, Weighted average exercise price per share | 250.07 | |
Exercised, Weighted average exercise price per share | 146.26 | |
Outstanding, Weighted average exercise price per share, Ending Balance | $ 179.16 |
Equity (Details of Stock Option
Equity (Details of Stock Options) (Details) $ / shares in Units, $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Equity [Abstract] | |
Number of Options, Vested or expected to vest | shares | 789,826 |
Weighted Average Exercise Price, Vested or expected to vest | $ / shares | $ 179.16 |
Weighted Average Remaining Contractual Life, Vested or expected to vest | 6 years 9 months 18 days |
Aggregate Intrinsic Value, Vested or expected to vest | $ | $ 71 |
Number of Options, Exercised | shares | 544,367 |
Weighted Average Exercise Price, Exercised | $ / shares | $ 154.58 |
Weighted Average Remaining Contractual Life, Exercised | 5 years 10 months 24 days |
Aggregate Intrinsic Value, Exercised | $ | $ 62 |
Equity (Valuation Assumptions)
Equity (Valuation Assumptions) (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Equity [Abstract] | ||
Risk-free interest rate | 1.51% | 1.08% |
Expected life in years | 5 years | 5 years |
Expected volatility | 24.00% | 24.00% |
Expected dividend yield | 1.36% | 1.25% |
Estimated weighted-average fair value of options granted per share | $ 49.39 | $ 40.94 |
Equity (Nonvested Restricted St
Equity (Nonvested Restricted Stock Activity) (Details) | 9 Months Ended |
Sep. 30, 2016$ / 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 | shares | 1,254,235 |
Granted, Number of nonvested restricted shares | shares | 614,479 |
Exercised, Number of nonvested restricted shares | shares | (476,581) |
Expired/Forfeited, Number of nonvested restricted shares | shares | (66,266) |
Outstanding, Number of nonvested restricted shares, Ending balance | shares | 1,325,867 |
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 | $ 199.44 |
Nonvested, Granted, Weighted average exercise price per share | $ / shares | 249.43 |
Nonvested, Exercised, Weighted average exercise price per share | $ / shares | 188.73 |
Nonvested, Expired/Forfeited, Weighted average exercise price per share | $ / shares | 227.27 |
Nonvested, Outstanding, Weighted average exercise price per share, Ending Balance | $ / shares | $ 225.54 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 21.00% | 27.00% | 27.00% | 27.00% |
Undistributed earnings of foreign subsidiaries | $ 3.5 | $ 3.5 |
Clearing Organizations (Narrati
Clearing Organizations (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Principal Transaction Revenue [Line Items] | ||
Cash Deposits Held in Federal Reserve Bank | $ 7,500 | |
Margin deposits and guaranty funds | 49,832 | $ 51,169 |
Margin Deposits And Guaranty Funds Assets Received Or Pledged | 91,200 | 87,200 |
Contribution Of Own Cash To Guaranty Fund | 250 | |
ICE Clear Europe | ||
Principal Transaction Revenue [Line Items] | ||
Margin deposits and guaranty funds | 28,202 | 31,043 |
Contribution Of Own Cash To Guaranty Fund | 150 | |
ICE Clear Credit | ||
Principal Transaction Revenue [Line Items] | ||
Margin deposits and guaranty funds | 16,477 | $ 15,761 |
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 | |
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] | Credit Default Swap [Member] | ICE Clear Europe | ||
Principal Transaction Revenue [Line Items] | ||
Contribution Of Own Cash To Guaranty Fund | $ 25 |
Clearing Organizations (ICE Cle
Clearing Organizations (ICE Clearing Houses Schedules) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Clearing Organizations [Line Items] | ||
Original margin | $ 45,182 | $ 46,245 |
Guaranty Fund | 4,650 | 4,924 |
Total | 49,832 | 51,169 |
ICE Clear U.S. | ||
Clearing Organizations [Line Items] | ||
Original margin | 4,669 | 3,882 |
Guaranty Fund | 303 | 311 |
Total | 4,972 | 4,193 |
ICE Clear Europe | ||
Clearing Organizations [Line Items] | ||
Original margin | 25,617 | 28,454 |
Guaranty Fund | 2,585 | 2,589 |
Total | 28,202 | 31,043 |
ICE Clear Canada | ||
Clearing Organizations [Line Items] | ||
Original margin | 170 | 159 |
Guaranty Fund | 11 | 13 |
Total | 181 | 172 |
ICE Clear Credit | ||
Clearing Organizations [Line Items] | ||
Original margin | 14,726 | 13,750 |
Guaranty Fund | 1,751 | 2,011 |
Total | $ 16,477 | $ 15,761 |
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, 2016 | Dec. 31, 2015 |
Original Margin [Member] | ICE Clear U.S. | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | $ 10,914 | $ 8,161 |
Letters of credit | 0 | 0 |
Total Original Margin | 10,914 | 8,161 |
Original Margin [Member] | ICE Clear Europe | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 23,407 | 21,690 |
Letters of credit | 0 | 0 |
Total Original Margin | 23,407 | 21,690 |
Original Margin [Member] | ICE Clear Canada | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 33 | 97 |
Letters of credit | 393 | 381 |
Total Original Margin | 426 | 478 |
Original Margin [Member] | ICE Clear Credit | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 5,998 | 4,989 |
Letters of credit | 0 | 0 |
Total Original Margin | 5,998 | 4,989 |
Guaranty Fund [Member] | ICE Clear Europe | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 263 | 267 |
Guaranty Fund [Member] | ICE Clear Canada | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 31 | 61 |
Guaranty Fund [Member] | ICE Clear Credit | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | 178 | 229 |
Guaranty Fund [Member] | Ice Clear Us [Member] | ||
Clearing Organizations [Line Items] | ||
Government securities at face value | $ 156 | $ 158 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | $ 852 | |
Long-term investment in equity securities | $ 416 | 299 |
U.S. Treasury securities | 503 | 449 |
Mutual Funds | 24 | 29 |
Total assets at fair value | 943 | 777 |
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 | 416 | 299 |
Mutual Funds | 24 | 29 |
Total assets at fair value | 943 | 777 |
Narrative [Abstract] | ||
Equity method investments, fair value | 503 | 449 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term investment in equity securities | 0 | 0 |
U.S. Treasury securities | 0 | 0 |
Mutual Funds | 0 | 0 |
Total assets at fair value | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Narrative [Abstract] | ||
Equity method investments, fair value | 1 | |
Restricted Cash And Investments [Member] | ||
Narrative [Abstract] | ||
Equity method investments, fair value | 352 | |
Restricted Cash and Investments, Non Current [Member] | ||
Narrative [Abstract] | ||
Equity method investments, fair value | 150 | |
Two Thousand Twenty Senior Notes [Member] | ||
Narrative [Abstract] | ||
Fair value of senior notes | 1,300 | |
Senior Notes [Member] | ||
Narrative [Abstract] | ||
Fair value of senior notes | 1,360 | |
NYSE Euronext USD Notes [Member] | ||
Narrative [Abstract] | ||
Fair value of senior notes | 857 | |
Cetip, S.A. [Member] | ||
Narrative [Abstract] | ||
Available-for-sale Securities, Equity Securities | 416 | |
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 91 | |
Two Thousand Twenty Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | 1,241 | 789 |
Two Thousand Twenty Three Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | 790 | 1,240 |
Narrative [Abstract] | ||
Fair value of senior notes | 882 | |
Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | 1,241 | |
NYSE Euronext USD Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | 851 | 597 |
Two Thousand Eighteen Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Long-term Debt, Noncurrent | 597 | $ 1,239 |
Narrative [Abstract] | ||
Fair value of senior notes | $ 615 | |
Cetip, S.A. [Member] | ||
Narrative [Abstract] | ||
Business Acquisition, Share Price | $ 45.69 |
Condensed Consolidating Finan51
Condensed Consolidating Financial Statements Condensed Consolidating Balance Sheets (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 458 | $ 627 | $ 652 | $ 687 |
Intercompany receivable | 0 | 0 | ||
Deposits Assets, Current | 49,832 | 51,169 | ||
Note receivable from affiliate, current | 0 | 0 | ||
Other current assets | 1,554 | 1,517 | ||
Total current assets | 51,844 | 53,313 | ||
Property and equipment, net | 1,080 | 1,037 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 22,368 | 22,837 | ||
Investment in subsidiaries | 0 | 0 | ||
Note receivable from affiliate, non-current | 0 | 0 | ||
Other non-current assets | 1,004 | 800 | ||
Total other non-current assets | 23,372 | 23,637 | ||
Total assets | 76,296 | 77,987 | ||
Current liabilities: | ||||
Short-term debt | 1,585 | 2,591 | ||
Deposit Liability, Current | 49,832 | 51,169 | ||
Intercompany payable | 0 | 0 | ||
Notes payable to affiliates, current | 0 | 0 | ||
Other current liabilities | 937 | 983 | ||
Total current liabilities | 52,354 | 54,743 | ||
Non-current liabilities: | ||||
Long-term debt | 4,720 | 4,717 | ||
Notes payable to affiliates, non-current | 0 | 0 | ||
Other non-current liabilities | 3,644 | 3,652 | ||
Total non-current liabilities | 8,364 | 8,369 | ||
Total liabilities | 60,718 | 63,112 | ||
Redeemable non-controlling interest | 34 | 35 | ||
Equity: | ||||
Retained earnings | 4,911 | 4,148 | ||
Total shareholders' equity | 15,512 | 14,808 | ||
Non-controlling interest in consolidated subsidiaries | 32 | 32 | ||
Total equity | 15,544 | 14,840 | 12,392 | |
Total liabilities and equity | 76,296 | 77,987 | ||
Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 5 | 0 |
Intercompany receivable | 0 | 0 | ||
Deposits Assets, Current | 0 | 0 | ||
Note receivable from affiliate, current | 597 | 705 | ||
Other current assets | 0 | 0 | ||
Total current assets | 597 | 705 | ||
Property and equipment, net | 0 | 0 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | 14,180 | 9,840 | ||
Note receivable from affiliate, non-current | 5,404 | 3,128 | ||
Other non-current assets | 10 | 10 | ||
Total other non-current assets | 19,594 | 12,978 | ||
Total assets | 20,191 | 13,683 | ||
Current liabilities: | ||||
Short-term debt | 0 | 0 | ||
Deposit Liability, Current | 0 | 0 | ||
Intercompany payable | 3,206 | 1,784 | ||
Notes payable to affiliates, current | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | 3,206 | 1,784 | ||
Non-current liabilities: | ||||
Long-term debt | 851 | 852 | ||
Notes payable to affiliates, non-current | 1,409 | 741 | ||
Other non-current liabilities | 0 | 0 | ||
Total non-current liabilities | 2,260 | 1,593 | ||
Total liabilities | 5,466 | 3,377 | ||
Redeemable non-controlling interest | 0 | 0 | ||
Equity: | ||||
Total shareholders' equity | 14,725 | 10,306 | ||
Non-controlling interest in consolidated subsidiaries | 0 | 0 | ||
Total equity | 14,725 | 10,306 | ||
Total liabilities and equity | 20,191 | 13,683 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1 | 1 | 6 | 1 |
Intercompany receivable | 2,694 | 3,176 | ||
Deposits Assets, Current | 0 | 0 | ||
Note receivable from affiliate, current | 0 | 0 | ||
Other current assets | 2 | 5 | ||
Total current assets | 2,697 | 3,182 | ||
Property and equipment, net | 0 | 0 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | 22,062 | 21,120 | ||
Note receivable from affiliate, non-current | 620 | 0 | ||
Other non-current assets | 95 | 20 | ||
Total other non-current assets | 22,777 | 21,140 | ||
Total assets | 25,474 | 24,322 | ||
Current liabilities: | ||||
Short-term debt | 1,585 | 2,591 | ||
Deposit Liability, Current | 0 | 0 | ||
Intercompany payable | 0 | 0 | ||
Notes payable to affiliates, current | 281 | 358 | ||
Other current liabilities | 59 | 36 | ||
Total current liabilities | 1,925 | 2,985 | ||
Non-current liabilities: | ||||
Long-term debt | 3,869 | 3,865 | ||
Notes payable to affiliates, non-current | 4,164 | 2,629 | ||
Other non-current liabilities | 4 | 35 | ||
Total non-current liabilities | 8,037 | 6,529 | ||
Total liabilities | 9,962 | 9,514 | ||
Redeemable non-controlling interest | 0 | 0 | ||
Equity: | ||||
Total shareholders' equity | 15,512 | 14,808 | ||
Non-controlling interest in consolidated subsidiaries | 0 | 0 | ||
Total equity | 15,512 | 14,808 | ||
Total liabilities and equity | 25,474 | 24,322 | ||
Non-Guarantor Subsidiaries [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 457 | 626 | 641 | 686 |
Intercompany receivable | 512 | 0 | ||
Deposits Assets, Current | 49,832 | 51,169 | ||
Note receivable from affiliate, current | 0 | 77 | ||
Other current assets | 1,552 | 1,512 | ||
Total current assets | 52,353 | 53,384 | ||
Property and equipment, net | 1,080 | 1,037 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 22,368 | 22,837 | ||
Investment in subsidiaries | 0 | 0 | ||
Note receivable from affiliate, non-current | 5,573 | 3,370 | ||
Other non-current assets | 899 | 770 | ||
Total other non-current assets | 28,840 | 26,977 | ||
Total assets | 82,273 | 81,398 | ||
Current liabilities: | ||||
Short-term debt | 0 | 0 | ||
Deposit Liability, Current | 49,832 | 51,169 | ||
Intercompany payable | 0 | 1,392 | ||
Notes payable to affiliates, current | 316 | 424 | ||
Other current liabilities | 878 | 947 | ||
Total current liabilities | 51,026 | 53,932 | ||
Non-current liabilities: | ||||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates, non-current | 6,024 | 3,128 | ||
Other non-current liabilities | 3,640 | 3,617 | ||
Total non-current liabilities | 9,664 | 6,745 | ||
Total liabilities | 60,690 | 60,677 | ||
Redeemable non-controlling interest | 34 | 35 | ||
Equity: | ||||
Retained earnings | 20,654 | |||
Total shareholders' equity | 21,517 | |||
Non-controlling interest in consolidated subsidiaries | 32 | 32 | ||
Total equity | 21,549 | 20,686 | ||
Total liabilities and equity | 82,273 | 81,398 | ||
Consolidation, Eliminations [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Intercompany receivable | (3,206) | (3,176) | ||
Deposits Assets, Current | 0 | 0 | ||
Note receivable from affiliate, current | (597) | (782) | ||
Other current assets | 0 | 0 | ||
Total current assets | (3,803) | (3,958) | ||
Property and equipment, net | 0 | 0 | ||
Other non-current assets: | ||||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | (36,242) | (30,960) | ||
Note receivable from affiliate, non-current | (11,597) | (6,498) | ||
Other non-current assets | 0 | 0 | ||
Total other non-current assets | (47,839) | (37,458) | ||
Total assets | (51,642) | (41,416) | ||
Current liabilities: | ||||
Short-term debt | 0 | 0 | ||
Deposit Liability, Current | 0 | 0 | ||
Intercompany payable | (3,206) | (3,176) | ||
Notes payable to affiliates, current | (597) | (782) | ||
Other current liabilities | 0 | 0 | ||
Total current liabilities | (3,803) | (3,958) | ||
Non-current liabilities: | ||||
Long-term debt | 0 | 0 | ||
Notes payable to affiliates, non-current | (11,597) | (6,498) | ||
Other non-current liabilities | 0 | 0 | ||
Total non-current liabilities | (11,597) | (6,498) | ||
Total liabilities | (15,400) | (10,456) | ||
Redeemable non-controlling interest | 0 | 0 | ||
Equity: | ||||
Total shareholders' equity | (36,242) | (30,960) | ||
Non-controlling interest in consolidated subsidiaries | 0 | 0 | ||
Total equity | (36,242) | (30,960) | ||
Total liabilities and equity | $ (51,642) | $ (41,416) |
Condensed Consolidating Finan52
Condensed Consolidating Financial Statements Condensed Consolidating Statements of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||
Clearing Fees Revenue | $ 777 | $ 831 | $ 2,566 | $ 2,414 | |
Market Data Revenue | 489 | 209 | 1,463 | 614 | |
Revenues: | |||||
Listing Fees and Other Revenues | 150 | 147 | 445 | 435 | |
Total revenues | 1,416 | 1,187 | 4,474 | 3,463 | |
Transaction-based expenses | 338 | 371 | 1,113 | 1,000 | |
Total revenues, less transaction-based expenses | 1,078 | 816 | 3,361 | 2,463 | |
Operating expenses: | |||||
Compensation and benefits | 236 | 150 | 708 | 445 | |
Technology and communication | 93 | 49 | 277 | 147 | |
Professional services | 32 | 37 | 101 | 102 | |
Rent and occupancy | 17 | 14 | 52 | 45 | |
Acquisition-related transaction costs | 14 | 8 | 61 | 34 | |
Selling, general and administrative | 80 | 75 | 236 | 229 | |
Depreciation and amortization | 181 | 94 | 470 | 276 | |
Total operating expenses | 604 | 376 | 1,752 | 1,131 | |
Operating income | 474 | 440 | 1,609 | 1,332 | |
Interest expense, intercompany | 0 | 0 | 0 | 0 | |
Other Operating Income (Expense), Net | (31) | (17) | (110) | (70) | |
Total other expense, net | (31) | (17) | (110) | (70) | |
Income from continuing operations before income taxes | 443 | 423 | 1,499 | 1,262 | |
Income tax expense (benefit) | 93 | 113 | 409 | 340 | |
Equity earnings from subsidiaries | 0 | 0 | 0 | 0 | |
Net income (loss) | 350 | 310 | 1,090 | 922 | $ 1,295 |
Net income attributable to non-controlling interest | (6) | (4) | (20) | (18) | |
Net income (loss) attributable to ICE Group, Inc. | 344 | 306 | 1,070 | 904 | |
Guarantor Subsidiaries [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Clearing Fees Revenue | 0 | 0 | 0 | 0 | |
Market Data Revenue | 0 | 0 | 0 | 0 | |
Revenues: | |||||
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 | 16 | 9 | 32 | 28 | |
Other Operating Income (Expense), Net | (4) | (17) | (12) | (50) | |
Total other expense, net | 12 | (8) | 20 | (22) | |
Income from continuing operations before income taxes | 12 | (8) | 20 | (22) | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Equity earnings from subsidiaries | 309 | 120 | 920 | 288 | |
Net income (loss) | 321 | 112 | 940 | 266 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to ICE Group, Inc. | 321 | 112 | 940 | 266 | |
Parent Company [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Clearing Fees Revenue | 0 | 0 | 0 | 0 | |
Market Data Revenue | 0 | 0 | 0 | 0 | |
Revenues: | |||||
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 | 1 | 0 | 1 | 1 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Total operating expenses | 1 | 0 | 2 | 2 | |
Operating income | (1) | 0 | (2) | (2) | |
Interest expense, intercompany | (3) | (2) | (13) | (4) | |
Other Operating Income (Expense), Net | (34) | (13) | (113) | (20) | |
Total other expense, net | (37) | (15) | (126) | (24) | |
Income from continuing operations before income taxes | (38) | (15) | (128) | (26) | |
Income tax expense (benefit) | 0 | (16) | 0 | (19) | |
Equity earnings from subsidiaries | 381 | 305 | 1,197 | 911 | |
Net income (loss) | 343 | 306 | 1,069 | 904 | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to ICE Group, Inc. | 343 | 306 | 1,069 | 904 | |
Non-Guarantor Subsidiaries [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Clearing Fees Revenue | 777 | 831 | 2,566 | 2,414 | |
Market Data Revenue | 489 | 209 | 1,463 | 614 | |
Revenues: | |||||
Listing Fees and Other Revenues | 150 | 147 | 445 | 435 | |
Total revenues | 1,416 | 1,187 | 4,474 | 3,463 | |
Transaction-based expenses | 338 | 371 | 1,113 | 1,000 | |
Total revenues, less transaction-based expenses | 1,078 | 816 | 3,361 | 2,463 | |
Operating expenses: | |||||
Compensation and benefits | 236 | 150 | 707 | 444 | |
Technology and communication | 93 | 49 | 277 | 147 | |
Acquisition-related transaction costs | 14 | 8 | 61 | 34 | |
Selling, general and administrative | 79 | 75 | 235 | 228 | |
Depreciation and amortization | 181 | 94 | 470 | 276 | |
Total operating expenses | 603 | 376 | 1,750 | 1,129 | |
Operating income | 475 | 440 | 1,611 | 1,334 | |
Interest expense, intercompany | (13) | (7) | (19) | (24) | |
Other Operating Income (Expense), Net | 7 | 13 | 15 | 0 | |
Total other expense, net | (6) | 6 | (4) | (24) | |
Income from continuing operations before income taxes | 469 | 446 | 1,607 | 1,310 | |
Income tax expense (benefit) | 93 | 129 | 409 | 359 | |
Equity earnings from subsidiaries | 0 | 0 | 0 | 0 | |
Net income (loss) | 376 | 317 | 1,198 | 951 | |
Net income attributable to non-controlling interest | (6) | (4) | (20) | (18) | |
Net income (loss) attributable to ICE Group, Inc. | 370 | 313 | 1,178 | 933 | |
Consolidation, Eliminations [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Clearing Fees Revenue | 0 | 0 | 0 | 0 | |
Market Data Revenue | 0 | 0 | 0 | 0 | |
Revenues: | |||||
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 | 0 | 0 | |
Other Operating Income (Expense), Net | 0 | 0 | 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 | (690) | (425) | (2,117) | (1,199) | |
Net income (loss) | (690) | (425) | (2,117) | (1,199) | |
Net income attributable to non-controlling interest | 0 | 0 | 0 | 0 | |
Net income (loss) attributable to ICE Group, Inc. | $ (690) | $ (425) | $ (2,117) | $ (1,199) |
Condensed Consolidating Finan53
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, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Condensed Income Statements, Captions [Line Items] | |||||
Net income | $ 350 | $ 310 | $ 1,090 | $ 922 | $ 1,295 |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | (46) | (36) | (245) | (17) | |
Change in fair value of available-for-sale-securities | (12) | (87) | 117 | (126) | |
Other comprehensive loss | (58) | (123) | (128) | (145) | $ (142) |
Comprehensive Income (Loss), Affiliates | 0 | 0 | 0 | 0 | |
Comprehensive income | 292 | 187 | 962 | 777 | |
Comprehensive income attributable to non-controlling interests | (6) | (4) | (20) | (18) | |
Comprehensive income attributable to ICE Group, Inc. | 286 | 183 | 942 | 759 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | 0 | 0 | (2) | |
Guarantor Subsidiaries [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Net income | 321 | 112 | 940 | 266 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | 0 | (1) | 0 | 0 | |
Change in fair value of available-for-sale-securities | 0 | 0 | 0 | 0 | |
Other comprehensive loss | 0 | (1) | 0 | 0 | |
Comprehensive Income (Loss), Affiliates | (46) | 9 | (64) | (5) | |
Comprehensive income | 275 | 120 | 876 | 261 | |
Comprehensive income attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to ICE Group, Inc. | 275 | 120 | 876 | 261 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | ||||
Parent Company [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Net income | 343 | 306 | 1,069 | 904 | |
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 loss | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss), Affiliates | (58) | (123) | (128) | (145) | |
Comprehensive income | 285 | 183 | 941 | 759 | |
Comprehensive income attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to ICE Group, Inc. | 285 | 183 | 941 | 759 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | 0 | ||||
Non-Guarantor Subsidiaries [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Net income | 376 | 317 | 1,198 | 951 | |
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments | (46) | (35) | (245) | (17) | |
Change in fair value of available-for-sale-securities | (12) | (87) | 117 | (126) | |
Other comprehensive loss | (58) | (122) | (128) | (145) | |
Comprehensive Income (Loss), Affiliates | 0 | 0 | 0 | 0 | |
Comprehensive income | 318 | 195 | 1,070 | 806 | |
Comprehensive income attributable to non-controlling interests | (6) | (4) | (20) | (18) | |
Comprehensive income attributable to ICE Group, Inc. | 312 | 191 | 1,050 | 788 | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | (2) | ||||
Consolidation, Eliminations [Member] | |||||
Condensed Income Statements, Captions [Line Items] | |||||
Net income | (690) | (425) | (2,117) | (1,199) | |
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 loss | 0 | 0 | 0 | 0 | |
Comprehensive Income (Loss), Affiliates | 104 | 114 | 192 | 150 | |
Comprehensive income | (586) | (311) | (1,925) | (1,049) | |
Comprehensive income attributable to non-controlling interests | 0 | 0 | 0 | 0 | |
Comprehensive income attributable to ICE Group, Inc. | $ (586) | $ (311) | $ (1,925) | (1,049) | |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, before Tax | $ 0 |
Condensed Consolidating Finan54
Condensed Consolidating Financial Statements Condensed Consolidating Statements of Cash Flows (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | $ (70) | |
Net cash provided by (used in) operating activities | 1,508 | $ 890 |
Cash flows from investing activities: | ||
Increase in restricted cash | 18 | 14 |
Payments to Acquire Equity Method Investments | (70) | (60) |
Proceeds from term deposits and sales of available-for-sale investments | 1,084 | |
Capital expenditures and capitalized software development costs | (254) | (192) |
Net cash provide by (used in) investing activities | (306) | 846 |
Cash flows from financing activities: | ||
Repayments of debt facilities and issuance costs for debt facilities | (1,006) | (681) |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 0 | (605) |
Payments to Acquire Additional Interest in Subsidiaries | 0 | 128 |
Payments Related to Tax Withholding for Share-based Compensation | (51) | (42) |
Proceeds From (Payments For) Other Financing Activities, Condensed | (53) | (36) |
Intercompany borrowing | 0 | 0 |
Dividends to shareholders | (307) | (242) |
Intercompany dividends | 0 | 0 |
Net cash used in financing activities | (1,366) | (1,692) |
Effect of exchange rates on cash and cash equivalents | (5) | (9) |
Net increase (decrease) in cash and cash equivalents | (169) | 35 |
Cash and cash equivalents, beginning of period | 627 | 652 |
Cash and cash equivalents, end of period | 458 | |
Payments for Loans to Subsidiaries and Affiliates | 0 | 0 |
Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | 0 | |
Net cash provided by (used in) operating activities | 78 | 346 |
Cash flows from investing activities: | ||
Increase in restricted cash | 0 | 0 |
Payments to Acquire Equity Method Investments | 0 | |
Proceeds from term deposits and sales of available-for-sale investments | 1,084 | |
Capital expenditures and capitalized software development costs | 0 | 0 |
Net cash provide by (used in) investing activities | (2,168) | 680 |
Cash flows from financing activities: | ||
Repayments of debt facilities and issuance costs for debt facilities | 0 | (1,029) |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | 0 | |
Payments to Acquire Additional Interest in Subsidiaries | 0 | |
Proceeds From (Payments For) Other Financing Activities, Condensed | 0 | 0 |
Intercompany borrowing | 2,090 | (2) |
Dividends to shareholders | 0 | 0 |
Intercompany dividends | 0 | |
Net cash used in financing activities | 2,090 | (1,031) |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | (5) |
Cash and cash equivalents, beginning of period | 0 | 5 |
Cash and cash equivalents, end of period | 0 | |
Payments for Loans to Subsidiaries and Affiliates | 2,168 | 404 |
Parent Company [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | 0 | |
Net cash provided by (used in) operating activities | 25 | 182 |
Cash flows from investing activities: | ||
Increase in restricted cash | 0 | 0 |
Payments to Acquire Equity Method Investments | 0 | |
Proceeds from term deposits and sales of available-for-sale investments | 0 | |
Capital expenditures and capitalized software development costs | 0 | 0 |
Net cash provide by (used in) investing activities | (138) | (301) |
Cash flows from financing activities: | ||
Repayments of debt facilities and issuance costs for debt facilities | (1,006) | 348 |
Payments relating to treasury shares received for restricted stock tax payments and stock option exercises | (605) | |
Payments to Acquire Additional Interest in Subsidiaries | 0 | |
Proceeds From (Payments For) Other Financing Activities, Condensed | (32) | (33) |
Intercompany borrowing | 1,458 | 646 |
Dividends to shareholders | (307) | (242) |
Intercompany dividends | 0 | 0 |
Net cash used in financing activities | 113 | 114 |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | (5) |
Cash and cash equivalents, beginning of period | 1 | 6 |
Cash and cash equivalents, end of period | 1 | |
Payments for Loans to Subsidiaries and Affiliates | 138 | 301 |
Guarantor Subsidiaries B [Member] | ||
Cash flows from financing activities: | ||
Intercompany dividends | 0 | |
Non-Guarantor Subsidiaries [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | (70) | |
Net cash provided by (used in) operating activities | 1,477 | 465 |
Cash flows from investing activities: | ||
Increase in restricted cash | 18 | 14 |
Payments to Acquire Equity Method Investments | (60) | |
Proceeds from term deposits and sales of available-for-sale investments | 0 | |
Capital expenditures and capitalized software development costs | (254) | (192) |
Net cash provide by (used in) investing activities | (2,944) | (1,080) |
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 | |
Payments to Acquire Additional Interest in Subsidiaries | 128 | |
Proceeds From (Payments For) Other Financing Activities, Condensed | (21) | (3) |
Intercompany borrowing | 1,396 | 903 |
Dividends to shareholders | 0 | 0 |
Intercompany dividends | (72) | (103) |
Net cash used in financing activities | 1,303 | 669 |
Effect of exchange rates on cash and cash equivalents | (5) | (9) |
Net increase (decrease) in cash and cash equivalents | (169) | 45 |
Cash and cash equivalents, beginning of period | 626 | 641 |
Cash and cash equivalents, end of period | 457 | |
Payments for Loans to Subsidiaries and Affiliates | 2,638 | 842 |
Consolidation, Eliminations [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Payments for (Proceeds from) Other Investing Activities | 0 | |
Net cash provided by (used in) operating activities | (72) | (103) |
Cash flows from investing activities: | ||
Increase in restricted cash | 0 | 0 |
Payments to Acquire Equity Method Investments | 0 | |
Proceeds from term deposits and sales of available-for-sale investments | 0 | |
Capital expenditures and capitalized software development costs | 0 | 0 |
Net cash provide by (used in) investing activities | 4,944 | 1,547 |
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 | |
Payments to Acquire Additional Interest in Subsidiaries | 0 | |
Proceeds From (Payments For) Other Financing Activities, Condensed | 0 | 0 |
Intercompany borrowing | (4,944) | (1,547) |
Dividends to shareholders | 0 | 0 |
Intercompany dividends | 72 | 103 |
Net cash used in financing activities | (4,872) | (1,444) |
Effect of exchange rates on cash and cash equivalents | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | |
Payments for Loans to Subsidiaries and Affiliates | $ (4,944) | $ (1,547) |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - USD ($) $ in Millions | Dec. 14, 2015 | Dec. 11, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
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 | 143,191 | 185,123 | ||
Interactive Data Holdings Corporation Acquisition [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 6.5 | |||
TRAYPORT [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2.5 |
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, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Net income from continuing operations attributable to non-controlling interest | $ (6) | $ (4) | $ (20) | $ (18) |
Net income (loss) attributable to ICE Group, Inc. | $ 344 | $ 306 | $ 1,070 | $ 904 |
Basic: | ||||
Weighted Average Number of Shares Outstanding, Basic | 119,000,000 | 110,000,000 | 119,000,000 | 111,000,000 |
Basic earnings per share | $ 2.88 | $ 2.77 | $ 8.99 | $ 8.13 |
Diluted: | ||||
Incremental Common Shares Attributable to Dilutive Effect of Contingently Issuable Shares | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Diluted earnings per share | $ 2.86 | $ 2.76 | $ 8.93 | $ 8.10 |
Diluted weighted average common shares outstanding | 120,000,000 | 111,000,000 | 120,000,000 | 112,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Interactive Data Holdings Corporation Acquisition [Member] $ in Millions | Dec. 14, 2015USD ($) |
Subsequent Event [Line Items] | |
Business Combination, Consideration Transferred | $ 6,000 |
Payments to Acquire Businesses, Gross | 4,100 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 6.5 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Total revenues, less transaction-based expenses | $ 1,078 | $ 816 | $ 3,361 | $ 2,463 | |
Operating income | 474 | 440 | 1,609 | 1,332 | |
Total operating expenses | 604 | 376 | 1,752 | 1,131 | |
Net income | 350 | 310 | 1,090 | 922 | $ 1,295 |
Trading and Clearing Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues, less transaction-based expenses | 483 | 506 | 1,584 | 1,546 | |
Operating income | 238 | 277 | 912 | 872 | |
Total operating expenses | 245 | 229 | 672 | 674 | |
Data and Listings Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues, less transaction-based expenses | 595 | 310 | 1,777 | 917 | |
Operating income | 236 | 163 | 697 | 460 | |
Total operating expenses | $ 359 | $ 147 | $ 1,080 | $ 457 |